UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04149

Franklin Tax-Free Trust

(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA  94403-1906

(Address of principal executive offices)(Zip code)

Craig S. Tyle, One Franklin Parkway, San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: (650) 312-2000

Date of fiscal year end: 2/28

Date of reporting period: 8/31/21

Item 1. Reports to Stockholders.

a.)

The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable

.

SEMIANNUAL

REPORT

AND

SHAREHOLDER

LETTER

Franklin

Tax-Free

Trust

August

31,

2021

Sign

up

for

electronic

delivery

at

franklintempleton.com/edelivery

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

Municipal

Green

Bond

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

franklintempleton.com

Not

part

of

the

semiannual

report

1

SHAREHOLDER

LETTER

Dear

Shareholder:

During

the

six

months

ended

August

31,

2021,

the

U.S.

economy

continued

to

recover

from

the

coronavirus

(COVID-19)

pandemic.

Gross

domestic

product

(GDP)

accelerated

in

2021’s

first

and

second

quarters

as

the

reopening

of

businesses,

widespread

COVID-19

vaccinations

and

federal

assistance

programs

continued

to

boost

consumer

spending.

Near

period-end,

however,

investors

became

concerned

that

the

swiftly

spreading

Delta

variant

of

COVID-19

could

hinder

the

economic

recovery.

During

the

reporting

period,

the

U.S.

Federal

Reserve,

in

its

efforts

to

support

U.S.

economic

activity,

held

the

federal

funds

rate

unchanged

at

0.25%,

and

it

continued

broad

quantitative

easing

measures

to

bolster

credit

markets.

The

Federal

Reserve

also

adjusted

its

GDP

and

inflation

projections

higher

and

expected

to

begin

decreasing

its

asset

purchases

later

this

year,

while

delaying

any

interest

rate

increases

until

reaching

its

goal

of

maximum

U.S.

employment.

During

the

six-month

period,

municipal

bonds,

as

measured

by

the

Bloomberg

Municipal

Bond

Index,

posted

a

+2.51%

total

return

as

investors

were

attracted

to

tax-free

income

in

a

stable

interest-rate

environment.

1

Factors

contributing

to

this

positive

investment

environment

for

municipals

included

relatively

low

inflation

and

interest

rates

and

actions

by

the

Federal

Reserve

to

support

a

low

interest-rate

environment.

Franklin

Tax-Free

Trust’s

semiannual

report

includes

more

detail

about

municipal

bond

market

conditions

and

a

discussion

from

the

portfolio

managers.

In

addition,

on

our

website,

franklintempleton.com

,

you

can

find

updated

commentary

by

our

municipal

bond

experts.

Municipal

bonds

provide

tax-free

income

and

diversification

from

equities.

Despite

periods

of

volatility,

municipal

bonds

historically

have

had

a

solid

long-term

record

of

performance,

driven

mostly

by

their

compounding

tax-free

income

component.

As

you

know,

all

securities

markets

fluctuate,

as

do

mutual

fund

share

prices.

As

always,

we

recommend

investors

consult

their

financial

professionals

to

help

them

make

the

best

decisions

for

the

long

term.

In

a

constantly

changing

market

environment,

we

remain

committed

to

our

disciplined

strategy

as

we

manage

the

Funds,

keeping

in

mind

the

trust

you

have

placed

in

us.

We

appreciate

your

confidence

in

us

and

encourage

you

to

contact

us

or

your

financial

professional

when

you

have

questions

about

your

Franklin

tax-free

investment.

Sincerely,

Rupert

H.

Johnson,

Jr.

Chairman

Franklin

Tax-Free

Trust

Ben

Barber

Senior

Vice

President

Director

of

Municipal

Bonds

This

letter

reflects

our

analysis

and

opinions

as

of

August

31,

2021,

unless

otherwise

indicated.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

1.

Source:

Morningstar.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

franklintempleton.com

Semiannual

Report

2

Contents

Semiannual

Report

Municipal

Bond

Market

Overview

3

Investment

Strategy

and

Manager’s

Discussion

4

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

5

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

9

Franklin

High

Yield

Tax-Free

Income

Fund

13

Franklin

Massachusetts

Tax-Free

Income

Fund

17

Franklin

Municipal

Green

Bond

Fund

22

Franklin

New

Jersey

Tax-Free

Income

Fund

27

Financial

Highlights

and

Statements

of

Investments

32

Financial

Statements

148

Notes

to

Financial

Statements

157

Shareholder

Information

175

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Semiannual

Report

SEMIANNUAL

REPORT

Municipal

Bond

Market

Overview

The

U.S.

and

the

rest

of

the

world

continued

to

manage

the

recovery

from

the

novel

coronavirus

(COVID-19)

pandemic

that

has

caused

significant

economic

and

personal

strife

throughout

the

past

six

months

ended

August

31,

2021.

Fifty-three

percent

of

the

U.S.

population

had

been

fully

immunized

by

period-end,

but

the

remaining

population

were

either

hesitant

to

receive

the

vaccine

or

did

not

have

ready

access

to

it,

stalling

vaccination

growth.

After

falling

from

an

all-time

high

in

January

2021,

case

rates

and

hospitalizations

fell

through

the

spring

and

beginning

summer

months

of

2021.

However,

starting

in

August

2021,

a

new,

more

virulent

strain,

labeled

Delta,

began

to

drive

case

rates

higher

to

levels

last

seen

in

February

2021.

Although

most

infections

and

severe

illnesses

were

limited

to

the

unvaccinated,

there

were

breakthrough

cases

where

fully

vaccinated

individuals

contracted

the

disease.

Falling

consumer

sentiment

in

August

2021

called

into

question

whether

people

would

swiftly

return

to

normal

economic

activity.

Although

most

states

and

local

authorities

did

not

roll

back

business

and

school

reopenings,

there

were

some

areas

that

reimposed

face

mask

requirements.

U.S.

health

officials

started

to

explore

the

potential

need

for

booster

shots

to

ward

off

future

strains

of

the

virus.

Second

quarter

2021

gross

domestic

product

(GDP)

growth

disappointed

many

economists

at

just

6.6%

annualized,

but

for

the

first

time,

overall

real

GDP

exceeded

pre-COVID-19

levels

from

the

fourth

quarter

of

2019.

Employment

improved,

driving

the

unemployment

rate

to

5.2%

in

August

2021,

down

from

a

peak

of

14.8%

seen

in

April

2020.

Inflation

picked

up

through

the

summer

months

of

2021

as

global

supply-chain

bottlenecks

and

rising

input

prices

limited

output

growth

that

was

met

with

pent-up

demand

for

goods.

The

U.S.

Federal

Reserve

(Fed)

continued

to

support

monetary

conditions

by

purchasing

a

large

number

of

U.S.

Treasury

(UST)

bonds

and

backstopping

many

other

fixed

income

markets.

However,

with

improving

U.S.

economic

fundamentals,

by

the

end

of

August

2021,

the

Fed

began

discussions

of

tapering

asset

purchases

as

the

first

step

toward

normalizing

monetary

policy.

The

Biden

administration

continued

its

talks

with

Congress

on

a

number

of

large

infrastructure

projects

that

would

partially

be

paid

for

with

increased

tax

rates

on

wealthy

individuals.

Although

the

final

size

of

the

programs

had

not

been

decided

as

of

period-

end,

there

could

be

significant

implications

for

the

municipal

(muni)

bond

market,

including

additional

bond

issuance

for

the

projects

and

the

potential

for

increased

demand

for

tax-

exempt

sources

of

income.

Strong

demand

for

muni

bonds

continued

throughout

the

period

under

review,

pushing

ratios

of

30-year

muni

bonds

versus

UST

yields

in

June

2021

to

all-time

lows.

Although

these

and

other

maturity

ratios

have

since

increased,

they

remain

at

historically

rich

levels.

In

times

of

increased

UST

volatility

throughout

the

six

months,

muni

bond

valuations

suffered

declines

only

to

rally

once

stability

returned

to

the

market.

Muni

issuers

had

projected

severe

budget

deficits

in

2020

and

2021,

but

these

proved

unfounded

as

consumer

spending

recovered

more

quickly

than

anticipated,

leading

to

higher

sales

tax

collections.

Additionally,

the

U.S.

federal

government

provided

$350

billion

in

relief

to

muni

issuers

as

part

of

the

fiscal

stimulus

package

passed

in

March

2021.

A

strong

U.S.

housing

market

also

provided

support

to

local

and

state

governments

as

home

price

appreciation

rates

reached

historic

highs.

For

the

six-month

period,

U.S.

fixed

income

sectors

broadly

underperformed

relative

to

equities,

as

measured

by

the

Standard

&

Poor’s

500

®

Index,

which

posted

a

+19.52%

total

return

for

the

period.

1

Investment-grade

muni

bonds,

as

measured

by

the

Bloomberg

Municipal

Bond

Index,

posted

a

+2.51%

total

return,

while

USTs,

as

measured

by

the

Bloomberg

U.S.

Treasury

Index,

posted

a

+1.36%

total

return,

and

investment-grade

corporate

bonds,

as

measured

by

the

Bloomberg

U.S.

Corporate

Bond

Index,

posted

a

+2.85%

total

return.

1

The

foregoing

information

reflects

our

analysis

and

opinions

as

of

August

31,

2021.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

1.

Source:

Morningstar.

Treasuries,

if

held

to

maturity,

offer

a

fixed

rate

of

return

and

a

fixed

principal

value;

their

interest

payments

and

principal

are

guaranteed.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

4

franklintempleton.com

Semiannual

Report

Investment

Strategy

and

Manager’s

Discussion

Investment

Strategy

We

select

securities

that

we

believe

will

provide

the

best

balance

between

risk

and

return

within

each

Fund’s

range

of

allowable

investments

and

typically

use

a

buy-and-

hold

strategy.

This

means

we

generally

hold

securities

in

each

Fund’s

portfolio

for

income

purposes,

rather

than

trading

securities

for

capital

gains,

although

we

may

sell

a

security

at

any

time

if

we

believe

it

could

help

a

fund

meet

its

goal.

When

selecting

securities

for

High

Yield

Tax-Free

Income

Fund’s

portfolio,

we

may

consider

existing

market

conditions

in

our

security

selection

process,

the

availability

of

lower-rated

securities,

and

whether

the

difference

in

yields

between

higher

and

lower-rated

securities

justifies

the

higher

risk

of

lower-rated

securities.

Manager’s

Discussion

Due

to

the

positive

sloping

municipal

yield

curve,

we

found

value

in

higher

quality

securities

in

the

15–30

year

maturity

range

for

the

long-term

funds,

10

to

15

years

for

the

intermediate-term

fund,

and

five

years

or

less

for

the

limited-

term

fund,

which

allowed

us

to

achieve

our

objective

of

maximizing

income

for

our

investors.

Typically,

when

interest

rates

fall,

our

turnover

declines

as

we

maintain

exposure

to

securities

that

are

producing

income

that

exceeds

their

replacement

value

in

the

market.

This

excess

income

supports

higher

distribution

rates

and

reinvestment

rates

for

those

investors

taking

advantage

of

tax-free

compounding.

Our

turnover

increases

when

rates

rise,

as

opportunities

to

purchase

securities

that

have

the

potential

to

increase

income

in

the

portfolios

become

available.

We

believe

our

consistent,

disciplined

strategy

can

help

our

investors

achieve

high,

tax-free

income

over

the

long

term.

We

invite

you

to

read

your

Fund

report

for

more

detailed

performance

and

portfolio

information.

Thank

you

for

your

participation

in

Franklin

Tax-Free

Trust.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

5

franklintempleton.com

Semiannual

Report

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

The

Fund

maintains

a

dollar-weighted

average

portfolio

maturity

(the

time

in

which

the

debt

must

be

repaid)

of

three

to

10

years.

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$12.22

on

February

28,

2021,

to

$12.35

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

12.1995

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page

6

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

1.88%,

based

on

an

annualization

of

the

1.9836

cents

per

share

August

dividend

and

the

maximum

offering

price

of

$12.63

on

August

31,

2021.

An

investor

in

the

2021

maximum

federal

income

tax

bracket

of

40.80%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

3.18%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

continued

participation

in

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

8/31/21

%

of

Total

Investments*

*

Utilities

20.99%

Transportation

12.58%

Health

Care

12.49%

State

General

Obligation

12.37%

Lease

8.69%

Refunded

7.94%

Education

7.25%

Special

Tax

6.61%

Local

6.54%

Industrial

Dev.

Revenue

and

Pollution

Control

2.45%

Housing

1.42%

Other

Revenue

Bonds

0.67%

*

Does

not

include

cash

and

cash

equivalents.

1.

Dividends

are

generally

subject

to

state

and

local

taxes,

if

any.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distribu-

tions

of

capital

gains

are

generally

taxable.

To

avoid

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrual

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

37

.

Performance

Summary

as

of

August

31,

2021

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

6

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

2.25%

and

the

minimum

is

0%.

Class

A:

2.25%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

4

6-Month

+2.07%

-0.23%

1-Year

+2.27%

-0.03%

5-Year

+10.65%

+1.58%

10-Year

+33.31%

+2.68%

Advisor

6-Month

+2.19%

+2.19%

1-Year

+2.61%

+2.61%

5-Year

+11.60%

+2.22%

10-Year

+35.10%

+3.05%

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

(with

fee

waiver)

(without

fee

waiver)

(with

fee

waiver)

(without

fee

waiver)

A

1.88%

3.18%

0.36%

0.27%

0.61%

0.46%

Advisor

2.19%

3.70%

0.61%

0.52%

1.03%

0.88%

See

page

7

for

Performance

Summary

footnotes.

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Performance

Summary

7

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

The

Fund

has

an

expense

reduction

contractually

guaranteed

through

6/30/22.

Fund

investment

results

reflect

the

expense

reduction;

without

this

reduction,

the

results

would

have

been

lower.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

8/31/21.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

2021

maximum

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.121995

A1

$0.131463

C

$0.096741

R6

$0.140906

Advisor

$0.137738

Total

Annual

Operating

Expenses

8

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.71%

0.80%

Advisor

0.46%

0.55%

Your

Fund’s

Expenses

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

8

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

n

ot

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,020.70

$3.56

$1,021.68

$3.57

0.70%

A1

$1,000

$1,021.50

$2.81

$1,022.42

$2.81

0.55%

C

$1,000

$1,019.40

$5.63

$1,019.63

$5.63

1.11%

R6

$1,000

$1,022.20

$2.03

$1,023.19

$2.04

0.40%

Advisor

$1,000

$1,021.90

$2.30

$1,022.93

$2.30

0.45%

9

franklintempleton.com

Semiannual

Report

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

The

Fund

maintains

a

dollar-weighted

average

portfolio

maturity

(the

time

in

which

the

debt

must

be

repaid)

of

five

years

or

less.

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$10.56

on

February

28,

2021,

to

$10.61

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

3.8788

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page

10

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

0.59%

based

on

an

annualization

of

the

0.5368

cents

per

share

August

dividend

and

the

maximum

offering

price

of

$10.85

on

August

31,

2021.

An

investor

in

the

2021

maximum

federal

income

tax

bracket

of

40.80%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

1.00%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

continued

participation

in

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Local

15.70%

Industrial

Dev.

Revenue

and

Pollution

Control

11.78%

State

General

Obligation

11.74%

Refunded

11.44%

Lease

10.40%

Education

9.35%

Health

Care

8.09%

Utilities

5.86%

Transportation

5.71%

Special

Tax

4.93%

Housing

3.22%

Other

Revenue

Bonds

1.78%

*

Does

not

include

cash

and

cash

equivalents.

1.

Dividends

are

generally

subject

to

state

and

local

taxes,

if

any.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distribu-

tions

of

capital

gains

are

generally

taxable.

To

avoid

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrual

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

63

.

Performance

Summary

as

of

August

31,

2021

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

10

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

2.25%

and

the

minimum

is

0%.

Class

A:

2.25%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

4

6-Month

+0.84%

-1.43%

1-Year

+0.83%

-1.44%

5-Year

+7.51%

+1.00%

10-Year

+13.06%

+1.00%

Advisor

5

6-Month

+0.97%

+0.97%

1-Year

+0.99%

+0.99%

5-Year

+8.64%

+1.67%

10-Year

+15.19%

+1.42%

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

(with

fee

waiver)

(without

fee

waiver)

(with

fee

waiver)

(without

fee

waiver)

A

0.59%

1.00%

0.10%

-0.04%

0.17%

-0.07%

Advisor

0.87%

1.47%

0.35%

0.21%

0.59%

0.35%

See

page

11

for

Performance

Summary

footnotes.

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Performance

Summary

11

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

The

Fund

has

an

expense

reduction

contractually

guaranteed

through

6/30/22.

Fund

investment

results

reflect

the

expense

reduction;

without

this

reduction,

the

results

would

have

been

lower.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

5.

Effective

2/1/11,

the

Fund

began

offering

Advisor

Class

shares,

which

do

not

have

sales

charges

or

a

Rule

12b-1

plan.

Performance

quotations

for

this

class

reflect

the

following

methods

of

calculation:

(a)

For

periods

prior

to

2/1/11,

a

restated

figure

is

used

based

upon

the

Fund’s

Class

A

performance,

excluding

the

effect

of

Class

A’s

maximum

initial

sales

charge,

but

reflecting

the

effect

of

the

Class

A

Rule

12b-1

fees;

and

(b)

for

periods

after

2/1/11,

actual

Advisor

Class

performance

is

used

reflecting

all

charges

and

fees

applicable

to

that

class.

6.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

8/31/21.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

2021

maximum

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

8.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

9.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.038788

A1

$0.044201

R6

$0.053806

Advisor

$0.052315

Total

Annual

Operating

Expenses

9

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.66%

0.82%

Advisor

0.41%

0.57%

Your

Fund’s

Expenses

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

12

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,008.40

$3.28

$1,021.94

$3.30

0.65%

A1

$1,000

$1,008.00

$2.77

$1,022.44

$2.79

0.55%

R6

$1,000

$1,009.80

$1.87

$1,023.34

$1.89

0.37%

Advisor

$1,000

$1,009.70

$2.01

$1,023.20

$2.03

0.40%

13

franklintempleton.com

Semiannual

Report

Franklin

High

Yield

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

High

Yield

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

a

high

current

yield

exempt

from

federal

income

taxes

by

normally

investing

at

least

80%

of

its

net

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Its

secondary

goal

is

capital

appreciation

to

the

extent

possible

and

consistent

with

the

Fund’s

principal

investment

goal.

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$10.29

on

February

28,

2021,

to

$10.58

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

18.4907

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page

14

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

3.35%,

based

on

an

annualization

of

the

3.0671

cents

per

share

August

dividend

and

the

maximum

offering

price

of

$10.99

on

August

31,

2021.

An

investor

in

the

2021

maximum

federal

income

tax

bracket

of

40.80%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

5.66%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

The

Fund

continued

to

seek

high,

current,

tax-free

income

for

its

shareholders

during

the

reporting

period.

Consistent

with

our

strategy,

the

Fund

did

not

use

leverage

or

credit

derivatives

to

boost

short-term

returns,

and

we

were

careful

to

not

overexpose

the

portfolio

to

any

one

credit

sector.

Thank

you

for

your

continued

participation

in

Franklin

High

Yield

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Special

Tax

16.59%

Industrial

Dev.

Revenue

and

Pollution

Control

15.34%

Health

Care

13.96%

Transportation

13.94%

Refunded

9.38%

Utilities

7.49%

Local

5.90%

Housing

5.68%

Lease

4.03%

Education

3.88%

State

General

Obligation

2.59%

Exchange

Traded

Fund

0.69%

Other

Revenue

Bonds

0.53%

*

Does

not

include

cash

and

cash

equivalents.

1.

Dividends

are

generally

subject

to

state

and

local

taxes,

if

any.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distribu-

tions

of

capital

gains

are

generally

taxable.

To

avoid

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrual

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

81

.

Performance

Summary

as

of

August

31,

2021

Franklin

High

Yield

Tax-Free

Income

Fund

14

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

4,5

6-Month

+4.64%

+0.72%

1-Year

+8.53%

+4.46%

5-Year

+19.59%

+2.85%

10-Year

+61.08%

+4.48%

Advisor

6-Month

+4.75%

+4.75%

1-Year

+8.87%

+8.87%

5-Year

+20.55%

+3.81%

10-Year

+63.17%

+5.02%

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

(with

fee

waiver)

(without

fee

waiver)

(with

fee

waiver)

(without

fee

waiver)

A

3.35%

5.66%

1.80%

1.79%

3.04%

3.02%

Advisor

3.73%

6.30%

2.11%

2.11%

3.56%

3.56%

See

page

15

for

Performance

Summary

footnotes.

Franklin

High

Yield

Tax-Free

Income

Fund

Performance

Summary

15

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Investments

in

lower

rated

bonds

include

higher

risk

of

default

and

loss

of

principal.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

signifi-

cant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

The

Fund

has

a

fee

waiver

associated

with

any

investment

it

makes

in

a

Franklin

Templeton

money

fund

and/or

other

Franklin

Templeton

fund,

contractually

guaranteed

through

6/30/22.

Fund

investment

results

reflect

the

fee

waiver;

without

this

waiver,

the

results

would

have

been

lower.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

5.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

6.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

8/31/21.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

2021

maximum

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

8.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

9.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.184907

A1

$0.192916

C

$0.162706

R6

$0.200803

Advisor

$0.198271

Total

Annual

Operating

Expenses

9

Share

Class

A

0.79%

Advisor

0.54%

Your

Fund’s

Expenses

Franklin

High

Yield

Tax-Free

Income

Fund

16

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,046.40

$4.10

$1,021.20

$4.05

0.80%

A1

$1,000

$1,047.20

$3.34

$1,021.94

$3.30

0.65%

C

$1,000

$1,044.30

$6.14

$1,019.20

$6.07

1.19%

R6

$1,000

$1,048.80

$2.56

$1,022.71

$2.53

0.50%

Advisor

$1,000

$1,047.50

$2.81

$1,022.46

$2.78

0.55%

17

franklintempleton.com

Semiannual

Report

Franklin

Massachusetts

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Massachusetts

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

and

Massachusetts

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$11.84

on

February

28,

2021,

to

$12.00

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

11.9082

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page

19

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

1.74%,

based

on

an

annualization

of

the

1.8046

cents

per

share

August

dividend

and

the

maximum

offering

price

of

$12.47

on

August

31,

2021.

An

investor

in

the

2021

maximum

combined

effective

federal

and

Massachusetts

personal

income

tax

bracket

of

45.80%

(including

3.8%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

3.21%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Commonwealth

Update

During

the

six-month

period,

Massachusetts’

economy

continued

to

recover

as

COVID-19

related

restrictions

loosened

and

the

number

of

vaccinated

individuals

increased

significantly.

The

commonwealth’s

key

education

and

health

services

sectors

saw

increased

signs

of

recovery.

Massachusetts’

unemployment

rate

began

the

period

at

7.0%

and

ended

at

5.0%

compared

with

the

5.2%

national

rate.

3

As

Massachusetts’

economy

recovered,

revenue

collections

increased,

particularly

income

and

sales

taxes,

which

provide

most

of

the

commonwealth’s

funding.

The

commonwealth’s

fiscal

year

2021

revenue

growth

exceeded

projections.

Massachusetts’

net

tax-supported

debt

was

$6,240

per

capita

and

7.8%

of

personal

income,

well

above

the

$1,039

and

1.9%

national

medians,

respectively.

4

Federal

aid

and

expanded

unemployment

benefits

have

been

key

credit

stabilizing

factors.

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

Massachusetts’

general

obligations

bonds’

Aa1

rating

with

a

stable

outlook.

5

The

rating

reflected

Moody’s

view

of

the

commonwealth’s

robust

economic

base,

strong

financial

management,

healthy

reserves

and

ability

to

access

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Education

30.19%

Transportation

13.40%

Health

Care

12.26%

Special

Tax

9.64%

Local

8.82%

Utilities

6.54%

Housing

5.86%

State

General

Obligation

5.69%

Refunded

4.68%

Lease

1.39%

Other

Revenue

Bonds

1.37%

Industrial

Dev.

Revenue

and

Pollution

Control

0.16%

*

Does

not

include

cash

and

cash

equivalents.

1.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrual

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

3.

Source:

Bureau

of

Labor

Statistics.

4.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing

,

6

/2

4/21.

5.

This

does

not

indicate

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

127

.

Franklin

Massachusetts

Tax-Free

Income

Fund

18

franklintempleton.com

Semiannual

Report

alternate

sources

of

liquidity.

Massachusetts’

highly

educated

workforce

and

high-income

levels

attract

employers

and

help

service

the

commonwealth’s

elevated

long-term

debt

burden.

According

to

Moody’s,

credit

challenges

facing

Massachusetts

included

combined

debt

and

pension

liabilities

that

are

the

seventh

highest

in

the

nation

relative

to

gross

domestic

product.

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

continued

participation

in

Franklin

Massachusetts

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

August

31,

2021

Franklin

Massachusetts

Tax-Free

Income

Fund

19

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+2.36%

-1.48%

1-Year

+2.27%

-1.57%

5-Year

+13.34%

+1.75%

10-Year

+41.76%

+3.16%

Advisor

6-Month

+2.49%

+2.49%

1-Year

+2.53%

+2.53%

5-Year

+14.32%

+2.71%

10-Year

+43.58%

+3.68%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

1.74%

3.21%

0.55%

1.01%

Advisor

2.07%

3.82%

0.82%

1.51%

See

page

20

for

Performance

Summary

footnotes.

Franklin

Massachusetts

Tax-Free

Income

Fund

Performance

Summary

20

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

Total

returns

with

sales

charges

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

8/31/21.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

Massachusetts

personal

income

tax

rate

of

45.80%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.119082

A1

$0.128248

C

$0.094013

R6

$0.137150

Advisor

$0.134358

Total

Annual

Operating

Expenses

8

Share

Class

A

0.86%

Advisor

0.61%

Your

Fund’s

Expenses

Franklin

Massachusetts

Tax-Free

Income

Fund

21

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,023.60

$4.41

$1,020.84

$4.41

0.87%

A1

$1,000

$1,024.40

$3.66

$1,021.59

$3.65

0.72%

C

$1,000

$1,022.10

$6.44

$1,018.84

$6.43

1.26%

R6

$1,000

$1,026.00

$2.91

$1,022.33

$2.91

0.57%

Advisor

$1,000

$1,024.90

$3.15

$1,022.09

$3.15

0.62%

22

franklintempleton.com

Semiannual

Report

Franklin

Municipal

Green

Bond

Fund

This

semiannual

report

for

Franklin

Municipal

Green

Bond

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

maximize

income

exempt

from

federal

income

taxes

to

the

extent

consistent

with

prudent

investing

and

the

preservation

of

shareholders’

capital.

1

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

its

net

assets

in

municipal

securities

whose

interest

is

free

from

regular

federal

income

taxes.

In

addition,

the

Fund

invests

at

least

80%

of

its

net

assets

in

municipal

green

bonds,

which

are

bonds

that

promote

environmental

sustainability.

There

is

no

regulation

or

universal

framework

for

giving

a

bond

a

“green”

designation.

We

define

green

bonds

as

those

whose

proceeds

go

toward

renewable

energy,

energy

efficiency,

pollution

prevention,

and

other

environmentally

sustainable

uses

listed

in

the

prospectus.

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$10.27

on

February

28,

2021,

to

$10.52

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

5.8169

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page

24

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

0.84%,

based

on

an

annualization

of

the

0.7391

cents

per

share

August

dividend

and

the

maximum

offering

price

of

$10.52

on

August

31,

2021.

An

investor

in

the

2021

maximum

federal

income

tax

bracket

of

37.00%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

1.42%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Investment

Strategy

We

use

a

consistent,

disciplined

strategy

in

an

effort

maximize

tax-exempt

income

for

our

shareholders

by

selecting

securities

we

believe

will

provide

the

best

balance

between

risk

and

return

within

the

Fund’s

range

of

allowable

investments.

We

typically

use

a

buy-and-hold

strategy,

which

means

we

generally

hold

securities

in

the

Fund’s

portfolio

for

income

purposes,

rather

than

trading

securities

for

capital

gains,

although

we

may

sell

a

security

at

any

time

if

we

believe

it

could

help

the

Fund

meet

its

goal.

Manager’s

Discussion

During

the

six-month

period

under

review,

the

Fund

invested

in

municipal

bonds

that

supported

environmental

sustainability

and

stewardship,

while

also

delivering

income

that

is

exempt

from

federal

taxes.

Examples

of

the

types

of

projects

in

which

the

Fund

invests

include

water

and

sewer

utility

systems,

stormwater

management

infrastructure,

energy

efficiency

projects,

green

buildings,

land

conservation

and

clean

energy.

The

strategy

considers

all

U.S.

tax-exempt

municipal

bond

offerings

that

carry

the

“Green

Bond”

designation

in

the

governing

bond

documents.

We

are

focused

on

ensuring

the

authenticity

and

intentionality

of

the

Green

Bond

designation.

Issuers

must

demonstrate

that

bond

proceeds

are

being

Portfolio

Composition

8/31/21

%

of

Total

Investments*

*

Utilities

19.56%

Special

Tax

14.75%

Local

13.09%

Education

12.63%

Transportation

11.70%

Lease

9.13%

Housing

6.88%

Other

Revenue

Bonds

5.49%

Health

Care

3.37%

State

General

Obligation

2.16%

Industrial

Dev.

Revenue

and

Pollution

Control

1.24%

*Does

not

include

cash

and

cash

equivalents.

1.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

135

.

Franklin

Municipal

Green

Bond

Fund

23

franklintempleton.com

Semiannual

Report

used

for

projects

or

programs

dedicated

to

environmental

sustainability.

These

projects

and

programs

should

generally

fall

into

one

of

the

10

eligible

categories

outlined

in

the

Green

Bond

Principles

(GBP),

a

set

of

voluntary

guidelines

to

ensure

the

integrity

of

the

Green

Bond

designation.

In

addition,

the

internal

selection

framework

incorporates

disclosure

and

reporting

policies,

environmental

impact,

and

external

verification.

In

addition,

the

strategy

considers

municipal

bonds

that

are

not

labeled

Green

Bonds

but

that

provide

funding

to

environmentally-friendly

projects

and

programs.

From

that

universe,

we

will

determine

whether

individual

issuers

meet

the

internal

threshold

for

investment

based

on

an

internal

Green

Bond

selection

framework.

The

internal

methodology

ensures

that

the

investment

is

aligned

with

the

Fund’s

objective

of

investing

in

projects

dedicated

to

promoting

environmental

sustainability.

Franklin

recognizes

the

GBP

and

encourages

issuers

to

adhere

to

them.

However,

the

ultimate

evaluation

does

not

require

strict

adherence

with

the

GBP.

Thank

you

for

your

continued

participation

in

Franklin

Municipal

Green

Bond

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

August

31,

2021

Franklin

Municipal

Green

Bond

Fund

24

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

4

6-Month

+3.01%

-0.86%

1-Year

+2.89%

-0.97%

Since

Inception

(10/1/19)

+7.40%

+1.75%

Advisor

6-Month

+3.05%

+3.05%

1-Year

+2.93%

+2.93%

Since

Inception

(10/1/19)

+7.67%

+3.93%

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

(with

fee

waiver)

(without

fee

waiver)

(with

fee

waiver)

(without

fee

waiver)

A

0.84%

1.42%

0.30%

-0.76%

0.51%

-1.28%

Advisor

1.15%

1.94%

0.54%

-0.51%

0.91%

-0.86%

See

page

25

for

Performance

Summary

footnotes.

Franklin

Municipal

Green

Bond

Fund

Performance

Summary

25

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

Some

sectors

might

be

more

likely

to

issue

green

bonds,

and

events

or

factors

impacting

these

sectors

may

have

a

greater

effect

on,

and

may

more

adversely

affect,

the

Fund

than

they

would

a

fund

that

does

not

invest

in

issuers

with

a

common

purpose.

Green

bonds

may

not

result

in

direct

environmental

benefits

and

the

issuer

may

not

use

proceeds

as

intended

or

to

appropriate

new

or

additional

projects.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transporta-

tion.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Impacts

on

sectors

more

likely

to

issue

green

bonds

may

have

a

greater

adverse

effect

on

the

Fund

because

the

Fund

focuses

investments

in

green

bonds.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

The

Fund

has

an

expense

reduction

contractually

guaranteed

through

6/30/22.

Fund

investment

results

reflect

the

expense

reduction;

without

this

reduction,

the

results

would

have

been

lower.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Effective

7/24/20,

the

Fund

began

offering

Class

A

shares.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

7/24/20,

a

restated

figure

is

used

based

on

the

Fund’s

Advisor

Class

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A

and

Advisor

Class;

and

(b)

for

periods

after

7/24/20,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

8/31/21.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

2021

maximum

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.058169

C

$0.051255

R6

$0.067124

Advisor

$0.062698

Total

Annual

Operating

Expenses

8

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.71%

3.86%

Advisor

0.46%

3.61%

Your

Fund’s

Expenses

Franklin

Municipal

Green

Bond

Fund

26

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,030.10

$2.77

$1,022.48

$2.76

0.54%

C

$1,000

$1,029.40

$3.41

$1,021.85

$3.40

0.67%

R6

$1,000

$1,030.90

$2.30

$1,022.94

$2.29

0.45%

Advisor

$1,000

$1,030.50

$2.30

$1,022.94

$2.29

0.45%

27

franklintempleton.com

Semiannual

Report

Franklin

New

Jersey

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

New

Jersey

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

and

New

Jersey

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

net

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$11.46

on

February

28,

2021,

to

$11.67

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

13.6950

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page

29

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.29%,

based

on

an

annualization

of

the

2.3106

cents

per

share

August

dividend

and

the

maximum

offering

price

of

$12.12

on

August

31,

2021.

An

investor

in

the

2021

maximum

combined

effective

federal

and

New

Jersey

personal

income

tax

bracket

of

51.55%

(including

3.8%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

4.73%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

State

Update

During

the

6-month

period,

New

Jersey’s

large,

diverse

and

wealthy

economy

expanded

amid

continued

recovery

from

the

COVID-19

pandemic.

New

Jersey’s

recovery

has

lagged

the

broader

U.S.

due

to

relatively

slow

population

growth

and

a

high

cost

of

living

and

doing

business.

However,

its

diverse

employment

base

is

less

exposed

to

sectors

vulnerable

to

pandemic-related

closures.

New

Jersey’s

unemployment

rate

began

the

period

at

7.8%

and

ended

at

7.2%

compared

with

the

5.2%

national

rate.

3

New

Jersey

will

end

fiscal

year

(FY)

2021

with

the

highest

ending

fund

balance

in

over

a

decade,

but

the

state’s

FY

2022

budget

faces

a

large

structural

budget

gap

amid

additional

deficit

borrowing

and

higher

pension

distributions.

New

Jersey’s

net

tax-

supported

debt

was

$4,569

per

capita

and

6.1%

of

personal

income,

well

above

the

$1,039

and

1.9%

national

medians,

respectively.

4

Independent

credit

rating

agency

Moody’s

Investors

Service

revised

its

A3

rating

on

New

Jersey’s

general

obligation

debt,

from

a

negative

to

a

stable

outlook.

5

Moody’s

rating

reflects

New

Jersey’s

better-than-expected

revenue

performance

in

FY

2021

and

the

expectation

that

strong

fund

balances

will

support

budget

flexibility

through

the

coronavirus

recovery.

According

to

Moody’s,

challenges

included

difficulty

managing

budget

gaps,

large

structural

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Transportation

24.43%

Lease

17.96%

Education

17.74%

Health

Care

17.12%

Local

7.20%

Refunded

6.40%

Housing

5.58%

Utilities

1.98%

State

General

Obligation

1.14%

Special

Tax

0.45%

*

Does

not

include

cash

and

cash

equivalents.

1.

For

state

personal

income

taxes,

the

80%

minimum

is

measured

by

total

Fund

assets.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrual

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

3.

Source:

Bureau

of

Labor

Statistics.

4.

Source:

Moody’s

Investors

Service,

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing

,

6/24/21

.

5.

This

does

not

indicate

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

143

.

Franklin

New

Jersey

Tax-Free

Income

Fund

28

franklintempleton.com

Semiannual

Report

budget

imbalance

without

a

clear

path

to

resolution

and

large

long-term

liabilities

and

high

fixed

costs

that

limit

future

budget

flexibilities.

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

continued

participation

in

Franklin

New

Jersey

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

August

31,

2021

Franklin

New

Jersey

Tax-Free

Income

Fund

29

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+3.04%

-0.83%

1-Year

+4.91%

+0.97%

5-Year

+14.39%

+1.94%

10-Year

+37.56%

+2.85%

Advisor

6-Month

+3.08%

+3.08%

1-Year

+5.17%

+5.17%

5-Year

+15.28%

+2.88%

10-Year

+39.34%

+3.37%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.29%

4.73%

0.76%

1.57%

Advisor

2.64%

5.45%

1.04%

2.15%

See

page

30

for

Performance

Summary

footnotes.

Franklin

New

Jersey

Tax-Free

Income

Fund

Performance

Summary

30

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

8/31/21.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

New

Jersey

personal

income

tax

rate

of

51.55%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.136950

A1

$0.145871

C

$0.112675

R6

$0.154399

Advisor

$0.151795

Total

Annual

Operating

Expenses

8

Share

Class

A

0.82%

Advisor

0.57%

Your

Fund’s

Expenses

Franklin

New

Jersey

Tax-Free

Income

Fund

31

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,030.40

$4.19

$1,021.08

$4.17

0.82%

A1

$1,000

$1,030.30

$3.44

$1,021.82

$3.43

0.67%

C

$1,000

$1,027.90

$6.23

$1,019.06

$6.20

1.22%

R6

$1,000

$1,031.00

$2.70

$1,022.55

$2.69

0.53%

Advisor

$1,000

$1,030.80

$2.92

$1,022.33

$2.91

0.57%

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

32

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

a

2021

2020

b

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$12.22

$12.39

$11.98

$11.87

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.12

0.26

0.27

0.15

Net

realized

and

unrealized

gains

(losses)

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

0.13

(0.17)

0.43

0.11

Total

from

investment

operations

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

0.25

0.09

0.70

0.26

Less

distributions

from:

Net

investment

income

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

(0.12)

(0.26)

(0.29)

(0.15)

Net

asset

value,

end

of

period

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

$12.35

$12.22

$12.39

$11.98

Total

return

e

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

2.07%

0.72%

5.92%

2.20%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

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

0.79%

0.80%

0.81%

0.80%

Expenses

net

of

waiver

and

payments

by

affiliates

g

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

0.70%

0.70%

0.71%

0.71%

Net

investment

income

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

1.93%

2.09%

2.28%

2.56%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$760,308

$629,566

$407,125

$182,330

Portfolio

turnover

rate

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

8.74%

18.84%

14.78%

2.57%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

33

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.21

$12.38

$11.96

$11.94

$12.11

$12.50

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.13

0.28

0.30

0.32

0.31

0.31

Net

realized

and

unrealized

gains

(losses)

0.13

(0.17)

0.43

0.02

(0.17)

(0.40)

Total

from

investment

operations

........

0.26

0.11

0.73

0.34

0.14

(0.09)

Less

distributions

from:

Net

investment

income

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

(0.13)

(0.28)

(0.31)

(0.32)

(0.31)

(0.30)

Net

asset

value,

end

of

period

..........

$12.34

$12.21

$12.38

$11.96

$11.94

$12.11

Total

return

d

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

2.15%

0.87%

6.17%

2.91%

1.14%

(0.70)%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

0.65%

0.65%

0.66%

0.65%

0.66%

0.66%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.55%

f

0.55%

f

0.56%

f

0.56%

f

0.65%

0.66%

Net

investment

income

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

2.09%

2.26%

2.43%

2.71%

2.56%

2.48%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$1,377,810

$1,403,417

$1,516,009

$1,575,494

$1,850,075

$1,929,083

Portfolio

turnover

rate

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

8.74%

18.84%

14.78%

2.57%

10.72%

8.98%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

34

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.24

$12.42

$12.00

$11.98

$12.14

$12.53

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.10

0.21

0.23

0.26

0.25

0.24

Net

realized

and

unrealized

gains

(losses)

0.14

(0.18)

0.43

0.02

(0.17)

(0.39)

Total

from

investment

operations

........

0.24

0.03

0.66

0.28

0.08

(0.15)

Less

distributions

from:

Net

investment

income

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

(0.10)

(0.21)

(0.24)

(0.26)

(0.24)

(0.24)

Net

asset

value,

end

of

period

..........

$12.38

$12.24

$12.42

$12.00

$11.98

$12.14

Total

return

d

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

1.94%

0.24%

5.58%

2.34%

0.67%

(1.26)%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

1.20%

1.20%

1.21%

1.20%

1.20%

1.21%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.11%

f

1.10%

f

1.11%

f

1.11%

f

1.19%

1.21%

Net

investment

income

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

1.54%

1.72%

1.88%

2.16%

2.02%

1.93%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$81,058

$121,312

$203,994

$262,612

$358,228

$425,649

Portfolio

turnover

rate

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

8.74%

18.84%

14.78%

2.57%

10.72%

8.98%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

35

In

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$12.24

$12.41

$11.99

$11.97

$12.28

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.14

0.30

0.32

0.34

0.20

Net

realized

and

unrealized

gains

(losses)

...........

0.13

(0.18)

0.43

0.02

(0.32)

Total

from

investment

operations

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

0.27

0.12

0.75

0.36

(0.12)

Less

distributions

from:

Net

investment

income

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

(0.14)

(0.29)

(0.33)

(0.34)

(0.19)

Net

asset

value,

end

of

period

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

$12.37

$12.24

$12.41

$11.99

$11.97

Total

return

e

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

2.22%

1.03%

6.33%

3.06%

(0.97)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.50%

0.50%

0.50%

0.49%

0.49%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.40%

g

0.40%

g

0.40%

g

0.39%

g

0.48%

Net

investment

income

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

2.23%

2.41%

2.59%

2.88%

2.73%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$463,446

$414,751

$410,541

$417,612

$672,199

Portfolio

turnover

rate

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

8.74%

18.84%

14.78%

2.57%

10.72%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

36

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.24

$12.41

$11.99

$11.97

$12.13

$12.52

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.14

0.29

0.31

0.33

0.32

0.32

Net

realized

and

unrealized

gains

(losses)

0.13

(0.17)

0.43

0.02

(0.16)

(0.39)

Total

from

investment

operations

........

0.27

0.12

0.74

0.35

0.16

(0.07)

Less

distributions

from:

Net

investment

income

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

(0.14)

(0.29)

(0.32)

(0.33)

(0.32)

(0.32)

Net

asset

value,

end

of

period

..........

$12.37

$12.24

$12.41

$11.99

$11.97

$12.13

Total

return

d

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

2.19%

0.97%

6.27%

3.00%

1.32%

(0.61)%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

0.55%

0.55%

0.56%

0.55%

0.56%

0.56%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.45%

f

0.45%

f

0.46%

f

0.46%

f

0.55%

0.56%

Net

investment

income

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

2.18%

2.36%

2.53%

2.81%

2.66%

2.58%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$1,210,035

$1,153,049

$1,277,185

$1,103,570

$1,196,627

$1,986,241

Portfolio

turnover

rate

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

8.74

%

18.84%

14.78%

2.57%

10.72%

8.98%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,

2021

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

37

a

a

Shares

a

Value

a

Management

Investment

Companies

1.8%

Capital

Markets

1.8%

a

Franklin

Liberty

Federal

Tax-Free

Bond

ETF

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

2,515,000

$

68,760,100

Total

Management

Investment

Companies

(Cost

$68,628,312)

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

68,760,100

Principal

Amount

a

a

a

a

Municipal

Bonds

94.5%

Alabama

1.5%

Alabama

Public

School

and

College

Authority

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

1/01/27

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

$

25,000,000

28,322,483

Chatom

Industrial

Development

Board

,

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/28

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

500,000

631,816

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/29

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

485,000

625,799

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/30

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

425,000

556,560

Health

Care

Authority

of

the

City

of

Huntsville

(The)

,

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

6/01/39

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

2,250,000

2,659,773

Infirmary

Health

System

Special

Care

Facilities

Financing

Authority

of

Mobile

,

Infirmary

Health

System

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/27

.......

4,920,000

5,839,370

Infirmary

Health

System

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/28

.......

5,000,000

5,904,465

Madison

City

Board

of

Education

,

Special

Tax,

2019,

4%,

2/01/33

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

2,855,000

3,458,457

Special

Tax,

2019,

4%,

2/01/34

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

2,970,000

3,586,302

Special

Tax,

2019,

4%,

2/01/35

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

3,095,000

3,727,775

Special

Tax,

2019,

4%,

2/01/37

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

3,350,000

3,995,283

59,308,083

Alaska

0.1%

Alaska

Municipal

Bond

Bank

Authority

,

Revenue,

2020,

Refunding,

4%,

12/01/35

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

1,710,000

2,061,573

Revenue,

2020,

Refunding,

4%,

12/01/37

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

1,305,000

1,564,742

3,626,315

Arizona

3.0%

Arizona

Department

of

Transportation

,

State

Highway

Fund

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/29

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

10,920,000

12,341,432

Arizona

Health

Facilities

Authority

,

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2012

A

,

Refunding

,

5

%

,

2/01/27

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

6,000,000

6,118,064

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/29

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

1,100,000

1,380,211

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/30

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

600,000

748,660

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/31

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

630,000

782,249

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/32

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

1,000,000

1,237,526

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/35

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

1,115,000

1,367,568

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/36

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

1,250,000

1,529,185

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/37

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

1,050,000

1,282,110

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/37

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

1,105,000

1,303,558

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

38

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Arizona

Industrial

Development

Authority,

(continued)

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/38

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

$

600,000

$

705,437

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/27

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

160,000

190,793

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/28

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

170,000

201,647

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/29

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

160,000

189,011

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/30

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

185,000

217,606

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/31

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

195,000

228,272

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/27

..........

55,000

67,194

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/28

..........

60,000

74,737

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/29

..........

60,000

76,058

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/30

..........

65,000

83,561

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/31

..........

70,000

91,272

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/35

.....

500,000

649,967

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/36

.....

750,000

972,020

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/37

.....

600,000

774,830

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/38

.....

1,000,000

1,288,350

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

3%,

2/01/39

.....

1,200,000

1,297,750

City

of

Mesa

,

Utility

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/29

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

2,500,000

3,018,882

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

5%,

7/01/30

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

10,000,000

12,355,527

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/35

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

3,500,000

4,438,610

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/36

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

10,225,000

12,930,430

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/35

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

9,720,000

11,953,722

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/36

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

6,380,000

7,824,105

Glendale

Industrial

Development

Authority

,

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/30

......

525,000

684,506

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/31

......

425,000

547,043

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/32

......

525,000

673,342

Maricopa

County

Industrial

Development

Authority

,

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/30

.......

850,000

1,085,286

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/31

.......

1,000,000

1,271,970

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/32

.......

1,000,000

1,268,604

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/33

.......

800,000

1,012,035

Pima

County

Regional

Transportation

Authority

,

Revenue,

2014,

5%,

6/01/24

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

3,385,000

3,669,846

Revenue,

2014,

5%,

6/01/26

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

7,180,000

7,773,635

Scottsdale

Municipal

Property

Corp.

,

Revenue,

2015,

Refunding,

5%,

7/01/26

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

2,580,000

3,037,737

Revenue,

2015,

Pre-Refunded,

5%,

7/01/27

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

2,000,000

2,360,253

Revenue,

2015,

Pre-Refunded,

5%,

7/01/28

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

3,325,000

3,923,922

115,028,523

Arkansas

0.6%

Arkansas

Development

Finance

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/32

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

3,885,000

4,990,096

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/35

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

4,630,000

5,886,661

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/36

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

3,625,000

4,595,662

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/37

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

1,250,000

1,579,922

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/38

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

1,000,000

1,260,813

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

39

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arkansas

(continued)

Arkansas

Development

Finance

Authority,

(continued)

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/39

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

$

1,000,000

$

1,257,560

City

of

Fort

Smith

,

Sales

&

Use

Tax

,

Revenue

,

2012

,

Refunding

,

5

%

,

5/01/23

......

5,000,000

5,158,405

24,729,119

California

5.8%

Bay

Area

Toll

Authority

,

Revenue,

2017

S-7,

Refunding,

4%,

4/01/31

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

7,000,000

8,222,468

Revenue,

2017

S-7,

Refunding,

4%,

4/01/33

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

5,000,000

5,853,427

b

California

Infrastructure

&

Economic

Development

Bank

,

California

Academy

of

Sciences

,

Revenue

,

2018

B

,

Refunding

,

Mandatory

Put

,

0.37

%

,

(

SIFMA

Municipal

Swap

Index

+

0.35

%

),

8/01/24

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

5,000,000

5,001,045

California

State

Public

Works

Board

,

Revenue,

A,

Refunding,

5.25%,

10/01/22

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

3,300,000

3,313,438

Revenue,

A,

Refunding,

5.25%,

10/01/23

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

5,365,000

5,386,847

Revenue,

A,

Refunding,

5.25%,

10/01/24

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

3,000,000

3,012,216

Revenue,

A,

Refunding,

5.25%,

10/01/25

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

3,000,000

3,012,216

California

Statewide

Communities

Development

Authority

,

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

5%,

4/01/35

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

1,300,000

1,682,049

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/37

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

700,000

834,302

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/38

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

1,350,000

1,605,081

City

of

Riverside

,

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/34

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

10,605,000

12,392,114

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/35

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

11,000,000

12,835,083

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2013

A,

5%,

7/01/26

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

11,025,000

11,729,355

Power

System,

Revenue,

2017

B,

Refunding,

5%,

7/01/31

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

8,220,000

10,061,353

Power

System,

Revenue,

2017

C,

5%,

7/01/32

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

4,615,000

5,735,863

Power

System,

Revenue,

2017

C,

5%,

7/01/33

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

3,960,000

4,912,659

Power

System,

Revenue,

2017

C,

5%,

7/01/34

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

4,080,000

5,054,721

Los

Angeles

Unified

School

District

,

GO

,

2018

B-1

,

5

%

,

7/01/32

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

8,000,000

10,015,814

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

4%,

8/01/36

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

855,000

1,049,685

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

4%,

8/01/37

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

1,250,000

1,529,874

State

of

California

,

GO,

5.25%,

10/01/23

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

25,050,000

25,154,108

GO,

5.25%,

10/01/24

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

9,780,000

9,820,565

GO,

Refunding,

5.25%,

9/01/25

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

15,000,000

15,025,788

GO,

Refunding,

5%,

10/01/25

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

15,000,000

16,143,441

GO,

5.25%,

10/01/25

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

5,000,000

5,020,697

GO,

Refunding,

5%,

8/01/30

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

25,000,000

30,358,477

GO,

Refunding,

5%,

8/01/30

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

10,000,000

11,782,934

226,545,620

Colorado

1.9%

City

&

County

of

Denver

,

Airport

System,

Revenue,

B,

5.25%,

11/15/26

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

5,000,000

5,552,889

Airport

System,

Revenue,

B,

5.25%,

11/15/27

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

4,250,000

4,715,967

Colorado

Health

Facilities

Authority

,

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/29

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

650,000

836,226

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/30

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

700,000

915,336

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/31

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

1,000,000

1,296,674

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

40

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Colorado

Health

Facilities

Authority,

(continued)

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/32

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

$

750,000

$

967,816

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/33

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

1,000,000

1,283,969

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/34

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

1,100,000

1,405,541

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/33

5,000,000

6,367,073

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/36

8,500,000

10,742,642

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/37

2,250,000

2,637,440

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/39

1,250,000

1,457,434

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

2,000,000

2,554,749

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/34

5,500,000

6,982,099

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/35

4,500,000

5,702,779

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/37

2,000,000

2,520,808

Regional

Transportation

District

,

COP,

2013

A,

Refunding,

5%,

6/01/26

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

14,000,000

15,093,404

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/33

........

1,000,000

1,264,164

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/34

........

1,400,000

1,698,035

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

3.375

%

,

12/01/30

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

500,000

551,534

74,546,579

Connecticut

3.0%

City

of

Stamford

,

GO,

2019,

3%,

6/01/35

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

3,025,000

3,311,749

GO,

2019,

3%,

6/01/36

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

3,025,000

3,303,973

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/37

..........

2,500,000

2,938,856

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/32

.....

5,900,000

7,471,709

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/33

.....

5,000,000

6,312,619

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/35

.....

250,000

292,675

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/36

.....

4,750,000

5,544,777

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/32

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

700,000

910,209

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/33

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

625,000

809,935

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/34

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

725,000

936,331

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/35

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

550,000

708,879

c

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/26

...

200,000

232,932

c

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/27

...

250,000

298,409

State

of

Connecticut

,

GO,

2013

E,

5%,

8/15/25

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

11,295,000

12,365,508

GO,

2013

E,

5%,

8/15/26

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

18,585,000

20,324,629

GO,

2020

C,

4%,

6/01/34

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

1,500,000

1,837,382

GO,

2020

C,

4%,

6/01/36

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

1,800,000

2,177,775

GO,

2021

A,

3%,

1/15/33

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

3,500,000

3,956,925

GO,

2021

A,

3%,

1/15/34

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

3,000,000

3,381,575

GO,

2021

A,

3%,

1/15/38

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

5,000,000

5,519,144

Special

Tax,

2020

A,

5%,

5/01/35

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

4,500,000

5,885,117

Special

Tax,

2020

A,

4%,

5/01/36

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

3,500,000

4,234,335

Special

Tax,

2021

A,

5%,

5/01/41

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

1,500,000

1,962,675

Special

Tax,

A,

5%,

1/01/28

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

10,000,000

10,631,934

University

of

Connecticut

,

Revenue,

2016

A,

5%,

3/15/30

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

3,075,000

3,659,977

Revenue,

2016

A,

5%,

3/15/31

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

5,025,000

5,977,730

114,987,759

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

41

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

8.1%

Alachua

County

Health

Facilities

Authority

,

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/31

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

$

5,000,000

$

6,496,169

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/32

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

1,600,000

2,072,345

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/33

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

3,445,000

4,447,625

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/35

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

2,350,000

3,019,571

Broward

County

,

Water

&

Sewer

Utility,

Revenue,

B,

Refunding,

5%,

10/01/24

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

6,000,000

6,317,338

Water

&

Sewer

Utility,

Revenue,

B,

Refunding,

5%,

10/01/25

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

6,325,000

6,658,817

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

A-1

,

Refunding

,

5

%

,

10/01/30

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

1,000,000

1,266,954

City

of

Clearwater

,

Water

&

Sewer

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/33

......

5,520,000

6,759,132

City

of

Gainesville

,

Utilities

System

,

Revenue

,

2017

A

,

5

%

,

10/01/30

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

1,500,000

1,875,873

City

of

Jacksonville

,

Revenue,

2012

A,

Refunding,

5%,

10/01/28

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

6,000,000

6,314,645

Genesis

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/39

..

1,650,000

1,916,862

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/40

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

2,500,000

2,809,114

City

of

Port

St.

Lucie

,

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/30

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

1,500,000

1,739,621

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/31

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

1,635,000

1,892,508

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

8/15/33

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

6,000,000

6,885,043

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/38

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

700,000

826,380

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/39

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

500,000

588,731

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

5%,

7/01/40

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

1,000,000

1,270,934

County

of

Lee

,

Airport,

Revenue,

2021

A,

Refunding,

5%,

10/01/30

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

10,000,000

13,276,844

Airport,

Revenue,

2021

A,

Refunding,

5%,

10/01/31

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

6,000,000

8,108,591

County

of

Miami-Dade

,

Transit

System,

Revenue,

2012,

Pre-Refunded,

5%,

7/01/24

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

2,250,000

2,341,505

Transit

System,

Revenue,

2012,

Pre-Refunded,

5%,

7/01/25

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

3,000,000

3,122,007

Transit

System,

Revenue,

2012,

Pre-Refunded,

5%,

7/01/26

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

4,000,000

4,162,675

Transit

System,

Revenue,

2012,

Pre-Refunded,

5%,

7/01/27

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

4,000,000

4,162,675

Transit

System,

Revenue,

2019,

Refunding,

4%,

7/01/35

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

13,890,000

16,655,625

Water

&

Sewer

System,

Revenue,

2013

B,

Pre-Refunded,

5%,

10/01/27

........

15,000,000

16,510,661

County

of

Palm

Beach

,

Water

&

Sewer

,

Revenue

,

2013

,

Pre-Refunded

,

5

%

,

10/01/28

1,240,000

1,364,881

Escambia

County

Health

Facilities

Authority

,

Baptist

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/34

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

1,000,000

1,282,017

Greater

Orlando

Aviation

Authority

,

Revenue,

2019

A,

5%,

10/01/34

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

15,560,000

19,910,655

Revenue,

2019

A,

4%,

10/01/35

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

5,000,000

5,938,358

Herons

Glen

Recreation

District

,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/32

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

185,000

204,150

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/33

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

300,000

329,906

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/34

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

245,000

268,474

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/35

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

255,000

278,766

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/36

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

260,000

283,225

JEA

Water

&

Sewer

System

,

Revenue,

2014

A,

Pre-Refunded,

5%,

10/01/26

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

1,530,000

1,716,818

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

42

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

JEA

Water

&

Sewer

System,

(continued)

Revenue,

2014

A,

5%,

10/01/26

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

$

1,455,000

$

1,635,166

Revenue,

2014

A,

Pre-Refunded,

5%,

10/01/27

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

5,375,000

6,031,308

Revenue,

2014

A,

5%,

10/01/27

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

5,130,000

5,758,138

Revenue,

2014

A,

Pre-Refunded,

5%,

10/01/29

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

1,265,000

1,419,461

Revenue,

2014

A,

5%,

10/01/29

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

1,205,000

1,348,893

Revenue,

2017

A,

Refunding,

5%,

10/01/31

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

17,435,000

21,697,559

Lee

Memorial

Health

System

,

Lee

Memorial

Health

System

Obligated

Group

,

Revenue

,

A-1

,

Refunding

,

4

%

,

4/01/37

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

5,000,000

5,858,020

Leon

County

School

District

,

Revenue

,

2014

,

5

%

,

9/01/25

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

6,040,000

6,623,604

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/28

.....

1,000,000

1,213,644

Orlando

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/30

.....

2,875,000

3,482,824

Orlando

Utilities

Commission

,

Revenue,

2012

A,

Refunding,

5%,

10/01/24

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

2,405,000

2,759,999

Revenue,

2012

A,

Refunding,

5%,

10/01/25

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

2,000,000

2,379,797

Revenue,

2018

A,

5%,

10/01/33

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

1,755,000

2,182,913

Orlando-Orange

County

Expressway

Authority

,

Central

Florida

Expressway

Authority

,

Revenue

,

2013

B

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

7/01/24

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

14,650,000

15,937,039

Palm

Beach

County

Health

Facilities

Authority

,

Baptist

Health

South

Florida

Obligated

Group

,

Revenue

,

2019

,

4

%

,

8/15/49

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

11,895,000

13,700,736

Palm

Beach

County

School

District

,

COP

,

2014

B

,

5

%

,

8/01/25

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

4,000,000

4,713,174

Palm

Beach

County

Solid

Waste

Authority

,

Revenue

,

2011

,

Refunding

,

5

%

,

10/01/23

.

17,290,000

17,357,642

c

River

Hall

Community

Development

District

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/31

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

500,000

515,202

State

of

Florida

,

GO,

2015

E,

Refunding,

4%,

6/01/33

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

11,855,000

13,342,295

GO,

2017

C,

Refunding,

4%,

6/01/32

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

12,855,000

15,206,313

GO,

2017

C,

Refunding,

4%,

6/01/33

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

5,000,000

5,900,512

Tohopekaliga

Water

Authority

,

Revenue

,

2016

,

Refunding

,

4

%

,

10/01/32

..........

2,855,000

3,318,596

315,458,330

Georgia

1.8%

City

of

Atlanta

,

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/27

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

7,000,000

7,757,803

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/28

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

5,100,000

5,671,078

Water

&

Wastewater,

Revenue,

2015,

Refunding,

5%,

11/01/26

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

5,165,000

6,052,673

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/33

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

6,750,000

8,438,978

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/34

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

3,000,000

3,742,049

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/32

1,150,000

1,394,496

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/33

815,000

984,973

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/34

725,000

873,216

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/35

1,140,000

1,369,707

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/36

1,675,000

2,005,320

Development

Authority

for

Fulton

County

,

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/28

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

3,785,000

4,375,443

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/29

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

4,385,000

5,061,276

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/30

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

4,805,000

5,542,448

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/27

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

1,750,000

2,157,212

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/28

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

2,100,000

2,580,524

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

43

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Gainesville

&

Hall

County

Hospital

Authority,

(continued)

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/29

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

$

2,000,000

$

2,443,696

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/30

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

1,000,000

1,215,291

c

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2021

C

,

4

%

,

12/01/25

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

1,000,000

1,142,967

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

A,

5%,

1/01/30

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

1,000,000

1,259,948

Revenue,

2019

A,

5%,

1/01/31

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

600,000

751,820

Revenue,

2019

A,

5%,

1/01/32

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

500,000

624,432

Revenue,

2019

A,

5%,

1/01/33

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

1,000,000

1,245,569

Revenue,

2019

B,

5%,

1/01/29

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

500,000

628,876

Revenue,

2019

B,

5%,

1/01/30

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

480,000

601,181

Revenue,

2019

B,

5%,

1/01/31

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

700,000

871,916

Revenue,

2019

B,

5%,

1/01/32

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

750,000

931,089

Revenue,

2019

B,

5%,

1/01/33

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

1,045,000

1,293,898

Revenue,

2019

B,

5%,

1/01/34

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

700,000

864,357

71,882,236

Hawaii

0.9%

State

of

Hawaii

,

GO,

EO,

5%,

8/01/28

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

25,000,000

28,314,438

Airports

System,

Revenue,

2020

A,

4%,

7/01/35

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

4,420,000

5,296,088

33,610,526

Illinois

4.9%

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien,

2020

C,

Refunding,

4%,

1/01/35

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

5,560,000

6,647,671

Chicago

Park

District

,

GO,

2020

F-2,

Refunding,

5%,

1/01/32

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

1,500,000

1,930,697

GO,

2020

F-2,

Refunding,

5%,

1/01/33

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

3,000,000

3,849,312

GO,

2020

F-2,

Refunding,

4%,

1/01/34

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

1,100,000

1,306,509

GO,

2020

F-2,

Refunding,

5%,

1/01/35

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

2,375,000

3,029,256

Chicago

Transit

Authority

Capital

Grant

Receipts

,

Revenue

,

2021

,

Refunding

,

5

%

,

6/01/28

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

1,750,000

2,222,795

City

of

Chicago

,

GO

,

1999

,

NATL

Insured

,

Zero

Cpn.,

1/01/31

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

4,350,000

3,663,658

County

of

Cook

,

GO,

A,

Refunding,

AGMC

Insured,

5.25%,

11/15/22

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

12,395,000

12,524,232

Sales

Tax,

Revenue,

2021

A,

Refunding,

5%,

11/15/38

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

2,350,000

3,019,285

Sales

Tax,

Revenue,

2021

A,

Refunding,

4%,

11/15/39

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

3,000,000

3,575,422

Sales

Tax,

Revenue,

2021

A,

Refunding,

4%,

11/15/40

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

2,500,000

2,963,363

Illinois

Finance

Authority

,

Carle

Foundation

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

8/15/40

4,300,000

5,208,678

Carle

Foundation

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

8/15/41

16,855,000

20,355,479

Northwestern

University,

Revenue,

2015,

5%,

12/01/28

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

1,675,000

2,169,852

Metropolitan

Pier

&

Exposition

Authority

,

c

Revenue,

2022

A,

Refunding,

3%,

6/15/25

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

2,000,000

2,125,935

Revenue,

B,

Pre-Refunded,

5%,

6/15/23

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

600,000

622,123

Northern

Illinois

University

,

Revenue,

2021,

BAM

Insured,

4%,

10/01/41

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

400,000

470,552

Revenue,

2021,

BAM

Insured,

4%,

10/01/43

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

2,075,000

2,430,135

State

of

Illinois

,

GO,

2013

A,

AGMC

Insured,

5%,

4/01/25

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

18,000,000

19,368,040

GO,

2014,

AGMC

Insured,

5%,

2/01/26

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

5,650,000

6,267,773

GO,

2016,

Refunding,

5%,

2/01/26

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

1,000,000

1,182,620

GO,

2016,

Refunding,

5%,

2/01/28

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

3,015,000

3,629,969

GO,

2016,

Refunding,

5%,

2/01/29

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

2,250,000

2,687,674

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

44

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

(continued)

State

of

Illinois,

(continued)

GO,

2017

C,

5%,

11/01/29

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

$

3,675,000

$

4,458,400

GO,

2017

D,

3.25%,

11/01/26

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

750,000

838,631

GO,

2017

D,

5%,

11/01/27

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

1,500,000

1,847,942

GO,

2018

A,

Refunding,

5%,

10/01/28

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

1,500,000

1,881,499

GO,

2018

A,

Refunding,

5%,

10/01/29

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

1,125,000

1,399,889

GO,

2018

B,

Refunding,

5%,

10/01/31

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

1,875,000

2,311,348

GO,

2018

B,

Refunding,

5%,

10/01/32

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

1,120,000

1,375,451

GO,

2019

B,

5%,

11/01/30

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

1,125,000

1,428,097

GO,

2019

B,

4%,

11/01/38

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

1,030,000

1,185,269

GO,

2020,

5.5%,

5/01/30

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

6,550,000

8,703,764

GO,

2020,

5.5%,

5/01/39

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

3,700,000

4,768,582

GO,

2020

C,

4%,

10/01/37

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

8,170,000

9,554,749

GO,

2021

A,

5%,

3/01/46

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

2,000,000

2,495,664

c

Sales

Tax,

Revenue,

2021

A,

4%,

6/15/25

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

5,000,000

5,667,224

University

of

Illinois

,

Auxiliary

Facilities

System,

Revenue,

2021

A,

Refunding,

5%,

4/01/29

..........

11,000,000

14,182,206

Auxiliary

Facilities

System,

Revenue,

2021

A,

Refunding,

5%,

4/01/30

..........

8,000,000

10,522,354

d

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group

,

Revenue

,

144A,

2020

A

,

Refunding

,

3.5

%

,

12/01/32

......

6,400,000

6,641,558

190,513,657

Indiana

0.9%

d

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

B

,

4.75

%

,

8/01/24

1,560,000

1,559,899

Indiana

Finance

Authority

,

Indianapolis

Power

&

Light

Co.,

Revenue,

2021

A,

Refunding,

1.4%,

8/01/29

.....

3,000,000

3,005,485

State

Revolving

Fund,

Revenue,

2018

A,

5%,

2/01/35

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

9,795,000

12,281,477

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

4

%

,

6/01/41

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

15,265,000

18,238,816

35,085,677

Iowa

0.8%

Iowa

Higher

Education

Loan

Authority

,

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/31

.

1,800,000

2,342,892

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/32

.

1,920,000

2,488,915

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/33

.

2,030,000

2,622,316

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/34

.

2,135,000

2,750,860

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/35

.

1,250,000

1,605,087

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/36

.

2,470,000

3,163,231

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/37

.

2,595,000

3,313,177

Iowa

Tobacco

Settlement

Authority

,

Revenue,

2021

A-2,

1,

Refunding,

4%,

6/01/49

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

8,500,000

9,892,180

Revenue,

2021

B-1,

2,

Refunding,

4%,

6/01/49

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

1,500,000

1,738,523

29,917,181

Kansas

0.2%

State

of

Kansas

,

Department

of

Transportation

,

Revenue

,

2014

A

,

5

%

,

9/01/28

.....

8,000,000

9,093,162

Kentucky

1.0%

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/34

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

1,000,000

1,269,473

Kentucky

Municipal

Power

Agency

,

Revenue,

2016

A,

Refunding,

NATL

Insured,

5%,

9/01/34

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

1,500,000

1,816,556

Revenue,

2019

A,

Refunding,

5%,

9/01/31

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

1,500,000

1,862,090

Revenue,

2019

A,

Refunding,

5%,

9/01/32

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

1,600,000

1,980,996

Revenue,

2019

A,

Refunding,

5%,

9/01/33

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

1,000,000

1,232,418

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

45

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Kentucky

(continued)

Kentucky

State

Property

&

Building

Commission

,

Kentucky

Finance

and

Administration

Cabinet

,

Revenue

,

BAM

Insured

,

5

%

,

5/01/32

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

$

2,000,000

$

2,498,482

Kentucky

Turnpike

Authority

,

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/26

.........

2,570,000

3,104,773

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/28

.........

3,000,000

3,712,789

Louisville

and

Jefferson

County

,

Metropolitan

Sewer

District

,

Revenue

,

2011

A

,

5

%

,

5/15/24

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

7,000,000

7,069,079

Paducah

Electric

Plant

Board

,

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

10/01/29

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

5,500,000

6,675,422

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

10/01/31

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

5,500,000

6,664,921

37,886,999

Louisiana

2.4%

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2019

A,

Refunding,

4%,

2/01/35

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

1,310,000

1,570,919

Revenue,

2019

A,

Refunding,

4%,

2/01/36

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

2,000,000

2,391,736

Revenue,

2019

B,

Refunding,

5%,

2/01/32

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

2,000,000

2,763,484

Jefferson

Sales

Tax

District

,

Revenue

,

2019

B

,

AGMC

Insured

,

4

%

,

12/01/36

.......

7,000,000

8,456,521

Lafayette

Consolidated

Government

,

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/25

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

2,400,000

2,845,298

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/27

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

3,500,000

4,138,858

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/29

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

4,685,000

5,529,594

d

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

City

of

New

Orleans,

Revenue,

144A,

2021,

4%,

11/01/46

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

10,000,000

11,108,638

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

3.5%,

12/01/32

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

1,960,000

2,023,733

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/29

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

10,000

12,001

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/29

.......

1,240,000

1,476,232

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/30

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

5,000

6,000

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/30

.......

995,000

1,179,055

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/32

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

15,000

18,002

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/32

.......

1,485,000

1,750,372

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/28

1,000,000

1,234,084

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/29

2,000,000

2,453,835

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/30

2,250,000

2,745,318

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/31

1,745,000

2,121,003

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/32

1,750,000

2,121,800

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/33

2,000,000

2,419,337

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/36

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

4,750,000

6,097,975

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/37

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

2,000,000

2,560,087

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/38

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

3,120,000

3,984,214

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

2,664,132

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2020

E,

5%,

4/01/35

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

1,000,000

1,264,287

Revenue,

2020

E,

5%,

4/01/36

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

1,495,000

1,882,188

Revenue,

2020

E,

5%,

4/01/37

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

1,065,000

1,335,965

Revenue,

2020

E,

5%,

4/01/38

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

1,000,000

1,250,546

Revenue,

2020

E,

5%,

4/01/39

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

2,750,000

3,425,541

State

of

Louisiana

,

GO

,

2014

C

,

Refunding

,

5

%

,

8/01/25

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

10,000,000

11,370,720

94,201,475

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

46

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maine

0.2%

Maine

Health

&

Higher

Educational

Facilities

Authority

,

MaineHealth

Obligated

Group,

Revenue,

2020

A,

5%,

7/01/35

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

$

1,000,000

$

1,301,363

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/36

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

1,000,000

1,196,182

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/37

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

1,150,000

1,371,400

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/38

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

2,690,000

3,199,851

7,068,796

Maryland

2.2%

City

of

Baltimore

,

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

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

1,000,000

1,222,132

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

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

2,940,000

3,588,198

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/31

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

2,085,000

2,543,507

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/32

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

3,240,000

3,951,259

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/30

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

6,450,000

7,872,067

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/32

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

5,905,000

7,201,291

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/28

......

2,790,000

3,202,313

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/29

......

5,835,000

6,692,396

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

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

1,320,000

1,613,215

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

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

1,785,000

2,177,505

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/31

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

3,765,000

4,592,952

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/32

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

4,000,000

4,878,098

County

of

Anne

Arundel

,

GO

,

2015

,

5

%

,

4/01/29

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

7,495,000

8,718,300

Maryland

Community

Development

Administration

,

Residential

,

Revenue

,

2019

B

,

Refunding

,

3

%

,

9/01/34

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

5,000,000

5,387,444

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

3.25%,

7/01/39

500,000

550,965

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/40

..

300,000

354,603

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/30

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

8,520,000

10,499,623

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/31

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

7,415,000

9,114,339

84,160,207

Massachusetts

3.5%

Commonwealth

of

Massachusetts

,

GO,

A,

Refunding,

5%,

7/01/28

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

7,500,000

8,791,847

GO,

A,

Refunding,

5%,

7/01/29

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

6,000,000

7,032,595

Massachusetts

Clean

Water

Trust

(The)

,

Revenue,

17A,

5%,

2/01/24

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

9,380,000

10,023,287

Revenue,

17A,

5%,

2/01/25

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

9,750,000

10,418,662

Revenue,

2014,

Refunding,

5%,

8/01/26

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

10,650,000

13,031,202

Massachusetts

Development

Finance

Agency

,

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/30

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

150,000

199,153

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/31

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

475,000

627,741

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/32

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

450,000

592,726

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/33

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

525,000

689,091

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/34

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

450,000

588,679

Massachusetts

Port

Authority

,

Revenue,

2019

C,

5%,

7/01/32

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

4,220,000

5,358,504

Revenue,

2019

C,

5%,

7/01/33

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

4,430,000

5,607,973

Revenue,

2019

C,

5%,

7/01/34

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

9,280,000

11,711,594

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

47

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

School

Building

Authority

,

Revenue,

2012

B,

Pre-Refunded,

5%,

8/15/27

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

$

235,000

$

245,731

Revenue,

2012

B,

Pre-Refunded,

5%,

8/15/27

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

5,765,000

6,033,947

Revenue,

Senior

Lien,

2012

A,

Pre-Refunded,

5%,

8/15/25

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

1,870,000

1,956,316

Revenue,

Senior

Lien,

2012

A,

Pre-Refunded,

5%,

8/15/25

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

9,105,000

9,529,764

Revenue,

Senior

Lien,

2012

A,

Pre-Refunded,

5%,

8/15/26

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

495,000

517,605

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System

,

Revenue,

Senior

Lien

,

2019

A

,

Refunding

,

5

%

,

1/01/35

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

7,000,000

8,792,079

Massachusetts

Water

Resources

Authority

,

Revenue

,

C

,

Refunding

,

5

%

,

8/01/32

....

13,920,000

17,353,960

University

of

Massachusetts

Building

Authority

,

Revenue,

2017-3,

Refunding,

5%,

11/01/31

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

10,035,000

12,642,233

Revenue,

2017-3,

Refunding,

5%,

11/01/32

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

5,000,000

6,283,974

138,028,663

Michigan

1.5%

Lansing

Board

of

Water

&

Light

,

Revenue

,

2019

A

,

5

%

,

7/01/36

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

4,645,000

5,961,259

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/30

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

1,860,000

2,238,581

GO,

2016

I,

5%,

5/01/31

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

2,010,000

2,417,055

GO,

2016

I,

5%,

5/01/32

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

2,310,000

2,775,448

Michigan

Finance

Authority

,

Clean

Water

Revolving

Fund,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/24

......

12,000,000

12,633,507

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/35

...

1,000,000

1,233,701

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Refunding,

5%,

12/01/34

8,200,000

9,855,849

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/31

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

5,100,000

6,060,570

Michigan

Finance

Authority,

Revenue,

2008

C,

Pre-Refunded,

5%,

12/01/32

......

135,000

170,327

Michigan

Finance

Authority,

Revenue,

2008

C,

5%,

12/01/32

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

1,115,000

1,395,528

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2008

C,

Refunding,

5%,

12/01/31

.

2,700,000

3,383,813

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2012

MI,

Refunding,

5%,

12/01/24

8,000,000

8,291,730

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

3

%

,

10/01/39

..

3,500,000

3,769,401

60,186,769

Mississippi

0.2%

d

Mississippi

Home

Corp.

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2021

A-5

,

4

%

,

6/01/46

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

8,143,623

8,282,809

Missouri

1.1%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Mercy

Health

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

6/01/31

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

12,500,000

15,842,107

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Revenue,

2014

A,

Refunding,

5%,

1/01/27

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

3,250,000

3,720,458

Revenue,

2014

A,

Refunding,

5%,

1/01/28

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

4,500,000

5,140,872

Revenue,

2014

A,

Refunding,

5%,

1/01/29

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

4,045,000

4,621,497

Southeast

Missouri

State

University

,

Revenue,

2020,

Refunding,

4%,

4/01/33

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

2,745,000

3,182,733

Revenue,

2020,

Refunding,

4%,

4/01/34

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

2,180,000

2,519,075

Revenue,

2020,

Refunding,

4%,

4/01/35

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

1,575,000

1,815,563

Revenue,

2020,

Refunding,

4%,

4/01/36

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

3,205,000

3,681,416

Revenue,

2020,

Refunding,

4%,

4/01/37

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

2,000,000

2,290,477

42,814,198

Nevada

0.2%

Washoe

County

School

District

,

GO

,

2012

A

,

Refunding

,

5

%

,

6/01/25

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

6,130,000

6,349,287

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

48

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Hampshire

0.2%

City

of

Manchester

,

General

Airport

,

Revenue

,

2012

A

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/25

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

$

7,930,000

$

8,052,417

New

Jersey

5.2%

County

of

Hudson

,

Hudson

County

Improvement

Authority,

Revenue,

2010,

Refunding,

AGMC

Insured,

5.375%,

10/01/22

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

5,220,000

5,513,108

Hudson

County

Improvement

Authority,

Revenue,

2010,

Refunding,

AGMC

Insured,

5.375%,

10/01/23

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

5,375,000

5,946,527

Hudson

County

Improvement

Authority,

Revenue,

2010,

Refunding,

AGMC

Insured,

5.375%,

10/01/24

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

2,050,000

2,367,961

New

Jersey

Economic

Development

Authority

,

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2019

LLL,

5%,

6/15/39

1,000,000

1,261,558

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/34

....

5,000,000

6,016,339

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey,

Revenue,

2016

B,

5%,

9/01/36

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

5,000,000

5,934,438

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/32

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

420,000

541,687

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/33

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

680,000

874,051

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/34

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

545,000

698,665

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/35

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

565,000

722,302

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/30

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

900,000

1,109,691

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/31

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

1,080,000

1,328,888

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

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

4,300,000

4,598,453

Revenue,

Senior

Lien,

2020

B,

3.5%,

12/01/39

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

2,000,000

2,138,815

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

A,

AGMC

Insured,

5.5%,

12/15/22

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

11,465,000

12,251,483

Revenue,

2006

A,

5.5%,

12/15/22

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

25,000,000

26,688,042

Revenue,

2012

AA,

AGMC

Insured,

5%,

6/15/26

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

26,650,000

27,643,419

Revenue,

2020

AA,

4%,

6/15/35

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

2,000,000

2,395,565

Revenue,

2020

AA,

4%,

6/15/36

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

4,000,000

4,773,826

c

Revenue,

2022

A,

4%,

6/15/40

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

10,000,000

11,538,307

c

Revenue,

2022

A,

4%,

6/15/42

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

7,000,000

8,029,136

New

Jersey

Turnpike

Authority

,

Revenue

,

2021

A

,

4

%

,

1/01/42

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

1,800,000

2,149,301

Newark

Board

of

Education

,

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/26

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

275,000

332,754

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/27

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

330,000

409,469

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/28

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

325,000

413,238

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/29

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

320,000

415,606

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/30

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

200,000

264,854

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/31

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

400,000

539,633

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/32

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

430,000

577,465

Rutgers

The

State

University

of

New

Jersey

,

Revenue,

2013

J,

Pre-Refunded,

5%,

5/01/26

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

5,000,000

5,403,704

Revenue,

2013

J,

Pre-Refunded,

5%,

5/01/27

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

16,100,000

17,399,925

State

of

New

Jersey

,

GO,

2020

A,

4%,

6/01/31

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

7,000,000

8,750,492

GO,

2020

A,

3%,

6/01/32

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

20,870,000

23,892,886

GO,

2020

A,

4%,

6/01/32

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

6,130,000

7,733,898

200,655,486

New

York

10.7%

City

of

New

York

,

GO,

2013

D,

5%,

8/01/27

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

10,000,000

10,675,465

GO,

2013

I,

5%,

8/01/24

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

10,200,000

11,147,150

GO,

2014

G,

5%,

8/01/22

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

8,000,000

8,359,645

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

49

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

City

of

New

York,

(continued)

GO,

2014

G,

5%,

8/01/23

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

$

6,860,000

$

7,499,781

GO,

2015

C,

Refunding,

5%,

8/01/25

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

2,000,000

2,317,644

GO,

2015

C,

Refunding,

5%,

8/01/26

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

10,000,000

11,577,115

GO,

2015

C,

Refunding,

5%,

8/01/27

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

7,500,000

8,668,977

GO,

2019

E,

Refunding,

5%,

8/01/32

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

2,000,000

2,550,556

GO,

2019

E,

Refunding,

5%,

8/01/34

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

3,500,000

4,437,327

GO,

2021

C,

4%,

8/01/36

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

5,000,000

6,040,283

GO,

A-1

2017

A,

5%,

8/01/29

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

10,000,000

12,127,156

County

of

Nassau

,

GO,

2021

A,

AGMC

Insured,

4%,

4/01/48

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

7,140,000

8,476,479

GO,

2021

A,

AGMC

Insured,

4%,

4/01/49

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

7,960,000

9,439,609

Erie

County

Industrial

Development

Agency

(The)

,

Buffalo

City

School

District,

Revenue,

2012

A,

Refunding,

5%,

5/01/23

..........

6,235,000

6,437,217

Buffalo

City

School

District,

Revenue,

2012

A,

Refunding,

5%,

5/01/24

..........

8,000,000

8,259,795

Long

Island

Power

Authority

,

Revenue

,

2012

B

,

5

%

,

9/01/26

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

5,000,000

5,241,118

Metropolitan

Transportation

Authority

,

Revenue,

2012

F,

Refunding,

5%,

11/15/25

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

25,000,000

26,418,515

Revenue,

2013

A,

Pre-Refunded,

5%,

11/15/27

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

3,500,000

3,786,681

b

Revenue,

2015

A-2,

Mandatory

Put,

5%,

5/15/30

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

7,000,000

9,143,555

Revenue,

2016

A-2,

Refunding,

5%,

11/15/25

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

21,090,000

24,993,097

Revenue,

2016

B,

Refunding,

5%,

11/15/34

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

3,265,000

3,892,366

Revenue,

2017

B,

Refunding,

5%,

11/15/26

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

2,140,000

2,604,688

Revenue,

2017

C-1,

Refunding,

5%,

11/15/31

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

1,870,000

2,307,114

Revenue,

2017

C-1,

Refunding,

4%,

11/15/37

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

2,500,000

2,899,392

Revenue,

2019

D-1,

5%,

9/01/22

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

10,000,000

10,469,610

Revenue,

2020

A-1,

AGMC

Insured,

4%,

11/15/41

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

6,045,000

7,160,876

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/27

1,000,000

1,225,588

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/28

1,000,000

1,257,430

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/29

1,500,000

1,929,692

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

3%,

1/01/46

10,000,000

10,692,874

Yankee

Stadium

LLC,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

3%,

3/01/36

..

2,500,000

2,761,774

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured,

Revenue,

2003

A-1,

Refunding,

5%,

11/01/23

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

11,500,000

11,592,498

Future

Tax

Secured,

Revenue,

2012

C,

Refunding,

5%,

11/01/24

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

7,620,000

7,681,290

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/27

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

8,740,000

9,738,978

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/28

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

5,000,000

5,570,211

Future

Tax

Secured,

Revenue,

2020

C,

4%,

5/01/37

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

1,400,000

1,694,850

c

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

2,340,000

2,338,063

New

York

State

Dormitory

Authority

,

Revenue,

2009

A,

AGMC

Insured,

5%,

10/01/24

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

285,000

286,132

City

University

of

New

York

(The),

Revenue,

2005

A,

NATL

Insured,

5.5%,

7/01/23

.

7,915,000

8,695,383

Northwell

Health

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/01/29

....

10,000,000

11,569,897

State

of

New

York

Personal

Income

Tax,

Revenue,

2012

A,

Refunding,

5%,

12/15/27

10,000,000

10,621,774

State

of

New

York

Personal

Income

Tax,

Revenue,

2014

E,

Refunding,

5%,

2/15/30

5,000,000

5,770,439

State

of

New

York

Personal

Income

Tax,

Revenue,

2015

A,

Refunding,

5%,

3/15/28

7,185,000

8,324,455

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

5%,

3/15/32

.........

9,995,000

12,764,224

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

Pre-Refunded,

5%,

3/15/32

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

5,000

6,442

State

of

New

York

Personal

Income

Tax,

Revenue,

2019

D,

Refunding,

4%,

2/15/36

10,900,000

13,057,795

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Refunding,

5%,

3/15/32

........

10,000,000

12,794,113

State

University

Construction

Fund,

Revenue,

2012

A,

5%,

5/15/24

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

7,000,000

7,240,613

New

York

State

Urban

Development

Corp.

,

State

of

New

York

Personal

Income

Tax,

Revenue,

2013

D,

5%,

3/15/24

.........

10,000,000

10,744,350

State

of

New

York

Personal

Income

Tax,

Revenue,

2020

A,

5%,

3/15/41

.........

5,000,000

6,448,970

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

50

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

Transportation

Development

Corp.

,

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/34

...

$

450,000

$

580,942

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/35

...

400,000

514,115

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/36

...

200,000

256,886

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/33

...

1,200,000

1,561,194

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

2014,

5%,

9/01/34

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

2,500,000

3,175,274

Revenue,

2014,

5%,

9/01/35

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

20,000

25,309

Revenue,

2018,

5%,

11/01/39

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

3,000,000

3,765,739

Revenue,

221,

4%,

7/15/36

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

2,180,000

2,605,458

Triborough

Bridge

&

Tunnel

Authority

,

Revenue

,

B

,

Refunding

,

5

%

,

11/15/30

.......

8,960,000

11,058,697

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/28

......

1,300,000

1,643,716

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/30

......

2,900,000

3,814,615

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/34

......

4,175,000

5,418,617

416,159,608

North

Carolina

0.5%

City

of

Charlotte

,

Water

&

Sewer

System

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/27

..

10,000,000

11,722,860

County

of

Buncombe

,

Revenue

,

A

,

5

%

,

6/01/28

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

5,000,000

5,633,971

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/25

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

125,000

143,067

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/26

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

300,000

352,131

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/27

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

450,000

539,238

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/28

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

500,000

609,432

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/29

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

350,000

432,564

Revenue,

Senior

Lien,

2020

A,

3.125%,

6/01/39

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

870,000

892,209

20,325,472

Ohio

4.8%

American

Municipal

Power,

Inc.

,

Revenue

,

2019

B

,

Refunding

,

5

%

,

2/15/35

........

31,270,000

39,994,558

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

A-2

,

1

,

Refunding

,

4

%

,

6/01/48

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

7,000,000

8,045,484

City

of

Akron

,

Community

Learning

Center,

Revenue,

2012

A,

Refunding,

5%,

12/01/24

........

5,265,000

5,444,031

Community

Learning

Center,

Revenue,

2012

A,

Refunding,

5%,

12/01/25

........

6,645,000

6,864,838

Community

Learning

Center,

Revenue,

2012

A,

Refunding,

5%,

12/01/26

........

8,240,000

8,511,973

City

of

Cincinnati

,

GO,

2014

A,

Pre-Refunded,

5%,

12/01/25

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

2,000,000

2,073,179

GO,

2014

A,

Pre-Refunded,

5%,

12/01/27

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

2,000,000

2,073,179

GO,

2014

A,

Pre-Refunded,

5%,

12/01/28

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

2,350,000

2,435,985

City

of

Toledo

,

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/25

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

4,000,000

4,319,567

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/26

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

6,140,000

6,626,150

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/27

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

6,450,000

6,956,092

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/28

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

6,570,000

7,085,507

County

of

Hamilton

,

Sewer

System,

Revenue,

2013

A,

Refunding,

5%,

12/01/24

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

2,500,000

2,769,052

Sewer

System,

Revenue,

2013

A,

Refunding,

5%,

12/01/25

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

2,400,000

2,657,142

Sewer

System,

Revenue,

2013

A,

Refunding,

5%,

12/01/26

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

4,000,000

4,421,888

Sewer

System,

Revenue,

2013

A,

Refunding,

5%,

12/01/27

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

5,000,000

5,523,785

Sewer

System,

Revenue,

2013

A,

Refunding,

5%,

12/01/28

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

3,000,000

3,312,842

Kent

State

University

,

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/23

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

1,200,000

1,239,094

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/24

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

1,500,000

1,548,868

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/25

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

1,500,000

1,548,868

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

51

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Kent

State

University,

(continued)

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/26

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

$

1,600,000

$

1,652,126

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue

,

1998

A

,

Refunding

,

NATL

Insured

,

5.5

%

,

2/15/24

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

10,000,000

10,781,240

Ohio

Water

Development

Authority

,

Revenue,

2019,

5%,

12/01/36

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

5,650,000

7,394,160

Water

Pollution

Control

Loan

Fund,

Revenue,

2017

A,

5%,

12/01/31

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

10,000,000

12,391,789

State

of

Ohio

,

GO,

R,

Pre-Refunded,

5%,

5/01/26

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

11,000,000

12,383,218

GO,

R,

Pre-Refunded,

5%,

5/01/27

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

5,000,000

5,628,735

GO,

R,

Pre-Refunded,

5%,

5/01/28

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

9,100,000

10,244,299

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

11/15/35

1,000,000

1,270,488

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/36

905,000

1,060,762

186,258,899

Oregon

3.5%

City

of

Portland

,

Water

System

,

Revenue,

Second

Lien

,

2013

A

,

Refunding

,

5

%

,

10/01/25

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

5,000,000

5,373,694

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO

,

B

,

5

%

,

6/15/32

....

3,725,000

4,609,090

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/35

...

5,240,000

6,713,245

Hillsboro

School

District

No.

1J

,

GO,

2020,

4%,

6/15/35

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

1,250,000

1,531,145

GO,

2020,

4%,

6/15/36

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

2,605,000

3,180,438

GO,

2020,

4%,

6/15/37

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

4,370,000

5,319,011

GO,

2020,

4%,

6/15/38

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

4,575,000

5,554,602

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/34

1,100,000

1,444,677

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/35

800,000

1,048,724

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/36

1,300,000

1,699,147

Oregon

State

Facilities

Authority

,

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/25

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

425,000

497,400

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/26

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

150,000

180,549

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/28

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

325,000

410,158

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/29

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

600,000

769,777

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/35

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

275,000

350,455

Willamette

University,

Revenue,

2021

A,

Refunding,

4%,

10/01/51

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

2,000,000

2,313,083

Port

of

Portland

,

Airport,

Revenue,

Twenty-Seven

A,

5%,

7/01/34

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

9,110,000

11,809,201

Airport,

Revenue,

Twenty-Seven

A,

5%,

7/01/35

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

6,565,000

8,492,871

Salem

Hospital

Facility

Authority

,

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/33

.......

9,440,000

12,074,453

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/34

.......

3,780,000

4,820,232

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/35

.......

9,010,000

11,466,601

State

of

Oregon

,

Department

of

Transportation,

Revenue,

Senior

Lien,

2014

A,

Pre-Refunded,

5%,

11/15/27

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

3,000,000

3,460,531

Department

of

Transportation,

Revenue,

Senior

Lien,

2014

A,

Pre-Refunded,

5%,

11/15/28

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

3,500,000

4,037,286

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

4%,

11/15/42

16,000,000

19,092,768

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO,

B,

Pre-Refunded,

5%,

6/15/27

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

5,000,000

5,672,457

GO,

B,

Pre-Refunded,

5%,

6/15/28

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

5,000,000

5,672,458

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

52

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton,

(continued)

GO,

B,

Pre-Refunded,

5%,

6/15/29

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

$

7,500,000

$

8,508,686

136,102,739

Pennsylvania

3.1%

Allegheny

County

Hospital

Development

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/15/34

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

5,000,000

6,388,122

c

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

2022,

Refunding,

5%,

5/01/28

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

600,000

727,676

Revenue,

2022,

Refunding,

5%,

5/01/29

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

600,000

741,268

Revenue,

2022,

Refunding,

5%,

5/01/30

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

700,000

878,176

Revenue,

2022,

Refunding,

5%,

5/01/31

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

675,000

860,284

City

of

Philadelphia

,

Water

&

Wastewater,

Revenue,

2017

B,

Refunding,

5%,

11/01/31

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

5,750,000

7,177,007

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/36

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

1,000,000

1,331,083

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/37

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

1,500,000

1,987,393

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/38

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

2,000,000

2,637,074

Commonwealth

of

Pennsylvania

,

GO,

Second

Series

,

2013

,

5

%

,

10/15/26

.........

13,375,000

14,741,041

Delaware

Valley

Regional

Finance

Authority

,

Revenue

,

1998

A

,

AMBAC

Insured

,

5.5

%

,

8/01/28

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

7,000,000

9,110,903

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/39

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

4,000,000

4,694,770

Lancaster

County

Solid

Waste

Management

Authority

,

Revenue,

2013

A,

5.25%,

12/15/25

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

5,345,000

5,969,458

Revenue,

2013

A,

5.25%,

12/15/26

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

5,835,000

6,512,425

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/33

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

2,100,000

2,735,060

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/34

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

1,750,000

2,271,604

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/35

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

1,450,000

1,877,812

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/38

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

3,245,000

3,854,976

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/39

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

3,685,000

4,366,478

b

Waste

Management,

Inc.,

Revenue,

2017

A,

Mandatory

Put,

0.58%,

8/01/24

.....

5,500,000

5,506,349

Pennsylvania

Higher

Educational

Facilities

Authority

,

Drexel

University,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

5%,

5/01/38

.....

6,950,000

8,931,510

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

4%,

8/15/34

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

5,895,000

6,820,785

Pennsylvania

State

University

(The)

,

Revenue

,

A

,

5

%

,

9/01/30

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

4,000,000

4,990,310

Philadelphia

Authority

for

Industrial

Development

,

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/30

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

200,000

238,562

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/40

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

300,000

368,064

Philadelphia

Gas

Works

Co.

,

Revenue,

15th,

Refunding,

5%,

8/01/30

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

2,000,000

2,464,828

Revenue,

15th,

Refunding,

5%,

8/01/31

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

4,030,000

4,954,659

Revenue,

Sixteenth

A,

AGMC

Insured,

5%,

8/01/50

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

5,000,000

6,236,433

119,374,110

Rhode

Island

0.2%

State

of

Rhode

Island

,

GO,

2019

C,

5%,

1/15/32

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

4,500,000

5,784,320

GO,

2019

C,

4%,

1/15/34

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

1,520,000

1,826,773

GO,

2019

C,

4%,

1/15/35

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

600,000

719,334

8,330,427

South

Carolina

1.4%

City

of

Anderson

,

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/22

........

2,555,000

2,658,318

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/23

........

2,695,000

2,803,051

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

53

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

(continued)

City

of

Anderson,

(continued)

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/24

........

$

2,825,000

$

2,938,024

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/25

........

2,965,000

3,083,372

County

of

Berkeley

,

Combined

Utility

System,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/25

..........

3,665,000

3,972,344

Combined

Utility

System,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/26

..........

1,700,000

1,842,561

South

Carolina

Jobs-Economic

Development

Authority

,

Prisma

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

5/01/33

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

6,000,000

7,427,933

South

Carolina

Public

Service

Authority

,

Revenue,

2020

A,

Refunding,

5%,

12/01/31

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

2,355,000

3,121,204

Revenue,

2020

A,

Refunding,

5%,

12/01/43

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

20,280,000

25,853,366

e

Revenue,

2021

A,

Refunding,

5%,

12/01/25

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

1,000,000

1,192,018

e

Revenue,

2021

A,

Refunding,

5%,

12/01/26

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

750,000

920,971

55,813,162

South

Dakota

0.1%

County

of

Lincoln

,

Augustana

College

Association

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

8/01/51

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

1,500,000

1,682,400

South

Dakota

Health

&

Educational

Facilities

Authority

,

Presbyterian

Retirement

Village

of

Rapid

City,

Inc.

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/41

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

1,150,000

1,173,297

2,855,697

Tennessee

1.1%

Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/31

1,500,000

1,921,902

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/34

1,000,000

1,269,473

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/35

1,250,000

1,584,105

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/36

1,000,000

1,175,464

City

of

Memphis

,

GO

,

2012

A

,

Refunding

,

5

%

,

4/01/22

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

15,805,000

16,252,967

Metropolitan

Government

of

Nashville

&

Davidson

County

,

Water

&

Sewer,

Revenue,

2013,

5%,

7/01/26

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

1,675,000

1,823,217

Water

&

Sewer,

Revenue,

2013,

5%,

7/01/27

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

1,800,000

1,956,153

b

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

4,000,000

5,344,984

Tennessee

State

School

Bond

Authority

,

Revenue

,

2015

B

,

5

%

,

11/01/28

.........

8,180,000

9,697,725

41,025,990

Texas

9.6%

c

Abilene

Convention

Center

Hotel

Development

Corp.

,

City

of

Abilene

Abilene

Convention

Center

,

Revenue,

First

Lien

,

2021

A

,

2.5

%

,

10/01/31

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

1,075,000

1,077,470

Central

Texas

Regional

Mobility

Authority

,

Revenue,

Senior

Lien

,

2021

B

,

5

%

,

1/01/46

3,500,000

4,473,395

City

of

Austin

,

Water

&

Wastewater

System,

Revenue,

2012,

Refunding,

5%,

11/15/26

.........

4,835,000

5,119,972

Water

&

Wastewater

System,

Revenue,

2012,

Refunding,

5%,

11/15/27

.........

4,000,000

4,233,752

Water

&

Wastewater

System,

Revenue,

2013

A,

Refunding,

5%,

11/15/28

.......

5,000,000

5,404,823

City

of

Dallas

,

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/30

........

1,500,000

1,879,925

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/31

........

2,500,000

3,126,340

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/32

........

1,000,000

1,248,265

City

of

El

Paso

,

GO,

2020

A,

Refunding,

4%,

8/15/35

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

1,000,000

1,200,149

GO,

2020

A,

Refunding,

4%,

8/15/36

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

1,000,000

1,196,871

City

of

Fort

Worth

,

GO,

2012,

Refunding,

5%,

3/01/25

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

6,000,000

6,145,367

GO,

2012,

Refunding,

5%,

3/01/26

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

6,790,000

6,953,124

City

of

Houston

,

Combined

Utility

System,

Revenue,

First

Lien,

2014

C,

Refunding,

5%,

5/15/24

...

5,000,000

5,651,656

Combined

Utility

System,

Revenue,

First

Lien,

2014

C,

Refunding,

5%,

5/15/26

...

19,690,000

22,227,635

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

54

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

City

of

Houston,

(continued)

Combined

Utility

System,

Revenue,

First

Lien,

2017

B,

Refunding,

5%,

11/15/34

..

$

3,250,000

$

4,043,049

Combined

Utility

System,

Revenue,

First

Lien,

2017

B,

Refunding,

5%,

11/15/35

..

4,500,000

5,592,901

City

of

San

Antonio

,

Electric

&

Gas

Systems,

Revenue,

2012,

Refunding,

5.25%,

2/01/25

...........

27,000,000

31,557,400

Electric

&

Gas

Systems,

Revenue,

2015,

Refunding,

5%,

2/01/27

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

10,415,000

12,447,454

Electric

&

Gas

Systems,

Revenue,

Junior

Lien,

2019,

Refunding,

5%,

2/01/35

....

4,400,000

5,715,626

Electric

&

Gas

Systems,

Revenue,

Junior

Lien,

2021

A,

Refunding,

5%,

2/01/46

...

7,500,000

9,610,547

Clear

Creek

Independent

School

District

,

GO,

2012

B,

Pre-Refunded,

5%,

2/15/25

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

11,370,000

11,622,657

GO,

2012

B,

Pre-Refunded,

5%,

2/15/26

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

12,060,000

12,327,990

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel,

Revenue,

First

Lien,

2021

A,

2.5%,

10/01/31

....

500,000

504,272

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/30

....

100,000

130,564

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/31

....

60,000

79,420

County

of

Williamson

,

GO

,

2012

,

Refunding

,

5

%

,

2/15/23

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

6,235,000

6,373,426

Dallas

Fort

Worth

International

Airport

,

Revenue,

2013

D,

Refunding,

5.25%,

11/01/27

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

5,000,000

5,548,048

Revenue,

2013

D,

Refunding,

5.25%,

11/01/28

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

2,100,000

2,328,728

Ector

County

Hospital

District

,

GO,

2020,

Refunding,

5%,

9/15/29

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

800,000

975,010

GO,

2020,

Refunding,

5%,

9/15/30

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

745,000

919,166

GO,

2020,

Refunding,

5%,

9/15/31

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

450,000

553,479

GO,

2020,

Refunding,

5%,

9/15/32

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

600,000

736,669

GO,

2020,

Refunding,

5%,

9/15/33

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

650,000

794,713

GO,

2020,

Refunding,

4%,

9/15/34

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

650,000

730,280

GO,

2020,

Refunding,

4%,

9/15/35

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

700,000

784,985

El

Paso

Independent

School

District

,

GO,

2015,

Pre-Refunded,

PSF

Guaranty,

5%,

8/15/27

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

5,460,000

6,234,674

GO,

2015,

Pre-Refunded,

PSF

Guaranty,

5%,

8/15/28

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

2,500,000

2,854,704

Harris

County

Toll

Road

Authority

(The)

,

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/32

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

2,500,000

3,140,817

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/33

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

2,500,000

3,136,179

e

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO,

2021,

2%,

9/01/28

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

155,000

154,614

GO,

2021,

2%,

9/01/29

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

155,000

153,180

Lower

Colorado

River

Authority

,

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/27

.....

2,000,000

2,474,732

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/28

.....

2,200,000

2,784,860

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/29

.....

2,000,000

2,588,583

Metropolitan

Transit

Authority

of

Harris

County

,

Sales

&

Use

Tax,

Revenue,

2014,

Pre-Refunded,

5%,

11/01/26

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

2,000,000

2,299,876

Sales

&

Use

Tax,

Revenue,

2014,

Pre-Refunded,

5%,

11/01/27

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

2,000,000

2,299,875

Sales

&

Use

Tax,

Revenue,

2014,

5%,

11/01/28

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

2,000,000

2,296,382

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

First

Tier

,

A

,

Refunding

,

4

%

,

1/01/33

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

5,000,000

5,732,123

Northwest

Independent

School

District

,

GO,

2015

A,

Pre-Refunded,

PSF

Guaranty,

5%,

2/15/28

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

4,815,000

5,602,609

GO,

2015

A,

Pre-Refunded,

PSF

Guaranty,

5%,

2/15/29

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

7,015,000

8,162,473

Permanent

University

Fund

,

University

of

Texas

System

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

7/01/27

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

10,000,000

11,322,916

San

Angelo

Independent

School

District

,

GO

,

A

,

Pre-Refunded

,

PSF

Guaranty

,

5

%

,

2/15/28

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

5,220,000

5,832,752

San

Antonio

Education

Facilities

Corp.

,

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/37

......

635,000

758,155

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/38

......

1,000,000

1,189,775

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

55

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

San

Antonio

Education

Facilities

Corp.,

(continued)

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/39

......

$

1,235,000

$

1,465,261

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/40

......

1,000,000

1,180,758

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/41

......

1,000,000

1,178,292

San

Antonio

Water

System

,

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/24

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

1,500,000

1,660,090

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/26

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

2,200,000

2,430,162

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/28

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

2,000,000

2,206,434

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/29

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

1,000,000

1,102,984

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue,

2021,

Refunding,

5%,

12/15/27

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

1,000,000

1,248,379

Revenue,

2021,

Refunding,

5%,

12/15/28

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

1,500,000

1,913,209

Revenue,

2021,

Refunding,

5%,

12/15/29

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

8,250,000

10,699,026

Revenue,

2021,

Refunding,

5%,

12/15/30

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

7,250,000

9,562,377

Revenue,

2021,

Refunding,

5%,

12/15/31

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

2,250,000

3,012,461

Revenue,

2021,

Refunding,

5%,

12/15/32

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

2,250,000

3,054,407

Texas

Transportation

Commission

,

State

Highway

Fund,

Revenue,

First

Tier,

2014

A,

Refunding,

5%,

4/01/23

.......

20,000,000

21,547,814

State

Highway

Fund,

Revenue,

First

Tier,

2014

A,

Refunding,

5%,

4/01/24

.......

20,000,000

22,487,564

State

Highway

Fund,

Revenue,

First

Tier,

2014

A,

Refunding,

5%,

4/01/25

.......

20,000,000

22,465,450

Texas

Water

Development

Board

,

State

Water

Implementation

Revenue

Fund

for

Texas

,

Revenue

,

2017

A

,

5

%

,

10/15/31

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

12,585,000

15,773,266

375,322,341

Utah

0.1%

City

of

Lehi

,

Sales

Tax

,

Revenue

,

2021

,

AGMC

Insured

,

4

%

,

2/01/48

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

3,000,000

3,563,999

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

4

%

,

10/15/35

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

400,000

472,588

4,036,587

Virginia

2.7%

City

of

Norfolk

,

Water,

Revenue,

2012,

5%,

11/01/24

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

95,000

98,091

Water,

Revenue,

2012,

5%,

11/01/25

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

90,000

92,923

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/15/32

........

10,000,000

11,953,589

Virginia

College

Building

Authority

,

Revenue

,

2015

D

,

5

%

,

2/01/25

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

7,405,000

8,600,298

Virginia

Commonwealth

Transportation

Board

,

Revenue

,

2019

,

3

%

,

5/15/36

.......

9,460,000

10,570,402

Virginia

Public

Building

Authority

,

Revenue,

B,

Pre-Refunded,

4%,

8/01/29

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

1,075,000

1,256,263

Revenue,

B,

4%,

8/01/29

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

12,060,000

14,009,867

Virginia

Public

School

Authority

,

Revenue

,

2014

C

,

5

%

,

8/01/27

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

4,460,000

5,075,016

Virginia

Resources

Authority

,

Clean

Water

Revolving

Fund,

Revenue,

2014

B,

Refunding,

5%,

10/01/26

.......

26,155,000

30,024,428

Clean

Water

Revolving

Fund,

Revenue,

2015,

Refunding,

5%,

10/01/28

.........

11,950,000

14,230,016

Virginia

Small

Business

Financing

Authority

,

National

Senior

Campuses,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

1/01/35

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

3,000,000

3,682,969

National

Senior

Campuses,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/36

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

3,000,000

3,485,328

103,079,190

Washington

3.9%

City

of

Seattle

,

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/24

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

5,230,000

5,897,718

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/25

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

5,500,000

6,197,475

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/26

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

2,995,000

3,369,679

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/27

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

3,150,000

3,538,687

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

56

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

(continued)

City

of

Seattle,

(continued)

Municipal

Light

&

Power,

Revenue,

2017

C,

Refunding,

4%,

9/01/34

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

$

5,300,000

$

6,184,392

County

of

King

,

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/25

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

1,200,000

1,360,939

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/26

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

1,200,000

1,359,114

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/27

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

1,900,000

2,147,895

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/28

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

3,050,000

3,442,394

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/29

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

2,600,000

2,934,500

Energy

Northwest

,

Bonneville

Power

Administration,

Revenue,

2014

A,

Refunding,

5%,

7/01/22

......

3,250,000

3,382,817

Bonneville

Power

Administration,

Revenue,

2019

A,

Refunding,

5%,

7/01/36

......

7,000,000

9,025,908

Bonneville

Power

Administration,

Revenue,

A,

Refunding,

5%,

7/01/23

..........

3,500,000

3,811,060

Bonneville

Power

Administration,

Revenue,

A,

Refunding,

5%,

7/01/24

..........

1,250,000

1,419,930

State

of

Washington

,

GO,

2017

D,

5%,

2/01/31

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

5,480,000

6,725,092

GO,

2017

D,

5%,

2/01/32

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

10,000,000

12,251,555

GO,

R-2015B,

Refunding,

5%,

7/01/25

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

29,370,000

33,335,814

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/35

2,620,000

3,320,284

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/30

2,800,000

3,603,600

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/31

3,700,000

4,740,692

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

1,500,000

1,916,062

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/33

1,395,000

1,776,414

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/34

1,225,000

1,555,104

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/36

5,125,000

6,477,181

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/30

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

1,000,000

1,246,138

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/31

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

1,925,000

2,389,506

Seattle

Cancer

Care

Alliance

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/38

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

1,000,000

1,301,258

Seattle

Cancer

Care

Alliance

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/39

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

1,000,000

1,300,820

Seattle

Cancer

Care

Alliance

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/40

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

1,000,000

1,295,033

d

Seattle

Cancer

Care

Alliance

Obligated

Group,

Revenue,

144A,

2021,

3%,

12/01/35

440,000

487,590

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/31

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

2,250,000

2,683,037

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/32

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

1,605,000

1,909,456

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/35

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

2,400,000

2,837,845

Washington

State

Housing

Finance

Commission

,

Revenue

,

2021-1

,

A

,

3.5

%

,

12/20/35

6,975,760

8,197,423

153,422,412

West

Virginia

0.3%

State

of

West

Virginia

,

GO

,

2019

A

,

5

%

,

12/01/36

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

9,700,000

12,453,841

Wisconsin

0.9%

City

of

Milwaukee

,

Sewerage

System

,

Revenue

,

2021

S-2

,

Refunding

,

3

%

,

6/01/46

..

4,600,000

5,063,162

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

3.5%,

12/01/32

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

1,405,000

1,454,735

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

11/15/37

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

600,000

707,288

Appalachian

Regional

Healthcare

System

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/46

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

1,100,000

1,273,679

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/29

..........

285,000

336,022

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

57

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/30

..........

$

200,000

$

234,224

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/31

..........

200,000

233,111

Renown

Regional

Medical

Center,

Revenue,

2020

A,

Refunding,

4%,

6/01/35

.....

2,100,000

2,514,844

b,d

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-1,

Mandatory

Put,

3.5%,

12/01/35

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

9,700,000

9,948,397

Wisconsin

Department

of

Transportation

,

Revenue

,

2017-2

,

Refunding

,

5

%

,

7/01/31

.

5,000,000

6,187,488

Wisconsin

Health

&

Educational

Facilities

Authority

,

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/34

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

600,000

717,554

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/35

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

1,000,000

1,192,809

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/36

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

600,000

713,013

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/37

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

600,000

710,913

Wisconsin

Masonic

Home

Obligated

Group,

Revenue,

2021

A,

4%,

8/15/41

......

1,650,000

1,954,642

33,241,881

U.S.

Territories

0.4%

District

of

Columbia

0.4%

District

of

Columbia

,

Income

Tax

,

Revenue

,

2019

A

,

5

%

,

3/01/33

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

3,000,000

3,920,931

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017

B,

5%,

7/01/31

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

5,000,000

6,168,243

Revenue,

2017

B,

5%,

7/01/32

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

5,750,000

7,083,710

17,172,884

Puerto

Rico

0.0%

†

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

CC

,

Refunding

,

AGMC

Insured

,

5.5

%

,

7/01/29

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

1,000,000

1,179,087

Total

U.S.

Territories

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

18,351,971

Total

Municipal

Bonds

(Cost

$3,455,063,123)

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

3,678,174,200

Total

Long

Term

Investments

(Cost

$3,523,691,435)

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

3,746,934,300

a

a

a

a

a

Short

Term

Investments

0.3%

Municipal

Bonds

0.3%

Colorado

0.1%

f

Colorado

Educational

&

Cultural

Facilities

Authority

,

Daughters

of

Israel,

Inc.

,

Revenue

,

B-4

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

12/01/35

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

1,300,000

1,300,000

Michigan

0.1%

f

Green

Lake

Township

Economic

Development

Corp.

,

Interlochen

Center

for

the

Arts

,

Revenue

,

2004

,

Refunding

,

LOC

BMO

Harris

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

6/01/34

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

1,000,000

1,000,000

f

Michigan

Strategic

Fund

,

Edison

Institute

(The)

,

Revenue

,

2002

,

LOC

Comerica

Bank

,

Daily

VRDN

and

Put

,

0.01

%

,

12/01/33

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

4,990,000

4,990,000

5,990,000

Missouri

0.1%

f

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Washington

University

(The),

Revenue,

2000

B,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

3/01/40

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

3,000,000

3,000,000

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

58

s

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Missouri

(continued)

f

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

(continued)

Washington

University

(The),

Revenue,

2003

B,

SPA

US

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

2/15/33

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

$

1,935,000

$

1,935,000

4,935,000

Total

Municipal

Bonds

(Cost

$12,225,000)

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

12,225,000

Total

Short

Term

Investments

(Cost

$12,225,000

)

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

12,225,000

a

Total

Investments

(Cost

$3,535,916,435)

96.6%

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

$3,759,159,300

Other

Assets,

less

Liabilities

3.4%

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

133,497,962

Net

Assets

100.0%

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

$3,892,657,262

See

Abbreviations

on

page

174

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

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

August

31,

2021,

the

aggregate

value

of

these

securities

was

$40,052,624,

representing

1.0%

of

net

assets.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

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

Financial

Highlights

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

59

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$10.56

$10.59

$10.35

$10.27

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.04

0.11

0.15

0.07

Net

realized

and

unrealized

gains

(losses)

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

0.05

(0.03)

0.25

0.08

Total

from

investment

operations

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

0.09

0.08

0.40

0.15

Less

distributions

from:

Net

investment

income

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

(0.04)

(0.11)

(0.16)

(0.07)

Net

asset

value,

end

of

period

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

$10.61

$10.56

$10.59

$10.35

Total

return

e

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

0.84%

0.75%

3.88%

1.49%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

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

0.80%

0.81%

0.81%

0.83%

Expenses

net

of

waiver

and

payments

by

affiliates

g

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

0.65%

0.64%

0.64%

0.65%

Net

investment

income

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

0.72%

1.01%

1.42%

1.23%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$335,718

$294,622

$158,939

$103,864

Portfolio

turnover

rate

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

13.93%

19.85%

10.10%

64.94%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

60

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.57

$10.60

$10.36

$10.29

$10.37

$10.45

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.04

0.12

0.16

0.14

0.09

0.09

Net

realized

and

unrealized

gains

(losses)

0.04

(0.03)

0.25

0.08

(0.09)

(0.09)

Total

from

investment

operations

........

0.08

0.09

0.41

0.22

—

—

Less

distributions

from:

Net

investment

income

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

(0.04)

(0.12)

(0.17)

(0.15)

(0.08)

(0.08)

Net

asset

value,

end

of

period

..........

$10.61

$10.57

$10.60

$10.36

$10.29

$10.37

Total

return

d

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

0.80%

0.85%

3.99%

2.11%

0.01%

0.04%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

0.70%

0.71%

0.71%

0.73%

0.71%

0.70%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.55%

f

0.55%

f

0.54%

f

0.55%

f

0.63%

0.63%

Net

investment

income

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

0.82%

1.14%

1.52%

1.33%

0.84%

0.83%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$450,572

$468,057

$518,898

$582,767

$687,197

$810,811

Portfolio

turnover

rate

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

13.93%

19.85%

10.10%

64.94%

40.13%

18.54%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

61

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$10.56

$10.59

$10.35

$10.28

$10.37

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.05

0.14

0.18

0.16

0.07

Net

realized

and

unrealized

gains

(losses)

...........

0.05

(0.03)

0.25

0.07

(0.10)

Total

from

investment

operations

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

0.10

0.11

0.43

0.23

(0.03)

Less

distributions

from:

Net

investment

income

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

(0.05)

(0.14)

(0.19)

(0.16)

(0.06)

Net

asset

value,

end

of

period

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

$10.61

$10.56

$10.59

$10.35

$10.28

Total

return

e

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

0.98%

1.03%

4.18%

2.29%

(0.32)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.53%

0.54%

0.54%

0.55%

0.54%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.37%

g

0.37%

g

0.36%

g

0.36%

g

0.44%

Net

investment

income

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

0.99%

1.30%

1.70%

1.52%

1.03%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$82,369

$70,227

$51,952

$47,182

$51,656

Portfolio

turnover

rate

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

13.93%

19.85%

10.10%

64.94%

40.13%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

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The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

62

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.57

$10.60

$10.35

$10.29

$10.37

$10.44

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.05

0.13

0.17

0.15

0.10

0.10

Net

realized

and

unrealized

gains

(losses)

0.04

(0.02)

0.27

0.07

(0.08)

(0.07)

Total

from

investment

operations

........

0.09

0.11

0.44

0.22

0.02

0.03

Less

distributions

from:

Net

investment

income

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

(0.05)

(0.14)

(0.19)

(0.16)

(0.10)

(0.10)

Net

asset

value,

end

of

period

..........

$10.61

$10.57

$10.60

$10.35

$10.29

$10.37

Total

return

d

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

0.97%

1.00%

4.14%

2.16%

0.16%

0.28%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

0.55%

0.56%

0.56%

0.58%

0.56%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.40%

f

0.40%

f

0.39%

f

0.40%

f

0.48%

0.48%

Net

investment

income

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

0.97%

1.26%

1.67%

1.48%

0.99%

0.99%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$576,970

$517,221

$291,452

$274,316

$247,708

$296,298

Portfolio

turnover

rate

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

13.93%

19.85%

10.10%

64.94%

40.13%

18.54%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,

2021

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

63

a

a

Shares

a

Value

a

Management

Investment

Companies

2.7%

Capital

Markets

2.7%

a

Franklin

Liberty

Federal

Tax-Free

Bond

ETF

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

1,400,000

$

38,276,000

Total

Management

Investment

Companies

(Cost

$36,654,700)

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

38,276,000

Principal

Amount

a

a

a

a

Municipal

Bonds

71.5%

Alabama

1.1%

Black

Belt

Energy

Gas

District

,

Revenue,

2021

A,

Refunding,

4%,

12/01/21

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

$

435,000

439,038

Revenue,

2021

A,

Refunding,

4%,

6/01/22

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

340,000

349,469

Revenue,

2021

A,

Refunding,

4%,

12/01/22

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

490,000

512,696

Revenue,

2021

A,

Refunding,

4%,

6/01/23

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

400,000

425,740

Revenue,

2021

A,

Refunding,

4%,

6/01/24

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

400,000

439,446

b

Industrial

Development

Board

of

the

City

of

Mobile

Alabama

,

Alabama

Power

Co.,

Revenue,

2007

A,

Mandatory

Put,

1%,

6/26/25

...........

4,000,000

4,068,892

Alabama

Power

Co.,

Revenue,

2008,

Mandatory

Put,

2.9%,

12/12/23

...........

7,550,000

7,986,433

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue,

2021

A,

4%,

10/01/22

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

355,000

369,311

Revenue,

2021

A,

4%,

10/01/23

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

450,000

484,039

Revenue,

2021

A,

4%,

10/01/24

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

725,000

803,370

15,878,434

Alaska

0.9%

Alaska

Municipal

Bond

Bank

Authority

,

Revenue

,

2020

,

Refunding

,

5

%

,

12/01/21

...

1,000,000

1,012,056

Borough

of

Matanuska-Susitna

,

State

of

Alaska

Department

of

Administration

,

Revenue

,

2015

,

Refunding

,

5.25

%

,

9/01/29

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

10,000,000

11,600,239

12,612,295

Arizona

1.4%

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/24

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

1,000,000

1,103,702

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/25

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

1,000,000

1,131,111

Kipp

New

York,

Inc.

Gerard

Facility,

Revenue,

2021

C,

1.4%,

7/01/22

...........

175,000

175,008

Kipp

New

York,

Inc.

Gerard

Facility,

Revenue,

2021

C,

1.8%,

7/01/24

...........

450,000

450,400

b

Maricopa

County

Industrial

Development

Authority

,

HonorHealth

Obligated

Group

,

Revenue

,

2019

C

,

Mandatory

Put

,

0.82

%

,

(

SIFMA

Municipal

Swap

Index

+

0.8

%

),

9/01/24

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

17,000,000

17,105,128

19,965,349

California

2.2%

California

County

Tobacco

Securitization

Agency

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/22

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

400,000

411,236

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/23

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

400,000

425,995

b

California

Health

Facilities

Financing

Authority

,

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2016

B-3

,

Refunding

,

Mandatory

Put

,

2

%

,

10/01/25

...........

13,340,000

14,240,647

California

Statewide

Communities

Development

Authority

,

b

Southern

California

Edison

Co.,

Revenue,

D,

Refunding,

Mandatory

Put,

2.625%,

12/01/23

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

3,000,000

3,156,261

Viamonte

Senior

Living

1,

Inc.,

Revenue,

2018

B-3,

California

Mortgage

Insured,

3%,

7/01/27

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

3,500,000

3,506,950

Mount

San

Antonio

Community

College

District

,

GO

,

2017

,

ETM,

Zero

Cpn.,

4/01/22

.

10,000,000

9,991,299

31,732,388

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

64

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

0.7%

Denver

City

&

County

School

District

No.

1

,

GO

,

2012

B

,

4

%

,

12/01/27

...........

$

7,480,000

$

7,828,214

Regional

Transportation

District

,

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/15/24

........

400,000

442,693

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

7/15/24

........

300,000

338,458

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/15/25

........

325,000

372,580

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

7/15/25

........

400,000

466,228

9,448,173

Connecticut

0.0%

†

c

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/23

...

175,000

184,405

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/24

...

175,000

191,593

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/25

...

170,000

192,462

568,460

Delaware

0.4%

b

Delaware

State

Economic

Development

Authority

,

NRG

Energy,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

Mandatory

Put

,

1.25

%

,

10/01/25

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

5,000,000

5,072,182

Florida

1.9%

County

of

Escambia

,

Florida

Power

&

Light

Co.

,

Revenue

,

2003

,

Refunding

,

2.6

%

,

6/01/23

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

5,000,000

5,193,616

Florida

Municipal

Power

Agency

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/25

......

1,000,000

1,182,747

Jacksonville

Transportation

Authority

,

Revenue,

Senior

Lien,

2020,

5%,

8/01/22

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

1,615,000

1,685,619

Revenue,

Senior

Lien,

2020,

5%,

8/01/23

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

1,720,000

1,875,198

Revenue,

Senior

Lien,

2020,

5%,

8/01/24

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

1,805,000

2,045,992

Revenue,

Senior

Lien,

2020,

5%,

8/01/25

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

1,800,000

2,110,960

Revenue,

Senior

Lien,

2020,

5%,

8/01/26

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

1,940,000

2,343,249

Revenue,

Senior

Lien,

2020,

5%,

8/01/27

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

2,095,000

2,595,649

Orlando-Orange

County

Expressway

Authority

,

Central

Florida

Expressway

Authority

,

Revenue

,

2012

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

7/01/24

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

4,000,000

4,160,959

c

River

Hall

Community

Development

District

,

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/22

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

190,000

192,372

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/23

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

175,000

179,938

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/24

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

235,000

244,099

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/25

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

180,000

187,932

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/26

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

220,000

229,769

State

of

Florida

,

Department

of

Transportation

Turnpike

System

,

Revenue

,

2012

A

,

2.875

%

,

7/01/25

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

3,000,000

3,064,415

27,292,514

Georgia

3.8%

b

Atlanta

Urban

Residential

Finance

Authority

,

Hollywood

Shawnee

Housing

Partners

LP,

Revenue,

2021

A,

Mandatory

Put,

0.24%,

1/01/23

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

1,250,000

1,249,503

d

Hollywood

Shawnee

Housing

Partners

LP,

Revenue,

144A,

2021

B,

Mandatory

Put,

1.35%,

1/01/23

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

2,600,000

2,600,000

City

of

Atlanta

,

Department

of

Aviation,

Revenue,

2020

A,

Refunding,

5%,

7/01/24

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

2,500,000

2,838,335

Department

of

Aviation,

Revenue,

2020

A,

Refunding,

5%,

7/01/25

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

1,500,000

1,768,012

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

65

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

b

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

2.05

%

,

11/19/21

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

$

3,250,000

$

3,262,283

b,d

Housing

Authority

of

Clayton

County

Facilities

Holding

Co.

LLC

(The)

,

Riverwood

Housing

Partners

LP

,

Revenue

,

144A,

2021

B

,

Mandatory

Put

,

1.4

%

,

4/01/23

.....

2,000,000

2,001,080

b

Macon-Bibb

County

Housing

Authority

,

Green

Meadows

Housing

Partners

LP

,

Revenue

,

2021

A

,

Mandatory

Put

,

0.25

%

,

10/01/22

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

2,150,000

2,149,737

Main

Street

Natural

Gas,

Inc.

,

b

Revenue,

2018

A,

Mandatory

Put,

4%,

9/01/23

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

10,025,000

10,721,695

c

Revenue,

2021

C,

4%,

12/01/22

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

500,000

523,368

c

Revenue,

2021

C,

4%,

12/01/23

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

725,000

785,228

c

Revenue,

2021

C,

4%,

12/01/24

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

735,000

819,764

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2018

A

,

Refunding

,

3

%

,

7/01/23

11,000,000

11,550,641

Private

Colleges

&

Universities

Authority

,

Corp.

of

Mercer

University

(The),

Revenue,

2021,

Refunding,

5%,

10/01/22

......

300,000

315,564

Corp.

of

Mercer

University

(The),

Revenue,

2021,

Refunding,

5%,

10/01/23

......

300,000

329,368

Corp.

of

Mercer

University

(The),

Revenue,

2021,

Refunding,

5%,

10/01/24

......

400,000

457,181

Corp.

of

Mercer

University

(The),

Revenue,

2021,

Refunding,

5%,

10/01/25

......

425,000

502,100

State

of

Georgia

,

GO

,

2016

A

,

5

%

,

2/01/23

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

12,375,000

13,234,670

55,108,529

Hawaii

2.1%

State

of

Hawaii

,

GO

,

EF

,

Refunding

,

5

%

,

11/01/23

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

10,000,000

10,566,887

University

of

Hawaii

,

Revenue,

2020

B,

Refunding,

5%,

10/01/24

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

4,040,000

4,628,264

Revenue,

2020

B,

Refunding,

5%,

10/01/25

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

5,165,000

6,134,256

Revenue,

2020

B,

Refunding,

5%,

10/01/26

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

7,225,000

8,845,470

30,174,877

Illinois

5.4%

Chicago

Board

of

Education

,

GO

,

2018

A

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/23

.

1,000,000

1,100,242

Chicago

Park

District

,

GO,

2020

F-2,

Refunding,

5%,

1/01/25

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

350,000

400,586

GO,

2020

F-2,

Refunding,

5%,

1/01/26

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

500,000

591,029

GO,

2020

F-2,

Refunding,

5%,

1/01/27

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

550,000

668,923

Chicago

Transit

Authority

Capital

Grant

Receipts

,

Revenue

,

2021

,

Refunding

,

5

%

,

6/01/24

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

1,425,000

1,603,590

County

of

Cook

,

GO,

2021

A,

Refunding,

5%,

11/15/22

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

5,000,000

5,294,070

Sales

Tax,

Revenue,

2021

A,

Refunding,

5%,

11/15/29

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

845,000

1,101,786

b

Illinois

Finance

Authority

,

Field

Museum

of

Natural

History,

Revenue,

2019,

Refunding,

Mandatory

Put,

0.565%,

9/01/22

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

8,510,000

8,510,846

OSF

Healthcare

System

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

Mandatory

Put,

5%,

11/15/24

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

1,250,000

1,405,312

c

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

3

%

,

6/15/24

..

2,500,000

2,607,065

State

of

Illinois

,

GO,

2016,

Refunding,

5%,

2/01/28

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

2,000,000

2,407,939

GO,

2016,

Refunding,

5%,

2/01/29

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

750,000

895,891

GO,

2017

D,

5%,

11/01/25

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

10,000,000

11,747,990

GO,

2018

A,

6%,

5/01/25

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

6,000,000

7,166,272

GO,

2018

A,

Refunding,

5%,

10/01/28

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

525,000

658,525

GO,

2018

A,

Refunding,

5%,

10/01/29

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

375,000

466,630

GO,

2018

B,

Refunding,

5%,

10/01/31

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

625,000

770,449

GO,

2019

B,

5%,

11/01/30

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

375,000

476,032

GO,

2020,

5.5%,

5/01/30

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

1,710,000

2,272,280

c

Sales

Tax,

Revenue,

2021

A,

4%,

6/15/24

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

5,000,000

5,506,059

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

66

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

(continued)

University

of

Illinois

,

Auxiliary

Facilities

System,

Revenue,

2021

A,

Refunding,

3%,

4/01/22

..........

$

8,950,000

$

9,099,294

Auxiliary

Facilities

System,

Revenue,

2021

A,

Refunding,

3%,

4/01/25

..........

11,660,000

12,751,039

d

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group

,

Revenue

,

144A,

2020

B

,

Refunding

,

4.25

%

,

3/01/23

......

837,000

837,574

78,339,423

Indiana

0.4%

d

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

B

,

4.75

%

,

8/01/24

1,560,000

1,559,899

Indiana

Finance

Authority

,

Indianapolis

Power

&

Light

Co.

,

Revenue

,

2021

B

,

Refunding

,

0.65

%

,

8/01/25

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

4,500,000

4,494,130

6,054,029

Iowa

0.7%

Des

Moines

Independent

Community

School

District

,

Revenue

,

2018

,

AGMC

Insured

,

3

%

,

6/01/29

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

9,300,000

10,086,890

Iowa

Tobacco

Settlement

Authority

,

Revenue

,

2021

B-1

,

2

,

Refunding

,

0.375

%

,

6/01/30

715,000

716,094

10,802,984

Kansas

0.1%

Reno

County

Unified

School

District

No.

308

Hutchinson

,

GO

,

2019

,

Refunding

,

5

%

,

9/01/27

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

1,575,000

1,961,707

Kentucky

2.0%

e

County

of

Trimble

,

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2001

A

,

Refunding

,

0.625

%

,

9/01/26

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

3,375,000

3,372,488

Kentucky

Asset

Liability

Commission

,

Kentucky

Finance

and

Administration

Cabinet

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

11/01/21

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

3,310,000

3,331,202

b

Kentucky

Public

Energy

Authority

,

Revenue,

2018

A,

Mandatory

Put,

4%,

4/01/24

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

10,000,000

10,885,007

Revenue,

2020

A,

Mandatory

Put,

4%,

6/01/26

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

10,000,000

11,489,953

29,078,650

Louisiana

3.8%

City

of

New

Orleans

,

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/26

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

450,000

539,703

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/27

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

600,000

739,493

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/28

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

550,000

694,478

d

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.

,

Revenue

,

144A,

2020

A

,

Refunding

,

2.75

%

,

12/01/25

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

1,011,000

1,021,674

Louisiana

Public

Facilities

Authority

,

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

5%,

10/01/25

.......

250,000

294,576

b

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2020

B,

Refunding,

Mandatory

Put,

5%,

5/15/25

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

7,500,000

8,718,271

Louisiana

Stadium

&

Exposition

District

,

Revenue

,

2020

,

5

%

,

7/03/23

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

4,650,000

4,934,354

b

Parish

of

St.

John

the

Baptist

,

Marathon

Oil

Corp.

