Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FTFT-Q1PH

1

Schedules

of

Investments

(unaudited)

Franklin

Alabama

Tax-Free

Income

Fund

2

Franklin

Arizona

Tax-Free

Income

Fund

6

Franklin

Colorado

Tax-Free

Income

Fund

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

41

Franklin

Georgia

Tax-Free

Income

Fund

54

Franklin

High

Yield

Tax-Free

Income

Fund

59

Franklin

Louisiana

Tax-Free

Income

Fund

115

Franklin

Maryland

Tax-Free

Income

Fund

120

Franklin

Massachusetts

Tax-Free

Income

Fund

124

Franklin

Michigan

Tax-Free

Income

Fund

128

Franklin

Minnesota

Tax-Free

Income

Fund

135

Franklin

Missouri

Tax-Free

Income

Fund

141

Franklin

New

Jersey

Tax-Free

Income

Fund

147

Franklin

North

Carolina

Tax-Free

Income

Fund

154

Franklin

Ohio

Tax-Free

Income

Fund

161

Franklin

Oregon

Tax-Free

Income

Fund

169

Franklin

Pennsylvania

Tax-Free

Income

Fund

176

Franklin

Virginia

Tax-Free

Income

Fund

183

Notes

to

Schedules

of

Investments

189

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2024

Franklin

Alabama

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

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

$

500,000

$

484,969

Total

Corporate

Bonds

(Cost

$

500,000

)

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

484,969

Municipal

Bonds

98.5%

Alabama

90.2%

Alabama

Community

College

System

,

Bishop

State

Community

College

,

Revenue

,

2019

,

BAM

Insured

,

4

%

,

1/01/49

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

2,000,000

1,828,030

Alabama

Housing

Finance

Authority

,

Revenue

,

2024

A

,

GNMA

Insured

,

4.7

%

,

10/01/54

1,000,000

996,637

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Ascension

Health

Credit

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/46

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

3,000,000

3,025,762

Alabama

State

University

,

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/36

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

1,500,000

1,611,164

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/40

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

1,500,000

1,575,890

Alabaster

Board

of

Education

,

Special

Tax

,

2022

,

BAM

Insured

,

5

%

,

9/01/47

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

1,500,000

1,566,291

Special

Tax

,

2022

,

BAM

Insured

,

5

%

,

9/01/52

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

1,500,000

1,550,466

Alexander

City

Board

of

Education

,

Special

Tax

,

2022

,

BAM

Insured

,

4

%

,

2/01/52

...

3,000,000

2,724,370

Auburn

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

6/01/33

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

2,500,000

2,526,143

Bessemer

Governmental

Utility

Services

Corp.

,

Water

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

6/01/39

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

6,000,000

6,122,449

Birmingham

Airport

Authority

,

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

7/01/38

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

400,000

399,429

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

7/01/39

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

2,540,000

2,518,942

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

7/01/40

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

705,000

692,257

Birmingham-Jefferson

Civic

Center

Authority

,

Special

Tax

,

2018

A

,

5

%

,

7/01/33

.....

1,605,000

1,674,822

b

Black

Belt

Energy

Gas

District

,

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/29

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

1,000,000

980,380

Revenue

,

2023

B-2

,

Mandatory

Put

,

5.25

%

,

12/01/30

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

3,000,000

3,211,890

Revenue

,

2024

A

,

Mandatory

Put

,

5.25

%

,

9/01/32

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

2,000,000

2,147,159

Calhoun

County

Board

of

Education

,

Special

Tax

,

2016

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

2/01/46

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

3,000,000

3,073,875

City

of

Bessemer

,

Water

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/47

...

2,590,000

2,605,110

City

of

Birmingham

,

GO

,

2021

A

,

4

%

,

6/01/50

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

1,000,000

922,433

City

of

Boaz

,

Water

&

Sewer

,

Revenue

,

2021

,

AGMC

Insured

,

4

%

,

9/01/46

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

1,000,000

915,907

Water

&

Sewer

,

Revenue

,

2021

,

AGMC

Insured

,

4

%

,

9/01/50

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

1,500,000

1,371,043

City

of

Decatur

,

Water

&

Sewer

,

Revenue

,

2021

A

,

4

%

,

8/15/50

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

2,000,000

1,844,276

City

of

Huntsville

,

GO

,

2018

B

,

5

%

,

5/01/38

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

4,775,000

4,973,533

City

of

Lincoln

,

GO

,

2020

,

BAM

Insured

,

4

%

,

6/01/50

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

2,500,000

2,484,006

City

of

Trussville

,

GO

,

2018

A

,

4

%

,

8/01/41

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

3,000,000

2,923,822

City

of

Tuscaloosa

,

GO

,

2020

A

,

4

%

,

10/01/50

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

4,580,000

4,357,539

b

Columbia

Industrial

Development

Board

,

Alabama

Power

Co.

,

Revenue

,

2014

D

,

Refunding

,

Mandatory

Put

,

3.81

%

,

6/01/28

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

2,000,000

1,949,879

County

of

Jefferson

,

Sewer

,

Revenue

,

2024

,

Refunding

,

5.25

%

,

10/01/49

.........

4,500,000

4,784,236

c

County

of

Mobile

,

Revenue

,

144A,

2020

,

4

%

,

11/01/45

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

2,300,000

2,055,426

DCH

Healthcare

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/36

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

2,000,000

2,009,642

Revenue

,

2021

A

,

4

%

,

6/01/46

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

2,310,000

2,047,635

East

Alabama

Health

Care

Authority

(The)

,

Revenue

,

2018

A

,

5

%

,

9/01/41

........

3,000,000

3,055,012

b

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.5

%

,

1/01/31

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

1,000,000

1,071,337

Revenue

,

2024

B

,

Mandatory

Put

,

5.25

%

,

6/01/32

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

2,000,000

2,125,169

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)

Florence

City

Board

of

Education

,

Special

Tax

,

2022

,

4

%

,

3/01/46

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

$

3,000,000

$

2,812,296

Health

Care

Authority

for

Baptist

Health

(The)

,

Revenue

,

2023

A

,

Refunding

,

5

%

,

11/15/36

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

1,000,000

1,050,415

Revenue

,

2023

A

,

Refunding

,

5

%

,

11/15/37

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

875,000

914,119

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

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

4,500,000

4,201,792

Homewood

Educational

Building

Authority

,

d

CHF

-

Horizons

II

LLC

,

Revenue

,

2024

C

,

5.5

%

,

10/01/54

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

1,000,000

1,040,530

Samford

University

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

12/01/49

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

2,500,000

2,149,811

Samford

University

,

Revenue

,

2021

A

,

4

%

,

12/01/51

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

1,470,000

1,248,144

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

3,019,699

Infirmary

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

2/01/46

3,000,000

2,644,214

Jacksonville

State

University

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/36

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

5,000,000

5,261,412

Revenue

,

2020

,

Refunding

,

4

%

,

12/01/50

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

5,000,000

4,444,156

d

Jefferson

County

Board

of

Education

,

Special

Tax

,

2024

,

5

%

,

2/01/46

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

1,000,000

1,064,096

Limestone

County

Water

&

Sewer

Authority

,

Revenue

,

2015

B

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

12/01/43

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

5,920,000

5,933,968

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

4

%

,

2/01/44

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

3,000,000

2,814,764

Madison

Water

&

Wastewater

Board

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/41

.....

4,610,000

4,684,579

Mobile

County

Board

of

School

Commissioners

,

Special

Tax

,

2022

B

,

BAM

Insured

,

4.25

%

,

3/01/52

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

2,000,000

1,925,425

Opelika

Utilities

Board

,

Revenue

,

2017

,

Refunding

,

4

%

,

6/01/41

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

2,000,000

1,931,640

Oxford

City

Board

of

Education

,

Special

Tax

,

2020

A

,

Refunding

,

4

%

,

5/01/50

......

2,500,000

2,306,243

Prattville

Waterworks

Board

,

Revenue

,

2023

,

5.125

%

,

8/01/53

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

1,000,000

1,050,725

b

Southeast

Alabama

Gas

Supply

District

(The)

,

Revenue

,

2024

B

,

Refunding

,

Mandatory

Put

,

5

%

,

5/01/32

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

1,000,000

1,051,379

b

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

A

,

Mandatory

Put

,

4

%

,

10/01/28

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

5,000,000

4,949,292

Revenue

,

2022

A-1

,

Mandatory

Put

,

5.5

%

,

12/01/29

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

2,000,000

2,120,402

Revenue

,

2023

B

,

Mandatory

Put

,

5

%

,

6/01/30

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

1,000,000

1,052,432

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

3,659,618

Talladega

County

Board

of

Education

,

Special

Tax

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

11/01/39

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

2,000,000

2,043,126

Troy

Public

Educational

Building

Authority

,

Troy

City

Board

of

Education

,

Revenue

,

2011

,

AGMC

Insured

,

5.25

%

,

12/01/40

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

295,000

295,201

Tuscaloosa

City

Board

of

Education

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

8/01/41

...

4,000,000

4,126,179

UAB

Medicine

Finance

Authority

,

UAB

Medicine

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

9/01/29

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

5,000,000

5,109,931

University

of

Alabama

(The)

,

Revenue

,

2018

B-2

,

5

%

,

9/01/48

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

5,000,000

5,174,266

University

of

Montevallo

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/42

....

2,500,000

2,592,886

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

5

%

,

4/01/49

........

2,000,000

2,042,739

Water

Works

Board

of

the

City

of

Birmingham

(The)

,

Revenue

,

2016

B

,

Pre-Refunded

,

5

%

,

1/01/43

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

5,000,000

5,211,614

169,649,054

California

0.3%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

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

700,000

628,529

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

1.5%

c

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

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

$

500,000

$

343,950

c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

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

1,725,000

1,346,499

c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

1,150,000

1,013,725

2,704,174

Kentucky

0.6%

c

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

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

1,500,000

1,120,099

New

York

1.5%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/46

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

275,000

256,316

Revenue

,

2021

A-2

,

4

%

,

11/15/42

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

2,700,000

2,614,186

2,870,502

South

Carolina

1.4%

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

500,000

424,080

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

500,000

424,081

c

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

1,485,000

1,141,628

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

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

750,000

613,706

2,603,495

Texas

0.3%

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

800,000

623,040

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

424,120

Wisconsin

0.2%

c

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

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

500,000

404,054

U.S.

Territories

2.3%

Guam

1.1%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

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

1,000,000

1,018,308

Guam

Waterworks

Authority

Water

And

Wastewater

System

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

7/01/45

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

1,000,000

1,056,661

2,074,969

Puerto

Rico

1.2%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

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

500,000

493,063

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

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

1,000,000

987,649

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

198

.

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

$

750,243

2,230,955

Total

U.S.

Territories

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

4,305,924

Total

Municipal

Bonds

(Cost

$

196,109,981

)

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

185,332,991

Total

Long

Term

Investments

(Cost

$

196,609,981

)

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

185,817,960

a

a

a

a

a

a

Total

Investments

(Cost

$

196,609,981

)

98.7

%

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

$185,817,960

Other

Assets,

less

Liabilities

1.3

%

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

2,393,620

Net

Assets

100.0%

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

$188,211,580

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

May

31,

2024,

the

aggregate

value

of

these

securities

was

$9,510,327,

representing

5.1%

of

net

assets.

d

Security

purchased

on

a

when-issued

basis.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2024

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

98.0%

Arizona

90.5%

Arizona

Board

of

Regents

,

Revenue

,

2015

B

,

Refunding

,

5

%

,

7/01/41

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

$

14,070,000

$

14,221,659

Revenue

,

2016

C

,

5

%

,

7/01/46

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

10,000,000

10,147,425

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/43

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

4,005,000

4,116,821

Arizona

State

University

,

Revenue

,

2023

B

,

4

%

,

7/01/53

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

5,000,000

4,669,967

Arizona

Department

of

Transportation

,

State

Highway

Fund

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/36

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

8,680,000

8,914,030

Arizona

Health

Facilities

Authority

,

HonorHealth

Obligated

Group

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

12/01/39

......

2,820,000

2,835,900

HonorHealth

Obligated

Group

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

12/01/42

......

3,000,000

3,016,914

Arizona

Industrial

Development

Authority

,

Academies

of

Math

&

Science

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/42

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

2,045,000

2,058,479

Academies

of

Math

&

Science

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/51

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

1,080,000

1,075,532

Arizona

Agribusiness

and

Equine

Center,

Inc.

,

Revenue

,

2017

A

,

5

%

,

3/01/48

....

1,555,000

1,573,500

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

2.65

%

,

7/01/26

570,000

547,141

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/31

...

550,000

537,619

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/41

...

2,000,000

1,784,965

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/51

...

2,340,000

1,914,555

BASIS

Schools,

Inc.

Obligated

Group

,

Revenue

,

2017

F

,

Refunding

,

5

%

,

7/01/47

..

3,350,000

3,379,771

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/33

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

1,000,000

1,059,637

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/36

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

1,235,000

1,300,305

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/39

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

1,000,000

1,042,342

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/45

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

2,200,000

2,043,809

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/50

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

7,055,000

6,331,745

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

11/01/51

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

1,400,000

1,250,224

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

4

%

,

11/01/42

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

1,650,000

1,570,095

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

11/01/47

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

7,900,000

8,204,459

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

4.25

%

,

11/01/52

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

3,500,000

3,246,072

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2023

A

,

5.25

%

,

11/01/53

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

3,250,000

3,399,506

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue

,

2019

A

,

5

%

,

1/01/38

.....

1,175,000

818,064

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue

,

2019

A

,

5

%

,

1/01/54

.....

1,250,000

750,531

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue,

Second

Tier

,

2019

B

,

5

%

,

1/01/36

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

1,105,000

624,524

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue,

Second

Tier

,

2019

B

,

5

%

,

1/01/49

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

3,500,000

1,669,472

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue,

Second

Tier

,

2019

B

,

5.125

%

,

1/01/54

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

2,000,000

930,694

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

7/01/31

..........

285,000

277,577

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

7/01/41

..........

405,000

363,190

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

7/01/52

..........

840,000

694,585

KIPP

Nashville

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

7/01/47

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

1,400,000

1,411,977

KIPP

Nashville

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

7/01/62

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

2,400,000

2,383,495

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/32

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

660,000

694,709

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

4

%

,

7/01/34

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

660,000

645,019

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

4

%

,

7/01/36

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

315,000

304,872

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)

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

4

%

,

7/01/41

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

$

2,800,000

$

2,609,310

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

4

%

,

7/01/51

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

8,000,000

6,928,815

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

4

%

,

7/01/61

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

15,580,000

12,984,101

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

C

,

3.25

%

,

7/01/31

..........

1,550,000

1,355,132

Leman

Academy

of

Excellence

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4.5

%

,

7/01/54

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

3,000,000

2,632,572

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

2/01/50

.....

2,540,000

2,367,826

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

2/01/41

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

885,000

710,014

Provident

Group-NCCU

Properties

LLC

,

Revenue

,

2019

A

,

BAM

Insured

,

5

%

,

6/01/58

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

6,250,000

6,368,622

Arizona

State

University

,

Revenue

,

2019

A

,

5

%

,

7/01/40

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

1,000,000

1,056,858

City

of

Bullhead

,

Excise

Tax

,

Revenue

,

2022

,

4

%

,

7/01/52

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

2,885,000

2,627,259

City

of

Glendale

Municipal

Property

Corp.

,

Excise

Tax

,

Revenue

,

2012

C

,

Refunding

,

5

%

,

7/01/38

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

18,530,000

18,576,718

City

of

Goodyear

,

Water

&

Sewer

,

Revenue,

Sub.

Lien,

Second

Series

,

2020

,

AGMC

Insured

,

4

%

,

7/01/45

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

3,500,000

3,368,100

City

of

Lake

Havasu

City

,

Wastewater

System

,

Revenue

,

2015

B

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/40

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

15,000,000

15,048,468

City

of

Mesa

,

Utility

System

,

Revenue

,

2018

,

4

%

,

7/01/38

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

1,425,000

1,432,691

Utility

System

,

Revenue

,

2018

,

4

%

,

7/01/39

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

6,135,000

6,155,044

Utility

System

,

Revenue

,

2018

,

5

%

,

7/01/42

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

2,200,000

2,291,074

Utility

System

,

Revenue,

Junior

Lien

,

2022

C

,

Refunding

,

5

%

,

7/01/36

..........

5,000,000

5,730,979

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport

,

Revenue

,

2017

A

,

5

%

,

7/01/42

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

2,155,000

2,187,064

Airport

,

Revenue

,

2017

A

,

5

%

,

7/01/47

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

12,935,000

13,049,951

Airport

,

Revenue,

Junior

Lien

,

2017

D

,

Refunding

,

4

%

,

7/01/40

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

16,570,000

16,366,230

Airport

,

Revenue,

Junior

Lien

,

2019

A

,

4

%

,

7/01/44

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

4,000,000

3,854,290

Airport

,

Revenue,

Junior

Lien

,

2019

A

,

5

%

,

7/01/44

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

8,500,000

8,917,975

Airport

,

Revenue,

Senior

Lien

,

2018

,

5

%

,

7/01/48

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

5,000,000

5,064,377

Excise

Tax

,

Revenue

,

2022

,

5

%

,

7/01/46

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

8,300,000

8,939,983

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/34

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

2,500,000

2,645,445

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/37

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

1,500,000

1,576,737

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/38

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

4,420,000

4,628,930

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/39

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

4,090,000

4,270,546

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

4

%

,

7/01/45

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

7,500,000

6,909,939

Wastewater

,

Revenue,

Junior

Lien

,

2018

A

,

4

%

,

7/01/39

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

5,000,000

5,031,336

Water

System

,

Revenue,

Junior

Lien

,

2016

,

Refunding

,

5

%

,

7/01/38

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

5,000,000

5,112,841

Water

System

,

Revenue,

Junior

Lien

,

2020

B

,

5

%

,

7/01/44

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

7,500,000

7,969,418

County

of

Yuma

,

Pledged

,

Revenue

,

2022

,

BAM

Insured

,

4.25

%

,

7/15/42

.........

3,250,000

3,253,675

Gilbert

Water

Resource

Municipal

Property

Corp.

,

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

4

%

,

7/15/39

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

10,000,000

10,119,532

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

4

%

,

7/15/42

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

4,700,000

4,637,737

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

4

%

,

7/15/47

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

9,030,000

8,676,113

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

,

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

5/15/31

...........

$

400,000

$

379,680

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

5/15/41

...........

1,000,000

950,590

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

5/15/56

...........

4,500,000

3,920,511

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

1,989,429

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

5

%

,

7/01/49

......

3,120,000

3,047,666

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

5

%

,

7/01/54

......

2,665,000

2,580,084

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

5

%

,

7/01/59

......

2,000,000

1,916,855

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/25

1,015,000

1,017,902

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/27

425,000

429,407

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/30

700,000

710,729

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/32

250,000

253,255

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/33

600,000

607,107

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/37

2,950,000

2,968,311

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/42

11,550,000

11,576,606

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/36

.

4,065,000

4,088,782

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/41

.

1,225,000

1,227,510

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/46

.

1,335,000

1,332,265

Vista

College

Preparatory

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

7/01/48

......

1,000,000

1,014,359

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

a

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

B-3

,

5.125

%

,

11/15/29

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

3,000,000

3,020,780

TMC

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/40

....

1,040,000

998,409

TMC

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/41

....

1,360,000

1,300,400

TMC

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

4/01/51

....

12,000,000

8,719,297

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

4,324,779

Yavapai

Community

Hospital

Association

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

8/01/36

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

1,310,000

1,334,867

Yavapai

Community

Hospital

Association

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

4

%

,

8/01/38

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

1,510,000

1,446,951

Yavapai

Community

Hospital

Association

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

4

%

,

8/01/43

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

3,000,000

2,799,675

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools

,

Revenue

,

2018

A

,

5

%

,

2/15/38

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

1,000,000

1,003,833

Harmony

Public

Schools

,

Revenue

,

2018

A

,

5

%

,

2/15/48

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

1,000,000

959,927

Harmony

Public

Schools

,

Revenue

,

2021

A

,

5

%

,

2/15/25

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

90,000

89,904

Harmony

Public

Schools

,

Revenue

,

2021

A

,

5

%

,

2/15/26

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

95,000

95,153

Harmony

Public

Schools

,

Revenue

,

2021

A

,

5

%

,

2/15/27

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

75,000

75,461

Harmony

Public

Schools

,

Revenue

,

2021

A

,

5

%

,

2/15/28

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

80,000

80,698

Harmony

Public

Schools

,

Revenue

,

2021

A

,

5

%

,

2/15/29

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

110,000

111,320

Harmony

Public

Schools

,

Revenue

,

2021

A

,

5

%

,

2/15/30

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

100,000

101,505

Harmony

Public

Schools

,

Revenue

,

2021

A

,

4

%

,

2/15/41

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

430,000

372,456

Harmony

Public

Schools

,

Revenue

,

2021

A

,

4

%

,

2/15/46

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

345,000

286,589

Harmony

Public

Schools

,

Revenue

,

2021

A

,

4

%

,

2/15/51

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

580,000

461,161

Maricopa

County

High

School

District

No.

214

Tolleson

Union

High

School

,

GO

,

2018

A

,

5

%

,

7/01/37

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

1,000,000

1,030,589

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2019

F

,

3

%

,

1/01/49

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

5,000,000

3,754,114

Banner

Health

Obligated

Group

,

Revenue

,

A

,

4

%

,

1/01/41

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

9,630,000

9,389,266

Banner

Health

Obligated

Group

,

Revenue

,

A

,

5

%

,

1/01/41

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

37,590,000

38,451,717

Creighton

University

,

Revenue

,

2020

,

5

%

,

7/01/47

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

7,500,000

7,702,247

Creighton

University

,

Revenue

,

2020

,

4

%

,

7/01/50

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

8,450,000

7,805,219

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/52

.

1,000,000

1,002,618

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)

Highland

Prep

Obligated

Group

,

Revenue

,

2019

,

5

%

,

1/01/43

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

$

2,275,000

$

2,312,425

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/36

.......

2,100,000

2,186,139

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/37

.......

3,175,000

3,292,121

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/42

.......

2,750,000

2,817,370

HonorHealth

Obligated

Group

,

Revenue

,

2021

A

,

3

%

,

9/01/51

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

5,600,000

4,119,618

Reid

Traditional

Schools

Obligated

Group

,

Revenue

,

2016

,

5

%

,

7/01/36

.........

1,120,000

1,128,857

Reid

Traditional

Schools

Obligated

Group

,

Revenue

,

2016

,

5

%

,

7/01/47

.........

3,325,000

3,273,360

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.

,

Revenue

,

2009

B

,

Refunding

,

3.6

%

,

4/01/40

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

13,500,000

11,792,463

El

Paso

Electric

Co.

,

Revenue

,

2012

A

,

Refunding

,

4.5

%

,

8/01/42

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

10,000,000

9,538,347

b

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.875

%

,

10/01/26

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

4,500,000

4,133,391

b

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

B

,

Refunding

,

Mandatory

Put

,

0.875

%

,

10/01/26

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

2,150,000

1,974,842

Southern

California

Edison

Co.

,

Revenue

,

2000

A

,

Refunding

,

2.4

%

,

6/01/35

.....

10,000,000

8,011,883

Maricopa

County

Unified

School

District

No.

60

Higley

,

COP

,

2023

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/53

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

3,000,000

3,148,240

McAllister

Academic

Village

LLC

,

Arizona

State

University

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/37

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

2,095,000

2,139,267

Arizona

State

University

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/39

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

1,000,000

1,016,445

Mohave

County

Union

High

School

District

No.

2

Colorado

River

,

GO

,

2017

,

5

%

,

7/01/35

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

1,000,000

1,034,006

Pima

County

Unified

School

District

No.

30

Sahuarita

,

GO

,

2017

,

BAM

Insured

,

5

%

,

7/01/33

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

2,665,000

2,769,898

GO

,

2017

,

BAM

Insured

,

5

%

,

7/01/34

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

2,800,000

2,905,250

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/38

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

9,745,000

10,018,270

Revenue

,

2017

A

,

Refunding

,

5

%

,

1/01/37

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

10,000,000

10,501,490

Revenue

,

2017

A

,

Refunding

,

5

%

,

1/01/38

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

5,435,000

5,693,621

Revenue

,

2017

A

,

Refunding

,

5

%

,

1/01/39

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

2,105,000

2,197,961

Revenue

,

2019

A

,

5

%

,

1/01/47

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

2,000,000

2,092,484

Revenue

,

2023

A

,

5

%

,

1/01/50

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

8,000,000

8,511,191

Salt

Verde

Financial

Corp.

,

Revenue

,

2007-1

,

5

%

,

12/01/32

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

10,000,000

10,403,095

Revenue

,

2007-1

,

5

%

,

12/01/37

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

5,000,000

5,310,716

State

of

Arizona

,

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/27

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

3,945,000

4,191,772

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/28

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

2,000,000

2,162,774

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/29

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

2,000,000

2,200,221

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/36

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

5,000,000

6,002,765

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/37

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

7,000,000

8,434,786

Town

of

Gilbert

,

Pledged

,

Revenue,

Sub.

Lien

,

2015

,

5

%

,

7/01/45

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

10,000,000

10,070,814

Town

of

Marana

,

Pledged

Excise

,

Revenue

,

2024

,

4

%

,

7/01/44

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

2,250,000

2,147,572

Town

of

Queen

Creek

,

Excise

Tax

,

Revenue

,

2018

A

,

5

%

,

8/01/42

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

2,500,000

2,616,603

Excise

Tax

,

Revenue

,

2018

A

,

5

%

,

8/01/47

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

5,000,000

5,187,224

University

of

Arizona

(The)

,

Revenue

,

2014

,

5

%

,

8/01/39

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

10,000,000

10,004,706

Revenue

,

2016

,

Refunding

,

5

%

,

6/01/39

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

2,750,000

2,800,886

Revenue

,

2016

B

,

Refunding

,

5

%

,

6/01/42

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

2,000,000

2,035,856

Revenue

,

2018

A

,

5

%

,

6/01/43

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

4,500,000

4,669,477

638,845,072

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)

Florida

0.8%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

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

$

800,000

$

550,320

a

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

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

6,650,000

5,190,851

5,741,171

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

2,695,772

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

1,420,860

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

1,900,000

1,611,507

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,900,000

1,611,507

a

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-2

,

Zero

Cpn.,

6/01/52

3,275,000

2,331,429

5,554,443

Texas

0.6%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

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

2,000,000

1,958,833

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

3,300,000

2,570,042

4,528,875

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

1,611,655

Wisconsin

1.0%

a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

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

1,900,000

1,535,406

AL-FL

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

A

,

3.4

%

,

12/01/36

.......

3,300,000

2,751,090

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5

%

,

8/01/53

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

1,500,000

1,509,282

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

1,500,000

1,523,433

7,319,211

U.S.

Territories

3.5%

Guam

1.7%

Guam

Power

Authority

,

Revenue

,

2014

A

,

AGMC

Insured

,

5

%

,

10/01/39

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

6,490,000

6,505,734

Revenue

,

2014

A

,

AGMC

Insured

,

5

%

,

10/01/44

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

5,325,000

5,331,859

11,837,593

Puerto

Rico

1.8%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/32

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

379,094

377,162

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

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

1,881,235

1,840,842

Revenue

,

2007

N

,

5.25

%

,

7/01/36

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

616,125

618,656

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

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

3,700,000

3,648,670

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

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

1,550,000

1,540,267

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

198

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.,

(continued)

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

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

$

4,906,000

$

4,907,591

12,933,188

Total

U.S.

Territories

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

24,770,781

Total

Municipal

Bonds

(Cost

$

722,752,919

)

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

692,487,840

a

a

a

a

Short

Term

Investments

0.4%

Municipal

Bonds

0.4%

Arizona

0.4%

c

Arizona

Health

Facilities

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2015

C

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

4.05

%

,

1/01/46

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

2,600,000

2,600,000

Total

Municipal

Bonds

(Cost

$

2,600,000

)

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

2,600,000

Total

Short

Term

Investments

(Cost

$

2,600,000

)

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

2,600,000

a

Total

Investments

(Cost

$

725,352,919

)

98.4

%

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

$695,087,840

Other

Assets,

less

Liabilities

1.6

%

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

11,218,671

Net

Assets

100.0%

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

$706,306,511

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2024,

the

aggregate

value

of

these

securities

was

$28,322,427,

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),

May

31,

2024

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

$

1,357,912

Total

Corporate

Bonds

(Cost

$

1,400,000

)

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

1,357,912

Municipal

Bonds

97.6%

California

0.4%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

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

2,000,000

1,795,797

Colorado

90.3%

b

Access

25

Metropolitan

District

No.

2

,

GO

,

144A,

2023

,

6.75

%

,

12/01/53

..........

3,000,000

3,113,638

Adams

State

University

,

Revenue

,

2012

,

5

%

,

5/15/37

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

630,000

603,376

Revenue

,

2019

A

,

Refunding

,

4

%

,

5/15/42

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

1,515,000

1,437,922

Anthem

West

Metropolitan

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/35

3,000,000

3,041,526

Arapahoe

County

School

District

No.

1

Englewood

,

GO

,

2017

,

5

%

,

12/01/42

.......

7,000,000

7,136,069

Arapahoe

County

School

District

No.

6

Littleton

,

GO

,

2019

A

,

5.5

%

,

12/01/43

......

5,000,000

5,331,878

Arapahoe

County

Water

&

Wastewater

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/37

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

1,000,000

1,006,613

Aurora

Crossroads

Metropolitan

District

No.

2

,

GO,

Senior

Lien

,

2020

A

,

5

%

,

12/01/40

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

1,500,000

1,421,348

GO,

Senior

Lien

,

2020

A

,

5

%

,

12/01/50

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

1,500,000

1,343,449

Board

of

Governors

of

Colorado

State

University

System

,

Revenue

,

2013

A

,

Refunding

,

5

%

,

3/01/43

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

5,000,000

5,606,381

Revenue

,

2015

A

,

Pre-Refunded

,

5

%

,

3/01/40

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

3,990,000

4,032,174

Revenue

,

2017

E

,

Refunding

,

4

%

,

3/01/43

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

4,500,000

4,372,556

Revenue

,

2024

A

,

Refunding

,

4

%

,

3/01/47

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

5,000,000

4,807,875

Revenue

,

A

,

Refunding

,

4

%

,

3/01/40

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

5,000,000

4,963,620

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017

A

,

5

%

,

9/15/47

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

10,000,000

10,166,981

Brighton

Crossing

Metropolitan

District

No.

4

,

GO

,

2017

A

,

5

%

,

12/01/37

..........

525,000

512,908

b

Broadway

Park

North

Metropolitan

District

No.

2

,

GO

,

144A,

2020

,

Refunding

,

5

%

,

12/01/40

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

1,325,000

1,240,499

Bromley

Park

Metropolitan

District

No.

2

,

GO

,

2023

,

Refunding

,

BAM

Insured

,

5.375

%

,

12/01/53

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

2,500,000

2,686,684

b

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-1

,

Refunding

,

5

%

,

12/01/49

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

4,282,000

3,936,621

Castle

Oaks

Metropolitan

District

No.

3

,

GO

,

2020

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/45

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

1,140,000

1,060,448

Centennial

Water

&

Sanitation

District

,

Revenue

,

2019

,

5

%

,

12/01/43

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

3,000,000

3,149,160

Revenue

,

2019

,

5.25

%

,

12/01/48

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

6,760,000

7,108,102

Cherokee

Metropolitan

District

,

Revenue

,

2020

,

BAM

Insured

,

4

%

,

8/01/45

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

2,250,000

2,152,245

Revenue

,

2020

,

BAM

Insured

,

4

%

,

8/01/50

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

1,400,000

1,283,629

City

&

County

of

Denver

,

Airport

System

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

12/01/48

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

5,000,000

5,110,502

Airport

System

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

12/01/48

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

4,440,000

4,549,610

Airport

System

,

Revenue

,

2022

A

,

5

%

,

11/15/37

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

4,250,000

4,564,270

Airport

System

,

Revenue

,

2022

D

,

Refunding

,

5

%

,

11/15/53

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

5,000,000

5,144,211

Airport

System

,

Revenue

,

2023

B

,

Refunding

,

5.5

%

,

11/15/42

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

1,000,000

1,101,678

Airport

System

,

Revenue

,

2023

B

,

Refunding

,

5.5

%

,

11/15/43

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

1,000,000

1,097,172

Pledged

Excise

Tax

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

8/01/46

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

3,500,000

3,359,545

Pledged

Excise

Tax

,

Revenue

,

2018

A-1

,

5

%

,

8/01/48

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

5,000,000

5,070,819

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

Colorado

Springs

,

Utilities

System

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/45

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

$

2,665,000

$

2,675,753

Utilities

System

,

Revenue

,

2018

A-4

,

5

%

,

11/15/48

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

5,000,000

5,176,916

City

of

Fort

Collins

,

Electric

Utility

Enterprise

,

Revenue

,

2018

A

,

5

%

,

12/01/42

......

13,500,000

14,009,680

City

of

Grand

Junction

,

COP

,

2021

,

4

%

,

12/01/45

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

2,005,000

1,938,116

Sales

&

Use

Tax

,

Revenue

,

2020

B

,

4

%

,

3/01/49

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

3,775,000

3,615,063

Colorado

Bridge

&

Tunnel

Enterprise

,

Revenue

,

2024

A

,

AGMC

Insured

,

5.5

%

,

12/01/54

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

1,000,000

1,112,053

Colorado

Educational

&

Cultural

Facilities

Authority

,

Alexander

Dawson

School

LLC

(The)

,

Revenue

,

2010

,

5

%

,

2/15/40

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

5,280,000

5,281,408

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/36

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

425,000

408,618

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/41

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

150,000

136,477

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/51

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

370,000

313,614

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/61

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

550,000

446,604

Denver

School

of

Science

&

Technology,

Inc.

,

Revenue

,

2021

,

3

%

,

8/01/41

......

1,460,000

1,109,443

Denver

School

of

Science

&

Technology,

Inc.

,

Revenue

,

2021

,

3

%

,

8/01/51

......

3,635,000

2,384,720

Eagle

Ridge

Academy

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

11/01/37

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

1,000,000

1,043,345

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/26

.......

135,000

132,382

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/32

.......

280,000

267,446

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/52

.......

1,355,000

1,085,331

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/62

.......

1,600,000

1,222,762

James

Irwin

Educational

Foundation

Obligated

Group

,

Revenue

,

2022

,

5

%

,

9/01/52

750,000

742,282

James

Irwin

Educational

Foundation

Obligated

Group

,

Revenue

,

2022

,

5

%

,

9/01/57

1,765,000

1,741,777

Lighthouse

Building

Corp.

,

Revenue

,

2021

,

4

%

,

10/01/46

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

335,000

278,516

Lighthouse

Building

Corp.

,

Revenue

,

2021

,

4

%

,

10/01/56

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

1,000,000

783,385

Lighthouse

Building

Corp.

,

Revenue

,

2021

,

4

%

,

10/01/61

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

2,210,000

1,692,790

Pinnacle

Charter

School,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/01/50

.......

5,820,000

4,962,928

Union

Colony

Schools

,

Revenue

,

2018

,

Refunding

,

5

%

,

4/01/48

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

715,000

716,957

University

of

Denver

,

Revenue

,

2017

A

,

5

%

,

3/01/47

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

3,950,000

4,010,862

West

Ridge

Academy

Charter

School

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

6/01/49

..

400,000

399,981

Westgate

Community

School

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/41

........

2,370,000

2,179,517

Windsor

Charter

Academy

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/50

2,400,000

2,054,302

Colorado

Health

Facilities

Authority

,

AdventHealth

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

11/15/41

......

3,000,000

2,969,695

AdventHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

11/15/39

......

5,005,000

5,287,605

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/35

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

1,575,000

1,556,505

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/37

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

850,000

834,367

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/38

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

705,000

684,729

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/39

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

835,000

804,210

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/40

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

725,000

689,555

BSLC

Obligated

Group

,

Revenue

,

2018

A-1

,

Refunding

,

5

%

,

9/15/48

...........

3,000,000

2,729,091

BSLC

Obligated

Group

,

Revenue

,

2018

A-1

,

Refunding

,

4.75

%

,

9/15/53

.........

1,500,000

1,260,767

Children's

Hospital

Colorado

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

12/01/41

...

5,195,000

5,232,924

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/38

3,000,000

3,133,205

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/39

2,000,000

2,083,389

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

4

%

,

8/01/49

9,990,000

9,174,074

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

5.25

%

,

11/01/52

......

3,000,000

3,171,215

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

12/01/54

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

4,000,000

4,279,034

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Colorado

Health

Facilities

Authority,

(continued)

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

12/01/35

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

$

7,150,000

$

7,100,755

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

12/01/48

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

5,000,000

4,756,929

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

12/01/50

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

5,700,000

4,589,206

Craig

Hospital

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

12/01/52

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

3,535,000

3,661,169

Evangelical

Lutheran

Good

Samaritan

Obligated

Group

,

Revenue

,

2015

A

,

Pre-

Refunded

,

5

%

,

6/01/40

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

4,000,000

4,050,027

Evangelical

Lutheran

Good

Samaritan

Obligated

Group

,

Revenue

,

2015

A

,

Pre-

Refunded

,

5

%

,

6/01/45

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

2,750,000

2,784,394

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

1/01/38

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

3,660,000

3,616,829

Sanford

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

11/01/44

..........

3,495,000

3,611,467

Sanford

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

11/01/49

..........

8,050,000

8,221,093

University

of

Colorado

Health

Obligated

Group

,

Revenue

,

2016

,

5

%

,

9/01/46

.....

5,000,000

5,030,694

University

of

Colorado

Health

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

9/01/50

...

6,275,000

5,749,013

Valley

View

Hospital

Association

,

Revenue

,

2015

,

5

%

,

5/15/40

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

2,000,000

2,007,248

Valley

View

Hospital

Association

,

Revenue

,

2015

,

5

%

,

5/15/45

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

1,000,000

1,003,095

Colorado

High

Performance

Transportation

Enterprise

,

C-470

Express

Lanes

System

,

Revenue

,

2017

,

5

%

,

12/31/47

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

2,555,000

2,559,655

Colorado

Housing

and

Finance

Authority

,

Revenue

,

2019

B-1

,

I

,

3.15

%

,

10/01/44

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

1,000,000

767,721

Revenue

,

2019

B-1

,

I

,

3.25

%

,

10/01/49

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

1,000,000

766,059

Colorado

Mesa

University

,

Revenue

,

2019

B

,

5

%

,

5/15/44

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

1,000,000

1,041,305

Revenue

,

2019

B

,

5

%

,

5/15/49

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

1,565,000

1,615,142

Colorado

School

of

Mines

,

Revenue

,

2017

A

,

5

%

,

12/01/42

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

2,450,000

2,513,601

Revenue

,

2023

C

,

5.25

%

,

12/01/53

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

3,000,000

3,241,549

Colorado

Science

and

Technology

Park

Metropolitan

District

No.

1

,

Revenue

,

2024

A

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/54

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

750,000

786,452

Cottonwood

Highlands

Metropolitan

District

No.

1

,

GO

,

2019

A

,

5

%

,

12/01/49

......

899,000

832,225

Crystal

Valley

Metropolitan

District

No.

2

,

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

3

%

,

12/01/49

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

3,000,000

2,222,283

Denver

City

&

County

School

District

No.

1

,

GO

,

2017

,

5

%

,

12/01/41

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

5,000,000

5,131,761

Denver

Convention

Center

Hotel

Authority

,

Revenue,

Senior

Lien

,

2016

,

Refunding

,

5

%

,

12/01/40

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

9,775,000

9,828,395

Denver

Health

&

Hospital

Authority

,

COP

,

2018

,

5

%

,

12/01/48

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

5,255,000

4,876,081

Revenue

,

2014

A

,

5.25

%

,

12/01/45

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

9,250,000

9,251,871

Revenue

,

2019

A

,

Refunding

,

5

%

,

12/01/30

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

1,000,000

1,019,816

Revenue

,

2019

A

,

Refunding

,

5

%

,

12/01/32

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

1,330,000

1,357,802

Revenue

,

2019

A

,

Refunding

,

5

%

,

12/01/33

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

3,300,000

3,362,201

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)

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

A

,

4

%

,

12/01/48

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

$

350,000

$

281,072

Eagle

River

Water

&

Sanitation

District

,

GO

,

2016

,

5

%

,

12/01/45

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

1,360,000

1,383,212

East

Cherry

Creek

Valley

Water

and

Sanitation

District

,

Revenue

,

2019

A

,

4

%

,

11/15/39

1,200,000

1,201,960

Erie

Farm

Metropolitan

District

,

GO

,

2021

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/51

.

1,200,000

1,074,573

Evan's

Place

Metropolitan

District

,

GO

,

2020

A-3

,

5

%

,

12/01/40

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

550,000

517,747

b

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5.55

%

,

12/01/47

3,500,000

3,543,330

Gunnison

Watershed

School

District

No.

Re

1J

,

GO

,

2023

,

5

%

,

12/01/47

..........

3,250,000

3,486,470

Lakes

at

Centerra

Metropolitan

District

No.

2

,

GO

,

2024

A

,

Refunding

,

AGMC

Insured

,

4.5

%

,

12/01/54

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

2,500,000

2,479,249

Larimer

County

School

District

No.

R-1

Poudre

,

GO

,

2018

,

5

%

,

12/15/39

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

2,660,000

2,814,675

GO

,

2018

,

5

%

,

12/15/40

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

2,340,000

2,466,968

Meridian

Metropolitan

District

,

GO

,

2023

,

AGMC

Insured

,

4.375

%

,

12/01/53

.......

2,000,000

1,950,674

North

Pine

Vistas

Metropolitan

District

No.

2

,

GO

,

2022

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/52

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

1,125,000

1,169,988

Park

70

Metropolitan

District

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/36

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

1,000,000

1,009,666

GO

,

2016

,

Refunding

,

5

%

,

12/01/46

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

1,500,000

1,479,041

Park

Creek

Metropolitan

District

,

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2015

A

,

Refunding

,

5

%

,

12/01/45

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

9,500,000

9,391,548

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/01/46

.

2,875,000

2,940,503

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2024

A

,

AGMC

Insured

,

4.25

%

,

12/01/47

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

1,000,000

961,832

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2024

A

,

AGMC

Insured

,

4.5

%

,

12/01/51

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

1,500,000

1,472,624

Parker

Water

&

Sanitation

District

,

Revenue

,

2018

,

5

%

,

11/01/42

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

6,475,000

6,617,355

Patriot

Park

Metropolitan

District

No.

2

,

GO

,

2021

,

4.3

%

,

12/01/50

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

537,000

429,644

Prairie

Center

Metropolitan

District

No.

3

,

GO

,

2024

B

,

5.875

%

,

12/15/46

.........

1,000,000

1,051,223

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

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

9,900,000

11,859,946

Regional

Transportation

District

,

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

1/15/33

........

550,000

551,070

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/35

........

1,000,000

1,000,782

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/36

........

750,000

749,430

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/38

........

700,000

684,754

Sales

Tax

,

Revenue

,

2016

A

,

5

%

,

11/01/41

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

10,000,000

10,170,123

Sales

Tax

,

Revenue

,

2016

A

,

5

%

,

11/01/46

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

11,000,000

11,144,344

Silver

Peaks

Metropolitan

District

No.

3

,

GO,

Senior

Lien

,

2020

A

,

5

%

,

12/01/50

....

1,000,000

872,443

South

Timnath

Metropolitan

District

No.

2

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/42

.....

5,690,000

5,686,001

State

of

Colorado

,

COP

,

2017

J

,

5.25

%

,

3/15/42

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

5,000,000

5,106,277

COP

,

2020

,

Refunding

,

4

%

,

6/15/40

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

1,315,000

1,306,206

COP

,

2020

A

,

4

%

,

12/15/38

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

3,555,000

3,556,066

COP

,

2020

R

,

4

%

,

3/15/45

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

5,000,000

4,817,107

Sterling

Hills

West

Metropolitan

District

,

GO

,

2017

,

Refunding

,

5

%

,

12/01/39

.......

1,125,000

1,159,723

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

3.75

%

,

12/01/40

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

500,000

420,008

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

4.25

%

,

12/01/50

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

1,250,000

1,051,170

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)

Thompson

Crossing

Metropolitan

District

No.

2

,

GO

,

2016

B

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/46

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

$

4,500,000

$

4,570,419

Town

of

Monument

,

COP

,

2020

,

AGMC

Insured

,

4

%

,

12/01/45

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

2,000,000

1,923,725

Upper

Eagle

Regional

Water

Authority

,

Revenue

,

2024

,

BAM

Insured

,

4.25

%

,

12/01/53

2,000,000

1,919,634

Whispering

Pines

Metropolitan

District

No.

1

,

GO

,

2023

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/52

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

900,000

920,887

Wildwing

Metropolitan

District

No.

5

,

GO

,

2024

,

Refunding

,

AGMC

Insured

,

4.5

%

,

12/01/53

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

750,000

747,290

c

Windsor

Highlands

Metropolitan

District

No.

4

,

GO

,

2024

,

Refunding

,

BAM

Insured

,

4.5

%

,

12/01/53

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

2,000,000

1,950,822

Winter

Farm

Metropolitan

District

No.

2

,

GO

,

2019

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/39

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

630,000

658,435

GO

,

2019

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/44

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

500,000

515,081

445,747,837

Florida

2.2%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

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

4,104,000

3,551,913

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

800,000

550,320

b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

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

4,925,000

3,844,352

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

3,215,000

2,834,022

10,780,607

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

1,966,520

Illinois

0.8%

State

of

Illinois

,

GO

,

2003

,

5.1

%

,

6/01/33

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

3,000,000

2,941,914

GO

,

2021

A

,

5

%

,

3/01/33

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

500,000

538,684

GO

,

2021

A

,

5

%

,

3/01/37

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

250,000

267,237

GO

,

2021

A

,

4

%

,

3/01/38

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

400,000

392,463

4,140,298

New

York

0.2%

Metropolitan

Transportation

Authority

,

Revenue

,

2020

D

,

4

%

,

11/15/47

...........

900,000

840,524

South

Carolina

0.9%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

1,400,000

1,187,427

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,400,000

1,187,426

b

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

2,100,000

1,614,423

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

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

750,000

613,705

4,602,981

Texas

0.4%

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

2,400,000

1,869,122

Washington

0.3%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

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

1,400,000

1,187,536

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

198

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

0.6%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

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

$

1,400,000

$

1,131,352

AL-FL

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

A

,

3.4

%

,

12/01/36

.......

2,400,000

2,000,792

3,132,144

U.S.

Territories

1.1%

Guam

0.3%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,500,000

1,527,462

Puerto

Rico

0.8%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

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

1,219,928

1,193,734

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

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

1,200,000

1,183,352

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

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

1,000,000

987,649

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

750,000

750,243

4,114,978

Total

U.S.

Territories

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

5,642,440

Total

Municipal

Bonds

(Cost

$

505,158,586

)

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

481,705,806

Total

Long

Term

Investments

(Cost

$

506,558,586

)

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

483,063,718

a

a

a

a

a

Short

Term

Investments

1.2%

Municipal

Bonds

1.2%

Colorado

1.2%

d

Colorado

Health

Facilities

Authority

,

Children's

Hospital

Colorado

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

4.05

%

,

12/01/52

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

5,800,000

5,800,000

Total

Municipal

Bonds

(Cost

$

5,800,000

)

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

5,800,000

Total

Short

Term

Investments

(Cost

$

5,800,000

)

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

5,800,000

a

Total

Investments

(Cost

$

512,358,586

)

99.1

%

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

$488,863,718

Other

Assets,

less

Liabilities

0.9

%

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

4,679,619

Net

Assets

100.0%

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

$493,543,337

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

May

31,

2024,

the

aggregate

value

of

these

securities

was

$30,633,659,

representing

6.2%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2024

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

96.9%

Connecticut

91.3%

City

of

Ansonia

,

GO

,

2021

A

,

AGMC

Insured

,

3

%

,

2/15/37

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

$

500,000

$

436,596

City

of

Bridgeport

,

GO

,

2021

A

,

4

%

,

8/01/40

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

765,000

752,950

GO

,

2021

A

,

4

%

,

8/01/46

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

375,000

350,147

GO

,

2021

A

,

4

%

,

8/01/51

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

575,000

525,008

City

of

New

Britain

,

GO

,

2017

C

,

AGMC

Insured

,

5

%

,

3/01/36

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

1,000,000

1,035,051

City

of

New

Haven

,

GO

,

2021

A

,

Refunding

,

4

%

,

8/01/41

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

2,000,000

1,849,581

City

of

Stamford

,

Water

Pollution

Control

System

&

Facility

,

Revenue

,

2013

A

,

5.25

%

,

8/15/43

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

1,000,000

1,000,354

City

of

West

Haven

,

GO

,

2021

,

4

%

,

9/15/41

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

565,000

516,812

Connecticut

Housing

Finance

Authority

,

Revenue

,

2019

E-E1

,

3.05

%

,

11/15/44

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

5,000,000

3,757,873

Revenue

,

2019

E-E1

,

3.1

%

,

11/15/49

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

2,000,000

1,480,993

Revenue

,

2020

C-1

,

Refunding

,

2.05

%

,

5/15/37

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

1,000,000

759,926

Revenue

,

2020

C-2

,

Refunding

,

2.2

%

,

11/15/34

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

960,000

742,191

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Avon

Old

Farms

School

Obligated

Group

,

Revenue

,

D-1

,

Refunding

,

4

%

,

7/01/46

..

1,000,000

908,567

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

4

%

,

7/01/36

480,000

485,509

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

4

%

,

7/01/37

600,000

603,161

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

4

%

,

7/01/38

315,000

314,151

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

4

%

,

7/01/39

380,000

376,091

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

4

%

,

7/01/42

860,000

843,715

Connecticut

Children's

Medical

Center

Obligated

Group

,

Revenue

,

E

,

5.25

%

,

7/15/48

1,560,000

1,652,930

Connecticut

College

,

Revenue

,

L-1

,

Refunding

,

4

%

,

7/01/46

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

5,000,000

4,593,478

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2018

B

,

5

%

,

12/01/40

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

4,000,000

3,854,201

Fairfield

University

,

Revenue

,

Q-1

,

5

%

,

7/01/46

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

9,000,000

9,067,098

Hartford

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

7/01/46

..........

6,000,000

5,467,581

Jerome

Home

,

Revenue

,

2021

E

,

Refunding

,

4

%

,

7/01/41

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

735,000

627,739

Jerome

Home

,

Revenue

,

2021

E

,

Refunding

,

4

%

,

7/01/51

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

1,250,000

957,118

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/38

.....

1,000,000

925,248

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/41

.....

6,310,000

5,678,924

Quinnipiac

University

,

Revenue

,

L

,

Refunding

,

5

%

,

7/01/45

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

8,250,000

8,288,147

Sacred

Heart

University,

Inc.

,

Revenue

,

I-1

,

Refunding

,

5

%

,

7/01/42

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

4,375,000

4,394,550

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

5

%

,

7/01/35

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

550,000

585,931

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

4

%

,

7/01/45

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

1,200,000

1,148,476

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

4

%

,

7/01/37

...

2,550,000

2,494,138

Taft

School

Corp.

(The)

,

Revenue

,

L

,

Refunding

,

3

%

,

7/01/46

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

2,210,000

1,683,125

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2016

CT

,

5

%

,

12/01/45

.........

5,000,000

5,032,198

Trustees

of

Trinity

College

(The)

,

Revenue

,

R

,

Refunding

,

4

%

,

6/01/45

..........

2,500,000

2,376,786

Trustees

of

Trinity

College

(The)

,

Revenue

,

S

,

Refunding

,

4

%

,

6/01/51

..........

4,000,000

3,654,106

University

of

Hartford

(The)

,

Revenue

,

2022

P

,

5.375

%

,

7/01/52

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

2,000,000

1,856,708

Yale

University

,

Revenue

,

X-2

,

5

%

,

7/01/37

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

3,000,000

3,439,856

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

N

,

5

%

,

7/01/48

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

5,000,000

5,001,020

Connecticut

State

Higher

Education

Supplement

Loan

Authority

,

Revenue

,

2020

B

,

3.25

%

,

11/15/36

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

1,525,000

1,320,658

Revenue

,

2020

D

,

Pre-Refunded

,

3

%

,

11/15/35

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

1,145,000

1,133,562

Revenue

,

2021

B

,

2.25

%

,

11/15/37

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

2,500,000

1,903,240

Hartford

County

Metropolitan

District

,

Clean

Water

Project

,

Revenue

,

2014

A

,

Pre-

Refunded

,

5

%

,

11/01/42

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

2,500,000

2,512,808

South

Central

Connecticut

Regional

Water

Authority

,

Revenue,

Second

Series

,

32nd

B

,

Refunding

,

5

%

,

8/01/38

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

1,720,000

1,764,609

State

of

Connecticut

,

GO

,

2020

A

,

4

%

,

1/15/38

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

7,250,000

7,331,434

GO

,

2020

C

,

4

%

,

6/01/39

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

600,000

602,417

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Connecticut

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Connecticut

(continued)

State

of

Connecticut,

(continued)

Special

Tax

,

2016

A

,

5

%

,

9/01/33

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

$

1,000,000

$

1,023,642

Special

Tax

,

2018

A

,

5

%

,

1/01/36

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

1,000,000

1,046,760

Special

Tax

,

2020

A

,

5

%

,

5/01/35

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

4,500,000

4,892,299

Special

Tax

,

2020

A

,

5

%

,

5/01/40

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

2,000,000

2,136,298

Special

Tax

,

2021

A

,

5

%

,

5/01/41

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

1,500,000

1,612,664

Special

Tax

,

2021

D

,

4

%

,

11/01/40

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

2,075,000

2,066,659

Bradley

International

Airport

CFC

,

Revenue

,

2019

A

,

5

%

,

7/01/49

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

1,400,000

1,408,944

Clean

Water

Fund

-

State

Revolving

Fund

,

Revenue

,

2015

A

,

5

%

,

3/01/34

.......

3,000,000

3,030,693

Clean

Water

Fund

-

State

Revolving

Fund

,

Revenue

,

2017

A

,

5

%

,

5/01/37

.......

1,000,000

1,037,882

Town

of

Hamden

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

4

%

,

8/15/41

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

500,000

464,028

Town

of

Stafford

,

GO

,

2021

,

Refunding

,

3

%

,

2/01/36

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

250,000

217,135

GO

,

2021

,

Refunding

,

3

%

,

2/01/38

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

310,000

261,319

GO

,

2021

,

Refunding

,

3

%

,

2/01/41

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

300,000

245,660

Town

of

Stratford

,

GO

,

2017

,

AGMC

Insured

,

5

%

,

7/01/33

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

1,000,000

1,012,975

GO

,

2020

A

,

Refunding

,

BAM

Insured

,

4

%

,

7/01/36

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

300,000

306,222

GO

,

2020

A

,

Refunding

,

BAM

Insured

,

4

%

,

7/01/38

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

300,000

301,359

GO

,

2020

A

,

Refunding

,

BAM

Insured

,

4

%

,

7/01/40

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

300,000

296,177

University

of

Connecticut

,

Revenue

,

2017

A

,

5

%

,

1/15/37

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

1,000,000

1,027,362

128,474,840

Florida

1.0%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

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

500,000

343,950

a

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

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

1,325,000

1,034,267

1,378,217

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

512,115

Illinois

0.7%

State

of

Illinois

,

GO

,

2020

C

,

4

%

,

10/01/42

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

1,000,000

942,836

New

Jersey

0.4%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/35

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

300,000

303,365

Revenue

,

2021

QQQ

,

4

%

,

6/15/36

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

100,000

100,897

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2020

AA

,

3

%

,

6/15/50

...

230,000

166,940

571,202

South

Carolina

1.0%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

500,000

424,081

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

500,000

424,081

a

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

750,000

576,579

1,424,741

Texas

0.3%

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

615,000

478,962

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

198

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

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

$

424,120

Wisconsin

0.2%

a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

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

400,000

323,243

U.S.

Territories

1.3%

Puerto

Rico

1.3%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/34

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

386,791

388,035

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

1,500,000

1,500,487

1,888,522

Total

U.S.

Territories

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

1,888,522

Total

Municipal

Bonds

(Cost

$

147,604,996

)

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

136,418,798

a

a

a

a

Short

Term

Investments

1.8%

Municipal

Bonds

1.8%

Connecticut

1.8%

b

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Yale

University

,

Revenue

,

2001

V-2

,

Daily

VRDN

and

Put

,

3.8

%

,

7/01/36

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

2,600,000

2,600,000

Total

Municipal

Bonds

(Cost

$

2,600,000

)

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

2,600,000

Total

Short

Term

Investments

(Cost

$

2,600,000

)

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

2,600,000

a

Total

Investments

(Cost

$

150,204,996

)

98.7

%

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

$139,018,798

Other

Assets,

less

Liabilities

1.3

%

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

1,771,970

Net

Assets

100.0%

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

$140,790,768

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

May

31,

2024,

the

aggregate

value

of

these

securities

was

$4,117,317,

representing

2.9%

of

net

assets.

b

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2024

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

2.3%

Capital

Markets

2.3%

a

Franklin

Municipal

Green

Bond

ETF

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

2,015,000

$

47,513,700

Total

Management

Investment

Companies

(Cost

$

54,860,563

)

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

47,513,700

Principal

Amount

a

a

a

a

Municipal

Bonds

96.6%

Alabama

5.1%

b

Black

Belt

Energy

Gas

District

,

Revenue

,

2022

E

,

Mandatory

Put

,

5

%

,

6/01/28

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

$

7,000,000

7,270,686

Revenue

,

2022

F

,

Mandatory

Put

,

5.5

%

,

12/01/28

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

6,970,000

7,339,111

Revenue

,

2023

B-2

,

Mandatory

Put

,

5.25

%

,

12/01/30

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

14,000,000

14,988,817

Chatom

Industrial

Development

Board

,

PowerSouth

Energy

Cooperative

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

5

%

,

8/01/28

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

500,000

523,017

PowerSouth

Energy

Cooperative

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

5

%

,

8/01/29

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

485,000

512,317

PowerSouth

Energy

Cooperative

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

5

%

,

8/01/30

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

425,000

453,681

County

of

Jefferson

,

Sewer

,

Revenue

,

2024

,

Refunding

,

5

%

,

10/01/33

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

5,000,000

5,568,140

b

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.5

%

,

1/01/31

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

8,570,000

9,181,358

Revenue

,

2023

B-1

,

Mandatory

Put

,

5.75

%

,

11/01/31

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

6,000,000

6,561,194

Revenue

,

2024

B

,

Mandatory

Put

,

5.25

%

,

6/01/32

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

7,000,000

7,438,092

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

2,165,307

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

4,984,875

Infirmary

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

2/01/28

.......

5,000,000

5,065,861

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

4

%

,

2/01/33

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

2,855,000

2,907,466

Special

Tax

,

2019

,

4

%

,

2/01/34

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

2,970,000

3,017,236

Special

Tax

,

2019

,

4

%

,

2/01/35

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

3,095,000

3,136,617

Special

Tax

,

2019

,

4

%

,

2/01/37

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

3,350,000

3,373,543

b

Southeast

Alabama

Gas

Supply

District

(The)

,

Revenue

,

2024

A

,

Refunding

,

Mandatory

Put

,

5

%

,

4/01/32

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

4,000,000

4,238,571

b

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2022

A-1

,

Mandatory

Put

,

5.5

%

,

12/01/29

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

4,585,000

4,861,022

Revenue

,

2022

B-2

,

Mandatory

Put

,

5.354

%

,

8/01/28

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

15,000,000

15,039,944

108,626,855

Alaska

0.1%

Alaska

Municipal

Bond

Bank

Authority

,

Revenue

,

2020

,

Refunding

,

4

%

,

12/01/35

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

1,710,000

1,732,480

Revenue

,

2020

,

Refunding

,

4

%

,

12/01/37

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

1,305,000

1,308,320

3,040,800

Arizona

3.5%

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/29

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

1,100,000

1,157,669

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/30

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

600,000

634,744

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/31

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

630,000

667,950

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/32

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

1,000,000

1,060,565

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

%

,

11/01/35

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

$

1,115,000

$

1,176,400

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/36

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

1,250,000

1,316,099

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/37

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

1,050,000

1,099,918

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/37

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

1,105,000

1,089,409

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/38

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

600,000

586,136

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

4

%

,

11/01/41

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

6,000,000

5,753,127

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/27

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

55,000

56,395

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/28

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

60,000

61,922

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/29

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

60,000

62,480

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/30

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

65,000

68,214

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/31

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

70,000

73,868

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/27

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

160,000

162,793

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/28

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

170,000

173,225

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/29

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

160,000

163,188

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/30

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

185,000

188,749

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/31

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

195,000

198,875

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

2/01/35

.....

500,000

536,761

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

2/01/36

.....

750,000

803,332

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

2/01/37

.....

600,000

640,286

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

2/01/38

.....

1,000,000

1,061,636

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

3

%

,

2/01/39

.....

1,200,000

1,010,324

City

of

Mesa

,

Utility

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/29

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

2,500,000

2,573,976

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport

,

Revenue,

Junior

Lien

,

2017

D

,

Refunding

,

5

%

,

7/01/30

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

10,000,000

10,430,045

Airport

,

Revenue,

Junior

Lien

,

2019

B

,

5

%

,

7/01/35

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

7,500,000

7,885,556

Airport

,

Revenue,

Junior

Lien

,

2019

B

,

5

%

,

7/01/36

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

6,225,000

6,533,210

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/35

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

3,340,000

3,535,103

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/36

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

6,380,000

6,737,728

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/39

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

6,365,000

6,645,972

Glendale

Industrial

Development

Authority

,

Midwestern

University

Foundation

,

Revenue

,

2020

,

Refunding

,

5

%

,

5/15/30

......

525,000

565,650

Midwestern

University

Foundation

,

Revenue

,

2020

,

Refunding

,

5

%

,

5/15/31

......

425,000

458,707

Midwestern

University

Foundation

,

Revenue

,

2020

,

Refunding

,

5

%

,

5/15/32

......

525,000

566,264

c

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

B-3

,

5.125

%

,

11/15/29

......

3,000,000

3,020,780

Maricopa

County

Industrial

Development

Authority

,

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/30

.......

850,000

889,176

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/31

.......

1,000,000

1,045,863

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/32

.......

1,000,000

1,045,168

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/33

.......

800,000

835,597

Scottsdale

Municipal

Property

Corp.

,

City

of

Scottsdale

Excise

Tax

,

Revenue

,

2015

,

Pre-Refunded

,

5

%

,

7/01/28

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

2,325,000

2,363,704

74,936,564

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

0.5%

Arkansas

Development

Finance

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

9/01/35

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

$

4,630,000

$

4,719,009

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

9/01/36

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

3,625,000

3,679,682

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

9/01/37

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

1,250,000

1,261,673

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

9/01/38

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

1,000,000

1,003,422

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

9/01/39

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

1,000,000

998,454

11,662,240

California

6.7%

Bay

Area

Toll

Authority

,

Revenue

,

2017

S-7

,

Refunding

,

4

%

,

4/01/31

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

7,000,000

7,057,604

Revenue

,

2017

S-7

,

Refunding

,

4

%

,

4/01/33

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

5,000,000

5,038,013

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

,

Revenue

,

2024

A

,

AGMC

Insured

,

4

%

,

7/01/54

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

4,900,000

4,700,508

b

California

Community

Choice

Financing

Authority

,

Revenue

,

2021

B-1

,

Mandatory

Put

,

4

%

,

8/01/31

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

5,000,000

4,964,150

Revenue

,

2023

C

,

Mandatory

Put

,

5.25

%

,

10/01/31

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

11,000,000

11,502,435

c

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

..........

6,700,000

6,105,563

Fountains

at

Emerald

Park

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/46

...

6,505,000

5,439,491

California

Statewide

Communities

Development

Authority

,

Emanate

Health

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

4/01/35

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

1,300,000

1,386,572

Emanate

Health

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

4/01/37

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

700,000

687,880

Emanate

Health

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

4/01/38

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

1,350,000

1,305,045

Southern

California

Edison

Co.

,

Revenue

,

2010

A

,

Refunding

,

1.75

%

,

9/01/29

....

5,000,000

4,307,585

City

of

Riverside

,

Sewer

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

8/01/34

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

10,605,000

10,779,181

Sewer

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

8/01/35

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

11,000,000

11,180,926

c

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/47

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

6,035,000

4,904,841

c

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

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

5,400,000

4,677,154

County

of

Riverside

,

Revenue

,

2020

,

2.667

%

,

2/15/25

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

8,000,000

7,849,604

c

CSCDA

Community

Improvement

Authority

,

Waterscape

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

9/01/46

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

4,825,000

3,966,984

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

B-1

,

Refunding

,

3.85

%

,

6/01/50

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

4,455,000

4,143,003

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/31

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

8,220,000

8,561,927

Power

System

,

Revenue

,

2017

C

,

5

%

,

7/01/32

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

4,615,000

4,835,149

Power

System

,

Revenue

,

2017

C

,

5

%

,

7/01/33

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

3,960,000

4,148,699

Power

System

,

Revenue

,

2017

C

,

5

%

,

7/01/34

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

4,080,000

4,274,080

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility

,

Revenue

,

2020

A

,

4

%

,

8/01/37

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

1,250,000

1,285,712

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

Second

Series

,

2023

C

,

Refunding

,

5

%

,

5/01/33

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

15,000,000

16,294,850

d

Southern

California

Public

Power

Authority

,

Revenue

,

FRN

,

2007

B

,

5.214

%

,

(

3-month

TSOF

+

1.645

%

),

11/01/38

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

3,000,000

2,763,593

142,160,549

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

3.5%

City

&

County

of

Denver

,

Airport

System

,

Revenue

,

2022

D

,

Refunding

,

5.75

%

,

11/15/41

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

$

5,325,000

$

5,983,867

Colorado

Health

Facilities

Authority

,

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

10/01/29

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

650,000

679,529

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

10/01/30

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

700,000

737,564

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

10/01/32

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

750,000

793,158

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

10/01/33

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

1,000,000

1,058,387

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

10/01/34

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

1,100,000

1,161,331

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/31

2,500,000

2,645,772

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

4

%

,

8/01/37

2,250,000

2,167,584

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

4

%

,

8/01/39

1,250,000

1,187,591

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/32

2,000,000

2,118,947

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/33

9,595,000

10,161,744

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/36

11,635,000

12,281,770

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/38

2,000,000

2,088,804

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/39

5,500,000

5,729,321

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

11/01/40

.........

3,000,000

3,176,793

c

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5

%

,

12/01/32

..

1,000,000

1,011,902

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

12,240,000

12,881,498

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

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

4,200,000

5,031,492

Regional

Transportation

District

,

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/33

........

1,000,000

1,002,496

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/35

........

1,400,000

1,401,095

South

Maryland

Creek

Ranch

Metropolitan

District

,

GO

,

2023

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/43

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

1,000,000

1,046,084

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

3.375

%

,

12/01/30

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

500,000

459,102

74,805,831

Connecticut

1.6%

City

of

Stamford

,

GO

,

2019

,

3

%

,

6/01/35

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

3,025,000

2,737,256

GO

,

2019

,

3

%

,

6/01/36

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

3,025,000

2,700,371

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

7/01/38

..........

2,500,000

2,467,260

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/33

.....

5,000,000

5,054,153

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/35

.....

250,000

235,131

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/36

.....

4,750,000

4,410,943

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

5

%

,

7/01/32

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

700,000

748,781

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

5

%

,

7/01/33

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

625,000

666,452

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

5

%

,

7/01/34

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

725,000

773,378

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

5

%

,

7/01/26

...

200,000

203,236

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

5

%

,

7/01/27

...

250,000

256,485

State

of

Connecticut

,

GO

,

2020

C

,

4

%

,

6/01/34

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

1,500,000

1,538,674

Special

Tax

,

2020

A

,

4

%

,

5/01/36

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

3,500,000

3,565,393

University

of

Connecticut

,

Revenue

,

2016

A

,

5

%

,

3/15/30

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

3,075,000

3,149,646

Revenue

,

2016

A

,

5

%

,

3/15/31

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

5,025,000

5,140,863

33,648,022

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

25

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

9.0%

Alachua

County

Health

Facilities

Authority

,

Shands

Teaching

Hospital

&

Clinics

Obligated

Group

,

Revenue

,

B-1

,

Refunding

,

5

%

,

12/01/33

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

$

3,445,000

$

3,641,647

Shands

Teaching

Hospital

&

Clinics

Obligated

Group

,

Revenue

,

B-1

,

Refunding

,

5

%

,

12/01/35

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

2,350,000

2,475,563

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

A-1

,

Refunding

,

5

%

,

10/01/30

......

1,000,000

1,021,145

Provident

Group

-

Continuum

Properties

LLC

,

Revenue,

Senior

Lien

,

2023

A-1

,

5

%

,

11/01/48

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

2,500,000

2,438,376

c

Capital

Trust

Agency,

Inc.

,

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

5,345,000

4,577,387

Revenue

,

144A,

2021

A-2

,

5.1

%

,

12/01/31

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

1,725,000

1,497,285

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

T

,

5.05

%

,

7/01/34

..........

855,000

712,335

c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

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

17,800,000

13,894,306

Celebration

Community

Development

District

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

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

750,000

638,929

Centre

Lake

Community

Development

District

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/30

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

255,000

234,430

City

of

Clearwater

,

Water

&

Sewer

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/33

......

5,520,000

5,707,950

City

of

Gainesville

,

Utilities

System

,

Revenue

,

2017

A

,

5

%

,

10/01/30

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

1,500,000

1,571,587

City

of

Jacksonville

,

Genesis

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/01/39

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

1,650,000

1,544,313

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/40

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

2,500,000

2,193,528

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2021

B-1

,

2

%

,

1/01/29

4,300,000

3,828,344

City

of

Port

St.

Lucie

,

Utility

System

,

Revenue

,

2016

,

Refunding

,

4

%

,

9/01/30

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

1,500,000

1,500,017

Utility

System

,

Revenue

,

2016

,

Refunding

,

4

%

,

9/01/31

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

1,635,000

1,636,037

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

8/15/33

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

6,000,000

6,011,290

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

7/01/38

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

700,000

693,785

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

7/01/39

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

500,000

490,536

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

,

Revenue

,

2020

B

,

5

%

,

7/01/40

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

1,000,000

1,046,918

Cordoba

Ranch

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

3

%

,

5/01/37

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

1,000,000

846,377

Cross

Creek

North

Community

Development

District

,

Special

Assessment

,

2022

,

3.75

%

,

5/01/32

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

460,000

449,811

Escambia

County

Health

Facilities

Authority

,

Baptist

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/34

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

1,000,000

1,024,345

Everlands

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.25

%

,

6/15/44

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

1,000,000

999,916

Florida

Development

Finance

Corp.

,

Brightline

Trains

Florida

LLC

,

Revenue

,

2024

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/44

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

20,000,000

20,599,470

c

Forest

Lake

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/40

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

1,270,000

1,216,482

Greater

Orlando

Aviation

Authority

,

Revenue

,

2019

A

,

5

%

,

10/01/33

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

10,500,000

11,067,171

Revenue

,

2019

A

,

4

%

,

10/01/37

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

8,430,000

8,258,239

Herons

Glen

Recreation

District

,

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/32

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

185,000

168,757

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/33

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

300,000

270,385

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)

Herons

Glen

Recreation

District,

(continued)

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/34

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

$

245,000

$

215,537

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/35

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

255,000

223,220

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/36

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

260,000

225,024

JEA

Water

&

Sewer

System

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/31

.........

17,435,000

18,299,513

c

Knightsbridge

Community

Development

District

,

Special

Assessment

,

144A,

2024

,

4.25

%

,

6/15/31

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

215,000

212,680

e

Lakewood

Ranch

Stewardship

District

,

Special

Assessment

,

2024

,

5.3

%

,

5/01/44

...

485,000

482,682

Lee

Memorial

Health

System

,

Lee

Memorial

Health

System

Obligated

Group

,

Revenue

,

A-1

,

Refunding

,

4

%

,

4/01/37

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

5,000,000

4,855,337

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

4

%

,

4/01/49

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

12,000,000

11,117,212

c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

5/01/57

6,965,000

6,235,416

Middleton

Community

Development

District

A

,

Phase

I

,

Special

Assessment

,

2022

,

5.45

%

,

5/01/32

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

1,000,000

1,046,933

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

10/01/28

.....

1,000,000

1,024,961

Orlando

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

10/01/30

.....

2,875,000

2,947,724

Orlando

Utilities

Commission

,

Revenue

,

2018

A

,

5

%

,

10/01/33

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

1,755,000

1,841,968

c

Pine

Isle

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

3.25

%

,

12/15/41

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

1,000,000

855,851

Poitras

East

Community

Development

District

,

Special

Assessment

,

2023

,

4.2

%

,

5/01/33

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

800,000

797,620

Special

Assessment

,

2023

,

5

%

,

5/01/43

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

2,000,000

2,000,098

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/31

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

500,000

454,737

State

Board

of

Administration

Finance

Corp.

,

Florida

Hurricane

Catastrophe

Fund

,

Revenue

,

2024

A

,

5.526

%

,

7/01/34

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

6,600,000

6,647,358

State

of

Florida

,

GO

,

2015

E

,

Refunding

,

4

%

,

6/01/33

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

11,855,000

11,840,462

GO

,

2017

C

,

Refunding

,

4

%

,

6/01/32

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

7,855,000

7,831,177

GO

,

2017

C

,

Refunding

,

4

%

,

6/01/33

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

5,000,000

5,066,731

c

Summerstone

Community

Development

District

,

Assessment

Phase

2

,

Special

Assessment

,

144A,

2021

,

3.15

%

,

5/01/41

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

725,000

620,641

Tohopekaliga

Water

Authority

,

Revenue

,

2016

,

Refunding

,

4

%

,

10/01/32

..........

2,855,000

2,861,886

c

Village

Community

Development

District

No.

15

,

Phase

I

,

Special

Assessment

,

144A,

2023

,

4.85

%

,

5/01/38

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

1,000,000

1,011,671

Windward

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

A-2

,

4.4

%

,

11/01/35

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

400,000

388,669

191,361,769

Georgia

4.5%

City

of

Atlanta

,

Water

&

Wastewater

,

Revenue

,

2018

C

,

Refunding

,

5

%

,

11/01/33

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

6,750,000

7,111,014

Water

&

Wastewater

,

Revenue

,

2018

C

,

Refunding

,

5

%

,

11/01/34

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

3,000,000

3,160,205

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/32

900,000

893,030

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/33

565,000

559,399

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/34

450,000

445,817

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/35

865,000

857,888

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/36

1,400,000

1,384,684

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/32

250,000

248,064

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/33

250,000

247,522

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/34

275,000

272,444

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/35

275,000

272,739

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/36

275,000

271,991

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)

Development

Authority

for

Fulton

County

,

Spelman

College

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/28

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

$

3,785,000

$

3,827,527

Spelman

College

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/29

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

4,385,000

4,432,559

Spelman

College

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/30

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

4,805,000

4,856,647

b

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

1

%

,

8/21/26

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

2,375,000

2,157,755

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

2/15/27

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

1,750,000

1,802,302

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

2/15/28

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

2,100,000

2,167,782

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

2/15/29

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

2,000,000

2,065,301

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

2/15/30

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

1,000,000

1,032,528

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2021

C

,

4

%

,

12/01/25

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

1,000,000

991,130

b

Revenue

,

2021

C

,

Mandatory

Put

,

4

%

,

12/01/28

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

5,000,000

4,994,714

b

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/29

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

10,000,000

9,953,221

b

Revenue

,

2022

B

,

Mandatory

Put

,

5

%

,

6/01/29

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

10,200,000

10,603,360

b,c

Revenue

,

144A,

2022

C

,

Mandatory

Put

,

4

%

,

11/01/27

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

12,000,000

11,794,760

b

Revenue

,

2023

E-1

,

Mandatory

Put

,

5

%

,

6/01/31

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

11,495,000

12,123,625

Municipal

Electric

Authority

of

Georgia

,

Revenue

,

2019

A

,

5

%

,

1/01/30

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

1,000,000

1,043,547

Revenue

,

2019

A

,

5

%

,

1/01/31

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

600,000

626,555

Revenue

,

2019

A

,

5

%

,

1/01/32

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

500,000

522,192

Revenue

,

2019

A

,

5

%

,

1/01/33

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

1,000,000

1,044,306

Revenue

,

2019

B

,

5

%

,

1/01/29

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

500,000

515,075

Revenue

,

2019

B

,

5

%

,

1/01/30

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

480,000

495,230

Revenue

,

2019

B

,

5

%

,

1/01/31

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

700,000

722,701

Revenue

,

2019

B

,

5

%

,

1/01/32

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

750,000

774,416

Revenue

,

2019

B

,

5

%

,

1/01/33

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

1,045,000

1,078,939

Revenue

,

2019

B

,

5

%

,

1/01/34

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

700,000

722,672

96,073,641

Hawaii

1.2%

State

of

Hawaii

,

GO

,

EO

,

5

%

,

8/01/28

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

21,695,000

21,737,023

Airports

System

,

Revenue

,

2020

A

,

4

%

,

7/01/35

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

4,420,000

4,359,810

26,096,833

Illinois

6.6%

Chicago

Board

of

Education

,

Dedicated

Capital

Improvement

Tax

,

Revenue

,

2023

,

5.25

%

,

4/01/40

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

3,720,000

4,003,677

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien

,

2020

C

,

Refunding

,

4

%

,

1/01/35

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

4,000,000

4,043,727

Revenue,

Senior

Lien

,

2020

E

,

Refunding

,

4

%

,

1/01/35

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

1,560,000

1,577,053

Chicago

Park

District

,

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/32

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

1,500,000

1,596,366

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/33

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

3,000,000

3,189,309

GO

,

2020

F-2

,

Refunding

,

4

%

,

1/01/34

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

1,100,000

1,099,282

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/35

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

2,375,000

2,524,294

Chicago

Transit

Authority

Capital

Grant

Receipts

,

Revenue

,

2021

,

Refunding

,

5

%

,

6/01/28

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

1,750,000

1,823,033

City

of

Berwyn

,

GO

,

2022

B

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/41

...........