,

Revenue

,

2017

B-1

,

Refunding

,

Mandatory

Put

,

2.125

%

,

7/01/24

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

7,100,000

7,391,184

State

of

Louisiana

,

GO,

2013

A,

Pre-Refunded,

4%,

5/15/31

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

15,225,000

16,224,130

GO,

2019

A,

5%,

3/01/31

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

10,870,000

14,040,082

54,597,945

Maryland

3.2%

City

of

Baltimore

,

GO

,

2017

B

,

Refunding

,

5

%

,

10/15/25

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

5,000,000

5,957,410

City

of

Cumberland

,

GO,

2021,

Refunding,

AGMC

Insured,

5%,

6/01/24

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

395,000

446,013

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

67

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

City

of

Cumberland,

(continued)

GO,

2021,

Refunding,

AGMC

Insured,

5%,

6/01/25

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

$

455,000

$

531,923

b

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2020

B-2

,

Refunding

,

Mandatory

Put

,

5

%

,

7/01/27

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

5,110,000

6,217,883

State

of

Maryland

,

GO

,

2017

B

,

Refunding

,

5

%

,

8/01/26

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

12,330,000

15,080,093

Washington

Suburban

Sanitary

Commission

,

Revenue,

2013,

Pre-Refunded,

4%,

6/01/28

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

5,500,000

5,870,343

Revenue,

2013,

Pre-Refunded,

4%,

6/01/30

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

5,500,000

5,870,343

Revenue,

2013,

Pre-Refunded,

4%,

6/01/31

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

5,500,000

5,870,343

45,844,351

Massachusetts

0.5%

b

Massachusetts

Development

Finance

Agency

,

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-4,

Refunding,

Mandatory

Put,

5%,

1/25/24

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

5,000,000

5,572,795

President

&

Trustees

of

Williams

College,

Revenue,

2011

N,

Mandatory

Put,

0.45%,

7/01/25

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

1,000,000

1,000,312

6,573,107

Michigan

0.7%

City

of

Grand

Rapids

,

Sanitary

Sewer

System

,

Revenue

,

1998

A

,

Refunding

,

BHAC,

AGMC,

FGIC

Insured

,

5.5

%

,

1/01/22

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

1,100,000

1,119,542

Michigan

Finance

Authority

,

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/27

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

2,000,000

2,438,960

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-1,

2,

Refunding,

1.25%,

6/01/30

225,000

226,404

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

1.5

%

,

10/01/22

.

1,000,000

1,001,308

b

Michigan

Strategic

Fund

,

Waste

Management

of

Michigan,

Inc.

,

Revenue

,

2001

,

Mandatory

Put

,

0.58

%

,

8/01/24

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

3,300,000

3,303,809

State

of

Michigan

,

GO

,

2020

A

,

5

%

,

5/15/30

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

1,350,000

1,816,760

9,906,783

Minnesota

1.3%

b

City

of

Brooklyn

Center

,

Brooklyn

Center

AH

I

LLLP

,

Revenue

,

2019

,

Refunding

,

Mandatory

Put

,

1.35

%

,

7/01/22

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

4,000,000

4,003,679

b

Dakota

County

Community

Development

Agency

,

Eagan

AH

I

LLLP

,

Revenue

,

2020

,

Mandatory

Put

,

0.35

%

,

6/01/23

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

6,000,000

6,012,384

Farmington

Independent

School

District

No.

192

,

GO

,

2015

C

,

Refunding

,

5

%

,

2/01/24

6,065,000

6,758,226

Minnesota

Higher

Education

Facilities

Authority

,

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/26

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

1,000,000

1,213,644

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/27

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

1,000,000

1,242,811

19,230,744

Mississippi

0.0%

†

d

Mississippi

Home

Corp.

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2021

A-5

,

2.75

%

,

6/01/26

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

326,937

329,564

Missouri

0.2%

Missouri

Development

Finance

Board

,

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/22

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

350,000

357,715

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/23

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

280,000

298,224

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/24

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

300,000

331,937

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/25

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

500,000

571,204

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/26

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

405,000

475,451

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

68

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Missouri

Development

Finance

Board,

(continued)

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/27

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

$

660,000

$

794,027

2,828,558

Montana

0.4%

b

Montana

Facility

Finance

Authority

,

Billings

Clinic

Obligated

Group

,

Revenue

,

2018

C

,

Refunding

,

Mandatory

Put

,

0.57

%

,

(

SIFMA

Municipal

Swap

Index

+

0.55

%

),

8/15/23

6,090,000

6,098,027

Nevada

0.7%

Las

Vegas

Valley

Water

District

,

GO,

2020

D,

Refunding,

5%,

6/01/24

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

1,745,000

1,973,450

GO,

2020

D,

Refunding,

5%,

6/01/25

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

2,750,000

3,229,508

b,d

State

of

Nevada

Department

of

Business

&

Industry

,

DesertXpress

Enterprises

LLC

,

Revenue

,

144A,

2020

A

,

Mandatory

Put

,

0.25

%

,

2/01/22

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

5,000,000

5,001,378

10,204,336

New

Hampshire

0.3%

b

New

Hampshire

Business

Finance

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2018

A

,

Refunding

,

Mandatory

Put

,

0.395

%

,

(

SIFMA

Municipal

Swap

Index

+

0.375

%

),

7/01/24

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

5,000,000

5,001,218

New

Jersey

8.0%

Bergen

County

Improvement

Authority

(The)

,

Revenue

,

2020

A

,

Refunding

,

3

%

,

8/15/22

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

2,500,000

2,565,891

City

of

Newark

,

GO,

2020

A,

Refunding,

AGMC

Insured,

5%,

10/01/23

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

1,000,000

1,091,100

GO,

2020

A,

Refunding,

AGMC

Insured,

5%,

10/01/24

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

1,000,000

1,132,064

County

of

Atlantic

,

GO,

2020,

0.375%,

6/01/23

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

1,730,000

1,728,217

GO,

2020,

0.375%,

6/01/24

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

1,765,000

1,763,910

GO,

2020,

0.375%,

6/01/25

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

1,800,000

1,787,972

County

of

Morris

,

GO

,

2021

,

2

%

,

2/01/26

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

4,215,000

4,488,412

County

of

Union

,

GO,

2020,

0.5%,

3/01/23

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

5,215,000

5,233,250

GO,

2020,

0.5%,

3/01/24

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

5,290,000

5,326,511

Garden

State

Preservation

Trust

,

Revenue

,

2005

A

,

AGMC

Insured

,

5.75

%

,

11/01/28

25,000,000

31,053,315

New

Jersey

Economic

Development

Authority

,

f

Revenue,

FRN,

2019

A,

Refunding,

5.25%,

4/01/28

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

5,000,000

6,360,578

b

New

Jersey-American

Water

Co.,

Inc.,

Revenue,

2019

B,

Refunding,

Mandatory

Put,

2.05%,

12/03/29

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

7,500,000

8,014,281

f

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

FRN,

2013

I,

Refunding,

1.62%,

(SIFMA

Municipal

Swap

Index

+

1.6%),

3/01/28

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

12,170,000

12,346,481

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

C,

AMBAC

Insured,

Zero

Cpn.,

12/15/26

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

10,000,000

9,432,870

Revenue,

2006

C,

BHAC

Insured,

Zero

Cpn.,

12/15/27

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

11,110,000

10,412,840

Newark

Board

of

Education

,

GO,

2021,

Refunding,

5%,

7/15/22

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

130,000

135,479

GO,

2021,

Refunding,

5%,

7/15/23

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

300,000

326,628

GO,

2021,

Refunding,

5%,

7/15/24

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

400,000

453,242

State

of

New

Jersey

,

GO,

3%,

6/01/25

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

2,000,000

2,095,988

GO,

2020

A,

5%,

6/01/29

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

3,000,000

3,907,293

GO,

2020

A,

4%,

6/01/30

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

5,000,000

6,191,297

115,847,619

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

69

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

4.8%

b

Chautauqua

County

Capital

Resource

Corp.

,

Jamestown

Center

City

Development

Corp.

,

Revenue

,

2013

,

Refunding

,

Mandatory

Put

,

2

%

,

11/01/21

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

$

4,750,000

$

4,757,250

City

of

New

York

,

GO

,

2019

A

,

Refunding

,

5

%

,

8/01/22

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

5,000,000

5,224,778

County

of

Suffolk

,

GO

,

2018

B

,

AGMC

Insured

,

4

%

,

10/15/28

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

4,205,000

4,912,627

Metropolitan

Transportation

Authority

,

b

Revenue,

2012

G-4,

Refunding,

Mandatory

Put,

0.614%,

11/01/22

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

6,240,000

6,267,097

Revenue,

2017

D,

Refunding,

5%,

11/15/25

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

3,775,000

4,473,700

Revenue,

2020

A-1,

5%,

2/01/23

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

8,250,000

8,800,738

b,c

New

York

City

Housing

Development

Corp.

,

Revenue

,

2021

H

,

Mandatory

Put

,

0.12

%

,

3/15/22

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

4,000,000

3,999,907

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/24

1,000,000

1,109,991

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/25

1,000,000

1,153,493

Yankee

Stadium

LLC,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

5%,

3/01/28

..

1,350,000

1,707,440

c

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

780,000

779,354

New

York

State

Dormitory

Authority

,

Cornell

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/26

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

5,000,000

6,104,451

New

York

State

Energy

Research

&

Development

Authority

,

New

York

State

Electric

&

Gas

Corp.,

Revenue,

1994

D,

Refunding,

3.5%,

10/01/29

3,000,000

3,512,299

b

Rochester

Gas

and

Electric

Corp.,

Revenue,

1997

A,

Refunding,

Mandatory

Put,

3%,

7/01/25

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

10,000,000

10,824,238

New

York

State

Housing

Finance

Agency

,

Revenue

,

2020

F

,

1.1

%

,

11/01/26

.......

2,860,000

2,914,750

New

York

Transportation

Development

Corp.

,

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/25

...

500,000

587,920

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/25

...

2,200,000

2,596,961

69,726,994

North

Carolina

0.8%

City

of

Charlotte

,

COP

,

2013

B

,

3

%

,

6/01/22

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

2,740,000

2,746,451

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/24

..........

1,200,000

1,370,746

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/25

..........

1,000,000

1,180,522

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/26

..........

850,000

1,033,020

North

Carolina

State

University

at

Raleigh

,

Revenue,

2018,

Refunding,

5%,

10/01/26

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

3,000,000

3,681,316

Revenue,

2018,

Refunding,

5%,

10/01/27

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

1,500,000

1,893,612

11,905,667

North

Dakota

0.3%

Cass

County

Joint

Water

Resource

District

,

GO

,

2021

A

,

Refunding

,

0.48

%

,

5/01/24

.

5,000,000

5,013,202

Ohio

3.2%

County

of

Cuyahoga

,

Revenue

,

2020

D

,

Refunding

,

3

%

,

12/01/21

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

9,090,000

9,155,582

County

of

Lucas

,

Promedica

Healthcare

Obligated

Group

,

Revenue

,

2011

A

,

Pre-

Refunded

,

6.5

%

,

11/15/37

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

10,000,000

10,129,294

Hillsdale

Local

School

District

,

COP

,

2020

,

BAM

Insured

,

4

%

,

12/01/22

...........

1,200,000

1,255,890

Ohio

Water

Development

Authority

,

Revenue,

2018,

5%,

6/01/28

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

7,000,000

8,950,271

Water

Pollution

Control

Loan

Fund,

Revenue,

2019

A,

5%,

6/01/29

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

8,500,000

11,105,316

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/23

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

2,560,000

2,779,346

Youngstown

State

University

,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/24

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

645,000

723,548

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/25

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

580,000

668,453

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/26

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

850,000

1,002,204

45,769,904

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

70

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oklahoma

0.5%

Oklahoma

County

Finance

Authority

,

Oklahoma

County

Independent

School

District

No.

52

Midwest

City-Del

City

,

Revenue

,

2018

,

5

%

,

10/01/22

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

$

1,000,000

$

1,051,544

Oklahoma

State

University

,

Revenue,

2021

A,

Refunding,

5%,

9/01/21

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

880,000

880,000

Revenue,

2021

A,

Refunding,

5%,

9/01/23

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

705,000

773,120

Tulsa

County

Industrial

Authority

,

Tulsa

County

Independent

School

District

No.

11

Owasso,

Revenue,

2018,

5%,

9/01/21

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

2,010,000

2,010,000

Tulsa

County

Independent

School

District

No.

11

Owasso,

Revenue,

2018,

5%,

9/01/22

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

1,500,000

1,571,716

Tulsa

County

Independent

School

District

No.

11

Owasso,

Revenue,

2018,

5%,

9/01/23

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

1,170,000

1,280,332

7,566,712

Oregon

0.8%

Deschutes

&

Jefferson

Counties

School

District

No.

2J

Redmond

,

GO

,

2021

,

3

%

,

6/15/25

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

850,000

935,656

Salem-Keizer

School

District

No.

24J

,

GO

,

2018

,

5

%

,

6/15/25

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

2,000,000

2,351,123

State

of

Oregon

,

GO,

2015

B,

Refunding,

5%,

8/01/27

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

2,785,000

3,281,547

Department

of

Transportation,

Revenue,

Senior

Lien,

2012

A,

Refunding,

5%,

11/15/22

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

5,000,000

5,296,577

11,864,903

Pennsylvania

3.9%

Albert

Gallatin

Area

School

District

,

GO

,

2020

B

,

AGMC

Insured

,

4

%

,

9/01/27

......

1,130,000

1,328,368

c

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

2022,

Refunding,

5%,

5/01/24

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

150,000

164,044

Revenue,

2022,

Refunding,

5%,

5/01/25

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

500,000

564,885

Revenue,

2022,

Refunding,

5%,

5/01/26

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

500,000

580,266

Revenue,

2022,

Refunding,

5%,

5/01/27

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

590,000

700,887

b

Delaware

Valley

Regional

Finance

Authority

,

Revenue

,

2018

B

,

Mandatory

Put

,

0.44

%

,

(

SIFMA

Municipal

Swap

Index

+

0.42

%

),

9/01/22

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

2,500,000

2,496,950

b

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group

,

Revenue

,

2014

B

,

Refunding

,

Mandatory

Put

,

1.127

%

,

(

1-month

USD

LIBOR

+

1.07

%

),

6/01/24

.....

10,000,000

10,120,907

b

Lehigh

County

Industrial

Development

Authority

,

PPL

Electric

Utilities

Corp.

,

Revenue

,

2016

A

,

Refunding

,

Mandatory

Put

,

1.8

%

,

9/01/22

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

10,000,000

10,147,389

Pennsylvania

Economic

Development

Financing

Authority

,

b

Republic

Services,

Inc.,

Revenue,

2019

A,

Refunding,

Mandatory

Put,

0.2%,

10/15/21

.......................................................

3,500,000

3,500,003

b

Republic

Services,

Inc.,

Revenue,

2019

B-1,

Mandatory

Put,

0.2%,

10/15/21

.....

1,000,000

1,000,001

UPMC

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/29

...........

1,230,000

1,535,820

b

Waste

Management,

Inc.,

Revenue,

2021

A,

Mandatory

Put,

0.42%,

6/03/24

.....

6,000,000

6,004,288

Philadelphia

Gas

Works

Co.

,

Revenue,

Sixteenth

A,

AGMC

Insured,

5%,

8/01/25

........................

500,000

588,506

Revenue,

Sixteenth

A,

AGMC

Insured,

5%,

8/01/26

........................

600,000

724,071

f

University

of

Pittsburgh-of

the

Commonwealth

System

of

Higher

Education

,

Revenue

,

FRN

,

2019

,

0.38

%

,

(

SIFMA

Municipal

Swap

Index

+

0.36

%

),

2/15/24

...........

7,750,000

7,785,538

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/22

......

300,000

309,029

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/23

......

375,000

399,546

Westmoreland

County

Municipal

Authority

,

Revenue

,

2013

,

Pre-Refunded

,

5

%

,

8/15/37

7,895,000

8,634,833

56,585,331

Rhode

Island

0.2%

City

of

Providence

,

GO,

2021

A,

Refunding,

5%,

1/15/22

...................................

400,000

406,599

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

71

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%,

1/15/23

...................................

$

475,000

$

503,247

GO,

2021

A,

Refunding,

5%,

1/15/24

...................................

500,000

550,491

GO,

2021

A,

Refunding,

5%,

1/15/25

...................................

500,000

569,422

GO,

2021

A,

Refunding,

5%,

1/15/26

...................................

500,000

585,368

2,615,127

South

Carolina

0.3%

e

South

Carolina

Public

Service

Authority

,

Revenue,

2021

B,

5%,

12/01/22

.......................................

1,500,000

1,591,061

Revenue,

2021

B,

5%,

12/01/24

.......................................

1,750,000

2,014,951

3,606,012

Tennessee

1.9%

City

of

Memphis

,

GO,

2018,

5%,

6/01/24

.............................................

6,915,000

7,826,414

GO,

2018,

5%,

6/01/25

.............................................

7,260,000

8,534,822

GO,

2018,

5%,

6/01/26

.............................................

7,625,000

9,272,359

Tennessee

Energy

Acquisition

Corp.

,

Revenue,

2021

A,

5%,

11/01/22

.......................................

175,000

184,645

Revenue,

2021

A,

5%,

11/01/23

.......................................

250,000

274,849

Revenue,

2021

A,

5%,

11/01/24

.......................................

250,000

285,090

Revenue,

2021

A,

5%,

11/01/25

.......................................

350,000

412,244

26,790,423

Texas

6.3%

Central

Texas

Turnpike

System

,

Revenue,

First

Tier

,

2002

A

,

BHAC,

AMBAC

Insured

,

Zero

Cpn.,

8/15/27

.................................................

3,280,000

3,130,836

City

of

Dallas

,

Waterworks

&

Sewer

System

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

10/01/26

........................................................

5,000,000

5,953,982

City

of

Houston

,

Combined

Utility

System

,

Revenue,

First

Lien

,

2018

D

,

Refunding

,

5

%

,

11/15/26

........................................................

1,000,000

1,233,305

City

of

Lubbock

,

GO

,

2018

,

Refunding

,

5

%

,

2/15/25

.........................

5,150,000

5,976,254

Clifton

Higher

Education

Finance

Corp.

,

IDEA

Public

Schools

,

Revenue

,

2017

,

Refunding

,

PSF

Guaranty

,

4

%

,

8/15/22

.................................

3,200,000

3,317,933

Comal

Independent

School

District

,

GO

,

2017

,

PSF

Guaranty

,

5

%

,

2/01/22

........

2,250,000

2,295,482

Cypress-Fairbanks

Independent

School

District

,

GO

,

2013

,

Refunding

,

PSF

Guaranty

,

5

%

,

2/15/22

......................................................

7,320,000

7,482,531

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2013

B

,

Pre-Refunded

,

5.25

%

,

10/01/51

........................................................

27,930,000

30,887,843

e

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO,

2021,

2%,

9/01/24

.............................................

140,000

142,695

GO,

2021,

2%,

9/01/25

.............................................

145,000

147,842

GO,

2021,

2%,

9/01/26

.............................................

150,000

152,290

GO,

2021,

2%,

9/01/27

.............................................

155,000

156,113

b

Mission

Economic

Development

Corp.

,

Republic

Services,

Inc.

,

Revenue

,

2020

A

,

Mandatory

Put

,

0.2

%

,

11/01/21

.......................................

12,000,000

11,999,610

State

of

Texas

,

GO,

2018

B-3,

Refunding,

5%,

8/01/24

..................................

4,750,000

5,410,970

GO,

2018

B-3,

Refunding,

5%,

8/01/25

..................................

2,000,000

2,363,434

GO,

2018

B-3,

Refunding,

5%,

8/01/26

..................................

2,000,000

2,441,717

b

Texas

Transportation

Commission

State

Highway

Fund

,

Revenue,

First

Tier

,

2016

B

,

Refunding

,

Mandatory

Put

,

4

%

,

10/01/21

................................

3,000,000

3,009,350

Texas

Water

Development

Board

,

State

Revolving

Fund

,

Revenue

,

2018

,

5

%

,

8/01/27

4,200,000

5,272,617

91,374,804

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

72

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Utah

0.5%

City

of

Salt

Lake

City

,

Airport,

Revenue,

2021

A,

5%,

7/01/24

..................................

$

1,000,000

$

1,130,471

Airport,

Revenue,

2021

A,

5%,

7/01/25

..................................

1,300,000

1,520,881

Airport,

Revenue,

2021

A,

5%,

7/01/26

..................................

2,250,000

2,716,994

South

Valley

Water

Reclamation

Facility

,

Revenue

,

2018

,

AGMC

Insured

,

5

%

,

2/15/23

1,225,000

1,306,278

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

3

%

,

10/15/23

.....................

475,000

500,828

7,175,452

Virginia

1.2%

Virginia

College

Building

Authority

,

Revenue

,

2012

A

,

Pre-Refunded

,

4

%

,

2/01/29

...

15,375,000

15,623,701

Virginia

Small

Business

Financing

Authority

,

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/22

...

240,000

247,419

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/23

...

300,000

315,977

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/24

...

220,000

236,143

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/25

...

230,000

250,482

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/26

...

235,000

258,839

16,932,561

Washington

4.1%

Auburn

School

District

No.

408

of

King

&

Pierce

Counties

,

GO,

2018,

5%,

12/01/27

.............................................

1,700,000

2,156,904

GO,

2018,

5%,

12/01/28

.............................................

3,300,000

4,201,410

Clark

County

School

District

No.

37

Vancouver

,

GO,

2021,

4%,

12/01/21

.............................................

2,250,000

2,271,737

GO,

2021,

4%,

12/01/22

.............................................

3,575,000

3,748,412

Energy

Northwest

,

Bonneville

Power

Administration

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/23

.........................................................

5,000,000

5,444,371

King

County

School

District

No.

410

Snoqualmie

Valley

,

GO

,

2017

,

Refunding

,

5

%

,

12/01/21

........................................................

2,455,000

2,485,033

King

County

School

District

No.

414

Lake

Washington

,

GO

,

2020

,

4

%

,

12/01/21

....

1,415,000

1,428,777

Spokane

County

School

District

No.

354

Mead

,

GO,

2018,

4%,

12/01/32

.............................................

1,150,000

1,355,720

GO,

2018,

5%,

12/01/33

.............................................

1,500,000

1,885,073

Spokane

County

School

District

No.

356

Central

Valley

,

GO

,

2018

,

4

%

,

12/01/31

....

8,295,000

9,858,511

State

of

Washington

,

GO,

2012

D,

Pre-Refunded,

5%,

2/01/34

................................

6,545,000

6,677,947

GO,

R-2012D,

Refunding,

5%,

7/01/23

..................................

7,340,000

7,638,693

GO,

R-2015

D,

Refunding,

5%,

7/01/28

.................................

3,985,000

4,598,105

b

University

of

Washington

,

Revenue

,

2019

A

,

Mandatory

Put

,

5

%

,

5/01/22

.........

5,000,000

5,040,554

d

Washington

Health

Care

Facilities

Authority

,

Seattle

Cancer

Care

Alliance

Obligated

Group

,

Revenue

,

144A,

2021

,

5

%

,

12/01/31

..............................

280,000

373,982

59,165,229

West

Virginia

0.1%

b

West

Virginia

Economic

Development

Authority

,

Appalachian

Power

Co.

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.625

%

,

12/15/25

......................

1,000,000

998,473

Wisconsin

0.3%

City

of

Fond

Du

Lac

,

GO

,

2017

B

,

Refunding

,

2

%

,

4/01/22

.....................

1,000,000

1,010,704

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

2.75%,

12/01/25

...................

721,252

734,961

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/26

..........

150,000

170,555

d

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

B,

4.25%,

6/01/25

2,671,000

2,663,300

4,579,520

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

73

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wyoming

0.1%

County

of

Laramie

,

Cheyenne

Regional

Medical

Center,

Revenue,

2021,

Refunding,

4%,

5/01/23

.....

$

800,000

$

850,038

Cheyenne

Regional

Medical

Center,

Revenue,

2021,

Refunding,

4%,

5/01/27

.....

550,000

646,397

1,496,435

Total

Municipal

Bonds

(Cost

$999,622,642)

.....................................

1,033,718,995

Total

Long

Term

Investments

(Cost

$1,036,277,342)

.............................

1,071,994,995

a

a

a

a

a

Short

Term

Investments

24.6%

Municipal

Bonds

24.6%

Arizona

1.2%

g

Arizona

Industrial

Development

Authority

,

Phoenix

Children's

Hospital

,

Revenue

,

2019

A

,

Refunding

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

2/01/48

16,600,000

16,600,000

California

3.2%

g

Santa

Clara

Valley

Transportation

Authority

,

2000

Measure

A

Sales

Tax

,

Revenue

,

2008

D

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

4/01/36

..........

10,800,000

10,800,000

g

University

of

California

,

Revenue,

2013

AL-1,

Daily

VRDN

and

Put,

0.01%,

5/15/48

..................

16,300,000

16,300,000

Revenue,

2013

AL-2,

Refunding,

Daily

VRDN

and

Put,

0.01%,

5/15/48

..........

12,400,000

12,400,000

Revenue,

2013

AL-3,

Refunding,

Daily

VRDN

and

Put,

0.01%,

5/15/48

..........

6,150,000

6,150,000

45,650,000

Colorado

1.4%

g

City

&

County

of

Denver

,

COP,

2008

A-1,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

12/01/29

.................................................

3,500,000

3,500,000

COP,

2008

A-2,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

12/01/29

.................................................

8,350,000

8,350,000

COP,

2008

A-3,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

12/01/31

.................................................

7,830,000

7,830,000

19,680,000

Florida

2.0%

g

City

of

Jacksonville

,

Florida

Power

&

Light

Co.

,

Revenue

,

1995

,

Refunding

,

Daily

VRDN

and

Put

,

0.01

%

,

5/01/29

.......................................

6,000,000

6,000,000

g

County

of

Martin

,

Florida

Power

&

Light

Co.

,

Revenue

,

2000

,

Refunding

,

Daily

VRDN

and

Put

,

0.01

%

,

7/15/22

.............................................

23,400,000

23,400,000

29,400,000

Georgia

0.3%

g

Athens-Clarke

County

Unified

Government

Development

Authority

,

University

of

Georgia

Athletic

Association,

Inc.

,

Revenue

,

2005

B

,

LOC

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

7/01/35

...................................

4,400,000

4,400,000

Maryland

1.9%

g

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

11/01/37

........................................................

11,750,000

11,750,000

g

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2008

D

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

7/01/41

.............................................

16,240,000

16,240,000

27,990,000

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

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accompanying

notes

are

an

integral

part

of

these

financial

statements.

74

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Michigan

0.6%

g

Michigan

Strategic

Fund

,

Edison

Institute

(The)

,

Revenue

,

2002

,

LOC

Comerica

Bank

,

Daily

VRDN

and

Put

,

0.01

%

,

12/01/33

..................................

$

2,100,000

$

2,100,000

g

University

of

Michigan

,

Revenue

,

2012

D-1

,

Daily

VRDN

and

Put

,

0.01

%

,

12/01/24

..

7,120,000

7,120,000

9,220,000

Minnesota

2.0%

g

City

of

Minneapolis

St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group,

Revenue,

2009

B-1,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

11/15/35

.................................

8,700,000

8,700,000

Allina

Health

Obligated

Group,

Revenue,

B-2,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

11/15/35

.....................................

20,520,000

20,520,000

29,220,000

Missouri

0.6%

g

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Washington

University

(The)

,

Revenue

,

2000

B

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

3/01/40

...................................................

8,900,000

8,900,000

New

York

4.9%

g

City

of

New

York

,

GO

,

2006

I

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

0.01

%

,

4/01/36

...................................................

4,600,000

4,600,000

g

Metropolitan

Transportation

Authority

,

Dedicated

Tax

Fund

,

Revenue

,

2008

A-1

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

11/01/31

...........

10,820,000

10,820,000

g

Nassau

County

Industrial

Development

Agency

,

Cold

Spring

Harbor

Laboratory

,

Revenue

,

1999

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

1/01/34

4,200,000

4,200,000

g

New

York

City

,

Water

&

Sewer

System,

Revenue,

2014

AA-1,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

6/15/50

......................................

7,800,000

7,800,000

Water

&

Sewer

System,

Revenue,

BB

1B,

SPA

State

Street

Bank

&

Trust

Co.,

Daily

VRDN

and

Put,

0.02%,

6/15/49

......................................

7,200,000

7,200,000

g

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured,

Revenue,

2013

C-4,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

11/01/36

.............................

4,500,000

4,500,000

Future

Tax

Secured,

Revenue,

2019

B-4,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

8/01/42

......................................

24,500,000

24,500,000

g

Triborough

Bridge

&

Tunnel

Authority

,

Revenue,

2001

C,

Refunding,

LOC

State

Street

Bank

&

Trust

Co.,

Daily

VRDN

and

Put,

0.01%,

1/01/32

..............................................

3,100,000

3,100,000

Revenue,

2002

F,

Refunding,

LOC

Citibank

NA,

Daily

VRDN

and

Put,

0.01%,

11/01/32

.......................................................

3,080,000

3,080,000

Revenue,

2005

B-3,

Refunding,

LOC

State

Street

Bank

&

Trust

Co.,

Daily

VRDN

and

Put,

0.02%,

1/01/32

..............................................

1,200,000

1,200,000

71,000,000

North

Carolina

0.3%

g

North

Carolina

Medical

Care

Commission

,

Moses

H

Cone

Memorial

Hospital

Obligated

Group

,

Revenue

,

2001

B

,

SPA

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

0.02

%

,

10/01/35

........................................................

3,600,000

3,600,000

Ohio

1.2%

g

County

of

Allen

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010

C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

0.01

%

,

6/01/34

...........................

16,970,000

16,970,000

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

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notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

75

s

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Oregon

0.3%

g

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

8/01/34

............

$

2,000,000

$

2,000,000

g

State

of

Oregon

,

GO

,

2020

J

,

Refunding

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

6/01/39

...................................................

3,100,000

3,100,000

5,100,000

Pennsylvania

0.4%

g

Allegheny

County

Higher

Education

Building

Authority

,

Carnegie

Mellon

University

,

Revenue

,

2008

A

,

Refunding

,

SPA

Bank

of

New

York

Mellon

(The)

,

Daily

VRDN

and

Put

,

0.01

%

,

12/01/37

...............................................

5,100,000

5,100,000

Tennessee

1.4%

g

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group

,

Revenue

,

2008

A

,

AGMC

Insured

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

6/01/42

...................................

20,260,000

20,260,000

Virginia

2.9%

g

Albermarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

10/01/48

........................................................

36,050,000

36,050,000

g

Virginia

College

Building

Authority

,

University

of

Richmond

,

Revenue

,

2006

,

SPA

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

11/01/36

......................

6,395,000

6,395,000

42,445,000

Total

Municipal

Bonds

(Cost

$355,535,000)

.....................................

355,535,000

Total

Short

Term

Investments

(Cost

$355,535,000

)

...............................

355,535,000

a

Total

Investments

(Cost

$1,391,812,342)

98.8%

..................................

$1,427,529,995

Other

Assets,

less

Liabilities

1.2%

.............................................

18,099,868

Net

Assets

100.0%

...........................................................

$1,445,629,863

See

Abbreviations

on

page

174

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

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

August

31,

2021,

the

aggregate

value

of

these

securities

was

$16,388,451,

representing

1.1%

of

net

assets.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

f

The

coupon

rate

shown

represents

the

rate

at

period

end.

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

Financial

Highlights

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High

Yield

Tax-Free

Income

Fund

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part

of

these

financial

statements.

76

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$10.29

$10.46

$9.93

$9.97

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.18

0.40

0.39

0.20

Net

realized

and

unrealized

gains

(losses)

........................

0.29

(0.19)

0.56

(0.04)

Total

from

investment

operations

.................................

0.47

0.21

0.95

0.16

Less

distributions

from:

Net

investment

income

.......................................

(0.18)

(0.38)

(0.42)

(0.20)

Net

asset

value,

end

of

period

...................................

$10.58

$10.29

$10.46

$9.93

Total

return

e

................................................

4.64%

2.15%

9.73%

1.68%

Ratios

to

average

net

assets

f

Expenses

g

.................................................

0.80%

h

0.79%

0.79%

0.81%

Net

investment

income

........................................

3.44%

3.97%

3.82%

4.23%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$1,491,198

$1,177,730

$900,342

$343,683

Portfolio

turnover

rate

.........................................

6.20%

38.24%

11.98%

6.16%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

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High

Yield

Tax-Free

Income

Fund

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are

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integral

part

of

these

financial

statements.

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Report

77

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.28

$10.45

$9.92

$9.94

$10.25

$10.57

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.19

0.42

0.40

0.43

0.43

0.46

Net

realized

and

unrealized

gains

(losses)

0.29

(0.20)

0.56

(0.01)

(0.30)

(0.33)

Total

from

investment

operations

........

0.48

0.22

0.96

0.42

0.13

0.13

Less

distributions

from:

Net

investment

income

..............

(0.19)

(0.39)

(0.43)

(0.44)

(0.44)

(0.45)

Net

asset

value,

end

of

period

..........

$10.57

$10.28

$10.45

$9.92

$9.94

$10.25

Total

return

d

.......................

4.72%

2.30%

9.90%

4.33%

1.30%

1.21%

Ratios

to

average

net

assets

e

Expenses

.........................

0.65%

f,g

0.65%

f

0.64%

f

0.66%

f

0.66%

0.64%

Net

investment

income

...............

3.61%

4.14%

3.97%

4.38%

4.22%

4.36%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$3,787,194

$3,756,501

$4,196,856

$4,174,968

$4,608,917

$5,030,901

Portfolio

turnover

rate

................

6.20%

38.24%

11.98%

6.16%

6.98%

12.26%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

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High

Yield

Tax-Free

Income

Fund

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accompanying

notes

are

an

integral

part

of

these

financial

statements.

78

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.49

$10.66

$10.12

$10.13

$10.44

$10.76

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16

0.36

0.36

0.39

0.38

0.41

Net

realized

and

unrealized

gains

(losses)

0.30

(0.19)

0.56

(0.01)

(0.30)

(0.34)

Total

from

investment

operations

........

0.46

0.17

0.92

0.38

0.08

0.07

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.34)

(0.38)

(0.39)

(0.39)

(0.39)

Net

asset

value,

end

of

period

..........

$10.79

$10.49

$10.66

$10.12

$10.13

$10.44

Total

return

d

.......................

4.43%

1.71%

9.27%

3.77%

0.71%

0.62%

Ratios

to

average

net

assets

e

Expenses

.........................

1.19%

f,g

1.19%

f

1.19%

f

1.21%

f

1.21%

1.19%

Net

investment

income

...............

2.99%

3.53%

3.42%

3.83%

3.67%

3.81%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$287,698

$359,050

$488,258

$558,728

$870,227

$1,025,186

Portfolio

turnover

rate

................

6.20%

38.24%

11.98%

6.16%

6.98%

12.26%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

79

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$10.33

$10.50

$9.97

$9.98

$10.31

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.20

0.43

0.42

0.45

0.27

Net

realized

and

unrealized

gains

(losses)

...........

0.30

(0.19)

0.56

(0.01)

(0.34)

Total

from

investment

operations

....................

0.50

0.24

0.98

0.44

(0.07)

Less

distributions

from:

Net

investment

income

..........................

(0.20)

(0.41)

(0.45)

(0.45)

(0.26)

Net

asset

value,

end

of

period

......................

$10.63

$10.33

$10.50

$9.97

$9.98

Total

return

e

...................................

4.88%

2.43%

10.01%

4.55%

(0.68)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.50%

0.51%

0.51%

0.52%

0.52%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.50%

g

0.50%

g

0.50%

g

0.52%

h

0.51%

Net

investment

income

...........................

3.72%

4.25%

4.11%

4.52%

4.37%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$200,305

$157,328

$127,806

$90,752

$152,255

Portfolio

turnover

rate

............................

6.20%

38.24%

11.98%

6.16%

6.98%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

80

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.33

$10.50

$9.97

$9.98

$10.30

$10.61

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.20

0.43

0.42

0.45

0.44

0.47

Net

realized

and

unrealized

gains

(losses)

0.29

(0.20)

0.55

(0.01)

(0.31)

(0.32)

Total

from

investment

operations

........

0.49

0.23

0.97

0.44

0.13

0.15

Less

distributions

from:

Net

investment

income

..............

(0.20)

(0.40)

(0.44)

(0.45)

(0.45)

(0.46)

Net

asset

value,

end

of

period

..........

$10.62

$10.33

$10.50

$9.97

$9.98

$10.30

Total

return

d

.......................

4.75%

2.39%

9.97%

4.52%

1.29%

1.39%

Ratios

to

average

net

assets

e

Expenses

.........................

0.55%

f,g

0.54%

f

0.54%

f

0.56%

f

0.56%

0.54%

Net

investment

income

...............

3.69%

4.22%

4.07%

4.48%

4.32%

4.46%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$1,338,270

$1,229,100

$1,166,057

$994,336

$1,070,254

$1,898,648

Portfolio

turnover

rate

................

6.20%

38.24%

11.98%

6.16%

6.98%

12.26%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,

2021

Franklin

High

Yield

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

81

a

a

Shares

a

Value

a

Management

Investment

Companies

1.2%

Capital

Markets

1.2%

a

Franklin

Liberty

Federal

Intermediate

Tax-Free

Bond

Opportunities

ETF

..........

1,455,000

$

39,306,825

VanEck

Vectors

High

Yield

Muni

ETF

....................................

775,000

49,220,250

88,527,075

Total

Management

Investment

Companies

(Cost

$86,345,723)

....................

88,527,075

Principal

Amount

a

a

a

a

Municipal

Bonds

97.0%

Alabama

2.5%

County

of

Jefferson

,

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/28

....................

$

7,350,000

5,271,483

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/29

....................

13,465,000

8,893,781

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/30

....................

19,050,000

11,567,781

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/31

....................

24,845,000

13,858,325

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/32

....................

30,825,000

15,831,082

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/33

....................

35,700,000

16,912,075

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/34

....................

28,020,000

12,212,643

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/35

....................

15,000,000

6,022,711

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/36

....................

12,425,000

4,581,629

Sewer,

Revenue,

Sub.

Lien,

2013

F,

Zero

Cpn.,

10/01/39

....................

75,000,000

77,363,453

Cullman

County

Health

Care

Authority

,

Cullman

Regional

Medical

Center,

Inc.

,

Revenue

,

2009

A

,

7

%

,

2/01/36

........................................

5,000

5,012

Selma

Industrial

Development

Board

,

International

Paper

Co.

,

Revenue

,

2011

A

,

5.375

%

,

12/01/35

..................................................

3,250,000

3,288,161

175,808,136

Arizona

1.3%

b

Arizona

Industrial

Development

Authority

,

Doral

Academy

of

Northern

Nevada

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/15/41

............................................

265,000

295,838

Doral

Academy

of

Northern

Nevada

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/15/51

............................................

500,000

552,889

Doral

Academy

of

Northern

Nevada

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/15/56

............................................

475,000

521,684

Industrial

Development

Authority

of

the

City

of

Phoenix

(The)

,

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/54

......

1,335,000

1,600,370

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/42

1,000,000

1,194,849

b

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2017,

5%,

6/15/47

........

5,450,000

5,532,535

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2019,

Refunding,

5%,

6/15/49

1,235,000

1,316,109

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/38

....................

1,000,000

1,182,008

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/48

....................

1,000,000

1,165,739

b

Maricopa

County

Industrial

Development

Authority

,

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018

A,

6%,

7/01/38

........................................................

5,000,000

6,127,595

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018

A,

6%,

7/01/52

........................................................

10,000,000

12,038,523

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5.25%,

12/01/25

....................................

6,000,000

7,109,295

Revenue,

2007-1,

5.5%,

12/01/29

.....................................

11,105,000

14,682,472

Tempe

Industrial

Development

Authority

,

b

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6%,

10/01/37

................

1,900,000

2,134,839

b

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6.125%,

10/01/47

.............

4,850,000

5,406,659

b

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6.125%,

10/01/52

.............

2,800,000

3,113,450

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/50

........

4,300,000

4,677,062

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

82

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Tempe

Industrial

Development

Authority,

(continued)

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

........

$

8,000,000

$

8,685,416

Yuma

County

Industrial

Development

Authority

,

Far

West

Water

&

Sewer,

Inc.

,

Revenue

,

2007

A

,

Refunding

,

6.375

%

,

12/01/37

...........................

14,200,000

14,199,377

91,536,709

California

18.6%

Alvord

Unified

School

District

,

GO

,

2011

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/41

.....

30,750,000

17,908,788

b

California

Community

Housing

Agency

,

Revenue,

Junior

Lien,

144A,

2021

A,

4%,

8/01/51

.........................

10,000,000

10,741,387

Annadel

Apartments,

Revenue,

144A,

2019

A,

5%,

4/01/49

..................

10,800,000

12,282,914

Aster

Apartments,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

2/01/43

..........

8,995,000

10,055,781

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

144A,

2021

A-2,

4%,

8/01/47

12,500,000

13,642,856

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

....................................................

12,000,000

13,470,824

Mira

Vista

Hills

Apartments,

Revenue,

144A,

2021

A,

4%,

2/01/56

.............

30,500,000

32,935,096

California

County

Tobacco

Securitization

Agency

,

Alameda

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2002

,

5.875

%

,

6/01/35

......................

2,815,000

2,820,166

b

California

Municipal

Finance

Authority

,

California

Baptist

University,

Revenue,

144A,

2015

A,

5.5%,

11/01/45

...........

17,400,000

20,092,199

California

Baptist

University,

Revenue,

144A,

2016

A,

5%,

11/01/46

............

6,800,000

7,904,726

Capital

Christian

Center,

Revenue,

144A,

2021

A,

5%,

10/01/51

...............

8,425,000

9,250,049

b

California

Pollution

Control

Financing

Authority

,

c

CalPlant

I

LLC,

Revenue,

144A,

2017,

7.5%,

7/01/32

.......................

24,500,000

15,925,000

c

CalPlant

I

LLC,

Revenue,

144A,

2017,

8%,

7/01/39

........................

10,000,000

6,500,000

CalPlant

I

LLC,

Revenue,

144A,

2020,

7.5%,

7/01/32

.......................

10,000,000

9,366,922

Rialto

Bioenergy

Facility

LLC,

Revenue,

144A,

2018,

7.5%,

12/01/40

...........

4,550,000

5,010,306

b

California

Public

Finance

Authority

,

Crossroads

Christian

Schools

Obligated

Group,

Revenue,

144A,

2020,

5%,

1/01/56

4,015,000

4,194,090

Keck

Graduate

Institute

of

Applied

Life

Sciences,

Revenue,

144A,

2017

A,

Refunding,

5%,

7/01/47

............................................

2,900,000

2,616,175

Kendal

at

Sonoma

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

5%,

11/15/46

.......................................................

1,250,000

1,460,095

California

State

Public

Works

Board

,

Revenue

,

2012

A

,

Refunding

,

5

%

,

4/01/30

....

17,785,000

18,288,524

California

Statewide

Communities

Development

Authority

,

b

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2016

A,

Refunding,

5%,

6/01/36

7,210,000

8,365,563

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

2014

A,

5.25%,

12/01/44

.......................................................

20,555,000

23,285,730

b

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

144A,

2016

A,

5.25%,

12/01/56

.................................................

3,000,000

3,374,113

b

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/39

.............

1,275,000

1,410,047

b

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/49

.............

3,725,000

4,053,459

Centinela

Valley

Union

High

School

District

,

GO

,

2012

B

,

Refunding

,

AGMC

Insured

,

Zero

Cpn.,

8/01/37

.................................................

8,400,000

3,503,522

City

of

San

Buenaventura

,

Community

Memorial

Health

System,

Revenue,

2011,

Pre-Refunded,

8%,

12/01/31

10,000,000

10,190,584

Community

Memorial

Health

System,

Revenue,

2011,

Pre-Refunded,

7.5%,

12/01/41

15,000,000

15,269,281

City

of

San

Jose

,

Hotel

Tax

,

Special

Tax

,

2011

,

6.5

%

,

5/01/42

..................

10,000,000

10,043,487

b

CMFA

Special

Finance

Agency

VIII

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

.........................................................

3,000,000

3,226,129

Compton

Community

College

District

,

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/30

...................

3,425,000

2,206,815

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/32

...................

4,000,000

2,241,149

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/34

...................

4,560,000

2,208,617

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/36

...................

5,250,000

2,203,502

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/37

...................

3,065,000

1,197,295

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/38

...................

6,000,000

2,182,895

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

83

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

b

CSCDA

Community

Improvement

Authority

,

Revenue,

144A,

2021

A,

4%,

8/01/56

...................................

$

8,000,000

$

8,847,795

Altana

Apartments,

Revenue,

144A,

2021

A-2,

4%,

10/01/56

.................

8,000,000

8,705,859

Dublin,

Revenue,

144A,

2021

B,

4%,

2/01/57

.............................

2,000,000

2,155,420

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-2,

3.125%,

8/01/56

10,000,000

10,201,160

Pasadena

Portfolio,

Revenue,

144A,

2021

B,

4%,

12/01/56

..................

2,500,000

2,730,593

Union

South

Bay,

Revenue,

144A,

2021

A-2,

4%,

7/01/56

....................

12,500,000

13,545,891

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/30

..............

10,000,000

11,758,770

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/31

..............

7,295,000

8,757,741

Revenue,

Junior

Lien,

2021

C,

Refunding,

4%,

1/15/43

.....................

30,215,000

34,919,802

Revenue,

Junior

Lien,

C,

Pre-Refunded,

6.25%,

1/15/33

.....................

17,580,000

19,920,782

Golden

State

Tobacco

Securitization

Corp.

,

Revenue,

2007

B,

Zero

Cpn.,

6/01/47

...................................

50,000,000

11,322,300

Revenue,

2018

A-2,

Refunding,

5%,

6/01/47

.............................

20,000,000

20,666,570

M-S-R

Energy

Authority

,

Revenue,

2009

B,

6.125%,

11/01/29

...................................

30,050,000

38,088,065

Revenue,

2009

B,

7%,

11/01/34

.......................................

20,000,000

31,462,538

Revenue,

2009

C,

6.5%,

11/01/39

.....................................

20,000,000

32,877,954

Novato

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2011

,

Pre-

Refunded

,

6.75

%

,

9/01/40

...........................................

3,750,000

3,750,000

Palmdale

Elementary

School

District

,

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/28

...................................................

1,500,000

1,365,032

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/30

...................................................

1,250,000

1,075,946

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/31

...................................................

1,250,000

1,046,011

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/34

...................................................

2,500,000

2,722,780

River

Islands

Public

Financing

Authority

,

Community

Facilities

District

No.

2021-1,

Special

Tax,

2021,

4%,

9/01/28

........

480,000

529,566

Community

Facilities

District

No.

2021-1,

Special

Tax,

2021,

4%,

9/01/32

........

520,000

565,767

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien,

2013

A,

5.75%,

6/01/44

............................

6,065,000

6,541,102

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/32

.........................

4,000,000

3,277,266

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/33

.........................

5,500,000

4,389,875

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/41

.........................

5,000,000

3,182,722

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/42

.........................

7,000,000

4,321,888

San

Diego

Unified

School

District

,

GO,

2012

E,

Zero

Cpn.,

7/01/42

.......................................

44,565,000

43,621,933

GO,

2012

E,

Zero

Cpn.,

7/01/47

.......................................

33,305,000

32,747,361

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

5.75%,

1/15/45

.............................

35,834,000

53,571,461

Revenue,

1997

A,

Refunding,

5.75%,

1/15/46

.............................

35,834,000

53,954,641

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/24

...........................

52,700,000

52,479,488

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/25

...........................

45,200,000

44,765,845

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/26

...........................

131,900,000

128,688,525

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/27

...........................

139,100,000

133,162,725

Revenue,

Junior

Lien,

2014

B,

Refunding,

5.25%,

1/15/44

...................

20,000,000

22,458,154

Revenue,

Junior

Lien,

2014

B,

Refunding,

5.25%,

1/15/49

...................

25,000,000

28,023,540

San

Mateo

Foster

City

School

District

,

GO

,

A

,

Zero

Cpn.,

8/01/42

...............

40,000,000

45,596,972

San

Mateo

Union

High

School

District

,

GO

,

2011

A

,

Zero

Cpn.,

9/01/41

...........

20,000,000

23,926,478

San

Ysidro

School

District

,

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/42

...................

10,000,000

3,886,072

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/43

...................

12,500,000

4,596,584

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

84

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Silicon

Valley

Tobacco

Securitization

Authority

,

Revenue,

2007

A,

Zero

Cpn.,

6/01/36

...................................

$

15,000,000

$

6,624,192

Revenue,

2007

C,

Zero

Cpn.,

6/01/56

..................................

60,000,000

6,955,014

Southern

California

Public

Power

Authority

,

Revenue

,

2007

A

,

5.25

%

,

11/01/27

.....

9,855,000

12,420,507

State

of

California

,

GO

,

5

%

,

10/01/41

....................................

10,000,000

10,038,804

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2006

B,

Zero

Cpn.,

6/01/46

........................................................

50,000,000

10,908,280

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

B-2,

Refunding,

Zero

Cpn.,

6/01/54

......................................

18,000,000

3,579,174

1,320,163,031

Colorado

5.1%

3rd

and

Havana

Metropolitan

District

,

GO

,

2020

A

,

5.25

%

,

12/01/49

.............

3,775,000

4,137,897

9th

Avenue

Metropolitan

District

No.

2

,

GO

,

2018

,

5

%

,

12/01/48

................

7,420,000

7,964,135

Aerotropolis

Regional

Transportation

Authority

,

Revenue

,

2019

,

5

%

,

12/01/51

......

5,500,000

5,972,638

Allison

Valley

Metropolitan

District

No.

1

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/47

......

4,250,000

4,589,983

Allison

Valley

Metropolitan

District

No.

2

,

GO

,

2020

,

Refunding

,

4.7

%

,

12/01/47

.....

3,000,000

3,208,591

Aurora

Crossroads

Metropolitan

District

No.

2

,

GO,

Senior

Lien,

2020

A,

5%,

12/01/40

.................................

1,500,000

1,654,776

GO,

Senior

Lien,

2020

A,

5%,

12/01/50

.................................

1,500,000

1,638,999

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

1

,

GO

,

2018

A

,

5.375

%

,

12/01/48

........................................................

2,245,000

2,420,281

Baseline

Metropolitan

District

No.

1

,

GO,

2021

A,

5%,

12/01/42

...........................................

555,000

598,233

GO,

2021

A,

5%,

12/01/51

...........................................

1,000,000

1,073,058

GO,

2021

B,

7.5%,

12/15/51

.........................................

2,190,000

2,197,413

b

Bent

Grass

Metropolitan

District

,

GO

,

144A,

2020

,

Refunding

,

5.25

%

,

12/01/49

.....

1,685,000

1,848,335

Bradburn

Metropolitan

District

No.

2

,

GO,

2018

A,

Refunding,

5%,

12/01/38

..................................

600,000

694,921

GO,

2018

A,

Refunding,

5%,

12/01/47

..................................

2,400,000

2,738,984

Brighton

Crossing

Metropolitan

District

No.

4

,

GO,

2017

A,

5%,

12/01/37

...........................................

525,000

555,453

GO,

2017

A,

5%,

12/01/47

...........................................

2,440,000

2,572,471

Brighton

Crossing

Metropolitan

District

No.

6

,

GO

,

2020

A(3)

,

5

%

,

12/01/50

........

2,000,000

2,211,179

b

Broadway

Park

North

Metropolitan

District

No.

2

,

GO,

144A,

2020,

Refunding,

5%,

12/01/40

...............................

1,325,000

1,473,389

GO,

144A,

2020,

Refunding,

5%,

12/01/49

...............................

1,575,000

1,739,295

b

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-2

,

Refunding

,

5

%

,

12/01/49

........................................................

740,000

794,778

Centerra

Metropolitan

District

No.

1

,

GO

,

2020

A

,

Refunding

,

5

%

,

12/01/51

........

4,000,000

4,405,380

City

&

County

of

Denver

,

Airport

System

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/01/48

24,120,000

29,491,970

Clear

Creek

Transit

Metropolitan

District

No.

2

,

GO,

2021

A,

5%,

12/01/41

...........................................

580,000

639,990

GO,

2021

A,

5%,

12/01/50

...........................................

1,000,000

1,100,364

Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

4,300,000

5,337,362

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

4%,

8/01/49

11,990,000

13,726,108

Frasier

Meadows

Manor,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/47

........................................................

6,500,000

7,648,341

Frasier

Meadows

Manor,

Inc.

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

5/15/48

........................................................

12,255,000

12,881,894

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/45

...

1,000,000

1,164,927

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

...

4,525,000

5,253,730

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

85

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Constitution

Heights

Metropolitan

District

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/49

.....

$

1,760,000

$

1,934,643

Copperleaf

Metropolitan

District

No.

6

,

GO

,

2018

A

,

5.25

%

,

12/01/48

.............

3,850,000

4,129,803

Cornerstar

Metropolitan

District

,

GO,

A,

Refunding,

5.125%,

12/01/37

...................................

2,000,000

2,111,804

GO,

A,

Refunding,

5.25%,

12/01/47

....................................

5,200,000

5,480,253

Cottonwood

Highlands

Metropolitan

District

No.

1

,

GO

,

2019

A

,

5

%

,

12/01/49

......

900,000

969,321

b

Denver

Health

&

Hospital

Authority

,

Revenue,

144A,

2017

A,

Refunding,

4%,

12/01/35

.........................

5,000,000

5,701,320

Revenue,

144A,

2017

A,

Refunding,

4%,

12/01/36

.........................

5,000,000

5,692,178

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

B

,

6

%

,

12/01/48

........................................................

4,290,000

4,655,378

b

DIATC

Metropolitan

District

,

GO

,

144A,

2019

,

Refunding

,

5

%

,

12/01/49

...........

2,000,000

2,163,886

E-470

Public

Highway

Authority

,

Revenue

,

2004

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

9/01/28

.....................................................

15,000,000

13,787,402

Eagle

Brook

Meadows

Metropolitan

District

No.

3

,

GO

,

2021

,

5

%

,

12/01/51

........

1,600,000

1,689,973

Evan's

Place

Metropolitan

District

,

GO,

2020

A(3),

5%,

12/01/40

.........................................

550,000

612,544

GO,

2020

A(3),

5%,

12/01/50

.........................................

1,575,000

1,738,158

First

Creek

Village

Metropolitan

District

,

GO,

2019

A,

5%,

12/01/39

...........................................

595,000

658,579

GO,

2019

A,

5%,

8/01/49

............................................

540,000

591,966

Greenways

Metropolitan

District

No.

1

,

GO

,

2021

A-3

,

4.625

%

,

12/01/51

..........

1,580,000

1,588,806

b

Hidden

Creek

Metropolitan

District

,

GO

,

144A,

2021

A

,

4.625

%

,

12/01/45

.........

1,140,000

1,140,371

b

Horizon

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A

,

4.5

%

,

12/01/51

...........

1,675,000

1,709,673

Hunters

Overlook

Metropolitan

District

No.

5

,

GO,

2019

A,

5%,

12/01/39

...........................................

750,000

833,294

GO,

2019

A,

5%,

12/01/49

...........................................

1,000,000

1,099,408

b

Jay

Grove

Metropolitan

District

,

GO

,

144A,

2021

,

4.25

%

,

12/01/51

..............

1,225,000

1,226,630

Jefferson

Center

Metropolitan

District

No.

1

,

Revenue,

2020

A-2,

4.125%,

12/01/40

..................................

575,000

613,470

Revenue,

2020

A-2,

4.375%,

12/01/47

..................................

1,125,000

1,200,937

b

Karl's

Farm

Metropolitan

District

No.

2

,

GO,

144A,

2020

A(3),

5.375%,

12/01/40

.................................

645,000

713,462

GO,

144A,

2020

A(3),

5.625%,

12/01/50

.................................

1,900,000

2,098,145

Leyden

Rock

Metropolitan

District

No.

10

,

GO

,

2016

A

,

Refunding

,

5

%

,

12/01/45

....

3,020,000

3,125,650

Meadowlark

Metropolitan

District

,

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020

A,

4.875%,

12/01/40

....

520,000

565,904

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020

A,

5.125%,

12/01/50

....

750,000

820,343

Nexus

North

at

DIA

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

...............

565,000

614,971

Palisade

Park

West

Metropolitan

District

,

GO

,

2019

A

,

5.125

%

,

12/01/49

..........

1,500,000

1,616,944

b

Plaza

Metropolitan

District

No.

1

,

Tax

Allocation

,

144A,

2013

,

Refunding

,

5

%

,

12/01/40

3,000,000

3,080,996

Prairie

Center

Metropolitan

District

No.

7

,

GO,

2020,

4.125%,

12/15/36

.........................................

500,000

543,477

GO,

2020,

4.875%,

12/15/44

.........................................

725,000

788,333

Pronghorn

Valley

Metropolitan

District

,

GO,

2021

A,

3.75%,

12/01/41

.........................................

515,000

521,757

GO,

2021

A,

4%,

12/01/51

...........................................

650,000

656,210

Ptarmigan

West

Metropolitan

District

No.

2

,

GO

,

2021-3

,

4.125

%

,

12/01/51

........

1,475,000

1,477,491

Public

Authority

for

Colorado

Energy

,

Revenue,

2008,

6.125%,

11/15/23

.....................................

1,615,000

1,733,033

Revenue,

2008,

6.25%,

11/15/28

......................................

12,500,000

15,897,774

Revenue,

2008,

6.5%,

11/15/38

.......................................

60,100,000

93,861,920

Raindance

Metropolitan

District

No.

1

,

Non-Potable

Water

System,

Revenue,

2020,

5%,

12/01/40

...................

625,000

687,227

Non-Potable

Water

System,

Revenue,

2020,

5.25%,

12/01/50

................

4,250,000

4,671,181

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

86

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Reunion

Metropolitan

District

,

Revenue

,

2021

A

,

3.625

%

,

12/01/44

..............

$

2,000,000

$

2,003,945

Ritoro

Metropolitan

District

,

GO

,

2019

A

,

5

%

,

12/01/49

.......................

2,000,000

2,156,595

Severance

Shores

Metropolitan

District

No.

4

,

GO

,

2020

A

,

5

%

,

12/01/49

.........

2,900,000

3,178,306

Sierra

Ridge

Metropolitan

District

No.

2

,

GO,

Senior

Lien

,

2016

A

,

5.5

%

,

12/01/46

...

1,500,000

1,553,349

South

Aurora

Regional

Improvement

Authority

,

Revenue

,

2018

,

6.25

%

,

12/01/57

....

2,815,000

3,014,540

Southglenn

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/30

....................................

3,470,000

3,594,212

GO,

2016,

Refunding,

5%,

12/01/36

....................................

810,000

838,334

GO,

2016,

Refunding,

5%,

12/01/46

....................................

4,200,000

4,344,540

STC

Metropolitan

District

No.

2

,

GO,

2019

A,

Refunding,

5%,

12/01/38

..................................

2,000,000

2,197,008

GO,

2019

A,

Refunding,

5%,

12/01/49

..................................

1,000,000

1,089,942

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

3.75%,

12/01/40

.................................................

500,000

551,125

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

4.25%,

12/01/50

.................................................

1,150,000

1,285,997

Timberleaf

Metropolitan

District

,

GO

,

2020

A

,

5.75

%

,

12/01/50

..................

1,730,000

1,918,847

Village

at

Dry

Creek

Metropolitan

District

No.

2

(The)

,

GO

,

2019

,

4.375

%

,

12/01/44

..

1,370,000

1,455,066

Village

Metropolitan

District

(The)

,

GO,

2020,

Refunding,

5%,

12/01/40

....................................

1,100,000

1,247,018

GO,

2020,

Refunding,

5%,

12/01/49

....................................

1,750,000

1,972,429

Villages

at

Castle

Rock

Metropolitan

District

No.

4

,

1989

,

11.12

%

,

6/01/31

.........

3,000,000

2,700,000

Wild

Plum

Metropolitan

District

,

GO

,

2019

A

,

5

%

,

12/01/49

....................

595,000

649,594

Willow

Bend

Metropolitan

District

,

GO,

Senior

Lien

,

2019

A

,

5

%

,

12/01/49

.........

1,000,000

1,081,340

363,371,677

Connecticut

0.5%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

b

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

2016

A,

5%,

9/01/46

..

1,000,000

1,121,251

b

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

A,

5%,

9/01/53

......

7,850,000

8,774,370

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/37

........

5,500,000

6,316,134

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/43

........

13,000,000

14,812,638

b

McLean

Affiliates

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/45

........

2,000,000

2,248,680

b

McLean

Affiliates

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/55

........

2,800,000

3,129,659

36,402,732

Florida

10.8%

Artisan

Lakes

East

Community

Development

District

,

Special

Assessment,

2021-1,

2.3%,

5/01/26

..............................

225,000

225,350

Special

Assessment,

2021-1,

2.75%,

5/01/31

.............................

250,000

250,341

Special

Assessment,

2021-1,

3.125%,

5/01/41

............................

470,000

471,939

Special

Assessment,

2021-1,

4%,

5/01/51

...............................

455,000

483,480

b

Special

Assessment,

144A,

2021-2,

2.75%,

5/01/31

........................

275,000

275,374

b

Special

Assessment,

144A,

2021-2,

3.125%,

5/01/41

.......................

515,000

517,125

b

Special

Assessment,

144A,

2021-2,

4%,

5/01/52

..........................

550,000

584,426

b

Astonia

Community

Development

District

,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

550,000

591,998

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,395,000

1,479,936

Assessment

Area

2,

Special

Assessment,

144A,

2021,

2.5%,

5/01/26

...........

200,000

200,180

Assessment

Area

2,

Special

Assessment,

144A,

2021,

3%,

5/01/31

............

500,000

501,015

Assessment

Area

2,

Special

Assessment,

144A,

2021,

3.2%,

5/01/41

...........

1,030,000

1,032,526

Assessment

Area

2,

Special

Assessment,

144A,

2021,

4%,

5/01/52

............

1,100,000

1,151,163

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

2.5%,

5/01/26

..

240,000

240,184

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

3%,

5/01/31

....

320,000

320,651

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

3.2%,

5/01/41

..

875,000

877,146

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

87

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

b

Astonia

Community

Development

District,

(continued)

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

4%,

5/01/51

....

$

750,000

$

784,884

Avalon

Groves

Community

Development

District

,

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

360,000

360,927

Special

Assessment,

2021,

4%,

5/01/51

.................................

500,000

537,582

Assessment

Area

Three,

Special

Assessment,

2021,

3%,

5/01/32

..............

200,000

203,075

Assessment

Area

Three,

Special

Assessment,

2021,

3.375%,

5/01/41

..........

500,000

512,672

Assessment

Area

Three,

Special

Assessment,

2021,

4%,

5/01/51

..............

500,000

532,932

Avalon

Park

West

Community

Development

District

,

Special

Assessment,

2020,

Refunding,

3.25%,

5/01/30

......................

215,000

224,641

Special

Assessment,

2020,

Refunding,

3.75%,

5/01/40

......................

580,000

614,352

Special

Assessment,

2020,

Refunding,

4%,

5/01/51

........................

880,000

930,789

Babcock

Ranch

Community

Independent

Special

District

,

Special

Assessment,

2021,

2.875%,

5/01/31

.............................

465,000

468,040

Special

Assessment,

2021,

3.2%,

5/01/41

...............................

1,500,000

1,509,939

Special

Assessment,

2021,

4%,

5/01/52

.................................

2,000,000

2,111,574

Assessment

Area

2C,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

260,048

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/40

................

775,000

842,287

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/51

................

1,550,000

1,655,296

Assessment

Area

3A,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

260,052

Assessment

Area

3A,

Special

Assessment,

2020,

4%,

5/01/40

................

1,840,000

1,999,752

Assessment

Area

3A,

Special

Assessment,

2020,

4%,

5/01/50

................

2,500,000

2,671,475

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/40

................

385,000

418,426

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/51

................

890,000

950,460

b

Bannon

Lakes

Community

Development

District

,

Special

Assessment,

144A,

2021,

3.5%,

5/01/41

..........................

700,000

721,760

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

775,000

817,578

Banyan

Cay

Community

Development

District

,

Special

Assessment

,

2020

NM

,

4

%

,

11/01/51

........................................................

3,000,000

3,126,182

Belmond

Reserve

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

1,750,000

1,885,977

Special

Assessment,

2020,

4%,

5/01/51

.................................

3,635,000

3,839,861

Belmont

II

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

12/15/30

.............................

325,000

340,225

Special

Assessment,

2020,

3.625%,

12/15/40

.............................

1,390,000

1,461,063

Special

Assessment,

2020,

4%,

12/15/50

................................

1,000,000

1,061,313

Berry

Bay

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/26

.............................

250,000

253,083

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

400,000

411,631

Special

Assessment,

2021,

3.625%,

5/01/41

.............................

1,250,000

1,295,402

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,500,000

1,578,605

Boggy

Branch

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

395,000

399,141

Special

Assessment,

2021,

3%,

5/01/31

.................................

450,000

460,296

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,165,000

1,201,655

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,360,000

1,434,718

Brightwater

Community

Development

District

,

Special

Assessment,

2021,

2.85%,

5/01/31

..............................

300,000

300,614

Special

Assessment,

2021,

3.15%,

5/01/41

..............................

1,000,000

1,002,459

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,445,000

1,517,067

b

Cape

Coral

Health

Facilities

Authority

,

Gulf

Care,

Inc.

Obligated

Group

,

Revenue,

Senior

Lien

,

144A,

2015

,

Refunding

,

6

%

,

7/01/45

..........................

5,250,000

5,659,755

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

A-1

,

Refunding

,

5

%

,

10/01/34

............................................

2,000,000

2,493,976

Capital

Trust

Agency,

Inc.

,

b

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

3%,

7/01/31

..........

100,000

102,834

b

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/41

..........

450,000

493,677

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

88

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Capital

Trust

Agency,

Inc.,

(continued)

b

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/51

..........

$

540,000

$

583,749

b

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/56

..........

445,000

477,139

b

Educational

Growth

Fund

LLC,

Revenue,

144A,

2021

B,

Zero

Cpn.,

7/01/31

......

11,145,000

7,011,684

b

Educational

Growth

Fund

LLC,

Revenue,

Senior

Lien,

144A,

2021

A-1,

5%,

7/01/56

5,000,000

5,925,237

Liza

Jackson

Preparatory

School,

Inc.,

Revenue,

2020

A,

5%,

8/01/55

..........

800,000

961,711

b

Odyssey

Charter

School,

Inc.,

Revenue,

144A,

2019,

5%,

7/01/49

.............

1,270,000

1,431,156

b

Odyssey

Charter

School,

Inc.,

Revenue,

144A,

2019,

5%,

7/01/54

.............

2,390,000

2,687,455

b

Sarasota-Manatee

Jewish

Housing

Council

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

7/01/46

............................................

3,250,000

3,439,754

b

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/40

......

1,235,000

1,346,743

b

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/55

......

3,805,000

4,095,219

b

University

Bridge

LLC,

Revenue,

144A,

2018

A,

5.25%,

12/01/43

..............

31,755,000

37,648,233

b

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

3.3%,

1/01/31

..............

100,000

106,619

b

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

5%,

1/01/56

...............

1,050,000

1,237,543

b

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

5%,

1/01/55

.................

3,500,000

4,098,590

Celebration

Community

Development

District

,

Special

Assessment,

2021,

2.25%,

5/01/26

..............................

100,000

99,998

Special

Assessment,

2021,

2.75%,

5/01/31

..............................

240,000

239,994

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

590,000

590,229

Special

Assessment,

2021,

4%,

5/01/51

.................................

850,000

896,699

CFM

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

195,000

195,919

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,265,000

1,332,358

Chaparral

Palm

Bay

Community

Development

District

,

Special

Assessment,

2020

A-1,

4%,

5/01/40

..............................

1,235,000

1,323,687

Special

Assessment,

2020

A-1,

4%,

5/01/50

..............................

2,015,000

2,129,402

b

Chapel

Creek

Community

Development

District

,

Special

Assessment,

144A,

2021,

3%,

5/01/31

............................

260,000

263,042

Special

Assessment,

144A,

2021,

3.375%,

5/01/41

.........................

875,000

886,524

Special

Assessment,

144A,

2021,

4%,

5/01/52

............................

1,125,000

1,181,108

b

Chapel

Crossings

Community

Development

District

,

Special

Assessment,

144A,

2020,

2.625%,

5/01/25

.........................

485,000

492,639

Special

Assessment,

144A,

2020,

3.2%,

5/01/30

..........................

695,000

723,186

Special

Assessment,

144A,

2020,

3.7%,

5/01/40

..........................

1,825,000

1,926,631

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

3,010,000

3,181,733

b

Coco

Palms

Community

Development

District

,

Special

Assessment

,

144A,

2019

,

4.75

%

,

6/15/39

...................................................

500,000

565,375

Collier

County

Educational

Facilities

Authority

,

Ave

Maria

University,

Inc.,

Revenue,

2013

A,

Refunding,

6%,

6/01/33

...........

5,500,000

5,913,190

Ave

Maria

University,

Inc.,

Revenue,

2013

A,

Refunding,

6%,

6/01/38

...........

12,000,000

12,869,137

Hodges

University,

Inc.,

Revenue,

2013,

Pre-Refunded,

6.125%,

11/01/43

.......

10,035,000

11,276,152

Coral

Keys

Homes

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

570,000

615,554

Special

Assessment,

2020,

4%,

5/01/50

.................................

750,000

794,867

Cordoba

Ranch

Community

Development

District

,

Special

Assessment,

2021,

Refunding,

3%,

5/01/31

........................

835,000

862,371

Special

Assessment,

2021,

Refunding,

3%,

5/01/37

........................

825,000

838,867

b

Crestview

II

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

281,581

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/37

...................

475,000

522,955

Crystal

Cay

Community

Development

District

,

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

200,000

200,412

Special

Assessment,

2021,

3.05%,

5/01/41

..............................

850,000

852,102

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,000,000

1,059,183

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

89

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

b

Currents

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

4%,

5/01/40

..........................

$

3,100,000

$

3,342,234

Special

Assessment,

144A,

2020

A,

4%,

5/01/51

..........................

5,815,000

6,178,977

b

Cypress

Bluff

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

3.125%,

5/01/30

.......................

250,000

261,673

Special

Assessment,

144A,

2020

A,

3.625%,

5/01/40

.......................

800,000

844,759

Special

Assessment,

144A,

2020

A,

3.8%,

5/01/50

.........................

1,175,000

1,237,951

b

Cypress

Park

Estates

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

295,000

306,375

Special

Assessment,

144A,

2020,

3.875%,

5/01/40

.........................

1,170,000

1,255,067

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,210,000

1,285,833

DG

Farms

Community

Development

District

,

Special

Assessment,

2020,

2.75%,

5/01/25

..............................

155,000

156,816

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

220,000

226,976

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

365,000

378,114

b

Downtown

Doral

South

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

144A,

2018

,

5

%

,

12/15/48

.................................

5,310,000

6,255,348

b

DW

Bayview

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

5/01/26

.........................

410,000

413,112

Special

Assessment,

144A,

2021,

3%,

5/01/32

............................

430,000

437,873

Special

Assessment,

144A,

2021,

3.375%,

5/01/41

.........................

1,160,000

1,185,566

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

750,000

793,385

East

547

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

2021,

2.5%,

5/01/26

.............

160,000

160,668

Assessment

Area

One,

Special

Assessment,

2021,

3%,

5/01/31

...............

140,000

141,542

Assessment

Area

One,

Special

Assessment,

2021,

3.3%,

5/01/41

.............

600,000

607,431

Assessment

Area

One,

Special

Assessment,

2021,

4%,

5/01/51

...............

830,000

873,494

East

Bonita

Beach

Road

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/32

.................................

255,000

259,676

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

750,000

764,233

Special

Assessment,

2021,

4%,

5/01/51

.................................

750,000

800,466

East

Nassau

Stewardship

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

330,000

332,156

Special

Assessment,

2021,

3%,

5/01/31

.................................

500,000

507,236

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,270,000

1,300,354

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,520,000

1,593,251

Eden

Hills

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

110,000

114,531

Special

Assessment,

2020,

4%,

5/01/40

.................................

300,000

321,582

Special

Assessment,

2020,

4.125%,

5/01/51

.............................

500,000

529,105

Edgewater

East

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

525,000

532,046

Special

Assessment,

2021,

3.1%,

5/01/31

...............................

700,000

722,854

Special

Assessment,

2021,

3.6%,

5/01/41

...............................

2,625,000

2,735,987

Special

Assessment,

2021,

4%,

5/01/51

.................................

2,825,000

2,992,121

b

Enbrook

Community

Development

District

,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

835,000

900,910

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,150,000

1,219,094

Epperson

North

Community

Development

District

,

b

Special

Assessment,

144A,

2018

A-1,

5.5%,

11/01/39

.......................

1,500,000

1,762,566

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

300,000

302,746

Special

Assessment,

2021,

3%,

5/01/31

.................................

350,000

357,514

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,710,000

1,758,042

Special

Assessment,

2021,

4%,

5/01/51

.................................

3,540,000

3,713,573

Epperson

Ranch

II

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

3.25%,

5/01/25

...............

775,000

795,954

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

90

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Epperson

Ranch

II

Community

Development

District,

(continued)

Assessment

Area

2,

Special

Assessment,

2020,

3.625%,

5/01/30

..............

$

1,135,000

$

1,208,989

Assessment

Area

2,

Special

Assessment,

2020,

4.2%,

5/01/40

................

3,075,000

3,366,199

Assessment

Area

2,

Special

Assessment,

2020,

4.375%,

5/01/51

..............

5,315,000

5,808,219

Escambia

County

Health

Facilities

Authority

,

Baptist

Health

Care

Corp.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

8/15/45

........................................................

9,000,000

10,288,840

Baptist

Health

Care

Corp.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

8/15/50

........................................................

3,200,000

3,636,141

Florida

Development

Finance

Corp.

,

b,d

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

A,

Refunding,

Mandatory

Put,

6.375%,

1/01/26

.................................................

2,000,000

2,076,409

b,d

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

A,

Refunding,

Mandatory

Put,

6.5%,

1/01/29

...................................................

4,000,000

4,141,958

b

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

B,

7.375%,

1/01/49

.........

33,000,000

36,284,200

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

6/01/31

........................................................

175,000

208,380

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

6/01/35

........................................................

200,000

236,071

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

6/01/51

........................................................

5,500,000

6,364,661

b

Mayflower

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

6/01/50

........................................................

5,000,000

5,930,159

b

Mayflower

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

6/01/46

............................................

2,000,000

2,265,439

b

Mayflower

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

6/01/55

............................................

1,750,000

1,963,412

River

City

Education

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/55

..........

1,000,000

1,072,147

b

Forest

Lake

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

350,000

365,951

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

1,285,000

1,384,393

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,190,000

1,257,758

Grand

Oaks

Community

Development

District

,

Special

Assessment,

2020,

4.25%,

5/01/40

..............................

1,100,000

1,179,235

Special

Assessment,

2020,

4.5%,

5/01/52

...............................

3,500,000

3,752,136

Grande

Pines

Community

Development

District

,

Special

Assessment,

2021,

3.75%,

5/01/41

..............................

710,000

733,257

Special

Assessment,

2021,

4%,

5/01/51

.................................

750,000

777,999

b

Greeneway

Improvement

District

,

Special

Assessment

,

144A,

2013

,

5.125

%

,

5/01/43

35,075,000

36,280,272

Hammock

Reserve

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

540,000

579,310

Special

Assessment,

2020,

4%,

5/01/51

.................................

860,000

908,255

Special

Assessment,

2021,

3%,

5/01/31

.................................

200,000

203,452

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

525,000

536,741

Special

Assessment,

2021,

4%,

5/01/51

.................................

635,000

672,582

Heritage

Harbour

North

Community

Development

District

,

Special

Assessment

,

2014

,

5.125

%

,

5/01/45

...................................................

2,170,000

2,541,764

Hills

of

Minneola

Community

Development

District

,

b

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

..........................

1,000,000

1,059,897

b

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

2,625,000

2,808,049

b

Special

Assessment,

144A,

2020,

4%,

5/01/50

............................

5,505,000

5,809,707

Special

Assessment,

2021,

2.375%,

5/01/26

.............................

100,000

100,090

Special

Assessment,

2021,

2.8%,

5/01/31

...............................

250,000

250,512

Special

Assessment,

2021,

3.2%,

5/01/41

...............................

750,000

751,839

Special

Assessment,

2021,

4%,

5/01/52

.................................

500,000

522,825

Holly

Hill

Road

East

Community

Development

District

,

Special

Assessment,

2020,

4.5%,

11/01/31

...............................

165,000

182,576

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

91

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Holly

Hill

Road

East

Community

Development

District,

(continued)

Special

Assessment,

2020,

5%,

11/01/41

................................

$

350,000

$

406,070

Special

Assessment,

2020,

5%,

11/01/50

................................

520,000

608,316

Indigo

Community

Development

District

,

Special

Assessment,

1999

A,

7%,

5/01/31

...............................

560,000

561,180

Special

Assessment,

1999

C,

7%,

5/01/30

...............................

4,123,752

2,886,626

Kindred

Community

Development

District

II

,

Special

Assessment,

2020,

3.5%,

5/01/40

...............................

395,000

414,268

Special

Assessment,

2020,

3.75%,

5/01/50

..............................

570,000

599,716

Kingman

Gate

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

6/15/30

.............................

375,000

395,860

Special

Assessment,

2020,

4%,

6/15/40

.................................

775,000

845,704

Special

Assessment,

2020,

4%,

6/15/50

.................................

2,270,000

2,425,942

Special

Assessment,

2021,

2.5%,

6/15/26

...............................

100,000

101,122

Special

Assessment,

2021,

3.125%,

6/15/31

.............................

250,000

257,197

Special

Assessment,

2021,

3.6%,

6/15/41

...............................

750,000

776,926

Special

Assessment,

2021,

4%,

6/15/51

.................................

750,000

789,080

Lake

Ashton

Community

Development

District

,

Special

Assessment

,

2015

A-1

,

Refunding

,

5

%

,

5/01/32

.............................................

2,245,000

2,413,618

Lakes

of

Sarasota

Community

Development

District

,

Special

Assessment,

2021

A-1,

3.9%,

5/01/41

............................

285,000

294,742

Special

Assessment,

2021

A-1,

4.1%,

5/01/51

............................

265,000

273,972

Special

Assessment,

2021

A-2,

3.875%,

5/01/31

..........................

850,000

867,510

Special

Assessment,

2021

B-1,

3.625%,

5/01/31

..........................

125,000

128,264

Special

Assessment,

2021

B-1,

4.125%,

5/01/41

..........................

200,000

206,025

Special

Assessment,

2021

B-1,

4.3%,

5/01/51

............................

325,000

334,576

Special

Assessment,

2021

B-2,

4.125%,

5/01/31

..........................

1,000,000

1,027,670

Lakewood

Park

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

2021,

3.2%,

5/01/31

.............

125,000

128,276

Assessment

Area

One,

Special

Assessment,

2021,

3.625%,

5/01/41

...........

325,000

334,892

Assessment

Area

One,

Special

Assessment,

2021,

4%,

5/01/52

...............

500,000

523,256

Lakewood

Ranch

Stewardship

District

,

Special

Assessment,

2020,

3%,

5/01/30

.................................

470,000

483,003

b

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.........................

250,000

261,553

b

Special

Assessment,

144A,

2020,

Refunding,

3.2%,

5/01/30

..................

440,000

461,459

Special

Assessment,

2020,

3.5%,

5/01/40

...............................

750,000

778,984

b

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.........................

1,080,000

1,137,882

b

Special

Assessment,

144A,

2020,

Refunding,

3.75%,

5/01/40

.................

2,100,000

2,229,205

b

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/50

...................

1,250,000

1,324,122

Special

Assessment,

2020,

4%,

5/01/50

.................................

1,270,000

1,344,321

b

Special

Assessment,

144A,

2020,

3.875%,

5/01/51

.........................

2,650,000

2,799,969

Special

Assessment,

2020

A,

3.75%,

5/01/40

.............................

525,000

558,033

Special

Assessment,

2020

A,

3.9%,

5/01/50

..............................

770,000

815,563

Live

Oak

Lake

Community

Development

District

,

Special

Assessment,

2020,

4.4%,

5/01/40

...............................

1,600,000

1,756,920

Special

Assessment,

2020,

4.6%,

5/01/51

...............................

2,845,000

3,148,956

b

Magnolia

Park

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

281,525

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/39

...................

688,000

756,235

Marshall

Creek

Community

Development

District

,

Special

Assessment

,

2015

A

,

Refunding

,

5

%

,

5/01/32

.............................................

1,780,000

1,899,583

Miami-Dade

County

Educational

Facilities

Authority

,

University

of

Miami

,

Revenue

,

B

,

Refunding

,

AMBAC

Insured

,

5.25

%

,

4/01/27

..............................

10,995,000

13,588,810

Miami-Dade

County

Expressway

Authority

,

Revenue

,

A

,

5

%

,

7/01/40

.............

44,360,000

44,508,712

Mirada

II

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

500,000

504,845

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

650,000

666,164

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

92

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Mirada

II

Community

Development

District,

(continued)

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

$

2,100,000

$

2,160,765

Special

Assessment,

2021,

4%,

5/01/51

.................................

2,375,000

2,493,450

New

Port

Tampa

Bay

Community

Development

District

,

Special

Assessment,

2021,

2.875%,

5/01/26

.............................

350,000

355,030

Special

Assessment,

2021,

3.5%,

5/01/31

...............................

500,000

515,375

Special

Assessment,

2021,

3.875%,

5/01/41

.............................

1,250,000

1,293,819

Special

Assessment,

2021,

4.125%,

5/01/52

.............................

2,250,000

2,324,235

North

AR-1

Pasco

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/26

.............................

250,000

251,434

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

400,000

405,346

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,285,000

1,306,049

Special

Assessment,

2021,

4%,

5/01/51

.................................

2,735,000

2,876,689

North

Powerline

Road

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

5/01/30

.............................

490,000

504,713

Special

Assessment,

2020,

3.625%,

5/01/40

.............................

1,000,000

1,039,206

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,500,000

1,577,353

North

River

Ranch

Community

Development

District

,

Special

Assessment,

2020

A-1,

3%,

5/01/25

..............................

590,000

599,597

Special

Assessment,

2020

A-1,

3.5%,

5/01/30

............................

855,000

890,950

Special

Assessment,

2020

A-1,

4%,

5/01/40

..............................

1,150,000

1,209,304

Special

Assessment,

2020

A-1,

4.25%,

5/01/51

...........................

1,960,000

2,054,022

Special

Assessment,

2020

A-2,

4.2%,

5/01/35

............................

1,670,000

1,749,013

Special

Assessment,

2020

A-3,

4.75%,

5/01/40

...........................

2,000,000

2,001,162

b

North

Springs

Improvement

District

,

Special

Assessment

,

144A,

2017-2

,

5

%

,

5/01/48

5,000,000

5,592,623

Northern

Palm

Beach

County

,

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2014,

5%,

8/01/34

........................................................

2,700,000

2,916,649

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2014,

5.2%,

8/01/46

........................................................

6,000,000

6,444,528

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2017,

5%,

8/01/37

........................................................

750,000

863,596

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2017,

5%,

8/01/46

........................................................

3,000,000

3,404,508

Old

Hickory

Community

Development

District

,

Special

Assessment,

2020,

4%,

6/15/40

.................................

1,300,000

1,409,116

Special

Assessment,

2020,

4%,

6/15/50

.................................

1,955,000

2,086,231

Orange

County

Health

Facilities

Authority

,

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/41

............................................

3,800,000

4,191,465

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/47

............................................

4,285,000

4,718,842

b,e

Osceola

Village

Center

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.875%,

5/01/31

.........................

180,000

180,367

Special

Assessment,

144A,

2021,

3.3%,

5/01/41

..........................

370,000

370,597

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

405,000

422,111

Palm

Beach

County

Health

Facilities

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/32

...............

1,500,000

1,790,812

Parkview

at

Long

Lake

Ranch

Community

Development

District

,

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

955,000

1,010,757

Special

Assessment,

2020,

4%,

5/01/51

.................................

800,000

846,202

Parrish

Plantation

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

255,000

258,216

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

235,000

241,172

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

790,000

814,856

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,370,000

1,441,792

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

93

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Pelican

Marsh

Community

Development

District

,

Special

Assessment,

2012,

Refunding,

4.875%,

5/01/22

.....................

$

165,000

$

168,426

Special

Assessment,

2012,

Refunding,

5.375%,

5/01/31

.....................

1,235,000

1,260,487

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment

,

2020

A-2

,

Refunding

,

3.75

%

,

5/01/37

.......................................

700,000

741,301

Pinellas

County

Industrial

Development

Authority

,

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.,

Revenue,

2017,

5%,

7/01/39

................................................

2,000,000

2,411,918

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.,

Revenue,

2019,

5%,

7/01/29

................................................

900,000

1,046,906

Preserve

at

South

Branch

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

150,000

153,639

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

750,000

774,581

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,000,000

1,060,886

Reunion

East

Community

Development

District

,

2021

Assessment

Area,

Special

Assessment,

2021,

2.4%,

5/01/26

.............

500,000

500,383

2021

Assessment

Area,

Special

Assessment,

2021,

2.85%,

5/01/31

............

400,000

400,817

2021

Assessment

Area,

Special

Assessment,

2021,

3.15%,

5/01/41

............

1,455,000

1,458,579

2021

Assessment

Area,

Special

Assessment,

2021,

4%,

5/01/51

..............

1,750,000

1,841,705

River

Glen

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

350,000

365,854

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

1,000,000

1,029,535

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,000,000

1,059,183

River

Hall

Community

Development

District

,

Special

Assessment,

2020

A,

3.25%,

5/01/31

.............................

430,000

451,298

Special

Assessment,

2020

A,

3.625%,

5/01/40

............................

1,030,000

1,086,285

Special

Assessment,

2020

A,

3.875%,

5/01/51

............................

2,690,000

2,844,686

e

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/22

.....................

200,000

202,371

e

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/23

.....................

150,000

153,988

e

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/24

.....................

250,000

259,025

e

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/25

.....................

150,000

156,073

e

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/26

.....................

200,000

207,981

e

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/31

.....................

1,000,000

1,021,847

e

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/36

.....................

1,000,000

1,002,475

River

Landing

Community

Development

District

,

Special

Assessment,

2020

A,

3%,

5/01/25

...............................

325,000

330,414

Special

Assessment,

2020

A,

3.6%,

5/01/30

..............................

475,000

496,687

Special

Assessment,

2020

A,

4.125%,

5/01/40

............................

850,000

897,186

Special

Assessment,

2020

A,

4.35%,

5/01/51

.............................

1,100,000

1,157,766

Special

Assessment,

2020

B,

4.25%,

11/01/35

............................

1,200,000

1,232,145

River

Place

on

the

St.

Lucie

Community

Development

District

,

Special

Assessment,

2001

A,

7.625%,

5/01/30

............................

1,105,000

1,105,594

c

Special

Assessment,

2001

B,

7.25%,

5/01/10

.............................

35,000

1,750

Rivers

Edge

II

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

205,000

208,827

Special

Assessment,

2021,

4%,

5/01/51

.................................

910,000

956,919

b

Rivers

Edge

III

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.4%,

5/01/26

..........................

165,000

166,210

Special

Assessment,

144A,

2021,

3%,

5/01/31

............................

300,000

306,230

Special

Assessment,

144A,

2021,

3.5%,

5/01/41

..........................

775,000

800,039

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

905,000

953,954

Rivington

Community

Development

District

,

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

1,905,000

2,021,174

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

,

Special

Assessment,

2020,

3%,

6/15/30

.................................

250,000

259,597

Special

Assessment,

2020,

4%,

6/15/40

.................................

610,000

659,234

Special

Assessment,

2020,

4%,

6/15/50

.................................

785,000

835,215

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

94

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

e

Sanctuary

Cove

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/31

.............................

$

190,000

$

189,597

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

400,000

399,700

Special

Assessment,

2021,

4%,

5/01/52

.................................

770,000

812,752

b

Sandmine

Road

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.......

300,000

314,288

Assessment

Area

One,

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.......

1,040,000

1,104,473

Assessment

Area

One,

Special

Assessment,

144A,

2020,

3.75%,

5/01/50

.......

2,020,000

2,134,049

Sandridge

Community

Development

District

,

Special

Assessment,

2021

A-1,

2.875%,

5/01/26

..........................

500,000

503,970

Special

Assessment,

2021

A-1,

3.4%,

5/01/31

............................

750,000

766,893

Special

Assessment,

2021

A-1,

3.875%,

5/01/41

..........................

740,000

761,947

Special

Assessment,

2021

A-1,

4%,

5/01/51

..............................

735,000

752,148

Special

Assessment,

2021

A-2,

3.875%,

5/01/31

..........................

885,000

906,137

Sarasota

National

Community

Development

District

,

Special

Assessment,

2020,

Refunding,

3.5%,

5/01/31

.......................

1,500,000

1,624,279

Special

Assessment,

2020,

Refunding,

4%,

5/01/39

........................

2,210,000

2,410,923

Sawyers

Landing

Community

Development

District

,

Special

Assessment,

2021,

3.75%,

5/01/31

..............................

1,400,000

1,470,030

Special

Assessment,

2021,

4.125%,

5/01/41

.............................

3,055,000

3,243,784

Special

Assessment,

2021,

4.25%,

5/01/53

..............................

6,015,000

6,346,574

Scenic

Highway

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

470,000

484,932

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

1,230,000

1,274,191

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,250,000

1,293,478

School

Board

of

Miami-Dade

County

(The)

,

COP

,

2013

A

,

Pre-Refunded

,

5

%

,

5/01/31

7,985,000

8,615,756

b

Seminole

County

Industrial

Development

Authority

,

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/36

.....

310,000

357,405

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/41

.....

425,000

483,982

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/51

.....

830,000

932,859

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/56

.....

705,000

785,903

Shingle

Creek

at

Bronson

Community

Development

District

,

Special

Assessment,

2021,

3.1%,

6/15/31

...............................

375,000

384,997

Special

Assessment,

2021,

3.5%,

6/15/41

...............................

1,000,000

1,032,655

Special

Assessment,

2021,

4%,

6/15/51

.................................

1,250,000

1,323,695

Six

Mile

Creek

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.125%,

11/01/25

....

350,000

359,376

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.625%,

11/01/31

....

505,000

541,900

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.125%,

11/01/40

....

1,375,000

1,496,223

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.25%,

11/01/50

.....

2,305,000

2,491,015

Assessment

Area

3,

Special

Assessment,

2021,

2.5%,

5/01/26

................

350,000

352,672

Assessment

Area

3,

Special

Assessment,

2021,

3%,

5/01/31

.................

520,000

528,616

Assessment

Area

3,

Special

Assessment,

2021,

3.5%,

5/01/41

................

1,585,000

1,618,910

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/51

.................

1,200,000

1,254,808

Somerset

Community

Development

District

,

Special

Assessment

,

2005

,

5.3

%

,

5/01/37

5,755,000

5,763,624

South

Creek

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

2021,

2.875%,

6/15/31

...........

175,000

176,591

Assessment

Area

One,

Special

Assessment,

2021,

3.25%,

6/15/41

............

500,000

506,274

Assessment

Area

One,

Special

Assessment,

2021,

4%,

6/15/51

...............

500,000

530,769

Southern

Groves

Community

Development

District

No.

5

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

425,000

426,034

Special

Assessment,

2021,

2.8%,

5/01/31

...............................

495,000

495,672

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

1,500,000

1,501,826

Special

Assessment,

2021,

4%,

5/01/48

.................................

940,000

998,837

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

95

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

b,f

Southshore

Bay

Community

Development

District

,

District

Assessment

Area

One

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/33

............................

$

2,600,000

$

2,606,626

St.

Johns

County

Industrial

Development

Authority

,

Life

Care

Ponte

Vedra

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/15/36

1,000,000

1,124,294

Life

Care

Ponte

Vedra

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/15/41

750,000

834,758

Life

Care

Ponte

Vedra

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/15/50

1,000,000

1,101,243

State

of

Florida

,

GO

,

1999

D

,

Refunding

,

6

%

,

6/01/23

........................

5,000,000

5,515,380

b

Stillwater

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

6/15/26

.........................

375,000

378,026

Special

Assessment,

144A,

2021,

3%,

6/15/31

............................

325,000

332,773

Special

Assessment,

144A,

2021,

3.5%,

6/15/41

..........................

1,290,000

1,335,435

Special

Assessment,

144A,

2021,

4%,

6/15/51

............................

1,750,000

1,857,691

b

Stoneybrook

South

Community

Development

District

,

Special

Assessment,

144A,

2020,

3%,

12/15/30

...........................

500,000

515,323

Special

Assessment,

144A,

2020,

3.5%,

12/15/40

.........................

1,000,000

1,040,943

Special

Assessment,

144A,

2020,

3.75%,

12/15/50

.........................

1,500,000

1,557,207

b

Storey

Park

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.875%,

6/15/31

.........................

230,000

232,582

Special

Assessment,

144A,

2021,

3.3%,

6/15/41

..........................

620,000

628,806

Special

Assessment,

144A,

2021,

4%,

6/15/51

............................

625,000

659,703

Summer

Woods

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

200,000

202,340

Special

Assessment,

2021,

3.4%,

5/01/41

...............................

500,000

508,241

Special

Assessment,

2021,

4%,

5/01/51

.................................

375,000

392,128

Summerstone

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

165,000

172,410

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

700,000

739,772

Special

Assessment,

2020,

4%,

5/01/51

.................................

910,000

961,815

Tamarindo

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

185,000

189,619

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

820,000

845,280

Special

Assessment,

2021,

4%,

5/01/51

.................................

680,000

723,144

Timber

Creek

Southwest

Community

Development

District

,

Special

Assessment,

2020,

4%,

6/15/40

.................................

1,000,000

1,083,935

Special

Assessment,

2020,

4%,

6/15/50

.................................

2,000,000

2,134,252

Tohoqua

Community

Development

District

,

Special

Assessment,

2021,

2.875%,

5/01/31

.............................

215,000

217,972

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

810,000

826,791

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,785,000

1,880,070

b

Towne

Park

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.........................

410,000

423,576

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.........................

1,075,000

1,119,638

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,000,000

1,054,887

Tradition

Community

Development

District

No.

9

,

Special

Assessment,

2021,

2.3%,

5/01/26

...............................

390,000

390,233

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

445,000

444,615

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,400,000

1,485,241

b

Trevesta

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

235,000

245,249

Special

Assessment,

144A,

2020,

3.75%,

5/01/40

.........................

880,000

927,250

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,750,000

1,849,644

Triple

Creek

Community

Development

District

,

Special

Assessment,

2021,

3%,

11/01/31

................................

250,000

256,050

Special

Assessment,

2021,

3.5%,

11/01/41

...............................

740,000

763,658

Special

Assessment,

2021,

4%,

11/01/50

................................

750,000

793,349

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

96

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

V-Dana

Community

Development

District

,

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

$

400,000

$

409,244

Special

Assessment,

2021,

3.625%,

5/01/41

.............................

1,250,000

1,292,243

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,500,000

1,574,810

b

Assessment

Area

One,

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

........

375,000

395,940

b

Assessment

Area

One,

Special

Assessment,

144A,

2020,

4%,

5/01/40

..........

1,775,000

1,915,161

b

Assessment

Area

One,

Special

Assessment,

144A,

2020,

4%,

5/01/51

..........

3,500,000

3,716,687

b

Veranda

Community

Development

District

II

,

Special

Assessment,

144A,

2021,

Refunding,

2.5%,

5/01/26

..................

435,000

440,350

Special

Assessment,

144A,

2021,

Refunding,

3.1%,

5/01/31

..................

415,000

427,670

Special

Assessment,

144A,

2021,

Refunding,

3.6%,

5/01/41

..................

1,020,000

1,060,546

Special

Assessment,

144A,

2021,

Refunding,

4%,

5/01/51

...................

1,500,000

1,583,680

Verano

No.

3

Community

Development

District

,

Phase

1

Assessment

Area,

Special

Assessment,

2021,

3%,

5/01/31

............

200,000

205,134

Phase

1

Assessment

Area,

Special

Assessment,

2021,

3.375%,

5/01/41

.........

750,000

772,151

Phase

1

Assessment

Area,

Special

Assessment,

2021,

4%,

5/01/51

............

1,000,000

1,061,654

Village

Community

Development

District

No.

10

,

Special

Assessment,

2012,

5%,

5/01/32

.................................

4,920,000

5,045,172

Special

Assessment,

2012,

5.125%,

5/01/43

.............................

7,800,000

8,008,006

Special

Assessment,

2014,

5.75%,

5/01/31

..............................

1,600,000

1,717,615

Special

Assessment,

2014,

6%,

5/01/44

.................................

6,800,000

7,330,107

b

Village

Community

Development

District

No.

13

,

Special

Assessment

,

144A,

2020

,

3.5

%

,

5/01/51

....................................................

17,000,000

17,844,643

Village

Community

Development

District

No.

6

,

Special

Assessment

,

2013

,

Refunding

,

4

%

,

5/01/35

......................................................

3,335,000

3,389,337

Village

Community

Development

District

No.

9

,

Special

Assessment,

2012,

Refunding,

5%,

5/01/22

........................

195,000

198,886

Special

Assessment,

2012,

Refunding,

5.25%,

5/01/31

......................

1,730,000

1,767,386

Special

Assessment,

2012,

Refunding,

5.5%,

5/01/42

.......................

1,740,000

1,778,280

Villamar

Community

Development

District

,

Special

Assessment,

2020,

3.2%,

5/01/30

...............................

240,000

249,586

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

655,000

691,703

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,000,000

1,056,358

West

Port

Community

Development

District

,

b

Special

Assessment,

144A,

2020,

3.25%,

5/01/31

.........................

410,000

423,302

b

Special

Assessment,

144A,

2020,

3.625%,

5/01/41

.........................

1,085,000

1,126,242

b

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,545,000

1,627,268

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

370,000

371,933

Special

Assessment,

2021,

3%,

5/01/31

.................................

570,000

577,065

Special

Assessment,

2021,

3.4%,

5/01/41

...............................

1,470,000

1,495,455

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,250,000

1,308,140

West

Villages

Improvement

District

,

Unit

of

Development

No.

7,

Special

Assessment,

2021,

2.5%,

5/01/26

..........

250,000

252,489

Unit

of

Development

No.

7,

Special

Assessment,

2021,

3.125%,

5/01/31

........

200,000

205,395

Unit

of

Development

No.

7,

Special

Assessment,

2021,

3.5%,

5/01/41

..........

800,000

824,496

Unit

of

Development

No.

7,

Special

Assessment,

2021,

4%,

5/01/51

............

1,050,000

1,107,686

Unit

of

Development

No.

8,

Special

Assessment,

2021,

2.5%,

5/01/26

..........

335,000

338,338

Unit

of

Development

No.

8,

Special

Assessment,

2021,

3.125%,

5/01/31

........

525,000

539,162

Unit

of

Development

No.

8,

Special

Assessment,

2021,

3.5%,

5/01/41

..........

1,295,000

1,334,653

Unit

of

Development

No.

8,

Special

Assessment,

2021,

4%,

5/01/51

............

1,855,000

1,956,913

Westside

Haines

City

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

250,000

250,225

Special

Assessment,

2021,

3%,

5/01/31

.................................

350,000

350,710

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

1,250,000

1,253,057

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,750,000

1,824,074

Windward

Community

Development

District

,

Special

Assessment,

2020

A-1,

3%,

5/01/25

..............................

100,000

102,041

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

97

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Windward

Community

Development

District,

(continued)

Special

Assessment,

2020

A-1,

3.65%,

5/01/30

...........................

$

130,000

$

137,374

Special

Assessment,

2020

A-1,

4.25%,

5/01/40

...........................

630,000

674,266

Special

Assessment,

2020

A-1,

4.5%,

5/01/51

............................

495,000

527,885

Special

Assessment,

2020

A-2,

4.4%,

11/01/35

...........................

2,000,000

2,180,879

Wiregrass

II

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

5/01/30

.............................

645,000

671,848

Special

Assessment,

2020,

3.7%,

5/01/40

...............................

1,680,000

1,771,714

Special

Assessment,

2020,

3.875%,

5/01/50

.............................

1,960,000

2,056,322

Zephyr

Lakes

Community

Development

District

,

Assessment

Area

Two,

Special

Assessment,

2021,

2.5%,

5/01/26

..............

230,000

230,537

Assessment

Area

Two,

Special

Assessment,

2021,

3%,

5/01/31

...............

165,000

166,015

Assessment

Area

Two,

Special

Assessment,

2021,

3.375%,

5/01/41

............

700,000

705,016

Assessment

Area

Two,

Special

Assessment,

2021,

4%,

5/01/51

...............

1,000,000

1,052,854

767,295,621

Georgia

1.1%

c

Baldwin

County

Hospital

Authority

,

Oconee

Regional

Medical

Center

Obligated

Group,

Revenue,

1998,

5.375%,

12/01/28

.......................................................

1,470,000

15

Oconee

Regional

Medical

Center

Obligated

Group,

Revenue,

2016,

6.5%,

4/30/17

.

480,367

37,228

b

Development

Authority

of

Cobb

County

(The)

,

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/39

1,825,000

1,928,373

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/49

10,760,000

11,149,038

Forsyth

County

Hospital

Authority

,

Georgia

Baptist

Healthcare

System

Obligated

Group

,

Revenue

,

1998

,

ETM,

6.375

%

,

10/01/28

...........................

6,765,000

8,278,758

b

George

L

Smith

II

Congress

Center

Authority

,

Signia

Hotel

Management

LLC,

Revenue,

Second

Tier,

144A,

2021

B,

5%,

1/01/36

2,500,000

3,040,918

Signia

Hotel

Management

LLC,

Revenue,

Second

Tier,

144A,

2021

B,

5%,

1/01/54

10,000,000

11,830,797

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/25

......................................

5,000,000

5,951,710

Revenue,

2007

A,

5.5%,

9/15/27

......................................

4,000,000

5,034,721

Revenue,

2007

A,

5.5%,

9/15/28

......................................

10,000,000

12,820,667

Revenue,

2019

A,

5%,

5/15/49

........................................

6,500,000

10,035,364

Municipal

Electric

Authority

of

Georgia

,

Revenue

,

2019

B

,

5

%

,

1/01/48

...........

4,595,000

5,572,831

75,680,420

Idaho

0.2%

Idaho

Housing

&

Finance

Association

,

Revenue

,

2010

A

,

7

%

,

2/01/36

............

13,305,000

13,352,041

Illinois

4.7%

Bureau

County

Township

High

School

District

No.

502

,

GO

,

2013

A

,

Pre-Refunded

,

BAM

Insured

,

6.625

%

,

10/01/43

.......................................

5,250,000

5,989,289

City

of

Belleville

,

Sales

Tax,

Tax

Allocation,

2021

B,

Refunding,

3.25%,

7/01/29

.................

1,000,000

1,028,718

Sales

Tax,

Tax

Allocation,

2021

B,

Refunding,

3.75%,

7/01/41

.................

1,000,000

1,028,210

County

of

Cook

,

GO

,

2012

C

,

Refunding

,

5

%

,

11/15/29

.......................

34,555,000

36,510,581

Illinois

Finance

Authority

,

c

2017

IAVF

Windy

City

Obligated

Group,

Revenue,

2017

A-1,

4.375%,

12/01/42

...

883,103

34,794

c

2018

Blue

Island

LLC,

Revenue,

2018

A-1,

5%,

12/01/43

....................

3,000,000

90,000

c

2018

Blue

Island

LLC,

Revenue,

2018

A-1,

5%,

12/01/53

....................

3,075,000

92,250

b

Acero

Charter

Schools,

Inc.

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/31

.......................................................

800,000

933,479

b

Acero

Charter

Schools,

Inc.

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/34

.......................................................

445,000

510,555

b

Acero

Charter

Schools,

Inc.

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/42

.......................................................

2,250,000

2,525,597

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

98

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

(continued)

Illinois

Finance

Authority,

(continued)

CHF-Dekalb

II

LLC,

Revenue,

2011,

Refunding,

6.875%,

10/01/43

.............

$

15,000,000

$

15,080,323

b

McKinley

Foundation

at

University

of

Illinois

(The),

Revenue,

144A,

2021

A,

Refunding,

5.125%,

11/01/55

.......................................

13,560,000

14,817,969

b

McKinley

Foundation

at

University

of

Illinois

(The),

Revenue,

144A,

2021

B,

7%,

11/01/37

.......................................................

4,190,000

4,781,694

Noble

Network

of

Charter

Schools,

Revenue,

2015,

Refunding,

5%,

9/01/25

......

2,750,000

2,985,319

Noble

Network

of

Charter

Schools,

Revenue,

2015,

Refunding,

5%,

9/01/32

......

3,750,000

4,142,129

OSF

Healthcare

System

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/15/45

.......................................................

15,750,000

18,373,536

Plymouth

Place

Obligated

Group,

Revenue,

2015,

Pre-Refunded,

5%,

5/15/37

....

2,500,000

2,915,211

Plymouth

Place

Obligated

Group,

Revenue,

2015,

Pre-Refunded,

5.25%,

5/15/45

.

1,100,000

1,292,775

Plymouth

Place

Obligated

Group,

Revenue,

2015,

Pre-Refunded,

5.25%,

5/15/50

.

3,150,000

3,702,038

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

A,

Refunding,

5%,

8/01/47

........................................................

1,525,000

1,778,240

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

C,

5%,

8/01/46

...

1,900,000

2,216,944

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

5/01/48

........................................................

4,030,000

4,165,760

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

5/01/48

........................................................

10,000,000

10,538,859

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.5%,

5/01/53

........................................................

8,310,000

8,825,304

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

1996,

ETM,

7%,

7/01/26

.....................................

4,720,000

5,625,284

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn.,

6/15/35

.......................

15,000,000

11,178,322

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn.,

6/15/36

.......................

4,925,000

3,564,868

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn.,

12/15/37

......................

13,650,000

9,423,486

Revenue,

2010

B-1,

Refunding,

AGMC

Insured,

Zero

Cpn.,

6/15/45

............

18,100,000

10,026,153

Revenue,

2020

B,

Refunding,

5%,

6/15/42

...............................

5,000,000

6,317,158

State

of

Illinois

,

GO,

2016,

Refunding,

5%,

2/01/26

.....................................

4,000,000

4,730,479

GO,

2017

A,

4.25%,

12/01/40

.........................................

1,850,000

2,094,182

GO,

2017

C,

5%,

11/01/29

...........................................

10,330,000

12,532,048

GO,

2017

D,

3.25%,

11/01/26

.........................................

2,500,000

2,795,438

GO,

2017

D,

5%,

11/01/26

...........................................

5,200,000

6,272,613

GO,

2017

D,

5%,

11/01/27

...........................................

6,445,000

7,939,992

GO,

2017

D,

5%,

11/01/28

...........................................

8,545,000

10,440,073

GO,

2018

B,

Refunding,

5%,

10/01/32

..................................

1,870,000

2,296,512

GO,

2019

B,

4%,

11/01/34

...........................................

2,400,000

2,791,454

GO,

2019

B,

4%,

11/01/38

...........................................

1,420,000

1,634,060

GO,

2019

C,

4%,

11/01/40

...........................................

1,490,000

1,704,950

GO,

2019

C,

4%,

11/01/43

...........................................

2,515,000

2,858,120

GO,

2020,

5.5%,

5/01/30

............................................

7,650,000

10,165,465

GO,

2020,

5.5%,

5/01/39

............................................

14,175,000

18,268,824

GO,

2020,

5.75%,

5/01/45

...........................................

7,420,000

9,580,673

GO,

2020

B,

4%,

10/01/34

...........................................

2,000,000

2,360,274

GO,

2020

C,

4%,

10/01/37

...........................................

5,400,000

6,315,256

GO,

2020

C,

4%,

10/01/38

...........................................

5,250,000

6,122,611

GO,

2020

C,

4%,

10/01/39

...........................................

2,545,000

2,958,168

GO,

2020

C,

4%,

10/01/42

...........................................

1,335,000

1,539,082

GO,

2021

A,

5%,

3/01/36

............................................

3,250,000

4,149,214

GO,

2021

A,

5%,

3/01/46

............................................

7,000,000

8,734,825

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

99

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

(continued)

b

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group

,

Revenue

,

144A,

2020

C

,

Refunding

,

5

%

,

12/01/50

.......

$

10,750,000

$

11,046,759

Village

of

Hillside

,

Mannheim

Redevelopment

Project

Area

,

Tax

Allocation

,

2018

,

Refunding

,

5

%

,

1/01/30

.............................................

2,690,000

2,997,983

332,823,900

Indiana

0.9%

City

of

Anderson

,

Sweet

Galilee

at

the

Wigwam

LLC

,

Revenue

,

2020

A

,

5.375

%

,

1/01/40

.........................................................

2,740,000

2,910,963

b

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

A

,

5

%

,

8/01/41

..

4,065,000

4,059,736

b

City

of

Jeffersonville

,

Vivera

Senior

Living

of

Columbus

LLC

,

Revenue

,

144A,

2020

A

,

5.25

%

,

11/01/40

...................................................

4,500,000

4,728,178

Indiana

Finance

Authority

,

BHI

Senior

Living

Obligated

Group,

Revenue,

2011,

Refunding,

5.75%,

11/15/41

..

5,000,000

5,056,317

Greencroft

Goshen

Obligated

Group,

Revenue,

2013

A,

7%,

11/15/43

..........

5,000,000

5,482,446

Ohio

Valley

Electric

Corp.,

Revenue,

2012

A,

5%,

6/01/32

...................

10,000,000

10,259,406

WVB

East

End

Partners

LLC,

Revenue,

2013

A,

5%,

7/01/40

.................

12,500,000

13,489,001

WVB

East

End

Partners

LLC,

Revenue,

2013

A,

5.25%,

1/01/51

...............

12,500,000

13,525,293

b

Indiana

Housing

&

Community

Development

Authority

,

Vita

of

Marion

LLC

,

Revenue

,

144A,

2021

A

,

5.25

%

,

4/01/41

........................................

4,750,000

5,097,258

64,608,598

Iowa

0.3%

Iowa

Finance

Authority

,

Northcrest

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

3/01/48

.

7,500,000

8,151,115

Iowa

Tobacco

Settlement

Authority

,

Revenue

,

2021

B-2

,

2

,

Refunding

,

Zero

Cpn.,

6/01/65

.....................................................

50,000,000

9,408,750

17,559,865

Kansas

0.1%

City

of

Derby

,

Revenue

,

2020

,

3.9

%

,

3/01/37

...............................

1,625,000

1,684,155

City

of

Manhattan

,

Meadowlark

Hills

Retirement

Community

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/36

............................................

1,000,000

1,154,619

Meadowlark

Hills

Retirement

Community

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/46

............................................

1,150,000

1,297,967

Wyandotte

County-Kansas

City

Unified

Government

,

Revenue

,

2018

,

4.5

%

,

6/01/40

.

1,760,000

1,853,973

5,990,714

Kentucky

0.4%

Kentucky

Economic

Development

Finance

Authority

,

Owensboro

Health,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25

%

,

6/01/41

.......................

10,000,000

11,875,057

Kentucky

Public

Transportation

Infrastructure

Authority

,

Revenue,

First

Tier,

2013

C,

Zero

Cpn.,

7/01/39

...........................

10,000,000

12,504,131

Revenue,

First

Tier,

2013

C,

Zero

Cpn.,

7/01/43

...........................

5,000,000

6,235,528

30,614,716

Louisiana

1.1%

Calcasieu

Parish

Memorial

Hospital

Service

District

,

Southwest

Louisiana

Healthcare

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/39

............

2,055,000

2,472,041

Lakeshore

Villages

Master

Community

Development

District

,

Special

Assessment,

2021,

2.375%,

6/01/26

.............................

450,000

451,082

Special

Assessment,

2021,

2.875%,

6/01/31

.............................

695,000

699,343

Special

Assessment,

2021,

3.2%,

6/01/41

...............................

1,610,000

1,622,054

Special

Assessment,

2021,

4%,

6/01/51

.................................

2,035,000

2,151,086

b

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

GOMESA,

Revenue,

144A,

2018,

5.375%,

11/01/38

........................

2,575,000

3,072,630

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

100

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

b

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority,

(continued)

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4%,

12/01/40

...........................................

$

2,970,000

$

3,072,837

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4.25%,

12/01/50

........................................

5,665,000

5,854,519

Parish

of

Jefferson,

Revenue,

144A,

2019,

4%,

11/01/44

....................

2,650,000

2,913,050

Parish

of

Lafourche,

Revenue,

144A,

2019,

3.95%,

11/01/43

.................

4,475,000

4,913,220

Parish

of

St.

Martin,

Revenue,

144A,

2019,

4.4%,

11/01/44

...................

3,250,000

3,632,280

Parish

of

Vermilion,

Revenue,

144A,

2019,

4.625%,

11/01/38

.................

2,080,000

2,379,938

Provident

Group

-

ULM

Properties

LLC,

Revenue,

144A,

2019

A,

5%,

7/01/54

....

4,000,000

4,225,106

Terrebonne

Parish

Consolidated

Government,

Revenue,

144A,

2018,

5.5%,

11/01/39

1,790,000

2,065,936

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/47

........................................................

60,000

72,007

b

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.375%,

1/01/40

5,000,000

5,845,277

b

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

4,500,000

5,222,841

b

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-2,

7%,

1/01/57

...

10,000,000

11,509,975

Parish

of

Beauregard

,

OfficeMax,

Inc.

,

Revenue

,

2002

,

Refunding

,

6.8

%

,

2/01/27

...

13,990,000

14,011,792

St.

Tammany

Parish

Finance

Authority

,

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/29

.......

1,200,000

1,325,882

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/37

.......

1,650,000

1,799,939

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2013

A

,

Refunding

,

5.25

%

,

5/15/35

..

1,000,000

1,076,162

80,388,997

Maryland

0.4%

City

of

Baltimore

,

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5%,

6/01/36

.....

1,250,000

1,393,171

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5.125%,

6/01/43

.

5,500,000

6,077,384

County

of

Frederick

,

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.25%,

7/01/29

........................................................

750,000

801,735

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.75%,

7/01/39

........................................................

1,410,000

1,510,740

b

Technology

Park

Project

TIF

Development

District,

Special

Tax,

144A,

2020

B,

Refunding,

4.625%,

7/01/43

........................................

3,260,000

3,921,602

Urbana

Community

Development

Authority,

Special

Tax,

2020

B,

Refunding,

4%,

7/01/40

........................................................

375,000

427,833

Urbana

Community

Development

Authority,

Special

Tax,

2020

C,

4%,

7/01/50

....

4,000,000

4,561,111

Maryland

Economic

Development

Corp.

,

Tax

Allocation,

2020,

4%,

9/01/40

......................................

2,000,000

2,313,609

Tax

Allocation,

2020,

4%,

9/01/50

......................................

2,000,000

2,276,615

Morgan

State

University,

Revenue,

2020,

4.25%,

7/01/50

....................

500,000

580,103

Morgan

State

University,

Revenue,

2020,

5%,

7/01/56

......................

1,000,000

1,227,775

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/55

...............................

1,000,000

1,155,175

26,246,853

Massachusetts

1.0%

Commonwealth

of

Massachusetts

,

Revenue

,

2005

,

Refunding

,

NATL

Insured

,

5.5

%

,

1/01/34

.........................................................

35,000,000

48,454,088

b

Massachusetts

Development

Finance

Agency

,

Linden

Ponds

Obligated

Group,

Revenue,

144A,

2018,

5%,

11/15/38

...........

3,000,000

3,369,389

Linden

Ponds

Obligated

Group,

Revenue,

144A,

2018,

5.125%,

11/15/46

........

5,000,000

5,593,279

North

Hill

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2013

A,

Pre-

Refunded,

6.25%,

11/15/28

.........................................

1,658,000

1,836,132

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

101

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

b

Massachusetts

Development

Finance

Agency,

(continued)

North

Hill

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2013

A,

Pre-

Refunded,

6.25%,

11/15/33

.........................................

$

2,000,000

$

2,266,761

North

Hill

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2013

A,

Pre-

Refunded,

6.5%,

11/15/43

..........................................

4,125,000

4,692,936

Massachusetts

Educational

Financing

Authority

,

Revenue

,

2013

K

,

5.25

%

,

7/01/29

..

3,035,000

3,139,395

69,351,980

Michigan

2.6%

City

of

Detroit

,

GO,

2021

A,

5%,

4/01/30

............................................

350,000

439,517

GO,

2021

A,

5%,

4/01/31

............................................

480,000

611,968

GO,

2021

A,

5%,

4/01/32

............................................

500,000

632,389

GO,

2021

A,

5%,

4/01/33

............................................

770,000

970,425

GO,

2021

A,

5%,

4/01/34

............................................

725,000

910,406

GO,

2021

A,

5%,

4/01/35

............................................

955,000

1,196,119

GO,

2021

A,

5%,

4/01/36

............................................

800,000

998,187

GO,

2021

A,

5%,

4/01/37

............................................

875,000

1,088,306

GO,

2021

A,

5%,

4/01/38

............................................

850,000

1,054,470

GO,

2021

A,

5%,

4/01/39

............................................

750,000

927,896

GO,

2021

A,

4%,

4/01/40

............................................

550,000

625,173

GO,

2021

A,

4%,

4/01/41

............................................

600,000

680,042

GO,

2021

A,

4%,

4/01/42

............................................

600,000

678,002

GO,

2021

A,

5%,

4/01/46

............................................

2,750,000

3,383,722

GO,

2021

A,

5%,

4/01/50

............................................

3,500,000

4,290,667

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Second

Lien,

2001

B,

NATL

Insured,

5.5%,

7/01/29

.....................................

5,000,000

6,133,930

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Second

Lien,

2006

B,

NATL

Insured,

5%,

7/01/36

.......................................

15,000

15,058

City

of

Ecorse

,

GO

,

2011

,

6.5

%

,

11/01/35

.................................

3,415,000

3,445,668

Detroit

City

School

District

,

GO

,

2001

A

,

AGMC

Insured

,

6

%

,

5/01/29

............

15,900,000

19,691,223

Kalamazoo

Economic

Development

Corp.

,

b

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/31

....................................................

1,000,000

1,155,225

b

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/41

....................................................

1,235,000

1,393,150

b

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/51

....................................................

1,505,000

1,679,695

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/43

1,120,000

1,289,921

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/55

8,860,000

10,071,814

Michigan

Finance

Authority

,

Detroit

Public

Lighting

Authority

Utility

Users

Tax,

Revenue,

2014

B,

5%,

7/01/39

..

5,600,000

6,004,610

Detroit

Public

Lighting

Authority

Utility

Users

Tax,

Revenue,

2014

B,

5%,

7/01/44

..

5,000,000

5,332,955

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2014

C-3,

AGMC

Insured,

5%,

7/01/32

....................................

10,000,000

11,280,489

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2014

C-3,

AGMC

Insured,

5%,

7/01/33

....................................

3,000,000

3,382,333

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2014

C-6,

Refunding,

5%,

7/01/33

........................................

10,000,000

11,274,444

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-1,

Refunding,

AGMC

Insured,

5%,

7/01/37

..............................................

5,000,000

5,616,119

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-4,

Refunding,

5%,

7/01/29

........................................................

11,000,000

12,418,520

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-4,

Refunding,

5%,

7/01/30

........................................................

9,000,000

10,160,608

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-4,

Refunding,

5%,

7/01/34

........................................................

10,000,000

11,265,383

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

102

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

Finance

Authority,

(continued)

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2019

A,

5%,

11/15/48

.....

$

10,000,000

$

12,559,901

b

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

Refunding,

6%,

7/01/24

...

1,800,000

1,890,133

b

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

Refunding,

6.75%,

7/01/44

.

5,505,000

5,836,311

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/49

...

3,000,000

3,495,920

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-2,

2,

Refunding,

Zero

Cpn.,

6/01/65

........................................................

110,000,000

14,907,222

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2011

MI,

Pre-Refunded,

5%,

12/01/39

.......................................................

75,000

75,882

b

Michigan

Strategic

Fund

,

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/31

....................................................

815,000

941,508

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/41

....................................................

895,000

1,009,611

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/51

....................................................

1,380,000

1,540,185

Michigan

Tobacco

Settlement

Finance

Authority

,

Michigan

Finance

Authority

Tobacco

Settlement

,

Revenue

,

2007

B

,

Zero

Cpn.,

6/01/52

.........................

26,990,000

3,022,529

185,377,636

Minnesota

0.1%

City

of

Minneapolis

,

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.25%,

11/01/45

..............

2,800,000

2,844,805

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.375%,

11/01/50

..............

1,000,000

1,000,875

Duluth

Economic

Development

Authority

,

Benedictine

Health

System

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

7/01/31

........................................................

1,500,000

1,675,356

Benedictine

Health

System

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

7/01/36

........................................................

1,500,000

1,656,941

Benedictine

Health

System

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

........................................................

930,000

1,020,523

8,198,500

Mississippi

1.0%

County

of

Lowndes

,

International

Paper

Co.

,

Revenue

,

1992

B

,

Refunding

,

6.7

%

,

4/01/22

.........................................................

18,875,000

19,534,970

b

Mississippi

Development

Bank

,

County

of

Hancock

,

Revenue

,

144A,

2019

,

4.55

%

,

11/01/39

........................................................

2,250,000

2,557,074

b

Mississippi

Home

Corp.

,

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

4.5%,

6/01/62

.

7,000,000

7,116,930

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

C-5,

5.1%,

6/01/62

8,000,000

8,130,046

Mississippi

Hospital

Equipment

&

Facilities

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

A

,

5

%

,

9/01/41

...............................

30,000,000

35,368,797

72,707,817

Missouri

0.5%

Cape

Girardeau

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group,

Revenue,

2016

A,

Refunding,

6%,

3/01/33

...

4,435,000

4,875,910

SoutheastHEALTH

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

3/01/29

...

250,000

299,296

City

of

Maryland

Heights

,

Tax

Allocation

,

2020

,

4.125

%

,

11/01/38

...............

2,500,000

2,702,233

Kansas

City

Industrial

Development

Authority

,

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

5

%

,

3/01/46

...............................................

8,000,000

9,772,051

Kirkwood

Industrial

Development

Authority

,

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/42

...................................

1,000,000

1,140,142

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/50

...................................

3,500,000

3,944,989

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

103

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

of

West

County

,

Revenue

,

2012

,

Pre-Refunded

,

5

%

,

9/01/42

..............................

$

7,000,000

$

7,337,454

Stoddard

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

6

%

,

3/01/37

.........................

3,875,000

4,249,691

34,321,766

Montana

0.1%

Montana

Facility

Finance

Authority

,

Kalispell

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

7/01/48

...............................

5,765,000

6,752,273

Nevada

1.1%

City

of

Henderson

,

Local

Improvement

District

No.

T-16,

Special

Assessment,

2005,

5.1%,

3/01/22

...

905,000

896,367

Local

Improvement

District

No.

T-16,

Special

Assessment,

2005,

5.125%,

3/01/25

.

950,000

890,756

Local

Improvement

District

No.

T-18,

Special

Assessment,

2016,

Refunding,

4%,

9/01/32

........................................................

1,750,000

1,876,258

Local

Improvement

District

No.

T-18,

Special

Assessment,

2016,

Refunding,

4%,

9/01/35

........................................................

2,500,000

2,659,107

City

of

Las

Vegas

,

Special

Improvement

District

No.

610,

Special

Assessment,

2018,

5%,

6/01/48

....

8,180,000

9,200,085

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/33

....

185,000

206,985

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/34

....

185,000

205,907

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/35

....

185,000

205,141

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/40

....

450,000

493,453

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4.125%,

6/01/50

1,150,000

1,253,458

Special

Improvement

District

No.

612

Skye

Hills,

Special

Assessment,

2020,

3.5%,

6/01/35

........................................................

210,000

223,174

Special

Improvement

District

No.

612

Skye

Hills,

Special

Assessment,

2020,

4%,

6/01/50

........................................................

1,000,000

1,066,874

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/27

...

1,420,000

1,605,583

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/30

...

1,640,000

1,830,300

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/35

...

1,040,000

1,147,644

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/39

....

450,000

495,996

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/44

....

750,000

817,122

Special

Improvement

District

No.

815,

Special

Assessment,

2020,

4.75%,

12/01/40

1,000,000

1,152,831

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

2.75%,

6/01/33

.

520,000

530,268

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

2.75%,

6/01/36

.

830,000

837,783

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

3%,

6/01/41

....

650,000

665,475

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

3.125%,

6/01/51

1,425,000

1,453,230

b

City

of

Reno

,

Sales

Tax

,

Revenue

,

144A,

2018

C

,

Refunding

,

Zero

Cpn.,

7/01/58

....

18,000,000

3,206,660

County

of

Clark

,

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5%,

2/01/26

1,295,000

1,312,274

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5.05%,

2/01/31

........................................................

1,010,000

1,021,831

Special

Improvement

District

No.

159,

Special

Assessment,

2015,

5%,

8/01/35

....

2,215,000

2,418,590

b

State

of

Nevada

Department

of

Business

&

Industry

,

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

5.875%,

12/15/27

..........

11,186,199

12,652,027

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

6.25%,

12/15/37

...........

9,000,000

9,500,348

Somerset

Academy

NLV

Building

1

/

Sky

Pointe

/

Stephanie

/

Losee

Campuses,

Revenue,

144A,

2018

A,

5%,

12/15/38

................................

1,000,000

1,116,502

Somerset

Academy

NLV

Building

1

/

Sky

Pointe

/

Stephanie

/

Losee

Campuses,

Revenue,

144A,

2018

A,

5%,

12/15/48

................................

1,500,000

1,652,107

Tahoe-Douglas

Visitors

Authority

,

Revenue,

2020,

5%,

7/01/33

.........................................

3,190,000

3,812,100

Revenue,

2020,

5%,

7/01/40

.........................................

3,225,000

3,789,024

Revenue,

2020,

5%,

7/01/45

.........................................

3,250,000

3,770,274

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

104

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Nevada

(continued)

Tahoe-Douglas

Visitors

Authority,

(continued)

Revenue,

2020,

5%,

7/01/51

.........................................

$

4,250,000

$

4,911,930

78,877,464

New

Hampshire

0.2%

New

Hampshire

Business

Finance

Authority

,

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

3.75%,

8/15/30

...............

100,000

105,945

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.125%,

8/15/40

..............

2,545,000

2,702,601

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.25%,

8/15/46

...............

2,860,000

3,028,627

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.5%,

8/15/55

................

5,940,000

6,330,995

b,d

Covanta

Holding

Corp.,

Revenue,

144A,

2020

B,

Refunding,

Mandatory

Put,

3.75%,

7/02/40

........................................................

3,000,000

3,230,559

15,398,727

New

Jersey

4.3%

New

Jersey

Economic

Development

Authority

,

New

Jersey

Transit

Corp.,

Revenue,

2020

A,

5%,

11/01/44

...................

7,800,000

9,694,577

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/32

..........

500,000

547,098

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/37

..........

2,150,000

2,330,506

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

2,200,000

2,356,406

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2018

EEE,

5%,

6/15/33

1,365,000

1,715,011

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2018

EEE,

5%,

6/15/36

2,640,000

3,296,140

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2018

EEE,

4.625%,

6/15/48

........................................................

1,000,000

1,192,865

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2018

EEE,

5%,

6/15/48

10,000,000

12,301,190

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2019

LLL,

5%,

6/15/39

750,000

946,168

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2019

LLL,

4%,

6/15/44

3,300,000

3,816,844

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/35

....

3,450,000

4,141,192

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/41

....

4,550,000

5,425,097

State

of

New

Jersey

Division

of

Property

Management

&

Construction,

Revenue,

2018

C,

5%,

6/15/34

..............................................

1,020,000

1,250,738

State

of

New

Jersey

Division

of

Property

Management

&

Construction,

Revenue,

2018

C,

5%,

6/15/35

..............................................

1,100,000

1,346,682

United

Airlines,

Inc.,

Revenue,

1999,

5.125%,

9/15/23

......................

15,300,000

16,077,641

United

Airlines,

Inc.,

Revenue,

1999,

5.25%,

9/15/29

.......................

25,000,000

26,273,025

United

Airlines,

Inc.,

Revenue,

2003,

5.5%,

6/01/33

........................

16,480,000

17,908,414

b

White

Horse

HMT

Urban

Renewal

LLC,

Revenue,

144A,

2020,

5%,

1/01/40

......

3,000,000

3,089,631

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

C,

NATL

Insured,

Zero

Cpn.,

12/15/30

......................

500,000

427,419

Revenue,

2006

C,

NATL

Insured,

Zero

Cpn.,

12/15/31

......................

3,675,000

3,055,467

Revenue,

2008

A,

Zero

Cpn.,

12/15/38

..................................

46,750,000

31,210,707

Revenue,

2009

A,

Zero

Cpn.,

12/15/39

..................................

42,425,000

27,397,917

Revenue,

2010

A,

Zero

Cpn.,

12/15/40

..................................

2,750,000

1,717,808

Revenue,

2014

AA,

5%,

6/15/38

.......................................

5,060,000

5,635,289

Revenue,

2014

AA,

5%,

6/15/44

.......................................

9,335,000

10,345,359

Revenue,

2014

BB-1,

5%,

6/15/34

.....................................

500,000

626,700

Revenue,

2015

AA,

5.25%,

6/15/41

....................................

2,500,000

2,900,650

Revenue,

2018

A,

Refunding,

5%,

12/15/32

..............................

4,100,000

5,158,005

Revenue,

2018

A,

Refunding,

5%,

12/15/35

..............................

1,800,000

2,249,743

Revenue,

2019

A,

Refunding,

4%,

12/15/39

..............................

1,500,000

1,744,964

Revenue,

2019

AA,

5%,

6/15/46

.......................................

2,500,000

3,077,683

Revenue,

2019

BB,

4%,

6/15/44

.......................................

1,000,000

1,139,006

Revenue,

2019

BB,

5%,

6/15/44

.......................................

3,050,000

3,757,160

Revenue,

2019

BB,

5%,

6/15/50

.......................................

670,000

823,951

Revenue,

2020

AA,

4%,

6/15/45

.......................................

2,840,000

3,301,371

Revenue,

2020

AA,

5%,

6/15/45

.......................................

2,660,000

3,358,799

Revenue,

2020

AA,

4%,

6/15/50

.......................................

6,745,000

7,801,380

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

105

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Transportation

Trust

Fund

Authority,

(continued)

Revenue,

2020

AA,

5%,

6/15/50

.......................................

$

1,755,000

$

2,202,001

e

Revenue,

2022

AA,

Refunding,

5%,

6/15/37

..............................

9,500,000

12,038,821

Tobacco

Settlement

Financing

Corp.

,

Revenue,

2018

A,

Refunding,

5%,

6/01/46

...............................

9,500,000

11,416,410

Revenue,

2018

A,

Refunding,

5.25%,

6/01/46

.............................

18,000,000

22,043,786

Revenue,

2018

B,

Refunding,

5%,

6/01/46

...............................

25,000,000

29,727,938

306,867,559

New

Mexico

0.1%

Lower

Petroglyphs

Public

Improvement

District

,

Special

Tax,

2018,

Refunding,

5%,

10/01/33

..............................

500,000

553,435

Special

Tax,

2018,

Refunding,

5%,

10/01/38

..............................

450,000

493,054

Special

Tax,

2018,

Refunding,

5%,

10/01/48

..............................

1,205,000

1,312,438

New

Mexico

Hospital

Equipment

Loan

Council

,

Haverland

Carter

Lifestyle

Obligated

Group

,

Revenue

,

2012

,

5

%

,

7/01/42

....................................

5,000,000

5,114,863

7,473,790

New

York

6.6%

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

D'Youville

College

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

11/01/45

......................................

2,000,000

2,293,866

b

Build

NYC

Resource

Corp.

,

Shefa

School,

Revenue,

144A,

2021

A,

2.5%,

6/15/31

......................

400,000

402,418

Shefa

School,

Revenue,

144A,

2021

A,

5%,

6/15/51

........................

3,000,000

3,564,242

City

of

New

York

,

GO

,

1992

G

,

7.5

%

,

2/01/22

..............................

5,000

5,030

Metropolitan

Transportation

Authority

,

Revenue,

2013

D,

5%,

11/15/38

.......................................

14,040,000

15,227,326

Revenue,

2013

E,

5%,

11/15/33

.......................................

10,000,000

10,867,040

d

Revenue,

2015

A-2,

Mandatory

Put,

5%,

5/15/30

..........................

1,000,000

1,306,222

Revenue,

2015

D-1,

Refunding,

5%,

11/15/32

............................

1,250,000

1,452,962

Revenue,

2016

A-1,

5.25%,

11/15/56

...................................

5,000,000

5,852,868

Revenue,

2017

A-2,

Refunding,

5%,

11/15/26

.............................

1,000,000

1,217,144

Revenue,

2017

C-1,

Refunding,

5%,

11/15/34

............................

7,500,000

9,232,322

Revenue,

2020

A-1,

5%,

11/15/47

.....................................

24,300,000

29,951,852

Revenue,

2020

A-1,

5%,

11/15/48

.....................................

650,000

800,545

Revenue,

2020

A-1,

5%,

11/15/49

.....................................

2,500,000

3,060,468

Revenue,

2020

C-1,

4.75%,

11/15/45

...................................

2,950,000

3,571,358

Revenue,

2020

C-1,

5%,

11/15/50

.....................................

42,795,000

52,351,072

Revenue,

2020

D,

5%,

11/15/44

.......................................

33,000,000

41,232,857

Revenue,

2020

D,

4%,

11/15/50

.......................................

40,000,000

45,887,424

Municipal

Assistance

Corp.

for

the

City

of

Troy

,

Revenue

,

1996

C

,

NATL

Insured

,

Zero

Cpn.,

1/15/22

.....................................................

649,658

649,028

New

York

City

Housing

Development

Corp.

,

FC

8

Spruce

Street

Residential

LLC

,

Revenue

,

2014

,

F

,

Refunding

,

4.5

%

,

2/15/48

.............................

9,825,000

10,192,989

New

York

Liberty

Development

Corp.

,

b

3

World

Trade

Center

LLC,

Revenue,

144A,

2014,

2,

Refunding,

5.375%,

11/15/40

.

15,000,000

16,885,920

Goldman

Sachs

Headquarters

LLC,

Revenue,

2005,

Refunding,

5.25%,

10/01/35

..

65,000,000

93,455,538

New

York

Transportation

Development

Corp.

,

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.25%,

8/01/31

............

11,265,000

13,576,517

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.375%,

8/01/36

...........

14,950,000

19,106,653

American

Airlines,

Inc.,

Revenue,

2021,

Refunding,

2.25%,

8/01/26

............

1,930,000

1,994,599

American

Airlines,

Inc.,

Revenue,

2021,

Refunding,

3%,

8/01/31

...............

4,500,000

4,890,101

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/35

.........................

6,500,000

8,274,640

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/40

.........................

6,000,000

7,538,812

Laguardia

Gateway

Partners

LLC,

Revenue,

2016

A,

5%,

7/01/46

.............

41,785,000

46,767,481

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

106

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

b

Rockland

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

144A,

2005

A

,

Zero

Cpn.,

8/15/45

.........................................................

$

61,000,000

$

15,257,009

466,866,303

North

Carolina

0.3%

North

Carolina

Medical

Care

Commission

,

Galloway

Ridge

Obligated

Group,

Revenue,

2014

A,

Refunding,

5.25%,

1/01/41

...

2,720,000

2,888,861

Maryfield,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

10/01/30

.......

2,790,000

3,013,605

Maryfield,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

10/01/35

.......

1,000,000

1,073,968

Maryfield,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/45

..............

1,000,000

1,137,225

Maryfield,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/50

..............

1,500,000

1,701,321

United

Church

Homes

&

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

9/01/37

....................................................

2,100,000

2,280,475

United

Church

Homes

&

Services

Obligated

Group,

Revenue,

2017

C,

Refunding,

5%,

9/01/41

....................................................

2,120,000

2,298,440

United

Church

Homes

&

Services

Obligated

Group,

Revenue,

2017

C,

Refunding,

5%,

9/01/46

....................................................

6,325,000

6,840,384

21,234,279

North

Dakota

0.4%

County

of

Burleigh

,

University

of

Mary,

Revenue,

2016,

5.1%,

4/15/36

.........................

2,800,000

2,989,451

University

of

Mary,

Revenue,

2016,

5.2%,

4/15/46

.........................

5,430,000

5,760,879

b

County

of

Grand

Forks

,

Red

River

Biorefinery

LLC,

Revenue,

144A,

2021

A,

6.625%,

12/15/31

..........

2,875,000

2,961,724

Red

River

Biorefinery

LLC,

Revenue,

144A,

2021

A,

7%,

12/15/43

.............

13,900,000

14,274,883

25,986,937

Ohio

2.7%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

3%,

6/01/48

..................

25,130,000

26,111,150

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

4%,

6/01/48

..................

1,000,000

1,149,355

Revenue,

Senior

Lien,

2020

B-2,

2,

Refunding,

5%,

6/01/55

..................

20,875,000

24,292,102

City

of

Centerville

,

Graceworks

Lutheran

Services

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/01/50

..........................................

5,000,000

5,574,974

Cleveland-Cuyahoga

County

Port

Authority

,

b,e

Flats

East

Bank

TIF

District,

Tax

Allocation,

144A,

2021

B,

Refunding,

4.5%,

12/01/55

1,500,000

1,612,797

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.25%,

12/01/38

.....

700,000

836,067

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.5%,

12/01/43

......

700,000

838,383

County

of

Fairfield

,

Fairfield

Medical

Center

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

5

%

,

6/15/43

.............................................

10,000,000

10,308,631

County

of

Franklin

,

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/40

2,910,000

3,379,440

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/55

8,800,000

10,083,318

County

of

Lake

,

Lake

Hospital

System,

Inc.

,

Revenue

,

2015

,

Refunding

,

5

%

,

8/15/45

6,000,000

6,855,535

Franklin

County

Convention

Facilities

Authority

,

Revenue

,

2019

,

5

%

,

12/01/51

......

5,000,000

5,934,194

Ohio

Higher

Educational

Facility

Commission

,

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,360,000

1,608,219

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,205,000

1,416,929

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,570,000

3,014,922

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

Junior

Lien

,

2013

A-4

,

Zero

Cpn.,

2/15/35

.....................................................

35,000,000

44,178,208

Southeastern

Ohio

Port

Authority

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

6%,

12/01/42

.......................................................

14,000,000

14,597,770

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/35

.......................................................

1,000,000

1,072,969

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

107

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Southeastern

Ohio

Port

Authority,

(continued)

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/43

.......................................................

$

1,000,000

$

1,061,541

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5.5%,

12/01/43

.......................................................

1,300,000

1,410,462

State

of

Ohio

,

b

Aultman

Health

Foundation

Obligated

Group,

Revenue,

144A,

2018,

Refunding,

5%,

12/01/38

.......................................................

5,000,000

5,389,458

b

Aultman

Health

Foundation

Obligated

Group,

Revenue,

144A,

2018,

Refunding,

5%,

12/01/48

.......................................................

15,195,000

16,134,025

University

Hospitals

Health

System,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/15/46

............................................

6,000,000

6,955,083

193,815,532

Oklahoma

0.2%

Tulsa

County

Industrial

Authority

,

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/37

.......

1,000,000

1,166,466

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/45

.......

10,280,000

11,886,131

13,052,597

Oregon

0.7%

Clackamas

County

Hospital

Facility

Authority

,

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.125%,

11/15/40

.

500,000

557,632

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.25%,

11/15/50

..

1,250,000

1,392,290

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.375%,

11/15/55

.

1,500,000

1,674,951

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/45

...

9,285,000

11,579,567

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Mirabella

at

South

Waterfront,

Revenue,

2014

A,

Refunding,

5.4%,

10/01/44

.....

3,000,000

3,256,342

Mirabella

at

South

Waterfront,

Revenue,

2014

A,

Refunding,

5.5%,

10/01/49

.....

5,500,000

5,974,235

Polk

County

Hospital

Facility

Authority

,

Dallas

Mennonite

Retirement

Community

Obligated

Group,

Revenue,

2020

A,

5.125%,

7/01/55

.................................................

3,500,000

3,678,619

Dallas

Mennonite

Retirement

Community

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/24

........................................................

1,500,000

1,501,154

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

5%,

5/15/22

....

215,000

221,530

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

5.75%,

5/15/27

..

1,000,000

1,034,030

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

5.625%,

5/15/32

.

1,000,000

1,028,490

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

6%,

5/15/42

....

3,100,000

3,189,756

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

6%,

5/15/47

....

2,000,000

2,056,337

Yamhill

County

Hospital

Authority

,

Friendsview

Manor

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

11/15/51

..

4,325,000

4,753,899

Friendsview

Manor

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

11/15/36

..

1,220,000

1,483,122

Friendsview

Manor

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

11/15/46

..

1,540,000

1,828,650

Friendsview

Manor

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

11/15/51

..

1,100,000

1,302,154

Friendsview

Manor

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

11/15/56

..

1,940,000

2,279,599

48,792,357

Pennsylvania

2.1%

Allegheny

County

Higher

Education

Building

Authority

,

Carlow

University,

Revenue,

2011,

Pre-Refunded,

6.75%,

11/01/31

............

1,215,000

1,227,988

Carlow

University,

Revenue,

2011,

Pre-Refunded,

7%,

11/01/40

...............

2,000,000

2,022,199

b

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

144A,

2017,

Refunding,

5%,

5/01/32

............................

11,975,000

14,107,061

Revenue,

144A,

2018,

5%,

5/01/42

....................................

3,245,000

3,869,539

Revenue,

144A,

2018,

5.375%,

5/01/42

.................................

5,000,000

5,920,984

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

108

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Bucks

County

Industrial

Development

Authority

,

Grand

View

Hospital/Sellersville

Obligated

Group,

Revenue,

2021,

4%,

7/01/46

...

$

1,500,000

$

1,711,094

Grand

View

Hospital/Sellersville

Obligated

Group,

Revenue,

2021,

5%,

7/01/54

...

1,500,000

1,841,080

Chester

County

Industrial

Development

Authority

,

b

Borough

of

Phoenixville

Steelpointe

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2020,

4.75%,

3/01/50

..............................

4,250,000

4,545,587

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/34

..........

1,500,000

1,647,565

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/39

..........

3,325,000

3,634,495

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/44

..........

1,945,000

2,115,689

b

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5%,

3/01/38

...........................................

525,000

624,741

b

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5.125%,

3/01/48

.......................................

1,000,000

1,181,541

Dallas

Area

Municipal

Authority

,

Misericordia

University,

Revenue,

2019,

Refunding,

5%,

5/01/39

..............

1,100,000

1,302,469

Misericordia

University,

Revenue,

2019,

Refunding,

5%,

5/01/48

..............

4,000,000

4,664,036

East

Hempfield

Township

Industrial

Development

Authority

,

Student

Services,

Inc.,

Revenue,

2013,

Pre-Refunded,

5%,

7/01/35

............

1,000,000

1,086,888

Student

Services,

Inc.,

Revenue,

2013,

Pre-Refunded,

5%,

7/01/45

............

2,500,000

2,717,220

Student

Services,

Inc.,

Revenue,

2014,

Pre-Refunded,

5%,

7/01/39

............

875,000

991,621

Student

Services,

Inc.,

Revenue,

2014,

Pre-Refunded,

5%,

7/01/46

............

3,100,000

3,513,173

Franklin

County

Industrial

Development

Authority

,

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/38

...

1,000,000

1,097,963

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/43

...

1,200,000

1,305,471

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/48

...

4,600,000

4,977,510

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/53

...

3,050,000

3,293,944

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

............

1,000,000

1,079,582

Lancaster

County

Hospital

Authority

,

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.125%,

7/01/37

...

1,000,000

1,153,882

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

7/01/41

....

3,500,000

4,037,546

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School,

Revenue,

2021

A,

4%,

5/01/31

............

680,000

759,053

Seven

Generations

Charter

School,

Revenue,

2021

A,

4%,

5/01/51

............

2,385,000

2,565,700

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/36

...........................................

6,710,000

7,914,197

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

5%,

11/15/45

.......................................................

1,000,000

1,218,477

b

Pennsylvania

Economic

Development

Financing

Authority

,

CarbonLite

P

LLC

,

Revenue

,

144A,

2019

,

5.75

%

,

6/01/36

..................................

5,780

5,780

Pennsylvania

Turnpike

Commission

,

Revenue,

2009

C,

AGMC

Insured,

6.25%,

6/01/33

.........................

5,000,000

6,259,268

Revenue,

B-2,

Zero

Cpn.,

12/01/37

....................................

20,000,000

21,625,490

Revenue,

B-2,

Zero

Cpn.,

12/01/40

....................................

25,075,000

26,946,703

Philadelphia

Authority

for

Industrial

Development

,

Evangelical

Services

for

the

Aging

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

7/01/49

......................

3,000,000

3,354,374

146,319,910

Rhode

Island

0.1%

Rhode

Island

Health

and

Educational

Building

Corp.

,

Care

New

England

Health

System

Obligated

Group

,

Revenue

,

2013

A

,

Pre-Refunded

,

6

%

,

9/01/33

........

7,320,000

8,168,955

South

Carolina

1.1%

South

Carolina

Jobs-Economic

Development

Authority

,

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2017,

5%,

4/01/52

........................................................

1,750,000

1,927,122

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

109

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

(continued)

South

Carolina

Jobs-Economic

Development

Authority,

(continued)

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

4/01/48

............................................

$

3,500,000

$

3,812,054

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

4/01/53

.........................................

11,000,000

12,040,239

South

Carolina

Public

Service

Authority

,

Revenue

,

2013

B

,

Refunding

,

5.125

%

,

12/01/43

........................................................

52,890,000

58,254,384

76,033,799

South

Dakota

0.2%

City

of

Sioux

Falls

,

Dow

Rummel

Village,

Revenue,

2016,

Refunding,

5%,

11/01/46

...............

11,110,000

11,847,258

Dow

Rummel

Village,

Revenue,

2017,

5%,

11/01/42

........................

3,000,000

3,328,872

15,176,130

Tennessee

1.1%

Johnson

City

Health

&

Educational

Facilities

Board

,

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/27

....................................

19,365,000

17,751,688

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/28

....................................

19,400,000

17,318,613

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/29

....................................

19,365,000

16,788,038

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/30

....................................

19,370,000

16,262,180

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

,

Vanderbilt

University

Medical

Center

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

7/01/40

.........................................................

10,000,000

11,915,541

b

Nashville

Metropolitan

Development

&

Housing

Agency

,

Tax

Allocation

,

144A,

2018

,

5.125

%

,

6/01/36

...................................................

900,000

1,040,370

81,076,430

Texas

6.9%

Cedar

Bayou

Navigation

District

,

Special

Assessment

,

2020

,

6

%

,

9/15/51

.........

7,500,000

8,139,285

Central

Texas

Regional

Mobility

Authority

,

Revenue,

2010,

Zero

Cpn.,

1/01/35

....................................

3,000,000

2,275,701

Revenue,

2010,

Zero

Cpn.,

1/01/37

....................................

2,500,000

1,779,962

Revenue,

2010,

Zero

Cpn.,

1/01/38

....................................

2,405,000

1,660,524

Revenue,

2010,

Zero

Cpn.,

1/01/39

....................................

2,545,000

1,704,739

b

City

of

Anna

,

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

..................................................

200,000

200,415

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

4.5%,

9/15/31

...................................................

157,000

157,261

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

4%,

9/15/41

....................................................

867,000

869,124

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

..................................................

1,406,000

1,409,441

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

5%,

9/15/51

....................................................

503,000

504,171

b

City

of

Austin

,

Whisper

Valley

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.625%,

11/01/39

................................................

1,405,000

1,599,720

Whisper

Valley

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.75%,

11/01/48

.................................................

2,450,000

2,777,296

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

110

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

City

of

Celina

,

b

Creeks

of

Legacy

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.25%,

9/01/40

..................................................

$

230,000

$

243,314

b

Creeks

of

Legacy

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.375%,

9/01/49

.................................................

1,845,000

1,952,040

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/31

..................................................

215,000

218,232

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/01/41

..................................................

500,000

512,290

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/01/41

..................................................

370,000

378,963

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/50

...................................................

605,000

618,204

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.5%,

9/01/50

...................................................

500,000

510,406

Lakes

at

Mustang

Ranch

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

9/01/35

.................................

1,020,000

1,042,695

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.25%,

9/01/49

..................................................

3,065,000

3,304,136

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.................................................

1,800,000

1,877,708

b

Wells

North

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

........................................................

425,000

446,204

b

Wells

North

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

520,000

547,330

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

350,000

375,990

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

965,000

1,015,717

b

City

of

Crandall

,

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/31

........................................................

300,000

309,014

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/15/31

..................................................

161,000

166,031

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/41

..................................................

1,000,000

1,033,025

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5%,

9/15/41

........................................................

1,144,000

1,186,956

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/15/51

...................................................

2,000,000

2,073,589

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/15/51

..................................................

750,000

780,929

b,e

City

of

Elmendorf

,

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/31

.................................................

298,000

298,623

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/01/41

........................................................

1,205,000

1,199,950

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

1,172,000

1,174,851

b

City

of

Fate

,

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.125%,

8/15/30

........................................................

665,000

691,029

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.625%,

8/15/40

........................................................

1,163,000

1,220,035

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.875%,

8/15/50

........................................................

1,772,000

1,853,769

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

8/15/30

.................................................

125,000

130,436

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

111

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Fate,

(continued)

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

8/15/40

.................................................

$

691,000

$

720,956

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

8/15/50

.................................................

994,000

1,035,461

b

City

of

Fort

Worth

,

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5%,

9/01/27

................................

1,960,000

2,132,902

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5%,

9/01/32

................................

1,270,000

1,351,046

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5.125%,

9/01/37

.............................

1,650,000

1,736,073

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/27

................................

1,585,000

1,662,934

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/32

................................

1,530,000

1,622,218

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/37

................................

1,975,000

2,065,031

City

of

Horseshoe

Bay

,

Escondido

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3%,

10/01/30

.......................................................

500,000

520,589

Escondido

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

10/01/33

.................................................

435,000

457,013

City

of

Houston

Airport

System

,

United

Airlines,

Inc.,

Revenue,

2021

A,

4%,

7/01/41

........................

6,500,000

7,083,047

United

Airlines,

Inc.,

Revenue,

2021

B-1,

4%,

7/15/41

.......................

4,000,000

4,360,415

b

City

of

Hutto

,

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

..................................................

206,000

209,490

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/01/41

.................................................

519,000

527,845

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/56

........................................................

1,146,000

1,171,206

b,f

City

of

Justin

,

Timberbrook

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3%,

9/01/31

....................................................

500,000

501,062

Timberbrook

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

.................................................

1,537,000

1,540,890

Timberbrook

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/01/51

....................................................

2,052,000

2,129,140

b

City

of

Kaufman

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

........................................................

130,000

131,388

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.625%,

9/15/41

........................................................

570,000

580,579

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/15/50

.

440,000

452,466

b

City

of

Kyle

,

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

........................................................

400,000

407,631

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.625%,

9/01/40

........................................................

1,310,000

1,340,138

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.5%,

9/01/44

........................................................

1,380,000

1,399,183

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/46

375,000

388,192

City

of

Lago

Vista

,

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.125%,

9/01/30

........................................

300,000

314,116

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

112

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

City

of

Lago

Vista,

(continued)

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.75%,

9/01/42

.........................................

$

1,045,000

$

1,102,178

b

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5%,

9/01/30

.....................................

2,000,000

2,138,711

b

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5.125%,

9/01/35

..................................

2,070,000

2,238,664

b

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5.5%,

9/01/40

....................................

2,715,000

2,992,819

b

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

B,

Refunding,

4.875%,

9/01/50

..................................

2,500,000

2,666,850

City

of

Leander

,

Oak

Creek

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

9/01/32

..................................................

530,000

568,042

Oak

Creek

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

9/01/38

..................................................

1,275,000

1,337,709

Oak

Creek

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

9/01/44

..................................................

1,490,000

1,543,860

b

City

of

Liberty

Hill

,

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

.................................................

250,000

260,136

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

845,000

911,890

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/54

........................................................

1,890,000

1,998,301

b

City

of

Manor

,

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/15/26

........................................................

110,000

110,449

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/26

.................................................

110,000

110,370

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

.................................................

250,000

252,316

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

........................................................

310,000

313,018

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/15/41

........................................................

700,000

708,283

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/41

.................................................

830,000

842,272

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

........................................................

1,000,000

1,034,284

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/15/51

.................................................

1,225,000

1,239,885

b

City

of

Marble

Falls

,

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/01/31

.................................................

250,000

250,511

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/01/41

.................................................

1,000,000

1,002,440

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.875%,

9/01/41

.................................................

450,000

451,059

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/01/51

.................................................

1,470,000

1,474,727

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.125%,

9/01/51

.................................................

620,000

621,442

b

City

of

Mclendon-Chisholm

,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

.........................

205,000

205,725

Special

Assessment,

144A,

2021,

3.625%,

9/15/41

.........................

620,000

628,342

Special

Assessment,

144A,

2021,

4%,

9/15/51

............................

865,000

887,311

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

113

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Midlothian

,

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/15/31

........................................................

$

300,000

$

306,807

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/31

.................................................

230,000

233,918

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/15/41

.................................................

1,105,000

1,129,458

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/15/41

........................................................

420,000

431,266

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/51

.................................................

1,635,000

1,670,064

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/15/51

..................................................

610,000

626,663

b

City

of

Oak

Point

,

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

..................................................

300,000

314,570

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

..................................................

1,170,000

1,228,373

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

1,060,000

1,112,299

Wildridge

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

2.75%,

9/01/31

..................................................

160,000

159,722

Wildridge

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/01/41

.................................................

643,000

644,583

Wildridge

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

470,000

490,271

b,e

City

of

Plano

,

Collin

Creek

East

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/15/51

.................................................

2,750,000

2,824,034

Collin

Creek

West

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

....................................................

2,093,000

2,198,706

b

City

of

Princeton

,

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

2.875%,

9/01/25

.................................................

152,000

155,242

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/01/30

.................................................

180,000

190,005

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

9/01/40

.................................................

650,000

692,971

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.................................................

936,000

1,001,711

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3%,

9/01/31

........................................................

128,000

128,817

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

........................................................

325,000

327,270

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

435,000

450,365

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

........................................................

200,000

213,262

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

........................................................

470,000

505,372

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

675,000

730,265

b

City

of

Red

Oak

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

........................................................

150,000

150,210

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

........................................................

354,000

355,385

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

114

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Red

Oak,

(continued)

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.375%,

9/15/41

........................................................

$

909,000

$

905,709

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/15/51

.

665,000

684,320

b

City

of

Rowlett

,

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

............................................

200,000

200,174

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

.............................................

200,000

201,056

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/41

.............................................

820,000

830,224

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/41

............................................

600,000

605,925

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

................................................

1,172,000

1,196,235

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

.............................................

1,000,000

1,004,722

b

City

of

Royse

City

,

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/15/30

........................................................

450,000

469,653

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.625%,

9/15/30

........................................................

225,000

238,973

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.375%,

9/15/30

........................................................

210,000

221,234

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

9/15/40

........................................................

1,190,000

1,254,022

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/15/40

........................................................

590,000

632,363

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.875%,

9/15/40

........................................................

375,000

402,511

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/15/50

........................................................

1,780,000

1,871,869

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.375%,

9/15/50

........................................................

715,000

765,322

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

5.125%,

9/15/50

........................................................

575,000

616,304

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2017,

5%,

9/15/48

........................................................

2,700,000

3,007,441

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.375%,

9/15/39

........................................................

610,000

665,435

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.5%,

9/15/48

........................................................

1,260,000

1,366,446

b

City

of

Sachse

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

405,000

421,460

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

1,070,000

1,125,299

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.375%,

9/15/40

........................................................

2,035,000

2,158,991

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

4%,

9/15/50

.

1,485,000

1,560,889

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.625%,

9/15/50

........................................................

2,235,000

2,369,697

City

of

San

Marcos

,

Special

Assessment,

2020,

4.375%,

9/01/25

.............................

260,000

267,286

Special

Assessment,

2020,

4.875%,

9/01/30

.............................

305,000

327,798

Special

Assessment,

2020,

5.375%,

9/01/40

.............................

1,300,000

1,423,976

Special

Assessment,

2020,

5.625%,

9/01/50

.............................

1,300,000

1,427,906

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

115

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Tomball

,

Raburn

Reserve

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/15/30

.................................................

$

375,000

$

387,856

Raburn

Reserve

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/15/50

........................................................

2,015,000

2,108,644

Clifton

Higher

Education

Finance

Corp.

,

Uplift

Education

,

Revenue

,

A

,

5

%

,

12/01/45

.

3,855,000

4,285,318

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel,

Revenue,

Second

Lien,

2021

B,

3.5%,

10/01/31

.

450,000

453,654

Conroe

Convention

Center

Hotel,

Revenue,

Second

Lien,

2021

B,

5%,

10/01/50

..

1,200,000

1,319,374

b

County

of

Hays

,

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

........................................................

100,000

104,122

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

........................................................

800,000

841,990

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/15/50

1,200,000

1,262,282

b

County

of

Medina

,

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/26

........................................................

240,000

241,667

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/01/31

........................................................

400,000

407,423

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.875%,

9/01/31

........................................................

815,000

828,690

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/41

........................................................

1,085,000

1,109,569

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/01/41

........................................................

780,000

798,895

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/50

........................................................

870,000

890,877

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.5%,

9/01/50

........................................................

1,160,000

1,185,048

Dallas

Fort

Worth

International

Airport

,

Revenue

,

2013

B

,

5

%

,

11/01/44

...........

11,385,000

11,994,625

El

Paso

Downtown

Development

Corp.

,

City

of

El

Paso

,

Revenue

,

2013

A

,

Pre-

Refunded

,

7.25

%

,

8/15/38

...........................................

15,000,000

17,012,439

Grand

Parkway

Transportation

Corp.

,

Revenue,

2013

B,

Zero

Cpn.,

10/01/45

..................................

10,000,000

11,581,895

Revenue,

First

Tier,

2013

A,

5.125%,

10/01/43

............................

2,850,000

3,096,663

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group,

Revenue,

2013

B,

Pre-Refunded,

7%,

1/01/43

........................................................

3,000,000

3,265,423

Brazos

Presbyterian

Homes

Obligated

Group,

Revenue,

2013

B,

Pre-Refunded,

7%,

1/01/48

........................................................

5,250,000

5,714,490

Brazos

Presbyterian

Homes

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

1/01/48

........................................................

5,000,000

5,548,203

Harris

County-Houston

Sports

Authority

,

Revenue,

Third

Lien

,

2004

A-3

,

NATL

Insured

,

Zero

Cpn.,

11/15/37

................................................

3,700,000

1,579,644

Mesquite

Health

Facilities

Development

Corp.

,

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

2/15/36

........................................................

1,000,000

780,000

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2014,

Refunding,

5.125%,

2/15/42

........................................................

3,750,000

2,925,000

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

2/15/35

........................................................

5,175,000

4,036,499

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

Cardinal

Bay,

Inc.,

Revenue,

D,

6%,

7/01/26

.............................

110,000

107,650

Cardinal

Bay,

Inc.,

Revenue,

D,

7%,

7/01/51

.............................

5,110,000

4,789,247

CHF-Collegiate

Housing

College

Station

I

LLC,

Revenue,

2014

A,

5%,

4/01/29

....

2,190,000

2,352,113

CHF-Collegiate

Housing

College

Station

I

LLC,

Revenue,

2014

A,

5%,

4/01/46

....

1,500,000

1,584,256

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

116

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

New

Hope

Cultural

Education

Facilities

Finance

Corp.,

(continued)

CHF-Collegiate

Housing

Corpus

Christi

II

LLC,

Revenue,

A,

Pre-Refunded,

5%,

4/01/31

........................................................

$

1,300,000

$

1,560,008

CHF-Collegiate

Housing

Corpus

Christi

II

LLC,

Revenue,

A,

Pre-Refunded,

5%,

4/01/36

........................................................

1,000,000

1,200,007

CHF-Collegiate

Housing

Corpus

Christi

II

LLC,

Revenue,

A,

Pre-Refunded,

5%,

4/01/48

........................................................

2,500,000

3,000,016

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017

A,

ETM,

4%,

4/01/22

250,000

255,524

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017

A,

ETM,

5%,

4/01/24

965,000

1,082,830

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017

A,

ETM,

5%,

4/01/26

525,000

631,323

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017

A,

ETM,

5%,

4/01/27

460,000

570,059

CHF-Stephenville

LLC,

Revenue,

2013

A,

Pre-Refunded,

6%,

4/01/45

..........

3,000,000

3,271,429

b

Cityscape

Schools,

Inc.,

Revenue,

144A,

2019

A,

5%,

8/15/39

................

500,000

583,171

b

Cityscape

Schools,

Inc.,

Revenue,

144A,

2019

A,

5%,

8/15/51

................

1,570,000

1,811,160

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/42

......

5,000,000

5,416,695

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/47

......

4,595,000

4,966,969

Morningside

Ministries

Obligated

Group,

Revenue,

2013,

6.5%,

1/01/43

.........

4,350,000

4,577,885

Morningside

Ministries

Obligated

Group,

Revenue,

2020

A,

5%,

1/01/55

.........

4,100,000

4,558,110

MRC

Crestview

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/36

......

1,020,000

1,124,830

MRC

Crestview

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/46

......

4,100,000

4,483,842

NCCD-College

Station

Properties

LLC,

Revenue,

A,

5%,

7/01/47

..............

30,000,000

25,800,000

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

10/01/39

.......................................................

2,750,000

3,021,529

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5.25%,

10/01/49

.......................................................

12,600,000

13,886,833

Presbyterian

Village

North

Obligated

Group,

Revenue,

2020

A,

5.25%,

10/01/55

...

2,500,000

2,804,304

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Second

Tier,

2019

B,

5.5%,

12/01/54

................................................

15,000,000

15,227,028

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Third

Tier,

2019

C,

6%,

12/01/54

...................................................

6,960,000

6,889,949

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/43

............

3,200,000

3,369,526

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/49

............

1,000,000

1,049,782

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/50

.....

1,180,000

1,250,423

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/55

.....

4,400,000

4,648,301

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System,

Revenue,

First

Tier,

I,

Pre-Refunded,

6.5%,

1/01/43

..

25,000,000

30,114,170

Special

Projects

System,

Revenue,

2011

B,

Pre-Refunded,

Zero

Cpn.,

9/01/37

....

7,500,000

4,287,078

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

Zero

Cpn.,

9/01/43

....

10,000,000

14,131,566

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

Zero

Cpn.,

9/01/45

....

25,000,000

38,185,772

b

Northwood

Municipal

Utility

District

No.

1

,

GO,

144A,

2020,

Refunding,

3.5%,

8/01/25

..............................

1,035,000

1,080,993

GO,

144A,

2020,

Refunding,

4%,

8/01/31

................................

1,070,000

1,168,521

Red

River

Education

Finance

Corp.

,

Houston

Baptist

University

,

Revenue

,

2017

,

Refunding

,

5.5

%

,

10/01/46

...........................................

4,250,000

4,997,656

Red

River

Health

Facilities

Development

Corp.

,

c

Eden

Home,

Inc.

Obligated

Group,

Revenue,

2012,

7.25%,

12/15/42

...........

11,000,000

7,700,000

Wichita

Falls

Retirement

Foundation

Obligated

Group,

Revenue,

2012,

5.5%,

1/01/32

........................................................

1,500,000

1,516,445

Wichita

Falls

Retirement

Foundation

Obligated

Group,

Revenue,

2012,

5.125%,

1/01/41

........................................................

2,000,000

2,017,670

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

Cumberland

Rest,

Inc.

(The)

,

Revenue

,

A-1

,

Refunding

,

5

%

,

10/01/49

............................

5,125,000

5,643,417

Texas

Transportation

Commission

,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/46

...........................

3,000,000

1,053,925

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/47

...........................

5,750,000

1,917,013

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/51

...........................

3,500,000

936,826

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/52

...........................

4,000,000

1,010,852

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

117

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

Texas

Transportation

Commission,

(continued)

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/53

...........................

$

400,000

$

95,611

b

Town

of

Flower

Mound

,

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

2.625%,

9/01/26

........................................

920,000

923,823

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

3.25%,

9/01/31

.........................................

600,000

605,941

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

3.5%,

9/01/36

..........................................

800,000

809,443

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

4%,

9/01/43

............................................

1,500,000

1,547,455

Town

of

Ponder

,

Special

Assessment,

2017,

5%,

9/01/45

.................................

500,000

557,127

Special

Assessment,

2017,

5%,

9/01/47

.................................

865,000

963,377

Viridian

Municipal

Management

District

,

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

2.875%,

12/01/30

.

258,000

263,755

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.125%,

12/01/35

.

415,000

424,985

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.375%,

12/01/40

.

486,000

497,297

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.5%,

12/01/47

..

835,000

853,842

Wood

County

Central

Hospital

District

,

East

Texas

Medical

Center

Quitman

,

Revenue

,

2011

,

Pre-Refunded

,

6

%

,

11/01/41

.....................................

350,000

353,318

491,759,526

Utah

0.5%

City

of

Salt

Lake

City

,

Airport

,

Revenue

,

2018

A

,

5.25

%

,

7/01/48

................

5,600,000

6,910,123

f

Military

Installation

Development

Authority

,

Revenue,

2021

A-1,

4%,

6/01/52

......................................

8,250,000

8,564,759

Revenue,

2021

A-2,

4%,

6/01/36

......................................

2,250,000

2,372,870

Revenue,

2021

A-2,

4%,

6/01/41

......................................

7,215,000

7,510,764

Revenue,

2021

A-2,

4%,

6/01/52

......................................

11,250,000

11,583,962

b

Utah

Charter

School

Finance

Authority

,

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/39

..

475,000

545,722

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/49

..

825,000

933,581

38,421,781

Virginia

1.4%

b

Farms

New

Kent

Community

Development

Authority

,

Special

Assessment

,

144A,

2021

A

,

Refunding

,

3.75

%

,

3/01/36

.........................................

8,000,000

8,682,091

Farmville

Industrial

Development

Authority

,

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/43

...

500,000

601,414

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/48

...

500,000

598,026

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/40

...

2,000,000

2,501,790

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/50

...

2,700,000

3,323,142

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/59

...

2,000,000

2,445,359

Henrico

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

6/01/44

........................................................

3,550,000

3,902,996

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

6/01/49

........................................................

4,065,000

4,458,482

James

City

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/41

............................................

625,000

691,134

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/47

............................................

1,000,000

1,092,767

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

118

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Norfolk

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2012

B

,

Refunding

,

5

%

,

11/01/43

..............................

$

17,575,000

$

18,480,095

Virginia

Small

Business

Financing

Authority

,

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2017,

5%,

1/01/40

.............

8,000,000

8,124,098

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2012,

6%,

1/01/37

...

6,485,000

6,786,897

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2012,

5.5%,

1/01/42

.

35,790,000

37,261,878

98,950,169

Washington

1.5%

g

Coalview

Centralia

LLC

,

15

%

,

12/31/21

...................................

1,900,000

1,900,000

Greater

Wenatchee

Regional

Events

Center

Public

Facilities

District

,

Revenue

,

A

,

5.5

%

,

9/01/42

....................................................

10,000,000

10,320,719

Ocean

Shores

Local

Improvement

District

,

Special

Assessment

,

2011

,

7.25

%

,

2/01/31

2,130,000

2,594,486

Washington

Economic

Development

Finance

Authority

,

c

Coalview

Centralia

LLC,

Revenue,

2013,

8.25%,

8/01/25

....................

3,800,000

608,000

c

Coalview

Centralia

LLC,

Revenue,

2013,

9.5%,

8/01/25

.....................

12,855,000

2,056,800

d

Propeller

Airports

Paine

Field

LLC,

Revenue,

A,

Mandatory

Put,

6.5%,

3/01/24

....

24,500,000

25,465,055

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

15,500,000

19,239,329

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2012

A,

5%,

10/01/42

..

19,725,000

20,728,456

b

Washington

State

Housing

Finance

Commission

,

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

1/01/49

..............................................

1,500,000

1,703,577

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

1/01/55

..............................................

1,800,000

2,033,688

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/46

.........................................

2,250,000

2,466,229

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/51

.........................................

1,700,000

1,860,502

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2019,

5%,

1/01/55

........................................................

9,020,000

10,162,801

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/51

........................................................

6,000,000

6,768,176

107,907,818

West

Virginia

0.2%

County

of

Kanawha

,

West

Virginia

State

University

Foundation,

Inc.

,

Revenue

,

2013

,

Pre-Refunded

,

6.75

%

,

7/01/45

........................................

6,650,000

7,423,267

b

Monongalia

County

Commission

Excise

Tax

District

,

Revenue,

144A,

2021

A,

Refunding,

4.125%,

6/01/43

.......................

2,250,000

2,543,666

Revenue,

144A,

2021

B,

4.875%,

6/01/43

...............................

1,635,000

1,786,995

11,753,928

Wisconsin

1.7%

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

4%,

12/01/40

.....................

1,070,000

1,107,049

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

4.25%,

12/01/50

...................

7,225,000

7,466,707

b,d

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-2,

Mandatory

Put,

4%,

12/01/35

.......................................................

18,000,000

18,450,891

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/39

.............

1,595,000

1,940,618

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/44

.............

1,900,000

2,285,979

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/49

.............

5,225,000

6,249,358

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

11/15/41

.......................................................

1,205,000

1,477,919

Celanese

US

Holdings

LLC,

Revenue,

2016

C,

Refunding,

4.3%,

11/01/30

.......

4,000,000

4,514,171

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/45

..........

2,805,000

3,261,015

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/53

..........

4,345,000

5,027,691

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

119

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

b

Eno

River

Academy

Holdings,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/40

........

$

815,000

$

948,245

b

Eno

River

Academy

Holdings,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/54

........

1,380,000

1,577,969

b

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/39

..

1,230,000

1,431,621

b

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/49

..

7,600,000

8,759,001

b

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/54

..

1,920,000

2,202,918

b

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/36

....

300,000

338,315

b

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/51

....

1,000,000

1,101,677

b

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/61

....

1,275,000

1,395,578

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/37

............................................

625,000

726,712

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/52

............................................

4,100,000

4,580,802

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

3/01/45

..................................................

1,665,000

1,953,701

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

3/01/55

..................................................

6,810,000

7,935,116

b

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/34

.........

8,970,000

11,013,571

b

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/39

.........

8,500,000

10,337,199

b

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

5%,

1/01/56

...............

1,865,000

2,198,113

b,d

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-1,

Mandatory

Put,

3.5%,

12/01/35

..................................................

2,000,000

2,051,216

Wisconsin

Health

&

Educational

Facilities

Authority

,

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7%,

7/01/43

...................

1,000,000

995,437

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7.5%,

7/01/53

..................

2,750,000

2,750,040

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2015

B,

Refunding,

5%,

9/15/45

........................................................

3,500,000

3,625,454

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2018

A,

5%,

9/15/45

....

3,500,000

3,741,080

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2018

A,

5%,

9/15/50

....

500,000

533,920

121,979,083

U.S.

Territories

10.3%

District

of

Columbia

1.7%

District

of

Columbia

,

American

Society

of

Hematology,

Inc.

(The),

Revenue,

2009,

Pre-Refunded,

5%,

7/01/36

........................................................

1,500,000

1,560,359

Tobacco

Settlement

Financing

Corp.,

Revenue,

2001,

6.5%,

5/15/33

...........

6,770,000

7,521,389

Tobacco

Settlement

Financing

Corp.,

Revenue,

2002,

Zero

Cpn.,

6/15/46

........

175,000,000

38,074,540

Metropolitan

Washington

Airports

Authority

,

Dulles

Toll

Road

,

Revenue,

Second

Lien

,

2009

C

,

AGMC

Insured

,

6.5

%

,

10/01/41

.................................

60,145,000

76,969,072

124,125,360

Guam

0.2%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue,

2013

B,

Pre-Refunded,

AGMC

Insured,

5.5%,

10/01/33

.............

2,000,000

2,217,751

Revenue,

2013

B,

Pre-Refunded,

AGMC

Insured,

5.75%,

10/01/43

.............

3,000,000

3,342,180

e

Territory

of

Guam

,

Revenue,

2021

F,

Refunding,

4%,

1/01/42

...............................

4,125,000

4,713,431

Revenue,

2021

F,

Refunding,

4%,

1/01/36

...............................

3,750,000

4,397,376

14,670,738

Pacific

Islands

0.1%

Northern

Mariana

Island

Ports

Authority

,

Revenue

,

1998

A

,

6.6

%

,

3/15/28

.........

9,025,000

9,003,737

Puerto

Rico

8.3%

Children's

Trust

Fund

,

Revenue,

5.5%,

5/15/39

.............................................

9,500,000

9,755,070

Revenue,

2002,

5.625%,

5/15/43

......................................

2,500,000

2,514,887

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

120

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

c

Commonwealth

of

Puerto

Rico

,

GO

,

A-PSA

,

Refunding

,

8

%

,

7/01/35

.............

$

42,205,000

$

35,927,006

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5

%

,

8/20/40

...................

32,378,901

30,436,167

b

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

,

Revenue,

Senior

Lien,

144A,

2020

A,

Refunding,

5%,

7/01/30

................

22,000,000

27,852,852

Revenue,

Senior

Lien,

144A,

2020

A,

Refunding,

5%,

7/01/35

................

20,000,000

24,813,916

Revenue,

Senior

Lien,

144A,

2020

A,

Refunding,

5%,

7/01/47

................

30,000,000

36,404,130

c

Puerto

Rico

Electric

Power

Authority

,

Revenue,

2013

A

RSA-1,

6.75%,

7/01/36

................................

29,750,000

29,935,937

Revenue,

2013

A

RSA-1,

7%,

7/01/43

..................................

5,000,000

5,043,750

Revenue,

2013

A

RSA-1,

7.25%,

7/01/30

................................

25,000,000

25,281,250

Revenue,

A-4-RSA-1

2016

A-4,

10%,

7/01/19

.............................

5,500,000

5,658,125

Revenue,

B-2-RSA-1

2016

B-4,

10%,

7/01/19

............................

5,500,000

5,658,125

Revenue,

E-1-RSA-1,

10%,

1/01/21

....................................

6,000,000

6,172,500

Revenue,

E-2-RSA-1,

10%,

7/01/21

....................................

6,000,000

6,172,500

Revenue,

E-3-RSA-1,

10%,

1/01/22

....................................

1,989,500

2,074,054

Revenue,

E-4-RSA-1,

10%,

7/01/22

....................................

1,989,499

2,074,053

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

10,895,000

10,717,956

Revenue,

XX-RSA-1,

5.75%,

7/01/36

...................................

23,620,000

23,383,800

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

700,000

789,742

Revenue,

L,

Refunding,

AMBAC

Insured,

5.25%,

7/01/38

....................

9,080,000

9,893,101

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

7,125,000

8,184,562

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

AES

Puerto

Rico

LP

,

Revenue

,

2000

A

,

6.625

%

,

6/01/26

.....

16,835,000

17,424,225

Puerto

Rico

Infrastructure

Financing

Authority

,

Special

Tax

,

2005

C

,

Refunding

,

AMBAC

Insured

,

5.5

%

,

7/01/27

..............................................

27,500,000

30,343,107

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.55%,

7/01/40

................................

393,000

452,234

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

................................

33,780,000

38,657,896

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

23,600,000

27,325,472

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/46

.............................

141,421,000

47,254,229

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/51

.............................

82,259,000

19,990,171

Sales

Tax,

Revenue,

A-2,

4.329%,

7/01/40

...............................

40,819,000

46,402,370

Sales

Tax,

Revenue,

A-2,

4.784%,

7/01/58

...............................

44,364,000

50,769,762

587,362,949

Total

U.S.

Territories

....................................................................

735,162,784

Total

Municipal

Bonds

(Cost

$5,956,163,376)

...................................

6,889,629,840

Total

Long

Term

Investments

(Cost

$6,042,509,099)

.............................

6,978,156,915

a

a

a

a

a

Short

Term

Investments

1.6%

Municipal

Bonds

1.6%

Arizona

0.1%

h

Arizona

Industrial

Development

Authority

,

Phoenix

Children's

Hospital

,

Revenue

,

2019

A

,

Refunding

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

2/01/48

9,000,000

9,000,000

Florida

0.0%

†

h

County

of

Martin

,

Florida

Power

&

Light

Co.

,

Revenue

,

2000

,

Refunding

,

Daily

VRDN

and

Put

,

0.01

%

,

7/15/22

.............................................

1,000,000

1,000,000

Georgia

0.0%

†

h

Development

Authority

of

Monroe

County

(The)

,

Florida

Power

&

Light

Co.

,

Revenue

,

2002

,

Refunding

,

Daily

VRDN

and

Put

,

0.02

%

,

9/01/37

.....................

1,600,000

1,600,000

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

121

s

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

New

York

1.1%

h

New

York

City

,

Water

&

Sewer

System

,

Revenue

,

2014

AA-3

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

6/15/49

.......................................

$

45,815,000

$

45,815,000

h

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2003

A-4

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

11/01/29

...........

25,000,000

25,000,000

70,815,000

Oregon

0.2%

h

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

8/01/34

............

13,000,000

13,000,000

Tennessee

0.2%

h

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group

,

Revenue

,

2008

A

,

AGMC

Insured

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

6/01/42

...................................

14,800,000

14,800,000

Total

Municipal

Bonds

(Cost

$110,215,000)

.....................................

110,215,000

Total

Short

Term

Investments

(Cost

$110,215,000

)

...............................

110,215,000

a

Total

Investments

(Cost

$6,152,724,099)

99.8%

..................................

$7,088,371,915

Other

Assets,

less

Liabilities

0.2%

.............................................

16,292,915

Net

Assets

100.0%

...........................................................

$7,104,664,830

See

Abbreviations

on

page

174

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2021,

the

aggregate

value

of

these

securities

was

$1,294,721,009,

representing

18.2%

of

net

assets.

c

See

Note

7

regarding

credit

risk

and

defaulted

securities.

d

The

maturity

date

shown

represents

the

mandatory

put

date.

e

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

f

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

g

Fair

valued

using

significant

unobservable

inputs.

See

Note

11

regarding

fair

value

measurements.

h

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

Financial

Highlights

Franklin

Massachusetts

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

122

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$11.84

$12.20

$11.47

$11.39

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.12

0.28

0.31

0.16

Net

realized

and

unrealized

gains

(losses)

........................

0.16

(0.37)

0.74

0.08

Total

from

investment

operations

.................................

0.28

(0.09)

1.05

0.24

Less

distributions

from:

Net

investment

income

.......................................

(0.12)

(0.27)

(0.32)

(0.16)

Net

asset

value,

end

of

period

...................................

$12.00

$11.84

$12.20

$11.47

Total

return

e

................................................

2.36%

(0.71)%

9.29%

2.12%

Ratios

to

average

net

assets

f

Expenses

g

.................................................

0.87%

0.86%

0.87%

0.86%

Net

investment

income

........................................

1.94%

2.31%

2.64%

2.88%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$67,235

$58,926

$44,347

$20,086

Portfolio

turnover

rate

.........................................

12.88%

18.21%

12.59%

6.58%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

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The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

123

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.83

$12.20

$11.46

$11.47

$11.63

$11.94

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.30

0.33

0.35

0.35

0.39

Net

realized

and

unrealized

gains

(losses)

0.16

(0.38)

0.75

(0.01)

(0.15)

(0.31)

Total

from

investment

operations

........

0.29

(0.08)

1.08

0.34

0.20

0.08

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.29)

(0.34)

(0.35)

(0.36)

(0.39)

Net

asset

value,

end

of

period

..........

$11.99

$11.83

$12.20

$11.46

$11.47

$11.63

Total

return

d

.......................

2.44%

(0.64)%

9.55%

2.98%

1.66%

0.62%

Ratios

to

average

net

assets

e

Expenses

.........................

0.72%

f

0.72%

f

0.72%

f

0.71%

f

0.68%

0.67%

Net

investment

income

...............

2.10%

2.48%

2.79%

3.03%

3.02%

3.23%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$238,646

$245,351

$307,452

$314,235

$363,555

$375,435

Portfolio

turnover

rate

................

12.88%

18.21%

12.59%

6.58%

23.50%

7.16%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

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Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

124

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.98

$12.35

$11.60

$11.61

$11.77

$12.07

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.09

0.23

0.27

0.28

0.29

0.32

Net

realized

and

unrealized

gains

(losses)

0.16

(0.38)

0.76

(0.01)

(0.16)

(0.30)

Total

from

investment

operations

........

0.25

(0.15)

1.03

0.27

0.13

0.02

Less

distributions

from:

Net

investment

income

..............

(0.09)

(0.22)

(0.28)

(0.28)

(0.29)

(0.32)

Net

asset

value,

end

of

period

..........

$12.14

$11.98

$12.35

$11.60

$11.61

$11.77

Total

return

d

.......................

2.21%

(1.26)%

8.95%

2.37%

1.08%

0.13%

Ratios

to

average

net

assets

e

Expenses

.........................

1.26%

f

1.26%

f

1.27%

f

1.26%

f

1.23%

1.22%

Net

investment

income

...............

1.53%

1.90%

2.24%

2.48%

2.47%

2.68%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$20,610

$27,111

$31,713

$33,253

$56,607

$60,441

Portfolio

turnover

rate

................

12.88%

18.21%

12.59%

6.58%

23.50%

7.16%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

125

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.84

$12.20

$11.46

$11.48

$11.76

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.14

0.31

0.34

0.36

0.21

Net

realized

and

unrealized

gains

(losses)

...........

0.16

(0.36)

0.76

(0.02)

(0.28)

Total

from

investment

operations

....................

0.30

(0.05)

1.10

0.34

(0.07)

Less

distributions

from:

Net

investment

income

..........................

(0.14)

(0.31)

(0.36)

(0.36)

(0.21)

Net

asset

value,

end

of

period

......................

$12.00

$11.84

$12.20

$11.46

$11.48

Total

return

e

...................................

2.60%

(0.50)%

9.69%

3.01%

(0.65)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.58%

0.58%

0.60%

0.59%

0.60%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.57%

g

0.57%

g

0.58%

g

0.57%

g

0.55%

Net

investment

income

...........................

2.24%

2.60%

2.93%

3.17%

3.15%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$19,546

$16,909

$12,458

$1,284

$1,688

Portfolio

turnover

rate

............................

12.88%

18.21%

12.59%

6.58%

23.50%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

126

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.83

$12.20

$11.46

$11.48

$11.63

$11.94

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.30

0.34

0.36

0.36

0.40

Net

realized

and

unrealized

gains

(losses)

0.16

(0.37)

0.75

(0.02)

(0.14)

(0.31)

Total

from

investment

operations

........

0.29

(0.07)

1.09

0.34

0.22

0.09

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.30)

(0.35)

(0.36)

(0.37)

(0.40)

Net

asset

value,

end

of

period

..........

$11.99

$11.83

$12.20

$11.46

$11.48

$11.63

Total

return

d

.......................

2.49%

(0.54)%

9.65%

2.98%

1.84%

0.72%

Ratios

to

average

net

assets

e

Expenses

.........................

0.62%

f

0.61%

f

0.62%

f

0.61%

f

0.58%

0.57%

Net

investment

income

...............

2.20%

2.55%

2.89%

3.13%

3.12%

3.33%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$101,993

$106,533

$60,927

$50,814

$63,366

$34,909

Portfolio

turnover

rate

................

12.88

%

18.21%

12.59%

6.58%

23.50%

7.16%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,

2021

Franklin

Massachusetts

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

127

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

94.1%

Illinois

1.6%

a

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

$

1,750,000

$

2,018,604

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

2,000,000

2,377,282

GO,

2017

D,

5%,

11/01/26

...........................................

1,000,000

1,206,272

GO,

2017

D,

5%,

11/01/27

...........................................

1,000,000

1,231,961

GO,

2018

A,

Refunding,

5%,

10/01/28

..................................

140,000

175,607

7,009,726

Massachusetts

88.0%

Acton

&

Boxborough

Regional

School

District

,

GO,

5%,

3/01/33

..................................................

2,095,000

2,697,643

GO,

3%,

3/01/34

..................................................

1,485,000

1,673,507

GO,

3%,

3/01/35

..................................................

2,130,000

2,385,021

Boston

Water

&

Sewer

Commission

,

Revenue,

Senior

Lien

,

2014

A

,

Pre-Refunded

,

4

%

,

11/01/28

.....................................................

4,400,000

4,928,544

City

of

Lowell

,

GO,

2020,

Refunding,

4%,

9/01/31

.....................................

2,000,000

2,451,380

GO,

2020,

Refunding,

4%,

9/01/33

.....................................

2,025,000

2,452,710

GO,

2020,

Refunding,

3%,

9/01/34

.....................................

1,000,000

1,119,390

City

of

Quincy

,

GO

,

2014

,

4

%

,

6/01/32

....................................

2,565,000

2,804,982

City

of

Worcester

,

GO

,

2020

A

,

3

%

,

2/01/42

................................

1,685,000

1,824,194

Commonwealth

of

Massachusetts

,

GO,

2018

A,

5%,

1/01/47

............................................

5,000,000

6,141,939

GO,

A,

5.25%,

4/01/42

..............................................

5,000,000

6,203,378

GO,

F,

4%,

11/01/29

................................................

6,000,000

6,257,820

Revenue,

2005,

Refunding,

AGMC,

NATL

Insured,

5.5%,

1/01/34

..............

11,900,000

16,618,653

Transportation

Fund,

Revenue,

2016

B,

4%,

6/01/45

.......................

7,175,000

8,156,534

Transportation

Fund,

Revenue,

2017

A,

5%,

6/01/47

.......................

5,000,000

6,162,440

Transportation

Fund,

Revenue,

2018

A,

5%,

6/01/48

.......................

5,000,000

6,239,573

Transportation

Fund,

Revenue,

2019

A,

5%,

6/01/49

.......................

1,925,000

2,423,781

Massachusetts

Bay

Transportation

Authority

,

Sales

Tax,

Revenue,

2020

B-1,

Refunding,

5%,

7/01/50

.....................

5,000,000

6,215,554

Sales

Tax,

Revenue,

2021

A-1,

Refunding,

4%,

7/01/37

.....................

3,000,000

3,708,353

Sales

Tax,

Revenue,

A,

5%,

7/01/40

....................................

5,000,000

5,824,639

Sales

Tax,

Revenue,

A-1,

Refunding,

5.25%,

7/01/30

.......................

4,000,000

5,461,520

Sales

Tax,

Revenue,

Senior

Lien,

B,

Refunding,

5%,

7/01/33

.................

2,500,000

2,918,794

Massachusetts

Clean

Water

Trust

(The)

,

Revenue,

1999

A,

5.75%,

8/01/29

.....................................

250,000

251,131

Revenue,

2000-6,

5.5%,

8/01/30

......................................

130,000

130,561

Revenue,

7,

5.125%,

2/01/31

.........................................

260,000

261,042

Massachusetts

Development

Finance

Agency

,

b

Bentley

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/37

................

1,000,000

1,208,584

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/32

2,975,000

3,457,899

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/34

5,000,000

5,798,889

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2016

I,

Refunding,

5%,

7/01/34

1,500,000

1,782,380

Brandeis

University,

Revenue,

2019

S-1,

Refunding,

5%,

10/01/38

.............

2,410,000

3,021,828

Broad

Institute,

Inc.

(The),

Revenue,

2017,

Refunding,

4%,

4/01/41

............

5,000,000

5,736,157

Dana-Farber

Cancer

Institute

Obligated

Group,

Revenue,

2016

N,

5%,

12/01/46

..

6,890,000

8,239,832

Mass

General

Brigham,

Inc.,

Revenue,

2016

Q,

Refunding,

5%,

7/01/34

.........

5,000,000

6,019,245

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

5%,

7/01/33

.......

1,880,000

2,343,791

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

4%,

7/01/41

.......

7,500,000

8,627,944

Mass

General

Brigham,

Inc.,

Revenue,

2020

A-2,

Refunding,

4%,

7/01/41

.......

1,000,000

1,179,587

Merrimack

College,

Revenue,

2021

B,

4%,

7/01/42

........................

475,000

556,717

Merrimack

College,

Revenue,

2021

B,

4%,

7/01/50

........................

3,650,000

4,209,607

Northeastern

University,

Revenue,

2014

A,

5%,

3/01/44

.....................

5,000,000

5,553,366

President

&

Trustees

of

Williams

College,

Revenue,

2017

S,

4%,

7/01/46

........

9,550,000

10,863,530

President

and

Fellows

of

Harvard

College,

Revenue,

2016

A,

Refunding,

5%,

7/15/33

5,000,000

6,047,738

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

128

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Development

Finance

Agency,

(continued)

Southcoast

Health

System

Obligated

Group,

Revenue,

2021

G,

Refunding,

4%,

7/01/46

........................................................

$

4,545,000

$

5,354,586

Southcoast

Health

System

Obligated

Group,

Revenue,

2021

G,

Refunding,

5%,

7/01/50

........................................................

6,590,000

8,419,031

Suffolk

University,

Revenue,

2021,

4%,

7/01/46

...........................

2,150,000

2,503,761

Suffolk

University,

Revenue,

2021,

4%,

7/01/51

...........................

8,250,000

9,571,630

Trustees

of

Boston

College,

Revenue,

2017

T,

Refunding,

5%,

7/01/42

..........

3,750,000

4,543,532

Trustees

of

Boston

University,

Revenue,

BB-1,

4%,

10/01/46

.................

5,000,000

5,678,663

Wellesley

College,

Revenue,

2018

L,

Refunding,

4%,

7/01/44

.................

6,160,000

7,046,233

Wheaton

College,

Revenue,

2021

I,

5%,

1/01/53

..........................

3,000,000

3,730,615

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/35

..

1,200,000

1,503,198

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/36

..

1,000,000

1,249,401

Worcester

Polytechnic

Institute,

Revenue,

2012,

4%,

9/01/49

.................

4,825,000

4,980,429

Worcester

Polytechnic

Institute,

Revenue,

2017,

Refunding,

5%,

9/01/42

........

1,090,000

1,332,672

Worcester

Polytechnic

Institute,

Revenue,

2019,

4%,

9/01/44

.................

1,350,000

1,560,997

Massachusetts

Educational

Financing

Authority

,

Revenue,

2017

B,

Refunding,

4.25%,

7/01/46

.............................

2,500,000

2,678,927

Revenue,

2021

C,

3%,

7/01/51

........................................

3,000,000

3,038,279

Massachusetts

Health

&

Educational

Facilities

Authority

,

Trustees

of

Boston

College

,

Revenue

,

M2

,

5.5

%

,

6/01/35

.........................................

8,600,000

12,334,673

Massachusetts

Housing

Finance

Agency

,

Revenue,

159,

FNMA

Insured,

4.05%,

12/01/32

...........................

415,000

417,160

Revenue,

162,

GNMA

Insured,

3.15%,

12/01/32

...........................

5,075,000

5,094,648

Revenue,

2009

C,

Refunding,

5.125%,

12/01/39

...........................

1,045,000

1,046,555

Revenue,

2009

C,

Refunding,

5.35%,

12/01/49

...........................

2,770,000

2,774,280

Revenue,

2012

F,

3.45%,

12/01/37

.....................................

45,000

45,210

Revenue,

214,

GNMA

Insured,

2.55%,

12/01/34

...........................

1,000,000

1,059,824

Revenue,

214,

GNMA

Insured,

2.8%,

12/01/39

............................

4,000,000

4,241,644

Revenue,

A,

3.25%,

12/01/27

.........................................

4,000,000

4,101,725

Revenue,

A,

3.5%,

12/01/31

..........................................

5,805,000

5,929,594

Massachusetts

Port

Authority

,

Revenue,

2019

B,

5%,

7/01/44

........................................

5,000,000

6,323,957

Revenue,

2019

B,

5%,

7/01/49

........................................

5,000,000

6,300,274

Revenue,

2021

B,

Refunding,

5%,

7/01/40

...............................

1,215,000

1,577,207

Massachusetts

School

Building

Authority

,

Revenue,

2018

B,

5.25%,

2/15/48

.....................................

2,315,000

2,908,893

Revenue,

2019

A,

5%,

2/15/44

........................................

1,000,000

1,259,133

Revenue,

2020

A,

4%,

8/15/45

........................................

5,000,000

5,960,917

Revenue,

Senior

Lien,

2011

B,

Pre-Refunded,

5%,

10/15/41

..................

10,000,000

10,058,620

Revenue,

Senior

Lien,

2016

C,

Refunding,

5%,

11/15/34

....................

5,000,000

6,064,971

Massachusetts

State

College

Building

Authority

,

Revenue

,

2017

D

,

Refunding

,

4

%

,

5/01/38

.........................................................

4,350,000

5,087,911

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System,

Revenue,

2019

B-1,

Refunding,

5%,

1/01/37

......

1,015,000

1,280,958

Metropolitan

Highway

System,

Revenue,

Senior

Lien,

2019

A,

Refunding,

5%,

1/01/37

........................................................

2,750,000

3,426,948

Massachusetts

Water

Resources

Authority

,

Revenue,

2016

C,

Refunding,

5%,

8/01/40

...............................

5,000,000

6,021,993

Revenue,

2018

B,

5%,

8/01/43

........................................

4,000,000

5,015,974

Revenue,

2020

B,

5%,

8/01/36

........................................

1,500,000

1,986,761

Revenue,

B,

Refunding,

AGMC

Insured,

5.25%,

8/01/28

.....................

5,490,000

7,195,335

Revenue,

B,

5%,

8/01/40

............................................

1,140,000

1,408,236

Revenue,

B,

5%,

8/01/42

............................................

3,145,000

3,884,386

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

129

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Springfield

Water

&

Sewer

Commission

,

Revenue

,

2017

C

,

5

%

,

4/15/37

..........

$

1,260,000

$

1,544,919

Town

of

Belmont

,

GO

,

2019

,

4

%

,

3/15/45

.................................

3,020,000

3,558,575

Town

of

Braintree

,

GO,

Refunding,

5%,

5/15/27

.........................................

2,000,000

2,501,375

GO,

2019,

3%,

6/01/35

.............................................

1,765,000

1,954,166

Town

of

Natick

,

GO

,

2018

,

4

%

,

7/15/35

...................................

4,970,000

5,834,424

Town

of

Plymouth

,

GO

,

2017

,

4

%

,

5/01/47

.................................

5,000,000

5,741,359

University

of

Massachusetts

Building

Authority

,

Revenue,

Senior

Lien,

1,

Pre-Refunded,

5%,

11/01/44

......................

4,000,000

4,606,608

Revenue,

Senior

Lien,

2017-1,

5.25%,

11/01/42

...........................

5,000,000

6,312,248

Revenue,

Senior

Lien,

2019-1,

Refunding,

5%,

5/01/39

.....................

5,000,000

6,355,419

394,369,011

New

Jersey

0.9%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

250,000

283,707

Revenue,

2020

AA,

4%,

6/15/35

.......................................

250,000

299,446

Revenue,

2020

AA,

5%,

6/15/38

.......................................

1,000,000

1,288,530

Revenue,

2020

AA,

4%,

6/15/45

.......................................

475,000

552,166

Revenue,

2020

AA,

3%,

6/15/50

.......................................

500,000

525,790

Revenue,

2020

AA,

4%,

6/15/50

.......................................

500,000

578,308

State

of

New

Jersey

,

GO

,

2020

A

,

5

%

,

6/01/28

.............................

250,000

318,482

3,846,429

New

York

1.3%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

3,500,000

4,047,102

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

1,500,000

1,728,546

5,775,648

Tennessee

0.1%

c

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

500,000

668,123

Texas

0.1%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/37

.................................

300,000

321,484

Washington

0.1%

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/44

.............................

500,000

620,623

U.S.

Territories

2.0%

Puerto

Rico

2.0%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

................

5,000,000

5,597,954

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

2,700,000

2,941,395

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

250,000

287,178

8,826,527

Total

U.S.

Territories

....................................................................

8,826,527

Total

Municipal

Bonds

(Cost

$391,009,244)

.....................................

421,437,571

a

a

a

a

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

130

s

Short

Term

Investments

0.1%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.1%

Massachusetts

0.1%

d

Massachusetts

Health

&

Educational

Facilities

Authority

,

President

and

Fellows

of

Harvard

College

,

Revenue

,

R

,

Daily

VRDN

and

Put

,

0.01

%

,

11/01/49

...........

$

600,000

$

600,000

Total

Municipal

Bonds

(Cost

$600,000)

.........................................

600,000

Total

Short

Term

Investments

(Cost

$600,000

)

..................................

600,000

a

Total

Investments

(Cost

$391,609,244)

94.2%

...................................

$422,037,571

Other

Assets,

less

Liabilities

5.8%

.............................................

25,992,751

Net

Assets

100.0%

...........................................................

$448,030,322

See

Abbreviations

on

page

174

.

a

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

b

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Municipal

Green

Bond

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

131

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

......................................................

$10.27

$10.41

Income

from

investment

operations

b

:

Net

investment

income

c

..............................................................

0.06

0.08

Net

realized

and

unrealized

gains

(losses)

................................................

0.25

(0.14)

Total

from

investment

operations

.........................................................

0.31

(0.06)

Less

distributions

from:

Net

investment

income

...............................................................

(0.06)

(0.08)

Net

asset

value,

end

of

period

...........................................................

$10.52

$10.27

Total

return

d

........................................................................

3.01%

(0.53)%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

...........................................

2.28%

3.39%

Expenses

net

of

waiver

and

payments

by

affiliates

f

...........................................

0.54%

0.46%

Net

investment

income

................................................................

1.10%

1.29%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.........................................................

$1,206

$872

Portfolio

turnover

rate

.................................................................

2.04%

7.50%

a

For

the

period

July

24,

2020

(effective

date)

to

February

28,

2021.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Municipal

Green

Bond

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

132

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

a

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

......................................................

$10.27

$10.41

Income

from

investment

operations

b

:

Net

investment

income

c

..............................................................

0.05

0.08

Net

realized

and

unrealized

gains

(losses)

................................................

0.25

(0.14)

Total

from

investment

operations

.........................................................

0.30

(0.06)

Less

distributions

from:

Net

investment

income

...............................................................

(0.05)

(0.08)

Net

asset

value,

end

of

period

...........................................................

$10.52

$10.27

Total

return

d

........................................................................

2.94%

(0.53)%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

...........................................

2.51%

3.31%

Expenses

net

of

waiver

and

payments

by

affiliates

f

...........................................

0.67%

0.46%

Net

investment

income

................................................................

0.98%

1.32%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.........................................................

$231

$210

Portfolio

turnover

rate

.................................................................

2.04%

7.50%

a

For

the

period

July

24,

2020

(effective

date)

to

February

28,

2021.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Municipal

Green

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

133

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

a

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

......................................................

$10.28

$10.41

Income

from

investment

operations

b

:

Net

investment

income

c

..............................................................

0.06

0.09

Net

realized

and

unrealized

gains

(losses)

................................................

0.25

(0.13)

Total

from

investment

operations

.........................................................

0.31

(0.04)

Less

distributions

from:

Net

investment

income

...............................................................

(0.07)

(0.09)

Net

asset

value,

end

of

period

...........................................................

$10.52

$10.28

Total

return

d

........................................................................

3.09%

(0.53)%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

...........................................

2.49%

5.66%

Expenses

net

of

waiver

and

payments

by

affiliates

f

...........................................

0.45%

0.46%

Net

investment

income

................................................................

1.21%

1.36%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.........................................................

$5

$5

Portfolio

turnover

rate

.................................................................

2.04%

7.50%

a

For

the

period

July

24,

2020

(effective

date)

to

February

28,

2021.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Municipal

Green

Bond

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

134

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Year

Ended

February

28,

2020

a,b

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..........................................

$10.27

$10.35

$10.00

Income

from

investment

operations

c

:

Net

investment

income

d

..................................................

0.06

0.14

0.03

Net

realized

and

unrealized

gains

(losses)

....................................

0.25

(0.06)

0.35

Total

from

investment

operations

.............................................

0.31

0.08

0.38

Less

distributions

from:

Net

investment

income

...................................................

(0.06)

(0.16)

(0.03)

Net

asset

value,

end

of

period

...............................................

$10.52

$10.27

$10.35

Total

return

e

............................................................

3.05%

0.62%

3.84%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

...............................

2.22%

3.61%

3.25%

Expenses

net

of

waiver

and

payments

by

affiliates

................................

0.45%

g

0.46%

g

0.46%

Net

investment

income

....................................................

1.19%

1.39%

0.81%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.............................................

$8,264

$6,312

$5,175

Portfolio

turnover

rate

.....................................................

2.04

%

7.50%

—%

a

For

the

year

ended

February

29.

b

For

the

period

ended

October

1,

2019

(commencement

of

operations)

to

February

29,

2020.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,

2021

Franklin

Municipal

Green

Bond

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

135

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

86.2%

Arizona

3.2%

Arizona

State

University

,

Revenue

,

2016

B

,

5

%

,

7/01/42

......................

$

150,000

$

179,023

City

of

Phoenix

Civic

Improvement

Corp.

,

Water

System

,

Revenue,

Junior

Lien

,

2020

B

,

5

%

,

7/01/44

....................................................

100,000

129,367

308,390

Arkansas

1.2%

Central

Arkansas

Water

,

Revenue

,

2020

C

,

Refunding

,

4

%

,

10/01/33

.............

100,000

116,475

California

18.2%

California

Housing

Finance

,

Lakeside

Drive

Senior

Housing

LP

,

Revenue

,

2019

N

,

FNMA

Insured

,

2.35

%

,

12/01/35

.......................................

97,370

100,806

California

Infrastructure

&

Economic

Development

Bank

,

a

California

Academy

of

Sciences,

Revenue,

2018

B,

Refunding,

Mandatory

Put,

0.37%,

8/01/24

..................................................

100,000

100,021

California

State

Teachers'

Retirement

System,

Revenue,

2019,

5%,

8/01/49

......

180,000

225,145

b

California

Public

Finance

Authority

,

Kendal

at

Sonoma

Obligated

Group

,

Revenue

,

144A,

2021

B-3

,

Refunding

,

2.125

%

,

11/15/27

............................

50,000

50,667

City

of

Foster

City

,

GO

,

2020

,

4

%

,

8/01/32

.................................

100,000

117,309

City

of

San

Francisco

,

Public

Utilities

Commission

Water

,

Revenue

,

2020

A

,

4

%

,

11/01/50

.....................................................

100,000

119,323

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Revenue

,

2019

A

,

5

%

,

7/01/44

.........................................................

150,000

188,330

Port

of

Los

Angeles

,

Revenue

,

2019

C-1

,

Refunding

,

5

%

,

8/01/25

...............

60,000

70,162

Sacramento

Municipal

Utility

District

,

Revenue

,

2020

H

,

5

%

,

8/15/30

.............

100,000

135,154

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO

,

2019

F-1

,

3

%

,

8/01/36

........

150,000

166,993

Southern

California

Public

Power

Authority

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/01/38

150,000

180,202

Three

Rivers

Levee

Improvement

Authority

,

Special

Tax

,

2021

A

,

Refunding

,

4

%

,

9/01/32

.........................................................

100,000

116,299

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-

Development

Project

,

Tax

Allocation,

Senior

Lien

,

2020

A

,

5

%

,

10/01/34

.........

150,000

194,391

1,764,802

Colorado

3.8%

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017

A

,

5

%

,

9/15/47

.........................................................

150,000

182,920

University

of

Colorado

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

6/01/27

...............

150,000

187,549

370,469

Connecticut

1.3%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Wesleyan

University

,

Revenue

,

I

,

4

%

,

7/01/31

.............................................

100,000

127,163

Florida

3.9%

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

3A

,

Special

Assessment

,

2020

,

2.5

%

,

5/01/25

.....................................

85,000

86,419

City

of

Tampa

,

Special

Assessment

,

2018

,

5

%

,

5/01/36

.......................

135,000

168,859

County

of

Palm

Beach

,

Water

&

Sewer

,

Revenue

,

2019

,

Refunding

,

4

%

,

10/01/31

...

100,000

122,936

378,214

Georgia

1.3%

Private

Colleges

&

Universities

Authority

,

Emory

University

,

Revenue

,

2019

B

,

Refunding

,

5

%

,

9/01/48

.............................................

100,000

126,129

Illinois

1.2%

Illinois

Finance

Authority

,

State

of

Illinois

Water

Revolving

Fund

-

Clean

Water

Program

,

Revenue

,

2020

,

4

%

,

7/01/37

.........................................

100,000

121,514

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Municipal

Green

Bond

Fund

(continued)

franklintempleton.com

Semiannual

Report

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accompanying

notes

are

an

integral

part

of

these

financial

statements.

136

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

1.2%

Terrebonne

Levee

&

Conservation

District

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

6/01/40

$

100,000

$

114,636

Maine

3.0%

City

of

Portland

,

General

Airport

,

Revenue

,

2019

,

Refunding

,

4

%

,

1/01/35

.........

245,000

287,064

Maryland

1.1%

Washington

Suburban

Sanitary

Commission

,

Revenue,

Second

Series

,

2019

B

,

3

%

,

6/01/35

.........................................................

100,000

112,070

Massachusetts

1.1%

Massachusetts

Housing

Finance

Agency

,

Revenue

,

2019

C-1

,

2.65

%

,

12/01/34

.....

100,000

105,948

Minnesota

1.1%

City

of

Minneapolis

,

GO

,

2019

,

3

%

,

12/01/40

...............................

100,000

108,622

Mississippi

1.0%

b

Mississippi

Development

Bank

,

County

of

Jackson

,

Revenue

,

144A,

2021

,

3.625

%

,

11/01/36

........................................................

100,000

100,190

New

Jersey

4.6%

New

Jersey

Educational

Facilities

Authority

,

Stevens

Institute

of

Technology

,

Revenue

,

2020

A

,

5

%

,

7/01/32

................................................

225,000

290,189

Newark

Board

of

Education

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/30

......

120,000

158,913

449,102

New

Mexico

1.3%

City

of

Santa

Fe

,

Wastewater

Utility

System

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

6/01/29

.........................................................

100,000

127,287

New

York

14.8%

Battery

Park

City

Authority

,

Revenue,

Senior

Lien

,

2019

A

,

5

%

,

11/01/49

..........

100,000

127,843

Metropolitan

Transportation

Authority

,

Revenue,

2017

B,

Refunding,

5%,

11/15/24

..............................

150,000

171,666

Revenue,

2017

B,

Refunding,

5%,

11/15/28

..............................

110,000

139,681

Revenue,

2020

A-1,

AGMC

Insured,

4%,

11/15/41

.........................

100,000

118,459

Dedicated

Tax

Fund,

Revenue,

2017

B-2,

Refunding,

4%,

11/15/32

............

160,000

186,527

c

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

2.5

%

,

11/15/36

.

100,000

102,005

New

York

State

Dormitory

Authority

,

Cornell

University

,

Revenue

,

2019

D

,

5

%

,

7/01/35

100,000

146,926

New

York

State

Housing

Finance

Agency

,

Revenue,

2019

N,

FNMA

Insured,

2.6%,

11/01/34

.........................

100,000

104,875

Revenue,

2019

P,

2%,

5/01/28

........................................

100,000

105,381

Trust

for

Cultural

Resources

of

The

City

of

New

York

(The)

,

Whitney

Museum

of

American

Art

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/31

......................

170,000

232,562

1,435,925

North

Dakota

1.1%

b

County

of

Grand

Forks

,

Red

River

Biorefinery

LLC

,

Revenue

,

144A,

2021

A

,

7

%

,

12/15/43

........................................................

100,000

102,697

Ohio

3.2%

American

Municipal

Power,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

2/15/29

........

100,000

128,656

State

of

Ohio

,

GO,

2019

A,

4%,

3/01/30

............................................

100,000

124,985

GO,

2020

B,

4%,

3/01/24

............................................

50,000

54,780

308,421

Oregon

2.0%

Port

of

Portland

,

Airport

,

Revenue

,

Twenty-Seven

A

,

5

%

,

7/01/36

................

150,000

193,441

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Municipal

Green

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

137

s

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

1.3%

School

District

of

Philadelphia

(The)

,

GO

,

2019

B

,

5

%

,

9/01/29

.................

$

100,000

$

130,753

Rhode

Island

2.3%

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

,

Revenue

,

2019

1-B

,

FHA

Insured

,

2.75

%

,

10/01/34

...................................................

150,000

160,410

Rhode

Island

Infrastructure

Bank

,

City

of

East

Providence

,

Revenue

,

2020

A

,

4

%

,

10/01/27

........................................................

50,000

59,448

219,858

Utah

2.1%

City

of

Spanish

Fork

City

,

Sewer

,

Revenue

,

2020

,

BAM

Insured

,

5

%

,

9/01/26

.......

170,000

207,237

Vermont

2.4%

Vermont

Educational

&

Health

Buildings

Financing

Agency

,

University

of

Vermont

Health

Network

Obligated

Group

,

Revenue

,

2016

B

,

5

%

,

12/01/38

.............

195,000

231,263

Virginia

1.9%

City

of

Hampton

,

GO,

2020

A,

5%,

9/01/27

............................................

50,000

62,743

GO,

2020

A,

4%,

9/01/31

............................................

100,000

126,042

188,785

Washington

3.4%

Central

Puget

Sound

Regional

Transit

Authority

,

Revenue,

2015

S-1,

Refunding,

5%,

11/01/27

.............................

50,000

59,482

Revenue,

2015

S-1,

Refunding,

5%,

11/01/32

.............................

100,000

118,327

FYI

Properties

,

State

of

Washington

Consolidated

Technology

Services

,

Revenue

,

2019

,

Refunding

,

5

%

,

6/01/24

........................................

135,000

151,327

329,136

Wisconsin

1.2%

Milwaukee

Metropolitan

Sewerage

District

,

GO

,

2020

A

,

3

%

,

10/01/35

............

100,000

112,895

U.S.

Territories

2.0%

District

of

Columbia

2.0%

District

of

Columbia

,

Water

&

Sewer

Authority

,

Revenue,

Sub.

Lien

,

2019

A

,

5

%

,

10/01/44

.....................................................

150,000

191,839

Total

Municipal

Bonds

(Cost

$8,073,389)

.......................................

8,370,325

a

a

a

a

a

Total

Investments

(Cost

$8,073,389)

86.2%

.....................................

$8,370,325

Other

Assets,

less

Liabilities

13.8%

............................................

1,335,429

Net

Assets

100.0%

...........................................................

$9,705,754

See

Abbreviations

on

page

174

.

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2021,

the

aggregate

value

of

these

securities

was

$253,554,

representing

2.6%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

New

Jersey

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

138

0

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$11.46

$11.77

$11.14

$11.10

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.14

0.29

0.30

0.17

Net

realized

and

unrealized

gains

(losses)

........................

0.21

(0.32)

0.65

0.04

Total

from

investment

operations

.................................

0.35

(0.03)

0.95

0.21

Less

distributions

from:

Net

investment

income

.......................................

(0.14)

(0.28)

(0.32)

(0.17)

Net

asset

value,

end

of

period

...................................

$11.67

$11.46

$11.77

$11.14

Total

return

e

................................................

3.04%

(0.18)%

8.61%

1.97%

Ratios

to

average

net

assets

f

Expenses

g

.................................................

0.82%

0.82%

0.82%

0.83%

Net

investment

income

........................................

2.30%

2.50%

2.67%

3.28%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$146,119

$118,815

$109,130

$55,866

Portfolio

turnover

rate

.........................................

2.11%

15.41%

17.99%

13.26%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

139

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.45

$11.76

$11.13

$11.11

$11.45

$11.73

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.30

0.32

0.38

0.39

0.44

Net

realized

and

unrealized

gains

(losses)

0.21

(0.31)

0.64

0.03

(0.31)

(0.27)

Total

from

investment

operations

........

0.35

(0.01)

0.96

0.41

0.08

0.17

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.30)

(0.33)

(0.39)

(0.42)

(0.45)

Net

asset

value,

end

of

period

..........

$11.65

$11.45

$11.76

$11.13

$11.11

$11.45

Total

return

d

.......................

3.03%

(0.03)%

8.78%

3.78%

0.68%

1.44%

Ratios

to

average

net

assets

e

Expenses

.........................

0.67%

f

0.67%

f

0.67%

f

0.68%

f

0.67%

0.65%

Net

investment

income

...............

2.47%

2.67%

2.82%

3.43%

3.46%

3.79%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$503,882

$516,756

$584,519

$596,817

$650,527

$742,824

Portfolio

turnover

rate

................

2.11%

15.41%

17.99%

13.26%

12.70%

9.20%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

140

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.60

$11.92

$11.28

$11.26

$11.60

$11.87

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.24

0.26

0.32

0.33

0.38

Net

realized

and

unrealized

gains

(losses)

0.21

(0.32)

0.65

0.03

(0.32)

(0.27)

Total

from

investment

operations

........

0.32

(0.08)

0.91

0.35

0.01

0.11

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.24)

(0.27)

(0.33)

(0.35)

(0.38)

Net

asset

value,

end

of

period

..........

$11.81

$11.60

$11.92

$11.28

$11.26

$11.60

Total

return

d

.......................

2.79%

(0.66)%

8.19%

3.15%

0.11%

0.95%

Ratios

to

average

net

assets

e

Expenses

.........................

1.22%

f

1.22%

f

1.22%

f

1.23%

f

1.22%

1.20%

Net

investment

income

...............

1.89%

2.10%

2.27%

2.88%

2.91%

3.24%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$68,476

$87,934

$117,600

$125,982

$188,806

$217,952

Portfolio

turnover

rate

................

2.11%

15.41%

17.99%

13.26%

12.70%

9.20%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

141

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.46

$11.77

$11.14

$11.12

$11.37

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.15

0.32

0.34

0.40

0.25

Net

realized

and

unrealized

gains

(losses)

...........

0.20

(0.31)

0.64

0.03

(0.26)

Total

from

investment

operations

....................

0.35

0.01

0.98

0.43

(0.01)

Less

distributions

from:

Net

investment

income

..........................

(0.15)

(0.32)

(0.35)

(0.41)

(0.24)

Net

asset

value,

end

of

period

......................

$11.66

$11.46

$11.77

$11.14

$11.12

Total

return

e

...................................

3.10%

0.11%

8.92%

3.91%

(0.11)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.53%

0.53%

0.53%

0.54%

0.54%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.53%

g

0.53%

g

0.53%

g,h

0.54%

g,h

0.53%

Net

investment

income

...........................

2.60%

2.80%

2.96%

3.57%

3.60%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$36,441

$32,012

$33,376

$20,459

$19,936

Portfolio

turnover

rate

............................

2.11%

15.41%

17.99%

13.26%

12.70%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

142

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.46

$11.77

$11.14

$11.12

$11.46

$11.74

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15

0.31

0.33

0.39

0.40

0.46

Net

realized

and

unrealized

gains

(losses)

0.20

(0.31)

0.64

0.03

(0.31)

(0.28)

Total

from

investment

operations

........

0.35

—

0.97

0.42

0.09

0.18

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.31)

(0.34)

(0.40)

(0.43)

(0.46)

Net

asset

value,

end

of

period

..........

$11.66

$11.46

$11.77

$11.14

$11.12

$11.46

Total

return

d

.......................

3.08%

0.07%

8.88%

3.87%

0.77%

1.54%

Ratios

to

average

net

assets

e

Expenses

.........................

0.57%

f

0.57%

f

0.57%

f

0.58%

f

0.57%

0.55%

Net

investment

income

...............

2.56%

2.76%

2.92%

3.53%

3.56%

3.89%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$97,703

$94,236

$81,747

$75,607

$79,286

$107,087

Portfolio

turnover

rate

................

2.11%

15.41%

17.99%

13.26%

12.70%

9.20%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,

2021

Franklin

New

Jersey

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

143

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.8%

Delaware

2.6%

Delaware

River

&

Bay

Authority

,

Revenue,

2012

A,

Refunding,

5%,

1/01/42

...............................

$

6,000,000

$

6,335,271

Revenue,

2019,

Refunding,

4%,

1/01/44

.................................

13,500,000

15,696,530

22,031,801

New

Jersey

80.8%

Atlantic

County

Improvement

Authority

(The)

,

Stockton

University

,

Revenue

,

2021

A

,

AGMC

Insured

,

4

%

,

7/01/47

..........................................

1,000,000

1,182,787

Bergen

County

Improvement

Authority

(The)

,

Borough

of

Ridgefield,

Revenue,

2020,

4%,

10/15/42

.......................

5,205,000

6,301,361

County

of

Bergen,

Revenue,

2019,

4%,

10/15/37

..........................

3,600,000

4,344,137

County

of

Bergen,

Revenue,

2019,

4%,

10/15/38

..........................

3,745,000

4,508,553

County

of

Bergen,

Revenue,

2019,

4%,

10/15/39

..........................

3,000,000

3,602,851

County

of

Hudson

,

Hudson

County

Improvement

Authority

,

Revenue

,

2016

,

5

%

,

5/01/46

.........................................................

6,000,000

7,072,548

County

of

Middlesex

,

COP

,

1998

,

NATL

Insured

,

Zero

Cpn

.,

6/15/24

.............

1,000,000

985,633

Cumberland

County

Improvement

Authority

(The)

,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

9/01/39

.................

2,000,000

2,287,377

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/36

............

955,000

1,171,767

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/37

............

1,000,000

1,224,215

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/38

............

1,020,000

1,246,397

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/39

............

1,070,000

1,304,978

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/44

............

5,725,000

6,920,205

Gloucester

County

Improvement

Authority

(The)

,

Rowan

University,

Revenue,

2015

C,

AGMC

Insured,

4%,

7/01/42

.............

2,500,000

2,740,800

Rowan

University,

Revenue,

2015

C,

5%,

7/01/44

.........................

3,500,000

4,002,725

Rowan

University,

Revenue,

2019,

4%,

7/01/37

...........................

750,000

883,289

Rowan

University,

Revenue,

2019,

4%,

7/01/38

...........................

700,000

822,543

Rowan

University,

Revenue,

2019,

4%,

7/01/39

...........................

600,000

703,377

Rowan

University,

Revenue,

2019,

5%,

7/01/44

...........................

4,925,000

6,142,262

Rowan

University,

Revenue,

2019,

4%,

7/01/48

...........................

5,250,000

6,037,003

Hudson

County

Improvement

Authority

,

Revenue,

2019,

Refunding,

4%,

1/01/40

.................................

1,000,000

1,176,350

County

of

Hudson,

Revenue,

2020,

4%,

10/01/46

..........................

5,000,000

5,942,861

County

of

Hudson,

Revenue,

2020,

4%,

10/01/51

..........................

5,000,000

5,917,452

Mercer

County

Improvement

Authority

(The)

,

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/31

...................

1,545,000

1,869,453

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/33

...................

1,500,000

1,797,358

Monmouth

County

Improvement

Authority

(The)

,

Revenue,

2019

A,

4%,

8/01/32

........................................

300,000

368,565

Revenue,

2019

A,

4%,

8/01/33

........................................

350,000

428,623

Revenue,

2019

A,

4%,

8/01/34

........................................

525,000

640,889

Revenue,

2019

A,

4%,

8/01/35

........................................

525,000

639,753

Revenue,

2019

A,

4%,

8/01/36

........................................

500,000

607,587

Revenue,

2019

A,

4%,

8/01/37

........................................

275,000

333,239

Revenue,

2019

A,

4%,

8/01/38

........................................

225,000

271,838

Revenue,

2019

A,

4%,

8/01/39

........................................

400,000

482,114

Revenue,

2019

B,

4%,

12/01/34

.......................................

750,000

921,575

Revenue,

2019

B,

4%,

12/01/36

.......................................

750,000

917,858

Revenue,

2019

B,

4%,

12/01/37

.......................................

500,000

610,132

Revenue,

2019

B,

4%,

12/01/38

.......................................

750,000

912,371

Revenue,

2019

B,

4%,

12/01/39

.......................................

600,000

728,090

New

Brunswick

Parking

Authority

,

Revenue

,

2016

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/39

.........................................................

5,000,000

5,985,965

New

Jersey

Economic

Development

Authority

,

Revenue,

2021

QQQ,

4%,

6/15/39

.....................................

2,500,000

2,951,105

Revenue,

2021

QQQ,

4%,

6/15/46

.....................................

1,250,000

1,451,180

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

144

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Economic

Development

Authority,

(continued)

Revenue,

2021

QQQ,

4%,

6/15/50

.....................................

$

1,250,000

$

1,445,771

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/34

........................................................

1,500,000

1,738,653

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/39

........................................................

1,250,000

1,440,326

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/49

........................................................

3,000,000

3,426,941

Middlesex

Water

Co.,

Revenue,

2019,

4%,

8/01/59

........................

6,200,000

6,863,706

Middlesex

Water

Co.,

Revenue,

2019,

5%,

8/01/59

........................

3,750,000

4,508,630

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/32

..........

640,000

700,285

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/37

..........

600,000

650,374

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

1,500,000

1,606,641

Provident

Group-Montclair

Properties

LLC,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

6/01/42

..............................................

6,000,000

7,182,121

Provident

Group-Rowan

Properties

LLC,

Revenue,

A,

5%,

1/01/48

.............

7,000,000

7,378,899

Rutgers

The

State

University

of

New

Jersey,

Revenue,

2013,

Pre-Refunded,

5%,

6/15/38

........................................................

5,000,000

5,428,614

Rutgers

The

State

University

of

New

Jersey,

Revenue,

2013,

Pre-Refunded,

5%,

6/15/46

........................................................

7,500,000

8,142,921

State

of

New

Jersey

Cigarette

Tax,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

6/15/22

........................................................

10,000,000

10,370,621

State

of

New

Jersey

Cigarette

Tax,

Revenue,

2012,

Refunding,

5%,

6/15/28

......

3,000,000

3,102,047

State

of

New

Jersey

Cigarette

Tax,

Revenue,

2012,

Refunding,

5%,

6/15/29

......

1,000,000

1,033,823

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2005

N-1,

Refunding,

NATL

Insured,

5.5%,

9/01/27

........................................

8,660,000

11,093,063

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2015

WW,

5%,

6/15/37

4,760,000

5,502,336

New

Jersey

Educational

Facilities

Authority

,

Kean

University,

Revenue,

2015

H,

Refunding,

AGMC

Insured,

5%,

7/01/34

......

2,205,000

2,545,691

Kean

University,

Revenue,

2015

H,

Refunding,

AGMC

Insured,

5%,

7/01/35

......

5,000,000

5,771,033

Kean

University,

Revenue,

2017

D,

Refunding,

BAM

Insured,

4%,

9/01/38

.......

1,150,000

1,306,445

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/39

................

5,000,000

5,558,868

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/44

................

16,380,000

18,206,085

Montclair

State

University,

Inc.,

Revenue,

2015

D,

Refunding,

5%,

7/01/35

.......

2,245,000

2,591,194

Montclair

State

University,

Inc.,

Revenue,

2015

D,

Refunding,

5%,

7/01/36

.......

1,210,000

1,394,499

Montclair

State

University,

Inc.,

Revenue,

2016

B,

Refunding,

5%,

7/01/34

.......

1,325,000

1,570,307

Ramapo

College

of

New

Jersey,

Revenue,

2012

B,

Refunding,

5%,

7/01/37

......

1,000,000

1,035,043

Ramapo

College

of

New

Jersey,

Revenue,

2012

B,

Refunding,

5%,

7/01/42

......

1,000,000

1,034,961

Ramapo

College

of

New

Jersey,

Revenue,

2017

A,

Refunding,

AGMC

Insured,

5%,

7/01/35

........................................................

3,955,000

4,787,522

Seton

Hall

University,

Revenue,

2015

C,

Refunding,

5%,

7/01/34

..............

400,000

449,088

Seton

Hall

University,

Revenue,

2015

C,

Refunding,

5%,

7/01/37

..............

1,300,000

1,453,890

Seton

Hall

University,

Revenue,

2017

D,

Refunding,

5%,

7/01/42

..............

3,945,000

4,605,513

Seton

Hall

University,

Revenue,

2020

C,

AGMC

Insured,

3.25%,

7/01/49

........

1,150,000

1,228,148

Seton

Hall

University,

Revenue,

2020

C,

AGMC

Insured,

4%,

7/01/50

...........

1,850,000

2,118,708

Stevens

Institute

of

Technology,

Revenue,

1998-1,

ETM,

5%,

7/01/28

...........

540,000

633,598

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/36

......

1,600,000

1,911,707

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

......

9,310,000

10,998,229

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/47

......

4,085,000

4,793,583

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/45

...............

4,000,000

4,978,223

Stevens

Institute

of

Technology,

Revenue,

2020

A,

4%,

7/01/50

...............

11,640,000

13,391,208

Trustees

of

Princeton

University

(The),

Revenue,

2014

A,

5%,

7/01/44

..........

15,000,000

16,842,561

New

Jersey

Health

Care

Facilities

Financing

Authority

,

AHS

Hospital

Corp.,

Revenue,

2008

A,

5%,

7/01/27

........................

220,000

220,866

AHS

Hospital

Corp.,

Revenue,

2016,

Refunding,

4%,

7/01/41

.................

10,000,000

11,204,839

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2011,

Refunding,

5%,

7/01/27

........................................................

2,500,000

2,596,381

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

145

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Health

Care

Facilities

Financing

Authority,

(continued)

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

........................................................

$

3,000,000

$

3,644,182

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/38

........................................................

3,000,000

3,643,614

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/39

........................................................

5,000,000

6,071,284

Hunterdon

Medical

Center

Obligated

Group,

Revenue,

2014

A,

Pre-Refunded,

5%,

7/01/45

........................................................

2,650,000

3,007,228

Inspira

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

......

18,500,000

21,402,471

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/42

...............

8,000,000

9,687,854

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

4%,

7/01/47

...............

8,700,000

9,735,455

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2013

A,

5.5%,

7/01/43

.......

4,000,000

4,361,870

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/43

.........

3,650,000

4,118,482

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

7/01/44

15,530,000

17,513,905

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/43

10,000,000

11,922,947

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/31

....

2,935,000

3,175,670

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/34

....

1,500,000

1,623,000

St.

Peter's

University

Hospital

Obligated

Group,

Revenue,

2011,

Refunding,

6%,

7/01/26

........................................................

1,000,000

1,003,284

St.

Peter's

University

Hospital

Obligated

Group,

Revenue,

2011,

Refunding,

6.25%,

7/01/35

........................................................

3,400,000

3,411,294

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/35

...........

1,000,000

1,189,280

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/36

...........

1,750,000

2,075,219

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/38

...........

2,000,000

2,359,794

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/39

...........

2,200,000

2,589,656

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/44

...........

11,000,000

12,763,909

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

2011-1,

5.875%,

12/01/33

....................................

2,140,000

2,164,997

Revenue,

2019

B,

Refunding,

3.25%,

12/01/39

............................

10,000,000

10,698,711

Revenue,

2020

C,

Refunding,

4.25%,

12/01/50

...........................

1,750,000

1,860,207

Revenue,

2021

B,

Refunding,

5%,

12/01/28

..............................

1,450,000

1,822,576

Revenue,

2021

B,

Refunding,

5%,

12/01/29

..............................

1,415,000

1,805,678

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

...................

7,000,000

7,485,854

New

Jersey

Housing

&

Mortgage

Finance

Agency

,

Revenue,

2018

A,

Refunding,

3.95%,

11/01/43

............................

1,100,000

1,215,348

Revenue,

2019

A,

Refunding,

3%,

11/01/44

..............................

510,000

538,790

Revenue,

2019

C,

Refunding,

3.95%,

10/01/44

...........................

4,170,000

4,549,162

Revenue,

2020

E,

Refunding,

2.05%,

10/01/35

............................

4,785,000

4,878,695

Revenue,

2020

E,

Refunding,

2.25%,

10/01/40

............................

9,570,000

9,768,082

Revenue,

2020

E,

Refunding,

2.4%,

10/01/45

.............................

3,830,000

3,904,990

Revenue,

2020

E,

Refunding,

2.45%,

10/01/50

............................

2,870,000

2,923,374

New

Jersey

Institute

of

Technology

,

Revenue,

2012

A,

Pre-Refunded,

5%,

7/01/42

............................

2,140,000

2,225,195

Revenue,

2015

A,

5%,

7/01/45

........................................

6,000,000

6,899,922

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

C,

AGMC

Insured,

Zero

Cpn

.,

12/15/33

.....................

10,000,000

7,981,768

Revenue,

2009

A,

Zero

Cpn

.,

12/15/32

..................................

10,000,000

8,008,743

Revenue,

2010

A,

Zero

Cpn

.,

12/15/29

..................................

5,000,000

4,355,669

Revenue,

2013

AA,

5.25%,

6/15/31

....................................

10,000,000

10,848,988

Revenue,

2019

BB,

4%,

6/15/44

.......................................

6,000,000

6,834,038

Revenue,

2020

AA,

4%,

6/15/45

.......................................

9,700,000

11,275,809

Revenue,

2021

A,

Refunding,

4%,

6/15/35

...............................

2,000,000

2,407,980

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

2,000,000

2,398,258

New

Jersey

Turnpike

Authority

,

Revenue,

2017

A,

5%,

1/01/34

........................................

6,505,000

7,910,733

Revenue,

2017

A,

5%,

1/01/35

........................................

3,495,000

4,244,486

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

146

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Turnpike

Authority,

(continued)

Revenue,

2017

B,

Refunding,

5%,

1/01/40

...............................

$

15,245,000

$

18,834,394

Revenue,

2017

G,

Refunding,

4%,

1/01/43

...............................

5,000,000

5,769,948

Revenue,

2019

A,

5%,

1/01/48

........................................

15,500,000

19,169,895

Revenue,

2021

A,

4%,

1/01/51

........................................

3,000,000

3,530,550

Newark

Board

of

Education

,

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/39

..........................

700,000

760,073

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/40

..........................

750,000

811,629

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/41

..........................

750,000

809,142

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/42

..........................

700,000

752,788

Newark

Housing

Authority

Scholarship

Foundation

A

New

Jersey

Non

Profit

Corp.

(The)

,

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

2017

,

Refunding

,

4

%

,

1/01/37

.........................................................

20,745,000

23,237,846

North

Hudson

Sewerage

Authority

,

COP,

Senior

Lien

,

2012

A

,

Pre-Refunded

,

5

%

,

6/01/42

.........................................................

17,800,000

18,444,820

Rutgers

The

State

University

of

New

Jersey

,

Revenue

,

2013

L

,

Pre-Refunded

,

5

%

,

5/01/43

......................................................

12,000,000

12,968,888

Somerset

County

Improvement

Authority

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/50

..

10,115,000

12,055,448

South

Jersey

Transportation

Authority

,

Revenue

,

2020

A

,

5

%

,

11/01/45

...........

3,500,000

4,398,808

State

of

New

Jersey

,

GO,

2020

A,

4%,

6/01/31

............................................

2,300,000

2,875,162

GO,

2020

A,

3%,

6/01/32

............................................

3,400,000

3,892,468

GO,

2020

A,

4%,

6/01/32

............................................

2,200,000

2,775,624

688,679,062

New

York

5.7%

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

179,

5%,

12/01/38

.........................................

15,000,000

16,560,637

Revenue,

2014,

4%,

9/01/43

.........................................

3,000,000

3,478,522

Revenue,

2017,

4%,

11/01/49

........................................

9,000,000

10,495,755

Revenue,

Two

Hundred

Sixteenth,

4%,

9/01/45

...........................

5,000,000

5,836,598

Revenue,

First

Series,

171st,

5%,

7/15/30

...............................

12,200,000

12,416,465

48,787,977

Pennsylvania

7.6%

Delaware

River

Joint

Toll

Bridge

Commission

,

Revenue,

2017,

5%,

7/01/42

.........................................

19,500,000

23,565,325

Revenue,

2019

A,

5%,

7/01/33

........................................

100,000

128,903

Revenue,

2019

A,

5%,

7/01/34

........................................

150,000

192,501

Revenue,

2019

A,

5%,

7/01/35

........................................

150,000

191,762

Revenue,

2019

A,

5%,

7/01/36

........................................

150,000

191,091

Revenue,

2019

A,

5%,

7/01/37

........................................

150,000

190,320

Revenue,

2019

A,

5%,

7/01/38

........................................

150,000

189,900

Revenue,

2019

A,

5%,

7/01/39

........................................

150,000

189,462

Revenue,

2019

A,

5%,

7/01/44

........................................

760,000

949,108

Revenue,

2019

B,

Refunding,

5%,

7/01/31

...............................

850,000

1,102,489

Revenue,

2019

B,

Refunding,

5%,

7/01/32

...............................

1,000,000

1,292,995

Delaware

River

Port

Authority

,

Revenue,

2013,

5%,

1/01/37

.........................................

10,000,000

11,043,083

Revenue,

2018

A,

5%,

1/01/37

........................................

3,285,000

4,137,893

Revenue,

2018

A,

5%,

1/01/38

........................................

5,050,000

6,347,870

Revenue,

2018

A,

5%,

1/01/39

........................................

2,300,000

2,884,811

Revenue,

2018

A,

5%,

1/01/40

........................................

9,565,000

11,974,942

64,572,455

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

147

L

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

1.1%

Puerto

Rico

1.1%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

$

1,200,000

$

1,308,074

a

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

3,950,000

3,895,688

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

300,000

338,461

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,000,000

1,089,405

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

2,700,000

3,101,518

9,733,146

Total

U.S.

Territories

....................................................................

9,733,146

Total

Municipal

Bonds

(Cost

$767,846,229)

.....................................

833,804,441

a

a

a

a

Short

Term

Investments

0.4%

Municipal

Bonds

0.4%

New

Jersey

0.4%

b

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group,

Revenue,

2009

B,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

7/01/43

.................................

2,400,000

2,400,000

Virtua

Health

Obligated

Group,

Revenue,

2009

C,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

7/01/43

.................................

900,000

900,000

3,300,000

Total

Municipal

Bonds

(Cost

$3,300,000)

.......................................

3,300,000

Total

Short

Term

Investments

(Cost

$3,300,000

)

.................................

3,300,000

a

Total

Investments

(Cost

$771,146,229)

98.2%

...................................

$837,104,441

Other

Assets,

less

Liabilities

1.8%

.............................................

15,516,617

Net

Assets

100.0%

...........................................................

$852,621,058

See

Abbreviations

on

page

174

.

a

See

Note

7

regarding

credit

risk

and

defaulted

securities.

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

Financial

Statements

Statements

of

Assets

and

Liabilities

August

31,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

148

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

.................................

$3,467,288,123

$1,355,157,642

$6,114,909,487

Cost

-

Controlled

affiliates

(Note

3

f

)

..........................

68,628,312

36,654,700

37,814,612

Value

-

Unaffiliated

issuers

................................

$3,690,399,200

$1,389,253,995

$7,049,065,090

Value

-

Controlled

affiliates

(Note

3

f

)

.........................

68,760,100

38,276,000

39,306,825

Cash

..................................................

137,354,121

24,693,779

20,506,710

Receivables:

Investment

securities

sold

.................................

—

—

13,948,378

Capital

shares

sold

......................................

5,661,012

14,123,323

11,857,698

Dividends

and

interest

...................................

36,821,380

8,809,653

64,020,313

Total

assets

........................................

3,938,995,813

1,475,156,750

7,198,705,014

Liabilities:

Payables:

Investment

securities

purchased

............................

37,709,995

27,265,636

71,395,190

Capital

shares

redeemed

.................................

5,166,609

1,131,880

14,911,532

Management

fees

.......................................

1,169,855

384,684

2,675,761

Distribution

fees

........................................

325,790

128,445

807,215

Transfer

agent

fees

......................................

394,634

129,681

1,090,279

Distributions

to

shareholders

...............................

1,070,748

344,466

2,495,840

Accrued

expenses

and

other

liabilities

.........................

500,920

142,095

664,367

Total

liabilities

.......................................

46,338,551

29,526,887

94,040,184

Net

assets,

at

value

...............................

$3,892,657,262

$1,445,629,863

$7,104,664,830

Net

assets

consist

of:

Paid-in

capital

...........................................

$3,736,083,527

$1,416,479,356

$7,018,381,647

Total

distributable

earnings

(losses)

...........................

156,573,735

29,150,507

86,283,183

Net

assets,

at

value

...............................

$3,892,657,262

$1,445,629,863

$7,104,664,830

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

149

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Class

A:

Net

assets,

at

value

.....................................

$760,307,969

$335,718,459

$1,491,197,532

Shares

outstanding

......................................

61,554,932

31,656,468

140,912,092

Net

asset

value

per

share

a

................................

$12.35

$10.61

$10.58

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

97.75%,

97.75%

and

96.25%,

respectively)

..........................

$12.63

$10.85

$10.99

Class

A1:

Net

assets,

at

value

.....................................

$1,377,810,325

$450,571,533

$3,787,194,144

Shares

outstanding

......................................

111,694,754

42,447,275

358,158,811

Net

asset

value

per

share

a

................................

$12.34

$10.61

$10.57

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

97.75%,

97.75%

and

96.25%,

respectively)

..........................

$12.62

$10.85

$10.98

Class

C:

Net

assets,

at

value

.....................................

$81,057,802

$—

$287,697,574

Shares

outstanding

......................................

6,550,108

—

26,662,066

Net

asset

value

and

maximum

offering

price

per

share

a

...........

$12.38

$—

$10.79

Class

R6:

Net

assets,

at

value

.....................................

$463,446,058

$82,369,433

$200,305,194

Shares

outstanding

......................................

37,469,210

7,766,354

18,849,476

Net

asset

value

and

maximum

offering

price

per

share

...........

$12.37

$10.61

$10.63

Advisor

Class:

Net

assets,

at

value

.....................................

$1,210,035,108

$576,970,438

$1,338,270,386

Shares

outstanding

......................................

97,846,650

54,382,186

125,978,659

Net

asset

value

and

maximum

offering

price

per

share

...........

$12.37

$10.61

$10.62

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

150

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

Municipal

Green

Bond

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

.................................

$391,609,244

$8,073,389

$771,146,229

Value

-

Unaffiliated

issuers

................................

$422,037,571

$8,370,325

$837,104,441

Cash

..................................................

22,817,923

1,308,912

10,136,881

Receivables:

Investment

securities

sold

.................................

3,001,696

—

—

Capital

shares

sold

......................................

979,895

47,289

115,553

Interest

...............................................

3,918,072

78,383

6,940,015

Affiliates

..............................................

—

4,492

—

Other

assets

............................................

—

51,091

—

Total

assets

........................................

452,755,157

9,860,492

854,296,890

Liabilities:

Payables:

Investment

securities

purchased

............................

3,258,185

100,000

—

Capital

shares

redeemed

.................................

1,000,778

2,633

767,582

Management

fees

.......................................

191,068

5

339,009

Distribution

fees

........................................

46,895

367

113,281

Transfer

agent

fees

......................................

53,127

170

103,969

Professional

fees

.......................................

17,554

15,171

40,526

Trustees'

fees

and

expenses

...............................

—

596

—

Distributions

to

shareholders

...............................

117,899

5,206

245,097

Accrued

expenses

and

other

liabilities

.........................

39,329

30,590

66,368

Total

liabilities

.......................................

4,724,835

154,738

1,675,832

Net

assets,

at

value

...............................

$448,030,322

$9,705,754

$852,621,058

Net

assets

consist

of:

Paid-in

capital

...........................................

$433,372,340

$9,410,509

$882,355,341

Total

distributable

earnings

(losses)

...........................

14,657,982

295,245

(29,734,283)

Net

assets,

at

value

...............................

$448,030,322

$9,705,754

$852,621,058

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

151

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

Municipal

Green

Bond

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Class

A:

Net

assets,

at

value

.....................................

$67,234,918

$1,206,105

$146,119,408

Shares

outstanding

......................................

5,602,879

114,640

12,525,057

Net

asset

value

per

share

a

................................

$12.00

$10.52

$11.67

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

96.25%

and

96.25%,

respectively)

..........................

$12.47

$10.93

$12.12

Class

A1:

Net

assets,

at

value

.....................................

$238,646,068

$—

$503,881,582

Shares

outstanding

......................................

19,900,743

—

43,247,234

Net

asset

value

per

share

a

................................

$11.99

$—

$11.65

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

-%

and

96.25%,

respectively)

..............................

$12.46

$—

$12.10

Class

C:

Net

assets,

at

value

.....................................

$20,610,277

$230,682

$68,475,985

Shares

outstanding

......................................

1,697,424

21,925

5,798,270

Net

asset

value

and

maximum

offering

price

per

share

a

...........

$12.14

$10.52

$11.81

Class

R6:

Net

assets,

at

value

.....................................

$19,545,745

$5,052

$36,441,416

Shares

outstanding

......................................

1,628,822

480

3,124,364

Net

asset

value

and

maximum

offering

price

per

share

...........

$12.00

$10.52

$11.66

Advisor

Class:

Net

assets,

at

value

.....................................

$101,993,314

$8,263,915

$97,702,667

Shares

outstanding

......................................

8,504,916

785,489

8,377,802

Net

asset

value

and

maximum

offering

price

per

share

...........

$11.99

$10.52

$11.66

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

for

the

six

months

ended

August

31,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

152

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Investment

income:

Dividends:

Unaffiliated

issuers

......................................

$—

$—

$596,833

Controlled

affiliates

(Note

3

f

)

...............................

610,856

340,039

439,401

Interest:

Unaffiliated

issuers

......................................

50,111,550

9,219,392

147,193,238

Total

investment

income

.................................

50,722,406

9,559,431

148,229,472

Expenses:

Management

fees

(Note

3

a

)

.................................

8,701,603

3,273,462

15,764,257

Distribution

fees:

(Note

3c

)

    Class

A

..............................................

856,440

401,355

1,655,165

    Class

A1

.............................................

703,248

347,947

1,912,038

    Class

C

..............................................

368,290

—

1,155,493

Transfer

agent

fees:

(Note

3e

)

    Class

A

..............................................

243,896

92,709

512,090

    Class

A1

.............................................

498,694

133,500

1,482,552

    Class

C

..............................................

40,001

—

137,979

    Class

R6

.............................................

54,377

12,951

29,345

    Advisor

Class

..........................................

423,176

155,154

502,202

Custodian

fees

(Note

4)

....................................

10,859

1,268

6,678

Reports

to

shareholders

....................................

166,951

31,488

183,261

Registration

and

filing

fees

..................................

120,906

70,030

130,912

Professional

fees

.........................................

37,140

29,162

145,933

Trustees'

fees

and

expenses

................................

11,538

3,474

19,998

Other

..................................................

85,476

32,140

128,768

Total

expenses

.......................................

12,322,595

4,584,640

23,766,671

Expense

reductions

(Note

4)

.............................

(524)

(735)

(549)

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

............

(1,834,818)

(1,062,663)

(18,085)

Net

expenses

.......................................

10,487,253

3,521,242

23,748,037

Net

investment

income

..............................

40,235,153

6,038,189

124,481,435

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

....................................

12,091,522

264,641

36,838,322

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

25,766,849

4,441,150

154,601,368

Controlled

affiliates

(Note

3

f

)

.............................

1,634,247

909,720

1,047,751

Net

change

in

unrealized

appreciation

(depreciation)

..........

27,401,096

5,350,870

155,649,119

Net

realized

and

unrealized

gain

(loss)

..........................

39,492,618

5,615,511

192,487,441

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$79,727,771

$11,653,700

$316,968,876

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

August

31,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

153

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

Municipal

Green

Bond

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

......................................

$6,451,727

$69,053

$13,400,845

Expenses:

Management

fees

(Note

3

a

)

.................................

1,146,182

26,668

2,032,343

Distribution

fees:

(Note

3c

)

    Class

A

..............................................

76,071

452

156,432

    Class

A1

.............................................

122,285

—

257,748

    Class

C

..............................................

84,950

261

276,093

Transfer

agent

fees:

(Note

3e

)

    Class

A

..............................................

23,083

466

44,854

    Class

A1

.............................................

92,555

—

184,343

    Class

C

..............................................

9,869

115

30,323

    Class

R6

.............................................

3,332

10

4,716

    Advisor

Class

..........................................

40,976

3,355

34,440

Custodian

fees

(Note

4)

....................................

1,353

6

876

Reports

to

shareholders

....................................

13,486

3,556

18,580

Registration

and

filing

fees

..................................

32,715

17,648

19,191

Professional

fees

.........................................

29,479

26,214

39,933

Trustees'

fees

and

expenses

................................

1,573

629

3,288

Amortization

of

offering

costs

(Note

1f)

.........................

—

27,948

—

Other

..................................................

14,506

858

24,167

Total

expenses

.......................................

1,692,415

108,186

3,127,327

Expense

reductions

(Note

4)

.............................

(451)

(9)

(842)

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

............

(535)

(88,534)

—

Net

expenses

.......................................

1,691,429

19,643

3,126,485

Net

investment

income

..............................

4,760,298

49,410

10,274,360

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

....................................

3,130,437

—

149,627

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

3,142,599

177,658

14,918,128

Net

realized

and

unrealized

gain

(loss)

..........................

6,273,036

177,658

15,067,755

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$11,033,334

$227,068

$25,342,115

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

154

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$40,235,153

$83,247,805

$6,038,189

$13,871,667

Net

realized

gain

(loss)

............

12,091,522

(7,384,342)

264,641

(1,699,938)

Net

change

in

unrealized

appreciation

(depreciation)

.................

27,401,096

(50,964,749)

5,350,870

(1,882,133)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

79,727,771

24,898,714

11,653,700

10,289,596

Distributions

to

shareholders:

Class

A

........................

(6,626,649)

(11,063,019)

(1,142,276)

(2,206,534)

Class

A1

.......................

(14,713,987)

(32,632,232)

(1,893,858)

(5,588,844)

Class

C

........................

(871,045)

(2,656,709)

—

—

Class

R6

.......................

(5,014,927)

(8,961,135)

(377,800)

(755,465)

Advisor

Class

...................

(13,018,839)

(28,121,424)

(2,587,363)

(5,347,614)

Total

distributions

to

shareholders

.....

(40,245,447)

(83,434,519)

(6,001,297)

(13,898,457)

Capital

share

transactions:

(Note

2

)

Class

A

........................

124,086,969

228,880,279

39,850,080

136,442,860

Class

A1

.......................

(40,435,279)

(90,738,074)

(19,442,953)

(49,055,343)

Class

C

........................

(41,576,799)

(80,100,974)

—

—

Class

R6

.......................

44,227,078

12,583,861

11,847,880

18,548,794

Advisor

Class

...................

44,777,405

(104,848,032)

57,595,855

226,558,071

Total

capital

share

transactions

.......

131,079,374

(34,222,940)

89,850,862

332,494,382

Net

increase

(decrease)

in

net

assets

.....................

170,561,698

(92,758,745)

95,503,265

328,885,521

Net

assets:

Beginning

of

period

................

3,722,095,564

3,814,854,309

1,350,126,598

1,021,241,077

End

of

period

.....................

$3,892,657,262

$3,722,095,564

$1,445,629,863

$1,350,126,598

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

155

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$124,481,435

$261,891,492

$4,760,298

$10,980,794

Net

realized

gain

(loss)

............

36,838,322

(12,245,025)

3,130,437

882,794

Net

change

in

unrealized

appreciation

(depreciation)

.................

155,649,119

(126,550,586)

3,142,599

(15,412,659)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

316,968,876

123,095,881

11,033,334

(3,549,071)

Distributions

to

shareholders:

Class

A

........................

(22,823,668)

(37,039,394)

(591,400)

(1,171,766)

Class

A1

.......................

(68,953,433)

(149,289,400)

(2,567,265)

(6,359,967)

Class

C

........................

(5,299,814)

(13,402,365)

(199,138)

(548,334)

Class

R6

.......................

(3,418,054)

(5,311,674)

(208,689)

(347,340)

Advisor

Class

...................

(23,900,946)

(44,002,238)

(1,189,549)

(2,446,923)

Total

distributions

to

shareholders

.....

(124,395,915)

(249,045,071)

(4,756,041)

(10,874,330)

Capital

share

transactions:

(Note

2

)

Class

A

........................

278,356,782

288,969,540

7,522,606

16,217,180

Class

A1

.......................

(76,101,687)

(362,999,791)

(10,090,154)

(52,468,628)

Class

C

........................

(81,630,373)

(118,055,375)

(6,887,764)

(3,660,554)

Class

R6

.......................

38,095,876

31,664,536

2,396,619

4,906,420

Advisor

Class

...................

73,662,440

86,759,597

(6,018,512)

47,362,046

Total

capital

share

transactions

.......

232,383,038

(73,661,493)

(13,077,205)

12,356,464

Net

increase

(decrease)

in

net

assets

.....................

424,955,999

(199,610,683)

(6,799,912)

(2,066,937)

Net

assets:

Beginning

of

period

................

6,679,708,831

6,879,319,514

454,830,234

456,897,171

End

of

period

.....................

$7,104,664,830

$6,679,708,831

$448,030,322

$454,830,234

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

156

Franklin

Municipal

Green

Bond

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$49,410

$80,107

$10,274,360

$22,328,234

Net

realized

gain

(loss)

............

—

(4,456)

149,627

(4,545,869)

Net

change

in

unrealized

appreciation

(depreciation)

.................

177,658

(55,652)

14,918,128

(21,633,467)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

227,068

19,999

25,342,115

(3,851,102)

Distributions

to

shareholders:

Class

A

........................

(5,328)

(2,890)

(1,442,302)

(2,777,280)

Class

A1

.......................

—

—

(6,345,504)

(14,153,363)

Class

C

........................

(1,172)

(745)

(796,976)

(2,054,607)

Class

R6

.......................

(32)

(41)

(441,690)

(835,669)

Advisor

Class

...................

(41,759)

(76,652)

(1,230,177)

(2,393,094)

Total

distributions

to

shareholders

.....

(48,291)

(80,328)

(10,256,649)

(22,214,013)

Capital

share

transactions:

(Note

2

)

Class

A

........................

313,348

882,676

25,195,933

12,728,322

Class

A1

.......................

—

—

(22,031,101)

(51,492,416)

Class

C

........................

15,454

213,082

(21,044,201)

(26,126,754)

Class

R6

.......................

—

5,000

3,860,220

(259,580)

Advisor

Class

...................

1,800,122

1,182,507

1,801,248

14,597,139

Total

capital

share

transactions

.......

2,128,924

2,283,265

(12,217,901)

(50,553,289)

Net

increase

(decrease)

in

net

assets

.....................

2,307,701

2,222,936

2,867,565

(76,618,404)

Net

assets:

Beginning

of

period

................

7,398,053

5,175,117

849,753,493

926,371,897

End

of

period

.....................

$9,705,754

$7,398,053

$852,621,058

$849,753,493

Franklin

Tax-Free

Trust

157

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

1.

Organization

and

Significant

Accounting

Policies

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-

three

separate

funds,

six

of

which

are

included

in

this

report

(Funds)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

The

classes

of

shares

offered

within

each

of

the

Funds

are

indicated

below.

Effective

August

2,

2021,

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Prior

to

August

2,

2021,

Class

C

shares

converted

to

Class

A

shares

after

a

10-year

holding

period.

Each

class

of

shares

may

differ

by

its initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Class

A,

Class

A1,

Class

R6

&

Advisor

Class

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Class

A,

Class

A1,

Class

C,

Class

R6

&

Advisor

Class

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Class

A,

Class

C,

Class

R6

&

Advisor

Class

Franklin

Municipal

Green

Bond

Fund

The

following

summarizes

the Funds'

significant

accounting

policies

. 

a.

Financial

Instrument

Valuation 

The Funds'

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust's

Board

of

Trustees

(the

Board),

the

Funds' administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

and

exchange

traded

funds

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Funds'

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b.

Securities

Purchased

on

a

When-Issued

or

Delayed

Delivery

Basis

Certain

or

all

Funds

purchase

securities

on

a

when-issued

or

delayed

delivery

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

158

franklintempleton.com

Semiannual

Report

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.

c.

Income

Taxes

It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

August

31,

2021, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

d.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

e.

Insurance

The

scheduled

payments

of

interest

and

principal

for

each

insured

municipal

security

in

the

Trust

are

insured

by

either

a

new

issue

insurance

policy

or

a

secondary

insurance

policy.

Some

municipal

securities

in

the

Funds

are

secured

by

collateral

guaranteed

by

an

agency

of

the

U.S.

government.

Depending

on

the

type

of

coverage,

premiums

for

insurance

are

either

added

to

the

cost

basis

of

the

security

or

paid

by

a

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

to

be

of

very

high

quality,

with

the

majority

of

underlying

municipal

bonds

rated

A

or

better.

However,

an

event

involving

an

insurer

could

have

an

adverse

effect

on

the

value

of

the

securities

insured

by

that

insurance

company.

There

can

be

no

assurance

the

insurer

will

be

able

to

fulfill

its

obligations

under

the

terms

of

the

policy.

f.

Offering

Costs

Offering

costs

are

amortized

on

a

straight

line

basis

over

twelve

months.

g.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

1.

Organization

and

Significant

Accounting

Policies

(continued)

b.

Securities

Purchased

on

a

When-Issued

or

Delayed

Delivery

Basis

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

159

franklintempleton.com

Semiannual

Report

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

h.

Guarantees

and

Indemnifications

Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Trust,

on

behalf

of

the

Funds,

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

Currently,

the

Trust

expects

the

risk

of

loss

to

be

remote.

2.

Shares

of

Beneficial

Interest

At

August

31,

2021,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Funds'

shares

were

as

follows:

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

A

Class

A

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

a

...................................

15,554,354

$192,128,551

7,905,321

$83,818,162

Shares

issued

in

reinvestment

of

distributions

..........

505,509

6,238,330

105,667

1,120,427

Shares

redeemed

...............................

(6,014,408)

(74,279,912)

(4,252,449)

(45,088,509)

Net

increase

(decrease)

..........................

10,045,455

$124,086,969

3,758,539

$39,850,080

Year

ended

February

28,

2021

Shares

sold

a

...................................

27,721,776

$339,501,201

18,965,178

$200,552,694

Shares

issued

in

reinvestment

of

distributions

..........

831,878

10,200,430

200,986

2,125,871

Shares

redeemed

...............................

(9,893,430)

(120,821,352)

(6,276,570)

(66,235,705)

Net

increase

(decrease)

..........................

18,660,224

$228,880,279

12,889,594

$136,442,860

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

2,247,795

$27,716,786

699,017

$7,419,725

Shares

issued

in

reinvestment

of

distributions

..........

1,133,078

13,964,189

166,918

1,771,289

Shares

redeemed

...............................

(6,662,531)

(82,116,254)

(2,698,090)

(28,633,967)

Net

increase

(decrease)

..........................

(3,281,658)

$(40,435,279)

(1,832,155)

$(19,442,953)

Year

ended

February

28,

2021

Shares

sold

...................................

5,815,207

$71,076,447

2,457,023

$25,982,228

Shares

issued

in

reinvestment

of

distributions

..........

2,490,304

30,461,634

484,623

5,125,365

Shares

redeemed

...............................

(15,809,750)

(192,276,155)

(7,615,269)

(80,162,936)

Net

increase

(decrease)

..........................

(7,504,239)

$(90,738,074)

(4,673,623)

$(49,055,343)

Class

C

1.

Organization

and

Significant

Accounting

Policies

(continued)

g.

Accounting

Estimates

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

160

franklintempleton.com

Semiannual

Report

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

C

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

333,325

$4,121,190

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

68,840

850,788

—

—

Shares

redeemed

a

..............................

(3,760,182)

(46,548,777)

—

—

Net

increase

(decrease)

..........................

(3,358,017)

$(41,576,799)

—

$—

Year

ended

February

28,

2021

Shares

sold

...................................

1,245,202

$15,251,014

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

198,848

2,436,819

—

—

Shares

redeemed

a

..............................

(7,966,761)

(97,788,807)

—

—

Net

increase

(decrease)

..........................

(6,522,711)

$(80,100,974)

—

$—

Class

R6

Class

R6

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

5,128,468

$63,350,362

1,687,464

$17,897,722

Shares

issued

in

reinvestment

of

distributions

..........

372,871

4,608,314

29,942

317,501

Shares

redeemed

...............................

(1,919,810)

(23,731,598)

(600,298)

(6,367,343)

Net

increase

(decrease)

..........................

3,581,529

$44,227,078

1,117,108

$11,847,880

Year

ended

February

28,

2021

Shares

sold

...................................

10,772,107

$132,728,113

3,096,208

$32,748,806

Shares

issued

in

reinvestment

of

distributions

..........

707,505

8,677,134

62,493

660,842

Shares

redeemed

...............................

(10,670,403)

(128,821,386)

(1,414,731)

(14,860,854)

Net

increase

(decrease)

..........................

809,209

$12,583,861

1,743,970

$18,548,794

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

10,795,011

$133,375,076

10,233,270

$108,533,620

Shares

issued

in

reinvestment

of

distributions

..........

683,117

8,440,046

59,977

636,054

Shares

redeemed

...............................

(7,858,453)

(97,037,717)

(4,864,834)

(51,573,819)

Net

increase

(decrease)

..........................

3,619,675

$44,777,405

5,428,413

$57,595,855

Year

ended

February

28,

2021

Shares

sold

...................................

26,744,699

$327,878,093

28,656,242

$302,780,587

Shares

issued

in

reinvestment

of

distributions

..........

1,497,320

18,356,746

132,587

1,402,470

Shares

redeemed

...............................

(36,942,863)

(451,082,871)

(7,343,381)

(77,624,986)

Net

increase

(decrease)

..........................

(8,700,844)

$(104,848,032)

21,445,448

$226,558,071

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

161

franklintempleton.com

Semiannual

Report

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

A

Class

A

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

a

...................................

34,384,558

$361,829,679

1,085,884

$13,030,737

Shares

issued

in

reinvestment

of

distributions

..........

1,984,043

20,864,964

45,435

544,693

Shares

redeemed

...............................

(9,930,792)

(104,337,861)

(507,079)

(6,052,824)

Net

increase

(decrease)

..........................

26,437,809

$278,356,782

624,240

$7,522,606

Year

ended

February

28,

2021

Shares

sold

a

...................................

43,608,628

$440,884,215

2,053,374

$24,532,599

Shares

issued

in

reinvestment

of

distributions

..........

3,269,241

32,925,616

89,006

1,061,952

Shares

redeemed

...............................

(18,490,711)

(184,840,291)

(797,479)

(9,377,371)

Net

increase

(decrease)

..........................

28,387,158

$288,969,540

1,344,901

$16,217,180

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

6,187,110

$64,937,870

163,969

$1,966,586

Shares

issued

in

reinvestment

of

distributions

..........

5,951,340

62,497,918

175,441

2,101,398

Shares

redeemed

...............................

(19,397,949)

(203,537,475)

(1,182,644)

(14,158,138)

Net

increase

(decrease)

..........................

(7,259,499)

$(76,101,687)

(843,234)

$(10,090,154)

Year

ended

February

28,

2021

Shares

sold

...................................

21,708,112

$213,728,975

724,178

$8,581,280

Shares

issued

in

reinvestment

of

distributions

..........

13,243,737

132,980,129

430,159

5,123,245

Shares

redeemed

...............................

(71,135,357)

(709,708,895)

(5,619,647)

(66,173,153)

Net

increase

(decrease)

..........................

(36,183,508)

$(362,999,791)

(4,465,310)

$(52,468,628)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

2,437,669

$26,137,949

66,501

$805,135

Shares

issued

in

reinvestment

of

distributions

..........

476,093

5,101,589

14,635

177,446

Shares

redeemed

a

..............................

(10,481,257)

(112,869,911)

(647,681)

(7,870,345)

Net

increase

(decrease)

..........................

(7,567,495)

$(81,630,373)

(566,545)

$(6,887,764)

Year

ended

February

28,

2021

Shares

sold

...................................

4,446,854

$45,644,171

535,165

$6,481,505

Shares

issued

in

reinvestment

of

distributions

..........

1,218,859

12,466,327

40,162

484,377

Shares

redeemed

a

..............................

(17,223,974)

(176,165,873)

(879,637)

(10,626,436)

Net

increase

(decrease)

..........................

(11,558,261)

$(118,055,375)

(304,310)

$(3,660,554)

Class

R6

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

162

franklintempleton.com

Semiannual

Report

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

R6

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

4,635,402

$48,801,315

263,161

$3,150,671

Shares

issued

in

reinvestment

of

distributions

..........

284,058

3,000,424

4,356

52,233

Shares

redeemed

...............................

(1,298,664)

(13,705,863)

(67,399)

(806,285)

Net

increase

(decrease)

..........................

3,620,796

$38,095,876

200,118

$2,396,619

Year

ended

February

28,

2021

Shares

sold

...................................

6,379,947

$64,624,047

481,601

$5,777,957

Shares

issued

in

reinvestment

of

distributions

..........

452,924

4,579,877

6,050

72,195

Shares

redeemed

...............................

(3,773,350)

(37,539,388)

(79,761)

(943,732)

Net

increase

(decrease)

..........................

3,059,521

$31,664,536

407,890

$4,906,420

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

17,042,422

$179,743,713

648,181

$7,759,349

Shares

issued

in

reinvestment

of

distributions

..........

1,830,759

19,321,077

96,200

1,152,524

Shares

redeemed

...............................

(11,906,486)

(125,402,350)

(1,246,060)

(14,930,385)

Net

increase

(decrease)

..........................

6,966,695

$73,662,440

(501,679)

$(6,018,512)

Year

ended

February

28,

2021

Shares

sold

...................................

41,914,591

$422,609,045

5,536,692

$65,419,830

Shares

issued

in

reinvestment

of

distributions

..........

3,445,604

34,793,721

194,582

2,321,450

Shares

redeemed

...............................

(37,414,463)

(370,643,169)

(1,719,193)

(20,379,234)

Net

increase

(decrease)

..........................

7,945,732

$86,759,597

4,012,081

$47,362,046

Franklin

Municipal

Green

Bond

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

A

Class

A

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

a

...................................

60,810

$639,690

2,917,976

$34,035,596

Shares

issued

in

reinvestment

of

distributions

..........

478

4,999

109,800

1,278,937

Shares

redeemed

...............................

(31,514)

(331,341)

(869,665)

(10,118,600)

Net

increase

(decrease)

..........................

29,774

$313,348

2,158,111

$25,195,933

Year

ended

February

28,

2021

b

Shares

sold

a

...................................

94,648

$984,131

2,894,555

$32,958,968

Shares

issued

in

reinvestment

of

distributions

..........

234

2,433

212,855

2,419,424

Shares

redeemed

...............................

(10,016)

(103,888)

(2,010,291)

(22,650,070)

Net

increase

(decrease)

..........................

84,866

$882,676

1,097,119

$12,728,322

Class

A1

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

163

franklintempleton.com

Semiannual

Report

Franklin

Municipal

Green

Bond

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

A1

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

—

$—

374,629

$4,361,395

Shares

issued

in

reinvestment

of

distributions

..........

—

—

453,777

5,276,436

Shares

redeemed

...............................

—

—

(2,728,167)

(31,668,932)

Net

increase

(decrease)

..........................

—

$—

(1,899,761)

$(22,031,101)

Year

ended

February

28,

2021

Shares

sold

...................................

—

$—

1,251,044

$14,100,181

Shares

issued

in

reinvestment

of

distributions

..........

—

—

1,023,925

11,613,531

Shares

redeemed

...............................

—

—

(6,841,882)

(77,206,128)

Net

increase

(decrease)

..........................

—

$—

(4,566,913)

$(51,492,416)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

6,979

$72,948

198,230

$2,336,089

Shares

issued

in

reinvestment

of

distributions

..........

111

1,163

63,144

744,234

Shares

redeemed

a

..............................