6,000,000

5,979,415

City

of

Chicago

,

GO

,

1999

,

NATL

Insured

,

Zero

Cpn.,

1/01/31

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

4,000,000

2,989,375

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

Chicago,

(continued)

GO

,

2003

B

,

Refunding

,

5

%

,

1/01/26

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

$

1,795,000

$

1,804,327

GO

,

2021

A

,

Refunding

,

5

%

,

1/01/33

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

9,500,000

10,182,814

GO

,

2021

A

,

Refunding

,

5

%

,

1/01/34

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

6,655,000

7,121,163

GO

,

2021

B

,

Refunding

,

4

%

,

1/01/35

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

4,295,000

4,281,253

GO

,

2021

B

,

Refunding

,

4

%

,

1/01/38

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

5,150,000

5,006,037

GO

,

2023

A

,

5

%

,

1/01/35

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

10,000,000

10,762,944

City

of

Galesburg

,

Knox

College

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/36

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

1,125,000

1,023,008

Knox

College

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/41

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

1,475,000

1,269,989

Illinois

Finance

Authority

,

Carle

Foundation

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

8/15/40

12,645,000

12,227,524

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/28

.........

1,065,000

426,000

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/29

.........

1,100,000

440,000

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/30

.........

1,310,000

524,000

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/31

.........

1,095,000

438,000

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/15/35

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

500,000

488,861

Northwestern

University

,

Revenue

,

2015

,

5

%

,

12/01/28

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

1,675,000

1,786,392

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

3

%

,

6/15/25

..

1,000,000

984,833

Northern

Illinois

University

,

Revenue

,

2021

,

BAM

Insured

,

4

%

,

10/01/41

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

400,000

373,560

Revenue

,

2021

,

BAM

Insured

,

4

%

,

10/01/43

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

2,075,000

1,912,517

State

of

Illinois

,

GO

,

2016

,

Refunding

,

5

%

,

2/01/26

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

1,000,000

1,018,858

GO

,

2016

,

Refunding

,

5

%

,

2/01/29

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

2,250,000

2,314,655

GO

,

2017

D

,

3.25

%

,

11/01/26

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

750,000

730,531

GO

,

2018

A

,

Refunding

,

5

%

,

10/01/29

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

1,125,000

1,181,927

GO

,

2018

B

,

Refunding

,

5

%

,

10/01/31

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

1,500,000

1,577,579

GO

,

2019

B

,

5

%

,

11/01/30

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

1,125,000

1,196,174

GO

,

2019

B

,

4

%

,

11/01/38

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

4,680,000

4,575,802

GO

,

2020

C

,

4

%

,

10/01/37

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

8,170,000

8,037,961

GO

,

2021

A

,

5

%

,

3/01/46

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

2,000,000

2,073,473

GO

,

2021

B

,

4

%

,

12/01/39

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

2,500,000

2,415,048

GO

,

2022

A

,

5

%

,

3/01/29

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

6,385,000

6,731,612

GO

,

2022

B

,

5

%

,

10/01/30

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

10,000,000

10,727,652

GO

,

2022

C

,

5.5

%

,

10/01/40

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

3,700,000

4,099,628

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

......

5,706,787

5,034,470

141,594,123

Indiana

1.7%

c

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

B

,

4.75

%

,

8/01/24

1,560,000

1,553,804

Indiana

Finance

Authority

,

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

5

%

,

6/01/32

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

650,000

682,540

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

5

%

,

6/01/33

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

830,000

872,561

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

5

%

,

6/01/38

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

1,600,000

1,657,726

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/26

..

1,065,000

1,041,182

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/27

..

1,150,000

1,119,618

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/28

..

1,235,000

1,199,657

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/29

..

1,330,000

1,288,773

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/30

..

1,425,000

1,377,717

Indianapolis

Power

&

Light

Co.

,

Revenue

,

2021

A

,

Refunding

,

1.4

%

,

8/01/29

.....

3,000,000

2,501,418

State

Revolving

Fund

,

Revenue

,

2018

A

,

5

%

,

2/01/35

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

6,795,000

7,139,581

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)

Indiana

(continued)

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

4

%

,

6/01/37

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

$

15,000,000

$

15,070,425

35,505,002

Iowa

1.1%

Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

5/15/32

....

680,000

677,338

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

5/15/36

....

650,000

635,691

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

5/15/41

....

350,000

325,745

b

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

4.281

%

,

5/15/26

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

3,250,000

3,043,096

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6.75

%

,

5/15/33

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

2,500,000

2,746,126

Iowa

Higher

Education

Loan

Authority

,

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/31

.

1,800,000

1,894,211

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/32

.

1,920,000

2,015,870

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/33

.

2,030,000

2,126,517

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/34

.

2,135,000

2,231,363

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/35

.

1,250,000

1,302,620

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/36

.

2,470,000

2,567,101

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/37

.

2,595,000

2,684,267

Iowa

Tobacco

Settlement

Authority

,

Revenue

,

2021

B-1

,

2

,

Refunding

,

4

%

,

6/01/49

..

1,220,000

1,187,409

23,437,354

Kansas

0.4%

State

of

Kansas

,

Department

of

Transportation

,

Revenue

,

2014

A

,

5

%

,

9/01/28

.....

8,000,000

8,026,300

Kentucky

1.6%

Eastern

Kentucky

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/29

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

1,355,000

1,362,540

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/30

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

1,410,000

1,420,948

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/31

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

1,470,000

1,475,229

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/35

1,000,000

1,058,073

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/36

1,000,000

1,055,588

Kentucky

Municipal

Power

Agency

,

Revenue

,

2016

A

,

Refunding

,

NATL

Insured

,

5

%

,

9/01/34

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

6,500,000

6,550,866

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/31

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

1,500,000

1,548,159

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/32

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

1,600,000

1,648,710

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/33

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

1,000,000

1,029,584

Kentucky

State

Property

&

Building

Commission

,

Kentucky

Finance

and

Administration

Cabinet

,

Revenue

,

BAM

Insured

,

5

%

,

5/01/32

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

2,000,000

2,100,283

Kentucky

Turnpike

Authority

,

Kentucky

Transportation

Cabinet

,

Revenue

,

B

,

Refunding

,

5

%

,

7/01/28

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

3,000,000

3,137,782

Paducah

Electric

Plant

Board

,

Revenue

,

2016

A

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/29

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

5,500,000

5,647,581

Revenue

,

2016

A

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/31

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

5,500,000

5,625,394

33,660,737

Louisiana

4.3%

East

Baton

Rouge

Sewerage

Commission

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

2/01/35

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

1,310,000

1,323,244

Revenue

,

2019

A

,

Refunding

,

4

%

,

2/01/36

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

2,000,000

2,019,177

Jefferson

Sales

Tax

District

,

Revenue

,

2019

B

,

AGMC

Insured

,

4

%

,

12/01/36

.......

6,000,000

6,057,348

Lafayette

Consolidated

Government

,

Revenue

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/25

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

2,400,000

2,440,219

Revenue

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/27

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

3,500,000

3,556,194

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)

Lafayette

Consolidated

Government,

(continued)

Revenue

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/29

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

$

4,685,000

$

4,753,131

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

c

City

of

New

Orleans

,

Revenue

,

144A,

2021

,

4

%

,

11/01/46

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

9,545,000

8,503,324

c

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.

,

Revenue

,

144A,

2020

A

,

Refunding

,

3.5

%

,

12/01/32

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

1,960,000

1,765,802

Louisiana

Utilities

Restoration

Corp.

ELL

System

Restoration

,

Revenue

,

2022

A

,

3.615

%

,

2/01/29

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

8,601,141

8,400,069

c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2021

A

,

3.75

%

,

10/01/38

4,592,712

3,697,498

c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2021

B

,

5.25

%

,

10/01/32

5,350,000

4,618,213

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

5

%

,

5/15/29

.......

1,240,000

1,261,333

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

5/15/29

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

10,000

10,254

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

5

%

,

5/15/30

.......

995,000

1,012,097

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

5/15/30

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

5,000

5,127

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

5

%

,

5/15/32

.......

1,485,000

1,509,665

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

5/15/32

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

15,000

15,380

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/28

1,000,000

1,027,061

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/29

2,000,000

2,056,567

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/30

2,250,000

2,313,536

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/31

1,745,000

1,794,486

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/32

1,750,000

1,798,509

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/33

2,000,000

2,053,152

Tulane

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

4/01/36

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

4,750,000

5,120,141

Tulane

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

4/01/37

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

2,000,000

2,147,169

Tulane

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

4/01/38

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

3,120,000

3,331,803

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

2,382,837

Port

New

Orleans

Board

of

Commissioners

,

Revenue

,

2020

E

,

5

%

,

4/01/35

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

1,000,000

1,044,728

Revenue

,

2020

E

,

5

%

,

4/01/36

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

1,495,000

1,564,913

Revenue

,

2020

E

,

5

%

,

4/01/37

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

1,065,000

1,110,339

Revenue

,

2020

E

,

5

%

,

4/01/38

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

1,000,000

1,037,588

Revenue

,

2020

E

,

5

%

,

4/01/39

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

2,750,000

2,847,457

State

of

Louisiana

,

GO

,

2014

C

,

Refunding

,

5

%

,

8/01/25

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

10,000,000

10,016,812

92,595,173

Maine

0.3%

Maine

Health

&

Higher

Educational

Facilities

Authority

,

MaineHealth

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

7/01/35

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

1,000,000

1,065,888

MaineHealth

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

7/01/36

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

1,000,000

1,004,412

MaineHealth

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

7/01/37

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

1,150,000

1,146,435

MaineHealth

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

7/01/38

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

2,690,000

2,660,437

5,877,172

Maryland

3.4%

City

of

Baltimore

,

Wastewater

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/29

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

1,000,000

1,036,901

Wastewater

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/30

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

2,940,000

3,050,467

Wastewater

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/31

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

2,085,000

2,163,882

Wastewater

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/32

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

3,240,000

3,362,376

Wastewater

Utility

Fund

,

Revenue

,

2017

C

,

Refunding

,

5

%

,

7/01/30

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

6,450,000

6,692,352

Wastewater

Utility

Fund

,

Revenue

,

2017

C

,

Refunding

,

5

%

,

7/01/32

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

5,905,000

6,128,034

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)

City

of

Baltimore,

(continued)

Wastewater

Utility

Fund

,

Revenue,

Senior

Lien

,

D

,

Refunding

,

5

%

,

7/01/28

......

$

2,790,000

$

2,808,115

Wastewater

Utility

Fund

,

Revenue,

Senior

Lien

,

D

,

Refunding

,

5

%

,

7/01/29

......

5,835,000

5,871,483

Water

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/29

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

1,320,000

1,368,709

Water

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/30

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

1,785,000

1,852,069

Water

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/31

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

3,765,000

3,907,442

Water

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/32

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

4,000,000

4,151,081

Maryland

Community

Development

Administration

,

Residential

,

Revenue

,

2019

B

,

Refunding

,

3

%

,

9/01/34

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

5,000,000

4,333,628

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

3.25

%

,

7/01/39

500,000

393,973

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/40

..

300,000

282,792

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/30

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

8,520,000

8,792,164

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/31

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

7,415,000

7,654,825

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/28

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

1,000,000

1,008,629

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/29

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

1,340,000

1,355,289

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/30

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

2,810,000

2,846,070

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/31

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

1,480,000

1,498,907

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/32

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

1,550,000

1,566,320

72,125,508

Massachusetts

2.1%

Commonwealth

of

Massachusetts

,

GO

,

A

,

Refunding

,

5

%

,

7/01/28

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

7,500,000

7,598,105

GO

,

A

,

Refunding

,

5

%

,

7/01/29

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

6,000,000

6,082,157

Massachusetts

Development

Finance

Agency

,

Tufts

Medicine

Obligated

Group

,

Revenue

,

2020

C

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/30

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

150,000

162,137

Tufts

Medicine

Obligated

Group

,

Revenue

,

2020

C

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/31

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

475,000

513,249

Tufts

Medicine

Obligated

Group

,

Revenue

,

2020

C

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/32

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

450,000

483,275

Tufts

Medicine

Obligated

Group

,

Revenue

,

2020

C

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/33

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

525,000

560,500

Tufts

Medicine

Obligated

Group

,

Revenue

,

2020

C

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/34

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

450,000

478,108

Massachusetts

Port

Authority

,

Revenue

,

2019

C

,

5

%

,

7/01/32

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

4,220,000

4,454,763

Revenue

,

2019

C

,

5

%

,

7/01/33

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

4,430,000

4,676,083

Massachusetts

Water

Resources

Authority

,

Revenue

,

C

,

Refunding

,

5

%

,

8/01/32

....

13,920,000

14,643,499

University

of

Massachusetts

Building

Authority

,

Revenue

,

2017-3

,

Refunding

,

5

%

,

11/01/32

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

5,000,000

5,260,480

44,912,356

Michigan

1.7%

Lansing

Board

of

Water

&

Light

,

Revenue

,

2019

A

,

5

%

,

7/01/36

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

4,645,000

4,996,926

Lansing

School

District

,

GO

,

2016

I

,

5

%

,

5/01/30

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

1,860,000

1,910,159

GO

,

2016

I

,

5

%

,

5/01/31

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

2,010,000

2,063,079

GO

,

2016

I

,

5

%

,

5/01/32

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

2,310,000

2,363,268

Michigan

Finance

Authority

,

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2016

MI

,

Refunding

,

5

%

,

12/01/34

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

8,200,000

8,369,856

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group

,

Revenue

,

1999

B-3

,

4

%

,

11/15/33

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

5,100,000

5,137,738

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

Hospital

Finance

Authority,

(continued)

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2008

C

,

Refunding

,

5

%

,

12/01/31

.

$

2,700,000

$

2,811,958

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2008

C

,

5

%

,

12/01/32

..........

1,115,000

1,157,639

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2008

C

,

Pre-Refunded

,

5

%

,

12/01/32

135,000

142,175

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

3

%

,

10/01/39

..

3,500,000

2,850,121

b

Michigan

Strategic

Fund

,

Consumers

Energy

Co.

,

Revenue

,

2005

,

Mandatory

Put

,

0.875

%

,

10/08/26

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

5,000,000

4,473,730

36,276,649

Mississippi

0.5%

c

Mississippi

Development

Bank

,

County

of

Hancock

,

Revenue

,

144A,

2019

,

4.55

%

,

11/01/39

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

1,860,000

1,866,568

Mississippi

Home

Corp.

,

c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2021

A-5

,

4

%

,

6/01/46

..

8,143,623

6,075,448

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group

,

Revenue

,

2021

D-8

,

3.65

%

,

6/01/33

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

101,412

87,136

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group

,

Revenue

,

2021

D-8

,

4.15

%

,

6/01/46

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

400,000

305,671

c

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group

,

Revenue

,

144A,

2021

E-8

,

5.5

%

,

6/01/36

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

2,540,000

1,966,092

10,300,915

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

13,144,894

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Plum

Point

Project

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

1/01/27

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

3,250,000

3,267,770

Plum

Point

Project

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

1/01/28

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

4,500,000

4,518,975

Plum

Point

Project

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

1/01/29

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

4,045,000

4,063,666

Southeast

Missouri

State

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/33

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

2,745,000

2,727,818

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/34

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

2,180,000

2,161,475

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/35

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

1,575,000

1,560,692

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/36

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

3,205,000

3,161,076

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/37

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

2,000,000

1,949,844

36,556,210

Nebraska

0.2%

b

Central

Plains

Energy

Project

,

Revenue

,

2022-1

,

Mandatory

Put

,

5

%

,

10/01/29

.....

5,000,000

5,204,855

New

Jersey

2.2%

Hudson

County

Improvement

Authority

,

County

of

Hudson

,

Revenue

,

2010

,

Refunding

,

AGMC

Insured

,

5.375

%

,

10/01/24

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

2,050,000

2,060,338

New

Jersey

Economic

Development

Authority

,

New

Jersey

Transit

Corp.

,

Revenue

,

2022

A

,

5

%

,

11/01/39

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

16,000,000

17,292,922

State

of

New

Jersey

Department

of

the

Treasury

,

Revenue

,

2019

LLL

,

5

%

,

6/15/39

1,000,000

1,054,521

State

of

New

Jersey

Department

of

the

Treasury

,

Revenue

,

AAA

,

Pre-Refunded

,

5

%

,

6/15/34

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

5,000,000

5,187,534

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey

,

Revenue

,

2016

B

,

5

%

,

9/01/36

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

5,000,000

5,116,981

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/30

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

900,000

922,445

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/31

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

1,080,000

1,106,421

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

3.5

%

,

12/01/39

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

2,815,000

2,570,410

Revenue,

Senior

Lien

,

2020

B

,

3.5

%

,

12/01/39

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

1,310,000

1,237,008

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)

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/15/36

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

$

6,200,000

$

6,244,120

New

Jersey

Turnpike

Authority

,

Revenue

,

2021

A

,

4

%

,

1/01/42

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

1,800,000

1,804,028

Newark

Board

of

Education

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/26

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

275,000

282,351

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/27

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

330,000

343,083

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/28

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

325,000

341,681

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/29

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

320,000

340,163

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/31

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

400,000

433,498

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/32

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

430,000

464,507

46,802,011

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

10,617,481

New

York

5.5%

City

of

New

York

,

GO

,

2015

C

,

Refunding

,

5

%

,

8/01/25

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

2,000,000

2,017,706

GO

,

2015

C

,

Refunding

,

5

%

,

8/01/27

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

7,500,000

7,558,449

GO

,

2019

E

,

Refunding

,

5

%

,

8/01/34

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

3,500,000

3,734,772

GO

,

2021

C

,

4

%

,

8/01/37

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

5,000,000

5,055,223

GO

,

2023

A-1

,

4

%

,

9/01/46

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

5,000,000

4,796,581

GO

,

A-1

2017

A

,

5

%

,

8/01/29

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

10,000,000

10,251,692

Metropolitan

Transportation

Authority

,

b

Revenue

,

2015

A-2

,

Mandatory

Put

,

5

%

,

5/15/30

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

7,000,000

7,441,300

Revenue

,

2016

A-2

,

Refunding

,

5

%

,

11/15/25

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

11,090,000

11,305,230

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/34

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

3,265,000

3,365,582

Revenue

,

2017

B

,

Refunding

,

5

%

,

11/15/26

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

2,140,000

2,211,372

Revenue

,

2017

C-1

,

Refunding

,

5

%

,

11/15/31

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

1,870,000

1,962,296

Revenue

,

2017

C-1

,

Refunding

,

4

%

,

11/15/37

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

2,500,000

2,450,394

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/27

1,000,000

1,031,320

Yankee

Stadium

LLC

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

3

%

,

3/01/36

..

2,500,000

2,189,296

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2020

C

,

4

%

,

5/01/37

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

1,400,000

1,429,782

Future

Tax

Secured

,

Revenue

,

2024

F-2

,

4.67

%

,

2/01/33

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

7,000,000

6,811,260

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

2,340,000

2,029,070

New

York

State

Dormitory

Authority

,

Revenue

,

2009

A

,

AGMC

Insured

,

5

%

,

10/01/24

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

80,000

80,070

Northwell

Health

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/01/29

....

10,000,000

10,076,555

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2014

E

,

5

%

,

2/15/30

.........

4,980,000

5,013,494

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2014

E

,

Pre-Refunded

,

5

%

,

2/15/30

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

20,000

20,162

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2018

A

,

5

%

,

3/15/32

.........

9,995,000

10,622,858

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2018

A

,

Pre-Refunded

,

5

%

,

3/15/32

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

5,000

5,300

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2023

,

6

%

,

4/01/35

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

4,275,000

4,860,345

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

234

,

Refunding

,

5.25

%

,

8/01/42

.

2,500,000

2,675,038

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/28

......

1,300,000

1,360,685

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/30

......

2,900,000

3,108,205

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/34

......

4,425,000

4,721,341

118,185,378

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

0.1%

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/25

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

$

125,000

$

126,064

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/26

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

300,000

305,093

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/27

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

450,000

460,195

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/28

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

500,000

516,937

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/29

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

350,000

362,626

Revenue,

Senior

Lien

,

2020

A

,

3.125

%

,

6/01/39

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

15,000

15,000

1,785,915

North

Dakota

0.4%

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/01/29

..

1,600,000

1,613,927

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/01/30

..

1,600,000

1,612,536

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/01/31

..

1,300,000

1,311,853

City

of

Horace

,

GO

,

2023

B

,

Refunding

,

5.125

%

,

7/01/25

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

4,250,000

4,252,677

8,790,993

Ohio

1.9%

County

of

Franklin

,

Ohio

Living

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5

%

,

7/01/31

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

5,000,000

5,008,355

c

Ohio

Housing

Finance

Agency

,

Revenue

,

144A,

2023

B

,

6

%

,

2/01/26

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

4,100,000

4,119,908

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

B

,

6.25

%

,

3/01/26

...........

6,850,000

6,899,681

Ohio

Water

Development

Authority

,

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2017

A

,

5

%

,

12/01/31

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

10,000,000

10,438,174

Port

of

Greater

Cincinnati

Development

Authority

,

Revenue

,

2024

B

,

Refunding

,

AGMC

Insured

,

4.375

%

,

12/01/58

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

12,535,000

12,217,649

State

of

Ohio

,

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

11/15/35

1,000,000

1,020,501

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/15/36

905,000

843,167

40,547,435

Oregon

2.1%

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO

,

B

,

5

%

,

6/15/32

....

3,725,000

3,875,016

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/35

...

5,240,000

5,338,167

Hillsboro

School

District

No.

1J

,

GO

,

2020

,

4

%

,

6/15/36

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

2,605,000

2,655,012

GO

,

2020

,

4

%

,

6/15/38

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

4,575,000

4,608,779

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/34

1,100,000

1,175,143

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/35

800,000

854,222

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/36

1,300,000

1,384,205

Oregon

State

Facilities

Authority

,

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/25

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

425,000

428,103

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/26

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

150,000

151,811

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/28

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

325,000

332,303

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/29

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

600,000

617,687

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/35

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

275,000

285,185

Willamette

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/51

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

2,000,000

1,629,785

Salem

Hospital

Facility

Authority

,

Salem

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/15/34

.......

3,780,000

3,998,900

Salem

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/15/35

.......

9,010,000

9,514,214

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-Keizer

School

District

No.

24J

,

GO

,

2020

C

,

4

%

,

6/15/37

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

$

5,620,000

$

5,705,206

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

2,440,834

44,994,572

Pennsylvania

3.5%

Allegheny

County

Airport

Authority

,

Revenue

,

2023

A

,

AGMC

Insured

,

5.5

%

,

1/01/41

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

1,000,000

1,099,677

Revenue

,

2023

A

,

AGMC

Insured

,

5.5

%

,

1/01/42

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

1,000,000

1,096,121

Allegheny

County

Hospital

Development

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/15/34

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

5,000,000

5,302,212

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/28

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

600,000

616,989

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/29

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

600,000

621,164

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/30

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

700,000

728,427

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/31

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

675,000

705,717

City

of

Philadelphia

,

Water

&

Wastewater

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

11/01/31

5,750,000

6,015,170

Lehigh

County

Industrial

Development

Authority

,

PPL

Electric

Utilities

Corp.

,

Revenue

,

2016

B

,

Refunding

,

2.625

%

,

2/15/27

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

5,855,000

5,577,683

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

4/15/33

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

2,100,000

2,248,277

UPMC

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

4/15/34

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

1,750,000

1,872,121

UPMC

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

4/15/35

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

1,450,000

1,549,441

UPMC

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

4

%

,

5/15/40

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

2,525,000

2,463,289

UPMC

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

4

%

,

5/15/41

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

2,375,000

2,296,389

UPMC

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

4

%

,

5/15/42

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

2,815,000

2,698,638

b

Waste

Management

Obligated

Group

,

Revenue

,

2009

,

Mandatory

Put

,

0.95

%

,

12/01/26

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

3,000,000

2,733,468

b

Waste

Management,

Inc.

,

Revenue

,

2017

A

,

Mandatory

Put

,

0.58

%

,

8/01/24

.....

5,500,000

5,462,635

b

Waste

Management,

Inc.

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

1.1

%

,

11/02/26

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

6,750,000

6,191,360

Pennsylvania

Higher

Educational

Facilities

Authority

,

Drexel

University

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/39

.....

6,950,000

7,346,336

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2017

A

,

4

%

,

8/15/34

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

5,895,000

5,916,559

Pennsylvania

State

University

(The)

,

Revenue

,

A

,

5

%

,

9/01/30

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

4,000,000

4,188,930

Philadelphia

Authority

for

Industrial

Development

,

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

5

%

,

8/01/40

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

300,000

293,955

Philadelphia

Gas

Works

Co.

,

Revenue

,

15th

,

Refunding

,

5

%

,

8/01/30

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

2,000,000

2,062,336

Revenue

,

15th

,

Refunding

,

5

%

,

8/01/31

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

4,030,000

4,159,719

Redevelopment

Authority

of

the

City

of

Philadelphia

,

Revenue

,

2021

A

,

BAM

Insured

,

2.799

%

,

9/01/33

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

2,425,000

2,042,455

75,289,068

Rhode

Island

0.1%

State

of

Rhode

Island

,

GO

,

2019

C

,

4

%

,

1/15/34

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

1,520,000

1,546,046

GO

,

2019

C

,

4

%

,

1/15/35

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

600,000

609,616

2,155,662

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)

South

Carolina

3.1%

c

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.625

%

,

11/01/31

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

$

1,000,000

$

846,806

b

Patriots

Energy

Group

Financing

Agency

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.25

%

,

8/01/31

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

27,500,000

29,092,951

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

6,500,000

5,513,050

c

Revenue

,

144A,

2021

A-2

,

5.3

%

,

12/01/29

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

1,805,000

1,609,490

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

7,400,000

6,276,395

c

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

11,000,000

8,456,502

Prisma

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

5/01/33

......

6,000,000

6,207,797

South

Carolina

Public

Service

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/31

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

2,355,000

2,515,816

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/25

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

1,000,000

1,016,240

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/26

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

750,000

768,876

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/24

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

3,300,000

3,265,306

65,569,229

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

870,831

Tennessee

2.3%

Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/31

1,500,000

1,587,463

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/34

1,000,000

1,058,937

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/35

2,550,000

2,698,085

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

4

%

,

8/01/36

1,000,000

970,306

State

of

Tennessee

,

GO

,

2023

A

,

5

%

,

5/01/31

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

5,565,000

6,198,677

b

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5

%

,

12/01/30

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

21,895,000

23,167,459

b

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2023

A-1

,

Refunding

,

Mandatory

Put

,

5

%

,

5/01/28

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

5,250,000

5,425,361

Tennessee

State

School

Bond

Authority

,

Revenue

,

2015

B

,

5

%

,

11/01/28

.........

8,180,000

8,367,919

49,474,207

Texas

5.1%

City

of

Austin

,

Water

&

Wastewater

System

,

Revenue

,

2012

,

Refunding

,

5

%

,

11/15/27

805,000

807,354

City

of

Dallas

,

Waterworks

&

Sewer

System

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/30

........

1,500,000

1,570,149

Waterworks

&

Sewer

System

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/31

........

2,500,000

2,616,480

Waterworks

&

Sewer

System

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/32

........

1,000,000

1,046,519

City

of

El

Paso

,

GO

,

2020

A

,

Refunding

,

4

%

,

8/15/35

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

1,000,000

1,012,739

GO

,

2020

A

,

Refunding

,

4

%

,

8/15/36

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

1,000,000

1,008,935

City

of

San

Antonio

,

Electric

&

Gas

Systems

,

Revenue

,

2015

,

Refunding

,

5

%

,

2/01/27

10,415,000

10,625,616

Clifton

Higher

Education

Finance

Corp.

,

Southwestern

University

,

Revenue

,

2022

,

4

%

,

8/15/42

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

10,535,000

10,001,090

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel

,

Revenue,

First

Lien

,

2021

A

,

2.5

%

,

10/01/31

....

500,000

379,124

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

5

%

,

10/01/30

....

100,000

107,096

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

5

%

,

10/01/31

....

60,000

64,752

County

of

Harris

,

Toll

Road

,

Revenue,

Senior

Lien

,

2018

A

,

Refunding

,

5

%

,

8/15/32

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

2,500,000

2,636,323

Toll

Road

,

Revenue,

Senior

Lien

,

2018

A

,

Refunding

,

5

%

,

8/15/33

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

2,500,000

2,633,487

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)

Dallas

Convention

Center

Hotel

Development

Corp.

,

Revenue

,

2009

B

,

7.088

%

,

1/01/42

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

$

8,715,000

$

9,723,743

Ector

County

Hospital

District

,

GO

,

2020

,

Refunding

,

5

%

,

9/15/29

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

800,000

815,417

GO

,

2020

,

Refunding

,

5

%

,

9/15/30

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

745,000

762,674

GO

,

2020

,

Refunding

,

5

%

,

9/15/31

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

450,000

459,379

GO

,

2020

,

Refunding

,

5

%

,

9/15/32

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

600,000

612,758

GO

,

2020

,

Refunding

,

5

%

,

9/15/33

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

650,000

663,750

GO

,

2020

,

Refunding

,

4

%

,

9/15/34

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

650,000

583,787

GO

,

2020

,

Refunding

,

4

%

,

9/15/35

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

700,000

623,630

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO

,

2021

,

2

%

,

9/01/28

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

155,000

133,038

GO

,

2021

,

2

%

,

9/01/29

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

155,000

129,645

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/34

200,000

170,985

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/35

225,000

210,406

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/36

250,000

232,355

c

Lakeside

Place

PFC

,

Torrey

Chase

Apartments

LP

,

Revenue

,

144A,

2021

,

3.48

%

,

12/15/39

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

3,944,706

3,012,545

Lower

Colorado

River

Authority

,

LCRA

Transmission

Services

Corp.

,

Revenue

,

2021

,

Refunding

,

5

%

,

5/15/27

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

2,000,000

2,078,193

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

First

Tier

,

A

,

Refunding

,

4

%

,

1/01/33

.............................................

5,000,000

4,993,013

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-1

,

4.5

%

,

12/01/37

...........

12,000,000

10,182,460

San

Antonio

Education

Facilities

Corp.

,

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/37

......

635,000

582,152

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/39

......

2,435,000

2,150,682

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/40

......

2,000,000

1,744,126

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/15/27

................................

1,000,000

1,019,652

Revenue

,

2021

,

Refunding

,

5

%

,

12/15/30

................................

10,000,000

10,258,889

b

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

,

Revenue

,

2023

A

,

Mandatory

Put

,

5.5

%

,

1/01/30

....................................................

19,500,000

20,812,399

c

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

9/01/31

.........................

281,000

232,942

Westside

211

Special

Improvement

District

,

GO,

Sub.

Lien

,

2021

,

2

%

,

8/15/29

.....................................

290,000

250,525

GO,

Sub.

Lien

,

2021

,

2.25

%

,

8/15/31

...................................

300,000

250,421

GO,

Sub.

Lien

,

2021

,

3

%

,

8/15/33

.....................................

315,000

271,875

GO,

Sub.

Lien

,

2021

,

3

%

,

8/15/35

.....................................

335,000

283,967

GO,

Sub.

Lien

,

2021

,

3

%

,

8/15/37

.....................................

355,000

287,856

108,042,928

Utah

0.2%

City

of

Lehi

,

Franchise

&

Sales

Tax

,

Revenue

,

2021

,

AGMC

Insured

,

4

%

,

2/01/48

...

3,000,000

2,786,426

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

4

%

,

10/15/35

.....................

400,000

382,163

3,168,589

Virginia

1.8%

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

1/15/32

......

10,000,000

10,253,238

Virginia

Public

Building

Authority

,

Revenue

,

B

,

4

%

,

8/01/29

............................................

9,605,000

9,696,715

Revenue

,

B

,

Pre-Refunded

,

4

%

,

8/01/29

................................

3,530,000

3,568,497

Virginia

Public

School

Authority

,

Revenue

,

2014

C

,

Refunding

,

5

%

,

8/01/27

........

4,460,000

4,467,498

Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

1/01/32

........................................................

2,500,000

2,491,268

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)

Virginia

(continued)

Virginia

Small

Business

Financing

Authority,

(continued)

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

7/01/32

........................................................

$

2,000,000

$

1,992,462

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

1/01/35

....................................................

3,000,000

3,103,014

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

1/01/36

....................................................

3,000,000

2,893,835

38,466,527

Washington

3.7%

City

of

Seattle

,

Drainage

&

Wastewater

,

Revenue

,

2014

,

Refunding

,

5

%

,

5/01/26

..............

2,995,000

2,996,191

Municipal

Light

&

Power

,

Revenue

,

2017

C

,

Refunding

,

4

%

,

9/01/34

............

5,300,000

5,359,726

County

of

King

,

Sewer

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

7/01/25

.........................

1,200,000

1,201,317

Sewer

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

7/01/26

.........................

1,200,000

1,200,814

Sewer

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

7/01/27

.........................

1,900,000

1,901,289

Sewer

,

Revenue

,

2014

B

,

Pre-Refunded

,

5

%

,

7/01/28

......................

3,050,000

3,052,336

Energy

Northwest

,

Bonneville

Power

Administration

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/35

......

7,000,000

7,479,023

Bonneville

Power

Administration

,

Revenue

,

A

,

ETM,

5

%

,

7/01/24

..............

1,250,000

1,250,957

Everett

Housing

Authority

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/37

..............

9,420,000

8,930,678

Port

of

Seattle

,

Revenue

,

2018

A

,

5

%

,

5/01/38

.............................

5,000,000

5,064,419

Seattle

Housing

Authority

,

Yesler

Block

7.3

LLLP

,

Revenue

,

2021

,

1

%

,

6/01/25

.....

7,225,000

6,967,402

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/36

1,200,000

1,266,706

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/30

2,800,000

2,960,038

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/32

1,500,000

1,589,210

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/35

1,665,000

1,761,691

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/36

3,250,000

3,430,662

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

9/01/38

........................................................

1,000,000

1,052,352

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

9/01/39

........................................................

1,000,000

1,049,671

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

9/01/40

........................................................

1,000,000

1,045,369

c

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

3

%

,

12/01/35

.......................................................

440,000

383,388

Overlake

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

B

,

Refunding

,

5

%

,

7/01/30

........................................................

1,000,000

1,009,977

Overlake

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

B

,

Refunding

,

5

%

,

7/01/31

........................................................

1,925,000

1,944,860

Virginia

Mason

Medical

Center

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

8/15/31

........................................................

2,250,000

2,284,197

Virginia

Mason

Medical

Center

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

8/15/32

........................................................

1,605,000

1,628,324

Virginia

Mason

Medical

Center

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

8/15/35

........................................................

2,400,000

2,429,604

Washington

State

Housing

Finance

Commission

,

Revenue

,

2021-1

,

A

,

3.5

%

,

12/20/35

...................................

6,687,459

5,930,997

c

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

B

,

5.3

%

,

1/01/30

.

1,300,000

1,180,644

c

Seattle

Academy

of

Arts

&

Sciences

,

Revenue

,

144A,

2023

,

Refunding

,

5.625

%

,

7/01/38

........................................................

2,000,000

2,176,165

78,528,007

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)

Wisconsin

2.4%

City

of

Milwaukee

,

Sewerage

System

,

Revenue

,

2021

S-2

,

Refunding

,

3

%

,

6/01/46

..

$

4,600,000

$

3,306,238

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC

,

Revenue

,

2020

A

,

3.5

%

,

12/01/32

....................

1,405,000

1,220,803

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/15/37

.......................................................

600,000

588,358

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

4

%

,

7/01/29

..........

285,000

274,332

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

4

%

,

7/01/30

..........

200,000

191,212

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

4

%

,

7/01/31

..........

200,000

189,655

c

Dominium

Holdings

I

LLC

,

Revenue

,

144A,

2024-1

,

B-1

,

6.81

%

,

4/28/36

........

3,500,000

3,527,838

EMU

Campus

Living

LLC

,

Revenue

,

2022

A-1

,

BAM

Insured

,

5.375

%

,

7/01/47

....

7,000,000

7,456,950

c

Greystone

Housing

Impact

Investors

LP

,

Revenue

,

144A,

2023-1

,

B-1

,

7.125

%

,

7/25/34

........................................................

6,980,000

7,260,992

c

Hope

Housing

Foundation

Obligated

Group

,

Revenue

,

144A,

2022

A

,

3.8

%

,

12/01/37

5,600,000

4,758,773

c

Hope

Housing

Foundation

Obligated

Group

,

Revenue

,

144A,

2022

B

,

5.75

%

,

12/01/27

.......................................................

1,425,000

1,369,373

North

East

Carolina

Preparatory

School,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

6/15/44

........................................................

800,000

783,938

Renown

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/35

....................................................

2,100,000

2,025,048

UNC

Health

Appalachian

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

7/01/46

.......

1,100,000

858,043

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/27

...........................................

195,000

194,390

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/28

...........................................

250,000

249,989

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/29

...........................................

320,000

320,748

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/30

...........................................

265,000

266,314

b,c

WV

2020

Holdings

LLC

Obligated

Group

,

Revenue

,

144A,

2020

A-1

,

Mandatory

Put

,

3.5

%

,

12/01/35

..................................................

9,700,000

8,020,382

Wisconsin

Health

&

Educational

Facilities

Authority

,

Marshfield

Clinic

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

2/15/34

........................................

600,000

592,991

Marshfield

Clinic

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

2/15/35

........................................

1,000,000

986,928

Marshfield

Clinic

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

2/15/36

........................................

600,000

590,269

Marshfield

Clinic

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

2/15/37

........................................

600,000

585,630

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/28

....................................................

375,000

354,382

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/29

....................................................

390,000

364,345

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/30

....................................................

405,000

373,940

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/37

....................................................

1,460,000

1,221,798

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

8/15/41

......

1,650,000

1,391,551

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2024

A

,

5.5

%

,

8/15/44

.....

1,000,000

1,025,822

50,351,032

U.S.

Territories

0.4%

District

of

Columbia

0.3%

Washington

Metropolitan

Area

Transit

Authority

,

Revenue

,

2017

A-1

,

Refunding

,

5

%

,

7/01/30

.........................................................

5,185,000

5,401,323

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.

40

See

Abbreviations

on

page

198

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

0.1%

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/27

..

$

450,000

$

457,635

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/30

..

550,000

571,196

1,028,831

Total

U.S.

Territories

....................................................................

6,430,154

Total

Municipal

Bonds

(Cost

$

2,125,297,399

)

...................................

2,058,555,477

Total

Long

Term

Investments

(Cost

$

2,180,157,962

)

.............................

2,106,069,177

a

a

a

a

a

Short

Term

Investments

0.1%

Municipal

Bonds

0.1%

Maryland

0.0%

†

f

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.95

%

,

11/01/37

........................................................

400,000

400,000

New

York

0.1%

f

Metropolitan

Transportation

Authority

,

Revenue

,

2005

D-2

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

3.9

%

,

11/01/35

.......................................

800,000

800,000

Virginia

0.0%

†

f

Albemarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

10/01/48

........................................................

200,000

200,000

Total

Municipal

Bonds

(Cost

$

1,400,000

)

.......................................

1,400,000

Total

Short

Term

Investments

(Cost

$

1,400,000

)

.................................

1,400,000

a

Total

Investments

(Cost

$

2,181,557,962

)

99.0

%

..................................

$2,107,469,177

Other

Assets,

less

Liabilities

1.0

%

.............................................

22,899,375

Net

Assets

100.0%

...........................................................

$2,130,368,552

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2024,

the

aggregate

value

of

these

securities

was

$182,093,827,

representing

8.5%

of

net

assets.

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

e

Security

purchased

on

a

when-issued

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),

May

31,

2024

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

41

a

a

Shares

a

Value

a

Management

Investment

Companies

4.1%

Capital

Markets

4.1%

a

Franklin

Municipal

Green

Bond

ETF

.....................................

1,550,000

$

36,549,000

Total

Management

Investment

Companies

(Cost

$

39,888,825

)

....................

36,549,000

Principal

Amount

a

a

a

a

Corporate

Bonds

0.4%

Electric

Utilities

0.4%

b

,c

AES

Puerto

Rico

LP

,

144A,

12.5

%

,

3/04/26

................................

$

3,847,413

3,847,413

Total

Corporate

Bonds

(Cost

$

3,744,280

)

.......................................

3,847,413

Senior

Floating

Rate

Interests

4.7%

Real

Estate

Management

&

Development

3.3%

d

Baytown

Leased

Housing

Associates

II

LP

,

First

Lien,

Project

CME

Term

Loan

,

7.576

%

,

(

1-month

SOFR

+

2.251

%

),

8/01/40

....................................

25,110,000

25,535,148

b

,d

TBG

Hillcrest

Senior

II

LP

,

First

Lien,

Delayed

Draw

CME

Term

Loan,

B

,

6.89

%

,

(

12-month

SOFR

+

1.55

%

),

1/01/38

....................................

3,797,009

3,797,989

29,333,137

a

a

a

a

a

Residential

REITs

1.4%

b

,d

Centennial

Gardens

LP

,

First

Lien,

Delayed

Draw

CME

Term

Loan

,

6.886

%

,

(

1-month

SOFR

+

2

%

),

1/08/25

...............................................

12,166,852

12,201,708

Total

Senior

Floating

Rate

Interests

(Cost

$

41,073,860

)

..........................

41,534,845

Municipal

Bonds

87.8%

Alabama

7.5%

Black

Belt

Energy

Gas

District

,

e

Revenue

,

2019

A-1

,

Mandatory

Put

,

4

%

,

12/01/25

.........................

5,000,000

4,995,993

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/24

...............................

400,000

400,000

e

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

12/01/26

...........................

5,000,000

4,989,901

e

Revenue

,

2022

E

,

Mandatory

Put

,

5

%

,

6/01/28

............................

4,000,000

4,154,678

e

Revenue

,

2023

B-2

,

Mandatory

Put

,

5.25

%

,

12/01/30

.......................

10,000,000

10,706,298

e

Revenue

,

2023

D-3

,

Refunding

,

Mandatory

Put

,

5.414

%

,

2/01/29

..............

5,000,000

5,040,578

e

Revenue

,

2024

A

,

Mandatory

Put

,

5.25

%

,

9/01/32

.........................

2,000,000

2,147,159

County

of

Jefferson

,

Sewer

,

Revenue

,

2024

,

Refunding

,

5

%

,

10/01/33

............

2,500,000

2,784,070

e

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.5

%

,

1/01/31

.........................

4,285,000

4,590,679

Revenue

,

2023

B-1

,

Mandatory

Put

,

5.75

%

,

11/01/31

.......................

3,500,000

3,827,363

e

Industrial

Development

Board

of

the

City

of

Mobile

Alabama

,

Alabama

Power

Co.

,

Revenue

,

2007

A

,

Mandatory

Put

,

1

%

,

6/26/25

............................

4,000,000

3,864,454

Southeast

Alabama

Gas

Supply

District

(The)

,

f

Revenue

,

FRN

,

2018

A

,

Refunding

,

4

%

,

6/01/49

...........................

5,000,000

5,000,000

e

Revenue

,

2024

A

,

Refunding

,

Mandatory

Put

,

5

%

,

4/01/32

...................

10,000,000

10,596,427

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

A

,

4

%

,

10/01/24

..

725,000

724,977

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

1,503,932

Noland

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/26

...........

1,030,000

1,050,768

66,377,277

Alaska

1.1%

Borough

of

Matanuska-Susitna

,

State

of

Alaska

Department

of

Administration

,

Revenue

,

2015

,

Refunding

,

5.25

%

,

9/01/29

..............................

10,000,000

10,186,028

Arizona

0.3%

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/24

.......................................................

1,000,000

999,341

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.

42

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Arizona

Industrial

Development

Authority,

(continued)

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/25

.......................................................

$

1,000,000

$

1,001,237

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

C

,

1.8

%

,

7/01/24

...........

450,000

448,298

2,448,876

California

5.6%

California

Community

Choice

Financing

Authority

,

Revenue

,

2021

B-1

,

4

%

,

8/01/25

......................................

535,000

533,625

Revenue

,

2021

B-1

,

4

%

,

2/01/26

......................................

850,000

846,468

Revenue

,

2021

B-1

,

4

%

,

8/01/26

......................................

325,000

323,457

Revenue

,

2021

B-1

,

4

%

,

8/01/27

......................................

400,000

398,227

Revenue

,

2021

B-1

,

4

%

,

2/01/28

......................................

375,000

373,376

Revenue

,

2021

B-1

,

4

%

,

8/01/28

......................................

470,000

468,156

e

Revenue

,

2023

C

,

Mandatory

Put

,

5.25

%

,

10/01/31

........................

4,245,000

4,438,894

c

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

..............................................

3,090,000

2,815,849

e

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

12,962,322

g

California

Housing

Finance

Agency

,

Found

Middle

LP

,

Revenue

,

2024

L

,

5.2

%

,

12/01/27

........................................................

1,000,000

1,001,094

c

,e

California

Infrastructure

&

Economic

Development

Bank

,

DesertXpress

Enterprises

LLC

,

Revenue

,

144A,

2020

A

,

Mandatory

Put

,

3.95

%

,

1/30/25

................

5,000,000

5,000,021

c

,e

California

Municipal

Finance

Authority

,

Farmdale

NOHO

LP

,

Revenue

,

144A,

2022

A

,

Mandatory

Put

,

5

%

,

7/01/24

..........................................

13,060,000

13,059,882

City

of

Pasadena

,

Revenue

,

2015

B

,

Pre-Refunded

,

3.865

%

,

5/01/27

............

500,000

493,068

c

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/47

..............................................

985,000

800,542

County

of

Riverside

,

Revenue

,

2005

A

,

4.94

%

,

2/15/25

.......................

4,650,000

4,634,058

f

Long

Beach

Bond

Finance

Authority

,

Revenue

,

FRN

,

2007

B

,

5.191

%

,

(

3-month

TSOF

+

1.712

%

),

11/15/27

................................................

1,125,000

1,126,882

49,275,921

Colorado

0.8%

Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

11/01/29

...............................................

900,000

956,866

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

5,260,000

5,535,677

Regional

Transportation

District

,

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/15/24

........

300,000

300,177

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

1/15/25

........

325,000

326,572

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/15/25

........

400,000

404,098

7,523,390

Connecticut

0.0%

†

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

5

%

,

7/01/24

...

175,000

175,009

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

5

%

,

7/01/25

...

170,000

170,966

345,975

Delaware

0.5%

e

Delaware

State

Economic

Development

Authority

,

NRG

Energy,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

Mandatory

Put

,

1.25

%

,

10/01/25

..............................

5,000,000

4,717,207

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)

Florida

2.4%

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

3A

,

Special

Assessment

,

2020

,

3

%

,

5/01/30

.......................................

$

515,000

$

488,402

Celebration

Community

Development

District

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/31

.........................................................

240,000

222,778

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2021

B-2

,

1.45

%

,

1/01/27

............................................

1,310,000

1,242,480

Crystal

Cay

Community

Development

District

,

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

.........................................................

325,000

296,746

Eden

Hills

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/30

...............................................

110,000

106,408

c

Entrada

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2021

,

2.625

%

,

5/01/31

..............................................

370,000

340,171

Florida

Municipal

Power

Agency

,

All-Requirements

Power

Supply

Project

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/25

......................................

1,000,000

1,016,863

Jacksonville

Transportation

Authority

,

Revenue,

Senior

Lien

,

2020

,

5

%

,

8/01/24

................................

1,805,000

1,807,917

Revenue,

Senior

Lien

,

2020

,

5

%

,

8/01/25

................................

1,800,000

1,828,626

Revenue,

Senior

Lien

,

2020

,

5

%

,

8/01/26

................................

1,940,000

2,002,424

Kindred

Community

Development

District

II

,

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

235,000

216,990

Kingman

Gate

Community

Development

District

,

Special

Assessment

,

2021

,

3.125

%

,

6/15/31

.........................................................

250,000

239,862

Lakes

by

the

Bay

South

Community

Development

District

,

Special

Assessment

,

2024

,

Refunding

,

5

%

,

5/01/26

.............................................

710,000

720,252

g

Lakewood

Ranch

Stewardship

District

,

Special

Assessment

,

2024

,

4.625

%

,

5/01/31

.

210,000

209,697

c

,e

Lee

County

Housing

Finance

Authority

,

Fort

Myers

Leased

Housing

Associates

I

LLLP

,

Revenue

,

144A,

2023

B

,

Mandatory

Put

,

5.5

%

,

7/01/26

.....................

4,000,000

3,933,997

Leomas

Landing

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.95

%

,

5/01/31

....................................

110,000

102,678

c

,e

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A-2

,

Mandatory

Put

,

6.5

%

,

5/01/25

....................................................

2,400,000

2,343,094

Middleton

Community

Development

District

A

,

Phase

I

,

Special

Assessment

,

2022

,

5.2

%

,

5/01/27

....................................................

400,000

404,114

c

Pine

Isle

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

3

%

,

12/15/31

........................................................

230,000

217,463

Poitras

East

Community

Development

District

,

Special

Assessment

,

2023

,

4

%

,

5/01/28

300,000

298,596

Preserve

at

South

Branch

Community

Development

District

,

Phase

3

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.......................................

350,000

332,499

Rhodine

Road

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

3

%

,

5/01/32

.......................................

195,000

180,878

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/25

.......

180,000

177,696

Assessment

Area

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/26

.......

220,000

214,288

Shingle

Creek

at

Bronson

Community

Development

District

,

Special

Assessment

,

2021

,

3.1

%

,

6/15/31

................................................

500,000

475,301

South

Creek

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.875

%

,

6/15/31

...................................

175,000

162,014

c

,e

St.

Johns

County

Housing

Finance

Authority

,

Ponte

Vedra

Beach

Leased

Housing

Associates

I

LLLP

,

Revenue

,

144A,

2023

B

,

Mandatory

Put

,

5.5

%

,

12/01/26

......

1,000,000

979,529

c

Storey

Park

Community

Development

District

,

Assessment

Area

4

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

6/15/31

...............................

170,000

159,886

Summerstone

Community

Development

District

,

Assessment

Phase

1

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/30

....................................

165,000

160,317

Villamar

Community

Development

District

,

Special

Assessment

,

2020

,

3.2

%

,

5/01/30

240,000

230,956

21,112,922

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)

Georgia

4.5%

City

of

Atlanta

,

Department

of

Aviation

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/25

...

$

1,500,000

$

1,523,536

e

Development

Authority

of

Burke

County

(The)

,

Georgia

Power

Co.

,

Revenue

,

4th

1995

,

Mandatory

Put

,

3.8

%

,

5/21/26

.........

3,000,000

3,002,976

g

Georgia

Power

Co.

,

Revenue

,

5th

1994

,

Mandatory

Put

,

3.7

%

,

6/13/28

.........

1,750,000

1,751,920

e

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

1

%

,

8/21/26

........................................................

2,000,000

1,817,056

Georgia

Power

Co.

,

Revenue,

Second

Series

,

2006

,

Refunding

,

Mandatory

Put

,

3.875

%

,

3/06/26

.................................................

3,500,000

3,507,715

Main

Street

Natural

Gas,

Inc.

,

e

Revenue

,

2021

A

,

Mandatory

Put

,

4

%

,

9/01/27

............................

3,250,000

3,244,366

Revenue

,

2021

C

,

4

%

,

12/01/24

.......................................

735,000

732,026

e

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/29

...........................

4,500,000

4,478,949

c,e

Revenue

,

144A,

2022

C

,

Mandatory

Put

,

4

%

,

11/01/27

......................

15,000,000

14,743,451

e

Revenue

,

2023

D

,

Mandatory

Put

,

5

%

,

12/01/30

...........................

4,000,000

4,184,692

Private

Colleges

&

Universities

Authority

,

Mercer

University

,

Revenue

,

2021

,

Refunding

,

5

%

,

10/01/24

.................

400,000

401,116

Mercer

University

,

Revenue

,

2021

,

Refunding

,

5

%

,

10/01/25

.................

425,000

431,063

39,818,866

Hawaii

1.9%

University

of

Hawaii

,

Revenue

,

2020

B

,

Refunding

,

5

%

,

10/01/24

..............................

3,440,000

3,452,409

Revenue

,

2020

B

,

Refunding

,

5

%

,

10/01/25

..............................

3,440,000

3,502,937

Revenue

,

2020

B

,

Refunding

,

5

%

,

10/01/26

..............................

2,865,000

2,960,430

Revenue

,

2020

D

,

Refunding

,

5

%

,

10/01/24

..............................

600,000

602,164

Revenue

,

2020

D

,

Refunding

,

5

%

,

10/01/25

..............................

1,725,000

1,756,560

Revenue

,

2020

D

,

Refunding

,

5

%

,

10/01/26

..............................

4,360,000

4,505,228

16,779,728

Illinois

8.2%

Chicago

Park

District

,

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/25

..................................

350,000

352,075

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/26

..................................

500,000

509,436

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/27

..................................

550,000

567,636

Chicago

Transit

Authority

Capital

Grant

Receipts

,

Revenue

,

2021

,

Refunding

,

5

%

,

6/01/24

.........................................................

1,425,000

1,425,000

City

of

Chicago

,

GO

,

2015

C

,

Refunding

,

5

%

,

1/01/25

...................................

1,900,000

1,909,789

GO

,

2020

A

,

Refunding

,

5

%

,

1/01/28

...................................

3,100,000

3,232,744

City

of

Moline

,

GO

,

2021

C

,

AGMC

Insured

,

1.151

%

,

12/01/24

...........................

580,000

567,710

GO

,

2021

C

,

AGMC

Insured

,

1.439

%

,

12/01/25

...........................

925,000

870,241

County

of

Cook

,

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

11/15/29

...........

845,000

909,163

Illinois

Finance

Authority

,

Chicago

School

-

California,

Inc.

(The)

,

Revenue

,

2024

,

5

%

,

4/01/25

...........

500,000

503,691

Chicago

School

-

California,

Inc.

(The)

,

Revenue

,

2024

,

5

%

,

4/01/26

...........

340,000

345,636

Chicago

School

-

California,

Inc.

(The)

,

Revenue

,

2024

,

5

%

,

4/01/27

...........

400,000

411,311

Chicago

School

-

California,

Inc.

(The)

,

Revenue

,

2024

,

5

%

,

4/01/28

...........

400,000

416,063

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/27

.........

2,810,000

1,124,000

e

Field

Museum

of

Natural

History

,

Revenue

,

2019

,

Refunding

,

Mandatory

Put

,

4.931

%

,

9/01/25

.................................................

3,635,000

3,629,013

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/15/27

........................................................

590,000

586,794

e

OSF

Healthcare

System

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

Mandatory

Put

,

5

%

,

11/15/24

.......................................

1,250,000

1,250,217

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)

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

3

%

,

6/15/24

..

$

2,500,000

$

2,498,431

Sangamon

County

School

District

No.

186

Springfield

,

GO

,

2020

C

,

AGMC

Insured

,

5

%

,

6/01/36

......................................................

1,485,000

1,570,061

State

of

Illinois

,

GO

,

2010-4

,

AGMC

Insured

,

6.875

%

,

7/01/25

............................

500,000

502,489

GO

,

2016

,

Refunding

,

5

%

,

2/01/25

.....................................

10,000,000

10,068,103

GO

,

2016

,

Refunding

,

5

%

,

2/01/29

.....................................

750,000

771,552

GO

,

2017

C

,

5

%

,

11/01/29

...........................................

2,000,000

2,073,500

GO

,

2017

D

,

5

%

,

11/01/27

...........................................

5,025,000

5,220,941

GO

,

2018

A

,

6

%

,

5/01/25

............................................

6,000,000

6,112,650

GO

,

2018

A

,

Refunding

,

5

%

,

10/01/29

..................................

375,000

393,976

GO

,

2018

B

,

Refunding

,

5

%

,

10/01/31

..................................

625,000

657,325

GO

,

2019

B

,

5

%

,

11/01/30

...........................................

375,000

398,725

Sales

Tax

,

Revenue

,

2021

A

,

4

%

,

6/15/24

...............................

5,000,000

4,999,549

Sales

Tax

,

Revenue

,

2021

A

,

4

%

,

6/15/27

...............................

1,500,000

1,512,354

Sales

Tax

,

Revenue,

Junior

Lien

,

2021

C

,

Refunding

,

5

%

,

6/15/24

.............

3,300,000

3,300,883

Sales

Tax

,

Revenue,

Junior

Lien

,

2021

C

,

Refunding

,

5

%

,

6/15/25

.............

2,000,000

2,021,838

University

of

Illinois

,

Auxiliary

Facilities

System

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

4/01/25

.........................................................

11,660,000

11,551,648

72,264,544

Indiana

1.4%

c

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

B

,

4.75

%

,

8/01/24

1,560,000

1,553,803

Indiana

Finance

Authority

,

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/24

..

1,000,000

994,459

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/25

..

1,000,000

984,242

Indianapolis

Power

&

Light

Co.

,

Revenue

,

2021

B

,

Refunding

,

0.65

%

,

8/01/25

....

4,500,000

4,287,825

e

Southern

Indiana

Gas

&

Electric

Co.

,

Revenue

,

2013

E

,

Refunding

,

Mandatory

Put

,

3.55

%

,

8/01/28

..................................................

5,000,000

4,863,435

12,683,764

Iowa

1.3%

Des

Moines

Independent

Community

School

District

,

Sales

Services

&

Use

Tax

,

Revenue

,

2018

,

AGMC

Insured

,

3

%

,

6/01/29

.............................

9,300,000

8,836,247

Iowa

Finance

Authority

,

e

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

4.281

%

,

5/15/26

.....................................

1,500,000

1,404,506

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6.6

%

,

5/15/28

........................................................

1,050,000

1,086,459

11,327,212

Kansas

0.2%

Reno

County

Unified

School

District

No.

308

Hutchinson

,

GO

,

2019

,

Refunding

,

5

%

,

9/01/27

.........................................................

1,575,000

1,642,560

Kentucky

2.9%

County

of

Trimble

,

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2001

A

,

Refunding

,

0.625

%

,

9/01/26

...

3,375,000

3,066,874

e

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2023

A

,

Mandatory

Put

,

4.7

%

,

6/01/27

..

2,500,000

2,502,343

Eastern

Kentucky

University

,

Revenue

,

2021

A

,

Refunding

,

3.5

%

,

10/01/24

.............................

1,120,000

1,116,480

Revenue

,

2021

A

,

Refunding

,

3.5

%

,

10/01/25

.............................

1,155,000

1,139,635

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/26

..............................

1,205,000

1,209,325

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/27

..............................

1,255,000

1,264,203

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/28

..............................

1,305,000

1,314,117

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)

e

Kentucky

Public

Energy

Authority

,

Revenue

,

2022

A-2

,

Mandatory

Put

,

4.771

%

,

(

SOFR

+

1.2

%

),

8/01/30

..................................................

$

14,125,000

$

13,714,060

c

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

B

,

6.75

%

,

5/01/25

................................

100,000

98,431

25,425,468

Louisiana

4.8%

City

of

New

Orleans

,

Sewerage

Service

,

Revenue

,

2020

B

,

5

%

,

6/01/26

.........................

450,000

460,411

Sewerage

Service

,

Revenue

,

2020

B

,

5

%

,

6/01/27

.........................

600,000

621,796

Sewerage

Service

,

Revenue

,

2020

B

,

5

%

,

6/01/28

.........................

550,000

575,856

e

Lake

Charles

Harbor

&

Terminal

District

,

Big

Lake

Fuels

LLC

,

Revenue

,

2021

,

Mandatory

Put

,

1

%

,

12/01/24

.........................................

10,000,000

9,835,600

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

2023

A-1

,

5.081

%

,

6/01/31

...........................................

1,833,046

1,818,785

c

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.

,

Revenue

,

144A,

2020

A

,

Refunding

,

2.75

%

,

12/01/25

........................................

384,000

375,838

Louisiana

Offshore

Terminal

Authority

,

Loop

LLC

,

Revenue

,

2007

A

,

Refunding

,

4.15

%

,

9/01/27

.........................................................

1,500,000

1,489,324

Louisiana

Public

Facilities

Authority

,

Loyola

University

New

Orleans

,

Revenue

,

2021

,

Refunding

,

5

%

,

10/01/25

.......

250,000

252,565

e

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

Mandatory

Put

,

5

%

,

5/15/25

........................................

7,500,000

7,554,469

e

Parish

of

St.

John

the

Baptist

,

Marathon

Oil

Corp.

,

Revenue

,

2017

B-1

,

Refunding

,

Mandatory

Put

,

2.125

%

,

7/01/24

......................................

17,100,000

17,057,584

e

State

of

Louisiana

,

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2022

A

,

Refunding

,

Mandatory

Put

,

4.231

%

,

(

SOFR

+

0.5

%

),

5/01/26

..........................

2,915,000

2,861,839

42,904,067

Maryland

2.1%

City

of

Cumberland

,

GO

,

2021

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/24

.........................

395,000

395,000

GO

,

2021

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/25

.........................

455,000

460,957

Maryland

Economic

Development

Corp.

,

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

A

,

5

%

,

11/12/28

...............................................

10,000,000

10,106,017

e

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

5,261,167

State

of

Maryland

,

GO

,

2017

B

,

Refunding

,

5

%

,

8/01/26

......................

30,000

31,010

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/26

...............

1,035,000

1,038,300

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/27

...............

1,215,000

1,222,678

18,515,129

Massachusetts

1.2%

e

Massachusetts

Development

Finance

Agency

,

President

&

Trustees

of

Williams

College

,

Revenue

,

2011

N

,

Mandatory

Put

,

0.45

%

,

7/01/25

..................

1,000,000

952,516

Massachusetts

Housing

Finance

Agency

,

Revenue

,

2022

C-3

,

FHA

Insured

,

4

%

,

6/01/26

.........................................................

10,000,000

10,025,621

10,978,137

Michigan

1.8%

Michigan

Finance

Authority

,

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/27

.......................................

2,000,000

2,049,714

e

Michigan

Strategic

Fund

,

Consumers

Energy

Co.

,

Revenue

,

2005

,

Mandatory

Put

,

0.875

%

,

10/08/26

......

5,915,000

5,292,423

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)

Michigan

(continued)

e

Michigan

Strategic

Fund,

(continued)

Waste

Management

of

Michigan,

Inc.

,

Revenue

,

2001

,

Mandatory

Put

,

0.58

%

,

8/01/24

........................................................

$

3,300,000

$

3,277,581

c

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

144A,

2017

E

,

Refunding

,

4

%

,

12/01/26

.................................

5,000,000

4,978,789

15,598,507

Minnesota

1.8%

e

City

of

Columbia

Heights

,

42

Central

LP

,

Revenue

,

2022

A

,

Mandatory

Put

,

2.7

%

,

7/01/24

.........................................................

1,000,000

997,585

Minnesota

Higher

Education

Facilities

Authority

,

University

of

St.

Thomas

,

Revenue

,

2019

,

5

%

,

10/01/26

.....................

1,000,000

1,026,319

University

of

St.

Thomas

,

Revenue

,

2019

,

5

%

,

10/01/27

.....................

1,000,000

1,039,281

e

Minnesota

Municipal

Gas

Agency

,

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/27

...........................

5,000,000

5,008,740

Revenue

,

2022

B

,

Mandatory

Put

,

4.571

%

,

12/01/27

.......................

8,000,000

7,945,276

16,017,201

Mississippi

0.3%

e

Mississippi

Business

Finance

Corp.

,

Waste

Management,

Inc.

,

Revenue

,

2004

,

Mandatory

Put

,

0.7

%

,

9/01/26

........................................

2,500,000

2,285,812

Mississippi

Home

Corp.

,

c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2021

A-5

,

2.75

%

,

6/01/26

174,759

168,936

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group

,

Revenue

,

2021

D-8

,

2.9

%

,

6/01/26

...................................................

51,059

49,503

2,504,251

Missouri

0.7%

Citizens

Memorial

Hospital

District

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

12/01/26

.....

5,000,000

4,949,218

Missouri

Development

Finance

Board

,

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

5

%

,

3/01/25

...............

500,000

500,536

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

5

%

,

3/01/26

...............

405,000

406,425

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

5

%

,

3/01/27

...............

660,000

664,171

6,520,350

Nevada

0.9%

e

County

of

Washoe

,

Sierra

Pacific

Power

Co.

,

Revenue

,

2016

F

,

Refunding

,

Mandatory

Put

,

4.125

%

,

10/01/29

..............................................

3,575,000

3,547,146

Las

Vegas

Valley

Water

District

,

GO

,

2020

D

,

Refunding

,

5

%

,

6/01/24

...................................

1,745,000

1,745,000

GO

,

2020

D

,

Refunding

,

5

%

,

6/01/25

...................................

2,750,000

2,791,121

8,083,267

New

Hampshire

0.6%

e

New

Hampshire

Business

Finance

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2018

A

,

Refunding

,

Mandatory

Put

,

3.735

%

,

(

SIFMA

Municipal

Swap

Index

+

0.375

%

),

7/01/24

.........................................................

5,000,000

4,998,132

New

Jersey

7.9%

City

of

Newark

,

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/24

...........

1,000,000

1,002,952

County

of

Atlantic

,

GO

,

2020

,

0.375

%

,

6/01/24

..........................................

1,765,000

1,765,000

GO

,

2020

,

0.375

%

,

6/01/25

..........................................

1,800,000

1,720,949

County

of

Morris

,

GO

,

2021

,

2

%

,

2/01/26

.................................

4,215,000

4,073,905

Garden

State

Preservation

Trust

,

Revenue

,

2005

A

,

AGMC

Insured

,

5.75

%

,

11/01/28

25,000,000

26,221,190

New

Jersey

Economic

Development

Authority

,

c

Revenue

,

144A,

2019

,

Refunding

,

5.25

%

,

9/01/27

.........................

6,000,000

6,292,616

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)

New

Jersey

(continued)

New

Jersey

Economic

Development

Authority,

(continued)

New

Jersey

Transit

Corp.

,

Revenue

,

2022

A

,

5

%

,

11/01/25

...................

$

1,000,000

$

1,018,552

e

New

Jersey-American

Water

Co.,

Inc.

,

Revenue

,

2019

B

,

Refunding

,

Mandatory

Put

,

2.05

%

,

12/03/29

.................................................

7,500,000

6,516,532

New

Jersey

Educational

Facilities

Authority

,

Revenue

,

2014

,

5

%

,

6/01/24

.........

280,000

280,000

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2006

C

,

AMBAC

Insured

,

Zero

Cpn.,

12/15/26

....................

10,000,000

9,075,248

Revenue

,

2006

C

,

BHAC

Insured

,

Zero

Cpn.,

12/15/27

......................

11,110,000

9,725,356

Newark

Board

of

Education

,

GO

,

2021

,

Refunding

,

5

%

,

7/15/24

................

400,000

400,368

State

of

New

Jersey

,

GO

,

3

%

,

6/01/25

....................................

2,000,000

1,979,361

70,072,029

New

Mexico

2.0%

e

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.875

%

,

10/01/26

................................................

4,250,000

3,903,758

h

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

C

,

Refunding

,

Mandatory

Put

,

3.875

%

,

6/01/29

.................................................

11,000,000

10,942,262

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

D

,

Refunding

,

Mandatory

Put

,

3.9

%

,

6/01/28

...................................................

3,000,000

2,981,098

17,827,118

New

York

4.8%

County

of

Suffolk

,

GO

,

2018

B

,

AGMC

Insured

,

4

%

,

10/15/28

..................

4,205,000

4,252,501

Metropolitan

Transportation

Authority

,

Revenue

,

2017

A-2

,

Refunding

,

5

%

,

11/15/25

.

3,980,000

4,057,227

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/25

...........................

1,000,000

1,007,068

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2024

F-2

,

4.67

%

,

2/01/33

...................................................

3,000,000

2,919,111

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

780,000

676,357

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

2,889,104

e

Rochester

Gas

and

Electric

Corp.

,

Revenue

,

1997

A

,

Refunding

,

Mandatory

Put

,

3

%

,

7/01/25

........................................................

10,000,000

9,898,334

New

York

State

Housing

Finance

Agency

,

Revenue

,

2020

F

,

1.1

%

,

11/01/26

......................................

2,860,000

2,584,380

e

Revenue

,

2022

A-2

,

Mandatory

Put

,

2.5

%

,

5/01/27

.........................

3,000,000

2,832,946

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

5

%

,

1/01/36

..........................

7,195,000

7,401,715

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/25

...

500,000

505,439

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

12/01/25

...

2,200,000

2,235,728

State

of

New

York

Mortgage

Agency

,

Homeowner

Mortgage

,

Revenue

,

212

,

2.95

%

,

4/01/25

.........................................................

895,000

884,981

42,144,891

North

Carolina

0.9%

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/24

..........

1,200,000

1,201,817

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/25

..........

1,000,000

1,009,100

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/26

..........

850,000

861,578

North

Carolina

State

University

at

Raleigh

,

Revenue

,

2018

,

Refunding

,

5

%

,

10/01/26

................................

3,000,000

3,106,049

Revenue

,

2018

,

Refunding

,

5

%

,

10/01/27

................................

1,500,000

1,578,119

7,756,663

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)

North

Dakota

1.0%

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/01/27

..

$

2,325,000

$

2,331,287

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/01/28

..

1,680,000

1,687,899

City

of

Horace

,

GO

,

2023

B

,

Refunding

,

5.125

%

,

7/01/25

.....................

5,000,000

5,003,149

9,022,335

Ohio

1.8%

Columbus

Metropolitan

Housing

Authority

,

Revenue

,

2024

,

4

%

,

6/01/34

..........

1,500,000

1,465,034

e

Ohio

Air

Quality

Development

Authority

,

Duke

Energy

Corp.

,

Revenue

,

2022

A

,

Refunding

,

Mandatory

Put

,

4.25

%

,

6/01/27

...............................

7,500,000

7,475,603

c

Ohio

Housing

Finance

Agency

,

Revenue

,

144A,

2023

B

,

6

%

,

2/01/26

...................................

1,700,000

1,708,255

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

B

,

6.25

%

,

3/01/26

...........

3,000,000

3,021,758

Youngstown

State

University

,

Revenue

,

2021

,

Refunding

,

AGMC

Insured

,

4

%

,

12/15/24

...................

645,000

645,930

Revenue

,

2021

,

Refunding

,

AGMC

Insured

,

4

%

,

12/15/25

...................

580,000

584,131

Revenue

,

2021

,

Refunding

,

AGMC

Insured

,

4

%

,

12/15/26

...................

850,000

856,365

15,757,076

Oregon

2.1%

Deschutes

&

Jefferson

Counties

School

District

No.

2J

Redmond

,

GO

,

2021

,

3

%

,

6/15/25

.........................................................

850,000

840,928

Oregon

Local

Governments

,

GO

,

2004

,

BAM,

AMBAC

Insured

,

6.095

%

,

6/01/28

....

10,000,000

10,191,503

Salem-Keizer

School

District

No.

24J

,

GO

,

2018

,

5

%

,

6/15/25

..................

2,000,000

2,031,095

State

of

Oregon

,

GO

,

2015

B

,

Refunding

,

5

%

,

8/01/27

........................

2,785,000

2,832,841

c

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

2,276,009

18,172,376

Pennsylvania

3.7%

Allegheny

County

Airport

Authority

,

Revenue

,

2023

A

,

AGMC

Insured

,

5.25

%

,

1/01/36

1,000,000

1,106,584

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/25

.................................

500,000

501,827

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/26

.................................

500,000

507,247

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/27

.................................

590,000

602,717

e

Bethlehem

Area

School

District

Authority

,

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

3.921

%

,

(

SOFR

+

0.35

%

),

11/01/25

................................

1,985,000

1,959,251

Chester

County

Industrial

Development

Authority

,

Avon

Grove

Charter

School

,

Revenue

,

2024

,

5

%

,

3/01/27

.........................................

3,250,000

3,269,011

Lehigh

County

Industrial

Development

Authority

,

PPL

Electric

Utilities

Corp.

,

Revenue

,

2016

B

,

Refunding

,

2.625

%

,

2/15/27

...................................

8,500,000

8,097,404

e

Montgomery

County

Industrial

Development

Authority

,

Constellation

Energy

Generation

LLC

,

Revenue

,

2023

A

,

Refunding

,

Mandatory

Put

,

4.1

%

,

4/03/28

.............

5,000,000

5,058,170

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

11/15/29

...........

1,230,000

1,284,397

e

Waste

Management,

Inc.

,

Revenue

,

2021

A

,

Mandatory

Put

,

3.698

%

,

6/03/24

....

6,000,000

6,000,000

e

Waste

Management,

Inc.

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

1.1

%

,

11/02/26

.......................................................

4,000,000

3,668,954

Philadelphia

Gas

Works

Co.

,

Revenue

,

16th

A

,

AGMC

Insured

,

5

%

,

8/01/25

............................

500,000

507,610

Revenue

,

16th

A

,

AGMC

Insured

,

5

%

,

8/01/26

............................

600,000

617,538

33,180,710

Rhode

Island

0.1%

City

of

Providence

,

GO

,

2021

A

,

Refunding

,

5

%

,

1/15/25

...................................

500,000

503,025

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)

Rhode

Island

(continued)

City

of

Providence,

(continued)

GO

,

2021

A

,

Refunding

,

5

%

,

1/15/26

...................................

$

500,000

$

508,657

1,011,682

South

Carolina

1.8%

e

Columbia

Housing

Authority

,

Columbia

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2022

,

Mandatory

Put

,

2.25

%

,

10/01/25

..................................

9,000,000

8,726,609

c

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3

%

,

11/01/26

...................................

520,000

485,267

e

Patriots

Energy

Group

Financing

Agency

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.25

%

,

8/01/31

.........................................................

3,535,000

3,739,767

South

Carolina

Public

Service

Authority

,

Revenue

,

2021

B

,

5

%

,

12/01/24

..........

1,750,000

1,757,734

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/24

..................................

1,500,000

1,484,230

16,193,607

South

Dakota

0.0%

†

South

Dakota

Health

&

Educational

Facilities

Authority

,

Sanford

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

1.225

%

,

11/01/24

............................

450,000

441,910

Tennessee

3.6%

State

of

Tennessee

,

GO

,

2023

A

,

5

%

,

5/01/31

..............................

6,670,000

7,429,501

e

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5

%

,

12/01/30

..............

8,010,000

8,475,512

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

5

%

,

11/01/24

.......................................

250,000

250,669

Revenue

,

2021

A

,

5

%

,

11/01/25

.......................................

350,000

354,278

e

Revenue

,

2023

A-1

,

Refunding

,

Mandatory

Put

,

5

%

,

5/01/28

.................

14,560,000

15,046,335

31,556,295

Texas

1.9%

Central

Texas

Turnpike

System

,

Revenue,

First

Tier

,

2002

A

,

BHAC,

AMBAC

Insured

,

Zero

Cpn.,

8/15/27

.................................................

3,280,000

2,896,123

City

of

Houston

,

Combined

Utility

System

,

Revenue,

First

Lien

,

2018

D

,

Refunding

,

5

%

,

11/15/26

........................................................

1,000,000

1,034,564

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO

,

2021

,

2

%

,

9/01/24

.............................................

140,000

138,520

GO

,

2021

,

2

%

,

9/01/25

.............................................

145,000

138,242

GO

,

2021

,

2

%

,

9/01/26

.............................................

150,000

137,661

GO

,

2021

,

2

%

,

9/01/27

.............................................

155,000

137,572

e

Mission

Economic

Development

Corp.

,

Waste

Management,

Inc.

,

Revenue

,

2023

A

,

Mandatory

Put

,

4.25

%

,

6/03/24

.......................................

3,250,000

3,250,000

e

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

,

Revenue

,

2023

A

,

Mandatory

Put

,

5.5

%

,

1/01/30

....................................................

5,000,000

5,336,512

e

THF

Public

Facility

Corp.

,

THF

Little

Elm

Leased

Housing

Associates

II

LP

,

Revenue

,

2022

,

Mandatory

Put

,

3.25

%

,

9/01/25

...................................

3,500,000

3,441,685

c

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

9/01/26

.........................

140,000

128,952

Westside

211

Special

Improvement

District

,

GO,

Sub.

Lien

,

2021

,

2

%

,

8/15/25

.....................................

265,000

253,142

GO,

Sub.

Lien

,

2021

,

2

%

,

8/15/27

.....................................

280,000

253,920

17,146,893

Virginia

0.5%

Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

1/01/29

........................................................

180,000

179,124

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

7/01/29

........................................................

1,750,000

1,742,833

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)

Virginia

(continued)

Virginia

Small

Business

Financing

Authority,

(continued)

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

12/01/24

...

$

220,000

$

218,224

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

12/01/25

...

230,000

224,678

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

12/01/26

...

235,000

226,930

e

Pure

Salmon

Virginia

LLC

,

Revenue

,

2022

,

Mandatory

Put

,

5

%

,

11/15/24

........

1,500,000

1,499,985

4,091,774

Washington

1.1%

Auburn

School

District

No.

408

of

King

&

Pierce

Counties

,

GO

,

2018

,

5

%

,

12/01/27

..

1,700,000

1,794,373

Spokane

County

School

District

No.

354

Mead

,

GO

,

2018

,

4

%

,

12/01/32

.............................................

1,150,000

1,159,687

GO

,

2018

,

5

%

,

12/01/33

.............................................

1,500,000

1,564,508

State

of

Washington

,

GO

,

R-2015

D

,

Refunding

,

5

%

,

7/01/28

..................

3,985,000

4,016,792

c

Washington

Health

Care

Facilities

Authority

,

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

5

%

,

12/01/31

..............................

280,000

299,202

c

Washington

State

Housing

Finance

Commission

,

Seattle

Academy

of

Arts

&

Sciences

,

Revenue

,

144A,

2023

,

Refunding

,

5

%

,

7/01/28

............................

725,000

740,555

9,575,117

West

Virginia

0.1%

e

West

Virginia

Economic

Development

Authority

,

Appalachian

Power

Co.

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.625

%

,

12/15/25

......................

1,000,000

929,960

Wisconsin

0.8%

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC

,

Revenue

,

2020

A

,

2.75

%

,

12/01/25

...................

261,197

255,258

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

4

%

,

7/01/26

..........

150,000

147,250

c

Greystone

Housing

Impact

Investors

LP

,

Revenue

,

144A,

2023-1

,

B-1

,

7.125

%

,

7/25/34

........................................................

2,985,000

3,105,166

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/25

...........................................

285,000

283,169

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/26

...........................................

300,000

298,012

c

WV

2020

Holdings

LLC

Obligated

Group

,

Revenue

,

144A,

2020

B

,

4.25

%

,

6/01/25

1,135,000

1,108,200

Wisconsin

Health

&

Educational

Facilities

Authority

,

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/26

....................................................

345,000

334,695

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/27

....................................................

360,000

344,428

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2024

B-2

,

4.2

%

,

8/15/28

...

840,000

833,575

6,709,753

Wyoming

0.1%

County

of

Laramie

,

Cheyenne

Regional

Medical

Center

,

Revenue

,

2021

,

Refunding

,

4

%

,

5/01/27

......................................................

550,000

553,983

U.S.

Territories

0.8%

District

of

Columbia

0.7%

e

,g

District

of

Columbia

Housing

Finance

Agency

,

Revenue

,

2024

A-2

,

Mandatory

Put

,

4.1

%

,

9/01/30

....................................................

6,335,000

6,334,430

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

196,516

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)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority,

(continued)

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/27

..

$

450,000

$

457,635

654,151

Total

U.S.