(5,578)

(58,657)

(2,041,772)

(24,124,524)

Net

increase

(decrease)

..........................

1,512

$15,454

(1,780,398)

$(21,044,201)

Year

ended

February

28,

2021

b

Shares

sold

...................................

20,350

$212,427

603,547

$6,964,079

Shares

issued

in

reinvestment

of

distributions

..........

66

689

162,928

1,871,763

Shares

redeemed

a

..............................

(3)

(34)

(3,054,653)

(34,962,596)

Net

increase

(decrease)

..........................

20,413

$213,082

(2,288,178)

$(26,126,754)

Class

R6

Class

R6

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

—

$—

443,909

$5,170,621

Shares

issued

in

reinvestment

of

distributions

..........

—

—

36,820

428,637

Shares

redeemed

...............................

—

—

(150,172)

(1,739,038)

Net

increase

(decrease)

..........................

—

$—

330,557

$3,860,220

Year

ended

February

28,

2021

b

Shares

sold

...................................

480

$5,000

938,189

$10,657,331

Shares

issued

in

reinvestment

of

distributions

..........

—

—

72,221

820,104

Shares

redeemed

...............................

—

—

(1,052,336)

(11,737,015)

Net

increase

(decrease)

..........................

480

$5,000

(41,926)

$(259,580)

Advisor

Class

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

164

franklintempleton.com

Semiannual

Report

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Trust

are

also

officers

and/or

directors

of

the

following

subsidiaries:

a.

Management

Fees

The

Funds,

except

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund,

pay

an

investment

management

fee

to

Advisers

based

on

the

month-end

net

assets

of

each

of

the

Funds

and

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

pays

an

investment

management

fee

to

Advisers

based

on

the

average

daily

net

assets

of

the

fund

as

follows:

Franklin

Municipal

Green

Bond

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Advisor

Class

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

176,589

$1,857,332

837,506

$9,760,699

Shares

issued

in

reinvestment

of

distributions

..........

980

10,276

98,965

1,152,008

Shares

redeemed

...............................

(6,438)

(67,486)

(784,137)

(9,111,459)

Net

increase

(decrease)

..........................

171,131

$1,800,122

152,334

$1,801,248

Year

ended

February

28,

2021

Shares

sold

...................................

132,416

$1,367,494

3,801,735

$43,043,846

Shares

issued

in

reinvestment

of

distributions

..........

418

4,350

191,937

2,181,238

Shares

redeemed

...............................

(18,476)

(189,337)

(2,714,325)

(30,627,945)

Net

increase

(decrease)

..........................

114,358

$1,182,507

1,279,347

$14,597,139

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

b

For

the

period

July

24,

2020

(effective

date)

to

February

28,

2021

for

Franklin

Municipal

Green

Bond

Fund.

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

(formerly

Franklin

Templeton

Distributors,

Inc.)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Annualized

Fee

Rate

Net

Assets

0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

Over

$15

billion,

up

to

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

up

to

and

including

$20

billion

0.360%

In

excess

of

$20

billion

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

165

franklintempleton.com

Semiannual

Report

For

the

period

ended

August

31,

2021,

each

Fund's

annualized

gross

effective

investment

management

fee

rate

based

on

average

daily

net

assets

was

as

follows:

b.

Administrative

Fees

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by

Advisers

based

on

each

of

the

Funds'

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds’

Class

A

and

A1

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

Under

the

Class

A

and

A1

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds’

Class

C

compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

each

Fund's

shares

up

to

the

maximum

annual

plan

rate.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.453%

0.468%

0.452%

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

Municipal

Green

Bond

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.501%

0.632%

0.476%

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Reimbursement

Plans:

Class

A

...............................

0.25%

0.25%

0.25%

Class

A1

..............................

0.10%

0.15%

0.10%

Compensation

Plans:

Class

C

...............................

0.65%

—%

0.65%

3.

Transactions

with

Affiliates

(continued)

a.

Management

Fees

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

166

franklintempleton.com

Semiannual

Report

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

period:

e.

Transfer

Agent

Fees

Each

class

of

shares

pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

The

fees

are

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

each

class

reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6,

reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

For

the

period

ended

August

31,

2021,

the

Funds

paid

transfer

agent

fees

as

noted

in

the

Statements

of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

Municipal

Green

Bond

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Reimbursement

Plans:

Class

A

...............................

0.25%

0.25%

0.25%

Class

A1

..............................

0.10%

—%

0.10%

Compensation

Plans:

Class

C

...............................

0.65%

0.65%

0.65%

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$13,412

$6,756

$82,415

CDSC

retained

...........................

$61,356

$34,290

$52,331

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

Municipal

Green

Bond

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$2,091

$258

$6,614

CDSC

retained

...........................

$21,003

$207

$6,379

3.

Transactions

with

Affiliates

(continued)

c.

Distribution

Fees

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

167

franklintempleton.com

Semiannual

Report

f.

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.

Management

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

August

31,

2021,

investments

in

affiliated

management

investment

companies

were

as

follows:

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Transfer

agent

fees

........................

$496,797

$179,165

$1,002,293

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

Municipal

Green

Bond

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Transfer

agent

fees

........................

$74,293

$2,888

$142,351

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Liberty

Federal

Tax-Free

Bond

ETF

................

$67,125,853

$—

$—

$

—

$

1,634,247

$

68,760,100

2,515,000

$

610,856

Total

Affiliated

Securities

....

$67,125,853

$—

$—

$—

$1,634,247

$68,760,100

$610,856

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Liberty

Federal

Tax-Free

Bond

ETF

................

$37,366,280

$—

$—

$—

$909,720

$38,276,000

1,400,000

$340,039

Total

Affiliated

Securities

....

$37,366,280

$—

$—

$—

$909,720

$38,276,000

$340,039

3.

Transactions

with

Affiliates

(continued)

e.

Transfer

Agent

Fees

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

168

franklintempleton.com

Semiannual

Report

g.

Waiver

and

Expense

Reimbursements

Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund,

Franklin

Limited-Term

Tax-Free

Income

Fund

and

Franklin

Municipal

Green

Bond

Fund

so

that

the

operating expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Funds

do

not

exceed

0.46%,

0.40%

and

0.46%,

respectively,

based

on

the

average

net

assets

of

each

class

until

June

30,

2022.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Funds'

fiscal

year

end.

For

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund,

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.02%

based

on

the

average

net

assets

of

the

class

until

June

30,

2022.

For

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund,

Franklin

High

Yield

Tax-Free

Income

Fund,

Franklin

Massachusetts

Tax-Free

Income

Fund,

Franklin

Municipal

Green

Bond

Fund

and

Franklin

New

Jersey

Tax-Free

Income

Fund,

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

June

30,

2022.

h.

Other

Affiliated

Transactions

At

August

31,

2021,

Franklin

Resources,

Inc.

owned

54.4%

of

Franklin

Municipal

Green

Bond

Fund’s

outstanding

shares.

Investment

activities

of

this

investment

company

could

have

a

material

impact

on

the

Fund.

i.

Interfund

Transactions

Certain

or

all

Funds

engaged

in

purchases

and

sales

of

investments

with

funds

or

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

or

officers.

These

purchases

and

sales

for

the

period

ended

August

31,

2021,

were

as

follows:

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

Franklin

High

Yield

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Liberty

Federal

Intermediate

Tax-Free

Bond

Opportunities

ETF

..........

$30,278,325

$7,980,749

$—

$

—

$

1,047,751

$

39,306,825

1,455,000

$439,401

Total

Affiliated

Securities

....

$30,278,325

$7,980,749

$—

$—

$1,047,751

$39,306,825

$439,401

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Purchases

..............................

$71,825,000

$123,020,000

$84,308,100

Sales

..................................

$64,515,000

$28,060,000

$158,926,439

3.

Transactions

with

Affiliates

(continued)

f.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

169

franklintempleton.com

Semiannual

Report

4.

Expense

Offset

Arrangement

The

Funds

have entered

into

an

arrangement

with

their

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Funds'

custodian

expenses.

During

the period

ended

August

31,

2021 the

custodian

fees

were

reduced

as

noted

in

the

Statements

of

Operations.

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

February

28,

2021,

the

capital

loss

carryforwards

were

as

follows:

At

August

31,

2021,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

1

1

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

59,202,060

$

2,142,051

$

215,881,543

Long

term

.............................

19,742,733

5,041,389

685,013,275

Total

capital

loss

carryforwards

............

$78,944,793

$7,183,440

$900,894,818

a

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

Municipal

Green

Bond

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

1

1

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

10,899,890

$

4,456

$

15,461,072

Long

term

.............................

8,092,620

—

80,955,462

Total

capital

loss

carryforwards

............

$18,992,510

$4,456

$96,416,534

a

Includes

$97,006,620

from

the

merged

Franklin

Double

Tax-Free

Income

Fund,

which

may

be

carried

over

to

offset

future

capital

gains,

subject

to

certain

limitations.

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

a

a

a

a

Cost

of

investments

.......................

$3,536,039,211

$1,391,630,425

$6,161,932,212

Unrealized

appreciation

.....................

$223,708,804

$35,978,558

$988,402,113

Unrealized

depreciation

.....................

(588,715)

(78,988)

(61,962,410)

Net

unrealized

appreciation

(depreciation)

.......

$223,120,089

$35,899,570

$926,439,703

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

170

franklintempleton.com

Semiannual

Report

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities

and

bond

discounts.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

August

31,

2021,

were

as

follows:

7.

Credit Risk

and

Defaulted

Securities

At

August

31,

2021,

Franklin

High

Yield

Tax-Free

Fund

had

42.7%

of

its

portfolio

invested

in

high

yield

securities

rated

below

investment

grade

as

determined

by

Nationally

Recognized

Statistical

Credit

Ratings

Organizations

and/or

internally,

by

investment

management.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

Certain

or

all

Funds

held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

August

31,

2021,

the

aggregate

value

of

these

securities

for

Franklin

High

Yield

Tax-Free

Income

Fund

and

Franklin

New

Jersey

Tax-Free

Income

Fund

was

$191,144,893

and

$3,895,688,

representing

2.7%

and

0.5%,

respectively,

of

each

Fund's

net

assets.

The

Funds

discontinue

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provide

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Statements

of

Investments.

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

Municipal

Green

Bond

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

a

a

a

a

Cost

of

investments

.......................

$391,604,272

$8,073,351

$771,395,501

Unrealized

appreciation

.....................

$31,335,681

$301,005

$66,455,821

Unrealized

depreciation

.....................

(902,382)

(4,031)

(746,881)

Net

unrealized

appreciation

(depreciation)

.......

$30,433,299

$296,974

$65,708,940

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Purchases

..............................

$342,918,503

$146,439,329

$622,725,649

Sales

..................................

$330,588,287

$241,576,633

$424,029,054

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

Municipal

Green

Bond

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Purchases

..............................

$56,952,733

$1,342,013

$17,572,907

Sales

..................................

$89,777,823

$155,818

$39,232,350

5.

Income

Taxes

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

171

franklintempleton.com

Semiannual

Report

8.

Concentration

of

Risk

Certain

or

all

Funds

invest

a

large

percentage

of

their

total

assets

in

obligations

of

issuers

within

their respective

state

and

U.S.

territories.

Such

concentration

may

subject

the

Funds

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within

those

states

and

U.S.

territories.

Investing

in

Puerto

Rico

securities

may

expose

the

Funds

to

heightened

risks

due

to

recent

adverse

economic

and

market

changes,

credit

downgrades

and

ongoing

restructuring

discussions.

In

addition,

investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Funds

to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell.

9. Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the

Funds, their ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and their ability

to

achieve their investment

objectives.

10.

Credit

Facility

The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

on

February

4,

2022.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

period ended

August

31,

2021,

the

Funds

did

not

use

the

Global

Credit

Facility.

11.

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)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

172

franklintempleton.com

Semiannual

Report

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

August

31,

2021,

in

valuing

the

Funds'

assets

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

$

68,760,100

$

—

$

—

$

68,760,100

Municipal

Bonds

.........................

—

3,678,174,200

—

3,678,174,200

Short

Term

Investments

...................

—

12,225,000

—

12,225,000

Total

Investments

in

Securities

...........

$68,760,100

$3,690,399,200

$—

$3,759,159,300

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

38,276,000

—

—

38,276,000

Municipal

Bonds

.........................

—

1,033,718,995

—

1,033,718,995

Short

Term

Investments

...................

—

355,535,000

—

355,535,000

Total

Investments

in

Securities

...........

$38,276,000

$1,389,253,995

$—

$1,427,529,995

Franklin

High

Yield

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

88,527,075

—

—

88,527,075

Municipal

Bonds

:

—

Alabama

.............................

—

175,808,136

—

175,808,136

Arizona

..............................

—

91,536,709

—

91,536,709

California

.............................

—

1,320,163,031

—

1,320,163,031

Colorado

.............................

—

363,371,677

—

363,371,677

Connecticut

...........................

—

36,402,732

—

36,402,732

Florida

...............................

—

767,295,621

—

767,295,621

Georgia

..............................

—

75,680,420

—

75,680,420

Idaho

................................

—

13,352,041

—

13,352,041

Illinois

...............................

—

332,823,900

—

332,823,900

Indiana

..............................

—

64,608,598

—

64,608,598

Iowa

................................

—

17,559,865

—

17,559,865

Kansas

..............................

—

5,990,714

—

5,990,714

Kentucky

.............................

—

30,614,716

—

30,614,716

Louisiana

.............................

—

80,388,997

—

80,388,997

Maryland

.............................

—

26,246,853

—

26,246,853

Massachusetts

........................

—

69,351,980

—

69,351,980

Michigan

.............................

—

185,377,636

—

185,377,636

Minnesota

............................

—

8,198,500

—

8,198,500

Mississippi

............................

—

72,707,817

—

72,707,817

Missouri

..............................

—

34,321,766

—

34,321,766

Montana

.............................

—

6,752,273

—

6,752,273

Nevada

..............................

—

78,877,464

—

78,877,464

New

Hampshire

........................

—

15,398,727

—

15,398,727

New

Jersey

...........................

—

306,867,559

—

306,867,559

New

Mexico

...........................

—

7,473,790

—

7,473,790

New

York

.............................

—

466,866,303

—

466,866,303

North

Carolina

.........................

—

21,234,279

—

21,234,279

North

Dakota

..........................

—

25,986,937

—

25,986,937

Ohio

................................

—

193,815,532

—

193,815,532

Oklahoma

............................

—

13,052,597

—

13,052,597

Oregon

..............................

—

48,792,357

—

48,792,357

Pennsylvania

..........................

—

146,319,910

—

146,319,910

Rhode

Island

..........................

—

8,168,955

—

8,168,955

11.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

173

franklintempleton.com

Semiannual

Report

12.

New

Accounting

Pronouncements

In

March

2020,

the

Financial

Accounting

Standards

Board

(FASB)

issued

Accounting

Standards

Update

(ASU)

No.

2020-04,

Reference

Rate

Reform

(Topic

848)

–

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

In

January

2021,

the

FASB

issued

ASU

No.

2021-01,

with

further

amendments

to

Topic

848.

The

amendments

in

the

ASUs

provide

optional

temporary

accounting

recognition

and financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR)

and

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021

and

2023. The

ASUs

are

effective

for

certain

reference

rate-related

contract

modifications

that

occur

during

the

period

March

12,

2020

through

December

31,

2022.

Management

has

reviewed

the

requirements

and

believes

the

adoption

of

these

ASUs

will

not

have

a

material

impact

on

the

financial

statements. 

13.

Subsequent

Events

The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

Level

1

Level

2

Level

3

Total

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Assets:

(continued)

Municipal

Bonds:

South

Carolina

.........................

$

—

$

76,033,799

$

—

$

76,033,799

South

Dakota

..........................

—

15,176,130

—

15,176,130

Tennessee

............................

—

81,076,430

—

81,076,430

Texas

...............................

—

491,759,526

—

491,759,526

Utah

................................

—

38,421,781

—

38,421,781

Virginia

..............................

—

98,950,169

—

98,950,169

Washington

...........................

—

106,007,818

1,900,000

107,907,818

West

Virginia

..........................

—

11,753,928

—

11,753,928

Wisconsin

............................

—

121,979,083

—

121,979,083

U.S.

Territories

..........................

District

of

Columbia

.....................

—

124,125,360

—

124,125,360

Guam

...............................

—

14,670,738

—

14,670,738

Pacific

Islands

.........................

—

9,003,737

—

9,003,737

Puerto

Rico

...........................

—

587,362,949

—

587,362,949

Short

Term

Investments

...................

—

110,215,000

—

110,215,000

Total

Investments

in

Securities

...........

$88,527,075

$6,997,944,840

$1,900,000

$7,088,371,915

Franklin

Massachusetts

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

421,437,571

—

421,437,571

Short

Term

Investments

...................

—

600,000

—

600,000

Total

Investments

in

Securities

...........

$—

$422,037,571

$—

$422,037,571

Franklin

Municipal

Green

Bond

Fund

Assets:

Municipal

Bonds

.........................

—

8,370,325

—

8,370,325

Total

Investments

in

Securities

...........

$—

$8,370,325

$—

$8,370,325

Franklin

New

Jersey

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

833,804,441

—

833,804,441

Short

Term

Investments

...................

—

3,300,000

—

3,300,000

Total

Investments

in

Securities

...........

$—

$837,104,441

$—

$837,104,441

11.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

174

franklintempleton.com

Semiannual

Report

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.

COP

Certificate

of

Participation

ETF

Exchange-Traded

Fund

ETM

Escrowed

to

Maturity

FGIC

Financial

Guaranty

Insurance

Co.

FHA

Federal

Housing

Administration

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LIBOR

London

Inter-Bank

Offered

Rate

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

PSF

Permanent

School

Fund

SIFMA

Securities

Industry

and

Financial

Markets

Association

SPA

Standby

Purchase

Agreement

Franklin

Tax-Free

Trust

Shareholder

Information

175

franklintempleton.com

Semiannual

Report

Liquidity

Risk

Management

Program-

Funds

no

HLIM

Each

Fund

has

adopted

and

implemented

a

written

Liquidity

Risk

Management

Program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940

(the

“Liquidity

Rule”).

The

LRMP

is

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

which

is

defined

as

the

risk

that

the

Fund

could

not

meet

requests

to

redeem

shares

issued

by

the

Fund

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

In

accordance

with

the

Liquidity

Rule,

the

LRMP

includes

policies

and

procedures

that

provide

for:

(1)

assessment,

management,

and

review

(no

less

frequently

than

annually)

of

each

Fund’s

liquidity

risk;

(2)

classification

of

each

Fund’s

portfolio

holdings

into

one

of

four

liquidity

categories

(Highly

Liquid,

Moderately

Liquid,

Less

Liquid,

and

Illiquid);

(3)

for

Funds

that

do

not

primarily

hold

assets

that

are

Highly

Liquid,

establishing

and

maintaining

a

minimum

percentage

of

the

Fund’s

net

assets

in

Highly

Liquid

investments

(called

a

“Highly

Liquid

Investment

Minimum”

or

“HLIM”);

and

(4)

prohibiting

the

Fund’s

acquisition

of

Illiquid

investments

that

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

Illiquid

assets.

The

LRMP

also

requires

reporting

to

the

Securities

and

Exchange

Commission

(“SEC”)

(on

a

non-public

basis)

and

to

the

Board

if

the

Fund’s

holdings

of

Illiquid

assets

exceed

15%

of

the

Fund’s

net

assets.

Funds

with

HLIMs

must

have

procedures

for

addressing

HLIM

shortfalls,

including

reporting

to

the

Board

and,

with

respect

to

HLIM

shortfalls

lasting

more

than

seven

consecutive

calendar

days,

reporting

to

the

SEC

(on

a

non-public

basis).

The

Director

of

Liquidity

Risk

within

the

Investment

Risk

Management

Group

(the

“IRMG”)

is

the

appointed

Administrator

of

the

LRMP.

The

IRMG

maintains

the

Investment

Liquidity

Committee

(the

“ILC”)

to

provide

oversight

and

administration

of

policies

and

procedures

governing

liquidity

risk

management

for

FT

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Investment

Compliance,

Investment

Operations,

Valuation

Committee,

Product

Management

and

Global

Product

Strategy.

In

assessing

and

managing

each

Fund’s

liquidity

risk,

the

ILC

considers,

as

relevant,

a

variety

of

factors,

including

the

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

its

short

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

funding

sources

including

the

Funds’

interfund

lending

facility

and

line

of

credit.

Classification

of

the

Fund’s

portfolio

holdings

in

the

four

liquidity

categories

is

based

on

the

number

of

days

it

is

reasonably

expected

to

take

to

convert

the

investment

to

cash

(for

Highly

Liquid

and

Moderately

Liquid

holdings)

or

sell

or

dispose

of

the

investment

(for

Less

Liquid

and

Illiquid

investments),

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

Each

Fund

primarily

holds

liquid

assets

that

are

defined

under

the

Liquidity

Rule

as

"Highly

Liquid

Investments,"

and

therefore

is

not

required

to

establish

an

HLIM.

Highly

Liquid

Investments

are

defined

as

cash

and

any

investment

reasonably

expected

to

be

convertible

to

cash

in

current

market

conditions

in

three

business

days

or

less

without

the

conversion

to

cash

significantly

changing

the

market

value

of

the

investment.

At

meetings

of

the

Funds’

Board

of

Trustees

held

in

May

2021,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2020.

The

Program

Administrator

report

concluded

that

(i.)

the

LRMP,

as

adopted

and

implemented,

remains

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk;

(ii.)

the

LRMP,

including

the

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

was

implemented

and

operated

effectively

to

achieve

the

goal

of

assessing

and

managing

each

Fund’s

liquidity

risk;

and

(iii.)

each

Fund

was

able

to

meet

requests

for

redemption

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

Proxy

Voting

Policies

and

Procedures

The

Trust’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Trust’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Trust’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Franklin

Tax-Free

Trust

Shareholder

Information

176

franklintempleton.com

Semiannual

Report

Quarterly

Statement

of

Investments

The

Trust

files

a

complete

statement

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

each

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

TF1

S

10/21

©

2021

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

Report

and

Shareholder

Letter

Franklin

Tax-Free

Trust

Investment

Manager

Distributor

Shareholder

Services

Franklin

Advisers,

Inc.

Franklin

Distributors,

LLC

(800)

DIAL

BEN

®

/

342-5236

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and

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Letter

Franklin

Tax-Free

Trust

August

31,

2021

Sign

up

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electronic

delivery

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Franklin

Alabama

Tax-Free

Income

Fund

Franklin

Florida

Tax-Free

Income

Fund

Franklin

Georgia

Tax-Free

Income

Fund

Franklin

Kentucky

Tax-Free

Income

Fund

Franklin

Louisiana

Tax-Free

Income

Fund

Franklin

Maryland

Tax-Free

Income

Fund

Franklin

Missouri

Tax-Free

Income

Fund

Franklin

North

Carolina

Tax-Free

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Fund

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Virginia

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Fund

Not

FDIC

Insured

May

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Value

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Bank

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franklintempleton.com

Not

part

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the

semiannual

report

1

SHAREHOLDER

LETTER

Dear

Shareholder:

During

the

six

months

ended

August

31,

2021,

the

U.S.

economy

continued

to

recover

from

the

coronavirus

(COVID-19)

pandemic.

Gross

domestic

product

(GDP)

accelerated

in

2021’s

first

and

second

quarters

as

the

reopening

of

businesses,

widespread

COVID-19

vaccinations

and

federal

assistance

programs

continued

to

boost

consumer

spending.

Near

period-end,

however,

investors

became

concerned

that

the

swiftly

spreading

Delta

variant

of

COVID-19

could

hinder

the

economic

recovery.

During

the

reporting

period,

the

U.S.

Federal

Reserve,

in

its

efforts

to

support

U.S.

economic

activity,

held

the

federal

funds

rate

unchanged

at

0.25%,

and

it

continued

broad

quantitative

easing

measures

to

bolster

credit

markets.

The

Federal

Reserve

also

adjusted

its

GDP

and

inflation

projections

higher

and

expected

to

begin

decreasing

its

asset

purchases

later

this

year,

while

delaying

any

interest

rate

increases

until

reaching

its

goal

of

maximum

U.S.

employment.

During

the

six-month

period,

municipal

bonds,

as

measured

by

the

Bloomberg

Municipal

Bond

Index,

posted

a

+2.51%

total

return

as

investors

were

attracted

to

tax-free

income

in

a

stable

interest-rate

environment.

1

Factors

contributing

to

this

positive

investment

environment

for

municipals

included

relatively

low

inflation

and

interest

rates

and

actions

by

the

Federal

Reserve

to

support

a

low

interest-rate

environment.

Franklin

Tax-Free

Trust’s

semiannual

report

includes

more

detail

about

municipal

bond

market

conditions

and

a

discussion

from

the

portfolio

managers.

In

addition,

on

our

website,

franklintempleton.com

,

you

can

find

updated

commentary

by

our

municipal

bond

experts.

Municipal

bonds

provide

tax-free

income

and

diversification

from

equities.

Despite

periods

of

volatility,

municipal

bonds

historically

have

had

a

solid

long-term

record

of

performance,

driven

mostly

by

their

compounding

tax-free

income

component.

As

you

know,

all

securities

markets

fluctuate,

as

do

mutual

fund

share

prices.

As

always,

we

recommend

investors

consult

their

financial

professionals

to

help

them

make

the

best

decisions

for

the

long

term.

In

a

constantly

changing

market

environment,

we

remain

committed

to

our

disciplined

strategy

as

we

manage

the

Funds,

keeping

in

mind

the

trust

you

have

placed

in

us.

We

appreciate

your

confidence

in

us

and

encourage

you

to

contact

us

or

your

financial

professional

when

you

have

questions

about

your

Franklin

tax-free

investment.

Sincerely,

Rupert

H.

Johnson,

Jr.

Chairman

Franklin

Tax-Free

Trust

Ben

Barber

Senior

Vice

President

Director

of

Municipal

Bonds

This

letter

reflects

our

analysis

and

opinions

as

of

August

31,

2021,

unless

otherwise

indicated.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

1.

Source:

Morningstar.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

franklintempleton.com

Semiannual

Report

2

Contents

Semiannual

Report

Municipal

Bond

Market

Overview

3

Investment

Strategy

and

Manager’s

Discussion

4

Franklin

Alabama

Tax-Free

Income

Fund

5

Franklin

Florida

Tax-Free

Income

Fund

10

Franklin

Georgia

Tax-Free

Income

Fund

15

Franklin

Kentucky

Tax-Free

Income

Fund

20

Franklin

Louisiana

Tax-Free

Income

Fund

25

Franklin

Maryland

Tax-Free

Income

Fund

30

Franklin

Missouri

Tax-Free

Income

Fund

35

Franklin

North

Carolina

Tax-Free

Income

Fund

40

Franklin

Virginia

Tax-Free

Income

Fund

45

Financial

Highlights

and

Statements

of

Investments

50

Financial

Statements

133

Notes

to

Financial

Statements

147

Shareholder

Information

168

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Semiannual

Report

SEMIANNUAL

REPORT

Municipal

Bond

Market

Overview

The

U.S.

and

the

rest

of

the

world

continued

to

manage

the

recovery

from

the

novel

coronavirus

(COVID-19)

pandemic

that

has

caused

significant

economic

and

personal

strife

throughout

the

past

six

months

ended

August

31,

2021.

Fifty-three

percent

of

the

U.S.

population

had

been

fully

immunized

by

period-end,

but

the

remaining

population

were

either

hesitant

to

receive

the

vaccine

or

did

not

have

ready

access

to

it,

stalling

vaccination

growth.

After

falling

from

an

all-time

high

in

January

2021,

case

rates

and

hospitalizations

fell

through

the

spring

and

beginning

summer

months

of

2021.

However,

starting

in

August

2021,

a

new,

more

virulent

strain,

labeled

Delta,

began

to

drive

case

rates

higher

to

levels

last

seen

in

February

2021.

Although

most

infections

and

severe

illnesses

were

limited

to

the

unvaccinated,

there

were

breakthrough

cases

where

fully

vaccinated

individuals

contracted

the

disease.

Falling

consumer

sentiment

in

August

2021

called

into

question

whether

people

would

swiftly

return

to

normal

economic

activity.

Although

most

states

and

local

authorities

did

not

roll

back

business

and

school

reopenings,

there

were

some

areas

that

reimposed

face

mask

requirements.

U.S.

health

officials

started

to

explore

the

potential

need

for

booster

shots

to

ward

off

future

strains

of

the

virus.

Second

quarter

2021

gross

domestic

product

(GDP)

growth

disappointed

many

economists

at

just

6.6%

annualized,

but

for

the

first

time,

overall

real

GDP

exceeded

pre-COVID-19

levels

from

the

fourth

quarter

of

2019.

Employment

improved,

driving

the

unemployment

rate

to

5.2%

in

August

2021,

down

from

a

peak

of

14.8%

seen

in

April

2020.

Inflation

picked

up

through

the

summer

months

of

2021

as

global

supply-chain

bottlenecks

and

rising

input

prices

limited

output

growth

that

was

met

with

pent-up

demand

for

goods.

The

U.S.

Federal

Reserve

(Fed)

continued

to

support

monetary

conditions

by

purchasing

a

large

number

of

U.S.

Treasury

(UST)

bonds

and

backstopping

many

other

fixed

income

markets.

However,

with

improving

U.S.

economic

fundamentals,

by

the

end

of

August

2021,

the

Fed

began

discussions

of

tapering

asset

purchases

as

the

first

step

toward

normalizing

monetary

policy.

The

Biden

administration

continued

its

talks

with

Congress

on

a

number

of

large

infrastructure

projects

that

would

partially

be

paid

for

with

increased

tax

rates

on

wealthy

individuals.

Although

the

final

size

of

the

programs

had

not

been

decided

as

of

period-

end,

there

could

be

significant

implications

for

the

municipal

(muni)

bond

market,

including

additional

bond

issuance

for

the

projects

and

the

potential

for

increased

demand

for

tax-

exempt

sources

of

income.

Strong

demand

for

muni

bonds

continued

throughout

the

period

under

review,

pushing

ratios

of

30-year

muni

bonds

versus

UST

yields

in

June

2021

to

all-time

lows.

Although

these

and

other

maturity

ratios

have

since

increased,

they

remain

at

historically

rich

levels.

In

times

of

increased

UST

volatility

throughout

the

six

months,

muni

bond

valuations

suffered

declines

only

to

rally

once

stability

returned

to

the

market.

Muni

issuers

had

projected

severe

budget

deficits

in

2020

and

2021,

but

these

proved

unfounded

as

consumer

spending

recovered

more

quickly

than

anticipated,

leading

to

higher

sales

tax

collections.

Additionally,

the

U.S.

federal

government

provided

$350

billion

in

relief

to

muni

issuers

as

part

of

the

fiscal

stimulus

package

passed

in

March

2021.

A

strong

U.S.

housing

market

also

provided

support

to

local

and

state

governments

as

home

price

appreciation

rates

reached

historic

highs.

For

the

six-month

period,

U.S.

fixed

income

sectors

broadly

underperformed

relative

to

equities,

as

measured

by

the

Standard

&

Poor’s

500

®

Index,

which

posted

a

+19.52%

total

return

for

the

period.

1

Investment-grade

muni

bonds,

as

measured

by

the

Bloomberg

Municipal

Bond

Index,

posted

a

+2.51%

total

return,

while

USTs,

as

measured

by

the

Bloomberg

U.S.

Treasury

Index,

posted

a

+1.36%

total

return,

and

investment-grade

corporate

bonds,

as

measured

by

the

Bloomberg

U.S.

Corporate

Bond

Index,

posted

a

+2.85%

total

return.

1

The

foregoing

information

reflects

our

analysis

and

opinions

as

of

August

31,

2021.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

1.

Source:

Morningstar.

Treasuries,

if

held

to

maturity,

offer

a

fixed

rate

of

return

and

a

fixed

principal

value;

their

interest

payments

and

principal

are

guaranteed.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

4

franklintempleton.com

Semiannual

Report

Investment

Strategy

and

Manager’s

Discussion

Investment

Strategy

We

select

securities

that

we

believe

will

provide

the

best

balance

between

risk

and

return

within

each

Fund’s

range

of

allowable

investments

and

typically

use

a

buy-and-hold

strategy.

This

means

we

generally

hold

securities

in

each

Fund’s

portfolio

for

income

purposes,

rather

than

trading

securities

for

capital

gains,

although

we

may

sell

a

security

at

any

time

if

we

believe

it

could

help

a

Fund

meet

its

goal.

Manager’s

Discussion

Due

to

the

positive

sloping

municipal

yield

curve,

we

found

value

in

higher

quality

securities

in

the

15–30

year

maturity

range,

which

allowed

us

to

achieve

our

objective

of

maximizing

income

for

our

investors.

Typically,

when

interest

rates

fall,

our

turnover

declines

as

we

maintain

exposure

to

securities

that

are

producing

income

that

exceeds

their

replacement

value

in

the

market.

This

excess

income

supports

higher

distribution

rates

and

reinvestment

rates

for

those

investors

taking

advantage

of

tax-free

compounding.

Our

turnover

increases

when

rates

rise,

as

opportunities

to

purchase

securities

that

have

the

potential

to

increase

income

in

the

portfolios

become

available.

We

believe

our

consistent,

disciplined

strategy

can

help

our

investors

achieve

high,

tax-free

income

over

the

long

term.

We

invite

you

to

read

your

Fund

report

for

more

detailed

performance

and

portfolio

information.

Thank

you

for

your

participation

in

Franklin

Tax-Free

Trust.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

5

franklintempleton.com

Semiannual

Report

Franklin

Alabama

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Alabama

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

and

Alabama

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$11.18

on

February

28,

2021,

to

$11.45

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

11.4367

cents

per

share

for

the

same

period.

2

The

Performance

Summary

beginning

on

page

7

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

1.85%,

based

on

an

annualization

of

August’s

1.8357

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$11.90

on

August

31,

2021.

An

investor

in

the

2021

maximum

combined

effective

federal

and

Alabama

personal

income

tax

bracket

of

45.80%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

3.41%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

State

Update

During

the

six-month

period,

Alabama’s

economy

continued

to

recover,

as

COVID-19-related

restrictions

loosened.

Although

Alabama

had

the

nation’s

lowest

vaccination

rate,

the

number

of

vaccinated

individuals

increased

significantly.

The

state’s

strong

and

diversified

manufacturing

base,

including

companies

in

the

automotive,

shipbuilding,

steel

making

and

aerospace

industries,

significantly

fueled

its

recovery.

Alabama’s

unemployment

rate

began

the

period

at

4.0%

and

ended

at

3.1%,

compared

with

the

5.2%

national

rate.

3

Net

tax

revenues

in

fiscal

year

(FY)

2020

increased

over

year-earlier

levels,

benefiting

from

sales

taxes

on

groceries

and

other

consumer

goods.

For

FY

2021,

the

state

anticipates

smaller

revenue

increases

from

its

main

operating

funds.

The

state’s

net

tax-supported

debt

was

$1,045

per

capita

and

2.2%

of

personal

income,

marginally

higher

than

the

$1,039

and

1.9%

national

medians,

respectively.

4

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

Alabama’s

general

obligation

bonds’

Aa1

rating

with

a

stable

outlook.

5

The

rating

reflected

Moody’s

view

that

the

state

benefits

from

its

conservative

fiscal

practices,

its

provision

for

midyear

spending

cuts,

and

its

high

coverage

of

debt

service

from

available

tax

revenue.

According

to

Moody’s,

Alabama’s

challenges

include

a

high

poverty

rate,

low

labor

force

participation

and

legislative

power

to

reduce

revenue

previously

pledged

for

debt

service.

1.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

the

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

impo-

sition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax

basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

3.

Source:

Bureau

of

Labor

Statistics.

4.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing

,

6/14/21.

5.

This

does

not

indicate

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

55

.

Franklin

Alabama

Tax-Free

Income

Fund

6

franklintempleton.com

Semiannual

Report

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

continued

participation

in

Franklin

Alabama

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Education

22.56%

Refunded

17.06%

Utilities

16.29%

Health

Care

13.01%

Local

10.69%

Lease

6.72%

Industrial

Dev.

Revenue

and

Pollution

Control

6.30%

Transportation

4.74%

State

General

Obligation

1.38%

Special

Tax

0.80%

Other

Revenue

Bonds

0.45%

*

Does

not

include

cash

and

cash

equivalents.

Performance

Summary

as

of

August

31,

2021

Franklin

Alabama

Tax-Free

Income

Fund

7

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

returns

include

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+3.45%

-0.43%

1-Year

+3.60%

-0.29%

5-Year

+14.16%

+1.90%

10-Year

+42.43%

+3.21%

Advisor

5

6-Month

+3.58%

+3.58%

1-Year

+3.86%

+3.86%

5-Year

+15.15%

+2.86%

10-Year

+43.58%

+3.68%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

1.85%

3.41%

0.44%

0.81%

Advisor

2.19%

4.04%

0.71%

1.31%

See

page

8

for

Performance

Summary

footnotes.

Franklin

Alabama

Tax-Free

Income

Fund

Performance

Summary

8

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Effective

9/15/16,

the

Fund

began

offering

Advisor

Class

shares,

which

do

not

have

sales

charges

or

a

Rule

12b-1

plan.

Performance

quotations

for

this

class

reflect

the

following

methods

of

calculation:

(a)

For

periods

prior

to

9/15/16,

a

restated

figure

is

used

based

upon

the

Fund’s

Class

A

performance,

excluding

the

effect

of

Class

A’s

maximum

initial

sales

charge,

but

reflecting

the

effect

of

the

Class

A

Rule

12b-1

fees;

and

(b)

for

periods

after

9/15/16,

actual

Advisor

Class

performance

is

used

reflecting

all

charges

and

fees

applicable

to

that

class.

6.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

8/31/21.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

Alabama

personal

income

tax

rate

of

45.80%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

8.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

9.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.114367

A1

$0.123094

C

$0.090609

R6

$0.130949

Advisor

$0.128900

Total

Annual

Operating

Expenses

9

Share

Class

A

0.91%

Advisor

0.66%

Your

Fund’s

Expenses

Franklin

Alabama

Tax-Free

Income

Fund

9

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,034.50

$4.64

$1,020.64

$4.61

0.91%

A1

$1,000

$1,036.20

$3.90

$1,021.38

$3.87

0.76%

C

$1,000

$1,032.80

$6.70

$1,018.61

$6.66

1.31%

R6

$1,000

$1,036.00

$3.20

$1,022.06

$3.18

0.62%

Advisor

$1,000

$1,035.80

$3.38

$1,021.89

$3.36

0.66%

10

franklintempleton.com

Semiannual

Report

Franklin

Florida

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Florida

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021.

As

previously

communicated,

it

has

been

proposed

to

reorganize

this

Fund

into

Franklin

Federal

Tax-Free

Income

Fund.

If

approved

by

the

Fund’s

shareholders,

the

transaction

is

currently

expected

to

be

completed

on

or

about

November

19,

2021,

but

it

may

be

delayed

if

unforeseen

circumstances

arise.

In

preparation

for

the

reorganization,

the

Fund

closed

to

new

investors

on

August

30,

2021.

Existing

shareholders

can

continue

to

invest

in

the

Fund,

but

it

will

not

accept

any

additional

purchases

or

exchanges

after

the

close

of

market

on

or

about

November

17,

2021.

The

Fund

reserves

the

right

to

change

this

policy

at

any

time.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

income

taxes

and

any

Florida

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$10.58

on

February

28,

2021,

to

$10.73

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

13.5414

cents

per

share

for

the

same

period.

2

The

Performance

Summary

beginning

on

page

12

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.39%,

based

on

an

annualization

of

August’s

2.2199

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$11.15

on

August

31,

2021.

An

investor

in

the

2021

maximum

federal

tax

bracket

of

37.00%

(plus

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

4.04%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

State

Update

During

the

six-month

period,

Florida’s

economy

continued

to

recover,

aided

by

the

federal

stimulus

and

the

removal

of

COVID-19

restrictions,

although

vaccination

rates

rose

slowly,

and

infections

increased

significantly.

The

crucial

tourism

industry

saw

signs

of

recovery,

with

domestic

visitors

in

2021’s

second

quarter

exceeding

pre-pandemic

levels.

The

state’s

unemployment

rate

began

the

period

at

4.7%

and

ended

at

5.0%,

compared

with

the

5.2%

national

rate.

3

As

Florida’s

economy

recovered,

its

revenue

collections

increased,

particularly

sales

taxes,

which

provide

most

of

Florida’s

funding.

Along

with

federal

stimulus

funds,

Florida’s

higher

revenues

allowed

increased

spending

in

its

fiscal

year

2021-2022

budget,

which

passed

with

bipartisan

support.

Florida’s

net

tax-supported

debt

was

$710

per

capita

and

1.3%

of

personal

income,

well

below

the

$1,039

and

1.9%

national

medians,

respectively.

4

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

Florida’s

general

obligation

bonds’

Aaa

rating

with

a

stable

outlook.

5

The

rating

reflected

Moody’s

view

that

Florida

benefits

from

strong

population

growth,

willingness

to

balance

budgets,

and

healthy

reserves

that

were

renewed

as

the

economy

expanded.

According

to

Moody’s,

challenges

included

above-average

vulnerability

to

economic

cycles,

elevated

exposure

to

storm

damage

and

stricter

legislative

requirements

for

raising

taxes.

Moody’s

stable

outlook

reflected

its

expectation

that

Florida’s

sound

fiscal

management

will

continue.

1.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

the

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

impo-

sition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax

basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

3.

Source:

Bureau

of

Labor

Statistics.

4.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing

,

6/14/21.

5.

This

does

not

indicate

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

63

.

Franklin

Florida

Tax-Free

Income

Fund

11

franklintempleton.com

Semiannual

Report

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

participation

in

Franklin

Florida

Tax-

Free

Income

Fund.

It

has

been

our

privilege

to

serve

your

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Health

Care

24.49%

Utilities

24.34%

Transportation

21.41%

Special

Tax

7.93%

State

General

Obligation

6.43%

Refunded

6.04%

Education

3.46%

Lease

1.84%

Local

1.78%

Industrial

Dev.

Revenue

and

Pollution

Control

1.28%

Housing

1.00%

*

Does

not

include

cash

and

cash

equivalents.

Performance

Summary

as

of

August

31,

2021

Franklin

Florida

Tax-Free

Income

Fund

12

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

returns

include

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class

:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+2.71%

-1.14%

1-Year

+3.30%

-0.57%

5-Year

+12.36%

+1.58%

10-Year

+36.81%

+2.79%

Advisor

5

6-Month

+2.74%

+2.74%

1-Year

+3.46%

+3.46%

5-Year

+13.51%

+2.57%

10-Year

+38.11%

+3.28%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

7

A

2.39%

4.04%

0.75%

1.27%

Advisor

2.74%

4.63%

1.02%

1.72%

See

page

13

for

Performance

Summary

footnotes.

Franklin

Florida

Tax-Free

Income

Fund

Performance

Summary

13

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Effective

9/15/16,

the

Fund

began

offering

Advisor

Class

shares,

which

do

not

have

sales

charges

or

a

Rule

12b-1

plan.

Performance

quotations

for

this

class

reflect

the

following

methods

of

calculation:

(a)

For

periods

prior

to

9/15/16,

a

restated

figure

is

used

based

upon

the

Fund’s

Class

A

performance,

excluding

the

effect

of

Class

A’s

maximum

initial

sales

charge,

but

reflecting

the

effect

of

the

Class

A

Rule

12b-1

fees;

and

(b)

for

periods

after

9/15/16,

actual

Advisor

Class

performance

is

used

reflecting

all

charges

and

fees

applicable

to

that

class.

6.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

8/31/21.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

2021

maximum

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

8.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

9.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.135414

A1

$0.143622

C

$0.112760

R6

$0.151162

Advisor

$0.149060

Total

Annual

Operating

Expenses

9

Share

Class

A

0.84%

Advisor

0.59%

Your

Fund’s

Expenses

Franklin

Florida

Tax-Free

Income

Fund

14

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,027.10

$4.33

$1,020.94

$4.31

0.85%

A1

$1,000

$1,027.90

$3.57

$1,021.69

$3.56

0.70%

C

$1,000

$1,023.40

$6.32

$1,018.96

$6.31

1.24%

R6

$1,000

$1,028.50

$2.85

$1,022.39

$2.84

0.56%

Advisor

$1,000

$1,027.40

$3.05

$1,022.19

$3.04

0.60%

15

franklintempleton.com

Semiannual

Report

Franklin

Georgia

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Georgia

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

and

Georgia

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$11.91

on

February

28,

2021,

to

$12.08

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

13.8526

cents

per

share

for

the

same

period.

2

The

Performance

Summary

beginning

on

page

17

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.15%,

based

on

an

annualization

of

August’s

2.2528

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$12.55

on

August

31,

2021.

An

investor

in

the

2021

maximum

combined

effective

federal

and

Georgia

personal

income

tax

bracket

of

46.55%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

4.00%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

State

Update

During

the

six-month

period,

Georgia’s

well-diversified

economy

continued

to

recover,

as

COVID-19-related

restrictions

were

loosened,

and

the

number

of

vaccinated

individuals

increased

significantly.

The

recovery

is

rooted

in

the

past

decade’s

economic

and

population

growth,

notably

in

the

Atlanta

metropolitan

area,

as

well

as

Georgia’s

relatively

low

debt

burden.

Georgia’s

unemployment

rate

began

the

period

at

4.8%

and

ended

at

3.5%,

compared

with

the

5.2%

national

rate.

3

To

manage

budget

shortfalls

in

fiscal

year

(FY)

2020,

the

state

used

its

large

revenue

shortfall

reserve

fund.

The

governor

signed

a

FY

2022

budget

that

restored

spending

where

cuts

had

been

made

in

the

FY

2021

budget

amid

the

COVID-19

pandemic.

The

state’s

net

tax-supported

debt

was

$987

per

capita

and

1.9%

of

personal

income,

compared

to

the

$1,039

and

1.9%

national

medians,

respectively.

4

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

Georgia’s

general

obligation

bonds’

Aaa

rating

with

a

stable

outlook.

5

The

rating

reflects

Moody’s

view

of

Georgia’s

traditionally

solid

economy,

effective

governance,

fiscal

management

and

consistently

high

reserves.

According

to

Moody’s,

challenges

included

per-capita

income

that

regularly

trails

the

nation,

particularly

in

rural

areas.

The

stable

outlook

recognizes

Moody’s

view

that

strong

governance,

fiscal

management

and

reserves

will

enable

Georgia

to

manage

the

pandemic’s

economic

impact.

1.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

the

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

impo-

sition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax

basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

3.

Source:

Bureau

of

Labor

Statistics.

4.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing

,

6/14/21.

5.

This

does

not

indicate

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

73

.

Franklin

Georgia

Tax-Free

Income

Fund

16

franklintempleton.com

Semiannual

Report

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

continued

participation

in

Franklin

Georgia

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Utilities

18.85%

Health

Care

17.98%

Local

12.05%

Refunded

10.53%

Education

9.47%

Housing

8.22%

Lease

5.58%

Special

Tax

5.55%

Transportation

5.15%

State

General

Obligation

3.98%

Industrial

Dev.

Revenue

and

Pollution

Control

2.64%

*

Does

not

include

cash

and

cash

equivalents.

Performance

Summary

as

of

August

31,

2021

Franklin

Georgia

Tax-Free

Income

Fund

17

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

returns

include

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+2.60%

-1.25%

1-Year

+3.20%

-0.67%

5-Year

+12.10%

+1.53%

10-Year

+40.58%

+3.07%

Advisor

5

6-Month

+2.81%

+2.81%

1-Year

+3.54%

+3.54%

5-Year

+13.26%

+2.52%

10-Year

+41.91%

+3.56%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

2.15%

4.00%

0.65%

1.21%

Advisor

2.50%

4.66%

0.92%

1.71%

See

page

18

for

Performance

Summary

footnotes.

Franklin

Georgia

Tax-Free

Income

Fund

Performance

Summary

18

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Effective

9/15/16,

the

Fund

began

offering

Advisor

Class

shares,

which

do

not

have

sales

charges

or

a

Rule

12b-1

plan.

Performance

quotations

for

this

class

reflect

the

following

methods

of

calculation:

(a)

For

periods

prior

to

9/15/16,

a

restated

figure

is

used

based

upon

the

Fund’s

Class

A

performance,

excluding

the

effect

of

Class

A’s

maximum

initial

sales

charge,

but

reflecting

the

effect

of

the

Class

A

Rule

12b-1

fees;

and

(b)

for

periods

after

9/15/16,

actual

Advisor

Class

performance

is

used

reflecting

all

charges

and

fees

applicable

to

that

class.

6.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

8/31/21.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

Georgia

personal

income

tax

rate

of

46.55%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

8.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

9.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.138526

A1

$0.147760

C

$0.113229

R6

$0.156420

Advisor

$0.153906

Total

Annual

Operating

Expenses

9

Share

Class

A

0.86%

Advisor

0.61%

Your

Fund’s

Expenses

Franklin

Georgia

Tax-Free

Income

Fund

19

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,026.00

$4.35

$1,020.91

$4.34

0.85%

A1

$1,000

$1,026.80

$3.60

$1,021.66

$3.59

0.70%

C

$1,000

$1,024.30

$6.38

$1,018.90

$6.36

1.25%

R6

$1,000

$1,027.50

$2.87

$1,022.37

$2.86

0.56%

Advisor

$1,000

$1,028.10

$3.08

$1,022.16

$3.08

0.60%

20

franklintempleton.com

Semiannual

Report

Franklin

Kentucky

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Kentucky

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021.

As

previously

communicated,

it

has

been

proposed

to

reorganize

this

Fund

into

Franklin

Federal

Tax-Free

Income

Fund.

If

approved

by

the

Fund’s

shareholders,

the

transaction

is

currently

expected

to

be

completed

on

or

about

November

19,

2021,

but

it

may

be

delayed

if

unforeseen

circumstances

arise.

In

preparation

for

the

reorganization,

the

Fund

closed

to

new

investors

on

August

30,

2021.

Existing

shareholders

can

continue

to

invest

in

the

Fund,

but

it

will

not

accept

any

additional

purchases

or

exchanges

after

the

close

of

market

on

or

about

November

17,

2021.

The

Fund

reserves

the

right

to

change

this

policy

at

any

time.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

and

Kentucky

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$10.97

on

February

28,

2021,

to

$11.12

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

11.3231

cents

per

share

for

the

same

period.

2

The

Performance

Summary

beginning

on

page

22

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

1.77%,

based

on

an

annualization

of

August’s

1.7082

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$11.55

on

August

31,

2021.

An

investor

in

the

2021

maximum

combined

effective

federal

and

Kentucky

personal

income

tax

bracket

of

45.80%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

3.27%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Commonwealth

Update

During

the

six-month

period,

Kentucky’s

economy

continued

to

recover,

as

restrictions

related

to

COVID-19

loosened

and

the

number

of

vaccinated

individuals

increased

significantly.

The

commonwealth

regained

the

majority

of

jobs

that

had

been

lost

during

the

pandemic,

buoyed

by

growth

in

the

key

metals,

logistics

and

agriculture

industries.

Kentucky’s

unemployment

rate

began

the

period

at

5.2%

and

ended

at

4.3%,

compared

with

the

5.2%

national

rate.

3

Kentucky

ended

fiscal

year

(FY)

2021

with

a

notable

surplus,

and

the

state

legislature

approved

a

FY

2022

budget

that

projects

revenue

growth

and

higher

reserves,

supported

in

part

by

federal

stimulus

funds.

The

commonwealth’s

net

tax-

supported

debt

was

$1,965

per

capita

and

4.2%

of

personal

income,

above

the

$1,039

and

1.9%

national

medians,

respectively.

4

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

Kentucky’s

issuer

credit

Aa3

rating

with

a

stable

outlook.

5

The

rating

reflected

Moody’s

view

that

Kentucky

has

demonstrated

a

willingness

to

cut

expenditures

to

balance

the

budget,

and

that

liquidity

was

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Utilities

31.50%

Lease

22.12%

Education

21.72%

Health

Care

14.16%

Refunded

7.05%

Transportation

1.91%

Industrial

Dev.

Revenue

and

Pollution

Control

1.47%

Housing

0.07%

*

Does

not

include

cash

and

cash

equivalents.

1.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

the

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

impo-

sition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax

basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

3.

Source:

Bureau

of

Labor

Statistics.

4.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing

,

6/14/21

.

5.

This

does

not

indicate

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

82

.

Franklin

Kentucky

Tax-Free

Income

Fund

21

franklintempleton.com

Semiannual

Report

adequate

to

bridge

revenue

shortfalls.

According

to

Moody’s,

challenges

included

high

adjusted

net

pension

liabilities

and

elevated

fixed

costs

that

limit

budget

flexibility.

Moody’s

stable

outlook

reflected

its

expectation

that

Kentucky

had

sufficient

tools

and

liquidity

to

manage

the

economic

impact

of

the

pandemic.

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

participation

in

Franklin

Kentucky

Tax-

Free

Income

Fund.

It

has

been

our

privilege

to

serve

your

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

August

31,

2021

Franklin

Kentucky

Tax-Free

Income

Fund

22

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/

3

1/2

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

returns

include

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+2.40%

-1.44%

1-Year

+2.97%

-0.90%

5-Year

+12.56%

+1.62%

10-Year

+38.51%

+2.92%

Advisor

5

6-Month

+2.54%

+2.54%

1-Year

+3.23%

+3.23%

5-Year

+13.53%

+2.57%

10-Year

+39.63%

+3.39%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

1.77%

3.27%

0.64%

1.18%

Advisor

2.11%

3.89%

0.92%

1.70%

See

page

23

for

Performance

Summary

footnotes.

Franklin

Kentucky

Tax-Free

Income

Fund

Performance

Summary

23

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Effective

9/15/16,

the

Fund

began

offering

Advisor

Class

shares,

which

do

not

have

sales

charges

or

a

Rule

12b-1

plan.

Performance

quotations

for

this

class

reflect

the

following

methods

of

calculation:

(a)

For

periods

prior

to

9/15/16,

a

restated

figure

is

used

based

upon

the

Fund’s

Class

A

performance,

excluding

the

effect

of

Class

A’s

maximum

initial

sales

charge,

but

reflecting

the

effect

of

the

Class

A

Rule

12b-1

fees;

and

(b)

for

periods

after

9/15/16,

actual

Advisor

Class

performance

is

used

reflecting

all

charges

and

fees

applicable

to

that

class.

6.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

8/31/21.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

Kentucky

personal

income

tax

rate

of

45.80%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

8.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

9.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.113231

A1

$0.121755

R6

$0.129953

Advisor

$0.127419

Total

Annual

Operating

Expenses

9

Share

Class

A

0.97%

Advisor

0.72%

Your

Fund’s

Expenses

Franklin

Kentucky

Tax-Free

Income

Fund

24

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,024.00

$5.09

$1,020.17

$5.08

1.00%

A1

$1,000

$1,024.80

$4.34

$1,020.92

$4.33

0.85%

R6

$1,000

$1,024.70

$3.56

$1,021.69

$3.56

0.70%

Advisor

$1,000

$1,025.40

$3.83

$1,021.43

$3.82

0.75%

25

franklintempleton.com

Semiannual

Report

Franklin

Louisiana

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Louisiana

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

and

Louisiana

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$11.28

on

February

28,

2021,

to

$11.48

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

12.2458

cents

per

share

for

the

same

period.

2

The

Performance

Summary

beginning

on

page

27

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.06%,

based

on

an

annualization

of

August’s

2.0438

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$11.93

on

August

31,

2021.

An

investor

in

the

2021

maximum

combined

effective

federal

and

Louisiana

personal

income

tax

bracket

of

46.80%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

3.87%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

State

Update

During

the

six-month

period,

Louisiana’s

economy

continued

to

recover,

as

oil

prices

rose

and

the

number

of

vaccinated

individuals

increased

significantly,

despite

Louisiana

having

one

of

the

lowest

vaccination

rates

in

the

country.

Nonetheless,

Louisiana’s

reliance

on

tourism

and

energy

meant

that

its

economic

recovery

was

slower

than

in

states

with

more

diversified

economies.

Louisiana’s

unemployment

rate

began

the

period

at

7.6%

and

ended

at

6.2%,

compared

with

the

5.2%

national

rate.

3

The

state

has

generated

budgetary

surpluses

in

consecutive

years,

supported

by

higher-than-expected

revenues.

The

state

legislature

passed

a

fiscal

year

2021-2022

budget

that

increased

infrastructure

and

education

spending,

financed

in

part

by

federal

stimulus

funds.

The

state’s

net

tax-supported

debt

was

$1,591

per

capita

and

3.2%

of

personal

income,

above

the

$1,039

and

1.9%

national

medians,

respectively.

4

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

Louisiana’s

general

obligation

bonds’

Aa3

rating

and

positive

outlook.

5

The

rating

reflected

Moody’s

view

of

Louisiana’s

moderate

debt

and

pension

liabilities

and

its

large

and

diverse

tax

base.

According

to

Moody’s,

challenges

included

Louisiana’s

slow

population

growth,

low

relative

income

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Refunded

15.15%

Transportation

14.69%

Health

Care

14.26%

Education

13.04%

Special

Tax

11.23%

Utilities

8.14%

State

General

Obligation

6.48%

Housing

5.87%

Local

4.93%

Lease

4.74%

Other

Revenue

Bonds

0.94%

Industrial

Dev.

Revenue

and

Pollution

Control

0.53%

*

Does

not

include

cash

and

cash

equivalents.

1.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

the

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

impo-

sition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax

basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

3.

Source:

Bureau

of

Labor

Statistics.

4.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing

,

6/14/21

.

5.

This

does

not

indicate

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

89

.

Franklin

Louisiana

Tax-Free

Income

Fund

26

franklintempleton.com

Semiannual

Report

levels

and

its

above-average

exposure

to

environmental

risk,

particularly

hurricanes

and

flooding.

Moody’s

stable

outlook

reflected

Louisiana’s

progress

in

restoring

its

financial

reserves

and

liquidity.

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

continued

participation

in

Franklin

Louisiana

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

August

31,

2021

Franklin

Louisiana

Tax-Free

Income

Fund

27

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/

3

1/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

returns

include

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+2.86%

-0.99%

1-Year

+3.90%

0.00%

5-Year

+14.19%

+1.91%

10-Year

+40.67%

+3.08%

Advisor

5

6-Month

+3.00%

+3.00%

1-Year

+4.25%

+4.25%

5-Year

+15.28%

+2.88%

10-Year

+41.92%

+3.56%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

2.06%

3.87%

0.95%

1.79%

Advisor

2.40%

4.51%

1.24%

2.33%

See

page

28

for

Performance

Summary

footnotes.

Franklin

Louisiana

Tax-Free

Income

Fund

Performance

Summary

28

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Effective

9/15/16,

the

Fund

began

offering

Advisor

Class

shares,

which

do

not

have

sales

charges

or

a

Rule

12b-1

plan.

Performance

quotations

for

this

class

reflect

the

following

methods

of

calculation:

(a)

For

periods

prior

to

9/15/16,

a

restated

figure

is

used

based

upon

the

Fund’s

Class

A

performance,

excluding

the

effect

of

Class

A’s

maximum

initial

sales

charge,

but

reflecting

the

effect

of

the

Class

A

Rule

12b-1

fees;

and

(b)

for

periods

after

9/15/16,

actual

Advisor

Class

performance

is

used

reflecting

all

charges

and

fees

applicable

to

that

class.

6.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

8/31/21.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

Louisiana

personal

income

tax

rate

of

46.80%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

8.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

9.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.122458

A1

$0.131236

C

$0.098408

R6

$0.139409

Advisor

$0.137072

Total

Annual

Operating

Expenses

9

Share

Class

A

0.87%

Advisor

0.62%

Your

Fund’s

Expenses

Franklin

Louisiana

Tax-Free

Income

Fund

29

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,028.60

$4.42

$1,020.85

$4.40

0.86%

A1

$1,000

$1,029.40

$3.67

$1,021.59

$3.65

0.72%

C

$1,000

$1,027.00

$6.45

$1,018.84

$6.42

1.26%

R6

$1,000

$1,030.20

$2.95

$1,022.30

$2.93

0.58%

Advisor

$1,000

$1,030.00

$3.15

$1,022.10

$3.14

0.62%

30

franklintempleton.com

Semiannual

Report

Franklin

Maryland

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Maryland

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

and

Maryland

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$10.97

on

February

28,

2021,

to

$11.16

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

11.9287

cents

per

share

for

the

same

period.

2

The

Performance

Summary

beginning

on

page

32

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.05%,

based

on

an

annualization

of

August’s

1.9762

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$11.59

on

August

31,

2021.

An

investor

in

the

2021

maximum

combined

effective

federal

and

Maryland

personal

income

tax

bracket

of

49.75%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

4.08%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

State

Update

During

the

six-month

period,

Maryland’s

economy

began

recovering

from

the

COVID-19

pandemic,

supported

by

high

personal

income

levels,

as

a

significant

federal

presence

and

proximity

to

the

nation’s

capital

provided

well-paid

civilian

and

national

defense

jobs.

The

state’s

unemployment

rate

began

the

period

at

6.2%

and

ended

at

5.9%,

compared

with

the

5.2%

national

rate.

3

Through

June

2021,

Maryland's

general

fund

revenue

collections

were

significantly

higher

than

at

the

same

point

in

2020,

spurred

by

personal

and

corporate

income

taxes.

Revenue

projections

increased

during

fiscal

year

(FY)

2021,

and

projections

for

FY

2022

forecast

robust

growth.

The

state’s

net

tax-supported

debt

was

$2,410

per

capita

and

3.5%

of

personal

income,

well

above

the

$1,039

and

1.9%

national

medians,

respectively.

4

Independent

credit

rating

agency

Moody’s

Investor

Service

maintained

the

state’s

general

obligation

bonds’

Aaa

rating

with

a

stable

outlook.

5

The

rating

reflected

Moody’s

view

that

Maryland

benefits

from

strong

budgetary

and

financial

management

and

a

history

of

proactive

responses

to

economic

cycles,

which

will

help

as

it

continues

to

grapple

with

the

pandemic.

According

to

Moody’s,

challenges

included

a

relatively

high

debt

and

pension

burden

that

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Health

Care

22.13%

Education

13.85%

Transportation

13.61%

Housing

13.13%

Local

11.48%

Lease

7.62%

Utilities

7.25%

Refunded

5.78%

Special

Tax

3.57%

State

General

Obligation

1.58%

*

Does

not

include

cash

and

cash

equivalents.

1.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

the

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

impo-

sition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax

basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

3.

Source:

Bureau

of

Labor

Statistics.

4.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing

,

6/14/21

.

5.

This

does

not

indicate

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

98

.

Franklin

Maryland

Tax-Free

Income

Fund

31

franklintempleton.com

Semiannual

Report

will

continue

to

test

Maryland's

commitment

to

reducing

its

long-term

liabilities

while

maintaining

its

high

level

of

resident

services.

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

continued

participation

in

Franklin

Maryland

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

August

31,

2021

Franklin

Maryland

Tax-Free

Income

Fund

32

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

returns

include

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+2.83%

-1.03%

1-Year

+3.34%

-0.54%

5-Year

+11.68%

+1.46%

10-Year

+36.03%

+2.73%

Advisor

6-Month

+2.95%

+2.95%

1-Year

+3.50%

+3.50%

5-Year

+12.84%

+2.45%

10-Year

+38.02%

+3.28%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.05%

4.08%

0.66%

1.31%

Advisor

2.39%

4.76%

0.93%

1.85%

See

page

33

for

Performance

Summary

footnotes.

Franklin

Maryland

Tax-Free

Income

Fund

Performance

Summary

33

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

8/31/21.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

Maryland

state

and

local

personal

income

tax

rate

of

49.75%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.119287

A1

$0.127798

C

$0.095722

R6

$0.136168

Advisor

$0.133464

Total

Annual

Operating

Expenses

8

Share

Class

A

0.87%

Advisor

0.62%

Your

Fund’s

Expenses

Franklin

Maryland

Tax-Free

Income

Fund

34

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,028.30

$4.43

$1,020.83

$4.42

0.87%

A1

$1,000

$1,029.10

$3.68

$1,021.58

$3.66

0.72%

C

$1,000

$1,025.60

$6.44

$1,018.85

$6.42

1.26%

R6

$1,000

$1,029.80

$2.90

$1,022.34

$2.89

0.57%

Advisor

$1,000

$1,029.50

$3.16

$1,022.09

$3.15

0.62%

35

franklintempleton.com

Semiannual

Report

Franklin

Missouri

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Missouri

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

and

Missouri

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$11.85

on

February

28,

2021,

to

$12.00

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

14.2365

cents

per

share

for

the

same

period.

2

The

Performance

Summary

beginning

on

page

37

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.28%,

based

on

an

annualization

of

August’s

2.3657

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$12.47

on

August

31,

2021.

An

investor

in

the

2021

maximum

combined

effective

federal

and

Missouri

personal

income

tax

bracket

of

46.20%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

4.24%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

State

Update

During

the

six-month

period,

Missouri’s

economy

continued

recovering,

as

COVID-19-related

restrictions

loosened,

and

the

number

of

vaccinated

individuals

increased

significantly.

The

state’s

economy

benefited

from

high

industrial

and

employment

diversity

and

low

business

costs.

The

state’s

unemployment

rate

began

the

period

at

4.3%

and

ended

at

4.0%,

compared

with

the

5.2%

national

rate.

3

Missouri’s

strong

finances

before

the

pandemic

and

its

expenditure

flexibility

mitigated

revenue

declines.

The

state

legislature

passed

a

fiscal

year

2022

budget

that

increased

education

and

health

care

spending.

The

state’s

net

tax-supported

debt

was

$413

per

capita

and

0.8%

of

personal

income,

substantially

below

the

$1,039

and

1.9%

national

medians,

respectively.

4

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

the

state’s

general

obligation

bonds’

Aaa

rating

with

a

stable

outlook.

5

The

rating

reflected

Moody’s

view

of

Missouri’s

strong

executive

powers

to

address

revenue

shortfalls,

stable

reserves,

historically

conservative

fiscal

policies

and

below-average

debt

and

pension

burden.

According

to

Moody’s,

challenges

include

limits

to

the

state’s

ability

to

increase

revenue

and

a

requirement

to

issue

taxpayer

rebates

when

revenue

growth

exceeds

personal

income

growth.

Moody’s

stable

outlook

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Health

Care

23.94%

Utilities

23.62%

Lease

15.24%

Local

14.32%

Education

8.28%

Transportation

6.81%

Housing

2.39%

Refunded

1.69%

Special

Tax

1.58%

Industrial

Dev.

Revenue

and

Pollution

Control

1.54%

State

General

Obligation

0.59%

*

Does

not

include

cash

and

cash

equivalents.

1.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

the

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

impo-

sition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax

basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

3.

Source:

Bureau

of

Labor

Statistics.

4.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing

,

6/14/21.

5.

This

does

not

indicate

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

106

.

Franklin

Missouri

Tax-Free

Income

Fund

36

franklintempleton.com

Semiannual

Report

reflected

Missouri’s

history

of

stable

available

fund

balances

and

its

use

of

expenditure

flexibility

to

limit

the

pandemic’s

financial

impact.

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

continued

participation

in

Franklin

Missouri

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

August

31,

2021

Franklin

Missouri

Tax-Free

Income

Fund

37

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

returns

include

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+2.47%

-1.37%

1-Year

+3.17%

-0.70%

5-Year

+13.86%

+1.85%

10-Year

+38.29%

+2.90%

Advisor

6-Month

+2.60%

+2.60%

1-Year

+3.43%

+3.43%

5-Year

+14.84%

+2.81%

10-Year

+40.09%

+3.43%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.28%

4.24%

0.84%

1.56%

Advisor

2.63%

4.89%

1.12%

2.08%

See

page

38

for

Performance

Summary

footnotes.

Franklin

Missouri

Tax-Free

Income

Fund

Performance

Summary

38

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

8/31/21.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

Missouri

personal

income

tax

rate

of

46.20%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.142365

A1

$0.151544

C

$0.117460

R6

$0.159725

Advisor

$0.157647

Total

Annual

Operating

Expenses

8

Share

Class

A

0.81%

Advisor

0.56%

Your

Fund’s

Expenses

Franklin

Missouri

Tax-Free

Income

Fund

39

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,024.70

$4.13

$1,021.13

$4.12

0.81%

A1

$1,000

$1,026.40

$3.37

$1,021.88

$3.37

0.66%

C

$1,000

$1,022.40

$6.16

$1,019.11

$6.15

1.21%

R6

$1,000

$1,027.10

$2.68

$1,022.56

$2.68

0.53%

Advisor

$1,000

$1,026.00

$2.86

$1,022.38

$2.86

0.56%

40

franklintempleton.com

Semiannual

Report

Franklin

North

Carolina

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

North

Carolina

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

and

North

Carolina

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$11.62

on

February

28,

2021,

to

$11.80

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

11.2698

cents

per

share

for

the

same

period.

2

The

Performance

Summary

beginning

on

page

42

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

1.70%,

based

on

an

annualization

of

August’s

1.7406

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$12.26

on

August

31,

2021.

An

investor

in

the

2021

maximum

combined

effective

federal

and

North

Carolina

personal

income

tax

bracket

of

46.05%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

3.15%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

State

Update

During

the

six-month

period,

North

Carolina’s

economy

continued

to

recover,

as

COVID-19-related

restrictions

were

loosened

and

the

number

of

vaccinated

individuals

increased

significantly.

The

state’s

unemployment

rate

began

the

period

at

5.7%

and

ended

at

4.3%,

compared

with

the

5.2%

national

rate.

3

As

of

period-end,

North

Carolina’s

legislature

and

governor

had

not

agreed

on

the

fiscal

years

2022–2023

biennium

budget,

but

continued

allocation

of

state

funds

at

previously

authorized

levels

is

allowed

until

the

new

budget

is

enacted.

The

state’s

net

tax-supported

debt

was

$581

per

capita

and

1.2%

of

personal

income,

substantially

lower

than

the

$1,039

and

1.9%

national

medians,

respectively.

4

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

the

state’s

general

obligation

bonds’

Aaa

rating

with

a

stable

outlook,

reflecting

North

Carolina’s

fiscal

and

budgeting

practices,

as

well

as

an

accelerating

economic

recovery.

5

The

rating

and

outlook

reflect

Moody’s

view

of

North

Carolina’s

diverse

economy

with

strong

employment

and

population

growth,

history

of

conservative

fiscal

management

and

budgeting,

strong

executive

powers

to

cut

spending,

and

commitment

to

maintain

healthy

reserves

and

affordable

debt

and

pension

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Education

20.98%

Health

Care

18.05%

Utilities

14.35%

Lease

9.88%

Transportation

9.47%

Refunded

8.84%

Local

7.99%

Housing

6.36%

State

General

Obligation

3.25%

Industrial

Dev.

Revenue

and

Pollution

Control

0.83%

*

Does

not

include

cash

and

cash

equivalents.

1.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

the

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

impo-

sition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax

basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

3.

Source:

Bureau

of

Labor

Statistics.

4.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing

,

6/14/21.

5.

This

does

not

indicate

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

117

.

Franklin

North

Carolina

Tax-Free

Income

Fund

41

franklintempleton.com

Semiannual

Report

liabilities.

According

to

Moody’s,

credit

challenges

include

controlling

expenditure

pressures

amid

continued

growth,

as

well

as

the

delayed

budget

adoption.

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

continued

participation

in

Franklin

North

Carolina

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

August

31,

2021

Franklin

North

Carolina

Tax-Free

Income

Fund

42

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

returns

include

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+2.52%

-1.32%

1-Year

+2.67%

-1.18%

5-Year

+11.78%

+1.47%

10-Year

+32.75%

+2.48%

Advisor

6-Month

+2.65%

+2.65%

1-Year

+2.93%

+2.93%

5-Year

+12.85%

+2.45%

10-Year

+34.62%

+3.02%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

1.70%

3.15%

0.68%

1.26%

Advisor

2.03%

3.76%

0.96%

1.78%

See

page

43

for

Performance

Summary

footnotes.

Franklin

North

Carolina

Tax-Free

Income

Fund

Performance

Summary

43

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

8/31/21.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

North

Carolina

personal

income

tax

rate

of

46.05%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.112698

A1

$0.121734

C

$0.087959

R6

$0.129908

Advisor

$0.127742

Total

Annual

Operating

Expenses

8

Share

Class

A

0.81%

Advisor

0.56%

Your

Fund’s

Expenses

Franklin

North

Carolina

Tax-Free

Income

Fund

44

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,025.20

$4.14

$1,021.11

$4.14

0.81%

A1

$1,000

$1,026.90

$3.39

$1,021.86

$3.38

0.66%

C

$1,000

$1,023.60

$6.17

$1,019.10

$6.16

1.21%

R6

$1,000

$1,027.60

$2.70

$1,022.55

$2.69

0.53%

Advisor

$1,000

$1,026.50

$2.88

$1,022.36

$2.87

0.56%

45

franklintempleton.com

Semiannual

Report

Franklin

Virginia

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Virginia

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

and

Virginia

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$11.13

on

February

28,

2021,

to

$11.30

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

9.7284

cents

per

share

for

the

same

period.

2

The

Performance

Summary

beginning

on

page

47

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

1.66%,

based

on

an

annualization

of

August’s

1.6200

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$11.74

on

August

31,

2021.

An

investor

in

the

2021

maximum

combined

effective

federal

and

Virginia

personal

income

tax

bracket

of

46.55%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

3.11%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Commonwealth

Update

During

the

six

months

under

review,

Virginia’s

economy

began

its

recovery

from

the

novel

coronavirus

pandemic.

The

commonwealth

was

less

severely

affected

than

other

states,

due

partly

to

the

sizable

federal

presence

and

its

growing

technology-related

services

industry.

Virginia’s

unemployment

rate

began

the

period

at

5.2%

and

ended

at

4.0%,

compared

with

the

5.2%

national

rate.

3

General

revenue

increased

significantly

for

the

period,

well

ahead

of

the

revised

forecasted

growth.

Due

to

uncertainties

surrounding

the

pandemic,

Virginia

suspended

all

new

spending

in

the

fiscal

years

2020–2022

biennium

budget,

but

its

legislature

is

working

to

pass

an

amended

budget

to

address

immediate

needs.

Virginia’s

net

tax-supported

debt

was

$1,746

per

capita

and

2.8%

of

personal

income,

higher

than

the

$1,039

and

1.9%

national

medians,

respectively.

4

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

Virginia’s

general

obligation

bonds’

Aaa

rating

with

a

stable

outlook,

reflecting

Moody’s

opinion

that

Virginia’s

strong

governance

and

financial

management

will

help

the

commonwealth

maintain

budgetary

balance

despite

uncertainties.

5

The

rating

reflects

Moody’s

view

of

the

commonwealth’s

conservative

fiscal

management,

including

strong

debt

and

pension

management

practices

that

drive

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Lease

21.07%

Health

Care

17.54%

Refunded

12.71%

Utilities

11.10%

Transportation

10.34%

Education

7.57%

Special

Tax

7.30%

Local

5.15%

State

General

Obligation

2.43%

Housing

2.04%

Other

Revenue

Bonds

1.81%

Industrial

Dev.

Revenue

and

Pollution

Control

0.94%

*

Does

not

include

cash

and

cash

equivalents.

1.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

the

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

impo-

sition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

3.

Source:

Bureau

of

Labor

Statistics.

4.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing

,

6/14/21.

5.

This

does

not

indicate

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

128

.

Franklin

Virginia

Tax-Free

Income

Fund

46

franklintempleton.com

Semiannual

Report

below

average

liabilities.

According

to

Moody’s,

Virginia’s

challenges

include

education

and

transportation

needs

amid

more

limited

resources,

and

vulnerability

to

federal

downsizing.

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

continued

participation

in

Franklin

Virginia

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

August

31,

2021

Franklin

Virginia

Tax-Free

Income

Fund

47

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

returns

include

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+2.41%

-1.43%

1-Year

+2.34%

-1.50%

5-Year

+10.53%

+1.24%

10-Year

+33.34%

+2.53%

Advisor

6-Month

+2.54%

+2.54%

1-Year

+2.51%

+2.51%

5-Year

+11.49%

+2.20%

10-Year

+35.18%

+3.06%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

1.66%

3.11%

0.69%

1.29%

Advisor

1.98%

3.70%

0.97%

1.81%

See

page

48

for

Performance

Summary

footnotes.

Franklin

Virginia

Tax-Free

Income

Fund

Performance

Summary

48

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

8/31/21.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

Virginia

personal

income

tax

rate

of

46.55%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.097284

A1

$0.105902

C

$0.073520

R6

$0.114130

Advisor

$0.111645

Total

Annual

Operating

Expenses

8

Share

Class

A

0.84%

Advisor

0.59%

Your

Fund’s

Expenses

Franklin

Virginia

Tax-Free

Income

Fund

49

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,024.10

$4.26

$1,020.99

$4.26

0.84%

A1

$1,000

$1,024.90

$3.51

$1,021.74

$3.50

0.69%

C

$1,000

$1,021.50

$6.28

$1,018.99

$6.27

1.23%

R6

$1,000

$1,025.60

$2.77

$1,022.47

$2.77

0.54%

Advisor

$1,000

$1,025.40

$2.99

$1,022.25

$2.99

0.59%

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Alabama

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

50

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$11.18

$11.40

$10.85

$10.79

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.11

0.28

0.30

0.15

Net

realized

and

unrealized

gains

(losses)

........................

0.27

(0.23)

0.57

0.06

Total

from

investment

operations

.................................

0.38

0.05

0.87

0.21

Less

distributions

from:

Net

investment

income

.......................................

(0.11)

(0.27)

(0.32)

(0.15)

Net

asset

value,

end

of

period

...................................

$11.45

$11.18

$11.40

$10.85

Total

return

e

................................................

3.45%

0.49%

8.08%

1.98%

Ratios

to

average

net

assets

f

Expenses

g

.................................................

0.91%

0.91%

0.91%

0.92%

Net

investment

income

........................................

1.95%

2.46%

2.70%

2.91%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$42,112

$30,415

$16,423

$7,334

Portfolio

turnover

rate

.........................................

10.66%

24.03%

4.87%

8.57%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

51

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.16

$11.38

$10.84

$10.88

$11.16

$11.35

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.12

0.30

0.32

0.33

0.35

0.39

Net

realized

and

unrealized

gains

(losses)

0.28

(0.23)

0.55

(0.04)

(0.27)

(0.20)

Total

from

investment

operations

........

0.40

0.07

0.87

0.29

0.08

0.19

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.29)

(0.33)

(0.33)

(0.36)

(0.38)

Net

asset

value,

end

of

period

..........

$11.44

$11.16

$11.38

$10.84

$10.88

$11.16

Total

return

d

.......................

3.62%

0.64%

8.16%

2.76%

0.72%

1.69%

Ratios

to

average

net

assets

e

Expenses

.........................

0.76%

f

0.77%

f

0.76%

f

0.77%

f

0.74%

0.72%

Net

investment

income

...............

2.12%

2.66%

2.85%

3.06%

3.16%

3.38%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$175,727

$174,802

$186,486

$188,290

$208,340

$225,050

Portfolio

turnover

rate

................

10.66%

24.03%

4.87%

8.57%

14.66%

16.81%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

or

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

52

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.32

$11.54

$10.98

$11.02

$11.30

$11.49

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.09

0.24

0.26

0.27

0.29

0.33

Net

realized

and

unrealized

gains

(losses)

0.27

(0.23)

0.57

(0.04)

(0.27)

(0.20)

Total

from

investment

operations

........

0.36

0.01

0.83

0.23

0.02

0.13

Less

distributions

from:

Net

investment

income

..............

(0.09)

(0.23)

(0.27)

(0.27)

(0.30)

(0.32)

Net

asset

value,

end

of

period

..........

$11.59

$11.32

$11.54

$10.98

$11.02

$11.30

Total

return

d

.......................

3.28%

(0.01)%

7.68%

2.15%

0.16%

1.11%

Ratios

to

average

net

assets

e

Expenses

.........................

1.31%

f

1.31%

f

1.31%

f

1.32%

f

1.29%

1.27%

Net

investment

income

...............

1.55%

2.10%

2.30%

2.51%

2.61%

2.83%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$15,999

$23,374

$31,175

$30,641

$45,422

$55,619

Portfolio

turnover

rate

................

10.66%

24.03%

4.87%

8.57%

14.66%

16.81%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

53

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.17

$11.39

$10.84

$10.88

$11.13

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.13

0.31

0.33

0.35

0.22

Net

realized

and

unrealized

gains

(losses)

...........

0.27

(0.22)

0.57

(0.04)

(0.26)

Total

from

investment

operations

....................

0.40

0.09

0.90

0.31

(0.04)

Less

distributions

from:

Net

investment

income

..........................

(0.13)

(0.31)

(0.35)

(0.35)

(0.21)

Net

asset

value,

end

of

period

......................

$11.44

$11.17

$11.39

$10.84

$10.88

Total

return

e

...................................

3.60%

0.77%

8.39%

2.78%

(0.26)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.65%

0.65%

0.65%

0.65%

0.66%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.62%

g

0.63%

g

0.63%

g

0.63%

g

0.61%

Net

investment

income

...........................

2.24%

2.78%

2.98%

3.20%

3.29%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$2,203

$1,756

$1,664

$824

$1,516

Portfolio

turnover

rate

............................

10.66%

24.03%

4.87%

8.57%

14.66%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date

)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

54

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2017

b

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.17

$11.39

$10.84

$10.88

$11.16

$11.49

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.13

0.31

0.33

0.34

0.36

0.18

Net

realized

and

unrealized

gains

(losses)

0.27

(0.23)

0.56

(0.04)

(0.27)

(0.33)

Total

from

investment

operations

........

0.40

0.08

0.89

0.30

0.09

(0.15)

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.30)

(0.34)

(0.34)

(0.37)

(0.18)

Net

asset

value,

end

of

period

..........

$11.44

$11.17

$11.39

$10.84

$10.88

$11.16

Total

return

e

.......................

3.58%

0.74%

8.36%

2.86%

0.82%

(1.33)%

Ratios

to

average

net

assets

f

Expenses

.........................

0.66%

g

0.67%

g

0.66%

g

0.67%

g

0.64%

0.62%

Net

investment

income

...............

2.21%

2.74%

2.95%

3.16%

3.26%

3.48%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$18,677

$15,036

$11,709

$8,335

$7,689

$5,149

Portfolio

turnover

rate

................

10.66%

24.03%

4.87%

8.57%

14.66%

16.81%

a

For

the

year

ended

February

29.

b

For

the

period

September

15,

2016

(effective

date

)

to

February

28,

2017.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,

2021

Franklin

Alabama

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

55

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

96.2%

Alabama

90.1%

Alabama

Community

College

System

,

Bishop

State

Community

College

,

Revenue

,

2019

,

BAM

Insured

,

4

%

,

1/01/49

......................................

$

2,000,000

$

2,272,680

Alabama

Federal

Aid

Highway

Finance

Authority

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

6/01/37

......................................................

4,130,000

5,133,301

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Ascension

Health

Credit

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/46

...................

3,000,000

3,561,155

Auburn

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

6/01/33

..................

2,500,000

2,892,008

Bessemer

Governmental

Utility

Services

Corp.

,

Water

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

6/01/39

...........................................

6,000,000

7,369,999

Birmingham

Airport

Authority

,

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/32

......................

300,000

397,114

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/33

......................

325,000

428,746

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/34

......................

400,000

525,888

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/35

......................

350,000

425,482

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/36

......................

500,000

605,876

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/37

......................

545,000

658,380

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/38

......................

400,000

482,002

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/39

......................

2,540,000

3,052,700

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/40

......................

705,000

845,427

Birmingham-Jefferson

Civic

Center

Authority

,

Special

Tax

,

2018

A

,

5

%

,

7/01/33

.....

1,605,000

1,961,120

a

Black

Belt

Energy

Gas

District

,

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

4

%

,

12/01/31

........................................................

2,000,000

2,496,941

Board

of

Water

&

Sewer

Commissioners

of

the

City

of

Mobile

,

Revenue

,

2014

,

Refunding

,

5

%

,

1/01/36

.............................................

10,000,000

10,604,248

Calhoun

County

Board

of

Education

,

Special

Tax

,

2016

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

2/01/46

......................................................

6,000,000

7,188,842

City

of

Bessemer

,

Water

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/47

...

2,590,000

3,108,897

City

of

Birmingham

,

GO

,

2021

A

,

4

%

,

6/01/50

..............................

5,000,000

5,960,136

City

of

Boaz

,

Water

&

Sewer,

Revenue,

2021,

AGMC

Insured,

4%,

9/01/46

.................

1,000,000

1,167,950

Water

&

Sewer,

Revenue,

2021,

AGMC

Insured,

4%,

9/01/50

.................

1,500,000

1,745,302

City

of

Decatur

,

Water

&

Sewer

,

Revenue

,

2021

A

,

4

%

,

8/15/50

.................

5,000,000

5,898,702

City

of

Huntsville

,

GO,

2018

B,

5%,

5/01/38

............................................

4,775,000

5,958,865

Water,

Revenue,

2015,

Pre-Refunded,

5%,

11/01/35

.......................

4,000,000

4,689,313

City

of

Lincoln

,

GO

,

2020

,

BAM

Insured

,

4

%

,

6/01/50

........................

3,500,000

4,082,820

City

of

Madison

,

GO

,

2015

A

,

Pre-Refunded

,

5

%

,

4/01/37

.....................

2,590,000

3,027,242

City

of

Pelham

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

2/01/34

.......................

2,635,000

2,942,813

City

of

Trussville

,

GO,

2014

B,

Pre-Refunded,

5%,

10/01/39

...............................

1,895,000

2,085,847

GO,

2018

A,

4%,

8/01/41

............................................

3,000,000

3,544,669

City

of

Tuscaloosa

,

GO

,

2020

A

,

4

%

,

10/01/50

..............................

4,580,000

5,444,894

County

of

Mobile

,

GO,

2020

A,

Refunding,

4%,

8/01/38

...................................

1,000,000

1,208,673

b

Revenue,

144A,

2020,

4%,

11/01/45

...................................

1,000,000

1,100,808

DCH

Healthcare

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/36

..............

2,000,000

2,255,235

East

Alabama

Health

Care

Authority

(The)

,

Revenue,

2018

A,

4%,

9/01/30

........................................

1,000,000

1,155,686

Revenue,

2018

A,

5%,

9/01/41

........................................

3,000,000

3,645,523

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

56

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Alabama

(continued)

Health

Care

Authority

of

the

City

of

Huntsville

(The)

,

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

6/01/45

....................................................

$

10,000,000

$

11,676,973

Homewood

Educational

Building

Authority

,

Samford

University

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

12/01/49

............................................

2,500,000

2,817,243

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

3,438,418

Jacksonville

State

University

,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/36

...................

5,000,000

6,077,099

Revenue,

2020,

Refunding,

4%,

12/01/50

................................

5,000,000

5,690,115

Limestone

County

Water

&

Sewer

Authority

,

Revenue

,

2015

B

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

12/01/43

..............................................

5,920,000

6,744,947

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

4

%

,

2/01/44

...............

3,000,000

3,490,663

Madison

Water

&

Wastewater

Board

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/41

.....

4,610,000

5,589,575

Marshall

County

Board

of

Education

,

Special

Tax

,

2016

,

AGMC

Insured

,

4

%

,

3/01/41

1,000,000

1,101,431

Opelika

Utilities

Board

,

Revenue

,

2017

,

Refunding

,

4

%

,

6/01/41

................

2,000,000

2,306,398

Oxford

City

Board

of

Education

,

Special

Tax

,

2020

A

,

Refunding

,

4

%

,

5/01/50

......

2,500,000

2,930,074

Selma

Industrial

Development

Board

,

International

Paper

Co.

,

Revenue

,

2011

A

,

5.375

%

,

12/01/35

..................................................

3,000,000

3,035,226

a

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue,

2021

A,

Mandatory

Put,

4%,

10/01/28

...........................

2,000,000

2,397,616

Revenue,

2021

B,

Mandatory

Put,

4%,

12/01/31

...........................

5,000,000

6,182,844

Talladega

County

Board

of

Education

,

Special

Tax

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

11/01/39

........................................................

2,000,000

2,428,897

Troy

Public

Educational

Building

Authority

,

Troy

City

Board

of

Education

,

Revenue

,

2011

,

AGMC

Insured

,

5.25

%

,

12/01/40

..................................

295,000

296,088

Tuscaloosa

City

Board

of

Education

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

8/01/41

...

4,000,000

4,890,059

Tuscaloosa

County

Board

of

Education

,

Special

Tax

,

2017

,

4

%

,

2/01/47

..........

5,000,000

5,704,148

UAB

Medicine

Finance

Authority

,

UAB

Medicine

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

9/01/29

.............................................

5,000,000

6,067,536

University

of

Alabama

(The)

,

Revenue,

2013

D-2,

5%,

10/01/37

.....................................

7,520,000

8,200,151

Revenue,

2018

B2,

5%,

9/01/48

.......................................

5,000,000

6,110,752

University

of

Montevallo

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/42

....

2,500,000

3,000,772

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

5

%

,

4/01/49

........

2,000,000

2,456,119

Water

Works

Board

of

the

City

of

Birmingham

(The)

,

Revenue,

2016

B,

Pre-Refunded,

5%,

1/01/43

............................

10,000,000

12,346,276

Revenue,

Senior

Lien,

2016

A,

Pre-Refunded,

4%,

1/01/35

...................

4,000,000

4,728,552

229,633,256

Illinois

1.7%

c

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

1,000,000

1,153,488

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

750,000

891,481

GO,

2017

D,

5%,

11/01/27

...........................................

1,000,000

1,231,961

GO,

2020

B,

5%,

10/01/29

...........................................

280,000

357,486

GO,

2020

B,

4%,

10/01/33

...........................................

200,000

237,020

GO,

2021

A,

4%,

3/01/41

............................................

300,000

348,812

4,220,248

New

Jersey

1.1%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

250,000

283,706

Revenue,

2021

A,

Refunding,

5%,

6/15/33

...............................

1,200,000

1,584,827

Revenue,

2021

A,

Refunding,

4%,

6/15/34

...............................

500,000

603,713

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

57

s

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

State

of

New

Jersey

,

GO

,

2020

A

,

5

%

,

6/01/28

.............................

$

250,000

$

318,482

2,790,728

New

York

1.4%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

2,000,000

2,312,630

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

1,160,000

1,336,742

3,649,372

Tennessee

0.5%

a

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

1,000,000

1,336,246

U.S.

Territories

1.4%

Guam

0.5%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,000,000

1,226,065

Puerto

Rico

0.9%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

500,000

545,031

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

1,089,379

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

L

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/35

.............................................

530,000

577,385

2,211,795

Total

U.S.

Territories

....................................................................

3,437,860

Total

Municipal

Bonds

(Cost

$226,924,455)

.....................................

245,067,710

a

a

a

a

a

Total

Investments

(Cost

$226,924,455)

96.2%

...................................

$245,067,710

Other

Assets,

less

Liabilities

3.8%

.............................................

9,649,504

Net

Assets

100.0%

...........................................................

$254,717,214

See

Abbreviations

on

page

167

.

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2021,

the

value

of

this

security

was

$1,100,808,

representing

0.4%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Florida

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

58

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$10.58

$10.83

$10.44

$10.44

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.13

0.31

0.33

0.17

Net

realized

and

unrealized

gains

(losses)

........................

0.16

(0.26)

0.41

—

e

Total

from

investment

operations

.................................

0.29

0.05

0.74

0.17

Less

distributions

from:

Net

investment

income

.......................................

(0.14)

(0.30)

(0.35)

(0.17)

Net

asset

value,

end

of

period

...................................

$10.73

$10.58

$10.83

$10.44

Total

return

f

.................................................

2.71%

0.53%

7.18%

1.71%

Ratios

to

average

net

assets

g

Expenses

h

.................................................

0.85%

0.84%

0.85%

0.85%

Net

investment

income

........................................

2.50%

2.92%

3.16%

3.48%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$94,885

$78,373

$56,214

$29,086

Portfolio

turnover

rate

.........................................

11.65%

27.18%

9.33%

10.03%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Florida

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

59

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.57

$10.82

$10.43

$10.47

$10.88

$11.19

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.33

0.35

0.38

0.39

0.43

Net

realized

and

unrealized

gains

(losses)

0.15

(0.26)

0.40

(0.04)

(0.39)

(0.31)

Total

from

investment

operations

........

0.29

0.07

0.75

0.34

—

0.12

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.32)

(0.36)

(0.38)

(0.41)

(0.43)

Net

asset

value,

end

of

period

..........

$10.72

$10.57

$10.82

$10.43

$10.47

$10.88

Total

return

d

.......................

2.79%

0.68%

7.35%

3.36%

(0.02)%

1.05%

Ratios

to

average

net

assets

e

Expenses

.........................

0.70%

f

0.69%

f

0.70%

f

0.70%

f

0.67%

g

0.65%

Net

investment

income

...............

2.66%

3.12%

3.31%

3.63%

3.63%

3.82%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$380,874

$385,247

$437,316

$462,869

$536,099

$635,594

Portfolio

turnover

rate

................

11.65%

27.18%

9.33%

10.03%

10.10%

13.84%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Florida

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

60

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.81

$11.06

$10.66

$10.69

$11.10

$11.41

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.27

0.30

0.33

0.34

0.37

Net

realized

and

unrealized

gains

(losses)

0.14

(0.26)

0.41

(0.03)

(0.40)

(0.32)

Total

from

investment

operations

........

0.25

0.01

0.71

0.30

(0.06)

0.05

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.26)

(0.31)

(0.33)

(0.35)

(0.36)

Net

asset

value,

end

of

period

..........

$10.95

$10.81

$11.06

$10.66

$10.69

$11.10

Total

return

d

.......................

2.34%

0.13%

6.76%

2.81%

(0.58)%

0.46%

Ratios

to

average

net

assets

e

Expenses

.........................

1.24%

f

1.23%

f

1.25%

f

1.25%

f

1.22%

g

1.20%

Net

investment

income

...............

2.06%

2.52%

2.76%

3.08%

3.08%

3.27%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$23,750

$28,374

$35,481

$39,117

$73,237

$90,754

Portfolio

turnover

rate

................

11.65%

27.18%

9.33%

10.03%

10.10%

13.84%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Florida

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

61

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$10.60

$10.85

$10.46

$10.49

$10.82

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.15

0.34

0.37

0.39

0.24

Net

realized

and

unrealized

gains

(losses)

...........

0.15

(0.26)

0.40

(0.02)

(0.33)

Total

from

investment

operations

....................

0.30

0.08

0.77

0.37

(0.09)

Less

distributions

from:

Net

investment

income

..........................

(0.15)

(0.33)

(0.38)

(0.40)

(0.24)

Net

asset

value,

end

of

period

......................

$10.75

$10.60

$10.85

$10.46

$10.49

Total

return

e

...................................

2.85%

0.82%

7.47%

3.57%

(0.88)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.57%

0.57%

0.58%

0.58%

0.58%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.56%

g

0.56%

g

0.56%

g

0.56%

g

0.54%

Net

investment

income

...........................

2.78%

3.20%

3.45%

3.77%

3.76%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$6,117

$5,011

$3,338

$2,343

$2,387

Portfolio

turnover

rate

............................

11.65%

27.18%

9.33%

10.03%

10.10%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Florida

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

62

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2017

b

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.60

$10.85

$10.46

$10.49

$10.89

$11.23

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.15

0.34

0.36

0.39

0.40

0.20

Net

realized

and

unrealized

gains

(losses)

0.14

(0.26)

0.41

(0.03)

(0.38)

(0.34)

Total

from

investment

operations

........

0.29

0.08

0.77

0.36

0.02

(0.14)

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.33)

(0.38)

(0.39)

(0.42)

(0.20)

Net

asset

value,

end

of

period

..........

$10.74

$10.60

$10.85

$10.46

$10.49

$10.89

Total

return

e

.......................

2.74%

0.78%

7.44%

3.54%

0.17%

(1.25)%

Ratios

to

average

net

assets

f

Expenses

.........................

0.60%

g

0.59%

g

0.60%

g

0.60%

g

0.57%

h

0.55%

Net

investment

income

...............

2.76%

3.19%

3.41%

3.73%

3.73%

3.92%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$37,124

$35,829

$31,477

$25,472

$20,467

$10,916

Portfolio

turnover

rate

................

11.65%

27.18%

9.33%

10.03%

10.10%

13.84%

a

For

the

year

ended

February

29.

b

For

the

period

September

15,

2016

(effective

date)

to

February

28,

2017.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,

2021

Franklin

Florida

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

63

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.6%

Florida

95.6%

Brevard

County

Health

Facilities

Authority

,

Health

First,

Inc.

Obligated

Group

,

Revenue

,

2014

,

Refunding

,

5

%

,

4/01/39

........................................

$

5,000,000

$

5,542,375

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

A-1

,

Refunding

,

5

%

,

10/01/35

............................................

1,000,000

1,244,209

Capital

Trust

Agency,

Inc.

,

Lutz

Preparatory

School,

Inc.,

Revenue,

2021

A,

4%,

6/01/31

.................

500,000

576,414

Lutz

Preparatory

School,

Inc.,

Revenue,

2021

A,

4%,

6/01/41

.................

325,000

369,283

Lutz

Preparatory

School,

Inc.,

Revenue,

2021

A,

4%,

6/01/51

.................

385,000

432,008

Lutz

Preparatory

School,

Inc.,

Revenue,

2021

A,

4%,

6/01/56

.................

485,000

542,597

Central

Florida

Expressway

Authority

,

Revenue,

Senior

Lien,

2016

B,

Refunding,

4%,

7/01/39

.....................

5,000,000

5,621,120

Revenue,

Senior

Lien,

2016

B,

Refunding,

4%,

7/01/40

.....................

5,825,000

6,551,754

Revenue,

Senior

Lien,

2019

B,

5%,

7/01/49

..............................

5,000,000

6,233,268

Revenue,

Senior

Lien,

2021,

Refunding,

AGMC

Insured,

4%,

7/01/38

...........

4,000,000

4,906,206

Revenue,

Senior

Lien,

2021

D,

5%,

7/01/32

..............................

1,100,000

1,486,916

City

of

Atlantic

Beach

,

Naval

Continuing

Care

Retirement

Foundation

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

11/15/38

.......................................

1,105,000

1,279,701

City

of

Fort

Myers

,

Utility

System

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

10/01/44

......

7,000,000

8,107,415

City

of

Gainesville

,

Utilities

System,

Revenue,

2019

A,

5%,

10/01/47

..........................

5,000,000

6,271,804

Utilities

System,

Revenue,

2021

A,

5%,

10/01/51

..........................

6,000,000

7,813,900

City

of

Jacksonville

,

Revenue,

2020

A,

Refunding,

4%,

10/01/50

..............................

8,510,000

9,891,949

Genesis

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/45

..

5,000,000

5,737,930

City

of

Lakeland

,

Lakeland

Regional

Health

Systems

Obligated

Group

,

Revenue

,

2015

,

5

%

,

11/15/45

.....................................................

12,300,000

13,931,996

City

of

Melbourne

,

Water

&

Sewer,

Revenue,

2000

A,

FGIC

Insured,

ETM,

Zero

Cpn

.,

10/01/26

......

1,500,000

1,446,216

Water

&

Sewer,

Revenue,

2002

B,

Refunding,

NATL

Insured,

Zero

Cpn

.,

10/01/22

.

1,785,000

1,778,818

Water

&

Sewer,

Revenue,

2002

B,

Refunding,

NATL

Insured,

Zero

Cpn

.,

10/01/26

.

4,500,000

4,310,006

City

of

Miami

Beach

,

Stormwater

,

Revenue

,

2015

,

5

%

,

9/01/41

.................

10,000,000

11,617,719

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/50

........................................

2,220,000

2,471,387

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

8/15/42

........................................................

5,000,000

5,646,058

Baptist

Health

South

Florida

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/42

........................................................

6,500,000

7,991,368

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2016

B,

Refunding,

5%,

7/01/37

.........................................

5,000,000

5,851,050

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/45

..................................................

4,150,000

4,815,464

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

Zero

Cpn

.,

9/01/34

............

650,000

466,698

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

Zero

Cpn

.,

9/01/40

............

1,000,000

547,250

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

Zero

Cpn

.,

9/01/41

............

1,000,000

522,226

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

Zero

Cpn

.,

9/01/42

............

1,000,000

497,890

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

Zero

Cpn

.,

9/01/45

............

2,000,000

871,175

Water

&

Wastewater

System,

Revenue,

2020

A,

4%,

10/01/48

................

7,500,000

9,080,453

Water

&

Wastewater

System,

Revenue,

2020

A,

5%,

10/01/54

................

5,000,000

6,421,467

Collier

County

Educational

Facilities

Authority

,

Hodges

University,

Inc.

,

Revenue

,

2013

,

Pre-Refunded

,

5.625

%

,

11/01/28

......................................

2,860,000

3,184,923

County

of

Broward

,

Port

Facilities

,

Revenue,

Senior

Lien

,

2019

B

,

4

%

,

9/01/44

.....

5,000,000

5,753,430

County

of

Hillsborough

,

Wastewater

Impact

Fee,

Revenue,

2021,

5%,

5/01/31

......................

1,640,000

2,198,239

Wastewater

Impact

Fee,

Revenue,

2021,

4%,

5/01/36

......................

1,370,000

1,674,571

Wastewater

Impact

Fee,

Revenue,

2021,

4%,

5/01/37

......................

650,000

791,873

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Florida

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

64

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

County

of

Miami-Dade

,

GO,

2016

A,

4%,

7/01/39

............................................

$

1,000,000

$

1,208,268

Aviation,

Revenue,

2014

B,

Refunding,

5%,

10/01/37

.......................

10,000,000

11,363,382

Aviation,

Revenue,

2017

B,

Refunding,

5%,

10/01/40

.......................

5,000,000

6,057,075

Aviation,

Revenue,

2020

A,

Refunding,

4%,

10/01/41

.......................

4,950,000

5,867,328

Seaport

Department,

Revenue,

2013

A,

Pre-Refunded,

6%,

10/01/38

...........

10,000,000

11,196,903

a

Seaport

Department,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

4%,

10/01/45

.

2,500,000

2,906,250

Transit

System,

Revenue,

2018,

5%,

7/01/43

.............................

10,000,000

12,238,230

Transit

System,

Revenue,

2018,

4%,

7/01/47

.............................

5,000,000

5,742,854

Transit

System,

Revenue,

2020

A,

4%,

7/01/45

...........................

4,000,000

4,730,141

Transit

System,

Revenue,

2020

A,

4%,

7/01/50

...........................

5,000,000

5,844,319

Water

&

Sewer

System,

Revenue,

2019,

5%,

10/01/43

......................

5,000,000

6,245,400

Water

&

Sewer

System,

Revenue,

2019

B,

4%,

10/01/49

....................

4,000,000

4,655,236

Water

&

Sewer

System,

Revenue,

2021,

4%,

10/01/38

......................

3,000,000

3,645,711

Water

&

Sewer

System,

Revenue,

2021,

4%,

10/01/51

......................

7,000,000

8,250,999

County

of

Polk

,

Utility

System

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/43

..........

4,600,000

5,540,137

Florida

Development

Finance

Corp.

,

Lakeland

Regional

Health

Systems

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

11/15/39

...................................................

1,000,000

1,223,431

River

City

Education

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/35

..........

325,000

359,179

River

City

Education

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/45

..........

600,000

647,992

Florida

Higher

Educational

Facilities

Financial

Authority

,

University

of

Tampa,

Inc.

(The)

,

Revenue

,

2012

A

,

Pre-Refunded

,

5.25

%

,

4/01/42

.....................

1,000,000

1,029,643

Florida

Housing

Finance

Corp.

,

Revenue,

2020-1,

GNMA

Insured,

2.75%,

7/01/50

.........................

1,880,000

1,919,612

Revenue,

2020-2,

GNMA

Insured,

2.5%,

7/01/50

..........................

2,210,000

2,287,084

Fort

Pierce

Utilities

Authority

,

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn

.,

10/01/21

....................

2,585,000

2,584,337

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn

.,

10/01/22

....................

3,090,000

3,076,310

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn

.,

10/01/23

....................

3,060,000

3,026,622

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn

.,

10/01/24

....................

2,560,000

2,509,959

Greater

Orlando

Aviation

Authority

,

Revenue

,

2019

A

,

4

%

,

10/01/49

..............

5,000,000

5,778,375

Halifax

Hospital

Medical

Center

,

Halifax

Hospital

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

6/01/46

........................................................

4,250,000

4,823,991

Halifax

Hospital

Medical

Center

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

6/01/36

........................................................

2,500,000

2,936,954

Herons

Glen

Recreation

District

,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

4%,

5/01/45

.............

1,515,000

1,744,630

Special

Assessment,

2020,

Refunding,

BAM

Insured,

4%,

5/01/50

.............

1,800,000

2,055,434

Hillsborough

County

Aviation

Authority

,

Revenue,

2015

A,

5%,

10/01/44

.......................................

5,000,000

5,657,042

Revenue,

2018

E,

5%,

10/01/43

.......................................

5,000,000

6,184,409

Hillsborough

County

Industrial

Development

Authority

,

Florida

Health

Sciences

Center,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

8/01/55

.......................

3,000,000

3,470,551

JEA

Water

&

Sewer

System

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

10/01/40

.........

1,000,000

1,199,252

Lee

County

Industrial

Development

Authority

,

Shell

Point

Obligated

Group,

Revenue,

2019,

5%,

11/15/44

..................

5,000,000

5,927,775

Shell

Point

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

11/15/30

.........

460,000

543,739

Shell

Point

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

11/15/31

.........

560,000

658,160

Shell

Point

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

11/15/32

.........

375,000

438,773

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Florida

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

65

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

a

Miami

Beach

Health

Facilities

Authority

,

Mount

Sinai

Medical

Center

of

Florida

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

11/15/46

.........................

$

5,000,000

$

5,856,624

Miami

Beach

Redevelopment

Agency

,

Tax

Allocation

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

2/01/40

...............................................

5,000,000

5,511,454

Miami-Dade

County

Expressway

Authority

,

Revenue

,

A

,

5

%

,

7/01/40

.............

18,770,000

18,832,925

Miami-Dade

County

Health

Facilities

Authority

,

Nicklaus

Children's

Hospital

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/01/42

........................................................

3,000,000

3,616,977

Nicklaus

Children's

Hospital

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

8/01/47

........................................................

3,500,000

3,953,648

Nicklaus

Children's

Hospital

Obligated

Group,

Revenue,

A,

6.125%,

8/01/42

......

1,055,000

1,059,305

Mid-Bay

Bridge

Authority

,

Revenue,

2015

A,

Refunding,

5%,

10/01/40

..............................

5,000,000

5,672,103

Revenue,

A,

ETM,

6.875%,

10/01/22

...................................

2,715,000

2,819,111

Revenue,

D,

ETM,

6.1%,

10/01/22

.....................................

3,545,000

3,691,857

North

Sumter

County

Utility

Dependent

District

,

Revenue,

Senior

Lien

,

2019

,

BAM

Insured

,

5

%

,

10/01/44

..............................................

4,000,000

4,994,194

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group,

Revenue,

2019

A,

5%,

10/01/47

.............

5,000,000

6,181,778

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/41

............................................

5,000,000

5,515,085

Orlando

Utilities

Commission

,

Revenue,

2021

A,

4%,

10/01/39

.......................................

5,000,000

6,128,757

Revenue,

2021

A,

4%,

10/01/40

.......................................

4,000,000

4,891,340

Orlando-Orange

County

Expressway

Authority

,

Central

Florida

Expressway

Authority

,

Revenue

,

2013

A

,

Pre-Refunded

,

5

%

,

7/01/35

............................

8,330,000

9,061,811

Palm

Beach

County

Health

Facilities

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

B,

4%,

11/15/41

.......................................................

500,000

583,844

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

B,

5%,

11/15/42

.......................................................

500,000

612,240

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2016

B,

5%,

5/15/41

....

5,000,000

5,720,678

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment,

Senior

Lien,

2020

A-1,

Refunding,

AGMC

Insured,

2.625%,

5/01/34

........................................................

1,205,000

1,249,959

Special

Assessment,

Senior

Lien,

2020

A-1,

Refunding,

AGMC

Insured,

2.8%,

5/01/37

........................................................

995,000

1,034,008

Sarasota

County

Health

Facilities

Authority

,

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

2017

A,

5%,

1/01/37

........................................................

2,350,000

2,560,513

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

2017

A,

5%,

1/01/42

........................................................

1,600,000

1,737,558

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

2017

A,

5%,

1/01/47

........................................................

2,450,000

2,654,181

Sunnyside

Village

Obligated

Group,

Revenue,

2018,

5%,

5/15/33

..............

600,000

689,541

Sunnyside

Village

Obligated

Group,

Revenue,

2018,

5%,

5/15/38

..............

1,025,000

1,171,934

Sunnyside

Village

Obligated

Group,

Revenue,

2018,

5%,

5/15/48

..............

1,850,000

2,097,916

Sarasota

County

Public

Hospital

District

,

Sarasota

County

Public

Hospital

District

Obligated

Group

,

Revenue

,

2018

,

4

%

,

7/01/48

............................

10,000,000

11,457,696

School

Board

of

Miami-Dade

County

(The)

,

GO

,

2013

,

5

%

,

3/15/43

..............

2,465,000

2,627,169

St.

Johns

County

Industrial

Development

Authority

,

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

8/01/55

...

3,500,000

3,972,251

State

of

Florida

,

GO,

1999

D,

Refunding,

6%,

6/01/23

...................................

15,000,000

16,546,141

GO,

2016

C,

Refunding,

4%,

6/01/35

...................................

5,340,000

6,101,259

GO,

2016

F,

Refunding,

4%,

6/01/37

...................................

8,000,000

9,126,618

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Florida

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

66

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Tampa

Bay

Water

,

Revenue

,

2013

,

5

%

,

10/01/38

...........................

$

10,000,000

$

10,952,574

Tampa

Sports

Authority

,

Revenue

,

1995

,

NATL

Insured

,

6.1

%

,

10/01/26

...........

2,505,000

2,853,649

Tampa-Hillsborough

County

Expressway

Authority

,

Revenue

,

2017

,

5

%

,

7/01/47

....

5,000,000

6,036,183

Town

of

Palm

Beach

,

GO

,

2018

,

4

%

,

7/01/43

..............................

5,000,000

5,785,546

University

of

North

Florida

Financing

Corp.

(The)

,

Revenue

,

2016

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/35

..............................................

5,000,000

6,021,973

Volusia

County

Educational

Facility

Authority

,

Embry-Riddle

Aeronautical

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/15/42

1,500,000

1,806,061

Embry-Riddle

Aeronautical

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/15/47

3,500,000

4,187,020

Embry-Riddle

Aeronautical

University,

Inc.,

Revenue,

2020

A,

Refunding,

5%,

10/15/49

.......................................................

3,000,000

3,686,111

519,114,205

Illinois

0.6%

State

of

Illinois

,

GO,

2019

B,

4%,

11/01/33

...........................................

2,000,000

2,334,824

GO,

2021

A,

5%,

3/01/32

............................................

500,000

648,241

2,983,065

New

York

0.8%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

2,000,000

2,312,630

Revenue,

2021

A-2,

4%,

11/15/43

.....................................

1,600,000

1,865,098

4,177,728

U.S.

Territories

2.6%

Puerto

Rico

2.6%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

.........................................................

3,300,000

3,597,204

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

300,000

338,461

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

4,700,000

5,120,206

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

950,000

1,091,275

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

AES

Puerto

Rico

LP

,

Revenue

,

2000

A

,

6.625

%

,

6/01/26

.....

3,900,000

4,036,500

14,183,646

Total

U.S.

Territories

....................................................................

14,183,646

Total

Municipal

Bonds

(Cost

$503,829,058)

.....................................

540,458,644

a

a

a

a

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Florida

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

67

s

Short

Term

Investments

0.9%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.9%

Florida

0.9%

b

City

of

Jacksonville

,

Florida

Power

&

Light

Co.

,

Revenue

,

1995

,

Refunding

,

Daily

VRDN

and

Put

,

0.01

%

,

5/01/29

.......................................

$

1,000,000

$

1,000,000

b

County

of

Martin

,

Florida

Power

&

Light

Co.

,

Revenue

,

2000

,

Refunding

,

Daily

VRDN

and

Put

,

0.01

%

,

7/15/22

.............................................

4,100,000

4,100,000

5,100,000

Total

Municipal

Bonds

(Cost

$5,100,000)

.......................................

5,100,000

Total

Short

Term

Investments

(Cost

$5,100,000

)

.................................

5,100,000

a

Total

Investments

(Cost

$508,929,058)

100.5%

..................................

$545,558,644

Other

Assets,

less

Liabilities

(0.5)%

...........................................

(2,808,250)

Net

Assets

100.0%

...........................................................

$542,750,394

See

Abbreviations

on

page

167

.

a

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

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

Financial

Highlights

Franklin

Georgia

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

68

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$11.91

$12.19

$11.59

$11.57

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.14

0.30

0.32

0.17

Net

realized

and

unrealized

gains

(losses)

........................

0.17

(0.29)

0.63

0.02

Total

from

investment

operations

.................................

0.31

0.01

0.95

0.19

Less

distributions

from:

Net

investment

income

.......................................

(0.14)

(0.29)

(0.35)

(0.17)

Net

asset

value,

end

of

period

...................................

$12.08

$11.91

$12.19

$11.59

Total

return

e

................................................

2.60%

0.14%

8.27%

1.70%

Ratios

to

average

net

assets

f

Expenses

g

.................................................

0.85%

0.85%

0.86%

0.87%

Net

investment

income

........................................

2.28%

2.48%

2.76%

3.10%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$93,845

$77,256

$54,945

$19,705

Portfolio

turnover

rate

.........................................

7.73%

16.89%

13.23%

11.78%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

or

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

69

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.91

$12.19

$11.59

$11.65

$11.99

$12.32

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15

0.32

0.35

0.38

0.39

0.42

Net

realized

and

unrealized

gains

(losses)

0.17

(0.29)

0.61

(0.06)

(0.33)

(0.33)

Total

from

investment

operations

........

0.32

0.03

0.96

0.32

0.06

0.09

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.31)

(0.36)

(0.38)

(0.40)

(0.42)

Net

asset

value,

end

of

period

..........

$12.08

$11.91

$12.19

$11.59

$11.65

$11.99

Total

return

d

.......................

2.68%

0.29%

8.44%

2.83%

0.46%

0.69%

Ratios

to

average

net

assets

e

Expenses

.........................

0.70%

f

0.71%

f

0.71%

f

0.72%

f

0.69%

g

0.67%

Net

investment

income

...............

2.44%

2.66%

2.91%

3.25%

3.25%

3.36%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$269,507

$274,232

$309,436

$313,940

$363,390

$428,301

Portfolio

turnover

rate

................

7.73%

16.89%

13.23%

11.78%

9.33%

8.34%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

or

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

70

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.09

$12.38

$11.77

$11.83

$12.16

$12.49

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.12

0.25

0.29

0.32

0.33

0.35

Net

realized

and

unrealized

gains

(losses)

0.17

(0.29)

0.62

(0.06)

(0.33)

(0.33)

Total

from

investment

operations

........

0.29

(0.04)

0.91

0.26

—

0.02

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.25)

(0.30)

(0.32)

(0.33)

(0.35)

Net

asset

value,

end

of

period

..........

$12.27

$12.09

$12.38

$11.77

$11.83

$12.16

Total

return

d

.......................

2.43%

(0.34)%

7.84%

2.22%

(0.02)%

0.12%

Ratios

to

average

net

assets

e

Expenses

.........................

1.25%

f

1.25%

f

1.26%

f

1.27%

f

1.24%

g

1.22%

Net

investment

income

...............

1.86%

2.08%

2.36%

2.70%

2.70%

2.81%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$33,589

$45,512

$62,426

$72,542

$109,722

$128,544

Portfolio

turnover

rate

................

7.73%

16.89%

13.23%

11.78%

9.33%

8.34%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

or

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

71

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.91

$12.20

$11.59

$11.66

$11.94

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.16

0.33

0.36

0.39

0.24

Net

realized

and

unrealized

gains

(losses)

...........

0.17

(0.29)

0.63

(0.06)

(0.29)

Total

from

investment

operations

....................

0.33

0.04

0.99

0.33

(0.05)

Less

distributions

from:

Net

investment

income

..........................

(0.16)

(0.33)

(0.38)

(0.40)

(0.23)

Net

asset

value,

end

of

period

......................

$12.08

$11.91

$12.20

$11.59

$11.66

Total

return

e

...................................

2.75%

0.35%

8.67%

2.86%

(0.40)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.57%

0.58%

0.59%

0.59%

4.47%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.56%

g

0.56%

g

0.57%

g

0.57%

g

0.55%

Net

investment

income

...........................

2.57%

2.73%

3.05%

3.40%

3.39%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$17,380

$13,813

$4,981

$3,786

$5

Portfolio

turnover

rate

............................

7.73%

16.89%

13.23%

11.78%

9.33%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

72

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2017

b

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.92

$12.20

$11.59

$11.66

$11.99

$12.41

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.15

0.33

0.36

0.39

0.40

0.20

Net

realized

and

unrealized

gains

(losses)

0.17

(0.29)

0.63

(0.07)

(0.32)

(0.43)

Total

from

investment

operations

........

0.32

0.04

0.99

0.32

0.08

(0.23)

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.32)

(0.38)

(0.39)

(0.41)

(0.19)

Net

asset

value,

end

of

period

..........

$12.09

$11.92

$12.20

$11.59

$11.66

$11.99

Total

return

e

.......................

2.81%

0.31%

8.63%

2.83%

0.64%

(1.82)%

Ratios

to

average

net

assets

f

Expenses

.........................

0.60%

g

0.61%

g

0.61%

g

0.62%

g

0.59%

h

0.57%

Net

investment

income

...............

2.54%

2.74%

3.01%

3.35%

3.35%

3.46%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$75,915

$68,009

$53,789

$40,142

$35,389

$21,454

Portfolio

turnover

rate

................

7.73%

16.89%

13.23%

11.78%

9.33%

8.34%

a

For

the

year

ended

February

29.

b

For

the

period

September

15,

2016

(effective

date)

to

February

28,

2017.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,

2021

Franklin

Georgia

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

73

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.5%

Georgia

95.9%

Athens

Housing

Authority

,

UGAREF

East

Campus

Housing

Phase

II

LLC,

Revenue,

2017,

Refunding,

5%,

6/15/36

........................................................

$

2,390,000

$

2,900,956

UGAREF

East

Campus

Housing

Phase

II

LLC,

Revenue,

2017,

Refunding,

4%,

6/15/40

........................................................

5,000,000

5,641,428

Atlanta

&

Fulton

County

Recreation

Authority

,

City

of

Atlanta

Park

Tax

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

12/01/35

..........................................

3,530,000

4,053,302

Atlanta

Development

Authority

(The)

,

City

of

Atlanta

Hotel

Motel

Tax,

Revenue,

2015

A-1,

5.25%,

7/01/40

............

7,750,000

8,980,002

City

of

Atlanta

Hotel

Motel

Tax,

Revenue,

2015

A-1,

5.25%,

7/01/44

............

3,000,000

3,472,375

Piedmont

Ellis

LLC,

Revenue,

2013,

Pre-Refunded,

5%,

9/01/32

..............

2,000,000

2,189,145

Tuff

Yamacraw

LLC,

Revenue,

2005

A,

Refunding,

AMBAC

Insured,

5%,

1/01/26

..

2,555,000

2,920,222

Auburn

Urban

Redevelopment

Agency

,

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/45

..................

1,000,000

1,180,873

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/50

..................

1,000,000

1,175,074

Bainbridge

Public

Facilities

Authority

,

County

of

Decatur

,

Revenue

,

2018

,

AGMC

Insured

,

4

%

,

3/01/43

...............................................

4,000,000

4,575,434

a

Baldwin

County

Hospital

Authority

,

Oconee

Regional

Medical

Center

Obligated

Group,

Revenue,

1998,

5.25%,

12/01/22

2,500,000

25

Oconee

Regional

Medical

Center

Obligated

Group,

Revenue,

1998,

5.375%,

12/01/28

.......................................................

2,000,000

20

Bibb

County

Development

Authority

,

Macon

State

College

Foundation

Real

Estate

LLC

,

Revenue

,

2012

,

AGMC

Insured

,

5

%

,

7/01/40

.............................

5,000,000

5,184,735

Bleckley

County

School

District

,

GO

,

2020

,

5

%

,

10/01/42

.....................

2,055,000

2,665,904

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

7/01/49

........................................

6,000,000

6,978,280

Carroll

City-County

Hospital

Authority

,

Tanner

Medical

Center

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/45

.

1,250,000

1,487,171

Tanner

Medical

Center

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/50

.

1,500,000

1,769,311

Tanner

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

7/01/41

......

2,000,000

2,320,795

Carrollton

Payroll

Development

Authority

,

UWG

Athletic

Complex

LLC

,

Revenue

,

2014

,

Refunding

,

AGMC

Insured

,

5

%

,

6/15/37

.................................

3,140,000

3,615,813

City

of

Atlanta

,

Tax

Allocation,

2016

B,

Refunding,

5%,

1/01/31

...........................

1,780,000

2,129,364

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/33

........................................................

4,005,000

4,432,632

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/34

........................................................

3,250,000

3,593,808

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2019

D,

4%,

7/01/36

.....

4,500,000

5,307,121

Water

&

Wastewater,

Revenue,

2001

A,

AGMC,

NATL

RE

Insured,

5.5%,

11/01/27

.

5,000,000

6,040,505

Water

&

Wastewater,

Revenue,

2015,

Pre-Refunded,

5%,

11/01/43

............

10,000,000

11,723,281

Water

&

Wastewater,

Revenue,

2018

B,

Refunding,

5%,

11/01/47

..............

5,000,000

6,153,037

Water

&

Wastewater,

Revenue,

2019,

Refunding,

4%,

11/01/38

...............

1,450,000

1,747,163

City

of

Baldwin

,

Water

&

Sewerage

,

Revenue

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

6/01/46

.........................................................

1,835,000

1,989,073

City

of

Buford

,

GO

,

2017

C

,

Refunding

,

4

%

,

1/01/43

.........................

5,000,000

5,730,362

City

of

Cartersville

,

Water

&

Sewer

,

Revenue

,

2018

,

Refunding

,

5

%

,

6/01/48

.......

4,000,000

5,024,139

City

of

Columbus

,

Water

&

Sewerage

,

Revenue

,

2014

A

,

Pre-Refunded

,

5

%

,

5/01/33

1,030,000

1,162,462

City

of

Dalton

,

GO

,

2018

,

5

%

,

2/01/48

....................................

3,000,000

3,733,552

City

of

Fairburn

,

GO

,

2011

,

Pre-Refunded

,

AGMC

Insured

,

5.75

%

,

12/01/31

.......

2,000,000

2,027,973

City

of

Monroe

,

Combined

Utility

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

12/01/50

....

1,500,000

1,768,401

City

of

Warner

Robins

,

Water

&

Sewerage

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/45

.

1,000,000

1,185,230

Clayton

County

Development

Authority

,

TUFF

Archives

LLC

,

Revenue

,

2012

,

Refunding

,

5

%

,

7/01/33

.............................................

5,000,000

5,191,479

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/38

375,000

481,651

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

74

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Cobb

County

Kennestone

Hospital

Authority,

(continued)

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/39

$

425,000

$

504,014

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/40

400,000

511,401

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/41

375,000

441,605

County

of

DeKalb

,

Water

&

Sewerage,

Revenue,

2006

B,

Refunding,

AGMC

Insured,

5%,

10/01/35

..

10,655,000

12,882,890

Water

&

Sewerage,

Revenue,

2011

A,

5.25%,

10/01/41

.....................

4,225,000

4,242,140

County

of

Fulton

,

GO,

2017,

4%,

7/01/40

.............................................

5,000,000

5,809,046

Water

&

Sewerage,

Revenue,

2020

A,

3%,

1/01/45

........................

5,000,000

5,426,282

County

of

Oconee

,

GO

,

2021

,

4

%

,

1/01/32

................................

1,000,000

1,250,972

County

of

Rockdale

,

Stormwater

System,

Revenue,

2021,

4%,

7/01/36

.........................

500,000

603,806

Stormwater

System,

Revenue,

2021,

4%,

7/01/41

.........................

500,000

594,206

Coweta

County

Water

&

Sewage

Authority

,

Revenue,

2019,

Pre-Refunded,

4%,

6/01/39

..............................

1,500,000

1,858,595

Revenue,

2021

B,

3%,

6/01/43

........................................

820,000

900,245

Revenue,

2021

B,

3%,

6/01/46

........................................

1,000,000

1,089,506

Dalton

Whitfield

County

Joint

Development

Authority

,

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2017

,

4

%

,

8/15/41

............................

3,000,000

3,402,210

Decatur

Urban

Redevelopment

Agency

,

Revenue

,

2013

A

,

Pre-Refunded

,

5

%

,

1/01/38

6,195,000

6,596,797

DeKalb

Newton

&

Gwinnett

Counties

Joint

Development

Authority

,

GGCF

Athletic

Fields

LLC

,

Revenue

,

2012

A

,

AGMC

Insured

,

5

%

,

7/01/39

..................

5,000,000

5,195,386

Development

Authority

for

Fulton

County

,

Georgia

Tech

Facilities,

Inc.,

Revenue,

2018,

4%,

3/01/43

...................

2,000,000

2,326,528

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

7/01/44

........................................................

10,000,000

11,214,207

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2019

A,

4%,

7/01/49

......

5,000,000

5,779,610

WellStar

Health

System

Obligated

Group,

Revenue,

2017,

5%,

4/01/47

.........

1,000,000

1,198,078

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/50

........

4,000,000

4,593,049

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.

,

Revenue

,

2017

,

Refunding

,

4.125

%

,

11/01/45

....................................

6,000,000

6,826,201

Development

Authority

of

Cobb

County

(The)

,

Georgia

Tech

Cobb

Research

Campus

LLC,

Revenue,

2017

A,

4%,

6/01/42

......

1,600,000

1,840,584

Kennesaw

State

University

Real

Estate

Obligated

Group

2015

ABC,

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

7/15/38

.................................

2,000,000

2,312,682

KSU

2020

Housing

Real

Estate

Foundation

LLC,

Revenue,

2020,

4%,

7/15/52

....

5,720,000

6,615,027

KSU

SRAC

Real

Estate

Foundation

LLC,

Revenue,

2013,

5%,

7/15/35

..........

2,500,000

2,594,638

KSU

SRAC

Real

Estate

Foundation

LLC,

Revenue,

2013,

5%,

7/15/38

..........

2,500,000

2,594,534

University

System

of

Georgia,

Revenue,

2020

C,

4%,

7/15/52

................

2,000,000

2,295,475

Development

Authority

of

Gwinnett

County

,

Gwinnett

County

School

District,

COP,

2006,

NATL

Insured,

5.25%,

1/01/22

......

3,000,000

3,051,328

Gwinnett

County

School

District,

COP,

2006,

NATL

Insured,

5.25%,

1/01/24

......

2,000,000

2,235,574

Etowah

Water

&

Sewer

Authority

,

Revenue,

2019,

Refunding,

BAM

Insured,

4%,

3/01/36

......................

1,450,000

1,704,142

Revenue,

2019,

Refunding,

BAM

Insured,

3%,

3/01/44

......................

1,250,000

1,346,074

Floyd

County

Hospital

Authority

,

Floyd

Obligated

Group

,

Revenue

,

2016

,

Pre-

Refunded

,

4

%

,

7/01/43

.............................................

7,735,000

9,037,548

Forsyth

County

School

District

,

GO

,

2018

,

5

%

,

2/01/38

.......................

2,650,000

3,323,545

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/42

..........

6,000,000

6,473,697

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/15/42

....................................................

7,000,000

8,303,183

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

2/15/45

....................................................

5,000,000

5,842,293

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

75

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Gainesville

&

Hall

County

Hospital

Authority,

(continued)

b

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2021

A,

4%,

2/15/46

$

5,000,000

$

5,820,586

Gainesville

School

District

,

GO

,

2020

,

4

%

,

11/01/42

.........................

1,000,000

1,209,688

Georgia

Higher

Education

Facilities

Authority

,

USG

Real

Estate

Foundation

III

LLC

,

Revenue

,

2020

,

Refunding

,

4

%

,

6/15/41

.................................

2,305,000

2,717,285

Georgia

Housing

&

Finance

Authority

,

Revenue,

2013

A,

3.8%,

12/01/37

.....................................

5,000,000

5,113,432

Revenue,

2018

A,

3.85%,

12/01/38

....................................

5,600,000

6,017,395

Revenue,

2018

A,

3.95%,

12/01/43

....................................

1,210,000

1,265,104

Revenue,

2019

A,

Refunding,

3.7%,

6/01/49

..............................

4,900,000

5,290,843

Georgia

State

Road

&

Tollway

Authority

,

Revenue

,

2020

,

5

%

,

6/01/32

............

3,315,000

4,382,883

Glynn-Brunswick

Memorial

Hospital

Authority

,

Southeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

,

5

%

,

8/01/47

............................

5,000,000

5,934,540

Gwinnett

County

School

District

,

GO,

2019,

5%,

2/01/41

.............................................

3,000,000

3,806,202

GO,

2021,

5%,

2/01/32

.............................................

3,150,000

4,279,843

GO,

2021,

4%,

2/01/37

.............................................

5,000,000

6,238,563

Henry

County

School

District

,

GO

,

2016

,

Pre-Refunded

,

4

%

,

8/01/33

.............

5,000,000

5,856,352

Hogansville

Ga

Combined

Public

Utility

System

,

Revenue

,

1993

,

Refunding

,

AGMC

Insured

,

6

%

,

10/01/23

..............................................

1,430,000

1,599,564

Lawrenceville

Building

Authority

,

City

of

Lawrenceville

,

Revenue

,

2015

,

5

%

,

4/01/35

.

2,270,000

2,628,792

Macon

Water

Authority

,

Revenue

,

2015

,

4

%

,

10/01/35

........................

2,810,000

3,233,677

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/27

......................................

5,000,000

6,293,402

Revenue,

2019

A,

5%,

5/15/38

........................................

2,500,000

3,599,681

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2015

B

,

5

%

,

7/01/45

........

5,000,000

6,006,500

Monroe

County

Public

Facilities

Authority

,

County

of

Monroe

,

Revenue

,

2020

,

4

%

,

6/01/42

.........................................................

1,000,000

1,173,954

Moultrie-Colquitt

Counties

Development

Authority

,

Philadelphia

College

of

Osteopathic

Medicine

Obligated

Group

,

Revenue

,

2018

,

5

%

,

12/01/43

...................

4,815,000

5,921,482

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

A,

AGMC

Insured,

4%,

1/01/44

............................

5,000,000

5,722,809

Revenue,

2020

A,

Refunding,

5%,

1/01/50

...............................

3,500,000

4,419,387

Revenue,

2021

A,

Refunding,

4%,

1/01/46

...............................

330,000

377,811

Revenue,

2021

A,

Refunding,

4%,

1/01/51

...............................

425,000

484,651

Revenue,

2021

A,

Refunding,

5%,

1/01/56

...............................

750,000

916,025

Revenue,

GG,

Refunding,

5%,

1/01/39

..................................

7,000,000

7,397,335

Municipal

Gas

Authority

of

Georgia

,

Revenue,

S,

Refunding,

5%,

10/01/25

..................................

2,500,000

2,626,860

Revenue,

S,

Refunding,

5%,

10/01/26

..................................

2,500,000

2,623,839

Paulding

County

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2012

A

,

5

%

,

4/01/42

........................................

3,500,000

3,587,964

Pierce

County

School

District

,

GO

,

2017

,

4

%

,

1/01/43

........................

3,725,000

4,304,804

Private

Colleges

&

Universities

Authority

,

Corp.

of

Mercer

University

(The),

Revenue,

2021,

Refunding,

4%,

10/01/50

......

5,400,000

6,353,245

Emory

University,

Revenue,

2011

A,

Pre-Refunded,

5%,

9/01/41

..............

2,000,000

2,000,000

Emory

University,

Revenue,

2013

A,

5%,

10/01/43

.........................

5,000,000

5,452,228

Emory

University,

Revenue,

2019

B,

Refunding,

5%,

9/01/48

.................

4,000,000

5,045,170

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

76

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Pulaski

County

School

District

,

GO

,

2020

,

4

%

,

10/01/42

......................

$

1,000,000

$

1,207,918

Richmond

County

Hospital

Authority

,

University

Health

Services

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

4

%

,

1/01/35

.................................

8,000,000

9,006,570

Sandy

Springs

Public

Facilities

Authority

,

City

of

Sandy

Springs

,

Revenue

,

2015

,

Pre-

Refunded

,

5

%

,

5/01/41

.............................................

3,000,000

3,633,907

Savannah

Hospital

Authority

,

St.

Joseph's/Candler

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/43

...............................

10,000,000

11,508,872

Sinclair

Water

Authority

,

Revenue

,

2019

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/48

...

2,000,000

2,456,676

State

of

Georgia

,

GO,

2017

A,

4%,

2/01/36

............................................

5,000,000

5,769,191

GO,

2018

A,

4%,

7/01/36

............................................

5,000,000

5,963,241

GO,

2021

A,

Refunding,

4%,

7/01/37

...................................

5,000,000

6,248,169

Tift

County

Hospital

Authority

,

Southwell

Obligated

Group

,

Revenue

,

2013

,

Pre-

Refunded

,

5

%

,

12/01/38

.............................................

2,000,000

2,121,858

Valdosta

&

Lowndes

County

Hospital

Authority

,

Revenue

,

2011

B

,

Pre-Refunded

,

5

%

,

10/01/41

........................................................

3,000,000

3,011,861

Worth

County

School

District

,

GO

,

2017

,

5

%

,

12/01/42

.......................

5,000,000

6,162,107

470,141,462

Illinois

0.3%

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

1,000,000

1,188,641

GO,

2021

A,

5%,

3/01/37

............................................

250,000

318,269

1,506,910

New

Jersey

0.3%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2020

AA

,

5

%

,

6/15/37

...

1,220,000

1,576,056

New

York

0.7%

Metropolitan

Transportation

Authority

,

Revenue,

2020

D,

4%,

11/15/47

.......................................

500,000

575,150

Revenue,

2021

A-2,

4%,

11/15/43

.....................................

2,500,000

2,914,216

3,489,366

U.S.

Territories

2.3%

Puerto

Rico

2.3%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

560,000

610,435

a

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

2,270,000

2,233,112

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

4,800,000

5,476,044

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,450,000

1,579,638

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,100,000

1,263,582

11,162,811

Total

U.S.

Territories

....................................................................

11,162,811

Total

Municipal

Bonds

(Cost

$457,232,338)

.....................................

487,876,605

a

a

a

a

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

77

s

Short

Term

Investments

0.5%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.5%

Georgia

0.5%

c

Athens-Clarke

County

Unified

Government

Development

Authority

,

University

of

Georgia

Athletic

Association,

Inc.

,

Revenue

,

2005

B

,

LOC

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

7/01/35

...................................

$

2,290,000

$

2,290,000

c

Development

Authority

of

Monroe

County

(The)

,

Florida

Power

&

Light

Co.

,

Revenue

,

2002

,

Refunding

,

Daily

VRDN

and

Put

,

0.02

%

,

9/01/37

.....................

300,000

300,000

2,590,000

Total

Municipal

Bonds

(Cost

$2,590,000)

.......................................

2,590,000

Total

Short

Term

Investments

(Cost

$2,590,000

)

.................................

2,590,000

a

Total

Investments

(Cost

$459,822,338)

100.0%

..................................

$490,466,605

Other

Assets,

less

Liabilities

(0.0)%

†

...........................................

(229,362)

Net

Assets

100.0%

...........................................................

$490,237,243

See

Abbreviations

on

page

167

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

7

regarding

defaulted

securities.

b

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

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

Financial

Highlights

Franklin

Kentucky

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

78

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$10.97

$11.24

$10.76

$10.68

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.11

0.28

0.29

0.15

Net

realized

and

unrealized

gains

(losses)

........................

0.15

(0.28)

0.50

0.08

Total

from

investment

operations

.................................

0.26

—

0.79

0.23

Less

distributions

from:

Net

investment

income

.......................................

(0.11)

(0.27)

(0.31)

(0.15)

Net

asset

value,

end

of

period

...................................

$11.12

$10.97

$11.24

$10.76

Total

return

e

................................................

2.40%

0.02%

7.43%

2.16%

Ratios

to

average

net

assets

f

Expenses

g

.................................................

1.00%

0.97%

0.97%

0.97%

Net

investment

income

........................................

2.01%

2.55%

2.63%

3.00%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$15,373

$13,052

$8,986

$2,785

Portfolio

turnover

rate

.........................................

13.26%

14.49%

13.74%

18.61%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Kentucky

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

79

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.96

$11.23

$10.75

$10.77

$11.01

$11.31

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.12

0.30

0.31

0.34

0.37

0.40

Net

realized

and

unrealized

gains

(losses)

0.15

(0.28)

0.49

(0.02)

(0.24)

(0.30)

Total

from

investment

operations

........

0.27

0.02

0.80

0.32

0.13

0.10

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.29)

(0.32)

(0.34)

(0.37)

(0.40)

Net

asset

value,

end

of

period

..........

$11.11

$10.96

$11.23

$10.75

$10.77

$11.01

Total

return

d

.......................

2.48%

0.17%

7.60%

3.01%

1.20%

0.86%

Ratios

to

average

net

assets

e

Expenses

.........................

0.85%

f

0.82%

f

0.82%

f

0.82%

f

0.79%

0.77%

Net

investment

income

...............

2.18%

2.72%

2.78%

3.15%

3.40%

3.51%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$111,402

$112,826

$127,889

$130,267

$150,182

$165,613

Portfolio

turnover

rate

................

13.26%

14.49%

13.74%

18.61%

13.90%

9.14%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

or

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Kentucky

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

80

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$10.97

$11.23

$10.75

$10.77

$10.98

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.13

0.31

0.32

0.35

0.23

Net

realized

and

unrealized

gains

(losses)

...........

0.14

(0.27)

0.50

(0.02)

(0.22)

Total

from

investment

operations

....................

0.27

0.04

0.82

0.33

0.01

Less

distributions

from:

Net

investment

income

..........................

(0.13)

(0.30)

(0.34)

(0.35)

(0.22)

Net

asset

value,

end

of

period

......................

$11.11

$10.97

$11.23

$10.75

$10.77

Total

return

e

...................................

2.47%

0.40%

7.74%

3.13%

0.07%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.72%

0.71%

0.71%

0.70%

0.70%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.70%

g

0.69%

g

0.68%

g

0.67%

g

0.65%

Net

investment

income

...........................

2.31%

2.84%

2.92%

3.30%

3.54%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$3,035

$2,353

$2,164

$1,843

$2,085

Portfolio

turnover

rate

............................

13.26%

14.49%

13.74%

18.61%

13.90%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Kentucky

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

81

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2017

b

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.97

$11.23

$10.75

$10.77

$11.01

$11.35

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.13

0.31

0.32

0.35

0.38

0.19

Net

realized

and

unrealized

gains

(losses)

0.14

(0.27)

0.50

(0.02)

(0.24)

(0.35)

Total

from

investment

operations

........

0.27

0.04

0.82

0.33

0.14

(0.16)

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.30)

(0.34)

(0.35)

(0.38)

(0.18)

Net

asset

value,

end

of

period

..........

$11.11

$10.97

$11.23

$10.75

$10.77

$11.01

Total

return

e

.......................

2.54%

0.27%

7.70%

3.10%

1.30%

(1.36)%

Ratios

to

average

net

assets

f

Expenses

.........................

0.75%

g

0.72%

g

0.72%

g

0.72%

g

0.69%

0.67%

Net

investment

income

...............

2.27%

2.81%

2.88%

3.25%

3.50%

3.61%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$13,134

$12,653

$12,168

$9,298

$7,438

$6,896

Portfolio

turnover

rate

................

13.26%

14.49%

13.74%

18.61%

13.90%

9.14%

a

For

the

year

ended

February

29.

b

For

the

period

September

15,

2016

(effective

date)

to

February

28,

2017.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,

2021

Franklin

Kentucky

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

82

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

96.4%

Kentucky

94.6%

Campbell

Kenton

&

Boone

Counties

Sanitation

District

No.

1

,

Revenue

,

2019

,

Refunding

,

4

%

,

8/01/34

.............................................

$

4,310,000

$

5,004,423

City

of

Hazard

,

Appalachian

Regional

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

7/01/46

........................................................

2,000,000

2,114,331

Appalachian

Regional

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/51

........................................................

4,000,000

4,683,245

City

of

Owensboro

,

Electric

Light

&

Power

System,

Revenue,

2017,

Refunding,

4%,

1/01/27

.........

1,250,000

1,458,813

Water,

Revenue,

2018,

Refunding,

BAM

Insured,

4%,

9/15/45

................

5,000,000

5,632,904

City

of

Russell

,

Bon

Secours

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2013

,

Pre-Refunded

,

5

%

,

11/01/26

.........................................

4,000,000

4,220,182

County

of

Boyle

,

Centre

College

of

Kentucky

,

Revenue

,

2017

,

Refunding

,

5

%

,

6/01/37

2,000,000

2,398,890

County

of

Carroll

,

Kentucky

Utilities

Co.,

Revenue,

2008

A,

Refunding,

2%,

2/01/32

..............

3,000,000

3,122,100

a

Kentucky

Utilities

Co.,

Revenue,

2016

A,

Refunding,

Mandatory

Put,

1.55%,

9/01/26

2,000,000

2,036,999

County

of

Warren

,

Bowling

Green-Warren

County

Community

Hospital

Corp.

,

Revenue

,

2012

A

,

5

%

,

10/01/33

...............................................

1,000,000

1,041,423

Eastern

Kentucky

University

,

Revenue

,

2018

A

,

4

%

,

10/01/37

..................

1,540,000

1,755,417

Fayette

County

School

District

Finance

Corp.

,

Fayette

County

School

District,

Revenue,

2015

D,

5%,

8/01/34

................

1,985,000

2,312,954

Fayette

County

School

District,

Revenue,

2018

A,

4%,

5/01/38

................

1,000,000

1,124,628

Greater

Kentucky

Housing

Assistance

Corp.

,

Revenue

,

1997

A

,

Refunding

,

NATL,

FHA

Insured

,

6.1

%

,

1/01/24

..............................................

90,000

90,384

Hopkins

County

School

District

Finance

Corp.

,

Revenue

,

2021

,

2

%

,

2/01/41

.......

2,340,000

2,266,163

Kentucky

Bond

Development

Corp.

,

Revenue,

2018

A,

5%,

9/01/48

........................................

2,500,000

3,020,463

Centre

College

of

Kentucky,

Revenue,

2021,

4%,

6/01/46

....................

800,000

941,404

Centre

College

of

Kentucky,

Revenue,

2021,

4%,

6/01/51

....................

1,350,000

1,581,426

Transylvania

University,

Revenue,

2019

B,

4%,

3/01/49

.....................

2,500,000

2,756,481

Transylvania

University,

Revenue,

2021

A,

Refunding,

4%,

3/01/46

.............

735,000

828,206

Transylvania

University,

Revenue,

2021

A,

Refunding,

4%,

3/01/49

.............

330,000

370,867

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/44

........................

4,000,000

4,964,988

Kentucky

Infrastructure

Authority

,

Revenue

,

2012

A

,

Pre-Refunded

,

5

%

,

2/01/31

....

4,190,000

4,275,111

Kentucky

Municipal

Power

Agency

,

Revenue,

2016

A,

Refunding,

NATL

Insured,

5%,

9/01/36

....................

3,000,000

3,624,565

Revenue,

2019

A,

Refunding,

4%,

9/01/45

...............................

2,000,000

2,210,565

Kentucky

Rural

Water

Finance

Corp.

,

Revenue

,

2001

A

,

5

%

,

2/01/26

.............

380,000

381,544

Kentucky

State

Property

&

Building

Commission

,

Kentucky

Finance

and

Administration

Cabinet,

Revenue,

5%,

4/01/38

...........

2,500,000

3,003,629

Kentucky

Finance

and

Administration

Cabinet,

Revenue,

A,

Refunding,

5%,

8/01/34

3,500,000

4,073,832

Kentucky

Turnpike

Authority

,

Kentucky

Transportation

Cabinet,

Revenue,

2013

A,

5%,

7/01/32

..............

2,000,000

2,166,215

Kentucky

Transportation

Cabinet,

Revenue,

2015

A,

Refunding,

5%,

7/01/33

.....

3,000,000

3,490,142

Kentucky

Transportation

Cabinet,

Revenue,

2017

A,

Refunding,

5%,

7/01/36

.....

550,000

668,112

Kentucky

Transportation

Cabinet,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

.....

700,000

848,990

Lewis

County

School

District

Finance

Corp.

,

Revenue

,

2021

,

2

%

,

2/01/41

.........

2,000,000

1,885,205

Lexington-Fayette

Urban

County

Airport

Board

,

Lexington-Fayette

Urban

County

Government

,

Revenue

,

2012

B

,

Pre-Refunded

,

5

%

,

7/01/29

..................

1,185,000

1,233,193

Louisville

and

Jefferson

County

,

Metropolitan

Sewer

District,

Revenue,

2017

A,

4%,

5/15/48

..................

2,750,000

3,047,982

Metropolitan

Sewer

District,

Revenue,

2018

A,

Refunding,

4%,

5/15/38

..........

5,000,000

5,804,169

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Kentucky

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

83

s

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Kentucky

(continued)

Louisville

and

Jefferson

County

Metropolitan

Sewer

District

,

Revenue

,

2020

A

,

Refunding

,

2.375

%

,

5/15/50

..........................................

$

2,205,000

$

2,147,702

Louisville/Jefferson

County

Metropolitan

Government

,

Bellarmine

University,

Inc.,

Revenue,

2015,

Refunding,

5%,

5/01/31

............

2,000,000

2,149,993

Bellarmine

University,

Inc.,

Revenue,

2017

A,

Refunding,

5%,

5/01/36

..........

2,715,000

2,984,248

Louisville

Gas

and

Electric

Co.,

Revenue,

2003

A,

Refunding,

2%,

10/01/33

......

4,000,000

4,072,301

Norton

Healthcare

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/39

...........

4,000,000

4,644,103

Norton

Healthcare

Obligated

Group,

Revenue,

2020

A,

3%,

10/01/43

...........

2,000,000

2,117,001

Morehead

State

University

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

10/01/28

...........

1,910,000

2,126,556

Paducah

Electric

Plant

Board

,

Revenue

,

2016

A

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/34

........................................................

5,700,000

6,893,420

Scott

County

School

District

Finance

Corp.

,

Scott

County

Board

of

Education

,

Revenue

,

2018

,

4

%

,

6/01/38

.........................................

1,615,000

1,818,967

Shelby

County

School

District

Finance

Corp.

,

Shelby

County

Public

School

District

,

Revenue

,

2018

,

4

%

,

8/01/38

.........................................

3,465,000

3,915,770

University

of

Kentucky

,

Revenue,

2014

A,

4%,

4/01/44

........................................

2,250,000

2,420,599

Revenue,

2018

A,

4%,

10/01/32

.......................................

4,000,000

4,519,131

University

of

Louisville

,

Revenue

,

2016

D

,

5

%

,

3/01/30

.......................

4,140,000

4,962,137

135,211,873

U.S.

Territories

1.8%

Puerto

Rico

1.8%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC,

FGIC

Insured,

5.25%,

7/01/39

...........

160,000

182,548

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

...................

1,785,000

1,998,472

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

400,000

459,484

2,640,504

Total

U.S.

Territories

....................................................................

2,640,504

Total

Municipal

Bonds

(Cost

$129,371,976)

.....................................

137,852,377

a

a

a

a

Short

Term

Investments

0.7%

Municipal

Bonds

0.7%

Kentucky

0.7%

b

City

of

Berea

,

Berea

College

,

Revenue

,

2002

A

,

Daily

VRDN

and

Put

,

0.01

%

,

6/01/32

1,060,000

1,060,000

Total

Municipal

Bonds

(Cost

$1,060,000)

.......................................

1,060,000

Total

Short

Term

Investments

(Cost

$1,060,000

)

.................................

1,060,000

a

Total

Investments

(Cost

$130,431,976)

97.1%

...................................

$138,912,377

Other

Assets,

less

Liabilities

2.9%

.............................................

4,030,777

Net

Assets

100.0%

...........................................................

$142,943,154

See

Abbreviations

on

page

167

.

a 

The

maturity

date

shown

represents

the

mandatory

put

date.

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

Financial

Highlights

Franklin

Louisiana

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

84

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$11.28

$11.55

$10.93

$10.85

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.12

0.28

0.30

0.16

Net

realized

and

unrealized

gains

(losses)

........................

0.20

(0.27)

0.64

0.08

Total

from

investment

operations

.................................

0.32

0.01

0.94

0.24

Less

distributions

from:

Net

investment

income

.......................................

(0.12)

(0.28)

(0.32)

(0.16)

Net

asset

value,

end

of

period

...................................

$11.48

$11.28

$11.55

$10.93

Total

return

e

................................................

2.86%

0.09%

8.68%

2.22%

Ratios

to

average

net

assets

f

Expenses

g

.................................................

0.86%

0.87%

0.86%

0.88%

Net

investment

income

........................................

2.09%

2.49%

2.70%

3.06%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$68,667

$56,810

$48,032

$18,110

Portfolio

turnover

rate

.........................................

8.07%

22.66%

4.83%

9.46%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

or

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

85

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.28

$11.55

$10.92

$10.90

$11.15

$11.50

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.30

0.32

0.35

0.36

0.39

Net

realized

and

unrealized

gains

(losses)

0.20

(0.28)

0.64

0.02

(0.24)

(0.34)

Total

from

investment

operations

........

0.33

0.02

0.96

0.37

0.12

0.05

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.29)

(0.33)

(0.35)

(0.37)

(0.40)

Net

asset

value,

end

of

period

..........

$11.48

$11.28

$11.55

$10.92

$10.90

$11.15

Total

return

d

.......................

2.94%

0.24%

8.94%

3.45%

1.04%

0.43%

Ratios

to

average

net

assets

e

Expenses

.........................

0.72%

f

0.72%

f

0.71%

f

0.73%

f

0.70%

0.68%

Net

investment

income

...............

2.25%

2.66%

2.85%

3.21%

3.23%

3.41%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$252,354

$250,576

$289,744

$284,259

$322,080

$343,042

Portfolio

turnover

rate

................

8.07%

22.66%

4.83%

9.46%

21.83%

16.87%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

or

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

86

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.46

$11.74

$11.10

$11.07

$11.32

$11.67

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.10

0.24

0.26

0.29

0.30

0.33

Net

realized

and

unrealized

gains

(losses)

0.21

(0.29)

0.65

0.03

(0.25)

(0.34)

Total

from

investment

operations

........

0.31

(0.05)

0.91

0.32

0.05

(0.01)

Less

distributions

from:

Net

investment

income

..............

(0.10)

(0.23)

(0.27)

(0.29)

(0.30)

(0.34)

Net

asset

value,

end

of

period

..........

$11.67

$11.46

$11.74

$11.10

$11.07

$11.32

Total

return

d

.......................

2.70%

(0.39)%

8.34%

2.92%

0.46%

(0.13)%

Ratios

to

average

net

assets

e

Expenses

.........................

1.26%

f

1.26%

f

1.26%

f

1.28%

f

1.25%

1.23%

Net

investment

income

...............

1.67%

2.08%

2.30%

2.66%

2.68%

2.86%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$23,115

$29,441

$38,066

$42,188

$61,399

$67,154

Portfolio

turnover

rate

................

8.07%

22.66%

4.83%

9.46%

21.83%

16.87%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

or

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

87

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.28

$11.55

$10.93

$10.90

$11.18

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.14

0.31

0.33

0.36

0.22

Net

realized

and

unrealized

gains

(losses)

...........

0.20

(0.27)

0.64

0.03

(0.28)

Total

from

investment

operations

....................

0.34

0.04

0.97

0.39

(0.06)

Less

distributions

from:

Net

investment

income

..........................

(0.14)

(0.31)

(0.35)

(0.36)

(0.22)

Net

asset

value,

end

of

period

......................

$11.48

$11.28

$11.55

$10.93

$10.90

Total

return

e

...................................

3.02%

0.38%

8.99%

3.67%

(0.59)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.59%

0.60%

0.60%

0.61%

0.60%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.58%

g

0.58%

g

0.58%

g

0.59%

g

0.57%

Net

investment

income

...........................

2.39%

2.78%

2.98%

3.35%

3.36%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$7,244

$6,076

$5,383

$3,865

$3,683

Portfolio

turnover

rate

............................

8.07%

22.66%

4.83%

9.46%

21.83%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

88

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2017

b

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.28

$11.55

$10.93

$10.90

$11.15

$11.54

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.14

0.31

0.33

0.36

0.37

0.19

Net

realized

and

unrealized

gains

(losses)

0.20

(0.28)

0.63

0.03

(0.24)

(0.40)

Total

from

investment

operations

........

0.34

0.03

0.96

0.39

0.13

(0.21)

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.30)

(0.34)

(0.36)

(0.38)

(0.18)

Net

asset

value,

end

of

period

..........

$11.48

$11.28

$11.55

$10.93

$10.90

$11.15

Total

return

e

.......................

3.00%

0.34%

8.95%

3.65%

1.14%

(1.79)%

Ratios

to

average

net

assets

f

Expenses

.........................

0.62%

g

0.62%

g

0.61%

g

0.63%

g

0.60%

0.58%

Net

investment

income

...............

2.35%

2.73%

2.95%

3.31%

3.33%

3.51%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$41,884

$37,329

$27,945

$19,580

$14,091

$10,259

Portfolio

turnover

rate

................

8.07%

22.66%

4.83%

9.46%

21.83%

16.87%

a

For

the

year

ended

February

29.

b

For

the

period

September

15,

2016

(effective

date)

to

February

28,

2017.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,

2021

Franklin

Louisiana

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

89

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

96.7%

Louisiana

94.6%

Ascension

Parish

School

Board

,

GO

,

2020

,

4

%

,

3/01/40

......................

$

1,000,000

$

1,200,977

Caddo

Parish

Parishwide

School

District

,

GO

,

2021

,

AGMC

Insured

,

3

%

,

3/01/36

...

505,000

562,924

Calcasieu

Parish

Public

Trust

Authority

,

Cowboy

Facilities,

Inc.

,

Revenue

,

2011

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/29

.................................

2,050,000

2,112,682

Calcasieu

Parish

School

District

No.

23

,

GO,

2019,

BAM

Insured,

4%,

9/01/36

...................................

670,000

792,585

GO,

2019,

BAM

Insured,

4%,

9/01/37

...................................

600,000

705,323

GO,

2019,

BAM

Insured,

4%,

9/01/39

...................................

2,060,000

2,393,549

Calcasieu

Parish

School

District

No.

31

,

GO,

2018,

BAM

Insured,

5%,

3/01/36

...................................

1,000,000

1,227,167

GO,

2018,

BAM

Insured,

5%,

3/01/38

...................................

1,000,000

1,222,057

GO,

2019,

BAM

Insured,

4%,

3/01/37

...................................

1,000,000

1,185,361

GO,

2019,

BAM

Insured,

4%,

3/01/39

...................................

750,000

885,657

Central

Community

School

System

,

GO,

2020,

4%,

3/01/39

.............................................

1,125,000

1,349,029

GO,

2020,

4%,

3/01/40

.............................................

1,190,000

1,423,915

City

of

Bossier

City

,

Revenue,

2017,

5%,

12/01/36

........................................

1,405,000

1,708,604

Utilities,

Revenue,

2014,

Pre-Refunded,

5%,

10/01/37

......................

5,280,000

6,059,700

City

of

Lafayette

,

Sales

&

Use

Tax,

Revenue,

2019

A,

5%,

5/01/44

..........................

4,350,000

5,485,832

Sales

&

Use

Tax,

Revenue,

2020

B,

4%,

3/01/45

..........................

5,000,000

5,889,454

City

of

New

Orleans

,

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/45

.........................

1,700,000

2,138,580

Sewerage

Service,

Revenue,

2020

B,

4%,

6/01/50

.........................

1,300,000

1,493,897

City

of

Ruston

,

Revenue

,

2016

,

AGMC

Insured

,

5

%

,

6/01/35

...................

1,085,000

1,287,731

City

of

Shreveport

,

Revenue,

2016,

Refunding,

BAM

Insured,

5%,

3/01/27

......................

1,500,000

1,832,344

Water

&

Sewer,

Revenue,

2016

B,

5%,

12/01/41

..........................

4,000,000

4,781,801

Water

&

Sewer,

Revenue,

2020

B,

Refunding,

3%,

12/01/50

..................

5,070,000

5,397,819

Consolidated

Government

of

the

City

of

Baton

Rouge

&

Parish

of

East

Baton

Rouge

,

Sales

Tax

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

5

%

,

8/01/30

............

2,000,000

2,636,835

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2014

B,

Pre-Refunded,

5%,

2/01/33

............................

1,000,000

1,161,738

Revenue,

2014

B,

Pre-Refunded,

5%,

2/01/39

............................

5,000,000

5,808,692

Revenue,

2019

A,

Refunding,

4%,

2/01/45

...............................

5,000,000

5,828,528

Revenue,

2020

A,

Refunding,

5%,

2/01/31

...............................

750,000

987,680

Greater

New

Orleans

Expressway

Commission

,

Revenue

,

2017

,

AGMC

Insured

,

5

%

,

11/01/47

........................................................

4,000,000

4,631,795

Jefferson

Sales

Tax

District

,

Revenue,

2017

B,

AGMC

Insured,

5%,

12/01/42

...........................

2,250,000

2,783,273

Revenue,

2019

B,

AGMC

Insured,

4%,

12/01/42

...........................

5,000,000

5,971,410

Lafayette

Consolidated

Government

,

GO,

2020,

Refunding,

3%,

3/01/34

.....................................

250,000

280,189

GO,

2020,

Refunding,

3%,

3/01/35

.....................................

200,000

223,316

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/28

...................

1,345,000

1,586,957

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/31

...................

2,400,000

2,829,522

Lafayette

Parish

School

Board

,

Revenue

,

2018

,

Pre-Refunded

,

5

%

,

4/01/48

.......

6,000,000

7,472,839

Livingston

Parish

School

Board

,

Revenue,

2021

A,

Refunding,

4%,

5/01/30

...............................

500,000

620,796

Revenue,

2021

A,

Refunding,

4%,

5/01/31

...............................

1,300,000

1,635,284

Revenue,

2021

A,

Refunding,

4%,

5/01/32

...............................

1,500,000

1,877,586

Louisiana

Correctional

Facilities

Corp.

,

State

of

Louisiana

Office

of

Juvenile

Justice,

Revenue,

2021,

4%,

10/01/37

......

875,000

1,051,153

State

of

Louisiana

Office

of

Juvenile

Justice,

Revenue,

2021,

4%,

10/01/40

......

1,305,000

1,558,398

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

90

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Housing

Corp.

,

Revenue,

2021

B,

GNMA

Insured,

2.05%,

6/01/36

.........................

$

625,000

$

638,956

Revenue,

2021

B,

GNMA

Insured,

2.2%,

6/01/41

..........................

1,995,000

2,035,777

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

a

City

of

New

Orleans,

Revenue,

144A,

2021,

4%,

11/01/46

...................

2,000,000

2,221,728

Cowboy

Facilities,

Inc.,

Revenue,

2011,

AGMC

Insured,

5%,

3/01/36

...........

1,800,000

1,841,108

East

Ascension

Parish

Gravity

Drainage

District

No.

1,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/40

........................................

2,925,000

3,433,644

Entergy

Louisiana

LLC,

Revenue,

2021

A,

Refunding,

2%,

6/01/30

.............

1,500,000

1,532,985

Entergy

Louisiana

LLC,

Revenue,

2021

B,

Refunding,

2.5%,

4/01/36

...........

3,000,000

3,084,200

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/33

.

800,000

901,916

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/34

.

620,000

698,857

a

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4.25%,

12/01/50

........................................

8,000,000

8,267,634

Louisiana

Community

&

Technical

College

System,

Revenue,

2014,

Pre-Refunded,

5%,

10/01/32

...................................................

3,000,000

3,433,024

Louisiana

Community

&

Technical

College

System,

Revenue,

2014,

Pre-Refunded,

5%,

10/01/33

...................................................

5,000,000

5,721,707

a

Parish

of

Assumption,

Revenue,

144A,

2021,

3.875%,

11/01/45

...............

1,000,000

1,036,297

a

Parish

of

St.

Tammany

LA

GOMESA,

Revenue,

144A,

2020,

3.875%,

11/01/45

....

1,900,000

2,014,583

Ragin

Cajun

Facilities,

Inc.,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

10/01/39

.......................................................

2,680,000

3,290,332

University

of

Louisiana

at

Lafayette,

Revenue,

2018,

AGMC

Insured,

5%,

10/01/48

3,500,000

4,221,075

University

of

Louisiana

System,

Revenue,

2019,

Refunding,

AGMC

Insured,

4%,

8/01/34

........................................................

1,000,000

1,177,704

Woman's

Hospital

Foundation,

Revenue,

2017

A,

Refunding,

5%,

10/01/44

......

5,000,000

6,014,799

Louisiana

Public

Facilities

Authority

,

CHRISTUS

Health

Obligated

Group,

Revenue,

2018

E,

5%,

7/01/48

...........

5,000,000

6,075,696

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015

A,

5%,

7/01/35

..............................................

4,965,000

5,704,494

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/35

..................................

35,000

41,231

Louisiana

Children's

Medical

Center

Obligated

Group,

Revenue,

2015

A-1,

5%,

6/01/45

........................................................

10,000,000

12,074,484

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2016

A,

5%,

7/01/46

..............................................

6,500,000

7,451,542

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2017,

5%,

7/01/52

................................................

2,310,000

2,706,188

Loyola

University

New

Orleans,

Revenue,

2011,

Refunding,

5%,

10/01/41

.......

5,000,000

5,019,354

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/38

.......

2,560,000

3,079,371

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/39

.......

1,630,000

1,956,622

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/51

.......

2,175,000

2,544,252

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2002

B,

ETM,

5.75%,

5/15/23

2,500,000

2,731,676

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/34

........................................................

30,000

36,003

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/47

........................................................

20,000

24,002

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/46

10,000,000

11,914,802

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

5/15/49

........................................................

5,000,000

5,785,698

a

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

2,000,000

2,321,263

Roman

Catholic

Church

of

the

Archdiocese

of

New

Orleans,

Revenue,

2017,

Refunding,

5%,

7/01/37

............................................

3,750,000

3,600,000

Tulane

University,

Revenue,

2013

B,

5%,

10/01/37

.........................

5,540,000

5,897,608

Tulane

University,

Revenue,

2016

A,

Refunding,

5%,

12/15/41

................

3,000,000

3,576,973

Tulane

University,

Revenue,

2017

A,

Refunding,

4%,

12/15/50

................

2,000,000

2,266,426

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

91

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Public

Facilities

Authority,

(continued)

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/45

.................

$

1,000,000

$

1,256,166

Louisiana

Stadium

&

Exposition

District

,

Revenue

,

2020

,

5

%

,

7/03/23

............

1,150,000

1,220,324

Louisiana

State

Transportation

Authority

,

Revenue

,

2013

A

,

Pre-Refunded

,

5

%

,

8/15/38

4,500,000

4,921,691

Louisiana

State

University

&

Agricultural

&

Mechanical

College

,

Revenue,

2014,

Refunding,

5%,

7/01/29

.................................

1,000,000

1,112,179

Revenue,

2014,

Refunding,

5%,

7/01/30

.................................

1,040,000

1,156,719

Revenue,

2014,

Refunding,

5%,

7/01/34

.................................

1,000,000

1,114,674

Revenue,

2016

A,

Refunding,

5%,

7/01/40

...............................

4,500,000

5,296,710

Natchitoches

Parish

School

District

No.

9

,

GO

,

2018

,

AGMC

Insured

,

5

%

,

3/01/38

...

1,440,000

1,784,474

New

Orleans

Aviation

Board

,

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017

A

,

5

%

,

1/01/48

........................................

10,000,000

12,032,011

Parish

of

East

Baton

Rouge

Capital

Improvements

District

,

Revenue,

2019,

5%,

8/01/31

.........................................

1,000,000

1,305,815

Revenue,

2019,

4%,

8/01/44

.........................................

2,055,000

2,402,674

Revenue,

2019,

5%,

8/01/48

.........................................

2,500,000

3,104,667

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2018

A,

AGMC

Insured,

5%,

4/01/48

............................

2,750,000

3,279,084

Revenue,

2018

B,

Refunding,

AGMC

Insured,

5%,

4/01/43

...................

2,000,000

2,372,880

Revenue,

2020

D,

5%,

4/01/50

........................................

4,000,000

4,962,307

St.

Charles

Parish

School

Board

,

Revenue

,

2019

,

4

%

,

8/01/38

.................

805,000

978,667

St.

Tammany

Parish

Hospital

Service

District

No.

1

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/48

.........................................................

5,500,000

6,694,185

State

of

Louisiana

,

GO,

2014

C,

Refunding,

5%,

8/01/27

...................................

7,200,000

8,172,397

GO,

2016

A,

5%,

9/01/36

............................................

5,000,000

6,027,302

GO,

2019

A,

5%,

3/01/37

............................................

3,000,000

3,817,951

GO,

2021

A,

5%,

3/01/40

............................................

5,000,000

6,567,048

Revenue,

2013,

Pre-Refunded,

5%,

9/01/33

..............................

5,860,000

6,426,569

Revenue,

2013

A,

Pre-Refunded,

5%,

6/15/30

............................

2,860,000

3,107,859

Revenue,

2014

A,

Pre-Refunded,

5%,

6/15/32

............................

4,850,000

5,502,284

Revenue,

2019

A,

5%,

9/01/30

........................................

2,000,000

2,564,543

Revenue,

2019

A,

5%,

9/01/31

........................................

4,750,000

6,067,700

Revenue,

2021,

5%,

9/01/33

.........................................

1,200,000

1,593,825

Gasoline

&

Fuels

Tax,

Revenue,

First

Lien,

2015

A,

Refunding,

5%,

5/01/41

......

3,000,000

3,443,401

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/40

...

5,000,000

6,133,947

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/45

...

10,000,000

12,158,924

Terrebonne

Levee

&

Conservation

District

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

6/01/41

1,000,000

1,144,155

Terrebonne

Parish

Consolidated

Government

,

Revenue,

2020

A,

4%,

3/01/35

........................................

1,015,000

1,218,740

Revenue,

2020

A,

4%,

3/01/41

........................................

2,660,000

3,142,027

West

Feliciana

Parish

Parishwide

Consolidated

School

District

No.

1

,

GO

,

2020

,

4

%

,

3/01/50

.........................................................

3,000,000

3,400,925

371,941,814

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

545,031

b

Revenue,

WW-RSA-1,

5.25%,

7/01/33

..................................

855,000

841,106

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

92

s

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

L

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/35

.............................................

$

6,230,000

$

6,786,997

8,173,134

Total

U.S.

Territories

....................................................................

8,173,134

Total

Municipal

Bonds

(Cost

$353,896,775)

.....................................

380,114,948

a

a

a

a

a

Total

Investments

(Cost

$353,896,775)

96.7%

...................................

$380,114,948

Other

Assets,

less

Liabilities

3.3%

.............................................

13,148,837

Net

Assets

100.0%

...........................................................

$393,263,785

See

Abbreviations

on

page

167

.

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

August

31,

2021,

the

aggregate

value

of

these

securities

was

$15,861,505,

representing

4.0%

of

net

assets.

b

See

Note

7

regarding

defaulted

securities.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Maryland

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

93

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$10.97

$11.35

$10.80

$10.76

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.12

0.28

0.29

0.15

Net

realized

and

unrealized

gains

(losses)

........................

0.19

(0.38)

0.57

0.04

Total

from

investment

operations

.................................

0.31

(0.10)

0.86

0.19

Less

distributions

from:

Net

investment

income

.......................................

(0.12)

(0.28)

(0.31)

(0.15)

Net

asset

value,

end

of

period

...................................

$11.16

$10.97

$11.35

$10.80

Total

return

e

................................................

2.83%

(0.84)%

8.11%

1.84%

Ratios

to

average

net

assets

f

Expenses

g

.................................................

0.87%

0.87%

0.88%

0.88%

Net

investment

income

........................................

2.10%

2.55%

2.65%

2.95%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$92,631

$78,374

$60,104

$26,572

Portfolio

turnover

rate

.........................................

8.42%

28.27%

7.50%

5.33%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

94

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.97

$11.36

$10.80

$10.76

$11.10

$11.35

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.30

0.31

0.33

0.34

0.39

Net

realized

and

unrealized

gains

(losses)

0.19

(0.39)

0.58

0.05

(0.32)

(0.24)

Total

from

investment

operations

........

0.32

(0.09)

0.89

0.38

0.02

0.15

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.30)

(0.33)

(0.34)

(0.36)

(0.40)

Net

asset

value,

end

of

period

..........

$11.16

$10.97

$11.36

$10.80

$10.76

$11.10

Total

return

d

.......................

2.91%

(0.69)%

8.27%

3.59%

0.13%

1.31%

Ratios

to

average

net

assets

e

Expenses

.........................

0.72%

f

0.72%

f

0.73%

f

0.73%

f

0.70%

0.67%

Net

investment

income

...............

2.26%

2.72%

2.80%

3.10%

3.07%

3.47%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$233,733

$240,637

$270,309

$279,750

$319,120

$351,933

Portfolio

turnover

rate

................

8.42%

28.27%

7.50%

5.33%

11.36%

33.34%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

95

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.20

$11.59

$11.02

$10.98

$11.31

$11.56

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.10

0.24

0.25

0.28

0.28

0.34

Net

realized

and

unrealized

gains

(losses)

0.19

(0.39)

0.59

0.04

(0.32)

(0.25)

Total

from

investment

operations

........

0.29

(0.15)

0.84

0.32

(0.04)

0.09

Less

distributions

from:

Net

investment

income

..............

(0.10)

(0.24)

(0.27)

(0.28)

(0.29)

(0.34)

Net

asset

value,

end

of

period

..........

$11.39

$11.20

$11.59

$11.02

$10.98

$11.31

Total

return

d

.......................

2.56%

(1.30)%

7.75%

2.94%

(0.34)%

0.72%

Ratios

to

average

net

assets

e

Expenses

.........................

1.26%

f

1.26%

f

1.28%

f

1.28%

f

1.25%

1.22%

Net

investment

income

...............

1.66%

2.13%

2.25%

2.55%

2.52%

2.92%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$27,567

$34,896

$45,502

$56,323

$92,553

$115,011

Portfolio

turnover

rate

................

8.42%

28.27%

7.50%

5.33%

11.36%

33.34%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

96

In

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$10.99

$11.37

$10.82

$10.78

$11.05

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.13

0.31

0.32

0.35

0.21

Net

realized

and

unrealized

gains

(losses)

...........

0.20

(0.37)

0.58

0.04

(0.27)

Total

from

investment

operations

....................

0.33

(0.06)

0.90

0.39

(0.06)

Less

distributions

from:

Net

investment

income

..........................

(0.14)

(0.32)

(0.35)

(0.35)

(0.21)

Net

asset

value,

end

of

period

......................

$11.18

$10.99

$11.37

$10.82

$10.78

Total

return

e

...................................

2.98%

(0.55)%

8.41%

3.71%

(0.58)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.58%

0.59%

0.60%

0.61%

0.62%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.57%

g

0.57%

g

0.58%

g

0.58%

g

0.56%

Net

investment

income

...........................

2.38%

2.81%

2.95%

3.25%

3.21%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$11,844

$8,033

$3,642

$1,753

$1,376

Portfolio

turnover

rate

............................

8.42%

28.27%

7.50%

5.33%

11.36%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

97

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.98

$11.37

$10.81

$10.77

$11.11

$11.35

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.31

0.32

0.34

0.35

0.41

Net

realized

and

unrealized

gains

(losses)

0.19

(0.39)

0.58

0.05

(0.32)

(0.24)

Total

from

investment

operations

........

0.32

(0.08)

0.90

0.39

0.03

0.17

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.31)

(0.34)

(0.35)

(0.37)

(0.41)

Net

asset

value,

end

of

period

..........

$11.17

$10.98

$11.37

$10.81

$10.77

$11.11

Total

return

d

.......................

2.95%

(0.68)%

8.47%

3.68%

0.22%

1.50%

Ratios

to

average

net

assets

e

Expenses

.........................

0.62%

f

0.62%

f

0.63%

f

0.63%

f

0.60%

0.57%

Net

investment

income

...............

2.35%

2.81%

2.90%

3.20%

3.17%

3.57%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$57,675

$57,854

$54,079

$44,264

$40,532

$42,625

Portfolio

turnover

rate

................

8.42%

28.27%

7.50%

5.33%

11.36%

33.34%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,

2021

Franklin

Maryland

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

98

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.7%

Maryland

91.8%

City

of

Baltimore

,

Revenue,

2020

A,

4%,

7/01/45

........................................

$

4,500,000

$

5,357,884

Revenue,

2020

A,

5%,

7/01/50

........................................

9,115,000

11,681,364

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/46

.....................

5,000,000

6,068,844

County

of

Anne

Arundel

,

GO,

2013,

5%,

4/01/33

.............................................

3,140,000

3,369,375

a

Glenview

Housing

LP,

Revenue,

2009,

Mandatory

Put,

5%,

1/01/27

............

1,860,000

1,883,967

County

of

Baltimore

,

GO,

5%,

2/01/39

..................................................

2,900,000

3,441,654

GO,

5%,

2/01/41

..................................................

2,900,000

3,440,970

County

of

Harford

,

Tax

Allocation,

2021,

Refunding,

4%,

7/01/31

.............................

150,000

181,318

Tax

Allocation,

2021,

Refunding,

4%,

7/01/36

.............................

750,000

888,998

Tax

Allocation,

2021,

Refunding,

4%,

7/01/40

.............................

675,000

791,831

County

of

Montgomery

,

COP,

2020

A,

5%,

10/01/29

..........................................

2,950,000

3,906,873

GO,

2016

A,

4%,

12/01/33

...........................................

7,000,000

7,780,597

Water

Quality

Protection

Charge,

Revenue,

2012

A,

5%,

4/01/30

..............

1,855,000

1,862,213

Water

Quality

Protection

Charge,

Revenue,

2012

A,

5%,

4/01/31

..............

1,240,000

1,244,812

County

of

Prince

George's

,

GO,

2018

A,

4%,

7/15/35

............................................

11,405,000

13,682,222

GO,

2020

A,

5%,

7/15/40

............................................

900,000

1,127,226

Howard

County

Housing

Commission

,

Revenue,

2013,

5%,

10/01/28

........................................

10,000,000

10,772,469

Revenue,

2016,

4%,

6/01/46

.........................................

2,000,000

2,170,293

Revenue,

2017,

5%,

12/01/46

........................................

5,000,000

5,782,726

Maryland

Community

Development

Administration

,

Housing,

Revenue,

2019

D,

3%,

7/01/39

................................

1,500,000

1,598,591

Housing,

Revenue,

2019

D,

3.2%,

7/01/44

...............................

1,000,000

1,068,176

Maryland

Community

Development

Administration

Local

Government

Infrastructure

,

Revenue,

2014

A-2,

Pre-Refunded,

5%,

6/01/34

...........................

455,000

492,320

Revenue,

2017

A-1,

4%,

6/01/47

......................................

2,300,000

2,582,960

Revenue,

2018

A-1,

5%,

6/01/48

......................................

1,310,000

1,613,733

Revenue,

A-2,

5%,

6/01/34

...........................................

1,245,000

1,344,511

Revenue,

A-2,

Pre-Refunded,

5%,

6/01/34

...............................

1,800,000

1,949,293

Revenue,

Senior

Lien,

2019

B-1,

4%,

6/01/49

.............................

3,000,000

3,467,813

Maryland

Economic

Development

Corp.

,

Revenue,

2012,

Refunding,

5%,

7/01/27

.................................

1,500,000

1,547,842

Revenue,

2012,

Refunding,

5%,

7/01/33

.................................

2,495,000

2,563,864

Revenue,

2016,

Refunding,

AGMC

Insured,

5%,

6/01/35

....................

4,225,000

4,956,476

Revenue,

2016,

Refunding,

AGMC

Insured,

5%,

6/01/43

....................

3,305,000

3,866,881

Revenue,

Senior

Lien,

2012,

Refunding,

5%,

7/01/27

.......................

4,750,000

4,930,562

Revenue,

Senior

Lien,

2012,

Refunding,

5%,

7/01/34

.......................

2,150,000

2,221,473

Revenue,

Senior

Lien,

2013,

Refunding,

5%,

10/01/33

......................

5,000,000

5,338,227

Morgan

State

University,

Revenue,

2020,

4%,

7/01/40

......................

1,000,000

1,158,505

Morgan

State

University,

Revenue,

2020,

5%,

7/01/50

......................

1,250,000

1,541,504

University

Park

Phase

I

&

II

at

Salisbury

University,

Revenue,

2013,

Refunding,

5%,

6/01/34

........................................................

2,040,000

2,149,923

West

Village

&

Millennium

Hall

Student

Housing

at

Towson

University,

Revenue,

Senior

Lien,

2012,

5%,

7/01/27

......................................

1,145,000

1,183,063

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Adventist

Healthcare

Obligated

Group,

Revenue,

2016

A,

5.5%,

1/01/46

.........

9,750,000

11,698,917

Adventist

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

1/01/38

...

865,000

994,790

Charlestown

Community,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

1/01/45

........

4,170,000

4,843,549

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/50

..

1,715,000

1,981,982

Goucher

College,

Revenue,

2012

A,

5%,

7/01/34

..........................

1,500,000

1,555,506

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

99

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Maryland

Health

&

Higher

Educational

Facilities

Authority,

(continued)

Goucher

College,

Revenue,

2017

A,

Refunding,

5%,

7/01/44

.................

$

7,470,000

$

8,744,238

Johns

Hopkins

Health

System

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/15/37

........................................................

10,000,000

11,552,757

Johns

Hopkins

Medical

Institutional

Parking

System,

Revenue,

2001,

AMBAC

Insured,

5%,

7/01/27

..............................................

655,000

661,441

Johns

Hopkins

Medical

Institutional

Parking

System,

Revenue,

2004,

AMBAC

Insured,

5%,

7/01/34

..............................................

5,000,000

5,049,170

Johns

Hopkins

Medical

Institutional

Parking

System,

Revenue,

2004

B,

AMBAC

Insured,

5%,

7/01/38

..............................................

6,200,000

6,260,970

Johns

Hopkins

University,

Revenue,

2013

B,

5%,

7/01/38

....................

5,000,000

5,399,203

LifeBridge

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

7/01/47

.....

4,000,000

4,729,682

LifeBridge

Health

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

7/01/44

.....

2,000,000

2,391,162

Loyola

University

Maryland,

Inc.,

Revenue,

2014,

Refunding,

5%,

10/01/45

......

2,250,000

2,537,786

Loyola

University

Maryland,

Inc.,

Revenue,

2019

A,

Refunding,

5%,

10/01/49

.....

2,000,000

2,499,481

Luminis

Health

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/39

.......

10,000,000

11,193,217

Maryland

Institute

College

of

Art,

Revenue,

2012,

5%,

6/01/29

................

1,000,000

1,034,798

Maryland

Institute

College

of

Art,

Revenue,

2016,

Refunding,

4%,

6/01/42

.......

5,325,000

5,840,918

MedStar

Health

Obligated

Group,

Revenue,

1997,

AMBAC

Insured,

ETM,

5%,

7/01/27

........................................................

8,175,000

9,472,539

MedStar

Health

Obligated

Group,

Revenue,

2013

A,

5%,

8/15/38

..............

5,000,000

5,441,664

MedStar

Health

Obligated

Group,

Revenue,

2017

A,

5%,

5/15/45

..............

5,000,000

6,087,625

Meritus

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/01/45

.

8,535,000

9,605,834

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/28

..........

430,000

539,124

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/30

..........

775,000

1,007,533

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/32

..........

800,000

1,055,312

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/34

..........

350,000

421,870

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/36

..........

1,125,000

1,346,690

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/40

..........

1,850,000

2,191,479

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/46

..........

1,000,000

1,164,238

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/55

..........

1,000,000

1,155,175

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017

MD,

5%,

12/01/46

........

1,680,000

2,055,939

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/01/35

....................................................

2,100,000

2,419,622

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/39

............................................

10,000,000

11,998,989

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

D,

4%,

7/01/48

........................................................

5,000,000

5,646,326

Maryland

Industrial

Development

Financing

Authority

,

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/43

..............

1,100,000

1,267,723

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/48

..............

610,000

698,294

Maryland

Stadium

Authority

,

Baltimore

City

Public

School

Construction

Financing

Fund,

Revenue,

2016,

Pre-

Refunded,

5%,

5/01/46

............................................

10,085,000

12,215,982

Baltimore

City

Public

School

Construction

Financing

Fund,

Revenue,

2020

A,

5%,

5/01/50

........................................................

12,225,000

18,152,135

Maryland

State

Transportation

Authority

,

Revenue,

2020,

4%,

7/01/45

.........................................

8,000,000

9,532,363

Revenue,

2020,

4%,

7/01/50

.........................................

5,000,000

5,924,608

Revenue,

2021

A,

Refunding,

5%,

7/01/51

...............................

4,900,000

6,383,650

State

of

Maryland

,

GO,

2020

A,

5%,

8/01/35

............................................

5,000,000

6,647,594

Department

of

Transportation,

Revenue,

2020,

5%,

10/01/33

.................

3,000,000

4,028,752

State

of

Maryland

Department

of

Transportation

,

Maryland

Aviation

Administration,

Revenue,

2021

B,

5%,

8/01/46

..............

3,000,000

3,847,552

Maryland

Aviation

Administration,

Revenue,

2021

B,

4%,

8/01/51

..............

3,500,000

4,105,862

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

100

s

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

University

System

of

Maryland

,

Revenue,

2021

A,

Refunding,

5%,

4/01/31

...............................

$

8,685,000

$

11,856,519

Revenue,

2021

A,

Refunding,

4%,

4/01/32

...............................

5,855,000

7,409,676

Washington

Suburban

Sanitary

Commission

,

Revenue,

Second

Series,

2016,

5%,

6/01/37

.............................

5,000,000

6,025,967

Revenue,

Second

Series,

2016,

4%,

6/01/43

.............................

8,070,000

9,199,488

388,887,044

U.S.

Territories

6.9%

District

of

Columbia

4.6%

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017

B,

5%,

7/01/42

........................................

5,000,000

6,054,908

Revenue,

2020

A,

4%,

7/15/45

........................................

5,000,000

5,943,508

Revenue,

2020

A,

5%,

7/15/45

........................................

3,000,000

3,837,694

Revenue,

2021

A,

4%,

7/15/43

........................................

1,750,000

2,111,527

Revenue,

2021

A,

5%,

7/15/37

........................................

1,000,000

1,327,700

19,275,337

Puerto

Rico

2.3%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

2,000,000

2,180,124

b

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

1,975,000

1,947,843

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/33

...................

1,535,000

1,728,252

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,000,000

1,089,406

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

2,550,000

2,929,212

9,874,837

Total

U.S.

Territories

....................................................................

29,150,174

Total

Municipal

Bonds

(Cost

$393,863,205)

.....................................

418,037,218

a

a

a

a

Short

Term

Investments

0.1%

Municipal

Bonds

0.1%

Maryland

0.1%

c

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

11/01/37

........................................................

400,000

400,000

Total

Municipal

Bonds

(Cost

$400,000)

.........................................

400,000

Total

Short

Term

Investments

(Cost

$400,000

)

..................................

400,000

a

Total

Investments

(Cost

$394,263,205)

98.8%

...................................

$418,437,218

Other

Assets,

less

Liabilities

1.2%

.............................................

5,011,639

Net

Assets

100.0%

...........................................................

$423,448,857

See

Abbreviations

on

page

167

.

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

See

Note

7

regarding

defaulted

securities.

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

Financial

Highlights

Franklin

Missouri

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

101

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$11.85

$12.09

$11.47

$11.41

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.14

0.29

0.31

0.16

Net

realized

and

unrealized

gains

(losses)

........................

0.15

(0.24)

0.63

0.06

Total

from

investment

operations

.................................

0.29

0.05

0.94

0.22

Less

distributions

from:

Net

investment

income

.......................................

(0.14)

(0.29)

(0.32)

(0.16)

Net

asset

value,

end

of

period

...................................

$12.00

$11.85

$12.09

$11.47

Total

return

e

................................................

2.47%

0.41%

8.32%

1.98%

Ratios

to

average

net

assets

f

Expenses

g

.................................................

0.81%

0.81%

0.81%

0.84%

Net

investment

income

........................................

2.32%

2.42%

2.62%

2.96%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$209,350

$169,677

$122,845

$63,400

Portfolio

turnover

rate

.........................................

11.02%

18.20%

14.83%

9.79%

a

For

the

year

ended

February

29.

b

For

the

year

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

102

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.84

$12.09

$11.46

$11.38

$11.74

$12.05

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15

0.31

0.33

0.35

0.36

0.42

Net

realized

and

unrealized

gains

(losses)

0.16

(0.26)

0.64

0.09

(0.34)

(0.30)

Total

from

investment

operations

........

0.31

0.05

0.97

0.44

0.02

0.12

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.30)

(0.34)

(0.36)

(0.38)

(0.43)

Net

asset

value,

end

of

period

..........

$12.00

$11.84

$12.09

$11.46

$11.38

$11.74

Total

return

d

.......................

2.64%

0.48%

8.58%

3.90%

0.12%

0.94%

Ratios

to

average

net

assets

e

Expenses

.........................

0.66%

f

0.66%

f

0.66%

f

0.69%

f

0.66%

0.65%

Net

investment

income

...............

2.49%

2.58%

2.77%

3.11%

3.05%

3.52%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$641,648

$647,517

$708,399

$700,839

$793,226

$873,204

Portfolio

turnover

rate

................

11.02%

18.20%

14.83%

9.79%

20.04%

11.66%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

103

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.97

$12.21

$11.58

$11.49

$11.86

$12.17

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.12

0.24

0.26

0.29

0.29

0.36

Net

realized

and

unrealized

gains

(losses)

0.15

(0.24)

0.65

0.09

(0.35)

(0.31)

Total

from

investment

operations

........

0.27

—

0.91

0.38

(0.06)

0.05

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.24)

(0.28)

(0.29)

(0.31)

(0.36)

Net

asset

value,

end

of

period

..........

$12.12

$11.97

$12.21

$11.58

$11.49

$11.86

Total

return

d

.......................

2.24%

0.01%

7.92%

3.37%

(0.53)%

0.38%

Ratios

to

average

net

assets

e

Expenses

.........................

1.21%

f

1.21%

f

1.21%

f

1.24%

f

1.21%

1.20%

Net

investment

income

...............

1.91%

2.01%

2.22%

2.56%

2.50%

2.97%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$59,748

$74,779

$104,721

$108,739

$149,306

$169,821

Portfolio

turnover

rate

................

11.02%

18.20%

14.83%

9.79%

20.04%

11.66%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

104

In

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.85

$12.10

$11.47

$11.38

$11.72

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.16

0.32

0.34

0.37

0.22

Net

realized

and

unrealized

gains

(losses)

...........

0.16

(0.25)

0.65

0.09

(0.35)

Total

from

investment

operations

....................

0.32

0.07

0.99

0.46

(0.13)

Less

distributions

from:

Net

investment

income

..........................

(0.16)

(0.32)

(0.36)

(0.37)

(0.21)

Net

asset

value,

end

of

period

......................

$12.01

$11.85

$12.10

$11.47

$11.38

Total

return

e

...................................

2.71%

0.61%

8.71%

4.12%

(1.11)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.53%

0.53%

0.54%

0.55%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.53%

g,h

0.53%

g,h

0.53%

g

0.54%

g

0.53%

Net

investment

income

...........................

2.61%

2.70%

2.90%

3.26%

3.18%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$34,505

$30,329

$23,700

$18,929

$17,534

Portfolio

turnover

rate

............................

11.02%

18.20%

14.83%

9.79%

20.04%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

105

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.85

$12.09

$11.47

$11.38

$11.75

$12.06

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16

0.32

0.34

0.37

0.37

0.44

Net

realized

and

unrealized

gains

(losses)

0.15

(0.24)

0.63

0.09

(0.35)

(0.31)

Total

from

investment

operations

........

0.31

0.08

0.97

0.46

0.02

0.13

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.32)

(0.35)

(0.37)

(0.39)

(0.44)

Net

asset

value,

end

of

period

..........

$12.00

$11.85

$12.09

$11.47

$11.38

$11.75

Total

return

d

.......................

2.60%

0.66%

8.59%

4.09%

0.12%

1.04%

Ratios

to

average

net

assets

e

Expenses

.........................

0.56%

f

0.56%

f

0.56%

f

0.59%

f

0.56%

0.55%

Net

investment

income

...............

2.58%

2.68%

2.87%

3.21%

3.15%

3.62%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$88,324

$85,456

$82,970

$60,117

$72,460

$83,686

Portfolio

turnover

rate

................

11.02

%

18.20%

14.83%

9.79%

20.04%

11.66%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,

2021

Franklin

Missouri

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

106

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.7%

California

0.7%

Merced

Union

High

School

District

,

GO

,

F

,

Zero

Cpn

.,

8/01/44

..................

$

1,160,000

$

643,905

Oak

Grove

School

District

,

GO

,

G-2

,

BAM

Insured

,

Zero

Cpn

.,

6/01/46

...........

10,000,000

5,269,922

Santa

Barbara

Secondary

High

School

District

,

GO

,

2011

A

,

Zero

Cpn

.,

8/01/40

....

1,790,000

1,129,741

7,043,568

Illinois

0.6%

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

4,000,000

4,754,564

GO,

2020,

5.5%,

5/01/30

............................................

1,000,000

1,328,819

6,083,383

Missouri

93.5%

Affton

School

District

No.

101

,

GO,

2017

A,

Refunding,

5%,

3/01/32

...................................

1,500,000

1,841,599

GO,

2017

A,

Refunding,

5%,

3/01/33

...................................

1,595,000

1,954,878

GO,

2017

A,

Refunding,

5%,

3/01/34

...................................

1,700,000

2,080,903

GO,

2017

A,

Refunding,

5%,

3/01/35

...................................

1,810,000

2,209,585

GO,

2017

A,

Refunding,

5%,

3/01/36

...................................

1,920,000

2,338,084

Belton

School

District

No.

124

,

GO,

2020

A,

4%,

3/01/39

............................................

1,500,000

1,816,006

GO,

2020

A,

4%,

3/01/40

............................................

1,200,000

1,449,687

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District

,

Revenue,

2013

A,

Pre-Refunded,

5%,

10/01/44

...........................

10,000,000

10,527,923

Revenue,

2019,

Refunding,

4%,

10/01/34

................................

830,000

1,002,941

Revenue,

2019,

Refunding,

5%,

10/01/44

................................

10,995,000

13,746,624

Revenue,

2019,

Refunding,

4%,

10/01/48

................................

10,000,000

11,592,051

Cape

Girardeau

County

Industrial

Development

Authority

,

Procter

&

Gamble

Co.

(The),

Revenue,

1998,

5.3%,

5/15/28

..................

6,875,000

6,901,065

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

4%,

3/01/41

.............

3,285,000

3,798,268

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

3%,

3/01/46

.............

3,000,000

3,119,592

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

4%,

3/01/46

.............

5,230,000

5,977,335

St.

Francis

Obligated

Group,

Revenue,

2013

A,

Refunding,

5%,

6/01/33

.........

5,000,000

5,179,094

St.

Francis

Obligated

Group,

Revenue,

2013

A,

Refunding,

5%,

6/01/37

.........

11,000,000

11,394,008

St.

Francis

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

6/01/39

..........

5,110,000

5,973,574

Cape

Girardeau

County

School

District

No.

R-2

,

GO,

2018,

4%,

3/01/32

.............................................

1,000,000

1,188,122

GO,

2018,

4%,

3/01/33

.............................................

1,000,000

1,182,267

GO,

2018,

5%,

3/01/38

.............................................

2,195,000

2,714,668

Cape

Girardeau

School

District

No.

63

,

GO,

2019,

Refunding,

4%,

3/01/38

.....................................

650,000

753,251

GO,

2019,

Refunding,

4%,

3/01/39

.....................................

500,000

578,425

City

of

Bridgeton

,

Sales

Tax,

Revenue,

2021

A,

Refunding,

2%,

12/01/32

......................

500,000

496,730

Sales

Tax,

Revenue,

2021

A,

Refunding,

2.125%,

12/01/33

..................

1,170,000

1,173,400

City

of

Kansas

City

,

Revenue,

2021

A,

5%,

4/01/40

........................................

1,250,000

1,612,644

Revenue,

2021

A,

5%,

4/01/41

........................................

1,200,000

1,544,984

Sanitary

Sewer

System,

Revenue,

2011

A,

Refunding,

5%,

1/01/37

............

29,210,000

29,325,274

Sanitary

Sewer

System,

Revenue,

2018

A,

4%,

1/01/35

.....................

1,500,000

1,769,950

Sanitary

Sewer

System,

Revenue,

2018

A,

4%,

1/01/42

.....................

5,000,000

5,868,313

Water,

Revenue,

2017

A,

4%,

12/01/41

.................................

4,970,000

5,724,629

Water,

Revenue,

2020

A,

4%,

12/01/38

.................................

600,000

740,055

Water,

Revenue,

2020

A,

4%,

12/01/39

.................................

700,000

862,407

Water,

Revenue,

2020

A,

4%,

12/01/40

.................................

500,000

614,581

Water,

Revenue,

2020

A,

4%,

12/01/41

.................................

550,000

674,124

Water,

Revenue,

2020

A,

4%,

12/01/42

.................................

685,000

837,114

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

107

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

City

of

Kansas

City,

(continued)

Water,

Revenue,

2020

A,

4%,

12/01/44

.................................

$

1,200,000

$

1,459,797

City

of

Marshfield

,

Waterworks

&

Sewer

System,

Revenue,

2020

B,

AGMC

Insured,

5%,

2/01/43

....

1,305,000

1,567,775

Waterworks

&

Sewer

System,

Revenue,

2020

B,

AGMC

Insured,

5%,

2/01/50

....

1,585,000

1,862,322

City

of

Peculiar

,

Water

&

Sewer,

Revenue,

2017,

AGMC

Insured,

4%,

6/01/39

.................

1,000,000

1,146,910

Water

&

Sewer,

Revenue,

2017,

AGMC

Insured,

4%,

6/01/42

.................

2,405,000

2,759,439

City

of

Sikeston

,

Electric

System

,

Revenue

,

2012

,

Refunding

,

5

%

,

6/01/22

........

12,570,000

13,018,695

City

of

Springfield

,

Revenue,

2012,

5%,

4/01/31

.........................................

1,795,000

1,844,165

Revenue,

2012,

5%,

4/01/32

.........................................

1,885,000

1,936,518

City

of

St.

Charles

,

COP,

2020

B,

Refunding,

3%,

2/01/38

..................................

2,200,000

2,399,224

COP,

2020

B,

Refunding,

3%,

2/01/39

..................................

1,500,000

1,630,124

City

of

St.

Louis

,

Airport,

Revenue,

2005,

Refunding,

NATL

Insured,

5.5%,

7/01/29

..............

13,070,000

17,556,672

Airport,

Revenue,

2017

A,

Refunding,

AGMC

Insured,

5%,

7/01/25

.............

5,000,000

5,882,902

Airport,

Revenue,

2017

C,

Refunding,

AGMC

Insured,

5%,

7/01/42

.............

3,930,000

4,818,692

Airport,

Revenue,

2017

C,

Refunding,

AGMC

Insured,

5%,

7/01/47

.............

10,670,000

13,076,115

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/33

.............

1,000,000

1,218,880

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/34

.............

1,415,000

1,720,620

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/36

.............

1,125,000

1,363,060

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/37

.............

1,000,000

1,209,083

Airport,

Revenue,

2019

A,

5%,

7/01/49

..................................

2,500,000

3,095,907

Airport,

Revenue,

2019

C,

Refunding,

5%,

7/01/27

.........................

1,705,000

2,131,149

Clay

County

Reorganized

School

District

No.

R-1

,

GO,

2017,

3%,

3/01/34

.............................................

1,670,000

1,755,454

GO,

2017,

3%,

3/01/35

.............................................

1,730,000

1,816,424

GO,

2017,

3%,

3/01/36

.............................................

1,540,000

1,614,235

GO,

2017,

3.125%,

3/01/37

..........................................

1,855,000

1,949,668

Community

College

District

of

Central

Southwest

Missouri

,

COP,

2021,

3%,

3/01/40

.............................................

575,000

610,939

COP,

2021,

3%,

3/01/41

.............................................

400,000

423,980

County

of

St.

Louis

,

Revenue

,

2020

A

,

Refunding

,

2

%

,

12/01/33

................

975,000

987,426

Curators

of

the

University

of

Missouri

(The)

,

Revenue

,

2020

B

,

5

%

,

11/01/30

.......

2,335,000

3,153,688

Ferguson

Reorganized

School

District

No.

R-2

,

GO,

2018,

4%,

5/01/32

.............................................

1,000,000

1,160,041

GO,

2018,

5%,

5/01/38

.............................................

2,250,000

2,727,612

Fort

Osage

School

District

No.

R-1

,

GO

,

2018

,

Refunding

,

5.5

%

,

3/01/38

.........

3,010,000

3,846,696

Greene

County

Reorganized

School

District

No.

R-2

Willard

,

GO

,

2018

,

4

%

,

3/01/30

.

1,000,000

1,173,855

Hanley

Road

Corridor

Transportation

Development

District

,

Revenue,

2020,

Refunding,

1.625%,

10/01/33

............................

800,000

787,967

Revenue,

2020,

Refunding,

2%,

10/01/39

................................

900,000

881,765

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

AT

Still

University

of

Health

Sciences,

Revenue,

2014,

Pre-Refunded,

5%,

10/01/39

1,250,000

1,375,888

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/40

......

1,650,000

1,822,494

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/45

......

1,300,000

1,421,438

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/30

........................................................

300,000

367,400

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/36

........................................................

1,580,000

1,911,844

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/41

........................................................

1,830,000

2,183,037

BJC

Healthcare

Obligated

Group,

Revenue,

2014,

5%,

1/01/44

...............

8,175,000

9,029,734

BJC

Healthcare

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

7/01/46

.....

5,000,000

5,969,405

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

108

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)

BJC

Healthcare

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

7/01/51

.....

$

5,000,000

$

5,342,458

Capital

Region

Medical

Center,

Revenue,

2020,

Refunding,

5%,

11/01/35

........

1,700,000

2,164,898

Capital

Region

Medical

Center,

Revenue,

2020,

Refunding,

5%,

11/01/40

........

2,000,000

2,504,854

CoxHealth

Obligated

Group,

Revenue,

2013

A,

5%,

11/15/38

.................

11,680,000

12,782,476

CoxHealth

Obligated

Group,

Revenue,

2013

A,

5%,

11/15/44

.................

2,760,000

3,014,146

CoxHealth

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/15/39

........

17,000,000

19,740,208

CoxHealth

Obligated

Group,

Revenue,

2019

A,

4%,

11/15/44

.................

5,000,000

5,758,488

Kansas

City

University

of

Medicine

and

Biosciences,

Revenue,

2017

A,

5%,

6/01/42

2,800,000

3,384,324

Kansas

City

University

of

Medicine

and

Biosciences,

Revenue,

2017

A,

5%,

6/01/47

4,875,000

5,832,535

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/40

........................................................

2,060,000

2,215,206

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/41

........................................................

2,120,000

2,272,696

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/46

........................................................

5,590,000

5,892,804

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

2/15/51

........................................................

2,125,000

2,500,432

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/46

.......

4,000,000

4,518,935

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

B,

Refunding,

5%,

2/01/46

........................................................

11,575,000

13,076,668

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/34

.......

2,000,000

2,251,772

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/42

.......

1,750,000

1,956,325

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

C,

Refunding,

4%,

2/01/48

........................................................

485,000

551,164

Maryville

University

of

St.

Louis,

Revenue,

2015,

5%,

6/15/44

.................

5,000,000

5,581,874

Maryville

University

of

St.

Louis,

Revenue,

2019

A,

5%,

6/15/45

...............

4,000,000

4,795,058

Maryville

University

of

St.

Louis,

Revenue,

2020

A,

Refunding,

4%,

6/15/34

......

4,345,000

5,073,830

Maryville

University

of

St.

Louis,

Revenue,

2020

A,

Refunding,

4%,

6/15/38

......

4,885,000

5,646,725

Mercy

Health,

Revenue,

2012,

4%,

11/15/42

.............................

8,000,000

8,286,345

Mercy

Health,

Revenue,

2014

F,

5%,

11/15/45

............................

25,000,000

28,385,190

Mercy

Health,

Revenue,

2015

B,

Refunding,

5%,

2/01/45

....................

6,870,000

7,751,591

Mercy

Health,

Revenue,

2017

C,

Refunding,

5%,

11/15/47

...................

12,500,000

15,059,035

Mosaic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

2/15/54

4,000,000

4,575,028

SSM

Health

Care

Obligated

Group,

Revenue,

2018

A,

5%,

6/01/48

............

5,000,000

6,055,293

St.

Louis

University,

Revenue,

2015

A,

5%,

10/01/38

.......................

10,000,000

11,695,455

St.

Louis

University,

Revenue,

2017

A,

5%,

10/01/47

.......................

15,000,000

17,989,058

St.

Louis

University,

Revenue,

2019

A,

5%,

10/01/46

.......................

5,775,000

7,076,539

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/35

3,950,000

4,686,850

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/43

.......................................................

2,000,000

2,446,823

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/50

2,500,000

2,906,367

University

of

Central

Missouri,

Revenue,

2013

C-2,

5%,

10/01/34

..............

5,000,000

5,481,790

Jackson

County

School

District

No.

R-IV

Blue

Springs

,

GO,

2018

A,

5.5%,

3/01/36

...........................................

3,000,000

3,947,981

GO,

2018

A,

5.5%,

3/01/37

...........................................

2,000,000

2,628,565

Jefferson

City

School

District

,

GO

,

2018

,

5

%

,

3/01/38

........................

6,070,000

7,321,819

Jefferson

County

Consolidated

School

District

No.

6

,

GO

,

2021

A

,

3

%

,

3/01/41

.....

1,000,000

1,086,031

Joplin

Industrial

Development

Authority

,

Freeman

Health

System

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

2/15/35

.................................

4,000,000

4,339,890

Joplin

Schools

,

GO

,

2017

,

Refunding

,

4

%

,

3/01/32

..........................

4,000,000

4,674,835

Kansas

City

Industrial

Development

Authority

,

Revenue,

2011

A,

Refunding,

5.5%,

9/01/29

..............................

5,000,000

5,021,497

Revenue,

2011

A,

Refunding,

5.5%,

9/01/30

..............................

12,000,000

12,051,791

Revenue,

2011

A,

Refunding,

5%,

9/01/32

...............................

3,000,000

3,011,715

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/46

...................

19,425,000

23,727,762

City

of

Kansas

City

Airport,

Revenue,

2019

B,

AGMC

Insured,

5%,

3/01/49

.......

3,000,000

3,663,056

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

109

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Kansas

City

Industrial

Development

Authority,

(continued)

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/54

...................

$

10,090,000

$

12,203,040

City

of

Kansas

City

Airport,

Revenue,

2020

A,

AGMC

Insured,

4%,

3/01/57

.......

5,900,000

6,733,508

City

of

Kansas

City

Airport,

Revenue,

2020

A,

AGMC

Insured,

5%,

3/01/57

.......

5,100,000

6,325,949

Liberty

Public

School

District

No.

53

,

GO

,

2018

,

4

%

,

3/01/37

...................

4,500,000

5,048,315

Metropolitan

St.

Louis

Sewer

District

,

Revenue,

2015

B,

Pre-Refunded,

5%,

5/01/45

............................

1,610,000

1,881,017

Revenue,

2015

B,

Refunding,

5%,

5/01/45

...............................

3,390,000

3,879,369

Revenue,

2016

C,

5%,

5/01/46

........................................

24,700,000

29,073,179

Revenue,

2017

A,

Refunding,

5%,

5/01/42

...............................

5,000,000

6,047,107

Revenue,

2017

A,

Refunding,

5%,

5/01/47

...............................

10,000,000

12,039,520

Revenue,

2019

B,

5%,

5/01/44

........................................

3,500,000

4,425,507

Revenue,

2019

B,

5%,

5/01/49

........................................

6,290,000

7,908,412

Revenue,

2020

B,

5%,

5/01/48

........................................

2,625,000

3,361,907

Missouri

Development

Finance

Board

,

City

of

Independence,

Revenue,

2012

A,

5%,

6/01/37

.......................

5,000,000

5,172,626

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/36

...............

1,140,000

1,337,637

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/37

...............

500,000

584,310

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/41

...............

515,000

594,511

City

of

Independence,

Revenue,

2021,

Refunding,

3%,

3/01/46

...............

1,725,000

1,783,431

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/51

...............

6,000,000

6,882,076

Procter

&

Gamble

Co.

(The),

Revenue,

1999,

5.2%,

3/15/29

..................

3,000,000

3,835,067

Missouri

Housing

Development

Commission

,

Revenue,

2018

B,

GNMA

Insured,

4%,

11/01/38

...........................

1,120,000

1,236,869

Revenue,

2019

C,

GNMA

Insured,

3%,

11/01/44

...........................

3,785,000

3,963,217

Revenue,

2020

C,

GNMA

Insured,

2.4%,

11/01/45

.........................

2,235,000

2,269,669

Revenue,

2020

D,

GNMA

Insured,

2.55%,

11/01/50

........................

5,490,000

5,622,235

Revenue,

2021

A,

GNMA

Insured,

2.4%,

11/01/51

.........................

2,850,000

2,860,974

Revenue,

2021

B,

GNMA

Insured,

2.2%,

11/01/46

.........................

3,750,000

3,639,875

Revenue,

2021

B,

GNMA

Insured,

2.3%,

11/01/51

.........................

5,100,000

4,937,026

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Revenue,

2014

A,

Refunding,

5%,

1/01/31

...............................

2,000,000

2,215,226

Revenue,

2014

A,

Refunding,

5%,

1/01/32

...............................

1,500,000

1,660,456

Revenue,

2014

A,

Refunding,

5%,

1/01/32

...............................

10,000,000

11,411,325

Revenue,

2014

A,

Refunding,

5%,

1/01/33

...............................

7,500,000

8,557,330

Revenue,

2014

A,

Refunding,

5%,

1/01/34

...............................

2,000,000

2,210,960

Revenue,

2015

A,

Refunding,

5%,

12/01/30

..............................

4,000,000

4,670,022

Revenue,

2015

A,

Refunding,

5%,

12/01/31

..............................

6,000,000

6,998,321

Revenue,

2015

A,

Refunding,

5%,

12/01/35

..............................

7,335,000

8,523,375

Revenue,

2016

A,

Refunding,

5%,

12/01/40

..............................

27,950,000

33,227,877

Revenue,

2018,

5%,

12/01/43

........................................

2,000,000

2,404,118

Missouri

State

Environmental

Improvement

&

Energy

Resources

Authority

,

Jefferson

County

Water

Authority

,

Revenue

,

2021

A

,

4

%

,

7/01/41

.....................

1,250,000

1,438,113

Monarch-Chesterfield

Levee

District

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

3/01/40

....

4,395,000

4,847,630

Move

Rolla

Transportation

Development

District

,

Revenue

,

2017

,

4.75

%

,

6/01/47

...

5,000,000

5,393,984

Normandy

Schools

Collaborative

,

GO,

2021

B,

2%,

3/01/40

............................................

2,050,000

2,042,191

GO,

2021

B,

2%,

3/01/41

............................................

1,700,000

1,680,841

Pattonville

R-3

School

District

,

GO,

2018

A,

5%,

3/01/37

............................................

2,750,000

3,250,090

GO,

2018

A,

5%,

3/01/38

............................................

1,000,000

1,179,767

Platte

County

Reorganized

School

District

No.

R-3

,

GO,

2021,

5.25%,

3/01/37

...........................................

2,435,000

3,326,274

GO,

2021,

5.25%,

3/01/38

...........................................

4,690,000

6,394,587

Raytown

C-2

School

District

,

GO,

2019

A,

5%,

3/01/38

............................................

2,500,000

3,174,850

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

110

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Raytown

C-2

School

District,

(continued)

GO,

2019

A,

5%,

3/01/39

............................................

$

2,250,000

$

2,851,012

Riverside-

Quindaro

Bend

Levee

District

of

Platte

County

,

Special

Assessment,

2017,

Refunding,

5%,

3/01/26

........................

1,000,000

1,154,415

Special

Assessment,

2017,

Refunding,

5%,

3/01/29

........................

2,585,000

2,996,796

Southeast

Missouri

State

University

,

Revenue,

2020,

Refunding,

4%,

4/01/40

.................................

5,075,000

5,770,879

Revenue,

2020,

Refunding,

4%,

4/01/43

.................................

2,580,000

2,912,124

Springfield

School

District

No.

R-12

,

GO,

2013,

Refunding,

5%,

3/01/33

.....................................

1,000,000

1,072,105

GO,

2019,

5%,

3/01/37

.............................................

24,250,000

30,821,927

St.

Charles

County

School

District

No.

R-IV

Wentzville

,

GO

,

2018

,

Refunding

,

4

%

,

3/01/38

.........................................................

15,400,000

17,846,261

St.

Charles

School

District

,

GO

,

2017

,

4

%

,

3/01/36

..........................

2,000,000

2,268,137

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

of

West

County,

Revenue,

2012,

Pre-Refunded,

5%,

9/01/42

...

3,165,000

3,317,578

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2013

A,

5.875%,

9/01/43

..

7,000,000

7,551,384

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

9/01/48

........................................................

7,095,000

8,085,647

St.

Louis

Land

Clearance

for

Redevelopment

Authority

,

Revenue,

2021,

2.125%,

7/15/37

......................................

3,525,000

3,549,060

Revenue,

2021,

2.125%,

7/15/39

......................................

3,680,000

3,683,019

Revenue,

2021,

2.25%,

7/15/41

.......................................

3,845,000

3,868,553

Revenue,

2021

A,

Refunding,

2.125%,

4/01/39

............................

5,000,000

4,948,687

St.

Louis

Municipal

Finance

Corp.

,

City

of

St.

Louis

,

Revenue

,

2020

,

AGMC

Insured

,

5

%

,

10/01/45

.....................................................

5,000,000

6,254,469

St.

Louis

Municipal

Library

District

,

COP,

2020,

Refunding,

BAM

Insured,

4%,

3/15/44

.........................

1,450,000

1,664,820

COP,

2020,

Refunding,

BAM

Insured,

4%,

3/15/48

.........................

4,800,000

5,481,875

Washington

School

District

,

GO

,

2019

,

4

%

,

3/01/39

..........................

1,500,000

1,738,754

966,052,568

New

Jersey

0.3%

New

Jersey

Economic

Development

Authority

,

Revenue,

2021

QQQ,

4%,

6/15/40

.....................................

400,000

471,081

Revenue,

2021

QQQ,

4%,

6/15/41

.....................................

500,000

587,181

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

4%,

6/15/50

.......................................

1,000,000

1,156,617

Revenue,

2021

A,

Refunding,

4%,

6/15/34

...............................

500,000

603,713

2,818,592

New

York

0.1%

Metropolitan

Transportation

Authority

,

Revenue

,

2020

A-1

,

4

%

,

11/15/53

..........

1,000,000

1,139,249

Texas

0.1%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

2.5%,

9/01/41

........................................................

525,000

517,617

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/44

700,000

728,559

1,246,176

U.S.

Territories

3.4%

Guam

1.2%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

5,790,000

7,098,918

Guam

Power

Authority

,

Revenue

,

2012

A

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/25

.

5,420,000

5,689,579

12,788,497

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

111

s

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

2.2%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

$

1,750,000

$

1,907,608

a

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

4,690,000

4,625,513

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

500,000

564,101

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/33

...................

1,000,000

1,125,897

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

...................

6,200,000

6,995,907

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,765,000

1,922,801

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

5,205,000

5,979,038

23,120,865

Total

U.S.

Territories

....................................................................

35,909,362

Total

Municipal

Bonds

(Cost

$950,915,746)

.....................................

1,020,292,898

a

a

a

a

Short

Term

Investments

0.2%

Municipal

Bonds

0.2%

Missouri

0.2%

b

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

St.

Louis

University

,

Revenue

,

2002

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

7/01/32

........

2,025,000

2,025,000

Total

Municipal

Bonds

(Cost

$2,025,000)

.......................................

2,025,000

Total

Short

Term

Investments

(Cost

$2,025,000

)

.................................

2,025,000

a

Total

Investments

(Cost

$952,940,746)

98.9%

...................................

$1,022,317,898

Other

Assets,

less

Liabilities

1.1%

.............................................

11,256,681

Net

Assets

100.0%

...........................................................

$1,033,574,579

See

Abbreviations

on

page

167

.

a

See

Note

7

regarding

defaulted

securities.

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

Financial

Highlights

Franklin

North

Carolina

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

112

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$11.62

$11.84

$11.30

$11.26

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.11

0.27

0.28

0.15

Net

realized

and

unrealized

gains

(losses)

........................

0.18

(0.23)

0.56

0.04

Total

from

investment

operations

.................................

0.29

0.04

0.84

0.19

Less

distributions

from:

Net

investment

income

.......................................

(0.11)

(0.26)

(0.30)

(0.15)

Net

asset

value,

end

of

period

...................................

$11.80

$11.62

$11.84

$11.30

Total

return

e

................................................

2.52%

0.38%

7.50%

1.77%

Ratios

to

average

net

assets

f

Expenses

g

.................................................

0.81%

0.81%

0.82%

0.83%

Net

investment

income

........................................

1.87%

2.27%

2.48%

2.86%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$170,085

$145,847

$101,981

$49,192

Portfolio

turnover

rate

.........................................

13.51%

15.09%

15.22%

11.61%

a

For

the

year

ended

February

29.

b

For

the

period

ended

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

113

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.62

$11.84

$11.30

$11.28

$11.70

$11.97

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.12

0.29

0.30

0.34

0.35

0.41

Net

realized

and

unrealized

gains

(losses)

0.18

(0.23)

0.56

0.03

(0.40)

(0.27)

Total

from

investment

operations

........

0.30

0.06

0.86

0.37

(0.05)

0.14

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.28)

(0.32)

(0.35)

(0.37)

(0.41)

Net

asset

value,

end

of

period

..........

$11.80

$11.62

$11.84

$11.30

$11.28

$11.70

Total

return

d

.......................

2.69%

0.44%

7.66%

3.32%

(0.45)%

1.19%

Ratios

to

average

net

assets

e

Expenses

.........................

0.66%

f

0.67%

f

0.67%

f

0.68%

f

0.66%

0.64%

Net

investment

income

...............

2.03%

2.44%

2.63%

3.01%

3.00%

3.41%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$506,528

$521,406

$567,825

$577,052

$660,167

$756,109

Portfolio

turnover

rate

................

13.51%

15.09%

15.22%

11.61%

10.07%

18.38%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

114

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.81

$12.04

$11.49

$11.46

$11.88

$12.15

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.09

0.22

0.24

0.28

0.29

0.35

Net

realized

and

unrealized

gains

(losses)

0.19

(0.23)

0.56

0.03

(0.41)

(0.27)

Total

from

investment

operations

........

0.28

(0.01)

0.80

0.31

(0.12)

0.08

Less

distributions

from:

Net

investment

income

..............

(0.09)

(0.22)

(0.25)

(0.28)

(0.30)

(0.35)

Net

asset

value,

end

of

period

..........

$12.00

$11.81

$12.04

$11.49

$11.46

$11.88

Total

return

d

.......................

2.36%

(0.11)%

7.07%

2.78%

(1.00)%

0.61%

Ratios

to

average

net

assets

e

Expenses

.........................

1.21%

f

1.21%

f

1.22%

f

1.23%

f

1.21%

1.19%

Net

investment

income

...............

1.46%

1.87%

2.08%

2.46%

2.45%

2.86%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$47,727

$63,485

$90,244

$105,371

$159,556

$197,705

Portfolio

turnover

rate

................

13.51%

15.09%

15.22%

11.61%

10.07%

18.38%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

115

In

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.61

$11.84

$11.29

$11.27

$11.59

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.13

0.30

0.32

0.35

0.22

Net

realized

and

unrealized

gains

(losses)

...........

0.19

(0.23)

0.56

0.03

(0.33)

Total

from

investment

operations

....................

0.32

0.07

0.88

0.38

(0.11)

Less

distributions

from:

Net

investment

income

..........................

(0.13)

(0.30)

(0.33)

(0.36)

(0.21)

Net

asset

value,

end

of

period

......................

$11.80

$11.61

$11.84

$11.29

$11.27

Total

return

d

...................................

2.76%

0.57%

7.90%

3.45%

(0.97)%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

......

0.54%

0.54%

0.55%

0.56%

0.56%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.53%

f

0.53%

f

0.54%

f

0.54%

f

0.53%

Net

investment

income

...........................

2.16%

2.56%

2.76%

3.15%

3.13%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$19,563

$17,426

$10,948

$7,776

$9,117

Portfolio

turnover

rate

............................

13.51%

15.09%

15.22%

11.61%

10.07%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

116

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.62

$11.84

$11.30

$11.28

$11.70

$11.97

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.30

0.31

0.35

0.36

0.42

Net

realized

and

unrealized

gains

(losses)

0.18

(0.23)

0.56

0.03

(0.40)

(0.26)

Total

from

investment

operations

........

0.31

0.07

0.87

0.38

(0.04)

0.16

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.29)

(0.33)

(0.36)

(0.38)

(0.43)

Net

asset

value,

end

of

period

..........

$11.80

$11.62

$11.84

$11.30

$11.28

$11.70

Total

return

d

.......................

2.65%

0.63%

7.77%

3.42%

(0.36)%

1.29%

Ratios

to

average

net

assets

e

Expenses

.........................

0.56%

f

0.57%

f

0.57%

f

0.58%

f

0.56%

0.54%

Net

investment

income

...............

2.13%

2.53%

2.73%

3.11%

3.10%

3.51%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$136,258

$121,041

$105,851

$84,506

$80,819

$109,365

Portfolio

turnover

rate

................

13.51

%

15.09%

15.22%

11.61%

10.07%

18.38%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,

2021

Franklin

North

Carolina

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

117

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

93.8%

Alabama

0.6%

a

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

12/01/31

.....................................................

$

4,500,000

$

5,564,559

Illinois

1.2%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

500,000

613,492

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

2,750,000

3,268,763

GO,

2017

C,

5%,

11/01/29

...........................................

500,000

606,585

GO,

2017

D,

5%,

11/01/27

...........................................

2,000,000

2,463,923

GO,

2020

B,

5%,

10/01/29

...........................................

1,000,000

1,276,734

GO,

2021

A,

5%,

3/01/34

............................................

2,000,000

2,572,446

10,801,943

New

Jersey

1.1%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/41

...

1,000,000

1,174,362

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

500,000

567,413

Revenue,

2020

AA,

3%,

6/15/50

.......................................

500,000

525,790

Revenue,

2020

AA,

4%,

6/15/50

.......................................

1,000,000

1,156,617

Revenue,

2021

A,

Refunding,

5%,

6/15/31

...............................

4,000,000

5,315,758

State

of

New

Jersey

,

GO

,

2020

A

,

5

%

,

6/01/28

.............................

1,000,000

1,273,929

10,013,869

New

York

1.3%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/51

.....................................

625,000

712,030

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

2,000,000

2,312,630

Revenue,

2021

A-2,

4%,

11/15/42

.....................................

2,750,000

3,209,058

Revenue,

2021

A-2,

4%,

11/15/43

.....................................

4,500,000

5,245,589

11,479,307

North

Carolina

87.5%

Cape

Fear

Public

Utility

Authority

,

Revenue,

2014

A,

Pre-Refunded,

5%,

6/01/40

............................

2,250,000

2,548,391

Revenue,

2019

A,

Refunding,

4%,

8/01/44

...............................

8,000,000

9,477,003

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/15/40

.......

20,000,000

23,323,242

Atrium

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

1/15/36

.......

5,000,000

6,320,942

City

of

Charlotte

,

COP,

2019

A,

Refunding,

5%,

6/01/44

..................................

8,250,000

10,440,171

COP,

2021

A,

Refunding,

5%,

6/01/24

..................................

1,025,000

1,160,400

Airport

Special

Facilities,

Revenue,

2019

A,

4%,

7/01/44

.....................

3,550,000

4,173,107

Airport

Special

Facilities,

Revenue,

2019

A,

5%,

7/01/49

.....................

4,460,000

5,593,603

Airport

Special

Facilities,

Revenue,

2019

B,

4%,

7/01/44

....................

5,515,000

6,394,992

Airport

Special

Facilities,

Revenue,

2021

A,

Refunding,

4%,

7/01/38

............

2,500,000

3,076,638

Airport

Special

Facilities,

Revenue,

2021

A,

Refunding,

4%,

7/01/39

............

3,000,000

3,681,354

Airport

Special

Facilities,

Revenue,

2021

A,

Refunding,

4%,

7/01/40

............

2,250,000

2,752,005

Airport

Special

Facilities,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

............

2,200,000

2,680,599

Storm

Water,

Revenue,

2014,

Refunding,

5%,

12/01/39

.....................

7,970,000

9,137,568

Water

&

Sewer

System,

Revenue,

2015,

Refunding,

5%,

7/01/40

..............

10,000,000

11,669,973

Water

&

Sewer

System,

Revenue,

2018,

Refunding,

4%,

7/01/37

..............

5,000,000

5,944,984

Water

&

Sewer

System,

Revenue,

2020,

Refunding,

2%,

7/01/41

..............

500,000

488,687

Water

&

Sewer

System,

Revenue,

2020,

Refunding,

4%,

7/01/46

..............

6,000,000

7,255,326

City

of

Fayetteville

,

Public

Works

Commission

,

Revenue

,

2018

,

Refunding

,

4

%

,

3/01/41

4,015,000

4,688,161

City

of

Greensboro

,

GO,

2018

B,

5%,

10/01/29

...........................................

5,000,000

6,450,848

Combined

Water

&

Sewer

System,

Revenue,

2020

A,

Refunding,

4%,

6/01/45

....

5,000,000

5,985,293

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

118

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

City

of

Raleigh

,

GO,

2016

A,

Refunding,

5%,

9/01/26

...................................

$

5,000,000

$

6,136,781

Combined

Enterprise

System,

Revenue,

2016

A,

4%,

3/01/46

.................

5,000,000

5,732,503

Combined

Enterprise

System,

Revenue,

2016

B,

Refunding,

4%,

3/01/34

........

1,000,000

1,169,248

City

of

Salisbury

,

Combined

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/45

.........................................................

1,000,000

1,269,442

City

of

Winston-Salem

,

Water

&

Sewer

System,

Revenue,

2014

A,

Pre-Refunded,

5%,

6/01/33

..........

2,350,000

2,661,653

Water

&

Sewer

System,

Revenue,

2016

A,

Refunding,

4%,

6/01/34

............

1,350,000

1,553,937

Water

&

Sewer

System,

Revenue,

2016

A,

Refunding,

4%,

6/01/37

............

5,000,000

5,721,656

Water

&

Sewer

System,

Revenue,

2017,

4%,

6/01/47

.......................

10,000,000

11,515,709

County

of

Buncombe

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/34

.................

3,000,000

3,489,052

County

of

Dare

,

Revenue,

2021

A,

3%,

6/01/38

........................................

375,000

420,254

Revenue,

2021

A,

3%,

6/01/39

........................................

585,000

652,323

Revenue,

2021

A,

3%,

6/01/40

........................................

250,000

277,064

Revenue,

2021

A,

3%,

6/01/41

........................................

450,000

497,334

County

of

Durham

,

GO,

2019,

4%,

6/01/36

.............................................

500,000

604,181

GO,

2019,

4%,

6/01/37

.............................................

450,000

542,272

GO,

2019,

4%,

6/01/39

.............................................

700,000

839,671

GO,

2021,

Refunding,

5%,

6/01/31

.....................................

750,000

1,033,404

GO,

2021,

Refunding,

5%,

6/01/32

.....................................

625,000

857,810

County

of

Guilford

,

GO

,

2017

B

,

4

%

,

5/01/33

...............................

5,000,000

5,879,815

County

of

Lincoln

,

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/38

..................

400,000

444,548

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/41

..................

480,000

527,214

County

of

Mecklenburg

,

GO,

2015

A,

5%,

4/01/28

............................................

5,000,000

5,829,076

GO,

2017

A,

4%,

4/01/30

............................................

5,000,000

5,897,447

GO,

2019,

5%,

3/01/30

.............................................

5,745,000

7,485,547

County

of

New

Hanover

,

GO,

2021

A,

Refunding,

4%,

8/01/29

...................................

760,000

948,687

GO,

2021

A,

Refunding,

4%,

8/01/30

...................................

605,000

765,937

Revenue,

2021,

Refunding,

5%,

8/01/30

.................................

3,375,000

4,537,422

Revenue,

2021,

Refunding,

5%,

8/01/31

.................................

1,145,000

1,571,681

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Pre-Refunded,

5%,

10/01/42

.......................................................

5,000,000

6,254,006

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Pre-Refunded,

5%,

10/01/47

.......................................................

13,565,000

16,967,120

County

of

Union

,

Enterprise

System,

Revenue,

2015,

5%,

6/01/34

..........................

1,000,000

1,181,726

Enterprise

System,

Revenue,

2019,

4%,

6/01/41

..........................

3,200,000

3,808,632

Enterprise

System,

Revenue,

2019,

4%,

6/01/44

..........................

2,325,000

2,749,442

Enterprise

System,

Revenue,

2021,

4%,

6/01/32

..........................

1,050,000

1,334,819

County

of

Wake

,

GO,

2018

A,

5%,

3/01/30

............................................

8,000,000

10,114,811

GO,

2019

A,

5%,

3/01/32

............................................

7,870,000

10,163,309

GO,

2021,

Refunding,

4%,

4/01/36

.....................................

1,650,000

2,057,166

Revenue,

2019,

4%,

9/01/38

.........................................

5,250,000

6,367,236

Revenue,

2021,

3%,

3/01/35

.........................................

5,535,000

6,347,765

Revenue,

2021,

3%,

3/01/36

.........................................

6,000,000

6,840,740

Greenville

Utilities

Commission

,

Revenue

,

2019

,

5

%

,

8/01/44

..................

4,750,000

6,028,586

Nash

Health

Care

Systems

,

Revenue,

2003,

AGMC

Insured,

5%,

11/01/30

............................

2,250,000

2,257,877

Revenue,

2012,

5%,

11/01/41

........................................

5,000,000

5,082,936

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

119

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/27

..........

$

400,000

$

497,392

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/28

..........

500,000

633,735

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/29

..........

550,000

710,998

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/30

..........

500,000

657,302

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/31

..........

650,000

867,549

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/32

..........

1,000,000

1,325,456

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/33

..........

2,670,000

3,519,634

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

10/01/34

..........

740,000

894,944

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

10/01/35

..........

360,000

434,453

Davidson

College

Trustees,

Revenue,

2012,

5%,

3/01/40

....................

4,000,000

4,087,769

Davidson

College

Trustees,

Revenue,

2014,

Refunding,

5%,

3/01/45

...........

3,500,000

3,576,798

Duke

University,

Revenue,

2015

B,

Pre-Refunded,

5%,

10/01/41

..............

13,585,000

16,172,569

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

7/01/42

..................

10,000,000

12,025,577

Duke

University,

Revenue,

2016

B,

Refunding,

4%,

10/01/44

.................

5,085,000

5,753,714

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/44

.................

11,000,000

13,228,135

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/32

................

1,000,000

1,213,157

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/33

................

2,210,000

2,666,749

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/34

................

1,370,000

1,648,273

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/35

..............

5,000,000

5,659,188

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/38

..............

5,500,000

6,189,952

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/39

..............

5,250,000

5,910,041

Wake

Forest

University,

Revenue,

2018,

4%,

1/01/48

.......................

20,000,000

22,585,302

Wake

Forest

University,

Revenue,

2018,

5%,

1/01/48

.......................

13,500,000

16,299,627

North

Carolina

Central

University

,

Revenue

,

2019

,

4

%

,

4/01/49

.................

1,000,000

1,132,384

North

Carolina

Housing

Finance

Agency

,

Revenue,

41,

GNMA

Insured,

3.55%,

7/01/44

.............................

5,885,000

6,318,336

Revenue,

41,

GNMA

Insured,

3.625%,

7/01/49

............................

9,045,000

9,702,722

Revenue,

42,

GNMA

Insured,

2.45%,

7/01/34

.............................

980,000

1,026,673

Revenue,

42,

GNMA

Insured,

2.625%,

7/01/39

............................

3,940,000

4,112,948

Revenue,

42,

GNMA

Insured,

2.85%,

1/01/43

.............................

3,450,000

3,599,139

Revenue,

43,

GNMA

Insured,

2.8%,

1/01/40

..............................

5,980,000

6,327,736

Revenue,

43,

GNMA

Insured,

2.95%,

7/01/43

.............................

2,740,000

2,900,203

Revenue,

44,

3%,

7/01/46

...........................................

3,000,000

3,139,706

Revenue,

45,

Refunding,

GNMA

Insured,

2.2%,

7/01/40

.....................

1,965,000

2,000,333

Revenue,

46-A,

GNMA

Insured,

1.55%,

1/01/30

...........................

2,205,000

2,231,514

Revenue,

46-A,

GNMA

Insured,

1.75%,

1/01/31

...........................

1,030,000

1,047,887

North

Carolina

Medical

Care

Commission

,

Caromont

Health

Obligated

Group,

Revenue,

2021

A,

4%,

2/01/36

.............

1,675,000

2,046,637

Duke

University

Health

System,

Inc.,

Revenue,

2012

A,

Pre-Refunded,

5%,

6/01/42

10,000,000

10,365,895

Duke

University

Health

System,

Inc.,

Revenue,

2016

D,

Refunding,

4%,

6/01/42

...

7,000,000

7,888,668

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/33

............

180,000

215,318

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/34

............

185,000

220,612

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/41

............

920,000

1,079,530

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/46

............

950,000

1,105,788

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/51

............

1,670,000

1,937,850

Friends

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

..............

3,000,000

3,284,178

Novant

Health

Obligated

Group,

Revenue,

2013

A,

Refunding,

5%,

11/01/46

.....

20,000,000

20,986,750

Novant

Health

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/49

..............

5,115,000

5,982,012

Novant

Health

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/52

..............

7,640,000

8,910,411

Pines

at

Davidson,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

1/01/49

........

5,000,000

5,552,807

Presbyterian

Homes

Obligated

Group,

Revenue,

2016

C,

Refunding,

5%,

10/01/31

5,000,000

5,710,421

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/45

.........

1,000,000

1,154,327

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/45

.........

1,800,000

2,191,635

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/50

.........

1,350,000

1,554,089

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/50

.........

1,400,000

1,695,490

Rex

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/49

............

4,000,000

4,580,766

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

120

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

North

Carolina

Medical

Care

Commission,

(continued)

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Refunding,

5%,

10/01/37

...........................................

$

200,000

$

219,750

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Refunding,

5%,

10/01/42

...........................................

2,250,000

2,462,359

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Refunding,

5%,

10/01/47

...........................................

2,540,000

2,770,899

Vidant

Health

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

6/01/40

........

5,000,000

5,776,578

Wake

Forest

Baptist

Obligated

Group,

Revenue,

2019

A,

5%,

12/01/32

.........

1,000,000

1,249,968

Wake

Forest

Baptist

Obligated

Group,

Revenue,

2019

A,

5%,

12/01/33

.........

1,000,000

1,246,369

WakeMed

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

10/01/38

........

5,000,000

5,234,831

North

Carolina

Municipal

Power

Agency

No.

1

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/32

.........................................................

4,200,000

4,905,387

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/25

..............................

125,000

143,067

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/26

..............................

300,000

352,132

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/27

..............................

450,000

539,238

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/28

..............................

500,000

609,432

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/29

..............................

350,000

432,564

Revenue,

Senior

Lien,

2020

A,

3.125%,

6/01/39

...........................

2,595,000

2,661,242

North

Carolina

State

University

at

Raleigh

,

Revenue,

2013

A,

Pre-Refunded,

5%,

10/01/42

...........................

8,980,000

9,884,382

Revenue,

2020

A,

Refunding,

2.375%,

10/01/44

...........................

5,000,000

5,097,367

North

Carolina

Turnpike

Authority

,

Revenue,

2016

A,

Refunding,

5%,

7/01/47

...............................

2,500,000

2,850,109

Revenue,

2018

A,

Refunding,

4%,

1/01/36

...............................

9,875,000

11,636,159

Revenue,

2018

A,

Refunding,

4%,

1/01/39

...............................

9,815,000

11,494,761

Revenue,

2021,

Refunding,

5%,

7/01/34

.................................

1,120,000

1,521,180

Revenue,

2021,

Refunding,

5%,

7/01/35

.................................

1,300,000

1,761,715

Revenue,

2021,

Refunding,

5%,

7/01/36

.................................

1,750,000

2,363,375

Revenue,

2021,

Refunding,

5%,

7/01/37

.................................

1,770,000

2,382,539

Revenue,

2021,

Refunding,

5%,

7/01/38

.................................

1,250,000

1,678,065

Revenue,

2021,

Refunding,

5%,

7/01/39

.................................

1,500,000

2,008,035

Revenue,

2021,

Refunding,

5%,

7/01/40

.................................

1,270,000

1,696,105

Revenue,

2021,

Refunding,

5%,

7/01/41

.................................

2,000,000

2,663,274

Revenue,

Senior

Lien,

2017,

Refunding,

AGMC

Insured,

5%,

1/01/31

...........

1,000,000

1,210,081

Revenue,

Senior

Lien,

2017,

Refunding,

AGMC

Insured,

5%,

1/01/39

...........

1,200,000

1,441,935

Revenue,

Senior

Lien,

2019,

AGMC

Insured,

5%,

1/01/49

...................

15,430,000

19,435,458

Raleigh

Durham

Airport

Authority

,

Revenue,

2015

A,

Refunding,

5%,

5/01/27

...............................

350,000

409,389

Revenue,

2015

A,

Refunding,

5%,

5/01/29

...............................

1,000,000

1,164,505

Revenue,

2015

A,

Refunding,

5%,

5/01/30

...............................

550,000

639,823

Revenue,

2020

A,

Refunding,

5%,

5/01/35

...............................

2,250,000

2,899,862

State

of

North

Carolina

,

GO,

2016

A,

Refunding,

5%,

6/01/25

...................................

4,000,000

4,707,302

GO,

2019

B,

5%,

6/01/29

............................................

2,500,000

3,299,832

GO,

2020

A,

5%,

6/01/30

............................................

2,500,000

3,372,460

GO,

2020

A,

5%,

6/01/31

............................................

2,500,000

3,354,147

Revenue,

2020

B,

4%,

5/01/35

........................................

2,750,000

3,386,465

Town

of

Cary

,

Combined

Utility

Systems,

Revenue,

2017,

Pre-Refunded,

5%,

12/01/41

........

1,710,000

2,112,017

Combined

Utility

Systems,

Revenue,

2017

B,

Refunding,

4%,

12/01/42

.........

8,000,000

9,334,870

Town

of

Oak

Island

,

Enterprise

System

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/33

......................................................

1,000,000

1,220,451

University

of

North

Carolina

at

Chapel

Hill

,

Hospitals

at

Chapel

Hill,

Revenue,

2016,

5%,

2/01/46

.......................

4,265,000

5,041,610

Hospitals

at

Chapel

Hill,

Revenue,

2019,

5%,

2/01/49

.......................

6,860,000

10,719,894

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

121

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

University

of

North

Carolina

at

Charlotte

(The)

,

Revenue,

2014,

Pre-Refunded,

5%,

4/01/43

..............................

$

5,000,000

$

5,624,335

Revenue,

2015,

Refunding,

5%,

4/01/45

.................................

9,450,000

10,819,673

Revenue,

2017,

5%,

10/01/47

........................................

10,000,000

12,210,200

Revenue,

2017

A,

Refunding,

4%,

10/01/40

..............................

2,250,000

2,591,989

Revenue,

2020

A,

Refunding,

5%,

10/01/38

..............................

1,145,000

1,464,799

Revenue,

2020

A,

Refunding,

4%,

10/01/40

..............................

290,000

342,201

University

of

North

Carolina

at

Greensboro

,

Revenue,

2014,

Refunding,

5%,

4/01/39

.................................

3,500,000

3,932,195

Revenue,

2017,

Refunding,

4%,

4/01/35

.................................

1,205,000

1,402,148

Revenue,

2017,

Refunding,

4%,

4/01/36

.................................

1,000,000

1,156,917

Revenue,

2018,

5%,

4/01/30

.........................................

1,085,000

1,358,106

Revenue,

2018,

5%,

4/01/43

.........................................

2,500,000

3,040,111

University

of

North

Carolina

at

Wilmington

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/37

.

3,000,000

3,456,001

University

of

North

Carolina

System

,

Appalachian

State

University

,

Revenue

,

2008

A

,

AGMC

Insured

,

5

%

,

10/01/33

.........................................

160,000

160,604

Western

Carolina

University

,

Revenue,

2020

B,

3%,

4/01/36

........................................

1,000,000

1,096,022

Revenue,

2020

B,

4%,

4/01/45

........................................

5,000,000

5,810,942

770,079,431

Tennessee

0.2%

a

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

1,000,000

1,336,246

Texas

0.1%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/32

200,000

241,642

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/33

200,000

240,702

482,344

Washington

0.1%

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/44

.............................

1,000,000

1,241,247

U.S.

Territories

1.7%

Puerto

Rico

1.7%

Commonwealth

of

Puerto

Rico

,

GO

,

NATL

Insured

,

5.5

%

,

7/01/29

...............

600,000

658,522

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,500,000

1,635,093

b

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

4,120,000

4,053,050

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

300,000

338,460

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

5,350,000

5,828,320

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

2,000,000

2,297,421

14,810,866

Total

U.S.

Territories

....................................................................

14,810,866

Total

Municipal

Bonds

(Cost

$774,062,312)

.....................................

825,809,812

a

a

a

a

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

122

s

Short

Term

Investments

1.1%

a

a

Principal

Amount

a

Value

Municipal

Bonds

1.1%

North

Carolina

1.1%

c

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group,

Revenue,

2007

B,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

1/15/38

..........................

$

1,600,000

$

1,600,000

Atrium

Health

Obligated

Group,

Revenue,

2007

C,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

1/15/37

..........................

3,890,000

3,890,000

c

North

Carolina

Medical

Care

Commission

,

Moses

H

Cone

Memorial

Hospital

Obligated

Group

,

Revenue

,

2001

B

,

SPA

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

0.02

%

,

10/01/35

........................................................

4,450,000

4,450,000

9,940,000

Total

Municipal

Bonds

(Cost

$9,940,000)

.......................................

9,940,000

Total

Short

Term

Investments

(Cost

$9,940,000

)

.................................

9,940,000

a

Total

Investments

(Cost

$784,002,312)

94.9%

...................................

$835,749,812

Other

Assets,

less

Liabilities

5.1%

.............................................

44,411,889

Net

Assets

100.0%

...........................................................

$880,161,701

See

Abbreviations

on

page

167

.

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

See

Note

7

regarding

defaulted

securities.

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

Financial

Highlights

Franklin

Virginia

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

123

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$11.13

$11.42

$10.92

$10.87

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.10

0.22

0.28

0.15

Net

realized

and

unrealized

gains

(losses)

........................

0.17

(0.29)

0.52

0.05

Total

from

investment

operations

.................................

0.27

(0.07)

0.80

0.20

Less

distributions

from:

Net

investment

income

.......................................

(0.10)

(0.22)

(0.30)

(0.15)

Net

asset

value,

end

of

period

...................................

$11.30

$11.13

$11.42

$10.92

Total

return

e

................................................

2.41%

(0.58)%

7.40%

1.90%

Ratios

to

average

net

assets

f

Expenses

g

.................................................

0.84%

0.84%

0.84%

0.84%

Net

investment

income

........................................

1.69%

1.97%

2.54%

3.01%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$121,493

$107,395

$77,058

$39,565

Portfolio

turnover

rate

.........................................

16.37%

31.54%

14.44%

9.60%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

124

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.12

$11.42

$10.91

$10.91

$11.31

$11.54

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.24

0.30

0.34

0.35

0.40

Net

realized

and

unrealized

gains

(losses)

0.17

(0.30)

0.52

—

d

(0.39)

(0.23)

Total

from

investment

operations

........

0.28

(0.06)

0.82

0.34

(0.04)

0.17

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.24)

(0.31)

(0.34)

(0.36)

(0.40)

Net

asset

value,

end

of

period

..........

$11.29

$11.12

$11.42

$10.91

$10.91

$11.31

Total

return

e

.......................

2.49%

(0.52)%

7.66%

3.22%

(0.34)%

1.51%

Ratios

to

average

net

assets

f

Expenses

.........................

0.69%

g

0.69%

g

0.69%

g

0.69%

g

0.68%

h

0.65%

Net

investment

income

...............

1.85%

2.15%

2.69%

3.16%

3.15%

3.46%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$346,760

$353,874

$398,547

$402,739

$454,423

$509,170

Portfolio

turnover

rate

................

16.37%

31.54%

14.44%

9.60%

9.87%

17.44%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

125

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.32

$11.62

$11.10

$11.09

$11.49

$11.72

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.07

0.18

0.24

0.29

0.30

0.34

Net

realized

and

unrealized

gains

(losses)

0.17

(0.30)

0.54

—

d

(0.40)

(0.23)

Total

from

investment

operations

........

0.24

(0.12)

0.78

0.29

(0.10)

0.11

Less

distributions

from:

Net

investment

income

..............

(0.07)

(0.18)

(0.26)

(0.28)

(0.30)

(0.34)

Net

asset

value,

end

of

period

..........

$11.49

$11.32

$11.62

$11.10

$11.09

$11.49

Total

return

e

.......................

2.15%

(1.05)%

7.07%

2.68%

(0.89)%

0.92%

Ratios

to

average

net

assets

f

Expenses

.........................

1.23%

g

1.24%

g

1.24%

g

1.24%

g

1.23%

h

1.20%

Net

investment

income

...............

1.27%

1.58%

2.14%

2.61%

2.60%

2.91%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$28,240

$38,151

$52,357

$62,041

$90,666

$107,936

Portfolio

turnover

rate

................

16.37%

31.54%

14.44%

9.60%

9.87%

17.44%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

126

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.13

$11.43

$10.92

$10.91

$11.25

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.11

0.25

0.32

0.36

0.22

Net

realized

and

unrealized

gains

(losses)

...........

0.17

(0.29)

0.52

0.01

(0.35)

Total

from

investment

operations

....................

0.28

(0.04)

0.84

0.37

(0.13)

Less

distributions

from:

Net

investment

income

..........................

(0.11)

(0.26)

(0.33)

(0.36)

(0.21)

Net

asset

value,

end

of

period

......................

$11.30

$11.13

$11.43

$10.92

$10.91

Total

return

e

...................................

2.56%

(0.38)%

7.80%

3.44%

(1.14)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.56%

0.57%

0.56%

0.57%

0.57%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.54%

g

0.55%

g

0.55%

g

0.55%

g

0.54%

Net

investment

income

...........................

1.98%

2.27%

2.83%

3.30%

3.29%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$7,605

$6,812

$5,829

$4,947

$5,028

Portfolio

turnover

rate

............................

16.37%

31.54%

14.44%

9.60%

9.87%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

127

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.13

$11.43

$10.92

$10.92

$11.31

$11.54

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.25

0.31

0.35

0.36

0.41

Net

realized

and

unrealized

gains

(losses)

0.17

(0.30)

0.53

0.01

(0.38)

(0.22)

Total

from

investment

operations

........

0.28

(0.05)

0.84

0.36

(0.02)

0.19

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.25)

(0.33)

(0.36)

(0.37)

(0.42)

Net

asset

value,

end

of

period

..........

$11.30

$11.13

$11.43

$10.92

$10.92

$11.31

Total

return

d

.......................

2.54%

(0.42)%

7.76%

3.32%

(0.15)%

1.60%

Ratios

to

average

net

assets

e

Expenses

.........................

0.59

%

f

0.59%

f

0.59%

f

0.59%

f

0.58%

g

0.55%

Net

investment

income

...............

1.94%

2.23%

2.79%

3.26%

3.25%

3.56%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$141,698

$128,837

$109,844

$84,880

$85,293

$87,359

Portfolio

turnover

rate

................

16.37%

31.54%

14.44%

9.60%

9.87%

17.44%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,

2021

Franklin

Virginia

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

128

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

95.8%

Alabama

0.4%

a

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

12/01/31

.....................................................

$

2,000,000

$

2,473,137

Illinois

1.5%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

1,500,000

1,840,476

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

3,250,000

3,863,083

GO,

2017

D,

5%,

11/01/27

...........................................

2,000,000

2,463,923

GO,

2020

B,

5%,

10/01/29

...........................................

1,000,000

1,276,734

9,444,216

New

Jersey

1.2%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

500,000

567,413

Revenue,

2021

A,

Refunding,

5%,

6/15/31

...............................

3,250,000

4,319,054

Revenue,

2021

A,

Refunding,

5%,

6/15/33

...............................

300,000

396,206

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

1,000,000

1,199,129

State

of

New

Jersey

,

GO

,

2020

A

,

5

%

,

6/01/28

.............................

1,200,000

1,528,715

8,010,517

New

York

0.9%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

2,000,000

2,312,629

Revenue,

2021

A-2,

4%,

11/15/42

.....................................

3,250,000

3,792,523

6,105,152

Tennessee

0.5%

a

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

2,500,000

3,340,615

Texas

0.1%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/28

225,000

281,733

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/29

250,000

318,070

599,803

Virginia

85.0%

Alexandria

Industrial

Development

Authority

,

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

10/01/45

..

975,000

1,105,018

b

Protestant

Episcopal

High

School

in

Virginia,

Revenue,

2021

C,

Refunding,

4%,

1/01/46

........................................................

2,450,000

2,857,977

Arlington

County

Industrial

Development

Authority

,

Virginia

Hospital

Center

Arlington

Health

System,

Revenue,

2020,

Refunding,

4%,

7/01/45

........................................................

2,000,000

2,356,119

Virginia

Hospital

Center

Arlington

Health

System,

Revenue,

2020,

Refunding,

3.75%,

7/01/50

........................................................

10,350,000

11,834,177

Chesapeake

Hospital

Authority

,

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/39

........................................................

1,000,000

1,165,105

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/43

........................................................

4,000,000

4,619,277

City

of

Hopewell

,

Sewer

System

,

Revenue

,

2011

A

,

Refunding

,

5

%

,

7/15/42

.......

4,850,000

4,865,382

City

of

Newport

News

,

GO,

2021

A,

4%,

2/01/33

............................................

1,750,000

2,203,901

GO,

2021

A,

4%,

2/01/34

............................................

850,000

1,066,492

GO,

2021

A,

4%,

2/01/35

............................................

800,000

1,000,795

City

of

Norfolk

,

GO,

2013

A,

Pre-Refunded,

5%,

8/01/32

................................

5,845,000

6,387,748

GO,

2016

A,

Pre-Refunded,

5%,

10/01/41

...............................

1,040,000

1,278,005

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

129

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

City

of

Norfolk,

(continued)

GO,

2016

A,

Pre-Refunded,

5%,

10/01/46

...............................

$

2,500,000

$

3,072,126

GO,

2019,

Pre-Refunded,

5%,

8/01/44

..................................

3,995,000

5,161,779

Water,

Revenue,

2018,

5%,

11/01/43

...................................

6,920,000

8,447,619

Water,

Revenue,

2018,

5%,

11/01/47

...................................

6,925,000

8,384,125

City

of

Portsmouth

,

GO

,

2012

A

,

Pre-Refunded

,

5

%

,

7/15/41

...................

4,010,000

4,180,715

City

of

Richmond

,

Public

Utility,

Revenue,

2013

A,

Pre-Refunded,

5%,

1/15/43

..................

10,000,000

10,667,526

Public

Utility,

Revenue,

2016

A,

Refunding,

5%,

1/15/33

.....................

10,000,000

11,948,797

City

of

Virginia

Beach

,

Storm

Water

Utility

,

Revenue

,

2020

A

,

5

%

,

11/15/31

........

2,920,000

3,972,168

Commonwealth

of

Virginia

,

GO

,

2020

A

,

4

%

,

6/01/31

.........................

4,650,000

5,853,308

County

of

Arlington

,

GO,

2019,

4%,

6/15/34

.............................................

2,000,000

2,442,273

GO,

2020

A,

Refunding,

4%,

8/01/38

...................................

9,190,000

11,375,561

County

of

Fairfax

,

GO,

2018

A,

4%,

10/01/34

...........................................

3,000,000

3,574,372

GO,

2020

A,

Refunding,

5%,

10/01/32

..................................

5,735,000

7,634,713

GO,

2020

A,

Refunding,

5%,

10/01/37

..................................

1,980,000

2,599,604

Sewer,

Revenue,

2017,

5%,

7/15/37

....................................

2,760,000

3,411,174

Fairfax

County

Economic

Development

Authority

,

Revenue,

2017,

5%,

4/01/42

.........................................

5,085,000

6,107,359

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/36

4,865,000

5,503,453

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

10/01/42

1,500,000

1,632,052

Fairfax

County

Industrial

Development

Authority

,

Inova

Health

System

Obligated

Group,

Revenue,

2014

A,

5%,

5/15/44

..........

2,500,000

2,808,460

Inova

Health

System

Obligated

Group,

Revenue,

2018

A,

Refunding,

4%,

5/15/48

.

5,000,000

5,798,337

Fairfax

County

Water

Authority

,

Revenue,

2017,

Refunding,

5%,

4/01/43

.................................

3,510,000

4,258,380

Revenue,

2017,

Refunding,

5%,

4/01/47

.................................

5,000,000

6,032,264

Farmville

Industrial

Development

Authority

,

Longwood

Housing

Foundation

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/01/48

...............................

5,000,000

5,980,259

Hampton

Roads

Sanitation

District

,

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/31

............................

6,200,000

7,562,692

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/33

............................

5,115,000

6,239,220

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/43

............................

11,840,000

14,442,302

Hampton

Roads

Transportation

Accountability

Commission

,

Revenue,

Senior

Lien,

2018

A,

5%,

7/01/48

..............................

20,000,000

24,322,582

Revenue,

Senior

Lien,

2020

A,

5%,

7/01/50

..............................

4,000,000

5,080,894

Revenue,

Senior

Lien,

2020

A,

5%,

7/01/60

..............................

3,000,000

3,799,964

Revenue,

Senior

Lien,

2020

A,

5.25%,

7/01/60

............................

4,450,000

5,718,940

Henrico

County

Economic

Development

Authority

,

Revenue,

2020,

Refunding,

4%,

10/01/40

................................

500,000

570,969

Revenue,

2020,

Refunding,

4%,

10/01/45

................................

725,000

821,617

Revenue,

2020,

Refunding,

4%,

10/01/50

................................

1,500,000

1,691,758

Bon

Secours

Health

System,

Inc.

Obligated

Group,

Revenue,

2013

C,

Pre-Refunded,

5%,

11/01/30

...................................................

5,000,000

5,281,276

Lexington

Industrial

Development

Authority

,

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2017

A,

5%,

1/01/42

2,000,000

2,135,942

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/35

....

1,105,000

1,369,067

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/48

....

1,500,000

1,818,122

Loudoun

County

Sanitation

Authority

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/29

....

4,770,000

5,515,927

Lynchburg

Economic

Development

Authority

,

Centra

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

1/01/47

.......................................

4,500,000

5,249,200

Montgomery

County

Economic

Development

Authority

,

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/36

................

1,200,000

1,430,445

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/37

................

500,000

594,388

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

130

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Montgomery

County

Economic

Development

Authority,

(continued)

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/38

................

$

1,750,000

$

2,075,699

Norfolk

Airport

Authority

,

Revenue,

2019,

5%,

7/01/37

.........................................

1,000,000

1,273,911

Revenue,

2019,

5%,

7/01/39

.........................................

800,000

1,014,532

Revenue,

2019,

5%,

7/01/43

.........................................

2,925,000

3,682,214

Northern

Virginia

Transportation

Authority

,

Special

Tax

,

2014

,

5

%

,

6/01/33

.........

3,000,000

3,376,859

Prince

Edward

County

Industrial

Development

Authority

,

President

and

Trustees

of

Hampden-Sydney

College

,

Revenue

,

2018

,

5

%

,

9/01/48

....................

2,050,000

2,413,390

Prince

William

County

Industrial

Development

Authority

,

Novant

Health

Obligated

Group

,

Revenue

,

2013

B

,

Pre-Refunded

,

5

%

,

11/01/46

.....................

10,000,000

10,562,551

Riverside

Regional

Jail

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/31

.........

6,215,000

7,092,832

Roanoke

Economic

Development

Authority

,

Carilion

Clinic

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/01/51

.......................................

12,055,000

14,124,777

Salem

Economic

Development

Authority

,

Roanoke

College

,

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/49

......................................................

925,000

1,116,736

Stafford

County

&

Staunton

Industrial

Development

Authority

,

Revenue

,

2007

E

,

AGMC

Insured

,

5

%

,

8/01/37

...............................................

960,000

960,887

University

of

Virginia

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

4/01/47

................

9,630,000

11,647,103

Upper

Occoquan

Sewage

Authority

,

Revenue

,

2016

B

,

Refunding

,

4

%

,

7/01/35

.....

6,165,000

7,058,342

Virginia

Beach

Development

Authority

,

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/40

............................................

1,750,000

2,025,425

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/44

............................................

2,215,000

2,551,346

Virginia

College

Building

Authority

,

Revenue,

2016

A,

Pre-Refunded,

5%,

9/01/27

............................

75,000

91,305

Revenue,

2016

A,

5%,

9/01/27

........................................

3,925,000

4,782,576

Revenue,

2016

A,

Refunding,

4%,

2/01/30

...............................

7,000,000

7,997,178

Revenue,

2019

A,

4%,

2/01/34

........................................

5,000,000

6,002,389

Revenue,

2020

A,

4%,

2/01/38

........................................

5,000,000

6,023,494

Revenue,

2021,

Refunding,

4%,

6/01/36

.................................

2,750,000

3,256,795

Revenue,

2021,

Refunding,

3%,

6/01/41

.................................

4,800,000

5,044,369

Revenue,

2021,

Refunding,

4%,

6/01/46

.................................

3,725,000

4,290,736

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/39

...........

795,000

870,751

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

2.25%,

1/15/40

........

450,000

450,949

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/41

...........

500,000

544,728

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/46

...........

1,100,000

1,184,247

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/51

...........

1,750,000

1,875,530

Washington

&

Lee

University

(The),

Revenue,

2015

A,

Refunding,

5%,

1/01/40

....

5,000,000

5,663,183

Virginia

Commonwealth

Transportation

Board

,

Revenue,

2016,

5%,

9/15/30

.........................................

2,260,000

2,755,641

Revenue,

2016,

5%,

9/15/31

.........................................

4,000,000

4,875,018

Revenue,

2019,

4%,

5/15/40

.........................................

13,060,000

15,411,109

Revenue,

2020,

4%,

9/15/35

.........................................

4,000,000

4,921,334

Virginia

Housing

Development

Authority

,

Revenue

,

2018

D

,

3.8

%

,

10/01/43

........

3,805,000

4,191,700

Virginia

Public

Building

Authority

,

Revenue,

2019

A,

4%,

8/01/35

........................................

1,250,000

1,517,946

Revenue,

2021

A-2,

4%,

8/01/34

......................................

6,000,000

7,526,345

Revenue,

2021

A-2,

4%,

8/01/35

......................................

5,000,000

6,247,911

Virginia

Public

School

Authority

,

Revenue,

2014

B,

Refunding,

5%,

8/01/24

...............................

10,000,000

11,394,659

Revenue,

2018

B,

5%,

8/01/30

........................................

5,280,000

6,744,487

Revenue,

2019

A,

5%,

8/01/30

........................................

3,535,000

4,652,553

Revenue,

2019

A,

5%,

8/01/31

........................................

2,625,000

3,439,421

Revenue,

2020

B,

Refunding,

4%,

8/01/34

...............................

5,190,000

6,418,941

County

of

Prince

William,

Revenue,

2018,

4%,

3/01/33

......................

5,795,000

6,899,304

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

131

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Virginia

Resources

Authority

,

Revenue,

Pre-Refunded,

5%,

11/01/38

..................................

$

3,195,000

$

3,807,122

Revenue,

5%,

11/01/38

.............................................

1,970,000

2,329,254

Revenue,

2015

B,

Refunding,

5%,

11/01/45

..............................

5,255,000

6,158,800

Revenue,

2018

C,

Refunding,

5%,

11/01/48

..............................

7,655,000

9,487,038

Revenue,

2020

B,

Refunding,

4%,

11/01/32

..............................

1,470,000

1,840,412

Virginia

Small

Business

Financing

Authority

,

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2012,

5%,

1/01/40

.............

2,400,000

2,437,207

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2019,

5%,

1/01/44

.............

2,500,000

2,537,825

Bon

Secours

Mercy

Health,

Inc.,

Revenue,

2020

A,

Refunding,

4%,

12/01/49

.....

5,000,000

5,837,359

I-66

Express

Mobility

Partners

LLC,

Revenue,

Senior

Lien,

2017,

5%,

12/31/47

...

6,600,000

7,965,269

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/36

...

2,210,000

2,533,227

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/41

...

2,500,000

2,841,067

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/51

...

7,500,000

8,405,957

National

Senior

Campuses,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/45

........................................................

750,000

856,272

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/38

...

4,000,000

4,748,334

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/39

...

8,730,000

10,345,249

Winchester

Economic

Development

Authority

,

Valley

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

1/01/44

.................................

5,000,000

5,770,674

549,183,994

Washington

0.2%

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/44

.............................

1,000,000

1,241,247

U.S.

Territories

6.0%

District

of

Columbia

4.5%

Metropolitan

Washington

Airports

Authority

,

Aviation

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

10/01/49

........................................................

5,000,000

6,210,290

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017

B,

5%,

7/01/42

........................................

5,000,000

6,054,909

Revenue,

2020

A,

5%,

7/15/36

........................................

5,000,000

6,550,930

Revenue,

2020

A,

5%,

7/15/45

........................................

7,000,000

8,954,620

Revenue,

2021

A,

5%,

7/15/37

........................................

1,000,000

1,327,700

29,098,449

Puerto

Rico

1.5%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,700,000

1,853,105

c

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

1,040,000

1,025,700

c

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

1,900,000

1,869,125

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

NATL

Insured,

5.25%,

7/01/33

.................

615,000

671,269

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,800,000

2,109,240

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,600,000

1,837,937

9,366,376

Total

U.S.

Territories

....................................................................

38,464,825

Total

Municipal

Bonds

(Cost

$581,090,066)

.....................................

618,863,506

a

a

a

a

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

132

s

Short

Term

Investments

0.6%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.6%

Virginia

0.6%

d

Virginia

College

Building

Authority

,

University

of

Richmond

,

Revenue

,

2006

,

SPA

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

11/01/36

......................

$

3,700,000

$

3,700,000

Total

Municipal

Bonds

(Cost

$3,700,000)

.......................................

3,700,000

Total

Short

Term

Investments

(Cost

$3,700,000

)

.................................

3,700,000

a

Total

Investments

(Cost

$584,790,066)

96.4%

...................................

$622,563,506

Other

Assets,

less

Liabilities

3.6%

.............................................

23,232,131

Net

Assets

100.0%

...........................................................

$645,795,637

See

Abbreviations

on

page

167

.

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

c

See

Note

7

regarding

defaulted

securities.

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

Financial

Statements

Statements

of

Assets

and

Liabilities

August

31,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

133

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Florida

Tax-Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

.................................

$226,924,455

$508,929,058

$459,822,338

Value

-

Unaffiliated

issuers

................................

$245,067,710

$545,558,644

$490,466,605

Cash

..................................................

8,745,665

535,059

1,899,432

Receivables:

Capital

shares

sold

......................................

178,531

837,511

543,270

Interest

...............................................

2,439,808

5,943,521

4,354,980

Total

assets

........................................

256,431,714

552,874,735

497,264,287

Liabilities:

Payables:

Investment

securities

purchased

............................

1,166,625

8,765,125

5,827,700

Capital

shares

redeemed

.................................

268,145

714,429

674,878

Management

fees

.......................................

116,523

224,762

204,343

Distribution

fees

........................................

33,615

66,234

62,871

Transfer

agent

fees

......................................

30,370

70,476

54,755

Reports

to

shareholders

..................................

18,483

37,610

37,520

Distributions

to

shareholders

...............................

42,078

189,015

114,420

Accrued

expenses

and

other

liabilities

.........................

38,661

56,690

50,557

Total

liabilities

.......................................

1,714,500

10,124,341

7,027,044

Net

assets,

at

value

...............................

$254,717,214

$542,750,394

$490,237,243

Net

assets

consist

of:

Paid-in

capital

...........................................

$251,009,720

$572,065,844

$485,044,713

Total

distributable

earnings

(losses)

...........................

3,707,494

(29,315,450)

5,192,530

Net

assets,

at

value

...............................

$254,717,214

$542,750,394

$490,237,243

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

134

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Florida

Tax-Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Class

A:

Net

assets,

at

value

.....................................

$42,111,840

$94,885,034

$93,844,802

Shares

outstanding

......................................

3,677,488

8,845,859

7,766,585

Net

asset

value

per

share

a

................................

$11.45

$10.73

$12.08

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

96.25%

and

96.25%,

respectively)

..........................

$11.90

$11.15

$12.55

Class

A1:

Net

assets,

at

value

.....................................

$175,727,024

$380,873,792

$269,507,358

Shares

outstanding

......................................

15,363,453

35,541,394

22,303,746

Net

asset

value

per

share

a

................................

$11.44

$10.72

$12.08

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

96.25%

and

96.25%,

respectively)

..........................

$11.89

$11.14

$12.55

Class

C:

Net

assets,

at

value

.....................................

$15,999,062

$23,749,874

$33,589,322

Shares

outstanding

......................................

1,380,150

2,167,973

2,737,360

Net

asset

value

and

maximum

offering

price

per

share

a

...........

$11.59

$10.95

$12.27

Class

R6:

Net

assets,

at

value

.....................................

$2,202,787

$6,117,236

$17,380,328

Shares

outstanding

......................................

192,566

569,303

1,438,305

Net

asset

value

and

maximum

offering

price

per

share

...........

$11.44

$10.75

$12.08

Advisor

Class:

Net

assets,

at

value

.....................................

$18,676,501

$37,124,458

$75,915,433

Shares

outstanding

......................................

1,632,616

3,456,023

6,279,899

Net

asset

value

and

maximum

offering

price

per

share

...........