Territories

....................................................................

6,988,581

Total

Municipal

Bonds

(Cost

$

795,327,459

)

.....................................

777,181,532

Total

Long

Term

Investments

(Cost

$

880,034,424

)

...............................

859,112,790

a

a

a

a

a

Short

Term

Investments

4.6%

Municipal

Bonds

4.6%

California

0.5%

i

University

of

California

,

Revenue

,

2013

AL-1

,

Daily

VRDN

and

Put

,

3.8

%

,

5/15/48

...

4,625,000

4,625,000

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

,

3.9

%

,

11/15/48

.....

2,145,000

2,145,000

New

York

1.6%

i

City

of

New

York

,

GO

,

2020

B-3

,

Daily

VRDN

and

Put

,

4.1

%

,

10/01/46

...........

5,900,000

5,900,000

i

Metropolitan

Transportation

Authority

,

Revenue

,

2005

D-2

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

3.9

%

,

11/01/35

.......................................

1,800,000

1,800,000

i

Nassau

County

Industrial

Development

Agency

,

Cold

Spring

Harbor

Laboratory

,

Revenue

,

1999

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

4.05

%

,

1/01/34

1,400,000

1,400,000

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

,

4.1

%

,

6/15/49

4,300,000

4,300,000

13,400,000

North

Carolina

0.3%

i

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2007

B

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

1/15/38

......................................................

2,700,000

2,700,000

Ohio

1.1%

i

County

of

Allen

Hospital

Facilities

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010

C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

3.9

%

,

6/01/34

..................

9,700,000

9,700,000

Oregon

0.2%

i

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

8/01/34

..............

1,800,000

1,800,000

Tennessee

0.7%

i

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group

,

Revenue

,

2008

A

,

AGMC

Insured

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

4.25

%

,

6/01/42

...................................

6,000,000

6,000,000

Total

Municipal

Bonds

(Cost

$

40,370,000

)

......................................

40,370,000

Total

Short

Term

Investments

(Cost

$

40,370,000

)

................................

40,370,000

a

Total

Investments

(Cost

$

920,404,424

)

101.6

%

..................................

$899,482,790

Other

Assets,

less

Liabilities

(

1.6

)

%

...........................................

(13,899,983)

Net

Assets

100.0%

...........................................................

$885,582,807

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

198

.

†

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

May

31,

2024,

the

aggregate

value

of

these

securities

was

$76,067,305,

representing

8.6%

of

net

assets.

d

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

e

The

maturity

date

shown

represents

the

mandatory

put

date.

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),

May

31,

2024

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

$

872,944

Total

Corporate

Bonds

(Cost

$

900,000

)

........................................

872,944

Municipal

Bonds

98.1%

California

0.4%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

1,300,000

1,167,268

Florida

2.3%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

2,592,000

2,243,314

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

750,000

515,925

b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

3,050,000

2,380,766

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

2,030,000

1,789,445

6,929,450

Georgia

89.4%

Athens

Housing

Authority

,

UGAREF

East

Campus

Housing

Phase

II

LLC

,

Revenue

,

2017

,

Refunding

,

4

%

,

6/15/40

........................................

5,000,000

4,824,630

Atlanta

Development

Authority

(The)

,

City

of

Atlanta

Hotel

Motel

Tax

,

Revenue

,

2015

A-1

,

5.25

%

,

7/01/40

............

7,750,000

7,850,529

City

of

Atlanta

Hotel

Motel

Tax

,

Revenue

,

2015

A-1

,

5.25

%

,

7/01/44

............

3,000,000

3,032,691

Tuff

Yamacraw

LLC

,

Revenue

,

2005

A

,

Refunding

,

AMBAC

Insured

,

5

%

,

1/01/26

..

2,555,000

2,580,947

Auburn

Urban

Redevelopment

Agency

,

City

of

Auburn

,

Revenue

,

2020

,

BAM

Insured

,

4

%

,

10/01/50

.....................................................

1,000,000

952,942

Bainbridge

Public

Facilities

Authority

,

County

of

Decatur

,

Revenue

,

2018

,

AGMC

Insured

,

4

%

,

3/01/43

...............................................

3,000,000

2,891,980

Bleckley

County

School

District

,

GO

,

2020

,

5

%

,

10/01/42

.....................

2,055,000

2,192,933

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

7/01/49

........................................

3,000,000

2,833,224

Carroll

City-County

Hospital

Authority

,

Tanner

Medical

Center

Obligated

Group

,

Revenue

,

2015

,

5

%

,

7/01/41

..........

2,000,000

2,010,481

Tanner

Medical

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/50

.

2,950,000

2,789,191

City

of

Atlanta

,

Airport

Passenger

Facility

Charge

,

Revenue

,

2023

E

,

5.25

%

,

7/01/43

...........

3,000,000

3,226,030

Airport

Passenger

Facility

Charge

,

Revenue,

Sub.

Lien

,

2019

D

,

4

%

,

7/01/36

.....

4,500,000

4,430,117

BeltLine

Tax

Allocation

District

,

Tax

Allocation

,

2016

B

,

Refunding

,

5

%

,

1/01/31

....

1,780,000

1,830,743

Department

of

Aviation

,

Revenue

,

2021

C

,

Refunding

,

5

%

,

7/01/37

.............

1,500,000

1,593,579

Water

&

Wastewater

,

Revenue

,

2001

A

,

AGMC,

NATL

RE

Insured

,

5.5

%

,

11/01/27

.

4,085,000

4,245,228

Water

&

Wastewater

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

11/01/47

..............

5,000,000

5,139,272

City

of

Baldwin

,

Water

&

Sewerage

,

Revenue

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

6/01/46

.........................................................

1,835,000

1,398,897

City

of

Buford

,

GO

,

2017

C

,

Pre-Refunded

,

4

%

,

1/01/43

......................

5,000,000

5,075,381

City

of

Cartersville

,

Water

&

Sewer

,

Revenue

,

2018

,

Refunding

,

5

%

,

6/01/48

.......

4,000,000

4,088,690

City

of

Dalton

,

GO

,

2018

,

5

%

,

2/01/48

....................................

3,000,000

3,101,204

City

of

Monroe

,

Combined

Utility

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

12/01/50

....

1,500,000

1,429,241

Clayton

County

Development

Authority

,

USG

Real

Estate

Foundation

XIII

LLC

,

Revenue

,

2022

A

,

5

%

,

6/15/32

..........

1,295,000

1,433,362

USG

Real

Estate

Foundation

XIII

LLC

,

Revenue

,

2022

A

,

5

%

,

6/15/33

..........

1,210,000

1,350,863

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2022

A

,

4

%

,

4/01/52

........................................

3,100,000

2,881,050

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)

Columbia

County

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2023

A

,

5.125

%

,

4/01/48

....................................

$

3,000,000

$

3,163,540

County

of

DeKalb

,

Water

&

Sewerage

,

Revenue

,

2006

B

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/35

.....................................................

4,000,000

4,116,233

County

of

Fulton

,

Water

&

Sewerage

,

Revenue

,

2020

A

,

3

%

,

1/01/45

.............

5,000,000

3,940,492

Coweta

County

Water

&

Sewage

Authority

,

Revenue

,

2021

B

,

3

%

,

6/01/43

........................................

820,000

650,761

Revenue

,

2021

B

,

3

%

,

6/01/46

........................................

1,000,000

763,646

Revenue

,

2024

,

5

%

,

6/01/54

.........................................

2,000,000

2,139,500

Dalton

Whitfield

County

Joint

Development

Authority

,

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2017

,

4

%

,

8/15/41

............................

3,000,000

2,895,949

DeKalb

County

Development

Authority

,

GLOBE

Academy,

Inc.

(The)

,

Revenue

,

2024

A

,

5

%

,

6/01/45

.................

350,000

350,753

GLOBE

Academy,

Inc.

(The)

,

Revenue

,

2024

A

,

5

%

,

6/01/50

.................

300,000

294,011

DeKalb

Newton

&

Gwinnett

Counties

Joint

Development

Authority

,

GGCF

Athletic

Fields

LLC

,

Revenue

,

2012

A

,

AGMC

Insured

,

5

%

,

7/01/39

..................

2,500,000

2,501,351

Development

Authority

for

Fulton

County

,

Georgia

Tech

Facilities,

Inc.

,

Revenue

,

2018

,

4

%

,

3/01/43

...................

2,000,000

1,948,129

Georgia

Tech

Facilities,

Inc.

,

Revenue

,

2024

,

5

%

,

6/15/49

...................

1,750,000

1,848,128

Georgia

Tech

Facilities,

Inc.

,

Revenue

,

2024

,

5

%

,

6/15/56

...................

2,000,000

2,098,012

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/46

........................................................

5,840,000

5,878,841

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

7/01/49

......

5,000,000

4,607,365

Tuff/Atlanta

Housing

LLC

,

Revenue

,

2022

,

Refunding

,

5

%

,

9/01/30

.............

1,030,000

1,103,355

Tuff/Atlanta

Housing

LLC

,

Revenue

,

2022

,

Refunding

,

5

%

,

9/01/31

.............

1,235,000

1,335,919

Tuff/Atlanta

Housing

LLC

,

Revenue

,

2022

,

Refunding

,

5

%

,

9/01/32

.............

1,350,000

1,472,141

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

4/01/50

........

3,000,000

2,808,018

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.

,

Revenue

,

2017

D

,

Refunding

,

4.125

%

,

11/01/45

..................................

6,000,000

5,321,173

Development

Authority

of

Cobb

County

(The)

,

Georgia

Tech

Cobb

Research

Campus

LLC

,

Revenue

,

2017

A

,

4

%

,

6/01/42

......

1,600,000

1,535,273

Kennesaw

State

University

Real

Estate

Obligated

Group

2015

ABC

,

Revenue,

Senior

Lien

,

2015

A

,

Refunding

,

5

%

,

7/15/38

.................................

2,000,000

2,021,197

KSU

2020

Housing

Real

Estate

Foundation

LLC

,

Revenue

,

2020

,

4

%

,

7/15/52

....

5,720,000

5,072,766

KSU

University

II

Real

Estate

Foundation

LLC

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/15/34

........................................................

1,000,000

1,008,644

University

System

of

Georgia

,

Revenue

,

2020

C

,

4

%

,

7/15/52

................

2,000,000

1,773,694

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

4,825,000

3,953,525

Etowah

Water

&

Sewer

Authority

,

Revenue

,

2019

,

Refunding

,

BAM

Insured

,

3

%

,

3/01/44

.........................................................

1,250,000

954,997

Floyd

County

Hospital

Authority

,

Floyd

Obligated

Group

,

Revenue

,

2016

,

Pre-

Refunded

,

4

%

,

7/01/43

.............................................

3,000,000

3,031,101

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/42

..........

6,000,000

5,867,083

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/15/42

....................................................

7,000,000

7,087,156

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

2/15/45

....................................................

5,000,000

4,745,938

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

2/15/51

5,000,000

4,631,440

Georgia

Higher

Education

Facilities

Authority

,

USG

Real

Estate

Foundation

III

LLC

,

Revenue

,

2020

,

Refunding

,

4

%

,

6/15/41

.................................

2,305,000

2,170,490

Georgia

Housing

&

Finance

Authority

,

Revenue

,

2013

A

,

3.8

%

,

12/01/37

.....................................

1,655,000

1,557,307

Revenue

,

2018

A

,

3.85

%

,

12/01/38

....................................

1,170,000

1,087,225

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,

(continued)

Revenue

,

2018

A

,

3.95

%

,

12/01/43

....................................

$

1,210,000

$

1,116,159

Revenue

,

2019

A

,

Refunding

,

3.7

%

,

6/01/49

..............................

4,520,000

4,060,681

Georgia

Ports

Authority

,

Revenue

,

2021

,

4

%

,

7/01/51

.........................................

3,395,000

3,228,794

Revenue

,

2022

,

5

%

,

7/01/47

.........................................

2,500,000

2,668,331

Revenue

,

2022

,

5.25

%

,

7/01/52

.......................................

2,000,000

2,158,747

Glynn-Brunswick

Memorial

Hospital

Authority

,

Southeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

,

5

%

,

8/01/47

............................

5,000,000

4,810,413

Henry

County

School

District

,

GO

,

2016

,

Pre-Refunded

,

4

%

,

8/01/33

.............

5,000,000

5,064,942

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2007

A

,

5.5

%

,

9/15/25

......................................

2,500,000

2,520,525

Revenue

,

2007

A

,

5.5

%

,

9/15/27

......................................

5,000,000

5,123,979

Revenue

,

2019

A

,

5

%

,

5/15/37

........................................

1,975,000

2,051,566

Revenue

,

2019

A

,

5

%

,

5/15/38

........................................

1,000,000

1,024,857

b,c

Revenue

,

144A,

2022

C

,

Mandatory

Put

,

4

%

,

11/01/27

......................

8,000,000

7,863,173

c

Revenue

,

2023

A

,

Mandatory

Put

,

5

%

,

6/01/30

............................

5,000,000

5,224,244

c

Revenue

,

2023

D

,

Mandatory

Put

,

5

%

,

12/01/30

...........................

2,000,000

2,092,346

c

Revenue

,

2023

E-1

,

Mandatory

Put

,

5

%

,

6/01/31

..........................

2,000,000

2,109,374

Monroe

County

Public

Facilities

Authority

,

County

of

Monroe

,

Revenue

,

2020

,

4

%

,

6/01/42

.........................................................

1,000,000

940,402

Moultrie-Colquitt

Counties

Development

Authority

,

Philadelphia

College

of

Osteopathic

Medicine

Obligated

Group

,

Revenue

,

2018

,

5

%

,

12/01/43

...................

4,815,000

4,963,014

Municipal

Electric

Authority

of

Georgia

,

Revenue

,

2019

A

,

AGMC

Insured

,

4

%

,

1/01/44

............................

5,000,000

4,769,635

Revenue

,

2020

A

,

Refunding

,

5

%

,

1/01/50

...............................

3,500,000

3,586,539

Revenue

,

2021

A

,

Refunding

,

4

%

,

1/01/46

...............................

330,000

294,518

Revenue

,

2021

A

,

Refunding

,

4

%

,

1/01/51

...............................

425,000

367,520

Revenue

,

2021

A

,

Refunding

,

5

%

,

1/01/56

...............................

750,000

752,117

Revenue

,

2023

A

,

5.5

%

,

7/01/64

......................................

2,000,000

2,087,313

Private

Colleges

&

Universities

Authority

,

Emory

University

,

Revenue

,

2013

A

,

5

%

,

10/01/43

.........................

5,000,000

4,884,056

Mercer

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/50

.................

5,400,000

5,086,965

Mercer

University

,

Revenue

,

2022

,

Refunding

,

5.25

%

,

10/01/51

...............

4,500,000

4,729,696

Richmond

County

Hospital

Authority

,

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

4

%

,

1/01/35

.................................

5,000,000

4,915,038

Savannah

Hospital

Authority

,

St.

Joseph's/Candler

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/43

...............................

10,000,000

9,583,375

Sinclair

Water

Authority

,

Revenue

,

2019

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/48

...

2,000,000

2,061,325

Worth

County

School

District

,

GO

,

2017

,

5

%

,

12/01/42

.......................

5,000,000

5,146,059

274,204,061

Illinois

1.0%

State

of

Illinois

,

GO

,

2021

A

,

5

%

,

3/01/32

............................................

250,000

268,270

GO

,

2021

B

,

4

%

,

12/01/38

...........................................

3,000,000

2,931,559

3,199,829

New

Jersey

0.4%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/15/35

........................................................

1,200,000

1,261,326

New

York

0.9%

Metropolitan

Transportation

Authority

,

Revenue

,

2020

A-1

,

4

%

,

11/15/53

.....................................

100,000

91,031

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

(continued)

Metropolitan

Transportation

Authority,

(continued)

Revenue

,

2020

D

,

4

%

,

11/15/47

.......................................

$

600,000

$

560,350

Revenue

,

2021

A-2

,

4

%

,

11/15/42

.....................................

2,300,000

2,226,899

2,878,280

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

900,000

763,345

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

900,000

763,345

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

500,000

409,137

1,935,827

Texas

0.4%

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,500,000

1,168,201

Washington

0.3%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

900,000

763,416

Wisconsin

0.6%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

900,000

727,298

AL-FL

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

A

,

3.4

%

,

12/01/36

.......

1,500,000

1,250,495

1,977,793

U.S.

Territories

1.8%

Puerto

Rico

1.8%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/32

................

923,681

918,973

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

..................

903,650

884,247

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

560,000

552,231

d

Revenue

,

XX

,

5.25

%

,

7/01/40

........................................

2,270,000

601,550

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

2,480,000

2,480,804

5,437,805

Total

U.S.

Territories

....................................................................

5,437,805

Total

Municipal

Bonds

(Cost

$

322,467,115

)

.....................................

300,923,256

Shares

Escrows

and

Litigation

Trusts

0.0%

†

a

,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

115,316

92,253

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

92,253

Total

Long

Term

Investments

(Cost

$

323,367,115

)

...............................

301,888,453

a

a

a

a

a

a

Total

Investments

(Cost

$

323,367,115

)

98.4

%

...................................

$301,888,453

Other

Assets,

less

Liabilities

1.6

%

.............................................

4,916,605

Net

Assets

100.0%

...........................................................

$306,805,058

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

198

.

†

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

May

31,

2024,

the

aggregate

value

of

these

securities

was

$21,584,726,

representing

7.0%

of

net

assets.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Non-income

producing.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2024

Franklin

High

Yield

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

59

a

a

Shares

a

Value

a

Common

Stocks

0.0%

Independent

Power

and

Renewable

Electricity

Producers

0.0%

a,b

AES

Guayama

Holdings

BV

...........................................

231,664

$

—

b

Total

Common

Stocks

(Cost

$

–

)

...............................................

—

a

Management

Investment

Companies

2.1%

Capital

Markets

2.1%

c

Franklin

Dynamic

Municipal

Bond

ETF

...................................

1,695,000

41,052,900

Vanguard

Tax-Exempt

Bond

Index

ETF

...................................

1,150,000

57,178,000

98,230,900

Total

Management

Investment

Companies

(Cost

$

101,387,868

)

...................

98,230,900

Principal

Amount

a

a

a

a

Corporate

Bonds

2.7%

Commercial

Services

&

Supplies

0.6%

a

CalPlant

I

LLC

,

d

Senior

Secured

Note

,

144A,

15

%

,

7/01/25

...............................

$

5,795,000

5,795,000

e,f

21

A

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

1,920,000

1,344,000

e,f

21

B

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

7,205,000

5,043,500

e,f

22

A

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

3,975,000

2,782,500

e,f

22

B

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

345,000

241,500

e,f

22

C

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

2,610,000

2,610,000

e,f

22

X

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

3,910,000

3,910,000

e,f

23

A

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

1,380,000

1,380,000

e,f

23

B

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

1,225,000

1,225,000

e,f

23

C

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

1,955,000

1,955,000

e,f

23

D

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

1,700,000

1,700,000

e,f

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

84,421,465

Electric

Utilities

0.3%

d

Mission

Rock

Utilities,

Inc.

,

144A,

7

%

,

7/01/27

..............................

15,000,000

14,602,470

Oil,

Gas

&

Consumable

Fuels

0.0%

†

a

,d

Red

River

Biorefinery

LLC

,

2024

,

Senior

Secured

Note

,

144A,

15

%

,

4/30/24

..........................

590,000

590,000

23

A

,

Senior

Secured

Note

,

144A,

15

%

,

4/30/24

...........................

1,280,000

1,280,000

1,870,000

Total

Corporate

Bonds

(Cost

$

144,378,356

)

.....................................

130,795,435

Senior

Floating

Rate

Interests

0.0%

†

a

,g

Rialto

Bioenergy

Facility

LLC

,

First

Lien,

CME

Term

Loan,

B

,

15.329

%

,

(

12-month

SOFR

+

10

%

),

4/01/31

......

1,267,052

1,267,052

First

Lien,

Initial

Roll-Up

CME

Term

Loan,

B

,

15.32

%

,

(

12-month

SOFR

+

10

%

),

9/18/25

.........................................................

1,618,860

615,167

1,882,219

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$

2,875,815

)

...........................

1,882,219

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

90.0%

Alabama

0.1%

h

Homewood

Educational

Building

Authority

,

CHF

-

Horizons

II

LLC

,

Revenue

,

2024

C

,

5

%

,

10/01/56

.....................................................

$

750,000

$

735,727

MidCity

Improvement

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

3.875

%

,

11/01/27

..............

300,000

277,405

Assessment

Area

,

Special

Assessment

,

2022

,

4.25

%

,

11/01/32

...............

600,000

525,991

Assessment

Area

,

Special

Assessment

,

2022

,

4.5

%

,

11/01/42

................

2,090,000

1,691,395

Assessment

Area

,

Special

Assessment

,

2022

,

4.75

%

,

11/01/49

...............

2,400,000

1,914,627

5,145,145

Arizona

1.9%

Arizona

Industrial

Development

Authority

,

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue,

Second

Tier

,

2019

B

,

5.125

%

,

1/01/54

..........................

3,005,000

1,398,368

d

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

American

Leadership

Academy,

Inc.

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

6/15/49

1,235,000

1,148,478

American

Leadership

Academy,

Inc.

,

Revenue

,

144A,

2022

,

Refunding

,

4

%

,

6/15/57

8,500,000

6,380,845

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

A

,

7

%

,

11/15/57

.......................................................

5,000,000

5,327,428

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

B-1

,

6.625

%

,

5/15/31

........................................................

4,000,000

4,041,227

d

Maricopa

County

Industrial

Development

Authority

,

Benjamin

Franklin

Charter

School

Obligated

Group

,

Revenue

,

144A,

2018

A

,

6

%

,

7/01/38

........................................................

5,000,000

5,219,597

Benjamin

Franklin

Charter

School

Obligated

Group

,

Revenue

,

144A,

2018

A

,

6

%

,

7/01/52

........................................................

10,000,000

10,212,805

Salt

Verde

Financial

Corp.

,

Revenue

,

2007-1

,

5.5

%

,

12/01/29

..................

11,105,000

11,669,061

d

Sierra

Vista

Industrial

Development

Authority

,

American

Leadership

Academy,

Inc.

,

Revenue

,

144A,

2023

,

5.75

%

,

6/15/58

......

5,000,000

5,030,168

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2021

A

,

Zero

Cpn.,

10/01/56

.......................................................

18,880,000

14,341,967

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2021

B

,

6.25

%

,

10/01/36

.......................................................

3,945,000

3,224,938

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

10/01/56

.......................................................

2,327,000

2,168,779

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2022

B

,

9

%

,

10/01/37

.......................................................

250,000

235,825

Tempe

Industrial

Development

Authority

,

d

Mirabella

at

ASU,

Inc.

,

Revenue

,

144A,

2017

A

,

6

%

,

10/01/37

................

1,900,000

1,334,757

d

Mirabella

at

ASU,

Inc.

,

Revenue

,

144A,

2017

A

,

6.125

%

,

10/01/47

.............

4,850,000

2,985,136

d

Mirabella

at

ASU,

Inc.

,

Revenue

,

144A,

2017

A

,

6.125

%

,

10/01/52

.............

2,800,000

1,666,378

Tempe

Life

Care

Village

Obligated

Group

,

Revenue

,

2019

,

5

%

,

12/01/50

........

4,300,000

4,013,263

Tempe

Life

Care

Village

Obligated

Group

,

Revenue

,

2019

,

5

%

,

12/01/54

........

8,000,000

7,356,510

Tempe

Life

Care

Village

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

12/01/56

.......

2,130,000

1,630,338

89,385,868

Arkansas

0.6%

Arkansas

Development

Finance

Authority

,

d

Hybar

LLC

,

Revenue

,

144A,

2023

B

,

7.375

%

,

7/01/48

......................

12,500,000

13,623,025

United

States

Steel

Corp.

,

Revenue

,

2022

,

5.45

%

,

9/01/52

...................

8,500,000

8,647,535

United

States

Steel

Corp.

,

Revenue

,

2023

,

5.7

%

,

5/01/53

....................

4,575,000

4,727,588

26,998,148

California

20.2%

Alvord

Unified

School

District

,

GO

,

2011

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/41

.....

30,750,000

13,534,496

d

California

Community

College

Financing

Authority

,

NCCD-Napa

Valley

Properties

LLC

,

Revenue

,

144A,

2022

A

,

4.25

%

,

7/01/32

.....

500,000

482,072

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)

d

California

Community

College

Financing

Authority,

(continued)

NCCD-Napa

Valley

Properties

LLC

,

Revenue

,

144A,

2022

A

,

5.75

%

,

7/01/60

.....

$

17,500,000

$

17,588,806

NCCD-Napa

Valley

Properties

LLC

,

Revenue

,

144A,

2022

C

,

6.75

%

,

7/01/60

.....

7,000,000

6,980,674

d

California

Community

Housing

Agency

,

Annadel

Apartments

,

Revenue

,

144A,

2019

A

,

5

%

,

4/01/49

..................

5,800,000

4,797,694

Arbors

Apartments

,

Revenue

,

144A,

2020

A

,

5

%

,

8/01/50

....................

13,470,000

12,718,779

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

..........

15,075,000

13,737,516

Brio

Apartments

&

Next

on

Lex

Apartments

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/47

16,500,000

13,271,229

Fountains

at

Emerald

Park

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/46

...

21,460,000

17,944,886

K

Street

Flats

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/50

......................

17,830,000

13,874,605

Mira

Vista

Hills

Apartments

,

Revenue

,

144A,

2021

A

,

4

%

,

2/01/56

.............

33,000,000

23,226,390

Twin

Creek

Apartments

,

Revenue,

Junior

Lien

,

144A,

2022

B

,

5.5

%

,

2/01/40

.....

4,400,000

4,139,923

Verdant

at

Green

Valley

Apartments

,

Revenue

,

144A,

2019

A

,

5

%

,

8/01/49

.......

19,465,000

18,450,000

California

County

Tobacco

Securitization

Agency

,

Alameda

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2002

,

5.875

%

,

6/01/35

......................

820,000

820,000

d

California

Municipal

Finance

Authority

,

California

Baptist

University

,

Revenue

,

144A,

2015

A

,

5.5

%

,

11/01/45

...........

17,400,000

17,528,001

California

Baptist

University

,

Revenue

,

144A,

2016

A

,

5

%

,

11/01/46

............

5,000,000

4,874,780

Capital

Christian

Center

,

Revenue

,

144A,

2021

A

,

5

%

,

10/01/51

...............

8,425,000

7,209,040

d

,f

California

Pollution

Control

Financing

Authority

,

CalPlant

I

LLC

,

Revenue

,

144A,

2017

,

7.5

%

,

7/01/32

.......................

24,500,000

330,750

CalPlant

I

LLC

,

Revenue

,

144A,

2017

,

8

%

,

7/01/39

........................

10,000,000

135,000

CalPlant

I

LLC

,

Revenue

,

144A,

2020

,

7.5

%

,

7/01/32

.......................

10,000,000

135,000

Rialto

Bioenergy

Facility

LLC

,

Revenue

,

144A,

2018

,

6.75

%

,

12/01/28

..........

1,320,136

99,010

Rialto

Bioenergy

Facility

LLC

,

Revenue

,

144A,

2018

,

7.5

%

,

12/01/40

...........

4,140,071

310,505

d

California

Public

Finance

Authority

,

Crossroads

Christian

Schools

Obligated

Group

,

Revenue

,

144A,

2020

,

5

%

,

1/01/56

....................................

4,015,000

3,439,062

California

Statewide

Communities

Development

Authority

,

Special

Tax

,

2023

C-1

,

5

%

,

9/02/43

....................................

4,060,000

3,797,183

d

Lancer

Educational

Housing

LLC

,

Revenue

,

144A,

2016

A

,

Refunding

,

5

%

,

6/01/36

5,000,000

5,061,435

d

NCCD-Hooper

Street

LLC

,

Revenue

,

144A,

2019

,

5.25

%

,

7/01/39

.............

1,275,000

1,294,794

d

NCCD-Hooper

Street

LLC

,

Revenue

,

144A,

2019

,

5.25

%

,

7/01/49

.............

3,725,000

3,736,348

d

City

&

County

of

San

Francisco

,

District

No.

2020-1

Development

,

Special

Tax

,

144A,

2021

B

,

5.25

%

,

9/01/49

.............................................

2,500,000

2,061,987

City

of

San

Francisco

,

5.25

%

,

9/01/49

....................................

10,000,000

8,247,949

d

CMFA

Special

Finance

Agency

,

Solana

at

Grand

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/45

...........

35,000,000

28,939,498

Solana

at

Grand

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

4

%

,

8/01/56

..........

1,700,000

1,468,244

d

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Junior

Lien

,

144A,

2022

A-2

,

4.5

%

,

8/01/51

.........................................................

38,000,000

29,234,817

d

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/47

..............................................

34,395,000

27,953,938

d

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

.........................................

12,070,000

10,454,305

d

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue

,

144A,

2022

A-2

,

4.375

%

,

8/01/49

...................................................

21,215,000

17,343,583

d

CSCDA

Community

Improvement

Authority

,

Cameo/Garrison

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

3/01/57

............

15,000,000

10,939,090

Crescent

(The)

,

Revenue

,

144A,

2022

B

,

5.5

%

,

7/01/59

.....................

15,935,000

13,761,989

Dublin

,

Revenue

,

144A,

2021

B

,

4

%

,

2/01/57

.............................

7,500,000

5,479,897

Escondido

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3

%

,

6/01/48

........

10,000,000

6,960,847

Park

Crossing

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/48

.............

14,235,000

10,502,608

Renaissance

at

City

Center

,

Revenue

,

144A,

2020

A

,

5

%

,

7/01/51

.............

22,325,000

21,319,067

Waterscape

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

9/01/46

................

5,970,000

4,908,372

Wood

Creek

Apartments

,

Revenue,

Sub.

Lien

,

144A,

2021

B

,

4

%

,

12/01/59

......

19,800,000

12,702,399

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)

M-S-R

Energy

Authority

,

Revenue

,

2009

B

,

6.125

%

,

11/01/29

...................................

$

25,155,000

$

26,384,866

Revenue

,

2009

B

,

7

%

,

11/01/34

.......................................

20,000,000

24,100,434

Revenue

,

2009

C

,

6.5

%

,

11/01/39

.....................................

20,000,000

24,755,666

Palmdale

Elementary

School

District

,

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/28

...................................................

1,500,000

1,277,751

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/30

...................................................

1,250,000

985,641

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/31

...................................................

1,250,000

946,824

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/34

...................................................

2,500,000

2,588,915

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien

,

2013

B

,

Zero

Cpn.,

6/01/32

.........................

4,000,000

2,895,154

Revenue,

Senior

Lien

,

2013

B

,

Zero

Cpn.,

6/01/33

.........................

5,500,000

3,822,531

Revenue,

Senior

Lien

,

2013

B

,

Zero

Cpn.,

6/01/41

.........................

5,000,000

2,328,069

Revenue,

Senior

Lien

,

2013

B

,

Zero

Cpn.,

6/01/42

.........................

7,000,000

3,084,882

San

Diego

Unified

School

District

,

GO

,

2012

E

,

Zero

Cpn.,

7/01/42

.......................................

44,565,000

33,883,273

GO

,

2012

E

,

Zero

Cpn.,

7/01/47

.......................................

33,305,000

25,165,385

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue

,

1997

A

,

Refunding

,

6

%

,

1/15/45

...............................

35,834,000

45,590,749

Revenue

,

1997

A

,

Refunding

,

6

%

,

1/15/46

...............................

35,834,000

45,681,355

Revenue,

Junior

Lien

,

ETM,

Zero

Cpn.,

1/01/26

...........................

110,000,000

104,229,026

Revenue,

Junior

Lien

,

ETM,

Zero

Cpn.,

1/01/27

...........................

125,100,000

114,676,881

San

Mateo

Foster

City

School

District

,

GO

,

A

,

Zero

Cpn.,

8/01/42

...............

40,000,000

42,045,888

San

Mateo

Union

High

School

District

,

GO

,

2011

A

,

Zero

Cpn.,

9/01/41

...........

20,000,000

20,260,536

Silicon

Valley

Tobacco

Securitization

Authority

,

Revenue

,

2007

A

,

Zero

Cpn.,

6/01/36

...................................

15,000,000

7,795,383

Revenue

,

2007

C

,

Zero

Cpn.,

6/01/56

..................................

60,000,000

5,959,290

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2006

B

,

Zero

Cpn.,

6/01/46

..............

50,000,000

10,199,170

970,454,237

Colorado

5.3%

3rd

and

Havana

Metropolitan

District

,

GO

,

2020

A

,

5.25

%

,

12/01/49

.............

3,775,000

3,155,249

9th

Avenue

Metropolitan

District

No.

2

,

GO

,

2018

,

5

%

,

12/01/48

................

7,414,000

6,668,270

Allison

Valley

Metropolitan

District

No.

1

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/47

......

5,250,000

4,682,776

Allison

Valley

Metropolitan

District

No.

2

,

GO

,

2020

,

Refunding

,

4.7

%

,

12/01/47

.....

4,750,000

3,909,119

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

1

,

GO

,

2018

A

,

5.375

%

,

12/01/48

........................................................

2,185,000

2,108,011

Baseline

Metropolitan

District

No.

1

,

GO

,

2021

A

,

5

%

,

12/01/51

...........................................

1,500,000

1,336,652

GO

,

2021

B

,

7.5

%

,

12/15/51

.........................................

2,190,000

1,999,137

d

Bent

Grass

Metropolitan

District

,

GO

,

144A,

2020

,

Refunding

,

5.25

%

,

12/01/49

.....

1,685,000

1,573,474

Bradburn

Metropolitan

District

No.

2

,

GO

,

2018

A

,

Refunding

,

5

%

,

12/01/38

..................................

600,000

581,004

GO

,

2018

A

,

Refunding

,

5

%

,

12/01/47

..................................

2,400,000

2,245,201

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

$

1,716,501

d

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-2

,

Refunding

,

5

%

,

12/01/49

........................................................

724,000

665,603

Clear

Creek

Transit

Metropolitan

District

No.

2

,

GO

,

2021

A

,

5

%

,

12/01/41

...........................................

580,000

508,702

GO

,

2021

A

,

5

%

,

12/01/50

...........................................

1,000,000

813,344

Colliers

Hill

Metropolitan

District

No.

2

,

GO

,

2022

B-1

,

Refunding

,

5.75

%

,

12/15/47

..

2,850,000

2,687,694

Colorado

Health

Facilities

Authority

,

Aberdeen

Ridge,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

5

%

,

5/15/49

..........

2,235,000

1,468,184

Aberdeen

Ridge,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

5

%

,

5/15/58

..........

4,750,000

2,962,646

Frasier

Meadows

Manor,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25

%

,

5/15/47

........................................................

6,500,000

6,414,471

Conestoga

Metropolitan

District

No.

2

,

GO

,

2021

A-3

,

Refunding

,

5.25

%

,

12/01/51

..

1,625,000

1,439,097

Copperleaf

Metropolitan

District

No.

6

,

GO

,

2022

B

,

6

%

,

12/15/41

...............

1,225,000

1,171,228

Cornerstar

Metropolitan

District

,

GO

,

A

,

Refunding

,

5.125

%

,

12/01/37

...................................

2,000,000

1,955,219

GO

,

A

,

Refunding

,

5.25

%

,

12/01/47

....................................

5,200,000

4,969,014

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

B

,

6

%

,

12/01/48

........................................................

6,590,000

6,612,474

Eagle

Brook

Meadows

Metropolitan

District

No.

3

,

GO

,

2021-3

,

5

%

,

12/01/51

......

1,600,000

1,381,355

First

Creek

Village

Metropolitan

District

,

GO

,

2019

A

,

5

%

,

12/01/39

...........................................

595,000

598,052

GO

,

2019

A

,

5

%

,

8/01/49

............................................

540,000

520,522

Greenways

Metropolitan

District

No.

1

,

GO

,

2021

A-3

,

4.625

%

,

12/01/51

..........

1,580,000

1,122,797

d

Hidden

Creek

Metropolitan

District

,

GO

,

144A,

2021

A-3

,

4.625

%

,

12/01/45

........

1,140,000

902,526

d

Horizon

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-3

,

4.5

%

,

12/01/51

..........

1,675,000

1,179,036

d

Jacoby

Farm

Metropolitan

District

,

GO

,

144A,

2021

,

Refunding

,

5

%

,

12/15/46

......

5,000,000

4,413,112

Jay

Grove

Metropolitan

District

,

GO

,

2021

,

4.25

%

,

12/01/51

...................

1,225,000

918,612

Jefferson

Center

Metropolitan

District

No.

1

,

Revenue

,

2020

A-2

,

4.125

%

,

12/01/40

..................................

575,000

495,203

Revenue

,

2020

A-2

,

4.375

%

,

12/01/47

..................................

1,125,000

969,572

Johnstown

Farms

East

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

............

1,500,000

1,263,477

Johnstown

Plaza

Metropolitan

District

,

GO

,

2022

,

Refunding

,

4.25

%

,

12/01/46

.....

8,500,000

7,211,003

d

Karl's

Farm

Metropolitan

District

No.

2

,

GO

,

144A,

2020

A-3

,

5.375

%

,

12/01/40

.................................

645,000

606,544

GO

,

144A,

2020

A-3

,

5.625

%

,

12/01/50

.................................

1,900,000

1,764,810

Liberty

Ranch

Metropolitan

District

,

GO

,

2021

A

,

Refunding

,

5.25

%

,

12/01/51

......

6,590,000

5,568,684

Morgan

Hill

Metropolitan

District

No.

3

,

GO

,

2021

B

,

Refunding

,

6.375

%

,

12/15/51

...

1,465,000

1,349,143

Murphy

Creek

Metropolitan

District

No.

4

,

GO

,

2021

,

5

%

,

12/01/51

..............

8,000,000

6,729,379

Nexus

North

at

DIA

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

...............

565,000

482,184

Palisade

Park

West

Metropolitan

District

,

GO

,

2019

A

,

5.125

%

,

12/01/49

..........

1,500,000

1,388,993

d

Platte

River

Metropolitan

District

,

GO,

Senior

Lien

,

144A,

2023

A

,

Refunding

,

6.5

%

,

8/01/53

.........................................................

2,250,000

2,291,498

Prairie

Center

Metropolitan

District

No.

3

,

GO

,

2024

A

,

Refunding

,

5.875

%

,

12/15/46

.

750,000

788,417

Prairie

Center

Metropolitan

District

No.

7

,

GO

,

2020

,

4.125

%

,

12/15/36

.........................................

500,000

442,315

GO

,

2020

,

4.875

%

,

12/15/44

.........................................

725,000

625,364

GO

,

2021

,

6.375

%

,

6/15/46

..........................................

1,330,000

1,212,223

Pronghorn

Valley

Metropolitan

District

,

GO

,

2021

A

,

3.75

%

,

12/01/41

.........................................

515,000

400,600

GO

,

2021

A

,

4

%

,

12/01/51

...........................................

650,000

488,941

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)

Ptarmigan

West

Metropolitan

District

No.

2

,

GO

,

2021-3

,

4.125

%

,

12/01/51

........

$

1,475,000

$

1,040,969

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.25

%

,

11/15/28

......................................

12,500,000

13,053,084

Revenue

,

2008

,

6.5

%

,

11/15/38

.......................................

60,100,000

71,998,255

Raindance

Metropolitan

District

No.

1

,

Non-Potable

Water

System

,

Revenue

,

2020

,

5

%

,

12/01/40

...................

625,000

599,428

Non-Potable

Water

System

,

Revenue

,

2020

,

5.25

%

,

12/01/50

................

4,250,000

4,066,252

Rampart

Range

Metropolitan

District

No.

5

,

Revenue

,

2021

,

4

%

,

12/01/41

........................................

2,730,000

2,258,133

Revenue

,

2021

,

4

%

,

12/01/51

........................................

6,670,000

4,958,547

Reunion

Metropolitan

District

,

Water

Activity

Enterprise

,

Revenue

,

2021

A

,

3.625

%

,

12/01/44

........................................................

6,002,392

4,453,908

Ritoro

Metropolitan

District

,

GO

,

2019

A

,

5

%

,

12/01/49

.......................

2,000,000

1,851,446

RRC

Metropolitan

District

No.

2

,

GO

,

2021

,

5.25

%

,

12/01/51

...................

5,625,000

4,753,240

South

Aurora

Regional

Improvement

Authority

,

Revenue

,

2018

,

6.25

%

,

12/01/57

....

2,815,000

2,681,653

Southglenn

Metropolitan

District

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/30

....................................

3,470,000

3,371,014

GO

,

2016

,

Refunding

,

5

%

,

12/01/36

....................................

810,000

772,301

GO

,

2016

,

Refunding

,

5

%

,

12/01/46

....................................

4,200,000

3,792,853

STC

Metropolitan

District

No.

2

,

GO

,

2019

A

,

Refunding

,

5

%

,

12/01/38

..................................

2,000,000

1,892,193

GO

,

2019

A

,

Refunding

,

5

%

,

12/01/49

..................................

1,000,000

910,514

Timberleaf

Metropolitan

District

,

GO

,

2020

A

,

5.75

%

,

12/01/50

..................

1,730,000

1,678,792

Village

at

Dry

Creek

Metropolitan

District

No.

2

(The)

,

GO

,

2019

,

4.375

%

,

12/01/44

..

819,000

762,645

Village

Metropolitan

District

(The)

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/40

....................................

1,100,000

1,061,990

GO

,

2020

,

Refunding

,

5

%

,

12/01/49

....................................

1,750,000

1,651,885

Villages

at

Castle

Rock

Metropolitan

District

No.

4

,

1989

,

11.12

%

,

6/01/31

.........

3,000,000

2,760,000

Waterfront

at

Foster

Lake

Metropolitan

District

No.

2

,

GO

,

2022

A3-1

,

5

%

,

12/01/42

.........................................

3,705,000

3,319,754

GO

,

2022

A3-1

,

5

%

,

12/01/51

.........................................

4,085,000

3,433,952

GO

,

2022

A3-2

,

Zero

Cpn.,

12/01/51

...................................

5,130,000

3,362,773

Water

Tap

Fee

,

Revenue

,

2022

,

4.625

%

,

12/01/28

.........................

6,000,000

5,676,679

d

West

Meadow

Metropolitan

District

,

GO,

Senior

Lien

,

144A,

2023

A

,

Refunding

,

6.5

%

,

12/01/50

........................................................

2,750,000

2,828,029

Wild

Plum

Metropolitan

District

,

GO

,

2019

A

,

Pre-Refunded

,

5

%

,

12/01/49

.........

595,000

616,171

256,363,892

Connecticut

0.5%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

d

Church

Home

of

Hartford

Obligated

Group

,

Revenue

,

144A,

2016

A

,

5

%

,

9/01/46

..

1,000,000

863,685

d

Church

Home

of

Hartford

Obligated

Group

,

Revenue

,

144A,

A

,

5

%

,

9/01/53

......

7,850,000

6,457,486

Masonicare

Corp.

Obligated

Group

,

Revenue

,

F

,

Refunding

,

5

%

,

7/01/43

........

13,000,000

12,429,638

d

McLean

Affiliates

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

1/01/45

........

1,000,000

867,772

d

McLean

Affiliates

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

1/01/55

........

5,695,000

4,669,533

25,288,114

Florida

17.1%

Abbott

Square

Community

Development

District

,

Special

Assessment

,

2022

,

5.375

%

,

6/15/42

.............................

915,000

927,971

Special

Assessment

,

2022

,

5.5

%

,

6/15/52

...............................

1,500,000

1,517,406

Anabelle

Island

Community

Development

District

,

Special

Assessment

,

2022

,

2.7

%

,

5/01/27

...............................

405,000

386,305

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)

Florida

(continued)

Anabelle

Island

Community

Development

District,

(continued)

Special

Assessment

,

2022

,

3.1

%

,

5/01/32

...............................

$

750,000

$

673,804

Special

Assessment

,

2022

,

3.5

%

,

5/01/42

...............................

1,945,000

1,572,430

d

,i

Antillia

Community

Development

District

,

Special

Assessment

,

144A,

2024

,

5.6

%

,

5/01/44

.........................................................

645,000

646,143

Arbors

Community

Development

District

,

2023

Project

Area

,

Special

Assessment

,

2023

,

4.5

%

,

5/01/30

.................

630,000

634,713

2023

Project

Area

,

Special

Assessment

,

2023

,

5.4

%

,

5/01/43

.................

1,705,000

1,747,316

2023

Project

Area

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

...............

2,235,000

2,293,126

Artisan

Lakes

East

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021-1

,

2.75

%

,

5/01/31

.............

250,000

224,655

Assessment

Area

2

,

Special

Assessment

,

2021-1

,

3.125

%

,

5/01/41

............

470,000

372,036

d

Assessment

Area

2

,

Special

Assessment

,

144A,

2021-2

,

2.75

%

,

5/01/31

........

275,000

247,121

d

Assessment

Area

2

,

Special

Assessment

,

144A,

2021-2

,

3.125

%

,

5/01/41

.......

515,000

408,163

Astonia

Community

Development

District

,

d

Area

1

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/40

......................

540,000

504,287

d

Area

1

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/51

......................

1,370,000

1,177,549

d

Assessment

Area

2

,

Special

Assessment

,

144A,

2021

,

2.5

%

,

5/01/26

...........

105,000

101,638

d

Assessment

Area

2

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/31

............

500,000

460,110

d

Assessment

Area

2

,

Special

Assessment

,

144A,

2021

,

3.2

%

,

5/01/41

...........

750,000

604,719

Assessment

Area

3

,

Special

Assessment

,

2023

,

5.125

%

,

6/15/43

..............

410,000

411,610

Assessment

Area

3

,

Special

Assessment

,

2023

,

5.375

%

,

6/15/53

..............

680,000

682,640

d

North

Parcel

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.5

%

,

5/01/26

..

100,000

96,798

d

North

Parcel

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/31

....

320,000

294,471

d

North

Parcel

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.2

%

,

5/01/41

..

750,000

604,531

Avalon

Groves

Community

Development

District

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

.............................

360,000

289,246

Special

Assessment

,

2021

,

4

%

,

5/01/51

.................................

500,000

430,695

Assessment

Area

3

,

Special

Assessment

,

2021

,

3

%

,

5/01/32

.................

200,000

181,648

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

..............

495,000

400,951

Avalon

Park

West

Community

Development

District

,

d

2020

Project

Area

,

Special

Assessment

,

144A,

2020

,

Refunding

,

3.25

%

,

5/01/30

..

215,000

209,232

d

2020

Project

Area

,

Special

Assessment

,

144A,

2020

,

Refunding

,

3.75

%

,

5/01/40

..

580,000

551,211

d

2020

Project

Area

,

Special

Assessment

,

144A,

2020

,

Refunding

,

4

%

,

5/01/51

.....

880,000

765,826

2022

Project

Area

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/42

.................

500,000

516,479

2022

Project

Area

,

Special

Assessment

,

2022

,

5.625

%

,

5/01/52

...............

875,000

896,019

d

Ave

Maria

Stewardship

Community

District

,

BAN

Assessment

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

5/01/53

...........................................

2,790,000

2,806,872

Avenir

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

A-1

,

2.75

%

,

5/01/31

............

3,210,000

2,875,798

Assessment

Area

3

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

3,035,000

3,046,141

Assessment

Area

3

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/54

..............

5,125,000

5,179,511

Parcel

A-18

,

Special

Assessment

,

2024

A

,

4.875

%

,

5/01/31

..................

270,000

269,901

Parcel

A-18

,

Special

Assessment

,

2024

A

,

5.75

%

,

5/01/44

...................

1,005,000

1,004,998

Parcel

A-18

,

Special

Assessment

,

2024

A

,

6

%

,

5/01/55

.....................

1,625,000

1,613,583

Aviary

at

Rutland

Ranch

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.1

%

,

11/01/31

...............

170,000

154,440

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.4

%

,

11/01/41

...............

410,000

331,893

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

2.875

%

,

5/01/31

..............

465,000

418,215

Assessment

Area

2C

,

Special

Assessment

,

2020

,

3

%

,

5/01/30

................

250,000

238,396

Assessment

Area

2C

,

Special

Assessment

,

2020

,

4

%

,

5/01/40

................

775,000

724,578

Assessment

Area

2C

,

Special

Assessment

,

2020

,

4

%

,

5/01/51

................

1,550,000

1,331,028

Assessment

Area

3A

,

Special

Assessment

,

2020

,

2.5

%

,

5/01/25

...............

20,000

19,681

Assessment

Area

3A

,

Special

Assessment

,

2020

,

3

%

,

5/01/30

................

250,000

237,088

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)

Babcock

Ranch

Community

Independent

Special

District,

(continued)

Assessment

Area

3B

,

Special

Assessment

,

2020

,

4

%

,

5/01/40

................

$

385,000

$

359,952

Assessment

Area

3B

,

Special

Assessment

,

2020

,

4

%

,

5/01/51

................

890,000

764,268

Balm

Grove

Community

Development

District

,

Special

Assessment

,

2022

,

3.25

%

,

11/01/27

..............................

850,000

821,941

Special

Assessment

,

2022

,

3.625

%

,

11/01/32

.............................

1,290,000

1,195,374

Bannon

Lakes

Community

Development

District

,

d

Phase

2

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

5/01/41

...................

700,000

599,780

Phase

3

,

Special

Assessment

,

2022

,

3.3

%

,

5/01/32

........................

365,000

340,586

Phase

3

,

Special

Assessment

,

2022

,

4

%

,

5/01/42

..........................

1,370,000

1,209,521

Banyan

Cay

Community

Development

District

,

Special

Assessment

,

2020

NM

,

4

%

,

11/01/51

........................................................

3,000,000

2,428,321

Belmond

Reserve

Community

Development

District

,

2020

Project

,

Special

Assessment

,

2020

,

4

%

,

5/01/40

......................

1,750,000

1,705,658

2020

Project

,

Special

Assessment

,

2020

,

4

%

,

5/01/51

......................

2,000,000

1,762,355

Belmont

II

Community

Development

District

,

Special

Assessment

,

2020

,

3.125

%

,

12/15/30

.............................

325,000

308,608

Special

Assessment

,

2020

,

3.625

%

,

12/15/40

.............................

1,390,000

1,276,674

Berry

Bay

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.625

%

,

5/01/26

..............

105,000

101,636

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

..............

400,000

366,512

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.625

%

,

5/01/41

..............

1,250,000

1,042,702

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/43

................

985,000

1,007,221

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

...............

1,675,000

1,718,326

Black

Creek

Community

Development

District

,

Special

Assessment

,

2022

,

5.125

%

,

6/15/32

.............................

150,000

152,815

Special

Assessment

,

2022

,

5.625

%

,

6/15/52

.............................

2,000,000

2,033,531

Boggy

Branch

Community

Development

District

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

...............................

190,000

183,295

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................................

450,000

409,390

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

...............................

1,165,000

957,262

Bradbury

Community

Development

District

,

Special

Assessment

,

2023

,

4.375

%

,

5/01/30

.............................

590,000

590,721

Special

Assessment

,

2023

,

5.5

%

,

5/01/53

...............................

2,245,000

2,250,175

Bridgewalk

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.25

%

,

12/15/43

..............

760,000

797,234

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.5

%

,

12/15/53

...............

700,000

734,431

Bridgewater

North

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

3.125

%

,

5/01/27

..................

125,000

121,067

Assessments

,

Special

Assessment

,

2022

,

3.5

%

,

5/01/32

....................

350,000

326,730

Brightwater

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.85

%

,

5/01/31

...............

290,000

260,340

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.15

%

,

5/01/41

...............

720,000

562,685

Brookstone

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2022

,

4.75

%

,

5/01/32

...............

325,000

327,379

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/42

................

1,000,000

1,018,620

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.625

%

,

5/01/52

..............

1,750,000

1,773,412

Buckhead

Trails

Community

Development

District

,

Special

Assessment

,

2022

,

5.25

%

,

5/01/32

..............................

400,000

406,007

Special

Assessment

,

2022

,

5.625

%

,

5/01/42

.............................

1,000,000

1,017,064

Special

Assessment

,

2022

,

5.75

%

,

5/01/52

..............................

1,410,000

1,422,667

Special

Assessment

,

2024

,

4.7

%

,

5/01/31

...............................

560,000

556,771

Special

Assessment

,

2024

,

5.6

%

,

5/01/44

...............................

650,000

643,102

Special

Assessment

,

2024

,

5.875

%

,

5/01/54

.............................

1,500,000

1,481,346

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)

Buena

Lago

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2022

,

5.25

%

,

5/01/42

...............

$

665,000

$

674,948

Assessment

Area

1

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/52

................

1,135,000

1,165,597

d

Cape

Coral

Health

Facilities

Authority

,

Gulf

Care,

Inc.

Obligated

Group

,

Revenue,

Senior

Lien

,

144A,

2015

,

Refunding

,

6

%

,

7/01/45

..........................

5,250,000

3,742,707

d

Capital

Trust

Agency,

Inc.

,

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

3

%

,

7/01/31

..........

100,000

89,248

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

4

%

,

7/01/41

..........

450,000

375,404

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

4

%

,

7/01/51

..........

540,000

408,028

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

4

%

,

7/01/56

..........

445,000

326,392

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A-2

,

4

%

,

7/01/41

.........

750,000

625,674

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A-2

,

4

%

,

7/01/51

.........

975,000

736,718

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A-2

,

4

%

,

7/01/56

.........

750,000

550,099

Educational

Growth

Fund

LLC

,

Revenue

,

144A,

2021

B

,

Zero

Cpn.,

7/01/31

......

9,275,000

5,922,143

Educational

Growth

Fund

LLC

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

5

%

,

7/01/56

1,000,000

924,995

Sarasota-Manatee

Jewish

Housing

Council

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

5

%

,

7/01/46

............................................

3,250,000

2,352,168

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-2

,

4.43

%

,

1/01/57

...........

10,245,000

7,303,194

South

Tech

Schools

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

6/15/40

......

1,235,000

1,174,794

South

Tech

Schools

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

6/15/55

......

3,805,000

3,374,067

University

Bridge

LLC

,

Revenue

,

144A,

2018

A

,

5.25

%

,

12/01/43

..............

31,755,000

31,411,259

WFCS

Holdings

II

LLC

,

Revenue

,

144A,

2021

A-1

,

3.3

%

,

1/01/31

..............

715,000

655,096

WFCS

Holdings

II

LLC

,

Revenue

,

144A,

2021

A-1

,

5

%

,

1/01/56

...............

1,050,000

923,449

WFCS

Holdings

LLC

,

Revenue

,

144A,

2020

A-1

,

5

%

,

1/01/55

.................

3,500,000

3,128,576

d

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

17,500,000

13,660,133

Caymas

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.3

%

,

5/01/44

................

800,000

788,352

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/54

..............

690,000

678,680

Celebration

Community

Development

District

,

Special

Assessment

,

2021

,

2.25

%

,

5/01/26

..............................

100,000

96,646

Special

Assessment

,

2021

,

2.75

%

,

5/01/31

..............................

240,000

222,778

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

.............................

590,000

502,624

Celebration

Pointe

Community

Development

District

No.

1

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

...................................................

885,000

730,118

Center

Lake

Ranch

West

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/43

...............

1,365,000

1,400,166

Assessment

Area

1

,

Special

Assessment

,

2023

,

6

%

,

5/01/54

.................

2,330,000

2,392,878

Central

Parc

Community

Development

District

,

Special

Assessment

,

2024

,

5.7

%

,

5/01/44

...............................

500,000

492,972

Special

Assessment

,

2024

,

6

%

,

5/01/54

.................................

750,000

739,798

CFM

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

....................................................

145,000

139,682

Chaparral

Palm

Bay

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

A-1

,

4

%

,

5/01/40

...................

1,220,000

1,143,253

Assessments

,

Special

Assessment

,

2020

A-1

,

4

%

,

5/01/50

...................

1,985,000

1,716,487

Chapel

Creek

Community

Development

District

,

d

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/31

..............

200,000

181,249

d

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

5/01/41

..........

675,000

546,593

Assessment

Area

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

.................

570,000

572,175

Assessment

Area

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

................

1,055,000

1,054,925

d

Chapel

Crossings

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2020

,

2.625

%

,

5/01/25

.............

115,000

113,074

Assessments

,

Special

Assessment

,

144A,

2020

,

3.2

%

,

5/01/30

...............

645,000

599,552

Assessments

,

Special

Assessment

,

144A,

2020

,

3.7

%

,

5/01/40

...............

1,700,000

1,446,012

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)

d

Charlotte

County

Industrial

Development

Authority

,

MSKP

Town

&

Country

Utility

LLC

,

Revenue

,

144A,

2021

B

,

5

%

,

10/01/36

..................................

$

2,500,000

$

2,189,905

Coddington

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

5.75

%

,

5/01/42

...................

615,000

638,614

Assessments

,

Special

Assessment

,

2022

,

5.75

%

,

5/01/52

...................

1,000,000

1,026,386

Connerton

East

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.25

%

,

6/15/43

...............

1,395,000

1,424,141

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

6/15/53

..............

2,250,000

2,282,909

Copes

Landing

Community

Development

District

,

2023

Project

Area

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/43

................

210,000

218,199

2023

Project

Area

,

Special

Assessment

,

2023

,

5.875

%

,

5/01/53

...............

1,825,000

1,886,504

Coral

Bay

Lee

County

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/42

.....................................

250,000

252,380

Coral

Creek

Community

Development

District

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/44

..............................

2,145,000

2,153,205

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

..............................

1,700,000

1,703,717

Coral

Lakes

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.5

%

,

11/01/44

...............

780,000

791,764

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.75

%

,

11/01/53

..............

1,000,000

1,010,864

Cordoba

Ranch

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

3

%

,

5/01/31

.............

835,000

783,069

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

3

%

,

5/01/37

.............

825,000

698,261

Cordova

Palms

Community

Development

District

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

...............................

100,000

96,403

Special

Assessment

,

2021

,

2.8

%

,

5/01/31

...............................

385,000

344,296

Special

Assessment

,

2021

,

3

%

,

5/01/41

.................................

1,025,000

785,940

Special

Assessment

,

2022-1

,

5.7

%

,

5/01/42

..............................

330,000

340,829

Special

Assessment

,

2022-1

,

5.8

%

,

5/01/53

..............................

565,000

579,958

Assessment

Area

1

,

Special

Assessment

,

2022-2

,

4.5

%

,

5/01/27

..............

115,000

115,167

Assessment

Area

1

,

Special

Assessment

,

2022-2

,

5.1

%

,

5/01/32

..............

340,000

346,522

Assessment

Area

1

,

Special

Assessment

,

2022-2

,

5.4

%

,

5/01/42

..............

1,020,000

1,035,686

Assessment

Area

1

,

Special

Assessment

,

2022-2

,

5.6

%

,

5/01/53

..............

2,005,000

2,038,498

Creekview

Community

Development

District

,

Phase

1

,

Special

Assessment

,

2022

,

4.25

%

,

5/01/32

.......................

805,000

797,099

Phase

1

,

Special

Assessment

,

2022

,

4.625

%

,

5/01/42

......................

2,455,000

2,362,171

i

Cresswind

DeLand

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.375

%

,

5/01/44

..............

700,000

685,406

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

...............

730,000

720,916

d

Crestview

II

Community

Development

District

,

Special

Assessment

,

144A,

2020

,

Refunding

,

4

%

,

5/01/31

...................

250,000

253,416

Special

Assessment

,

144A,

2020

,

Refunding

,

4

%

,

5/01/37

...................

475,000

459,606

Cross

Creek

North

Community

Development

District

,

Special

Assessment

,

2022

,

4.25

%

,

5/01/42

..............................

2,340,000

2,158,597

Special

Assessment

,

2023

,

5.125

%

,

5/01/43

.............................

1,000,000

1,003,142

Special

Assessment

,

2023

,

5.375

%

,

5/01/53

.............................

1,255,000

1,258,013

Crosswinds

East

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

................

1,205,000

1,210,512

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

...............

1,500,000

1,501,031

Crystal

Cay

Community

Development

District

,

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

...............................

200,000

182,613

Special

Assessment

,

2021

,

3.05

%

,

5/01/41

..............................

850,000

699,116

Special

Assessment

,

2021

,

4

%

,

5/01/51

.................................

1,000,000

863,528

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)

d

Currents

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2020

A

,

4

%

,

5/01/40

................................................

$

3,100,000

$

2,756,384

Cypress

Bay

West

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.25

%

,

5/01/43

...............

1,375,000

1,381,728

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/53

................

1,205,000

1,213,368

d

Cypress

Bluff

Community

Development

District

,

Special

Assessment

,

144A,

2020

A

,

3.125

%

,

5/01/30

.......................

250,000

241,741

Special

Assessment

,

144A,

2020

A

,

3.625

%

,

5/01/40

.......................

800,000

747,870

Special

Assessment

,

144A,

2020

A

,

3.8

%

,

5/01/50

.........................

1,170,000

1,006,077

Cypress

Park

Estates

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

4.375

%

,

5/01/27

...............

80,000

79,609

Assessment

Area

,

Special

Assessment

,

2022

,

4.75

%

,

5/01/32

................

350,000

351,087

d

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

5/01/30

..........

295,000

275,987

d

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.875

%

,

5/01/40

.........

1,170,000

1,027,277

d

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/51

............

1,210,000

981,988

Cypress

Ridge

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/43

..............

1,565,000

1,591,769

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.875

%

,

5/01/53

..............

1,340,000

1,365,493

Darby

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

A-1

,

5.625

%

,

5/01/44

...............

1,290,000

1,307,041

Assessments

,

Special

Assessment

,

2024

A-1

,

6

%

,

5/01/54

...................

1,610,000

1,634,084

Assessments

,

Special

Assessment

,

2024

A-2

,

5.875

%

,

5/01/35

...............

1,000,000

1,010,371

Deerbrook

Community

Development

District

,

Special

Assessment

,

2023

,

4.375

%

,

5/01/30

.............................

120,000

120,271

Special

Assessment

,

2023

,

5.25

%

,

5/01/43

..............................

680,000

684,295

Special

Assessment

,

2023

,

5.5

%

,

5/01/53

...............................

1,250,000

1,262,205

Del

Webb

Oak

Creek

Community

Development

District

,

Special

Assessment

,

2023

,

5

%

,

5/01/43

.................................

1,435,000

1,427,989

Special

Assessment

,

2023

,

5.25

%

,

5/01/53

..............................

2,000,000

2,004,134

DG

Farms

Community

Development

District

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/30

..............................

200,000

189,025

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

..............................

255,000

222,925

Dowden

West

Community

Development

District

,

Special

Assessment

,

2024

,

5.25

%

,

5/01/44

..............................

495,000

489,593

Special

Assessment

,

2024

,

5.55

%

,

5/01/54

..............................

855,000

843,983

DW

Bayview

Community

Development

District

,

d

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

5/01/26

..........

165,000

159,830

d

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/32

..............

430,000

404,986

d

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

5/01/41

..........

1,160,000

1,010,358

Assessment

Area

,

Special

Assessment

,

2022

,

4.5

%

,

5/01/32

.................

185,000

187,477

Assessment

Area

,

Special

Assessment

,

2022

,

5.125

%

,

5/01/42

...............

1,115,000

1,128,847

East

547

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

55,000

53,095

Assessment

Area

1

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

110,000

99,748

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.3

%

,

5/01/41

................

465,000

370,445

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.25

%

,

5/01/43

...............

405,000

424,474

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.5

%

,

5/01/54

................

1,000,000

1,052,981

East

Bonita

Beach

Road

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

5/01/32

.................

255,000

237,025

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/41

...............

750,000

616,380

East

Nassau

Stewardship

District

,

Assessments

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

....................

135,000

130,025

Assessments

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

......................

500,000

452,016

Assessments

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

....................

1,260,000

1,030,844

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)

Assessments

,

Special

Assessment

,

2021

,

4

%

,

5/01/51

......................

$

1,515,000

$

1,228,577

Eden

Hills

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/30

................

110,000

106,408

Assessment

Area

,

Special

Assessment

,

2020

,

4

%

,

5/01/40

...................

300,000

281,128

Assessment

Area

,

Special

Assessment

,

2022

,

3.25

%

,

5/01/27

................

280,000

274,646

Assessment

Area

,

Special

Assessment

,

2022

,

3.625

%

,

5/01/32

...............

610,000

584,407

Assessment

Area

,

Special

Assessment

,

2022

,

4

%

,

5/01/42

...................

1,640,000

1,457,587

Edgewater

East

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

220,000

212,297

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.1

%

,

5/01/31

................

700,000

641,150

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.6

%

,

5/01/41

................

2,625,000

2,214,103

Assessment

Area

2

,

Special

Assessment

,

2022

,

3.375

%

,

5/01/32

..............

1,980,000

1,827,905

Assessment

Area

2

,

Special

Assessment

,

2022

,

4

%

,

5/01/42

.................

3,995,000

3,482,809

Assessment

Area

2

,

Special

Assessment

,

2022

,

4

%

,

5/01/52

.................

7,680,000

6,110,546

d

Enbrook

Community

Development

District

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/40

............................

500,000

442,305

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/51

............................

1,150,000

931,728

Entrada

Community

Development

District

,

Special

Assessment

,

2023

,

5.6

%

,

5/01/43

...............................

500,000

517,642

d

Assessments

,

Special

Assessment

,

144A,

2021

,

2.625

%

,

5/01/31

.............

370,000

340,171

d

Assessments

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

5/01/41

.............

935,000

798,847

Epperson

North

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

90,000

86,737

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

240,000

217,214

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

................

1,205,000

978,727

Assessment

Area

3

,

Special

Assessment

,

2021

A

,

2.45

%

,

11/01/26

............

135,000

129,084

Assessment

Area

3

,

Special

Assessment

,

2021

A

,

3.1

%

,

11/01/31

.............

400,000

362,183

Epperson

Ranch

II

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/25

...............

90,000

89,101

Assessment

Area

2

,

Special

Assessment

,

2020

,

3.625

%

,

5/01/30

..............

510,000

484,307

Fallschase

Community

Development

District

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

.........................................................

1,000,000

809,014

d

Florida

Development

Finance

Corp.

,

j

AAF

Operations

Holdings

LLC

,

Revenue

,

144A,

2024

,

Refunding

,

Mandatory

Put

,

12

%

,

7/15/28

...................................................

15,000,000

15,600,000

j

Brightline

Florida

Holdings

LLC

,

Revenue

,

144A,

2023

A

,

Refunding

,

Mandatory

Put

,

7.5

%

,

8/15/24

...................................................

6,000,000

6,172,706

Glenridge

on

Palmer

Ranch

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

6/01/31

........................................................

450,000

441,936

Glenridge

on

Palmer

Ranch

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

6/01/51

........................................................

5,500,000

4,553,113

Mayflower

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5.25

%

,

6/01/50

........................................................

7,000,000

5,924,477

Mayflower

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

6/01/55

............................................

3,900,000

2,475,033

d

Forest

Lake

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

5/01/30

..........

350,000

334,870

Assessment

Area

2

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

5/01/27

..........

30,000

30,159

Assessment

Area

2

,

Special

Assessment

,

144A,

2022

,

5

%

,

5/01/32

............

75,000

76,324

Assessment

Area

2

,

Special

Assessment

,

144A,

2022

,

5.375

%

,

5/01/42

.........

310,000

317,708

Assessment

Area

2

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

5/01/52

...........

275,000

279,924

Gracewater

Sarasota

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

....................

125,000

120,349

Assessments

,

Special

Assessment

,

2021

,

2.95

%

,

5/01/31

...................

500,000

450,155

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)

Gracewater

Sarasota

Community

Development

District,

(continued)

Assessments

,

Special

Assessment

,

2021

,

3.35

%

,

5/01/41

...................

$

3,170,000

$

2,533,920

Grand

Oaks

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2020

,

4.25

%

,

5/01/40

...............

1,095,000

999,941

Assessment

Area

2

,

Special

Assessment

,

2020

,

4.5

%

,

5/01/52

................

3,500,000

3,073,242

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.2

%

,

11/01/31

...............

215,000

195,821

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.5

%

,

11/01/41

...............

555,000

449,422

Assessment

Area

3

,

Special

Assessment

,

2021

,

4

%

,

11/01/51

................

1,205,000

975,290

Grande

Pines

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.75

%

,

5/01/41

...............

710,000

596,602

Assessment

Area

1

,

Special

Assessment

,

2021

,

4

%

,

5/01/51

.................

750,000

607,434

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.8

%

,

5/01/54

................

1,010,000

1,005,799

Grove

Resort

Community

Development

District

,

Special

Assessment

,

2022

,

3.3

%

,

5/01/32

...............................

170,000

154,606

Special

Assessment

,

2022

,

3.55

%

,

5/01/42

..............................

435,000

352,704

Hamilton

Bluff

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

................

1,000,000

993,962

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.8

%

,

5/01/54

................

1,250,000

1,237,660

Hammock

Oaks

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

4.875

%

,

5/01/30

..............

180,000

181,608

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/43

..............

645,000

658,582

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

...............

1,000,000

1,011,089

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.85

%

,

5/01/44

...............

750,000

752,359

Assessment

Area

2

,

Special

Assessment

,

2024

,

6.15

%

,

5/01/54

...............

705,000

707,159

Hammock

Reserve

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2020

,

4

%

,

5/01/40

.................

540,000

493,855

Assessment

Area

1

,

Special

Assessment

,

2020

,

4

%

,

5/01/51

.................

860,000

722,964

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

200,000

181,716

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

..............

520,000

424,916

Assessment

Area

3

,

Special

Assessment

,

2022

,

4.4

%

,

5/01/32

................

445,000

442,943

Harmony

West

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2023

,

5

%

,

5/01/43

.................

360,000

361,268

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.3

%

,

5/01/53

................

305,000

308,005

Hawkstone

Community

Development

District

,

Assessment

Area

3

,

Special

Assessment

,

2021

,

2.6

%

,

5/01/26

................

80,000

77,399

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.2

%

,

5/01/31

................

440,000

403,871

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.45

%

,

5/01/41

...............

1,125,000

923,004

Assessment

Area

4

,

Special

Assessment

,

2023

,

4.375

%

,

5/01/30

..............

255,000

255,574

Highland

Trails

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

....................

780,000

777,154

Assessments

,

Special

Assessment

,

2024

,

5.85

%

,

5/01/54

...................

770,000

771,100

Hills

of

Minneola

Community

Development

District

,

North

Parcel

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.55

%

,

5/01/44

.....

525,000

526,640

North

Parcel

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.875

%

,

5/01/54

....

700,000

702,143

d

South

Parcel

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.5

%

,

5/01/31

..

1,000,000

942,303

d

South

Parcel

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/40

...

2,625,000

2,341,337

South

Parcel

Assessment

Area

Phase

2

,

Special

Assessment

,

2021

,

2.375

%

,

5/01/26

........................................................

50,000

48,170

South

Parcel

Assessment

Area

Phase

2

,

Special

Assessment

,

2021

,

2.8

%

,

5/01/31

250,000

224,086

South

Parcel

Assessment

Area

Phase

2

,

Special

Assessment

,

2021

,

3.2

%

,

5/01/41

500,000

394,369

Hilltop

Point

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2022-1

,

5.375

%

,

5/01/52

............

700,000

696,408

Assessment

Area

2

,

Special

Assessment

,

2022-2

,

5.6

%

,

5/01/53

..............

745,000

749,686

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)

Hobe-St.

Lucie

Conservancy

District

,

Unit

of

Development

No.

1A

,

Special

Assessment

,

2024

,

5.875

%

,

5/01/55

...................................

$

3,000,000

$

3,047,557

Holly

Hill

Road

East

Community

Development

District

,

Assessment

Area

3

,

Special

Assessment

,

2020

,

4.5

%

,

11/01/31

...............

165,000

172,720

Assessment

Area

3

,

Special

Assessment

,

2020

,

5

%

,

11/01/41

................

350,000

364,848

Assessment

Area

3

,

Special

Assessment

,

2020

,

5

%

,

11/01/50

................

520,000

527,852

Hyde

Park

Community

Development

District

No.

1

,

Assessments

,

Special

Assessment

,

2022

,

4

%

,

5/01/42

.................................................

2,710,000

2,368,348

Indigo

Community

Development

District

,

Special

Assessment

,

1999

A

,

7

%

,

5/01/31

...............................

395,000

395,655

Special

Assessment

,

1999

C

,

7

%

,

5/01/30

...............................

4,123,752

2,577,345

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

2.2

%

,

5/01/26

.........

125,000

120,153

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

.........

240,000

218,065

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

.......

855,000

675,041

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

4

%

,

5/01/52

...........

1,375,000

1,149,629

Island

Lake

Estates

Community

Development

District

,

Special

Assessment

,

2023

,

5.75

%

,

12/15/43

.............................

1,240,000

1,286,950

Special

Assessment

,

2023

,

6

%

,

12/15/53

................................

1,430,000

1,476,291

Kelly

Park

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

6

%

,

11/01/43

................

915,000

940,834

Assessment

Area

1

,

Special

Assessment

,

2023

,

6.25

%

,

11/01/53

..............

1,220,000

1,249,534

Kindred

Community

Development

District

II

,

Special

Assessment

,

2020

,

3.5

%

,

5/01/40

...............................

395,000

352,526

Special

Assessment

,

2020

,

3.75

%

,

5/01/50

..............................

570,000

471,918

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

...............................

235,000

216,989

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

.............................

500,000

427,191

Special

Assessment

,

2023

,

5.875

%

,

5/01/54

.............................

1,100,000

1,131,552

Kingman

Gate

Community

Development

District

,

Special

Assessment

,

2020

,

3.125

%

,

6/15/30

.............................

375,000

362,840

Special

Assessment

,

2020

,

4

%

,

6/15/40

.................................

775,000

744,777

Special

Assessment

,

2020

,

4

%

,

6/15/50

.................................

2,270,000

2,004,761

Special

Assessment

,

2021

,

2.5

%

,

6/15/26

...............................

60,000

58,301

Special

Assessment

,

2021

,

3.125

%

,

6/15/31

.............................

250,000

239,862

Special

Assessment

,

2021

,

3.6

%

,

6/15/41

...............................

750,000

683,655

Lake

Ashton

Community

Development

District

,

Special

Assessment

,

2015

A-1

,

Refunding

,

5

%

,

5/01/32

.............................................

1,995,000

2,005,257

Lake

Deer

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

5

%

,

5/01/32

...................

295,000

293,275

Assessment

Area

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/42

.................

1,005,000

1,007,711

Assessment

Area

,

Special

Assessment

,

2022

,

5.625

%

,

5/01/53

...............

1,795,000

1,789,389

d

Lake

Emma

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

144A,

2023

,

5.25

%

,

5/01/43

..........

1,235,000

1,243,671

Assessment

Area

2

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

5/01/53

...........

810,000

814,735

Lake

Harris

Community

Development

District

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

.............................

595,000

605,719

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

.............................

585,000

596,461

Lake

Hideaway

Community

Development

District

,

Assessment

Area

One

,

Special

Assessment

,

2024

,

4.75

%

,

5/01/31

............

595,000

590,545

Assessment

Area

One

,

Special

Assessment

,

2024

,

5.65

%

,

5/01/44

............

1,435,000

1,414,819

Assessment

Area

One

,

Special

Assessment

,

2024

,

5.9

%

,

5/01/54

.............

2,555,000

2,495,243

Lake

Mattie

Preserve

Community

Development

District

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

...............................

2,065,000

2,025,723

Special

Assessment

,

2024

,

5.85

%

,

5/01/54

..............................

1,750,000

1,723,167

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

at

Bella

Lago

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023-1

,

5.75

%

,

5/01/43

.............

$

810,000

$

827,502

Assessment

Area

1

,

Special

Assessment

,

2023-1

,

6

%

,

5/01/53

................

1,905,000

1,945,718

Assessment

Area

2

,

Special

Assessment

,

2023-2

,

5.75

%

,

5/01/43

.............

1,000,000

1,021,607

Assessment

Area

2

,

Special

Assessment

,

2023-2

,

6

%

,

5/01/54

................

2,395,000

2,446,191

Lakes

of

Sarasota

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

A-1

,

3.4

%

,

5/01/31

.............

135,000

126,719

Assessment

Area

1

,

Special

Assessment

,

2021

A-1

,

3.9

%

,

5/01/41

.............

285,000

250,657

Assessment

Area

1

,

Special

Assessment

,

2021

A-1

,

4.1

%

,

5/01/51

.............

265,000

219,990

Assessment

Area

1

,

Special

Assessment

,

2021

A-2

,

3.875

%

,

5/01/31

...........

200,000

194,966

Assessment

Area

2

,

Special

Assessment

,

2021

B-1

,

3.625

%

,

5/01/31

...........

125,000

119,875

Assessment

Area

2

,

Special

Assessment

,

2021

B-1

,

4.125

%

,

5/01/41

...........

200,000

180,459

Lakeside

Preserve

Community

Development

District

,

Special

Assessment

,

2023

,

6

%

,

5/01/43

.................................

735,000

761,612

Special

Assessment

,

2023

,

6.375

%

,

5/01/54

.............................

1,250,000

1,304,083

Lakewood

Park

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.2

%

,

5/01/31

................

125,000

115,449

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.625

%

,

5/01/41

..............

325,000

270,452

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

...............

910,000

933,539

Lakewood

Ranch

Stewardship

District

,

Assessment

Azario

,

Special

Assessment

,

2020

A

,

3.75

%

,

5/01/40

.............

525,000

454,499

Assessment

Azario

,

Special

Assessment

,

2020

A

,

3.9

%

,

5/01/50

..............

770,000

635,550

d

Assessment

Lorraine

Lakes

,

Special

Assessment

,

144A,

2020

,

3.125

%

,

5/01/30

..

250,000

232,321

d

Assessment

Lorraine

Lakes

,

Special

Assessment

,

144A,

2020

,

3.625

%

,

5/01/40

..

1,075,000

918,667

d

Assessment

Northeast

Sector

Project

Phase

2B

,

Special

Assessment

,

144A,

2020

,

Refunding

,

3.2

%

,

5/01/30

..........................................

440,000

410,146

d

Assessment

Northeast

Sector

Project

Phase

2B

,

Special

Assessment

,

144A,

2020

,

Refunding

,

3.75

%

,

5/01/40

.........................................

2,100,000

1,829,573

Assessment

Northeast

Sector

Project

Phase

2C

,

Special

Assessment

,

2020

,

3

%

,

5/01/30

........................................................

470,000

432,929

Assessment

Northeast

Sector

Project

Phase

2C

,

Special

Assessment

,

2020

,

3.5

%

,

5/01/40

........................................................

750,000

626,658

Assessment

Star

Farms

Phase

1/2

,

Special

Assessment

,

2021

,

2.3

%

,

5/01/26

....

95,000

91,429

Assessment

Star

Farms

Phase

1/2

,

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

....