$11.44

$10.74

$12.09

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

135

Franklin

Kentucky

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

.................................

$130,431,976

$353,896,775

$394,263,205

Value

-

Unaffiliated

issuers

................................

$138,912,377

$380,114,948

$418,437,218

Cash

..................................................

2,602,773

9,280,574

1,322,620

Receivables:

Capital

shares

sold

......................................

211,058

244,252

614,301

Interest

...............................................

1,517,297

4,484,021

3,924,194

Total

assets

........................................

143,243,505

394,123,795

424,298,333

Liabilities:

Payables:

Capital

shares

redeemed

.................................

147,219

493,072

389,291

Management

fees

.......................................

70,017

168,414

180,634

Distribution

fees

........................................

12,715

49,689

55,944

Transfer

agent

fees

......................................

9,266

45,407

58,076

Reports

to

shareholders

..................................

17,727

22,437

22,789

Distributions

to

shareholders

...............................

8,137

30,366

90,843

Accrued

expenses

and

other

liabilities

.........................

35,270

50,625

51,899

Total

liabilities

.......................................

300,351

860,010

849,476

Net

assets,

at

value

...............................

$142,943,154

$393,263,785

$423,448,857

Net

assets

consist

of:

Paid-in

capital

...........................................

$144,070,978

$392,453,672

$441,095,930

Total

distributable

earnings

(losses)

...........................

(1,127,824)

810,113

(17,647,073)

Net

assets,

at

value

...............................

$142,943,154

$393,263,785

$423,448,857

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

136

Franklin

Kentucky

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Class

A:

Net

assets,

at

value

.....................................

$15,372,838

$68,666,882

$92,630,686

Shares

outstanding

......................................

1,382,651

5,980,514

8,302,983

Net

asset

value

per

share

a

................................

$11.12

$11.48

$11.16

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

96.25%

and

96.25%,

respectively)

..........................

$11.55

$11.93

$11.59

Class

A1:

Net

assets,

at

value

.....................................

$111,402,116

$252,354,432

$233,733,021

Shares

outstanding

......................................

10,029,021

21,990,651

20,945,219

Net

asset

value

per

share

a

................................

$11.11

$11.48

$11.16

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

96.25%

and

96.25%,

respectively)

..........................

$11.54

$11.93

$11.59

Class

C:

Net

assets,

at

value

.....................................

$—

$23,114,883

$27,566,607

Shares

outstanding

......................................

—

1,981,289

2,419,994

Net

asset

value

and

maximum

offering

price

per

share

a

...........

$—

$11.67

$11.39

Class

R6:

Net

assets,

at

value

.....................................

$3,034,501

$7,243,604

$11,843,755

Shares

outstanding

......................................

273,048

631,085

1,059,589

Net

asset

value

and

maximum

offering

price

per

share

...........

$11.11

$11.48

$11.18

Advisor

Class:

Net

assets,

at

value

.....................................

$13,133,699

$41,883,984

$57,674,788

Shares

outstanding

......................................

1,181,832

3,648,159

5,162,288

Net

asset

value

and

maximum

offering

price

per

share

...........

$11.11

$11.48

$11.17

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

137

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

.................................

$952,940,746

$784,002,312

$584,790,066

Value

-

Unaffiliated

issuers

................................

$1,022,317,898

$835,749,812

$622,563,506

Cash

..................................................

71,415

36,313,184

21,961,212

Receivables:

Capital

shares

sold

......................................

843,094

1,750,182

71,010

Interest

...............................................

12,698,690

8,899,614

5,341,024

Total

assets

........................................

1,035,931,097

882,712,792

649,936,752

Liabilities:

Payables:

Investment

securities

purchased

............................

—

—

2,859,150

Capital

shares

redeemed

.................................

1,377,981

1,780,854

649,394

Management

fees

.......................................

408,909

352,563

263,628

Distribution

fees

........................................

134,619

108,113

72,549

Transfer

agent

fees

......................................

116,432

85,842

81,861

Reports

to

shareholders

..................................

74,704

43,275

44,030

Distributions

to

shareholders

...............................

139,452

109,746

103,373

Accrued

expenses

and

other

liabilities

.........................

104,421

70,698

67,130

Total

liabilities

.......................................

2,356,518

2,551,091

4,141,115

Net

assets,

at

value

...............................

$1,033,574,579

$880,161,701

$645,795,637

Net

assets

consist

of:

Paid-in

capital

...........................................

$1,045,454,600

$921,763,554

$665,192,141

Total

distributable

earnings

(losses)

...........................

(11,880,021)

(41,601,853)

(19,396,504)

Net

assets,

at

value

...............................

$1,033,574,579

$880,161,701

$645,795,637

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

138

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Class

A:

Net

assets,

at

value

.....................................

$209,350,082

$170,085,497

$121,492,945

Shares

outstanding

......................................

17,441,449

14,408,092

10,755,155

Net

asset

value

per

share

a

................................

$12.00

$11.80

$11.30

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

96.25%

and

96.25%,

respectively)

..........................

$12.47

$12.26

$11.74

Class

A1:

Net

assets,

at

value

.....................................

$641,647,580

$506,528,329

$346,759,940

Shares

outstanding

......................................

53,492,133

42,921,857

30,703,423

Net

asset

value

per

share

a

................................

$12.00

$11.80

$11.29

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

96.25%

and

96.25%,

respectively)

..........................

$12.47

$12.26

$11.73

Class

C:

Net

assets,

at

value

.....................................

$59,748,199

$47,726,725

$28,239,771

Shares

outstanding

......................................

4,929,397

3,978,127

2,457,291

Net

asset

value

and

maximum

offering

price

per

share

a

...........

$12.12

$12.00

$11.49

Class

R6:

Net

assets,

at

value

.....................................

$34,504,611

$19,563,145

$7,605,219

Shares

outstanding

......................................

2,873,624

1,658,457

672,949

Net

asset

value

and

maximum

offering

price

per

share

...........

$12.01

$11.80

$11.30

Advisor

Class:

Net

assets,

at

value

.....................................

$88,324,107

$136,258,005

$141,697,762

Shares

outstanding

......................................

7,358,174

11,544,948

12,534,743

Net

asset

value

and

maximum

offering

price

per

share

...........

$12.00

$11.80

$11.30

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

for

the

six

months

ended

August

31,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

139

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Florida

Tax-Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

......................................

$3,638,493

$9,156,599

$7,703,216

Expenses:

Management

fees

(Note

3

a

)

.................................

691,252

1,341,825

1,220,126

Distribution

fees:

(Note

3c

)

    Class

A

..............................................

42,543

108,600

103,138

    Class

A1

.............................................

88,848

193,812

138,064

    Class

C

..............................................

72,635

90,109

141,783

Transfer

agent

fees:

(Note

3e

)

    Class

A

..............................................

11,145

29,814

29,320

    Class

A1

.............................................

57,939

132,530

97,905

    Class

C

..............................................

7,264

9,465

15,437

    Class

R6

.............................................

501

1,177

2,668

    Advisor

Class

..........................................

5,640

12,882

25,844

Custodian

fees

(Note

4

)

....................................

252

559

1,403

Reports

to

shareholders

....................................

10,417

19,358

20,889

Registration

and

filing

fees

..................................

10,605

18,061

12,488

Professional

fees

.........................................

27,825

28,402

31,987

Trustees'

fees

and

expenses

................................

946

1,915

1,657

Other

..................................................

10,639

33,863

16,812

Total

expenses

.......................................

1,038,451

2,022,372

1,859,521

Expense

reductions

(Note

4

)

.............................

(243)

(539)

(466)

Expenses

waived/paid

by

affiliates

(

Note

3f)

..................

(212)

(315)

(364)

Net

expenses

.......................................

1,037,996

2,021,518

1,858,691

Net

investment

income

..............................

2,600,497

7,135,081

5,844,525

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

....................................

1,491,394

109,353

(108,713)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

4,500,260

7,032,263

6,993,811

Net

realized

and

unrealized

gain

(loss)

..........................

5,991,654

7,141,616

6,885,098

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$8,592,151

$14,276,697

$12,729,623

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

August

31,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

140

Franklin

Kentucky

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

......................................

$2,182,655

$5,841,534

$6,357,628

Expenses:

Management

fees

(Note

3

a

)

.................................

420,209

1,005,621

1,080,882

Distribution

fees:

(Note

3c

)

    Class

A

..............................................

18,354

77,054

105,135

    Class

A1

.............................................

56,768

128,431

120,786

    Class

C

..............................................

—

93,066

111,721

Transfer

agent

fees:

(Note

3e

)

    Class

A

..............................................

5,897

21,671

32,711

    Class

A1

.............................................

45,677

90,217

93,783

    Class

C

..............................................

—

10,047

13,331

    Class

R6

.............................................

787

1,371

1,826

    Advisor

Class

..........................................

5,270

14,087

22,834

Custodian

fees

(Note

4

)

....................................

424

392

436

Reports

to

shareholders

....................................

10,024

13,753

13,873

Registration

and

filing

fees

..................................

4,805

7,288

11,646

Professional

fees

.........................................

28,532

32,056

34,279

Trustees'

fees

and

expenses

................................

660

1,570

1,690

Other

..................................................

18,307

15,406

14,589

Total

expenses

.......................................

615,714

1,512,030

1,659,522

Expense

reductions

(Note

4

)

.............................

(139)

(382)

(423)

Expenses

waived/paid

by

affiliates

(

Note

3f)

..................

(348)

(328)

(386)

Net

expenses

.......................................

615,227

1,511,320

1,658,713

Net

investment

income

..............................

1,567,428

4,330,214

4,698,915

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

....................................

512,844

2,766,525

(210,171)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

1,371,307

4,021,608

7,427,929

Net

realized

and

unrealized

gain

(loss)

..........................

1,884,151

6,788,133

7,217,758

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$3,451,579

$11,118,347

$11,916,673

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

August

31,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

141

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

......................................

$16,246,060

$11,958,401

$8,218,315

Expenses:

Management

fees

(Note

3

a

)

.................................

2,435,124

2,107,726

1,575,198

Distribution

fees:

(Note

3c

)

    Class

A

..............................................

235,423

192,400

139,786

    Class

A1

.............................................

327,304

260,854

177,651

    Class

C

..............................................

239,717

198,141

121,331

Transfer

agent

fees:

(Note

3e

)

    Class

A

..............................................

60,532

51,182

41,037

    Class

A1

.............................................

209,796

172,936

130,096

    Class

C

..............................................

23,605

20,163

13,644

    Class

R6

.............................................

5,752

3,555

1,645

    Advisor

Class

..........................................

27,287

44,114

50,712

Custodian

fees

(Note

4

)

....................................

1,030

888

652

Reports

to

shareholders

....................................

37,659

25,485

21,949

Registration

and

filing

fees

..................................

12,347

10,603

13,501

Professional

fees

.........................................

43,934

37,015

36,112

Trustees'

fees

and

expenses

................................

3,263

3,247

2,110

Other

..................................................

32,142

23,242

18,924

Total

expenses

.......................................

3,694,915

3,151,551

2,344,348

Expense

reductions

(Note

4

)

.............................

(997)

(858)

(630)

Expenses

waived/paid

by

affiliates

(

Note

3f)

..................

(885)

(713)

(548)

Net

expenses

.......................................

3,693,033

3,149,980

2,343,170

Net

investment

income

..............................

12,553,027

8,808,421

5,875,145

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

....................................

2,645,077

3,488,878

2,364,478

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

10,328,326

10,362,635

7,327,310

Net

realized

and

unrealized

gain

(loss)

..........................

12,973,403

13,851,513

9,691,788

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$25,526,430

$22,659,934

$15,566,933

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

142

Franklin

Alabama

Tax-Free

Income

Fund

Franklin

Florida

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$2,600,497

$6,329,447

$7,135,081

$16,599,155

Net

realized

gain

(loss)

............

1,491,394

1,468,481

109,353

871,365

Net

change

in

unrealized

appreciation

(depreciation)

.................

4,500,260

(6,480,814)

7,032,263

(14,418,364)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

8,592,151

1,317,114

14,276,697

3,052,156

Distributions

to

shareholders:

Class

A

........................

(333,463)

(551,546)

(1,075,091)

(1,909,395)

Class

A1

.......................

(1,883,387)

(4,675,881)

(5,105,574)

(12,398,911)

Class

C

........................

(172,659)

(545,891)

(280,975)

(761,014)

Class

R6

.......................

(21,654)

(48,503)

(79,340)

(133,431)

Advisor

Class

...................

(191,007)

(358,105)

(513,811)

(988,435)

Total

distributions

to

shareholders

.....

(2,602,170)

(6,179,926)

(7,054,791)

(16,191,186)

Capital

share

transactions:

(Note

2

)

Class

A

........................

10,972,406

14,447,044

15,433,867

23,567,125

Class

A1

.......................

(3,329,554)

(8,122,292)

(9,556,363)

(42,010,670)

Class

C

........................

(7,960,815)

(7,255,477)

(5,010,964)

(6,299,662)

Class

R6

.......................

404,350

125,789

1,033,731

1,743,826

Advisor

Class

...................

3,258,148

3,593,758

793,871

5,147,016

Total

capital

share

transactions

.......

3,344,535

2,788,822

2,694,142

(17,852,365)

Net

increase

(decrease)

in

net

assets

.....................

9,334,516

(2,073,990)

9,916,048

(30,991,395)

Net

assets:

Beginning

of

period

................

245,382,698

247,456,688

532,834,346

563,825,741

End

of

period

.....................

$254,717,214

$245,382,698

$542,750,394

$532,834,346

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

143

Franklin

Georgia

Tax-Free

Income

Fund

Franklin

Kentucky

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$5,844,525

$12,155,622

$1,567,428

$3,908,471

Net

realized

gain

(loss)

............

(108,713)

(2,897,903)

512,844

(482,162)

Net

change

in

unrealized

appreciation

(depreciation)

.................

6,993,811

(8,840,835)

1,371,307

(3,264,705)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

12,729,623

416,884

3,451,579

161,604

Distributions

to

shareholders:

Class

A

........................

(927,208)

(1,644,050)

(145,929)

(263,027)

Class

A1

.......................

(3,317,322)

(7,449,070)

(1,220,579)

(3,120,794)

Class

C

........................

(396,063)

(1,077,327)

—

—

Class

R6

.......................

(194,878)

(164,822)

(33,441)

(57,616)

Advisor

Class

...................

(908,054)

(1,716,421)

(147,275)

(330,824)

Total

distributions

to

shareholders

.....

(5,743,525)

(12,051,690)

(1,547,224)

(3,772,261)

Capital

share

transactions:

(Note

2

)

Class

A

........................

15,468,313

23,662,932

2,136,265

4,293,878

Class

A1

.......................

(8,727,783)

(27,686,140)

(2,937,838)

(12,031,459)

Class

C

........................

(12,593,955)

(15,504,407)

—

—

Class

R6

.......................

3,372,789

9,088,022

645,052

247,710

Advisor

Class

...................

6,910,097

15,319,625

311,062

778,188

Total

capital

share

transactions

.......

4,429,461

4,880,032

154,541

(6,711,683)

Net

increase

(decrease)

in

net

assets

.....................

11,415,559

(6,754,774)

2,058,896

(10,322,340)

Net

assets:

Beginning

of

period

................

478,821,684

485,576,458

140,884,258

151,206,598

End

of

period

.....................

$490,237,243

$478,821,684

$142,943,154

$140,884,258

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

144

Franklin

Louisiana

Tax-Free

Income

Fund

Franklin

Maryland

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$4,330,214

$9,937,220

$4,698,915

$11,103,353

Net

realized

gain

(loss)

............

2,766,525

(967,125)

(210,171)

193,375

Net

change

in

unrealized

appreciation

(depreciation)

.................

4,021,608

(9,458,864)

7,427,929

(14,901,535)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

11,118,347

(488,769)

11,916,673

(3,604,807)

Distributions

to

shareholders:

Class

A

........................

(644,087)

(1,253,244)

(882,671)

(1,756,429)

Class

A1

.......................

(2,883,137)

(6,907,707)

(2,721,775)

(6,872,496)

Class

C

........................

(237,315)

(670,118)

(284,390)

(840,223)

Class

R6

.......................

(82,751)

(156,165)

(114,350)

(135,378)

Advisor

Class

...................

(468,925)

(820,671)

(690,717)

(1,524,495)

Total

distributions

to

shareholders

.....

(4,316,215)

(9,807,905)

(4,693,903)

(11,129,021)

Capital

share

transactions:

(Note

2

)

Class

A

........................

10,841,528

10,165,912

12,908,954

20,428,324

Class

A1

.......................

(2,701,886)

(32,103,766)

(11,027,790)

(20,678,888)

Class

C

........................

(6,853,726)

(7,706,875)

(7,945,532)

(9,119,751)

Class

R6

.......................

1,052,147

831,772

3,675,288

4,579,640

Advisor

Class

...................

3,889,815

10,174,029

(1,179,089)

5,683,284

Total

capital

share

transactions

.......

6,227,878

(18,638,928)

(3,568,169)

892,609

Net

increase

(decrease)

in

net

assets

.....................

13,030,010

(28,935,602)

3,654,601

(13,841,219)

Net

assets:

Beginning

of

period

................

380,233,775

409,169,377

419,794,256

433,635,475

End

of

period

.....................

$393,263,785

$380,233,775

$423,448,857

$419,794,256

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

145

Franklin

Missouri

Tax-Free

Income

Fund

Franklin

North

Carolina

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$12,553,027

$25,318,598

$8,808,421

$20,502,814

Net

realized

gain

(loss)

............

2,645,077

(10,285,527)

3,488,878

(3,887,901)

Net

change

in

unrealized

appreciation

(depreciation)

.................

10,328,326

(11,420,492)

10,362,635

(13,917,043)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

25,526,430

3,612,579

22,659,934

2,697,870

Distributions

to

shareholders:

Class

A

........................

(2,190,758)

(3,499,233)

(1,435,843)

(2,762,511)

Class

A1

.......................

(8,122,674)

(17,229,680)

(5,284,442)

(12,994,694)

Class

C

........................

(702,056)

(1,763,266)

(440,338)

(1,367,207)

Class

R6

.......................

(423,302)

(746,105)

(204,462)

(331,041)

Advisor

Class

...................

(1,097,440)

(2,114,731)

(1,408,664)

(2,811,929)

Total

distributions

to

shareholders

.....

(12,536,230)

(25,353,015)

(8,773,749)

(20,267,382)

Capital

share

transactions:

(Note

2

)

Class

A

........................

37,470,129

49,587,973

21,967,202

46,331,929

Class

A1

.......................

(14,217,303)

(46,278,334)

(23,170,698)

(35,458,617)

Class

C

........................

(16,016,371)

(27,913,788)

(16,777,105)

(25,193,856)

Class

R6

.......................

3,789,775

7,048,353

1,854,077

6,762,164

Advisor

Class

...................

1,799,853

4,419,625

13,197,408

17,483,390

Total

capital

share

transactions

.......

12,826,083

(13,136,171)

(2,929,116)

9,925,010

Net

increase

(decrease)

in

net

assets

.....................

25,816,283

(34,876,607)

10,957,069

(7,644,502)

Net

assets:

Beginning

of

period

................

1,007,758,296

1,042,634,903

869,204,632

876,849,134

End

of

period

.....................

$1,033,574,579

$1,007,758,296

$880,161,701

$869,204,632

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

146

Franklin

Virginia

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$5,875,145

$13,142,829

Net

realized

gain

(loss)

.................................................

2,364,478

(5,904,493)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

7,327,310

(11,481,503)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

15,566,933

(4,243,167)

Distributions

to

shareholders:

Class

A

.............................................................

(945,642)

(1,796,286)

Class

A1

............................................................

(3,273,058)

(7,980,406)

Class

C

.............................................................

(234,687)

(692,566)

Class

R6

............................................................

(72,526)

(137,849)

Advisor

Class

........................................................

(1,340,093)

(2,554,529)

Total

distributions

to

shareholders

..........................................

(5,866,006)

(13,161,636)

Capital

share

transactions:

(Note

2

)

Class

A

.............................................................

12,483,766

32,781,750

Class

A1

............................................................

(12,507,500)

(34,412,273)

Class

C

.............................................................

(10,513,429)

(12,938,525)

Class

R6

............................................................

688,162

1,146,641

Advisor

Class

........................................................

10,874,051

22,261,037

Total

capital

share

transactions

............................................

1,025,050

8,838,630

Net

increase

(decrease)

in

net

assets

...................................

10,725,977

(8,566,173)

Net

assets:

Beginning

of

period

.....................................................

635,069,660

643,635,833

End

of

period

..........................................................

$645,795,637

$635,069,660

Franklin

Tax-Free

Trust

147

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

1.

Organization

and

Significant

Accounting

Policies

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-

three

separate

funds,

nine

of

which

are

included

in

this

report

(Funds)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

The

classes

of

shares

offered

within

each

of

the

Funds

are

indicated

below.

Effective

August

2,

2021,

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Prior

to

August

2,

2021,

Class

C

shares

converted

to

Class

A

shares

after

a

10-year

holding

period.

Each

class

of

shares

may

differ

by

its initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Class

A,

Class

A1,

Class

R6

&

Advisor

Class

Franklin

Kentucky

Tax-Free

Income

Fund

Class

A,

Class

A1,

Class

C,

Class

R6

&

Advisor

Class

Franklin

Alabama

Tax-Free

Income

Fund

Franklin

Florida

Tax-Free

Income

Fund

Franklin

Georgia

Tax-Free

Income

Fund

Franklin

Louisiana

Tax-Free

Income

Fund

Franklin

Maryland

Tax-Free

Income

Fund

Franklin

Missouri

Tax-Free

Income

Fund

Franklin

North

Carolina

Tax-Free

Income

Fund

Franklin

Virginia

Tax-Free

Income

Fund

Franklin

Florida

Tax-Free

Income

Fund

and

Franklin

Kentucky

Tax-Free

Income

Fund

were

closed

to

new

investors

effective

August

30,

2021.

The

following

summarizes

the Funds'

significant

accounting

policies. 

a.

Financial

Instrument

Valuation 

The Funds'

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust's

Board

of

Trustees

(the

Board),

the

Funds' administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Debt

securities

generally

trade

in

the

over-the-counter

market

rather

than

on

a

securities

exchange.

The

Funds'

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-

based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b.

Securities

Purchased

on

a

When-Issued

Basis

Certain

or

all

Funds

purchase

securities

on

a

when-issued

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.

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

148

franklintempleton.com

Semiannual

Report

c.

Income

Taxes

It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

August

31,

2021, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

d.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

e.

Insurance

The

scheduled

payments

of

interest

and

principal

for

each

insured

municipal

security

in

the

Trust

are

insured

by

either

a

new

issue

insurance

policy

or

a

secondary

insurance

policy.

Some

municipal

securities

in

the

Funds

are

secured

by

collateral

guaranteed

by

an

agency

of

the

U.S.

government.

Depending

on

the

type

of

coverage,

premiums

for

insurance

are

either

added

to

the

cost

basis

of

the

security

or

paid

by

a

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

to

be

of

very

high

quality,

with

the

majority

of

underlying

municipal

bonds

rated

A

or

better.

However,

an

event

involving

an

insurer

could

have

an

adverse

effect

on

the

value

of

the

securities

insured

by

that

insurance

company.

There

can

be

no

assurance

the

insurer

will

be

able

to

fulfill

its

obligations

under

the

terms

of

the

policy.

f.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g.

Guarantees

and

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Trust,

on

behalf

of

the

Funds,

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

Currently,

the

Trust

expects

the

risk

of

loss

to

be

remote.

1.

Organization

and

Significant

Accounting

Policies

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

149

franklintempleton.com

Semiannual

Report

2.

Shares

of

Beneficial

Interest

At

August

31,

2021,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Funds'

shares

were

as

follows:

Franklin

Alabama

Tax-Free

Income

Fund

Franklin

Florida

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

A

Class

A

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

a

...................................

1,108,994

$12,710,278

2,133,421

$22,851,449

Shares

issued

in

reinvestment

of

distributions

..........

26,937

307,303

95,166

1,019,386

Shares

redeemed

...............................

(179,591)

(2,045,175)

(788,192)

(8,436,968)

Net

increase

(decrease)

..........................

956,340

$10,972,406

1,440,395

$15,433,867

Year

ended

February

28,

2021

Shares

sold

a

...................................

1,634,140

$18,445,837

3,583,203

$38,053,390

Shares

issued

in

reinvestment

of

distributions

..........

45,042

507,215

168,194

1,784,185

Shares

redeemed

...............................

(399,044)

(4,506,008)

(1,535,033)

(16,270,450)

Net

increase

(decrease)

..........................

1,280,138

$14,447,044

2,216,364

$23,567,125

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

292,476

$3,335,464

633,279

$6,796,972

Shares

issued

in

reinvestment

of

distributions

..........

149,375

1,701,809

391,096

4,184,308

Shares

redeemed

...............................

(735,191)

(8,366,827)

(1,918,804)

(20,537,643)

Net

increase

(decrease)

..........................

(293,340)

$(3,329,554)

(894,429)

$(9,556,363)

Year

ended

February

28,

2021

Shares

sold

...................................

481,485

$5,387,614

863,325

$9,149,532

Shares

issued

in

reinvestment

of

distributions

..........

367,993

4,134,909

948,638

10,043,480

Shares

redeemed

...............................

(1,573,599)

(17,644,815)

(5,783,585)

(61,203,682)

Net

increase

(decrease)

..........................

(724,121)

$(8,122,292)

(3,971,622)

$(42,010,670)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

54,101

$626,864

179,354

$1,961,949

Shares

issued

in

reinvestment

of

distributions

..........

14,774

170,456

24,181

264,415

Shares

redeemed

a

..............................

(754,356)

(8,758,135)

(660,626)

(7,237,328)

Net

increase

(decrease)

..........................

(685,481)

$(7,960,815)

(457,091)

$(5,010,964)

Year

ended

February

28,

2021

Shares

sold

...................................

155,772

$1,770,400

425,669

$4,613,633

Shares

issued

in

reinvestment

of

distributions

..........

45,479

517,722

63,152

683,114

Shares

redeemed

a

..............................

(837,493)

(9,543,599)

(1,070,750)

(11,596,409)

Net

increase

(decrease)

..........................

(636,242)

$(7,255,477)

(581,929)

$(6,299,662)

Class

R6

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

150

franklintempleton.com

Semiannual

Report

Franklin

Alabama

Tax-Free

Income

Fund

Franklin

Florida

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

R6

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

47,419

$541,753

124,800

$1,336,834

Shares

issued

in

reinvestment

of

distributions

..........

1,921

21,895

7,455

80,015

Shares

redeemed

...............................

(14,012)

(159,298)

(35,637)

(383,118)

Net

increase

(decrease)

..........................

35,328

$404,350

96,618

$1,033,731

Year

ended

February

28,

2021

Shares

sold

...................................

50,100

$564,150

226,956

$2,398,864

Shares

issued

in

reinvestment

of

distributions

..........

4,293

48,263

12,479

132,650

Shares

redeemed

...............................

(43,272)

(486,624)

(74,353)

(787,688)

Net

increase

(decrease)

..........................

11,121

$125,789

165,082

$1,743,826

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

429,384

$4,894,186

593,887

$6,360,125

Shares

issued

in

reinvestment

of

distributions

..........

15,507

176,752

39,631

425,087

Shares

redeemed

...............................

(158,843)

(1,812,790)

(558,053)

(5,991,341)

Net

increase

(decrease)

..........................

286,048

$3,258,148

75,465

$793,871

Year

ended

February

28,

2021

Shares

sold

...................................

554,603

$6,248,789

1,163,044

$12,403,699

Shares

issued

in

reinvestment

of

distributions

..........

28,704

322,820

74,533

791,600

Shares

redeemed

...............................

(265,115)

(2,977,851)

(758,570)

(8,048,283)

Net

increase

(decrease)

..........................

318,192

$3,593,758

479,007

$5,147,016

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

151

franklintempleton.com

Semiannual

Report

Franklin

Georgia

Tax-Free

Income

Fund

Franklin

Kentucky

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

A

Class

A

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

a

...................................

1,946,691

$23,517,443

327,110

$3,630,689

Shares

issued

in

reinvestment

of

distributions

..........

70,261

848,007

12,978

144,289

Shares

redeemed

...............................

(737,017)

(8,897,137)

(147,154)

(1,638,713)

Net

increase

(decrease)

..........................

1,279,935

$15,468,313

192,934

$2,136,265

Year

ended

February

28,

2021

Shares

sold

a

...................................

2,608,906

$31,141,436

477,135

$5,240,733

Shares

issued

in

reinvestment

of

distributions

..........

126,236

1,505,976

23,430

257,700

Shares

redeemed

...............................

(755,251)

(8,984,480)

(110,438)

(1,204,555)

Net

increase

(decrease)

..........................

1,979,891

$23,662,932

390,127

$4,293,878

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

474,955

$5,725,246

119,848

$1,334,197

Shares

issued

in

reinvestment

of

distributions

..........

246,147

2,970,572

107,358

1,192,347

Shares

redeemed

...............................

(1,442,540)

(17,423,601)

(491,936)

(5,464,382)

Net

increase

(decrease)

..........................

(721,438)

$(8,727,783)

(264,730)

$(2,937,838)

Year

ended

February

28,

2021

Shares

sold

...................................

891,352

$10,657,829

375,647

$4,126,264

Shares

issued

in

reinvestment

of

distributions

..........

555,571

6,620,680

272,677

2,994,127

Shares

redeemed

...............................

(3,803,161)

(44,964,649)

(1,745,134)

(19,151,850)

Net

increase

(decrease)

..........................

(2,356,238)

$(27,686,140)

(1,096,810)

$(12,031,459)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

116,189

$1,424,599

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

30,839

377,927

—

—

Shares

redeemed

a

..............................

(1,172,772)

(14,396,481)

—

—

Net

increase

(decrease)

..........................

(1,025,744)

$(12,593,955)

—

$—

Six

Months

ended

February

28,

2021

Shares

sold

...................................

385,525

$4,660,396

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

81,150

981,440

—

—

Shares

redeemed

a

..............................

(1,745,962)

(21,146,243)

—

—

Net

increase

(decrease)

..........................

(1,279,287)

$(15,504,407)

—

$—

Class

R6

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

152

franklintempleton.com

Semiannual

Report

Franklin

Georgia

Tax-Free

Income

Fund

Franklin

Kentucky

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

R6

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

551,322

$6,659,314

71,649

$792,157

Shares

issued

in

reinvestment

of

distributions

..........

7,565

91,319

3,037

33,758

Shares

redeemed

...............................

(280,255)

(3,377,844)

(16,224)

(180,863)

Net

increase

(decrease)

..........................

278,632

$3,372,789

58,462

$645,052

Year

ended

February

28,

2021

Shares

sold

...................................

841,386

$10,149,631

47,243

$521,499

Shares

issued

in

reinvestment

of

distributions

..........

11,701

139,615

5,214

57,295

Shares

redeemed

...............................

(101,839)

(1,201,224)

(30,478)

(331,084)

Net

increase

(decrease)

..........................

751,248

$9,088,022

21,979

$247,710

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

905,633

$10,938,062

83,167

$924,583

Shares

issued

in

reinvestment

of

distributions

..........

68,523

827,530

12,627

140,330

Shares

redeemed

...............................

(402,008)

(4,855,495)

(67,873)

(753,851)

Net

increase

(decrease)

..........................

572,148

$6,910,097

27,921

$311,062

Year

ended

February

28,

2021

Shares

sold

...................................

2,155,326

$25,525,602

286,929

$3,140,040

Shares

issued

in

reinvestment

of

distributions

..........

129,011

1,539,366

28,583

313,999

Shares

redeemed

...............................

(986,817)

(11,745,343)

(244,912)

(2,675,851)

Net

increase

(decrease)

..........................

1,297,520

$15,319,625

70,600

$778,188

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

153

franklintempleton.com

Semiannual

Report

Franklin

Louisiana

Tax-Free

Income

Fund

Franklin

Maryland

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

A

Class

A

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

a

...................................

1,351,596

$15,499,816

1,534,387

$17,083,802

Shares

issued

in

reinvestment

of

distributions

..........

54,621

626,541

75,262

837,855

Shares

redeemed

...............................

(461,209)

(5,284,829)

(452,755)

(5,012,703)

Net

increase

(decrease)

..........................

945,008

$10,841,528

1,156,894

$12,908,954

Year

ended

February

28,

2021

Shares

sold

a

...................................

1,687,039

$19,054,402

2,439,624

$26,899,556

Shares

issued

in

reinvestment

of

distributions

..........

106,902

1,205,992

149,070

1,643,231

Shares

redeemed

...............................

(915,275)

(10,094,482)

(737,402)

(8,114,463)

Net

increase

(decrease)

..........................

878,666

$10,165,912

1,851,292

$20,428,324

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

994,862

$11,380,922

193,921

$2,157,581

Shares

issued

in

reinvestment

of

distributions

..........

244,734

2,804,975

217,034

2,416,005

Shares

redeemed

...............................

(1,471,738)

(16,887,783)

(1,400,771)

(15,601,376)

Net

increase

(decrease)

..........................

(232,142)

$(2,701,886)

(989,816)

$(11,027,790)

Year

ended

February

28,

2021

Shares

sold

...................................

761,607

$8,594,326

678,377

$7,502,680

Shares

issued

in

reinvestment

of

distributions

..........

585,413

6,594,454

546,466

6,020,781

Shares

redeemed

...............................

(4,213,467)

(47,292,546)

(3,094,963)

(34,202,349)

Net

increase

(decrease)

..........................

(2,866,447)

$(32,103,766)

(1,870,120)

$(20,678,888)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

129,603

$1,506,252

158,491

$1,801,698

Shares

issued

in

reinvestment

of

distributions

..........

20,306

236,587

23,911

271,670

Shares

redeemed

a

..............................

(736,847)

(8,596,565)

(878,699)

(10,018,900)

Net

increase

(decrease)

..........................

(586,938)

$(6,853,726)

(696,297)

$(7,945,532)

Year

ended

February

28,

2021

Shares

sold

...................................

298,512

$3,417,062

361,685

$4,065,182

Shares

issued

in

reinvestment

of

distributions

..........

56,734

649,372

68,989

775,607

Shares

redeemed

a

..............................

(1,029,195)

(11,773,309)

(1,240,138)

(13,960,540)

Net

increase

(decrease)

..........................

(673,949)

$(7,706,875)

(809,464)

$(9,119,751)

Class

R6

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

154

franklintempleton.com

Semiannual

Report

Franklin

Louisiana

Tax-Free

Income

Fund

Franklin

Maryland

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

R6

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

104,554

$1,192,091

381,621

$4,267,690

Shares

issued

in

reinvestment

of

distributions

..........

7,142

81,889

7,776

86,731

Shares

redeemed

...............................

(19,391)

(221,833)

(60,895)

(679,133)

Net

increase

(decrease)

..........................

92,305

$1,052,147

328,502

$3,675,288

Year

ended

February

28,

2021

Shares

sold

...................................

175,098

$1,981,993

452,787

$5,039,224

Shares

issued

in

reinvestment

of

distributions

..........

13,518

152,403

11,648

128,695

Shares

redeemed

...............................

(115,798)

(1,302,624)

(53,606)

(588,279)

Net

increase

(decrease)

..........................

72,818

$831,772

410,829

$4,579,640

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

813,824

$9,349,361

427,517

$4,773,535

Shares

issued

in

reinvestment

of

distributions

..........

37,814

433,710

53,011

590,776

Shares

redeemed

...............................

(512,455)

(5,893,256)

(585,746)

(6,543,400)

Net

increase

(decrease)

..........................

339,183

$3,889,815

(105,218)

$(1,179,089)

Year

ended

February

28,

2021

Shares

sold

...................................

1,609,637

$18,231,625

1,338,729

$14,799,088

Shares

issued

in

reinvestment

of

distributions

..........

64,532

728,001

115,570

1,275,125

Shares

redeemed

...............................

(783,747)

(8,785,597)

(943,806)

(10,390,929)

Net

increase

(decrease)

..........................

890,422

$10,174,029

510,493

$5,683,284

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

155

franklintempleton.com

Semiannual

Report

Franklin

Missouri

Tax-Free

Income

Fund

Franklin

North

Carolina

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

A

Class

A

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

a

...................................

3,789,343

$45,469,403

3,198,009

$37,725,919

Shares

issued

in

reinvestment

of

distributions

..........

178,868

2,145,128

113,816

1,341,217

Shares

redeemed

...............................

(845,124)

(10,144,402)

(1,455,555)

(17,099,934)

Net

increase

(decrease)

..........................

3,123,087

$37,470,129

1,856,270

$21,967,202

Year

ended

February

28,

2021

Shares

sold

a

...................................

5,642,759

$67,040,168

5,572,724

$65,264,555

Shares

issued

in

reinvestment

of

distributions

..........

284,291

3,372,432

215,864

2,523,077

Shares

redeemed

...............................

(1,766,517)

(20,824,627)

(1,846,785)

(21,455,703)

Net

increase

(decrease)

..........................

4,160,533

$49,587,973

3,941,803

$46,331,929

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

1,101,280

$13,188,048

922,260

$10,871,761

Shares

issued

in

reinvestment

of

distributions

..........

643,207

7,709,548

410,796

4,839,391

Shares

redeemed

...............................

(2,929,839)

(35,114,899)

(3,299,282)

(38,881,850)

Net

increase

(decrease)

..........................

(1,185,352)

$(14,217,303)

(1,966,226)

$(23,170,698)

Year

ended

February

28,

2021

Shares

sold

...................................

1,911,701

$22,691,692

2,024,975

$23,664,287

Shares

issued

in

reinvestment

of

distributions

..........

1,350,409

15,988,418

996,256

11,626,679

Shares

redeemed

...............................

(7,199,380)

(84,958,444)

(6,089,454)

(70,749,583)

Net

increase

(decrease)

..........................

(3,937,270)

$(46,278,334)

(3,068,223)

$(35,458,617)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

344,617

$4,172,332

223,948

$2,686,673

Shares

issued

in

reinvestment

of

distributions

..........

56,490

683,927

35,906

430,012

Shares

redeemed

a

..............................

(1,720,736)

(20,872,630)

(1,657,376)

(19,893,790)

Net

increase

(decrease)

..........................

(1,319,629)

$(16,016,371)

(1,397,522)

$(16,777,105)

Year

ended

February

28,

2021

Shares

sold

...................................

716,382

$8,568,696

648,573

$7,696,005

Shares

issued

in

reinvestment

of

distributions

..........

139,907

1,672,728

108,535

1,286,988

Shares

redeemed

a

..............................

(3,182,165)

(38,155,212)

(2,878,044)

(34,176,849)

Net

increase

(decrease)

..........................

(2,325,876)

$(27,913,788)

(2,120,936)

$(25,193,856)

Class

R6

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

156

franklintempleton.com

Semiannual

Report

Franklin

Missouri

Tax-Free

Income

Fund

Franklin

North

Carolina

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

R6

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

507,717

$6,093,269

296,545

$3,491,725

Shares

issued

in

reinvestment

of

distributions

..........

31,935

383,221

14,964

176,265

Shares

redeemed

...............................

(224,478)

(2,686,715)

(153,899)

(1,813,913)

Net

increase

(decrease)

..........................

315,174

$3,789,775

157,610

$1,854,077

Year

ended

February

28,

2021

Shares

sold

...................................

988,641

$11,634,147

750,298

$8,782,773

Shares

issued

in

reinvestment

of

distributions

..........

53,858

638,690

26,543

310,019

Shares

redeemed

...............................

(443,180)

(5,224,484)

(200,977)

(2,330,628)

Net

increase

(decrease)

..........................

599,319

$7,048,353

575,864

$6,762,164

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

792,551

$9,517,124

2,256,926

$26,549,997

Shares

issued

in

reinvestment

of

distributions

..........

75,191

901,626

115,530

1,361,421

Shares

redeemed

...............................

(720,484)

(8,618,897)

(1,246,814)

(14,714,010)

Net

increase

(decrease)

..........................

147,258

$1,799,853

1,125,642

$13,197,408

Year

ended

February

28,

2021

Shares

sold

...................................

1,858,606

$22,096,348

3,157,919

$36,942,605

Shares

issued

in

reinvestment

of

distributions

..........

141,699

1,679,643

227,496

2,657,180

Shares

redeemed

...............................

(1,649,509)

(19,356,366)

(1,904,777)

(22,116,395)

Net

increase

(decrease)

..........................

350,796

$4,419,625

1,480,638

$17,483,390

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

157

franklintempleton.com

Semiannual

Report

Franklin

Virginia

Tax-Free

Income

Fund

Shares

Amount

Class

A

Class

A

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

a

...................................

1,566,813

$17,705,343

Shares

issued

in

reinvestment

of

distributions

..........

72,757

820,792

Shares

redeemed

...............................

(536,758)

(6,042,369)

Net

increase

(decrease)

..........................

1,102,812

$12,483,766

Year

ended

February

28,

2021

Shares

sold

a

...................................

3,909,481

$43,870,008

Shares

issued

in

reinvestment

of

distributions

..........

135,068

1,512,481

Shares

redeemed

...............................

(1,139,632)

(12,600,739)

Net

increase

(decrease)

..........................

2,904,917

$32,781,750

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

434,321

$4,894,309

Shares

issued

in

reinvestment

of

distributions

..........

263,998

2,977,003

Shares

redeemed

...............................

(1,806,303)

(20,378,812)

Net

increase

(decrease)

..........................

(1,107,984)

$(12,507,500)

Year

ended

February

28,

2021

Shares

sold

...................................

760,171

$8,511,354

Shares

issued

in

reinvestment

of

distributions

..........

632,475

7,074,391

Shares

redeemed

...............................

(4,484,755)

(49,998,018)

Net

increase

(decrease)

..........................

(3,092,109)

$(34,412,273)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

99,253

$1,136,482

Shares

issued

in

reinvestment

of

distributions

..........

20,090

230,478

Shares

redeemed

a

..............................

(1,032,799)

(11,880,389)

Net

increase

(decrease)

..........................

(913,456)

$(10,513,429)

Year

ended

February

28,

2021

Shares

sold

...................................

363,587

$4,152,393

Shares

issued

in

reinvestment

of

distributions

..........

55,876

635,616

Shares

redeemed

a

..............................

(1,555,402)

(17,726,534)

Net

increase

(decrease)

..........................

(1,135,939)

$(12,938,525)

Class

R6

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

158

franklintempleton.com

Semiannual

Report

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Trust

are

also

officers

and/or

directors

of

the

following

subsidiaries:

Franklin

Virginia

Tax-Free

Income

Fund

Shares

Amount

Class

R6

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

111,259

$1,254,346

Shares

issued

in

reinvestment

of

distributions

..........

6,395

72,161

Shares

redeemed

...............................

(56,645)

(638,345)

Net

increase

(decrease)

..........................

61,009

$688,162

Year

ended

February

28,

2021

Shares

sold

...................................

185,215

$2,078,112

Shares

issued

in

reinvestment

of

distributions

..........

12,167

136,263

Shares

redeemed

...............................

(95,613)

(1,067,734)

Net

increase

(decrease)

..........................

101,769

$1,146,641

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

1,785,074

$20,139,033

Shares

issued

in

reinvestment

of

distributions

..........

106,549

1,202,713

Shares

redeemed

...............................

(927,983)

(10,467,695)

Net

increase

(decrease)

..........................

963,640

$10,874,051

Year

ended

February

28,

2021

Shares

sold

...................................

3,965,685

$44,494,547

Shares

issued

in

reinvestment

of

distributions

..........

206,165

2,309,633

Shares

redeemed

...............................

(2,211,767)

(24,543,143)

Net

increase

(decrease)

..........................

1,960,083

$22,261,037

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

(formerly

Franklin

Templeton

Distributors,

Inc.)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

159

franklintempleton.com

Semiannual

Report

a.

Management

Fees

The

Funds

pay

an

investment

management

fee

to

Advisers

based

on

the

month-end

net

assets

of

each

of

the

Funds

as

follows:

For

the

period

ended

August

31,

2021,

each

Fund's

annualized

gross

effective

investment

management

fee

rate

based

on

average

daily

net

assets

was

as

follows:

b.

Administrative

Fees

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by

Advisers

based

on

each

of

the

Funds'

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds’

Class

A

and

A1

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

Under

the

Class

A

and

Class

A1

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds’

Class

Annualized

Fee

Rate

Net

Assets

0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

Over

$15

billion,

up

to

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

up

to

and

including

$20

billion

0.360%

In

excess

of

$20

billion

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Florida

Tax-Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.547%

0.493%

0.499%

Franklin

Kentucky

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.583%

0.511%

0.506%

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.471%

0.475%

0.485%

3.

Transactions

with

Affiliates

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

160

franklintempleton.com

Semiannual

Report

C

compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

each

Fund's

shares

up

to

the

maximum

annual

plan

rate.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

period:

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Florida

Tax-Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Reimbursement

Plans:

Class

A

...............................

0.25%

0.25%

0.25%

Class

A1

..............................

0.10%

0.10%

0.10%

Compensation

Plans:

Class

C

...............................

0.65%

0.65%

0.65%

Franklin

Kentucky

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Reimbursement

Plans:

Class

A

...............................

0.25%

0.25%

0.25%

Class

A1

..............................

0.10%

0.10%

0.10%

Compensation

Plans:

Class

C

...............................

—

0.65%

0.65%

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Reimbursement

Plans:

Class

A

...............................

0.25%

0.25%

0.25%

Class

A1

..............................

0.10%

0.10%

0.10%

Compensation

Plans:

Class

C

...............................

0.65%

0.65%

0.65%

3.

Transactions

with

Affiliates

(continued)

c.

Distribution

Fees

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

161

franklintempleton.com

Semiannual

Report

e.

Transfer

Agent

Fees

Each

class

of

shares

pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

The

fees

are

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

each

class

reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6,

reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

For

the

period

ended

August

31,

2021,

the

Funds

paid

transfer

agent

fees

as

noted

in

the

Statements

of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Florida

Tax-Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Kentucky

Tax-

Free

Income

Fund

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$5,850

$4,807

$7,353

$4,250

CDSC

retained

...........................

$1,112

$20,206

$5,680

$—

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$7,065

$3,801

$23,957

$14,658

CDSC

retained

...........................

$13,575

$883

$4,491

$3,609

Franklin

Virginia

Tax-

Free

Income

Fund

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$5,886

CDSC

retained

...........................

$4,228

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Florida

Tax-Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Kentucky

Tax-

Free

Income

Fund

Transfer

agent

fees

........................

$38,311

$87,416

$75,003

$21,971

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Transfer

agent

fees

........................

$55,417

$71,859

$147,428

$128,131

3.

Transactions

with

Affiliates

(continued)

d.

Sales

Charges/Underwriting

Agreements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

162

franklintempleton.com

Semiannual

Report

f.

Waivers

and

Expense

Reimbursements

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

June

30,

2022.

g.

Interfund

Transactions

Certain

or

all

Funds

engaged

in

purchases

and

sales

of

investments

with

funds

or

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

or

officers.

These

purchases

and

sales

for

the

period

ended

August

31,

2021,

were

as

follows:

4.

Expense

Offset

Arrangement

The

Funds

have entered

into

an

arrangement

with

their

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Funds'

custodian

expenses.

During

the period

ended

August

31,

2021 the

custodian

fees

were

reduced

as

noted

in

the

Statements

of

Operations.

Franklin

Virginia

Tax-

Free

Income

Fund

Transfer

agent

fees

........................

$101,217

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Florida

Tax-Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Kentucky

Tax-

Free

Income

Fund

Purchases

..............................

—

$7,096,821

$10,465,000

$1,060,000

Sales

..................................

—

$20,200,000

$12,550,000

$1,060,000

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Purchases

..............................

—

$1,943,734

$8,550,000

$5,800,000

Sales

..................................

—

$700,000

$20,835,000

—

Franklin

Virginia

Tax-

Free

Income

Fund

Purchases

..............................

$2,000,000

Sales

..................................

$3,400,000

3.

Transactions

with

Affiliates

(continued)

e.

Transfer

Agent

Fees

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

163

franklintempleton.com

Semiannual

Report

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains. 

At

February

28,

2021,

the

capital

loss

carryforwards

were

as

follows:

At

August

31,

2021,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Florida

Tax-Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Kentucky

Tax-

Free

Income

Fund

1

1

1

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

3,087,907

$

12,466,569

$

5,561,180

$

3,022,860

Long

term

.............................

12,871,700

54,523,896

20,256,983

7,130,213

Total

capital

loss

carryforwards

............

$15,959,607

$66,990,465

$25,818,163

$10,153,073

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

1

1

1

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

11,605,540

$

13,206,082

$

13,118,068

$

26,030,882

Long

term

.............................

16,846,391

28,835,395

71,617,766

72,172,247

Total

capital

loss

carryforwards

............

$28,451,931

$42,041,477

$84,735,834

$98,203,129

Franklin

Virginia

Tax-

Free

Income

Fund

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

19,440,956

Long

term

.............................

40,615,612

Total

capital

loss

carryforwards

............

$60,056,568

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Florida

Tax-Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Kentucky

Tax-

Free

Income

Fund

a

a

a

a

a

Cost

of

investments

.......................

$226,924,510

$508,874,674

$459,758,403

$130,431,557

Unrealized

appreciation

.....................

$18,327,573

$37,232,591

$36,143,019

$9,045,532

Unrealized

depreciation

.....................

(184,373)

(548,621)

(5,434,817)

(564,712)

Net

unrealized

appreciation

(depreciation)

.......

$18,143,200

$36,683,970

$30,708,202

$8,480,820

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

164

franklintempleton.com

Semiannual

Report

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities,

bond

discounts

and

premiums,

wash

sales

and

bond

workout

expenditures.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

August

31,

2021,

were

as

follows:

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

a

a

a

a

a

Cost

of

investments

.......................

$353,905,849

$394,274,898

$953,614,845

$784,089,739

Unrealized

appreciation

.....................

$26,931,417

$25,513,542

$71,763,647

$53,001,964

Unrealized

depreciation

.....................

(722,318)

(1,351,222)

(3,060,594)

(1,341,891)

Net

unrealized

appreciation

(depreciation)

.......

$26,209,099

$24,162,320

$68,703,053

$51,660,073

Franklin

Virginia

Tax-

Free

Income

Fund

a

a

Cost

of

investments

.......................

$584,869,516

Unrealized

appreciation

.....................

$38,401,858

Unrealized

depreciation

.....................

(707,868)

Net

unrealized

appreciation

(depreciation)

.......

$37,693,990

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Florida

Tax-Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Kentucky

Tax-

Free

Income

Fund

Purchases

..............................

$26,520,688

$70,106,353

$48,096,916

$18,633,778

Sales

..................................

$40,489,789

$62,272,189

$37,042,681

$20,878,943

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Purchases

..............................

$31,185,628

$35,067,471

$138,645,490

$117,071,813

Sales

..................................

$41,193,732

$37,253,556

$110,578,501

$182,451,916

Franklin

Virginia

Tax-

Free

Income

Fund

Purchases

..............................

$103,412,150

Sales

..................................

$122,404,413

5.

Income

Taxes

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

165

franklintempleton.com

Semiannual

Report

7.

Defaulted

Securities

Certain

or

all

Funds

held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

The

Funds

discontinue

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provide

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Statements

of

Investments.

At

August

31,

2021,

the

aggregate

value

of

these

securities

was

as

follows: 

8.

Concentration

of

Risk

Certain

or

all

Funds

invest

a

large

percentage

of

their

total

assets

in

obligations

of

issuers

within

their respective

state

U.S.

territories,

and

the

District

of

Columbia.

Such

concentration

may

subject

the

Funds

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within

those

states,

U.S.

territories,

and

the

District

of

Columbia.

Investing

in

Puerto

Rico

securities

may

expose

the

Funds

to

heightened

risks

due

to

recent

adverse

economic

and

market

changes,

credit

downgrades

and

ongoing

restructuring

discussions.

In

addition,

investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Funds

to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell.

9. Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the

Funds, their ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and their ability

to

achieve their investment

objectives.

10.

Upcoming

Reorganizations

On

July

14,

2021,

the

Board

for

Franklin

Tax-Free

Trust

approved

a

proposal

to

reorganize

Franklin

Florida

Tax-Free

Income

Fund

and

Franklin

Kentucky

Tax-Free

Income

Fund

with

and

into

Franklin

Federal

Tax-Free

Income

Fund,

subject

to

approval

by

the

shareholders

of

Franklin

Florida

Tax-Free

Income

Fund

and

Franklin

Kentucky

Tax-Free

Income

Fund.

11.

Credit

Facility

The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

on

February

4,

2022.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

Value

Percentage

of

Net

Assets

Franklin

Georgia

Tax-Free

Income

Fund

..........................................

$

2,233,157

0.5%

Franklin

Louisiana

Tax-Free

Income

Fund

.........................................

841,106

0.2%

Franklin

Maryland

Tax-Free

Income

Fund

.........................................

1,947,843

0.5%

Franklin

Missouri

Tax-Free

Income

Fund

..........................................

4,625,513

0.5%

Franklin

North

Carolina

Tax-Free

Income

Fund

.....................................

4,053,050

0.5%

Franklin

Virginia

Tax-Free

Income

Fund

...........................................

2,894,825

0.5%

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

166

franklintempleton.com

Semiannual

Report

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

period ended

August

31,

2021,

the

Funds

did

not

use

the

Global

Credit

Facility.

12.

Fair

Value

Measurements

The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

At

August

31,

2021,

all

of

the

Funds'

investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level

2

inputs.

13.

New

Accounting

Pronouncements

In

March

2020,

the

Financial

Accounting

Standards

Board

(FASB)

issued

Accounting

Standards

Update

(ASU)

No.

2020-04,

Reference

Rate

Reform

(Topic

848)

–

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

In

January

2021,

the

FASB

issued

ASU

No.

2021-01,

with

further

amendments

to

Topic

848.

The

amendments

in

the

ASUs

provide

optional

temporary

accounting

recognition

and financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR)

and

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021

and

2023. The

ASUs

are

effective

for

certain

reference

rate-related

contract

modifications

that

occur

during

the

period

March

12,

2020

through

December

31,

2022.

Management

has

reviewed

the

requirements

and

believes

the

adoption

of

these

ASUs

will

not

have

a

material

impact

on

the

financial

statements. 

14.

Subsequent

Events

The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

11.

Credit

Facility

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

167

franklintempleton.com

Semiannual

Report

Abbreviations

Selected

Portfolio

AGMC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

COP

Certificate

of

Participation

ETM

Escrowed

to

Maturity

FGIC

Financial

Guaranty

Insurance

Co.

FHA

Federal

Housing

Administration

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

SPA

Standby

Purchase

Agreement

Franklin

Tax-Free

Trust

Shareholder

Information

168

franklintempleton.com

Semiannual

Report

Liquidity

Risk

Management

Program

-

Funds

no

HLIM

Each

Fund

has

adopted

and

implemented

a

written

Liquidity

Risk

Management

Program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940

(the

“Liquidity

Rule”).

The

LRMP

is

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

which

is

defined

as

the

risk

that

the

Fund

could

not

meet

requests

to

redeem

shares

issued

by

the

Fund

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

In

accordance

with

the

Liquidity

Rule,

the

LRMP

includes

policies

and

procedures

that

provide

for:

(1)

assessment,

management,

and

review

(no

less

frequently

than

annually)

of

each

Fund’s

liquidity

risk;

(2)

classification

of

each

Fund’s

portfolio

holdings

into

one

of

four

liquidity

categories

(Highly

Liquid,

Moderately

Liquid,

Less

Liquid,

and

Illiquid);

(3)

for

Funds

that

do

not

primarily

hold

assets

that

are

Highly

Liquid,

establishing

and

maintaining

a

minimum

percentage

of

the

Fund’s

net

assets

in

Highly

Liquid

investments

(called

a

“Highly

Liquid

Investment

Minimum”

or

“HLIM”);

and

(4)

prohibiting

the

Fund’s

acquisition

of

Illiquid

investments

that

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

Illiquid

assets.

The

LRMP

also

requires

reporting

to

the

Securities

and

Exchange

Commission

(“SEC”)

(on

a

non-public

basis)

and

to

the

Board

if

the

Fund’s

holdings

of

Illiquid

assets

exceed

15%

of

the

Fund’s

net

assets.

Funds

with

HLIMs

must

have

procedures

for

addressing

HLIM

shortfalls,

including

reporting

to

the

Board

and,

with

respect

to

HLIM

shortfalls

lasting

more

than

seven

consecutive

calendar

days,

reporting

to

the

SEC

(on

a

non-public

basis).

The

Director

of

Liquidity

Risk

within

the

Investment

Risk

Management

Group

(the

“IRMG”)

is

the

appointed

Administrator

of

the

LRMP.

The

IRMG

maintains

the

Investment

Liquidity

Committee

(the

“ILC”)

to

provide

oversight

and

administration

of

policies

and

procedures

governing

liquidity

risk

management

for

FT

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Investment

Compliance,

Investment

Operations,

Valuation

Committee,

Product

Management

and

Global

Product

Strategy.

In

assessing

and

managing

each

Fund’s

liquidity

risk,

the

ILC

considers,

as

relevant,

a

variety

of

factors,

including

the

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

its

short

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

funding

sources

including

the

Funds’

interfund

lending

facility

and

line

of

credit.

Classification

of

the

Fund’s

portfolio

holdings

in

the

four

liquidity

categories

is

based

on

the

number

of

days

it

is

reasonably

expected

to

take

to

convert

the

investment

to

cash

(for

Highly

Liquid

and

Moderately

Liquid

holdings)

or

sell

or

dispose

of

the

investment

(for

Less

Liquid

and

Illiquid

investments),

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

Each

Fund

primarily

holds

liquid

assets

that

are

defined

under

the

Liquidity

Rule

as

"Highly

Liquid

Investments,"

and

therefore

is

not

required

to

establish

an

HLIM.

Highly

Liquid

Investments

are

defined

as

cash

and

any

investment

reasonably

expected

to

be

convertible

to

cash

in

current

market

conditions

in

three

business

days

or

less

without

the

conversion

to

cash

significantly

changing

the

market

value

of

the

investment.

At

meetings

of

the

Funds’

Board

of

Trustees

held

in

May

2021,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2020.

The

Program

Administrator

report

concluded

that

(i.)

the

LRMP,

as

adopted

and

implemented,

remains

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk;

(ii.)

the

LRMP,

including

the

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

was

implemented

and

operated

effectively

to

achieve

the

goal

of

assessing

and

managing

each

Fund’s

liquidity

risk;

and

(iii.)

each

Fund

was

able

to

meet

requests

for

redemption

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

Proxy

Voting

Policies

and

Procedures

The

Trust’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Trust’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Trust’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Franklin

Tax-Free

Trust

Shareholder

Information

169

franklintempleton.com

Semiannual

Report

Quarterly

Statement

of

Investments

The

Trust

files

a

complete

statement

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

each

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

TF2

S

10/21

©

2021

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

Report

and

Shareholder

Letter

Franklin

Tax-Free

Trust

Investment

Manager

Distributor

Shareholder

Services

Franklin

Advisers,

Inc.

Franklin

Distributors,

LLC

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Semiannual

Report

and

Shareholder

Letter

Franklin

Tax-Free

Trust

August

31,

2021

Sign

up

for

electronic

delivery

at

franklintempleton.com/edelivery

Franklin

Arizona

Tax-Free

Income

Fund

Franklin

Colorado

Tax-Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-Free

Income

Fund

Franklin

Minnesota

Tax-Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

franklintempleton.com

Not

part

of

the

semiannual

report

1

SHAREHOLDER

LETTER

Dear

Shareholder:

During

the

six

months

ended

August

31,

2021,

the

U.S.

economy

continued

to

recover

from

the

coronavirus

(COVID-19)

pandemic.

Gross

domestic

product

(GDP)

accelerated

in

2021’s

first

and

second

quarters

as

the

reopening

of

businesses,

widespread

COVID-19

vaccinations

and

federal

assistance

programs

continued

to

boost

consumer

spending.

Near

period-end,

however,

investors

became

concerned

that

the

swiftly

spreading

Delta

variant

of

COVID-19

could

hinder

the

economic

recovery.

During

the

reporting

period,

the

U.S.

Federal

Reserve,

in

its

efforts

to

support

U.S.

economic

activity,

held

the

federal

funds

rate

unchanged

at

0.25%,

and

it

continued

broad

quantitative

easing

measures

to

bolster

credit

markets.

The

Federal

Reserve

also

adjusted

its

GDP

and

inflation

projections

higher

and

expected

to

begin

decreasing

its

asset

purchases

later

this

year,

while

delaying

any

interest

rate

increases

until

reaching

its

goal

of

maximum

U.S.

employment.

During

the

six-month

period,

municipal

bonds,

as

measured

by

the

Bloomberg

Municipal

Bond

Index,

posted

a

+2.51%

total

return

as

investors

were

attracted

to

tax-free

income

in

a

stable

interest-rate

environment.

1

Factors

contributing

to

this

positive

investment

environment

for

municipals

included

relatively

low

inflation

and

interest

rates

and

actions

by

the

Federal

Reserve

to

support

a

low

interest-rate

environment.

Franklin

Tax-Free

Trust’s

semiannual

report

includes

more

detail

about

municipal

bond

market

conditions

and

a

discussion

from

the

portfolio

managers.

In

addition,

on

our

website,

franklintempleton.com

,

you

can

find

updated

commentary

by

our

municipal

bond

experts.

Municipal

bonds

provide

tax-free

income

and

diversification

from

equities.

Despite

periods

of

volatility,

municipal

bonds

historically

have

had

a

solid

long-term

record

of

performance,

driven

mostly

by

their

compounding

tax-free

income

component.

As

you

know,

all

securities

markets

fluctuate,

as

do

mutual

fund

share

prices.

As

always,

we

recommend

investors

consult

their

financial

professionals

to

help

them

make

the

best

decisions

for

the

long

term.

In

a

constantly

changing

market

environment,

we

remain

committed

to

our

disciplined

strategy

as

we

manage

the

Funds,

keeping

in

mind

the

trust

you

have

placed

in

us.

We

appreciate

your

confidence

in

us

and

encourage

you

to

contact

us

or

your

financial

professional

when

you

have

questions

about

your

Franklin

tax-free

investment.

Sincerely,

Rupert

H.

Johnson,

Jr.

Chairman

Franklin

Tax-Free

Trust

Ben

Barber

Senior

Vice

President

Director

of

Municipal

Bonds

This

letter

reflects

our

analysis

and

opinions

as

of

August

31,

2021,

unless

otherwise

indicated.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

1.

Source:

Morningstar.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

franklintempleton.com

Semiannual

Report

2

Contents

Semiannual

Report

Municipal

Bond

Market

Overview

3

Investment

Strategy

and

Manager’s

Discussion

4

Franklin

Arizona

Tax-Free

Income

Fund

5

Franklin

Colorado

Tax-Free

Income

Fund

10

Franklin

Connecticut

Tax-Free

Income

Fund

15

Franklin

Michigan

Tax-Free

Income

Fund

20

Franklin

Minnesota

Tax-Free

Income

Fund

25

Franklin

Ohio

Tax-Free

Income

Fund

30

Franklin

Oregon

Tax-Free

Income

Fund

35

Franklin

Pennsylvania

Tax-Free

Income

Fund

40

Financial

Highlights

and

Statements

of

Investments

45

Financial

Statements

139

Notes

to

Financial

Statements

149

Shareholder

Information

166

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Semiannual

Report

SEMIANNUAL

REPORT

Municipal

Bond

Market

Overview

The

U.S.

and

the

rest

of

the

world

continued

to

manage

the

recovery

from

the

novel

coronavirus

(COVID-19)

pandemic

that

has

caused

significant

economic

and

personal

strife

throughout

the

past

six

months

ended

August

31,

2021.

Fifty-three

percent

of

the

U.S.

population

had

been

fully

immunized

by

period-end,

but

the

remaining

population

were

either

hesitant

to

receive

the

vaccine

or

did

not

have

ready

access

to

it,

stalling

vaccination

growth.

After

falling

from

an

all-time

high

in

January

2021,

case

rates

and

hospitalizations

fell

through

the

spring

and

beginning

summer

months

of

2021.

However,

starting

in

August

2021,

a

new,

more

virulent

strain,

labeled

Delta,

began

to

drive

case

rates

higher

to

levels

last

seen

in

February

2021.

Although

most

infections

and

severe

illnesses

were

limited

to

the

unvaccinated,

there

were

breakthrough

cases

where

fully

vaccinated

individuals

contracted

the

disease.

Falling

consumer

sentiment

in

August

2021

called

into

question

whether

people

would

swiftly

return

to

normal

economic

activity.

Although

most

states

and

local

authorities

did

not

roll

back

business

and

school

reopenings,

there

were

some

areas

that

reimposed

face

mask

requirements.

U.S.

health

officials

started

to

explore

the

potential

need

for

booster

shots

to

ward

off

future

strains

of

the

virus.

Second

quarter

2021

gross

domestic

product

(GDP)

growth

disappointed

many

economists

at

just

6.6%

annualized,

but

for

the

first

time,

overall

real

GDP

exceeded

pre-COVID-19

levels

from

the

fourth

quarter

of

2019.

Employment

improved,

driving

the

unemployment

rate

to

5.2%

in

August

2021,

down

from

a

peak

of

14.8%

seen

in

April

2020.

Inflation

picked

up

through

the

summer

months

of

2021

as

global

supply-chain

bottlenecks

and

rising

input

prices

limited

output

growth

that

was

met

with

pent-up

demand

for

goods.

The

U.S.

Federal

Reserve

(Fed)

continued

to

support

monetary

conditions

by

purchasing

a

large

number

of

U.S.

Treasury

(UST)

bonds

and

backstopping

many

other

fixed

income

markets.

However,

with

improving

U.S.

economic

fundamentals,

by

the

end

of

August

2021,

the

Fed

began

discussions

of

tapering

asset

purchases

as

the

first

step

toward

normalizing

monetary

policy.

The

Biden

administration

continued

its

talks

with

Congress

on

a

number

of

large

infrastructure

projects

that

would

partially

be

paid

for

with

increased

tax

rates

on

wealthy

individuals.

Although

the

final

size

of

the

programs

had

not

been

decided

as

of

period-

end,

there

could

be

significant

implications

for

the

municipal

(muni)

bond

market,

including

additional

bond

issuance

for

the

projects

and

the

potential

for

increased

demand

for

tax-

exempt

sources

of

income.

Strong

demand

for

muni

bonds

continued

throughout

the

period

under

review,

pushing

ratios

of

30-year

muni

bonds

versus

UST

yields

in

June

2021

to

all-time

lows.

Although

these

and

other

maturity

ratios

have

since

increased,

they

remain

at

historically

rich

levels.

In

times

of

increased

UST

volatility

throughout

the

six

months,

muni

bond

valuations

suffered

declines

only

to

rally

once

stability

returned

to

the

market.

Muni

issuers

had

projected

severe

budget

deficits

in

2020

and

2021,

but

these

proved

unfounded

as

consumer

spending

recovered

more

quickly

than

anticipated,

leading

to

higher

sales

tax

collections.

Additionally,

the

U.S.

federal

government

provided

$350

billion

in

relief

to

muni

issuers

as

part

of

the

fiscal

stimulus

package

passed

in

March

2021.

A

strong

U.S.

housing

market

also

provided

support

to

local

and

state

governments

as

home

price

appreciation

rates

reached

historic

highs.

For

the

six-month

period,

U.S.

fixed

income

sectors

broadly

underperformed

relative

to

equities,

as

measured

by

the

Standard

&

Poor’s

500

®

Index,

which

posted

a

+19.52%

total

return

for

the

period.

1

Investment-grade

muni

bonds,

as

measured

by

the

Bloomberg

Municipal

Bond

Index,

posted

a

+2.51%

total

return,

while

USTs,

as

measured

by

the

Bloomberg

U.S.

Treasury

Index,

posted

a

+1.36%

total

return,

and

investment-grade

corporate

bonds,

as

measured

by

the

Bloomberg

U.S.

Corporate

Bond

Index,

posted

a

+2.85%

total

return.

1

The

foregoing

information

reflects

our

analysis

and

opinions

as

of

August

31,

2021.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

1.

Source:

Morningstar.

Treasuries,

if

held

to

maturity,

offer

a

fixed

rate

of

return

and

a

fixed

principal

value;

their

interest

payments

and

principal

are

guaranteed.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

4

franklintempleton.com

Semiannual

Report

Investment

Strategy

and

Manager’s

Discussion

Investment

Strategy

We

select

securities

that

we

believe

will

provide

the

best

balance

between

risk

and

return

within

each

Fund’s

range

of

allowable

investments

and

typically

use

a

buy-and-hold

strategy.

This

means

we

generally

hold

securities

in

each

Fund’s

portfolio

for

income

purposes,

rather

than

trading

securities

for

capital

gains,

although

we

may

sell

a

security

at

any

time

if

we

believe

it

could

help

a

Fund

meet

its

goal.

Manager’s

Discussion

Due

to

the

positive

sloping

municipal

yield

curve,

we

found

value

in

higher

quality

securities

in

the

15–30

year

maturity

range,

which

allowed

us

to

achieve

our

objective

of

maximizing

income

for

our

investors.

Typically,

when

interest

rates

fall,

our

turnover

declines

as

we

maintain

exposure

to

securities

that

are

producing

income

that

exceeds

their

replacement

value

in

the

market.

This

excess

income

supports

higher

distribution

rates

and

reinvestment

rates

for

those

investors

taking

advantage

of

tax-free

compounding.

Our

turnover

increases

when

rates

rise,

as

opportunities

to

purchase

securities

that

have

the

potential

to

increase

income

in

the

portfolios

become

available.

We

believe

our

consistent,

disciplined

strategy

can

help

our

investors

achieve

high,

tax-free

income

over

the

long

term.

We

invite

you

to

read

your

Fund

report

for

more

detailed

performance

and

portfolio

information.

Thank

you

for

your

participation

in

Franklin

Tax-Free

Trust.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

5

franklintempleton.com

Semiannual

Report

Franklin

Arizona

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Arizona

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

and

Arizona

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$10.92

on

February

28,

2021,

to

$11.11

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

12.5733

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

7

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.10%,

based

on

an

annualization

of

August’s

2.0227

cents

per

share

dividend

and

the

maximum

offering

price

of

$11.54

on

August

31,

2021.

An

investor

in

the

2021

maximum

combined

effective

federal

and

Arizona

personal

income

tax

bracket

of

45.30%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

3.84%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

State

Update

During

the

six-month

period,

Arizona’s

economy

continued

to

recover,

as

novel

coronavirus

related

restrictions

loosened

and

the

number

of

vaccinated

individuals

increased

significantly.

Arizona’s

employment

recovery

remains

uneven,

with

jobs

in

trade,

transportation,

and

utilities

coming

back

faster

than

Arizona’s

larger

leisure

and

hospitality

sectors.

The

state’s

unemployment

rate

began

the

period

at

6.9%

and

ended

at

6.2%,

compared

with

the

5.2%

national

rate.

3

Better-than-expected

revenue

collections

for

fiscal

year

(FY)

2021

and

significant

federal

stimulus

payments

bolstered

Arizona’s

financial

position.

The

FY

2022

budget

signed

by

the

governor

contained

a

significant

tax

cut,

moving

Arizona

to

a

flat

tax

rate

below

the

previous

lowest

rate

paid

by

the

bottom

income

bracket.

Arizona’s

net

tax-supported

debt

was

$443

per

capita

and

0.9%

of

personal

income,

below

the

$1,039

and

1.9%

national

medians,

respectively.

4

The

independent

credit

rating

agency

Moody’s

Investors

Service

maintained

the

state’s

issuer

credit

Aa1

rating

with

a

stable

outlook.

5

The

rating

reflected

Moody’s

view

of

Arizona’s

steady

economic

growth

and

increasing

reserves,

reduced

debt

levels,

below

average

pension

liabilities

and

demonstrated

budget

discipline.

According

to

Moody’s,

challenges

included

constitutional

restrictions

that

limit

the

state’s

financial

flexibility.

Moody’s

stable

outlook

reflected

its

expectation

that

Arizona

will

continue

to

maintain

ample

reserves.

1.

For

state

personal

income

taxes,

the

80%

minimum

is

measured

by

total

Fund

assets.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends

3.

Source:

Bureau

of

Labor

Statistics.

4.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing

,

6/14/21.

5.

This

does

not

indicate

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

50

.

Franklin

Arizona

Tax-Free

Income

Fund

6

franklintempleton.com

Semiannual

Report

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

continued

participation

in

Franklin

Arizona

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Education

21.45%

Health

Care

20.37%

Utilities

17.06%

Lease

15.01%

Refunded

6.08%

Special

Tax

5.69%

Local

4.54%

Transportation

3.58%

Industrial

Dev.

Revenue

and

Pollution

Control

3.38%

Housing

2.84%

*

Does

not

include

cash

and

cash

equivalents.

Performance

Summary

as

of

August

31,

2021

Franklin

Arizona

Tax-Free

Income

Fund

7

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/

31

/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+2.90%

-0.96%

1-Year

+3.35%

-0.53%

5-Year

+14.44%

+1.95%

10-Year

+45.08%

+3.40%

Advisor

6-Month

+3.03%

+3.03%

1-Year

+3.69%

+3.69%

5-Year

+15.40%

+2.91%

10-Year

+46.95%

+3.92%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.10%

3.84%

0.73%

1.33%

Advisor

2.44%

4.46%

1.01%

1.85%

See

page

8

for

Performance

Summary

footnotes.

Franklin

Arizona

Tax-Free

Income

Fund

Performance

Summary

8

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

class)

per

share

on

8/31/21.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

Arizona

personal

income

tax

rate

of

45.30%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.125733

A1

$0.134239

C

$0.102502

R6

$0.141837

Advisor

$0.139867

Total

Annual

Operating

Expenses

8

Share

Class

A

0.81%

Advisor

0.56%

Your

Fund’s

Expenses

Franklin

Arizona

Tax-Free

Income

Fund

9

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=$64.50).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,029.00

$4.11

$1,021.15

$4.10

0.80%

A1

$1,000

$1,029.80

$3.36

$1,021.89

$3.35

0.66%

C

$1,000

$1,027.30

$6.14

$1,019.15

$6.11

1.20%

R6

$1,000

$1,030.40

$2.65

$1,022.59

$2.64

0.52%

Advisor

$1,000

$1,030.30

$2.84

$1,022.41

$2.83

0.56%

10

franklintempleton.com

Semiannual

Report

Franklin

Colorado

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Colorado

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

and

Colorado

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$11.69

on

February

28,

2021,

to

$11.90

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

12.6487

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

12

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.01%

based

on

an

annualization

of

August’s

2.0727

cents

per

share

dividend

and

the

maximum

offering

price

of

$12.36

on

August

31,

2021.

An

investor

in

the

2021

maximum

combined

effective

federal

and

Colorado

personal

income

tax

bracket

of

45.35%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

3.68%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

State

Update

During

the

six-month

period,

Colorado’s

economy

continued

to

recover

as

novel

coronavirus

(COVID-19)

related

restrictions

loosened

and

the

number

of

vaccinated

individuals

increased

significantly.

Colorado’s

economy

rebounded

in

recent

months,

driven

by

a

relatively

young,

educated

workforce

and

a

diverse

mix

of

technology,

bioscience

and

professional

services

industries

located

along

the

Front

Range

region.

The

state

is

positioned

for

a

better-than-average

economic

recovery.

The

state’s

recovery

should

benefit

from

its

significant

tourism

and

energy

sectors,

but

these

sectors

can

be

volatile.

Colorado’s

unemployment

rate

began

the

period

at

6.4%

and

ended

at

5.9%,

compared

with

the

5.2%

national

rate.

3

The

state

anticipated

a

significant

shortfall

in

revenues

due

to

the

COVID-19

pandemic

and

related

economic

downturn,

and

addressed

it

with

a

combination

of

expenditure

cuts,

one-time

transfers

and

a

drawdown

of

reserves.

Colorado’s

net

tax-supported

debt

was

$721

per

capita

and

1.1%

of

personal

income,

below

the

$1,039

and

1.9%

national

medians,

respectively.

4

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

Colorado’s

Aa1

issuer

credit

rating

with

a

stable

outlook.

5

The

rating

reflected

Moody’s

view

that

Colorado

has

conservative

financial

practices

and

strong

economic

fundamentals.

Challenges

facing

Colorado’s

credit

rating

include

a

complex

system

of

constitutional

revenue

limits,

spending

requirements

and

above

average

pension

liabilities.

1.

For

state

personal

income

taxes,

the

80%

minimum

is

measured

by

total

Fund

assets.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

3.

Source:

Bureau

of

Labor

Statistics

4.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing

,

6/14/21.

5.

This

does

not

reflect

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

62

.

Franklin

Colorado

Tax-Free

Income

Fund

11

franklintempleton.com

Semiannual

Report

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

continued

participation

in

Franklin

Colorado

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Local

21.73%

Health

Care

16.47%

Utilities

14.70%

Education

13.56%

Refunded

9.61%

Special

Tax

7.32%

Lease

6.50%

Transportation

4.59%

Industrial

Dev.

Revenue

and

Pollution

Control

4.16%

State

General

Obligation

1.07%

Housing

0.29%

*

Does

not

include

cash

and

cash

equivalents.

Performance

Summary

as

of

August

31,

2021

Franklin

Colorado

Tax-Free

Income

Fund

12

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+2.88%

-0.97%

1-Year

+3.24%

-0.63%

5-Year

+13.77%

+1.83%

10-Year

+43.61%

+3.29%

Advisor

6-Month

+3.10%

+3.10%

1-Year

+3.59%

+3.59%

5-Year

+14.85%

+2.81%

10-Year

+45.57%

+3.83%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.01%

3.68%

0.77%

1.41%

Advisor

2.35%

4.31%

1.05%

1.92%

See

page

13

for

Performance

Summary

footnotes.

Franklin

Colorado

Tax-Free

Income

Fund

Performance

Summary

13

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

class)

per

share

on

8/31/21.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

Colorado

personal

income

tax

rate

of

45.5%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.126487

A1

$0.135577

C

$0.101723

R6

$0.144104

Advisor

$0.141625

Total

Annual

Operating

Expenses

8

Share

Class

A

0.83%

Advisor

0.58%

Your

Fund’s

Expenses

Franklin

Colorado

Tax-Free

Income

Fund

14

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,028.80

$4.22

$1,021.05

$4.20

0.83%

A1

$1,000

$1,030.50

$3.47

$1,021.79

$3.45

0.68%

C

$1,000

$1,026.40

$6.25

$1,019.03

$6.23

1.22%

R6

$1,000

$1,030.40

$2.74

$1,022.51

$2.73

0.54%

Advisor

$1,000

$1,031.00

$2.95

$1,022.30

$2.94

0.58%

15

franklintempleton.com

Semiannual

Report

Franklin

Connecticut

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Connecticut

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

and

Connecticut

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$10.17

on

February

28,

2021,

to

$10.28

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

10.7203

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

17

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

1.90%,

based

on

an

annualization

of

August’s

1.6946

cents

per

share

dividend

and

the

maximum

offering

price

of

$10.68

on

August

31,

2021.

An

investor

in

the

2021

maximum

combined

effective

federal

and

Connecticut

personal

income

tax

bracket

of

47.79%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

3.64%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

State

Update

During

the

six-month

period,

Connecticut’s

economy

continued

to

recover,

as

restrictions

related

to

the

novel

coronavirus

loosened

and

the

number

of

vaccinated

individuals

increased

significantly.

The

nation’s

wealthiest

state

(based

on

per

capita

income)

with

a

large

and

diverse

economy

has

nonetheless

been

challenged

by

a

deteriorating

demographic

trajectory.

The

state’s

unemployment

rate

began

the

period

at

8.5%

and

ended

at

7.2%,

compared

with

the

5.2%

national

rate.

3

The

governor

signed

a

fiscal

years

(FY)

2022–2023

biennium

budget

that

included

a

built-in

surplus

to

fund

the

state’s

pension

plan.

Connecticut’s

net

tax-supported

debt

was

$6,971

per

capita

and

8.7%

of

personal

income,

above

the

$1,039

and

1.9%

national

medians,

respectively.

4

The

independent

credit

rating

agency

Moody’s

Investors

Service

maintained

Connecticut’s

general

obligation

bonds’

Aa3

rating

with

a

stable

outlook.

This

rating

reflected

Moody’s

view

that

the

state

benefited

from

high

income

levels,

strong

governance

and

willingness

to

make

mid-year

budget

adjustments.

5

According

to

Moody’s,

Connecticut’s

challenges

include

high

fixed

costs

for

debt

service,

pension

and

post-

employment

benefits;

vulnerability

to

the

impact

of

financial

market

fluctuations

on

capital

gains

and

employment;

and

a

declining

and

aging

population.

Moody’s

stable

outlook

reflects

its

view

of

Connecticut’s

large

reserves

and

strong

provisions

to

promote

fiscal

discipline.

1.

For

state

personal

income

taxes,

the

80%

minimum

is

measured

by

total

Fund

assets.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

3.

Source:

Bureau

of

Labor

Statistics.

4.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing,

6/14/21

.

5.

Source:

This

does

not

reflect

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

73

.

Franklin

Connecticut

Tax-Free

Income

Fund

16

franklintempleton.com

Semiannual

Report

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

continued

participation

in

Franklin

Connecticut

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

8/31/21

%

of

Total

Investments*

*

Education

33.97%

Health

Care

16.26%

Utilities

9.16%

Transportation

8.38%

State

General

Obligation

7.60%

Local

7.10%

Special

Tax

6.20%

Refunded

5.75%

Housing

4.67%

Lease

0.91%

*

Does

not

include

cash

and

cash

equivalents.

Performance

Summary

as

of

August

31,

2021

Franklin

Connecticut

Tax-Free

Income

Fund

17

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+2.14%

-1.69%

1-Year

+2.68%

-1.17%

5-Year

+9.61%

+1.08%

10-Year

+31.30%

+2.37%

Advisor

6-Month

+2.37%

+2.37%

1-Year

+2.94%

+2.94%

5-Year

+10.67%

+2.05%

10-Year

+33.16%

+2.91%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

1.90%

3.64%

0.56%

1.07%

Advisor

2.24%

4.29%

0.83%

1.59%

See

page

18

for

Performance

Summary

footnotes.

Franklin

Connecticut

Tax-Free

Income

Fund

Performance

Summary

18

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

class)

per

share

on

8/31/21.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

Connecticut

personal

income

tax

rate

of

47.79%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.107203

A1

$0.115073

C

$0.085923

R6

$0.123282

Advisor

$0.120306

Total

Annual

Operating

Expenses

8

Share

Class

A

0.94%

Advisor

0.69%

Your

Fund’s

Expenses

Franklin

Connecticut

Tax-Free

Income

Fund

19

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,021.40

$4.88

$1,020.37

$4.88

0.96%

A1

$1,000

$1,022.20

$4.14

$1,021.11

$4.14

0.81%

C

$1,000

$1,020.10

$6.95

$1,018.33

$6.94

1.36%

R6

$1,000

$1,023.00

$3.41

$1,021.84

$3.40

0.67%

Advisor

$1,000

$1,023.70

$3.63

$1,021.62

$3.63

0.71%

20

franklintempleton.com

Semiannual

Report

Franklin

Michigan

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Michigan

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

and

Michigan

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$11.84

on

February

28,

2021,

to

$11.97

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

13.2240

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

22

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.10%,

based

on

an

annualization

of

August’s

2.1791

cents

per

share

dividend

and

the

maximum

offering

price

of

$12.44

on

August

31,

2021.

An

investor

in

the

2021

maximum

combined

effective

federal

and

Michigan

personal

income

tax

bracket

of

45.05%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

3.82%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

State

Update

During

the

six-month

period,

Michigan’s

economy

continued

to

recover

as

novel

coronavirus

related

restrictions

loosened

and

the

number

of

vaccinated

individuals

increased

significantly.

The

Michigan

economy

is

more

vulnerable

to

economic

cycles

because

of

its

large

automotive

industry

presence.

However,

in

recent

years,

this

exposure

has

been

mitigated

by

financial

reserves

and

a

growing

service

sector.

The

state’s

unemployment

rate

began

the

period

at

5.2%

and

ended

at

4.7%,

compared

with

the

5.2%

national

rate.

3

Improving

revenue

conditions

and

substantial

direct

aid

from

the

federal

government

bolstered

the

state’s

liquidity.

Michigan’s

net

tax-supported

debt

was

$661

per

capita

and

1.2%

of

personal

income,

below

the

$1,039

and

1.9%

national

medians,

respectively.

4

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

Michigan’s

general

obligations

bonds’

Aa1

rating

with

a

stable

outlook.

5

The

rating

reflected

Moody’s

view

that

Michigan’s

governance

practices

make

Michigan

likely

to

respond

rapidly

to

developing

economic

or

fiscal

downturns,

and

the

fact

that

the

state's

economy,

while

still

linked

to

the

automobile

manufacturing

industry,

has

become

increasingly

diversified.

According

to

Moody’s,

credit

challenges

include

dependence

upon

the

auto

manufacturing

industry,

exposure

to

financially

stressed

local

governments

and

elevated

levels

of

retirement

benefit

liabilities.

1.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

3.

Source:

Bureau

of

Labor

Statistics.

4.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing,

6/14/21

.

5.

This

does

not

indicate

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

81

.

Franklin

Michigan

Tax-Free

Income

Fund

21

franklintempleton.com

Semiannual

Report

*Does

not

include

cash

and

cash

equivalents.

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

continued

participation

in

Franklin

Michigan

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Local

21.98%

Health

Care

19.74%

Education

16.75%

Lease

9.32%

Refunded

8.02%

Utilities

6.91%

Transportation

6.91%

Housing

3.97%

Industrial

Dev.

Revenue

and

Pollution

Control

2.98%

Special

Tax

2.17%

State

General

Obligation

1.25%

Performance

Summary

as

of

August

31,

2021

Franklin

Michigan

Tax-Free

Income

Fund

22

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+2.22%

-1.61%

1-Year

+2.61%

-1.24%

5-Year

+14.74%

+2.01%

10-Year

+38.67%

+2.93%

Advisor

6-Month

+2.35%

+2.35%

1-Year

+2.77%

+2.77%

5-Year

+15.61%

+2.94%

10-Year

+40.46%

+3.46%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.10%

3.82%

0.56%

1.02%

Advisor

2.44%

4.44%

0.83%

1.51%

See

page

23

for

Performance

Summary

footnotes.

Franklin

Michigan

Tax-Free

Income

Fund

Performance

Summary

23

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

class)

per

share

on

8/31/21.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

Michigan

personal

income

tax

rate

of

45.05%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.132240

A1

$0.141405

C

$0.107133

R6

$0.150084

Advisor

$0.147482

Total

Annual

Operating

Expenses

8

Share

Class

A

0.82%

Advisor

0.57%

Your

Fund’s

Expenses

Franklin

Michigan

Tax-Free

Income

Fund

24

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,022.20

$4.19

$1,021.07

$4.18

0.82%

A1

$1,000

$1,023.00

$3.43

$1,021.81

$3.43

0.67%

C

$1,000

$1,019.80

$6.21

$1,019.06

$6.20

1.22%

R6

$1,000

$1,023.70

$2.69

$1,022.55

$2.69

0.53%

Advisor

$1,000

$1,023.50

$2.91

$1,022.33

$2.91

0.57%

25

franklintempleton.com

Semiannual

Report

Franklin

Minnesota

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Minnesota

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

and

Minnesota

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$12.62

on

February

28,

2021,

to

$12.77

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

11.4624

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page

27

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

1.79%,

based

on

an

annualization

of

August’s

2.1800

cents

per

share

dividend

and

the

maximum

offering

price

of

$13.27

on

August

31,

2021.

An

investor

in

the

2021

maximum

combined

effective

federal

and

Minnesota

personal

income

tax

bracket

of

50.65%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

3.63%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

State

Update

During

the

six-month

period,

Minnesota’s

economy

continued

to

recover

as

novel

coronavirus

related

restrictions

loosened

and

the

number

of

vaccinated

individuals

increased

significantly.

Historically,

the

state

has

had

a

very

low

unemployment

rate

and

high

labor

force

participation

rate

relative

to

the

rest

of

the

nation,

supported

by

a

deep

and

diverse

economy.

The

state’s

unemployment

rate

began

the

period

at

4.4%

and

ended

at

3.8%,

compared

with

the

5.2%

national

rate.

3

Minnesota’s

strong

reserves

provided

a

substantial

cushion

to

weather

the

effects

of

the

recent

recession,

but

the

significant

use

of

these

reserves

to

address

its

structural

deficits

could

diminish

future

budgetary

flexibility.

Minnesota’s

net

tax-supported

debt

was

$1,400

per

capita

and

2.3%

of

personal

income,

above

the

$1,039

and

1.9%

national

medians,

respectively.

4

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

Minnesota’s

general

obligations

bonds’

Aa1

rating

with

a

stable

outlook.

5

The

rating

reflected

Moody’s

view

that

the

state’s

traditionally

strong

economy

will

likely

weather

economic

uncertainties

and

the

expectation

that

the

buildup

of

reserves

would

be

sufficient

to

allow

the

state

to

successfully

manage

any

future

decline

in

revenues.

According

to

Moody’s,

challenges

facing

the

state

include

a

history

of

political

gridlock

that

has

led

to

structural

imbalances,

late

budgets

and

government

shutdown.

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

1.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

3.

Source:

Bureau

of

Labor

Statistics.

4.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing,

6/14/21

.

5.

This

does

not

indicate

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

93

.

Franklin

Minnesota

Tax-Free

Income

Fund

26

franklintempleton.com

Semiannual

Report

*Does

not

include

cash

and

cash

equivalents.

Thank

you

for

your

continued

participation

in

Franklin

Minnesota

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Local

37.23%

Health

Care

11.47%

Education

10.22%

Utilities

8.35%

Housing

6.89%

Transportation

6.80%

Lease

5.28%

State

General

Obligation

5.24%

Other

Revenue

Bonds

3.27%

Refunded

2.48%

Special

Tax

1.92%

Industrial

Dev.

Revenue

and

Pollution

Control

0.85%

Performance

Summary

as

of

August

31,

2021

Franklin

Minnesota

Tax-Free

Income

Fund

27

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+2.10%

-1.73%

1-Year

+2.06%

-1.76%

5-Year

+13.87%

+1.85%

10-Year

+37.72%

+2.86%

Advisor

6-Month

+2.23%

+2.23%

1-Year

+2.32%

+2.32%

5-Year

+14.95%

+2.83%

10-Year

+39.59%

+3.39%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

1.79%

3.63%

0.53%

1.07%

Advisor

2.12%

4.30%

0.79%

1.60%

See

page

28

for

Performance

Summary

footnotes.

Franklin

Minnesota

Tax-Free

Income

Fund

Performance

Summary

28

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund's

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

class)

per

share

on

8/31/21.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

Minnesota

personal

income

tax

rate

of

50.65%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.114624

A1

$0.124341

C

$0.087947

R6

$0.134691

Advisor

$0.130846

Total

Annual

Operating

Expenses

8

Share

Class

Without

Fee

Waiver

A

0.83%

Advisor

0.58%

Your

Fund’s

Expenses

Franklin

Minnesota

Tax-Free

Income

Fund

29

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,021.00

$4.24

$1,021.01

$4.24

0.83%

A1

$1,000

$1,021.80

$3.49

$1,021.76

$3.49

0.68%

C

$1,000

$1,018.70

$6.27

$1,019.00

$6.27

1.23%

R6

$1,000

$1,023.40

$2.67

$1,022.57

$2.67

0.52%

Advisor

$1,000

$1,022.30

$2.97

$1,022.27

$2.97

0.58%

30

franklintempleton.com

Semiannual

Report

Franklin

Ohio

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Ohio

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

and

Ohio

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$12.90

on

February

28,

2021,

to

$13.12

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

12.9931

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page

32

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

1.85%,

based

on

an

annualization

of

August’s

2.0967

cents

per

share

dividend

and

the

maximum

offering

price

of

$13.63

on

August

31,

2021.

An

investor

in

the

2020

maximum

combined

effective

federal

and

Ohio

personal

income

tax

bracket

of

45.60%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

3.40%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

State

Update

During

the

six-month

period,

Ohio’s

economy

continued

to

recover,

as

restrictions

related

to

novel

coronavirus

loosened

and

the

number

of

vaccinated

individuals

increased

significantly.

The

state’s

leisure

and

hospitality

industry

showed

signs

of

improvement,

adding

jobs

along

with

government

and

the

education

and

health

services

industry.

Ohio’s

unemployment

rate

began

the

period

at

5.0%

and

ended

at

5.4%,

compared

with

the

5.2%

national

rate.

3

Increased

revenues

from

sales

taxes

and

federal

stimulus

funds

drove

a

large

surplus

for

fiscal

year

(FY)

2021.

The

governor

signed

a

biennium

budget

for

FY

2022–2023

that

included

an

income

tax

cut

and

a

changed

funding

formula

for

schools.

Ohio’s

net

tax-supported

debt

was

$1,146

per

capita

and

2.1%

of

personal

income,

above

the

$1,039

and

1.9%

national

medians,

respectively.

4

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

the

state’s

general

obligation

bonds’

Aa1

rating

with

a

stable

outlook.

5

The

rating

reflected

Moody’s

view

of

Ohio’s

conservative

fiscal

management,

high

levels

of

internal

liquidity

and

moderate

long-term

liabilities.

According

to

Moody’s,

Ohio’s

challenges

include

below-average

wealth

and

demographic

and

population

trends

that

will

contribute

to

relatively

slower

economic

growth.

Moody’s

stable

outlook

reflected

the

state’s

proactive

financial

management

and

fully

funded

rainy-day

fund,

which

will

continue

to

support

budget

flexibility.

1.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

3.

Source:

Bureau

of

Labor

Statistics.

4.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing,

6/14/21.

5.

This

does

not

indicate

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

106

.

Franklin

Ohio

Tax-Free

Income

Fund

31

franklintempleton.com

Semiannual

Report

*Does

not

include

cash

and

cash

equivalents.

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

continued

participation

in

Franklin

Ohio

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Local

29.57%

Utilities

15.69%

Refunded

12.72%

Health

Care

11.14%

Education

9.60%

State

General

Obligation

5.28%

Industrial

Dev.

Revenue

and

Pollution

Control

4.75%

Transportation

4.18%

Lease

3.39%

Special

Tax

2.45%

Other

Revenue

Bonds

0.79%

Housing

0.44%

Performance

Summary

as

of

August

31,

2021

Franklin

Ohio

Tax-Free

Income

Fund

32

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+2.72%

-1.13%

1-Year

+2.08%

-1.75%

5-Year

+15.01%

+2.05%

10-Year

+44.38%

+3.35%

Advisor

6-Month

+2.77%

+2.77%

1-Year

+2.25%

+2.25%

5-Year

+16.01%

+3.01%

10-Year

+46.21%

+3.87%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

1.85%

3.40%

0.86%

1.58%

Advisor

2.18%

4.01%

1.14%

2.10%

See

page

33

for

Performance

Summary

footnotes.

Franklin

Ohio

Tax-Free

Income

Fund

Performance

Summary

33

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund's

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

class)

per

share

on

8/31/21.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

Ohio

personal

income

tax

rate

of

45.60%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.129931

A1

$0.139949

C

$0.102553

R6

$0.149287

Advisor

$0.146612

Total

Annual

Operating

Expenses

8

Share

Class

Without

Fee

Waiver

A

0.80%

Advisor

0.55%

Your

Fund’s

Expenses

Franklin

Ohio

Tax-Free

Income

Fund

34

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,027.20

$4.09

$1,021.17

$4.08

0.80%

A1

$1,000

$1,027.20

$3.34

$1,021.91

$3.33

0.65%

C

$1,000

$1,023.90

$6.12

$1,019.16

$6.10

1.20%

R6

$1,000

$1,028.70

$2.61

$1,022.63

$2.60

0.51%

Advisor

$1,000

$1,027.70

$2.82

$1,022.42

$2.81

0.55%

35

franklintempleton.com

Semiannual

Report

Franklin

Oregon

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Oregon

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

and

Oregon

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$11.73

on

February

28,

2021,

to

$11.94

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

11.7108

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page

37

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

1.86%,

based

on

an

annualization

of

August’s

1.9246

cents

per

share

dividend

and

the

maximum

offering

price

of

$12.41

on

August

31,

2021.

An

investor

in

the

2021

maximum

combined

effective

federal

and

Oregon

personal

income

tax

bracket

of

50.70%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

3.77%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

State

Update

During

the

six-month

period,

Oregon’s

economy

continued

to

recover,

as

restrictions

related

to

the

novel

coronavirus

loosened

and

the

number

of

vaccinated

individuals

increased

significantly.

Oregon’s

economy

is

more

export-oriented

than

many

other

states,

reflecting

its

status

as

a

center

of

high-

technology

manufacturing.

Oregon’s

unemployment

rate

began

the

period

at

6.1%

and

ended

at

4.9%,

compared

with

the

5.2%

national

rate.

3

Oregon’s

budget

is

funded

primarily

from

personal

income

taxes

(PIT),

which

are

highly

sensitive

to

economic

conditions.

As

the

state’s

economy

improved,

projections

for

PIT

collections

were

upwardly

revised,

leading

to

a

large

surplus.

The

state’s

net

tax-supported

debt

was

$2,004

per

capita

and

3.5%

of

personal

income,

above

the

$1,039

and

1.9%

national

medians,

respectively.

4

The

independent

credit

rating

agency

Moody’s

Investors

Service

maintained

Oregon’s

general

obligation

bonds’

Aa1

rating

with

a

stable

outlook,

reflecting

Moody’s

view

that

Oregon’s

budget

management

and

strong

liquidity

will

support

satisfactory

financial

flexibility.

This

rating

reflected

Moody’s

view

that

the

state

benefited

from

strong

liquidity

and

rainy-day

fund

balances,

sound

financial

controls

and

fundamentals

for

strong

in-migration

and

above

average

job

growth.

5

According

to

Moody’s,

Oregon’s

challenges

include

unusually

high

reliance

on

personal

income

taxes,

governance

constraints

and

rapid

growth

in

pension

liabilities.

1.

For

state

personal

income

taxes,

the

80%

minimum

is

measured

by

total

Fund

assets.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

net

investment

income

distributions

for

the

period

shown.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

3.

Source:

Bureau

of

Labor

Statistics.

4.

Source:

Moody's

Investors

Service,

State

government

-

US:

Medians

-

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing

,

6/14/21.

5.

This

does

not

indicate

Moody's

rating

of

the

Fund.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

120

.

Franklin

Oregon

Tax-Free

Income

Fund

36

franklintempleton.com

Semiannual

Report

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

continued

participation

in

Franklin

Oregon

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Local

26.87%

Transportation

13.18%

Health

Care

12.10%

Refunded

10.63%

Education

8.43%

State

General

Obligation

7.78%

Utilities

6.48%

Special

Tax

4.90%

Housing

4.05%

Lease

3.92%

Industrial

Dev.

Revenue

and

Pollution

Control

1.48%

Other

Revenue

Bonds

0.18%

*Does

not

include

cash

and

cash

equivalents.

Performance

Summary

as

of

August

31,

2021

Franklin

Oregon

Tax-Free

Income

Fund

37

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+2.79%

-1.06%

1-Year

+2.81%

-1.04%

5-Year

+13.37%

+1.76%

10-Year

+38.14%

+2.89%

Advisor

6-Month

+3.01%

+3.01%

1-Year

+3.07%

+3.07%

5-Year

+14.44%

+2.73%

10-Year

+40.02%

+3.42%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

1.86%

3.77%

0.89%

1.81%

Advisor

2.20%

4.46%

1.17%

2.37%

See

page

38

for

Performance

Summary

footnotes.

Franklin

Oregon

Tax-Free

Income

Fund

Performance

Summary

38

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

class)

per

share

on

8/31/21.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

Oregon

personal

income

tax

rate

of

50.70%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.117108

A1

$0.126227

C

$0.092147

R6

$0.134241

Advisor

$0.132287

Total

Annual

Operating

Expenses

8

Share

Class

Without

Fee

Waiver

A

0.80%

Advisor

0.55%

Your

Fund’s

Expenses

Franklin

Oregon

Tax-Free

Income

Fund

39

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,027.90

$4.06

$1,021.20

$4.05

0.80%

A1

$1,000

$1,028.80

$3.31

$1,021.95

$3.30

0.65%

C

$1,000

$1,026.30

$6.09

$1,019.20

$6.06

1.19%

R6

$1,000

$1,030.30

$2.63

$1,022.62

$2.62

0.51%

Advisor

$1,000

$1,030.10

$2.79

$1,022.45

$2.78

0.55%

40

franklintempleton.com

Semiannual

Report

Franklin

Pennsylvania

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Pennsylvania

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

and

Pennsylvania

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$9.89

on

February

28,

2021,

to

$10.08

on

August

31,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

10.6234

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page

42

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

1.90%,

based

on

an

annualization

of

August’s

1.6602

cents

per

share

dividend

and

the

maximum

offering

price

of

$10.47

on

August

31,

2021.

An

investor

in

the

2021

maximum

combined

effective

federal

and

Pennsylvania

personal

income

tax

bracket

of

43.87%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

3.38%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Commonwealth

Update

During

the

six

months

under

review,

Pennsylvania’s

economy

began

recovery

from

the

novel

coronavirus

pandemic.

Although

it

has

a

very

large

and

diverse

economic

base,

the

commonwealth’s

economy

has

performed

below

average

for

the

last

decade.

Pennsylvania

is

a

slowly

growing

and

aging

state,

which

could

negatively

impact

long-term

job

growth,

overall

economic

performance

and

state

revenue.

The

commonwealth’s

unemployment

rate

began

the

period

at

7.4%

and

ended

at

6.4%,

compared

with

the

5.2%

national

rate.

3

From

a

budgetary

perspective,

Pennsylvania’s

high

dependence

on

personal

income

and

sales

taxes

was

particularly

affected

by

the

pandemic.

The

state

has

not

taken

on

additional

long-term

debt

to

balance

its

budget,

but

it

did

rely

on

significant

federal

stimulus

payments.

Pennsylvania’s

net

tax-supported

debt

was

$1,448

per

capita

and

2.3%

of

personal

income,

above

the

$1,039

and

1.9%

national

medians,

respectively.

4

The

independent

credit

rating

agency

Moody’s

Investors

Service

maintained

the

state’s

general

obligation

bonds’

Aa3

rating

with

a

stable

outlook.

5

The

rating

reflected

Moody’s

view

of

the

commonwealth’s

large

economy

and

expectation

that

Pennsylvania’s

economy

can

generate

the

resources

necessary

to

work

toward

a

structural

balance.

Pennsylvania’s

challenges

include

relatively

high

fixed

costs

and

leverage

and

budget

reserves

that

are

weak

as

a

share

of

its

budget.

1.

For

state

personal

income

taxes,

the

80%

minimum

is

measured

by

total

Fund

assets.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

3.

Source:

Bureau

of

Labor

Statistics.

4.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing

,

6/14/21.

5.

This

does

not

indicate

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

132

.

Franklin

Pennsylvania

Tax-Free

Income

Fund

41

franklintempleton.com

Semiannual

Report

Manager’s

Discussion

We

used

various

investment

strategies

during

the

six

months

under

review

as

we

sought

to

maximize

tax-free

income

for

shareholders.

Please

read

the

Investment

Strategy

and

Manager’s

Discussion

on

page

4

for

more

information.

Thank

you

for

your

continued

participation

in

Franklin

Pennsylvania

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

8/31/21

%

of

Total

Investments*

Local

19.66%

Health

Care

19.44%

Education

16.88%

Refunded

11.50%

Transportation

10.92%

Utilities

7.66%

State

General

Obligation

4.60%

Lease

3.91%

Housing

3.54%

Special

Tax

0.95%

Industrial

Dev.

Revenue

and

Pollution

Control

0.47%

Other

Revenue

Bonds

0.47%

*

Does

not

include

cash

and

cash

equivalents.

Performance

Summary

as

of

August

31,

2021

Franklin

Pennsylvania

Tax-Free

Income

Fund

42

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+3.00%

-0.86%

1-Year

+3.67%

-0.22%

5-Year

+12.50%

+1.60%

10-Year

+39.09%

+2.96%

Advisor

6-Month

+3.13%

+3.13%

1-Year

+3.93%

+3.93%

5-Year

+13.56%

+2.58%

10-Year

+40.93%

+3.49%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

1.90%

3.38%

0.82%

1.46%

Advisor

2.24%

3.99%

1.10%

1.96%

See

page

43

for

Performance

Summary

footnotes.

Franklin

Pennsylvania

Tax-Free

Income

Fund

Performance

Summary

43

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

class)

per

share

on

8/31/21.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

Pennsylvania

personal

income

tax

rate

of

43.87%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

This

combined

rate

does

not

consider

the

impact

of

Pennsylvania’s

surcharge

on

taxable

income

in

excess

of

$1

million.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/21–8/31/21)

Share

Class

Net

Investment

Income

A

$0.106234

A1

$0.113901

C

$0.085164

R6

$0.121154

Advisor

$0.119020

Total

Annual

Operating

Expenses

8

Share

Class

Without

Fee

Waiver

A

0.81%

Advisor

0.56%

Your

Fund’s

Expenses

Franklin

Pennsylvania

Tax-Free

Income

Fund

44

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,030.00

$4.16

$1,021.11

$4.14

0.81%

A1

$1,000

$1,030.80

$3.40

$1,021.85

$3.39

0.67%

C

$1,000

$1,027.50

$6.20

$1,019.09

$6.17

1.21%

R6

$1,000

$1,031.50

$2.68

$1,022.57

$2.67

0.52%

Advisor

$1,000

$1,031.30

$2.89

$1,022.36

$2.87

0.56%

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Arizona

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

45

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$10.92

$11.24

$10.58

$10.52

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.12

0.27

0.29

0.16

Net

realized

and

unrealized

gains

(losses)

........................

0.20

(0.32)

0.67

0.05

Total

from

investment

operations

.................................

0.32

(0.05)

0.96

0.21

Less

distributions

from:

Net

investment

income

.......................................

(0.13)

(0.27)

(0.30)

(0.15)

Net

asset

value,

end

of

period

...................................

$11.11

$10.92

$11.24

$10.58

Total

return

e

................................................

2.90%

(0.43)%

9.24%

2.09%

Ratios

to

average

net

assets

f

Expenses

g

.................................................

0.80%

0.81%

0.81%

0.81%

Net

investment

income

........................................

2.22%

2.46%

2.72%

3.12%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$216,622

$173,930

$132,026

$44,516

Portfolio

turnover

rate

.........................................

8.54%

13.66%

11.37%

18.13%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

46

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.90

$11.22

$10.56

$10.58

$10.78

$11.07

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.29

0.31

0.34

0.37

0.38

Net

realized

and

unrealized

gains

(losses)

0.19

(0.32)

0.67

(0.01)

(0.19)

(0.29)

Total

from

investment

operations

........

0.32

(0.03)

0.98

0.33

0.18

0.09

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.29)

(0.32)

(0.35)

(0.38)

(0.38)

Net

asset

value,

end

of

period

..........

$11.09

$10.90

$11.22

$10.56

$10.58

$10.78

Total

return

d

.......................

2.98%

(0.28)%

9.42%

3.18%

1.62%

0.77%

Ratios

to

average

net

assets

e

Expenses

.........................

0.66%

f

0.66%

f

0.66%

f

0.66%

f

0.65%

0.63%

Net

investment

income

...............

2.39%

2.64%

2.87%

3.27%

3.39%

3.47%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$576,388

$582,701

$672,061

$661,250

$737,426

$769,835

Portfolio

turnover

rate

................

8.54%

13.66%

11.37%

18.13%

17.47%

13.02%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

47

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.09

$11.42

$10.75

$10.75

$10.95

$11.24

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.10

0.23

0.26

0.29

0.31

0.33

Net

realized

and

unrealized

gains

(losses)

0.20

(0.33)

0.67

(—)

d

(0.20)

(0.30)

Total

from

investment

operations

........

0.30

(0.10)

0.93

0.29

0.11

0.03

Less

distributions

from:

Net

investment

income

..............

(0.10)

(0.23)

(0.26)

(0.29)

(0.31)

(0.32)

Net

asset

value,

end

of

period

..........

$11.29

$11.09

$11.42

$10.75

$10.75

$10.95

Total

return

e

.......................

2.73%

(0.81)%

8.70%

2.74%

1.03%

0.19%

Ratios

to

average

net

assets

f

Expenses

.........................

1.20%

g

1.20%

g

1.21%

g

1.21%

g

1.20%

1.18%

Net

investment

income

...............

1.80%

2.05%

2.32%

2.72%

2.84%

2.92%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$56,937

$67,713

$80,562

$77,216

$105,010

$118,381

Portfolio

turnover

rate

................

8.54%

13.66%

11.37%

18.13%

17.47%

13.02%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

48

In

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$10.94

$11.26

$10.60

$10.60

$10.84

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.14

0.30

0.33

0.36

0.22

Net

realized

and

unrealized

gains

(losses)

...........

0.19

(0.32)

0.67

(—)

e

(0.24)

Total

from

investment

operations

....................

0.33

(0.02)

1.00

0.36

(0.02)

Less

distributions

from:

Net

investment

income

..........................

(0.14)

(0.30)

(0.34)

(0.36)

(0.22)

Net

asset

value,

end

of

period

......................

$11.13

$10.94

$11.26

$10.60

$10.60

Total

return

f

....................................

3.04%

(0.15)%

9.53%

3.48%

(0.18)%

Ratios

to

average

net

assets

g

Expenses

before

waiver

and

payments

by

affiliates

......

0.53%

0.53%

0.54%

0.55%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.52%

h

0.53%

h,i

0.53%

h

0.53%

h

0.51%

Net

investment

income

...........................

2.49%

2.75%

3.00%

3.40%

3.53%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$29,607

$21,450

$16,971

$12,562

$10,816

Portfolio

turnover

rate

............................

8.54%

13.66%

11.37%

18.13%

17.47%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

i

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

49

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.94

$11.26

$10.60

$10.61

$10.81

$11.10

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.30

0.32

0.36

0.38

0.40

Net

realized

and

unrealized

gains

(losses)

0.19

(0.32)

0.67

(0.01)

(0.19)

(0.30)

Total

from

investment

operations

........

0.33

(0.02)

0.99

0.35

0.19

0.10

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.30)

(0.33)

(0.36)

(0.39)

(0.39)

Net

asset

value,

end

of

period

..........

$11.13

$10.94

$11.26

$10.60

$10.61

$10.81

Total

return

d

.......................

3.03%

(0.18)%

9.50%

3.36%

1.72%

0.86%

Ratios

to

average

net

assets

e

Expenses

.........................

0.56%

f

0.56%

f

0.56%

f

0.56%

f

0.55%

0.53%

Net

investment

income

...............

2.48%

2.71%

2.97%

3.37%

3.49%

3.57%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$180,474

$174,264

$124,881

$90,140

$86,795

$90,707

Portfolio

turnover

rate

................

8.54%

13.66%

11.37%

18.13%

17.47%

13.02%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,2021

Franklin

Arizona

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

50

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.8%

Arizona

94.7%

Arizona

Board

of

Regents

,

Revenue,

2020

A,

5%,

7/01/35

........................................

$

1,000,000

$

1,318,895

Arizona

State

University,

Revenue,

2021

C,

Refunding,

4%,

7/01/45

............

510,000

613,778

Arizona

State

University,

Revenue,

2021

C,

Refunding,

4%,

7/01/46

............

315,000

378,583

Arizona

State

University,

Revenue,

2021

C,

Refunding,

4%,

7/01/51

............

5,750,000

6,879,014

University

of

Arizona

(The),

COP,

2012

C,

Pre-Refunded,

5%,

6/01/31

..........

7,025,000

7,282,041

Arizona

Department

of

Transportation

,

State

Highway

Fund,

Revenue,

2015,

Refunding,

5%,

7/01/31

................

10,000,000

11,289,564

State

Highway

Fund,

Revenue,

2016,

Refunding,

5%,

7/01/36

................

8,680,000

10,394,564

Arizona

Health

Facilities

Authority

,

HonorHealth

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

12/01/39

......

15,000,000

17,015,118

HonorHealth

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

12/01/42

......

9,535,000

10,855,510

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

2/01/42

........................................................

8,000,000

8,157,418

Arizona

Industrial

Development

Authority

,

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

........................................................

2,045,000

2,371,496

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/51

........................................................

1,080,000

1,243,293

Arizona

Agribusiness

and

Equine

Center,

Inc.,

Revenue,

2017

A,

5%,

3/01/48

....

1,555,000

1,808,053

BASIS

Schools,

Inc.

Obligated

Group,

Revenue,

2017

F,

Refunding,

5%,

7/01/47

..

3,350,000

3,902,882

Children's

National

Medical

Center

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/40

865,000

1,025,198

Children's

National

Medical

Center

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/46

2,750,000

3,197,069

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/33

.......................................................

1,000,000

1,233,238

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/38

.......................................................

1,630,000

1,985,044

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/39

.......................................................

1,000,000

1,215,230

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/44

.......................................................

6,645,000

7,976,355

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/49

.......................................................

5,115,000

5,725,088

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019

A,

5%,

1/01/38

.....

1,175,000

1,234,708

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019

A,

5%,

1/01/54

.....

1,250,000

1,316,074

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5%,

1/01/36

........................................................

1,105,000

1,112,040

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5%,

1/01/49

........................................................

3,500,000

3,461,744

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5.125%,

1/01/54

.................................................

2,000,000

2,001,145

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/31

..........

315,000

373,217

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/41

..........

405,000

467,163

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/52

..........

840,000

953,079

Kipp

New

York,

Inc.

Gerard

Facility,

Revenue,

2021

C,

3.25%,

7/01/31

..........

1,550,000

1,541,785

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/41

..........

1,000,000

1,173,713

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/51

..........

5,525,000

6,378,368

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/61

..........

5,700,000

6,451,356

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

4%,

2/01/50

.....

11,595,000

13,536,532

a

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

2/01/35

........................................................

1,700,000

2,254,372

a

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

2/01/36

........................................................

1,800,000

2,380,541

a

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

2/01/37

........................................................

1,900,000

2,504,301

a

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

2/01/38

........................................................

1,700,000

2,048,224

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

51

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Arizona

Industrial

Development

Authority,

(continued)

a

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

2/01/39

........................................................

$

2,000,000

$

2,404,602

a

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

2/01/40

........................................................

1,000,000

1,198,255

a

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

2/01/41

........................................................

885,000

945,364

Provident

Group-NCCU

Properties

LLC,

Revenue,

2019

A,

BAM

Insured,

5%,

6/01/49

........................................................

3,345,000

4,080,164

Provident

Group-NCCU

Properties

LLC,

Revenue,

2019

A,

BAM

Insured,

5%,

6/01/54

........................................................

3,240,000

3,939,364

Arizona

Sports

&

Tourism

Authority

,

Revenue

,

2012

A

,

Refunding

,

5

%

,

7/01/36

.....

1,550,000

1,597,367

Arizona

State

University

,

Revenue,

2014,

5%,

8/01/33

.........................................

2,200,000

2,489,027

Revenue,

2014,

5%,

8/01/34

.........................................

3,320,000

3,752,459

Revenue,

2014,

5%,

8/01/44

.........................................

4,145,000

4,657,487

Revenue,

2015

B,

Refunding,

5%,

7/01/41

...............................

14,070,000

16,379,005

Revenue,

2015

D,

5%,

7/01/41

........................................

5,000,000

5,820,542

Revenue,

2015

D,

5%,

7/01/46

........................................

5,000,000

5,816,413

Revenue,

2016

B,

5%,

7/01/42

........................................

2,000,000

2,386,972

Revenue,

2016

C,

5%,

7/01/46

........................................

10,000,000

11,894,438

Revenue,

2017

B,

Refunding,

5%,

7/01/43

...............................

4,005,000

4,840,538

Revenue,

2019

A,

5%,

7/01/43

........................................

2,100,000

2,661,390

b

Carefree

Utilities

Community

Facilities

District

,

Town

of

Carefree

Water

System

,

Revenue

,

2021

,

4

%

,

7/01/51

.........................................

2,000,000

2,324,238

Central

Arizona

Water

Conservation

District

,

Revenue

,

2016

,

5

%

,

1/01/34

.........

1,000,000

1,180,651

City

of

El

Mirage

,

GO

,

2012

,

AGMC

Insured

,

5

%

,

7/01/42

.....................

2,200,000

2,279,179

City

of

Glendale

,

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

Refunding,

5%,

7/01/29

............

1,000,000

1,305,623

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

Refunding,

5%,

7/01/30

............

1,030,000

1,372,219

City

of

Goodyear

,

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

Refunding,

AGMC

Insured,

4%,

7/01/39

600,000

716,013

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

AGMC

Insured,

4%,

7/01/45

.........

5,000,000

5,868,171

Water

&

Sewer,

Revenue,

Sub.

Lien,

Second

Series,

2020,

AGMC

Insured,

4%,

7/01/40

........................................................

650,000

774,132

Water

&

Sewer,

Revenue,

Sub.

Lien,

Second

Series,

2020,

AGMC

Insured,

4%,

7/01/45

........................................................

7,135,000

8,373,881

City

of

Lake

Havasu

City

,

Wastewater

System,

Revenue,

2015

B,

Refunding,

AGMC

Insured,

5%,

7/01/40

...

15,000,000

17,283,012

Wastewater

System,

Revenue,

2015

B,

Refunding,

AGMC

Insured,

5%,

7/01/43

...

9,155,000

10,511,115

City

of

Mesa

,

Utility

System,

Revenue,

2018,

5%,

7/01/32

..............................

1,000,000

1,262,204

Utility

System,

Revenue,

2018,

5%,

7/01/34

..............................

1,265,000

1,587,990

Utility

System,

Revenue,

2018,

4%,

7/01/38

..............................

1,425,000

1,675,558

Utility

System,

Revenue,

2018,

4%,

7/01/39

..............................

6,135,000

7,198,622

Utility

System,

Revenue,

2018,

5%,

7/01/42

..............................

15,000,000

18,519,068

Utility

System,

Revenue,

2019

A,

5%,

7/01/43

............................

10,000,000

12,605,617

Utility

System,

Revenue,

2020,

Refunding,

4%,

7/01/34

.....................

2,500,000

3,071,158

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

2017

A,

5%,

7/01/42

..................................

15,090,000

18,283,172

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

4%,

7/01/40

...............

20,570,000

23,535,741

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/44

........................

8,500,000

10,558,487

Airport,

Revenue,

Senior

Lien,

2018,

5%,

7/01/48

..........................

5,000,000

6,125,469

Excise

Tax,

Revenue,

2015

A,

Refunding,

5%,

7/01/41

......................

10,000,000

11,603,974

Excise

Tax,

Revenue,

2020

A,

Refunding,

4%,

7/01/45

......................

3,550,000

4,223,566

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/34

..................................................

2,500,000

3,090,412

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

52

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

City

of

Phoenix

Civic

Improvement

Corp.,

(continued)

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/37

..................................................

$

1,500,000

$

1,834,590

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/38

..................................................

8,420,000

10,275,574

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

4%,

7/01/45

..................................................

2,500,000

2,806,915

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/27

........................................................

3,945,000

4,958,801

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/28

........................................................

2,000,000

2,580,782

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/29

........................................................

2,000,000

2,642,294

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/36

........................................................

5,000,000

7,416,715

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/37

........................................................

7,000,000

10,531,321

Wastewater,

Revenue,

Junior

Lien,

2018

A,

5%,

7/01/37

.....................

1,000,000

1,247,129

Wastewater,

Revenue,

Junior

Lien,

2018

A,

4%,

7/01/39

.....................

5,000,000

5,831,317

Water

System,

Revenue,

Junior

Lien,

2014

A,

Pre-Refunded,

5%,

7/01/39

.......

10,000,000

11,363,273

Water

System,

Revenue,

Junior

Lien,

2016,

Refunding,

5%,

7/01/39

............

5,000,000

5,940,627

Water

System,

Revenue,

Junior

Lien,

2020

B,

5%,

7/01/44

...................

5,000,000

6,468,344

Water

System,

Revenue,

Junior

Lien,

2021

A,

5%,

7/01/45

...................

3,000,000

3,947,046

City

of

Tucson

,

Water

System,

Revenue,

2020,

4%,

7/01/36

..............................

650,000

788,239

Water

System,

Revenue,

2020,

4%,

7/01/37

..............................

500,000

604,479

County

of

Maricopa

,

Banner

Health

Obligated

Group

,

Revenue

,

2005

,

Pre-Refunded

,

5

%

,

4/01/35

......................................................

12,090,000

13,566,234

County

of

Pima

,

Sewer

System,

COP,

2020

B,

5%,

7/01/29

...............................

1,210,000

1,588,335

Sewer

System,

COP,

2020

B,

5%,

7/01/30

...............................

1,000,000

1,337,229

Sewer

System,

COP,

2020

B,

5%,

7/01/31

...............................

1,100,000

1,463,325

Glendale

Industrial

Development

Authority

,

Midwestern

University,

Revenue,

2007,

Refunding,

5%,

5/15/31

...............

3,455,000

3,543,283

People

of

Faith,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/41

...........

1,500,000

1,730,156

People

of

Faith,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/56

...........

4,000,000

4,559,282

Glendale

Municipal

Property

Corp.

,

Revenue

,

2012

C

,

Refunding

,

5

%

,

7/01/38

.....

18,530,000

19,603,660

Golder

Ranch

Fire

District

,

GO

,

2021

,

4

%

,

7/01/45

..........................

1,155,000

1,363,758

Industrial

Development

Authority

of

the

City

of

Phoenix

(The)

,

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/44

......

1,000,000

1,208,364

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/49

......

1,995,000

2,399,510

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/54

......

1,330,000

1,594,376

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/25

1,015,000

1,173,033

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/27

425,000

519,159

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/30

700,000

858,992

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/32

250,000

303,885

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/33

600,000

728,027

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/37

2,000,000

2,409,570

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/42

8,550,000

10,215,958

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/36

.

4,065,000

4,562,306

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/41

.

1,225,000

1,366,524

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

.

1,335,000

1,481,666

JMF-Higley

2012

LLC,

Revenue,

2012,

5%,

12/01/34

.......................

1,355,000

1,424,998

JMF-Higley

2012

LLC,

Revenue,

2012,

5%,

12/01/39

.......................

5,610,000

5,888,292

Vista

College

Preparatory

Obligated

Group,

Revenue,

2018

A,

5%,

7/01/48

......

1,000,000

1,183,750

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

Christian

Care

Tucson,

Inc.,

Revenue,

2017

C,

Refunding,

5%,

12/15/47

........

3,840,000

4,360,973

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

53

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Industrial

Development

Authority

of

the

County

of

Pima

(The),

(continued)

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017

A,

Refunding,

5%,

12/15/32

$

1,765,000

$

2,033,378

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017

A,

Refunding,

5%,

6/15/37

2,240,000

2,567,104

a

TMC

HealthCare

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

4/01/46

....

11,295,000

13,386,557

a

TMC

HealthCare

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

4/01/51

....

12,000,000

12,774,510

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

5,009,031

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/36

............................................

1,310,000

1,542,875

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/38

............................................

1,510,000

1,769,647

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

8/01/39

............................................

1,350,000

1,697,248

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/43

............................................

3,000,000

3,488,243

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/23

....................

110,000

116,834

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/25

....................

90,000

102,472

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/26

....................

95,000

111,250

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/27

....................

75,000

90,045

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/28

....................

80,000

97,854

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/29

....................

110,000

136,611

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/30

....................

100,000

125,787

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/41

....................

430,000

490,193

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/46

....................

345,000

390,956

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/51

....................

580,000

654,898

Maricopa

County

High

School

District

No.

214

Tolleson

Union

High

School

,

GO

,

2018

A

,

5

%

,

7/01/37

....................................................

1,000,000

1,216,616

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group,

Revenue,

A,

4%,

1/01/41

...................

9,630,000

11,053,193

Banner

Health

Obligated

Group,

Revenue,

A,

5%,

1/01/41

...................

37,590,000

45,809,568

Christian

Care

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/01/36

......

3,860,000

4,369,618

Christian

Care

Obligated

Group,

Revenue,

2016

C,

Refunding,

5%,

1/01/40

......

9,740,000

10,979,161

Creighton

University,

Revenue,

2020,

5%,

7/01/47

.........................

13,000,000

16,241,371

Creighton

University,

Revenue,

2020,

4%,

7/01/50

.........................

1,695,000

1,967,684

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

.

1,000,000

1,186,196

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/52

.

1,000,000

1,165,474

Highland

Prep

Obligated

Group,

Revenue,

2019,

5%,

1/01/37

................

1,000,000

1,263,440

Highland

Prep

Obligated

Group,

Revenue,

2019,

5%,

1/01/50

................

1,715,000

2,106,129

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/37

.......

4,025,000

5,046,083

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/42

.......

4,000,000

4,948,277

HonorHealth

Obligated

Group,

Revenue,

2021

A,

3%,

9/01/51

................

1,600,000

1,693,603

HonorHealth

Obligated

Group,

Revenue,

2021

A,

4%,

9/01/51

................

3,275,000

3,857,467

Legacy

Traditional

School

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/49

........................................................

3,920,000

4,780,588

Reid

Traditional

Schools

Obligated

Group,

Revenue,

2016,

5%,

7/01/36

.........

1,120,000

1,281,848

Reid

Traditional

Schools

Obligated

Group,

Revenue,

2016,

5%,

7/01/47

.........

3,325,000

3,751,346

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.,

Revenue,

2009

B,

Refunding,

3.6%,

4/01/40

.............

13,500,000

14,966,262

El

Paso

Electric

Co.,

Revenue,

2012

A,

Refunding,

4.5%,

8/01/42

.............

10,000,000

10,260,289

c

Public

Service

Co.

of

New

Mexico,

Revenue,

2003

A,

Refunding,

Mandatory

Put,

1.05%,

6/01/22

..................................................

4,250,000

4,275,007

Maricopa

County

School

District

No.

83-Cartwright

Elementary

,

GO

,

2011

A

,

AGMC

Insured

,

5.375

%

,

7/01/30

............................................

5,415,000

5,508,414

Maricopa

County

Unified

School

District

No.

11-Peoria

,

GO,

2013,

5%,

7/01/31

.............................................

5,100,000

5,529,670

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

54

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Maricopa

County

Unified

School

District

No.

11-Peoria,

(continued)

GO,

2018,

BAM

Insured,

5%,

7/01/33

...................................

$

1,000,000

$

1,227,121

Maricopa

County

Unified

School

District

No.

48

Scottsdale

,

GO,

2021

D,

3%,

7/01/35

............................................

5,625,000

6,377,312

GO,

2021

D,

3%,

7/01/37

............................................

1,350,000

1,520,671

Maricopa

County

Unified

School

District

No.

69

Paradise

Valley

,

GO,

2020

Second,

4%,

7/01/32

.......................................

250,000

303,904

GO,

2020

Second,

4%,

7/01/38

.......................................

1,060,000

1,274,057

GO,

2021

E,

3%,

7/01/38

............................................

700,000

786,459

Maricopa

County

Unified

School

District

No.

95

Queen

Creek

,

GO,

2018,

5%,

7/01/33

.............................................

500,000

590,757

GO,

2018,

5%,

7/01/37

.............................................

1,200,000

1,411,788

McAllister

Academic

Village

LLC

,

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/33

............

2,000,000

2,390,695

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/38

............

2,000,000

2,377,234

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/39

............

1,000,000

1,187,344

Mohave

County

Union

High

School

District

No.

2

Colorado

River

,

GO

,

2017

,

5

%

,

7/01/35

.........................................................

1,000,000

1,214,263

Northern

Arizona

University

,

Revenue,

2013,

5%,

8/01/26

.........................................

2,380,000

2,571,817

Revenue,

2014,

Pre-Refunded,

5%,

6/01/40

..............................

2,820,000

3,185,659

Revenue,

2014,

5%,

6/01/40

.........................................

4,545,000

5,060,299

Revenue,

2014,

Pre-Refunded,

5%,

6/01/44

..............................

8,005,000

9,054,785

Revenue,

2020

B,

Refunding,

BAM

Insured,

5%,

6/01/38

....................

4,000,000

5,143,134

Revenue,

2020

B,

Refunding,

BAM

Insured,

5%,

6/01/39

....................

1,355,000

1,740,384

Pima

County

Unified

School

District

No.

20

Vail

,

GO

,

2016

,

Refunding

,

BAM

Insured

,

5

%

,

7/01/36

......................................................

3,305,000

3,937,084

Pima

County

Unified

School

District

No.

30

Sahuarita

,

GO,

2017,

BAM

Insured,

5%,

7/01/33

...................................

2,665,000

3,248,316

GO,

2017,

BAM

Insured,

5%,

7/01/34

...................................

2,800,000

3,404,761

Pima

County

Unified

School

District

No.

6

Marana

,

GO,

2017

C,

BAM

Insured,

5%,

7/01/36

.................................

2,385,000

2,904,686

GO,

2018

D,

AGMC

Insured,

5%,

7/01/38

................................

2,500,000

3,025,365

Pinal

County

Community

College

District

,

Revenue

,

2017

,

BAM

Insured

,

5

%

,

7/01/34

1,065,000

1,264,246

Pinal

County

Electric

District

No.

3

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/35

.......

1,195,000

1,417,326

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue,

2012

A,

Refunding,

5%,

12/01/30

..............................

4,500,000

4,659,591

Revenue,

2016

A,

Refunding,

5%,

1/01/38

...............................

9,745,000

11,762,745

Revenue,

2017

A,

Refunding,

5%,

1/01/37

...............................

10,000,000

12,365,938

Revenue,

2017

A,

Refunding,

5%,

1/01/38

...............................

3,310,000

4,085,604

Revenue,

2017

A,

Refunding,

5%,

1/01/39

...............................

5,605,000

6,905,100

Revenue,

2019

A,

5%,

1/01/47

........................................

5,000,000

6,380,061

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5%,

12/01/32

.......................................

10,000,000

13,407,138

Revenue,

2007-1,

5%,

12/01/37

.......................................

5,000,000

7,073,417

Student

&

Academic

Services

LLC

,

Revenue,

2014,

BAM

Insured,

5%,

6/01/33

..............................

1,000,000

1,115,406

Revenue,

2014,

BAM

Insured,

5%,

6/01/39

..............................

1,400,000

1,553,066

Revenue,

2014,

BAM

Insured,

5%,

6/01/44

..............................

3,155,000

3,485,429

Town

of

Gilbert

,

Revenue,

Sub.

Lien

,

2015

,

5

%

,

7/01/45

......................

10,000,000

11,499,869

Town

of

Queen

Creek

,

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/42

...............................

2,500,000

3,093,348

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/47

...............................

5,000,000

6,142,335

Excise

Tax,

Revenue,

2020,

4%,

8/01/45

................................

5,710,000

6,802,919

Excise

Tax,

Revenue,

2020,

4%,

8/01/50

................................

8,740,000

10,338,709

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

55

s

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

University

Medical

Center

Corp.

,

Banner-University

Medical

Center

Tucson

Campus

LLC

,

Revenue

,

2013

,

Pre-Refunded

,

5.625

%

,

7/01/36

......................

$

5,000,000

$

5,496,339

University

of

Arizona

(The)

,

Revenue,

2013,

Pre-Refunded,

5%,

8/01/38

..............................

4,360,000

4,760,447

Revenue,

2013,

5%,

8/01/38

.........................................

5,790,000

6,261,316

Revenue,

2016,

Refunding,

5%,

6/01/39

.................................

2,750,000

3,273,404

Revenue,

2018

A,

5%,

6/01/43

........................................