105,000

92,755

Assessment

Star

Farms

Phase

1/2

,

Special

Assessment

,

2021

,

3

%

,

5/01/41

.....

430,000

333,852

Assessments

,

Special

Assessment

,

2023

,

6.125

%

,

5/01/43

..................

1,500,000

1,576,577

Assessments

,

Special

Assessment

,

2023

,

6.3

%

,

5/01/54

....................

5,000,000

5,217,854

Laurel

Road

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

A-1

,

2.6

%

,

5/01/26

.................

195,000

187,490

Assessments

,

Special

Assessment

,

2021

A-1

,

3

%

,

5/01/31

...................

350,000

309,508

Assessments

,

Special

Assessment

,

2021

A-1

,

3.25

%

,

5/01/41

................

1,195,000

913,674

Assessments

,

Special

Assessment

,

2021

A-1

,

4

%

,

5/01/52

...................

1,450,000

1,114,323

Assessments

,

Special

Assessment

,

2021

A-2

,

3.125

%

,

5/01/31

...............

1,730,000

1,541,423

Lawson

Dunes

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

4.375

%

,

5/01/27

...............

125,000

124,714

Assessment

Area

,

Special

Assessment

,

2022

,

4.75

%

,

5/01/32

................

510,000

512,734

Leomas

Landing

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

................

110,000

106,180

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.95

%

,

5/01/31

...............

410,000

382,710

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.35

%

,

5/01/41

...............

1,070,000

893,643

Assessment

Area

1

,

Special

Assessment

,

2021

,

4

%

,

5/01/52

.................

530,000

429,534

d

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

8,000,000

7,052,000

Live

Oak

Lake

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

,

4.4

%

,

5/01/40

....................

1,600,000

1,487,366

Assessments

,

Special

Assessment

,

2020

,

4.6

%

,

5/01/51

....................

2,845,000

2,549,607

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)

d

Longleaf

Community

Development

District

,

Neighborhood

4

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.4

%

,

5/01/44

........................................................

$

850,000

$

858,402

Neighborhood

4

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.75

%

,

5/01/54

........................................................

1,160,000

1,173,913

LT

Ranch

Community

Development

District

,

Phase

I

Assessment

Area

,

Special

Assessment

,

2022-1

,

5.3

%

,

5/01/32

.........

120,000

122,920

Phase

I

Assessment

Area

,

Special

Assessment

,

2022-1

,

5.75

%

,

5/01/42

........

380,000

391,243

Phase

I

Assessment

Area

,

Special

Assessment

,

2022-1

,

5.9

%

,

5/01/53

.........

500,000

510,733

Phase

IIA

Assessment

Area

,

Special

Assessment

,

2022-2

,

5

%

,

5/01/32

.........

1,245,000

1,270,896

Phase

IIA

Assessment

Area

,

Special

Assessment

,

2022-2

,

5.5

%

,

5/01/42

........

2,500,000

2,533,451

Phase

IIA

Assessment

Area

,

Special

Assessment

,

2022-2

,

5.7

%

,

5/01/53

........

5,790,000

5,881,701

LTC

Ranch

West

Residential

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

B

,

3.25

%

,

5/01/31

...............

4,000,000

3,670,356

Assessment

Area

1

,

Special

Assessment

,

2021

A

,

3.125

%

,

5/01/31

............

700,000

637,193

Assessment

Area

1

,

Special

Assessment

,

2021

A

,

3.45

%

,

5/01/41

.............

1,250,000

1,010,447

Assessment

Area

Three

,

Special

Assessment

,

2024

AA-3

,

5.75

%

,

5/01/44

.......

1,250,000

1,244,190

Assessment

Area

Three

,

Special

Assessment

,

2024

AA-3

,

6.05

%

,

5/01/54

.......

1,375,000

1,367,432

Assessment

Area

Two

,

Special

Assessment

,

2024

AA-2

,

5.7

%

,

5/01/44

.........

300,000

298,601

Assessment

Area

Two

,

Special

Assessment

,

2024

AA-2

,

6

%

,

5/01/54

...........

305,000

303,316

d

Magnolia

Park

Community

Development

District

,

Special

Assessment

,

144A,

2020

,

Refunding

,

4

%

,

5/01/31

...................

250,000

253,407

Special

Assessment

,

144A,

2020

,

Refunding

,

4

%

,

5/01/39

...................

688,000

652,338

d

Mandarin

Grove

Community

Development

District

,

Special

Assessment

,

144A,

2022

,

6.625

%

,

5/01/53

...................................................

1,770,000

1,891,535

Mangrove

Point

&

Mangrove

Manor

,

Community

Development

District

,

Special

Assessment

,

2022

,

4

%

,

5/01/32

.......

345,000

335,976

Community

Development

District

,

Special

Assessment

,

2022

,

4.25

%

,

5/01/42

.....

1,130,000

1,022,231

d

,h

Marion

Ranch

Community

Development

District

,

Special

Assessment

,

144A,

2024

,

5.7

%

,

5/01/44

....................................................

695,000

695,785

Marshall

Creek

Community

Development

District

,

Special

Assessment

,

2015

A

,

Refunding

,

5

%

,

5/01/32

.............................................

1,475,000

1,480,992

Meadow

View

at

Twin

Creeks

Community

Development

District

,

Phase

3B

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

.......................

115,000

110,803

Phase

3B

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

........................

205,000

185,553

Phase

3B

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/41

......................

790,000

621,866

Phase

3B

,

Special

Assessment

,

2021

,

3.75

%

,

5/01/52

......................

625,000

483,152

Phase

4

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

..........................

225,000

203,656

Phase

4

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/41

.......................

1,155,000

909,183

Merrick

Square

Community

Development

District

,

Special

Assessment

,

2023

,

4.5

%

,

5/01/30

...............................

205,000

206,262

Special

Assessment

,

2023

,

5.4

%

,

5/01/43

...............................

725,000

739,344

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

.............................

1,000,000

1,021,013

Middleton

Community

Development

District

A

,

Phase

I

,

Special

Assessment

,

2022

,

6.2

%

,

5/01/53

....................................................

3,230,000

3,361,184

Mirada

Community

Development

District

,

Assessment

Area

4

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/32

...............................................

1,700,000

1,548,845

Mirada

II

Community

Development

District

,

2021

Project

Area

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

.................

205,000

197,377

2021

Project

Area

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

...............

645,000

574,692

2021

Project

Area

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

.................

2,080,000

1,698,423

2022

Project

Area

,

Special

Assessment

,

2022

,

5.125

%

,

5/01/32

...............

300,000

307,057

2022

Project

Area

,

Special

Assessment

,

2022

,

5.6

%

,

5/01/42

.................

910,000

932,131

2022

Project

Area

,

Special

Assessment

,

2022

,

5.75

%

,

5/01/53

................

1,670,000

1,704,105

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)

New

Port

Tampa

Bay

Community

Development

District

,

Special

Assessment

,

2021

,

2.875

%

,

5/01/26

.............................

$

180,000

$

174,644

Special

Assessment

,

2021

,

3.5

%

,

5/01/31

...............................

500,000

466,892

Special

Assessment

,

2021

,

3.875

%

,

5/01/41

.............................

1,250,000

1,070,055

North

AR-1

Pasco

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.625

%

,

5/01/26

..............

70,000

67,731

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

..............

275,000

251,539

Assessment

Area

2

,

Special

Assessment

,

2021

A

,

2.625

%

,

5/01/26

............

115,000

111,272

Assessment

Area

2

,

Special

Assessment

,

2021

A

,

3.25

%

,

5/01/31

.............

170,000

156,744

Assessment

Area

2

,

Special

Assessment

,

2021

A

,

3.55

%

,

5/01/41

.............

570,000

470,667

Assessment

Area

3

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/43

...............

790,000

804,903

Assessment

Area

3

,

Special

Assessment

,

2023

,

6

%

,

5/01/54

.................

1,160,000

1,180,037

Assessment

Area

4

,

Special

Assessment

,

2024

,

4.625

%

,

5/01/31

..............

270,000

269,375

Assessment

Area

4

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/44

...............

1,055,000

1,048,748

Assessment

Area

4

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

...............

1,100,000

1,089,567

Assessment

Area

Five

,

Special

Assessment

,

2024

A

,

4.875

%

,

5/01/31

..........

585,000

585,290

Assessment

Area

Five

,

Special

Assessment

,

2024

A

,

5.75

%

,

5/01/44

...........

1,500,000

1,502,259

Assessment

Area

Five

,

Special

Assessment

,

2024

A

,

6

%

,

5/01/54

.............

1,605,000

1,607,278

North

Loop

Community

Development

District

,

Special

Assessment

,

2023

,

6.375

%

,

5/01/43

.............................

525,000

558,058

Special

Assessment

,

2023

,

6.625

%

,

5/01/54

.............................

1,000,000

1,066,121

North

Park

Isle

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

2.45

%

,

11/01/26

..............

160,000

152,887

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

11/01/31

................

500,000

453,131

North

Powerline

Road

Community

Development

District

,

Special

Assessment

,

2020

,

3.125

%

,

5/01/30

.............................

490,000

453,244

Special

Assessment

,

2020

,

3.625

%

,

5/01/40

.............................

1,000,000

843,452

d

Special

Assessment

,

144A,

2022

,

5.25

%

,

5/01/32

.........................

205,000

206,363

d

Special

Assessment

,

144A,

2022

,

5.625

%

,

5/01/52

.........................

1,415,000

1,422,091

North

River

Ranch

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

A-1

,

3

%

,

5/01/25

...................

155,000

153,165

Assessments

,

Special

Assessment

,

2020

A-1

,

3.5

%

,

5/01/30

.................

855,000

807,384

Assessments

,

Special

Assessment

,

2020

A-1

,

4

%

,

5/01/40

...................

1,150,000

1,022,501

Assessments

,

Special

Assessment

,

2020

A-2

,

4.2

%

,

5/01/35

.................

765,000

728,840

North

River

Ranch

Improvement

Stewardship

District

,

Assessments

,

Special

Assessment

,

2023

A

,

6.7

%

,

5/01/55

...................

1,500,000

1,587,917

Assessments

,

Special

Assessment

,

2023

A-1

,

6

%

,

5/01/54

...................

4,955,000

4,998,891

Orange

Blossom

Groves

Community

Development

District

,

Special

Assessment

,

2023

,

4.25

%

,

6/15/30

..............................

485,000

487,992

Special

Assessment

,

2023

,

5.25

%

,

6/15/43

..............................

1,100,000

1,122,979

Special

Assessment

,

2023

,

5.375

%

,

6/15/53

.............................

1,375,000

1,395,111

d

Osceola

Village

Center

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

5/01/31

.........................

180,000

161,761

Special

Assessment

,

144A,

2021

,

3.3

%

,

5/01/41

..........................

370,000

294,403

Palermo

Community

Development

District

,

Special

Assessment

,

2023

,

5

%

,

6/15/43

.................................

1,945,000

1,946,363

Special

Assessment

,

2023

,

5.25

%

,

6/15/53

..............................

1,500,000

1,506,394

Palm

Beach

County

Health

Facilities

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

C

,

Refunding

,

7.5

%

,

5/15/53

........................................................

2,035,000

2,224,415

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

C

,

Refunding

,

7.625

%

,

5/15/58

.................................................

1,500,000

1,640,959

Palm

Coast

Park

Community

Development

District

,

Special

Assessment

,

2023

,

5.6

%

,

5/01/53

...............................

1,000,000

1,013,327

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)

Palm

Coast

Park

Community

Development

District,

(continued)

Spring

Lake

-

Tracts

2

&

3

,

Special

Assessment

,

2021

,

2.8

%

,

5/01/31

...........

$

350,000

$

312,804

Spring

Lake

-

Tracts

2

&

3

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

.........

730,000

565,113

Park

East

Community

Development

District

,

Special

Assessment

,

2021

,

3.15

%

,

11/01/41

........................................................

595,000

457,595

Parkland

Community

Development

District

,

Phase

1

,

Special

Assessment

,

2023

A-1

,

6.45

%

,

5/01/54

...................................................

2,445,000

2,484,159

Parkview

at

Long

Lake

Ranch

Community

Development

District

,

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

...............................................

955,000

815,323

Parrish

Lakes

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.4

%

,

5/01/53

................

1,605,000

1,593,301

Assessment

Area

2

,

Special

Assessment

,

2023

A

,

5.375

%

,

5/01/43

............

1,080,000

1,086,403

Assessment

Area

2

,

Special

Assessment

,

2023

A

,

5.625

%

,

5/01/53

............

1,535,000

1,548,962

Parrish

Plantation

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

135,000

130,349

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

..............

235,000

215,223

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

................

790,000

645,542

Assessment

Area

2

,

Special

Assessment

,

2022

,

4.75

%

,

5/01/32

...............

140,000

140,641

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.375

%

,

5/01/42

..............

500,000

503,014

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/52

................

800,000

803,730

Assessment

Area

Four

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/44

...........

250,000

250,945

Assessment

Area

Four

,

Special

Assessment

,

2024

,

5.875

%

,

5/01/54

...........

375,000

377,356

Assessment

Area

Three

,

Special

Assessment

,

2024

,

4.875

%

,

5/01/31

..........

300,000

300,358

Assessment

Area

Three

,

Special

Assessment

,

2024

,

5.8

%

,

5/01/44

............

500,000

505,225

Assessment

Area

Three

,

Special

Assessment

,

2024

,

6.05

%

,

5/01/54

...........

1,195,000

1,207,338

Peace

Creek

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.125

%

,

6/15/43

..............

1,450,000

1,469,330

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

6/15/53

..............

1,615,000

1,640,952

Peace

Creek

Village

Community

Development

District

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

...............................

1,100,000

1,103,365

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

..............................

910,000

906,079

d

Pine

Isle

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

12/15/26

........................

65,000

62,502

Special

Assessment

,

144A,

2021

,

3

%

,

12/15/31

...........................

225,000

212,736

Special

Assessment

,

144A,

2021

,

3.25

%

,

12/15/41

.........................

1,000,000

855,851

Special

Assessment

,

144A,

2021

,

4

%

,

12/15/51

...........................

1,200,000

1,050,841

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment

,

2020

A-2

,

Refunding

,

3.75

%

,

5/01/37

.......................................

700,000

656,151

Preserve

at

Savannah

Lakes

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/44

...............

135,000

135,517

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

...............

1,000,000

1,002,183

Preserve

at

South

Branch

Community

Development

District

,

Phase

3

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

..........................

150,000

142,500

Phase

3

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

........................

750,000

675,046

Prosperity

Lakes

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.875

%

,

12/15/43

.............

360,000

374,235

Assessment

Area

1

,

Special

Assessment

,

2023

,

6.125

%

,

12/15/53

.............

1,000,000

1,039,094

Quail

Roost

Community

Development

District

,

Expansion

Area

,

Special

Assessment

,

2021

,

2.2

%

,

12/15/26

.................

120,000

114,455

Expansion

Area

,

Special

Assessment

,

2021

,

2.7

%

,

12/15/31

.................

200,000

180,192

Expansion

Area

,

Special

Assessment

,

2021

,

3.125

%

,

12/15/41

................

990,000

776,844

Expansion

Area

,

Special

Assessment

,

2021

,

4

%

,

12/15/51

...................

2,360,000

1,981,227

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)

Ranches

at

Lake

Mcleod

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.5

%

,

6/15/53

...............................

$

730,000

$

739,833

Reserve

at

Van

Oaks

Community

Development

District

,

Special

Assessment

,

2023

,

5.125

%

,

5/01/43

.............................

285,000

288,136

Special

Assessment

,

2023

,

5.375

%

,

5/01/53

.............................

965,000

975,502

Reunion

East

Community

Development

District

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

...............................

210,000

202,541

Special

Assessment

,

2021

,

2.85

%

,

5/01/31

..............................

400,000

357,848

Special

Assessment

,

2021

,

3.15

%

,

5/01/41

..............................

1,455,000

1,162,766

Rhodine

Road

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

2.6

%

,

5/01/27

.................

80,000

76,971

Assessment

Area

,

Special

Assessment

,

2022

,

3

%

,

5/01/32

...................

190,000

176,240

Assessment

Area

,

Special

Assessment

,

2022

,

3.3

%

,

5/01/42

.................

490,000

400,278

Ridge

at

Apopka

Community

Development

District

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/52

...............................

2,150,000

2,119,706

Parcel

2

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/43

........................

310,000

313,465

Parcel

2

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

.......................

545,000

549,122

River

Glen

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

350,000

320,449

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

..............

1,000,000

831,084

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

A-2

,

Refunding

,

3

%

,

5/01/31

.......

1,000,000

909,473

Assessment

Area

,

Special

Assessment

,

2021

A-2

,

Refunding

,

3

%

,

5/01/36

.......

1,000,000

829,681

Assessment

Area

3

,

Special

Assessment

,

2020

A

,

3.625

%

,

5/01/40

............

1,030,000

866,752

Assessment

Area

4

,

Special

Assessment

,

2023

A

,

6.25

%

,

5/01/43

.............

500,000

524,867

Assessment

Area

4

,

Special

Assessment

,

2023

A

,

6.5

%

,

5/01/54

..............

1,300,000

1,363,854

River

Landing

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

A

,

3

%

,

5/01/25

....................

100,000

98,807

Assessments

,

Special

Assessment

,

2020

A

,

3.6

%

,

5/01/30

...................

475,000

450,740

Assessments

,

Special

Assessment

,

2020

A

,

4.125

%

,

5/01/40

.................

850,000

766,414

Assessments

,

Special

Assessment

,

2020

A

,

4.35

%

,

5/01/51

..................

1,100,000

948,198

Assessments

,

Special

Assessment

,

2020

B

,

4.25

%

,

11/01/35

.................

290,000

271,970

Assessments

,

Special

Assessment

,

2023

A

,

5.5

%

,

5/01/43

...................

750,000

766,919

Assessments

,

Special

Assessment

,

2023

A

,

5.75

%

,

5/01/53

..................

1,000,000

1,024,444

River

Place

on

the

St.

Lucie

Community

Development

District

,

Special

Assessment

,

2001

A

,

7.625

%

,

5/01/30

............................

810,000

798,725

f

Special

Assessment

,

2001

B

,

7.25

%

,

5/01/10

.............................

35,000

1,750

Rivers

Edge

II

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................................................

205,000

186,122

Rivers

Edge

III

Community

Development

District

,

d

Assessments

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/31

.................

300,000

272,091

d

Assessments

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

5/01/41

...............

775,000

632,062

Assessments

,

Special

Assessment

,

2024

,

5.95

%

,

5/01/55

...................

1,920,000

1,925,928

Rivington

Community

Development

District

,

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

..............................

1,685,000

1,445,686

Special

Assessment

,

2022

,

3.625

%

,

5/01/32

.............................

430,000

400,843

Rolling

Hills

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

A-1

,

4

%

,

5/01/52

...............

945,000

761,662

Assessment

Area

,

Special

Assessment

,

2022

A-2

,

Refunding

,

3.65

%

,

5/01/32

....

900,000

838,135

d

Rolling

Oaks

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

6.5

%

,

5/01/53

...........................................

1,500,000

1,562,636

Rustic

Oaks

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

3.2

%

,

5/01/32

....................

1,000,000

901,873

Assessments

,

Special

Assessment

,

2022

,

3.45

%

,

5/01/42

...................

2,000,000

1,611,852

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)

Rustic

Oaks

Community

Development

District,

(continued)

Assessments

,

Special

Assessment

,

2022

,

4

%

,

5/01/52

......................

$

1,450,000

$

1,160,076

Rye

Ranch

Community

Development

District

,

Pod

A

Assessment

Area

1

,

Special

Assessment

,

2023

,

6.5

%

,

5/01/43

...........

1,000,000

1,070,909

Pod

A

Assessment

Area

1

,

Special

Assessment

,

2023

,

6.625

%

,

5/01/54

.........

1,600,000

1,699,571

d

Pod

B

Assessment

Area

1

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

11/01/43

....

710,000

723,048

d

Pod

B

Assessment

Area

1

,

Special

Assessment

,

144A,

2023

,

6

%

,

11/01/53

......

215,000

219,634

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2020

,

3

%

,

6/15/30

.................

250,000

236,714

Assessment

Area

1

,

Special

Assessment

,

2020

,

4

%

,

6/15/40

.................

610,000

569,458

Assessment

Area

2

,

Special

Assessment

,

2022

,

3.1

%

,

12/15/32

...............

300,000

276,641

Assessment

Area

2

,

Special

Assessment

,

2022

,

3.35

%

,

12/15/41

..............

485,000

400,023

Saltleaf

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

,

4.75

%

,

5/01/31

...................

450,000

446,240

Assessments

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/44

..................

1,565,000

1,549,206

Assessments

,

Special

Assessment

,

2024

,

6

%

,

5/01/56

......................

3,000,000

2,995,992

Sanctuary

Cove

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.625

%

,

5/01/31

...............

190,000

172,634

Assessment

Area

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

...............

400,000

321,785

Assessment

Area

,

Special

Assessment

,

2021

,

4

%

,

5/01/52

...................

770,000

662,025

Sandmine

Road

Community

Development

District

,

d

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.125

%

,

5/01/30

.........

300,000

289,981

d

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.625

%

,

5/01/40

.........

1,040,000

971,081

d

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

5/01/50

..........

2,020,000

1,719,583

Assessment

Area

2

,

Special

Assessment

,

2021

,

2.3

%

,

11/01/26

...............

155,000

149,148

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

11/01/31

................

450,000

426,089

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.3

%

,

11/01/41

...............

1,180,000

1,016,741

Sandridge

Community

Development

District

,

Special

Assessment

,

2021

A-1

,

2.875

%

,

5/01/26

..........................

165,000

161,658

Special

Assessment

,

2021

A-1

,

3.4

%

,

5/01/31

............................

750,000

731,574

Special

Assessment

,

2021

A-1

,

3.875

%

,

5/01/41

..........................

730,000

666,260

Special

Assessment

,

2021

A-1

,

4

%

,

5/01/51

..............................

735,000

635,678

Special

Assessment

,

2024

,

5.8

%

,

5/01/54

...............................

1,000,000

1,005,704

Sarasota

National

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

,

Refunding

,

3.5

%

,

5/01/31

...........

1,490,000

1,472,834

Assessments

,

Special

Assessment

,

2020

,

Refunding

,

4

%

,

5/01/39

.............

2,210,000

2,161,319

d

Savanna

Lakes

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2023

,

5.125

%

,

6/15/43

.........

395,000

398,546

Assessment

Area

1

,

Special

Assessment

,

144A,

2023

,

5.375

%

,

6/15/53

.........

1,065,000

1,075,219

Sawgrass

Village

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

4.875

%

,

5/01/30

..............

515,000

518,512

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/43

................

1,500,000

1,513,579

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

...............

1,595,000

1,608,172

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.125

%

,

11/01/43

.............

1,000,000

1,042,107

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.375

%

,

11/01/53

.............

1,000,000

1,041,619

d

Assessment

Area

Three

,

Special

Assessment

,

144A,

2024

,

4.7

%

,

5/01/31

.......

260,000

259,352

d

Assessment

Area

Three

,

Special

Assessment

,

144A,

2024

,

5.55

%

,

5/01/44

......

700,000

696,854

d

Assessment

Area

Three

,

Special

Assessment

,

144A,

2024

,

5.875

%

,

5/01/54

.....

1,180,000

1,178,276

Sawyers

Landing

Community

Development

District

,

Special

Assessment

,

2021

,

3.75

%

,

5/01/31

..............................

1,400,000

1,287,181

Special

Assessment

,

2021

,

4.125

%

,

5/01/41

.............................

3,055,000

2,525,414

Scenic

Highway

Community

Development

District

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/30

..............................

470,000

454,284

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

..............................

1,230,000

1,113,864

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)

Scenic

Terrace

North

Community

Development

District

,

2023

Assessment

Area

,

Special

Assessment

,

2023

,

5.875

%

,

5/01/43

...........

$

2,155,000

$

2,199,036

2023

Assessment

Area

,

Special

Assessment

,

2023

,

6.125

%

,

5/01/54

...........

1,875,000

1,919,441

Scenic

Terrace

South

Community

Development

District

,

Special

Assessment

,

2022

,

3.75

%

,

5/01/27

..............................

310,000

304,535

Special

Assessment

,

2022

,

4.125

%

,

5/01/32

.............................

610,000

592,738

d

Seaton

Creek

Reserve

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

6/15/53

................................

980,000

993,200

Sedona

Point

Community

Development

District

,

Special

Assessment

,

2023

,

4.125

%

,

6/15/30

.............................

75,000

74,996

Special

Assessment

,

2023

,

5

%

,

6/15/43

.................................

705,000

709,618

d

Seminole

County

Industrial

Development

Authority

,

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

4

%

,

6/15/36

.....

310,000

287,525

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

4

%

,

6/15/41

.....

425,000

366,524

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

4

%

,

6/15/51

.....

830,000

660,773

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

4

%

,

6/15/56

.....

705,000

545,657

Seminole

Palms

Community

Development

District

,

Special

Assessment

,

2023

,

4.75

%

,

5/01/30

..............................

290,000

291,491

Special

Assessment

,

2023

,

5.5

%

,

5/01/43

...............................

990,000

1,007,385

Special

Assessment

,

2023

,

5.7

%

,

5/01/53

...............................

1,000,000

1,015,287

Sherwood

Manor

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/43

................

1,695,000

1,733,238

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

..............

1,570,000

1,596,863

Shingle

Creek

at

Bronson

Community

Development

District

,

Special

Assessment

,

2021

,

3.1

%

,

6/15/31

...............................

375,000

356,475

Special

Assessment

,

2021

,

3.5

%

,

6/15/41

...............................

1,000,000

884,035

Silver

Oaks

Community

Development

District

,

Special

Assessment

,

2024

,

5.55

%

,

5/01/44

..............................

1,000,000

1,003,056

Special

Assessment

,

2024

,

5.85

%

,

5/01/54

..............................

1,475,000

1,479,450

Silver

Palms

West

Community

Development

District

,

Special

Assessment

,

2022

,

2.6

%

,

6/15/27

...............................

330,000

313,031

Special

Assessment

,

2022

,

3

%

,

6/15/32

.................................

765,000

691,238

Special

Assessment

,

2022

,

3.25

%

,

6/15/42

..............................

1,750,000

1,466,374

Silverlake

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

245,000

248,978

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/53

................

985,000

994,294

Six

Mile

Creek

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2020

,

Refunding

,

3.125

%

,

11/01/25

....

150,000

148,269

Assessment

Area

2

,

Special

Assessment

,

2020

,

Refunding

,

3.625

%

,

11/01/31

....

495,000

493,554

Assessment

Area

2

,

Special

Assessment

,

2020

,

Refunding

,

4.125

%

,

11/01/40

....

1,370,000

1,310,788

Assessment

Area

2

,

Special

Assessment

,

2020

,

Refunding

,

4.25

%

,

11/01/50

.....

2,285,000

2,075,640

Assessment

Area

2

,

Special

Assessment

,

2021

,

Refunding

,

2.5

%

,

5/01/26

.......

120,000

116,097

Assessment

Area

2

,

Special

Assessment

,

2021

,

Refunding

,

3.1

%

,

5/01/31

.......

250,000

228,857

Assessment

Area

2

,

Special

Assessment

,

2021

,

Refunding

,

3.4

%

,

5/01/41

.......

750,000

608,132

Assessment

Area

3

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

145,000

140,420

Assessment

Area

3

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

520,000

473,546

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.4

%

,

5/01/41

................

805,000

652,728

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

................

1,585,000

1,301,985

Assessments

,

Special

Assessment

,

2023

,

Refunding

,

4.75

%

,

5/01/30

...........

495,000

498,200

Assessments

,

Special

Assessment

,

2023

,

Refunding

,

5.5

%

,

5/01/43

...........

1,200,000

1,224,497

Assessments

,

Special

Assessment

,

2023

,

Refunding

,

5.7

%

,

5/01/54

...........

1,500,000

1,527,170

Solaeris

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.2

%

,

5/01/31

................

175,000

175,384

Assessment

Area

1

,

Special

Assessment

,

2024

,

6

%

,

5/01/44

.................

1,000,000

1,005,869

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)

Solaeris

Community

Development

District,

(continued)

Assessment

Area

1

,

Special

Assessment

,

2024

,

6.25

%

,

5/01/55

...............

$

2,535,000

$

2,531,375

d

Somerset

Bay

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

5/01/44

.........

920,000

910,402

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.9

%

,

5/01/54

...........

1,075,000

1,061,830

Somerset

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

Refunding

,

4

%

,

5/01/32

.............

750,000

718,492

Assessments

,

Special

Assessment

,

2022

,

Refunding

,

4.2

%

,

5/01/37

...........

1,000,000

930,847

Sorrento

Pines

Community

Development

District

,

Assessment

Area

1

,

Revenue

,

2023

,

5.25

%

,

5/01/43

.......................

445,000

449,711

Assessment

Area

1

,

Revenue

,

2023

,

5.5

%

,

5/01/53

........................

500,000

505,941

South

Creek

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.875

%

,

6/15/31

..............

175,000

162,015

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.25

%

,

6/15/41

...............

500,000

409,999

Southern

Groves

Community

Development

District

No.

5

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

.................

215,000

208,170

Assessment

Area

,

Special

Assessment

,

2021

,

2.8

%

,

5/01/31

.................

400,000

372,240

Assessment

Area

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

...............

1,100,000

939,821

Assessment

Area

,

Special

Assessment

,

2022-1

,

6

%

,

5/01/49

.................

1,105,000

1,159,059

Assessment

Area

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/44

................

1,000,000

999,999

Assessment

Area

,

Special

Assessment

,

2024

,

5.7

%

,

5/01/50

.................

1,035,000

1,034,992

Stellar

North

Community

Development

District

,

Special

Assessment

,

2021

,

2.45

%

,

5/01/26

..............................

75,000

72,225

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................................

235,000

212,578

Special

Assessment

,

2021

,

3.2

%

,

5/01/41

...............................

820,000

639,562

d

Stillwater

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

6/15/26

.........................

230,000

220,913

Special

Assessment

,

144A,

2021

,

3

%

,

6/15/31

............................

325,000

294,068

Special

Assessment

,

144A,

2021

,

3.5

%

,

6/15/41

..........................

1,290,000

1,056,633

Stonegate

Preserve

Community

Development

District

,

Special

Assessment

,

2023

,

5.875

%

,

12/15/43

.............................

700,000

726,616

Special

Assessment

,

2023

,

6.125

%

,

12/15/53

.............................

1,250,000

1,295,134

d

Stonewater

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2021

,

3

%

,

11/01/32

................

250,000

221,707

Assessments

,

Special

Assessment

,

144A,

2021

,

3.3

%

,

11/01/41

..............

635,000

506,641

Stoneybrook

North

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2022

,

Refunding

,

6.375

%

,

11/01/52

..........................

1,835,000

1,967,352

Stoneybrook

South

at

Championsgate

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

4.5

%

,

6/15/30

.................

110,000

111,908

Assessment

Area

,

Special

Assessment

,

2023

,

5.375

%

,

6/15/43

...............

395,000

411,770

Assessment

Area

,

Special

Assessment

,

2023

,

5.5

%

,

6/15/53

.................

390,000

404,946

d

Fox

South

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3

%

,

12/15/30

....

500,000

476,940

d

Fox

South

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.5

%

,

12/15/40

...

1,000,000

901,609

d

Fox

South

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

12/15/50

..

1,500,000

1,258,436

Storey

Creek

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2022

,

5

%

,

6/15/32

.................

240,000

246,707

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.2

%

,

6/15/42

................

625,000

627,430

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.375

%

,

6/15/52

..............

1,000,000

1,002,240

Assessment

Area

3

,

Special

Assessment

,

2024

,

4.45

%

,

6/15/31

...............

265,000

266,611

Assessment

Area

3

,

Special

Assessment

,

2024

,

5.25

%

,

6/15/44

...............

655,000

661,602

Assessment

Area

3

,

Special

Assessment

,

2024

,

5.5

%

,

6/15/54

................

800,000

803,652

Storey

Drive

Community

Development

District

,

Special

Assessment

,

2022

,

2.55

%

,

6/15/27

..............................

165,000

156,778

Special

Assessment

,

2022

,

3

%

,

6/15/32

.................................

375,000

335,897

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)

Storey

Drive

Community

Development

District,

(continued)

Special

Assessment

,

2022

,

3.25

%

,

6/15/42

..............................

$

900,000

$

710,613

d

Storey

Park

Community

Development

District

,

Assessment

Area

4

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

6/15/31

.........

230,000

216,317

Assessment

Area

4

,

Special

Assessment

,

144A,

2021

,

3.3

%

,

6/15/41

...........

620,000

542,924

Summer

Woods

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

150,000

140,931

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.4

%

,

5/01/41

................

395,000

333,138

Assessment

Area

3

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

100,000

96,585

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.15

%

,

5/01/31

...............

200,000

183,103

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.45

%

,

5/01/41

...............

725,000

589,076

Summerstone

Community

Development

District

,

Assessment

Phase

1

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/30

.............

165,000

160,317

Assessment

Phase

1

,

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

.............

700,000

643,028

Assessment

Phase

1

,

Special

Assessment

,

2020

,

4

%

,

5/01/51

................

910,000

796,881

d

Assessment

Phase

2

,

Special

Assessment

,

144A,

2021

,

2.75

%

,

5/01/31

........

175,000

164,050

d

Assessment

Phase

2

,

Special

Assessment

,

144A,

2021

,

3.15

%

,

5/01/41

........

700,000

599,240

d

Assessment

Phase

2

,

Special

Assessment

,

144A,

2021

,

4

%

,

5/01/51

...........

1,750,000

1,532,463

Summit

View

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/44

..............

1,025,000

1,015,362

Assessment

Area

2

,

Special

Assessment

,

2024

,

6

%

,

5/01/54

.................

1,300,000

1,285,840

Sunbridge

Stewardship

District

,

Assessment

Del

Webb

Phase

1/2

Assessment

Area

,

Special

Assessment

,

2022

,

5

%

,

5/01/32

........................................................

350,000

357,280

Assessment

Del

Webb

Phase

1/2

Assessment

Area

,

Special

Assessment

,

2022

,

5.4

%

,

5/01/42

...................................................

920,000

935,343

Assessment

Del

Webb

Phase

1/2

Assessment

Area

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/52

...................................................

1,725,000

1,742,501

Assessment

Weslyn

Park

Assessment

Area

,

Special

Assessment

,

2022

,

4.2

%

,

5/01/27

........................................................

245,000

243,271

Assessment

Weslyn

Park

Assessment

Area

,

Special

Assessment

,

2022

,

4.6

%

,

5/01/32

........................................................

460,000

458,173

Assessment

Weslyn

Park

Assessment

Area

,

Special

Assessment

,

2022

,

5.2

%

,

5/01/42

........................................................

1,000,000

1,001,050

Tamarindo

Community

Development

District

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................................

185,000

167,629

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

.............................

820,000

664,253

Tern

Bay

Community

Development

District

,

Special

Assessment

,

2022

,

3.4

%

,

6/15/32

...............................

1,650,000

1,526,515

Special

Assessment

,

2022

,

4

%

,

6/15/42

.................................

3,600,000

3,175,383

Three

Rivers

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

Refunding

,

5.75

%

,

5/01/53

......................................

3,700,000

3,735,709

Timber

Creek

Southwest

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

2.35

%

,

12/15/26

..............

245,000

233,529

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

12/15/31

................

750,000

673,449

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.3

%

,

12/15/41

...............

2,175,000

1,726,431

Tohoqua

Community

Development

District

,

Phase

2

,

Special

Assessment

,

2021

,

2.875

%

,

5/01/31

......................

215,000

199,652

Phase

2

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

......................

810,000

675,663

Tolomato

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

B

,

Refunding

,

3

%

,

5/01/32

........

1,500,000

1,358,825

Assessment

Area

,

Special

Assessment

,

2022

C

,

Refunding

,

3.2

%

,

5/01/32

.......

1,500,000

1,375,212

Assessment

Area

1

,

Special

Assessment

,

2022-1

,

3.3

%

,

5/01/32

..............

515,000

475,557

Assessment

Area

2

,

Special

Assessment

,

2022-2

,

3.3

%

,

5/01/32

..............

195,000

180,065

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)

d

Towne

Park

Community

Development

District

,

Assessment

Area

3D

,

Special

Assessment

,

144A,

2020

,

3.125

%

,

5/01/30

........

$

410,000

$

387,130

Assessment

Area

3D

,

Special

Assessment

,

144A,

2020

,

3.625

%

,

5/01/40

........

1,075,000

940,997

Assessment

Area

3D

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/51

...........

1,000,000

852,912

d

Towns

at

Woodsdale

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2023

,

6.125

%

,

11/01/43

.............

325,000

339,263

Assessments

,

Special

Assessment

,

144A,

2023

,

6.375

%

,

11/01/53

.............

1,325,000

1,387,401

Tradition

Community

Development

District

No.

9

,

Assessments

,

Special

Assessment

,

2021

,

2.3

%

,

5/01/26

....................

200,000

192,484

Assessments

,

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

....................

445,000

394,445

d

Trevesta

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

5/01/30

..........

235,000

227,120

Assessment

Area

2

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

5/01/40

..........

880,000

799,012

Triple

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

3

%

,

11/01/31

..................

250,000

225,426

Assessment

Area

,

Special

Assessment

,

2021

,

3.5

%

,

11/01/41

................

740,000

609,028

d

Villages

Q

&

R

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

11/01/26

.......................................................

110,000

104,864

d

Villages

Q

&

R

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

11/01/31

.......................................................

450,000

402,336

d

Villages

Q

&

R

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

11/01/41

.......................................................

1,190,000

928,058

Tuckers

Pointe

Community

Development

District

,

Master

Infrastructure

Project

,

Special

Assessment

,

2022

,

3.625

%

,

5/01/32

.......

4,500,000

4,188,963

Phase

1

Project

,

Special

Assessment

,

2022

,

3

%

,

5/01/27

....................

195,000

187,303

Phase

1

Project

,

Special

Assessment

,

2022

,

3.375

%

,

5/01/32

................

565,000

518,137

Phase

1

Project

,

Special

Assessment

,

2022

,

4

%

,

5/01/42

....................

1,505,000

1,315,263

Twisted

Oaks

Pointe

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

740,000

743,864

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

..............

500,000

503,628

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.875

%

,

5/01/43

..............

500,000

512,894

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.125

%

,

5/01/54

..............

500,000

512,759

Assessment

Area

Three

,

Special

Assessment

,

2024

,

4.8

%

,

5/01/31

............

345,000

344,384

Assessment

Area

Three

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/44

..........

1,000,000

998,755

Assessment

Area

Three

,

Special

Assessment

,

2024

,

6

%

,

5/01/55

..............

1,400,000

1,397,953

Two

Rivers

East

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

4.875

%

,

5/01/30

..............

180,000

181,250

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/43

...............

2,000,000

2,041,803

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.875

%

,

5/01/53

..............

3,465,000

3,513,948

Two

Rivers

North

Community

Development

District

,

Special

Assessment

,

2022

,

4.625

%

,

5/01/27

.............................

60,000

59,933

Special

Assessment

,

2022

,

4.875

%

,

5/01/32

.............................

380,000

382,392

Two

Rivers

West

Community

Development

District

,

Special

Assessment

,

2022

,

6

%

,

5/01/43

.................................

1,055,000

1,088,707

Special

Assessment

,

2022

,

6.25

%

,

5/01/53

..............................

1,405,000

1,450,197

Special

Assessment

,

2023

,

6

%

,

11/01/43

................................

1,455,000

1,498,217

Special

Assessment

,

2023

,

6.125

%

,

11/01/53

.............................

2,145,000

2,196,434

d

Special

Assessment

,

144A,

2024

,

5.625

%

,

5/01/44

.........................

405,000

400,264

d

Union

Park

East

Community

Development

District

,

Assessment

Area

3

,

Special

Assessment

,

144A,

2021

,

2.95

%

,

5/01/31

..........

65,000

58,602

Assessment

Area

3

,

Special

Assessment

,

144A,

2021

,

3.35

%

,

5/01/41

..........

160,000

127,584

Varrea

South

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.125

%

,

5/01/43

...............

1,075,000

1,085,288

Assessment

Area

,

Special

Assessment

,

2023

,

5.4

%

,

5/01/53

.................

1,320,000

1,337,632

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)

V-Dana

Community

Development

District

,

d

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.5

%

,

5/01/31

...........

$

375,000

$

351,608

d

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/40

............

1,775,000

1,581,338

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

..............

400,000

367,652

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.625

%

,

5/01/41

..............

1,250,000

1,056,301

Assessment

Area

2

,

Special

Assessment

,

2023

,

4.3

%

,

5/01/30

................

900,000

904,093

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.25

%

,

5/01/43

...............

1,900,000

1,926,909

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/54

................

2,505,000

2,534,766

Veranda

Community

Development

District

II

,

Assessment

Area

3

,

Special

Assessment

,

2024

,

Refunding

,

5.125

%

,

5/01/44

.....

1,685,000

1,690,805

Assessment

Area

3

,

Special

Assessment

,

2024

,

Refunding

,

5.375

%

,

5/01/54

.....

3,485,000

3,472,864

d

Assessment

Area

4

,

Special

Assessment

,

144A,

2021

,

Refunding

,

2.5

%

,

5/01/26

..

105,000

101,321

d

Assessment

Area

4

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.1

%

,

5/01/31

..

290,000

264,265

d

Assessment

Area

4

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.6

%

,

5/01/41

..

600,000

500,013

d

Assessment

Area

5

,

Special

Assessment

,

144A,

2021

,

Refunding

,

2.5

%

,

5/01/26

..

50,000

48,248

d

Assessment

Area

5

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.1

%

,

5/01/31

..

65,000

59,232

d

Assessment

Area

5

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.6

%

,

5/01/41

..

275,000

229,173

Assessment

Area

5

Phase

2

,

Special

Assessment

,

2024

,

Refunding

,

5.375

%

,

5/01/44

........................................................

1,145,000

1,152,908

Assessment

Area

5

Phase

2

,

Special

Assessment

,

2024

,

Refunding

,

5.625

%

,

5/01/54

........................................................

500,000

500,535

Verano

No.

2

Community

Development

District

,

Pod

D

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

..........................

1,630,000

1,628,199

Pod

D

,

Special

Assessment

,

2024

,

5.8

%

,

5/01/54

..........................

1,910,000

1,907,190

Verano

No.

3

Community

Development

District

,

Phase

1

Assessment

Area

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

.........

750,000

607,790

Phase

2

Assessment

Area

,

Special

Assessment

,

2022

,

6.45

%

,

11/01/42

.........

1,000,000

1,055,650

Phase

2

Assessment

Area

,

Special

Assessment

,

2022

,

6.625

%

,

11/01/52

........

1,475,000

1,560,527

Verano

No.

4

Community

Development

District

,

Astor

Creek

Phase

1

Assessment

Area

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

1,020,000

1,039,837

Astor

Creek

Phase

1

Assessment

Area

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

250,000

255,609

Viera

Stewardship

District

,

Assessments

,

Special

Assessment

,

2021

,

2.3

%

,

5/01/26

....................

400,000

384,463

Assessments

,

Special

Assessment

,

2021

,

2.8

%

,

5/01/31

....................

800,000

712,041

Assessments

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

..................

1,750,000

1,364,803

Assessments

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/54

....................

2,500,000

2,524,720

Village

Community

Development

District

No.

13

,

Phase

III

,

Special

Assessment

,

2021

,

2.85

%

,

5/01/36

.......................

1,645,000

1,404,410

Phase

III

,

Special

Assessment

,

2021

,

3

%

,

5/01/41

.........................

2,440,000

1,961,215

Phase

III

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/52

.......................

5,200,000

3,912,353

Village

Community

Development

District

No.

14

,

Phase

I

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/53

....................................................

11,700,000

12,078,634

Villages

of

Glen

Creek

Community

Development

District

,

Assessment

Area

3

,

Special

Assessment

,

2022

,

Refunding

,

3.15

%

,

5/01/32

......

210,000

190,122

Assessment

Area

3

,

Special

Assessment

,

2022

,

Refunding

,

3.45

%

,

5/01/42

......

550,000

439,792

Assessment

Area

3

,

Special

Assessment

,

2022

,

Refunding

,

4

%

,

5/01/52

........

1,205,000

977,204

Assessment

Area

4

,

Special

Assessment

,

2022

A

,

4.625

%

,

5/01/27

............

100,000

100,034

Assessment

Area

4

,

Special

Assessment

,

2022

A

,

4.875

%

,

5/01/32

............

250,000

252,720

Assessment

Area

4

,

Special

Assessment

,

2022

A

,

5.125

%

,

5/01/42

............

710,000

710,234

Villamar

Community

Development

District

,

Special

Assessment

,

2020

,

3.2

%

,

5/01/30

...............................

240,000

230,956

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

..............................

655,000

592,647

Assessment

Area

5

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/43

..............

440,000

451,157

Assessment

Area

5

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

...............

1,310,000

1,328,147

Assessment

Area

6

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

................

670,000

678,705

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

84

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Villamar

Community

Development

District,

(continued)

Assessment

Area

6

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

...............

$

480,000

$

483,938

Phase

4

Project

,

Special

Assessment

,

2022

,

3.25

%

,

5/01/27

.................

110,000

106,624

Phase

4

Project

,

Special

Assessment

,

2022

,

3.625

%

,

5/01/32

................

250,000

232,485

Phase

4

Project

,

Special

Assessment

,

2022

,

4

%

,

5/01/42

....................

670,000

580,113

Waterford

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

395,000

399,600

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.6

%

,

5/01/53

................

750,000

759,401

Waterset

South

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

6.1

%

,

5/01/53

....................

665,000

690,095

Assessments

,

Special

Assessment

,

2024

,

5.65

%

,

5/01/54

...................

1,680,000

1,701,679

Wellness

Ridge

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.125

%

,

6/15/43

..............

1,410,000

1,426,747

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

6/15/53

..............

1,340,000

1,359,599

West

Hillcrest

Community

Development

District

,

Special

Assessment

,

2023

,

5.25

%

,

6/15/43

.........................................................

825,000

839,229

West

Port

Community

Development

District

,

Assessment

Area

1

2021

Project

Area

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

..

100,000

96,333

Assessment

Area

1

2021

Project

Area

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

...

570,000

516,560

Assessment

Area

1

2021

Project

Area

,

Special

Assessment

,

2021

,

3.4

%

,

5/01/41

..

1,470,000

1,183,273

d

Assessment

Area

2

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

5/01/31

..........

410,000

376,282

d

Assessment

Area

2

,

Special

Assessment

,

144A,

2020

,

3.625

%

,

5/01/41

.........

1,085,000

896,962

West

Villages

Improvement

District

,

Unit

of

Development

No.

10

Assessment

Area

One

,

Special

Assessment

,

2024

,

4.5

%

,

5/01/31

...................................................

585,000

581,548

Unit

of

Development

No.

10

Assessment

Area

One

,

Special

Assessment

,

2024

,

5.375

%

,

5/01/44

.................................................

935,000

925,375

Unit

of

Development

No.

10

Assessment

Area

One

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/54

.................................................

1,000,000

980,792

Unit

of

Development

No.

7

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

..........

105,000

101,384

Unit

of

Development

No.

7

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

........

200,000

183,161

Unit

of

Development

No.

7

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

..........

800,000

655,772

Unit

of

Development

No.

7

,

Special

Assessment

,

2023

,

6

%

,

5/01/43

............

245,000

256,921

Unit

of

Development

No.

7

,

Special

Assessment

,

2023

,

6.25

%

,

5/01/54

.........

585,000

613,667

Unit

of

Development

No.

8

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

..........

80,000

77,245

Unit

of

Development

No.

8

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

........

525,000

479,335

Unit

of

Development

No.

8

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

..........

1,000,000

819,715

Unit

of

Development

No.

8

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/53

..........

1,905,000

1,927,956

Unit

of

Development

No.

9

,

Special

Assessment

,

2023

,

4.625

%

,

5/01/30

........

240,000

242,139

Unit

of

Development

No.

9

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

........

1,500,000

1,530,248

Unit

of

Development

No.

9

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

........

2,005,000

2,046,755

Westside

Haines

City

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

130,000

125,273

Assessment

Area

1

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

350,000

314,851

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/41

...............

1,000,000

782,121

Assessment

Area

Two

,

Special

Assessment

,

2024

,

4.875

%

,

5/01/31

............

565,000

564,841

Assessment

Area

Two

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/44

.............

1,920,000

1,920,058

Assessment

Area

Two

,

Special

Assessment

,

2024

,

6

%

,

5/01/54

...............

2,685,000

2,684,918

Westview

North

Community

Development

District

,

Special

Assessment

,

2022

,

5.75

%

,

6/15/42

..............................

1,000,000

1,030,426

Special

Assessment

,

2022

,

6

%

,

6/15/52

.................................

1,250,000

1,286,846

Westview

South

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

4.875

%

,

5/01/28

..............

515,000

517,040

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

2,185,000

2,199,544

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.6

%

,

5/01/53

................

3,795,000

3,822,670

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

85

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Westview

South

Community

Development

District,

(continued)

Assessment

Area

2

,

Special

Assessment

,

2023

,

4.75

%

,

5/01/28

...............

$

185,000

$

185,424

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

1,250,000

1,262,713

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

..............

1,000,000

1,012,875

Westwood

of

Pasco

Community

Development

District

,

Assessments

,

Special

Assessment

,

2023

,

5.4

%

,

5/01/43

....................

500,000

506,679

Assessments

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

..................

145,000

146,866

Whispering

Pines

Community

Development

District

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

.............................

500,000

511,161

Special

Assessment

,

2023

,

5.5

%

,

5/01/53

...............................

930,000

943,687

Willowbrook

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/44

..............

630,000

623,909

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.9

%

,

5/01/55

................

820,000

810,027

Willows

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2022

,

4.7

%

,

5/01/29

................

285,000

287,816

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.625

%

,

5/01/42

..............

1,440,000

1,485,329

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.75

%

,

5/01/52

...............

1,200,000

1,232,882

Wind

Meadows

South

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

................

115,000

110,782

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.95

%

,

5/01/31

...............

250,000

225,353

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.35

%

,

5/01/41

...............

940,000

754,136

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

920,000

933,286

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

..............

980,000

995,728

Windsor

Cay

Community

Development

District

,

Assessment

Area

One

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/44

............

1,000,000

996,440

Assessment

Area

One

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

............

765,000

763,869

Windward

Community

Development

District

,

Special

Assessment

,

2020

A-1

,

3.65

%

,

5/01/30

.........................................................

130,000

123,694

Wiregrass

II

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2020

,

3.125

%

,

5/01/30

..............

645,000

596,460

Assessment

Area

1

,

Special

Assessment

,

2020

,

3.7

%

,

5/01/40

................

1,680,000

1,431,944

Zephyr

Lakes

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

90,000

86,846

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

150,000

135,605

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

..............

660,000

530,706

Assessment

Area

2

,

Special

Assessment

,

2021

,

4

%

,

5/01/51

.................

935,000

758,231

822,708,608

Georgia

0.9%

d

Development

Authority

of

Cobb

County

(The)

,

Presbyterian

Village

Austell,

Inc.

,

Revenue

,

144A,

2019

A

,

Refunding

,

5

%

,

12/01/39

1,825,000

1,534,942

Presbyterian

Village

Austell,

Inc.

,

Revenue

,

144A,

2019

A

,

Refunding

,

5

%

,

12/01/49

10,760,000

8,186,633

d

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

B

,

4.5

%

,

12/01/36

................................

10,835,000

9,394,465

Forsyth

County

Hospital

Authority

,

Georgia

Baptist

Healthcare

System

Obligated

Group

,

Revenue

,

1998

,

ETM,

6.375

%

,

10/01/28

...........................

4,610,000

4,918,365

d

George

L

Smith

II

Congress

Center

Authority

,

Signia

Hotel

Management

LLC

,

Revenue,

Second

Tier

,

144A,

2021

B

,

5

%

,

1/01/36

2,500,000

2,447,686

Signia

Hotel

Management

LLC

,

Revenue,

Second

Tier

,

144A,

2021

B

,

5

%

,

1/01/54

7,500,000

6,684,231

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2007

A

,

5.5

%

,

9/15/27

......................................

4,000,000

4,099,183

Revenue

,

2007

A

,

5.5

%

,

9/15/28

......................................

5,000,000

5,158,111

42,423,616

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)

Idaho

0.3%

Idaho

Housing

&

Finance

Association

,

Revenue

,

2010

A

,

7

%

,

2/01/36

............

$

13,305,000

$

13,327,431

Illinois

1.4%

Illinois

Finance

Authority

,

d

DePaul

College

Prep

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.5

%

,

8/01/43

........

500,000

531,378

d

DePaul

College

Prep

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.625

%

,

8/01/53

......

2,055,000

2,148,325

d

McKinley

Foundation

at

University

of

Illinois

(The)

,

Revenue

,

144A,

2021

A

,

Refunding

,

5.125

%

,

11/01/55

.......................................

13,560,000

11,458,563

d

McKinley

Foundation

at

University

of

Illinois

(The)

,

Revenue

,

144A,

2021

B

,

7

%

,

11/01/37

.......................................................

3,685,000

3,560,883

Plymouth

Place

Obligated

Group

,

Revenue

,

2022

A

,

6.75

%

,

5/15/58

...........

3,000,000

3,109,122

Westminster

Village,

Inc.

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

5/01/48

........................................................

10,000,000

8,971,866

Westminster

Village,

Inc.

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.5

%

,

5/01/53

........................................................

10,810,000

9,744,328

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

1996

,

ETM,

7

%

,

7/01/26

.....................................

3,020,000

3,116,228

Revenue

,

2010

B-1

,

Refunding

,

AGMC

Insured

,

Zero

Cpn.,

6/15/45

............

18,100,000

6,604,877

State

of

Illinois

,

GO

,

2022

C

,

5.5

%

,

10/01/44

...............................

4,645,000

5,059,771

d

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group

,

Revenue

,

144A,

2020

C

,

Refunding

,

5

%

,

12/01/50

.......

10,750,000

8,820,012

d

Village

of

Lincolnwood

,

North

Lincoln

Redevelopment

Project

Area

,

COP

,

144A,

2021

A

,

4.82

%

,

1/01/41

.................................................

1,535,000

1,386,325

Village

of

Villa

Park

,

Garden

Station

Redevelopment

Area

,

Tax

Allocation

,

2021

,

Zero

Cpn.,

12/31/38

....................................................

1,815,000

1,427,336

65,939,014

Indiana

0.4%

d

City

of

Anderson

,

Sweet

Galilee

at

the

Wigwam

LLC

,

Revenue

,

144A,

2020

A

,

5.375

%

,

1/01/40

.........................................................

2,740,000

2,225,222

d

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

A

,

5

%

,

8/01/41

..

4,065,000

3,319,463

d

City

of

Jeffersonville

,

Vivera

Senior

Living

of

Columbus

LLC

,

Revenue

,

144A,

2020

A

,

5.25

%

,

11/01/40

...................................................

4,500,000

3,621,917

d

City

of

Valparaiso

,

Green

Oaks

of

Valparaiso

LLC

,

Revenue

,

144A,

2021

,

5.375

%

,

12/01/41

........................................................

3,650,000

2,871,183

Indiana

Finance

Authority

,

University

of

Evansville

,

Revenue

,

2022

B

,

7

%

,

9/01/32

..

4,000,000

3,778,496

d

Indiana

Housing

&

Community

Development

Authority

,

Vita

of

Marion

LLC

,

Revenue

,

144A,

2021

A

,

5.25

%

,

4/01/41

........................................

4,750,000

3,830,494

19,646,775

Iowa

0.2%

Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

5/15/48

....

2,090,000

1,845,448

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6.75

%

,

5/15/33

........................................................

1,000,000

1,098,450

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

7.25

%

,

5/15/38

........................................................

1,500,000

1,676,415

Northcrest

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

3/01/48

..................

7,500,000

6,505,299

11,125,612

Kansas

0.0%

†

Wyandotte

County-Kansas

City

Unified

Government

,

Revenue

,

2018

,

4.5

%

,

6/01/40

.

1,420,000

1,353,691

Kentucky

0.7%

Kentucky

Public

Transportation

Infrastructure

Authority

,

Revenue,

First

Tier

,

2013

C

,

6.6

%

,

7/01/39

...............................

10,000,000

11,530,890

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

87

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Kentucky

(continued)

Kentucky

Public

Transportation

Infrastructure

Authority,

(continued)

Revenue,

First

Tier

,

2013

C

,

6.75

%

,

7/01/43

..............................

$

5,000,000

$

5,732,673

d

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

19,650,000

14,673,292

31,936,855

Louisiana

1.5%

Juban

Trails

Community

Development

District

,

Special

Assessment

,

2022

,

3.375

%

,

6/01/27

.............................

100,000

93,840

Special

Assessment

,

2022

,

4.25

%

,

6/01/51

..............................

1,235,000

1,019,526

Lakeshore

Villages

Master

Community

Development

District

,

Special

Assessment

,

2021

,

2.375

%

,

6/01/26

.............................

280,000

265,729

Special

Assessment

,

2021

,

2.875

%

,

6/01/31

.............................

695,000

598,589

Special

Assessment

,

2021

,

3.2

%

,

6/01/41

...............................

2,730,000

2,134,786

Special

Assessment

,

2021

,

4

%

,

6/01/51

.................................

2,035,000

1,623,351

Special

Assessment

,

2022

,

5.375

%

,

6/01/42

.............................

730,000

724,925

Special

Assessment

,

2022

,

5.5

%

,

6/01/52

...............................

1,425,000

1,421,790

d

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

GOMESA

,

Revenue

,

144A,

2018

,

5.375

%

,

11/01/38

........................

1,825,000

1,906,720

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.

,

Revenue

,

144A,

2020

A

,

Refunding

,

4

%

,

12/01/40

...........................................

2,970,000

2,519,535

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.

,

Revenue

,

144A,

2020

A

,

Refunding

,

4.25

%

,

12/01/50

........................................

5,665,000

4,583,245

Parish

of

Jefferson

,

Revenue

,

144A,

2019

,

4

%

,

11/01/44

....................

2,550,000

2,286,319

Parish

of

Lafourche

,

Revenue

,

144A,

2019

,

3.95

%

,

11/01/43

.................

4,032,776

3,626,490

Parish

of

St.

John

the

Baptist

,

Revenue

,

144A,

2019

,

3.9

%

,

11/01/44

...........

2,105,000

1,860,136

Parish

of

St.

Martin

,

Revenue

,

144A,

2019

,

4.4

%

,

11/01/44

...................

5,510,000

5,329,481

Parish

of

Vermilion

,

Revenue

,

144A,

2019

,

4.625

%

,

11/01/38

.................

1,640,000

1,664,443

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2021

C

,

5.5

%

,

10/01/61

.

6,300,000

5,077,536

Terrebonne

Parish

Consolidated

Government

,

Revenue

,

144A,

2018

,

5.5

%

,

11/01/39

1,490,000

1,558,041

d

Louisiana

Public

Facilities

Authority

,

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

A-1

,

5.375

%

,

1/01/40

5,000,000

4,919,528

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

A-1

,

5.5

%

,

1/01/50

.

4,500,000

4,303,623

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

A-2

,

7

%

,

1/01/57

...

10,000,000

9,474,165

Parish

of

Beauregard

,

OfficeMax,

Inc.

,

Revenue

,

2002

,

Refunding

,

6.8

%

,

2/01/27

...

13,990,000

14,016,774

St.

Tammany

Parish

Finance

Authority

,

Christwood

Obligated

Group

,

Revenue

,

2014

,

Refunding

,

5.25

%

,

11/15/29

.......

1,200,000

1,194,354

Christwood

Obligated

Group

,

Revenue

,

2014

,

Refunding

,

5.25

%

,

11/15/37

.......

1,650,000

1,567,475

73,770,401

Maryland

0.2%

County

of

Frederick

,

Oakdale-Lake

Linganore

Development

District

,

Special

Tax

,

2019

,

Refunding

,

3.25

%

,

7/01/29

........................................................

750,000

686,928

Oakdale-Lake

Linganore

Development

District

,

Special

Tax

,

2019

,

Refunding

,

3.75

%

,

7/01/39

........................................................

1,410,000

1,213,191

Urbana

Community

Development

Authority

,

Special

Tax

,

2020

B

,

Refunding

,

4

%

,

7/01/40

........................................................

335,000

301,001

d

Town

of

La

Plata

,

Heritage

Green

Special

Taxing

District

,

Special

Tax

,

144A,

2023

A

,

6.5

%

,

2/15/53

....................................................

8,500,000

8,478,301

10,679,421

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)

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

$

15,013

City

of

Ecorse

,

GO

,

2011

,

6.5

%

,

11/01/35

.................................

1,115,000

1,116,596

Kalamazoo

Economic

Development

Corp.

,

d

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

8/15/31

....................................................

800,000

765,416

d

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

8/15/51

....................................................

3,015,000

2,399,201

Heritage

Community

of

Kalamazoo

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

5/15/43

1,120,000

987,256

Heritage

Community

of

Kalamazoo

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

5/15/55

8,860,000

7,289,217

d

Michigan

Finance

Authority

,

Revenue

,

144A,

2014

,

6.75

%

,

7/01/44

..................................

1,695,000

1,656,498

Revenue

,

144A,

2014

,

Pre-Refunded

,

6.75

%

,

7/01/44

......................

2,110,000

2,113,538

Thomas

M

Cooley

Law

School

,

Revenue

,

144A,

2014

,

Refunding

,

6

%

,

7/01/24

...

700,000

699,631

d

Michigan

Strategic

Fund

,

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

8/15/31

....................................................

690,000

660,172

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

8/15/41

....................................................

895,000

771,248

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

8/15/51

....................................................

1,380,000

1,098,141

Michigan

Tobacco

Settlement

Finance

Authority

,

Michigan

Finance

Authority

Tobacco

Settlement

,

Revenue

,

2007

B

,

Zero

Cpn.,

6/01/52

.........................

26,990,000

3,299,708

22,871,635

Minnesota

0.1%

City

of

Minneapolis

,

Ecumen

Mill

City

Quarter

LLC

,

Revenue

,

2015

,

5.25

%

,

11/01/45

..............

2,800,000

2,511,290

Ecumen

Mill

City

Quarter

LLC

,

Revenue

,

2015

,

5.375

%

,

11/01/50

..............

1,000,000

899,371

d

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue

,

144A,

2022

B

,

6.25

%

,

8/01/37

.............................................

1,300,000

1,255,101

4,665,762

Mississippi

0.5%

d

Mississippi

Development

Bank

,

Magnolia

Regional

Health

Center

,

Revenue

,

144A,

2021

,

Refunding

,

4

%

,

10/01/34

900,000

796,423

Magnolia

Regional

Health

Center

,

Revenue

,

144A,

2021

,

Refunding

,

4

%

,

10/01/35

800,000

706,929

Magnolia

Regional

Health

Center

,

Revenue

,

144A,

2021

,

Refunding

,

4

%

,

10/01/36

850,000

745,240

Magnolia

Regional

Health

Center

,

Revenue

,

144A,

2021

,

Refunding

,

4

%

,

10/01/41

3,000,000

2,412,753

Mississippi

Home

Corp.

,

d

Revenue

,

144A,

2023

A-2

,

12

%

,

12/01/33

...............................

875,000

832,078

d

Revenue

,

144A,

2023

B-2

,

8

%

,

12/01/38

................................

4,390,000

4,057,169

d

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2021

A-5

,

4.5

%

,

6/01/62

.

7,000,000

5,183,735

d

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2021

C-5

,

5.1

%

,

6/01/62

8,000,000

6,065,872

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group

,

Revenue

,

2021

D-8

,

4.65

%

,

6/01/62

..................................................

5,515,000

4,203,288

25,003,487

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)

Missouri

0.3%

Cape

Girardeau

County

Industrial

Development

Authority

,

Mercy

Health

,

Revenue

,

2016

A

,

Refunding

,

6

%

,

3/01/33

.......................................

$

3,580,000

$

3,655,669

City

of

Maryland

Heights

,

Westport

Plaza

Redevelopment

Area

,

Tax

Allocation

,

2020

,

4.125

%

,

11/01/38

..................................................

2,500,000

2,393,610

Kirkwood

Industrial

Development

Authority

,

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25

%

,

5/15/42

...................................

1,000,000

858,243

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25

%

,

5/15/50

...................................

3,500,000

2,803,293

Stoddard

County

Industrial

Development

Authority

,

Mercy

Health

,

Revenue

,

2016

B

,

Refunding

,

6

%

,

3/01/37

.............................................

3,450,000

3,525,030

13,235,845

Nevada

0.7%

City

of

Henderson

,

Local

Improvement

District

No.

T-16

,

Special

Assessment

,

2005

,

5.125

%

,

3/01/25

.

300,000

298,216

Local

Improvement

District

No.

T-18

,

Special

Assessment

,

2016

,

Refunding

,

4

%

,

9/01/32

........................................................

1,700,000

1,586,442

City

of

Las

Vegas

,

Special

Improvement

District

No.

610

,

Special

Assessment

,

2018

,

5

%

,

6/01/48

....

7,490,000

7,419,017

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

4

%

,

6/01/33

....

180,000

161,560

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

4

%

,

6/01/34

....

185,000

164,285

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

4

%

,

6/01/35

....

185,000

162,593

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

4

%

,

6/01/40

....

440,000

371,831

Special

Improvement

District

No.

612

Skye

Hills

,

Special

Assessment

,

2020

,

3.5

%

,

6/01/35

........................................................

200,000

163,255

Special

Improvement

District

No.

612

Skye

Hills

,

Special

Assessment

,

2020

,

4

%

,

6/01/50

........................................................

975,000

747,329

Special

Improvement

District

No.

812

,

Special

Assessment

,

2015

,

5

%

,

12/01/30

...

1,520,000

1,515,107

Special

Improvement

District

No.

812

,

Special

Assessment

,

2015

,

5

%

,

12/01/35

...

960,000

957,935

Special

Improvement

District

No.

814

,

Special

Assessment

,

2019

,

4

%

,

6/01/39

....

430,000

377,370

Special

Improvement

District

No.

814

,

Special

Assessment

,

2019

,

4

%

,

6/01/44

....

700,000

574,946

Special

Improvement

District

No.

815

,

Special

Assessment

,

2020

,

4.75

%

,

12/01/40

980,000

907,263

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

2.75

%

,

6/01/33

.

520,000

414,595

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

2.75

%

,

6/01/36

.

825,000

619,891

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

3

%

,

6/01/41

....

640,000

464,834

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

3.125

%

,

6/01/51

1,415,000

935,157

d

City

of

North

Las

Vegas

,

Special

Improvement

District

No.

66

,

Special

Assessment

,

144A,

2022

,

5.75

%

,

6/01/47

........................................................

1,600,000

1,568,966

Special

Improvement

District

No.

66

,

Special

Assessment

,

144A,

2022

,

6

%

,

6/01/52

1,800,000

1,807,257

d

City

of

Reno

,

Sales

Tax

,

Revenue

,

144A,

2018

C

,

Refunding

,

Zero

Cpn.,

7/01/58

....

14,500,000

1,864,126

County

of

Clark

,

Special

Improvement

District

No.

128

,

Special

Assessment

,

2001-2007

,

5

%

,

2/01/26

535,000

535,308

Special

Improvement

District

No.

128

,

Special

Assessment

,

2001-2007

,

5.05

%

,

2/01/31

........................................................

980,000

980,247

Special

Improvement

District

No.

159

,

Special

Assessment

,

2015

,

5

%

,

8/01/35

....

2,005,000

2,010,490

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

256,651

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch

,

Special

Assessment

,

2022

,

3.5

%

,

9/01/45

..............................

750,000

571,666

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch

,

Special

Assessment

,

2022

,

4

%

,

9/01/51

...............................

500,000

413,563

Local

Improvement

District

No.

T-22

,

Special

Assessment

,

2023

,

5

%

,

3/01/38

.....

775,000

768,556

Local

Improvement

District

No.

T-22

,

Special

Assessment

,

2023

,

5

%

,

3/01/43

.....

1,000,000

950,043

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

90

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Nevada

(continued)

Henderson

Local

Improvement

Districts,

(continued)

Local

Improvement

District

No.

T-22

,

Special

Assessment

,

2023

,

5.25

%

,

3/01/48

..

$

1,000,000

$

958,004

Local

Improvement

District

No.

T-22

,

Special

Assessment

,

2023

,

5.25

%

,

3/01/53

..

300,000

284,257

d

,f

State

of

Nevada

Department

of

Business

&

Industry

,

Fulcrum

Sierra

Biofuels

LLC

,

Revenue

,

144A,

2017

,

5.875

%

,

12/15/27

..........

8,179,605

1,635,921

Fulcrum

Sierra

Biofuels

LLC

,

Revenue

,

144A,

2017

,

6.25

%

,

12/15/37

...........

9,000,000

1,800,000

34,246,681

New

Hampshire

0.2%

New

Hampshire

Business

Finance

Authority

,

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

3.75

%

,

8/15/30

...............

100,000

94,575

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

4.125

%

,

8/15/40

..............

2,545,000

2,229,962

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

4.25

%

,

8/15/46

...............

2,860,000

2,407,935

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

4.5

%

,

8/15/55

................

5,940,000

5,004,024

9,736,496

New

Jersey

1.4%

New

Jersey

Economic

Development

Authority

,

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

5

%

,

7/01/47

..........

2,200,000

2,115,447

United

Airlines,

Inc.

,

Revenue

,

2003

,

5.5

%

,

6/01/33

........................

8,480,000

8,531,461

d,f

White

Horse

HMT

Urban

Renewal

LLC

,

Revenue

,

144A,

2020

,

5

%

,

1/01/40

......

3,000,000

2,053,762

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2008

A

,

Zero

Cpn.,

12/15/38

........................................................

46,750,000

24,929,363

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

6/01/46

.............................

7,000,000

7,210,602

Revenue

,

2018

B

,

Refunding

,

5

%

,

6/01/46

...............................

20,000,000

20,136,332

64,976,967

New

Mexico

0.0%

†

Lower

Petroglyphs

Public

Improvement

District

,

Special

Tax

,

2018

,

Refunding

,

5

%

,

10/01/33

..............................

500,000

476,974

Special

Tax

,

2018

,

Refunding

,

5

%

,

10/01/38

..............................

450,000

419,266

Special

Tax

,

2018

,

Refunding

,

5

%

,

10/01/48

..............................

1,205,000

1,089,107

1,985,347

New

York

3.1%

Metropolitan

Transportation

Authority

,

Revenue

,

2016

A-1

,

5.25

%

,

11/15/56

...................................

4,765,000

4,834,173

Revenue

,

2020

C-1

,

4.75

%

,

11/15/45

...................................

13,220,000

13,454,970

Revenue

,

2020

C-1

,

5

%

,

11/15/50

.....................................

10,000,000

10,304,358

Revenue

,

2020

C-1

,

5.25

%

,

11/15/55

...................................

29,500,000

30,407,756

Revenue

,

2020

D

,

4

%

,

11/15/50

.......................................

11,500,000

10,595,060

New

York

Liberty

Development

Corp.

,

d

3

World

Trade

Center

LLC

,

Revenue

,

144A,

2014

,

2

,

Refunding

,

5.375

%

,

11/15/40

.

7,500,000

7,529,211

Goldman

Sachs

Headquarters

LLC

,

Revenue

,

2005

,

Refunding

,

5.25

%

,

10/01/35

..

23,000,000

26,128,106

New

York

Transportation

Development

Corp.

,

American

Airlines,

Inc.

,

Revenue

,

2020

,

Refunding

,

5.375

%

,

8/01/36

...........

5,000,000

5,280,618

Laguardia

Gateway

Partners

LLC

,

Revenue

,

2016

A

,

5

%

,

7/01/46

.............

13,505,000

13,441,628

d

Rockland

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

144A,

2005

A

,

Zero

Cpn.,

8/15/45

.........................................................

57,000,000

16,701,598

Suffolk

Regional

Off-Track

Betting

Co.

,

Revenue

,

2024

,

5.75

%

,

12/01/44

......................................

5,000,000

5,170,201

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

91

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Suffolk

Regional

Off-Track

Betting

Co.,

(continued)

Revenue

,

2024

,

6

%

,

12/01/53

........................................

$

7,175,000

$

7,426,500

151,274,179

North

Dakota

0.1%

County

of

Burleigh

,

University

of

Mary

,

Revenue

,

2016

,

5.1

%

,

4/15/36

.........................

3,550,000

3,554,782

University

of

Mary

,

Revenue

,

2016

,

5.2

%

,

4/15/46

.........................

3,130,000

2,999,665

d

,f

County

of

Grand

Forks

,

Red

River

Biorefinery

LLC

,

Revenue

,

144A,

2021

A

,

6.625

%

,

12/15/31

..........

2,875,000

86,250

Red

River

Biorefinery

LLC

,

Revenue

,

144A,

2021

A

,

7

%

,

12/15/43

.............

14,000,000

420,000

7,060,697

Ohio

3.2%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

B-2

,

2

,

Refunding

,

5

%

,

6/01/55

.............................................

34,050,000

30,510,141

City

of

Centerville

,

Graceworks

Lutheran

Services

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/01/50

..........................................

5,000,000

4,463,484

Cleveland-Cuyahoga

County

Port

Authority

,

d

Flats

East

Bank

TIF

District

,

Tax

Allocation

,

144A,

2021

B

,

Refunding

,

4.5

%

,

12/01/55

1,500,000

1,232,235

d

Flats

East

Bank

TIF

District

,

Tax

Allocation,

Senior

Lien

,

144A,

2021

A

,

Refunding

,

4

%

,

12/01/55

...................................................

1,150,000

910,348

Playhouse

Square

Foundation

,

Revenue

,

2018

,

Refunding

,

5.25

%

,

12/01/38

.....

700,000

710,338

Playhouse

Square

Foundation

,

Revenue

,

2018

,

Refunding

,

5.5

%

,

12/01/43

......

700,000

709,436

County

of

Fairfield

,

Fairfield

Medical

Center

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

5

%

,

6/15/43

.............................................

10,000,000

8,519,777

County

of

Franklin

,

Wesley

Communities

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5.25

%

,

11/15/40

2,910,000

2,813,482

Wesley

Communities

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5.25

%

,

11/15/55

8,800,000

7,792,180

County

of

Washington

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

6.625

%

,

12/01/42

................................................

10,000,000

10,807,508

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

6.75

%

,

12/01/52

.......................................................

17,000,000

18,276,425

Ohio

Higher

Educational

Facility

Commission

,

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/42

...........

1,360,000

1,304,534

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/45

...........

1,205,000

1,132,461

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/50

...........

2,570,000

2,348,214

Ohio

Housing

Finance

Agency

,

Revenue

,

2023

C

,

8

%

,

8/01/34

........................................

1,000,000

1,025,839

d

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

C

,

8

%

,

9/01/39

..............

1,400,000

1,454,149

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

Junior

Lien

,

2013

A-4

,

5.75

%

,

2/15/35

.........................................................

35,000,000

40,061,896

Southeastern

Ohio

Port

Authority

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

12/01/35

.......................................................

1,000,000

923,296

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

12/01/43

.......................................................

1,000,000

862,179

d

State

of

Ohio

,

Aultman

Health

Foundation

Obligated

Group

,

Revenue

,

144A,

2018

,

Refunding

,

5

%

,

12/01/38

.......................................................

5,000,000

4,685,581

Aultman

Health

Foundation

Obligated

Group

,

Revenue

,

144A,

2018

,

Refunding

,

5

%

,

12/01/48

.......................................................

15,195,000

13,455,168

153,998,671

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)

Oklahoma

0.2%

Tulsa

County

Industrial

Authority

,

Montereau

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/15/37

.......

$

1,000,000

$

1,006,545

Montereau

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/15/45

.......

6,500,000

6,425,622

7,432,167

Oregon

0.3%

Clackamas

County

Hospital

Facility

Authority

,

Rose

Villa,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5.125

%

,

11/15/40

.

500,000

485,120

Rose

Villa,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5.25

%

,

11/15/50

..

1,250,000

1,157,550

Rose

Villa,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5.375

%

,

11/15/55

.

1,500,000

1,393,961

Polk

County

Hospital

Facility

Authority

,

Dallas

Mennonite

Retirement

Community

Obligated

Group

,

Revenue

,

2020

A

,

5.125

%

,

7/01/55

.......................

3,500,000

3,057,436

Yamhill

County

Hospital

Authority

,

Friendsview

Manor

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

11/15/51

..

4,325,000

3,411,731

Friendsview

Manor

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

11/15/56

..

6,115,000

4,700,304

14,206,102

Pennsylvania

2.0%

d

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Center

City

Investment

Corp.

,

Revenue

,

144A,

2018

,

5.375

%

,

5/01/42

..........

5,000,000

4,850,859

Center

City

Investment

Corp.

,

Revenue

,

144A,

2022

,

5.25

%

,

5/01/42

...........

6,070,000

5,870,489

Berks

County

Industrial

Development

Authority

,

Tower

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

11/01/29

........

460,000

251,673

Tower

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

11/01/31

........

5,000,000

2,662,184

Tower

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

11/01/32

........

2,845,000

1,509,648

Tower

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

11/01/34

........

1,735,000

906,352

Tower

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

11/01/39

........

455,000

233,840

Tower

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

11/01/47

........

4,725,000

2,391,604

Tower

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

11/01/50

........

1,135,000

573,529

Tower

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

11/01/50

........

1,000,000

506,021

Berks

County

Municipal

Authority

(The)

,

Tower

Health

Obligated

Group

,

Revenue

,

2012

A

,

5

%

,

11/01/40

...............

1,300,000

668,406

Tower

Health

Obligated

Group

,

Revenue

,

2012

A

,

4.25

%

,

11/01/41

.............

235,000

120,726

Tower

Health

Obligated

Group

,

Revenue

,

2012

A

,

5

%

,

11/01/44

...............

1,100,000

562,420

d

Chester

County

Industrial

Development

Authority

,

Borough

of

Phoenixville

Steelpointe

Neighborhood

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4.75

%

,

3/01/50

..............................

4,220,000

3,477,950

Woodlands

at

Greystone

Neighborhood

Improvement

District

,

Special

Assessment

,

144A,

2018

,

5

%

,

3/01/38

...........................................

325,000

312,046

Woodlands

at

Greystone

Neighborhood

Improvement

District

,

Special

Assessment

,

144A,

2018

,

5.125

%

,

3/01/48

.......................................

900,000

827,516

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2019

,

Refunding

,

5

%

,

5/01/48

......................................................

4,000,000

3,495,891

d

Erie

County

Industrial

Development

Authority

,

CFC

-

Erie

I

LLC

,

Revenue

,

144A,

2024

B

,

7.25

%

,

3/01/50

.................................................