5,000,000

6,145,729

Revenue,

2019

A,

5%,

6/01/42

........................................

2,000,000

2,520,500

Revenue,

2020

A,

Refunding,

4%,

8/01/44

...............................

11,245,000

13,308,978

1,003,820,195

U.S.

Territories

3.1%

Guam

1.2%

Guam

Power

Authority

,

Revenue,

2014

A,

AGMC

Insured,

5%,

10/01/39

...........................

6,490,000

7,194,946

Revenue,

2014

A,

AGMC

Insured,

5%,

10/01/44

...........................

5,325,000

5,876,264

13,071,210

Puerto

Rico

1.9%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

.........................................................

3,700,000

4,033,229

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

750,000

846,152

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.5%,

7/01/29

.................

770,000

907,897

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

1,970,000

2,247,460

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

2,790,000

3,269,322

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

5,050,000

5,501,498

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

2,290,000

2,630,547

19,436,105

Total

U.S.

Territories

....................................................................

32,507,315

Total

Municipal

Bonds

(Cost

$956,010,623)

.....................................

1,036,327,510

a

a

a

a

Short

Term

Investments

2.4%

Municipal

Bonds

2.4%

Arizona

2.4%

d

Arizona

Health

Facilities

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2015

C

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

1/01/46

...............

6,555,000

6,555,000

d

Arizona

Industrial

Development

Authority

,

Phoenix

Children's

Hospital

,

Revenue

,

2019

A

,

Refunding

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

2/01/48

18,400,000

18,400,000

24,955,000

Total

Municipal

Bonds

(Cost

$24,955,000)

......................................

24,955,000

Total

Short

Term

Investments

(Cost

$24,955,000

)

................................

24,955,000

a

Total

Investments

(Cost

$980,965,623)

100.2%

..................................

$1,061,282,510

Other

Assets,

less

Liabilities

(0.2)%

...........................................

(1,254,520)

Net

Assets

100.0%

...........................................................

$1,060,027,990

See

Abbreviations

on

page

165

.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

56

a

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

b

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Colorado

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

57

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$11.69

$11.96

$11.32

$11.28

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.13

0.28

0.31

0.17

Net

realized

and

unrealized

gains

(losses)

........................

0.21

(0.27)

0.66

0.04

Total

from

investment

operations

.................................

0.34

0.01

0.97

0.21

Less

distributions

from:

Net

investment

income

.......................................

(0.13)

(0.28)

(0.33)

(0.17)

Net

asset

value,

end

of

period

...................................

$11.90

$11.69

$11.96

$11.32

Total

return

e

................................................

2.88%

0.07%

8.69%

1.89%

Ratios

to

average

net

assets

f

Expenses

g

.................................................

0.83%

0.83%

0.84%

0.84%

Net

investment

income

........................................

2.09%

2.40%

2.72%

3.14%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$143,194

$119,598

$87,684

$35,153

Portfolio

turnover

rate

.........................................

6.84%

19.32%

15.00%

10.85%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

58

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.68

$11.96

$11.31

$11.32

$11.66

$11.94

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.30

0.33

0.37

0.37

0.44

Net

realized

and

unrealized

gains

(losses)

0.23

(0.29)

0.67

(0.01)

(0.32)

(0.28)

Total

from

investment

operations

........

0.36

0.01

1.00

0.36

0.05

0.16

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.29)

(0.35)

(0.37)

(0.39)

(0.44)

Net

asset

value,

end

of

period

..........

$11.90

$11.68

$11.96

$11.31

$11.32

$11.66

Total

return

d

.......................

3.05%

0.13%

8.95%

3.28%

0.38%

1.31%

Ratios

to

average

net

assets

e

Expenses

.........................

0.68%

f

0.68%

f

0.69%

f

0.69%

f

0.68%

g

0.65%

Net

investment

income

...............

2.25%

2.57%

2.87%

3.29%

3.23%

3.67%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$416,714

$422,411

$477,155

$462,925

$521,249

$553,317

Portfolio

turnover

rate

................

6.84%

19.32%

15.00%

10.85%

16.78%

13.61%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

59

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.83

$12.11

$11.45

$11.46

$11.79

$12.07

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.10

0.24

0.27

0.31

0.32

0.38

Net

realized

and

unrealized

gains

(losses)

0.21

(0.29)

0.68

(0.01)

(0.33)

(0.29)

Total

from

investment

operations

........

0.31

(0.05)

0.95

0.30

(0.01)

0.09

Less

distributions

from:

Net

investment

income

..............

(0.10)

(0.23)

(0.29)

(0.31)

(0.32)

(0.37)

Net

asset

value,

end

of

period

..........

$12.04

$11.83

$12.11

$11.45

$11.46

$11.79

Total

return

d

.......................

2.64%

(0.41)%

8.36%

2.67%

(0.10)%

0.73%

Ratios

to

average

net

assets

e

Expenses

.........................

1.22%

f

1.22%

f

1.24%

f

1.24%

f

1.23%

g

1.20%

Net

investment

income

...............

1.68%

2.01%

2.32%

2.74%

2.68%

3.12%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$40,529

$50,968

$66,329

$69,045

$99,811

$115,472

Portfolio

turnover

rate

................

6.84%

19.32%

15.00%

10.85%

16.78%

13.61%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

60

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.69

$11.97

$11.32

$11.33

$11.64

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.14

0.32

0.35

0.39

0.23

Net

realized

and

unrealized

gains

(losses)

...........

0.21

(0.29)

0.66

(0.01)

(0.32)

Total

from

investment

operations

....................

0.35

0.03

1.01

0.38

(0.09)

Less

distributions

from:

Net

investment

income

..........................

(0.14)

(0.31)

(0.36)

(0.39)

(0.22)

Net

asset

value,

end

of

period

......................

$11.90

$11.69

$11.97

$11.32

$11.33

Total

return

e

...................................

3.04%

0.27%

9.09%

3.40%

(0.79)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.55%

0.56%

0.56%

0.58%

0.57%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.54%

g

0.54%

g

0.55%

g

0.55%

g

0.54%

Net

investment

income

...........................

2.38%

2.68%

3.01%

3.43%

3.37%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$22,758

$19,296

$14,297

$8,396

$7,678

Portfolio

turnover

rate

............................

6.84%

19.32%

15.00%

10.85%

16.78%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

61

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.68

$11.96

$11.31

$11.32

$11.66

$11.94

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.31

0.35

0.38

0.39

0.45

Net

realized

and

unrealized

gains

(losses)

0.22

(0.28)

0.66

(—)

d

(0.33)

(0.28)

Total

from

investment

operations

........

0.36

0.03

1.01

0.38

0.06

0.17

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.31)

(0.36)

(0.39)

(0.40)

(0.45)

Net

asset

value,

end

of

period

..........

$11.90

$11.68

$11.96

$11.31

$11.32

$11.66

Total

return

e

.......................

3.10%

0.23%

9.06%

3.38%

0.48%

1.41%

Ratios

to

average

net

assets

f

Expenses

.........................

0.58%

g

0.58%

g

0.59%

g

0.59%

g

0.58%

h

0.55%

Net

investment

income

...............

2.34%

2.66%

2.97%

3.39%

3.33%

3.77%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$145,634

$132,696

$115,924

$92,530

$79,093

$73,538

Portfolio

turnover

rate

................

6.84%

19.32%

15.00%

10.85%

16.78%

13.61%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,2021

Franklin

Colorado

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

62

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

94.8%

Colorado

92.1%

Adams

&

Weld

Counties

School

District

No.

27J

Brighton

,

GO

,

2015

,

5

%

,

12/01/40

..

$

7,500,000

$

8,825,691

Adams

12

Five

Star

Schools

,

GO

,

2016

B

,

Refunding

,

5

%

,

12/15/36

.............

5,000,000

6,071,012

Adams

State

University

,

Revenue,

2012,

Pre-Refunded,

5%,

5/15/37

..............................

370,000

381,690

Revenue,

2012,

5%,

5/15/37

.........................................

630,000

649,970

Revenue,

2019

A,

Refunding,

4%,

5/15/42

...............................

1,515,000

1,764,618

Anthem

West

Metropolitan

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/35

3,000,000

3,542,692

Arapahoe

County

School

District

No.

1

Englewood

,

GO

,

2017

,

5

%

,

12/01/42

.......

7,000,000

8,410,938

Arapahoe

County

School

District

No.

6

Littleton

,

GO

,

2019

A

,

5.5

%

,

12/01/43

......

12,980,000

17,036,902

Arapahoe

County

Water

&

Wastewater

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/37

........................................................

1,000,000

1,213,264

Auraria

Higher

Education

Center

,

Revenue

,

2013

A

,

AGMC

Insured

,

5

%

,

4/01/34

...

6,150,000

6,581,230

Board

of

Governors

of

Colorado

State

University

System

,

Revenue,

2013

A,

Refunding,

5%,

3/01/43

...............................

5,000,000

7,277,897

Revenue,

2013

C,

Pre-Refunded,

5%,

3/01/44

............................

2,675,000

2,867,698

Revenue,

2013

C,

Pre-Refunded,

5%,

3/01/44

............................

2,460,000

2,639,137

Revenue,

2015

A,

Pre-Refunded,

5%,

3/01/40

............................

3,990,000

4,634,342

Revenue,

2015

A,

5%,

3/01/40

........................................

3,010,000

3,426,697

Revenue,

2016

B,

Refunding,

5%,

3/01/41

...............................

1,000,000

1,202,126

Revenue,

2017

E,

Refunding,

4%,

3/01/43

...............................

4,500,000

5,156,318

Revenue,

2019

A,

Refunding,

5%,

3/01/49

...............................

4,000,000

5,036,135

Revenue,

A,

Refunding,

4%,

3/01/40

...................................

5,000,000

5,737,618

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017

A

,

5

%

,

9/15/47

.........................................................

10,000,000

12,194,680

Boulder

Valley

School

District

No.

Re-2

Boulder

,

GO

,

2015

,

5

%

,

12/01/41

.........

5,000,000

5,754,550

a

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-1

,

Refunding

,

5

%

,

12/01/49

........................................................

1,440,000

1,591,894

Castle

Oaks

Metropolitan

District

No.

3

,

GO

,

2020

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/50

........................................................

1,150,000

1,354,706

Centennial

Water

&

Sanitation

District

,

Revenue,

2019,

5%,

12/01/43

........................................

3,000,000

3,738,149

Revenue,

2019,

5.25%,

12/01/48

......................................

6,760,000

8,485,016

Central

Weld

County

Water

District

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

12/01/40

..

1,000,000

1,204,105

Cherokee

Metropolitan

District

,

Revenue

,

2020

,

BAM

Insured

,

4

%

,

8/01/50

........

2,000,000

2,371,272

City

&

County

of

Denver

,

Revenue,

2016

A,

Refunding,

4%,

8/01/46

...............................

3,500,000

3,922,631

Revenue,

2018

A-1,

5%,

8/01/48

......................................

5,000,000

5,880,337

Revenue,

2021

A,

4%,

8/01/33

........................................

1,250,000

1,560,848

Revenue,

2021

A,

4%,

8/01/34

........................................

1,000,000

1,243,860

Airport

System,

Revenue,

2013

B,

5%,

11/15/43

...........................

5,000,000

5,489,319

Airport

System,

Revenue,

2018

B,

Refunding,

5%,

12/01/43

..................

5,000,000

6,249,778

Airport

System,

Revenue,

2018

B,

Refunding,

5%,

12/01/48

..................

4,440,000

5,514,313

Airport

System,

Revenue,

2019

C,

Refunding,

5%,

11/15/35

..................

3,000,000

3,888,654

City

of

Aurora

,

Water,

Revenue,

First

Lien,

2016,

Pre-Refunded,

5%,

8/01/41

................

3,000,000

3,659,367

Water,

Revenue,

First

Lien,

2016,

Pre-Refunded,

5%,

8/01/46

................

5,000,000

6,098,945

City

of

Colorado

Springs

,

Utilities

System,

Revenue,

2013

B-1,

5%,

11/15/38

.........................

4,000,000

4,386,818

Utilities

System,

Revenue,

2014

A-2,

5%,

11/15/44

.........................

5,000,000

5,651,522

Utilities

System,

Revenue,

2015

A,

Refunding,

5%,

11/15/40

.................

3,000,000

3,525,481

Utilities

System,

Revenue,

2015

A,

Refunding,

5%,

11/15/45

.................

2,665,000

3,114,922

Utilities

System,

Revenue,

2017

A-2,

Refunding,

5%,

11/15/47

................

6,000,000

7,275,816

Utilities

System,

Revenue,

2018

A-4,

5%,

11/15/48

.........................

5,000,000

6,183,520

Utilities

System,

Revenue,

2020

C,

5%,

11/15/50

..........................

3,000,000

3,857,006

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

63

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

City

of

Commerce

City

,

Revenue

,

2016

,

AGMC

Insured

,

5

%

,

8/01/41

.............

$

4,000,000

$

4,756,775

City

of

Fort

Collins

,

Electric

Utility

Enterprise

,

Revenue

,

2018

A

,

5

%

,

12/01/42

......

13,500,000

16,679,242

City

of

Grand

Junction

,

COP,

2021,

4%,

12/01/40

............................................

1,500,000

1,806,157

COP,

2021,

4%,

12/01/45

............................................

1,000,000

1,188,591

Revenue,

2020

B,

4%,

3/01/45

........................................

1,500,000

1,774,634

Revenue,

2020

B,

4%,

3/01/49

........................................

1,240,000

1,461,381

Colorado

Educational

&

Cultural

Facilities

Authority

,

Alexander

Dawson

School

LLC

(The),

Revenue,

2010,

5%,

2/15/40

............

5,280,000

5,298,746

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/36

....................

425,000

481,824

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/41

....................

150,000

168,130

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/51

....................

370,000

410,589

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/61

....................

550,000

604,968

Denver

School

of

Science

&

Technology,

Inc.,

Revenue,

2021,

3%,

8/01/41

......

1,460,000

1,562,092

Denver

School

of

Science

&

Technology,

Inc.,

Revenue,

2021,

3%,

8/01/51

......

3,635,000

3,822,940

Pinnacle

Charter

School,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

12/01/50

.......

5,820,000

6,791,506

Union

Colony

Schools,

Revenue,

2018,

Refunding,

5%,

4/01/48

...............

715,000

851,099

University

of

Denver,

Revenue,

2017,

5%,

3/01/47

.........................

3,950,000

4,777,146

West

Ridge

Academy

Charter

School,

Revenue,

2019

A,

Refunding,

5%,

6/01/49

..

400,000

432,899

Windsor

Charter

Academy,

Revenue,

2020,

Refunding,

4%,

9/01/50

............

2,400,000

2,788,651

Colorado

Health

Facilities

Authority

,

AdventHealth

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

11/15/41

......

3,000,000

3,362,399

AdventHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/15/37

......

5,000,000

6,449,210

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/35

.......................................................

1,575,000

1,857,884

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/37

.......................................................

850,000

996,817

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/38

.......................................................

705,000

824,658

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/39

.......................................................

835,000

974,117

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/40

.......................................................

725,000

843,881

BSLC

Obligated

Group,

Revenue,

2018

A-1,

Refunding,

5%,

9/15/48

...........

3,000,000

3,512,778

BSLC

Obligated

Group,

Revenue,

2018

A-1,

Refunding,

4.75%,

9/15/53

.........

1,500,000

1,706,135

Children's

Hospital

Colorado

Obligated

Group,

Revenue,

2016

A,

5%,

12/01/44

...

5,000,000

5,927,264

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/37

3,000,000

3,781,211

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/39

2,000,000

2,509,360

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

7,000,000

8,688,729

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

4%,

8/01/49

5,000,000

5,723,981

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2013

A,

Pre-

Refunded,

5.75%,

12/01/36

.........................................

5,000,000

5,621,877

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

12/01/35

...........................................

7,150,000

8,067,011

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2018

A,

5%,

12/01/48

.......................................................

5,000,000

5,875,341

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

12/01/50

...........................................

5,700,000

6,549,262

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2012,

Pre-

Refunded,

5%,

12/01/33

...........................................

2,500,000

2,591,474

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2013,

Pre-

Refunded,

5.5%,

6/01/33

..........................................

1,000,000

1,092,577

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2013,

Pre-

Refunded,

5.625%,

6/01/43

.........................................

4,000,000

4,379,023

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

6/01/40

............................................

4,000,000

4,696,717

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

64

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Colorado

Health

Facilities

Authority,

(continued)

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

6/01/45

............................................

$

2,750,000

$

3,228,993

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2017,

Pre-

Refunded,

5%,

6/01/47

............................................

6,000,000

7,439,339

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2016,

5%,

9/01/46

.....

5,000,000

5,772,948

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

...

6,275,000

7,285,560

Sanford

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

11/01/39

..........

1,000,000

1,189,238

Sanford

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/01/44

..........

10,455,000

13,187,532

Sisters

of

Charity

of

Leavenworth

Health

System,

Inc.

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

1/01/38

.....................................

3,660,000

4,351,530

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/40

................

2,000,000

2,285,301

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/45

................

1,000,000

1,138,739

Colorado

High

Performance

Transportation

Enterprise

,

Revenue

,

2017

,

5

%

,

12/31/47

2,555,000

2,919,394

Colorado

Housing

and

Finance

Authority

,

Revenue,

2019

B-1,

I,

3.15%,

10/01/44

.................................

1,000,000

1,069,584

Revenue,

2019

B-1,

I,

3.25%,

10/01/49

.................................

1,000,000

1,068,325

Colorado

Mesa

University

,

Revenue,

2016,

5%,

5/15/45

.........................................

4,000,000

4,705,181

Revenue,

2019

B,

5%,

5/15/44

........................................

1,000,000

1,250,763

Revenue,

2019

B,

5%,

5/15/49

........................................

1,565,000

1,948,942

Colorado

School

of

Mines

,

Revenue,

2012

B,

5%,

12/01/32

.......................................

110,000

116,164

Revenue,

2017

A,

5%,

12/01/42

.......................................

2,450,000

3,039,039

Revenue,

2017

A,

5%,

12/01/47

.......................................

3,000,000

3,696,774

Colorado

Water

Resources

&

Power

Development

Authority

,

Revenue

,

2013

A

,

AGMC

Insured

,

5

%

,

9/01/38

...............................................

1,210,000

1,263,246

Commerce

City

,

Northern

Infrastructure

General

Improvement

District

,

GO

,

2013

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/31

................................

2,040,000

2,159,339

Crystal

Valley

Metropolitan

District

No.

2

,

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

3

%

,

12/01/49

........................................................

3,000,000

3,153,123

Denver

City

&

County

School

District

No.

1

,

COP,

2013

C,

5%,

12/15/30

..........................................

4,000,000

4,409,566

COP,

2020

A,

5%,

12/01/42

..........................................

2,000,000

2,584,721

GO,

2017,

5%,

12/01/41

.............................................

12,440,000

15,003,956

GO,

2021,

4%,

12/01/45

.............................................

5,000,000

5,990,074

Denver

Convention

Center

Hotel

Authority

,

Revenue,

Senior

Lien

,

2016

,

Refunding

,

5

%

,

12/01/40

.....................................................

9,775,000

11,310,479

Denver

Health

&

Hospital

Authority

,

COP,

2018,

5%,

12/01/48

............................................

5,255,000

6,333,966

Revenue,

2014

A,

5.25%,

12/01/45

....................................

9,250,000

9,990,179

Revenue,

2019

A,

Refunding,

5%,

12/01/30

..............................

1,000,000

1,287,220

Revenue,

2019

A,

Refunding,

5%,

12/01/31

..............................

1,400,000

1,792,347

Revenue,

2019

A,

Refunding,

5%,

12/01/33

..............................

3,300,000

4,198,232

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

A

,

4

%

,

12/01/48

........................................................

350,000

362,259

Eagle

River

Water

and

Sanitation

District

,

GO,

2016,

5%,

12/01/45

.............................................

1,360,000

1,609,681

Revenue,

2012,

Pre-Refunded,

5%,

12/01/42

.............................

3,500,000

3,708,702

East

Cherry

Creek

Valley

Water

and

Sanitation

District

,

Revenue

,

2019

A

,

4

%

,

11/15/38

1,000,000

1,192,162

El

Paso

County

School

District

No.

49

Falcon

,

COP

,

2021

,

4

%

,

12/15/46

..........

5,000,000

5,896,712

Flying

Horse

Metropolitan

District

No.

2

,

GO,

2020

A,

Refunding,

AGMC

Insured,

4%,

12/01/44

......................

520,000

614,833

GO,

2020

A,

Refunding,

AGMC

Insured,

4%,

12/01/50

......................

875,000

1,030,755

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

65

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Larimer

County

School

District

No.

R-1

Poudre

,

GO

,

2018

,

5

%

,

12/15/40

..........

$

5,000,000

$

6,315,795

Little

Thompson

Water

District

,

Revenue

,

2020

,

4

%

,

12/01/50

..................

1,200,000

1,428,176

Metropolitan

State

University

of

Denver

,

Revenue

,

2016

,

5

%

,

12/01/45

...........

4,000,000

4,658,392

Morgan

County

Quality

Water

District

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

12/01/50

1,200,000

1,408,049

Park

70

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/36

....................................

1,000,000

1,158,547

GO,

2016,

Refunding,

5%,

12/01/46

....................................

1,500,000

1,711,386

Park

Creek

Metropolitan

District

,

Revenue,

2017

A,

5%,

12/01/41

.......................................

3,000,000

3,446,125

Revenue,

2017

A,

5%,

12/01/46

.......................................

2,500,000

2,857,317

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

12/01/45

....................

7,000,000

8,006,699

Revenue,

Senior

Lien,

2018

A,

5%,

12/01/46

.............................

2,875,000

3,487,536

Parker

Water

&

Sanitation

District

,

Revenue

,

2018

,

5

%

,

11/01/42

................

6,475,000

8,002,910

Patriot

Park

Metropolitan

District

No.

2

,

GO

,

2021

,

4.3

%

,

12/01/50

...............

550,000

573,984

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

............

9,900,000

15,461,448

Pueblo

City

Schools

,

GO

,

2020

,

5

%

,

12/15/38

..............................

3,000,000

3,868,905

Regional

Transportation

District

,

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

1/15/33

........

550,000

671,855

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/35

........

1,000,000

1,208,378

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/36

........

750,000

901,129

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/38

........

700,000

835,472

Sales

Tax,

Revenue,

2016

A,

5%,

11/01/41

...............................

10,000,000

11,951,521

Sales

Tax,

Revenue,

2016

A,

5%,

11/01/46

...............................

11,000,000

13,043,316

Sales

Tax,

Revenue,

2021

B,

Refunding,

5%,

11/01/29

......................

5,000,000

6,619,921

Roaring

Fork

Transportation

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/44

....

1,000,000

1,176,656

Sand

Creek

Metropolitan

District

,

GO

,

2020

B

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/40

........................................................

2,665,000

3,186,192

Silver

Peaks

Metropolitan

District

No.

3

,

GO,

Senior

Lien

,

2020

A

,

5

%

,

12/01/50

....

500,000

543,619

South

Timnath

Metropolitan

District

No.

2

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/42

.....

5,690,000

6,573,621

State

of

Colorado

,

COP,

2013

I,

Pre-Refunded,

5%,

3/15/36

................................

3,000,000

3,368,164

COP,

2017

J,

5.25%,

3/15/42

.........................................

5,000,000

6,070,174

COP,

2019

O,

4%,

3/15/44

...........................................

5,000,000

5,811,941

COP,

2020,

Refunding,

4%,

6/15/39

....................................

1,000,000

1,200,900

COP,

2020,

Refunding,

4%,

6/15/40

....................................

1,315,000

1,570,938

COP,

2020,

Refunding,

4%,

6/15/41

....................................

1,275,000

1,519,039

COP,

2020

A,

4%,

12/15/39

..........................................

2,750,000

3,331,726

University

of

Colorado,

COP,

2013

A,

Refunding,

5%,

11/01/29

................

3,105,000

3,405,125

Sterling

Hills

West

Metropolitan

District

,

GO

,

2017

,

Refunding

,

5

%

,

12/01/39

.......

1,125,000

1,344,448

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

3.75%,

12/01/40

.................................................

500,000

551,125

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

4.25%,

12/01/50

.................................................

1,250,000

1,397,822

Thompson

Crossing

Metropolitan

District

No.

2

,

GO

,

2016

B

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/46

..............................................

4,500,000

5,321,142

Town

of

Castle

Rock

,

Sales

&

Use

Tax,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/31

................

1,800,000

1,952,603

Sales

&

Use

Tax,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/32

................

1,845,000

2,001,418

Sales

&

Use

Tax,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/35

................

2,775,000

3,010,263

Town

of

Firestone

,

Water

Enterprise

,

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

12/01/49

........................................................

1,400,000

1,650,619

Town

of

Monument

,

COP,

2020,

AGMC

Insured,

4%,

12/01/40

...............................

1,000,000

1,151,412

COP,

2020,

AGMC

Insured,

4%,

12/01/45

...............................

1,000,000

1,139,426

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

66

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

University

of

Colorado

,

Revenue,

2015

A,

Pre-Refunded,

5%,

6/01/38

............................

$

5,655,000

$

6,651,567

Revenue,

2018

B,

5%,

6/01/48

........................................

5,000,000

6,126,791

Revenue,

2019

B,

Refunding,

5%,

6/01/44

...............................

3,385,000

4,232,834

Revenue,

2019

B,

Refunding,

5%,

6/01/49

...............................

3,295,000

4,096,887

Upper

Eagle

Regional

Water

Authority

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/50

........................................................

2,500,000

2,991,861

Vauxmont

Metropolitan

District

,

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/15/27

........................

380,000

443,840

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/15/32

........................

480,000

554,178

Weld

County

School

District

No.

6

Greeley

,

GO

,

2020

,

5

%

,

12/01/40

.............

8,750,000

11,262,265

Weld

County

School

District

No.

RE-4

,

GO

,

2016

,

5.25

%

,

12/01/41

..............

5,000,000

6,146,144

Weld

County

School

District

No.

Re-5J

,

GO

,

2021

,

4

%

,

12/01/45

................

5,000,000

5,990,074

Winter

Farm

Metropolitan

District

No.

2

,

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/01/39

........................

630,000

775,947

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/01/44

........................

500,000

609,455

Woodmoor

Water

&

Sanitation

District

No.

1

,

Water

&

Wastewater

,

Revenue

,

2011

,

5

%

,

12/01/36

........................................................

5,000,000

5,056,989

707,761,524

Illinois

1.0%

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

3,000,000

3,565,923

GO,

2019

B,

4%,

11/01/33

...........................................

1,250,000

1,459,265

GO,

2021

A,

5%,

3/01/31

............................................

650,000

848,279

GO,

2021

A,

5%,

3/01/32

............................................

500,000

648,241

GO,

2021

A,

4%,

3/01/39

............................................

500,000

584,693

GO,

2021

A,

4%,

3/01/41

............................................

560,000

651,117

7,757,518

New

York

0.7%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

4,000,000

4,625,259

Revenue,

2021

A-2,

4%,

11/15/41

.....................................

1,000,000

1,167,887

5,793,146

U.S.

Territories

1.0%

Guam

0.2%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,500,000

1,839,098

Puerto

Rico

0.8%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,200,000

1,308,074

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

1,089,379

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,670,000

1,956,906

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,485,000

1,705,835

6,060,194

Total

U.S.

Territories

....................................................................

7,899,292

Total

Municipal

Bonds

(Cost

$670,475,034)

.....................................

729,211,480

a

a

a

a

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

67

s

Short

Term

Investments

0.2%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.2%

Colorado

0.2%

b

City

&

County

of

Denver

,

COP,

2008

A-2,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

12/01/29

.................................................

$

1,000,000

$

1,000,000

COP,

2008

A-3,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

12/01/31

.................................................

700,000

700,000

1,700,000

Total

Municipal

Bonds

(Cost

$1,700,000)

.......................................

1,700,000

Total

Short

Term

Investments

(Cost

$1,700,000

)

.................................

1,700,000

a

Total

Investments

(Cost

$672,175,034)

95.0%

...................................

$730,911,480

Other

Assets,

less

Liabilities

5.0%

.............................................

37,917,703

Net

Assets

100.0%

...........................................................

$768,829,183

See

Abbreviations

on

page

165

.

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

August

31,

2021,

the

value

of

this

security

was

$1,591,894,

representing

0.2%

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

Financial

Highlights

Franklin

Connecticut

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

68

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$10.17

$10.39

$10.05

$10.01

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.11

0.26

0.29

0.14

Net

realized

and

unrealized

gains

(losses)

........................

0.11

(0.22)

0.36

0.04

Total

from

investment

operations

.................................

0.22

0.04

0.65

0.18

Less

distributions

from:

Net

investment

income

.......................................

(0.11)

(0.26)

(0.31)

(0.14)

Net

asset

value,

end

of

period

...................................

$10.28

$10.17

$10.39

$10.05

Total

return

e

................................................

2.14%

0.42%

6.54%

1.86%

Ratios

to

average

net

assets

f

Expenses

g

.................................................

0.96%

0.94%

0.93%

0.92%

Net

investment

income

........................................

2.03%

2.58%

2.83%

2.98%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$36,927

$28,498

$21,670

$13,765

Portfolio

turnover

rate

.........................................

15.08%

20.73%

11.63%

15.00%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Connecticut

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

69

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.16

$10.38

$10.04

$10.08

$10.42

$10.69

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.28

0.30

0.31

0.32

0.37

Net

realized

and

unrealized

gains

(losses)

0.12

(0.22)

0.36

(0.03)

(0.32)

(0.28)

Total

from

investment

operations

........

0.23

0.06

0.66

0.28

—

0.09

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.28)

(0.32)

(0.32)

(0.34)

(0.36)

Net

asset

value,

end

of

period

..........

$10.27

$10.16

$10.38

$10.04

$10.08

$10.42

Total

return

d

.......................

2.22%

0.57%

6.70%

2.86%

0.03%

0.82%

Ratios

to

average

net

assets

e

Expenses

.........................

0.81%

f

0.79%

f

0.78%

f

0.77%

f

0.74%

0.71%

Net

investment

income

...............

2.20%

2.76%

2.98%

3.13%

3.15%

3.42%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$133,506

$135,916

$150,081

$160,148

$187,638

$222,705

Portfolio

turnover

rate

................

15.08%

20.73%

11.63%

15.00%

4.27%

12.40%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Connecticut

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

70

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.24

$10.46

$10.13

$10.16

$10.50

$10.77

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.09

0.23

0.25

0.26

0.27

0.31

Net

realized

and

unrealized

gains

(losses)

0.12

(0.23)

0.35

(0.02)

(0.32)

(0.28)

Total

from

investment

operations

........

0.21

—

0.60

0.24

(0.05)

0.03

Less

distributions

from:

Net

investment

income

..............

(0.09)

(0.22)

(0.27)

(0.27)

(0.29)

(0.30)

Net

asset

value,

end

of

period

..........

$10.36

$10.24

$10.46

$10.13

$10.16

$10.50

Total

return

d

.......................

2.01%

0.02%

5.98%

2.37%

(0.52)%

0.25%

Ratios

to

average

net

assets

e

Expenses

.........................

1.36%

f

1.34%

f

1.33%

f

1.32%

f

1.29%

1.26%

Net

investment

income

...............

1.65%

2.21%

2.43%

2.58%

2.60%

2.87%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$8,429

$13,302

$20,421

$26,076

$45,183

$61,813

Portfolio

turnover

rate

................

15.08%

20.73%

11.63%

15.00%

4.27%

12.40%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Connecticut

Tax-Free

Income

Fund

(continued)

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The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

71

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$10.16

$10.38

$10.04

$10.08

$10.30

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.12

0.29

0.32

0.33

0.20

Net

realized

and

unrealized

gains

(losses)

...........

0.11

(0.22)

0.36

(0.03)

(0.22)

Total

from

investment

operations

....................

0.23

0.07

0.68

0.30

(0.02)

Less

distributions

from:

Net

investment

income

..........................

(0.12)

(0.29)

(0.34)

(0.34)

(0.20)

Net

asset

value,

end

of

period

......................

$10.27

$10.16

$10.38

$10.04

$10.08

Total

return

e

...................................

2.30%

0.71%

6.85%

2.99%

(0.19)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.67%

0.70%

0.70%

0.65%

0.77%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.67%

g,h

0.66%

g

0.64%

g

0.63%

g

0.60%

Net

investment

income

...........................

2.32%

2.79%

3.12%

3.27%

3.29%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$1,912

$1,385

$299

$147

$324

Portfolio

turnover

rate

............................

15.08%

20.73%

11.63%

15.00%

4.27%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Connecticut

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

72

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.15

$10.37

$10.04

$10.08

$10.42

$10.68

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.12

0.29

0.31

0.32

0.33

0.38

Net

realized

and

unrealized

gains

(losses)

0.12

(0.22)

0.35

(0.03)

(0.32)

(0.27)

Total

from

investment

operations

........

0.24

0.07

0.66

0.29

0.01

0.11

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.29)

(0.33)

(0.33)

(0.35)

(0.37)

Net

asset

value,

end

of

period

..........

$10.27

$10.15

$10.37

$10.04

$10.08

$10.42

Total

return

d

.......................

2.37%

0.67%

6.71%

2.96%

0.13%

1.01%

Ratios

to

average

net

assets

e

Expenses

.........................

0.71%

f

0.69%

f

0.68%

f

0.67%

f

0.64%

0.61%

Net

investment

income

...............

2.30%

2.85%

3.08%

3.23%

3.25%

3.52%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$21,509

$20,968

$20,024

$19,351

$20,855

$26,253

Portfolio

turnover

rate

................

15.08%

20.73%

11.63%

15.00%

4.27%

12.40%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,

2020

Franklin

Connecticut

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

73

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.5%

Connecticut

96.1%

City

of

Ansonia

,

GO,

2021

A,

AGMC

Insured,

4%,

2/15/31

................................

$

170,000

$

212,127

GO,

2021

A,

AGMC

Insured,

4%,

2/15/33

................................

100,000

123,492

GO,

2021

A,

AGMC

Insured,

4%,

2/15/34

................................

100,000

123,033

GO,

2021

A,

AGMC

Insured,

3%,

2/15/37

................................

500,000

555,699

City

of

Bridgeport

,

GO,

2021

A,

4%,

8/01/40

............................................

765,000

906,890

GO,

2021

A,

4%,

8/01/46

............................................

375,000

437,176

GO,

2021

A,

4%,

8/01/51

............................................

575,000

667,263

City

of

New

Britain

,

GO

,

2017

C

,

AGMC

Insured

,

5

%

,

3/01/36

..................

1,000,000

1,199,930

City

of

New

Haven

,

GO

,

2002

C

,

NATL

Insured

,

ETM,

5

%

,

11/01/22

.............

25,000

25,100

City

of

Stamford

,

GO,

2021

A,

Refunding,

2%,

8/15/34

...................................

2,205,000

2,276,660

Water

Pollution

Control

System

&

Facility,

Revenue,

2013

A,

5.25%,

8/15/43

.....

1,000,000

1,092,365

Water

Pollution

Control

System

&

Facility,

Revenue,

2020

A,

4%,

11/15/45

.......

1,175,000

1,412,181

Connecticut

Housing

Finance

Authority

,

Revenue,

2019

E-E1,

3.05%,

11/15/44

..................................

5,000,000

5,272,885

Revenue,

2019

E-E1,

3.1%,

11/15/49

...................................

2,000,000

2,097,260

Revenue,

2020

C-1,

Refunding,

2.05%,

5/15/37

...........................

1,000,000

1,009,952

Revenue,

2020

C-2,

Refunding,

2.2%,

11/15/34

...........................

1,000,000

1,018,040

Connecticut

Municipal

Electric

Energy

Cooperative

,

Revenue

,

2013

A

,

5

%

,

1/01/38

..

3,000,000

3,172,173

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/34

345,000

419,639

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/35

310,000

376,281

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/36

480,000

580,756

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/37

600,000

723,720

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/38

315,000

379,000

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/39

380,000

456,009

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/42

860,000

1,024,038

Connecticut

College,

Revenue,

L-1,

Refunding,

4%,

7/01/46

..................

5,000,000

5,576,506

Connecticut

State

University

System,

Revenue,

N,

Pre-Refunded,

5%,

11/01/29

...

5,060,000

5,584,154

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2018

B,

5%,

12/01/40

.......................................................

4,000,000

4,745,354

Fairfield

University,

Revenue,

Q-1,

5%,

7/01/46

...........................

9,000,000

10,537,812

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/38

.....

1,000,000

1,161,486

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/41

.....

6,310,000

7,279,425

Quinnipiac

University,

Revenue,

L,

Refunding,

5%,

7/01/45

..................

8,250,000

9,291,629

Sacred

Heart

University,

Inc.,

Revenue,

2012

H,

Pre-Refunded,

AGMC

Insured,

5%,

7/01/28

........................................................

2,290,000

2,383,132

Sacred

Heart

University,

Inc.,

Revenue,

I-1,

Refunding,

5%,

7/01/42

............

4,375,000

5,200,416

Sacred

Heart

University,

Inc.,

Revenue,

K,

4%,

7/01/45

.....................

1,200,000

1,382,982

Stamford

Hospital

Obligated

Group

(The),

Revenue,

J,

Refunding,

5%,

7/01/42

...

5,000,000

5,196,912

a

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

4%,

7/01/37

...

2,550,000

2,971,689

Taft

School

Corp.

(The),

Revenue,

L,

Refunding,

3%,

7/01/41

.................

2,430,000

2,641,198

Taft

School

Corp.

(The),

Revenue,

L,

Refunding,

3%,

7/01/46

.................

2,210,000

2,376,579

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016,

5%,

12/01/41

............

5,000,000

5,976,028

Trustees

of

Trinity

College

(The),

Revenue,

R,

Refunding,

4%,

6/01/45

..........

2,500,000

2,934,638

Trustees

of

Trinity

College

(The),

Revenue,

S,

Refunding,

4%,

6/01/46

..........

2,000,000

2,396,508

Trustees

of

Trinity

College

(The),

Revenue,

S,

Refunding,

4%,

6/01/51

..........

2,000,000

2,389,272

Yale-New

Haven

Health

Obligated

Group,

Revenue,

N,

5%,

7/01/48

............

5,000,000

5,413,566

Connecticut

State

Higher

Education

Supplement

Loan

Authority

,

Revenue,

2020

B,

3.25%,

11/15/36

....................................

1,700,000

1,770,493

Revenue,

2020

D,

Refunding,

3%,

11/15/35

..............................

1,145,000

1,191,095

Revenue,

2021

B,

2.25%,

11/15/37

....................................

2,500,000

2,522,607

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Connecticut

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

74

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Connecticut

(continued)

Connecticut

Transmission

Municipal

Electric

Energy

Cooperative

,

Revenue

,

2012

A

,

5

%

,

1/01/42

......................................................

$

5,000,000

$

5,070,264

Metropolitan

District

(The)

,

Revenue

,

2014

A

,

5

%

,

11/01/42

....................

5,000,000

5,607,786

South

Central

Connecticut

Regional

Water

Authority

,

Revenue,

A-Thirtieth,

Pre-Refunded,

5%,

8/01/39

..........................

1,500,000

1,710,026

Revenue,

A-Thirtieth,

Pre-Refunded,

5%,

8/01/44

..........................

1,615,000

1,841,128

Revenue,

Second

Series,

B-Thirty

Second,

Refunding,

5%,

8/01/38

............

1,720,000

2,069,208

State

of

Connecticut

,

GO,

2020

A,

4%,

1/15/36

............................................

5,000,000

6,006,736

GO,

2020

A,

4%,

1/15/38

............................................

2,250,000

2,698,449

GO,

2020

C,

4%,

6/01/39

............................................

600,000

723,309

GO,

2021

A,

3%,

1/15/37

............................................

1,450,000

1,610,203

GO,

2021

B,

3%,

6/01/39

............................................

2,850,000

3,147,570

Special

Tax,

2013,

5%,

10/01/30

......................................

5,000,000

5,472,998

Special

Tax,

2016

A,

5%,

9/01/33

......................................

1,000,000

1,203,699

Special

Tax,

2018

A,

5%,

1/01/36

......................................

1,000,000

1,239,378

Special

Tax,

2020

A,

5%,

5/01/37

......................................

500,000

649,774

Special

Tax,

2020

A,

4%,

5/01/39

......................................

1,000,000

1,200,083

Special

Tax,

2021

A,

4%,

5/01/40

......................................

1,100,000

1,330,587

Bradley

International

Airport

CFC,

Revenue,

2019

A,

5%,

7/01/49

..............

1,400,000

1,711,902

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2015

A,

5%,

3/01/34

.......

5,000,000

5,781,365

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2015

A,

5%,

3/01/35

.......

1,000,000

1,155,141

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2017

A,

5%,

5/01/37

.......

3,000,000

3,655,783

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2019

A,

4%,

2/01/37

.......

1,500,000

1,794,937

Town

of

Darien

,

GO

,

2020

A

,

Refunding

,

4

%

,

8/01/39

........................

350,000

410,127

Town

of

Hamden

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

4

%

,

8/15/41

..............

500,000

587,346

Town

of

Stafford

,

GO,

2021,

Refunding,

3%,

2/01/36

.....................................

250,000

274,804

GO,

2021,

Refunding,

3%,

2/01/38

.....................................

310,000

338,892

GO,

2021,

Refunding,

3%,

2/01/41

.....................................

300,000

325,532

Town

of

Stratford

,

GO,

2017,

AGMC

Insured,

5%,

7/01/33

.................................

1,000,000

1,162,870

GO,

2020

A,

Refunding,

BAM

Insured,

5%,

7/01/31

........................

1,000,000

1,318,458

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/36

........................

300,000

359,674

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/38

........................

300,000

357,675

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/40

........................

300,000

355,950

Town

of

Windham

,

GO

,

2020

,

Refunding

,

4

%

,

8/15/45

........................

2,000,000

2,348,050

University

of

Connecticut

,

Revenue,

2013

A,

5%,

8/15/28

........................................

6,590,000

7,137,089

Revenue,

2014

A,

5%,

2/15/31

........................................

2,000,000

2,218,590

Revenue,

2017

A,

5%,

1/15/37

........................................

1,000,000

1,200,585

Revenue,

2020

A,

5%,

2/15/39

........................................

1,000,000

1,280,018

Revenue,

2020

A,

5%,

2/15/40

........................................

1,000,000

1,277,354

Revenue,

2020

A,

5%,

2/15/41

........................................

995,000

1,267,727

194,386,217

Illinois

0.6%

State

of

Illinois

,

GO

,

2020

C

,

4

%

,

10/01/42

................................

1,000,000

1,152,870

New

Jersey

0.5%

New

Jersey

Economic

Development

Authority

,

Revenue,

2021

QQQ,

4%,

6/15/35

.....................................

300,000

359,267

Revenue,

2021

QQQ,

4%,

6/15/36

.....................................

100,000

119,346

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

3%,

6/15/50

.......................................

230,000

241,863

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Connecticut

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

75

s

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Transportation

Trust

Fund

Authority,

(continued)

Revenue,

2021

A,

Refunding,

4%,

6/15/34

...............................

$

250,000

$

301,857

1,022,333

Texas

0.4%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/47

.................................

780,000

807,473

U.S.

Territories

1.9%

Puerto

Rico

1.9%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

...................

2,010,000

2,250,380

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,480,000

1,734,264

3,984,644

Total

U.S.

Territories

....................................................................

3,984,644

Total

Municipal

Bonds

(Cost

$190,330,822)

.....................................

201,353,537

a

a

a

a

a

Total

Investments

(Cost

$190,330,822)

99.5%

...................................

$201,353,537

Other

Assets,

less

Liabilities

0.5%

.............................................

930,636

Net

Assets

100.0%

...........................................................

$202,284,173

See

Abbreviations

on

page

165

.

a

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Michigan

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

76

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$11.84

$12.03

$11.31

$11.19

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.13

0.28

0.29

0.15

Net

realized

and

unrealized

gains

(losses)

........................

0.13

(0.19)

0.74

0.12

Total

from

investment

operations

.................................

0.26

0.09

1.03

0.27

Less

distributions

from:

Net

investment

income

.......................................

(0.13)

(0.28)

(0.31)

(0.15)

Net

asset

value,

end

of

period

...................................

$11.97

$11.84

$12.03

$11.31

Total

return

e

................................................

2.22%

0.75%

9.19%

2.46%

Ratios

to

average

net

assets

f

Expenses

g

.................................................

0.82%

0.82%

0.82%

0.83%

Net

investment

income

........................................

2.16%

2.34%

2.51%

2.86%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$132,375

$107,468

$74,740

$33,739

Portfolio

turnover

rate

.........................................

12.04%

10.86%

4.08%

11.55%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

77

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.82

$12.02

$11.30

$11.25

$11.52

$11.78

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.30

0.31

0.34

0.36

0.40

Net

realized

and

unrealized

gains

(losses)

0.13

(0.20)

0.73

0.06

(0.26)

(0.25)

Total

from

investment

operations

........

0.27

0.10

1.04

0.40

0.10

0.15

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.30)

(0.32)

(0.35)

(0.37)

(0.41)

Net

asset

value,

end

of

period

..........

$11.95

$11.82

$12.02

$11.30

$11.25

$11.52

Total

return

d

.......................

2.30%

0.82%

9.36%

3.59%

0.85%

1.24%

Ratios

to

average

net

assets

e

Expenses

.........................

0.67%

f

0.67%

f

0.67%

f

0.68%

f

0.67%

0.65%

Net

investment

income

...............

2.32%

2.51%

2.66%

3.01%

3.11%

3.43%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$676,783

$688,038

$731,568

$727,705

$797,935

$861,662

Portfolio

turnover

rate

................

12.04%

10.86%

4.08%

11.55%

12.74%

12.35%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

78

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.02

$12.21

$11.48

$11.43

$11.69

$11.95

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.23

0.25

0.28

0.30

0.35

Net

realized

and

unrealized

gains

(losses)

0.13

(0.19)

0.74

0.05

(0.26)

(0.27)

Total

from

investment

operations

........

0.24

0.04

0.99

0.33

0.04

0.08

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.23)

(0.26)

(0.28)

(0.30)

(0.34)

Net

asset

value,

end

of

period

..........

$12.15

$12.02

$12.21

$11.48

$11.43

$11.69

Total

return

d

.......................

1.98%

0.35%

8.74%

2.96%

0.36%

0.66%

Ratios

to

average

net

assets

e

Expenses

.........................

1.22%

f

1.22%

f

1.22%

f

1.23%

f

1.22%

1.20%

Net

investment

income

...............

1.74%

1.93%

2.11%

2.46%

2.56%

2.88%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$47,480

$60,847

$78,321

$80,062

$124,683

$142,248

Portfolio

turnover

rate

................

12.04%

10.86%

4.08%

11.55%

12.74%

12.35%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

79

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.87

$12.07

$11.35

$11.29

$11.53

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.15

0.31

0.33

0.35

0.22

Net

realized

and

unrealized

gains

(losses)

...........

0.13

(0.20)

0.73

0.07

(0.24)

Total

from

investment

operations

....................

0.28

0.11

1.06

0.42

(0.02)

Less

distributions

from:

Net

investment

income

..........................

(0.15)

(0.31)

(0.34)

(0.36)

(0.22)

Net

asset

value,

end

of

period

......................

$12.00

$11.87

$12.07

$11.35

$11.29

Total

return

e

...................................

2.37%

0.96%

9.48%

3.79%

(0.21)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.55%

0.55%

0.55%

0.57%

0.58%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.53%

g

0.53%

g

0.53%

g

0.54%

g

0.53%

Net

investment

income

...........................

2.43%

2.62%

2.80%

3.15%

3.25%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$10,839

$6,228

$4,153

$3,042

$2,510

Portfolio

turnover

rate

............................

12.04%

10.86%

4.08%

11.55%

12.74%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

80

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.86

$12.06

$11.34

$11.29

$11.55

$11.81

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15

0.31

0.32

0.35

0.37

0.42

Net

realized

and

unrealized

gains

(losses)

0.13

(0.20)

0.74

0.06

(0.25)

(0.26)

Total

from

investment

operations

........

0.28

0.11

1.06

0.41

0.12

0.16

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.31)

(0.34)

(0.36)

(0.38)

(0.42)

Net

asset

value,

end

of

period

..........

$11.99

$11.86

$12.06

$11.34

$11.29

$11.55

Total

return

d

.......................

2.35%

0.92%

9.44%

3.67%

1.03%

1.33%

Ratios

to

average

net

assets

e

Expenses

.........................

0.57%

f

0.57%

f

0.57%

f

0.58%

f

0.57%

0.55%

Net

investment

income

...............

2.41%

2.59%

2.76%

3.11%

3.21%

3.53%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$112,109

$102,001

$79,717

$63,190

$53,587

$67,672

Portfolio

turnover

rate

................

12.04%

10.86%

4.08%

11.55%

12.74%

12.35%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,2021

Franklin

Michigan

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

81

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.1%

Alabama

0.5%

a

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

12/01/31

.....................................................

$

3,500,000

$

4,327,990

Illinois

1.4%

b

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/47

.

2,500,000

2,853,182

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

5,000,000

5,943,204

GO,

2017

D,

5%,

11/01/27

...........................................

1,000,000

1,231,962

GO,

2020

B,

4%,

10/01/33

...........................................

1,300,000

1,540,630

GO,

2021

A,

4%,

3/01/40

............................................

1,860,000

2,168,897

13,737,875

Michigan

93.0%

Ann

Arbor

School

District

,

GO

,

2015

,

Refunding

,

5

%

,

5/01/29

..................

1,235,000

1,436,694

Byron

Center

Public

Schools

,

GO,

2017

I,

5%,

5/01/34

.............................................

1,000,000

1,225,242

GO,

2017

I,

5%,

5/01/35

.............................................

1,920,000

2,346,400

GO,

2017

I,

5%,

5/01/36

.............................................

650,000

792,500

GO,

2017

I,

5%,

5/01/37

.............................................

1,480,000

1,800,789

GO,

2017

I,

5%,

5/01/38

.............................................

1,330,000

1,614,765

GO,

2017

I,

5%,

5/01/39

.............................................

2,290,000

2,774,077

GO,

2017

I,

5%,

5/01/43

.............................................

2,250,000

2,705,098

GO,

2017

I,

5%,

5/01/47

.............................................

4,140,000

4,936,883

Caledonia

Community

Schools

,

GO

,

2015

,

Refunding

,

5

%

,

5/01/26

..............

1,000,000

1,210,215

Central

Michigan

University

,

Revenue,

2014,

Refunding,

5%,

10/01/30

................................

1,910,000

2,151,536

Revenue,

2014,

Refunding,

5%,

10/01/31

................................

1,055,000

1,186,329

Revenue,

2014,

Refunding,

5%,

10/01/34

................................

1,600,000

1,795,855

Revenue,

2014,

Refunding,

5%,

10/01/39

................................

2,000,000

2,247,553

Revenue,

2021,

Refunding,

3%,

10/01/46

................................

1,325,000

1,417,222

Revenue,

2021,

Refunding,

4%,

10/01/51

................................

1,250,000

1,482,156

Charter

Township

of

Bloomfield

,

GO,

2016,

Refunding,

5%,

5/01/29

.....................................

470,000

570,742

GO,

2016,

Refunding,

5%,

5/01/32

.....................................

1,000,000

1,206,615

Charter

Township

of

Commerce

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/38

............

3,250,000

3,828,943

City

of

Battle

Creek

,

Water

&

Wastewater

System

,

Revenue

,

2016

A

,

5

%

,

6/01/36

...

1,300,000

1,555,109

City

of

Detroit

,

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Second

Lien,

2003

B,

NATL

Insured,

5%,

7/01/34

.........................................

25,000

25,099

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Senior

Lien,

06A,

AGMC

Insured,

5%,

7/01/34

........................................

30,000

30,121

City

of

Grand

Rapids

,

Sanitary

Sewer

System,

Revenue,

2014,

Pre-Refunded,

5%,

1/01/33

...........

1,125,000

1,250,491

Sanitary

Sewer

System,

Revenue,

2014,

Pre-Refunded,

5%,

1/01/34

...........

1,000,000

1,111,548

Sanitary

Sewer

System,

Revenue,

2014,

Pre-Refunded,

5%,

1/01/35

...........

1,500,000

1,667,322

Sanitary

Sewer

System,

Revenue,

2014,

Pre-Refunded,

5%,

1/01/39

...........

880,000

978,162

Sanitary

Sewer

System,

Revenue,

2014,

Pre-Refunded,

5%,

1/01/44

...........

2,000,000

2,223,096

Sanitary

Sewer

System,

Revenue,

2016,

Refunding,

5%,

1/01/36

..............

1,250,000

1,479,334

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/37

.......................

1,040,000

1,278,202

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/43

.......................

1,000,000

1,210,905

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/48

.......................

5,000,000

6,020,171

Sanitary

Sewer

System,

Revenue,

2020,

Refunding,

5%,

1/01/45

..............

1,500,000

1,900,403

Sanitary

Sewer

System,

Revenue,

2020,

Refunding,

4%,

1/01/50

..............

3,440,000

4,013,597

Water

Supply

System,

Revenue,

2016,

Refunding,

5%,

1/01/41

...............

2,190,000

2,559,101

Water

Supply

System,

Revenue,

2016,

Refunding,

5%,

1/01/46

...............

2,525,000

2,930,764

Water

Supply

System,

Revenue,

2018,

Refunding,

5%,

1/01/43

...............

1,500,000

1,816,358

Water

Supply

System,

Revenue,

2018,

Refunding,

5%,

1/01/48

...............

2,000,000

2,408,069

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

82

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,

2020,

5%,

1/01/45

........................

$

2,425,000

$

3,072,319

Water

Supply

System,

Revenue,

2020,

5%,

1/01/50

........................

3,000,000

3,783,863

County

of

Kent

,

GO,

2016,

5%,

6/01/32

.............................................

1,305,000

1,579,407

GO,

2016,

5%,

6/01/33

.............................................

1,275,000

1,541,765

County

of

Muskegon

,

GO,

2015,

Refunding,

5%,

11/01/33

....................................

1,360,000

1,612,336

GO,

2015,

Refunding,

5%,

11/01/36

....................................

1,735,000

2,045,901

Detroit

City

School

District

,

GO

,

2001

A

,

AGMC

Insured

,

6

%

,

5/01/29

............

10,000,000

12,384,417

DeWitt

Public

Schools

,

GO,

2017,

5%,

5/01/30

.............................................

500,000

620,993

GO,

2017,

5%,

5/01/33

.............................................

815,000

1,005,464

GO,

2017,

5%,

5/01/34

.............................................

1,000,000

1,231,456

GO,

2017,

5%,

5/01/35

.............................................

1,000,000

1,228,278

GO,

2017,

5%,

5/01/36

.............................................

1,000,000

1,225,409

Downriver

Utility

Wastewater

Authority

,

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/34

....................

510,000

637,884

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/36

....................

1,600,000

1,988,417

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/38

....................

1,500,000

1,856,278

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/43

....................

3,000,000

3,650,229

East

Lansing

School

District

,

GO,

2017

I,

5%,

5/01/35

.............................................

1,500,000

1,833,125

GO,

2017

I,

5%,

5/01/37

.............................................

1,100,000

1,338,424

GO,

2017

I,

5%,

5/01/42

.............................................

3,500,000

4,222,312

Elk

Rapids

Schools

,

GO

,

2021

I

,

4

%

,

5/01/50

..............................

3,075,000

3,689,935

Farmington

Public

School

District

,

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/27

.........................

1,000,000

1,169,681

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/28

.........................

2,000,000

2,334,578

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/32

.........................

4,035,000

4,690,776

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/33

.........................

2,900,000

3,369,016

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/34

.........................

3,000,000

3,482,814

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/35

.........................

1,000,000

1,160,147

GO,

2018,

BAM

Insured,

4.5%,

5/01/38

.................................

7,225,000

8,644,587

Grand

Ledge

Public

Schools

,

GO

,

2021

II

,

5

%

,

5/01/47

.......................

5,220,000

6,771,889

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/44

...........

2,000,000

2,243,442

Munson

Healthcare

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/47

...........

2,500,000

2,799,802

Munson

Healthcare

Obligated

Group,

Revenue,

2019

A,

5%,

7/01/44

...........

1,110,000

1,356,837

Munson

Healthcare

Obligated

Group,

Revenue,

2019

B,

5%,

7/01/39

...........

1,625,000

2,005,301

Munson

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

7/01/51

....

10,000,000

10,648,479

Grand

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

12/01/32

..............................

4,295,000

5,097,123

Revenue,

2018,

5%,

12/01/38

........................................

900,000

1,118,245

Revenue,

2018,

5%,

12/01/43

........................................

1,800,000

2,220,562

Grandville

Public

Schools

,

GO,

II,

AGMC

Insured,

5%,

5/01/29

....................................

750,000

872,486

GO,

II,

AGMC

Insured,

5%,

5/01/30

....................................

1,000,000

1,163,315

GO,

II,

AGMC

Insured,

5%,

5/01/31

....................................

1,150,000

1,337,356

GO,

II,

AGMC

Insured,

5%,

5/01/32

....................................

1,165,000

1,353,876

GO,

II,

AGMC

Insured,

5%,

5/01/34

....................................

1,315,000

1,525,074

GO,

II,

AGMC

Insured,

5%,

5/01/35

....................................

1,225,000

1,418,761

GO,

II,

AGMC

Insured,

5%,

5/01/37

....................................

2,915,000

3,366,888

GO,

II,

AGMC

Insured,

5%,

5/01/40

....................................

6,215,000

7,149,201

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

83

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Gull

Lake

Community

School

District

,

GO

,

2018

I

,

5

%

,

5/01/48

.................

$

5,000,000

$

6,092,286

Holly

Area

School

District

,

GO,

2014,

Refunding,

5%,

5/01/30

.....................................

1,045,000

1,173,945

GO,

2014,

Refunding,

5%,

5/01/32

.....................................

1,040,000

1,167,441

Hudsonville

Public

Schools

,

GO,

2017,

Refunding,

5%,

5/01/37

.....................................

1,550,000

1,895,514

GO,

2017,

Refunding,

5%,

5/01/39

.....................................

2,500,000

3,043,797

GO,

2017,

Refunding,

5%,

5/01/41

.....................................

2,500,000

3,030,774

Kelloggsville

Public

Schools

,

GO,

2015,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/33

......................

1,045,000

1,222,994

GO,

2015,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/35

......................

1,150,000

1,345,878

GO,

2015,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/38

......................

3,815,000

4,464,805

Kentwood

Economic

Development

Corp.

,

Holland

Home

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

11/15/45

.......

750,000

837,222

b

Holland

Home

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

11/15/31

.......

1,000,000

1,114,614

b

Holland

Home

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

11/15/43

.......

2,250,000

2,448,783

Kentwood

Public

Schools

,

GO,

2016,

5%,

5/01/35

.............................................

1,205,000

1,439,821

GO,

2016,

5%,

5/01/36

.............................................

1,205,000

1,437,377

GO,

2016,

5%,

5/01/38

.............................................

1,210,000

1,437,227

GO,

2016,

5%,

5/01/41

.............................................

1,120,000

1,321,889

GO,

2016,

5%,

5/01/44

.............................................

1,800,000

2,113,689

L'Anse

Creuse

Public

Schools

,

GO,

2015,

Pre-Refunded,

5%,

5/01/28

..................................

5,230,000

6,120,820

GO,

2015,

Pre-Refunded,

5%,

5/01/30

..................................

5,560,000

6,507,029

GO,

2015,

Pre-Refunded,

5%,

5/01/32

..................................

5,890,000

6,893,237

GO,

2015,

Pre-Refunded,

5%,

5/01/34

..................................

6,220,000

7,279,446

GO,

2015,

Pre-Refunded,

5%,

5/01/35

..................................

2,840,000

3,323,734

Lansing

Board

of

Water

&

Light

,

Revenue,

2019

A,

5%,

7/01/48

........................................

10,000,000

12,536,262

Revenue,

2021

A,

5%,

7/01/51

........................................

8,000,000

10,464,601

Lansing

Community

College

,

GO,

2012,

5%,

5/01/32

.............................................

690,000

711,983

GO,

2017,

Refunding,

5%,

5/01/32

.....................................

2,000,000

2,496,114

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/37

.............................................

1,490,000

1,773,568

GO,

2016

I,

5%,

5/01/39

.............................................

2,125,000

2,518,706

GO,

2016

I,

5%,

5/01/40

.............................................

2,200,000

2,602,078

Livonia

Public

Schools

,

GO

,

2013

I

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

5/01/38

....

6,000,000

6,484,444

Macomb

Interceptor

Drain

Drainage

District

,

Special

Assessment

,

2017

A

,

Refunding

,

5

%

,

5/01/42

......................................................

7,500,000

9,125,772

Mason

County

Central

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

5/01/26

.........

1,100,000

1,288,407

Mattawan

Consolidated

School

District

,

GO,

2015

I,

Pre-Refunded,

5%,

5/01/30

.................................

1,000,000

1,170,329

GO,

2015

I,

Pre-Refunded,

5%,

5/01/31

.................................

1,915,000

2,241,180

GO,

2015

I,

Pre-Refunded,

5%,

5/01/32

.................................

1,110,000

1,299,065

GO,

2015

I,

Pre-Refunded,

5%,

5/01/34

.................................

2,325,000

2,721,015

GO,

2015

I,

Pre-Refunded,

5%,

5/01/39

.................................

3,375,000

3,949,860

Meridian

Public

School

District

,

GO,

2015,

Refunding,

5%,

5/01/27

.....................................

735,000

862,361

GO,

2015,

Refunding,

5%,

5/01/29

.....................................

775,000

905,575

GO,

2015,

Refunding,

5%,

5/01/31

.....................................

1,130,000

1,319,937

Michigan

Finance

Authority

,

Beaumont

Health

Obligated

Group,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

11/01/32

.......................................................

10,005,000

10,561,272

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

84

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

Finance

Authority,

(continued)

Beaumont

Health

Obligated

Group,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

11/01/42

.......................................................

$

12,000,000

$

12,628,096

Beaumont

Health

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/28

.....

5,585,000

6,107,056

Beaumont

Health

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/29

.....

5,865,000

6,410,809

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/46

......

1,750,000

2,021,913

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

9/01/50

......

895,000

934,985

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/50

......

1,300,000

1,496,079

Clean

Water

Revolving

Fund,

Revenue,

2016

B,

Refunding,

4%,

10/01/30

.......

2,750,000

3,206,171

Clean

Water

Revolving

Fund,

Revenue,

2018

B,

Refunding,

5%,

10/01/38

.......

8,055,000

10,207,290

County

of

Wayne,

Revenue,

Second

Lien,

2020,

Refunding,

4%,

11/01/50

.......

4,000,000

4,673,166

County

of

Wayne,

Revenue,

Second

Lien,

2020,

Refunding,

BAM

Insured,

4%,

11/01/55

.......................................................

11,000,000

12,873,253

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/32

.......................................................

2,725,000

3,299,787

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/37

.......................................................

4,235,000

5,101,932

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/41

.......................................................

22,015,000

26,373,059

Kalamazoo

College,

Revenue,

2018,

Refunding,

4%,

12/01/47

................

2,610,000

2,998,886

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/35

.................

400,000

467,351

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/36

.................

565,000

658,284

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/37

.................

640,000

743,468

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/38

.................

675,000

782,233

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/39

.................

645,000

745,585

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/45

.................

3,780,000

4,308,185

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/50

.................

3,000,000

3,403,406

Michigan

Finance

Authority

Clean

Water

Revolving

Fund,

Revenue,

2018

B,

Refunding,

5%,

10/01/39

...........................................

6,000,000

7,582,423

Sparrow

Health

Obligated

Group,

Revenue,

2012,

AGMC

Insured,

5%,

11/15/42

..

8,000,000

8,413,638

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/49

...

17,170,000

20,008,316

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-1,

2,

Refunding,

5%,

6/01/49

..

2,750,000

3,365,236

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Pre-Refunded,

5%,

12/01/45

.......................................................

290,000

350,083

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

5%,

12/01/45

.........

19,710,000

23,476,338

Michigan

State

Building

Authority

,

Revenue,

2013

A-1,

Refunding,

5%,

10/15/33

.............................

5,000,000

5,478,175

Revenue,

2013

A-1,

Refunding,

5.25%,

10/15/47

..........................

5,000,000

5,504,507

Revenue,

2016

I,

Refunding,

5%,

4/15/41

................................

13,000,000

15,441,279

Revenue,

2016

I,

Refunding,

5%,

10/15/46

...............................

9,910,000

11,684,632

Revenue,

2016

I,

Refunding,

5%,

10/15/51

...............................

1,000,000

1,173,126

Revenue,

2019

I,

Refunding,

4%,

10/15/49

...............................

2,500,000

2,934,012

Revenue,

2021,

4%,

10/15/46

........................................

5,000,000

6,010,709

Revenue,

2021,

3%,

10/15/51

........................................

2,500,000

2,715,917

Revenue,

2021,

4%,

10/15/56

........................................

2,500,000

2,968,445

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/32

.............

5,000,000

5,926,088

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/33

.............

5,370,000

6,347,088

Ascension

Health

Credit

Group,

Revenue,

2010

F-7,

Refunding,

5%,

11/15/47

....

10,000,000

12,002,030

Ascension

Health

Credit

Group,

Revenue,

2010

F-8,

Refunding,

5%,

11/15/46

....

5,000,000

6,012,261

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/26

........................................................

2,065,000

2,138,394

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/27

........................................................

2,285,000

2,366,213

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/28

........................................................

2,615,000

2,707,740

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

85

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

State

Hospital

Finance

Authority,

(continued)

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/35

........................................................

$

2,250,000

$

2,327,546

Michigan

State

Housing

Development

Authority

,

Revenue,

2019

B,

3.1%,

12/01/44

.....................................

15,000,000

15,862,929

Revenue,

2020

A,

2.8%,

12/01/45

.....................................

4,350,000

4,541,552

Revenue,

2020

A,

2.85%,

6/01/50

.....................................

5,150,000

5,352,688

Revenue,

2021

A,

2.5%,

6/01/52

......................................

3,000,000

2,923,993

Revenue,

2021

A,

2.7%,

10/01/56

.....................................

5,000,000

5,031,910

Revenue,

2021

A,

2.73%,

10/01/59

....................................

5,000,000

5,011,778

Michigan

State

University

,

Revenue

,

2015

A

,

5

%

,

8/15/40

.....................

8,500,000

9,816,328

Michigan

Strategic

Fund

,

State

of

Michigan

Department

of

Transportation

,

Revenue

,

2018

,

5

%

,

12/31/43

................................................

7,000,000

8,485,943

Michigan

Technological

University

,

Revenue

,

2015

A

,

5

%

,

10/01/45

..............

2,400,000

2,782,600

Oakland

School

District

,

GO,

2016,

Refunding,

5%,

5/01/35

.....................................

1,500,000

1,793,070

GO,

2016,

Refunding,

5%,

5/01/36

.....................................

1,005,000

1,198,809

Oakland

University

,

Revenue,

2014,

Refunding,

5%,

3/01/31

.................................

1,260,000

1,399,116

Revenue,

2014,

Refunding,

5%,

3/01/32

.................................

1,000,000

1,109,089

Revenue,

2014,

Refunding,

5%,

3/01/33

.................................

1,285,000

1,423,824

Revenue,

2014,

Refunding,

5%,

3/01/34

.................................

1,000,000

1,106,981

Revenue,

2014,

Refunding,

5%,

3/01/39

.................................

3,000,000

3,309,913

Revenue,

2016,

5%,

3/01/47

.........................................

7,230,000

8,443,939

Revenue,

2019,

5%,

3/01/50

.........................................

3,500,000

4,336,927

Rochester

Community

School

District

,

GO

,

2016

I

,

5

%

,

5/01/36

.................

2,800,000

3,342,802

Roseville

Community

Schools

,

GO,

2014,

Pre-Refunded,

5%,

5/01/27

..................................

1,370,000

1,603,351

GO,

2014,

Pre-Refunded,

5%,

5/01/28

..................................

3,040,000

3,557,800

GO,

2014,

Pre-Refunded,

5%,

5/01/29

..................................

3,300,000

3,862,085

GO,

2014,

Pre-Refunded,

5%,

5/01/30

..................................

1,620,000

1,895,933

GO,

2014,

Pre-Refunded,

5%,

5/01/31

..................................

1,585,000

1,854,971

Royal

Oak

Hospital

Finance

Authority

,

Beaumont

Health

Obligated

Group,

Revenue,

2014

D,

Refunding,

5%,

9/01/27

....

3,350,000

3,741,186

Beaumont

Health

Obligated

Group,

Revenue,

2014

D,

Refunding,

5%,

9/01/28

....

2,500,000

2,790,599

Beaumont

Health

Obligated

Group,

Revenue,

2014

D,

Refunding,

5%,

9/01/39

....

17,500,000

19,432,158

Saginaw

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

7/01/30

...............................

1,750,000

2,106,736

Revenue,

2016

A,

Refunding,

5%,

7/01/31

...............................

2,170,000

2,611,206

Revenue,

2016

A,

Refunding,

5%,

7/01/33

...............................

1,240,000

1,489,502

Saline

Area

Schools

,

GO,

2016,

5%,

5/01/34

.............................................

2,750,000

3,294,287

GO,

2016,

5%,

5/01/36

.............................................

2,950,000

3,518,890

South

Haven

Public

Schools

,

GO,

2015

B,

AGMC

Insured,

5%,

5/01/33

................................

350,000

406,467

GO,

2015

B,

AGMC

Insured,

5%,

5/01/35

................................

1,575,000

1,824,121

Sparta

Area

Schools

,

GO

,

II

,

5

%

,

5/01/48

.................................

5,750,000

6,945,403

State

of

Michigan

,

Trunk

Line

,

Revenue

,

2020

B

,

4

%

,

11/15/45

.................

12,000,000

14,253,085

Trenton

Public

Schools

School

District

,

GO,

2018,

5%,

5/01/42

.............................................

4,920,000

6,026,307

GO,

2018,

5%,

5/01/45

.............................................

11,480,000

13,898,111

c

Universal

Academy

,

Revenue,

2021,

Refunding,

2%,

12/01/26

................................

500,000

498,509

Revenue,

2021,

Refunding,

4%,

12/01/31

................................

500,000

565,889

Revenue,

2021,

Refunding,

4%,

12/01/40

................................

1,100,000

1,224,566

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

86

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

University

of

Michigan

,

Revenue,

2015,

Refunding,

5%,

4/01/46

.................................

$

2,000,000

$

2,366,624

Revenue,

2017

A,

Refunding,

5%,

4/01/37

...............................

2,700,000

3,289,969

Revenue,

2017

A,

Refunding,

5%,

4/01/42

...............................

26,635,000

32,342,422

Revenue,

2017

A,

Refunding,

5%,

4/01/47

...............................

5,000,000

6,062,383

Wayne

County

Airport

Authority

,

Revenue,

2021

A,

5%,

12/01/46

.......................................

8,000,000

10,450,766

Revenue,

2021

B,

5%,

12/01/46

.......................................

2,000,000

2,582,260

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2017

B,

5%,

12/01/42

......

1,045,000

1,269,416

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2018

A,

5%,

12/01/43

......

7,750,000

9,717,539

Wayne

State

University

,

Revenue,

2015

A,

Refunding,

5%,

11/15/33

..............................

1,500,000

1,714,929

Revenue,

2018

A,

5%,

11/15/43

.......................................

4,500,000

5,504,147

Revenue,

2018

A,

4%,

11/15/48

.......................................

10,000,000

11,459,374

Western

Michigan

University

,

Revenue,

2015

A,

Refunding,

5%,

11/15/27

..............................

2,160,000

2,499,689

Revenue,

2015

A,

Refunding,

5%,

11/15/28

..............................

1,635,000

1,887,578

Revenue,

2015

A,

Refunding,

5%,

11/15/29

..............................

2,000,000

2,307,377

Revenue,

2015

A,

Refunding,

5%,

11/15/30

..............................

2,500,000

2,877,293

Revenue,

2015

A,

Refunding,

5%,

11/15/40

..............................

1,560,000

1,795,431

Revenue,

2015

A,

Refunding,

5%,

11/15/45

..............................

2,000,000

2,301,834

Revenue,

2019

A,

Refunding,

5%,

11/15/49

..............................

5,100,000

6,321,036

Woodhaven-Brownstown

School

District

,

GO

,

2021

,

3

%

,

5/01/51

................

6,675,000

7,131,227

Zeeland

Public

Schools

,

GO,

2015

A,

AGMC

Insured,

5%,

5/01/31

................................

1,530,000

1,776,840

GO,

2015

A,

AGMC

Insured,

5%,

5/01/33

................................

2,000,000

2,319,504

GO,

2015

A,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/35

....................

2,000,000

2,344,656

911,153,602

New

Jersey

0.8%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

500,000

567,413

Revenue,

2020

AA,

5%,

6/15/38

.......................................

2,000,000

2,577,060

Revenue,

2020

AA,

3%,

6/15/50

.......................................

600,000

630,948

Revenue,

2021

A,

Refunding,

5%,

6/15/33

...............................

2,065,000

2,727,222

State

of

New

Jersey

,

GO

,

2020

A

,

5

%

,

6/01/28

.............................

1,000,000

1,273,929

7,776,572

New

York

1.1%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

6,000,000

6,937,889

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

3,000,000

3,457,092

10,394,981

Tennessee

0.1%

a

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

1,000,000

1,336,246

Texas

0.1%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/39

325,000

344,152

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/40

300,000

316,057

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/47

550,000

569,372

1,229,581

U.S.

Territories

2.1%

Guam

0.2%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,750,000

2,145,614

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

87

s

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

1.9%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

................

$

7,420,000

$

8,307,364

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

500,000

564,101

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

2,100,000

2,395,769

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

...................

1,515,000

1,709,484

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,020,000

1,111,194

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

3,900,000

4,479,971

18,567,883

Total

U.S.

Territories

....................................................................

20,713,497

Total

Municipal

Bonds

(Cost

$899,512,353)

.....................................

970,670,344

a

a

a

a

Short

Term

Investments

0.1%

Municipal

Bonds

0.1%

Michigan

0.1%

d

Michigan

Strategic

Fund

,

Edison

Institute

(The)

,

Revenue

,

2002

,

LOC

Comerica

Bank

,

Daily

VRDN

and

Put

,

0.01

%

,

12/01/33

..................................

1,000,000

1,000,000

Total

Municipal

Bonds

(Cost

$1,000,000)

.......................................

1,000,000

Total

Short

Term

Investments

(Cost

$1,000,000

)

.................................

1,000,000

a

Total

Investments

(Cost

$900,512,353)

99.2%

...................................

$971,670,344

Other

Assets,

less

Liabilities

0.8%

.............................................

7,915,341

Net

Assets

100.0%

...........................................................

$979,585,685

See

Abbreviations

on

page

165

.

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

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

Financial

Highlights

Franklin

Minnesota

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

88

0

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$12.62

$12.82

$12.10

$11.97

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.11

0.25

0.30

0.16

Net

realized

and

unrealized

gains

(losses)

........................

0.15

(0.20)

0.72

0.13

Total

from

investment

operations

.................................

0.26

0.05

1.02

0.29

Less

distributions

from:

Net

investment

income

.......................................

(0.11)

(0.25)

(0.30)

(0.16)

Net

asset

value,

end

of

period

...................................

$12.77

$12.62

$12.82

$12.10

Total

return

e

................................................

2.10%

0.38%

8.56%

2.45%

Ratios

to

average

net

assets

f

Expenses

g

.................................................

0.83%

0.83%

0.83%

0.83%

Net

investment

income

........................................

1.76%

1.96%

2.42%

2.81%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$201,657

$160,623

$96,802

$39,129

Portfolio

turnover

rate

.........................................

6.39%

9.45%

16.45%

13.97%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

89

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.61

$12.82

$12.09

$12.07

$12.27

$12.63

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.12

0.27

0.32

0.35

0.35

0.37

Net

realized

and

unrealized

gains

(losses)

0.15

(0.21)

0.73

0.02

(0.20)

(0.35)

Total

from

investment

operations

........

0.27

0.06

1.05

0.37

0.15

0.02

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.27)

(0.32)

(0.35)

(0.35)

(0.38)

Net

asset

value,

end

of

period

..........

$12.76

$12.61

$12.82

$12.09

$12.07

$12.27

Total

return

d

.......................

2.18%

0.45%

8.82%

3.16%

1.23%

0.11%

Ratios

to

average

net

assets

e

Expenses

.........................

0.68%

f

0.68%

f

0.68%

f

0.68%

f

0.66%

0.65%

Net

investment

income

...............

1.92%

2.13%

2.57%

2.96%

2.87%

2.99%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$586,211

$583,105

$606,559

$588,878

$657,415

$695,040

Portfolio

turnover

rate

................

6.39%

9.45%

16.45%

13.97%

13.77%

13.80%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

90

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.76

$12.97

$12.23

$12.21

$12.40

$12.76

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.09

0.20

0.25

0.29

0.29

0.31

Net

realized

and

unrealized

gains

(losses)

0.15

(0.21)

0.75

0.02

(0.20)

(0.37)

Total

from

investment

operations

........

0.24

(0.01)

1.00

0.31

0.09

(0.06)

Less

distributions

from:

Net

investment

income

..............

(0.09)

(0.20)

(0.26)

(0.29)

(0.28)

(0.30)

Net

asset

value,

end

of

period

..........

$12.91

$12.76

$12.97

$12.23

$12.21

$12.40

Total

return

d

.......................

1.87%

(0.10)%

8.23%

2.56%

0.74%

(0.45)%

Ratios

to

average

net

assets

e

Expenses

.........................

1.23%

f

1.23%

f

1.23%

f

1.23%

f

1.21%

1.20%

Net

investment

income

...............

1.34%

1.57%

2.02%

2.41%

2.32%

2.44%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$91,208

$109,387

$138,417

$148,269

$203,925

$223,444

Portfolio

turnover

rate

................

6.39%

9.45%

16.45%

13.97%

13.77%

13.80%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

91

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$12.64

$12.84

$12.11

$12.09

$12.40

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.13

0.29

0.34

0.37

0.22

Net

realized

and

unrealized

gains

(losses)

...........

0.15

(0.20)

0.73

0.02

(0.32)

Total

from

investment

operations

....................

0.28

0.09

1.07

0.39

(0.10)

Less

distributions

from:

Net

investment

income

..........................

(0.13)

(0.29)

(0.34)

(0.37)

(0.21)

Net

asset

value,

end

of

period

......................

$12.79

$12.64

$12.84

$12.11

$12.09

Total

return

e

...................................

2.34%

0.60%

8.97%

3.30%

(0.80)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.54%

0.55%

0.55%

0.56%

0.54%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.52%

g

0.53%

g

0.53%

g

0.53%

g

0.51%

Net

investment

income

...........................

2.07%

2.26%

2.72%

3.11%

3.02%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$16,055

$13,889

$9,693

$7,177

$8,342

Portfolio

turnover

rate

............................

6.39%

9.45%

16.45%

13.97%

13.77%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

92

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.63

$12.83

$12.11

$12.09

$12.28

$12.64

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.28

0.33

0.37

0.37

0.39

Net

realized

and

unrealized

gains

(losses)

0.15

(0.20)

0.73

0.02

(0.19)

(0.36)

Total

from

investment

operations

........

0.28

0.08

1.06

0.39

0.18

0.03

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.28)

(0.34)

(0.37)

(0.37)

(0.39)

Net

asset

value,

end

of

period

..........

$12.78

$12.63

$12.83

$12.11

$12.09

$12.28

Total

return

d

.......................

2.23%

0.63%

8.83%

3.26%

1.41%

0.20%

Ratios

to

average

net

assets

e

Expenses

.........................

0.58%

f

0.58%

f

0.58%

f

0.58%

f

0.56%

0.55%

Net

investment

income

...............

2.01%

2.22%

2.67%

3.06%

2.97%

3.09%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$265,359

$244,156

$203,230

$156,683

$160,199

$169,533

Portfolio

turnover

rate

................

6.39%

9.45%

16.45%

13.97%

13.77%

13.80%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,2021

Franklin

Minnesota

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

93

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

96.9%

Alabama

0.4%

a

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

12/01/31

.....................................................

$

4,000,000

$

4,946,275

Illinois

0.9%

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

6,000,000

7,131,845

GO,

2017

D,

5%,

11/01/27

...........................................

1,000,000

1,231,962

GO,

2020

B,

5%,

10/01/29

...........................................

1,000,000

1,276,734

GO,

2021

A,

4%,

3/01/41

............................................

1,110,000

1,290,606

10,931,147

Minnesota

92.1%

Alexandria

Independent

School

District

No.

206

,

GO

,

2017

A

,

Refunding

,

3

%

,

2/01/37

29,905,000

32,317,891

Anoka-Hennepin

Independent

School

District

No.

11

,

GO,

2018

A,

3.25%,

2/01/37

..........................................

5,355,000

5,870,286

GO,

2018

A,

3.375%,

2/01/43

.........................................

6,020,000

6,580,008

Big

Lake

Independent

School

District

No.

727

,

GO,

2012

B,

Refunding,

5%,

2/01/23

...................................

2,990,000

3,049,813

GO,

2012

B,

Refunding,

5%,

2/01/24

...................................

3,000,000

3,060,135

GO,

2012

B,

Refunding,

5%,

2/01/25

...................................

1,225,000

1,249,451

Brainerd

Independent

School

District

No.

181

,

GO,

2018

A,

4%,

2/01/32

............................................

3,065,000

3,531,173

GO,

2018

A,

4%,

2/01/39

............................................

10,600,000

12,040,520

GO,

2018

A,

4%,

2/01/42

............................................

1,900,000

2,147,377

GO,

2018

C,

Refunding,

5%,

2/01/28

...................................

3,735,000

4,465,680

Cambridge-Isanti

Independent

School

District

No.

911

,

GO,

2012

A,

Refunding,

3%,

2/01/27

...................................

3,410,000

3,445,138

GO,

2012

A,

Refunding,

3%,

2/01/30

...................................

5,585,000

5,637,843

Centennial

Independent

School

District

No.

12

,

GO,

2015

A,

Zero

Cpn

.,

2/01/32

.......................................

1,450,000

1,062,307

GO,

2015

A,

Zero

Cpn

.,

2/01/34

.......................................

1,600,000

1,068,855

GO,

2015

A,

Zero

Cpn

.,

2/01/35

.......................................

350,000

223,540

Central

Minnesota

Municipal

Power

Agency

,

Revenue,

2012,

5%,

1/01/32

.........................................

1,150,000

1,167,636

Revenue,

2012,

5%,

1/01/42

.........................................

1,615,000

1,638,513

City

of

Center

City

,

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2019

,

Refunding

,

4

%

,

11/01/41

........................................................

1,000,000

1,148,479

City

of

Elk

River

,

Electric

,

Revenue

,

2021

B

,

2.25

%

,

8/01/47

...................

1,475,000

1,444,318

City

of

Fridley

,

Fridley

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2018

,

FNMA

Insured

,

3.75

%

,

11/01/34

............................................

9,684,863

11,289,718

City

of

Lakeville

,

GO

,

2012

B

,

Refunding

,

3

%

,

2/01/30

........................

4,690,000

4,734,375

City

of

Minneapolis

,

GO,

2018,

4%,

12/01/43

.............................................

5,000,000

5,719,280

GO,

2018,

4%,

12/01/46

.............................................

3,500,000

3,988,215

GO,

2019,

3%,

12/01/40

.............................................

5,000,000

5,431,113

14th

and

Central

LLLP,

Revenue,

2020,

FNMA

Insured,

2.35%,

2/01/38

.........

10,000,000

10,356,798

Fairview

Health

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

AGMC

Insured,

5%,

11/15/44

.............................................

10,000,000

11,661,238

Fairview

Health

Services

Obligated

Group,

Revenue,

2018

A,

Refunding,

AGMC

Insured,

5%,

11/15/49

.............................................

6,000,000

7,363,500

City

of

Minneapolis

St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/26

.......

2,000,000

2,452,739

Allina

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/27

.......

2,000,000

2,475,666

City

of

Plymouth

,

GO,

2020

A,

2%,

2/01/31

............................................

1,790,000

1,872,585

GO,

2020

A,

2%,

2/01/32

............................................

2,080,000

2,160,364

GO,

2020

A,

2%,

2/01/33

............................................

2,125,000

2,192,773

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

94

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

City

of

Ramsey

,

GO,

2012

A,

3%,

12/15/28

...........................................

$

1,105,000

$

1,112,463

GO,

2012

A,

3.375%,

12/15/31

........................................

1,215,000

1,223,936

City

of

Rochester

,

Electric

Utility,

Revenue,

2013

B,

Pre-Refunded,

5%,

12/01/43

................

1,000,000

1,108,764

Electric

Utility,

Revenue,

2017

A,

Refunding,

5%,

12/01/42

...................

2,000,000

2,392,951

Electric

Utility,

Revenue,

2017

A,

Refunding,

5%,

12/01/47

...................

9,210,000

10,931,670

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/33

....................

4,425,000

6,365,914

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/34

....................

10,235,000

15,016,416

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/35

....................

5,000,000

7,467,985

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/36

....................

4,200,000

6,383,520

Mayo

Clinic,

Revenue,

2018,

4%,

11/15/48

...............................

6,000,000

6,916,625

City

of

St.

Cloud

,

CentraCare

Health

System

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

5/01/37

........................................................

12,310,000

13,845,953

CentraCare

Health

System

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

5/01/46

........................................................

4,650,000

5,488,199

City

of

St.

Paul

,

Sales

&

Use

Tax,

Revenue,

2014

G,

5%,

11/01/31

.........................

1,000,000

1,142,396

Sales

&

Use

Tax,

Revenue,

2014

G,

5%,

11/01/32

.........................

1,000,000

1,141,716

City

of

Virginia

,

GO,

2020

A,

AGMC

Insured,

4%,

2/01/36

................................

1,000,000

1,147,192

GO,

2020

A,

AGMC

Insured,

4%,

2/01/40

................................

1,160,000

1,320,342

Cloquet

Independent

School

District

No.

94

,

GO

,

2015

B

,

5

%

,

2/01/32

............

3,615,000

4,174,445

County

of

Hennepin

,

GO,

2019

B,

5%,

12/15/34

...........................................

1,055,000

1,351,441

GO,

2019

B,

5%,

12/15/36

...........................................

12,680,000

16,206,863

GO,

2020

A,

5%,

12/01/36

...........................................

5,855,000

7,798,083

GO,

2020

C,

5%,

12/15/31

...........................................

5,220,000

6,909,013

Dakota

County

Community

Development

Agency

,

Revenue

,

2011

A

,

GNMA

Insured

,

4.875

%

,

12/01/33

..................................................

530,000

530,549

Dawson-Boyd

Independent

School

District

No.

378

,

GO

,

2019

A

,

3.125

%

,

2/01/40

...

2,965,000

3,227,318

Dilworth

Glyndon

Felton

Independent

School

District

No.

2164

,

GO,

2020

A,

3%,

2/01/37

............................................

1,000,000

1,069,659

GO,

2020

A,

3%,

2/01/39

............................................

1,000,000

1,066,668

GO,

2020

A,

3%,

2/01/41

............................................

1,225,000

1,303,156

Duluth

Economic

Development

Authority

,

Essentia

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

2/15/53

...

15,900,000

19,411,283

Essentia

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

2/15/58

...

13,035,000

15,886,825

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/15/38

........................................................

150,000

175,460

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/15/39

........................................................

155,000

180,646

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

6/15/44

........................................................

850,000

877,252

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/29

........................................................

400,000

489,993

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/30

........................................................

425,000

528,176

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/31

........................................................

450,000

567,424

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/32

........................................................

500,000

639,123

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/33

........................................................

600,000

761,494

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/34

........................................................

520,000

603,027

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

95

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Duluth

Economic

Development

Authority,

(continued)

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/35

........................................................

$

425,000

$

490,406

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/36

........................................................

400,000

461,036

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/37

........................................................

375,000

431,839

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/38

........................................................

400,000

458,938

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/39

........................................................

250,000

285,749

Duluth

Independent

School

District

No.

709

,

COP,

2016

A,

Refunding,

5%,

2/01/25

..................................

1,015,000

1,158,325

COP,

2016

A,

Refunding,

5%,

2/01/26

..................................

2,740,000

3,223,508

COP,

2016

A,

Refunding,

4%,

2/01/27

..................................

3,750,000

4,303,872

COP,

2016

A,

Refunding,

4%,

2/01/28

..................................

1,500,000

1,716,269

GO,

2015

B,

Refunding,

4%,

2/01/25

...................................

3,450,000

3,862,122

GO,

2015

B,

Refunding,

2.5%,

2/01/26

..................................

2,840,000

2,989,295

GO,

2021

C,

Zero

Cpn

.,

2/01/29

.......................................

1,870,000

1,665,877

GO,

2021

C,

Zero

Cpn

.,

2/01/30

.......................................

1,275,000

1,100,634

GO,

2021

C,

Zero

Cpn

.,

2/01/31

.......................................

1,325,000

1,106,446

GO,

2021

C,

Zero

Cpn

.,

2/01/32

.......................................

1,080,000

872,576

GO,

2021

C,

Zero

Cpn

.,

2/01/33

.......................................

1,075,000

839,989

Edina

Independent

School

District

No.

273

,

GO

,

2019

A

,

3

%

,

2/01/36

............

1,630,000

1,767,476

Elk

River

Independent

School

District

No.

728

,

GO

,

2015

A

,

4

%

,

2/01/32

..........

6,130,000

6,598,246

Farmington

Independent

School

District

No.

192

,

GO

,

2016

A

,

4

%

,

2/01/28

........

3,830,000

4,382,207

Fridley

Independent

School

District

No.

14

,

GO

,

2016

A

,

4

%

,

2/01/29

............

2,220,000

2,533,164

Hastings

Independent

School

District

No.

200

,

GO,

2018

A,

Zero

Cpn

.,

2/01/38

.......................................

4,685,000

2,855,912

GO,

2018

A,

Zero

Cpn

.,

2/01/39

.......................................

4,685,000

2,733,886

GO,

2018

A,

Zero

Cpn

.,

2/01/40

.......................................

4,685,000

2,616,049

Hennepin

County

Regional

Railroad

Authority

,

GO,

2019

A,

5%,

12/01/35

...........................................

4,480,000

5,694,112

GO,

2019

A,

5%,

12/01/36

...........................................

5,220,000

6,622,720

Hermantown

Independent

School

District

No.

700

,

GO

,

2014

A

,

Pre-Refunded

,

4

%

,

2/01/29

.........................................................

2,310,000

2,521,272

Hopkins

Independent

School

District

No.

270

,

GO,

2019

A,

3%,

2/01/33

............................................

5,640,000

6,111,017

GO,

2019

A,

3%,

2/01/34

............................................

2,450,000

2,648,483

Jordan

Independent

School

District

No.

717

,

GO,

2014

A,

Refunding,

5%,

2/01/31

...................................

1,460,000

1,559,265

GO,

2014

A,

Refunding,

5%,

2/01/32

...................................

2,000,000

2,135,979

GO,

2014

A,

Refunding,

5%,

2/01/33

...................................

1,700,000

1,815,583

GO,

2014

A,

Refunding,

5%,

2/01/34

...................................

1,805,000

1,927,721

GO,

2014

A,

Refunding,

5%,

2/01/35

...................................

1,000,000

1,068,137

Lakeview

Independent

School

District

No.

2167

,

GO

,

2021

A

,

2

%

,

2/01/38

.........

1,055,000

1,054,823

Lakeville

Independent

School

District

No.

194

,

GO,

2012

B,

3%,

2/01/25

............................................

3,560,000

3,600,191

GO,

2021

B,

2.125%,

2/01/42

.........................................

4,085,000

4,069,632

Mankato

Independent

School

District

No.

77

,

GO

,

2020

A

,

4

%

,

2/01/41

...........

1,385,000

1,627,017

Maple

River

Independent

School

District

No.

2135

,

GO,

2020

A,

4%,

2/01/45

............................................

6,000,000

7,088,435

GO,

2020

A,

4%,

2/01/50

............................................

10,000,000

11,759,649

Metropolitan

Council

,

GO,

2016

C,

Refunding,

3%,

3/01/30

...................................

3,305,000

3,615,666

GO,

2019

A,

3%,

3/01/29

............................................

6,400,000

7,034,281

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

96

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Metropolitan

Council,

(continued)

GO,

2020

B,

2.125%,

3/01/36

.........................................

$

4,500,000

$

4,586,989

GO,

2020

B,

2.125%,

3/01/37

.........................................

4,000,000

4,048,872

GO,

2020

B,

2.125%,

3/01/38

.........................................

4,000,000

4,038,531

Minneapolis

Special

School

District

No.

1

,

GO

,

2017

B

,

5

%

,

2/01/30

.............

2,590,000

3,265,905

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

,

Revenue,

2012

B,

Refunding,

5%,

1/01/27

...............................

1,500,000

1,523,764

Revenue,

2012

B,

Refunding,

5%,

1/01/28

...............................

2,250,000

2,285,266

Revenue,

2019

A,

Refunding,

5%,

1/01/44

...............................

4,750,000

5,912,156

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/34

..............................

2,870,000

3,465,232

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/35

..............................

4,025,000

4,857,816

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/41

..............................

19,655,000

23,634,735

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/46

..............................

15,500,000

18,643,132

Minnesota

Higher

Education

Facilities

Authority

,

Carleton

College,

Revenue,

2017,

Refunding,

4%,

3/01/47

...................

3,575,000

4,047,399

Macalester

College,

Revenue,

2017,

Refunding,

3%,

3/01/33

.................

3,010,000

3,254,526

Macalester

College,

Revenue,

2017,

Refunding,

4%,

3/01/42

.................

900,000

1,018,919

Macalester

College,

Revenue,

2021,

Refunding,

4%,

3/01/36

.................

125,000

152,717

Macalester

College,

Revenue,

2021,

Refunding,

4%,

3/01/37

.................

125,000

152,341

Macalester

College,

Revenue,

2021,

Refunding,

3%,

3/01/40

.................

365,000

402,583

Macalester

College,

Revenue,

2021,

Refunding,

3%,

3/01/43

.................

330,000

360,342

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/30

...............

320,000

395,834

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/31

...............

270,000

331,885

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/32

...............

255,000

311,162

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/33

...............

240,000

292,034

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/34

...............

355,000

430,153

St.

John's

University,

Revenue,

2021,

Refunding,

3%,

10/01/36

...............

210,000

232,548

St.

John's

University,

Revenue,

2021,

Refunding,

3%,

10/01/37

...............

250,000

275,949

St.

John's

University,

Revenue,

2021,

Refunding,

3%,

10/01/38

...............

250,000

275,221

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/39

...............

220,000

263,110

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/40

...............

310,000

369,619

St.

Olaf

College,

Revenue,

2021,

3%,

10/01/38

...........................

1,000,000

1,108,848

St.

Olaf

College,

Revenue,

2021,

3%,

10/01/41

...........................

1,600,000

1,760,090

St.

Olaf

College,

Revenue,

2021,

4%,

10/01/46

...........................

3,740,000

4,438,356

St.

Olaf

College,

Revenue,

2021,

4%,

10/01/50

...........................

3,805,000

4,499,007

St.

Olaf

College,

Revenue,

Eight

N,

Refunding,

4%,

10/01/33

.................

1,500,000

1,711,667

St.

Olaf

College,

Revenue,

Eight

N,

Refunding,

4%,

10/01/35

.................

500,000

568,727

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

4%,

4/01/31

..........

4,200,000

4,729,696

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

5%,

4/01/35

..........

1,720,000

2,002,958

University

of

St.

Thomas,

Revenue,

2017

A,

Refunding,

4%,

10/01/36

..........

750,000

862,437

University

of

St.

Thomas,

Revenue,

2017

A,

Refunding,

4%,

10/01/37

..........

750,000

860,537

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/40

.....................

3,260,000

4,092,834

University

of

St.

Thomas,

Revenue,

2019,

4%,

10/01/44

.....................

2,745,000

3,175,906

Minnesota

Housing

Finance

Agency

,

Revenue,

2009,

4%,

8/01/29

.........................................

3,675,000

3,684,574

Revenue,

2011,

5%,

8/01/31

.........................................

2,225,000

2,233,873

Revenue,

2019

C,

4%,

8/01/39

........................................

1,000,000

1,172,399

Revenue,

2020

B,

4%,

8/01/39

........................................

2,055,000

2,471,572

Revenue,

2020

B,

GNMA

Insured,

2.8%,

1/01/44

..........................

3,555,000

3,702,575

Revenue,

2020

D,

4%,

8/01/41

........................................

1,000,000

1,196,743

Revenue,

2020

D,

4%,

8/01/42

........................................

1,000,000

1,193,332

Revenue,

2020

E,

GNMA

Insured,

2.5%,

7/01/40

..........................

2,185,000

2,253,399

Revenue,

2020

E,

GNMA

Insured,

2.7%,

7/01/44

..........................

3,055,000

3,183,205

Revenue,

2020

G,

GNMA

Insured,

2.45%,

7/01/45

.........................

2,355,000

2,385,374

Revenue,

2020

I,

2.15%,

7/01/45

......................................

2,455,000

2,441,821

Revenue,

2020

I,

2.2%,

1/01/51

.......................................

3,775,000

3,734,244

Revenue,

2021

B,

GNMA

Insured,

2.1%,

7/01/36

..........................

995,000

1,008,840

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

97

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Minnesota

Housing

Finance

Agency,

(continued)

Revenue,

2021

B,

GNMA

Insured,

2.3%,

7/01/41

..........................

$

3,490,000

$

3,540,147

Revenue,

2021

B,

GNMA

Insured,

2.45%,

7/01/46

.........................

3,480,000

3,522,764

Revenue,

2021

B,

GNMA

Insured,

2.5%,

7/01/51

..........................

4,080,000

4,112,089

Revenue,

2021

D,

Refunding,

GNMA

Insured,

2%,

7/01/36

...................

6,000,000

6,034,954

Revenue,

2021

D,

Refunding,

GNMA

Insured,

2.375%,

7/01/46

...............

8,000,000

8,050,598

Revenue,

2021

D,

Refunding,

GNMA

Insured,

2.45%,

1/01/52

................

12,000,000

12,085,041

Minnesota

Municipal

Power

Agency

,

Revenue,

2014

A,

Refunding,

4%,

10/01/31

..............................

1,265,000

1,382,501

Revenue,

2014

A,

Refunding,

4%,

10/01/32

..............................

1,200,000

1,309,789

Revenue,

2014

A,

Refunding,

4%,

10/01/33

..............................

1,000,000

1,090,021

Revenue,

2014

A,

Refunding,

5%,

10/01/34

..............................

1,000,000

1,136,338

Revenue,

2014

A,

Refunding,

5%,

10/01/35

..............................

1,005,000

1,140,696

Revenue,

2016,

4%,

10/01/41

........................................

4,680,000

5,274,545

Revenue,

2016,

5%,

10/01/47

........................................

4,650,000

5,513,075

Minnesota

Public

Facilities

Authority

,

Revenue

,

2010

A

,

5

%

,

3/01/24

.............

17,010,000

19,064,322

Minnesota

State

Colleges

And

Universities

Foundation

,

Revenue,

2011

A,

Refunding,

5%,

10/01/28

..............................

2,135,000

2,143,352

Revenue,

2012

A,

Refunding,

5%,

10/01/22

..............................

1,410,000

1,484,258

Moorhead

Independent

School

District

No.

152

,

GO

,

2020

A

,

2.5

%

,

2/01/37

.......

9,295,000

9,705,694

North

St.

Paul-Maplewood-Oakdale

Independent

School

District

No.

622

,

GO,

2019

A,

3%,

2/01/42

............................................

5,975,000

6,423,275

GO,

2019

A,

3%,

2/01/46

............................................

23,965,000

25,556,588

Northern

Municipal

Power

Agency

,

Revenue,

2013

A,

5%,

1/01/30

........................................

1,190,000

1,261,412

Revenue,

2017,

Refunding,

5%,

1/01/41

.................................

800,000

950,564

Prior

Lake-Savage

Independent

School

District

No.

719

,

GO,

2018

B,

Zero

Cpn

.,

2/01/27

.......................................

10,545,000

10,047,955

GO,

2018

B,

Zero

Cpn

.,

2/01/28

.......................................

13,055,000

12,192,357

GO,

2018

B,

Zero

Cpn

.,

2/01/30

.......................................

9,010,000

7,832,410

GO,

2018

B,

Zero

Cpn

.,

2/01/31

.......................................

5,310,000

4,451,236

Rochester

Independent

School

District

No.

535

,

GO,

2020

A,

4%,

2/01/28

............................................

4,300,000

5,194,852

GO,

2020

A,

4%,

2/01/29

............................................

6,565,000

7,878,058

Roseville

Independent

School

District

No.

623

,

GO,

2018

A,

5%,

2/01/30

............................................

3,700,000

4,498,618

GO,

2018

A,

4%,

2/01/34

............................................

9,535,000

10,855,672

Sartell-St.

Stephen

Independent

School

District

No.

748

,

GO,

2016

B,

Zero

Cpn

.,

2/01/36

.......................................

3,000,000

1,981,669

GO,

2016

B,

Zero

Cpn

.,

2/01/37

.......................................

2,820,000

1,789,597

GO,

2016

B,

Zero

Cpn

.,

2/01/38

.......................................

5,220,000

3,192,708

GO,

2016

B,

Zero

Cpn

.,

2/01/39

.......................................

3,020,000

1,779,540

South

Washington

County

Independent

School

District

No.

833

,

GO

,

2016

C

,

4

%

,

2/01/29

.........................................................

5,260,000

6,002,001

Southern

Minnesota

Municipal

Power

Agency

,

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn

.,

1/01/23

.......................

4,000,000

3,983,023

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn

.,

1/01/26

.......................

5,395,000

5,197,724

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn

.,

1/01/27

.......................

6,600,000

6,243,943

Revenue,

2015

A,

Refunding,

5%,

1/01/46

...............................

9,345,000

10,846,727

Revenue,

2017

A,

5%,

1/01/42

........................................

1,315,000

1,593,019

Revenue,

2019

A,

5%,

1/01/32

........................................

700,000

900,992

Revenue,

2019

A,

5%,

1/01/33

........................................

560,000

718,538

Revenue,

2019

A,

5%,

1/01/34

........................................

610,000

780,153

St.

Cloud

Independent

School

District

No.

742

,

COP,

2017

A,

4%,

2/01/38

...........................................

1,000,000

1,067,678

GO,

2015

A,

4%,

2/01/28

............................................

2,080,000

2,320,207

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

98

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

St.

Cloud

Independent

School

District

No.

742,

(continued)

GO,

2017

B,

4%,

2/01/30

............................................

$

4,060,000

$

4,621,281

GO,

2017

B,

4%,

2/01/36

............................................

2,500,000

2,808,312

GO,

2017

B,

4%,

2/01/37

............................................

2,250,000

2,523,315

St.

Francis

Independent

School

District

No.

15

,

GO,

2018

A,

4%,

2/01/37

............................................

1,025,000

1,068,528

GO,

2018

A,

3.5%,

2/01/41

...........................................

6,350,000

6,549,518

St.

Michael-Albertville

Independent

School

District

No.

885

,

GO

,

2011

A

,

Refunding

,

4.25

%

,

2/01/32

...................................................

10,295,000

10,434,982

St.

Paul

Independent

School

District

No.

625

,

GO

,

2013

B

,

Refunding

,

5

%

,

2/01/24

..

2,925,000

3,123,870

St.

Paul

Port

Authority

,

Revenue,

2021-2,

4%,

10/01/40

.......................................

1,100,000

1,212,441

District

Energy

St.

Paul

Obligated

Group,

Revenue,

2021-1,

Refunding,

3%,

10/01/34

300,000

319,259

District

Energy

St.

Paul

Obligated

Group,

Revenue,

2021-1,

Refunding,

4%,

10/01/41

675,000

751,900

State

of

Minnesota

,

COP,

2014,

5%,

6/01/36

.............................................

3,615,000

4,034,292

GO,

2013

F,

Refunding,

4%,

10/01/25

..................................

15,000,000

16,178,666

GO,

2016

A,

5%,

8/01/28

............................................

4,215,000

5,127,580

GO,

2018

A,

5%,

8/01/31

............................................

5,000,000

6,415,463

GO,

2019

A,

5%,

8/01/29

............................................

10,000,000

13,240,298

GO,

2019

A,

5%,

8/01/38

............................................

3,540,000

4,580,142

Revenue,

2012

B,

Refunding,

4%,

3/01/26

...............................

3,000,000

3,057,210

Revenue,

2012

B,

Refunding,

3%,

3/01/30

...............................

5,000,000

5,056,619

Revenue,

2014

A,

5%,

6/01/38

........................................

8,500,000

9,156,095

University

of

Minnesota

,

Revenue,

2011

B,

5%,

8/01/36

........................................

5,000,000

5,019,402

Revenue,

2014

B,

5%,

1/01/38

........................................

4,500,000

4,948,385

Revenue,

2015

A,

Refunding,

5%,

8/01/25

...............................

5,000,000

5,912,873

Revenue,

2015

A,

Refunding,

5%,

8/01/28

...............................

7,225,000

8,490,187

Revenue,

2016

A,

5%,

4/01/41

........................................

5,000,000

5,929,896

Revenue,

2017

A,

5%,

9/01/42

........................................

4,410,000

5,366,130

Revenue,

2017

B,

Refunding,

5%,

12/01/30

..............................

5,575,000

6,982,142

Revenue,

2019

A,

5%,

4/01/39

........................................

1,805,000

2,287,759

Revenue,

2019

A,

5%,

4/01/41

........................................

6,045,000

7,629,440

Revenue,

2019

A,

5%,

4/01/44

........................................

8,505,000

10,668,148

Revenue,

2020

A,

5%,

11/01/39

.......................................

5,880,000

7,744,399

Virginia

Independent

School

District

No.

706

,

Rock

Ridge

Independent

School

District

No.

2909,

GO,

2019

A,

5%,

2/01/30

.....

3,600,000

4,529,229

Rock

Ridge

Independent

School

District

No.

2909,

GO,

2019

A,

3%,

2/01/40

.....

3,295,000

3,561,558

Watertown-Mayer

Independent

School

District

No.

111

,

GO,

2020

A,

Zero

Cpn

.,

2/01/33

.......................................

2,470,000

2,000,920

GO,

2020

A,

Zero

Cpn

.,

2/01/34

.......................................

2,470,000

1,939,301

GO,

2020

A,

Zero

Cpn

.,

2/01/36

.......................................

1,470,000

1,081,749

GO,

2020

A,

Zero

Cpn

.,

2/01/37

.......................................

2,470,000

1,756,090

Waterville-Elysian-Morristown

Independent

School

District

No.

2143

,

GO

,

2019

A

,

3

%

,

2/01/32

.........................................................

1,995,000

2,166,455

West

St.

Paul-Mendota

Heights-Eagan

Independent

School

District

No.

197

,

GO

,

2018

A

,

4

%

,

2/01/34

....................................................

2,655,000

3,067,795

Western

Minnesota

Municipal

Power

Agency

,

Revenue,

2012

A,

Refunding,

5%,

1/01/24

...............................

5,000,000

5,317,354

Revenue,

2012

A,

Refunding,

5%,

1/01/25

...............................

3,370,000

3,582,027

Revenue,

2012

A,

Refunding,

5%,

1/01/29

...............................

1,200,000

1,274,335

Revenue,

2014

A,

Pre-Refunded,

5%,

1/01/40

............................

8,075,000

8,985,782

Revenue,

2014

A,

Pre-Refunded,

5%,

1/01/46

............................

11,870,000

13,208,821

Revenue,

2015

A,

Refunding,

5%,

1/01/35

...............................

3,000,000

3,536,335

Revenue,

2015

A,

Refunding,

5%,

1/01/36

...............................

2,035,000

2,395,010

Revenue,

2018

A,

5%,

1/01/49

........................................

5,000,000

6,120,563

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

99

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Zumbro

Education

District

,

COP,

2021

A,

4%,

2/01/32

...........................................

$

200,000

$

238,737

COP,

2021

A,

4%,

2/01/33

...........................................

150,000

178,557

COP,

2021

A,

4%,

2/01/34

...........................................

125,000

148,250

COP,

2021

A,

2.125%,

2/01/35

........................................

325,000

324,974

COP,

2021

A,

4%,

2/01/38

...........................................

390,000

456,945

COP,

2021

A,

4%,

2/01/41

...........................................

635,000

736,940

1,069,297,784

New

Jersey

1.2%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

545,000

618,480

Revenue,

2021

A,

Refunding,

5%,

6/15/32

...............................

4,250,000

5,629,387

Revenue,

2021

A,

Refunding,

5%,

6/15/33

...............................

1,250,000

1,650,861

Revenue,

2021

A,

Refunding,

4%,

6/15/34

...............................

1,500,000

1,811,139

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

1,000,000

1,199,129

State

of

New

Jersey

,

GO

,

2020

A

,

5

%

,

6/01/28

.............................

2,100,000

2,675,250

13,584,246

New

York

0.4%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-2

,

4

%

,

11/15/42

..........

4,000,000

4,667,720

Tennessee

0.4%

a

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

3,500,000

4,676,861

Texas

0.1%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/34

200,000

217,176

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/35

225,000

268,752

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/36

250,000

297,652

783,580

Washington

0.2%

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/44

.............................

1,500,000

1,861,871

U.S.

Territories

1.2%

Puerto

Rico

1.2%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

.........................................................

1,800,000

1,962,112

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

775,000

874,357

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

2,890,000

3,297,035

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,500,000

1,757,700

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,675,000

1,824,754

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

3,575,000

4,106,640

13,822,598

Total

U.S.

Territories

....................................................................

13,822,598

Total

Municipal

Bonds

(Cost

$1,050,450,988)

...................................

1,124,572,082

a

a

a

a

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

100

s

Short

Term

Investments

1.4%

a

a

Principal

Amount

a

Value

Municipal

Bonds

1.4%

Minnesota

1.4%

c

City

of

Minneapolis

St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group,

Revenue,

2009

B-1,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

11/15/35

.................................

$

4,315,000

$

4,315,000

Allina

Health

Obligated

Group,

Revenue,

B-2,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

11/15/35

.....................................

11,830,000

11,830,000

16,145,000

Total

Municipal

Bonds

(Cost

$16,145,000)

......................................

16,145,000

Total

Short

Term

Investments

(Cost

$16,145,000

)

................................

16,145,000

a

Total

Investments

(Cost

$1,066,595,988)

98.3%

..................................

$1,140,717,082

Other

Assets,

less

Liabilities

1.7%

.............................................

19,773,912

Net

Assets

100.0%

...........................................................

$1,160,490,994

See

Abbreviations

on

page

165

.

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

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

Financial

Highlights

Franklin

Ohio

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

101

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$12.90

$13.20

$12.49

$12.38

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.13

0.30

0.35

0.17

Net

realized

and

unrealized

gains

(losses)

........................

0.22

(0.30)

0.71

0.11

Total

from

investment

operations

.................................

0.35

—

1.06

0.28

Less

distributions

from:

Net

investment

income

.......................................

(0.13)

(0.30)

(0.35)

(0.17)

Net

asset

value,

end

of

period

...................................

$13.12

$12.90

$13.20

$12.49

Total

return

e

................................................

2.72%

0.02%

8.60%

2.30%

Ratios

to

average

net

assets

f

Expenses

g

.................................................

0.80%

0.80%

0.81%

0.80%

Net

investment

income

........................................

1.98%

2.31%

2.69%

2.88%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$320,932

$261,661

$160,174

$75,132

Portfolio

turnover

rate

.........................................

12.17%

20.64%

4.56%

13.09%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

102

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.90

$13.20

$12.49

$12.46

$12.56

$12.90

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.33

0.37

0.38

0.38

0.41

Net

realized

and

unrealized

gains

(losses)

0.21

(0.31)

0.71

0.03

(0.10)

(0.34)

Total

from

investment

operations

........

0.35

0.02

1.08

0.41

0.28

0.07

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.32)

(0.37)

(0.38)

(0.38)

(0.41)

Net

asset

value,

end

of

period

..........

$13.11

$12.90

$13.20

$12.49

$12.46

$12.56

Total

return

d

.......................

2.72%

0.17%

8.76%

3.34%

2.26%

0.52%

Ratios

to

average

net

assets

e

Expenses

.........................

0.65%

f

0.65%

f

0.66%

f

0.65%

f

0.64%

0.63%

Net

investment

income

...............

2.14%

2.49%

2.84%

3.03%

3.02%

3.17%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$914,539

$929,798

$996,280

$985,590

$1,090,194

$1,120,704

Portfolio

turnover

rate

................

12.17%

20.64%

4.56%

13.09%

15.46%

14.17%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

103

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.08

$13.38

$12.66

$12.63

$12.72

$13.06

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.10

0.25

0.30

0.31

0.32

0.34

Net

realized

and

unrealized

gains

(losses)

0.21

(0.30)

0.72

0.03

(0.10)

(0.34)

Total

from

investment

operations

........

0.31

(0.05)

1.02

0.34

0.22

—

Less

distributions

from:

Net

investment

income

..............

(0.10)

(0.25)

(0.30)

(0.31)

(0.31)

(0.34)

Net

asset

value,

end

of

period

..........

$13.29

$13.08

$13.38

$12.66

$12.63

$12.72

Total

return

d

.......................

2.39%

(0.37)%

8.16%

2.72%

1.75%

(0.05)%

Ratios

to

average

net

assets

e

Expenses

.........................

1.20%

f

1.20%

f

1.21%

f

1.20%

f

1.19%

1.18%

Net

investment

income

...............

1.56%

1.92%

2.29%

2.48%

2.47%

2.62%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$140,022

$169,258

$203,367

$215,045

$308,088

$330,566

Portfolio

turnover

rate

................

12.17%

20.64%

4.56%

13.09%

15.46%

14.17%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

104

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$12.91

$13.22

$12.50

$12.47

$12.73

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.15

0.34

0.38

0.39

0.23

Net

realized

and

unrealized

gains

(losses)

...........

0.22

(0.31)

0.73

0.03

(0.26)

Total

from

investment

operations

....................

0.37

0.03

1.11

0.42

(0.03)

Less

distributions

from:

Net

investment

income

..........................

(0.15)

(0.34)

(0.39)

(0.39)

(0.23)

Net

asset

value,

end

of

period

......................

$13.13

$12.91

$13.22

$12.50

$12.47

Total

return

e

...................................

2.87%

0.31%

8.90%

3.47%

(0.24)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.53%

0.54%

0.53%

0.53%

0.52%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.51%

g

0.51%

g

0.52%

g

0.51%

g

0.50%

Net

investment

income

...........................

2.26%

2.59%

2.98%

3.17%

3.16%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$21,662

$16,977

$10,638

$6,942

$7,847

Portfolio

turnover

rate

............................

12.17%

20.64%

4.56%

13.09%

15.46%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

105

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.91

$13.21

$12.50

$12.47

$12.57

$12.91

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15

0.34

0.38

0.39

0.40

0.42

Net

realized

and

unrealized

gains

(losses)

0.21

(0.30)

0.71

0.03

(0.10)

(0.34)

Total

from

investment

operations

........

0.36

0.04

1.09

0.42

0.30

0.08

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.34)

(0.38)

(0.39)

(0.40)

(0.42)

Net

asset

value,

end

of

period

..........

$13.12

$12.91

$13.21

$12.50

$12.47

$12.57

Total

return

d

.......................

2.77%

0.27%

8.86%

3.43%

2.36%

0.62%

Ratios

to

average

net

assets

e

Expenses

.........................

0.55%

f

0.55%

f

0.56%

f

0.55%

f

0.54%

0.53%

Net

investment

income

...............

2.23%

2.58%

2.94%

3.13%

3.12%

3.27%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$314,482

$295,666

$243,913

$179,427

$170,329

$143,603

Portfolio

turnover

rate

................

12.17

%

20.64%

4.56%

13.09%

15.46%

14.17%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,2021

Franklin

Ohio

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

106

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

95.0%

Alabama

0.6%

a

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

12/01/31

.....................................................

$

8,500,000

$

10,510,834

Illinois

1.5%

b

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

7,000,000

8,074,416

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

2,500,000

2,971,602

GO,

2017

C,

5%,

11/01/29

...........................................

1,500,000

1,819,755

GO,

2017

D,

5%,

11/01/26

...........................................

3,000,000

3,618,815

GO,

2017

D,

5%,

11/01/27

...........................................

4,920,000

6,061,251

GO,

2020,

5.5%,

5/01/30

............................................

2,620,000

3,481,506

GO,

2021

A,

4%,

3/01/39

............................................

500,000

584,693

26,612,038

New

Jersey

0.8%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

4%,

6/15/36

.......................................

1,500,000

1,790,185

Revenue,

2020

AA,

5%,

6/15/36

.......................................

4,000,000

5,183,721

Revenue,

2020

AA,

4%,

6/15/40

.......................................

2,000,000

2,355,408

Revenue,

2020

AA,

4%,

6/15/45

.......................................

2,000,000

2,324,909

State

of

New

Jersey

,

GO

,

2020

A

,

5

%

,

6/01/28

.............................

1,000,000

1,273,929

12,928,152

New

York

0.5%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

6,500,000

7,490,365

Revenue,

2021

A-2,

4%,

11/15/41

.....................................

1,000,000

1,167,887

8,658,252

Ohio

90.7%

Akron

Bath

Copley

Joint

Township

Hospital

District

,

Summa

Health

System

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

3

%

,

11/15/40

..........................

5,400,000

5,632,017

American

Municipal

Power,

Inc.

,

Revenue,

2015

A,

Refunding,

5%,

2/15/28

...............................

5,000,000

5,547,772

Revenue,

2016

A,

4%,

2/15/36

........................................

1,000,000

1,119,763

Revenue,

2016

A,

5%,

2/15/46

........................................

5,000,000

5,900,684

Revenue,

2016

A,

Refunding,

5%,

2/15/46

...............................

7,500,000

8,851,025

Revenue,

2017

A,

Refunding,

5%,

2/15/37

...............................

3,700,000

4,514,434

Revenue,

2017

A,

Refunding,

5%,

2/15/38

...............................

3,500,000

4,262,452

Revenue,

2019

A,

5%,

2/15/44

........................................

3,345,000

4,115,803

Revenue,

2019

C,

Refunding,

4%,

2/15/39

...............................

18,795,000

22,208,413

Anthony

Wayne

Local

School

District

,

GO

,

2017

A

,

4

%

,

12/01/39

................

3,000,000

3,322,367

Apollo

Joint

Vocational

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

12/01/39

........

6,530,000

7,527,047

Beaver

Local

School

District

,

GO

,

2012

,

4

%

,

12/01/40

........................

3,000,000

3,070,555

Berkshire

Local

School

District

,

GO

,

2021

,

Refunding

,

3

%

,

10/01/56

.............

735,000

778,770

Bethel

Local

School

District

,

COP,

2020,

BAM

Insured,

3%,

12/01/45

.................................

4,095,000

4,252,584

COP,

2020,

BAM

Insured,

2.75%,

12/01/49

..............................

4,000,000

4,053,811

Big

Walnut

Local

School

District

,

GO

,

2019

,

5

%

,

12/01/53

.....................

9,155,000

11,137,810

Bloom-Carroll

Local

School

District

,

GO

,

2018

A

,

5

%

,

11/01/55

.................

7,025,000

8,613,896

Bowling

Green

State

University

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

6/01/42

........

3,250,000

3,908,223

Brecksville-Broadview

Heights

City

School

District

,

GO

,

2018

,

Pre-Refunded

,

5.25

%

,

12/01/54

........................................................

7,390,000

8,235,195

Brooklyn

City

School

District

,

GO,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/38

........................

1,905,000

2,305,687

GO,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/49

........................

9,000,000

10,672,791

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

107

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

3%,

6/01/48

..................

$

35,820,000

$

37,218,520

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

4%,

6/01/48

..................

7,980,000

9,171,852

Butler

County

Port

Authority

,

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/32

........................................................

100,000

119,589

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/33

........................................................

135,000

161,199

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/34

........................................................

185,000

220,296

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/35

........................................................

195,000

231,646

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/36

........................................................

205,000

243,012

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/37

........................................................

210,000

248,488

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/38

........................................................

220,000

259,807

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/39

........................................................

225,000

265,165

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/40

........................................................

240,000

282,182

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/41

........................................................

245,000

287,446

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/46

........................................................

900,000

1,046,840

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/51

........................................................

1,000,000

1,156,576

Canal

Winchester

Local

School

District

,

GO,

2005,

NATL

Insured,

Zero

Cpn

.,

12/01/32

............................

3,955,000

3,267,393

GO,

2005,

NATL

Insured,

Zero

Cpn

.,

12/01/33

............................

2,000,000

1,609,530

Chillicothe

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn

.,

12/01/22

...................

1,905,000

1,893,712

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn

.,

12/01/23

...................

1,905,000

1,878,776

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn

.,

12/01/24

...................

1,905,000

1,859,837

Cincinnati

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/27

......................

14,900,000

19,027,583

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/28

......................

8,180,000

10,720,212

City

of

Akron

,

Waterworks

System

,

Revenue

,

2009

,

Refunding

,

AGMC

Insured

,

5

%

,

3/01/34

.........................................................

1,000,000

1,003,971

City

of

Chillicothe

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/37

.....................................................

5,000,000

6,040,386

City

of

Cincinnati

,

GO

,

2015

A

,

Pre-Refunded

,

5.25

%

,

12/01/40

.................

6,500,000

7,706,022

City

of

Cleveland

,

GO,

2012,

Pre-Refunded,

5%,

12/01/30

.................................

2,965,000

3,145,654

GO,

2012,

5%,

12/01/30

.............................................

35,000

37,043

GO,

2020

A,

4%,

12/01/35

...........................................

1,000,000

1,220,002

GO,

2020

A,

2%,

12/01/36

...........................................

1,215,000

1,222,382

Water

Pollution

Control,

Revenue,

2016,

5%,

11/15/41

......................

2,000,000

2,335,849

City

of

Columbus

,

GO,

2014

A,

5%,

2/15/25

............................................

5,000,000

5,588,198

GO,

2016-3,

Refunding,

5%,

2/15/27

...................................

5,000,000

6,205,885

GO,

2018

A,

5%,

4/01/34

............................................

7,000,000

8,900,191

GO,

2021

A,

5%,

4/01/35

............................................

6,000,000

7,998,776

GO,

2021

A,

5%,

4/01/36

............................................

6,000,000

7,969,416

GO,

2021

A,

5%,

4/01/37

............................................

5,000,000

6,620,793

GO,

2021

A,

5%,

4/01/38

............................................

5,000,000

6,604,165

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

108

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

City

of

Columbus,

(continued)

GO,

2021

A,

5%,

4/01/39

............................................

$

4,500,000

$

5,928,169

Sewerage,

Revenue,

2014,

Refunding,

4%,

6/01/31

........................

15,000,000

16,706,958

Sewerage,

Revenue,

2015,

Refunding,

5%,

6/01/29

........................

5,000,000

6,046,136

City

of

Marysville

,

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

4%,

12/01/40

.......................................................

3,015,000

3,296,680

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/47

.......................................................

5,035,000

5,685,420

Wastewater

Treatment

System,

Revenue,

2016,

Refunding,

BAM

Insured,

4%,

12/01/46

.......................................................

9,370,000

10,352,508

City

of

Middleburg

Heights

,

Southwest

General

Health

Center

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

8/01/47

...............................

4,425,000

5,075,063

City

of

St.

Bernard

,

Income

Tax

,

Revenue

,

2013

,

AGMC

Insured

,

5

%

,

12/01/43

.....

3,760,000

4,105,862

City

of

Toledo

,

Water

System,

Revenue,

2012

A,

4%,

11/15/36

...........................

9,125,000

9,181,536

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/38

....................

19,395,000

20,840,885

City

of

Westerville

,

Revenue

,

2014

,

5

%

,

12/01/30

...........................

2,765,000

3,109,905

Cleveland

Department

of

Public

Utilities

Division

of

Public

Power

,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

11/15/38

..................

600,000

710,215

Revenue,

B-2,

NATL

Insured,

Zero

Cpn

.,

11/15/38

.........................

10,000,000

6,583,355

Cleveland

Department

of

Public

Utilities

Division

of

Water

,

Revenue,

2020

FF,

Refunding,

5%,

1/01/32

..............................

1,000,000

1,310,105

Revenue,

2020

FF,

Refunding,

5%,

1/01/33

..............................

1,000,000

1,305,993

Cleveland

Municipal

School

District

,

GO,

2013,

Refunding,

5%,

12/01/25

....................................

3,600,000

3,812,933

GO,

2013,

Refunding,

5%,

12/01/27

....................................

1,000,000

1,058,500

Cleveland

Public

Library

,

Revenue

,

2019

A

,

4

%

,

12/01/45

.....................

5,000,000

5,911,343

Cleveland-Cuyahoga

County

Port

Authority

,

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

5%,

7/01/35

.......

600,000

782,615

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/37

.......

700,000

841,794

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/38

.......

100,000

119,926

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/39

.......

700,000

837,083

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/40

.......

100,000

119,294

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/41

.......

800,000

951,519

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/46

.......

500,000

587,600

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/51

.......

2,000,000

2,339,683

Columbus-Franklin

County

Finance

Authority

,

Revenue,

2021

C,

2.5%,

11/15/41

.....................................

900,000

908,041

Revenue,

2021

C,

3%,

5/15/51

........................................

2,180,000

2,257,572

County

of

Butler

,

Cincinnati

Children's

Hospital

Medical

Center

Obligated

Group,

Revenue,

2016

X,

Refunding,

5%,

5/15/29

............................................

6,750,000

8,771,291

UC

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/45

..........

20,270,000

23,886,610

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/35

..........

2,000,000

2,292,821

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/36

..........

2,140,000

2,449,188

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/37

..........

1,500,000

1,712,872

County

of

Cuyahoga

,

GO,

2020

A,

Refunding,

4%,

12/01/34

..................................

750,000

911,952

GO,

2020

A,

Refunding,

3%,

12/01/35

..................................

1,040,000

1,158,472

GO,

2020

A,

Refunding,

3%,

12/01/36

..................................

1,100,000

1,222,582

GO,

2020

A,

Refunding,

3%,

12/01/37

..................................

1,610,000

1,783,826

Revenue,

2015,

Pre-Refunded,

5%,

12/01/25

.............................

500,000

554,382

County

of

Franklin

,

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2016

C,

Refunding,

5%,

11/01/34

..

2,600,000

3,148,962

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2016

C,

Refunding,

4%,

11/01/40

..

5,000,000

5,654,519

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

109

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

County

of

Franklin,

(continued)

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2017

A,

Refunding,

4%,

11/01/44

..

$

7,050,000

$

7,996,978

OhioHealth

Obligated

Group,

Revenue,

2015,

5%,

5/15/33

...................

6,290,000

7,269,183

Sales

Tax,

Revenue,

2018,

5%,

6/01/43

.................................

6,000,000

7,400,939

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017,

5%,

12/01/46

............

7,500,000

9,098,821

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2019

A,

4%,

12/01/44

..........

5,075,000

5,967,261

County

of

Hamilton

,

Sewer

System,

Revenue,

2019

A,

Refunding,

5%,

12/01/33

..................

6,965,000

9,093,617

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/32

..................

1,000,000

1,338,327

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/33

..................

1,500,000

2,000,341

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/34

..................

2,200,000

2,924,703

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/35

..................

1,000,000

1,326,589

TriHealth

Obligated

Group,

Revenue,

2017

A,

5%,

8/15/42

...................

5,000,000

5,993,675

County

of

Mahoning

,

Western

Reserve

Care

System

,

Revenue

,

1995

,

NATL

Insured

,

ETM,

5.5

%

,

10/15/25

...............................................

2,690,000

2,986,513

County

of

Miami

,

Kettering

Health

Network

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

8/01/49

.............................................

12,000,000

14,729,390

County

of

Montgomery

,

Kettering

Health

Network

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

8/01/40

5,975,000

6,536,461

Kettering

Health

Network

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/41

1,000,000

1,205,026

Kettering

Health

Network

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/51

2,000,000

2,371,737

Premier

Health

Partners

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

11/15/39

.......................................................

5,000,000

5,742,497

County

of

Ross

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/49

............................................

5,000,000

6,160,080

County

of

Union

,

GO

,

2018

,

5

%

,

12/01/47

.................................

5,000,000

5,942,577

Cuyahoga

Community

College

District

,

Revenue

,

2012

D

,

Refunding

,

5

%

,

8/01/32

..

2,310,000

2,408,829

Dayton

City

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

11/01/30

................

5,000,000

6,732,310

Dayton-Montgomery

County

Port

Authority

,

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

2%,

11/15/31

..........

430,000

431,058

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

2.5%,

11/15/41

........

1,615,000

1,614,830

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

3%,

5/15/51

..........

1,000,000

1,005,193

Deer

Park

Community

City

School

District

,

GO

,

2017

A

,

5.25

%

,

12/01/53

.........

3,000,000

3,432,514

Delaware

City

School

District

,

GO

,

2013

,

Pre-Refunded

,

5.75

%

,

12/01/49

.........

6,000,000

6,587,176

Dublin

City

School

District

,

GO

,

2019

A

,

4

%

,

12/01/44

........................

10,000,000

11,751,515

Elyria

City

School

District

,

GO

,

2017

A

,

5

%

,

12/01/43

........................

5,500,000

6,596,142

Fairborn

City

School

District

,

GO

,

2021

A

,

3

%

,

12/01/50

......................

8,065,000

8,712,655

Franklin

City

School

District

,

GO,

2021

A,

3%,

11/01/50

...........................................

3,750,000

4,022,707

GO,

2021

A,

3%,

11/01/57

...........................................

8,000,000

8,493,919

Franklin

County

Convention

Facilities

Authority

,

Revenue

,

2014

,

Pre-Refunded

,

5

%

,

12/01/35

........................................................

20,000,000

23,112,678

Fremont

City

School

District

,

GO

,

2017

A

,

5

%

,

1/15/49

.......................

13,970,000

16,045,038

Grandview

Heights

City

School

District

,

GO,

2019,

4%,

12/01/51

.............................................

1,980,000

2,309,148

GO,

2019,

5%,

12/01/53

.............................................

2,150,000

2,676,965

Great

Oaks

Career

Campuses

Board

of

Education

,

COP

,

2021

,

3

%

,

12/01/44

......

1,455,000

1,559,887

Highland

Local

School

District

,

GO

,

2018

A

,

Pre-Refunded

,

5.25

%

,

12/01/54

.......

12,000,000

13,069,686

Hilliard

School

District

,

GO

,

2017

,

4

%

,

12/01/46

............................

10,000,000

11,232,455

Hillsdale

Local

School

District

,

COP,

2020,

BAM

Insured,

4%,

12/01/38

.................................

2,465,000

2,956,936

COP,

2020,

BAM

Insured,

4%,

12/01/40

.................................

1,435,000

1,713,141

Hudson

City

School

District

,

GO

,

2018

,

4

%

,

12/01/45

........................

18,870,000

20,996,975

Indian

Creek

Local

School

District

,

GO,

2018

A,

5%,

11/01/55

...........................................

3,000,000

3,586,683

GO,

2018

B,

BAM

Insured,

5%,

11/01/55

................................

3,910,000

4,663,153

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

110

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

JobsOhio

Beverage

System

,

Revenue,

Senior

Lien

,

2013

A

,

Pre-Refunded

,

5

%

,

1/01/38

.........................................................

$

26,010,000

$

27,696,962

Lakewood

City

School

District

,

GO

,

2014

A

,

Pre-Refunded

,

5

%

,

11/01/43

.........

10,895,000

11,514,496

Lakota

Local

School

District

,

GO,

2005,

Refunding,

NATL

Insured,

5.25%,

12/01/26

......................