4,495,000

4,101,540

Franklin

County

Industrial

Development

Authority

,

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

12/01/38

...

1,000,000

947,623

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

12/01/43

...

1,200,000

1,082,295

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

12/01/48

...

4,600,000

3,981,790

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

12/01/53

...

3,050,000

2,564,356

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2019

,

5

%

,

12/01/54

............

1,000,000

836,519

Lancaster

County

Hospital

Authority

,

Brethren

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.125

%

,

7/01/37

...

1,000,000

961,702

Brethren

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

7/01/41

....

3,500,000

3,322,012

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)

Pennsylvania

(continued)

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School

,

Revenue

,

2021

A

,

4

%

,

5/01/31

............

$

665,000

$

622,079

Seven

Generations

Charter

School

,

Revenue

,

2021

A

,

4

%

,

5/01/51

............

2,385,000

1,756,946

Pennsylvania

Turnpike

Commission

,

Revenue

,

B-2

,

Zero

Cpn.,

12/01/37

....................................

20,000,000

18,884,800

Revenue

,

B-2

,

Zero

Cpn.,

12/01/40

....................................

25,075,000

23,119,233

Philadelphia

Authority

for

Industrial

Development

,

Evangelical

Services

for

the

Aging

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

7/01/49

......................

3,000,000

2,449,911

93,851,960

South

Carolina

1.4%

County

of

Dorchester

,

Summers

Corner

Improvement

District

,

Special

Assessment

,

2023

,

5.5

%

,

10/01/51

...............................................

2,110,000

2,016,927

d

Greenville

Housing

Authority

,

Revenue

,

144A,

2023

B

,

8.375

%

,

5/01/47

..........

10,600,000

10,787,947

South

Carolina

Jobs-Economic

Development

Authority

,

d

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

14,400,000

11,070,330

d

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-2

,

Zero

Cpn.,

6/01/52

25,550,000

18,188,708

d

FAH

Pelham

LLC

,

Revenue

,

144A,

2023

B

,

II

,

7.5

%

,

8/01/47

.................

9,565,000

9,378,475

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group

,

Revenue

,

2017

,

5

%

,

4/01/52

........................................................

1,750,000

1,462,986

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

4/01/48

............................................

3,500,000

2,996,339

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

4/01/53

.........................................

11,000,000

9,524,442

65,426,154

South

Dakota

0.2%

City

of

Sioux

Falls

,

Dow

Rummel

Village

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/46

...............

7,110,000

6,038,032

Dow

Rummel

Village

,

Revenue

,

2017

,

5

%

,

11/01/42

........................

2,000,000

1,766,606

7,804,638

Tennessee

1.4%

d

Cleveland

Housing

Authority

,

Cleveland

Forward

Phase

One

LLC

,

Revenue

,

144A,

2022

B

,

6.25

%

,

4/01/41

....

1,000,000

988,560

Cleveland

Forward

Phase

Two

LLC

,

Revenue

,

144A,

2022

B

,

6.25

%

,

4/01/41

....

1,000,000

988,559

Johnson

City

Health

&

Educational

Facilities

Board

,

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

7/01/27

...................................................

19,365,000

16,955,959

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

7/01/28

...................................................

19,400,000

16,266,324

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

7/01/29

...................................................

19,365,000

15,556,478

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

7/01/30

...................................................

19,370,000

14,883,228

65,639,108

Texas

10.6%

Cedar

Bayou

Navigation

District

,

Special

Assessment

,

2020

,

6

%

,

9/15/51

.........

7,500,000

6,081,126

Central

Texas

Regional

Mobility

Authority

,

Revenue

,

2010

,

Zero

Cpn.,

1/01/35

....................................

3,000,000

1,928,695

Revenue

,

2010

,

Zero

Cpn.,

1/01/37

....................................

2,500,000

1,436,958

Revenue

,

2010

,

Zero

Cpn.,

1/01/38

....................................

2,405,000

1,305,267

Revenue

,

2010

,

Zero

Cpn.,

1/01/39

....................................

2,545,000

1,295,888

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)

d

City

of

Anna

,

Hurricane

Creek

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

5.75

%

,

9/01/42

..............................

$

972,000

$

970,838

Hurricane

Creek

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/01/52

................................

1,907,000

1,910,422

Sherley

Tract

Public

Improvement

District

No.

2

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

9/15/31

..............................

300,000

262,686

Sherley

Tract

Public

Improvement

District

No.

2

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/15/41

................................

867,000

740,772

Sherley

Tract

Public

Improvement

District

No.

2

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.5

%

,

9/15/31

...............................

157,000

145,304

Sherley

Tract

Public

Improvement

District

No.

2

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5

%

,

9/15/51

................................

503,000

464,101

Woods

at

Lindsey

Place

(The)

Public

Improvement

District

Area

1

,

Special

Assessment

,

144A,

2023

,

5.625

%

,

9/15/43

.............................

751,000

750,234

Woods

at

Lindsey

Place

(The)

Public

Improvement

District

Area

1

,

Special

Assessment

,

144A,

2023

,

5.875

%

,

9/15/53

.............................

1,075,000

1,080,961

d

City

of

Aubrey

,

Aubrey

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2023

,

5.875

%

,

9/01/43

........................................................

1,075,000

1,077,007

Aubrey

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2023

,

6

%

,

9/01/53

........................................................

1,600,000

1,604,645

Jackson

Ridge

Public

Improvement

District

Phase

No.

3B

,

Special

Assessment

,

144A,

2022

,

5.25

%

,

9/01/32

........................................

852,000

854,448

Jackson

Ridge

Public

Improvement

District

Phase

No.

3B

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/01/45

...........................................

1,803,000

1,826,246

d

City

of

Boyd

,

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.125

%

,

9/15/43

.......................................

690,000

689,524

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/15/53

.........................................

1,408,000

1,409,625

City

of

Celina

,

d

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/01/44

..........................

470,000

467,593

d

Special

Assessment

,

144A,

2024

,

5.75

%

,

9/01/54

.........................

1,300,000

1,302,354

d

Chalk

Hill

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/01/43

..................................................

767,000

755,416

d

Chalk

Hill

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2023

,

6

%

,

9/01/53

........................................................

1,764,000

1,749,814

d

Creeks

of

Legacy

Public

Improvement

District

Phase

No.

3

,

Special

Assessment

,

144A,

2020

,

4.25

%

,

9/01/40

........................................

230,000

202,724

d

Cross

Creek

Meadows

Public

Improvement

District

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

4.5

%

,

9/01/30

.........................................

586,000

571,726

d

Cross

Creek

Meadows

Public

Improvement

District

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.375

%

,

9/01/43

.......................................

1,624,000

1,597,812

d

Cross

Creek

Meadows

Public

Improvement

District

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/53

.........................................

1,741,000

1,701,676

d

Cross

Creek

Meadows

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

5

%

,

9/01/30

..........................

431,000

421,103

d

Cross

Creek

Meadows

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

6.125

%

,

9/01/53

.......................

1,549,000

1,548,150

d

Edgewood

Creek

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4.75

%

,

9/01/31

..................................................

195,000

186,283

d

Edgewood

Creek

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

5.25

%

,

9/01/41

..................................................

370,000

357,218

d

Edgewood

Creek

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

5.5

%

,

9/01/50

...................................................

500,000

486,959

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)

d

Edgewood

Creek

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2021

,

4.25

%

,

9/01/41

........................................

$

500,000

$

435,289

d

Hillside

Village

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

2.75

%

,

9/01/27

........................................................

245,000

219,221

d

Hillside

Village

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.125

%

,

9/01/32

.................................................

231,000

189,420

d

Hillside

Village

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.375

%

,

9/01/42

.................................................

866,000

638,626

d

Mosaic

Public

Improvement

District

Phase

1

,

Special

Assessment

,

144A,

2023

,

4.375

%

,

9/01/30

.................................................

405,000

393,504

d

Mosaic

Public

Improvement

District

Phase

1

,

Special

Assessment

,

144A,

2023

,

5.125

%

,

9/01/43

.................................................

1,225,000

1,166,410

d

Mosaic

Public

Improvement

District

Phase

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/53

...................................................

1,851,000

1,796,325

North

Sky

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

2023

,

4.375

%

,

9/01/30

............................................

440,000

429,358

North

Sky

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

2023

,

5.375

%

,

9/01/43

............................................

812,000

797,961

North

Sky

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

2023

,

5.625

%

,

9/01/52

............................................

1,005,000

995,717

d

North

Sky

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

4.875

%

,

9/01/30

.......................................

228,000

223,159

d

North

Sky

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

6.125

%

,

9/01/52

.......................................

999,000

987,586

d

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/01/26

..........

245,000

235,991

d

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/01/31

...........

473,000

438,387

d

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

1,770,703

d

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2021

,

2.75

%

,

9/01/26

..............................

145,000

137,161

d

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2021

,

3.25

%

,

9/01/31

..............................

150,000

132,729

d

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/01/41

...............................

1,205,000

979,107

d

Pravin

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

6.5

%

,

9/01/43

1,500,000

1,483,393

d

Pravin

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

6.75

%

,

9/01/53

2,000,000

1,990,060

d

Sutton

Fields

East

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2022

,

3.25

%

,

9/01/27

........................................

227,000

207,144

d

Sutton

Fields

East

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2022

,

3.625

%

,

9/01/32

.......................................

336,000

290,279

d

Sutton

Fields

East

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2022

,

4

%

,

9/01/43

...........................................

1,009,000

839,968

d

Sutton

Fields

East

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2022

,

4.125

%

,

9/01/51

.......................................

1,033,000

828,331

d

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2020

,

4.125

%

,

9/01/50

.......................

1,791,000

1,446,271

d

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5

,

Special

Assessment

,

144A,

2022

,

2.875

%

,

9/01/27

.......................

92,000

83,409

d

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5

,

Special

Assessment

,

144A,

2022

,

3.25

%

,

9/01/32

........................

250,000

210,535

d

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5

,

Special

Assessment

,

144A,

2022

,

3.5

%

,

9/01/42

.........................

1,175,000

895,180

d

Ten

Mile

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

4.75

%

,

9/01/30

..............................

491,000

482,977

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

96

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

City

of

Celina,

(continued)

d

Ten

Mile

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/42

...............................

$

1,169,000

$

1,160,945

d

Ten

Mile

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/01/52

..............................

1,494,000

1,494,865

d

Ten

Mile

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/30

...............................

234,000

230,259

d

Ten

Mile

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

6.25

%

,

9/01/42

..............................

801,000

795,759

d

Ten

Mile

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

6.5

%

,

9/01/52

...............................

1,300,000

1,300,688

d

Wells

North

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

9/01/40

........................................................

425,000

347,262

d

Wells

North

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/01/50

........................................................

498,000

403,025

d

Wells

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.125

%

,

9/01/30

........................................................

150,000

134,565

d

Wells

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/01/40

........................................................

350,000

301,821

d

Wells

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/01/50

........................................................

965,000

768,303

d

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2021

,

3

%

,

9/01/31

..........................

158,000

136,233

d

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/01/41

.......................

379,000

298,516

d

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

9/01/42

.........................

490,000

487,179

d

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5

,

Special

Assessment

,

144A,

2022

,

5.625

%

,

9/01/52

.......................

1,314,000

1,298,223

d

City

of

Crandall

,

Cartwright

Ranch

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/15/31

................................

409,000

379,865

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.75

%

,

9/15/31

..............................

161,000

153,488

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5

%

,

9/15/41

................................

1,144,000

1,081,147

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.25

%

,

9/15/51

..............................

750,000

708,141

River

Ridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

9/15/32

...............................

528,000

538,557

River

Ridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

6.125

%

,

9/15/52

.............................

5,000,000

5,137,846

River

Ridge

Public

Improvement

District

Single-Family

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.125

%

,

9/15/32

.......................

256,000

257,482

River

Ridge

Public

Improvement

District

Single-Family

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.75

%

,

9/15/52

........................

1,750,000

1,823,917

d

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue

,

144A,

2022

B

,

Zero

Cpn.,

12/01/62

....................................................

173,445,000

12,368,554

d

City

of

Dayton

,

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment,

Junior

Lien

,

144A,

2022

B

,

5.75

%

,

9/01/52

...................

1,444,000

1,341,357

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment,

Senior

Lien

,

144A,

2022

A

,

4.875

%

,

9/01/32

..................

269,000

267,132

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment,

Senior

Lien

,

144A,

2022

A

,

5.125

%

,

9/01/42

..................

764,000

745,827

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment,

Junior

Lien

,

144A,

2024

B

,

6.25

%

,

9/01/54

...................

1,225,000

1,181,313

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

97

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

d

City

of

Dayton,

(continued)

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.375

%

,

9/01/44

..................

$

608,000

$

577,278

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.75

%

,

9/01/54

...................

866,000

831,135

d

City

of

Decatur

,

Vista

Park

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6.875

%

,

9/15/54

.........................

2,160,000

2,182,460

d

City

of

DeSoto

,

Danieldale

Homestead

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/15/50

.....................

1,430,000

1,366,380

d

City

of

Dripping

Springs

,

Heritage

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

4.5

%

,

9/01/30

.........................................

395,000

385,172

Heritage

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/53

.........................................

1,219,000

1,171,284

d

City

of

Elmendorf

,

Hickory

Ridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/01/31

.............................

398,000

345,465

Hickory

Ridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

9/01/41

..............................

1,205,000

943,568

Hickory

Ridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/01/51

................................

1,172,000

898,994

d

City

of

Fate

,

Monterra

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

2.75

%

,

8/15/26

........................................

300,000

281,041

Monterra

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

8/15/31

.......................................

711,000

623,072

Monterra

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

8/15/41

........................................

1,871,000

1,514,930

Monterra

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

8/15/44

.......................................

800,000

767,123

Monterra

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.75

%

,

8/15/54

........................................

1,350,000

1,308,425

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.375

%

,

8/15/30

.............................

125,000

108,978

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.875

%

,

8/15/40

.............................

691,000

560,167

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

4.125

%

,

8/15/50

.............................

994,000

805,222

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

5.875

%

,

8/15/42

.............................

1,617,000

1,595,089

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

6

%

,

8/15/52

................................

2,500,000

2,520,714

Williamsburg

East

Public

Improvement

District

Major

Improvement

Area

,

Revenue

,

144A,

2020

,

4.125

%

,

8/15/30

.......................................

591,000

543,587

Williamsburg

East

Public

Improvement

District

Major

Improvement

Area

,

Revenue

,

144A,

2020

,

4.625

%

,

8/15/40

.......................................

1,163,000

1,035,382

Williamsburg

East

Public

Improvement

District

Major

Improvement

Area

,

Revenue

,

144A,

2020

,

4.875

%

,

8/15/50

.......................................

1,772,000

1,562,922

Williamsburg

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

4.25

%

,

8/15/42

..................................................

1,204,000

1,057,786

Williamsburg

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

4.375

%

,

8/15/52

.................................................

1,100,000

932,028

Williamsburg

Public

Improvement

District

No.

1

Phase

3B

,

Special

Assessment

,

144A,

2023

,

4.25

%

,

8/15/30

........................................

275,000

267,864

Williamsburg

Public

Improvement

District

No.

1

Phase

3B

,

Special

Assessment

,

144A,

2023

,

5.125

%

,

8/15/43

.......................................

357,000

345,349

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

98

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

d

City

of

Fate,

(continued)

Williamsburg

Public

Improvement

District

No.

1

Phase

3B

,

Special

Assessment

,

144A,

2023

,

5.375

%

,

8/15/53

.......................................

$

1,287,000

$

1,253,152

d

City

of

Ferris

,

Woodstone

Public

Improvement

District

No.

2

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

3.375

%

,

9/01/32

.............................

845,000

727,228

Woodstone

Public

Improvement

District

No.

2

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

3.75

%

,

9/01/42

..............................

1,259,000

964,185

d

City

of

Fort

Worth

,

Public

Improvement

District

No.

17

Major

Improvement

,

Special

Assessment

,

144A,

2017

,

5

%

,

9/01/27

................................................

1,150,000

1,127,524

Public

Improvement

District

No.

17

Major

Improvement

,

Special

Assessment

,

144A,

2017

,

5

%

,

9/01/32

................................................

1,270,000

1,230,902

Public

Improvement

District

No.

17

Major

Improvement

,

Special

Assessment

,

144A,

2017

,

5.125

%

,

9/01/37

............................................

1,650,000

1,577,785

Public

Improvement

District

No.

17

Roadway

Improvement

,

Special

Assessment

,

144A,

2018

,

5

%

,

9/01/27

...........................................

965,000

946,699

Public

Improvement

District

No.

17

Roadway

Improvement

,

Special

Assessment

,

144A,

2018

,

5

%

,

9/01/32

...........................................

1,530,000

1,478,958

Public

Improvement

District

No.

17

Roadway

Improvement

,

Special

Assessment

,

144A,

2018

,

5

%

,

9/01/37

...........................................

1,975,000

1,860,400

d

City

of

Georgetown

,

Parks

at

Westhaven

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.875

%

,

9/15/32

.................................................

409,000

369,448

Parks

at

Westhaven

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.125

%

,

9/15/42

.................................................

1,060,000

916,124

Parks

at

Westhaven

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.25

%

,

9/15/47

..................................................

716,000

607,147

d

City

of

Haslet

,

Public

Improvement

District

No.

5

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

2.625

%

,

9/01/26

.......................................

191,000

177,441

Public

Improvement

District

No.

5

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

3.25

%

,

9/01/31

........................................

150,000

127,018

Public

Improvement

District

No.

5

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

3.625

%

,

9/01/41

.......................................

1,271,000

979,963

City

of

Horseshoe

Bay

,

Escondido

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3

%

,

10/01/30

.......................................................

500,000

436,679

Escondido

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25

%

,

10/01/33

.................................................

435,000

369,134

d

City

of

Hutto

,

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

2.5

%

,

9/01/26

...............................

138,000

128,597

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/01/31

.............................

260,000

226,429

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/01/41

...............................

1,038,000

811,412

Durango

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.75

%

,

9/01/26

..................................................

171,000

160,011

Durango

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/01/31

........................................................

392,000

343,866

Durango

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.875

%

,

9/01/41

.................................................

1,000,000

823,471

Durango

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/01/56

........................................................

3,479,000

2,742,793

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)

d

City

of

Hutto,

(continued)

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.25

%

,

9/01/31

..............................

$

206,000

$

178,386

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.625

%

,

9/01/41

.............................

519,000

418,702

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/01/56

................................

1,146,000

903,490

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

5.25

%

,

9/01/43

..............................

859,000

858,802

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

5.625

%

,

9/01/58

.............................

2,000,000

2,009,771

d

City

of

Justin

,

Timberbrook

Public

Improvement

District

No.

1

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

3

%

,

9/01/31

................................

475,000

419,822

Timberbrook

Public

Improvement

District

No.

1

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/01/41

.............................

2,709,000

2,168,122

Timberbrook

Public

Improvement

District

No.

2

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

4.5

%

,

9/01/31

.........................................

200,000

199,560

Timberbrook

Public

Improvement

District

No.

2

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/01/44

.........................................

580,000

581,526

Timberbrook

Public

Improvement

District

No.

2

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.75

%

,

9/01/53

........................................

755,000

756,849

d

City

of

Kaufman

,

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/15/31

........................................................

230,000

193,633

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2021

,

3.625

%

,

9/15/41

........................................................

570,000

442,300

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/15/52

.

93,000

94,560

City

of

Kyle

,

d

6

Creeks

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.5

%

,

9/01/44

.........................................

1,380,000

1,038,837

d

6

Creeks

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2020

,

3.125

%

,

9/01/30

.......................................

400,000

353,545

d

6

Creeks

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2020

,

3.625

%

,

9/01/40

.......................................

1,310,000

1,071,706

d

6

Creeks

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

2.75

%

,

9/01/26

........................................

125,000

119,948

d

6

Creeks

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/01/31

.......................................

530,000

481,627

d

6

Creeks

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

9/01/41

........................................

1,428,000

1,206,581

d

6

Creeks

Public

Improvement

District

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2023

,

5.25

%

,

9/01/43

........................................

2,250,000

2,254,511

d

6

Creeks

Public

Improvement

District

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/47

.........................................

1,396,000

1,400,526

Kyle

57

Public

Improvement

District

,

Special

Assessment

,

2022

,

4.75

%

,

9/01/32

..

400,000

393,345

d

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

4.75

%

,

9/01/33

..............................

176,000

172,004

d

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/43

...............................

678,000

665,221

d

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/01/53

..............................

1,250,000

1,232,770

d

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.75

%

,

9/01/53

..............................

1,113,000

1,091,547

d

Plum

Creek

North

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

3.875

%

,

9/01/32

.............................

500,000

455,496

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)

City

of

Kyle,

(continued)

d

Plum

Creek

North

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

4.125

%

,

9/01/41

.............................

$

1,185,000

$

1,039,386

d

Plum

Creek

North

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

4.625

%

,

9/01/41

.............................

1,092,000

1,006,561

d

Porter

Country

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/01/43

..............................

1,229,000

1,202,136

d

Porter

Country

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6

%

,

9/01/53

................................

3,000,000

2,947,641

d

Southwest

Kyle

Public

Improvement

District

No.

1

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

6.75

%

,

9/01/48

..............................

1,400,000

1,451,851

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

268,235

Tessera

on

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

2020

,

Refunding

,

3.75

%

,

9/01/42

..........................

1,045,000

836,021

d

Tessera

on

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

9/01/43

.............................

563,000

547,718

d

Tessera

on

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

6

%

,

9/01/54

................................

2,113,000

2,098,010

d

Tessera

on

Lake

Travis

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

A

,

Refunding

,

5.125

%

,

9/01/35

...................

2,070,000

1,766,940

d

Tessera

on

Lake

Travis

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

A

,

Refunding

,

5.5

%

,

9/01/40

.....................

2,715,000

2,242,895

d

City

of

Lavon

,

Elevon

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

3.5

%

,

9/15/27

.........................................

500,000

472,594

Elevon

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

3.875

%

,

9/15/32

.......................................

1,000,000

913,965

Elevon

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

4

%

,

9/15/42

...........................................

2,259,000

1,965,150

Elevon

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

4.125

%

,

9/15/52

.......................................

2,500,000

2,077,827

Elevon

Public

Improvement

District

Zone

1

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

3.75

%

,

9/15/27

........................................

305,000

285,933

Elevon

Public

Improvement

District

Zone

1

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

4.125

%

,

9/15/32

.......................................

455,000

419,555

Elevon

Public

Improvement

District

Zone

1

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

4.375

%

,

9/15/42

.......................................

1,000,000

886,877

Lakepointe

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

6.125

%

,

9/15/52

........................................................

1,500,000

1,504,060

City

of

Leander

,

Oak

Creek

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25

%

,

9/01/32

...........................................

530,000

460,045

d

City

of

Lewisville

,

Lakeside

Crossing

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

8

%

,

9/01/53

............................................

1,625,000

1,678,383

d

City

of

Liberty

Hill

,

Butler

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

2.625

%

,

9/01/27

........................................................

361,000

336,266

Butler

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.125

%

,

9/01/32

........................................................

750,000

660,203

Butler

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.375

%

,

9/01/42

........................................................

1,771,000

1,373,640

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

3.5

%

,

9/01/27

...............................

225,000

210,353

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

3.875

%

,

9/01/32

.............................

275,000

244,037

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

101

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

d

City

of

Liberty

Hill,

(continued)

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

4.125

%

,

9/01/42

.............................

$

1,097,000

$

914,597

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

4.375

%

,

9/01/52

.............................

1,705,000

1,389,480

Summerlyn

West

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.125

%

,

9/01/30

.................................................

250,000

222,465

Summerlyn

West

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/01/40

........................................................

845,000

742,159

d

City

of

Manor

,

Manor

Heights

Public

Improvement

District

Area

No.

3

,

Special

Assessment

,

144A,

2023

,

4.5

%

,

9/15/30

..............................................

250,000

243,612

Manor

Heights

Public

Improvement

District

Area

No.

3

,

Special

Assessment

,

144A,

2023

,

5.25

%

,

9/15/43

.............................................

328,000

316,301

i

Manor

Heights

Public

Improvement

District

Area

No.

4

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

9/15/44

............................................

298,000

290,152

i

Manor

Heights

Public

Improvement

District

Area

No.

4

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

9/15/54

............................................

584,000

566,166

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/15/26

.............................

135,000

124,325

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/15/31

.............................

250,000

211,881

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

9/15/31

..............................

310,000

264,933

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/15/41

...............................

700,000

531,720

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.125

%

,

9/15/41

.............................

830,000

699,922

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/15/51

................................

1,000,000

772,556

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.375

%

,

9/15/51

.............................

1,225,000

981,071

d

City

of

Marble

Falls

,

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.875

%

,

9/01/31

.............................

350,000

313,743

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.125

%

,

9/01/41

.............................

1,000,000

868,869

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.375

%

,

9/01/51

.............................

1,470,000

1,239,180

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.625

%

,

9/01/31

.............................

150,000

136,896

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.875

%

,

9/01/41

.............................

450,000

396,321

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.125

%

,

9/01/51

.............................

620,000

571,544

d

City

of

Mclendon-Chisholm

,

Sonoma

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

2.625

%

,

9/15/26

.......................................

105,000

97,215

Sonoma

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

3.625

%

,

9/15/41

.......................................

620,000

477,069

Sonoma

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/15/51

...........................................

865,000

672,258

Sonoma

Public

Improvement

District

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2022

,

5.375

%

,

9/15/32

.......................................

250,000

247,788

Sonoma

Public

Improvement

District

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2022

,

5.75

%

,

9/15/52

........................................

3,075,000

2,962,058

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

102

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

d

City

of

Mesquite

,

Solterra

Public

Improvement

District

Improvement

Area

No.

A-1

,

Special

Assessment

,

144A,

2023

,

4.75

%

,

9/01/30

........................................

$

647,000

$

631,358

Solterra

Public

Improvement

District

Improvement

Area

No.

A-1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/43

.........................................

3,021,000

2,943,346

Solterra

Public

Improvement

District

Improvement

Area

No.

A-1

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/01/53

........................................

4,965,000

4,889,725

Solterra

Public

Improvement

District

Improvement

Area

No.

C-1

,

Special

Assessment

,

144A,

2023

,

5.375

%

,

9/01/43

.............................

750,000

734,423

Solterra

Public

Improvement

District

Improvement

Area

No.

C-1

,

Special

Assessment

,

144A,

2023

,

5.625

%

,

9/01/53

.............................

1,210,000

1,190,573

Solterra

Public

Improvement

District

Improvement

Area

No.

C-2

,

Special

Assessment

,

144A,

2023

,

5.625

%

,

9/01/53

.............................

1,017,000

995,030

d

City

of

Midlothian

,

Redden

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/15/31

........................................................

410,000

358,854

Redden

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.875

%

,

9/15/41

.................................................

1,105,000

892,641

Redden

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4.125

%

,

9/15/51

.................................................

1,635,000

1,302,940

Redden

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.125

%

,

9/15/31

.............................

230,000

215,342

Redden

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.5

%

,

9/15/41

...............................

420,000

378,028

Westside

Preserve

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

9/15/32

..............................

625,000

601,008

Westside

Preserve

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.25

%

,

9/15/42

..............................

1,516,000

1,437,024

Westside

Preserve

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.375

%

,

9/15/52

.............................

2,509,000

2,387,746

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

9/15/32

...............................

309,000

299,428

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/15/42

................................

750,000

740,741

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.125

%

,

9/15/52

.............................

1,410,000

1,410,187

d

City

of

Mustang

Ridge

,

Durango

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6.125

%

,

9/01/43

.......................................

515,000

519,244

Durango

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6.375

%

,

9/01/53

.......................................

498,000

504,174

d

City

of

New

Braunfels

,

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.625

%

,

9/01/26

.............................

141,000

133,616

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.25

%

,

9/01/31

..............................

320,000

291,590

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.5

%

,

9/01/41

...............................

882,000

756,845

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.75

%

,

9/01/51

..............................

1,454,000

1,231,666

d

City

of

Oak

Point

,

Oak

Point

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

9/01/30

..................................................

300,000

263,909

Oak

Point

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

9/01/40

..................................................

1,170,000

963,798

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

103

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

d

City

of

Oak

Point,

(continued)

Oak

Point

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/01/50

........................................................

$

1,060,000

$

843,939

Wildridge

Public

Improvement

District

No.

1

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2021

,

2.75

%

,

9/01/31

..............................

160,000

134,704

Wildridge

Public

Improvement

District

No.

1

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/01/41

.............................

643,000

472,657

Wildridge

Public

Improvement

District

No.

1

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/01/51

................................

987,000

783,565

d

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

198,157

Creekview

Public

Improvement

District

Zone

A

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

9/15/42

...............................

800,000

779,945

Creekview

Public

Improvement

District

Zone

A

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.625

%

,

9/15/52

.............................

1,450,000

1,420,480

Creekview

Public

Improvement

District

Zone

A

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

5.75

%

,

9/15/32

........................................

200,000

197,803

Creekview

Public

Improvement

District

Zone

A

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

6.125

%

,

9/15/52

.......................................

2,078,000

2,098,422

Creekview

Public

Improvement

District

Zone

B

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.25

%

,

9/15/32

..............................

300,000

297,236

Creekview

Public

Improvement

District

Zone

B

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

9/15/42

...............................

750,000

731,199

Creekview

Public

Improvement

District

Zone

B

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.625

%

,

9/15/52

.............................

1,303,000

1,276,473

Mobberly

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.125

%

,

9/15/32

.......................................

500,000

494,217

Mobberly

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

9/15/48

.........................................

4,026,000

3,958,612

Mobberly

Public

Improvement

District

Improvement

Area

No.

1B

,

Special

Assessment

,

144A,

2023

,

5.625

%

,

9/15/48

.............................

926,000

926,806

Mobberly

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

5.625

%

,

9/15/32

.......................................

810,000

811,108

Mobberly

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/15/52

...........................................

4,001,000

4,034,006

Mobberly

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.5

%

,

9/15/52

.........................................

1,600,000

1,625,243

d

City

of

Plano

,

Collin

Creek

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4.375

%

,

9/15/51

.................................................

7,750,000

6,127,062

Collin

Creek

West

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/15/51

....................................................

2,277,000

1,788,264

Haggard

Farm

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

7.5

%

,

9/15/53

...............................

1,000,000

1,042,641

Haggard

Farm

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

8.25

%

,

9/15/43

..............................

1,250,000

1,296,202

Haggard

Farm

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

8.5

%

,

9/15/53

...............................

2,193,000

2,282,530

d

City

of

Princeton

,

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

2.875

%

,

9/01/25

.................................................

54,000

52,325

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.375

%

,

9/01/30

.................................................

180,000

159,840

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.875

%

,

9/01/40

.................................................

650,000

534,345

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.

104

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

d

City

of

Princeton,

(continued)

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4.125

%

,

9/01/50

.................................................

$

930,000

$

753,202

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.75

%

,

9/01/27

........................................................

180,000

171,415

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4

%

,

9/01/32

........................................................

280,000

262,198

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.375

%

,

9/01/52

.................................................

1,139,000

940,662

Brookside

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.5

%

,

9/01/26

........................................................

60,000

55,598

Brookside

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3

%

,

9/01/31

........................................................

126,000

107,400

Brookside

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/01/41

........................................................

325,000

245,168

Brookside

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/01/51

........................................................

431,000

340,113

Eastridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

9/01/32

........................................

382,000

374,382

Eastridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.125

%

,

9/01/42

.......................................

850,000

808,833

Eastridge

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

5.25

%

,

9/01/43

........................................

1,155,000

1,124,725

Eastridge

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/53

.........................................

1,220,000

1,185,652

Sicily

Public

Improvement

District

Major

improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

7

%

,

9/01/43

................................

1,000,000

1,001,788

Sicily

Public

Improvement

District

Major

improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

7

%

,

9/01/53

................................

2,000,000

1,985,373

Sicily

Public

Improvement

District

Major

improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

7.875

%

,

9/01/53

.............................

1,000,000

1,006,111

Southridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6.25

%

,

9/01/43

..............................

1,355,000

1,383,181

Southridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6.375

%

,

9/01/53

.............................

1,380,000

1,407,596

Whitewing

Trails

Public

Improvement

District

No.

2

Phase

2

,

Special

Assessment

,

144A,

2023

,

4.25

%

,

9/01/30

........................................

250,000

239,682

Whitewing

Trails

Public

Improvement

District

No.

2

Phase

2

,

Special

Assessment

,

144A,

2023

,

5.375

%

,

9/01/53

.......................................

2,041,000

1,961,450

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

9/01/30

........................................................

200,000

175,809

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

9/01/40

........................................................

470,000

378,888

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/01/50

........................................................

675,000

533,457

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

9/01/31

........................................................

110,000

92,814

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.25

%

,

9/01/41

........................................................

518,000

379,554

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/01/51

........................................................

616,000

484,643

Winchester

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

9/01/32

..................................................

461,000

451,806

Winchester

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2022

,

5.125

%

,

9/01/42

.................................................

1,011,000

964,265

Winchester

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2022

,

5.25

%

,

9/01/52

..................................................

2,220,000

2,095,084

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

105

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

d

City

of

Red

Oak

,

Red

Oak

Public

Improvement

District

No.

1

Improvement

Area

1

,

Special

Assessment

,

144A,

2021

,

2.625

%

,

9/15/26

.............................

$

145,000

$

134,249

Red

Oak

Public

Improvement

District

No.

1

Improvement

Area

1

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/15/31

.............................

354,000

297,530

Red

Oak

Public

Improvement

District

No.

1

Improvement

Area

1

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/15/41

.............................

500,000

380,422

d

City

of

Rowlett

,

Trails

at

Cottonwood

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

9/15/31

........................

300,000

272,427

Trails

at

Cottonwood

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.125

%

,

9/15/41

.......................

600,000

508,942

Trails

at

Cottonwood

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.25

%

,

9/15/51

........................

1,000,000

795,414

Trails

at

Cottonwood

Creek

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/15/31

..............

200,000

183,827

Trails

at

Cottonwood

Creek

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

9/15/41

...............

820,000

690,803

d

City

of

Royse

City

,

Creekshaw

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.625

%

,

9/15/30

.............................

225,000

200,300

Creekshaw

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

4.125

%

,

9/15/40

.............................

590,000

511,244

Creekshaw

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

4.375

%

,

9/15/50

.............................

715,000

601,893

Creekshaw

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

5.875

%

,

9/15/42

.............................

589,000

585,868

Creekshaw

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/15/52

................................

1,267,000

1,277,452

Creekshaw

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

4.375

%

,

9/15/30

.............................

210,000

197,924

Creekshaw

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

4.875

%

,

9/15/40

.............................

375,000

346,025

Creekshaw

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

5.125

%

,

9/15/50

.............................

575,000

530,757

Creekside

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.375

%

,

9/15/30

.......................................

450,000

404,474

Creekside

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.875

%

,

9/15/40

.......................................

1,190,000

997,973

Creekside

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

4.125

%

,

9/15/50

.......................................

1,780,000

1,439,204

Liberty

Crossing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6.375

%

,

9/15/53

.............................

1,107,000

1,129,190

Waterscape

Public

Improvement

District

Area

No.

4

,

Special

Assessment

,

144A,

2024

,

5.875

%

,

9/15/54

............................................

1,000,000

997,706

Waterscape

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2019

,

4.75

%

,

9/15/49

..............................

1,495,000

1,349,761

d

City

of

Sachse

,

Sachse

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

7

%

,

9/15/52

........................................................

750,000

765,397

Sachse

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

9/15/30

..............................

405,000

356,043

Sachse

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

9/15/40

..............................

1,070,000

872,558

Sachse

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/15/50

................................

1,485,000

1,197,963

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)

d

City

of

Sachse,

(continued)

Sachse

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/15/50

................................

$

200,000

$

202,814

Sachse

Public

Improvement

District

No.

1

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

5.375

%

,

9/15/40

.............................

1,800,000

1,741,285

Sachse

Public

Improvement

District

No.

1

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

5.625

%

,

9/15/50

.............................

2,235,000

2,101,542

City

of

San

Marcos

,

d

Trace

Public

Improvement

District

,

Special

Assessment

,

144A,

2024

,

6

%

,

9/01/48

.

1,295,000

1,258,567

Whisper

Public

Improvement

District

,

Special

Assessment

,

2020

,

4.375

%

,

9/01/25

.

160,000

159,293

Whisper

Public

Improvement

District

,

Special

Assessment

,

2020

,

4.875

%

,

9/01/30

.

305,000

297,733

Whisper

Public

Improvement

District

,

Special

Assessment

,

2020

,

5.375

%

,

9/01/40

.

1,300,000

1,293,447

Whisper

Public

Improvement

District

,

Special

Assessment

,

2020

,

5.625

%

,

9/01/50

.

1,300,000

1,284,604

d

Whisper

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.75

%

,

9/01/27

..................................................

300,000

286,416

d

Whisper

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4

%

,

9/01/32

........................................................

425,000

396,338

d

Whisper

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.5

%

,

9/01/51

........................................................

1,621,000

1,366,743

d

City

of

Santa

Fe

,

Mulberry

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.875

%

,

9/01/42

.................................................

508,000

470,042

Mulberry

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

5

%

,

9/01/52

........................................................

858,000

781,880

d

City

of

Sinton

,

Somerset

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

4.375

%

,

9/01/27

.................................................

381,000

365,828

Somerset

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

9/01/32

..................................................

660,000

620,909

Somerset

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

5.125

%

,

9/01/42

.................................................

1,000,000

939,556

Somerset

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

5.25

%

,

9/01/51

..................................................

1,250,000

1,160,773

d

City

of

Tomball

,

Raburn

Reserve

Public

Improvement

District

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/15/52

.............................................

1,000,000

1,000,420

Raburn

Reserve

Public

Improvement

District

Area

No.

3

,

Special

Assessment

,

144A,

2023

,

6

%

,

9/15/53

................................................

1,307,000

1,324,592

Raburn

Reserve

Public

Improvement

District

improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.375

%

,

9/15/30

.............................

285,000

256,592

d

City

of

Uhland

,

Watermill

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

6.625

%

,

9/01/52

..............................................

3,000,000

3,112,212

d

City

of

Venus

,

Brahman

Ranch

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

6.25

%

,

9/15/42

..................................................

1,000,000

992,136

Brahman

Ranch

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

6.5

%

,

9/15/52

...................................................

1,009,000

1,013,279

Patriot

Estates

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.625

%

,

9/15/26

.................................................

120,000

111,490

Patriot

Estates

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/15/31

.................................................

171,000

146,712

Patriot

Estates

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/15/41

.................................................

1,005,000

772,067

Patriot

Estates

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/15/51

........................................................

1,832,000

1,476,145

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

107

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

d

City

of

Waxahachie

,

North

Grove

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

5.125

%

,

8/15/32

........................................................

$

302,000

$

299,941

North

Grove

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

8/15/52

........................................................

2,395,000

2,344,531

d

Club

Municipal

Management

District

No.

1

,

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

2.5

%

,

9/01/26

.......

129,000

119,760

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

3

%

,

9/01/31

........

271,000

229,449

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

3.25

%

,

9/01/41

......

1,006,000

751,929

d

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel

,

Revenue,

Second

Lien

,

144A,

2021

B

,

3.5

%

,

10/01/31

....................................

450,000

359,022

d

County

of

Hays

,

La

Cima

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

9/15/30

........................................................

100,000

86,292

La

Cima

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

9/15/40

........................................................

800,000

635,923

La

Cima

Public

Improvement

District

Neighborhood

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2022

,

5.75

%

,

9/15/52

..............................

3,375,000

3,364,758

d

County

of

Medina

,

i

Haby

Farms

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.875

%

,

9/01/54

.............................

1,135,000

1,115,098

Woodlands

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.875

%

,

9/01/31

.............................

815,000

748,854

Woodlands

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.25

%

,

9/01/41

..............................

780,000

714,207

Woodlands

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.5

%

,

9/01/50

...............................

1,160,000

1,071,930

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/01/26

.........................

125,000

117,930

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.125

%

,

9/01/31

.......................

400,000

370,062

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.5

%

,

9/01/41

.........................

1,085,000

965,784

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2013

B

,

5.8

%

,

10/01/45

..........

10,000,000

10,746,991

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/48

...................

5,000,000

4,283,408

d

Joshua

Farms

Municipal

Management

District

No.

1

,

Special

Assessment

,

144A,

2023

,

4.375

%

,

9/01/30

.........................

395,000

385,654

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/53

..........................

3,393,000

3,311,625

f

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.

,

f

Cardinal

Bay,

Inc.

,

Revenue

,

D

,

6

%

,

7/01/26

.............................

110,000

7,150

f

Cardinal

Bay,

Inc.

,

Revenue

,

D

,

7

%

,

7/01/51

.............................

5,110,000

332,150

CHF-Collegiate

Housing

College

Station

I

LLC

,

Revenue

,

2014

A

,

5

%

,

4/01/46

....

1,500,000

1,463,823

Longhorn

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

1/01/42

......

5,000,000

4,583,186

Longhorn

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

1/01/47

......

4,595,000

4,077,207

Morningside

Ministries

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

1/01/55

.........

4,100,000

3,137,907

NCCD-College

Station

Properties

LLC

,

Revenue

,

A

,

5

%

,

7/01/47

..............

30,000,000

28,537,500

Presbyterian

Village

North

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

10/01/39

.......................................................

2,750,000

2,476,641

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)

New

Hope

Cultural

Education

Facilities

Finance

Corp.,

(continued)

Presbyterian

Village

North

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5.25

%

,

10/01/49

.......................................................

$

12,600,000

$

10,850,123

Presbyterian

Village

North

Obligated

Group

,

Revenue

,

2020

A

,

5.25

%

,

10/01/55

...

2,500,000

2,092,488

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue

,

2019

A-1

,

5

%

,

12/01/39

.......................................................

425,000

410,332

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue

,

2019

A-1

,

5

%

,

12/01/49

.......................................................

1,180,000

1,060,905

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue,

Second

Tier

,

2019

B

,

5.5

%

,

12/01/54

................................................

15,270,000

14,493,029

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue,

Third

Tier

,

2019

C

,

6

%

,

12/01/54

...................................................

6,295,000

6,024,029

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2014

,

5.5

%

,

1/01/43

............

3,200,000

2,767,699

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2014

,

5.5

%

,

1/01/49

............

1,000,000

821,129

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

1/01/50

.....

1,180,000

882,835

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

1/01/55

.....

4,400,000

3,201,491

d

North

Parkway

Municipal

Management

District

No.

1

,

Special

Assessment

,

144A,

2021

,

3.625

%

,

9/15/26

.........................

1,000,000

967,411

Special

Assessment

,

144A,

2021

,

4.75

%

,

9/15/41

.........................

5,000,000

4,720,215

Special

Assessment

,

144A,

2021

,

5

%

,

9/15/51

............................

4,250,000

3,989,356

City

of

Celina

Legacy

Hills

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.625

%

,

9/15/31

............................................

250,000

223,689

City

of

Celina

Legacy

Hills

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/15/41

................................................

1,000,000

869,814

North

Texas

Tollway

Authority

,

Special

Projects

System

,

Revenue

,

2011

B

,

Pre-Refunded

,

Zero

Cpn.,

9/01/37

....

7,500,000

3,659,566

Special

Projects

System

,

Revenue

,

2011

C

,

Pre-Refunded

,

7

%

,

9/01/43

.........

10,000,000

12,000,226

d

Northwood

Municipal

Utility

District

No.

1

,

GO

,

144A,

2020

,

Refunding

,

3.5

%

,

8/01/25

..............................

585,000

572,522

GO

,

144A,

2020

,

Refunding

,

4

%

,

8/01/31

................................

1,070,000

1,032,145

d

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

B

,

6

%

,

12/01/52

..............

5,075,000

4,055,445

f

Red

River

Health

Facilities

Development

Corp.

,

Eden

Home,

Inc.

Obligated

Group

,

Revenue

,

2012

,

7.25

%

,

12/15/42

......................................

11,000,000

6,600,000

South

Manvel

Development

Authority

,

City

of

Manvel

Tax

Increment

Reinvestment

Zone

No.

3

,

Tax

Allocation

,

2023

,

5

%

,

4/01/38

........................................................

500,000

486,731

City

of

Manvel

Tax

Increment

Reinvestment

Zone

No.

3

,

Tax

Allocation

,

2023

,

5

%

,

4/01/43

........................................................

1,355,000

1,274,270

City

of

Manvel

Tax

Increment

Reinvestment

Zone

No.

3

,

Tax

Allocation

,

2023

,

5.25

%

,

4/01/50

........................................................

1,395,000

1,327,555

d

Town

of

Flower

Mound

,

River

Walk

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2021

,

Refunding

,

2.625

%

,

9/01/26

........................................

525,000

493,556

River

Walk

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.25

%

,

9/01/31

.........................................

750,000

665,426

River

Walk

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.5

%

,

9/01/36

..........................................

800,000

681,301

River

Walk

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2021

,

Refunding

,

4

%

,

9/01/43

............................................

2,450,000

2,016,537

d

Town

of

Lakewood

Village

,

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

9/15/32

445,000

427,342

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

5.25

%

,

9/15/42

1,400,000

1,325,548

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

5.375

%

,

9/15/52

........................................................

2,400,000

2,274,375

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

109

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

d

Town

of

Little

Elm

,

Spiritas

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.25

%

,

9/01/27

........................................................

$

139,000

$

128,818

Spiritas

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.5

%

,

9/01/32

........................................................

205,000

175,283

Spiritas

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.75

%

,

9/01/42

........................................................

529,000

410,412

Spiritas

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4

%

,

9/01/51

........................................................

509,000

399,261

Valencia

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2022

,

6.125

%

,

9/01/32

.................................................

712,000

728,375

Valencia

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2022

,

6.875

%

,

9/01/52

.................................................

2,700,000

2,799,978

d

Travis

County

Development

Authority

,

Bella

Fortuna

Public

Improvement

District

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

9/01/44

........................................................

843,000

818,968

Bella

Fortuna

Public

Improvement

District

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

9/01/51

........................................................

750,000

730,828

County

of

Travis

Turner's

Crossing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

9/01/32

...................

302,000

295,181

County

of

Travis

Turner's

Crossing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.375

%

,

9/01/42

..................

868,000

845,800

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

1,172,539

Viridian

Municipal

Management

District

,

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

2.875

%

,

12/01/30

.

258,000

218,209

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

3.125

%

,

12/01/35

.

415,000

331,106

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

3.375

%

,

12/01/40

.

486,000

370,488

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

3.5

%

,

12/01/47

..

835,000

606,473

506,563,310

Utah

0.5%

Military

Installation

Development

Authority

,

Military

Recreation

Assessment

Area

,

Revenue

,

2021

A-1

,

4

%

,

6/01/52

.........

3,000,000

2,238,173

Military

Recreation

Assessment

Area

,

Revenue

,

2021

A-2

,

4

%

,

6/01/36

.........

2,250,000

1,933,523

Military

Recreation

Assessment

Area

,

Revenue

,

2021

A-2

,

4

%

,

6/01/41

.........

5,000,000

4,116,276

Military

Recreation

Assessment

Area

,

Revenue

,

2021

A-2

,

4

%

,

6/01/52

.........

21,745,000

16,223,027

d

Utah

Charter

School

Finance

Authority

,

Mountain

West

Montessori

Academy,

Inc.

,

Revenue

,

144A,

2020

A

,

5

%

,

6/15/39

..

475,000

447,664

Mountain

West

Montessori

Academy,

Inc.

,

Revenue

,

144A,

2020

A

,

5

%

,

6/15/49

..

825,000

723,613

25,682,276

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

3,271,640

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

6/01/49

........................................................

4,065,000

3,673,283

d

Virginia

Small

Business

Financing

Authority

,

P3

VB

Holdings

LLC

,

Revenue,

Senior

Lien

,

144A,

2023

A

,

8.5

%

,

12/01/52

....................................

11,000,000

10,646,010

17,590,933

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)

Washington

1.3%

Jefferson

County

Public

Hospital

District

No.

2

,

Revenue

,

2023

A

,

Refunding

,

6.875

%

,

12/01/53

........................................................

$

10,000,000

$

9,888,992

Ocean

Shores

Local

Improvement

District

,

Special

Assessment

,

2011

,

7.25

%

,

2/01/31

385,000

414,409

j

Washington

Economic

Development

Finance

Authority

,

Propeller

Airports

Paine

Field

LLC

,

Revenue

,

A

,

Mandatory

Put

,

7.609

%

,

2/28/25

.........................

23,250,000

23,248,037

d

Washington

State

Housing

Finance

Commission

,

eliseo

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

1/01/51

........

15,070,000

10,746,712

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

2019

A

,

5

%

,

1/01/55

..............................................

4,700,000

3,577,760

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

A

,

Refunding

,

5

%

,

1/01/46

.........................................

2,250,000

1,827,691

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

A

,

Refunding

,

5

%

,

1/01/51

.........................................

1,700,000

1,322,564

Spokane

United

Methodist

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

5

%

,

1/01/55

........................................................

9,020,000

7,313,385

Spokane

United

Methodist

Homes

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

1/01/51

........................................................

6,000,000

4,966,288

63,305,838

West

Virginia

0.1%

d

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

1,045,615

Monongalia

County

Building

Commission

Development

District

No.

4

,

Tax

Allocation

,

144A,

2023

A

,

Refunding

,

6

%

,

6/01/53

................................

2,000,000

2,102,918

3,148,533

Wisconsin

2.7%

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC

,

Revenue

,

2020

A

,

4

%

,

12/01/40

.....................

1,070,000

878,817

2017

IAVF

Rubix

LLC

,

Revenue

,

2020

A

,

4.25

%

,

12/01/50

...................

7,225,000

5,661,796

A&T

Real

Estate

Foundation

LLC

,

Revenue

,

2019

B

,

5

%

,

6/01/49

.............

7,900,000

7,504,939

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2017

A

,

5

%

,

7/01/45

..........

1,805,000

1,695,093

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2017

A

,

5

%

,

7/01/53

..........

4,345,000

3,918,662

d

Coral

Academy

of

Science

Reno

,

Revenue

,

144A,

2022

A

,

6

%

,

6/01/62

.........

1,565,000

1,564,992

d

Dominium

Holdings

I

LLC

,

Revenue

,

144A,

2024-1

,

B-1

,

6.81

%

,

4/28/36

........

5,500,000

5,543,745

d

Eno

River

Academy

,

Revenue

,

144A,

2020

A

,

5

%

,

6/15/40

...................

815,000

809,657

d

Eno

River

Academy

,

Revenue

,

144A,

2020

A

,

5

%

,

6/15/54

...................

1,380,000

1,296,435

d

Estancia

Valley

Classical

Academy

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

7/01/41

1,000,000

784,463

d

Estancia

Valley

Classical

Academy

,

Revenue

,

144A,

2021

A

,

Refunding

,

4.25

%

,

7/01/51

........................................................

5,345,000

3,946,382

d

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

B

,

6.625

%

,

2/01/46

..............

11,095,000

10,422,037

d

Friends

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

9/01/39

..

1,230,000

1,200,431

d

Friends

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

9/01/49

..

7,600,000

6,901,299

d

Friends

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

9/01/54

..

1,920,000

1,697,027

d

Greystone

Housing

Impact

Investors

LP

,

Revenue

,

144A,

2023-1

,

B-1

,

7.125

%

,

7/25/34

........................................................

7,465,000

7,765,516

d

High

Desert

Montessori

Charter

School

,

Revenue

,

144A,

2021

A

,

5

%

,

6/01/36

....

300,000

271,739

d

High

Desert

Montessori

Charter

School

,

Revenue

,

144A,

2021

A

,

5

%

,

6/01/51

....

1,000,000

783,934

d

High

Desert

Montessori

Charter

School

,

Revenue

,

144A,

2021

A

,

5

%

,

6/01/61

....

1,275,000

965,933

d

Hope

Housing

Foundation

Obligated

Group

,

Revenue

,

144A,

2022

C

,

4.6

%

,

12/01/37

5,460,000

4,678,047

d

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

5

%

,

3/01/37

............................................

1,000,000

955,419

d

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

5

%

,

3/01/52

............................................

4,100,000

3,404,925

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)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

d

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5.25

%

,

3/01/55

..................................................

$

12,975,000

$

11,210,653

d

Ocean

Academy

Charter

School

,

Revenue

,

144A,

2021

,

4

%

,

10/15/31

..........

185,000

169,525

d

Ocean

Academy

Charter

School

,

Revenue

,

144A,

2021

,

5

%

,

10/15/41

..........

570,000

521,050

d

Ocean

Academy

Charter

School

,

Revenue

,

144A,

2021

,

5

%

,

10/15/51

..........

1,130,000

976,227

d

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

,

Zero

Cpn.,

12/01/45

...

11,680,000

7,839,106

d

Signature

Preparatory,

Inc.

,

Revenue

,

144A,

2021

A

,

5

%

,

6/15/31

.............

600,000

590,915

d

Signature

Preparatory,

Inc.

,

Revenue

,

144A,

2021

A

,

5

%

,

6/15/51

.............

2,250,000

1,991,810

d

Signature

Preparatory,

Inc.

,

Revenue

,

144A,

2021

A

,

5

%

,

6/15/56

.............

2,465,000

2,131,693

d

UHF

RISE

Student

Housing

LLC

,

Revenue

,

144A,

2021

A-2

,

5.35

%

,

7/01/40

.....

3,000,000

2,416,467

d

UHF

RISE

Student

Housing

LLC

,

Revenue

,

144A,

2021

B

,

5.25

%

,

7/01/61

.......

2,000,000

1,694,995

d

UMA

Education,

Inc.

,

Revenue

,

144A,

2019

A

,

Refunding

,

5

%

,

10/01/39

.........

2,000,000

2,015,670

d

WFCS

Holdings

II

LLC

,

Revenue

,

144A,

2021

A-1

,

5

%

,

1/01/56

...............

1,865,000

1,640,221

d,j

WV

2020

Holdings

LLC

Obligated

Group

,

Revenue

,

144A,

2020

A-1

,

Mandatory

Put

,

3.5

%

,

12/01/35

..................................................

2,000,000

1,653,687

d,j

WV

2020

Holdings

LLC

Obligated

Group

,

Revenue

,

144A,

2020

A-2

,

Mandatory

Put

,

4

%

,

12/01/35

...................................................

18,000,000

15,368,774

Wisconsin

Health

&

Educational

Facilities

Authority

,

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

6

%

,

7/01/28

...................

160,000

144,152

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

6.5

%

,

7/01/33

..................

300,000

252,470

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

7

%

,

7/01/43

...................

1,000,000

761,618

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

7.5

%

,

7/01/53

..................

6,620,000

5,002,430

HOPE

Christian

Schools

Obligated

Group

,

Revenue

,

2021

,

4

%

,

12/01/41

........

850,000

665,055

129,697,806

U.S.

Territories

7.5%

District

of

Columbia

0.8%

District

of

Columbia

,

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2006

A

,

Zero

Cpn.,

6/15/46

.....................................................

175,000,000

40,359,218

Pacific

Islands

0.1%

Northern

Mariana

Island

Ports

Authority

,

Revenue

,

1998

A

,

6.6

%

,

3/15/28

.........

5,625,000

5,450,326

Puerto

Rico

6.6%

Children's

Trust

Fund

,

Revenue

,

2002

,

5.625

%

,

5/15/43

......................

2,500,000

2,529,623

Commonwealth

of

Puerto

Rico

,

k

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

2,414,552

GO

,

2022

A-1

,

4

%

,

7/01/35

..........................................

15,191,884

14,924,525

GO

,

2022

A-1

,

4

%

,

7/01/37

..........................................

31,512,915

30,573,852

GO

,

2022

A-1

,

4

%

,

7/01/41

..........................................

20,434,144

18,994,072

GO

,

2022

A-1

,

4

%

,

7/01/46

..........................................

6,799,278

6,149,513

GO

,

2022

A-1

,

Zero

Cpn.,

7/01/24

.....................................

253,356

252,464

GO

,

2022

A-1

,

Zero

Cpn.,

7/01/33

.....................................

2,011,366

1,335,807

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5

%

,

8/20/40

...................

34,858,605

33,943,567

HTA

CL

6

Trust

,

Revenue

,

L-2028

,

5.25

%

,

7/01/38

..........................

1,239,120

1,239,452

HTA

TRRB

Custodial

Trust

,

Revenue

,

2007

N

,

5.25

%

,

7/01/36

..................

575,050

577,413

d

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

,

Revenue

,

144A,

2021

B

,

Refunding

,

4

%

,

7/01/42

..........................

2,500,000

2,314,247

Revenue,

Senior

Lien

,

144A,

2020

A

,

Refunding

,

5

%

,

7/01/47

................

26,750,000

27,027,826

f

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

1

,

10

%

,

1/01/21

...........................................

6,000,000

1,575,000

Revenue

,

2

,

10

%

,

7/01/21

...........................................

6,000,000

1,576,500

Revenue

,

2013

A

,

10

%

,

7/01/19

.......................................

5,500,000

1,443,750

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

112

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

f

Puerto

Rico

Electric

Power

Authority,

(continued)

Revenue

,

2013

A

,

7.25

%

,

7/01/30

.....................................

$

25,000,000

$

6,625,000

Revenue

,

2013

A

,

6.75

%

,

7/01/36

.....................................

29,750,000

7,883,750

Revenue

,

2013

A

,

7

%

,

7/01/43

........................................

5,000,000

1,325,000

Revenue

,

2016

B-1

,

10

%

,

7/01/19

.....................................

5,500,000

1,443,750

Revenue

,

3

,

10

%

,

1/01/22

...........................................

1,989,500

522,244

Revenue

,

4

,

10

%

,

7/01/22

...........................................

1,989,499

522,741

Revenue

,

XX

,

5.75

%

,

7/01/36

........................................

23,620,000

6,259,300

Revenue

,

XX

,

5.25

%

,

7/01/40

........................................

10,895,000

2,887,175

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Revenue

,

2000

B

,

6.625

%

,

1/01/27

....................................

1,381,057

1,359,482

Revenue

,

2000

B

,

6.625

%

,

1/01/28

....................................

10,533,091

10,347,144

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

55,915,000

55,933,134

Sales

Tax

,

Revenue

,

A-1

,

Zero

Cpn.,

7/01/46

.............................

25,400,000

8,135,691

Sales

Tax

,

Revenue

,

A-1

,

Zero

Cpn.,

7/01/51

.............................

206,837,000

49,193,533

Sales

Tax

,

Revenue

,

A-2

,

4.329

%

,

7/01/40

...............................

12,000,000

11,962,453

Sales

Tax

,

Revenue

,

A-2

,

4.784

%

,

7/01/58

...............................

6,000,000

5,946,928

317,219,490

Total

U.S.

Territories

....................................................................

363,029,034

Total

Municipal

Bonds

(Cost

$

4,548,138,594

)

...................................

4,318,980,454

Shares

Escrows

and

Litigation

Trusts

0.1%

a

,b

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

$

4,796,780,633

)

.............................

4,554,816,374

a

a

a

a

a

Short

Term

Investments

4.2%

Principal

Amount

Municipal

Bonds

4.2%

Arizona

0.1%

l

Arizona

Health

Facilities

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2015

C

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

4.05

%

,

1/01/46

...............

2,000,000

2,000,000

Colorado

0.4%

l

Colorado

Health

Facilities

Authority

,

Children's

Hospital

Colorado

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

4.05

%

,

12/01/52

........................................................

16,835,000

16,835,000

Louisiana

0.1%

l

State

of

Louisiana

,

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2023

A-1

,

Refunding

,

LOC

Toronto

Dominion

Bank

(The)

,

Daily

VRDN

and

Put

,

4

%

,

5/01/43

.

4,700,000

4,700,000

Massachusetts

0.0%

†

l

Massachusetts

Health

&

Educational

Facilities

Authority

,

President

and

Fellows

of

Harvard

College

,

Revenue

,

R

,

Daily

VRDN

and

Put

,

3.1

%

,

11/01/49

............

675,000

675,000

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

113

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Minnesota

0.3%

l

City

of

Minneapolis

,

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

C

,

Refunding

,

LOC

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

3.9

%

,

11/15/48

.....

$

15,900,000

$

15,900,000

l

Midwest

Consortium

of

Municipal

Utilities

,

Revenue

,

2005

B

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.35

%

,

10/01/35

......................................

300,000

300,000

16,200,000

New

Jersey

0.3%

l

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group

,

Revenue

,

2009

B

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

3.35

%

,

7/01/43

.................................

520,000

520,000

Virtua

Health

Obligated

Group

,

Revenue

,

2009

C

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

3.6

%

,

7/01/43

..................................

13,950,000

13,950,000

14,470,000

New

York

1.6%

l

City

of

New

York

,

GO

,

2015

F-6

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

4.05

%

,

6/01/44

2,400,000

2,400,000

GO

,

2020

B-3

,

Daily

VRDN

and

Put

,

4.1

%

,

10/01/46

.......................

2,300,000

2,300,000

l

Metropolitan

Transportation

Authority

,

Revenue

,

2005

D-2

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

3.9

%

,

11/01/35

.......................................

18,800,000

18,800,000

l

New

York

City

,

Water

&

Sewer

System

,

Revenue

,

2007

CC-2

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

4

%

,

6/15/38

.............................

27,300,000

27,300,000

l

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2014

AA-1

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

4.05

%

,

6/15/50

......................................

5,500,000

5,500,000

Water

&

Sewer

System

,

Revenue

,

2021

EE-1

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

4.15

%

,

6/15/45

..............................................

3,800,000

3,800,000

Water

&

Sewer

System

,

Revenue

,

2022

DD

,

Refunding

,

Daily

VRDN

and

Put

,

4.1

%

,

6/15/33

........................................................

14,240,000

14,240,000

74,340,000

North

Carolina

0.7%

l

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2007

C

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

1/15/37

............................

2,700,000

2,700,000

Atrium

Health

Obligated

Group

,

Revenue

,

2018

G

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

1/15/48

....................................

7,000,000

7,000,000

Atrium

Health

Obligated

Group

,

Revenue

,

2018

H

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

1/15/48

....................................

23,750,000

23,750,000

33,450,000

Ohio

0.0%

†

l

County

of

Allen

Hospital

Facilities

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010

C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

3.9

%

,

6/01/34

..................

1,100,000

1,100,000

Oregon

0.1%

l

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

4.1

%

,

8/01/34

.............

6,000,000

6,000,000

l

State

of

Oregon

,

GO

,

2020

J

,

Refunding

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

4.1

%

,

6/01/39

....................................................

300,000

300,000

6,300,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

114

See

Abbreviations

on

page

198

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Pennsylvania

0.3%

l

Allegheny

County

Higher

Education

Building

Authority

,

Carnegie

Mellon

University

,

Revenue

,

2008

A

,

Refunding

,

SPA

Bank

of

New

York

Mellon

(The)

,

Daily

VRDN

and

Put

,

4.1

%

,

12/01/37

................................................

$

5,800,000

$

5,800,000

l

Delaware

County

Industrial

Development

Authority

,

United

Parcel

Service,

Inc.

,

Revenue

,

2015

,

Refunding

,

Daily

VRDN

and

Put

,

4.05

%

,

9/01/45

..............

8,600,000

8,600,000

14,400,000

Tennessee

0.3%

l

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group

,

Revenue

,

2008

A

,

AGMC

Insured

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

4.25

%

,

6/01/42

...................................

15,000,000

15,000,000

Total

Municipal

Bonds

(Cost

$

199,470,000

)

.....................................

199,470,000

Total

Short

Term

Investments

(Cost

$

199,470,000

)

...............................

199,470,000

a

Total

Investments

(Cost

$

4,996,250,633

)

99.1

%

..................................

$4,754,286,374

Other

Assets,

less

Liabilities

0.9

%

.............................................

46,685,618

Net

Assets

100.0%

...........................................................

$4,800,971,992

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2024,

the

aggregate

value

of

these

securities

was

$1,563,489,464,

representing

32.6%

of

net

assets.

e

See

Note

3

regarding

restricted

securities.

f

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

g

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

h

Security

purchased

on

a

when-issued

basis.

i

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

j

The

maturity

date

shown

represents

the

mandatory

put

date.

k

The

coupon

rate

shown

represents

the

rate

at

period

end.

l

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2024

Franklin

Louisiana

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

115

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.1%

Florida

0.9%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

$

500,000

$

343,950

a

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

2,400,000

1,873,390

2,217,340

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

1,003,745

Louisiana

92.7%

Ascension

Parish

School

Board

,

GO

,

2020

,

4

%

,

3/01/40

......................

1,000,000

1,001,347

Caddo

Parish

Parishwide

School

District

,

GO

,

2021

,

AGMC

Insured

,

3

%

,

3/01/36

...

505,000

447,040

Calcasieu

Parish

School

District

No.

23

,

GO

,

2019

,

BAM

Insured

,

4

%

,

9/01/36

.....

670,000

675,586

Calcasieu

Parish

School

District

No.

31

,

GO

,

2018

,

BAM

Insured

,

5

%

,

3/01/36

...................................

1,000,000

1,061,756

GO

,

2018

,

BAM

Insured

,

5

%

,

3/01/38

...................................

1,000,000

1,052,469

GO

,

2019

,

BAM

Insured

,

4

%

,

3/01/37

...................................

1,000,000

1,005,148

Central

Community

School

System

,

GO

,

2020

,

4

%

,

3/01/39

.............................................

1,125,000

1,119,654

GO

,

2020

,

4

%

,

3/01/40

.............................................

1,190,000

1,175,885

City

of

Bossier

City

,

Utilities

,

Revenue

,

2014

,

Pre-Refunded

,

5

%

,

10/01/37

........

1,280,000

1,285,037

City

of

Lafayette

,

Sales

&

Use

Tax

,

Revenue

,

2019

A

,

5

%

,

5/01/44

..............

4,350,000

4,556,355

City

of

Lafayette

Sales

&

Use

Tax

,

Public

Improvement

1961

Sales

Tax

Trust

,

Revenue

,

2024

A

,

5

%

,

3/01/49

................................................

1,500,000

1,586,979

City

of

Natchitoches

,

Utilities

,

Revenue

,

2023

,

AGMC

Insured

,

5.5

%

,

6/01/53

.......

750,000

818,646

City

of

New

Orleans

,

GO

,

2021

A

,

5

%

,

12/01/39

...........................................

6,000,000

6,410,991

Sewerage

Service

,

Revenue

,

2020

B

,

5

%

,

6/01/45

.........................

1,700,000

1,745,944

Sewerage

Service

,

Revenue

,

2020

B

,

4

%

,

6/01/50

.........................

1,300,000

1,176,403

City

of

Shreveport

,

Water

&

Sewer

,

Revenue

,

2016

B

,

5

%

,

12/01/41

..........................

4,000,000

4,022,204

Water

&

Sewer

,

Revenue

,

2020

B

,

Refunding

,

3

%

,

12/01/50

..................

5,070,000

3,547,377

East

Baton

Rouge

Sewerage

Commission

,

Revenue

,

2014

B

,

Pre-Refunded

,

5

%

,

2/01/39

............................

5,000,000

5,047,318

Revenue

,

2019

A

,

Refunding

,

4

%

,

2/01/45

...............................

5,000,000

4,852,823

Greater

New

Orleans

Expressway

Commission

,

Revenue

,

2017

,

AGMC

Insured

,

5

%

,

11/01/47

........................................................

4,000,000

4,015,602

Jefferson

Parish

Consolidated

Sewerage

District

No.

1

,

Revenue

,

2022

,

BAM

Insured

,

4

%

,

2/01/38

......................................................

1,000,000

993,425

Jefferson

Parish

Consolidated

Waterworks

District

No.

2

,

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

4

%

,

2/01/40

...........................................

5,000,000

4,909,347

Jefferson

Sales

Tax

District

,

Revenue

,

2017

B

,

AGMC

Insured

,

5

%

,

12/01/42

.......

2,250,000

2,308,775

Lafayette

Consolidated

Government

,

GO

,

2020

,

Refunding

,

3

%

,

3/01/34

.....................................

250,000

224,802

GO

,

2020

,

Refunding

,

3

%

,

3/01/35

.....................................

200,000

177,717

Lafayette

Parish

School

Board

,

Sales

Tax

,

Revenue

,

2023

,

4

%

,

4/01/53

..........

2,500,000

2,329,285

Louisiana

Correctional

Facilities

Corp.

,

State

of

Louisiana

Office

of

Juvenile

Justice

,

Revenue

,

2021

,

4

%

,

10/01/37

......

875,000

870,405

State

of

Louisiana

Office

of

Juvenile

Justice

,

Revenue

,

2021

,

4

%

,

10/01/40

......

1,305,000

1,261,848

Louisiana

Housing

Corp.

,

Revenue

,

2021

B

,

GNMA

Insured

,

2.05

%

,

6/01/36

.........................

615,000

473,272

Revenue

,

2021

B

,

GNMA

Insured

,

2.2

%

,

6/01/41

..........................

1,965,000

1,379,007

Revenue

,

2024

A

,

GNMA

Insured

,

4.4

%

,

12/01/44

.........................

1,000,000

981,929

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)

Louisiana

(continued)

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

a

City

of

New

Orleans

,

Revenue

,

144A,

2021

,

4

%

,

11/01/46

...................

$

1,900,000

$

1,692,647

East

Ascension

Parish

Gravity

Drainage

District

No.

1

,

Revenue

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/40

........................................

2,925,000

2,962,521

Entergy

Louisiana

LLC

,

Revenue

,

2021

A

,

Refunding

,

2

%

,

6/01/30

.............

1,500,000

1,302,458

Entergy

Louisiana

LLC

,

Revenue

,

2021

B

,

Refunding

,

2.5

%

,

4/01/36

...........

3,000,000

2,439,208

Innovative

Student

Facilities,

Inc.

,

Revenue

,

2016

A

,

AGMC

Insured

,

4

%

,

10/01/33

.

800,000

800,718

Innovative

Student

Facilities,

Inc.

,

Revenue

,

2016

A

,

AGMC

Insured

,

4

%

,

10/01/34

.

620,000

620,522

a

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.

,

Revenue

,

144A,

2020

A

,

Refunding

,

4.25

%

,

12/01/50

........................................

8,000,000

6,472,367

a

Parish

of

Assumption

,

Revenue

,

144A,

2021

,

3.875

%

,

11/01/45

...............

1,000,000

877,055

a

Parish

of

St.

Bernard

,

Revenue

,

144A,

2021

,

4

%

,

11/01/45

...................

1,225,000

1,094,737

a

Parish

of

St.

Charles

,

Revenue

,

144A,

2022

,

4.5

%

,

11/01/47

.................

2,000,000

1,943,501

a

Parish

of

St.

Tammany

LA

GOMESA

,

Revenue

,

144A,

2020

,

3.875

%

,

11/01/45

....

2,775,000

2,433,826

a

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2021

A

,

4

%

,

10/01/43

...

250,000

193,357

a

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2021

A

,

4.25

%

,

10/01/48

221,200

166,403

a

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2021

A

,

4.5

%

,

10/01/53

.

309,471

233,050

a

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2021

A

,

5

%

,

10/01/61

...

249,529

198,225

Ragin

Cajun

Facilities,

Inc.

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/39

.......................................................

1,000,000

1,018,596

University

of

Louisiana

at

Lafayette

,

Revenue

,

2018

,

AGMC

Insured

,

5

%

,

10/01/48

3,500,000

3,525,478

University

of

Louisiana

System

,

Revenue

,

2019

,

Refunding

,

AGMC

Insured

,

4

%

,

8/01/34

........................................................

1,000,000

1,001,667

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2021

,

Refunding

,

AGMC

Insured

,

4

%

,

10/01/39

.......................................

1,060,000

1,009,470

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2021

,

Refunding

,

AGMC

Insured

,

4

%

,

10/01/41

.......................................

500,000

481,111

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2021

,

Refunding

,

AGMC

Insured

,

4

%

,

10/01/43

.......................................

500,000

466,542

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/01/30

....................................................

1,020,000

1,021,786

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/01/31

....................................................

1,065,000

1,064,778

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/01/32

....................................................

1,100,000

1,084,964

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/01/33

....................................................

1,155,000

1,137,421

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2023

A

,

AGMC

Insured

,

5

%

,

10/01/43

.............................................

600,000

621,644

Woman's

Hospital

Foundation

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/41

......

5,230,000

5,316,982

Louisiana

Offshore

Terminal

Authority

,

Loop

LLC

,

Revenue

,

2007

A

,

Refunding

,

4.15

%

,

9/01/27

.........................................................

1,500,000

1,489,324

Louisiana

Public

Facilities

Authority

,

CHRISTUS

Health

Obligated

Group

,

Revenue

,

2018

E

,

5

%

,

7/01/48

...........

5,000,000

5,050,682

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

5

%

,

7/01/35

..............................................

4,965,000

5,005,560

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

Pre-Refunded

,

5

%

,

7/01/35

..................................

35,000

35,549

Louisiana

Children's

Medical

Center

Obligated

Group

,

Revenue

,

2015

A-1

,

5

%

,

6/01/45

........................................................

10,000,000

10,162,345

Louisiana

Children's

Medical

Center

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

6/01/50

5,000,000

4,540,355

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary

,

Revenue

,

2016

A

,

5

%

,

7/01/46

..............................................

6,500,000

6,538,548

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary

,

Revenue

,

2017

,

5

%

,

7/01/52

................................................

2,310,000

2,314,088

Loyola

University

New

Orleans

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/37

.......

2,020,000

1,960,759

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Public

Facilities

Authority,

(continued)

Loyola

University

New

Orleans

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/39

.......

$

3,460,000

$

3,305,257

Loyola

University

New

Orleans

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/41

.......

2,850,000

2,663,699

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

5/15/34

........................................................

30,000

30,760

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

5/15/47

........................................................

20,000

20,507

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/42

5,695,000

5,756,409

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/46

6,305,000

6,331,693

a

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

A-1

,

5.5

%

,

1/01/50

.

2,000,000

1,912,721

Roman

Catholic

Church

of

the

Archdiocese

of

New

Orleans

,

Revenue

,

2017

,

Refunding

,

5

%

,

7/01/37

............................................

3,750,000

3,000,000

Tulane

University

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

12/15/41

................

3,000,000

3,047,372

Tulane

University

,

Revenue

,

2017

A

,

Pre-Refunded

,

4

%

,

12/15/50

.............

60,000

61,039

Louisiana

Stadium

&

Exposition

District

,

Revenue,

Senior

Lien

,

2023

A

,

Refunding

,

5.25

%

,

7/01/53

...................................................

1,750,000

1,873,294

Louisiana

State

University

&

Agricultural

&

Mechanical

College

,

Auxiliary

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

7/01/40

....................................

4,500,000

4,636,081

Natchitoches

Parish

School

District

No.

9

,

GO

,

2018

,

AGMC

Insured

,

5

%

,

3/01/38

...

1,440,000

1,525,102

New

Orleans

Aviation

Board

,

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017

A

,

5

%

,

1/01/48

........................................

8,000,000

8,115,741

Parish

of

East

Baton

Rouge

Capital

Improvements

District

,

MovEBR

Sales

Tax

,

Revenue

,

2019

,

5

%

,

8/01/48

.........................................

500,000

513,846

Parish

of

Terrebonne

,

Sales

&

Use

Tax

,

Revenue

,

2020

A

,

4

%

,

3/01/41

...........

2,660,000

2,590,696

Port

New

Orleans

Board

of

Commissioners

,

Revenue

,

2018

A

,

AGMC

Insured

,

5

%

,

4/01/48

............................

2,750,000

2,788,851

Revenue

,

2020

D

,

5

%

,

4/01/50

........................................

6,000,000

6,124,913

Rapides

Parish

Consolidated

School

District

No.

62

,

GO

,

2022

,

AGMC

Insured

,

5

%

,

3/01/42

.........................................................

1,100,000

1,164,173

Rapides

Parish

School

District

No.

11

Rigolette

,

GO

,

2023

,

AGMC

Insured

,

4

%

,

3/01/41

.........................................................

1,000,000

964,619

St.

John

the

Baptist

,

Parish

School

District

No.

1

,

GO

,

2023

,

5.25

%

,

3/01/43

.......

3,300,000

3,410,782

St.

Tammany

Parish

Hospital

Service

District

No.

1

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/48

.........................................................

5,500,000

5,548,178

State

of

Louisiana

,

GO

,

2016

A

,

5

%

,

9/01/35

............................................

2,575,000

2,648,661

GO

,

2019

A

,

5

%

,

3/01/37

............................................

3,000,000

3,191,418

Gasoline

&

Fuels

Tax

,

Revenue,

First

Lien

,

2015

A

,

Pre-Refunded

,

5

%

,

5/01/41

...

3,000,000

3,040,421

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2017

C

,

Refunding

,

5

%

,

5/01/40

...

5,000,000

5,159,624

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2017

C

,

Refunding

,

5

%

,

5/01/45

...

10,000,000

10,233,290

Tangipahoa

Parish

Hospital

Service

District

No.

1

,

Revenue

,

2021

,

Refunding

,

4

%

,

2/01/35

.................................

2,250,000

2,173,762

Revenue

,

2021

,

Refunding

,

4

%

,

2/01/38

.................................

2,000,000

1,872,617

Terrebonne

Levee

&

Conservation

District

,

Sales

Tax

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

6/01/41

......................................................

1,000,000

966,550

West

Feliciana

Parish

Parishwide

Consolidated

School

District

No.

1

,

GO

,

2020

,

4

%

,

3/01/50

.........................................................

3,000,000

2,736,227

238,200,923

South

Carolina

0.4%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

600,000

508,897

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

700,000

593,713

1,102,610

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

118

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

0.6%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

$

450,000

$

440,737

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,250,000

973,501

1,414,238

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

593,768

Wisconsin

0.8%

a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

800,000

646,487

AL-FL

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

A

,

3.4

%

,

12/01/36

.......

1,225,000

1,021,238

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

500,000

507,811

2,175,536

U.S.

Territories

2.1%

Puerto

Rico

2.1%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

500,000

493,064

b

Revenue

,

WW

,

5.25

%

,

7/01/33

........................................

855,000

226,575

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

................................

3,500,000

3,478,022

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

1,196,000

1,196,388

5,394,049

Total

U.S.

Territories

....................................................................

5,394,049

Total

Municipal

Bonds

(Cost

$

268,819,237

)

.....................................

252,102,209

Shares

Escrows

and

Litigation

Trusts

0.0%

†

c

,d

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

43,434

34,747

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

34,747

Total

Long

Term

Investments

(Cost

$

268,819,237

)

...............................

252,136,956

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

119

See

Abbreviations

on

page

198

.

Short

Term

Investments

0.7%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.7%

Louisiana

0.7%

e

State

of

Louisiana

,

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2023

A-1

,

Refunding

,

LOC

Toronto

Dominion

Bank

(The)

,

Daily

VRDN

and

Put

,

4

%

,

5/01/43

.

$

1,900,000

$

1,900,000

Total

Municipal

Bonds

(Cost

$

1,900,000

)

.......................................

1,900,000

Total

Short

Term

Investments

(Cost

$

1,900,000

)

.................................

1,900,000

a

Total

Investments

(Cost

$

270,719,237

)

98.8

%

...................................

$254,036,956

Other

Assets,

less

Liabilities

1.2

%

.............................................

2,874,845

Net

Assets

100.0%

...........................................................

$256,911,801

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2024,

the

aggregate

value

of

these

securities

was

$24,690,676,

representing

9.6%

of

net

assets.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

c

Non-income

producing.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

e

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2024

Franklin

Maryland

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

120

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.8%

Florida

0.7%

a

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

$

2,650,000

$

2,068,534

Georgia

0.4%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

1,325,000

1,085,683

Maryland

87.0%

City

of

Baltimore

,

Harbor

Point

Special

Taxing

District

,

Revenue

,

2016

,

Refunding

,

5.125

%

,

6/01/43

.

3,000,000

2,930,244

Wastewater

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/46

.....................

2,000,000

2,042,308

City

of

Gaithersburg

,

Asbury

Maryland

Obligated

Group

,

Revenue

,

2022

,

4.5

%

,

1/01/42

1,500,000

1,388,074

b

County

of

Anne

Arundel

,

Glenview

Housing

LP

,

Revenue

,

2009

,

Mandatory

Put

,

5

%

,

1/01/27

.........................................................

1,780,000

1,781,643

County

of

Baltimore

,

GO

,

2023

,

5

%

,

3/01/53

...............................

6,000,000

6,459,772

a

County

of

Frederick

,

Urbana

Community

Development

Authority

,

Special

Tax

,

144A,

2020

C

,

4

%

,

7/01/50

...............................................

3,995,000

3,452,568

County

of

Harford

,

Beechtree

Estates

Development

District

,

Tax

Allocation

,

2021

,

Refunding

,

4

%

,

7/01/31

........................................................

150,000

151,999

Beechtree

Estates

Development

District

,

Tax

Allocation

,

2021

,

Refunding

,

4

%

,

7/01/36

........................................................

750,000

750,999

Beechtree

Estates

Development

District

,

Tax

Allocation

,

2021

,

Refunding

,

4

%

,

7/01/40

........................................................

675,000

656,619

County

of

Prince

George's

,

GO

,

2018

A

,

4

%

,

7/15/35

........................

3,000,000

3,045,920

Howard

County

Housing

Commission

,

Revenue

,

2013

,

5

%

,

10/01/28

........................................

10,000,000

10,009,062

Revenue

,

2016

,

4

%

,

6/01/46

.........................................

2,000,000

1,815,684

Revenue

,

2017

,

5

%

,

12/01/46

........................................

5,000,000

5,067,862

Maryland

Community

Development

Administration

,

Housing

,

Revenue

,

2019

D

,

3

%

,

7/01/39

................................

1,500,000

1,250,920

Housing

,

Revenue

,

2019

D

,

3.2

%

,

7/01/44

...............................

1,000,000

827,646

Maryland

Community

Development

Administration

Local

Government

Infrastructure

,

Revenue

,

2017

A-1

,

4

%

,

6/01/47

......................................

2,300,000

2,178,851

Revenue

,

2018

A-1

,

5

%

,

6/01/48

......................................

1,310,000

1,349,202

Revenue,

Senior

Lien

,

2019

B-1

,

4

%

,

6/01/49

.............................

3,000,000

2,851,640

Maryland

Economic

Development

Corp.

,

Annapolis

Parking

System

,

Revenue,

Senior

Lien

,

2022

A

,

5.25

%

,

12/31/47

......

5,000,000

5,211,748

Frostburg

State

University

Project

,

Revenue,

Senior

Lien

,

2013

,

Refunding

,

5

%

,

10/01/33

.......................................................

5,000,000

5,000,303

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2020

,

4

%

,

7/01/40

.

1,000,000

921,070

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2020

,

5

%

,

7/01/50

.

1,250,000

1,253,194

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2022

A

,

6

%

,

7/01/58

4,620,000

4,980,792

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

B

,

5.25

%

,

6/30/47

...........

5,000,000

5,160,704

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

B

,

5.25

%

,

6/30/55

...........

5,000,000

5,125,191

University

of

Maryland

College

Park

,

Revenue

,

2016

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/35

........................................................

4,225,000

4,316,500

University

of

Maryland

College

Park

,

Revenue

,

2016

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/43

........................................................

3,305,000

3,335,495

University

Park

Phase

I

&

II

at

Salisbury

University

,

Revenue

,

2013

,

Refunding

,

5

%

,

6/01/34

........................................................

2,040,000

2,040,093

University

Village

at

Sheppard

Pratt

,

Revenue

,

2012

,

Refunding

,

5

%

,

7/01/27

.....

1,500,000

1,500,265

University

Village

at

Sheppard

Pratt

,

Revenue

,

2012

,

Refunding

,

5

%

,

7/01/33

.....

2,495,000

2,495,296

West

Village

&

Millennium

Hall

Student

Housing

at

Towson

University

,

Revenue,

Senior

Lien

,

2012

,

5

%

,

7/01/27

......................................

940,000

940,719

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2016

A

,

5.5

%

,

1/01/46

.........

$

9,750,000

$

9,848,478

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

1/01/38

...

865,000

815,327

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

1/01/51

..........

2,000,000

1,679,675

Charlestown

Community,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/45

........

4,170,000

4,194,268

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/50

..

1,715,000

1,549,911

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.25

%

,

7/01/53

1,500,000

1,548,683

Goucher

College

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/44

.................

7,470,000

7,202,071

Johns

Hopkins

Medical

Institutions

Parking

System

,

Revenue

,

2001

,

AMBAC

Insured

,

5

%

,

7/01/27

..............................................

655,000

659,733

Johns

Hopkins

Medical

Institutions

Parking

System

,

Revenue

,

2004

,

AMBAC

Insured

,

5

%

,

7/01/34

..............................................

5,000,000

5,036,450

LifeBridge

Health

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/47

.....

4,000,000

4,038,540

Loyola

University

Maryland,

Inc.

,

Revenue

,

2014

,

Refunding

,

5

%

,

10/01/45

......

2,250,000

2,213,458

Loyola

University

Maryland,

Inc.

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

10/01/49

.....

2,000,000

2,053,418

Maryland

Institute

College

of

Art

,

Revenue

,

2012

,

5

%

,

6/01/29

................

1,000,000

1,000,428

Maryland

Institute

College

of

Art

,

Revenue

,

2016

,

Refunding

,

4

%

,

6/01/42

.......

5,325,000

4,746,934

MedStar

Health

Obligated

Group

,

Revenue

,

1997

,

AMBAC

Insured

,

ETM,

5

%

,

7/01/27

........................................................

5,935,000

6,025,088

MedStar

Health

Obligated

Group

,

Revenue

,

2013

A

,

5

%

,

8/15/38

..............

5,000,000

5,000,280

MedStar

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

8/15/38

.......

2,100,000

2,111,751

MedStar

Health

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

5/15/45

..............

5,000,000

5,064,264

Meritus

Medical

Center

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/40

.

8,535,000

8,567,764

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

6/01/28

..........

630,000

644,809

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

6/01/30

..........

1,225,000

1,268,342

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

6/01/32

..........

800,000

829,376

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/34

..........

350,000

335,244

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/36

..........

1,125,000

1,066,439

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/40

..........

1,850,000

1,673,542

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/46

..........

1,000,000

862,080

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/55

..........

3,250,000

2,726,906

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/39

............................................

10,000,000

10,225,700

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

D

,

4

%

,

7/01/48

........................................................

5,000,000

4,635,125

Maryland

Industrial

Development

Financing

Authority

,

McDonogh

School,

Inc.

,

Revenue

,

2019

,

Refunding

,

4

%

,

9/01/43

..............

1,100,000

1,052,745

McDonogh

School,

Inc.

,

Revenue

,

2019

,

Refunding

,

4

%

,

9/01/48

..............

610,000

557,414

Maryland

Stadium

Authority

,

Baltimore

City

Public

School

Construction

Financing

Fund

,

Revenue

,

2016

,

Pre-

Refunded

,

5

%

,

5/01/46

............................................

4,085,000

4,205,537

Baltimore

City

Public

School

Construction

Financing

Fund

,

Revenue

,

2020

A

,

5

%

,

5/01/50

........................................................

11,225,000

12,132,100

Built

to

Learn

,

Revenue

,

2021

,

4

%

,

6/01/35

..............................

1,590,000

1,609,249

Built

to

Learn

,

Revenue

,

2022

A

,

4

%

,

6/01/47

.............................

5,000,000

4,736,631

Maryland

State

Transportation

Authority

,

Revenue

,

2020

,

4

%

,

7/01/45

.........................................

4,000,000

3,839,597

Revenue

,

2021

A

,

Refunding

,

5

%

,

7/01/46

...............................

2,000,000

2,112,675

Montgomery

County

Housing

Opportunities

Commission

,

Revenue

,

2023

C

,

5.125

%

,

1/01/53

.........................................................

915,000

958,297

State

of

Maryland

,

GO

,

2022

A

,

5

%

,

6/01/37

...............................

8,000,000

8,959,378

State

of

Maryland

Department

of

Transportation

,

Maryland

Aviation

Administration

,

Revenue

,

2021

B

,

5

%

,

8/01/46

..............

3,000,000

3,097,245

Maryland

Aviation

Administration

,

Revenue

,

2021

B

,

4

%

,

8/01/51

..............

3,500,000

3,117,346

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

3/01/34

...............

3,420,000

3,171,402

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.

122

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Town

of

Chestertown,

(continued)

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

3/01/36

...............

$

2,700,000

$

2,466,883

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

3/01/37

...............

3,095,000

2,793,784

University

System

of

Maryland

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/51

........

5,260,000

4,958,135

Washington

Suburban

Sanitary

Commission

,

Revenue

,

2023

,

4

%

,

6/01/49

.........................................

9,500,000

9,185,315

Revenue,

Second

Series

,

2016

,

4

%

,

6/01/43

.............................

5,000,000

4,843,961

261,714,161

New

Jersey

0.8%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2022

BB

,

4

%

,

6/15/39

...

2,500,000

2,470,778

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

700,000

593,713

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

700,000

593,713

a

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-2

,

Zero

Cpn.,

6/01/52

1,350,000

961,047

2,148,473

Texas

0.5%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

550,000

538,679

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,300,000

1,012,441

1,551,120

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

593,768

Wisconsin

0.4%

a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

800,000

646,487

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

500,000

507,811

1,154,298

U.S.

Territories

7.1%

District

of

Columbia

3.6%

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated

,

Revenue

,

2020

A

,

5

%

,

7/15/45

...............................

2,500,000

2,634,863

Dedicated

,

Revenue

,

2021

A

,

5

%

,

7/15/46

...............................

3,000,000

3,178,337

Dedicated

,

Revenue

,

2023

A

,

5

%

,

7/15/43

...............................

2,500,000

2,701,033

Dedicated

,

Revenue

,

2023

A

,

4.125

%

,

7/15/47

............................

2,500,000

2,422,179

10,936,412

Puerto

Rico

3.5%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/33

................

347,342

344,642

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

2,094,826

2,049,846

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

2,000,000

1,972,254

c

Revenue

,

WW

,

5.5

%

,

7/01/38

.........................................

1,975,000

523,375

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

................................

3,600,000

3,577,395

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

123

See

Abbreviations

on

page

198

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.,

(continued)

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

$

1,900,000

$

1,900,616

10,368,128

Total

U.S.

Territories

....................................................................

21,304,540

Total

Municipal

Bonds

(Cost

$

309,074,314

)

.....................................

294,091,355

Shares

Escrows

and

Litigation

Trusts

0.0%

†

d

,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

100,330

80,264

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

80,264

Total

Long

Term

Investments

(Cost

$

309,074,314

)

...............................

294,171,619

a

a

a

a

a

Short

Term

Investments

0.6%

Principal

Amount

Municipal

Bonds

0.6%

Maryland

0.6%

f

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.95

%

,

11/01/37

........................................................

1,800,000

1,800,000

Total

Municipal

Bonds

(Cost

$

1,800,000

)

.......................................

1,800,000

Total

Short

Term

Investments

(Cost

$

1,800,000

)

.................................

1,800,000

a

Total

Investments

(Cost

$

310,874,314

)

98.4

%

...................................

$295,971,619

Other

Assets,

less

Liabilities

1.6

%

.............................................

4,697,029

Net

Assets

100.0%

...........................................................

$300,668,648

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2024,

the

aggregate

value

of

these

securities

was

$10,922,052,

representing

3.6%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

Non-income

producing.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

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),

May

31,

2024

Franklin

Massachusetts

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

124

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

$

872,944

Total

Corporate

Bonds

(Cost

$

900,000

)

........................................

872,944

Senior

Floating

Rate

Interests

0.4%

Residential

REITs

0.4%

a

,b

Centennial

Gardens

LP

,

First

Lien,

Delayed

Draw

CME

Term

Loan,

1

,

6.886

%

,

(

1-month

SOFR

+

1.55

%

),

7/27/24

.....................................

1,000,000

1,002,865

Total

Senior

Floating

Rate

Interests

(Cost

$

1,000,000

)

...........................

1,002,865

Municipal

Bonds

97.7%

California

0.4%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

1,200,000

1,077,478

Florida

1.6%

c

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

750,000

515,925

c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

2,800,000

2,185,621

c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

2,000,000

1,763,000

4,464,546

Illinois

0.4%

State

of

Illinois

,

GO

,

2017

D

,

5

%

,

11/01/27

...........................................

140,000

145,459

GO

,

2020

B

,

5

%

,

10/01/29

...........................................

1,000,000

1,061,200

1,206,659

Massachusetts

88.9%

City

of

Worcester

,

GO

,

2020

A

,

3

%

,

2/01/42

................................

1,685,000

1,371,987

Commonwealth

of

Massachusetts

,

GO

,

2017

F

,

5

%

,

11/01/46

...........................................

5,000,000

5,129,679

GO

,

2022

E

,

5

%

,

11/01/52

...........................................

3,000,000

3,186,853

GO

,

A

,

5.25

%

,

4/01/42

..............................................

5,000,000

5,197,026

Revenue

,

2005

,

Refunding

,

AGMC,

NATL

Insured

,

5.5

%

,

1/01/34

..............

11,900,000

13,566,674

Transportation

Fund

,

Revenue

,

2016

B

,

4

%

,

6/01/45

.......................

5,000,000

4,766,798

Transportation

Fund

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

6/01/43

...............

4,805,000

4,971,197

Transportation

Fund

,

Revenue

,

2018

A

,

5

%

,

6/01/48

.......................

5,000,000

5,155,191

Transportation

Fund

,

Revenue

,

2023

A

,

5

%

,

6/01/53

.......................

5,000,000

5,341,828

Massachusetts

Bay

Transportation

Authority

,

Sales

Tax

,

Revenue

,

A

,

5

%

,

7/01/40

....................................

5,000,000

5,057,079

Sales

Tax

,

Revenue

,

A-1

,

Refunding

,

5.25

%

,

7/01/30

.......................

4,000,000

4,470,002

Sales

Tax

,

Revenue,

Senior

Lien

,

B

,

Refunding

,

5

%

,

7/01/33

.................

2,500,000

2,537,756

Massachusetts

Development

Finance

Agency

,

Beth

Israel

Lahey

Health

Obligated

Group

,

Revenue

,

2015

F

,

Refunding

,

5

%

,

8/15/32

2,975,000

2,998,176

Beth

Israel

Lahey

Health

Obligated

Group

,

Revenue

,

2015

F

,

Refunding

,

5

%

,

8/15/34

5,000,000

5,039,176

Beth

Israel

Lahey

Health

Obligated

Group

,

Revenue

,

2023

M

,

5

%

,

7/01/34

.......

1,500,000

1,682,887

Boston

Medical

Center

Corp.

Obligated

Group

,

Revenue

,

2023

G

,

Refunding

,

5.25

%

,

7/01/52

........................................................

3,535,000

3,723,690

Brandeis

University

,

Revenue

,

2019

S-1

,

Refunding

,

5

%

,

10/01/39

.............

2,660,000

2,819,371

Broad

Institute,

Inc.

(The)

,

Revenue

,

2017

,

Refunding

,

4

%

,

4/01/41

............

5,000,000

4,808,794

Dana-Farber

Cancer

Institute

Obligated

Group

,

Revenue

,

2016

N

,

5

%

,

12/01/46

..

6,890,000

6,968,763

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

C

,

4

%

,

11/01/46

.......................................................

1,250,000

1,169,828

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Development

Finance

Agency,

(continued)

Loomis

Obligated

Group

,

Revenue

,

2021

,

4

%

,

1/01/41

......................

$

435,000

$

405,903

Loomis

Obligated

Group

,

Revenue

,

2021

,

4

%

,

1/01/51

......................

300,000

256,925

c

Loomis

Obligated

Group

,

Revenue

,

144A,

2022

,

Refunding

,

4

%

,

1/01/31

........

870,000

872,136

c

Loomis

Obligated

Group

,

Revenue

,

144A,

2022

,

Refunding

,

4

%

,

1/01/41

........

485,000

452,558

c

Loomis

Obligated

Group

,

Revenue

,

144A,

2022

,

Refunding

,

4

%

,

1/01/51

........

520,000

445,337

Mass

General

Brigham,

Inc.

,

Revenue

,

2017

S-1

,

Refunding

,

5

%

,

7/01/33

.......

1,880,000

1,973,531

Mass

General

Brigham,

Inc.

,

Revenue

,

2017

S-1

,

Refunding

,

4

%

,

7/01/41

.......

7,500,000

7,271,871

Mass

General

Brigham,

Inc.

,

Revenue

,

2024

D

,

Refunding

,

5

%

,

7/01/54

.........

1,500,000

1,574,381

Merrimack

College

,

Revenue

,

2021

B

,

4

%

,

7/01/50

........................

3,650,000

3,102,363

Merrimack

College

,

Revenue

,

2022

,

5

%

,

7/01/52

..........................

1,000,000

996,085

c

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

144A,

2018

,

5

%

,

11/15/38

.......................................................

3,000,000

3,090,524

c

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

144A,

2018

,

5.125

%

,

11/15/46

.......................................................

5,000,000

5,105,402

Northeastern

University

,

Revenue

,

2014

A

,

5

%

,

3/01/44

.....................

5,000,000

4,757,483

Northeastern

University

,

Revenue

,

2022

,

Refunding

,

5

%

,

10/01/44

.............

2,375,000

2,562,936

President

&

Trustees

of

Williams

College

,

Revenue

,

2017

S

,

4

%

,

7/01/46

........

5,000,000

4,872,584

President

and

Fellows

of

Harvard

College

,

Revenue

,

2024

B

,

5

%

,

2/15/33

.......

3,000,000

3,425,264

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/39

.

750,000

722,550

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/41

.

500,000

470,780

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/48

.

1,750,000

1,548,290

Simmons

University

,

Revenue

,

2023

N

,

Refunding

,

5

%

,

10/01/43

..............

1,750,000

1,743,245

Southcoast

Health

System

Obligated

Group

,

Revenue

,

2021

G

,

Refunding

,

4

%

,

7/01/46

........................................................

3,000,000

2,684,728

Southcoast

Health

System

Obligated

Group

,

Revenue

,

2021

G

,

Refunding

,

5

%

,

7/01/50

........................................................

5,590,000

5,710,015

Springfield

College

,

Revenue

,

2021

B

,

Refunding

,

4

%

,

6/01/50

................

2,695,000

2,220,146

Suffolk

University

,

Revenue

,

2021

,

4

%

,

7/01/46

...........................

2,000,000

1,725,922

Suffolk

University

,

Revenue

,

2021

,

4

%

,

7/01/51

...........................

5,000,000

4,141,042

Trustees

of

Boston

College

,

Revenue

,

2017

T

,

Refunding

,

5

%

,

7/01/42

..........

3,750,000

3,870,469

Trustees

of

Boston

University

,

Revenue

,

BB-1

,

4

%

,

10/01/46

.................

5,000,000

4,807,711

Wellesley

College

,

Revenue

,

2018

L

,

Refunding

,

4

%

,

7/01/44

.................

6,160,000

6,168,249

Wheaton

College

,

Revenue

,

2021

I

,

5

%

,

1/01/53

..........................

3,000,000

2,931,133

Woods

Hole

Oceanographic

Institution

,

Revenue

,

2018

,

Refunding

,

5

%

,

6/01/35

..

1,200,000

1,262,839

Woods

Hole

Oceanographic

Institution

,

Revenue

,

2018

,

Refunding

,

5

%

,

6/01/36

..

1,000,000

1,049,434

Worcester

Polytechnic

Institute

,

Revenue

,

2017

,

Refunding

,

5

%

,

9/01/42

........

1,090,000

1,119,792

Worcester

Polytechnic

Institute

,

Revenue

,

2019

,

4

%

,

9/01/44

.................

1,350,000

1,290,867

Massachusetts

Educational

Financing

Authority

,

Revenue

,

2017

B

,

Refunding

,

4.25

%

,

7/01/46

.............................

2,500,000

2,243,195

Revenue

,

2021

C

,

3

%

,

7/01/51

........................................

3,000,000

1,957,000

Revenue

,

2023

C

,

5

%

,

7/01/53

........................................

4,375,000

4,080,715

Massachusetts

Health

&

Educational

Facilities

Authority

,

Trustees

of

Boston

College

,

Revenue

,

M-2

,

5.5

%

,

6/01/35

.........................................

8,600,000

10,112,833

Massachusetts

Housing

Finance

Agency

,

Revenue

,

2009

C

,

5.125

%

,

12/01/39

...................................

75,000

75,044

Revenue

,

2009

C

,

5.35

%

,

12/01/49

....................................

210,000

210,044

Revenue

,

2012

F

,

3.15

%

,

12/01/32

.....................................

105,000

94,415

Revenue

,

2012

F

,

3.45

%

,

12/01/37

.....................................

45,000

40,620

Revenue

,

214

,

GNMA

Insured

,

2.55

%

,

12/01/34

...........................

1,000,000

821,458

Revenue

,

214

,

GNMA

Insured

,

2.8

%

,

12/01/39

............................

2,860,000

2,345,153

Revenue

,

A

,

3.25

%

,

12/01/27

.........................................

4,000,000

3,865,250

Revenue

,

A

,

3.5

%

,

12/01/31

..........................................

5,805,000

5,551,543

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

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Port

Authority

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

7/01/39

.........

$

1,175,000

$

1,242,770

Massachusetts

School

Building

Authority

,

Revenue,

Senior

Lien

,

2016

C

,

Refunding

,

5

%

,

11/15/34

.....................................................

5,000,000

5,167,400

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System

,

Revenue

,

2019

B-1

,

Refunding

,

5

%

,

1/01/37

.....................................

1,015,000

1,085,437

Massachusetts

Water

Resources

Authority

,

Revenue

,

2016

C

,

Pre-Refunded

,

5

%

,

8/01/40

............................

5,000,000

5,168,273

Revenue

,

2018

B

,

5

%

,

8/01/43

........................................

4,000,000

4,157,804

Revenue

,

B

,

Refunding

,

AGMC

Insured

,

5.25

%

,

8/01/28

.....................

5,490,000

5,946,719

Revenue

,

B

,

5

%

,

8/01/40

............................................

1,140,000

1,180,157

Revenue

,

B

,

5

%

,

8/01/42

............................................

3,145,000

3,246,237

Town

of

Natick

,

GO

,

2018

,

4

%

,

7/15/35

...................................

4,970,000

5,063,848

Town

of

Plymouth

,

GO

,

2017

,

4

%

,

5/01/47

.................................

5,000,000

4,793,019

University

of

Massachusetts

Building

Authority

,

Revenue

,

2022-1

,

4

%

,

11/01/46

.......................................

4,000,000

3,880,097

Revenue,

Senior

Lien

,

1

,

Pre-Refunded

,

5

%

,

11/01/44

......................

760,000

764,049

Revenue,

Senior

Lien

,

2017-1

,

5.25

%

,

11/01/42

...........................

5,000,000

5,224,335

252,912,665

New

Jersey

0.5%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/15/32

..............................

1,000,000

1,052,278

Revenue

,

2020

AA

,

3

%

,

6/15/50

.......................................

500,000

362,912

1,415,190

New

York

0.9%

Metropolitan

Transportation

Authority

,

Revenue

,

2020

A-1

,

4

%

,

11/15/40

.....................................

750,000

733,305

Revenue

,

2020

A-1

,

4

%

,

11/15/53

.....................................

1,900,000

1,729,596

2,462,901

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

800,000

678,529

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

800,000

678,529

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

818,274

2,175,332

Texas

0.5%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/37

.................................

300,000

241,526

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,400,000

1,090,321

1,331,847

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

678,592

Wisconsin

0.6%

c

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

800,000

646,487

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

1,000,000

1,015,622

1,662,109

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

127

See

Abbreviations

on

page

198

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

3.0%

Puerto

Rico

3.0%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

$

205,375

$

200,965

Revenue

,

2007

N

,

5.25

%

,

7/01/34

.....................................

4,107,501

4,120,713

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

459,638

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/39

..

200,000

178,914

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

3,660,000

3,661,187

8,621,417

Total

U.S.

Territories

....................................................................

8,621,417

Total

Municipal

Bonds

(Cost

$

291,649,152

)

.....................................

278,008,736

Total

Long

Term

Investments

(Cost

$

293,549,152

)

...............................

279,884,545

a

a

a

a

a

Short

Term

Investments

0.4%

Municipal

Bonds

0.4%

Massachusetts

0.4%

d

Massachusetts

Development

Finance

Agency

,

Trustees

of

Boston

University

,

Revenue

,

2008

U6E

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

10/01/42

.....

1,100,000

1,100,000

Total

Municipal

Bonds

(Cost

$

1,100,000

)

.......................................

1,100,000

Total

Short

Term

Investments

(Cost

$

1,100,000

)

.................................

1,100,000

a

Total

Investments

(Cost

$

294,649,152

)

98.8

%

...................................

$280,984,545

Other

Assets,

less

Liabilities

1.2

%

.............................................

3,471,177

Net

Assets

100.0%

...........................................................

$284,455,722

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

May

31,

2024,

the

aggregate

value

of

these

securities

was

$19,358,328,

representing

6.8%

of

net

assets.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2024

Franklin

Michigan

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

128

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

$

1,745,887

Total

Corporate

Bonds

(Cost

$

1,800,000

)

.......................................

1,745,887

Municipal

Bonds

96.3%

California

0.4%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

2,650,000

2,379,432

Florida

2.0%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

5,256,000

4,548,942

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

900,000

619,110

b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

6,125,000

4,781,046

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

4,100,000

3,614,150

13,563,248

Illinois

0.6%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/52

..

2,500,000

2,244,701

State

of

Illinois

,

GO

,

2021

B

,

4

%

,

12/01/39

................................

1,860,000

1,796,796

4,041,497

Kentucky

1.0%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

8,625,000

6,440,567

Michigan

84.8%

Bangor

Township

School

District

,

GO

,

2023

,

5

%

,

5/01/53

......................

2,000,000

2,092,989

Battle

Creek

School

District

,

GO

,

2022

,

4

%

,

5/01/45

.........................

3,000,000

2,917,611

Belding

Area

Schools

,

GO

,

2022

,

4.25

%

,

5/01/52

...........................

7,330,000

7,055,958

Byron

Center

Public

Schools

,

GO

,

2017

I

,

5

%

,

5/01/34

.............................................

1,000,000

1,045,994

GO

,

2017

I

,

5

%

,

5/01/35

.............................................

1,920,000

2,005,438

GO

,

2017

I

,

5

%

,

5/01/36

.............................................

650,000

678,141

GO

,

2017

I

,

5

%

,

5/01/37

.............................................

1,480,000

1,537,684

GO

,

2017

I

,

5

%

,

5/01/38

.............................................

1,330,000

1,375,687

GO

,

2017

I

,

5

%

,

5/01/47

.............................................

6,730,000

6,824,052

Caledonia

Community

Schools

,

GO

,

2023

I

,

5

%

,

5/01/53

......................

2,000,000

2,114,172

Central

Michigan

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

10/01/34

................................

1,600,000

1,602,815

Revenue

,

2014

,

Refunding

,

5

%

,

10/01/39

................................

2,000,000

2,000,521

Revenue

,

2021

,

Refunding

,

3

%

,

10/01/46

................................

1,325,000

983,012

Charter

Township

of

Bloomfield

,

GO

,

2016

,

Refunding

,

5

%

,

5/01/32

..............

1,000,000

1,027,184

City

of

Battle

Creek

,

Water

&

Wastewater

System

,

Revenue

,

2016

A

,

5

%

,

6/01/36

...

1,300,000

1,331,070

City

of

Detroit

,

Great

Lakes

Water

Authority

Water

Supply

System

,

Revenue,

Second

Lien

,

2003

B

,

NATL

Insured

,

5

%

,

7/01/34

.........................................

25,000

25,024

Great

Lakes

Water

Authority

Water

Supply

System

,

Revenue,

Senior

Lien

,

06

A

,

AGMC

Insured

,

5

%

,

7/01/34

........................................

30,000

30,030

City

of

Grand

Rapids

,

Sanitary

Sewer

System

,

Revenue

,

2018

,

5

%

,

1/01/37

.......................

1,040,000

1,090,727

Sanitary

Sewer

System

,

Revenue

,

2018

,

5

%

,

1/01/43

.......................

1,000,000

1,034,212

Sanitary

Sewer

System

,

Revenue

,

2020

,

Refunding

,

5

%

,

1/01/45

..............

2,000,000

2,102,055

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)

City

of

Grand

Rapids,

(continued)

Water

Supply

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/41

...............

$

2,190,000

$

2,211,597

Water

Supply

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/46

...............

2,525,000

2,540,330

Water

Supply

System

,

Revenue

,

2018

,

Refunding

,

5

%

,

1/01/43

...............

1,500,000

1,551,317

Water

Supply

System

,

Revenue

,

2018

,

Refunding

,

5

%

,

1/01/48

...............

2,000,000

2,055,876

Water

Supply

System

,

Revenue

,

2020

,

5

%

,

1/01/40

........................

2,400,000

2,561,918

Water

Supply

System

,

Revenue

,

2020

,

5

%

,

1/01/50

........................

3,000,000

3,134,225

City

of

Lansing

,

GO

,

2023

,

AGMC

Insured

,

4.25

%

,

6/01/53

...............................

2,225,000

2,072,674

GO

,

2023

B

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/48

.......................

9,980,000

10,452,002

Comstock

Public

Schools

,

GO

,

2022

I

,

4

%

,

5/01/52

..........................

3,000,000

2,745,873

County

of

Kent

,

GO

,

2016

,

5

%

,

6/01/32

.............................................

1,305,000

1,341,504

GO

,

2016

,

5

%

,

6/01/33

.............................................

1,275,000

1,308,931

County

of

Muskegon

,

GO

,

2015

,

Refunding

,

5

%

,

11/01/33

....................................

1,360,000

1,381,274

GO

,

2015

,

Refunding

,

5

%

,

11/01/36

....................................

1,735,000

1,759,516

Detroit

City

School

District

,

GO

,

2001

A

,

AGMC

Insured

,

6

%

,

5/01/29

............

7,525,000

7,976,021

DeWitt

Public

Schools

,

GO

,

2017

,

5

%

,

5/01/30

.............................................

500,000

522,190

GO

,

2017

,

5

%

,

5/01/33

.............................................

815,000

849,327

GO

,

2017

,

5

%

,

5/01/34

.............................................

1,000,000

1,040,072

GO

,

2017

,

5

%

,

5/01/35

.............................................

1,000,000

1,038,026

GO

,

2017

,

5

%

,

5/01/36

.............................................

1,000,000

1,036,829

Downriver

Utility

Wastewater

Authority

,

Revenue

,

2018

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/34

....................

510,000

531,455

Revenue

,

2018

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/36

....................

1,600,000

1,659,692

Revenue

,

2018

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/38

....................

1,500,000

1,544,244

Revenue

,

2018

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/43

....................

3,000,000

3,070,000

East

Grand

Rapids

Public

School

District

,

GO

,

2024

I

,

5

%

,

5/01/53

..............

700,000

729,754

East

Lansing

School

District

,

GO

,

2017

I

,

5

%

,

5/01/35

.............................................

1,500,000

1,565,479

GO

,

2017

I

,

5

%

,

5/01/37

.............................................

1,100,000

1,142,256

GO

,

2017

I

,

5

%

,

5/01/42

.............................................

3,500,000

3,609,525

Farmington

Public

School

District

,

GO

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/27

.........................

1,000,000

1,010,458

GO

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/28

.........................

2,000,000

2,020,199

GO

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/32

.........................

4,035,000

4,077,919

GO

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/33

.........................

2,900,000

2,930,587

GO

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/34

.........................

3,000,000

3,032,448

GO

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/35

.........................

1,000,000

1,010,547

GO

,

2018

,

BAM

Insured

,

4.5

%

,

5/01/38

.................................

7,225,000

7,372,968

Flat

Rock

Community

School

District

,

GO

,

2022

I

,

4.5

%

,

5/01/52

................

2,100,000

1,977,148

Gerald

R

Ford

International

Airport

Authority

,

Revenue

,

2021

,

5

%

,

1/01/46

.........

2,000,000

2,096,887

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group

,

Revenue

,

2014

A

,

5

%

,

7/01/44

...........

2,000,000

2,000,403

Munson

Healthcare

Obligated

Group

,

Revenue

,

2014

A

,

5

%

,

7/01/47

...........

2,500,000

2,500,458

Munson

Healthcare

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

7/01/44

...........

1,110,000

1,143,932

Munson

Healthcare

Obligated

Group

,

Revenue

,

2019

B

,

5

%

,

7/01/39

...........

1,625,000

1,695,521

Munson

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

7/01/51

....

10,000,000

7,401,422

Grand

Valley

State

University

,

Revenue

,

2018

,

5

%

,

12/01/38

........................................

900,000

927,872

Revenue

,

2018

,

5

%

,

12/01/43

........................................

1,800,000

1,834,673

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)

Grandville

Public

Schools

,

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/29

....................................

$

750,000

$

758,784

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/30

....................................

1,000,000

1,010,816

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/31

....................................

1,150,000

1,162,438

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/32

....................................

1,165,000

1,177,496

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/34

....................................

1,315,000

1,329,341

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/35

....................................

1,225,000

1,237,701

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/37

....................................

2,915,000

2,937,671

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/40

....................................

6,215,000

6,251,164

Great

Lakes

Water

Authority

,

Sewage

Disposal

System

,

Revenue,

Second

Lien

,

2022

B

,

5.5

%

,

7/01/52

.......

1,500,000

1,633,804

Water

Supply

System

,

Revenue,

Second

Lien

,

2022

B

,

5.5

%

,

7/01/52

..........

5,000,000

5,446,013

Gull

Lake

Community

School

District

,

GO

,

2018

I

,

5

%

,

5/01/45

.............................................

4,000,000

4,118,997

GO

,

2018

I

,

5

%

,

5/01/48

.............................................

1,000,000

1,025,817

Hudsonville

Public

Schools

,

GO

,

2017

,

Refunding

,

5

%

,

5/01/41

.................

2,500,000

2,592,653

Kent

Hospital

Finance

Authority

,

Mary

Free

Bed

Rehabilitation

Hospital

Obligated

Group

,

Revenue

,

2021

A

,

3

%

,

4/01/51

..................................

6,010,000

4,156,805

Kentwood

Economic

Development

Corp.

,

Holland

Home

Obligated

Group

,

Revenue

,

2021

,

4

%

,

11/15/45

................

1,655,000

1,324,955

Holland

Home

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

11/15/31

.......

1,940,000

1,840,207

Holland

Home

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

11/15/43

.......

8,820,000

7,224,140

Kentwood

Public

Schools

,

GO

,

2016

,

5

%

,

5/01/44

...........................

2,920,000

2,945,444

Lansing

Board

of

Water

&

Light

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

7/01/54

........

9,500,000

10,134,509

Lansing

School

District

,

GO

,

2016

I

,

5

%

,

5/01/39

.............................................

2,125,000

2,149,725

GO

,

2016

I

,

5

%

,

5/01/40

.............................................

2,200,000

2,225,195

Ludington

Area

School

District

,

GO

,

2022

II

,

BAM

Insured

,

4

%

,

5/01/51

...........

7,820,000

7,158,792

Macomb

Interceptor

Drain

Drainage

District

,

Special

Assessment

,

2017

A

,

Refunding

,

5

%

,

5/01/42

......................................................

4,000,000

4,112,955

Melvindale

Northern

Allen

Park

Public

Schools

,

GO

,

2022

,

AGMC

Insured

,

4.375

%

,

5/01/47

...................................................

1,500,000

1,474,846

Meridian

Public

School

District

,

GO

,

2015

,

Refunding

,

5

%

,

5/01/31

..............

1,130,000

1,141,210

Michigan

Finance

Authority

,

Albion

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

12/01/36

....................

3,270,000

2,127,636

Albion

College

,

Revenue

,

2022

,

Refunding

,

4

%

,

12/01/46

....................

5,365,000

3,169,455

Albion

College

,

Revenue

,

2022

,

Refunding

,

4

%

,

12/01/51

....................

3,415,000

1,914,952

Bronson

Health

Care

Group

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/15/54

........................................................

11,000,000

11,109,348

Calvin

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/50

......

895,000

597,981

Calvin

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/50

......

2,600,000

2,240,732

Clean

Water

Revolving

Fund

,

Revenue

,

2016

B

,

Refunding

,

4

%

,

10/01/30

.......

2,750,000

2,780,105

Clean

Water

Revolving

Fund

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

10/01/38

.......

8,055,000

8,487,429

Corewell

Health

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

11/01/44

.............

12,000,000

12,098,941

County

of

Wayne

,

Revenue,

Second

Lien

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

11/01/55

.......................................................

4,000,000

3,566,445

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/41

.......................................................

7,000,000

7,071,987

Kalamazoo

College

,

Revenue

,

2018

,

Refunding

,

4

%

,

12/01/47

................

2,610,000

2,327,256

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/35

.................

400,000

390,131

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/36

.................

565,000

553,997

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/37

.................

640,000

611,575

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/38

.................

675,000

633,825

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/39

.................

645,000

602,680

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/45

.................

3,780,000

3,419,609

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)

Michigan

Finance

Authority,

(continued)

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/50

.................

$

3,000,000

$

2,637,640

Lawrence

Technological

University

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

2/01/42

........................................................

745,000

597,562

Michigan

Finance

Authority

Clean

Water

Revolving

Fund

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

10/01/39

...........................................

6,000,000

6,309,500

Provident

Group

-

HFH

Energy

LLC

,

Revenue

,

2024

,

5.5

%

,

2/28/49

............

1,500,000

1,615,698

Provident

Group

-

HFH

Energy

LLC

,

Revenue

,

2024

,

4.375

%

,

2/28/54

..........

1,895,000

1,827,209

Provident

Group

-

HFH

Energy

LLC

,

Revenue

,

2024

,

5.5

%

,

2/28/57

............

1,750,000

1,880,807

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A-2

,

Refunding

,

5

%

,

6/01/40

....

1,000,000

1,035,858

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A

,

1

,

Refunding

,

4

%

,

6/01/49

...

7,170,000

6,381,135

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

B-1

,

2

,

Refunding

,

5

%

,

6/01/49

..

1,560,000

1,584,184

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2016

MI

,

5

%

,

12/01/45

.........

7,710,000

7,759,650

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2016

MI

,

Pre-Refunded

,

5

%

,

12/01/45

.......................................................

290,000

298,678

University

of

Detroit

Mercy

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.5

%

,

11/01/48

.......................................................

2,000,000

1,932,507

University

of

Detroit

Mercy

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.625

%

,

11/01/52

.......................................................

2,280,000

2,216,624

Michigan

State

Building

Authority

,

Revenue

,

2016

I

,

Refunding

,

5

%

,

4/15/41

................................

12,000,000

12,261,091

Revenue

,

2016

I

,

Refunding

,

5

%

,

10/15/46

...............................

9,910,000

10,070,671

Revenue

,

2016

I

,

Refunding

,

5

%

,

10/15/51

...............................

1,000,000

1,012,155

Revenue

,

2019

I

,

Refunding

,

4

%

,

4/15/54

................................

2,000,000

1,871,649

Revenue

,

2021

I

,

3

%

,

10/15/51

.......................................

1,500,000

1,113,270

Revenue

,

2022

I

,

4

%

,

10/15/52

.......................................

4,250,000

3,914,330

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group

,

Revenue

,

1999

B-3

,

4

%

,

11/15/33

.............

5,370,000

5,409,736

Ascension

Health

Credit

Group

,

Revenue

,

2010

F-7

,

Refunding

,

5

%

,

11/15/47

....

10,000,000

10,098,220

Ascension

Health

Credit

Group

,

Revenue

,

2010

F-8

,

Refunding

,

5

%

,

11/15/46

....

5,000,000

5,053,385

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

B

,

3.1

%

,

12/01/44

.....................................

15,000,000

11,719,741

Revenue

,

2020

A

,

2.8

%

,

12/01/45

.....................................

4,350,000

3,185,861

Revenue

,

2020

A

,

2.85

%

,

6/01/50

.....................................

5,150,000

3,654,812

Revenue

,

2021

A

,

2.5

%

,

6/01/52

......................................

3,000,000

1,941,695

Revenue

,

2021

A

,

2.7

%

,

10/01/56

.....................................

5,000,000

3,131,043

Revenue

,

2021

A

,

2.73

%

,

10/01/59

....................................

5,000,000

3,028,481

Revenue

,

2022

A

,

4.1

%

,

6/01/43

......................................

5,000,000

4,776,594

Michigan

State

University

,

Revenue

,

2015

A

,

5

%

,

8/15/40

.....................

8,500,000

8,558,168

Michigan

Strategic

Fund

,

State

of

Michigan

Trunk

Line

,

Revenue

,

2018

,

5

%

,

6/30/33

...................

2,200,000

2,251,685

State

of

Michigan

Trunk

Line

,

Revenue

,

2018

,

5

%

,

6/30/48

...................

7,000,000

7,000,081

Michigan

Technological

University

,

Revenue

,

2015

A

,

5

%

,

10/01/45

.......................................

2,400,000

2,423,616

Revenue

,

2023

A

,

AGMC

Insured

,

5

%

,

10/01/47

...........................

3,000,000

3,104,611

Revenue

,

2023

A

,

AGMC

Insured

,

5.25

%

,

10/01/52

........................

1,675,000

1,752,724

Revenue

,

2023

C

,

AGMC

Insured

,

5.25

%

,

10/01/53

........................

2,000,000

2,148,928

Oakland

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

3/01/39

.................................

3,000,000

3,005,400

Revenue

,

2016

,

5

%

,

3/01/41

.........................................

5,000,000

5,038,598

Revenue

,

2019

,

5

%

,

3/01/50

.........................................

2,230,000

2,275,443

Plainwell

Community

Schools

,

GO

,

2022

II

,

4

%

,

5/01/52

......................

7,000,000

6,545,903

Rochester

Community

School

District

,

GO

,

2016

I

,

5

%

,

5/01/36

.................

2,800,000

2,857,304

Roseville

Community

Schools

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

5/01/30

..................................

1,620,000

1,641,099

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)

Roseville

Community

Schools,

(continued)

GO

,

2014

,

Pre-Refunded

,

5

%

,

5/01/31

..................................

$

1,585,000

$

1,605,643

Saginaw

Valley

State

University

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/31

...............................

2,170,000

2,216,086

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/33

...............................

1,240,000

1,266,543

Saline

Area

Schools

,

GO

,

2016

,

5

%

,

5/01/34

.............................................

2,750,000

2,814,435

GO

,

2016

,

5

%

,

5/01/36

.............................................

2,950,000

3,016,384

South

Haven

Public

Schools

,

GO

,

2015

B

,

AGMC

Insured

,

5

%

,

5/01/33

................................

350,000

353,723

GO

,

2015

B

,

AGMC

Insured

,

5

%

,

5/01/35

................................

1,575,000

1,591,612

Sparta

Area

Schools

,

GO

,

2019

II

,

5

%

,

5/01/48

.............................

5,750,000

6,003,681

State

of

Michigan

,

Trunk

Line

,

Revenue

,

2023

,

5.25

%

,

11/15/49

................

2,000,000

2,194,152

Trenton

Public

Schools

School

District

,

GO

,

2018

,

5

%

,

5/01/42

.............................................

4,920,000

5,119,452

GO

,

2018

,

5

%

,

5/01/45

.............................................

11,480,000

11,850,805

Universal

Academy

,

Revenue

,

2021

,

Refunding

,

2

%

,

12/01/26

................................

305,000

289,404

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/31

................................

500,000

483,625

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/40

................................

1,100,000

986,571

University

of

Michigan

,

Revenue

,

2015

,

Pre-Refunded

,

5

%

,

4/01/46

..............................

2,000,000

2,059,853

Revenue

,

2017

A

,

Pre-Refunded

,

5

%

,

4/01/37

............................

2,700,000

2,823,466

Revenue

,

2017

A

,

Pre-Refunded

,

5

%

,

4/01/42

............................

5,635,000

5,892,679

Revenue

,

2017

A

,

Pre-Refunded

,

5

%

,

4/01/47

............................

5,000,000

5,228,641

Walled

Lake

Consolidated

School

District

,

GO

,

2020

,

5

%

,

5/01/45

.............................................

2,500,000

2,618,729

GO

,

2022

,

5

%

,

5/01/49

.............................................

1,500,000

1,580,611

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2018

A

,

5

%

,

12/01/43

......

7,750,000

8,001,236

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2021

A

,

5

%

,

12/01/40

......

3,330,000

3,587,357

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2021

A

,

5

%

,

12/01/46

......

4,670,000

4,924,921

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2021

B

,

5

%

,

12/01/39

......

1,675,000

1,763,263

Wayne

State

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/31

..............................

1,860,000

1,866,590

Revenue

,

2018

A

,

5

%

,

11/15/43

.......................................

4,500,000

4,621,778

Revenue

,

2018

A

,

4

%

,

11/15/48

.......................................

10,000,000

9,209,845

Wayne-Westland

Community

Schools

,

GO

,

2022

,

3

%

,

11/01/44

.............................................

2,830,000

2,150,217

GO

,

2022

,

3

%

,

11/01/46

.............................................

1,475,000

1,093,328

Western

Michigan

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/30

..............................

2,500,000

2,530,779

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/40

..............................

1,560,000

1,571,073

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/45

..............................

2,000,000

2,008,275

Revenue

,

2019

A

,

Refunding

,

5

%

,

11/15/44

..............................

2,315,000

2,414,138

Revenue

,

2021

A

,

AGMC

Insured

,

5

%

,

11/15/51

...........................

2,785,000

2,906,622

Western

School

District

,

GO

,

2022

,

5.25

%

,

5/01/52

..........................

2,000,000

2,144,771

Zeeland

Public

Schools

,

GO

,

2015

A

,

AGMC

Insured

,

5

%

,

5/01/31

................................

1,530,000

1,545,589

GO

,

2015

A

,

AGMC

Insured

,

5

%

,

5/01/33

................................

2,000,000

2,019,484

GO

,

2015

A

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

5/01/35

....................

2,000,000

2,026,048

566,920,042

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

133

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

0.1%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2019

BB

,

4

%

,

6/15/50

.......................................

$

500,000

$

463,385

Revenue

,

2020

AA

,

3

%

,

6/15/50

.......................................

600,000

435,494

898,879

New

York

1.3%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/48

..........

9,300,000

8,527,320

South

Carolina

1.2%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

1,800,000

1,526,690

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,800,000

1,526,691

b

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-2

,

Zero

Cpn.,

6/01/52

6,200,000

4,413,698

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

818,274

8,285,353

Texas

0.5%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/39

325,000

251,690

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/40

300,000

227,229

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,500,000

2,725,802

3,204,721

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

1,526,831

Wisconsin

0.2%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

..............

1,800,000

1,454,595

U.S.

Territories

4.0%

Guam

0.5%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

........................................

1,750,000

1,782,038

Guam

Waterworks

Authority

Water

And

Wastewater

System

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

1/01/46

............................................

1,770,000

1,865,200

3,647,238

Puerto

Rico

3.5%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/32

....................................

404,110

402,051

Revenue

,

2007

CC

,

5.25

%

,

7/01/36

....................................

291,537

292,734

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

3,203,851

3,135,058

Revenue

,

2007

N

,

5.25

%

,

7/01/34

.....................................

6,095,532

6,115,137

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

410,750

412,438

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

12,900,000

12,904,183

23,261,601

Total

U.S.

Territories

....................................................................

26,908,839

Total

Municipal

Bonds

(Cost

$

682,806,015

)

.....................................

644,151,324

Total

Long

Term

Investments

(Cost

$

684,606,015

)

...............................

645,897,211

a

a

a

a

a

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

134

See

Abbreviations

on

page

198

.

Short

Term

Investments

1.3%

a

a

Principal

Amount

a

Value

Municipal

Bonds

1.3%

Michigan

1.3%

c

Green

Lake

Township

Economic

Development

Corp.

,

Interlochen

Center

for

the

Arts

,

Revenue

,

2004

,

Refunding

,

LOC

PNC

Bank

NA

,

Daily

VRDN

and

Put

,

4.05

%

,

6/01/34

.........................................................

$

3,800,000

$

3,800,000

c

University

of

Michigan

,

Revenue

,

2012

D-1

,

Daily

VRDN

and

Put

,

3.7

%

,

12/01/24

...

4,600,000

4,600,000

8,400,000

Total

Municipal

Bonds

(Cost

$

8,400,000

)

.......................................

8,400,000

Total

Short

Term

Investments

(Cost

$

8,400,000

)

.................................

8,400,000

a

Total

Investments

(Cost

$

693,006,015

)

97.9

%

...................................

$654,297,211

Other

Assets,

less

Liabilities

2.1

%

.............................................

14,540,137

Net

Assets

100.0%

...........................................................

$668,837,348

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

May

31,

2024,

the

aggregate

value

of

these

securities

was

$27,920,763,

representing

4.2%

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),

May

31,

2024

Franklin

Minnesota

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

135

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.0%

Florida

1.0%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

$

6,192,000

$

5,359,027

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

2,100,000

1,444,590

6,803,617

Minnesota

95.1%

Alexandria

Independent

School

District

No.

206

,

GO

,

2017

A

,

Refunding

,

3

%

,

2/01/37

29,905,000

26,237,938

Anoka-Hennepin

Independent

School

District

No.

11

,

GO

,

2018

A

,

3.25

%

,

2/01/37

..........................................

5,355,000

4,928,320

GO

,

2018

A

,

4

%

,

2/01/39

............................................

8,905,000

8,997,579

GO

,

2018

A

,

3.375

%

,

2/01/43

.........................................

4,020,000

3,440,258

Becker

Independent

School

District

No.

726

,

GO

,

2022

A

,

Zero

Cpn.,

2/01/41

.......................................

1,000,000

445,748

GO

,

2022

A

,

Zero

Cpn.,

2/01/43

.......................................

1,700,000

675,071

Blooming

Prairie

Independent

School

District

No.

756

,

GO

,

2022

A

,

Refunding

,

2.25

%

,

2/01/45

.........................................................

1,500,000

971,560

Brainerd

Independent

School

District

No.

181

,

GO

,

2018

A

,

4

%

,

2/01/32

............................................

3,065,000

3,111,513

GO

,

2018

A

,

4

%

,

2/01/39

............................................

9,600,000

9,509,857

GO

,

2018

A

,

4

%

,

2/01/43

............................................

1,900,000

1,844,866

Centennial

Independent

School

District

No.

12

,

GO

,

2015

A

,

Refunding

,

Zero

Cpn.,

2/01/32

..............................

1,450,000

1,081,840

GO

,

2015

A

,

Refunding

,

Zero

Cpn.,

2/01/34

..............................

1,600,000

1,093,688

GO

,

2015

A

,

Refunding

,

Zero

Cpn.,

2/01/35

..............................

350,000

229,121

City

of

Center

City

,

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2019

,

Refunding

,

4

%

,

11/01/41

........................................................

1,000,000

909,583

City

of

Coon

Rapids

,

Mississippi

View

Housing

Partners

LP

,

Revenue

,

2023

,

FNMA

Insured

,

5.6

%

,

12/01/39

.............................................

3,744,665

3,894,862

City

of

Corcoran

,

GO

,

2023

A

,

BAM

Insured

,

4

%

,

2/01/53

.....................

3,605,000

3,377,938

City

of

Elk

River

,

Electric

,

Revenue

,

2021

B

,

2.25

%

,

8/01/47

...................

1,475,000

912,264

City

of

Fridley

,

GO

,

2022

A

,

4

%

,

2/01/36

............................................

350,000

351,556

GO

,

2022

A

,

4

%

,

2/01/37

............................................

735,000

740,911

GO

,

2022

A

,

4

%

,

2/01/38

............................................

800,000

806,360

Fridley

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2018

,

FNMA

Insured

,

3.75

%

,

11/01/34

.......................................................

9,338,335

8,637,875

a

Roers

Fridley

Apartments

Owner

II

LLC

,

Revenue

,

144A,

2023

A

,

5.75

%

,

6/01/41

..

16,000,000

15,965,562

City

of

Minneapolis

,

GO

,

2018

,

4

%

,

12/01/46

.............................................

3,500,000

3,393,706

GO

,

2019

,

3

%

,

12/01/40

.............................................

2,000,000

1,637,874

14th

and

Central

LLLP

,

Revenue

,

2020

,

FNMA

Insured

,

2.35

%

,

2/01/38

.........

7,408,538

5,593,559

Allina

Health

Obligated

Group

,

Revenue

,

2021

,

4

%

,

11/15/40

.................

6,750,000

6,512,896

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/44

.......................................................

1,325,000

1,328,600

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

11/15/44

.............................................

10,000,000

10,052,489

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

AGMC

Insured

,

5

%

,

11/15/49

.............................................

6,000,000

6,092,503

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

11/15/49

.......................................................

4,535,000

4,569,816

b

City

of

Mounds

View

,

Sherman

Forbes

Housing

Partners

LP

,

Revenue

,

2023

A

,

Mandatory

Put

,

4.05

%

,

11/01/24

.......................................

1,000,000

997,156

City

of

Rochester

,

Electric

Utility

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/42

...................

1,395,000

1,410,584

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)

City

of

Rochester,

(continued)

Electric

Utility

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/47

...................

$

9,815,000

$

9,876,346

Mayo

Clinic

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/33

....................

9,425,000

10,718,520

Mayo

Clinic

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/34

....................

5,235,000

6,006,112

Mayo

Clinic

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/36

....................

8,400,000

9,761,992

Mayo

Clinic

,

Revenue

,

2018

,

4

%

,

11/15/48

...............................

6,000,000

5,789,970

Mayo

Clinic

,

Revenue

,

2022

,

Refunding

,

3.25

%

,

11/15/41

...................

4,000,000

3,508,241

Mayo

Clinic

,

Revenue

,

2022

,

Refunding

,

5

%

,

11/15/57

......................

2,000,000

2,136,164

City

of

St.

Cloud

,

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

5/01/37

........................................................

7,310,000

6,971,128

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

5/01/46

........................................................

4,650,000

4,682,291

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

5/01/48

........................................................

10,000,000

10,223,952

City

of

St.

Paul

,

Water

,

Revenue

,

2023

A

,

4

%

,

12/01/46

.......................

13,340,000

13,058,345

City

of

Wadena

,

Astera

Health

,

Revenue

,

2024

A

,

5

%

,

12/01/45

.................

1,900,000

1,983,882

Cloquet

Independent

School

District

No.

94

,

GO

,

2015

B

,

5

%

,

2/01/32

............

3,615,000

3,643,172

County

of

Norman

,

GO

,

2022

A

,

3.25

%

,

2/01/52

............................

3,115,000

2,438,828

County

of

Rice

,

GO

,

2022

A

,

4

%

,

2/01/48

.................................

5,200,000

4,961,476

Dakota

County

Community

Development

Agency

,

Revenue

,

2011

A

,

GNMA

Insured

,

4.875

%

,

12/01/33

..................................................

350,000

350,060

Dawson-Boyd

Independent

School

District

No.

378

,

GO

,

2019

A

,

3.125

%

,

2/01/40

...

2,965,000

2,524,889

Duluth

Economic

Development

Authority

,

Essentia

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

2/15/53

.....

15,830,000

15,928,822

Essentia

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

2/15/53

...

13,105,000

13,261,188

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/15/38

........................................................

150,000

150,543

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/15/39

........................................................

155,000

154,410

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

6/15/44

........................................................

850,000

693,435

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/15/29

........................................................

400,000

423,286

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/15/30

........................................................

425,000

455,026

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/15/31

........................................................

450,000

487,026

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/15/32

........................................................

500,000

545,727

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/15/33

........................................................

600,000

655,235

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/34

........................................................

520,000

532,232

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/35

........................................................

425,000

434,000

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/36

........................................................

400,000

407,111

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/37

........................................................

375,000

379,735

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/38

........................................................

400,000

401,624

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/39

........................................................

250,000

249,049

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

B

,

5.25

%

,

6/15/52

..

8,000,000

8,536,207

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)

Duluth

Independent

School

District

No.

709

,

GO

,

2015

B

,

Refunding

,

2.5

%

,

2/01/26

..................................

$

2,840,000

$

2,749,372

GO

,

2021

C

,

Zero

Cpn.,

2/01/29

.......................................

1,870,000

1,494,168

GO

,

2021

C

,

Zero

Cpn.,

2/01/30

.......................................

1,275,000

970,284

GO

,

2021

C

,

Zero

Cpn.,

2/01/31

.......................................

1,325,000

958,792

GO

,

2021

C

,

Zero

Cpn.,

2/01/32

.......................................

1,080,000

741,798

GO

,

2021

C

,

Zero

Cpn.,

2/01/33

.......................................

1,075,000

699,954

Forest

Lake

Independent

School

District

No.

831

,

GO

,

2023

A

,

4

%

,

2/01/37

........

2,000,000

2,034,121

Fridley

Independent

School

District

No.

14

,

GO

,

2016

A

,

4

%

,

2/01/29

............

2,220,000

2,233,589

Gibbon

Independent

School

District

No.

2365

,

GO

,

2023

A

,

5

%

,

2/01/48

............................................

1,850,000

1,950,778

GO

,

2023

A

,

4.125

%

,

2/01/52

.........................................

2,250,000

2,185,433

Hastings

Independent

School

District

No.

200

,

GO

,

2018

A

,

Zero

Cpn.,

2/01/38

.......................................

4,685,000

2,530,767

GO

,

2018

A

,

Zero

Cpn.,

2/01/39

.......................................

4,685,000

2,366,176

GO

,

2018

A

,

Zero

Cpn.,

2/01/40

.......................................

4,685,000

2,237,443

Hennepin

County

Regional

Railroad

Authority

,

County

of

Hennepin

,

GO

,

2019

A

,

5

%

,

12/01/37

...........................

1,000,000

1,061,233

County

of

Hennepin

,

GO

,

2019

A

,

5

%

,

12/01/38

...........................

3,965,000

4,195,821

Hopkins

Independent

School

District

No.

270

,

GO

,

2019

A

,

3

%

,

2/01/33

............................................

5,640,000

5,193,887

GO

,

2019

A

,

3

%

,

2/01/34

............................................

2,450,000

2,246,114

Jordan

Independent

School

District

No.

717

,

GO

,

2023

A

,

4

%

,

2/01/42

...........

1,300,000

1,292,830

Lakeview

Independent

School

District

No.

2167

,

GO

,

2021

A

,

2

%

,

2/01/38

.........

1,055,000

758,557

Lakeville

Independent

School

District

No.

194

,

GO

,

2021

B

,

2.125

%

,

2/01/42

.......

2,085,000

1,372,784

Mankato

Independent

School

District

No.

77

,

COP

,

2022

A

,

3

%

,

2/01/42

..........

2,730,000

2,120,929

Metropolitan

Council

,

GO

,

2020

B

,

2.125

%

,

3/01/36

.........................................

3,500,000

2,736,699

GO

,

2020

B

,

2.125

%

,

3/01/37

.........................................

4,000,000

3,059,089

GO

,

2020

B

,

2.125

%

,

3/01/38

.........................................

4,000,000

2,983,026

GO

,

2022

C

,

4

%

,

3/01/40

............................................

3,275,000

3,296,530

GO

,

2022

C

,

4

%

,

3/01/41

............................................

3,410,000

3,422,663

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

,

Revenue

,

2022

A

,

Refunding

,

4.25

%

,

1/01/52

.............................

2,990,000

2,856,152

Revenue,

Senior

Lien

,

2016

C

,

5

%

,

1/01/34

..............................

2,870,000

2,977,456

Revenue,

Senior

Lien

,

2016

C

,

5

%

,

1/01/35

..............................

4,025,000

4,175,465

Revenue,

Senior

Lien

,

2016

C

,

5

%

,

1/01/41

..............................

20,730,000

21,263,542

Revenue,

Senior

Lien

,

2016

C

,

5

%

,

1/01/46

..............................

14,475,000

14,770,555

Minnesota

Agricultural

&

Economic

Development

Board

,

HealthPartners

Obligated

Group

,

Revenue

,

2024

,

5.25

%

,

1/01/54

.................................

5,000,000

5,340,358

Minnesota

Higher

Education

Facilities

Authority

,

Macalester

College

,

Revenue

,

2017

,

Refunding

,

3

%

,

3/01/33

.................

1,510,000

1,376,283

Macalester

College

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/36

.................

125,000

127,445

Macalester

College

,

Revenue

,

2021

,

Refunding

,

3

%

,

3/01/40

.................

365,000

302,426

St.

Catherine

University

,

Revenue

,

2023

,

5

%

,

10/01/43

.....................

600,000

599,155

St.

Catherine

University

,

Revenue

,

2023

,

5.125

%

,

10/01/48

..................

750,000

742,362

St.

Catherine

University

,

Revenue

,

2023

,

5

%

,

10/01/52

.....................

3,000,000

2,874,532

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/32

...............

255,000

257,376

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/33

...............

240,000

242,030

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/34

...............

355,000

357,953

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

3

%

,

10/01/37

...............

250,000

211,463

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

3

%

,

10/01/38

...............

250,000

207,293

St.

Olaf

College

,

Revenue

,

2021

,

3

%

,

10/01/41

...........................

1,600,000

1,288,672

St.

Olaf

College

,

Revenue

,

8

N

,

Refunding

,

4

%

,

10/01/35

....................

500,000

501,041

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)

Minnesota

Higher

Education

Facilities

Authority,

(continued)

University

of

St.

Thomas

,

Revenue

,

2017

A

,

Refunding

,

4

%

,

10/01/36

..........

$

750,000

$

750,123

University

of

St.

Thomas

,

Revenue

,

2017

A

,

Refunding

,

4

%

,

10/01/37

..........

750,000

742,756

University

of

St.

Thomas

,

Revenue

,

2022

A

,

5

%

,

10/01/52

...................

10,000,000

10,334,041

University

of

St.

Thomas

,

Revenue

,

2024

A

,

5

%

,

10/01/49

...................

4,000,000

4,181,017

Minnesota

Housing

Finance

Agency

,

Revenue

,

2009

,

4

%

,

8/01/29

.........................................

1,675,000

1,614,052

Revenue

,

2011

,

5

%

,

8/01/31

.........................................

2,225,000

2,227,162

Revenue

,

2020

B

,

GNMA

Insured

,

2.8

%

,

1/01/44

..........................

2,870,000

2,165,760

Revenue

,

2020

D

,

4

%

,

8/01/42

........................................

1,815,000

1,759,353

Revenue

,

2020

E

,

GNMA

Insured

,

2.5

%

,

7/01/40

..........................

1,840,000

1,396,542

Revenue

,

2021

B

,

GNMA

Insured

,

2.1

%

,

7/01/36

..........................

950,000

735,265

Revenue

,

2021

B

,

GNMA

Insured

,

2.3

%

,

7/01/41

..........................

3,345,000

2,393,369

Revenue

,

2021

B

,

GNMA

Insured

,

2.45

%

,

7/01/46

.........................

3,320,000

2,201,678

Revenue

,

2021

H

,

GNMA

Insured

,

2.55

%

,

1/01/46

.........................

3,950,000

2,718,151

Revenue

,

2022

A

,

GNMA

Insured

,

2.75

%

,

7/01/42

.........................

2,660,000

2,043,953

Revenue

,

2023

D

,

GNMA

Insured

,

4.5

%

,

7/01/43

..........................

1,000,000

1,004,439

Revenue

,

2023

D

,

GNMA

Insured

,

4.6

%

,

7/01/45

..........................

1,000,000

991,479

b

Minnesota

Municipal

Gas

Agency

,

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/27

..

13,550,000

13,573,684

Minnesota

Municipal

Power

Agency

,

Revenue

,

2014

A

,

Refunding

,

4

%

,

10/01/32

....

1,200,000

1,195,854

Minnesota

Office

of

Higher

Education

,

Revenue,

Senior

Lien

,

2023

,

Refunding

,

4

%

,

11/01/42

........................................................

2,250,000

2,079,306

Moorhead

Independent

School

District

No.

152

,

GO

,

2020

A

,

2.5

%

,

2/01/37

.......

7,795,000

6,292,181

Nashwauk

Keewatin

Independent

School

District

No.

319

,

GO

,

2022

A

,

Refunding

,

4

%

,

2/01/48

.........................................................

9,020,000

8,606,253

North

St.

Paul-Maplewood-Oakdale

Independent

School

District

No.

622

,

GO

,

2019

A

,

3

%

,

2/01/42

............................................

5,975,000

4,814,013

GO

,

2019

A

,

3

%

,

2/01/46

............................................

22,965,000

17,717,461

Northern

Municipal

Power

Agency

,

Revenue

,

2013

A

,

Refunding

,

5

%

,

1/01/30

...............................

1,190,000

1,190,911

Revenue

,

2017

,

Refunding

,

5

%

,

1/01/41

.................................

800,000

813,713

Norwood

Young

America

Independent

School

District

No.

108

,

GO

,

2022

A

,

2.25

%

,

2/01/45

.........................................................

1,700,000

1,091,625

Prior

Lake-Savage

Independent

School

District

No.

719

,

GO

,

2018

B

,

Zero

Cpn.,

2/01/27

.......................................

10,545,000

9,383,783

GO

,

2018

B

,

Zero

Cpn.,

2/01/28

.......................................

13,055,000

11,147,824

GO

,

2018

B

,

Zero

Cpn.,

2/01/30

.......................................

9,010,000

7,055,995

GO

,

2018

B

,

Zero

Cpn.,

2/01/31

.......................................

5,310,000

3,979,019

Red

Rock

Central

Independent

School

District

No.

2884

,

GO

,

2022

A

,

2.375

%

,

2/01/47

3,000,000

1,930,012

Rosemount-Apple

Valley-Eagan

Independent

School

District

No.

196

,

GO

,

2023

A

,

4

%

,

2/01/44

.........................................................

2,000,000

1,962,081

Roseville

Independent

School

District

No.

623

,

GO

,

2018

A

,

4

%

,

2/01/35

............................................

4,900,000

4,970,219

GO

,

2018

A

,

4

%

,

2/01/37

............................................

5,000,000

5,058,439

Sartell-St.

Stephen

Independent

School

District

No.

748

,

GO

,

2016

B

,

Zero

Cpn.,

2/01/36

.......................................

3,000,000

1,748,007

GO

,

2016

B

,

Zero

Cpn.,

2/01/37

.......................................

2,820,000

1,556,833

GO

,

2016

B

,

Zero

Cpn.,

2/01/38

.......................................

5,220,000

2,719,953

GO

,

2016

B

,

Zero

Cpn.,

2/01/39

.......................................

3,020,000

1,480,089

a

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue,

Senior

Lien

,

144A,

2022

A

,

5.25

%

,

8/01/37

...............................

8,000,000

7,872,590

Southern

Minnesota

Municipal

Power

Agency

,

Revenue

,

1994

A

,

NATL

Insured

,

Zero

Cpn.,

1/01/26

.......................

5,395,000

5,040,471

Revenue

,

1994

A

,

NATL

Insured

,

Zero

Cpn.,

1/01/27

.......................

6,600,000

5,910,961

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/41

...............................

2,085,000

2,108,942

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

139

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Southern

Minnesota

Municipal

Power

Agency,

(continued)

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/46

...............................

$

7,260,000

$

7,315,791

Revenue

,

2017

A

,

5

%

,

1/01/47

........................................

1,315,000

1,355,800

St.

Cloud

Independent

School

District

No.

742

,

COP

,

2017

A

,

4

%

,

2/01/38

...........................................

1,000,000

996,549

GO

,

2017

B

,

Refunding

,

4

%

,

2/01/30

...................................

4,060,000

4,081,966

GO

,

2017

B

,

Refunding

,

4

%

,

2/01/36

...................................

2,500,000

2,513,526

GO

,

2017

B

,

Refunding

,

4

%

,

2/01/37

...................................

2,250,000

2,262,173

St.

Francis

Independent

School

District

No.

15

,

GO

,

2018

A

,

3.5

%

,

2/01/41

........

3,350,000

2,966,201

St.

Paul

Port

Authority

,

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2021-1

,

Refunding

,

3

%

,

10/01/34

300,000

261,736

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2023-3

,

4.75

%

,

10/01/43

.....

1,000,000

1,005,332

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2023-4

,

5.25

%

,

10/01/42

.....

1,000,000

1,005,955

State

of

Minnesota

,

GO

,

2023

B

,

4

%

,

8/01/43

..............................

4,745,000

4,733,578

Stearns

County

Housing

&

Redevelopment

Authority

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

2/01/61

......................................................

1,105,000

727,994

University

of

Minnesota

,

Revenue

,

2014

B

,

Refunding

,

4

%

,

1/01/44

...............................

3,750,000

3,749,930

Revenue

,

2017

A

,

5

%

,

9/01/40

........................................

1,240,000

1,278,212

Revenue

,

2017

A

,

5

%

,

9/01/41

........................................

3,000,000

3,090,179

Revenue

,

2017

B

,

Refunding

,

5

%

,

12/01/30

..............................

3,000,000

3,146,932

Revenue

,

2019

A

,

5

%

,

4/01/39

........................................

3,055,000

3,232,457

Revenue

,

2019

A

,

5

%

,

4/01/40

........................................

2,110,000

2,225,205

Revenue

,

2019

A

,

5

%

,

4/01/41

........................................

6,045,000

6,358,702

Revenue

,

2019

A

,

5

%

,

4/01/44

........................................

2,000,000

2,088,385

Revenue

,

2020

A

,

5

%

,

11/01/39

.......................................

2,000,000

2,165,846

Revenue

,

2020

A

,

5

%

,

11/01/42

.......................................

1,230,000

1,319,646

Watertown-Mayer

Independent

School

District

No.

111

,

GO

,

2020

A

,

Zero

Cpn.,

2/01/33

.......................................

2,470,000

1,672,077

GO

,

2020

A

,

Zero

Cpn.,

2/01/34

.......................................

2,470,000

1,598,059

GO

,

2020

A

,

Zero

Cpn.,

2/01/36

.......................................

1,470,000

866,341

GO

,

2020

A

,

Zero

Cpn.,

2/01/37

.......................................

2,470,000

1,380,582

West

St.

Paul-Mendota

Heights-Eagan

Independent

School

District

No.

197

,

GO

,

2018

A

,

4

%

,

2/01/34

....................................................

2,655,000

2,684,876

Western

Minnesota

Municipal

Power

Agency

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/35

...............................

3,000,000

3,048,358

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/36

...............................

2,035,000

2,062,821

Revenue

,

2018

A

,

5

%

,

1/01/49

........................................

5,000,000

5,109,875

Zumbro

Education

District

,

COP

,

2021

A

,

4

%

,

2/01/32

...........................................

200,000

191,395

COP

,

2021

A

,

4

%

,

2/01/33

...........................................

150,000

142,841

COP

,

2021

A

,

4

%

,

2/01/34

...........................................

125,000

118,465

COP

,

2021

A

,

2.125

%

,

2/01/35

........................................

325,000

247,577

COP

,

2021

A

,

4

%

,

2/01/38

...........................................

390,000

356,809

COP

,

2021

A

,

4

%

,

2/01/41

...........................................

635,000

557,259

645,926,662

South

Carolina

0.9%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

2,100,000

1,781,139

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

2,100,000

1,781,139

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,500,000

2,863,958

6,426,236

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

140

See

Abbreviations

on

page

198

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

0.5%

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

$

4,000,000

$

3,115,202

Washington

0.3%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

2,100,000

1,781,303

Wisconsin

0.2%

a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

..............

2,100,000

1,697,028

Total

Municipal

Bonds

(Cost

$

710,722,240

)

.....................................

665,750,048

a

a

a

a

Short

Term

Investments

0.4%

Municipal

Bonds

0.4%

Minnesota

0.4%

c

City

of

Minneapolis

,

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

C

,

Refunding

,

LOC

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

3.9

%

,

11/15/48

.....

2,810,000

2,810,000

Total

Municipal

Bonds

(Cost

$

2,810,000

)

.......................................

2,810,000

Total

Short

Term

Investments

(Cost

$

2,810,000

)

.................................

2,810,000

a

Total

Investments

(Cost

$

713,532,240

)

98.4

%

...................................

$668,560,048

Other

Assets,

less

Liabilities

1.6

%

.............................................

10,575,421

Net

Assets

100.0%

...........................................................

$679,135,469

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2024,

the

aggregate

value

of

these

securities

was

$36,521,372,

representing

5.4%

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),

May

31,

2024

Franklin

Missouri

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

141

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.9%

California

0.1%

Santa

Barbara

Secondary

High

School

District

,

GO

,

2011

A

,

Zero

Cpn.,

8/01/40

....

$

1,790,000

$

906,087

Florida

1.6%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

5,544,000

4,798,199

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

850,000

584,715

a

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

6,500,000

5,073,763

10,456,677

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

2,662,996

Missouri

90.3%

Affton

School

District

No.

101

,

GO

,

2017

A

,

Refunding

,

5

%

,

3/01/32

...................................

1,500,000

1,563,141

GO

,

2017

A

,

Refunding

,

5

%

,

3/01/33

...................................

1,595,000

1,663,232

GO

,

2017

A

,

Refunding

,

5

%

,

3/01/34

...................................

1,700,000

1,773,971

GO

,

2017

A

,

Refunding

,

5

%

,

3/01/35

...................................

1,810,000

1,888,531

GO

,

2017

A

,

5

%

,

3/01/36

............................................

300,000

312,668

GO

,

2017

A

,

Pre-Refunded

,

5

%

,

3/01/36

................................

1,620,000

1,684,319

Cape

Girardeau

County

Industrial

Development

Authority

,

Mercy

Health

,

Revenue

,

2021

,

4

%

,

3/01/41

..............................

3,010,000

2,862,870

Mercy

Health

,

Revenue

,

2021

,

3

%

,

3/01/46

..............................

3,000,000

2,213,441

Mercy

Health

,

Revenue

,

2021

,

4

%

,

3/01/46

..............................

8,730,000

8,052,157

Procter

&

Gamble

Co.

(The)

,

Revenue

,

1998

,

5.3

%

,

5/15/28

..................

6,875,000

6,883,856

St.

Francis

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

6/01/39

..........

7,110,000

7,171,116

Cape

Girardeau

County

School

District

No.

R-2

,

GO

,

2018

,

5

%

,

3/01/38

..........

2,195,000

2,318,858

City

of

Bridgeton

,

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

2

%

,

12/01/32

......................

500,000

402,008

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

2.125

%

,

12/01/33

..................

1,170,000

936,162

City

of

Harrisonville

,

COP

,

2023

A

,

Refunding

,

4.375

%

,

3/01/43

...............................

1,000,000

972,833

COP

,

2023

A

,

Refunding

,

4.5

%

,

3/01/48

.................................

2,000,000

1,939,439

COP

,

2023

A

,

Refunding

,

4.625

%

,

3/01/53

...............................

2,000,000

1,945,745

City

of

Kansas

City

,

GO

,

2024

A

,

4

%

,

2/01/44

............................................

1,700,000

1,654,375

Sanitary

Sewer

System

,

Revenue

,

2018

A

,

4

%

,

1/01/35

.....................

1,500,000

1,527,113

Sanitary

Sewer

System

,

Revenue

,

2023

A

,

4

%

,

1/01/48

.....................

5,000,000

4,775,559

Sanitary

Sewer

System

,

Revenue

,

2024

A

,

4

%

,

1/01/49

.....................

3,500,000

3,318,925

Water

,

Revenue

,

2017

A

,

4

%

,

12/01/41

.................................

4,970,000

4,900,749

Water

,

Revenue

,

2023

A

,

4

%

,

12/01/47

.................................

2,120,000

2,038,067

City

of

Kirkwood

,

COP

,

2024

A

,

4.25

%

,

4/01/50

.........................................

535,000

508,454

COP

,

2024

A

,

4.25

%

,

4/01/54

.........................................

1,700,000

1,596,132

City

of

Marshfield

,

Waterworks

&

Sewer

System

,

Revenue

,

2020

B

,

AGMC

Insured

,

5

%

,

2/01/47

......................................................

1,775,000

1,825,746

City

of

Republic

,

Revenue

,

2022

,

3

%

,

5/01/47

.........................................

5,000,000

3,746,615

Revenue

,

2023

,

4.5

%

,

5/01/41

........................................

1,000,000

994,740

Revenue

,

2023

,

4.5

%

,

5/01/44

........................................

1,000,000

984,642

City

of

Springfield

,

Revenue

,

2023

,

4.375

%

,

11/01/42

........................

500,000

507,547

City

of

St.

Charles

,

COP

,

2020

B

,

Refunding

,

3

%

,

2/01/39

.....................

1,500,000

1,253,349

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)

City

of

St.

Louis

,

Airport

,

Revenue

,

2005

,

Refunding

,

NATL

Insured

,

5.5

%

,

7/01/29

..............

$

13,070,000

$

14,333,663

Airport

,

Revenue

,

2017

A

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/25

.............

5,000,000

5,070,500

Airport

,

Revenue

,

2017

D

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/35

.............

1,000,000

1,025,908

Airport

,

Revenue

,

2017

D

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/36

.............

2,125,000

2,177,564

Airport

,

Revenue

,

2019

C

,

Refunding

,

5

%

,

7/01/27

.........................

1,705,000

1,778,291

b

Airport

,

Revenue

,

2024

A

,

AGMC

Insured

,

5.25

%

,

7/01/54

...................

5,000,000

5,405,290

Clay

County

Reorganized

School

District

No.

R-1

,

GO

,

2017

,

3

%

,

3/01/36

.............................................

1,540,000

1,374,515

GO

,

2017

,

3.125

%

,

3/01/37

..........................................