2,000,000

2,485,238

GO,

2014

C,

Pre-Refunded,

5%,

12/01/30

...............................

4,035,000

4,662,983

Lancaster

City

School

District

,

GO

,

2012

,

Pre-Refunded

,

5

%

,

10/01/49

...........

460,000

484,026

Little

Miami

Local

School

District

,

GO,

2018,

5%,

11/01/43

.............................................

1,000,000

1,164,836

GO,

2018,

5%,

11/01/48

.............................................

2,460,000

2,855,652

Madeira

City

School

District

,

GO

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/32

.....

9,605,000

12,963,454

Marysville

Exempted

Village

School

District

,

GO

,

2002

,

Refunding

,

NATL

Insured

,

Zero

Cpn

.,

12/01/21

....................................................

1,000,000

999,356

Miami

University

,

Revenue,

2011,

Refunding,

5%,

9/01/31

.................................

4,000,000

4,000,000

Revenue,

2014,

Refunding,

5%,

9/01/31

.................................

2,320,000

2,624,798

Revenue,

2014,

Refunding,

5%,

9/01/34

.................................

3,500,000

3,947,543

Revenue,

2017,

Refunding,

5%,

9/01/41

.................................

5,000,000

5,991,267

Revenue,

2021

A,

Refunding,

5%,

9/01/32

...............................

1,070,000

1,453,921

Revenue,

2021

A,

Refunding,

5%,

9/01/33

...............................

1,055,000

1,430,444

Revenue,

2021

A,

Refunding,

5%,

9/01/34

...............................

1,035,000

1,398,025

Revenue,

2021

A,

Refunding,

5%,

9/01/36

...............................

1,370,000

1,845,627

Miami

Valley

Career

Technology

Center

,

GO

,

2018

,

5

%

,

12/01/44

...............

20,000,000

24,554,128

Middletown

City

School

District

,

GO,

2014,

Pre-Refunded,

5.25%,

12/01/40

...............................

2,625,000

2,793,115

GO,

2014,

Pre-Refunded,

5.25%,

12/01/48

...............................

15,000,000

15,960,659

New

Albany

Community

Authority

,

Revenue,

2012

C,

Refunding,

5%,

10/01/23

..............................

1,100,000

1,156,822

Revenue,

2012

C,

Refunding,

5%,

10/01/24

..............................

1,250,000

1,314,010

New

Albany

Plain

Local

School

District

,

GO

,

2013

,

Pre-Refunded

,

4

%

,

12/01/49

....

10,000,000

10,484,690

Northeast

Ohio

Medical

University

,

Revenue,

2021

A,

Refunding,

3%,

12/01/21

..............................

50,000

50,344

Revenue,

2021

A,

Refunding,

3%,

12/01/23

..............................

75,000

78,740

Revenue,

2021

A,

Refunding,

5%,

12/01/25

..............................

125,000

145,612

Revenue,

2021

A,

Refunding,

5%,

12/01/27

..............................

100,000

122,475

Revenue,

2021

A,

Refunding,

5%,

12/01/29

..............................

110,000

139,101

Revenue,

2021

A,

Refunding,

3%,

12/01/40

..............................

500,000

523,685

Revenue,

2021

A,

Refunding,

4%,

12/01/45

..............................

450,000

512,624

Northeast

Ohio

Regional

Sewer

District

,

Revenue,

2014,

Pre-Refunded,

5%,

11/15/32

.............................

5,500,000

6,344,307

Revenue,

2014,

Pre-Refunded,

4%,

11/15/49

.............................

2,260,000

2,530,947

Revenue,

2014,

4%,

11/15/49

........................................

3,740,000

4,067,829

Revenue,

2017,

Refunding,

4%,

11/15/43

................................

10,000,000

11,646,982

Revenue,

2019,

Refunding,

3%,

11/15/35

................................

4,500,000

5,075,582

Northeastern

Local

School

District

,

GO,

2018,

AGMC

Insured,

5.25%,

12/01/45

..............................

5,420,000

6,840,875

GO,

2018,

AGMC

Insured,

4%,

12/01/55

................................

5,000,000

5,692,965

Northwest

Local

School

District

,

GO

,

2015

,

Pre-Refunded

,

5

%

,

12/01/45

..........

3,760,000

4,164,455

Norwood

City

School

District

,

GO,

2017

A,

5%,

11/01/46

...........................................

5,000,000

5,881,316

GO,

2017

A,

5.25%,

11/01/51

.........................................

7,645,000

9,071,500

Oakwood

City

School

District

,

GO

,

2019

,

4

%

,

12/01/48

.......................

6,340,000

7,392,273

Ohio

Center

Local

Government

Capital

Asset

Financing

Program

,

GO

,

2003

,

Pre-

Refunded

,

AGMC

Insured

,

5.25

%

,

12/01/23

..............................

345,000

346,437

Ohio

Higher

Educational

Facility

Commission

,

Case

Western

Reserve

University,

Revenue,

2016,

Refunding,

5%,

12/01/40

.....

6,000,000

7,191,573

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

111

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Ohio

Higher

Educational

Facility

Commission,

(continued)

Denison

University,

Revenue,

2012,

5%,

11/01/26

.........................

$

1,445,000

$

1,488,278

Denison

University,

Revenue,

2021,

3%,

11/01/50

.........................

4,250,000

4,520,683

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,540,000

1,821,071

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,360,000

1,599,190

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,900,000

3,402,052

Kenyon

College,

Revenue,

2016,

Refunding,

5%,

7/01/42

...................

10,500,000

12,389,812

Kenyon

College,

Revenue,

2017,

5%,

7/01/42

............................

1,250,000

1,497,382

Kenyon

College,

Revenue,

2017,

4%,

7/01/47

............................

5,000,000

5,586,287

University

of

Dayton,

Revenue,

2018

A,

4%,

12/01/43

.......................

11,885,000

13,599,559

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/28

................

250,000

313,409

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/29

................

415,000

532,130

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/30

................

400,000

523,330

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/31

................

550,000

714,025

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/32

................

340,000

439,688

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/33

................

130,000

167,583

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/34

................

500,000

642,439

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/35

................

1,000,000

1,281,535

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/36

................

900,000

1,070,346

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/37

................

1,335,000

1,456,479

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/39

................

480,000

566,386

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/40

................

500,000

541,572

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/41

................

250,000

293,603

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/42

................

325,000

350,107

Ohio

Housing

Finance

Agency

,

Revenue,

2020

B,

GNMA

Insured,

2.1%,

9/01/35

..........................

595,000

610,948

Revenue,

2021

A,

2.4%,

9/01/46

......................................

6,500,000

6,469,340

Revenue,

2021

A,

2.45%,

9/01/51

.....................................

10,000

9,936

Ohio

State

University

(The)

,

Revenue

,

2014

A

,

4

%

,

12/01/30

...................

4,325,000

4,768,645

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

2018

A,

5%,

2/15/43

........................................

33,350,000

40,582,218

Revenue,

Junior

Lien,

2013

A-1,

5.25%,

2/15/33

...........................

4,200,000

4,498,317

Revenue,

Junior

Lien,

2013

A-2,

BAM

Insured,

Zero

Cpn

.,

2/15/38

.............

3,665,000

2,619,740

Revenue,

Junior

Lien,

2013

A-2,

Zero

Cpn

.,

2/15/43

........................

10,485,000

6,398,497

Ohio

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/44

...................

7,000,000

8,346,047

Ohio

Water

Development

Authority

,

Revenue,

2019,

5%,

12/01/38

........................................

5,000,000

6,509,875

Revenue,

2019,

5%,

6/01/44

.........................................

4,000,000

5,137,428

Revenue,

2021

A,

5%,

12/01/36

.......................................

2,000,000

2,699,763

Revenue,

2021

A,

5%,

12/01/37

.......................................

1,750,000

2,354,592

Revenue,

2021

A,

5%,

12/01/38

.......................................

2,750,000

3,690,205

Revenue,

2021

A,

5%,

12/01/39

.......................................

1,500,000

2,007,236

Drinking

Water

Assistance

Fund,

Revenue,

2019,

5%,

12/01/29

...............

12,655,000

16,721,370

Water

Pollution

Control

Loan

Fund,

Revenue,

2019

B,

Refunding,

5%,

12/01/44

...

15,000,000

19,265,353

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

6/01/33

.............

7,250,000

9,652,710

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

12/01/38

............

5,405,000

7,094,494

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

12/01/39

............

5,000,000

6,546,229

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

12/01/50

............

2,500,000

3,197,680

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

B,

4%,

12/01/37

............

14,160,000

17,386,498

Olentangy

Local

School

District

,

GO,

2016,

4%,

12/01/46

.............................................

15,235,000

17,088,693

GO,

2020

A,

3%,

12/01/38

...........................................

500,000

556,869

GO,

2020

A,

2.5%,

12/01/49

..........................................

6,935,000

7,054,421

Perrysburg

Exempted

Village

School

District

,

GO

,

2015

,

5

%

,

12/01/38

............

3,225,000

3,661,590

Princeton

City

School

District

,

GO,

2014,

Pre-Refunded,

5%,

12/01/39

.................................

12,000,000

13,867,607

GO,

2014,

Refunding,

Zero

Cpn

.,

12/01/40

...............................

6,000,000

4,032,864

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

112

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Princeton

City

School

District,

(continued)

GO,

2014,

Refunding,

Zero

Cpn

.,

12/01/41

...............................

$

6,000,000

$

3,914,423

Reading

Community

City

School

District

,

GO

,

2016

A

,

5

%

,

11/01/46

.............

2,000,000

2,254,451

Riverside

Local

School

District

,

GO

,

2017

A

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

10/01/47

........................................................

5,000,000

5,617,422

South-Western

City

School

District

,

GO

,

2019

A

,

4

%

,

12/01/48

.................

3,500,000

4,082,367

Springboro

Community

City

School

District

,

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

12/01/27

.....................

5,175,000

6,507,663

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

12/01/28

.....................

2,000,000

2,572,362

State

of

Ohio

,

GO,

2017

A,

5%,

3/15/36

............................................

5,000,000

5,566,967

GO,

2018

A,

5%,

6/15/38

............................................

10,000,000

11,938,153

GO,

2019

A,

5%,

5/01/36

............................................

11,000,000

13,568,444

GO,

2019

A,

5%,

6/15/38

............................................

6,500,000

8,330,063

GO,

2020

C,

5%,

3/01/37

............................................

2,185,000

2,919,348

GO,

2020

C,

5%,

3/01/38

............................................

2,300,000

3,064,982

GO,

2020

C,

5%,

3/01/39

............................................

1,750,000

2,325,704

GO,

2021

A,

5%,

5/01/40

............................................

2,675,000

3,561,108

GO,

2021

A,

5%,

6/15/41

............................................

2,380,000

3,168,525

GO,

V,

5%,

5/01/33

................................................

1,000,000

1,260,574

GO,

V,

5%,

5/01/34

................................................

4,000,000

5,028,786

GO,

W,

5%,

5/01/32

................................................

1,035,000

1,376,813

GO,

W,

5%,

5/01/33

................................................

1,600,000

2,121,352

GO,

W,

5%,

5/01/35

................................................

1,125,000

1,483,178

Revenue,

2021

A,

5%,

2/01/29

........................................

2,400,000

3,121,128

Revenue,

2021

A,

5%,

2/01/30

........................................

3,300,000

4,385,957

Revenue,

2021

A,

5%,

2/01/31

........................................

2,900,000

3,935,333

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2017

A,

Refunding,

3.25%,

1/01/35

..................................................

10,000,000

11,108,149

b

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2021

B,

Refunding,

5%,

1/01/33

........................................................

2,415,000

3,266,456

b

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2021

B,

Refunding,

5%,

1/01/34

........................................................

2,425,000

3,267,287

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/38

..........

1,000,000

1,321,586

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/39

..........

1,000,000

1,317,968

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/40

..........

1,110,000

1,459,556

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/41

..........

750,000

983,389

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/37

1,000,000

1,169,327

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/39

875,000

1,004,316

University

Hospitals

Health

System,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

3%,

1/15/45

............................................

5,000,000

5,300,654

Switzerland

of

Ohio

Local

School

District

,

GO

,

2013

,

Pre-Refunded

,

4

%

,

12/01/37

...

5,500,000

5,865,337

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/45

.............

6,500,000

7,695,220

Sylvania

City

School

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/36

....

9,700,000

11,214,352

Three

Rivers

Local

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

12/01/39

...........

5,885,000

6,689,830

Toledo

City

School

District

,

GO

,

2012

B

,

Pre-Refunded

,

5

%

,

12/01/32

............

7,830,000

8,307,073

Toledo-Lucas

County

Port

Authority

,

Revenue,

2021

A,

2%,

11/15/31

.......................................

430,000

430,797

Revenue,

2021

A,

3%,

5/15/51

........................................

1,160,000

1,190,782

University

of

Akron

(The)

,

Revenue,

2015

A,

Refunding,

5%,

1/01/31

...............................

4,365,000

4,977,315

Revenue,

2016

A,

Refunding,

BAM

Insured,

5%,

1/01/34

....................

6,000,000

7,177,438

Revenue,

2016

A,

Refunding,

5%,

1/01/36

...............................

11,065,000

13,194,360

Revenue,

2016

A,

Refunding,

5%,

1/01/38

...............................

13,225,000

15,719,460

Revenue,

2018

A,

Refunding,

5%,

1/01/42

...............................

5,725,000

7,042,956

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

113

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

University

of

Cincinnati

,

Revenue,

2013

C,

Pre-Refunded,

5%,

6/01/39

............................

$

6,255,000

$

6,935,317

Revenue,

2018

A,

Refunding,

4%,

6/01/48

...............................

10,000,000

11,488,985

Upper

Arlington

City

School

District

,

GO

,

2018

A

,

5

%

,

12/01/48

.................

13,000,000

15,644,922

Village

of

Bluffton

,

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/33

.......................................................

1,655,000

1,917,804

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/34

.......................................................

1,900,000

2,196,741

Warren

County

Port

Authority

,

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

D,

5%,

12/01/46

..........

3,895,000

4,178,991

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

3%,

12/01/30

.......................................

525,000

541,058

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

4%,

12/01/40

.......................................

1,390,000

1,487,548

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

4%,

12/01/52

.......................................

1,930,000

2,025,836

Warrensville

Heights

City

School

District

,

GO,

2019

A,

Pre-Refunded,

BAM

Insured,

5%,

12/01/44

.....................

460,000

530,781

GO,

2019

A,

BAM

Insured,

5%,

12/01/44

................................

190,000

215,001

GO,

2019

A,

Pre-Refunded,

BAM

Insured,

5.25%,

12/01/55

..................

1,740,000

2,021,798

West

Carrollton

City

School

District

,

GO,

2020

A,

3%,

12/01/44

...........................................

2,540,000

2,712,249

GO,

2020

A,

3%,

12/01/49

...........................................

1,645,000

1,747,943

GO,

2020

A,

4%,

12/01/56

...........................................

3,500,000

3,941,857

Westerville

City

School

District

,

GO

,

2006

,

Refunding

,

XLCA

Insured

,

5

%

,

12/01/27

..

3,820,000

4,719,396

Willoughby-Eastlake

City

School

District

,

GO

,

2016

,

Pre-Refunded

,

5

%

,

12/01/46

...

10,000,000

11,949,247

Winton

Woods

City

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

11/01/43

...........

7,000,000

7,997,502

Wright

State

University

,

Revenue

,

2021

A

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/30

...

1,285,000

1,682,892

Xenia

Community

School

District

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

12/01/40

.........

7,285,000

8,405,952

1,553,288,287

Tennessee

0.1%

a

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

1,500,000

2,004,369

Texas

0.1%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/38

300,000

319,457

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/47

1,000,000

1,035,222

1,354,679

Washington

0.2%

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/44

.............................

2,500,000

3,103,117

U.S.

Territories

0.5%

Puerto

Rico

0.5%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,000,000

1,090,062

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

1,089,378

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

800,000

902,562

Revenue,

2007

N,

Refunding,

AGMC,

FGIC

Insured,

5.25%,

7/01/39

...........

540,000

616,102

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

...................

800,000

895,673

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,870,000

2,191,266

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

114

s

See

Abbreviations

on

page

165

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Highway

&

Transportation

Authority,

(continued)

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

$

940,000

$

1,079,788

7,864,831

Total

U.S.

Territories

....................................................................

7,864,831

Total

Municipal

Bonds

(Cost

$1,507,050,604)

...................................

1,626,324,559

a

a

a

a

Short

Term

Investments

0.4%

Municipal

Bonds

0.4%

Ohio

0.4%

c

County

of

Allen

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010

C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

0.01

%

,

6/01/34

...........................

7,310,000

7,310,000

Total

Municipal

Bonds

(Cost

$7,310,000)

.......................................

7,310,000

Total

Short

Term

Investments

(Cost

$7,310,000

)

.................................

7,310,000

a

Total

Investments

(Cost

$1,514,360,604)

95.4%

..................................

$1,633,634,559

Other

Assets,

less

Liabilities

4.6%

.............................................

78,002,440

Net

Assets

100.0%

...........................................................

$1,711,636,999

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

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

Financial

Highlights

Franklin

Oregon

Tax

-

Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

115

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$11.73

$12.00

$11.37

$11.30

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.12

0.26

0.30

0.16

Net

realized

and

unrealized

gains

(losses)

........................

0.21

(0.27)

0.64

0.07

Total

from

investment

operations

.................................

0.33

(0.01)

0.94

0.23

Less

distributions

from:

Net

investment

income

.......................................

(0.12)

(0.26)

(0.31)

(0.16)

Net

asset

value,

end

of

period

...................................

$11.94

$11.73

$12.00

$11.37

Total

return

e

................................................

2.79%

(0.07)%

8.39%

2.09%

Ratios

to

average

net

assets

f

Expenses

g

.................................................

0.80%

0.80%

0.80%

0.80%

Net

investment

income

........................................

1.92%

2.20%

2.58%

3.05%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$255,271

$218,010

$162,664

$62,119

Portfolio

turnover

rate

.........................................

9.18%

18.23%

15.49%

9.09%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Oregon

Tax

-

Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

116

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.72

$11.99

$11.36

$11.37

$11.60

$11.89

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.12

0.28

0.32

0.36

0.37

0.40

Net

realized

and

unrealized

gains

(losses)

0.22

(0.27)

0.64

(0.01)

(0.22)

(0.29)

Total

from

investment

operations

........

0.34

0.01

0.96

0.35

0.15

0.11

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.28)

(0.33)

(0.36)

(0.38)

(0.40)

Net

asset

value,

end

of

period

..........

$11.93

$11.72

$11.99

$11.36

$11.37

$11.60

Total

return

d

.......................

2.88%

0.08%

8.56%

3.13%

1.29%

0.90%

Ratios

to

average

net

assets

e

Expenses

.........................

0.65%

f

0.65%

f

0.65%

f

0.65%

f

0.64%

0.63%

Net

investment

income

...............

2.08%

2.37%

2.73%

3.20%

3.22%

3.37%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$791,518

$805,688

$866,593

$843,042

$932,929

$962,953

Portfolio

turnover

rate

................

9.18%

18.23%

15.49%

9.09%

12.63%

16.89%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Oregon

Tax

-

Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

117

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.91

$12.19

$11.54

$11.55

$11.77

$12.06

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.09

0.22

0.26

0.30

0.32

0.34

Net

realized

and

unrealized

gains

(losses)

0.21

(0.29)

0.66

(0.01)

(0.22)

(0.30)

Total

from

investment

operations

........

0.30

(0.07)

0.92

0.29

0.10

0.04

Less

distributions

from:

Net

investment

income

..............

(0.09)

(0.21)

(0.27)

(0.30)

(0.32)

(0.33)

Net

asset

value,

end

of

period

..........

$12.12

$11.91

$12.19

$11.54

$11.55

$11.77

Total

return

d

.......................

2.63%

(0.63)%

8.05%

2.51%

0.80%

0.32%

Ratios

to

average

net

assets

e

Expenses

.........................

1.19%

f

1.19%

f

1.20%

f

1.20%

f

1.19%

1.18%

Net

investment

income

...............

1.50%

1.80%

2.18%

2.65%

2.67%

2.82%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$81,765

$98,075

$127,898

$128,133

$175,054

$197,041

Portfolio

turnover

rate

................

9.18%

18.23%

15.49%

9.09%

12.63%

16.89%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Oregon

Tax

-

Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

118

In

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.73

$12.00

$11.37

$11.38

$11.66

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.13

0.29

0.33

0.38

0.23

Net

realized

and

unrealized

gains

(losses)

...........

0.21

(0.27)

0.64

(0.02)

(0.29)

Total

from

investment

operations

....................

0.34

0.02

0.97

0.36

(0.06)

Less

distributions

from:

Net

investment

income

..........................

(0.13)

(0.29)

(0.34)

(0.37)

(0.22)

Net

asset

value,

end

of

period

......................

$11.94

$11.73

$12.00

$11.37

$11.38

Total

return

e

...................................

3.03%

0.12%

8.69%

3.24%

(0.50)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.52%

0.52%

0.53%

0.53%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.51%

g,h

0.52%

g,h

0.52%

g

0.52%

g

0.51%

Net

investment

income

...........................

2.21%

2.49%

2.86%

3.33%

3.35%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$26,127

$22,928

$19,823

$13,308

$13,217

Portfolio

turnover

rate

............................

9.18%

18.23%

15.49%

9.09%

12.63%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Oregon

Tax

-

Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

119

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.73

$12.01

$11.37

$11.38

$11.61

$11.90

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.29

0.33

0.37

0.39

0.41

Net

realized

and

unrealized

gains

(losses)

0.22

(0.28)

0.65

(0.01)

(0.23)

(0.29)

Total

from

investment

operations

........

0.35

0.01

0.98

0.36

0.16

0.12

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.29)

(0.34)

(0.37)

(0.39)

(0.41)

Net

asset

value,

end

of

period

..........

$11.95

$11.73

$12.01

$11.37

$11.38

$11.61

Total

return

d

.......................

3.01%

0.09%

8.75%

3.22%

1.38%

0.99%

Ratios

to

average

net

assets

e

Expenses

.........................

0.55%

f

0.55%

f

0.55%

f

0.55%

f

0.54%

0.53%

Net

investment

income

...............

2.17%

2.45%

2.83%

3.30%

3.32%

3.47%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$181,955

$171,322

$145,073

$107,253

$101,300

$96,539

Portfolio

turnover

rate

................

9.18%

18.23%

15.49%

9.09%

12.63%

16.89%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,2021

Franklin

Oregon

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

120

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

95.1%

Alabama

0.6%

a

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

12/01/31

.....................................................

$

6,500,000

$

8,037,697

Illinois

1.6%

b

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

5,000,000

5,767,440

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

3,750,000

4,457,403

GO,

2017

D,

5%,

11/01/26

...........................................

1,000,000

1,206,272

GO,

2017

D,

5%,

11/01/27

...........................................

1,000,000

1,231,962

GO,

2019

B,

4%,

11/01/33

...........................................

500,000

583,706

GO,

2020

B,

5%,

10/01/29

...........................................

1,000,000

1,276,734

GO,

2020

B,

4%,

10/01/33

...........................................

1,500,000

1,777,650

GO,

2020

C,

4%,

10/01/42

...........................................

1,000,000

1,152,871

GO,

2021

A,

5%,

3/01/33

............................................

1,000,000

1,291,706

GO,

2021

A,

5%,

3/01/35

............................................

2,250,000

2,885,029

21,630,773

New

Jersey

1.2%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

500,000

567,413

Revenue,

2020

AA,

4%,

6/15/35

.......................................

1,000,000

1,197,782

Revenue,

2020

AA,

5%,

6/15/35

.......................................

1,000,000

1,300,243

Revenue,

2020

AA,

4%,

6/15/40

.......................................

2,000,000

2,355,408

Revenue,

2020

AA,

4%,

6/15/45

.......................................

1,000,000

1,162,454

Revenue,

2020

AA,

3%,

6/15/50

.......................................

1,000,000

1,051,580

Revenue,

2020

AA,

4%,

6/15/50

.......................................

1,000,000

1,156,617

Revenue,

2021

A,

Refunding,

5%,

6/15/33

...............................

1,250,000

1,650,861

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

2,000,000

2,398,258

State

of

New

Jersey

,

GO

,

2020

A

,

5

%

,

6/01/28

.............................

2,250,000

2,866,340

15,706,956

New

York

0.5%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/51

.....................................

1,000,000

1,139,249

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

3,500,000

4,047,102

Revenue,

2021

A-2,

4%,

11/15/41

.....................................

1,000,000

1,167,886

6,354,237

Oregon

89.3%

Astoria

Hospital

Facilities

Authority

,

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2012,

Refunding,

5%,

8/01/28

........................................................

1,325,000

1,380,564

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

5%,

8/01/41

......

4,250,000

4,978,340

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

4%,

8/01/46

......

1,750,000

1,923,746

Benton

&

Polk

School

District

No.

17J

,

GO

,

2010

B

,

Zero

Cpn.,

6/15/31

...........

1,000,000

870,063

Central

Lincoln

People's

Utility

District

JATC,

Inc.

,

Revenue

,

2016

,

5

%

,

12/01/45

....

2,900,000

3,363,777

City

of

Beaverton

,

Water,

Revenue,

2020,

5%,

4/01/35

....................................

1,675,000

2,179,861

Water,

Revenue,

2020,

5%,

4/01/36

....................................

1,760,000

2,282,486

Water,

Revenue,

2020,

5%,

4/01/37

....................................

1,850,000

2,392,201

Water,

Revenue,

2020,

5%,

4/01/38

....................................

1,940,000

2,502,587

Water,

Revenue,

2020,

5%,

4/01/39

....................................

2,040,000

2,625,026

Water,

Revenue,

2020,

5%,

4/01/40

....................................

2,140,000

2,747,897

City

of

Eugene

,

Electric

Utility

System,

Revenue,

2017,

5%,

8/01/47

........................

3,580,000

4,284,794

Electric

Utility

System,

Revenue,

2020

A,

4%,

8/01/45

......................

4,170,000

4,968,156

Electric

Utility

System,

Revenue,

2020

A,

4%,

8/01/49

......................

2,500,000

2,966,553

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

121

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

City

of

Forest

Grove

,

Oak

Tree

Foundation,

Inc.,

Revenue,

2017,

Refunding,

4%,

3/01/37

............

$

3,500,000

$

3,726,758

Pacific

University,

Revenue,

2015

A,

Refunding,

5%,

5/01/36

.................

2,500,000

2,826,249

City

of

Keizer

,

Special

Assessment

,

2008

,

5.2

%

,

6/01/31

......................

1,460,000

1,465,997

City

of

Portland

,

Tax

Allocation,

2012

B,

Refunding,

5%,

6/15/22

...........................

1,035,000

1,075,038

Tax

Allocation,

2012

C,

5%,

6/15/28

....................................

1,000,000

1,035,848

Tax

Allocation,

2012

C,

5%,

6/15/30

....................................

1,000,000

1,035,606

Sewer

System,

Revenue,

Second

Lien,

2020

A,

4%,

3/01/34

.................

5,000,000

6,194,050

Water

System,

Revenue,

Second

Lien,

2019

A,

5%,

5/01/44

..................

5,500,000

7,068,632

City

of

Tigard

,

Water,

Revenue,

2012,

Pre-Refunded,

5%,

8/01/37

........................

11,050,000

11,544,465

Water,

Revenue,

2012,

Pre-Refunded,

5%,

8/01/42

........................

20,915,000

21,850,905

Water,

Revenue,

2015,

5%,

8/01/45

....................................

23,545,000

27,196,184

Clackamas

Community

College

District

,

GO,

2017

A,

5%,

6/15/38

............................................

760,000

930,425

GO,

2017

A,

5%,

6/15/39

............................................

1,000,000

1,222,072

GO,

2017

A,

5%,

6/15/40

............................................

1,250,000

1,525,299

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO,

2017

A,

Zero

Cpn.,

6/15/40

.......................................

10,000,000

5,092,664

GO,

2017

A,

Zero

Cpn.,

6/15/41

.......................................

17,030,000

8,266,483

GO,

2017

A,

Zero

Cpn.,

6/15/42

.......................................

16,625,000

7,690,314

GO,

2017

B,

5%,

6/15/34

............................................

8,000,000

9,847,038

GO,

2017

B,

5%,

6/15/37

............................................

10,000,000

12,212,850

GO,

2018,

5%,

6/15/42

.............................................

1,750,000

2,170,805

Clackamas

County

School

District

No.

46

Oregon

Trail

,

GO,

Zero

Cpn.,

6/15/37

.............................................

12,130,000

9,072,711

GO,

Zero

Cpn.,

6/15/38

.............................................

12,495,000

9,094,826

Clackamas

County

School

District

No.

7J

Lake

Oswego

,

GO

,

2005

,

Refunding

,

AGMC

Insured

,

5.25

%

,

6/01/25

.............................................

3,075,000

3,641,056

Clackamas

County

School

District

No.

86

Canby

,

GO,

2020

A,

Refunding,

4%,

6/15/35

...................................

580,000

707,759

GO,

2020

A,

Refunding,

4%,

6/15/36

...................................

3,000,000

3,648,820

GO,

2020

A,

Refunding,

4%,

6/15/38

...................................

2,815,000

3,404,816

GO,

2020

A,

Refunding,

4%,

6/15/40

...................................

2,670,000

3,213,899

Clackamas

River

Water

,

Revenue

,

2016

,

5

%

,

11/01/43

.......................

1,970,000

2,249,233

Coos

County

School

District

No.

13

North

Bend

,

GO

,

2002

,

AGMC

Insured

,

5

%

,

6/15/22

.........................................................

55,000

55,216

Coos

County

School

District

No.

9

Coos

Bay

,

GO

,

2018

,

5

%

,

6/15/43

............

5,005,000

6,180,048

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/40

...

7,010,000

8,858,020

Crook

County

School

District

,

GO,

2013,

Pre-Refunded,

5%,

6/15/34

..................................

4,475,000

4,858,610

GO,

2013,

Pre-Refunded,

5%,

6/15/37

..................................

8,090,000

8,783,497

Deschutes

County

Hospital

Facilities

Authority

,

St.

Charles

Health

System

Obligated

Group,

Revenue,

2020

A,

4%,

1/01/49

......

5,160,000

6,057,584

St.

Charles

Health

System,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

1/01/48

......

8,440,000

9,736,053

Deschutes

Public

Library

District

,

GO

,

2021

,

4

%

,

6/01/39

.....................

6,000,000

7,333,715

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Terwilliger

Plaza,

Inc.

Obligated

Group

,

Revenue

,

2012

,

Refunding

,

5

%

,

12/01/29

..................

3,690,000

3,848,437

Jackson

County

School

District

No.

5

Ashland

,

GO,

2019,

5%,

6/15/42

.............................................

5,970,000

7,531,067

GO,

2019,

5%,

6/15/43

.............................................

6,495,000

8,178,266

GO,

2019,

5%,

6/15/44

.............................................

6,000,000

7,539,943

Jackson

County

School

District

No.

6

Central

Point

,

GO,

2019

B,

Zero

Cpn.,

6/15/40

.......................................

705,000

424,212

GO,

2019

B,

Zero

Cpn.,

6/15/41

.......................................

710,000

409,508

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

122

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Jackson

County

School

District

No.

6

Central

Point,

(continued)

GO,

2019

B,

Zero

Cpn.,

6/15/42

.......................................

$

610,000

$

337,632

GO,

2019

B,

Zero

Cpn.,

6/15/43

.......................................

820,000

436,215

GO,

2019

B,

Zero

Cpn.,

6/15/44

.......................................

1,115,000

568,916

GO,

2019

B,

Zero

Cpn.,

6/15/45

.......................................

985,000

483,528

GO,

2019

B,

Zero

Cpn.,

6/15/46

.......................................

1,190,000

559,399

GO,

2019

B,

Zero

Cpn.,

6/15/47

.......................................

1,170,000

529,231

GO,

2019

B,

Zero

Cpn.,

6/15/48

.......................................

1,320,000

574,518

GO,

2019

B,

Zero

Cpn.,

6/15/49

.......................................

1,270,000

531,632

Jefferson

County

School

District

No.

509J

,

GO,

2013,

Pre-Refunded,

5%,

6/15/30

..................................

3,000,000

3,257,169

GO,

2013,

Pre-Refunded,

5%,

6/15/31

..................................

1,410,000

1,530,869

Klamath

County

School

District

,

GO,

2013,

Pre-Refunded,

5%,

6/15/29

..................................

1,155,000

1,254,010

GO,

2013,

Pre-Refunded,

5%,

6/15/30

..................................

1,095,000

1,188,866

GO,

2013,

Pre-Refunded,

5%,

6/15/31

..................................

1,000,000

1,085,723

Klamath

Falls

Intercommunity

Hospital

Authority

,

Sky

Lakes

Medical

Center,

Inc.

,

Revenue

,

2016

,

Refunding

,

5

%

,

9/01/46

.................................

1,000,000

1,172,888

Lane

&

Douglas

Counties

School

District

No.

28J

Fern

Ridge

,

GO,

2014

A,

5%,

6/15/30

............................................

3,175,000

3,840,506

GO,

2014

A,

5%,

6/15/33

............................................

2,115,000

2,551,646

GO,

2014

A,

5%,

6/15/36

............................................

2,000,000

2,398,250

Lane

Community

College

,

GO

,

2020

A

,

4

%

,

6/15/40

.........................

1,200,000

1,444,449

Lebanon

Rural

Fire

Protection

District

,

GO

,

2020

,

BAM

Insured

,

4

%

,

6/15/45

.......

5,000,000

5,492,343

Marion

&

Linn

Counties

School

District

No.

14J

Jefferson

,

GO

,

2017

B

,

5

%

,

6/15/41

.

1,360,000

1,631,133

Marion

County

School

District

No.

103

Woodburn

,

GO,

2015,

5%,

6/15/33

.............................................

2,930,000

3,422,664

GO,

2015,

5%,

6/15/34

.............................................

3,200,000

3,734,125

GO,

2015,

5%,

6/15/35

.............................................

2,075,000

2,419,646

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/45

4,500,000

5,746,021

Rogue

Valley

Manor,

Revenue,

2013

A,

Refunding,

5%,

10/01/33

..............

1,500,000

1,610,532

Rogue

Valley

Manor,

Revenue,

2013

A,

Refunding,

5%,

10/01/42

..............

9,420,000

10,051,123

Metro

,

County

of

Multnomah,

Revenue,

2017,

5%,

6/15/42

........................

7,500,000

9,056,740

County

of

Multnomah,

Revenue,

2017,

5%,

6/15/47

........................

10,950,000

13,014,253

Multnomah

&

Clackamas

Counties

School

District

No.

10JT

Gresham-Barlow

,

GO,

2017

B,

5%,

6/15/37

............................................

7,885,000

9,629,832

GO,

2019

A,

Zero

Cpn.,

6/15/39

.......................................

9,500,000

5,743,577

Multnomah

County

School

District

No.

40

,

GO,

2012

B,

Zero

Cpn.,

6/15/24

.......................................

1,640,000

1,624,095

GO,

2012

B,

Zero

Cpn.,

6/15/25

.......................................

1,325,000

1,298,710

GO,

2012

B,

Zero

Cpn.,

6/15/26

.......................................

2,585,000

2,500,486

GO,

2012

B,

Zero

Cpn.,

6/15/27

.......................................

2,655,000

2,524,625

GO,

2012

B,

Zero

Cpn.,

6/15/28

.......................................

2,495,000

2,324,865

GO,

2012

B,

Zero

Cpn.,

6/15/29

.......................................

2,595,000

2,366,509

GO,

2012

B,

Zero

Cpn.,

6/15/30

.......................................

1,885,000

1,678,376

GO,

2012

B,

Zero

Cpn.,

6/15/31

.......................................

2,030,000

1,762,800

GO,

2012

B,

Zero

Cpn.,

6/15/32

.......................................

2,000,000

1,697,764

Multnomah-Clackamas

Counties

Centennial

School

District

No.

28JT

,

GO,

2020,

Refunding,

4%,

6/15/38

.....................................

1,050,000

1,279,672

GO,

2020,

Refunding,

4%,

6/15/39

.....................................

2,250,000

2,728,775

GO,

2020,

Refunding,

5%,

6/15/50

.....................................

24,655,000

31,517,557

Oregon

City

School

District

No.

62

,

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/29

......................

440,000

497,702

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/29

......................

560,000

634,266

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

123

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Oregon

City

School

District

No.

62,

(continued)

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/34

......................

$

780,000

$

882,290

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/34

......................

990,000

1,121,292

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/39

......................

550,000

622,128

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/39

......................

700,000

792,833

GO,

2018

B,

Refunding,

5%,

6/15/49

...................................

20,000,000

24,818,460

Oregon

Health

&

Science

University

,

Oregon

Health

&

Science

University

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/42

..................................

10,000,000

12,242,247

Oregon

State

Facilities

Authority

,

CHF-Ashland

LLC,

Revenue,

2012,

Pre-Refunded,

AGMC

Insured,

5%,

7/01/44

...

3,910,000

4,069,015

c

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

4%,

10/01/26

.................

1,625,000

1,696,298

c

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/36

.................

1,670,000

1,812,327

c

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/48

.................

4,000,000

4,317,515

Legacy

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

6/01/46

......

8,000,000

9,390,170

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2015

C,

5%,

10/01/45

..

4,000,000

4,628,976

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/41

.......................................................

7,800,000

9,035,088

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

5%,

10/01/46

.

3,280,000

3,774,418

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Pre-Refunded,

5%,

10/01/46

...................................................

220,000

267,872

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/40

.......................................................

8,125,000

10,166,683

Willamette

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/40

.............

1,950,000

2,269,684

Willamette

University,

Revenue,

2021

A,

Refunding,

4%,

10/01/51

.............

14,260,000

16,492,283

Oregon

State

Lottery

,

Revenue,

2013

A,

Pre-Refunded,

5%,

4/01/28

............................

5,800,000

6,245,834

Revenue,

2013

A,

Pre-Refunded,

5%,

4/01/32

............................

5,000,000

5,384,340

Oregon

State

University

,

Revenue

,

2015

A

,

5

%

,

4/01/45

......................

12,500,000

14,306,974

Port

of

Portland

,

Airport,

Revenue,

Twenty-Five

A,

5%,

7/01/49

............................

12,425,000

15,583,076

Airport,

Revenue,

Twenty-Five

B,

5%,

7/01/44

............................

16,250,000

20,171,881

Airport,

Revenue,

Twenty-Four

A,

5%,

7/01/47

............................

4,700,000

5,655,131

Airport,

Revenue,

Twenty-Four

B,

5%,

7/01/47

............................

9,395,000

11,143,421

Airport,

Revenue,

Twenty-Seven

A,

5%,

7/01/38

...........................

10,000,000

12,788,241

Airport,

Revenue,

Twenty-Six

A,

Refunding,

5%,

7/01/33

....................

1,150,000

1,517,100

Airport,

Revenue,

Twenty-Six

A,

Refunding,

4%,

7/01/37

....................

600,000

724,822

Airport,

Revenue,

Twenty-Six

A,

Refunding,

4%,

7/01/40

....................

500,000

599,594

Airport,

Revenue,

Twenty-Six

B,

Refunding,

5%,

7/01/37

....................

800,000

1,043,209

Airport,

Revenue,

Twenty-Six

B,

Refunding,

5%,

7/01/40

....................

675,000

873,915

Airport,

Revenue,

Twenty-Six

C,

Refunding,

5%,

7/01/28

....................

1,300,000

1,649,515

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/33

.............

555,000

648,506

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/38

.............

500,000

580,523

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/43

.............

2,250,000

2,595,749

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/48

.............

2,700,000

3,103,015

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/53

.............

1,000,000

1,144,398

Salem

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

5/15/46

.......

40,500,000

47,162,242

Salem-Keizer

School

District

No.

24J

,

GO,

2009

B,

Zero

Cpn.,

6/15/30

.......................................

8,500,000

7,581,497

GO,

2020

C,

4%,

6/15/37

............................................

5,000,000

6,085,825

GO,

2020

C,

4%,

6/15/38

............................................

10,000,000

12,141,206

Santiam

Canyon

School

District

129J

,

GO,

2019,

5%,

6/15/39

.............................................

1,000,000

1,253,300

GO,

2019,

5%,

6/15/44

.............................................

2,330,000

2,879,773

Seaside

School

District

No.

10

,

GO,

2017

B,

5%,

6/15/35

............................................

2,000,000

2,454,374

GO,

2017

B,

5%,

6/15/36

............................................

2,500,000

3,059,561

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

124

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

State

of

Oregon

,

GO,

2007

A,

4.7%,

8/01/42

...........................................

$

3,050,000

$

3,058,436

GO,

2015

M,

Pre-Refunded,

5%,

8/01/45

................................

3,315,000

3,923,623

GO,

2015

O,

Pre-Refunded,

5%,

8/01/40

................................

7,005,000

8,291,095

GO,

2017

A,

5%,

5/01/42

............................................

10,000,000

12,082,018

GO,

2017

H,

5%,

8/01/42

............................................

15,000,000

18,256,203

GO,

2019

A,

5%,

5/01/44

............................................

5,000,000

6,305,554

GO,

2019

G,

5%,

8/01/44

............................................

25,370,000

32,198,993

GO,

2020

E,

Refunding,

5%,

6/01/39

...................................

1,785,000

2,331,839

GO,

2020

E,

Refunding,

5%,

6/01/40

...................................

1,640,000

2,137,816

GO,

H,

Pre-Refunded,

5%,

5/01/36

....................................

1,000,000

1,032,579

GO,

L,

Refunding,

5%,

8/01/42

........................................

3,270,000

3,979,852

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/37

12,500,000

16,213,337

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/42

30,000,000

38,454,003

Department

of

Transportation,

Revenue,

Sub.

Lien,

2020

A,

5%,

11/15/40

.......

25,000,000

32,834,025

Housing

&

Community

Services

Department,

Revenue,

2018

B,

2.9%,

7/01/43

....

24,240,000

25,331,833

Housing

&

Community

Services

Department,

Revenue,

2019

A,

2.9%,

7/01/43

....

13,905,000

14,631,401

Tillamook

&

Yamhill

Counties

School

District

No.

101

Nestucca

Valley

,

GO,

2018

B,

5%,

6/15/36

............................................

2,850,000

3,558,405

GO,

2018

B,

5%,

6/15/37

............................................

2,520,000

3,138,872

Tri-County

Metropolitan

Transportation

District

of

Oregon

,

Revenue,

2012

A,

Pre-Refunded,

5%,

9/01/37

............................

11,000,000

11,535,964

Revenue,

2015

A,

Pre-Refunded,

5%,

9/01/40

............................

6,000,000

7,122,284

Revenue,

2018

A,

5%,

10/01/32

.......................................

6,865,000

8,492,397

Revenue,

2018

A,

4%,

9/01/48

........................................

7,850,000

9,011,364

Revenue,

2018

A,

5%,

9/01/48

........................................

18,505,000

22,552,702

Revenue,

Senior

Lien,

2017

A,

5%,

9/01/41

..............................

18,650,000

22,388,225

Revenue,

Senior

Lien,

2019

A,

4%,

9/01/39

..............................

2,550,000

3,063,707

Umatilla

County

School

District

No.

16R

Pendleton

,

GO

,

2014

A

,

Pre-Refunded

,

5

%

,

6/15/37

.........................................................

4,970,000

5,638,423

University

of

Oregon

,

Revenue,

2015

A,

5%,

4/01/45

........................................

20,000,000

22,822,706

Revenue,

2016

A,

5%,

4/01/46

........................................

11,690,000

13,706,590

Revenue,

2020

A,

5%,

4/01/50

........................................

20,000,000

25,207,830

c

Warm

Springs

Reservation

Confederated

Tribe

,

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/33

.........................

250,000

307,476

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/34

.........................

200,000

245,304

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/36

.........................

750,000

916,401

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/39

.........................

700,000

849,305

Washington

&

Clackamas

Counties

School

District

No.

23J

Tigard-Tualatin

,

GO,

2017,

5%,

6/15/36

.............................................

9,400,000

11,492,108

GO,

2017,

5%,

6/15/37

.............................................

6,000,000

7,320,171

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO,

2014

B,

Pre-Refunded,

5%,

6/15/33

................................

8,000,000

9,075,932

GO,

2014

B,

Pre-Refunded,

5%,

6/15/34

................................

11,000,000

12,479,407

GO,

2017

D,

5%,

6/15/35

............................................

10,000,000

12,259,234

GO,

2017

D,

5%,

6/15/36

............................................

10,000,000

12,231,943

Washington

Clackamas

&

Yamhill

Counties

School

District

No.

88J

,

GO,

2018

A,

Zero

Cpn.,

6/15/38

.......................................

2,350,000

1,399,969

GO,

2018

A,

Zero

Cpn.,

6/15/39

.......................................

3,275,000

1,863,792

Washington

County

School

District

No.

15

Forest

Grove

,

GO,

2012

B,

Zero

Cpn.,

6/15/29

.......................................

2,545,000

2,295,907

GO,

2012

B,

Zero

Cpn.,

6/15/30

.......................................

2,490,000

2,186,324

GO,

2012

B,

Zero

Cpn.,

6/15/31

.......................................

3,140,000

2,684,652

Yachats

Rural

Fire

Protection

District

,

GO

,

2017

,

AGMC

Insured

,

5

%

,

6/15/47

......

1,600,000

1,897,733

1,193,589,002

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

125

s

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Tennessee

0.4%

a

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

$

3,500,000

$

4,676,861

Texas

0.0%

†

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/30

250,000

322,219

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/31

250,000

326,886

649,105

Washington

0.2%

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/44

.............................

2,000,000

2,482,494

U.S.

Territories

1.3%

Puerto

Rico

1.3%

Children's

Trust

Fund

,

Revenue

,

2002

,

5.625

%

,

5/15/43

......................

6,000,000

6,035,728

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,300,000

1,417,080

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

1,089,379

d

Revenue,

WW-RSA-1,

5.25%,

7/01/33

..................................

7,040,000

6,925,600

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

1,100,000

1,241,022

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

265,000

288,693

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

400,000

459,484

17,456,986

Total

U.S.

Territories

....................................................................

17,456,986

Total

Municipal

Bonds

(Cost

$1,171,888,524)

...................................

1,270,584,111

a

a

a

a

Short

Term

Investments

2.1%

Municipal

Bonds

2.1%

Oregon

2.1%

e

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group,

Revenue,

2018

A,

Refunding,

LOC

US

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

8/01/34

.................................

6,800,000

6,800,000

PeaceHealth

Obligated

Group,

Revenue,

2018

B,

Refunding,

LOC

TD

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

8/01/34

.................................

20,900,000

20,900,000

e

State

of

Oregon

,

GO

,

2020

M

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

12/01/44

........................................................

1,000,000

1,000,000

28,700,000

Total

Municipal

Bonds

(Cost

$28,700,000)

......................................

28,700,000

Total

Short

Term

Investments

(Cost

$28,700,000

)

................................

28,700,000

a

Total

Investments

(Cost

$1,200,588,524)

97.2%

..................................

$1,299,284,111

Other

Assets,

less

Liabilities

2.8%

.............................................

37,350,972

Net

Assets

100.0%

...........................................................

$1,336,635,083

See

Abbreviations

on

page

165

.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

126

†

Rounds

to

less

than

0.1%

of

net

assets.

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

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

August

31,

2021,

the

aggregate

value

of

these

securities

was

$10,144,626,

representing

0.8%

of

net

assets.

d

See

Note

7

regarding

defaulted

securities.

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

Financial

Highlights

Franklin

Pennsylvania

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

127

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$9.89

$10.11

$9.73

$9.74

Income

from

investment

operations

c

:

Net

investment

income

d

......................................

0.11

0.26

0.29

0.16

Net

realized

and

unrealized

gains

(losses)

........................

0.19

(0.23)

0.39

(0.01)

Total

from

investment

operations

.................................

0.30

0.03

0.68

0.15

Less

distributions

from:

Net

investment

income

.......................................

(0.11)

(0.25)

(0.30)

(0.16)

Net

asset

value,

end

of

period

...................................

$10.08

$9.89

$10.11

$9.73

Total

return

e

................................................

3.00%

0.32%

7.14%

1.59%

Ratios

to

average

net

assets

f

Expenses

g

.................................................

0.81%

0.81%

0.82%

0.83%

Net

investment

income

........................................

2.08%

2.59%

2.98%

3.40%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$185,182

$146,124

$105,032

$52,673

Portfolio

turnover

rate

.........................................

22.35%

28.44%

13.61%

6.40%

a

For

the

year

ended

February

29.

b

For

the

period

September

10,

2018

(effective

date)

to

February

28,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

128

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.89

$10.11

$9.73

$9.78

$10.12

$10.33

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.27

0.31

0.34

0.35

0.39

Net

realized

and

unrealized

gains

(losses)

0.19

(0.23)

0.39

(0.04)

(0.32)

(0.22)

Total

from

investment

operations

........

0.30

0.04

0.70

0.30

0.03

0.17

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.26)

(0.32)

(0.35)

(0.37)

(0.38)

Net

asset

value,

end

of

period

..........

$10.08

$9.89

$10.11

$9.73

$9.78

$10.12

Total

return

d

.......................

3.08%

0.47%

7.29%

3.17%

0.31%

1.62%

Ratios

to

average

net

assets

e

Expenses

.........................

0.67%

f

0.67%

f

0.67%

f

0.68%

f

0.66%

0.64%

Net

investment

income

...............

2.24%

2.77%

3.13%

3.55%

3.49%

3.73%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$700,506

$709,450

$772,506

$784,367

$860,737

$942,320

Portfolio

turnover

rate

................

22.35%

28.44%

13.61%

6.40%

13.33%

10.88%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

129

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.02

$10.24

$9.86

$9.91

$10.24

$10.45

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.09

0.22

0.26

0.30

0.30

0.33

Net

realized

and

unrealized

gains

(losses)

0.19

(0.23)

0.39

(0.05)

(0.31)

(0.22)

Total

from

investment

operations

........

0.28

(0.01)

0.65

0.25

(0.01)

0.11

Less

distributions

from:

Net

investment

income

..............

(0.09)

(0.21)

(0.27)

(0.30)

(0.32)

(0.32)

Net

asset

value,

end

of

period

..........

$10.21

$10.02

$10.24

$9.86

$9.91

$10.24

Total

return

d

.......................

2.75%

(0.08)%

6.64%

2.56%

(0.15)%

1.04%

Ratios

to

average

net

assets

e

Expenses

.........................

1.21%

f

1.21%

f

1.22%

f

1.23%

f

1.21%

1.19%

Net

investment

income

...............

1.67%

2.21%

2.58%

3.00%

2.94%

3.18%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$73,401

$104,823

$146,042

$173,240

$245,520

$283,260

Portfolio

turnover

rate

................

22.35%

28.44%

13.61%

6.40%

13.33%

10.88%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

130

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$9.90

$10.12

$9.75

$9.80

$10.06

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.12

0.28

0.32

0.36

0.21

Net

realized

and

unrealized

gains

(losses)

...........

0.19

(0.22)

0.38

(0.04)

(0.25)

Total

from

investment

operations

....................

0.31

0.06

0.70

0.32

(0.04)

Less

distributions

from:

Net

investment

income

..........................

(0.12)

(0.28)

(0.33)

(0.37)

(0.22)

Net

asset

value,

end

of

period

......................

$10.09

$9.90

$10.12

$9.75

$9.80

Total

return

e

...................................

3.15%

0.61%

7.32%

3.30%

(0.43)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.55%

0.55%

0.55%

0.57%

0.57%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.52%

g

0.53%

g

0.53%

g

0.54%

g

0.52%

Net

investment

income

...........................

2.37%

2.86%

3.27%

3.69%

3.63%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$5,034

$4,300

$2,905

$2,282

$2,085

Portfolio

turnover

rate

............................

22.35%

28.44%

13.61%

6.40%

13.33%

a

For

the

year

ended

February

29.

b

For

the

period

August

1,

2017

(effective

date)

to

February

28,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

131

a

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

2020

a

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.90

$10.12

$9.75

$9.80

$10.13

$10.34

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.12

0.28

0.32

0.36

0.36

0.40

Net

realized

and

unrealized

gains

(losses)

0.19

(0.23)

0.38

(0.05)

(0.31)

(0.22)

Total

from

investment

operations

........

0.31

0.05

0.70

0.31

0.05

0.18

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.27)

(0.33)

(0.36)

(0.38)

(0.39)

Net

asset

value,

end

of

period

..........

$10.09

$9.90

$10.12

$9.75

$9.80

$10.13

Total

return

d

.......................

3.13%

0.57%

7.28%

3.27%

0.51%

1.72%

Ratios

to

average

net

assets

e

Expenses

.........................

0.56%

f

0.56%

f

0.57%

f

0.58%

f

0.56%

0.54%

Net

investment

income

...............

2.33%

2.85%

3.23%

3.65%

3.59%

3.83%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$110,621

$105,603

$98,190

$81,595

$79,153

$85,753

Portfolio

turnover

rate

................

22.35

%

28.44%

13.61%

6.40%

13.33%

10.88%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

August

31,2021

Franklin

Pennsylvania

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

132

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

96.5%

Alabama

0.4%

a

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

12/01/31

.....................................................

$

4,000,000

$

4,946,275

Illinois

1.4%

b

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

2022

A,

Refunding,

4%,

12/15/42

..............................

2,750,000

3,172,092

Revenue,

2022

A,

Refunding,

4%,

12/15/47

..............................

2,000,000

2,282,546

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

2,000,000

2,377,282

GO,

2017

C,

5%,

11/01/29

...........................................

1,000,000

1,213,170

GO,

2017

D,

5%,

11/01/27

...........................................

2,000,000

2,463,923

GO,

2020,

5.5%,

5/01/30

............................................

1,000,000

1,328,819

GO,

2021

A,

5%,

3/01/32

............................................

1,500,000

1,944,724

GO,

2021

A,

4%,

3/01/39

............................................

500,000

584,693

15,367,249

New

Jersey

0.7%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/46

...

1,000,000

1,160,944

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

5%,

6/15/35

.......................................

2,000,000

2,600,487

Revenue,

2020

AA,

4%,

6/15/37

.......................................

1,000,000

1,188,684

Revenue,

2020

AA,

5%,

6/15/39

.......................................

2,240,000

2,878,614

7,828,729

New

York

1.4%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/53

.....................................

1,000,000

1,139,249

Revenue,

2020

D,

4%,

11/15/47

.......................................

750,000

862,725

Revenue,

2021

A-1,

4%,

11/15/44

.....................................

7,000,000

8,142,998

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

4,000,000

4,609,456

14,754,428

Pennsylvania

91.3%

Allegheny

County

Airport

Authority

,

Revenue,

2021

A,

5%,

1/01/36

........................................

10,000,000

12,848,086

Revenue,

2021

B,

5%,

1/01/36

........................................

2,735,000

3,580,017

Allegheny

County

Higher

Education

Building

Authority

,

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/37

.....................

1,000,000

1,163,824

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/47

.....................

1,300,000

1,485,675

Allegheny

County

Sanitary

Authority

,

Revenue

,

2018

,

5

%

,

6/01/43

...............

7,000,000

8,670,063

b

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/42

.............................................

7,875,000

9,906,564

Avon

Grove

School

District

Chester

County

,

GO,

2021

A,

4%,

11/15/35

...........................................

500,000

601,990

GO,

2021

A,

4%,

11/15/36

...........................................

1,000,000

1,200,700

GO,

2021

A,

4%,

11/15/37

...........................................

1,250,000

1,494,760

GO,

2021

A,

4%,

11/15/38

...........................................

1,890,000

2,256,562

GO,

2021

A,

4%,

11/15/40

...........................................

2,700,000

3,214,164

Berks

County

Industrial

Development

Authority

,

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/42

........................................................

1,000,000

1,167,357

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/47

........................................................

600,000

696,539

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

C,

5%,

5/15/37

......

1,245,000

1,388,731

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

5/15/38

1,030,000

1,168,001

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

5/15/48

1,000,000

1,124,723

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

133

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Blue

Mountain

School

District

,

GO,

2021

B,

AGMC

Insured,

4%,

8/01/32

................................

$

1,000,000

$

1,213,291

GO,

2021

B,

AGMC

Insured,

4%,

8/01/35

................................

1,000,000

1,203,459

Bristol

Township

School

District

,

GO

,

2021

C

,

BAM

Insured

,

3

%

,

6/01/37

..........

1,250,000

1,392,499

Bucks

County

Industrial

Development

Authority

,

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2019,

4%,

8/15/44

.............

1,500,000

1,715,230

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2021,

3%,

8/15/53

.............

12,000,000

12,419,556

Bucks

County

Water

and

Sewer

Authority

,

Revenue

,

2011

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

12/01/41

..............................................

10,000,000

10,121,331

Butler

County

Hospital

Authority

,

Butler

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

7/01/39

.......................................

1,625,000

1,834,908

Canon

Mcmillan

School

District

,

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/44

..........................

6,075,000

6,859,787

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/46

..........................

7,680,000

8,640,755

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/48

..........................

5,250,000

5,890,637

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/50

..........................

6,000,000

6,765,635

Central

Bradford

Progress

Authority

,

Guthrie

Clinic

(The)

,

Revenue

,

2011

,

Pre-

Refunded

,

5.375

%

,

12/01/41

.........................................

3,000,000

3,038,799

Centre

County

Hospital

Authority

,

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/42

.......................................................

1,215,000

1,479,793

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

4%,

11/15/47

.......................................................

1,840,000

2,087,208

Chester

County

Industrial

Development

Authority

,

University

Student

Housing

LLC,

Revenue,

2013

A,

5%,

8/01/35

...............

500,000

516,096

University

Student

Housing

LLC,

Revenue,

2013

A,

5%,

8/01/45

...............

1,500,000

1,539,856

City

of

Erie

Higher

Education

Building

Authority

,

Gannon

University,

Revenue,

2021

TT-1,

4%,

5/01/36

......................

400,000

461,317

Gannon

University,

Revenue,

2021

TT-1,

4%,

5/01/41

......................

1,000,000

1,137,194

Gannon

University,

Revenue,

2021

TT-1,

5%,

5/01/47

......................

480,000

589,021

City

of

Philadelphia

,

GO,

2019

B,

5%,

2/01/36

............................................

3,300,000

4,181,953

GO,

2019

B,

5%,

2/01/37

............................................

4,950,000

6,255,865

GO,

2019

B,

5%,

2/01/38

............................................

2,500,000

3,150,370

GO,

2019

B,

5%,

2/01/39

............................................

2,500,000

3,143,052

GO,

2021

A,

4%,

5/01/42

............................................

8,320,000

9,906,027

Airport,

Revenue,

2017

B,

Refunding,

5%,

7/01/42

.........................

10,000,000

12,041,116

Airport,

Revenue,

2020

C,

Refunding,

4%,

7/01/45

.........................

2,725,000

3,142,896

Airport,

Revenue,

2020

C,

Refunding,

4%,

7/01/50

.........................

3,225,000

3,690,637

Airport,

Revenue,

2021,

Refunding,

5%,

7/01/51

...........................

11,600,000

14,702,785

Water

&

Wastewater,

Revenue,

2013

A,

Pre-Refunded,

5.125%,

1/01/43

........

5,000,000

5,082,333

Water

&

Wastewater,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/40

............

10,000,000

11,348,032

Water

&

Wastewater,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/45

............

5,000,000

5,674,016

Water

&

Wastewater,

Revenue,

2017

A,

5%,

10/01/42

......................

10,000,000

12,408,758

Water

&

Wastewater,

Revenue,

2017

A,

5%,

10/01/47

......................

5,000,000

6,082,193

Water

&

Wastewater,

Revenue,

2018

A,

5%,

10/01/43

......................

5,000,000

6,264,603

Water

&

Wastewater,

Revenue,

2019

B,

5%,

11/01/49

......................

5,000,000

6,321,642

Colonial

School

District

,

GO,

2021

A,

3%,

2/15/36

............................................

700,000

770,254

GO,

2021

A,

3%,

2/15/37

............................................

525,000

575,740

GO,

2021

A,

3%,

2/15/38

............................................

655,000

716,712

GO,

2021

A,

3%,

2/15/39

............................................

325,000

354,798

GO,

2021

A,

3%,

2/15/40

............................................

1,650,000

1,797,759

Commonwealth

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development

,

Revenue

,

2015

A

,

5

%

,

6/01/34

..........

10,000,000

11,613,556

Commonwealth

of

Pennsylvania

,

GO,

2019,

Refunding,

5%,

7/15/29

.....................................

10,000,000

13,146,627

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

134

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Commonwealth

of

Pennsylvania,

(continued)

GO,

First

Series,

2020,

3%,

5/01/36

....................................

$

22,070,000

$

24,678,001

Conestoga

Valley

School

District

,

GO,

2021

A,

4%,

2/01/36

............................................

1,100,000

1,322,861

Revenue,

2021

B,

4%,

2/01/36

........................................

1,020,000

1,227,503

County

of

Beaver

,

GO

,

2017

,

BAM

Insured

,

4

%

,

4/15/29

......................

1,660,000

1,979,532

County

of

Chester

,

GO,

2020,

4%,

7/15/37

.............................................

1,000,000

1,167,309

GO,

2020,

4%,

7/15/39

.............................................

1,120,000

1,300,873

GO,

2020,

4%,

7/15/40

.............................................

1,330,000

1,543,098

County

of

Jefferson

,

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/35

........................

650,000

729,379

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/37

........................

770,000

859,277

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/39

........................

520,000

577,098

County

of

Monroe

,

GO,

2021

A,

4%,

7/15/36

............................................

5,440,000

6,511,633

GO,

2021

A,

4%,

7/15/37

............................................

5,500,000

6,564,197

County

of

Montgomery

,

GO,

2021

A,

5%,

1/01/38

............................................

6,825,000

9,022,149

GO,

2021

A,

5%,

1/01/39

............................................

7,175,000

9,459,402

County

of

York

,

GO

,

2020

B

,

4

%

,

6/01/38

.................................

860,000

1,035,528

Cumberland

County

Municipal

Authority

,

Dickinson

College

,

Revenue

,

2012

,

5

%

,

11/01/42

........................................................

4,500,000

4,724,718

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

5/01/37

......................................................

2,500,000

2,696,258

Dauphin

County

General

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2012

A

,

5

%

,

6/01/42

.........................................................

15,590,000

16,084,273

Delaware

County

Authority

,

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/27

..............

2,800,000

3,139,585

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/32

..............

1,620,000

1,788,543

Villanova

University,

Revenue,

2015,

4%,

8/01/45

..........................

2,120,000

2,344,654

Delaware

County

Regional

Water

Quality

Control

Authority

,

Revenue

,

2016

,

4

%

,

11/01/36

........................................................

2,005,000

2,295,237

Delaware

County

Vocational

&

Technical

School

Authority

,

Delaware

County

Intermediate

Unit

,

Revenue

,

2013

,

BAM

Insured

,

5

%

,

11/01/38

................

1,250,000

1,365,141

East

Hempfield

Township

Industrial

Development

Authority

,

Student

Services,

Inc.,

Revenue,

2013,

Pre-Refunded,

5%,

7/01/45

............

3,250,000

3,532,386

Student

Services,

Inc.,

Revenue,

2015,

Pre-Refunded,

5%,

7/01/47

............

3,750,000

4,409,764

Easton

Area

School

District

,

GO,

2021,

4%,

4/01/32

.............................................

1,450,000

1,764,796

GO,

2021,

4%,

4/01/33

.............................................

600,000

727,941

Erie

City

Water

Authority

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

12/01/43

...........

6,000,000

7,393,055

Fairview

School

District

,

GO,

2021,

BAM

Insured,

3%,

9/15/37

...................................

1,195,000

1,318,014

GO,

2021,

BAM

Insured,

3%,

9/15/38

...................................

1,000,000

1,098,745

GO,

2021,

BAM

Insured,

3%,

9/15/39

...................................

1,000,000

1,094,453

GO,

2021,

BAM

Insured,

3%,

9/15/40

...................................

1,080,000

1,178,689

Falls

Township

Authority

,

Revenue

,

2011

,

Refunding

,

5

%

,

12/01/41

..............

2,210,000

2,234,854

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group,

Revenue,

2017

A-1,

Refunding,

5%,

2/15/45

........................................................

19,055,000

22,590,230

Geisinger

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/39

........................................................

3,680,000

4,319,188

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

135

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

General

Authority

of

Southcentral

Pennsylvania

,

WellSpan

Health

Obligated

Group

,

Revenue

,

2014

A

,

Pre-Refunded

,

5

%

,

6/01/44

............................

$

11,955,000

$

13,540,452

Governor

Mifflin

School

District

,

GO,

2020

A,

4%,

4/01/40

............................................

680,000

791,563

GO,

2020

A,

4%,

4/01/41

............................................

1,700,000

1,975,718

GO,

2021,

3%,

4/01/35

.............................................

810,000

884,012

GO,

2021,

3%,

4/01/36

.............................................

625,000

679,870

GO,

2021,

3%,

4/01/37

.............................................

1,000,000

1,084,806

GO,

2021,

3%,

4/01/38

.............................................

1,000,000

1,082,370

GO,

2021,

3%,

4/01/39

.............................................

1,015,000

1,096,030

GO,

2021,

4%,

4/01/40

.............................................

800,000

934,381

GO,

2021,

4%,

4/01/41

.............................................

1,100,000

1,282,577

Greater

Johnstown

Water

Authority

,

Sewer,

Revenue,

2020,

AGMC

Insured,

4%,

8/15/38

.......................

1,740,000

2,051,192

Sewer,

Revenue,

2020,

AGMC

Insured,

4%,

8/15/41

.......................

2,650,000

3,112,509

Lancaster

County

Hospital

Authority

,

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

8/15/46

.............

4,165,000

4,940,282

Lancaster

Industrial

Development

Authority

,

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/44

......

1,850,000

2,146,946

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/49

......

2,300,000

2,657,182

Lancaster

School

District

,

GO,

2020,

AGMC

Insured,

4%,

6/01/34

.................................

1,000,000

1,193,447

GO,

2020,

AGMC

Insured,

4%,

6/01/35

.................................

1,850,000

2,203,743

Latrobe

Industrial

Development

Authority

,

Seton

Hill

University,

Revenue,

2021,

Refunding,

4%,

3/01/46

................

750,000

817,717

Seton

Hill

University,

Revenue,

2021,

Refunding,

4%,

3/01/51

................

800,000

869,797

St.

Vincent

College

Corp.,

Revenue,

2013,

5%,

5/01/43

.....................

4,120,000

4,316,324

Lehigh

County

Authority

,

Revenue,

2013

A,

Pre-Refunded,

5%,

12/01/43

...........................

2,805,000

3,103,378

Revenue,

2013

A,

5%,

12/01/43

.......................................

2,435,000

2,667,576

Lycoming

County

Authority

,

Lycoming

College,

Revenue,

2013

MM-1,

5.25%,

11/01/38

...................

1,400,000

1,544,767

Lycoming

College,

Revenue,

2013

MM-1,

5.25%,

11/01/43

...................

1,495,000

1,646,513

Mckeesport

Area

School

District

,

GO

,

2020

B

,

AGMC

Insured

,

4

%

,

10/01/40

.......

1,500,000

1,769,788

Monroe

County

Hospital

Authority

,

Lehigh

Valley

Health

Network

Obligated

Group

,

Revenue

,

2012

A

,

Pre-Refunded

,

5

%

,

1/01/41

............................

4,000,000

4,062,184

Montgomery

County

Higher

Education

and

Health

Authority

,

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

9/01/43

........................................................

3,000,000

3,680,360

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

9/01/44

........................................................

10,000,000

11,498,874

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

4%,

11/15/43

.......................................................

600,000

698,274

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

5%,

11/15/45

.......................................................

1,985,000

2,418,678

Main

Line

Health

System,

Inc.

Obligated

Group,

Revenue,

2012

A,

Pre-Refunded,

5%,

10/01/41

...................................................

9,600,000

9,870,648

Meadowood

Corp.

Obligated

Group

(The),

Revenue,

2018

A,

Refunding,

5%,

12/01/38

.......................................................

2,500,000

2,875,315

Public

School

of

Germantown

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/51

..

2,450,000

2,846,626

Waverly

Heights

Ltd.

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

12/01/49

..

2,000,000

2,310,593

New

Kensington

Municipal

Sanitary

Authority

,

Revenue

,

2021

A

,

AGMC

Insured

,

3

%

,

12/01/38

........................................................

500,000

546,141

Northampton

County

General

Purpose

Authority

,

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

8/15/46

...

10,000,000

11,745,378

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

8/15/43

...

2,285,000

2,798,387

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

136

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Northampton

County

General

Purpose

Authority,

(continued)

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

8/15/48

...

$

2,500,000

$

3,042,850

Northeastern

Pennsylvania

Hospital

and

Education

Authority

,

King's

College,

Revenue,

2019,

5%,

5/01/44

.............................

1,000,000

1,187,500

Wilkes

University,

Revenue,

2012

A,

5.25%,

3/01/42

........................

2,400,000

2,447,463

Northeastern

School

District

,

GO,

2021

A,

BAM

Insured,

3%,

3/01/38

.................................

850,000

926,776

GO,

2021

A,

BAM

Insured,

3%,

3/01/41

.................................

775,000

839,354

Northern

Lebanon

School

District

,

GO

,

2021

,

BAM

Insured

,

3

%

,

9/01/36

..........

1,895,000

2,095,239

Pennsylvania

Economic

Development

Financing

Authority

,

City

of

Philadelphia

Water

&

Wastewater,

Revenue,

2020,

Refunding,

4%,

1/01/29

.

500,000

586,998

City

of

Philadelphia

Water

&

Wastewater,

Revenue,

2020,

Refunding,

4%,

1/01/32

.

1,300,000

1,556,998

UPMC

Obligated

Group,

Revenue,

2014

A,

5%,

2/01/45

.....................

5,000,000

5,608,612

UPMC

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

11/15/42

...........

5,000,000

5,709,681

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/45

.....................

8,835,000

10,319,677

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/37

...........

1,375,000

1,676,685

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/39

...........

1,325,000

1,603,693

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/40

...........

1,200,000

1,446,323

Pennsylvania

Higher

Educational

Facilities

Authority

,

Bryn

Mawr

College,

Revenue,

2014,

Refunding,

5%,

12/01/44

................

6,365,000

7,213,497

Foundation

for

Indiana

University

of

Pennsylvania

(The),

Revenue,

2012

A,

Pre-

Refunded,

5%,

7/01/41

............................................

1,250,000

1,300,300

Gwynedd

Mercy

University,

Revenue,

2012

KK-1,

5.375%,

5/01/42

............

1,800,000

1,845,164

Shippensburg

University

Student

Services,

Inc.,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/35

.......................................................

1,400,000

1,473,124

Shippensburg

University

Student

Services,

Inc.,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/44

.......................................................

2,000,000

2,104,463

St.

Francis

University,

Revenue,

2011-JJ2,

Pre-Refunded,

6.25%,

11/01/41

......

3,840,000

3,878,295

Temple

University-of

The

Commonwealth

System

of

Higher

Education,

Revenue,

First

Series,

2012,

Pre-Refunded,

5%,

4/01/42

..........................

15,000,000

15,427,361

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

9/01/45

........................................................

7,465,000

8,475,206

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017

A,

5%,

8/15/36

..

2,750,000

3,334,300

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017

A,

5%,

8/15/46

..

14,000,000

16,803,669

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2018

A,

5%,

2/15/48

..

5,000,000

6,124,825

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2015,

Refunding,

5%,

8/15/40

............................................

6,475,000

7,479,508

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

4%,

8/15/42

....................................................

5,000,000

5,700,765

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

5%,

8/15/42

....................................................

9,000,000

10,995,115

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

5%,

8/15/37

............................................

1,000,000

1,331,378

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

5%,

8/15/38

............................................

1,000,000

1,327,775

University

of

Sciences,

Revenue,

2012,

5%,

11/01/42

.......................

5,000,000

5,209,229

Widener

University,

Revenue,

2021

A,

Refunding,

4%,

7/15/46

................

4,025,000

4,724,848

Widener

University,

Revenue,

2021

A,

Refunding,

4%,

7/15/51

................

5,380,000

6,297,024

Pennsylvania

Housing

Finance

Agency

,

Revenue,

2019-129,

3.4%,

10/01/49

...................................

6,000,000

6,343,752

Revenue,

2020-132

A,

2.55%,

10/01/41

.................................

11,280,000

11,604,018

Revenue,

2020-133,

2.5%,

10/01/45

...................................

10,000,000

10,125,247

Pennsylvania

State

University

(The)

,

Revenue,

2015

A,

Refunding,

5%,

9/01/40

...............................

10,490,000

12,227,477

Revenue,

2016

A,

Refunding,

5%,

9/01/41

...............................

10,000,000

11,939,341

Revenue,

2017

A,

5%,

9/01/42

........................................

15,750,000

19,317,961

Revenue,

2017

A,

5%,

9/01/47

........................................

10,000,000

12,187,561

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

137

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Pennsylvania

State

University

(The),

(continued)

Revenue,

2018,

5%,

9/01/48

.........................................

$

5,955,000

$

7,393,536

Revenue,

2019

A,

5%,

9/01/37

........................................

3,585,000

4,624,603

Pennsylvania

Turnpike

Commission

,

Revenue,

2013

C,

Pre-Refunded,

5%,

12/01/43

...........................

7,595,000

8,421,060

Revenue,

2013

C,

5%,

12/01/43

.......................................

2,405,000

2,638,247

Revenue,

2018

A,

5%,

12/01/48

.......................................

18,600,000

23,114,953

Revenue,

2021

A,

Refunding,

4%,

12/01/39

..............................

2,655,000

3,184,014

Revenue,

2021

A,

4%,

12/01/50

.......................................

10,000,000

11,733,739

Revenue,

2021

B,

4%,

12/01/38

.......................................

1,500,000

1,808,890

Pequea

Valley

School

District

,

GO,

2021,

3%,

5/15/36

.............................................

500,000

551,379

GO,

2021,

3%,

5/15/37

.............................................

500,000

549,841

GO,

2021,

3%,

5/15/38

.............................................

300,000

329,152

GO,

2021,

3%,

5/15/39

.............................................

350,000

383,095

GO,

2021,

3%,

5/15/40

.............................................

300,000

327,706

Philadelphia

Authority

for

Industrial

Development

,

Beech

International

LLC,

Revenue,

2010

A,

5.625%,

6/15/42

.................

4,000,000

4,009,275

Children's

Hospital

of

Philadelphia

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/42

5,000,000

5,644,782

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/30

............

200,000

238,562

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/40

............

300,000

368,064

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/50

............

2,515,000

3,036,364

Temple

University-of

The

Commonwealth

System

of

Higher

Education,

Revenue,

First

Series,

2015,

Refunding,

5%,

4/01/40

.............................

5,000,000

5,706,461

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

9/01/47

........................................................

11,150,000

13,320,342

Philadelphia

Gas

Works

Co.

,

Revenue,

14th,

Refunding,

5%,

10/01/32

................................

1,000,000

1,205,871

Revenue,

15th,

Refunding,

5%,

8/01/42

.................................

5,000,000

6,015,688

Revenue,

15th,

Refunding,

5%,

8/01/47

.................................

6,000,000

7,140,064

Philadelphia

Housing

Authority

,

Revenue

,

2002

A

,

AGMC

Insured

,

5

%

,

12/01/21

....

2,560,000

2,570,183

Pittsburgh

Water

&

Sewer

Authority

,

Revenue,

First

Lien

,

2020

B

,

AGMC

Insured

,

4

%

,

9/01/50

.........................................................

6,105,000

7,237,002

Pocono

Mountains

Industrial

Park

Authority

,

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2015

A

,

5

%

,

8/15/40

........................................

5,000,000

5,594,999

Radnor

Township

School

District

,

GO,

2021,

3%,

8/15/35

.............................................

1,400,000

1,553,713

GO,

2021,

4%,

8/15/36

.............................................

1,600,000

1,917,659

GO,

2021,

4%,

8/15/37

.............................................

3,445,000

4,114,536

GO,

2021,

4%,

8/15/38

.............................................

1,430,000

1,705,192

GO,

2021,

4%,

8/15/39

.............................................

1,400,000

1,664,269

Scranton

School

District

,

GO,

2020,

4%,

12/01/40

.............................................

1,535,000

1,785,566

GO,

2020,

4%,

12/01/42

.............................................

2,835,000

3,284,522

GO,

2020,

4%,

12/01/45

.............................................

3,670,000

4,224,567

Scranton-Lackawanna

Health

and

Welfare

Authority

,

University

of

Scranton

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/37

.......................................

4,000,000

4,658,077

State

College

Area

School

District

,

GO,

2015,

5%,

3/15/40

.............................................

16,400,000

18,789,170

GO,

2018,

5%,

5/15/37

.............................................

1,075,000

1,339,809

GO,

2018,

5%,

5/15/44

.............................................

3,500,000

4,304,535

State

Public

School

Building

Authority

,

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

6/01/32

....................................................

7,095,000

8,626,292

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

6/01/33

....................................................

3,000,000

3,638,875

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

138

s

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Swarthmore

Borough

Authority

,

Swarthmore

College

,

Revenue

,

2013

,

5

%

,

9/15/43

..

$

1,000,000

$

1,088,581

Township

of

Northampton

,

GO

,

2021

,

4

%

,

5/15/39

...........................

1,495,000

1,764,036

Township

of

Upper

St.

Clair

,

GO,

2021,

4%,

5/15/37

.............................................

535,000

638,029

GO,

2021,

4%,

5/15/39

.............................................

1,000,000

1,187,151

Union

County

Higher

Educational

Facilities

Financing

Authority

,

Bucknell

University

,

Revenue

,

2012

A

,

Pre-Refunded

,

5

%

,

4/01/42

............................

5,000,000

5,140,963

Upper

Merion

Area

School

District

,

GO,

2021

A,

3%,

1/15/39

............................................

1,000,000

1,103,122

GO,

2021

A,

3%,

1/15/40

............................................

1,500,000

1,651,474

GO,

2021

A,

3%,

1/15/41

............................................

1,275,000

1,400,417

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

7/01/29

......

725,000

932,058

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

7/01/30

......

1,270,000

1,659,529

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/37

......

2,400,000

2,856,553

Wilson

School

District

,

GO,

2021

C,

4%,

5/15/30

............................................

2,500,000

3,063,649

GO,

2021

C,

4%,

5/15/31

............................................

2,100,000

2,553,391

GO,

2021

C,

4%,

5/15/32

............................................

1,850,000

2,240,446

980,941,719

U.S.

Territories

1.3%

Puerto

Rico

1.3%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,100,000

1,199,068

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

1,089,379

c

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

5,175,000

5,090,906

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

950,000

1,071,792

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.5%,

7/01/29

.................

2,500,000

2,947,718

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/28

....................

755,000

887,895

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,290,000

1,481,836

13,768,594

Total

U.S.

Territories

....................................................................

13,768,594

Total

Municipal

Bonds

(Cost

$980,992,565)

.....................................

1,037,606,994

a

a

a

a

a

Total

Investments

(Cost

$980,992,565)

96.5%

...................................

$1,037,606,994

Other

Assets,

less

Liabilities

3.5%

.............................................

37,136,830

Net

Assets

100.0%

...........................................................

$1,074,743,824

See

Abbreviations

on

page

165

.

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

c

See

Note

7

regarding

defaulted

securities.

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

August

31,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

139

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-

Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

................

$980,965,623

$672,175,034

$190,330,822

$900,512,353

Value

-

Unaffiliated

issuers

...............

$1,061,282,510

$730,911,480

$201,353,537

$971,670,344

Cash

.................................

35,657,941

30,325,153

2,753,277

7,200,054

Receivables:

Investment

securities

sold

................

—

—

—

2,742,950

Capital

shares

sold

.....................

811,180

662,570

42,897

356,659

Interest

..............................

7,725,555

8,351,820

1,577,693

11,758,764

Total

assets

.......................

1,105,477,186

770,251,023

205,727,404

993,728,771

Liabilities:

Payables:

Investment

securities

purchased

...........

42,390,014

—

2,973,759

11,439,604

Capital

shares

redeemed

................

2,090,636

756,935

217,760

1,734,677

Management

fees

......................

418,890

308,601

95,138

389,104

Distribution

fees

.......................

128,049

89,472

24,706

114,075

Transfer

agent

fees

.....................

111,741

80,226

18,513

118,497

Distributions

to

shareholders

..............

227,543

78,388

63,610

203,960

Accrued

expenses

and

other

liabilities

........

82,323

108,218

49,745

143,169

Total

liabilities

......................

45,449,196

1,421,840

3,443,231

14,143,086

Net

assets,

at

value

..............

$1,060,027,990

$768,829,183

$202,284,173

$979,585,685

Net

assets

consist

of:

Paid-in

capital

..........................

$1,042,472,430

$759,004,137

$225,832,126

$968,965,072

Total

distributable

earnings

(losses)

..........

17,555,560

9,825,046

(23,547,953)

10,620,613

Net

assets,

at

value

..............

$1,060,027,990

$768,829,183

$202,284,173

$979,585,685

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

140

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-

Free

Income

Fund

Class

A:

Net

assets,

at

value

....................

$216,622,259

$143,194,043

$36,927,371

$132,374,628

Shares

outstanding

.....................

19,494,292

12,031,800

3,590,480

11,058,937

Net

asset

value

per

share

a

...............

$11.11

$11.90

$10.28

$11.97

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

96.25%,

96.25%

and

96.25%,

respectively)

...................

$11.54

$12.36

$10.68

$12.44

Class

A1:

Net

assets,

at

value

....................

$576,387,919

$416,713,699

$133,506,169

$676,782,892

Shares

outstanding

.....................

51,963,731

35,032,295

12,995,184

56,611,617

Net

asset

value

per

share

a

...............

$11.09

$11.90

$10.27

$11.95

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

96.25%,

96.25%

and

96.25%,

respectively)

...................

$11.52

$12.36

$10.67

$12.42

Class

C:

Net

assets,

at

value

....................

$56,936,541

$40,529,465

$8,428,850

$47,479,971

Shares

outstanding

.....................

5,044,807

3,365,162

813,776

3,907,394

Net

asset

value

and

maximum

offering

price

per

share

a

...............................

$11.29

$12.04

$10.36

$12.15

Class

R6:

Net

assets,

at

value

....................

$29,607,018

$22,757,612

$1,912,418

$10,839,034

Shares

outstanding

.....................

2,660,638

1,911,687

186,158

902,992

Net

asset

value

and

maximum

offering

price

per

share

...............................

$11.13

$11.90

$10.27

$12.00

Advisor

Class:

Net

assets,

at

value

....................

$180,474,253

$145,634,364

$21,509,365

$112,109,160

Shares

outstanding

.....................

16,221,423

12,242,532

2,095,040

9,346,640

Net

asset

value

and

maximum

offering

price

per

share

...............................

$11.13

$11.90

$10.27

$11.99

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

141

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

................

$1,066,595,988

$1,514,360,604

$1,200,588,524

$980,992,565

Value

-

Unaffiliated

issuers

...............

$1,140,717,082

$1,633,634,559

$1,299,284,111

$1,037,606,994

Cash

.................................

14,230,204

84,760,848

32,183,295

44,255,349

Receivables:

Investment

securities

sold

................

6,609,763

—

—

—

Capital

shares

sold

.....................

740,993

1,537,608

888,150

357,993

Interest

..............................

7,555,774

15,204,541

12,320,999

10,297,846

Total

assets

.......................

1,169,853,816

1,735,137,556

1,344,676,555

1,092,518,182

Liabilities:

Payables:

Investment

securities

purchased

...........

6,952,600

18,945,475

5,857,785

15,412,070

Capital

shares

redeemed

................

1,324,852

3,074,706

1,045,729

1,314,151

Management

fees

......................

456,159

664,054

522,033

424,417

Distribution

fees

.......................

145,910

228,285

168,639

144,274

Transfer

agent

fees

.....................

187,872

192,895

146,542

133,319

Distributions

to

shareholders

..............

146,063

189,820

127,899

165,134

Accrued

expenses

and

other

liabilities

........

149,366

205,322

172,845

180,993

Total

liabilities

......................

9,362,822

23,500,557

8,041,472

17,774,358

Net

assets,

at

value

..............

$1,160,490,994

$1,711,636,999

$1,336,635,083

$1,074,743,824

Net

assets

consist

of:

Paid-in

capital

..........................

$1,095,781,221

$1,623,386,877

$1,314,752,271

$1,101,104,595

Total

distributable

earnings

(losses)

..........

64,709,773

88,250,122

21,882,812

(26,360,771)

Net

assets,

at

value

..............

$1,160,490,994

$1,711,636,999

$1,336,635,083

$1,074,743,824

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

142

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Class

A:

Net

assets,

at

value

....................

$201,656,696

$320,931,934

$255,271,041

$185,182,204

Shares

outstanding

.....................

15,796,318

24,465,756

21,382,322

18,373,479

Net

asset

value

per

share

a

...............

$12.77

$13.12

$11.94

$10.08

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

96.25%,

96.25%

and

96.25%,

respectively)

...................

$13.27

$13.63

$12.41

$10.47

Class

A1:

Net

assets,

at

value

....................

$586,211,225

$914,539,351

$791,517,860

$700,505,898

Shares

outstanding

.....................

45,926,110

69,760,367

66,357,993

69,526,034

Net

asset

value

per

share

a

...............

$12.76

$13.11

$11.93

$10.08

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

96.25%,

96.25%

and

96.25%,

respectively)

...................

$13.26

$13.62

$12.39

$10.47

Class

C:

Net

assets,

at

value

....................

$91,208,306

$140,021,883

$81,764,735

$73,401,057

Shares

outstanding

.....................

7,063,890

10,532,812

6,746,221

7,189,284

Net

asset

value

and

maximum

offering

price

per

share

a

...............................

$12.91

$13.29

$12.12

$10.21

Class

R6:

Net

assets,

at

value

....................

$16,055,327

$21,661,565

$26,126,613

$5,034,030

Shares

outstanding

.....................

1,255,741

1,650,099

2,188,653

498,896

Net

asset

value

and

maximum

offering

price

per

share

...............................

$12.79

$13.13

$11.94

$10.09

Advisor

Class:

Net

assets,

at

value

....................

$265,359,440

$314,482,266

$181,954,834

$110,620,635

Shares

outstanding

.....................

20,763,632

23,961,095

15,232,685

10,963,662

Net

asset

value

and

maximum

offering

price

per

share

...............................

$12.78

$13.12

$11.95

$10.09

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

for

the

six

months

ended

August

31,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

143

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-

Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

.....................

$16,020,635

$11,220,927

$3,068,364

$14,713,916

Expenses:

Management

fees

(Note

3

a

)

................

2,487,156

1,839,521

568,197

2,321,777

Distribution

fees:

(Note

3c

)

    Class

A

.............................

245,502

161,496

39,392

145,268

    Class

A1

............................

292,991

212,969

68,185

345,655

    Class

C

.............................

216,867

162,806

41,754

194,616

Transfer

agent

fees:

(Note

3e

)

    Class

A

.............................

63,828

45,939

11,419

42,239

    Class

A1

............................

189,932

151,016

49,283

250,756

    Class

C

.............................

21,603

17,732

4,633

21,699

    Class

R6

............................

5,402

4,328

288

2,183

    Advisor

Class

.........................

58,252

50,282

7,707

39,586

Custodian

fees

(Note

4

)

...................

1,011

2,187

209

2,876

Reports

to

shareholders

...................

20,376

25,016

9,184

35,596

Registration

and

filing

fees

.................

24,464

17,660

11,598

35,876

Professional

fees

........................

29,425

32,390

52,570

30,405

Trustees'

fees

and

expenses

...............

3,602

2,424

929

3,127

Other

.................................

26,490

23,155

9,020

33,555

Total

expenses

......................

3,686,901

2,748,921

874,368

3,505,214

Expense

reductions

(Note

4

)

............

(979)

(727)

(201)

(955)

Expenses

waived/paid

by

affiliates

(Note

3e

and

3f)

...........................

(1,360)

(1,138)

(24)

(927)

Net

expenses

......................

3,684,562

2,747,056

874,143

3,503,332

Net

investment

income

.............

12,336,073

8,473,871

2,194,221

11,210,584

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

165,247

1,330,377

474,301

5,860,675

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

17,465,752

12,176,215

1,760,259

4,767,614

Net

realized

and

unrealized

gain

(loss)

.........

17,630,999

13,506,592

2,234,560

10,628,289

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$29,967,072

$21,980,463

$4,428,781

$21,838,873

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

August

31,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

144

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

.....................

$14,955,742

$23,911,378

$18,233,204

$15,775,114

Expenses:

Management

fees

(Note

3

a

)

................

2,699,753

3,959,266

3,112,362

2,550,136

Distribution

fees:

(Note

3c

)

    Class

A

.............................

220,597

355,744

294,800

198,063

    Class

A1

............................

296,159

467,505

403,938

357,265

    Class

C

.............................

353,175

546,214

311,424

327,835

Transfer

agent

fees:

(Note

3e

)

    Class

A

.............................

78,706

100,485

73,427

56,074

    Class

A1

............................

264,870

329,272

250,847

251,990

    Class

C

.............................

48,653

59,131

29,691

35,468

    Class

R6

............................

3,201

4,573

4,475

1,305

    Advisor

Class

.........................

115,489

109,186

54,495

38,399

Custodian

fees

(Note

4

)

...................

3,255

4,949

1,358

1,116

Reports

to

shareholders

...................

43,586

58,723

34,287

41,076

Registration

and

filing

fees

.................

33,363

38,691

13,520

17,284

Professional

fees

........................

30,737

32,133

36,634

36,567

Trustees'

fees

and

expenses

...............

3,348

5,037

4,037

3,600

Other

.................................

31,524

37,367

40,095

35,872

Total

expenses

......................

4,226,416

6,108,276

4,665,390

3,952,050

Expense

reductions

(Note

4

)

............

(1,082)

(638)

(1,309)

(1,075)

Expenses

waived/paid

by

affiliates

(Note

3e

and

3f)

...........................

(911)

(1,571)

(739)

(574)

Net

expenses

......................

4,224,423

6,106,067

4,663,342

3,950,401

Net

investment

income

.............

10,731,319

17,805,311

13,569,862

11,824,713

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

99,460

52,210

1,119,452

9,035,506

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

13,136,113

27,170,345

22,479,210

11,079,315

Net

realized

and

unrealized

gain

(loss)

.........

13,235,573

27,222,555

23,598,662

20,114,821

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$23,966,892

$45,027,866

$37,168,524

$31,939,534

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

145

Franklin

Arizona

Tax-Free

Income

Fund

Franklin

Colorado

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$12,336,073

$25,455,449

$8,473,871

$18,321,450

Net

realized

gain

(loss)

............

165,247

(3,793,166)

1,330,377

(3,793,127)

Net

change

in

unrealized

appreciation

(depreciation)

.................

17,465,752

(27,908,043)

12,176,215

(14,819,613)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

29,967,072

(6,245,760)

21,980,463

(291,290)

Distributions

to

shareholders:

Class

A

........................

(2,176,197)

(3,530,526)

(1,347,134)

(2,320,571)

Class

A1

.......................

(6,967,643)

(16,010,033)

(4,771,571)

(10,932,885)

Class

C

........................

(596,041)

(1,470,061)

(416,187)

(1,124,510)

Class

R6

.......................

(336,587)

(504,677)

(252,724)

(414,225)

Advisor

Class

...................

(2,216,973)

(3,848,416)

(1,654,342)

(3,165,996)

Total

distributions

to

shareholders

.....

(12,293,441)

(25,363,713)

(8,441,958)

(17,958,187)

Capital

share

transactions:

(Note

2

)

Class

A

........................

39,616,608

46,860,162

21,435,650

34,365,432

Class

A1

.......................

(16,332,296)

(69,501,214)

(13,349,482)

(43,750,326)

Class

C

........................

(11,961,281)

(10,539,521)

(11,378,106)

(13,899,100)

Class

R6

.......................

7,745,454

5,021,567

3,105,519

5,386,336

Advisor

Class

...................

3,228,317

53,324,877

10,507,408

19,728,309

Total

capital

share

transactions

.......

22,296,802

25,165,871

10,320,989

1,830,651

Net

increase

(decrease)

in

net

assets

.....................

39,970,433

(6,443,602)

23,859,494

(16,418,826)

Net

assets:

Beginning

of

period

................

1,020,057,557

1,026,501,159

744,969,689

761,388,515

End

of

period

.....................

$1,060,027,990

$1,020,057,557

$768,829,183

$744,969,689

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

146

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$2,194,221

$5,483,919

$11,210,584

$23,545,313

Net

realized

gain

(loss)

............

474,301

238,822

5,860,675

2,425,654

Net

change

in

unrealized

appreciation

(depreciation)

.................

1,760,259

(4,813,848)

4,767,614

(18,546,109)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

4,428,781

908,893

21,838,873

7,424,858

Distributions

to

shareholders:

Class

A

........................

(320,669)

(636,353)

(1,258,443)

(2,069,591)

Class

A1

.......................

(1,498,340)

(3,845,333)

(8,023,170)

(17,733,776)

Class

C

........................

(104,825)

(367,425)

(518,018)

(1,318,876)

Class

R6

.......................

(20,532)

(15,579)

(102,232)

(124,531)

Advisor

Class

...................

(244,971)

(555,286)

(1,313,344)

(2,322,396)

Total

distributions

to

shareholders

.....

(2,189,337)

(5,419,976)

(11,215,207)

(23,569,170)

Capital

share

transactions:

(Note

2

)

Class

A

........................

8,121,824

7,340,317

23,749,349

34,307,234

Class

A1

.......................

(3,931,006)

(11,020,454)

(18,828,678)

(31,822,912)

Class

C

........................

(5,031,442)

(6,722,821)

(14,062,688)

(16,249,720)

Class

R6

.......................

510,279

1,098,621

4,544,707

2,166,826

Advisor

Class

...................

306,555

1,389,973

8,977,637

23,825,572

Total

capital

share

transactions

.......

(23,790)

(7,914,364)

4,380,327

12,227,000

Net

increase

(decrease)

in

net

assets

.....................

2,215,654

(12,425,447)

15,003,993

(3,917,312)

Net

assets:

Beginning

of

period

................

200,068,519

212,493,966

964,581,692

968,499,004

End

of

period

.....................

$202,284,173

$200,068,519

$979,585,685

$964,581,692

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

147

Franklin

Minnesota

Tax-Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$10,731,319

$21,968,113

$17,805,311

$39,421,091

Net

realized

gain

(loss)

............

99,460

445,733

52,210

2,545,647

Net

change

in

unrealized

appreciation

(depreciation)

.................

13,136,113

(19,163,251)

27,170,345

(42,016,696)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

23,966,892

3,250,595

45,027,866

(49,958)

Distributions

to

shareholders:

Class

A

........................

(1,556,798)

(2,469,974)

(2,761,431)

(4,744,547)

Class

A1

.......................

(5,667,029)

(12,450,612)

(9,807,092)

(23,866,350)

Class

C

........................

(726,122)

(1,872,618)

(1,274,344)

(3,512,371)

Class

R6

.......................

(157,891)

(247,539)

(222,922)

(344,000)

Advisor

Class

...................

(2,599,865)

(4,697,307)

(3,396,073)

(6,795,017)

Total

distributions

to

shareholders

.....

(10,707,705)

(21,738,050)

(17,461,862)

(39,262,285)

Capital

share

transactions:

(Note

2

)

Class

A

........................

39,128,032

65,835,864

55,004,678

106,924,752

Class

A1

.......................

(3,828,677)

(13,440,721)

(30,529,859)

(43,688,211)

Class

C

........................

(19,502,059)

(26,837,851)

(32,065,972)

(29,796,397)

Class

R6

.......................

2,000,404

4,436,109

4,392,719

6,679,310

Advisor

Class

...................

18,275,038

44,950,875

13,909,477

58,180,644

Total

capital

share

transactions

.......

36,072,738

74,944,276

10,711,043

98,300,098

Net

increase

(decrease)

in

net

assets

.....................

49,331,925

56,456,821

38,277,047

58,987,855

Net

assets:

Beginning

of

period

................

1,111,159,069

1,054,702,248

1,673,359,952

1,614,372,097

End

of

period

.....................

$1,160,490,994

$1,111,159,069

$1,711,636,999

$1,673,359,952

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

148

Franklin

Oregon

Tax-Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Six

Months

Ended

August

31,

2021

(unaudited)

Year

Ended

February

28,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$13,569,862

$30,115,661

$11,824,713

$29,246,774

Net

realized

gain

(loss)

............

1,119,452

(5,485,462)

9,035,506

(1,784,008)

Net

change

in

unrealized

appreciation

(depreciation)

.................

22,479,210

(26,652,354)

11,079,315

(23,554,549)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

37,168,524

(2,022,155)

31,939,534

3,908,217

Distributions

to

shareholders:

Class

A

........................

(2,267,754)

(4,132,002)

(1,632,599)

(3,157,198)

Class

A1

.......................

(8,395,964)

(19,692,495)

(7,940,023)

(19,722,290)

Class

C

........................

(715,867)

(1,983,908)

(833,028)

(2,645,075)

Class

R6

.......................

(274,584)

(514,168)

(57,374)

(91,083)

Advisor

Class

...................

(1,902,815)

(3,799,761)

(1,260,828)

(2,744,522)

Total

distributions

to

shareholders

.....

(13,556,984)

(30,122,334)

(11,723,852)

(28,360,168)

Capital

share

transactions:

(Note

2

)

Class

A

........................

33,301,159

59,909,412

36,301,853

43,612,177

Class

A1

.......................

(28,625,695)

(40,614,949)

(22,299,947)

(46,410,237)

Class

C

........................

(18,099,841)

(26,854,264)

(33,437,126)

(38,262,675)

Class

R6

.......................

2,777,803

3,613,966

649,833

1,484,591

Advisor

Class

...................

7,647,017

30,062,347

3,013,756

9,653,555

Total

capital

share

transactions

.......

(2,999,557)

26,116,512

(15,771,631)

(29,922,589)

Net

increase

(d

ecrease)

in

net

assets

.....................

20,611,983

(6,027,977)

4,444,051

(54,374,540)

Net

assets:

Beginning

of

period

................

1,316,023,100

1,322,051,077

1,070,299,773

1,124,674,313

End

of

period

.....................

$1,336,635,083

$1,316,023,100

$1,074,743,824

$1,070,299,773

Franklin

Tax-Free

Trust

149

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

1.

Organization

and

Significant

Accounting

Policies

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-

three

separate

funds

(Funds), eight

of

which

are

included

in

this

report

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

The

Funds

offer

five

classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

R6

and

Advisor

Class.

Effective

August

2,

2021,

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Prior

to

August

2,

2021,

Class

C

shares

converted

to

Class

A

shares

after

a

10-year

holding

period.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

following

summarizes

the Funds'

significant

accounting

policies. 

a.

Financial

Instrument

Valuation 

The Funds'

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust's

Board

of

Trustees

(the

Board),

the

Funds' administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Debt

securities

generally

trade

in

the

over-the-counter

(OTC)

market

rather

than

on

a

securities

exchange.

The

Funds'

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b.

Securities

Purchased

on

a

When-Issued

or

Delayed

Delivery

Basis

Certain

or

all

Funds

purchase

securities

on

a

when-issued

or

delayed

delivery

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.

c.

Income

Taxes

It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

150

franklintempleton.com

Semiannual

Report

based

on

its

technical

merits.

As

of

August

31,

2021, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

d.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

e.

Insurance

The

scheduled

payments

of

interest

and

principal

for

each

insured

municipal

security

in

the

Trust

are

insured

by

either

a

new

issue

insurance

policy

or

a

secondary

insurance

policy.

Some

municipal

securities

in

the

Funds

are

secured

by

collateral

guaranteed

by

an

agency

of

the

U.S.

government.

Depending

on

the

type

of

coverage,

premiums

for

insurance

are

either

added

to

the

cost

basis

of

the

security

or

paid

by

a

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

to

be

of

very

high

quality,

with

the

majority

of

underlying

municipal

bonds

rated

A

or

better.

However,

an

event

involving

an

insurer

could

have

an

adverse

effect

on

the

value

of

the

securities

insured

by

that

insurance

company.

There

can

be

no

assurance

the

insurer

will

be

able

to

fulfill

its

obligations

under

the

terms

of

the

policy.

f.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g.

Guarantees

and

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Trust,

on

behalf

of

the

Funds,

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

Currently,

the

Trust

expects

the

risk

of

loss

to

be

remote.

1.

Organization

and

Significant

Accounting

Policies

(continued)

c.

Income

Taxes

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

151

franklintempleton.com

Semiannual

Report

2.

Shares

of

Beneficial

Interest

At

August

31,

2021,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Funds'

shares

were

as

follows:

Franklin

Arizona

Tax-Free

Income

Fund

Franklin

Colorado

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

A

Class

A

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

a

...................................

4,690,943

$52,024,824

2,661,240

$31,659,079

Shares

issued

in

reinvestment

of

distributions

..........

182,728

2,026,910

110,845

1,317,063

Shares

redeemed

...............................

(1,302,497)

(14,435,126)

(971,683)

(11,540,492)

Net

increase

(decrease)

..........................

3,571,174

$39,616,608

1,800,402

$21,435,650

Year

ended

February

28,

2021

Shares

sold

a

...................................

7,244,117

$79,541,550

4,235,805

$49,780,867

Shares

issued

in

reinvestment

of

distributions

..........

294,516

3,225,139

189,758

2,226,350

Shares

redeemed

...............................

(3,361,122)

(35,906,527)

(1,523,372)

(17,641,785)

Net

increase

(decrease)

..........................

4,177,511

$46,860,162

2,902,191

$34,365,432

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

912,573

$10,107,058

716,354

$8,505,440

Shares

issued

in

reinvestment

of

distributions

..........

549,181

6,079,415

376,923

4,475,906

Shares

redeemed

...............................

(2,940,407)

(32,518,769)

(2,216,121)

(26,330,828)

Net

increase

(decrease)

..........................

(1,478,653)

$(16,332,296)

(1,122,844)

$(13,349,482)

Year

ended

February

28,

2021

Shares

sold

...................................

2,458,190

$27,013,414

1,382,548

$16,228,690

Shares

issued

in

reinvestment

of

distributions

..........

1,256,799

13,717,944

859,113

10,063,767

Shares

redeemed

...............................

(10,168,717)

(110,232,572)

(5,992,062)

(70,042,783)

Net

increase

(decrease)

..........................

(6,453,728)

$(69,501,214)

(3,750,401)

$(43,750,326)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

293,872

$3,302,353

231,794

$2,781,128

Shares

issued

in

reinvestment

of

distributions

..........

51,813

583,498

34,583

415,644

Shares

redeemed

a

..............................

(1,404,811)

(15,847,132)

(1,209,990)

(14,574,878)

Net

increase

(decrease)

..........................

(1,059,126)

$(11,961,281)

(943,613)

$(11,378,106)

Year

ended

February

28,

2021

Shares

sold

...................................

1,071,876

$11,946,167

532,785

$6,337,932

Shares

issued

in

reinvestment

of

distributions

..........

125,833

1,396,978

92,304

1,093,934

Shares

redeemed

a

..............................

(2,150,868)

(23,882,666)

(1,795,226)

(21,330,966)

Net

increase

(decrease)

..........................

(953,159)

$(10,539,521)

(1,170,137)

$(13,899,100)

Class

R6

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

152

franklintempleton.com

Semiannual

Report

Franklin

Arizona

Tax-Free

Income

Fund

Franklin

Colorado

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

R6

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

924,349

$10,241,611

361,117

$4,292,524

Shares

issued

in

reinvestment

of

distributions

..........

29,644

329,405

20,999

249,549

Shares

redeemed

...............................

(254,344)

(2,825,562)

(120,735)

(1,436,554)

Net

increase

(decrease)

..........................

699,649

$7,745,454

261,381

$3,105,519

Year

ended

February

28,

2021

Shares

sold

...................................

726,108

$7,966,797

633,977

$7,453,148

Shares

issued

in

reinvestment

of

distributions

..........

45,725

501,232

34,540

405,335

Shares

redeemed

...............................

(318,524)

(3,446,462)

(212,913)

(2,472,147)

Net

increase

(decrease)

..........................

453,309

$5,021,567

455,604

$5,386,336

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

2,637,899

$29,315,617

1,767,527

$20,999,738

Shares

issued

in

reinvestment

of

distributions

..........

180,052

1,999,253

134,924

1,602,426

Shares

redeemed

...............................

(2,527,882)

(28,086,553)

(1,017,013)

(12,094,756)

Net

increase

(decrease)

..........................

290,069

$3,228,317

885,438

$10,507,408

Year

ended

February

28,

2021

Shares

sold

...................................

9,620,652

$105,308,514

3,508,237

$41,166,277

Shares

issued

in

reinvestment

of

distributions

..........

306,133

3,356,034

258,205

3,026,967

Shares

redeemed

...............................

(5,089,293)

(55,339,671)

(2,103,536)

(24,464,935)

Net

increase

(decrease)

..........................

4,837,492

$53,324,877

1,662,906

$19,728,309

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

153

franklintempleton.com

Semiannual

Report

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

A

Class

A

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

a

...................................

1,009,479

$10,394,975

2,699,959

$32,347,696

Shares

issued

in

reinvestment

of

distributions

..........

27,780

285,588

96,315

1,152,965

Shares

redeemed

...............................

(248,733)

(2,558,739)

(814,544)

(9,751,312)

Net

increase

(decrease)

..........................

788,526

$8,121,824

1,981,730

$23,749,349

Year

ended

February

28,

2021

Shares

sold

a

...................................

1,034,345

$10,585,813

4,111,104

$48,942,553

Shares

issued

in

reinvestment

of

distributions

..........

56,036

571,470

154,374

1,835,920

Shares

redeemed

...............................

(374,417)

(3,816,966)

(1,400,617)

(16,471,239)

Net

increase

(decrease)

..........................

715,964

$7,340,317

2,864,861

$34,307,234

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

143,967

$1,480,167

745,479

$8,915,409

Shares

issued

in

reinvestment

of

distributions

..........

119,701

1,229,070

589,921

7,050,216

Shares

redeemed

...............................

(646,984)

(6,640,243)

(2,911,686)

(34,794,303)

Net

increase

(decrease)

..........................

(383,316)

$(3,931,006)

(1,576,286)

$(18,828,678)

Year

ended

February

28,

2021

Shares

sold

...................................

206,808

$2,121,286

1,433,366

$17,000,438

Shares

issued

in

reinvestment

of

distributions

..........

305,191

3,106,674

1,290,262

15,309,544

Shares

redeemed

...............................

(1,597,359)

(16,248,414)

(5,418,616)

(64,132,894)

Net

increase

(decrease)

..........................

(1,085,360)

$(11,020,454)

(2,694,988)

$(31,822,912)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

27,428

$284,286

403,414

$4,899,040

Shares

issued

in

reinvestment

of

distributions

..........

9,557

98,942

40,676

494,182

Shares

redeemed

a

..............................

(521,656)

(5,414,670)

(1,599,614)

(19,455,910)

Net

increase

(decrease)

..........................

(484,671)

$(5,031,442)

(1,155,524)

$(14,062,688)

Year

ended

February

28,

2021

Shares

sold

...................................

117,132

$1,211,945

719,434

$8,673,577

Shares

issued

in

reinvestment

of

distributions

..........

32,975

338,279

99,557

1,200,188

Shares

redeemed

a

..............................

(803,408)

(8,273,045)

(2,169,179)

(26,123,485)

Net

increase

(decrease)

..........................

(653,301)

$(6,722,821)

(1,350,188)

$(16,249,720)

Class

R6

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

154

franklintempleton.com

Semiannual

Report

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

R6

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

50,293

$515,177

398,591

$4,786,346

Shares

issued

in

reinvestment

of

distributions

..........

793

8,146

7,809

93,772

Shares

redeemed

...............................

(1,267)

(13,044)

(27,924)

(335,411)

Net

increase

(decrease)

..........................

49,819

$510,279

378,476

$4,544,707

Year

ended

February

28,

2021

Shares

sold

...................................

112,431

$1,148,971

224,922

$2,696,167

Shares

issued

in

reinvestment

of

distributions

..........

967

9,862

10,039

119,705

Shares

redeemed

...............................

(5,879)

(60,212)

(54,636)

(649,046)

Net

increase

(decrease)

..........................

107,519

$1,098,621

180,325

$2,166,826

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

164,267

$1,690,613

1,168,104

$14,013,085

Shares

issued

in

reinvestment

of

distributions

..........

18,862

193,578

106,011

1,271,302

Shares

redeemed

...............................

(153,404)

(1,577,636)

(525,169)

(6,306,750)

Net

increase

(decrease)

..........................

29,725

$306,555

748,946

$8,977,637

Year

ended

February

28,

2021

Shares

sold

...................................

461,043

$4,702,445

3,198,942

$38,151,167

Shares

issued

in

reinvestment

of

distributions

..........

41,944

426,862

182,824

2,178,074

Shares

redeemed

...............................

(368,602)

(3,739,334)

(1,396,223)

(16,503,669)

Net

increase

(decrease)

..........................

134,385

$1,389,973

1,985,543

$23,825,572

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

155

franklintempleton.com

Semiannual

Report

Franklin

Minnesota

Tax-Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

A

Class

A

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

a

...................................

3,814,990

$48,717,423

5,820,391

$76,310,755

Shares

issued

in

reinvestment

of

distributions

..........

117,765

1,502,376

203,947

2,671,314

Shares

redeemed

...............................

(868,147)

(11,091,767)

(1,835,544)

(23,977,391)

Net

increase

(decrease)

..........................

3,064,608

$39,128,032

4,188,794

$55,004,678

Year

ended

February

28,

2021

Shares

sold

a

...................................

6,361,332

$80,760,433

9,649,679

$126,453,776

Shares

issued

in

reinvestment

of

distributions

..........

182,833

2,319,795

345,058

4,507,300

Shares

redeemed

...............................

(1,363,175)

(17,244,364)

(1,847,795)

(24,036,324)

Net

increase

(decrease)

..........................

5,180,990

$65,835,864

8,146,942

$106,924,752

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

1,488,923

$19,005,682

1,220,623

$15,972,667

Shares

issued

in

reinvestment

of

distributions

..........

394,442

5,029,886

695,821

9,106,401

Shares

redeemed

...............................

(2,183,997)

(27,864,245)

(4,251,043)

(55,608,927)

Net

increase

(decrease)

..........................

(300,632)

$(3,828,677)

(2,334,599)

$(30,529,859)

Year

ended

February

28,

2021

Shares

sold

...................................

2,942,746

$37,347,611

3,388,310

$44,303,438

Shares

issued

in

reinvestment

of

distributions

..........

864,839

10,957,917

1,667,870

21,754,624

Shares

redeemed

...............................

(4,897,292)

(61,746,249)

(8,453,793)

(109,746,273)

Net

increase

(decrease)

..........................

(1,089,707)

$(13,440,721)

(3,397,613)

$(43,688,211)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

535,638

$6,911,248

746,668

$9,906,141

Shares

issued

in

reinvestment

of

distributions

..........

55,342

713,903

93,924

1,246,318

Shares

redeemed

a

..............................

(2,099,730)

(27,127,210)

(3,250,678)

(43,218,431)

Net

increase

(decrease)

..........................

(1,508,750)

$(19,502,059)

(2,410,086)

$(32,065,972)

Year

ended

February

28,

2021

Shares

sold

...................................

1,168,004

$14,996,304

2,185,646

$28,972,016

Shares

issued

in

reinvestment

of

distributions

..........

140,410

1,797,919

253,462

3,350,566

Shares

redeemed

a

..............................

(3,409,912)

(43,632,074)

(4,693,646)

(62,118,979)

Net

increase

(decrease)

..........................

(2,101,498)

$(26,837,851)

(2,254,538)

$(29,796,397)

Class

R6

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

156

franklintempleton.com

Semiannual

Report

Franklin

Minnesota

Tax-Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

R6

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

210,149

$2,685,345

388,901

$5,090,517

Shares

issued

in

reinvestment

of

distributions

..........

12,230

156,255

16,118

211,313

Shares

redeemed

...............................

(65,845)

(841,196)

(69,484)

(909,111)

Net

increase

(decrease)

..........................

156,534

$2,000,404

335,535

$4,392,719

Year

ended

February

28,

2021

Shares

sold

...................................

513,150

$6,533,582

625,158

$8,172,934

Shares

issued

in

reinvestment

of

distributions

..........

18,848

239,437

24,608

321,681

Shares

redeemed

...............................

(187,683)

(2,336,910)

(140,164)

(1,815,305)

Net

increase

(decrease)

..........................

344,315

$4,436,109

509,602

$6,679,310

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

2,632,825

$33,611,664

2,598,105

$34,031,708

Shares

issued

in

reinvestment

of

distributions

..........

202,208

2,581,777

248,175

3,252,465

Shares

redeemed

...............................

(1,403,309)

(17,918,403)

(1,784,577)

(23,374,696)

Net

increase

(decrease)

..........................

1,431,724

$18,275,038

1,061,703

$13,909,477

Year

ended

February

28,

2021

Shares

sold

...................................

6,577,137

$83,615,348

7,203,962

$94,138,108

Shares

issued

in

reinvestment

of

distributions

..........

360,616

4,577,268

486,581

6,356,473

Shares

redeemed

...............................

(3,439,987)

(43,241,741)

(3,252,365)

(42,313,937)

Net

increase

(decrease)

..........................

3,497,766

$44,950,875

4,438,178

$58,180,644

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

157

franklintempleton.com

Semiannual

Report

Franklin

Oregon

Tax-Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

A

Class

A

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

a

...................................

3,925,306

$46,838,035

4,459,413

$44,948,455

Shares

issued

in

reinvestment

of

distributions

..........

183,788

2,190,279

150,070

1,509,838

Shares

redeemed

...............................

(1,318,126)

(15,727,155)

(1,009,434)

(10,156,440)

Net

increase

(decrease)

..........................

2,790,968

$33,301,159

3,600,049

$36,301,853

Year

ended

February

28,

2021

Shares

sold

a

...................................

7,197,423

$85,208,934

6,403,246

$63,684,740

Shares

issued

in

reinvestment

of

distributions

..........

332,646

3,926,814

292,344

2,900,055

Shares

redeemed

...............................

(2,488,807)

(29,226,336)

(2,311,207)

(22,972,618)

Net

increase

(decrease)

..........................

5,041,262

$59,909,412

4,384,383

$43,612,177

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

1,308,769

$15,596,483

937,247

$9,432,280

Shares

issued

in

reinvestment

of

distributions

..........

665,881

7,927,449

720,196

7,241,812

Shares

redeemed

...............................

(4,382,740)

(52,149,627)

(3,877,193)

(38,974,039)

Net

increase

(decrease)

..........................

(2,408,090)

$(28,625,695)

(2,219,750)

$(22,299,947)

Year

ended

February

28,

2021

Shares

sold

...................................

3,066,962

$36,064,439

1,974,510

$19,615,851

Shares

issued

in

reinvestment

of

distributions

..........

1,544,775

18,204,251

1,778,676

17,622,820

Shares

redeemed

...............................

(8,095,427)

(94,883,639)

(8,436,928)

(83,648,908)

Net

increase

(decrease)

..........................

(3,483,690)

$(40,614,949)

(4,683,742)

$(46,410,237)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

359,231

$4,334,087

324,309

$3,299,419

Shares

issued

in

reinvestment

of

distributions

..........

58,897

712,354

78,831

803,204

Shares

redeemed

a

..............................

(1,909,939)

(23,146,282)

(3,674,137)

(37,539,749)

Net

increase

(decrease)

..........................

(1,491,811)

$(18,099,841)

(3,270,997)

$(33,437,126)

Year

ended

February

28,

2021

Shares

sold

...................................

1,155,257

$13,856,155

922,472

$9,291,053

Shares

issued

in

reinvestment

of

distributions

..........

161,968

1,937,881

244,818

2,457,260

Shares

redeemed

a

..............................

(3,573,569)

(42,648,300)

(4,964,544)

(50,010,988)

Net

increase

(decrease)

..........................

(2,256,344)

$(26,854,264)

(3,797,254)

$(38,262,675)

Class

R6

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

158

franklintempleton.com

Semiannual

Report

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Trust

are

also

officers

and/or

directors

of

the

following

subsidiaries:

Franklin

Oregon

Tax-Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

R6

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

422,559

$5,037,937

134,894

$1,358,334

Shares

issued

in

reinvestment

of

distributions

..........

23,272

277,352

5,415

54,561

Shares

redeemed

...............................

(212,580)

(2,537,486)

(75,659)

(763,062)

Net

increase

(decrease)

..........................

233,251

$2,777,803

64,650

$649,833

Year

ended

February

28,

2021

Shares

sold

...................................

596,088

$7,045,338

207,493

$2,068,565

Shares

issued

in

reinvestment

of

distributions

..........

43,127

508,830

8,632

85,741

Shares

redeemed

...............................

(335,234)

(3,940,202)

(68,794)

(669,715)

Net

increase

(decrease)

..........................

303,981

$3,613,966

147,331

$1,484,591

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2021

Shares

sold

...................................

2,618,515

$31,232,191

1,414,911

$14,236,824

Shares

issued

in

reinvestment

of

distributions

..........

154,037

1,836,396

115,135

1,159,729

Shares

redeemed

...............................

(2,141,510)

(25,421,570)

(1,230,708)

(12,382,797)

Net

increase

(decrease)

..........................

631,042

$7,647,017

299,338

$3,013,756

Year

ended

February

28,

2021

Shares

sold

...................................

4,864,957

$57,571,723

3,240,254

$32,276,512

Shares

issued

in

reinvestment

of

distributions

..........

303,092

3,578,639

248,305

2,465,047

Shares

redeemed

...............................

(2,644,263)

(31,088,015)

(2,524,888)

(25,088,004)

Net

increase

(decrease)

..........................

2,523,786

$30,062,347

963,671

$9,653,555

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

(formerly

Franklin

Templeton

Distributors,

Inc.)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

159

franklintempleton.com

Semiannual

Report

a.

Management

Fees

The

Funds

pay

an

investment

management

fee

to

Advisers

based

on

the

month-end

net

assets

of

each

of

the

Funds

as

follows:

For

the

period

ended

August

31,

2021,

each

Fund's

annualized

gross

effective

investment

management

fee

rate

based

on

average

daily

net

assets

was

as

follows:

b.

Administrative

Fees

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by

Advisers

based

on

each

of

the

Funds'

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

Annualized

Fee

Rate

Net

Assets

0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

Over

$15

billion,

up

to

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

up

to

and

including

$20

billion

0.360%

In

excess

of

$20

billion

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.472%

0.480%

0.558%

Franklin

Michigan

Tax-

Free

Income

Fund

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.472%

0.470%

0.462%

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.465%

0.470%

3.

Transactions

with

Affiliates

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

160

franklintempleton.com

Semiannual

Report

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds’

Class

A

and

A1

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

Under

the

Class

A

and

Class

A1

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds’

Class

C

compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

each

Fund's

shares

up

to

the

maximum

annual

plan

rate.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

period:

e.

Transfer

Agent

Fees

Each

class

of

shares

pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

The

fees

are

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

each

class

reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6,

reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

For

the

period

ended

August

31,

2021,

the

Funds

paid

transfer

agent

fees

as

noted

in

the

Statements

of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

Class

A

....................................................................................

0.25%

Class

A1

...................................................................................

0.10%

Class

C

....................................................................................

0.65%

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-

Free

Income

Fund

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$12,501

$9,170

$2,470

$14,381

CDSC

retained

...........................

$7,753

$5,286

$29

$8,231

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$14,342

$25,077

$17,604

$12,947

CDSC

retained

...........................

$11,966

$41,852

$37,937

$7,396

3.

Transactions

with

Affiliates

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

161

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Semiannual

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f.

Waiver

and

Expense

Reimbursements

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

June

30,

2022.

g.

Interfund

Transactions

Certain

or

all

Funds

engaged

in

purchases

and

sales

of

investments

with

funds

or

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

or

officers.

These

purchases

and

sales

for

the

period

ended

August

31,

2021

,

were

as

follows:

4.

Expense

Offset

Arrangement

The

Funds

have entered

into

an

arrangement

with

their

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Funds'

custodian

expenses. 

During

the 

period

ended

August

31,

2021

 the

custodian

fees

were

reduced

as

noted

in

the

Statements

of

Operations.

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-

Free

Income

Fund

Transfer

agent

fees

........................

$146,624

$113,387

$36,261

$178,390

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Transfer

agent

fees

........................

$179,042

$253,942

$183,511

$189,542

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-

Free

Income

Fund

Purchases

..............................

$19,235,000

$2,300,000

—

$12,050,000

Sales

..................................

$20,300,000

$3,225,000

—

$18,590,000

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Purchases

..............................

$13,325,000

$7,857,925

$39,700,000

$15,631,811

Sales

..................................

$28,295,000

$20,428,300

$32,500,000

$8,100,000

3.

Transactions

with

Affiliates

(continued)

e.

Transfer

Agent

Fees

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

162

franklintempleton.com

Semiannual

Report

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains. 

At

February

28,

2021,

the

capital

loss

carryforwards

were

as

follows:

At

August

31,

2021,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

bond

discounts,

defaulted

securities

and

workout

costs.

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-

Free

Income

Fund

1

1

1

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

18,286,720

$

19,536,147

$

8,013,977

$

12,853,408

Long

term

.............................

44,640,978

31,277,102

27,091,661

53,611,256

Total

capital

loss

carryforwards

............

$62,927,698

$50,813,249

$35,105,638

$66,464,664

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

1

1

1

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

7,873,936

$

19,880,985

$

24,197,646

$

13,487,179

Long

term

.............................

2,064,586

11,726,182

53,930,245

80,131,395

Total

capital

loss

carryforwards

............

$9,938,522

$31,607,167

$78,127,891

$93,618,574

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-

Free

Income

Fund

a

a

a

a

a

Cost

of

investments

.......................

$981,145,593

$672,117,689

$190,325,470

$900,593,231

Unrealized

appreciation

.....................

$81,821,614

$59,276,488

$11,430,517

$73,441,348

Unrealized

depreciation

.....................

(1,684,697)

(482,697)

(402,450)

(2,364,235)

Net

unrealized

appreciation

(depreciation)

.......

$80,136,917

$58,793,791

$11,028,067

$71,077,113

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

a

a

a

a

a

Cost

of

investments

.......................

$1,066,141,826

$1,514,099,438

$1,200,837,302

$981,093,771

Unrealized

appreciation

.....................

$75,550,884

$120,510,805

$99,296,126

$57,891,549

Unrealized

depreciation

.....................

(975,628)

(975,684)

(849,317)

(1,378,326)

Net

unrealized

appreciation

(depreciation)

.......

$74,575,256

$119,535,121

$98,446,809

$56,513,223

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

163

franklintempleton.com

Semiannual

Report

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

August

31,

2021,

were

as

follows:

7.

Defaulted

Securities

Certain

or

all

Funds

held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

The

Funds

discontinue

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provide

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Statements

of

Investments.

At

August

31,

2021

,

the

aggregate

value

of

these

securities

was

as

follows:

8.

Concentration

of

Risk

Certain

or

all

Funds

invest

a

large

percentage

of

their

total

assets

in

obligations

of

issuers

within

their respective

state

and

U.S.

territories.

Such

concentration

may

subject

the

Funds

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within

those

states

and

U.S.

territories.

Investing

in

Puerto

Rico

securities

may

expose

the

Funds

to

heightened

risks

due

to

recent

adverse

economic

and

market

changes,

credit

downgrades

and

ongoing

restructuring

discussions.

In

addition,

investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Funds

to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell.

9.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the

Funds, their ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and their ability

to

achieve their investment

objectives.

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-

Free

Income

Fund

Purchases

..............................

$108,771,885

$51,237,172

$32,721,650

$130,758,868

Sales

..................................

$87,112,523

$74,789,583

$30,067,518

$116,323,265

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Purchases

..............................

$134,302,030

$203,532,940

$118,898,461

$239,041,712

Sales

..................................

$70,492,637

$282,340,578

$156,970,915

$302,625,957

Value

Percentage

of

Net

Assets

Franklin

Oregon

Tax-Free

Income

Fund

...........................................

$

6,925,600

0.5%

Franklin

Pennsylvania

Tax-Free

Income

Fund

......................................

5,090,906

0.5%

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

164

franklintempleton.com

Semiannual

Report

10.

Credit

Facility

The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

on

February

4,

2022.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

period ended

August

31,

2021,

the

Funds

did

not

use

the

Global

Credit

Facility.

11.

Fair

Value

Measurements

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds’

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds'

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

At

August

31,

2021,

all

of

the

Funds'

investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level

2

inputs.

For

detailed

categories,

see

the

accompanying

Statements

of

Investments.

12.

New

Accounting

Pronouncements

In

March

2020,

the

Financial

Accounting

Standards

Board

(FASB)

issued

Accounting

Standards

Update

(ASU)

No.

2020-04,

Reference

Rate

Reform

(Topic

848)

–

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

In

January

2021,

the

FASB

issued

ASU

No.

2021-01,

with

further

amendments

to

Topic

848.

The

amendments

in

the

ASUs

provide

optional

temporary

accounting

recognition

and financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR)

and

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021

and

2023. The

ASUs

are

effective

for

certain

reference

rate-related

contract

modifications

that

occur

during

the

period

March

12,

2020

through

December

31,

2022.

Management

has

reviewed

the

requirements

and

believes

the

adoption

of

these

ASUs

will

not

have

a

material

impact

on

the

financial

statements. 

13.

Subsequent

Events

The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

165

franklintempleton.com

Semiannual

Report

Abbreviations

Selected

Portfolio

AGMC

Assured

Guaranty

Municipal

Corp.

BAM

Build

America

Mutual

Assurance

Co.

COP

Certificate

of

Participation

ETM

Escrowed

to

Maturity

FGIC

Financial

Guaranty

Insurance

Co..

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

SPA

Standby

Purchase

Agreement

XLCA

XL

Capital

Assurance,

Inc.

Franklin

Tax-Free

Trust

Shareholder

Information

166

franklintempleton.com

Semiannual

Report

Liquidity

Risk

Management

Program-

Funds

no

HLIM

Each

Fund

has

adopted

and

implemented

a

written

Liquidity

Risk

Management

Program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940

(the

“Liquidity

Rule”).

The

LRMP

is

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

which

is

defined

as

the

risk

that

the

Fund

could

not

meet

requests

to

redeem

shares

issued

by

the

Fund

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

In

accordance

with

the

Liquidity

Rule,

the

LRMP

includes

policies

and

procedures

that

provide

for:

(1)

assessment,

management,

and

review

(no

less

frequently

than

annually)

of

each

Fund’s

liquidity

risk;

(2)

classification

of

each

Fund’s

portfolio

holdings

into

one

of

four

liquidity

categories

(Highly

Liquid,

Moderately

Liquid,

Less

Liquid,

and

Illiquid);

(3)

for

Funds

that

do

not

primarily

hold

assets

that

are

Highly

Liquid,

establishing

and

maintaining

a

minimum

percentage

of

the

Fund’s

net

assets

in

Highly

Liquid

investments

(called

a

“Highly

Liquid

Investment

Minimum”

or

“HLIM”);

and

(4)

prohibiting

the

Fund’s

acquisition

of

Illiquid

investments

that

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

Illiquid

assets.

The

LRMP

also

requires

reporting

to

the

Securities

and

Exchange

Commission

(“SEC”)

(on

a

non-public

basis)

and

to

the

Board

if

the

Fund’s

holdings

of

Illiquid

assets

exceed

15%

of

the

Fund’s

net

assets.

Funds

with

HLIMs

must

have

procedures

for

addressing

HLIM

shortfalls,

including

reporting

to

the

Board

and,

with

respect

to

HLIM

shortfalls

lasting

more

than

seven

consecutive

calendar

days,

reporting

to

the

SEC

(on

a

non-public

basis).

The

Director

of

Liquidity

Risk

within

the

Investment

Risk

Management

Group

(the

“IRMG”)

is

the

appointed

Administrator

of

the

LRMP.

The

IRMG

maintains

the

Investment

Liquidity

Committee

(the

“ILC”)

to

provide

oversight

and

administration

of

policies

and

procedures

governing

liquidity

risk

management

for

FT

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Investment

Compliance,

Investment

Operations,

Valuation

Committee,

Product

Management

and

Global

Product

Strategy.

In

assessing

and

managing

each

Fund’s

liquidity

risk,

the

ILC

considers,

as

relevant,

a

variety

of

factors,

including

the

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

its

short

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

funding

sources

including

the

Funds’

interfund

lending

facility

and

line

of

credit.

Classification

of

the

Fund’s

portfolio

holdings

in

the

four

liquidity

categories

is

based

on

the

number

of

days

it

is

reasonably

expected

to

take

to

convert

the

investment

to

cash

(for

Highly

Liquid

and

Moderately

Liquid

holdings)

or

sell

or

dispose

of

the

investment

(for

Less

Liquid

and

Illiquid

investments),

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

Each

Fund

primarily

holds

liquid

assets

that

are

defined

under

the

Liquidity

Rule

as

"Highly

Liquid

Investments,"

and

therefore

is

not

required

to

establish

an

HLIM.

Highly

Liquid

Investments

are

defined

as

cash

and

any

investment

reasonably

expected

to

be

convertible

to

cash

in

current

market

conditions

in

three

business

days

or

less

without

the

conversion

to

cash

significantly

changing

the

market

value

of

the

investment.

At

meetings

of

the

Funds’

Board

of

Trustees

held

in

May

2021,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2020.

The

Program

Administrator

report

concluded

that

(i.)

the

LRMP,

as

adopted

and

implemented,

remains

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk;

(ii.)

the

LRMP,

including

the

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

was

implemented

and

operated

effectively

to

achieve

the

goal

of

assessing

and

managing

each

Fund’s

liquidity

risk;

and

(iii.)

each

Fund

was

able

to

meet

requests

for

redemption

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

Proxy

Voting

Policies

and

Procedures

The

Trust’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Trust’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Trust’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Franklin

Tax-Free

Trust

Shareholder

Information

167

franklintempleton.com

Semiannual

Report

Quarterly

Statement

of

Investments

The

Trust

files

a

complete

statement

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

each

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

as

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

TF3

S

10/21

©

2021

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

Report

and

Shareholder

Letter

Franklin

Tax-Free

Trust

Investment

Manager

Distributor

Shareholder

Services

Franklin

Advisers,

Inc.

Franklin

Distributors,

LLC

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Item 2. Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. 

(c) N/A

(d) N/A

(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.

(2) The audit committee financial expert is Mary C. Choksi, and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4. Principal Accountant Fees and Services.       N/A

Item 5. Audit Committee of Listed Registrants.        N/A

Item 6. Schedule of Investments.                      N/A

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.               N/A

Item 8. Portfolio Managers of Closed-End Management Investment Companies.                                               N/A

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and

Affiliated Purchasers.        N/A

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

Item 11. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures.

The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSRS, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b) Changes in Internal Controls.

There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-end Management Investment Company.                       N/A

Item 13. Exhibits.

(a)(1) Code of Ethics

codeofethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Jeffrey W. White, Interim Chief Financial Officer, Chief Accounting Officer and Treasurer

section302

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Jeffrey W. White, Interim Chief Financial Officer, Chief Accounting Officer and Treasurer

section906

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FRANKLIN

TAX-FREE TRUST

By S\MATTHEW T. HINKLE______________________

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

Date October 28, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By S\MATTHEW T. HINKLE_______________________

Matthew T. Hinkle

      Chief Executive Officer – Finance and Administration

Date October 28, 2021

By S\Jeffrey W. White______________________

Jeffrey W. White

Interim Chief Financial Officer, Chief Accounting Officer and Treasurer

Date October 28, 2021