1,855,000

1,644,913

Community

College

District

of

Central

Southwest

Missouri

,

COP

,

2021

,

3

%

,

3/01/40

.............................................

575,000

476,252

COP

,

2021

,

3

%

,

3/01/41

.............................................

400,000

327,167

County

of

Jackson

,

Revenue

,

2023

A

,

4.25

%

,

12/01/53

....................................

2,660,000

2,515,729

Revenue

,

2023

A

,

5.25

%

,

12/01/58

....................................

2,500,000

2,653,371

Ferguson

Reorganized

School

District

No.

R-2

,

GO

,

2018

,

4

%

,

5/01/32

.............................................

1,000,000

1,003,168

GO

,

2018

,

5

%

,

5/01/38

.............................................

2,250,000

2,318,517

Hannibal

Board

of

Public

Works

,

COP

,

2022

,

3.625

%

,

4/01/44

.........................................

1,000,000

838,670

COP

,

2022

,

3.75

%

,

4/01/47

..........................................

1,000,000

843,643

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Bethesda

Health

Group,

Inc.

Obligated

Group

,

Revenue

,

2015

,

5

%

,

8/01/40

......

1,650,000

1,584,475

Bethesda

Health

Group,

Inc.

Obligated

Group

,

Revenue

,

2015

,

5

%

,

8/01/45

......

1,300,000

1,200,870

BJC

Healthcare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

7/01/51

.....

13,000,000

9,413,674

CoxHealth

Obligated

Group

,

Revenue

,

2013

A

,

5

%

,

11/15/44

.................

2,760,000

2,760,491

CoxHealth

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/33

........

3,200,000

3,212,200

CoxHealth

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/39

........

6,690,000

6,729,046

CoxHealth

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

11/15/44

.................

5,000,000

4,770,653

Kansas

City

University

,

Revenue

,

2017

A

,

5

%

,

6/01/42

......................

2,800,000

2,857,195

Kansas

City

University

,

Revenue

,

2017

A

,

5

%

,

6/01/47

......................

4,875,000

4,933,682

Lake

Regional

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

2/15/40

........................................................

2,060,000

1,483,174

Lake

Regional

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

2/15/41

........................................................

2,120,000

1,505,168

Lake

Regional

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

2/15/46

........................................................

5,590,000

3,644,573

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

2/01/46

.......

4,000,000

3,861,197

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

2/01/46

........................................................

11,575,000

11,173,339

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

2/01/34

.......

2,000,000

2,017,162

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

2/01/42

.......

1,750,000

1,731,673

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

C

,

Refunding

,

4

%

,

2/01/33

........................................................

1,730,000

1,664,828

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

C

,

Refunding

,

4

%

,

2/01/48

........................................................

485,000

400,515

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2021

,

4

%

,

2/01/30

........

2,035,000

1,983,554

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2021

,

4

%

,

2/01/42

........

9,900,000

8,704,719

Maryville

University

of

St.

Louis

,

Revenue

,

2015

,

5

%

,

6/15/44

.................

5,000,000

5,001,305

Maryville

University

of

St.

Louis

,

Revenue

,

2019

A

,

5

%

,

6/15/45

...............

4,000,000

3,994,358

Maryville

University

of

St.

Louis

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/15/34

......

4,345,000

4,178,138

Maryville

University

of

St.

Louis

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/15/38

......

4,885,000

4,522,042

Maryville

University

of

St.

Louis

,

Revenue

,

2022

A

,

Refunding

,

3.125

%

,

6/15/38

...

2,300,000

1,924,424

Maryville

University

of

St.

Louis

,

Revenue

,

2022

A

,

Refunding

,

3.375

%

,

6/15/45

...

1,000,000

777,851

Mercy

Health

,

Revenue

,

2012

,

4

%

,

11/15/42

.............................

8,000,000

7,448,915

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

143

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

(continued)

Mercy

Health

,

Revenue

,

2015

B

,

Refunding

,

5

%

,

2/01/45

....................

$

6,870,000

$

6,900,473

Mercy

Health

,

Revenue

,

2017

C

,

Refunding

,

5

%

,

11/15/42

...................

9,720,000

9,876,193

Mercy

Health

,

Revenue

,

2017

C

,

Refunding

,

4

%

,

11/15/47

...................

10,000,000

9,368,275

Mercy

Health

,

Revenue

,

2020

,

4

%

,

6/01/53

..............................

2,000,000

1,862,193

Mercy

Health

,

Revenue

,

2023

,

5

%

,

12/01/52

.............................

18,000,000

18,887,886

Mosaic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

2/15/54

4,000,000

3,682,571

SSM

Health

Care

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

6/01/48

............

13,500,000

13,636,770

St.

Louis

University

,

Revenue

,

2017

A

,

5

%

,

10/01/42

.......................

9,200,000

9,441,265

St.

Louis

University

,

Revenue

,

2017

A

,

5

%

,

10/01/47

.......................

11,490,000

11,716,740

St.

Luke's

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/34

4,030,000

4,111,967

St.

Luke's

Health

System

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

11/15/43

.......................................................

2,000,000

2,049,268

Howard

Bend

Levee

District

,

Special

Tax

,

2021

,

2.75

%

,

3/01/31

.....................................

400,000

340,123

Special

Tax

,

2021

,

3

%

,

3/01/36

.......................................

500,000

398,615

Special

Tax

,

2021

,

3.125

%

,

3/01/41

....................................

1,000,000

747,037

Special

Tax

,

2022

,

3.375

%

,

3/01/32

....................................

75,000

65,837

Special

Tax

,

2022

,

3.5

%

,

3/01/37

......................................

175,000

144,470

Special

Tax

,

2022

,

3.625

%

,

3/01/42

....................................

200,000

157,575

Jefferson

City

School

District

,

GO

,

2018

,

5

%

,

3/01/38

........................

2,070,000

2,143,252

Jefferson

County

School

District

No.

R-VI

,

Festus

,

COP

,

2021

B

,

3

%

,

4/01/42

.....................................

500,000

391,237

Festus

,

COP

,

2021

B

,

3

%

,

4/01/44

.....................................

1,500,000

1,141,367

Festus

,

COP

,

2021

B

,

2.375

%

,

4/01/46

..................................

2,000,000

1,314,829

Kansas

City

Industrial

Development

Authority

,

Revenue

,

2011

A

,

Refunding

,

5.5

%

,

9/01/29

..............................

5,000,000

5,006,529

Revenue

,

2011

A

,

Refunding

,

5.5

%

,

9/01/30

..............................

12,000,000

12,016,242

Revenue

,

2011

A

,

Refunding

,

5

%

,

9/01/32

...............................

3,000,000

3,003,201

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

5

%

,

3/01/46

...................

30,680,000

31,359,381

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

AGMC

Insured

,

5

%

,

3/01/49

.......

8,000,000

8,159,846

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

5

%

,

3/01/54

...................

5,090,000

5,160,240

City

of

Kansas

City

Airport

,

Revenue

,

2020

A

,

AGMC

Insured

,

4

%

,

3/01/57

.......

5,000,000

4,432,449

City

of

Kansas

City

Airport

,

Revenue

,

2020

A

,

AGMC

Insured

,

5

%

,

3/01/57

.......

100,000

101,888

Lebanon

Reorganized

School

District

No.

R-3

,

GO

,

2024

,

4

%

,

3/01/44

...........

4,000,000

3,880,522

Liberty

Public

School

District

No.

53

,

GO

,

2018

,

4

%

,

3/01/37

...................

4,500,000

4,508,889

Metropolitan

St.

Louis

Sewer

District

,

Revenue

,

2016

C

,

Refunding

,

5

%

,

5/01/46

...............................

24,700,000

25,313,622

Revenue

,

2017

A

,

Refunding

,

5

%

,

5/01/47

...............................

15,000,000

15,341,105

Missouri

Development

Finance

Board

,

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

5

%

,

3/01/30

...............

930,000

941,471

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/36

...............

1,140,000

1,067,645

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/37

...............

500,000

460,197

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/41

...............

515,000

448,583

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

3

%

,

3/01/46

...............

2,640,000

1,795,748

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/51

...............

9,445,000

7,609,823

Procter

&

Gamble

Co.

(The)

,

Revenue

,

1999

,

5.2

%

,

3/15/29

..................

3,000,000

3,185,379

Zoological

Subdistrict

of

the

Metropolitan

Zoo

Park

&

Museum

District

of

St.

Louis

,

Revenue

,

2022

,

5.25

%

,

5/01/55

.....................................

2,500,000

2,621,747

Missouri

Housing

Development

Commission

,

Revenue

,

2018

B

,

GNMA

Insured

,

4

%

,

11/01/38

...........................

785,000

750,471

Revenue

,

2019

C

,

GNMA

Insured

,

3

%

,

11/01/44

...........................

3,030,000

2,322,782

Revenue

,

2020

C

,

GNMA

Insured

,

2.4

%

,

11/01/45

.........................

2,010,000

1,345,947

Revenue

,

2020

D

,

GNMA

Insured

,

2.55

%

,

11/01/50

........................

2,715,000

1,782,782

Revenue

,

2021

B

,

GNMA

Insured

,

2.2

%

,

11/01/46

.........................

1,160,000

726,991

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

144

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Missouri

Housing

Development

Commission,

(continued)

Revenue

,

2021

B

,

GNMA

Insured

,

2.3

%

,

11/01/51

.........................

$

7,220,000

$

4,456,160

Revenue

,

2022

A

,

GNMA

Insured

,

3.125

%

,

11/01/42

.......................

3,425,000

2,767,617

Revenue

,

2022

C

,

GNMA

Insured

,

4.3

%

,

11/01/47

.........................

1,980,000

1,887,360

Revenue

,

2022

C

,

GNMA

Insured

,

4.35

%

,

11/01/52

........................

2,470,000

2,272,181

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Iatan

2

Project

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

12/01/35

..................

7,335,000

7,381,079

MoPEP

1

Pool

Fund

,

Revenue

,

2018

,

5

%

,

12/01/43

........................

2,000,000

2,030,432

Prairie

State

Project

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

12/01/40

..............

27,950,000

28,173,908

Monarch-Chesterfield

Levee

District

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

3/01/40

....

2,395,000

2,396,283

Move

Rolla

Transportation

Development

District

,

Revenue

,

2017

,

4.75

%

,

6/01/47

...

5,050,000

4,935,802

Normandy

Schools

Collaborative

,

GO

,

2021

B

,

2

%

,

3/01/40

............................................

2,050,000

1,396,654

GO

,

2021

B

,

2

%

,

3/01/41

............................................

1,700,000

1,133,591

Poplar

Bluff

Regional

Transportation

Development

District

,

Sales

Tax

,

Revenue

,

2023

B

,

Refunding

,

3.375

%

,

12/01/31

..................

2,000,000

1,856,456

Sales

Tax

,

Revenue

,

2023

B

,

Refunding

,

4

%

,

12/01/37

......................

2,600,000

2,464,955

Republic

School

District

No.

R-3

,

GO

,

2023

,

4

%

,

3/01/43

......................

1,470,000

1,441,908

Riverside-Quindaro

Bend

Levee

District

of

Platte

County

,

Special

Assessment

,

2017

,

Refunding

,

5

%

,

3/01/29

.............................................

2,585,000

2,605,149

Springfield

School

District

No.

R-12

,

GO

,

2023

,

4

%

,

3/01/43

...................

2,000,000

1,990,165

St.

Charles

County

Public

Water

Supply

District

No.

2

,

COP

,

2022

,

4

%

,

12/01/44

....

5,000,000

4,832,534

St.

Charles

County

School

District

No.

R-IV

Wentzville

,

GO

,

2018

,

Refunding

,

4

%

,

3/01/38

.........................................................

15,400,000

15,430,403

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

St.

Louis

Obligated

Group

,

Revenue

,

2013

A

,

5.875

%

,

9/01/43

..

7,000,000

7,004,462

Friendship

Village

St.

Louis

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

9/01/48

........................................................

7,095,000

6,676,740

St.

Louis

Land

Clearance

for

Redevelopment

Authority

,

Revenue

,

2021

,

2.125

%

,

7/15/39

......................................

3,680,000

2,468,840

Revenue

,

2021

,

2.25

%

,

7/15/41

.......................................

3,845,000

2,548,982

Revenue

,

2021

A

,

Refunding

,

2.125

%

,

4/01/39

............................

6,075,000

4,555,545

City

of

St.

Louis

,

Revenue

,

2022

C

,

5

%

,

6/01/36

...........................

2,025,000

2,070,365

City

of

St.

Louis

,

Revenue

,

2022

C

,

5

%

,

6/01/41

...........................

2,000,000

1,984,420

City

of

St.

Louis

,

Revenue

,

2022

C

,

5.125

%

,

6/01/46

.......................

2,600,000

2,576,248

St.

Louis

Municipal

Finance

Corp.

,

City

of

St.

Louis

,

Revenue

,

2020

,

AGMC

Insured

,

5

%

,

10/01/45

...............

5,685,000

5,866,325

City

of

St.

Louis

,

Revenue

,

2020

,

AGMC

Insured

,

5

%

,

10/01/49

...............

2,175,000

2,226,112

St.

Louis

Municipal

Library

District

,

COP

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

3/15/48

2,800,000

2,634,107

St.

Louis

School

District

,

GO

,

2023

,

AGMC

Insured

,

4

%

,

4/01/43

................

7,000,000

6,906,786

Strafford

Reorganized

School

District

No.

R-VI

,

GO

,

2023

,

4

%

,

3/01/43

...........

4,000,000

3,881,668

Washington

Industrial

Development

Authority

,

Revenue

,

2021

,

Refunding

,

2.5

%

,

11/01/29

........................................................

100,000

90,701

604,148,103

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

1,420,860

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

1,900,000

1,611,507

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,900,000

1,611,507

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

(continued)

South

Carolina

Jobs-Economic

Development

Authority,

(continued)

a

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-2

,

Zero

Cpn.,

6/01/52

$

3,200,000

$

2,278,038

5,501,052

Texas

0.8%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

2,000,000

1,958,833

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

2.5

%

,

9/01/41

........................................................

525,000

356,494

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/44

700,000

503,509

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,200,000

2,492,162

5,310,998

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

1,611,655

Wisconsin

1.1%

a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,900,000

1,535,406

AL-FL

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

A

,

3.4

%

,

12/01/36

.......

3,250,000

2,709,407

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5

%

,

8/01/53

................

1,500,000

1,509,282

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

1,500,000

1,523,433

7,277,528

U.S.

Territories

3.4%

Guam

0.9%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

5,790,000

5,896,001

Puerto

Rico

2.5%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/33

....................................

192,434

190,938

Revenue

,

2007

CC

,

5.25

%

,

7/01/36

....................................

1,193,087

1,197,989

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

4,275,909

4,184,097

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

410,750

412,437

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,750,000

1,725,722

c

Revenue

,

WW

,

5.5

%

,

7/01/38

.........................................

4,690,000

1,242,850

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

................................

1,404,000

1,395,184

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

6,000,000

6,001,946

16,351,163

Total

U.S.

Territories

....................................................................

22,247,164

Total

Municipal

Bonds

(Cost

$

700,879,501

)

.....................................

661,543,120

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

146

See

Abbreviations

on

page

198

.

a

a

Shares

a

Value

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

†

d

,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

$

700,879,501

)

...............................

661,733,722

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

,

St.

Louis

University

,

Revenue

,

2008

B-1

,

LOC

Barclays

Bank

plc

,

Daily

VRDN

and

Put

,

3.95

%

,

10/01/35

.............................................

$

1,270,000

1,270,000

Washington

University

(The)

,

Revenue

,

2000

B

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

3.95

%

,

3/01/40

.................................

500,000

500,000

Washington

University

(The)

,

Revenue

,

2003

B

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

4.1

%

,

2/15/33

...............................................

1,700,000

1,700,000

3,470,000

Total

Municipal

Bonds

(Cost

$

3,470,000

)

.......................................

3,470,000

Total

Short

Term

Investments

(Cost

$

3,470,000

)

.................................

3,470,000

a

Total

Investments

(Cost

$

704,349,501

)

99.4

%

...................................

$665,203,722

Other

Assets,

less

Liabilities

0.6

%

.............................................

3,612,430

Net

Assets

100.0%

...........................................................

$668,816,152

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2024,

the

aggregate

value

of

these

securities

was

$25,013,224,

representing

3.7%

of

net

assets.

b

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

Non-income

producing.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

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),

May

31,

2024

Franklin

New

Jersey

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

147

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

1,600,000

$

1,551,900

Total

Corporate

Bonds

(Cost

$

1,600,000

)

.......................................

1,551,900

Municipal

Bonds

97.3%

California

0.2%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

1,300,000

1,167,268

Delaware

2.1%

Delaware

River

&

Bay

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

1/01/44

.................................

12,500,000

12,294,265

Revenue

,

2021

,

4

%

,

1/01/46

.........................................

1,750,000

1,702,824

Revenue

,

2024

A

,

5

%

,

1/01/49

........................................

1,000,000

1,065,889

15,062,978

Florida

1.6%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

4,536,000

3,925,799

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

850,000

584,715

b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

5,450,000

4,254,155

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

3,650,000

3,217,475

11,982,144

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

2,171,366

New

Jersey

79.6%

Atlantic

County

Improvement

Authority

(The)

,

Stockton

University

,

Revenue

,

2021

A

,

AGMC

Insured

,

4

%

,

7/01/47

..........................................

1,000,000

926,409

Camden

County

Improvement

Authority

(The)

,

b

Camden

Prep,

Inc.

,

Revenue

,

144A,

2022

,

5

%

,

7/15/32

.....................

250,000

256,810

b

Camden

Prep,

Inc.

,

Revenue

,

144A,

2022

,

5

%

,

7/15/52

.....................

3,000,000

2,896,268

KIPP

Cooper

Norcross

Obligated

Group

,

Revenue

,

2022

,

6

%

,

6/15/47

..........

1,700,000

1,816,629

KIPP

Cooper

Norcross

Obligated

Group

,

Revenue

,

2022

,

6

%

,

6/15/52

..........

2,100,000

2,231,886

City

of

Newark

,

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AGMC

Insured

,

5

%

,

11/15/42

.........

1,000,000

1,072,133

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AGMC

Insured

,

5.375

%

,

11/15/52

.....

1,500,000

1,630,265

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AGMC

Insured

,

6

%

,

11/15/62

.........

1,000,000

1,120,060

County

of

Middlesex

,

COP

,

1998

,

NATL

Insured

,

Zero

Cpn.,

6/15/24

.............

1,000,000

998,605

Cumberland

County

Improvement

Authority

(The)

,

County

of

Cumberland

,

Revenue

,

2014

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

9/01/39

2,000,000

2,005,860

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/36

............

955,000

999,035

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/37

............

1,000,000

1,042,269

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/38

............

1,020,000

1,058,050

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/39

............

1,070,000

1,107,367

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/44

............

5,725,000

5,876,399

Essex

County

Improvement

Authority

,

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2021

,

4

%

,

6/15/38

........................................................

1,645,000

1,561,667

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2021

,

4

%

,

6/15/51

........................................................

2,700,000

2,338,807

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)

Essex

County

Improvement

Authority,

(continued)

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2021

,

4

%

,

6/15/56

........................................................

$

4,925,000

$

4,176,639

Gloucester

County

Improvement

Authority

(The)

,

Rowan

University

,

Revenue

,

2015

C

,

AGMC

Insured

,

4

%

,

7/01/42

.............

2,500,000

2,430,413

Rowan

University

,

Revenue

,

2015

C

,

5

%

,

7/01/44

.........................

3,500,000

3,520,919

Rowan

University

,

Revenue

,

2019

,

4

%

,

7/01/37

...........................

750,000

764,094

Rowan

University

,

Revenue

,

2019

,

4

%

,

7/01/38

...........................

700,000

709,461

Rowan

University

,

Revenue

,

2019

,

4

%

,

7/01/39

...........................

600,000

605,981

Rowan

University

,

Revenue

,

2019

,

5

%

,

7/01/44

...........................

4,925,000

5,156,978

Rowan

University

,

Revenue

,

2019

,

4

%

,

7/01/48

...........................

5,250,000

5,114,338

Rowan

University

,

Revenue

,

2024

,

BAM

Insured

,

5

%

,

7/01/54

................

5,000,000

5,250,337

Hudson

County

Improvement

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

1/01/40

.................................

1,000,000

991,114

County

of

Hudson

,

Revenue

,

2016

,

5.25

%

,

5/01/51

........................

6,000,000

6,102,661

Jersey

City

Municipal

Utilities

Authority

,

Water

Fund

,

Revenue

,

2024

C

,

AGMC

Insured

,

5.25

%

,

10/15/54

...................................................

1,500,000

1,635,064

Monmouth

County

Improvement

Authority

(The)

,

Revenue

,

2019

A

,

4

%

,

8/01/35

........................................

525,000

542,270

Revenue

,

2019

A

,

4

%

,

8/01/36

........................................

500,000

514,929

Revenue

,

2019

A

,

4

%

,

8/01/37

........................................

275,000

281,952

Revenue

,

2019

A

,

4

%

,

8/01/38

........................................

225,000

229,722

Revenue

,

2019

A

,

4

%

,

8/01/39

........................................

400,000

407,092

New

Brunswick

Parking

Authority

,

Revenue

,

2016

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/39

.........................................................

5,000,000

5,088,855

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/39

.....................................

2,500,000

2,470,778

Revenue

,

2021

QQQ

,

4

%

,

6/15/46

.....................................

1,250,000

1,192,592

Revenue

,

2021

QQQ

,

4

%

,

6/15/50

.....................................

1,250,000

1,158,462

Middlesex

Water

Co.

,

Revenue

,

2019

,

4

%

,

8/01/59

........................

6,200,000

5,483,754

Middlesex

Water

Co.

,

Revenue

,

2019

,

5

%

,

8/01/59

........................

7,245,000

7,376,157

New

Jersey

Transit

Corp.

,

Revenue

,

2022

A

,

5

%

,

11/01/52

...................

5,000,000

5,208,236

Port

Newark

Container

Terminal

LLC

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/47

...

13,625,000

13,723,603

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

5

%

,

7/01/32

..........

640,000

644,895

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

5

%

,

7/01/37

..........

600,000

599,976

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

5

%

,

7/01/47

..........

1,500,000

1,442,350

Provident

Group-Montclair

Properties

LLC

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/42

..............................................

6,000,000

6,107,395

Provident

Group-Rowan

Properties

LLC

,

Revenue

,

A

,

5

%

,

1/01/48

.............

7,000,000

6,575,550

State

of

New

Jersey

Department

of

the

Treasury

,

Revenue

,

2005

N-1

,

Refunding

,

NATL

Insured

,

5.5

%

,

9/01/27

........................................

8,660,000

9,183,418

State

of

New

Jersey

Department

of

the

Treasury

,

Revenue

,

2015

WW

,

Pre-Refunded

,

5

%

,

6/15/37

....................................................

4,760,000

4,833,860

New

Jersey

Educational

Facilities

Authority

,

Revenue

,

2023

A

,

4.625

%

,

9/01/48

....................................

2,000,000

2,039,475

Revenue

,

2023

A

,

5.25

%

,

9/01/53

.....................................

2,000,000

2,153,271

Kean

University

,

Revenue

,

2015

H

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/34

......

2,205,000

2,244,564

Kean

University

,

Revenue

,

2015

H

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/35

......

5,000,000

5,088,383

Kean

University

,

Revenue

,

2017

D

,

Refunding

,

BAM

Insured

,

4

%

,

9/01/38

.......

1,150,000

1,136,474

Montclair

State

University,

Inc.

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

7/01/39

.......

5,000,000

5,004,225

Montclair

State

University,

Inc.

,

Revenue

,

2015

D

,

Refunding

,

5

%

,

7/01/35

.......

2,245,000

2,272,324

Montclair

State

University,

Inc.

,

Revenue

,

2015

D

,

Refunding

,

5

%

,

7/01/36

.......

1,210,000

1,223,945

Montclair

State

University,

Inc.

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

7/01/34

.......

1,325,000

1,355,948

Montclair

State

University,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/40

........................................................

1,000,000

1,112,901

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

149

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Educational

Facilities

Authority,

(continued)

Montclair

State

University,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/44

........................................................

$

1,000,000

$

1,089,518

Ramapo

College

of

New

Jersey

,

Revenue

,

2017

A

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/35

........................................................

3,955,000

4,130,558

Seton

Hall

University

,

Revenue

,

2015

C

,

Refunding

,

5

%

,

7/01/34

..............

400,000

403,790

Seton

Hall

University

,

Revenue

,

2015

C

,

Refunding

,

5

%

,

7/01/37

..............

1,300,000

1,310,675

Seton

Hall

University

,

Revenue

,

2017

D

,

Refunding

,

5

%

,

7/01/42

..............

3,945,000

3,992,387

Seton

Hall

University

,

Revenue

,

2020

C

,

AGMC

Insured

,

3.25

%

,

7/01/49

........

1,150,000

908,384

Seton

Hall

University

,

Revenue

,

2020

C

,

AGMC

Insured

,

4

%

,

7/01/50

...........

1,850,000

1,777,058

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

1998-1

,

ETM,

5

%

,

7/01/28

........................................................

405,000

416,068

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/36

........................................................

1,600,000

1,642,836

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/42

........................................................

9,310,000

9,413,841

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/47

........................................................

4,085,000

4,108,513

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2020

A

,

5

%

,

7/01/45

.

4,000,000

4,047,729

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2020

A

,

4

%

,

7/01/50

.

11,640,000

10,091,185

Trustees

of

Princeton

University

(The)

,

Revenue

,

2024

B

,

4

%

,

3/01/53

..........

5,000,000

4,801,841

Trustees

of

Princeton

University

(The)

,

Revenue

,

2024

B

,

5.25

%

,

3/01/54

........

8,500,000

9,349,470

New

Jersey

Health

Care

Facilities

Financing

Authority

,

AHS

Hospital

Corp.

,

Revenue

,

2008

A

,

5

%

,

7/01/27

........................

180,000

180,055

AHS

Hospital

Corp.

,

Revenue

,

2016

,

Refunding

,

4

%

,

7/01/41

.................

10,000,000

9,744,291

AtlantiCare

Health

System

Obligated

Group

,

Revenue

,

2021

,

4

%

,

7/01/37

.......

750,000

755,443

AtlantiCare

Health

System

Obligated

Group

,

Revenue

,

2021

,

3

%

,

7/01/46

.......

1,000,000

754,580

Hackensack

Meridian

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/39

........................................................

11,000,000

11,321,335

Hunterdon

Medical

Center

Obligated

Group

,

Revenue

,

2014

A

,

Pre-Refunded

,

5

%

,

7/01/45

........................................................

2,650,000

2,651,924

Inspira

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/46

......

18,500,000

18,685,377

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/42

...............

7,000,000

7,109,232

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

4

%

,

7/01/47

...............

8,700,000

8,023,770

New

Jersey

Department

of

Human

Services

,

Revenue

,

2024

,

Refunding

,

5

%

,

9/15/27

........................................................

2,000,000

2,081,489

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2013

A

,

Refunding

,

5.5

%

,

7/01/43

4,000,000

4,011,970

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

7/01/43

3,650,000

3,657,442

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

7/01/44

15,530,000

15,561,666

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/43

10,000,000

10,120,807

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

7/01/54

........................................................

5,115,000

5,543,422

St.

Joseph's

Healthcare

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/41

........................................................

5,850,000

5,797,474

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

4

%

,

7/01/35

...........

1,000,000

1,009,275

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

4

%

,

7/01/37

...........

3,950,000

3,960,624

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

4

%

,

7/01/38

...........

2,200,000

2,192,132

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

4

%

,

7/01/44

...........

12,000,000

11,466,768

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue

,

2019

B

,

Refunding

,

3.25

%

,

12/01/39

............................

5,195,000

4,766,159

Revenue

,

2020

C

,

Refunding

,

4.25

%

,

12/01/50

...........................

1,750,000

1,535,133

Revenue

,

2021

B

,

Refunding

,

5

%

,

12/01/29

..............................

2,830,000

2,922,145

Revenue

,

2023

C

,

5

%

,

12/01/53

.......................................

3,125,000

2,993,058

Revenue

,

2024

C

,

5.25

%

,

12/01/54

....................................

2,000,000

1,978,792

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

3.5

%

,

12/01/39

...................

4,590,000

4,191,184

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

150

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Housing

&

Mortgage

Finance

Agency

,

Revenue

,

2018

A

,

Refunding

,

3.95

%

,

11/01/43

............................

$

1,100,000

$

1,001,068

Revenue

,

2019

A

,

Refunding

,

3

%

,

11/01/44

..............................

510,000

382,731

Revenue

,

2019

C

,

Refunding

,

3.95

%

,

10/01/44

...........................

3,955,000

3,590,376

Revenue

,

2020

E

,

Refunding

,

2.05

%

,

10/01/35

............................

4,005,000

3,145,640

Revenue

,

2020

E

,

Refunding

,

2.25

%

,

10/01/40

............................

8,020,000

5,802,674

Revenue

,

2020

E

,

Refunding

,

2.4

%

,

10/01/45

.............................

3,205,000

2,147,970

Revenue

,

2020

E

,

Refunding

,

2.45

%

,

10/01/50

............................

2,400,000

1,553,566

c

New

Jersey

Infrastructure

Bank

,

Revenue

,

2024

A-W1

,

5

%

,

9/01/49

.............

2,000,000

2,176,170

New

Jersey

Institute

of

Technology

,

Revenue

,

2015

A

,

5

%

,

7/01/45

..............

6,000,000

6,019,797

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2006

C

,

AGMC

Insured

,

Zero

Cpn.,

12/15/33

.....................

10,000,000

6,863,056

Revenue

,

2009

A

,

Zero

Cpn.,

12/15/32

..................................

10,000,000

7,111,029

Revenue

,

2009

A

,

Zero

Cpn.,

12/15/36

..................................

500,000

296,310

Revenue

,

2009

A

,

BAM

Insured

,

Zero

Cpn.,

12/15/39

.......................

10,000,000

5,121,957

Revenue

,

2010

A

,

Zero

Cpn.,

12/15/29

..................................

5,000,000

4,025,479

Revenue

,

2010

A

,

Zero

Cpn.,

12/15/40

..................................

4,750,000

2,252,140

Revenue

,

2019

BB

,

4

%

,

6/15/44

.......................................

6,000,000

5,734,938

Revenue

,

2020

AA

,

5

%

,

6/15/45

.......................................

1,500,000

1,574,596

Revenue

,

2020

AA

,

4

%

,

6/15/50

.......................................

3,670,000

3,401,244

Revenue

,

2022

A

,

4

%

,

6/15/41

........................................

2,000,000

1,942,455

Revenue

,

2022

BB

,

4

%

,

6/15/42

.......................................

2,400,000

2,320,120

Revenue

,

2022

BB

,

4

%

,

6/15/46

.......................................

7,325,000

6,968,582

Revenue

,

2022

CC

,

5.5

%

,

6/15/50

.....................................

1,250,000

1,357,183

Revenue

,

2023

BB

,

5.25

%

,

6/15/50

....................................

2,000,000

2,144,050

State

of

New

Jersey

,

Revenue

,

2023

A

,

Refunding

,

5

%

,

6/15/38

...............

4,000,000

4,383,368

State

of

New

Jersey

,

Revenue

,

2023

A

,

Refunding

,

5.25

%

,

6/15/41

............

2,500,000

2,747,108

New

Jersey

Turnpike

Authority

,

Revenue

,

2017

A

,

5

%

,

1/01/34

........................................

10,005,000

10,310,812

Revenue

,

2017

B

,

Refunding

,

5

%

,

1/01/40

...............................

15,245,000

15,690,886

Revenue

,

2017

G

,

Refunding

,

4

%

,

1/01/43

...............................

5,000,000

4,870,358

Revenue

,

2019

A

,

5

%

,

1/01/48

........................................

15,500,000

16,049,794

Revenue

,

2021

A

,

4

%

,

1/01/51

........................................

3,000,000

2,853,438

Revenue

,

2022

B

,

4.5

%

,

1/01/48

......................................

5,000,000

5,044,229

Revenue

,

2024

B

,

4.125

%

,

1/01/54

....................................

1,500,000

1,444,613

Revenue

,

2024

B

,

5.25

%

,

1/01/54

.....................................

2,000,000

2,176,968

Newark

Board

of

Education

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

7/15/39

..........................

700,000

568,286

GO

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

7/15/40

..........................

750,000

594,488

GO

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

7/15/41

..........................

750,000

585,808

GO

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

7/15/42

..........................

700,000

541,622

Newark

Housing

Authority

,

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

2017

,

Refunding

,

4

%

,

1/01/37

.............................................

20,745,000

20,784,171

Passaic

County

Improvement

Authority

(The)

,

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

4.25

%

,

7/01/33

........

210,000

209,892

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.25

%

,

7/01/43

........

670,000

686,637

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.375

%

,

7/01/53

.......

1,000,000

1,015,287

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.5

%

,

7/01/58

.........

1,000,000

1,019,863

Salem

County

Pollution

Control

Financing

Authority

,

Constellation

Energy

Generation

LLC

,

Revenue

,

1993

A

,

Refunding

,

4.45

%

,

3/01/25

.........................

1,825,000

1,825,816

South

Jersey

Transportation

Authority

,

Revenue

,

2020

A

,

5

%

,

11/01/45

.......................................

5,750,000

5,917,776

Revenue

,

2022

A

,

4.625

%

,

11/01/47

....................................

5,000,000

5,030,908

Revenue

,

2022

A

,

5.25

%

,

11/01/52

.....................................

5,540,000

5,817,808

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

151

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

State

of

New

Jersey

,

GO

,

2020

A

,

4

%

,

6/01/31

............................................

$

4,500,000

$

4,669,065

GO

,

2020

A

,

3

%

,

6/01/32

............................................

3,400,000

3,177,489

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

6/01/46

..

17,000,000

17,511,462

Union

County

Improvement

Authority

,

Revenue

,

2024

,

4.125

%

,

4/15/54

...........

5,500,000

5,331,041

580,385,398

New

York

2.1%

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

240

,

Refunding

,

5

%

,

7/15/53

.................................

2,500,000

2,670,766

Revenue

,

242

,

Refunding

,

5

%

,

12/01/53

.................................

6,250,000

6,433,724

Revenue

,

244

,

Refunding

,

5

%

,

7/15/30

.................................

700,000

770,197

Revenue

,

244

,

Refunding

,

5

%

,

7/15/54

.................................

5,000,000

5,369,091

15,243,778

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

2,029,800

Pennsylvania

7.3%

Delaware

River

Joint

Toll

Bridge

Commission

,

Revenue

,

2017

,

5

%

,

7/01/42

.........................................

19,500,000

20,207,148

Revenue

,

2019

A

,

5

%

,

7/01/37

........................................

150,000

160,672

Revenue

,

2019

A

,

5

%

,

7/01/38

........................................

150,000

160,147

Revenue

,

2019

A

,

5

%

,

7/01/39

........................................

150,000

158,810

Revenue

,

2019

A

,

5

%

,

7/01/44

........................................

760,000

788,715

Delaware

River

Port

Authority

,

Revenue

,

2013

,

5

%

,

1/01/37

.........................................

10,000,000

10,022,878

Revenue

,

2018

A

,

5

%

,

1/01/37

........................................

3,285,000

3,499,181

Revenue

,

2018

A

,

5

%

,

1/01/38

........................................

5,050,000

5,378,210

Revenue

,

2018

A

,

5

%

,

1/01/39

........................................

2,300,000

2,444,635

Revenue

,

2018

A

,

5

%

,

1/01/40

........................................

9,565,000

10,121,192

52,941,588

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

1,500,000

1,272,242

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,500,000

1,272,242

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

818,274

3,362,758

Texas

0.5%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

2,000,000

1,958,833

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,700,000

2,102,762

4,061,595

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

1,272,359

Wisconsin

0.4%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,500,000

1,212,163

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

152

See

Abbreviations

on

page

198

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

b

Public

Finance

Authority,

(continued)

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

$

2,000,000

$

2,031,244

3,243,407

U.S.

Territories

2.2%

Guam

0.1%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

850,000

865,561

Puerto

Rico

2.1%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

2,218,051

2,170,425

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

246,450

247,463

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,200,000

1,183,352

d

Revenue

,

WW

,

5.5

%

,

7/01/38

.........................................

3,950,000

1,046,750

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

10,850,000

10,853,519

15,501,509

Total

U.S.

Territories

....................................................................

16,367,070

Total

Municipal

Bonds

(Cost

$

736,456,734

)

.....................................

709,291,509

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

$

738,056,734

)

...............................

711,003,937

a

a

a

a

a

Short

Term

Investments

1.3%

Principal

Amount

Municipal

Bonds

1.3%

New

Jersey

1.3%

f

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group

,

Revenue

,

2009

B

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

3.35

%

,

7/01/43

.................................

4,100,000

4,100,000

Virtua

Health

Obligated

Group

,

Revenue

,

2009

C

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

3.6

%

,

7/01/43

..................................

5,500,000

5,500,000

9,600,000

Total

Municipal

Bonds

(Cost

$

9,600,000

)

.......................................

9,600,000

Total

Short

Term

Investments

(Cost

$

9,600,000

)

.................................

9,600,000

a

Total

Investments

(Cost

$

747,656,734

)

98.8

%

...................................

$720,603,937

Other

Assets,

less

Liabilities

1.2

%

.............................................

8,467,662

Net

Assets

100.0%

...........................................................

$729,071,599

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

153

†

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

May

31,

2024,

the

aggregate

value

of

these

securities

was

$24,119,633,

representing

3.3%

of

net

assets.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

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),

May

31,

2024

Franklin

North

Carolina

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

154

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

$

1,551,900

Total

Corporate

Bonds

(Cost

$

1,600,000

)

.......................................

1,551,900

Municipal

Bonds

98.6%

California

0.4%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

2,300,000

2,065,167

Florida

2.2%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

4,680,000

4,050,427

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

1,500,000

1,031,851

b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

5,600,000

4,371,242

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

3,750,000

3,305,625

12,759,145

Illinois

0.7%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

500,000

510,153

State

of

Illinois

,

GO

,

2016

,

5

%

,

11/01/34

.............................................

1,100,000

1,121,530

GO

,

2021

A

,

5

%

,

3/01/33

............................................

2,000,000

2,154,736

3,786,419

Kentucky

0.7%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

5,600,000

4,181,701

New

Jersey

1.2%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/41

...

1,000,000

971,227

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2019

BB

,

5

%

,

6/15/44

.......................................

2,900,000

2,982,519

Revenue

,

2020

AA

,

3

%

,

6/15/50

.......................................

500,000

362,912

Revenue

,

2020

AA

,

5

%

,

6/15/50

.......................................

1,290,000

1,345,478

Revenue

,

2022

BB

,

4

%

,

6/15/46

.......................................

1,000,000

951,342

6,613,478

New

York

1.6%

Metropolitan

Transportation

Authority

,

Revenue

,

2020

E

,

Refunding

,

4

%

,

11/15/45

..............................

1,595,000

1,512,893

Revenue

,

2021

A-1

,

4

%

,

11/15/48

.....................................

5,325,000

4,882,578

Revenue

,

2021

A-2

,

4

%

,

11/15/41

.....................................

3,000,000

2,916,832

9,312,303

North

Carolina

85.8%

Cape

Fear

Public

Utility

Authority

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

8/01/44

.......

3,070,000

2,973,970

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/15/40

.......

14,000,000

14,139,422

Atrium

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/15/36

.......

5,000,000

5,282,698

Atrium

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

1/15/43

.......

2,000,000

1,943,497

City

of

Charlotte

,

COP

,

2019

A

,

Refunding

,

5

%

,

6/01/44

..................................

8,250,000

8,672,805

GO

,

2023

B

,

Refunding

,

5

%

,

7/01/42

...................................

2,925,000

3,226,323

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)

City

of

Charlotte,

(continued)

GO

,

2023

B

,

Refunding

,

5

%

,

7/01/43

...................................

$

2,300,000

$

2,526,673

Airport

,

Revenue

,

2019

B

,

4

%

,

7/01/44

..................................

5,515,000

5,151,553

Airport

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/39

.........................

6,000,000

5,990,482

Airport

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/40

.........................

9,030,000

8,918,954

Airport

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/41

.........................

2,410,000

2,377,955

Airport

,

Revenue

,

2023

A

,

5

%

,

7/01/48

..................................

4,500,000

4,822,350

Airport

,

Revenue

,

2023

A

,

5

%

,

7/01/53

..................................

6,155,000

6,535,641

Water

&

Sewer

System

,

Revenue

,

2018

,

Refunding

,

4

%

,

7/01/38

..............

4,150,000

4,188,302

Water

&

Sewer

System

,

Revenue

,

2020

,

Refunding

,

2

%

,

7/01/41

..............

500,000

334,935

c

City

of

Durham

,

Water

&

Sewer

Utility

System

,

Revenue

,

2024

,

4

%

,

8/01/49

..................

3,960,000

3,822,208

Water

&

Sewer

Utility

System

,

Revenue

,

2024

,

4

%

,

8/01/53

..................

3,400,000

3,256,279

City

of

Fayetteville

,

Public

Works

Commission

,

Revenue

,

2018

,

Refunding

,

4

%

,

3/01/41

4,015,000

3,962,242

City

of

Greensboro

,

Combined

Water

&

Sewer

System

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/45

....

4,500,000

4,393,188

c

Combined

Water

&

Sewer

System

,

Revenue

,

2024

B

,

5

%

,

6/01/49

.............

1,500,000

1,620,075

c

Combined

Water

&

Sewer

System

,

Revenue

,

2024

B

,

5

%

,

6/01/54

.............

3,500,000

3,743,110

City

of

Raleigh

,

GO

,

2023

A

,

Refunding

,

5

%

,

4/01/41

...................................

1,775,000

1,960,162

Combined

Enterprise

System

,

Revenue

,

2016

A

,

4

%

,

3/01/46

.................

3,000,000

2,929,433

Combined

Enterprise

System

,

Revenue

,

2016

B

,

Refunding

,

4

%

,

3/01/34

........

1,000,000

1,010,100

Combined

Enterprise

System

,

Revenue

,

2023

,

Refunding

,

4

%

,

9/01/53

.........

9,305,000

8,896,005

City

of

Salisbury

,

Combined

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/45

.........................................................

1,000,000

1,048,054

City

of

Winston-Salem

,

Water

&

Sewer

System

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

6/01/34

............

1,350,000

1,358,771

Water

&

Sewer

System

,

Revenue

,

2017

,

4

%

,

6/01/47

.......................

10,000,000

9,699,375

County

of

Brunswick

,

GO

,

2022

,

4

%

,

8/01/39

..............................

1,550,000

1,590,808

County

of

Catawba

,

Revenue

,

2023

,

4

%

,

4/01/43

...........................

400,000

389,597

County

of

Dare

,

Revenue

,

2021

A

,

3

%

,

6/01/38

........................................

375,000

326,987

Revenue

,

2021

A

,

3

%

,

6/01/39

........................................

585,000

502,087

Revenue

,

2021

A

,

3

%

,

6/01/40

........................................

250,000

210,648

Revenue

,

2021

A

,

3

%

,

6/01/41

........................................

450,000

373,622

County

of

Durham

,

GO

,

2019

,

4

%

,

6/01/36

.............................................

500,000

511,399

GO

,

2019

,

4

%

,

6/01/37

.............................................

450,000

457,701

GO

,

2019

,

4

%

,

6/01/39

.............................................

700,000

705,872

County

of

Forsyth

,

GO

,

2023

A

,

4

%

,

6/01/42

...............................

1,000,000

1,003,313

County

of

Guilford

,

GO

,

2017

B

,

4

%

,

5/01/33

............................................

5,000,000

5,060,732

GO

,

2024

,

4

%

,

3/01/43

.............................................

5,000,000

4,960,064

County

of

Johnston

,

Water

&

Sewer

System

,

Revenue

,

2023

,

4

%

,

4/01/53

.........

1,150,000

1,101,668

County

of

Lincoln

,

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

3

%

,

8/01/38

..................

400,000

347,861

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

3

%

,

8/01/41

..................

480,000

395,020

County

of

Mecklenburg

,

GO

,

2017

A

,

4

%

,

4/01/30

...........................

5,000,000

5,057,375

County

of

New

Hanover

,

Revenue

,

2021

,

Refunding

,

5

%

,

8/01/30

.................................

3,375,000

3,711,788

New

Hanover

Regional

Medical

Center

,

Revenue

,

2017

,

Pre-Refunded

,

5

%

,

10/01/42

.......................................................

5,000,000

5,228,284

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)

County

of

New

Hanover,

(continued)

New

Hanover

Regional

Medical

Center

,

Revenue

,

2017

,

Pre-Refunded

,

5

%

,

10/01/47

.......................................................

$

13,565,000

$

14,184,333

County

of

Union

,

Enterprise

System

,

Revenue

,

2021

,

4

%

,

6/01/32

...............

1,050,000

1,092,597

County

of

Wake

,

GO

,

2019

A

,

5

%

,

3/01/32

............................................

7,870,000

8,512,370

Revenue

,

2021

,

3

%

,

3/01/35

.........................................

5,535,000

5,034,591

Revenue

,

2021

,

3

%

,

3/01/36

.........................................

6,000,000

5,404,579

Greater

Asheville

Regional

Airport

Authority

,

Revenue

,

2023

,

AGMC

Insured

,

5.25

%

,

7/01/53

.........................................................

2,500,000

2,618,614

North

Carolina

Agricultural

&

Technical

State

University

,

Revenue

,

2023

,

5

%

,

10/01/43

1,000,000

1,071,457

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/25

..........

1,700,000

1,715,470

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/27

..........

400,000

408,297

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/28

..........

500,000

513,613

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/29

..........

550,000

568,590

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/30

..........

1,860,000

1,931,379

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/31

..........

1,855,000

1,931,871

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/32

..........

1,000,000

1,039,385

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/33

..........

1,670,000

1,730,258

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/34

..........

740,000

707,319

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/35

..........

360,000

342,495

Duke

University

,

Revenue

,

2015

B

,

Pre-Refunded

,

5

%

,

10/01/41

..............

13,585,000

13,849,495

Duke

University

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

10/01/40

.................

2,500,000

2,563,155

Duke

University

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

7/01/42

..................

5,500,000

5,626,624

Duke

University

,

Revenue

,

2016

B

,

Refunding

,

4

%

,

10/01/44

.................

5,085,000

5,074,389

Duke

University

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

10/01/44

.................

13,000,000

13,267,363

High

Point

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

5/01/32

................

2,000,000

1,996,657

High

Point

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

5/01/33

................

3,210,000

3,196,538

High

Point

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

5/01/34

................

2,270,000

2,253,624

Wake

Forest

University

,

Revenue

,

2016

,

Refunding

,

4

%

,

1/01/38

..............

5,500,000

5,518,308

Wake

Forest

University

,

Revenue

,

2016

,

Refunding

,

4

%

,

1/01/39

..............

5,250,000

5,259,749

Wake

Forest

University

,

Revenue

,

2018

,

4

%

,

1/01/48

.......................

10,000,000

9,660,249

Wake

Forest

University

,

Revenue

,

2018

,

5

%

,

1/01/48

.......................

13,500,000

13,881,687

North

Carolina

Central

University

,

Revenue

,

2019

,

AGMC

Insured

,

5

%

,

4/01/44

.............................

1,575,000

1,636,886

Revenue

,

2019

,

4

%

,

4/01/49

.........................................

1,000,000

899,744

North

Carolina

Housing

Finance

Agency

,

Revenue

,

41

,

GNMA

Insured

,

3.55

%

,

7/01/44

.............................

4,180,000

3,586,051

Revenue

,

41

,

GNMA

Insured

,

3.625

%

,

7/01/49

............................

6,405,000

5,588,336

Revenue

,

42

,

GNMA

Insured

,

2.45

%

,

7/01/34

.............................

750,000

609,753

Revenue

,

42

,

GNMA

Insured

,

2.625

%

,

7/01/39

............................

3,035,000

2,423,836

Revenue

,

42

,

GNMA

Insured

,

2.85

%

,

1/01/43

.............................

2,660,000

2,024,628

Revenue

,

43

,

GNMA

Insured

,

2.8

%

,

1/01/40

..............................

4,715,000

3,817,412

Revenue

,

43

,

GNMA

Insured

,

2.95

%

,

7/01/43

.............................

2,170,000

1,677,447

Revenue

,

44

,

3

%

,

7/01/46

...........................................

2,740,000

2,041,132

Revenue

,

45

,

Refunding

,

GNMA

Insured

,

2.2

%

,

7/01/40

.....................

1,805,000

1,297,464

Revenue

,

46

A

,

GNMA

Insured

,

1.55

%

,

1/01/30

...........................

2,100,000

1,736,219

Revenue

,

46

A

,

GNMA

Insured

,

1.75

%

,

1/01/31

...........................

975,000

792,442

North

Carolina

Medical

Care

Commission

,

Atrium

Health

Wake

Forest

Baptist

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

12/01/33

1,000,000

1,051,988

Caromont

Health

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

2/01/36

.............

1,675,000

1,680,496

Duke

University

Health

System,

Inc.

,

Revenue

,

2016

D

,

Refunding

,

4

%

,

6/01/42

...

7,000,000

6,871,249

EveryAge

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

9/01/47

..........

2,935,000

2,357,839

EveryAge

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

9/01/51

..........

960,000

749,914

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)

North

Carolina

Medical

Care

Commission,

(continued)

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

4

%

,

9/01/33

............

$

180,000

$

170,889

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

4

%

,

9/01/34

............

185,000

174,411

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

4

%

,

9/01/41

............

920,000

786,771

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

4

%

,

9/01/46

............

1,665,000

1,361,431

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

4

%

,

9/01/51

............

1,670,000

1,316,318

Friends

Homes

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

9/01/50

..............

3,000,000

2,316,503

Novant

Health

Obligated

Group

,

Revenue

,

2013

A

,

Refunding

,

5

%

,

11/01/46

.....

20,000,000

20,004,772

Novant

Health

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

11/01/49

..............

2,115,000

2,020,087

Novant

Health

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

11/01/52

..............

6,640,000

6,213,856

Pines

at

Davidson,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

1/01/34

........

2,050,000

2,114,883

Pines

at

Davidson,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

1/01/49

........

5,000,000

5,007,905

Plantation

Village,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

1/01/41

1,020,000

890,239

Plantation

Village,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

1/01/52

3,510,000

2,713,443

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2016

C

,

Refunding

,

5

%

,

10/01/31

5,000,000

5,109,808

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

10/01/40

.........

1,800,000

1,868,041

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

10/01/45

.........

1,000,000

898,826

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

10/01/45

.........

2,420,000

2,484,498

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

10/01/50

.........

1,350,000

1,171,288

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

10/01/50

.........

1,400,000

1,422,669

Rex

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

7/01/49

............

4,000,000

3,719,936

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2024

A

,

5

%

,

10/01/44

...................................................

750,000

775,507

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2024

A

,

5

%

,

10/01/49

...................................................

750,000

765,628

Vidant

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/40

........

5,000,000

5,033,454

North

Carolina

Municipal

Power

Agency

No.

1

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/32

.........................................................

4,200,000

4,272,894

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/25

..............................

125,000

126,064

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/26

..............................

300,000

305,093

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/27

..............................

450,000

460,195

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/28

..............................

500,000

516,937

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/29

..............................

350,000

362,626

Revenue,

Senior

Lien

,

2020

A

,

3.125

%

,

6/01/39

...........................

55,000

55,000

North

Carolina

Turnpike

Authority

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/54

...............................

2,560,000

2,567,370

Revenue

,

2018

A

,

Refunding

,

4

%

,

1/01/33

...............................

4,625,000

4,701,154

Revenue

,

2018

A

,

Refunding

,

4

%

,

1/01/39

...............................

9,815,000

9,875,309

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/35

.................................

1,300,000

1,445,878

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/36

.................................

1,750,000

1,941,660

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/37

.................................

1,770,000

1,955,046

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/38

.................................

1,250,000

1,373,757

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/39

.................................

1,500,000

1,637,591

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/40

.................................

1,270,000

1,379,770

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/41

.................................

2,000,000

2,161,980

Revenue,

Senior

Lien

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/31

...........

1,000,000

1,036,218

Revenue,

Senior

Lien

,

2019

,

AGMC

Insured

,

5

%

,

1/01/49

...................

2,000,000

2,072,155

Revenue,

Senior

Lien

,

2019

,

4

%

,

1/01/55

................................

5,000,000

4,254,946

Revenue,

Senior

Lien

,

2024

A

,

AGMC

Insured

,

5

%

,

1/01/58

..................

3,000,000

3,158,369

Raleigh

Durham

Airport

Authority

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/01/27

...............................

350,000

354,015

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/01/30

...............................

550,000

555,513

Revenue

,

2020

A

,

Refunding

,

5

%

,

5/01/36

...............................

2,580,000

2,727,712

State

of

North

Carolina

,

GO

,

2019

B

,

5

%

,

6/01/29

............................................

2,500,000

2,714,372

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)

North

Carolina

(continued)

State

of

North

Carolina,

(continued)

GO

,

2020

A

,

5

%

,

6/01/31

............................................

$

2,500,000

$

2,746,251

Town

of

Cary

,

Combined

Utility

Systems

,

Revenue

,

2017

B

,

Refunding

,

4

%

,

12/01/42

8,000,000

7,891,007

Town

of

Oak

Island

,

Enterprise

System

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/33

......................................................

1,000,000

1,040,665

University

of

North

Carolina

at

Chapel

Hill

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

12/01/37

..............................

2,180,000

2,439,618

Hospitals

at

Chapel

Hill

,

Revenue

,

2019

,

5

%

,

2/01/49

.......................

6,920,000

7,656,462

University

of

North

Carolina

at

Charlotte

(The)

,

Revenue

,

2017

,

5

%

,

10/01/47

........................................

5,000,000

5,147,826

Revenue

,

2017

A

,

Refunding

,

4

%

,

10/01/40

..............................

2,250,000

2,241,927

Revenue

,

2020

A

,

Refunding

,

4

%

,

10/01/40

..............................

290,000

288,959

University

of

North

Carolina

at

Greensboro

,

Revenue

,

2017

,

Refunding

,

4

%

,

4/01/35

.................................

1,205,000

1,209,795

Revenue

,

2017

,

Refunding

,

4

%

,

4/01/36

.................................

1,000,000

1,004,342

University

of

North

Carolina

at

Wilmington

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/37

.

3,000,000

3,025,392

University

of

North

Carolina

System

,

Appalachian

State

University

,

Revenue

,

2008

A

,

AGMC

Insured

,

5

%

,

10/01/33

.........................................

160,000

152,669

Water

and

Sewer

Authority

of

Cabarrus

County

,

Revenue

,

2024

,

4

%

,

6/01/49

......

2,685,000

2,572,021

Western

Carolina

University

,

Revenue

,

2020

B

,

3

%

,

4/01/36

........................................

1,000,000

888,658

Revenue

,

2020

B

,

4

%

,

4/01/50

........................................

5,000,000

4,754,018

491,929,677

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

1,600,000

1,357,059

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,600,000

1,357,058

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

2,500,000

2,045,684

4,759,801

Texas

0.5%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/32

200,000

189,787

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/33

200,000

188,341

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,800,000

2,180,642

2,558,770

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

1,357,183

Wisconsin

0.2%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

..............

1,600,000

1,292,974

U.S.

Territories

4.3%

Guam

0.8%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2023

A

,

Refunding

,

5.25

%

,

10/01/30

............................

750,000

752,354

Revenue

,

2023

A

,

Refunding

,

5.125

%

,

10/01/34

...........................

390,000

384,907

Revenue

,

2023

A

,

Refunding

,

5.25

%

,

10/01/35

............................

265,000

263,558

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

3,205,000

3,263,676

4,664,495

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

3.5%

Commonwealth

of

Puerto

Rico

,

d

GO

,

FRN

,

Zero

Cpn.,

11/01/43

........................................

$

103,304

$

64,177

GO

,

2022

A-1

,

5.625

%

,

7/01/27

.......................................

25,850

27,031

GO

,

2022

A-1

,

5.625

%

,

7/01/29

.......................................

25,431

27,373

GO

,

2022

A-1

,

5.75

%

,

7/01/31

........................................

24,701

27,535

GO

,

2022

A-1

,

4

%

,

7/01/33

..........................................

23,423

23,422

GO

,

2022

A-1

,

4

%

,

7/01/35

..........................................

21,054

20,683

GO

,

2022

A-1

,

4

%

,

7/01/37

..........................................

18,070

17,532

GO

,

2022

A-1

,

4

%

,

7/01/41

..........................................

24,568

22,837

GO

,

2022

A-1

,

4

%

,

7/01/46

..........................................

25,551

23,109

GO

,

2022

A-1

,

Zero

Cpn.,

7/01/24

.....................................

3,797

3,784

GO

,

2022

A-1

,

Zero

Cpn.,

7/01/33

.....................................

30,143

20,019

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

1,643,000

1,607,722

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

246,450

247,463

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,500,000

1,479,191

e

Revenue

,

XX

,

5.25

%

,

7/01/40

........................................

4,120,000

1,091,800

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

459,522

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/41

..

220,000

194,024

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

12,890,000

12,894,180

Sales

Tax

,

Revenue

,

A-2

,

4.329

%

,

7/01/40

...............................

2,000,000

1,993,742

20,245,146

Total

U.S.

Territories

....................................................................

24,909,641

Total

Municipal

Bonds

(Cost

$

597,649,152

)

.....................................

565,526,259

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

$

599,249,152

)

...............................

567,245,596

a

a

a

a

a

Short

Term

Investments

2.2%

Principal

Amount

Municipal

Bonds

2.2%

North

Carolina

2.2%

g

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2007

B

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

1/15/38

............................

4,000,000

4,000,000

Atrium

Health

Obligated

Group

,

Revenue

,

2007

C

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

1/15/37

............................

5,500,000

5,500,000

Atrium

Health

Obligated

Group

,

Revenue

,

2018

G

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

1/15/48

....................................

1,000,000

1,000,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

160

See

Abbreviations

on

page

198

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

North

Carolina

(continued)

g

Charlotte-Mecklenburg

Hospital

Authority

(The),

(continued)

Atrium

Health

Obligated

Group

,

Revenue

,

2018

H

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

1/15/48

....................................

$

1,900,000

$

1,900,000

12,400,000

Total

Municipal

Bonds

(Cost

$

12,400,000

)

......................................

12,400,000

Total

Short

Term

Investments

(Cost

$

12,400,000

)

................................

12,400,000

a

Total

Investments

(Cost

$

611,649,152

)

101.1

%

..................................

$579,645,596

Other

Assets,

less

Liabilities

(

1.1

)

%

...........................................

(6,104,835)

Net

Assets

100.0%

...........................................................

$573,540,761

†

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

May

31,

2024,

the

aggregate

value

of

these

securities

was

$21,123,961,

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),

May

31,

2024

Franklin

Ohio

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

161

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

$

3,103,799

Total

Corporate

Bonds

(Cost

$

3,200,000

)

.......................................

3,103,799

Municipal

Bonds

96.5%

California

0.2%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

2,800,000

2,514,117

Florida

1.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

9,144,000

7,913,912

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

2,200,000

1,513,380

b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

11,000,000

8,586,369

18,013,661

Kentucky

1.1%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

15,210,000

11,357,800

New

Jersey

0.2%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2022

A

,

4

%

,

6/15/38

....

2,000,000

1,991,523

New

York

0.1%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/48

..........

750,000

687,687

Ohio

89.8%

Akron

City

School

District

,

COP

,

2023

,

AGMC

Insured

,

5

%

,

8/01/53

..............

3,000,000

3,127,544

American

Municipal

Power,

Inc.

,

Combined

Hydroelectric

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

2/15/35

............

1,000,000

988,144

Combined

Hydroelectric

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

2/15/46

............

7,500,000

7,555,346

Greenup

Hydroelectric

,

Revenue

,

2016

A

,

5

%

,

2/15/41

......................

5,000,000

5,043,414

Prairie

State

Energy

Campus

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/15/37

........

3,700,000

3,859,724

Prairie

State

Energy

Campus

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/15/38

........

3,500,000

3,638,210

Solar

Electricity

Prepayment

,

Revenue

,

2019

A

,

5

%

,

2/15/44

.................

3,345,000

3,447,167

Anthony

Wayne

Local

School

District

,

GO

,

2017

A

,

4

%

,

12/01/39

................

3,000,000

2,943,987

Apollo

Joint

Vocational

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

12/01/39

........

6,530,000

6,500,266

Beachwood

City

School

District

,

GO

,

2023

,

4

%

,

12/01/53

.....................

7,575,000

7,110,028

Bethel

Local

School

District

,

COP

,

2020

,

BAM

Insured

,

2.75

%

,

12/01/49

..........

4,000,000

2,622,746

Big

Walnut

Local

School

District

,

GO

,

2019

,

5

%

,

12/01/53

.....................

9,155,000

9,434,521

Bloom-Carroll

Local

School

District

,

GO

,

2018

A

,

5

%

,

11/01/55

.................

7,025,000

7,254,439

Bowling

Green

State

University

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

6/01/42

........

1,045,000

1,067,819

Brooklyn

City

School

District

,

GO

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/38

........................

1,905,000

1,950,837

GO

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/49

........................

9,000,000

9,102,800

Butler

County

Port

Authority

,

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/33

........................................................

135,000

131,562

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/34

........................................................

185,000

179,972

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/35

........................................................

195,000

189,248

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)

Butler

County

Port

Authority,

(continued)

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/36

........................................................

$

205,000

$

198,052

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/37

........................................................

210,000

200,988

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/38

........................................................

220,000

207,949

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/39

........................................................

225,000

209,965

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/40

........................................................

240,000

222,434

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/41

........................................................

245,000

224,601

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/46

........................................................

900,000

787,931

Canal

Winchester

Local

School

District

,

GO

,

2005

,

NATL

Insured

,

Zero

Cpn.,

12/01/32

............................

3,955,000

2,812,114

GO

,

2005

,

NATL

Insured

,

Zero

Cpn.,

12/01/33

............................

2,000,000

1,359,469

Chillicothe

City

School

District

,

GO

,

2006

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

12/01/24

........................................................

1,905,000

1,865,910

Cincinnati

City

School

District

,

GO

,

2006

,

Refunding

,

NATL

Insured

,

5.25

%

,

12/01/27

......................

14,900,000

15,864,334

GO

,

2006

,

Refunding

,

NATL

Insured

,

5.25

%

,

12/01/28

......................

8,180,000

8,819,186

City

of

Chillicothe

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/37

.

2,890,000

2,950,738

Adena

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/47

.

2,110,000

2,118,578

City

of

Cincinnati

,

GO

,

2015

A

,

Pre-Refunded

,

5.25

%

,

12/01/40

.................

6,500,000

6,612,947

City

of

Cleveland

,

GO

,

2012

,

5

%

,

12/01/30

.............................................

35,000

35,028

GO

,

2020

A

,

2

%

,

12/01/36

...........................................

1,215,000

915,672

Water

Pollution

Control

,

Revenue

,

2016

,

5

%

,

11/15/41

......................

2,000,000

2,010,574

City

of

Columbus

,

GO

,

2018

A

,

5

%

,

4/01/34

............................................

7,000,000

7,470,518

GO

,

2019

A

,

5

%

,

4/01/40

............................................

3,000,000

3,183,986

GO

,

2021

A

,

5

%

,

4/01/40

............................................

1,900,000

2,053,317

Sewerage

,

Revenue

,

2014

,

Refunding

,

4

%

,

6/01/31

........................

15,000,000

14,844,629

Sewerage

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/30

........................

5,000,000

5,133,059

City

of

Marysville

,

Wastewater

Treatment

System

,

Revenue

,

2015

,

Refunding

,

BAM

Insured

,

4

%

,

12/01/40

.......................................................

3,015,000

2,980,148

Wastewater

Treatment

System

,

Revenue

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/47

.......................................................

5,035,000

5,045,015

Wastewater

Treatment

System

,

Revenue

,

2016

,

Refunding

,

BAM

Insured

,

4

%

,

12/01/46

.......................................................

9,370,000

8,986,620

City

of

Mount

Vernon

,

Mount

Vernon

Nazarene

University

,

Revenue

,

2022

,

Refunding

,

4

%

,

2/01/37

......................................................

995,000

915,834

City

of

St.

Bernard

,

Income

Tax

,

Revenue

,

2013

,

AGMC

Insured

,

5

%

,

12/01/43

.....

3,760,000

3,584,003

City

of

Westerville

,

Revenue

,

2014

,

5

%

,

12/01/30

...........................

2,765,000

2,766,767

Cleveland

Department

of

Public

Utilities

Division

of

Public

Power

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

11/15/38

..................

600,000

596,898

Revenue

,

B-2

,

NATL

Insured

,

Zero

Cpn.,

11/15/38

.........................

10,000,000

5,057,325

Cleveland-Cuyahoga

County

Port

Authority

,

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/37

.......

700,000

706,018

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/38

.......

100,000

100,038

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/39

.......

700,000

698,332

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)

Cleveland-Cuyahoga

County

Port

Authority,

(continued)

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/40

.......

$

100,000

$

98,023

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/46

.......

500,000

461,731

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/51

.......

2,000,000

1,804,149

Euclid

Avenue

Development

Corp.

,

Revenue

,

2022

A

,

5.5

%

,

8/01/52

...........

9,000,000

9,306,468

Columbus-Franklin

County

Finance

Authority

,

Revenue

,

2021

C

,

2.5

%

,

11/15/41

.....................................

900,000

648,121

Revenue

,

2021

C

,

3

%

,

5/15/51

........................................

2,180,000

1,436,512

County

of

Butler

,

UC

Health

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/45

..........

5,020,000

4,815,326

UC

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

11/15/36

..........

2,140,000

1,939,255

UC

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

11/15/37

..........

1,500,000

1,348,719

County

of

Cuyahoga

,

GO

,

2020

A

,

Refunding

,

4

%

,

12/01/34

...................

750,000

765,022

County

of

Franklin

,

Nationwide

Children's

Hospital,

Inc.

,

Revenue

,

2016

C

,

Refunding

,

4

%

,

11/01/40

..

5,000,000

4,868,524

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/33

..........

5,270,000

4,784,715

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/34

..........

2,240,000

2,016,432

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/35

..........

2,900,000

2,578,088

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/36

..........

2,640,000

2,317,229

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/40

..........

2,590,000

2,151,986

Ohio

Living

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.25

%

,

7/01/41

........

5,000,000

4,905,861

OhioHealth

Obligated

Group

,

Revenue

,

2015

,

5

%

,

5/15/33

...................

3,290,000

3,323,221

Sales

Tax

,

Revenue

,

2018

,

5

%

,

6/01/43

.................................

6,000,000

6,266,534

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2017

,

5

%

,

12/01/46

............

3,515,000

3,565,657

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2017

A-OH

,

5

%

,

12/01/47

.......

11,800,000

11,970,888

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

12/01/49

..........

6,030,000

5,538,744

County

of

Hamilton

,

TriHealth

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

8/15/42

.....

5,000,000

5,088,706

County

of

Lucas

,

GO

,

2022

,

4.75

%

,

12/01/52

..............................

3,000,000

3,025,020

County

of

Mahoning

,

Sewer

System

,

Revenue

,

2022

,

Refunding

,

5

%

,

12/01/46

....................

3,000,000

3,118,664

Western

Reserve

Care

System

,

Revenue

,

1995

,

NATL

Insured

,

ETM,

5.5

%

,

10/15/25

1,165,000

1,180,423

County

of

Miami

,

Kettering

Health

Network

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

8/01/45

.............................................

5,000,000

5,050,468

County

of

Montgomery

,

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

11/15/39

............................................

5,000,000

4,632,069

County

of

Perry

,

GO

,

2023

,

5

%

,

12/01/61

.................................

1,500,000

1,450,566

County

of

Ross

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/39

.

3,805,000

3,899,537

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/44

.

1,300,000

1,314,525

County

of

Union

,

GO

,

2018

,

5

%

,

12/01/47

.................................

5,000,000

5,068,276

Cuyahoga

Falls

City

School

District

,

GO

,

2021

,

BAM

Insured

,

4

%

,

12/01/51

.......

1,485,000

1,364,438

Dayton

City

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

11/01/30

................

5,000,000

5,478,696

Dayton-Montgomery

County

Port

Authority

,

Southwest

Ohio

Regional

Bond

Fund

,

Revenue

,

2021

C

,

2

%

,

11/15/31

..........

390,000

323,011

Southwest

Ohio

Regional

Bond

Fund

,

Revenue

,

2021

C

,

2.5

%

,

11/15/41

........

1,615,000

1,163,017

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)

Deer

Park

Community

City

School

District

,

GO

,

2017

A

,

5.25

%

,

12/01/53

.........

$

3,000,000

$

3,020,554

Dublin

City

School

District

,

GO

,

2019

A

,

4

%

,

12/01/44

........................

10,000,000

9,745,291

Elyria

City

School

District

,

GO

,

2017

A

,

5

%

,

12/01/43

........................

5,500,000

5,597,781

Franklin

County

Convention

Facilities

Authority

,

Revenue

,

2014

,

Pre-Refunded

,

5

%

,

12/01/35

........................................................

20,000,000

20,107,884

Fremont

City

School

District

,

GO

,

2017

A

,

5

%

,

1/15/49

.......................

13,970,000

14,064,416

Grandview

Heights

City

School

District

,

GO

,

2019

,

5

%

,

12/01/53

................

2,150,000

2,215,790

Green

Local

School

District

,

COP

,

2022

,

AGMC

Insured

,

5

%

,

11/01/52

...........

2,000,000

2,049,564

Hilliard

School

District

,

GO

,

2017

,

4

%

,

12/01/46

............................

10,000,000

9,411,049

Hudson

City

School

District

,

GO

,

2018

,

4

%

,

12/01/45

........................

18,870,000

18,449,020

Indian

Creek

Local

School

District

,

GO

,

2018

A

,

5

%

,

11/01/55

...........................................

3,000,000

3,073,687

GO

,

2018

B

,

BAM

Insured

,

5

%

,

11/01/55

................................

3,910,000

4,017,088

Lakota

Local

School

District

,

GO

,

2005

,

Refunding

,

NATL

Insured

,

5.25

%

,

12/01/26

.

2,000,000

2,088,222

Licking

Heights

Local

School

District

,

GO

,

2022

,

4.5

%

,

10/01/51

................

1,800,000

1,795,094

Little

Miami

Local

School

District

,

GO

,

2018

A

,

5

%

,

11/01/43

...........................................

1,000,000

1,007,567

GO

,

2018

A

,

5

%

,

11/01/48

...........................................

2,460,000

2,472,596

Madeira

City

School

District

,

GO

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/32

.....

9,605,000

10,645,148

Miami

University

,

Revenue

,

2014

,

5

%

,

9/01/31

.........................................

2,320,000

2,326,227

Revenue

,

2014

,

5

%

,

9/01/34

.........................................

3,500,000

3,509,393

Revenue

,

2017

,

Refunding

,

5

%

,

9/01/41

.................................

5,000,000

5,031,433

Revenue

,

2022

A

,

Refunding

,

5

%

,

9/01/34

...............................

1,000,000

1,101,445

Miami

Valley

Career

Technology

Center

,

GO

,

2018

,

5

%

,

12/01/44

...............

20,000,000

20,726,782

Northeast

Ohio

Medical

University

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/25

..............................

125,000

125,999

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/27

..............................

100,000

102,006

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/29

..............................

110,000

113,419

Revenue

,

2021

A

,

Refunding

,

3

%

,

12/01/40

..............................

500,000

384,536

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/01/45

..............................

450,000

385,778

Revenue

,

2022

,

BAM

Insured

,

5

%

,

12/01/43

.............................

1,000,000

1,028,507

Northeast

Ohio

Regional

Sewer

District

,

Revenue

,

2019

,

Refunding

,

3

%

,

11/15/35

..

3,500,000

3,104,286

Northeastern

Local

School

District

,

GO

,

2018

,

AGMC

Insured

,

5.25

%

,

12/01/45

..............................

5,420,000

5,700,036

GO

,

2018

,

AGMC

Insured

,

4

%

,

12/01/55

................................

5,000,000

4,445,388

Norwood

City

School

District

,

GO

,

2017

A

,

Pre-Refunded

,

5

%

,

11/01/46

...............................

5,000,000

5,138,191

GO

,

2017

A

,

Pre-Refunded

,

5.25

%

,

11/01/51

.............................

7,645,000

7,891,321

c

Ohio

Air

Quality

Development

Authority

,

Ohio

Valley

Electric

Corp.

,

Revenue

,

2009

B

,

Mandatory

Put

,

1.375

%

,

11/01/24

...

1,875,000

1,841,497

Ohio

Valley

Electric

Corp.

,

Revenue

,

2009

C

,

Mandatory

Put

,

1.5

%

,

11/04/25

.....

2,000,000

1,887,073

Ohio

Higher

Educational

Facility

Commission

,

Ashtabula

County

Medical

Center

Obligated

Group

,

Revenue

,

2022

,

5.25

%

,

1/01/52

4,895,000

5,012,775

Baldwin

Wallace

University

,

Revenue

,

2022

,

6

%

,

12/01/52

...................

5,970,000

6,151,653

Capital

University

,

Revenue

,

2022

,

Refunding

,

6

%

,

9/01/42

..................

4,900,000

5,020,800

Capital

University

,

Revenue

,

2022

,

Refunding

,

6

%

,

9/01/47

..................

2,000,000

2,028,302

Capital

University

,

Revenue

,

2022

,

Refunding

,

6

%

,

9/01/52

..................

5,100,000

5,140,076

Case

Western

Reserve

University

,

Revenue

,

2016

,

Refunding

,

5

%

,

12/01/40

.....

6,000,000

6,120,906

Cleveland

Institute

of

Music

(The)

,

Revenue

,

2022

,

5

%

,

12/01/32

..............

300,000

300,916

Cleveland

Institute

of

Music

(The)

,

Revenue

,

2022

,

5.125

%

,

12/01/42

...........

3,390,000

3,357,694

Cleveland

Institute

of

Music

(The)

,

Revenue

,

2022

,

5.375

%

,

12/01/52

...........

3,100,000

3,028,897

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

165

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Ohio

Higher

Educational

Facility

Commission,

(continued)

John

Carroll

University

,

Revenue

,

2020

,

4

%

,

10/01/45

......................

$

1,100,000

$

995,454

John

Carroll

University

,

Revenue

,

2020

,

4

%

,

10/01/50

......................

3,500,000

3,098,133

John

Carroll

University

,

Revenue

,

2022

,

Refunding

,

4

%

,

10/01/47

..............

6,360,000

5,662,325

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/42

...........

1,540,000

1,477,193

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/45

...........

1,360,000

1,278,130

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/50

...........

2,900,000

2,649,736

Kenyon

College

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/42

...................

5,320,000

5,396,465

Kenyon

College

,

Revenue

,

2016

,

Refunding

,

4

%

,

7/01/44

...................

5,180,000

4,838,694

Kenyon

College

,

Revenue

,

2017

,

5

%

,

7/01/42

............................

1,250,000

1,276,717

Kenyon

College

,

Revenue

,

2017

,

4

%

,

7/01/47

............................

4,000,000

3,687,674

Otterbein

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/30

......

1,095,000

1,079,137

University

of

Dayton

,

Revenue

,

2018

A

,

4

%

,

12/01/43

.......................

11,885,000

11,370,044

University

of

Dayton

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/32

................

340,000

363,319

University

of

Dayton

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/33

................

130,000

138,948

University

of

Dayton

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/34

................

500,000

534,440

University

of

Dayton

,

Revenue

,

2020

,

Refunding

,

4

%

,

2/01/36

................

900,000

905,583

University

of

Dayton

,

Revenue

,

2020

,

Refunding

,

4

%

,

2/01/39

................

480,000

472,541

Ohio

Housing

Finance

Agency

,

Revenue

,

2020

B

,

GNMA

Insured

,

2.1

%

,

9/01/35

..........................

485,000

384,434

b

Revenue

,

144A,

2023

A

,

5.625

%

,

8/01/41

...............................

17,000,000

17,056,243

b

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

A

,

6

%

,

9/01/41

..............

11,000,000

11,404,902

Ohio

State

University

(The)

,

Revenue

,

2021

A

,

4

%

,

12/01/48

...................

10,020,000

9,535,163

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue

,

2018

A

,

5

%

,

2/15/43

........................................

19,600,000

20,237,949

Revenue

,

2018

A

,

5

%

,

2/15/46

........................................

13,750,000

14,140,342

Revenue,

Junior

Lien

,

2013

A-2

,

BAM

Insured

,

Zero

Cpn.,

2/15/38

.............

3,665,000

2,067,417

Revenue,

Junior

Lien

,

2013

A-2

,

Zero

Cpn.,

2/15/43

........................

10,485,000

4,365,546

Ohio

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/45

...................

7,000,000

7,105,377

Ohio

Water

Development

Authority

,

Revenue

,

2019

,

5

%

,

12/01/39

........................................

5,000,000

5,366,823

Revenue

,

2019

,

5

%

,

6/01/44

.........................................

1,330,000

1,404,965

Revenue

,

2021

,

5

%

,

6/01/46

.........................................

10,555,000

11,299,559

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2019

B

,

Refunding

,

5

%

,

12/01/44

...

10,000,000

10,563,923

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2020

A

,

5

%

,

12/01/50

............

6,820,000

7,165,880

Ohio

Water

Development

Authority

Water

Pollution

,

Control

Loan

Fund

,

Revenue

,

2023

B

,

5

%

,

12/01/36

...................................................

5,675,000

6,403,866

Olentangy

Local

School

District

,

GO

,

2016

,

4

%

,

12/01/46

.....................

7,660,000

7,341,273

Port

of

Greater

Cincinnati

Development

Authority

,

Revenue

,

2024

B

,

Refunding

,

5

%

,

12/01/53

..............................

1,500,000

1,565,692

Revenue

,

2024

B

,

Refunding

,

5

%

,

12/01/63

..............................

2,000,000

2,058,574

Revenue

,

2024

C

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/53

...............

1,000,000

1,054,702

Revenue

,

2024

C

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/58

...............

1,000,000

1,054,021

Revenue

,

2024

C

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/63

...............

1,000,000

1,045,850

Princeton

City

School

District

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

12/01/39

.................................

12,000,000

12,070,588

GO

,

2014

,

Refunding

,

Zero

Cpn.,

12/01/40

...............................

6,000,000

2,826,923

GO

,

2014

,

Refunding

,

Zero

Cpn.,

12/01/41

...............................

6,000,000

2,676,073

Russia

Local

School

District

,

GO

,

2023

,

5

%

,

12/01/52

........................

1,670,000

1,733,672

Springboro

Community

City

School

District

,

GO

,

2007

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/27

.....................

5,175,000

5,448,723

GO

,

2007

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/28

.....................

2,000,000

2,133,918

State

of

Ohio

,

GO

,

2019

A

,

5

%

,

6/15/38

............................................

6,500,000

6,927,740

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)

State

of

Ohio,

(continued)

GO

,

2020

C

,

5

%

,

3/01/38

............................................

$

2,300,000

$

2,514,364

GO

,

V

,

5

%

,

5/01/34

................................................

4,000,000

4,237,095

Cleveland

Clinic

Health

System

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

1/01/29

........................................................

4,850,000

5,196,022

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/15/37

1,000,000

920,307

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/15/39

875,000

792,649

University

Hospitals

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

1/15/46

............................................

6,795,000

6,290,791

Summit

County

Development

Finance

Authority

,

City

of

Akron

,

Revenue

,

2022

,

4

%

,

5/15/46

...............................

5,585,000

4,896,363

UAkronPark,

Inc.

,

Revenue

,

2023

,

5.625

%

,

12/01/48

.......................

4,700,000

4,970,852

UAkronPark,

Inc.

,

Revenue

,

2023

,

5.75

%

,

12/01/53

........................

5,000,000

5,296,213

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/45

.............

6,000,000

5,795,761

Sylvania

City

School

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/36

....

9,700,000

9,790,111

Three

Rivers

Local

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

12/01/39

...........

5,885,000

5,907,562

Toledo-Lucas

County

Port

Authority

,

Revenue

,

2021

A

,

2

%

,

11/15/31

.......................................

390,000

324,489

ParkUToledo,

Inc.

,

Revenue

,

2021

,

4

%

,

1/01/46

...........................

1,625,000

1,459,516

ParkUToledo,

Inc.

,

Revenue

,

2021

,

4

%

,

1/01/51

...........................

2,840,000

2,454,774

ParkUToledo,

Inc.

,

Revenue

,

2021

,

4

%

,

1/01/57

...........................

6,000,000

5,039,944

Triway

Local

School

District

,

COP

,

2021

,

BAM

Insured

,

4

%

,

12/01/39

............

2,200,000

2,172,510

University

of

Akron

(The)

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/31

...............................

4,365,000

4,389,860

Revenue

,

2016

A

,

Refunding

,

BAM

Insured

,

5

%

,

1/01/34

....................

6,000,000

6,111,172

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/36

...............................

11,065,000

11,246,121

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/38

...............................

8,000,000

8,092,817

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/01/42

...............................

5,725,000

5,874,005

University

of

Cincinnati

,

Revenue

,

2017

A

,

5

%

,

6/01/45

........................................

2,205,000

2,249,741

Revenue

,

2018

A

,

Refunding

,

4

%

,

6/01/48

...............................

10,000,000

9,555,572

d

Revenue

,

2024

A

,

5.25

%

,

6/01/54

.....................................

8,000,000

8,585,394

Upper

Arlington

City

School

District

,

GO

,

2018

A

,

Pre-Refunded

,

5

%

,

12/01/48

.....

13,000,000

13,778,977

Village

of

Bluffton

,

Blanchard

Valley

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

12/01/33

.......................................................

1,655,000

1,633,408

Blanchard

Valley

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

12/01/34

.......................................................

1,900,000

1,895,119

Warren

County

Port

Authority

,

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

C

,

4

%

,

12/01/41

..........

2,075,000

1,755,332

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

C

,

4

%

,

12/01/55

..........

3,500,000

2,641,912

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

D

,

5

%

,

12/01/46

..........

3,895,000

3,259,710

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

H

,

4

%

,

12/01/53

..........

1,375,000

1,044,006

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2022

A

,

5.5

%

,

12/01/50

.........

3,210,000

3,076,260

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2022

B

,

4.75

%

,

12/01/34

........

1,035,000

1,023,201

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2020

D-1

,

Refunding

,

4

%

,

12/01/40

.......................................

1,390,000

1,190,858

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2020

D-1

,

Refunding

,

4

%

,

12/01/52

.......................................

1,930,000

1,471,335

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

167

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Westerville

City

School

District

,

GO

,

2006

,

Refunding

,

XLCA

Insured

,

5

%

,

12/01/27

..

$

3,820,000

$

3,985,061

Westlake

City

School

District

,

GO

,

2021

A

,

Refunding

,

4

%

,

12/01/49

.............

3,965,000

3,658,046

Willoughby-Eastlake

City

School

District

,

GO

,

2016

,

Pre-Refunded

,

5

%

,

12/01/46

...

10,000,000

10,220,802

Winton

Woods

City

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

11/01/43

...........

7,000,000

6,930,913

Xenia

Community

School

District

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

12/01/40

.........

7,285,000

7,331,412

928,246,487

South

Carolina

1.2%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

3,200,000

2,714,117

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

3,200,000

2,714,117

b

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

5,250,000

4,036,057

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,200,000

2,618,476

12,082,767

Texas

0.5%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/38

.................................

300,000

236,895

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

6,000,000

4,672,803

4,909,698

Washington

0.3%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

3,200,000

2,714,367

Wisconsin

0.5%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

3,100,000

2,505,136

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5

%

,

8/01/53

................

2,800,000

2,817,327

5,322,463

U.S.

Territories

0.9%

Puerto

Rico

0.9%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/32

....................................

556,133

553,298

Revenue

,

2007

CC

,

5.25

%

,

7/01/34

....................................

153,947

154,442

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

3,709,073

3,629,432

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

1,293,863

1,299,179

Revenue

,

2007

N

,

5.25

%

,

7/01/39

.....................................

288,720

290,267

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,000,000

986,127

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

....................

1,000,000

987,649

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

459,522

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/35

..

235,000

245,313

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

168

See

Abbreviations

on

page

198

.

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

.....

$

1,100,000

$

1,100,357

9,705,586

Total

U.S.

Territories

....................................................................

9,705,586

Total

Municipal

Bonds

(Cost

$

1,027,275,695

)

...................................

997,546,156

Total

Long

Term

Investments

(Cost

$

1,030,475,695

)

.............................

1,000,649,955

a

a

a

a

a

Short

Term

Investments

2.4%

Municipal

Bonds

2.4%

Ohio

2.4%

e

County

of

Allen

Hospital

Facilities

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010

C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

3.9

%

,

6/01/34

..................

14,500,000

14,500,000

e

Ohio

Higher

Educational

Facility

Commission

,

Cleveland

Clinic

Health

System

Obligated

Group

,

Revenue

,

2013

B-3

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

4.1

%

,

1/01/39

.........................................................

1,200,000

1,200,000

e

State

of

Ohio

,

Cleveland

Clinic

Health

System

Obligated

Group

,

Revenue

,

2019

F

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

4.1

%

,

1/01/52

.........................

8,850,000

8,850,000

24,550,000

Total

Municipal

Bonds

(Cost

$

24,550,000

)

......................................

24,550,000

Total

Short

Term

Investments

(Cost

$

24,550,000

)

................................

24,550,000

a

Total

Investments

(Cost

$

1,055,025,695

)

99.2

%

..................................

$1,025,199,955

Other

Assets,

less

Liabilities

0.8

%

.............................................

8,038,611

Net

Assets

100.0%

...........................................................

$1,033,238,566

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

May

31,

2024,

the

aggregate

value

of

these

securities

was

$71,996,977,

representing

7.0%

of

net

assets.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Security

purchased

on

a

when-issued

basis.

e

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2024

Franklin

Oregon

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

169

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

$

2,424,843

Total

Corporate

Bonds

(Cost

$

2,500,000

)

.......................................

2,424,843

Municipal

Bonds

99.3%

California

0.4%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

3,500,000

3,142,645

Florida

1.4%

b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

1,500,000

1,031,850

b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

8,400,000

6,556,864

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

5,600,000

4,936,400

12,525,114

Illinois

0.4%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

BAM

Insured

,

4

%

,

12/15/42

...................

2,520,000

2,437,887

Revenue

,

2022

A

,

Refunding

,

BAM

Insured

,

4

%

,

6/15/52

....................

1,000,000

908,067

3,345,954

Kentucky

0.7%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

8,300,000

6,197,879

New

Jersey

0.9%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2019

BB

,

5

%

,

6/15/44

.......................................

2,250,000

2,314,024

Revenue

,

2020

AA

,

3

%

,

6/15/50

.......................................

1,000,000

725,824

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/15/36

...............................

1,000,000

1,007,116

Revenue

,

2022

A

,

4

%

,

6/15/38

........................................

2,165,000

2,155,824

Revenue

,

2022

BB

,

4

%

,

6/15/46

.......................................

2,000,000

1,902,684

8,105,472

New

York

0.6%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/47

..........

5,500,000

5,084,113

Oregon

88.6%

Astoria

Hospital

Facilities

Authority

,

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2016

,

5

%

,

8/01/41

......

4,250,000

4,281,124

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2016

,

4

%

,

8/01/46

......

1,750,000

1,485,714

c

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2024

,

5.25

%

,

8/01/49

...

5,000,000

5,232,650

c

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2024

,

5.25

%

,

8/01/54

...

5,500,000

5,736,338

Benton

&

Polk

School

District

No.

17J

,

GO

,

2010

B

,

Zero

Cpn.,

6/15/31

...........

1,000,000

761,999

Central

Lincoln

People's

Utility

District

JATC,

Inc.

,

Revenue

,

2016

,

5

%

,

12/01/45

....

2,900,000

2,925,476

City

of

Beaverton

,

Water

,

Revenue

,

2020

,

5

%

,

4/01/32

....................................

1,000,000

1,091,578

Water

,

Revenue

,

2020

,

5

%

,

4/01/38

....................................

1,940,000

2,089,270

Water

,

Revenue

,

2020

,

5

%

,

4/01/39

....................................

2,040,000

2,190,528

Water

,

Revenue

,

2020

,

5

%

,

4/01/40

....................................

2,140,000

2,287,798

City

of

Eugene

,

Electric

Utility

System

,

Revenue

,

2017

,

5

%

,

8/01/47

.............

3,580,000

3,649,528

City

of

Forest

Grove

,

Pacific

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/01/36

.................

6,575,000

6,592,389

Pacific

University

,

Revenue

,

2017

,

Refunding

,

4

%

,

3/01/37

...................

3,500,000

3,153,247

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)

City

of

Forest

Grove,

(continued)

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/26

.................

$

335,000

$

336,433

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/27

.................

1,195,000

1,203,817

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/29

.................

1,315,000

1,333,398

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/30

.................

1,385,000

1,407,891

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/31

.................

1,450,000

1,475,099

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/32

.................

1,525,000

1,548,569

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/33

.................

1,600,000

1,621,743

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

5/01/35

.................

490,000

458,536

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

5/01/37

.................

1,905,000

1,749,849

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

5/01/38

.................

3,960,000

3,566,101

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

5/01/39

.................

1,750,000

1,555,008

City

of

Keizer

,

Special

Assessment

,

2008

,

5.2

%

,

6/01/31

......................

1,090,000

1,094,653

City

of

Molalla

,

GO

,

2024

A

,

BAM

Insured

,

4

%

,

6/01/49

.......................

3,115,000

2,974,752

City

of

Tigard

,

Water

,

Revenue

,

2015

,

5

%

,

8/01/45

..........................

23,545,000

23,706,189

Clackamas

Community

College

District

,

GO

,

2017

A

,

5

%

,

6/15/39

...............

2,250,000

2,309,987

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO

,

2017

A

,

Zero

Cpn.,

6/15/40

.......................................

10,000,000

4,670,614

GO

,

2017

A

,

Zero

Cpn.,

6/15/41

.......................................

17,030,000

7,480,129

GO

,

2017

A

,

Zero

Cpn.,

6/15/42

.......................................

16,625,000

6,900,657

GO

,

2017

B

,

5

%

,

6/15/34

............................................

11,000,000

11,433,370

GO

,

2017

B

,

5

%

,

6/15/37

............................................

7,000,000

7,233,064

GO

,

2018

,

5

%

,

6/15/42

.............................................

1,750,000

1,827,239

Clackamas

County

School

District

No.

46

Oregon

Trail

,

GO

,

Zero

Cpn.,

6/15/37

.............................................

12,130,000

7,233,671

GO

,

Zero

Cpn.,

6/15/38

.............................................

12,495,000

7,049,661

Clackamas

County

School

District

No.

7J

Lake

Oswego

,

GO

,

2005

,

Refunding

,

AGMC

Insured

,

5.25

%

,

6/01/25

.............................................

3,075,000

3,128,432

Clackamas

County

School

District

No.

86

Canby

,

GO

,

2020

A

,

Refunding

,

4

%

,

6/15/40

3,470,000

3,458,953

Columbia

County

School

District

No.

502

,

GO

,

2017

,

5

%

,

6/15/39

...............

1,000,000

1,024,652

Coos

County

School

District

No.

9

Coos

Bay

,

GO

,

2018

,

5

%

,

6/15/43

............

5,005,000

5,226,970

County

of

Benton

,

GO

,

2023

,

4.125

%

,

6/01/53

.............................

2,035,000

1,981,554

County

of

Yamhill

,

George

Fox

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/36

..............

2,585,000

2,566,024

George

Fox

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/46

..............

2,330,000

2,126,272

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/40

................

7,010,000

6,928,619

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/45

................

9,285,000

8,953,065

Deschutes

County

Hospital

Facilities

Authority

,

St.

Charles

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/48

.........................

13,890,000

13,931,421

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Terwilliger

Plaza,

Inc.

Obligated

Group

,

Revenue

,

2012

,

Refunding

,

5

%

,

12/01/29

..................

3,235,000

3,234,918

Jackson

County

School

District

No.

5

Ashland

,

GO

,

2019

,

5

%

,

6/15/34

.............................................

1,000,000

1,073,473

GO

,

2019

,

5

%

,

6/15/43

.............................................

6,495,000

6,805,521

GO

,

2019

,

5

%

,

6/15/44

.............................................

6,000,000

6,275,472

Jackson

County

School

District

No.

6

Central

Point

,

GO

,

2019

A

,

5

%

,

6/15/31

............................................

2,665,000

2,892,402

GO

,

2019

B

,

Zero

Cpn.,

6/15/40

.......................................

705,000

333,952

GO

,

2019

B

,

Zero

Cpn.,

6/15/41

.......................................

710,000

318,142

GO

,

2019

B

,

Zero

Cpn.,

6/15/42

.......................................

610,000

258,603

GO

,

2019

B

,

Zero

Cpn.,

6/15/43

.......................................

820,000

328,101

GO

,

2019

B

,

Zero

Cpn.,

6/15/44

.......................................

1,115,000

421,784

GO

,

2019

B

,

Zero

Cpn.,

6/15/45

.......................................

985,000

352,133

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)

Klamath

Falls

Intercommunity

Hospital

Authority

,

Sky

Lakes

Medical

Center,

Inc.

,

Revenue

,

2016

,

Refunding

,

5

%

,

9/01/46

.................................

$

1,000,000

$

1,006,403

Marion

&

Linn

Counties

School

District

No.

14J

Jefferson

,

GO

,

2017

B

,

5

%

,

6/15/41

.

1,360,000

1,386,919

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

8/15/45

..............................................

5,620,000

5,329,835

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/45

8,245,000

8,465,332

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

8/15/50

11,235,000

10,304,361

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/50

4,500,000

4,595,457

Metro

,

County

of

Multnomah

Transient

Lodging

Tax

,

Revenue

,

2017

,

5

%

,

6/15/42

.......

7,500,000

7,648,451

County

of

Multnomah

Transient

Lodging

Tax

,

Revenue

,

2017

,

5

%

,

6/15/47

.......

10,950,000

11,101,441

Multnomah

&

Clackamas

Counties

School

District

No.

10JT

Gresham-Barlow

,

GO

,

2017

A

,

5

%

,

6/15/37

................................................

7,885,000

8,129,289

Multnomah

County

School

District

No.

40

,

GO

,

2012

B

,

Zero

Cpn.,

6/15/26

.......................................

2,585,000

2,393,041

GO

,

2012

B

,

Zero

Cpn.,

6/15/27

.......................................

2,655,000

2,365,327

GO

,

2012

B

,

Zero

Cpn.,

6/15/28

.......................................

2,495,000

2,139,312

GO

,

2012

B

,

Zero

Cpn.,

6/15/29

.......................................

2,595,000

2,142,777

GO

,

2012

B

,

Zero

Cpn.,

6/15/30

.......................................

1,885,000

1,496,419

GO

,

2012

B

,

Zero

Cpn.,

6/15/31

.......................................

2,030,000

1,548,993

GO

,

2012

B

,

Zero

Cpn.,

6/15/32

.......................................

2,000,000

1,464,776

GO

,

2023

A

,

Zero

Cpn.,

6/15/30

.......................................

425,000

337,389

Multnomah-Clackamas

Counties

Centennial

School

District

No.

28JT

,

GO

,

2020

,

Refunding

,

5

%

,

6/15/45

.....................................

3,000,000

3,155,639

GO

,

2020

,

Refunding

,

5

%

,

6/15/50

.....................................

24,655,000

25,721,977

Oregon

City

School

District

No.

62

,

GO

,

2018

B

,

Refunding

,

5

%

,

6/15/49

..........

2,345,000

2,425,671

Oregon

Health

&

Science

University

,

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/44

.................

12,645,000

12,196,871

Oregon

Health

&

Science

University

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/42

10,000,000

10,239,572

Oregon

State

Facilities

Authority

,

b

CHNW

Clifton

House

LLC

,

Revenue

,

144A,

A

,

4

%

,

10/01/26

.................

925,000

906,844

b

CHNW

Clifton

House

LLC

,

Revenue

,

144A,

A

,

5

%

,

10/01/36

.................

1,670,000

1,592,952

b

CHNW

Clifton

House

LLC

,

Revenue

,

144A,

A

,

5

%

,

10/01/48

.................

4,000,000

3,682,930

Legacy

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

6/01/46

......

25,945,000

26,064,446

Legacy

Health

Obligated

Group

,

Revenue

,

2022

A

,

4.125

%

,

6/01/52

...........

3,000,000

2,778,775

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2015

C

,

5

%

,

10/01/45

..

4,000,000

4,017,796

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

10/01/41

.......................................................

7,800,000

7,835,346

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

10/01/46

.

3,280,000

3,229,837

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

10/01/46

...................................................

220,000

227,029

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/40

.......................................................

11,025,000

11,254,928

Willamette

University

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

10/01/40

.............

1,950,000

1,950,924

Willamette

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/51

.............

47,505,000

38,711,454

c

Oregon

State

University

,

Revenue

,

2024

A

,

Refunding

,

4.25

%

,

4/01/52

...........

2,610,000

2,536,726

Port

of

Portland

,

Airport

,

Revenue

,

24

A

,

5

%

,

7/01/47

....................................

4,700,000

4,785,598

Airport

,

Revenue

,

24

B

,

5

%

,

7/01/42

....................................

7,645,000

7,744,981

Airport

,

Revenue

,

24

B

,

5

%

,

7/01/47

....................................

1,750,000

1,765,700

Airport

,

Revenue

,

25

A

,

5

%

,

7/01/49

....................................

7,825,000

8,131,670

Airport

,

Revenue

,

25

B

,

5

%

,

7/01/44

....................................

4,830,000

4,935,764

Airport

,

Revenue

,

25

B

,

5

%

,

7/01/49

....................................

6,300,000

6,402,565

Airport

,

Revenue

,

27

A

,

5

%

,

7/01/30

....................................

1,585,000

1,681,777

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)

Port

of

Portland,

(continued)

Airport

,

Revenue

,

27

A

,

5

%

,

7/01/31

....................................

$

3,880,000

$

4,097,612

Airport

,

Revenue

,

27

A

,

5

%

,

7/01/32

....................................

3,170,000

3,347,352

Airport

,

Revenue

,

27

A

,

5

%

,

7/01/37

....................................

5,000,000

5,248,155

Airport

,

Revenue

,

27

A

,

5

%

,

7/01/45

....................................

10,670,000

10,927,320

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

5

%

,

5/15/33

.............

545,000

551,797

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

5

%

,

5/15/38

.............

500,000

498,495

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

5

%

,

5/15/43

.............

2,250,000

2,175,059

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

5

%

,

5/15/48

.............

3,700,000

3,464,585

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/15/25

....

130,000

130,247

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/15/26

....

135,000

135,818

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/15/27

....

260,000

262,760

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/15/28

....

310,000

314,872

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/29

....

515,000

501,449

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/30

....

385,000

372,892

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/31

....

400,000

385,392

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/32

....

370,000

354,635

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/40

....

1,540,000

1,347,377

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/57

....

2,750,000

2,055,212

Salem

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

5/15/46

.......

17,105,000

17,242,054

Salem-Keizer

School

District

No.

24J

,

GO

,

2009

B

,

Zero

Cpn.,

6/15/30

.......................................

8,500,000

6,743,787

GO

,

2020

C

,

4

%

,

6/15/38

............................................

6,000,000

6,047,517

Seaside

School

District

No.

10

,

GO

,

2017

B

,

5

%

,

6/15/35

............................................

2,000,000

2,075,298

GO

,

2017

B

,

5

%

,

6/15/36

............................................

2,500,000

2,586,135

State

of

Oregon

,

GO

,

2007

A

,

4.7

%

,

8/01/42

...........................................

3,050,000

2,985,674

GO

,

2017

A

,

5

%

,

5/01/42

............................................

2,500,000

2,558,223

GO

,

2017

H

,

5

%

,

8/01/42

............................................

15,000,000

15,371,496

GO

,

2019

G

,

5

%

,

8/01/33

............................................

3,000,000

3,231,444

GO

,

2019

G

,

5

%

,

8/01/34

............................................

1,900,000

2,046,488

GO

,

L

,

Refunding

,

5

%

,

8/01/42

........................................

3,270,000

3,352,935

Department

of

Transportation

,

Revenue,

Sub.

Lien

,

2019

A

,

Refunding

,

5

%

,

11/15/37

12,500,000

13,446,935

Department

of

Transportation

,

Revenue,

Sub.

Lien

,

2019

A

,

Refunding

,

5

%

,

11/15/39

23,175,000

24,801,055

Department

of

Transportation

,

Revenue,

Sub.

Lien

,

2019

A

,

Refunding

,

4

%

,

11/15/42

3,300,000

3,306,900

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

20,297,998

Tillamook

&

Yamhill

Counties

School

District

No.

101

Nestucca

Valley

,

GO

,

2018

B

,

5

%

,

6/15/36

............................................

2,850,000

3,039,177

GO

,

2018

B

,

5

%

,

6/15/37

............................................

2,520,000

2,676,095

Tri-County

Metropolitan

Transportation

District

of

Oregon

,

Revenue

,

2018

A

,

5

%

,

10/01/31

.......................................

5,025,000

5,265,113

Revenue

,

2018

A

,

5

%

,

10/01/32

.......................................

1,865,000

1,954,185

Umatilla

Hospital

District

No.

1

,

GO

,

2023

,

5

%

,

6/01/53

.......................

750,000

751,503

Union

County

Hospital

Facility

Authority

,

Grande

Ronde

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2022

,

5

%

,

7/01/47

......

2,250,000

2,162,009

Grande

Ronde

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2022

,

5

%

,

7/01/52

......

3,680,000

3,490,746

University

of

Oregon

,

Revenue

,

2015

A

,

5

%

,

4/01/45

........................................

20,000,000

20,050,504

Revenue

,

2016

A

,

5

%

,

4/01/46

........................................

11,690,000

11,754,334

Revenue

,

2018

A

,

5

%

,

4/01/48

........................................

10,000,000

10,293,315

b

Warm

Springs

Reservation

Confederated

Tribe

,

Revenue

,

144A,

2019

B

,

Refunding

,

5

%

,

11/01/33

.........................

250,000

266,594

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

173

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

b

Warm

Springs

Reservation

Confederated

Tribe,

(continued)

Revenue

,

144A,

2019

B

,

Refunding

,

5

%

,

11/01/34

.........................

$

300,000

$

321,416

Revenue

,

144A,

2019

B

,

Refunding

,

5

%

,

11/01/39

.........................

2,200,000

2,318,234

Washington

&

Clackamas

Counties

School

District

No.

23J

Tigard-Tualatin

,

GO

,

2017

,

5

%

,

6/15/36

.............................................

9,400,000

9,742,967

GO

,

2017

,

5

%

,

6/15/37

.............................................

6,000,000

6,198,032

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO

,

2017

D

,

5

%

,

6/15/35

............................................

15,050,000

15,616,622

GO

,

2017

D

,

5

%

,

6/15/36

............................................

5,000,000

5,165,026

GO

,

2022

B

,

5

%

,

6/15/52

............................................

19,145,000

20,332,555

Washington

Clackamas

&

Yamhill

Counties

School

District

No.

88J

,

GO

,

2018

A

,

Zero

Cpn.,

6/15/38

.......................................

2,350,000

1,242,984

GO

,

2018

A

,

Zero

Cpn.,

6/15/39

.......................................

3,275,000

1,632,792

Washington

County

School

District

No.

15

Forest

Grove

,

GO

,

2012

B

,

Zero

Cpn.,

6/15/29

.......................................

2,545,000

2,096,308

GO

,

2012

B

,

Zero

Cpn.,

6/15/30

.......................................

2,490,000

1,976,703

GO

,

2012

B

,

Zero

Cpn.,

6/15/31

.......................................

3,140,000

2,392,676

Yachats

Rural

Fire

Protection

District

,

GO

,

2017

,

AGMC

Insured

,

5

%

,

6/15/47

......

1,600,000

1,635,378

Yamhill

County

School

District

No.

8

Dayton

,

GO

,

2019

,

Refunding

,

5

%

,

6/15/32

.....................................

1,045,000

1,124,987

GO

,

2019

,

Refunding

,

5

%

,

6/15/33

.....................................

1,080,000

1,164,136

776,031,185

South

Carolina

1.5%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

2,500,000

2,120,404

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

2,500,000

2,120,404

b

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

7,650,000

5,881,112

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,000,000

2,454,821

12,576,741

Texas

0.4%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

5

%

,

9/01/30

250,000

255,892

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

5

%

,

9/01/31

250,000

256,662

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

4,200,000

3,270,963

3,783,517

Washington

0.3%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

2,500,000

2,120,599

Wisconsin

0.2%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

..............

2,400,000

1,939,460

U.S.

Territories

3.9%

Puerto

Rico

3.9%

Children's

Trust

Fund

,

Revenue

,

2002

,

5.625

%

,

5/15/43

......................

6,000,000

6,071,096

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

328,600

321,544

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

903,650

907,363

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,300,000

1,281,965

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

....................

1,000,000

987,649

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

174

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Electric

Power

Authority,

(continued)

d

Revenue

,

WW

,

5.25

%

,

7/01/33

........................................

$

7,040,000

$

1,865,600

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

19,745,000

19,751,404

Sales

Tax

,

Revenue

,

A-2

,

4.329

%

,

7/01/40

...............................

3,000,000

2,990,613

34,177,234

Total

U.S.

Territories

....................................................................

34,177,234

Total

Municipal

Bonds

(Cost

$

898,624,773

)

.....................................

869,029,913

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

$

901,124,773

)

...............................

871,740,862

a

a

a

a

a

Short

Term

Investments

0.6%

Principal

Amount

Municipal

Bonds

0.6%

Oregon

0.6%

f

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

4.1

%

,

8/01/34

..................................

925,000

925,000

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

8/01/34

....................................

300,000

300,000

f

State

of

Oregon

,

GO

,

2020

J

,

Refunding

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

4.1

%

,

6/01/39

...

100,000

100,000

GO

,

2020

M

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

4.1

%

,

12/01/44

..........

900,000

900,000

GO

,

2022

E

,

Daily

VRDN

and

Put

,

4.05

%

,

6/01/45

.........................

2,900,000

2,900,000

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

$

906,249,773

)

100.2

%

..................................

$876,865,862

Other

Assets,

less

Liabilities

(

0.2

)

%

...........................................

(1,267,496)

Net

Assets

100.0%

...........................................................

$875,598,366

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

175

See

Abbreviations

on

page

198

.

†

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

May

31,

2024,

the

aggregate

value

of

these

securities

was

$65,897,320,

representing

7.5%

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),

May

31,

2024

Franklin

Pennsylvania

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

176

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

2,000,000

$

1,939,875

Total

Corporate

Bonds

(Cost

$

2,000,000

)

.......................................

1,939,875

Municipal

Bonds

98.4%

Florida

1.6%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

5,688,000

4,922,827

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

1,000,000

687,900

b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

6,800,000

5,307,937

10,918,664

New

York

1.8%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/44

.....................................

6,700,000

6,414,177

Revenue

,

2021

A-1

,

4

%

,

11/15/46

.....................................

6,050,000

5,638,954

12,053,131

Pennsylvania

92.2%

Allegheny

County

Airport

Authority

,

Revenue

,

2021

A

,

5

%

,

1/01/32

........................................

4,345,000

4,605,953

Revenue

,

2021

A

,

5

%

,

1/01/34

........................................

8,155,000

8,642,659

Revenue

,

2021

A

,

5

%

,

1/01/51

........................................

3,500,000

3,582,976

Revenue

,

2021

B

,

5

%

,

1/01/36

........................................

2,735,000

2,961,927

Revenue

,

2023

A

,

AGMC

Insured

,

5.5

%

,

1/01/53

..........................

5,000,000

5,354,542

Allegheny

County

Higher

Education

Building

Authority

,

Chatham

University

,

Revenue

,

2022

,

Refunding

,

5.25

%

,

9/01/33

..............

700,000

673,796

Chatham

University

,

Revenue

,

2022

,

Refunding

,

5.25

%

,

9/01/34

..............

1,090,000

1,044,920

Duquesne

University

of

the

Holy

Spirit

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

3/01/40

.

2,115,000

2,074,876

Duquesne

University

of

the

Holy

Spirit

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

3/01/41

.

3,000,000

2,908,670

Robert

Morris

University

,

Revenue

,

2017

,

5

%

,

10/15/37

.....................

1,000,000

941,307

Robert

Morris

University

,

Revenue

,

2017

,

5

%

,

10/15/47

.....................

1,300,000

1,123,053

Allentown

Commercial

and

Industrial

Development

Authority

,

Lincoln

Leadership

Academy

Charter

School

,

Revenue

,

2023

,

5.5

%

,

6/15/38

.....

600,000

611,880

Lincoln

Leadership

Academy

Charter

School

,

Revenue

,

2023

,

5.75

%

,

6/15/43

....

600,000

610,004

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/32

.................................

1,560,000

1,637,377

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/33

.................................

1,800,000

1,887,838

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/34

.................................

1,550,000

1,623,227

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/35

.................................

1,400,000

1,464,031

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/42

.................................

8,875,000

9,016,107

Berks

County

Industrial

Development

Authority

,

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

5/15/42

........................................................

1,000,000

983,687

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

5/15/47

........................................................

600,000

574,708

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2017

C

,

5

%

,

5/15/37

......

1,245,000

1,253,101

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2018

,

Pre-Refunded

,

5

%

,

5/15/38

........................................................

1,030,000

1,061,955

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2018

,

Pre-Refunded

,

5

%

,

5/15/48

........................................................

1,000,000

1,031,024

Bethlehem

Redevelopment

Authority

,

Moravian

University

Obligated

Group

,

Revenue

,

2024

,

5.25

%

,

10/01/49

.........

750,000

768,527

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)

Bethlehem

Redevelopment

Authority,

(continued)

Moravian

University

Obligated

Group

,

Revenue

,

2024

,

5.5

%

,

10/01/54

..........

$

1,050,000

$

1,086,290

Blue

Mountain

School

District

,

GO

,

2021

B

,

AGMC

Insured

,

4

%

,

8/01/32

................................

1,000,000

1,018,255

GO

,

2021

B

,

AGMC

Insured

,

4

%

,

8/01/35

................................

1,000,000

1,018,923

Bristol

Township

School

District

,

GO

,

2021

C

,

BAM

Insured

,

3

%

,

6/01/37

..........

1,250,000

1,065,206

Bucks

County

Industrial

Development

Authority

,

Delaware

Valley

University

,

Revenue

,

2022

B

,

Refunding

,

5

%

,

11/01/37

.........

1,000,000

976,301

Delaware

Valley

University

,

Revenue

,

2022

B

,

Refunding

,

5

%

,

11/01/42

.........

1,080,000

1,017,226

Delaware

Valley

University

,

Revenue

,

2022

B

,

Refunding

,

5

%

,

11/01/52

.........

2,500,000

2,237,036

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2019

,

4

%

,

8/15/44

.............

1,500,000

1,399,999

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2021

,

3

%

,

8/15/53

.............

12,000,000

8,695,999

Butler

County

Hospital

Authority

,

Butler

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

7/01/35

.......................................

1,885,000

1,851,248

Central

Bradford

Progress

Authority

,

Guthrie

Clinic

(The)

,

Revenue

,

2021

B

,

4

%

,

12/01/51

........................................................

5,000,000

4,606,533

Centre

County

Hospital

Authority

,

Mount

Nittany

Medical

Center

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

11/15/42

.......................................................

1,215,000

1,233,748

Mount

Nittany

Medical

Center

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

4

%

,

11/15/47

.......................................................

1,840,000

1,721,213

Cheltenham

Township

Industrial

Development

Authority

,

Arcadia

University

,

Revenue

,

2024

,

Refunding

,

5

%

,

4/01/44

..................

2,250,000

2,148,530

Arcadia

University

,

Revenue

,

2024

,

Refunding

,

5.75

%

,

4/01/54

...............

1,000,000

980,256

Chester

County

Industrial

Development

Authority

,

University

Student

Housing

LLC

,

Revenue

,

2013

A

,

5

%

,

8/01/35

...............

500,000

498,697

University

Student

Housing

LLC

,

Revenue

,

2013

A

,

5

%

,

8/01/45

...............

1,500,000

1,413,936

City

of

Erie

Higher

Education

Building

Authority

,

Gannon

University

,

Revenue

,

2021

TT-1

,

4

%

,

5/01/36

......................

400,000

361,556

Gannon

University

,

Revenue

,

2021

TT-1

,

4

%

,

5/01/41

......................

1,000,000

837,268

Gannon

University

,

Revenue

,

2021

TT-1

,

5

%

,

5/01/47

......................

2,430,000

2,232,632

City

of

Philadelphia

,

GO

,

2019

B

,

5

%

,

2/01/36

............................................

3,300,000

3,487,105

GO

,

2019

B

,

5

%

,

2/01/38

............................................

4,055,000

4,257,746

GO

,

2019

B

,

5

%

,

2/01/39

............................................

6,050,000

6,336,369

GO

,

2021

A

,

4

%

,

5/01/37

............................................

6,435,000

6,502,767

Airport

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/47

.........................

10,000,000

10,009,407

Airport

,

Revenue

,

2020

C

,

Refunding

,

4

%

,

7/01/45

.........................

5,225,000

4,797,501

Airport

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/51

...........................

8,100,000

8,304,442

Water

&

Wastewater

,

Revenue

,

2015

A

,

Pre-Refunded

,

5

%

,

7/01/45

............

5,000,000

5,003,829

Water

&

Wastewater

,

Revenue

,

2019

B

,

5

%

,

11/01/49

......................

5,000,000

5,176,563

Water

&

Wastewater

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

11/01/45

..............

6,300,000

6,674,540

Water

&

Wastewater

,

Revenue

,

2022

C

,

5.5

%

,

6/01/47

......................

5,000,000

5,489,042

Colonial

School

District

,

GO

,

2021

A

,

3

%

,

2/15/40

...........................

1,650,000

1,355,332

Commonwealth

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development

,

Revenue

,

2015

A

,

5

%

,

6/01/34

..........

10,000,000

10,087,058

Commonwealth

of

Pennsylvania

,

GO

,

2022

,

5

%

,

10/01/40

.....................

5,000,000

5,488,324

Conestoga

Valley

School

District

,

Revenue

,

2021

B

,

4

%

,

2/01/36

................

1,020,000

1,033,604

County

of

Allegheny

,

GO

,

C-77

,

5

%

,

11/01/43

..............................

5,030,000

5,222,683

County

of

Jefferson

,

GO

,

2021

,

Refunding

,

AGMC

Insured

,

3

%

,

12/15/35

........................

650,000

573,235

GO

,

2021

,

Refunding

,

AGMC

Insured

,

3

%

,

12/15/37

........................

770,000

658,851

GO

,

2021

,

Refunding

,

AGMC

Insured

,

3

%

,

12/15/39

........................

520,000

429,124

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)

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

5/01/37

......................................................

$

2,500,000

$

2,390,725

Delaware

County

Authority

,

Elwyn

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

6/01/27

..............

2,030,000

2,021,642

Elwyn

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

6/01/32

..............

1,620,000

1,583,503

Haverford

College

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/46

...............

5,865,000

5,956,959

Delaware

County

Regional

Water

Quality

Control

Authority

,

Revenue

,

2016

,

4

%

,

11/01/36

........................................................

2,005,000

2,012,223

DuBois

Hospital

Authority

,

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

7/15/43

........................................................

3,410,000

3,412,203

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2020

,

4

%

,

7/15/50

......

3,500,000

3,089,246

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/15/41

........................................................

1,000,000

937,894

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/15/51

........................................................

4,000,000

3,485,172

East

Hempfield

Township

Industrial

Development

Authority

,

Student

Services,

Inc.

,

Revenue

,

2015

,

Pre-Refunded

,

5

%

,

7/01/47

..............................

3,750,000

3,800,890

Erie

City

Water

Authority

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

12/01/43

...........

6,000,000

6,229,076

b

Erie

County

Industrial

Development

Authority

,

CFC

-

Erie

I

LLC

,

Revenue

,

144A,

2024

A

,

6.75

%

,

9/01/61

.................................................

5,000,000

4,958,879

Fairview

School

District

,

GO

,

2021

,

BAM

Insured

,

3

%

,

9/15/37

...................................

1,195,000

1,013,099

GO

,

2021

,

BAM

Insured

,

3

%

,

9/15/38

...................................

1,000,000

827,572

GO

,

2021

,

BAM

Insured

,

3

%

,

9/15/39

...................................

1,000,000

824,201

Geisinger

Authority

,

Kaiser

Obligated

Group

,

Revenue

,

2017

A-1

,

Refunding

,

5

%

,

2/15/45

...........

5,555,000

5,614,713

Kaiser

Obligated

Group

,

Revenue

,

2017

A-2

,

Refunding

,

5

%

,

2/15/39

...........

13,155,000

13,410,794

General

Authority

of

Southcentral

Pennsylvania

,

WellSpan

Health

Obligated

Group

,

Revenue

,

2014

A

,

Pre-Refunded

,

5

%

,

6/01/44

............................

5,000,000

5,000,000

Governor

Mifflin

School

District

,

GO

,

2021

,

3

%

,

4/01/35

.............................................

810,000

713,151

GO

,

2021

,

3

%

,

4/01/36

.............................................

625,000

546,478

GO

,

2021

,

3

%

,

4/01/37

.............................................

1,000,000

856,327

GO

,

2021

,

3

%

,

4/01/38

.............................................

1,000,000

844,384

GO

,

2021

,

3

%

,

4/01/39

.............................................

1,015,000

850,273

Huntingdon

County

General

Authority

,

Juniata

College

,

Revenue

,

2021

TT-3

,

Refunding

,

5

%

,

10/01/51

............................................

2,520,000

2,350,178

Lancaster

County

Hospital

Authority

,

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

8/15/46

.............

4,165,000

4,199,765

Lancaster

Higher

Education

Authority

,

Elizabethtown

College

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

10/01/46

............

5,000,000

4,665,121

Elizabethtown

College

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

10/01/51

............

5,000,000

4,570,692

Lancaster

Industrial

Development

Authority

,

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/51

........

2,780,000

2,106,775

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/56

........

520,000

382,591

Willow

Valley

Communities

Obligated

Group

,

Revenue

,

2019

,

5

%

,

12/01/44

......

1,850,000

1,823,904

Willow

Valley

Communities

Obligated

Group

,

Revenue

,

2019

,

5

%

,

12/01/49

......

2,300,000

2,224,193

Lancaster

School

District

,

GO

,

2020

,

AGMC

Insured

,

4

%

,

6/01/34

...............

1,000,000

1,009,458

Latrobe

Industrial

Development

Authority

,

Seton

Hill

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/46

................

750,000

596,522

Seton

Hill

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/51

................

800,000

606,552

Lehigh

County

Authority

,

Revenue

,

2024

,

Refunding

,

BAM

Insured

,

4

%

,

12/01/45

...

6,500,000

6,252,108

Lehigh

County

General

Purpose

Authority

,

Good

Shepherd

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

11/01/41

4,345,000

3,946,279

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)

Lehigh

County

General

Purpose

Authority,

(continued)

Lehigh

Valley

Academy

Regional

Charter

School

,

Revenue

,

2022

,

4

%

,

6/01/42

....

$

14,390,000

$

12,485,299

Lehigh

Valley

Academy

Regional

Charter

School

,

Revenue

,

2022

,

4

%

,

6/01/57

....

5,000,000

3,952,430

c

Muhlenberg

College

,

Revenue

,

2024

,

Refunding

,

5.25

%

,

2/01/54

..............

1,600,000

1,653,658

Lycoming

County

Authority

,

Lycoming

College

,

Revenue

,

2013

MM-1

,

5.25

%

,

11/01/38

...................

1,400,000

1,401,383

Lycoming

College

,

Revenue

,

2013

MM-1

,

5.25

%

,

11/01/43

...................

1,495,000

1,496,537

Montgomery

County

Higher

Education

and

Health

Authority

,

Gwynedd

Mercy

University

,

Revenue

,

2022

UU-2

,

Refunding

,

5.25

%

,

5/01/37

....

2,665,000

2,773,995

Gwynedd

Mercy

University

,

Revenue

,

2022

UU-2

,

Refunding

,

5

%

,

5/01/42

.......

3,700,000

3,712,824

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

4

%

,

9/01/43

........................................................

3,740,000

3,493,322

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

9/01/48

........................................................

8,250,000

8,273,475

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

4

%

,

9/01/44

........................................................

2,000,000

1,861,240

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

4

%

,

5/01/52

........................................................

4,000,000

3,592,745

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

5

%

,

5/01/57

........................................................

5,000,000

5,097,749

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

C

,

4

%

,

11/15/43

.......................................................

600,000

554,040

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

C

,

5

%

,

11/15/45

.......................................................

1,985,000

2,013,342

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

A

,

5.25

%

,

11/15/53

.......................................................

1,500,000

1,530,354

Gwynedd

Mercy

University

,

Revenue

,

2023

VV-1

,

5.75

%

,

5/01/48

..............

2,000,000

2,073,291

Meadowood

Corp.

Obligated

Group

(The)

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/01/38

.......................................................

2,500,000

2,506,342

Public

School

of

Germantown

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/51

..

2,450,000

2,017,963

Waverly

Heights

Ltd.

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/49

..

2,000,000

1,986,979

New

Kensington

Municipal

Sanitary

Authority

,

Revenue

,

2021

A

,

AGMC

Insured

,

3

%

,

12/01/38

........................................................

500,000

419,093

Northampton

County

General

Purpose

Authority

,

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

8/15/48

...

2,500,000

2,524,112

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2024

A-1

,

Refunding

,

AGMC

Insured

,

5.25

%

,

8/15/53

..................................................

5,000,000

5,430,187

Northeastern

Pennsylvania

Hospital

and

Education

Authority

,

King's

College

,

Revenue

,

2019

,

5

%

,

5/01/44

.................................................

1,000,000

932,819

Northeastern

School

District

,

GO

,

2021

A

,

BAM

Insured

,

3

%

,

3/01/38

.................................

850,000

710,379

GO

,

2021

A

,

BAM

Insured

,

3

%

,

3/01/41

.................................

775,000

625,341

Northern

Lebanon

School

District

,

GO

,

2021

,

BAM

Insured

,

3

%

,

9/01/36

..........

1,895,000

1,618,465

Pennsylvania

Economic

Development

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Transportation

,

Revenue

,

2022

,

5.25

%

,

6/30/53

..................................................

8,500,000

8,814,427

Parking

System

,

Revenue,

Senior

Lien

,

2024

A

,

Refunding

,

AGMC

Insured

,

4

%

,

1/01/41

........................................................

1,015,000

987,263

Philadelphia

Water

Department

,

Revenue

,

2020

,

Refunding

,

4

%

,

1/01/29

........

500,000

484,776

Philadelphia

Water

Department

,

Revenue

,

2020

,

Refunding

,

4

%

,

1/01/32

........

1,300,000

1,244,619

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2023

B-2

,

Refunding

,

5

%

,

7/01/42

2,365,000

2,413,737

UPMC

Obligated

Group

,

Revenue

,

2014

A

,

5

%

,

2/01/45

.....................

5,000,000

5,001,130

UPMC

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

4

%

,

11/15/42

...........

5,000,000

4,772,125

UPMC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

4/15/45

.....................

8,835,000

8,334,107

UPMC

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/15/39

...........

1,325,000

1,307,789

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)

Pennsylvania

Economic

Development

Financing

Authority,

(continued)

UPMC

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/15/40

...........

$

1,200,000

$

1,168,233

UPMC

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/15/41

...........

1,300,000

1,251,554

Villanova

University

,

Revenue

,

2024

,

4

%

,

8/01/54

..........................

5,000,000

4,714,878

Pennsylvania

Higher

Educational

Facilities

Authority

,

Bryn

Mawr

College

,

Revenue

,

2014

,

Refunding

,

5

%

,

12/01/44

................

6,365,000

6,374,577

St.

Joseph's

University

,

Revenue

,

2012

,

5

%

,

11/01/42

......................

5,000,000

4,850,018

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5.25

%

,

9/01/50

........................................................

6,465,000

6,482,620

Trustees

of

the

University

of

Pennsylvania

(The)

,

Revenue

,

2017

A

,

5

%

,

8/15/46

..

14,000,000

14,277,386

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2015

,

Refunding

,

5

%

,

8/15/40

............................................

6,475,000

6,536,706

Widener

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/15/51

................

11,030,000

8,534,656

Pennsylvania

Housing

Finance

Agency

,

Revenue

,

2019-129

,

3.4

%

,

10/01/49

...................................

6,000,000

4,812,589

Revenue

,

2020-132

A

,

2.55

%

,

10/01/41

.................................

11,280,000

8,197,150

Pennsylvania

State

University

(The)

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

9/01/40

...............................

10,490,000

10,573,351

Revenue

,

2016

A

,

Refunding

,

5

%

,

9/01/41

...............................

10,000,000

10,186,582

Revenue

,

2023

,

5.25

%

,

9/01/53

.......................................

3,000,000

3,269,290

Pennsylvania

Turnpike

Commission

,

Revenue

,

2021

B

,

4

%

,

12/01/37

.......................................

1,500,000

1,521,834

Revenue

,

2021

B

,

4

%

,

12/01/46

.......................................

10,950,000

10,395,808

Philadelphia

Authority

for

Industrial

Development

,

Beech

International

LLC

,

Revenue

,

2010

A

,

5.625

%

,

6/15/42

.................

4,000,000

3,369,237

Children's

Hospital

of

Philadelphia

Obligated

Group

,

Revenue

,

2014

A

,

Pre-

Refunded

,

5

%

,

7/01/42

............................................

5,000,000

5,003,432

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

5

%

,

8/01/30

............

350,000

352,758

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

5

%

,

8/01/40

............

300,000

293,955

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

5

%

,

8/01/50

............

2,515,000

2,415,557

St.

Joseph's

University

,

Revenue

,

2022

,

5.5

%

,

11/01/60

.....................

8,410,000

8,914,235

Temple

University-of

The

Commonwealth

System

of

Higher

Education

,

Revenue,

First

Series

,

2015

,

Refunding

,

5

%

,

4/01/40

.............................

5,000,000

5,019,079

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

9/01/42

........................................................

3,500,000

3,533,688

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

9/01/47

........................................................

2,400,000

2,405,082

b

University

Plaza

Associates

,

Revenue

,

144A,

2017

,

III

,

5.5

%

,

12/01/58

..........

10,000,000

9,329,934

Philadelphia

Gas

Works

Co.

,

Revenue

,

14th

,

Refunding

,

5

%

,

10/01/32

................................

1,000,000

1,022,726

Revenue

,

15th

,

Refunding

,

5

%

,

8/01/47

.................................

11,000,000

11,114,246

Pittsburgh

Water

&

Sewer

Authority

,

Revenue,

First

Lien

,

2022

A

,

5.25

%

,

9/01/39

.............................

1,490,000

1,663,157

Revenue,

First

Lien

,

2022

A

,

5.25

%

,

9/01/40

.............................

1,365,000

1,500,974

Revenue,

First

Lien

,

2022

A

,

5.25

%

,

9/01/41

.............................

1,650,000

1,819,931

Revenue,

First

Lien

,

2022

A

,

5.25

%

,

9/01/42

.............................

1,685,000

1,847,410

Revenue,

First

Lien

,

2022

A

,

5

%

,

9/01/52

................................

2,640,000

2,756,180

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

181

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Pocono

Mountains

Industrial

Park

Authority

,

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2015

A

,

5

%

,

8/15/40

........................................

$

5,000,000

$

5,017,730

Radnor

Township

School

District

,

GO

,

2021

,

3

%

,

8/15/35

.....................

1,400,000

1,241,294

School

District

of

Philadelphia

(The)

,

GO

,

2021

A

,

4

%

,

9/01/36

.................

3,845,000

3,892,625

Scranton

School

District

,

GO

,

2020

,

4

%

,

12/01/40

...........................

1,535,000

1,475,353

Scranton-Lackawanna

Health

and

Welfare

Authority

,

University

of

Scranton

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/37

.......................................

4,000,000

4,062,582

Southeastern

Pennsylvania

Transportation

Authority

,

Revenue

,

2022

,

5.25

%

,

6/01/52

5,000,000

5,386,516

State

College

Area

School

District

,

GO

,

2015

,

5

%

,

3/15/40

.............................................

16,400,000

16,493,065

GO

,

2018

,

5

%

,

5/15/37

.............................................

1,075,000

1,134,811

GO

,

2018

,

5

%

,

5/15/44

.............................................

3,500,000

3,630,557

State

Public

School

Building

Authority

,

School

District

of

Philadelphia

(The)

,

Revenue

,

2016

A

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/32

....................................................

7,095,000

7,259,929

School

District

of

Philadelphia

(The)

,

Revenue

,

2016

A

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/33

....................................................

3,000,000

3,069,737

Township

of

Northampton

,

GO

,

2021

,

4

%

,

5/15/39

...........................

1,495,000

1,483,116

Upper

Merion

Area

School

District

,

GO

,

2021

A

,

3

%

,

1/15/39

............................................

1,000,000

845,700

GO

,

2021

A

,

3

%

,

1/15/40

............................................

1,500,000

1,243,190

GO

,

2021

A

,

3

%

,

1/15/41

............................................

1,275,000

1,043,123

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/29

......

725,000

736,348

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/30

......

1,370,000

1,389,821

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/01/37

......

1,400,000

1,249,413

Wilkes-Barre

Finance

Authority

,

Wilkes

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/42

.........................................................

2,500,000

1,947,843

625,048,964

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

2,000,000

1,696,323

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

2,000,000

1,696,323

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

818,274

4,210,920

Texas

0.4%

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,300,000

2,570,042

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

1,696,479

Wisconsin

0.2%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

..............

1,900,000

1,535,406

U.S.

Territories

1.4%

Puerto

Rico

1.4%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

1,059,735

1,036,981

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

780,425

783,631

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,100,000

1,084,740

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

See

Abbreviations

on

page

198

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Electric

Power

Authority,

(continued)

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

....................

$

1,000,000

$

987,649

d

Revenue

,

XX

,

5.25

%

,

7/01/40

........................................

5,175,000

1,371,375

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

4,000,000

4,001,297

9,265,673

Total

U.S.

Territories

....................................................................

9,265,673

Total

Municipal

Bonds

(Cost

$

714,917,730

)

.....................................

667,299,279

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

$

716,917,730

)

...............................

669,449,466

a

a

a

a

a

Short

Term

Investments

0.0%

†

Principal

Amount

Municipal

Bonds

0.0%

†

Pennsylvania

0.0%

†

f

General

Authority

of

Southcentral

Pennsylvania

,

WellSpan

Health

Obligated

Group

,

Revenue

,

2019

E

,

Refunding

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

4.1

%

,

6/01/35

300,000

300,000

Total

Municipal

Bonds

(Cost

$

300,000

)

.........................................

300,000

Total

Short

Term

Investments

(Cost

$

300,000

)

..................................

300,000

a

Total

Investments

(Cost

$

717,217,730

)

98.7

%

...................................

$669,749,466

Other

Assets,

less

Liabilities

1.3

%

.............................................

8,412,422

Net

Assets

100.0%

...........................................................

$678,161,888

†

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

May

31,

2024,

the

aggregate

value

of

these

securities

was

$28,601,174,

representing

4.2%

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),

May

31,

2024

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

96.4%

California

0.2%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

$

1,000,000

$

897,899

Florida

1.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

3,456,000

2,991,085

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

1,100,000

756,690

a

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

4,125,000

3,219,888

6,967,663

Illinois

0.6%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

1,500,000

1,530,460

State

of

Illinois

,

GO

,

2017

D

,

5

%

,

11/01/26

................................

1,000,000

1,027,481

2,557,941

New

Jersey

1.1%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/15/32

..............................

3,460,000

3,640,880

Revenue

,

2022

A

,

4

%

,

6/15/41

........................................

1,000,000

971,227

4,612,107

New

York

0.3%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/46

..........

1,350,000

1,258,279

South

Carolina

0.9%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

1,200,000

1,017,794

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,200,000

1,017,794

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

2,000,000

1,636,547

3,672,135

Texas

0.5%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

5

%

,

9/01/28

225,000

228,269

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

5

%

,

9/01/29

250,000

254,889

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,100,000

1,635,481

2,118,639

Virginia

80.8%

Albemarle

County

Economic

Development

Authority

,

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/01/30

............................................

1,120,000

1,128,318

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/01/31

............................................

1,165,000

1,174,201

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/01/32

............................................

1,105,000

1,114,037

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/01/33

............................................

1,260,000

1,269,442

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/01/42

............................................

2,725,000

2,567,796

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/01/49

............................................

2,800,000

2,487,133

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)

Albemarle

County

Economic

Development

Authority,

(continued)

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

4

%

,

6/01/54

............................................

$

5,215,000

$

4,488,681

Alexandria

Industrial

Development

Authority

,

Goodwin

House,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Pre-Refunded

,

5

%

,

10/01/45

975,000

991,442

Protestant

Episcopal

High

School

in

Virginia

,

Revenue

,

2021

C

,

Refunding

,

4

%

,

1/01/46

........................................................

2,450,000

2,292,451

Arlington

County

Industrial

Development

Authority

,

Virginia

Hospital

Center

Arlington

Health

System

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/45

.......

2,000,000

1,879,778

Chesapeake

Hospital

Authority

,

Chesapeake

Hospital

Authority

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

4

%

,

7/01/39

........................................................

1,000,000

962,621

Chesapeake

Hospital

Authority

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

4

%

,

7/01/43

........................................................

4,000,000

3,729,707

City

of

Alexandria

,

GO

,

2023

,

4

%

,

12/15/43

................................

5,500,000

5,468,131

City

of

Hopewell

,

Sewer

System

,

Revenue

,

2011

A

,

Refunding

,

5

%

,

7/15/42

.......

4,850,000

4,700,355

City

of

Norfolk

,

Water

,

Revenue

,

2018

,

5

%

,

11/01/43

...................................

6,920,000

7,187,086

Water

,

Revenue

,

2018

,

5

%

,

11/01/47

...................................

6,925,000

7,153,932

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

1/15/33

......

10,000,000

10,253,238

Commonwealth

of

Virginia

,

GO

,

2020

A

,

4

%

,

6/01/31

............................................

2,710,000

2,822,569

GO

,

2022

A

,

5

%

,

6/01/52

............................................

2,445,000

2,628,916

GO

,

2024

A

,

4

%

,

6/01/42

............................................

3,180,000

3,241,487

County

of

Fairfax

,

Sewer

,

Revenue

,

2024

A

,

5

%

,

7/15/49

..................................

3,070,000

3,343,071

Sewer

,

Revenue

,

2024

A

,

5

%

,

7/15/54

..................................

4,500,000

4,870,947

Fairfax

County

Economic

Development

Authority

,

Revenue

,

2017

,

5

%

,

4/01/42

.........................................

5,085,000

5,219,658

Goodwin

House,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

10/01/36

.......................................................

4,865,000

4,976,199

Fairfax

County

Water

Authority

,

Revenue

,

2017

,

Refunding

,

5

%

,

4/01/43

.................................

3,510,000

3,614,912

Revenue

,

2017

,

Refunding

,

5

%

,

4/01/47

.................................

5,000,000

5,129,881

Farmville

Industrial

Development

Authority

,

Elwood

Place

LLC

,

Revenue

,

2021

,

AGMC

Insured

,

5.375

%

,

7/01/53

...........

5,000,000

5,270,513

Longwood

Housing

Foundation

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/01/48

...

5,000,000

4,604,393

Hampton

Roads

Sanitation

District

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

8/01/33

............................

5,115,000

5,281,745

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

8/01/43

............................

11,840,000

12,225,973

Hampton

Roads

Transportation

Accountability

Commission

,

Revenue,

Senior

Lien

,

2018

A

,

Pre-Refunded

,

5

%

,

7/01/48

...................

5,505,000

5,831,400

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

7/01/60

..............................

4,885,000

5,084,420

Henrico

County

Economic

Development

Authority

,

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/40

.......................................................

500,000

475,453

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/45

.......................................................

725,000

659,737

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/50

.......................................................

1,500,000

1,307,441

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

10/01/42

..

1,125,000

1,175,095

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

10/01/52

..

5,000,000

5,106,940

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)

Isle

of

Wight

County

Economic

Development

Authority

,

Riverside

Healthcare

Association

Obligated

Group

,

Revenue

,

2023

,

AGMC

Insured

,

5.25

%

,

7/01/48

....

$

2,260,000

$

2,423,379

Lexington

Industrial

Development

Authority

,

Lexington

Retirement

Community

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/38

........................................................

675,000

643,611

Lexington

Retirement

Community

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/42

........................................................

1,120,000

1,020,607

Lexington

Retirement

Community

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/48

........................................................

2,315,000

2,002,205

Washington

&

Lee

University

(The)

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/01/35

....

1,105,000

1,168,247

Washington

&

Lee

University

(The)

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/01/48

....

1,500,000

1,545,428

Lynchburg

Economic

Development

Authority

,

Centra

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

1/01/47

......

4,500,000

4,517,592

Centra

Health

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/47

........

2,350,000

2,163,979

Centra

Health

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

1/01/51

........

2,000,000

1,465,492

Centra

Health

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/55

........

6,305,000

5,696,085

Montgomery

County

Economic

Development

Authority

,

Virginia

Tech

Foundation,

Inc.

,

Revenue

,

2019

A

,

4

%

,

6/01/39

........................................

1,750,000

1,753,591

Norfolk

Airport

Authority

,

Revenue

,

2019

,

5

%

,

7/01/39

.........................................

800,000

834,023

Revenue

,

2019

,

5

%

,

7/01/43

.........................................

5,600,000

5,787,013

Northern

Virginia

Transportation

Commission

,

Commuter

Rail

Operating

&

Capital

Fund

,

Revenue

,

2022

,

5

%

,

6/01/47

.........

1,750,000

1,874,266

Commuter

Rail

Operating

&

Capital

Fund

,

Revenue

,

2022

,

5

%

,

6/01/52

.........

7,090,000

7,558,122

Prince

Edward

County

Industrial

Development

Authority

,

President

and

Trustees

of

Hampden-Sydney

College

,

Revenue

,

2018

,

5

%

,

9/01/48

....................

2,050,000

2,080,130

Riverside

Regional

Jail

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/31

.........

6,215,000

6,298,832

Roanoke

Economic

Development

Authority

,

Carilion

Clinic

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/01/51

.......................................

4,000,000

3,767,207

Salem

Economic

Development

Authority

,

Roanoke

College

,

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/49

......................................................

925,000

896,088

Stafford

County

&

Staunton

Industrial

Development

Authority

,

Revenue

,

2007

E

,

AGMC

Insured

,

5

%

,

8/01/37

...............................................

960,000

960,005

Virginia

Beach

Development

Authority

,

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

9/01/40

............................................

1,750,000

1,759,830

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

9/01/44

............................................

2,215,000

2,178,825

Virginia

College

Building

Authority

,

Revenue

,

2016

A

,

5

%

,

9/01/27

........................................

3,925,000

4,041,553

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

9/01/27

............................

75,000

77,465

Revenue

,

2016

A

,

Refunding

,

4

%

,

2/01/30

...............................

7,000,000

7,002,882

Revenue

,

2023

B

,

Refunding

,

5

%

,

2/01/32

...............................

6,000,000

6,692,218

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

1/15/39

...........

795,000

654,793

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

2.25

%

,

1/15/40

........

450,000

308,071

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

1/15/41

...........

500,000

398,046

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

1/15/46

...........

1,100,000

831,951

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

1/15/51

...........

1,750,000

1,243,519

Regent

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

6/01/36

..................

2,750,000

2,606,850

Regent

University

,

Revenue

,

2021

,

Refunding

,

3

%

,

6/01/41

..................

4,800,000

3,627,485

Regent

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

6/01/46

..................

3,725,000

3,141,086

Virginia

Commonwealth

Transportation

Board

,

Revenue

,

2016

,

5

%

,

9/15/30

.........................................

2,260,000

2,330,626

Revenue

,

2016

,

5

%

,

9/15/31

.........................................

4,000,000

4,119,683

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/36

.................................

5,000,000

5,142,288

Revenue

,

2023

,

4

%

,

5/15/45

.........................................

2,000,000

1,942,114

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

,

2024

A

,

4.45

%

,

9/01/44

........

$

3,000,000

$

2,944,188

Virginia

Public

Building

Authority

,

Revenue

,

2019

A

,

4

%

,

8/01/35

................

1,250,000

1,271,883

Virginia

Public

School

Authority

,

Revenue

,

2018

B

,

5

%

,

8/01/30

........................................

5,280,000

5,637,437

County

of

Prince

William

,

Revenue

,

2018

,

4

%

,

3/01/33

......................

5,795,000

5,924,548

Virginia

Resources

Authority

,

Revenue

,

Pre-Refunded

,

5

%

,

11/01/38

..................................

3,195,000

3,259,134

Revenue

,

2018

C

,

Refunding

,

5

%

,

11/01/48

..............................

7,655,000

7,944,014

Virginia

Small

Business

Financing

Authority

,

95

Express

Lanes

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

1/01/48

.....

7,000,000

6,215,566

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

12/01/49

.....

5,000,000

4,635,418

Capital

Beltway

Express

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

5

%

,

12/31/57

6,000,000

6,036,926

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

1/01/40

........................................................

7,500,000

7,143,715

I-66

Express

Mobility

Partners

LLC

,

Revenue,

Senior

Lien

,

2017

,

5

%

,

12/31/47

...

5,000,000

5,046,572

I-66

Express

Mobility

Partners

LLC

,

Revenue,

Senior

Lien

,

2017

,

5

%

,

12/31/52

...

4,600,000

4,624,533

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/36

...

1,000,000

969,349

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/41

...

2,500,000

2,256,794

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/51

...

7,500,000

6,219,813

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

1/01/37

....................................................

2,750,000

2,641,569

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

1/01/51

....................................................

2,250,000

1,945,445

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/01/37

...

4,000,000

4,014,106

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/01/38

...

2,000,000

1,999,109

Williamsburg

Economic

Development

Authority

,

Provident

Group

-

Williamsburg

Properties

LLC

,

Revenue

,

2023

A

,

AGMC

Insured

,

4.125

%

,

7/01/58

............

2,000,000

1,863,055

Winchester

Economic

Development

Authority

,

Valley

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

1/01/44

.................................

5,000,000

5,020,178

331,887,638

Washington

0.3%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,200,000

1,017,888

Wisconsin

0.5%

a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,200,000

969,730

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

1,000,000

1,015,622

1,985,352

U.S.

Territories

9.5%

District

of

Columbia

6.7%

Metropolitan

Washington

Airports

Authority

,

Aviation

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/46

.......................

5,000,000

5,162,110

Aviation

,

Revenue

,

2023

A

,

Refunding

,

5.25

%

,

10/01/48

.....................

4,000,000

4,226,473

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated

,

Revenue

,

2020

A

,

5

%

,

7/15/45

...............................

3,145,000

3,314,658

Dedicated

,

Revenue

,

2021

A

,

5

%

,

7/15/41

...............................

7,530,000

8,046,803

Dedicated

,

Revenue

,

2021

A

,

5

%

,

7/15/46

...............................

2,000,000

2,118,892

Dedicated

,

Revenue

,

2023

A

,

5

%

,

7/15/43

...............................

2,500,000

2,701,033

Dedicated

,

Revenue

,

2023

A

,

4.125

%

,

7/15/47

............................

1,975,000

1,913,521

27,483,490

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

See

Abbreviations

on

page

198

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

2.8%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

..................

$

1,314,400

$

1,286,178

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,700,000

1,676,416

b

Revenue

,

WW

,

5.5

%

,

7/01/38

.........................................

1,040,000

275,600

b

Revenue

,

XX

,

5.25

%

,

7/01/40

........................................

1,900,000

503,500

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

438,436

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/37

..

200,000

183,137

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

................................

6,400,000

6,359,812

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

500,000

500,162

11,223,241

Total

U.S.

Territories

....................................................................

38,706,731

Total

Municipal

Bonds

(Cost

$

420,282,404

)

.....................................

395,682,272

Shares

Escrows

and

Litigation

Trusts

0.0%

†

c

,d

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

149,352

119,482

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

119,482

Total

Long

Term

Investments

(Cost

$

420,282,404

)

...............................

395,801,754

a

a

a

a

a

Short

Term

Investments

2.3%

Principal

Amount

Municipal

Bonds

2.3%

Virginia

2.3%

e

Albemarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

10/01/48

........................................................

9,500,000

9,500,000

Total

Municipal

Bonds

(Cost

$

9,500,000

)

.......................................

9,500,000

Total

Short

Term

Investments

(Cost

$

9,500,000

)

.................................

9,500,000

a

Total

Investments

(Cost

$

429,782,404

)

98.7

%

...................................

$405,301,754

Other

Assets,

less

Liabilities

1.3

%

.............................................

5,384,133

Net

Assets

100.0%

...........................................................

$410,685,887

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2024,

the

aggregate

value

of

these

securities

was

$11,269,640,

representing

2.7%

of

net

assets.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

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

c

Non-income

producing.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

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

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

May

31,

2024,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

4. Securities

Purchased

on

a Forward

Commitment

Basis

Certain

or

all

Funds may

purchase

securities

on

a

forward

commitment

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Funds

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, they

may

sell

the

securities

before

the

settlement

date. These

types

of

securities

may

be

considered

unfunded

and

the

Fund

may

be

obligated

to

perform

on

such

agreements

at

a

future

date.

At

May

31,

2024,

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

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$5,795,000

as

of

May

31,

2024.

Borrower

Unfunded

Commitment

Franklin

Georgia

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

$

255,064

B-2,

7.125%,

7/01/59

1,238,735

$1,493,799

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

May

31,

2024,

investments

in

affiliated

management

investment

companies

were

as

follows: 

Borrower

Unfunded

Commitment

Franklin

High

Yield

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

$

13,844,543

B-2,

7.125%,

7/01/59

67,236,779

$81,081,322

Franklin

Louisiana

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

96,071

B-2,

7.125%,

7/01/59

466,572

$562,643

Franklin

Maryland

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

222,188

B-2,

7.125%,

7/01/59

1,079,067

$1,301,255

Franklin

Missouri

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

527,626

B-2,

7.125%,

7/01/59

2,562,442

$3,090,068

Franklin

New

Jersey

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

444,374

B-2,

7.125%,

7/01/59

2,158,134

$2,602,508

Franklin

North

Carolina

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

462,937

B-2,

7.125%,

7/01/59

2,248,276

$2,711,213

Franklin

Oregon

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

791,038

B-2,

7.125%,

7/01/59

3,841,715

$4,632,753

Franklin

Pennsylvania

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

581,479

B-2,

7.125%,

7/01/59

2,823,988

$3,405,467

Franklin

Virginia

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

330,490

B-2,

7.125%,

7/01/59

1,605,043

$1,935,533

4. Securities

Purchased

on

a Forward

Commitment

Basis

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

192

Quarterly

Schedules

of

Investments

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)

    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

...................

$50,865,750

$—

$(2,355,934)

$(386,816)

$(609,300)

$47,513,700

2,015,000

$466,298

Total

Affiliated

Securities

...

$50,865,750

$—

$(2,355,934)

$(386,816)

$(609,300)

$47,513,700

$466,298

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Municipal

Green

Bond

ETF

...................

$37,277,500

$—

$—

$—

$(728,500)

$36,549,000

1,550,000

$341,732

Total

Affiliated

Securities

...

$37,277,500

$—

$—

$—

$(728,500)

$36,549,000

$341,732

Franklin

High

Yield

Tax-Free

Income

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Dynamic

Municipal

Bond

ETF

...................

$42,734,250

$—

$(1,451,560)

$(154,690)

$(75,100)

$41,052,900

1,695,000

$429,470

Total

Affiliated

Securities

...

$42,734,250

$—

$(1,451,560)

$(154,690)

$(75,100)

$41,052,900

$429,470

5.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

193

Quarterly

Schedules

of

Investments

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

May

31,

2024,

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

........................

$

—

$

—

$

484,969

$

484,969

Municipal

Bonds

.........................

—

185,332,991

—

185,332,991

Total

Investments

in

Securities

...........

$—

$185,332,991

$484,969

$185,817,960

Franklin

Arizona

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

—

692,487,840

—

692,487,840

Short

Term

Investments

...................

—

2,600,000

—

2,600,000

Total

Investments

in

Securities

...........

$—

$695,087,840

$—

$695,087,840

Franklin

Colorado

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

1,357,912

1,357,912

Municipal

Bonds

.........................

—

481,705,806

—

481,705,806

Short

Term

Investments

...................

—

5,800,000

—

5,800,000

Total

Investments

in

Securities

...........

$—

$487,505,806

$1,357,912

$488,863,718

Franklin

Connecticut

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

—

136,418,798

—

136,418,798

Short

Term

Investments

...................

—

2,600,000

—

2,600,000

Total

Investments

in

Securities

...........

$—

$139,018,798

$—

$139,018,798

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Management

Investment

Companies

.........

47,513,700

—

—

47,513,700

Municipal

Bonds

.........................

—

2,058,555,477

—

2,058,555,477

Short

Term

Investments

...................

—

1,400,000

—

1,400,000

Total

Investments

in

Securities

...........

$47,513,700

$2,059,955,477

$—

$2,107,469,177

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Management

Investment

Companies

.........

36,549,000

—

—

36,549,000

Corporate

Bonds

........................

—

—

3,847,413

3,847,413

Senior

Floating

Rate

Interests

...............

—

25,535,148

15,999,697

41,534,845

Municipal

Bonds

.........................

—

777,181,532

—

777,181,532

Short

Term

Investments

...................

—

40,370,000

—

40,370,000

Total

Investments

in

Securities

...........

$36,549,000

$843,086,680

$19,847,110

$899,482,790

Franklin

Georgia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

872,944

872,944

Municipal

Bonds

.........................

—

300,923,256

—

300,923,256

Escrows

and

Litigation

Trusts

...............

—

—

92,253

92,253

Total

Investments

in

Securities

...........

$—

$300,923,256

$965,197

$301,888,453

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

Georgia

Tax-Free

Income

Fund

(continued)

Assets:

(continued)

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$60,898

$60,898

Total

Other

Financial

Instruments

.........

$—

$—

$60,898

$60,898

Franklin

High

Yield

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks

.........................

$

—

$

—

$

—

b

$

—

Management

Investment

Companies

.........

98,230,900

—

—

98,230,900

Corporate

Bonds

:

Commercial

Services

&

Supplies

...........

—

—

29,901,500

29,901,500

Diversified

Consumer

Services

............

—

84,421,465

—

84,421,465

Electric

Utilities

........................

—

14,602,470

—

14,602,470

Oil,

Gas

&

Consumable

Fuels

.............

—

—

1,870,000

1,870,000

Senior

Floating

Rate

Interests

...............

—

—

1,882,219

1,882,219

Municipal

Bonds

.........................

—

4,318,980,454

—

4,318,980,454

Escrows

and

Litigation

Trusts

...............

—

—

4,927,366

4,927,366

Short

Term

Investments

...................

—

199,470,000

—

199,470,000

Total

Investments

in

Securities

...........

$98,230,900

$4,617,474,389

$38,581,085

$4,754,286,374

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$3,305,474

$3,305,474

Total

Other

Financial

Instruments

.........

$—

$—

$3,305,474

$3,305,474

Franklin

Louisiana

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

252,102,209

—

252,102,209

Escrows

and

Litigation

Trusts

...............

—

—

34,747

34,747

Short

Term

Investments

...................

—

1,900,000

—

1,900,000

Total

Investments

in

Securities

...........

$—

$254,002,209

$34,747

$254,036,956

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$22,938

$22,938

Total

Other

Financial

Instruments

.........

$—

$—

$22,938

$22,938

Franklin

Maryland

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

294,091,355

—

294,091,355

Escrows

and

Litigation

Trusts

...............

—

—

80,264

80,264

Short

Term

Investments

...................

—

1,800,000

—

1,800,000

Total

Investments

in

Securities

...........

$—

$295,891,355

$80,264

$295,971,619

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$53,049

$53,049

Total

Other

Financial

Instruments

.........

$—

$—

$53,049

$53,049

Franklin

Massachusetts

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

872,944

872,944

Senior

Floating

Rate

Interests

...............

—

—

1,002,865

1,002,865

Municipal

Bonds

.........................

—

278,008,736

—

278,008,736

Short

Term

Investments

...................

—

1,100,000

—

1,100,000

Total

Investments

in

Securities

...........

$—

$279,108,736

$1,875,809

$280,984,545

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

........................

$

—

$

—

$

1,745,887

$

1,745,887

Municipal

Bonds

.........................

—

644,151,324

—

644,151,324

Short

Term

Investments

...................

—

8,400,000

—

8,400,000

Total

Investments

in

Securities

...........

$—

$652,551,324

$1,745,887

$654,297,211

Franklin

Minnesota

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

—

665,750,048

—

665,750,048

Short

Term

Investments

...................

—

2,810,000

—

2,810,000

Total

Investments

in

Securities

...........

$—

$668,560,048

$—

$668,560,048

Franklin

Missouri

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

661,543,120

—

661,543,120

Escrows

and

Litigation

Trusts

...............

—

—

190,602

190,602

Short

Term

Investments

...................

—

3,470,000

—

3,470,000

Total

Investments

in

Securities

...........

$—

$665,013,120

$190,602

$665,203,722

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$125,974

$125,974

Total

Other

Financial

Instruments

.........

$—

$—

$125,974

$125,974

Franklin

New

Jersey

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,551,900

1,551,900

Municipal

Bonds

.........................

—

709,291,509

—

709,291,509

Escrows

and

Litigation

Trusts

...............

—

—

160,528

160,528

Short

Term

Investments

...................

—

9,600,000

—

9,600,000

Total

Investments

in

Securities

...........

$—

$718,891,509

$1,712,428

$720,603,937

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$106,096

$106,096

Total

Other

Financial

Instruments

.........

$—

$—

$106,096

$106,096

Franklin

North

Carolina

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,551,900

1,551,900

Municipal

Bonds

.........................

—

565,526,259

—

565,526,259

Escrows

and

Litigation

Trusts

...............

—

—

167,437

167,437

Short

Term

Investments

...................

—

12,400,000

—

12,400,000

Total

Investments

in

Securities

...........

$—

$577,926,259

$1,719,337

$579,645,596

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$110,529

$110,529

Total

Other

Financial

Instruments

.........

$—

$—

$110,529

$110,529

Franklin

Ohio

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

3,103,799

3,103,799

Municipal

Bonds

.........................

—

997,546,156

—

997,546,156

Short

Term

Investments

...................

—

24,550,000

—

24,550,000

Total

Investments

in

Securities

...........

$—

$1,022,096,156

$3,103,799

$1,025,199,955

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

Oregon

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

$

—

$

—

$

2,424,843

$

2,424,843

Municipal

Bonds

.........................

—

869,029,913

—

869,029,913

Escrows

and

Litigation

Trusts

...............

—

—

286,106

286,106

Short

Term

Investments

...................

—

5,125,000

—

5,125,000

Total

Investments

in

Securities

...........

$—

$874,154,913

$2,710,949

$876,865,862

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$188,866

$188,866

Total

Other

Financial

Instruments

.........

$—

$—

$188,866

$188,866

Franklin

Pennsylvania

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,939,875

1,939,875

Municipal

Bonds

.........................

—

667,299,279

—

667,299,279

Escrows

and

Litigation

Trusts

...............

—

—

210,312

210,312

Short

Term

Investments

...................

—

300,000

—

300,000

Total

Investments

in

Securities

...........

$—

$667,599,279

$2,150,187

$669,749,466

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$138,832

$138,832

Total

Other

Financial

Instruments

.........

$—

$—

$138,832

$138,832

Franklin

Virginia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

395,682,272

—

395,682,272

Escrows

and

Litigation

Trusts

...............

—

—

119,482

119,482

Short

Term

Investments

...................

—

9,500,000

—

9,500,000

Total

Investments

in

Securities

...........

$—

$405,182,272

$119,482

$405,301,754

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$78,906

$78,906

Total

Other

Financial

Instruments

.........

$—

$—

$78,906

$78,906

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

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

May

31,

2024,

the

reconciliation

is

as

follows:

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

May

31,

2024,

are

as

follows:

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.

b

Includes

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

May

also

include

values

derived

using

recent

transactions,

private

transaction

prices

or

non-public

third-party

pricing

information

which

is

unobservable.

Balance

at

Beginning

of

Period

Purchases

a

Sales

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

:

United

States

.

$

—

$

3,731,991

$

—

$

—

$

—

$

12,289

$

—

$

103,133

$

3,847,413

$

103,133

Senior

Floating

Rate

Interests

:

United

States

.

16,059,282

—

—

—

—

—

—

(59,585)

15,999,697

35,837

Total

Investments

in

Securities

.........

$16,059,282

$3,731,991

$—

$—

$—

$12,289

$—

$43,548

$19,847,110

$138,970

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

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:

Residential

REITs

...............

$12,201,708

Discounted

cash

flow

Yield

6.1%

Decrease

All

Other

Investments

.............

 7,645,402

b

Total

..........................

$19,847,110

6. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

198

Quarterly

Schedules

of

Investments

Abbreviations

Selected

Portfolio

AGMC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

BHAC

Berkshire

Hathaway

Assurance

Corp.

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

TSOF

Term

SOFR

XLCA

XL

Capital

Assurance,

Inc.

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.