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)

Alison Baur, 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: 8/31/22

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,

2022

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

New

Jersey

Tax-Free

Income

Fund

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

franklintempleton.com

Semiannual

Report

1

SHAREHOLDER

LETTER

Dear

Shareholder:

During

the

six

months

ended

August

31,

2022,

the

U.S.

economy

contracted

in

2022’s

first

and

second

quarters

amid

declines

in

inventory

investment

and

federal

government

spending.

Consumer

spending

slowly

expanded,

helped

by

the

reopening

of

businesses,

widespread

vaccinations,

and

federal

assistance

programs.

Inflation

increased

during

the

six-month

period,

influenced

by

pandemic-related

supply-

chain

issues,

higher

energy

prices,

Russia’s

invasion

of

Ukraine

and

broader

price

pressures.

To

combat

high

inflation,

the

U.S.

Federal

Reserve

ended

monthly

asset

purchases

in

March

2022

and

raised

the

federal

funds

rate

by

0.25%

in

March,

0.50%

in

May,

and

by

0.75%

in

both

June

and

July,

for

a

total

of

2.25%,

increasing

the

rate

from

0.25%

to

2.50%

during

the

period.

The

Federal

Reserve

also

stated

its

intention

to

continue

reducing

its

U.S.

Treasury,

government

agency

debt

and

agency

mortgage-

backed

securities

holdings,

and

it

anticipated

that

ongoing

federal

funds

rate

increases

would

be

appropriate.

During

the

six-month

period

ended

August

31,

2022,

municipal

bonds,

as

measured

by

the

Bloomberg

Municipal

Bond

Index,

posted

a

-5.72%

cumulative

total

return,

influenced

by

high

levels

of

fixed

income

market

volatility,

tighter

monetary

policy

and

risk-off

sentiment

that

led

to

outflows

from

municipals.

1

Fundamentals

remained

strong,

however,

with

many

issuers

reporting

budget

surpluses

for

2022

as

federal

government

transfers

boosted

revenues.

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

team.

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

in

value,

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,

2022,

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

New

Jersey

Tax-Free

Income

Fund

22

Financial

Highlights

and

Schedules

of

Investments

27

Financial

Statements

148

Notes

to

Financial

Statements

157

Shareholder

Information

176

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

During

the

six

months

ending

August

31,

2022,

multi-decade

high

inflation

continued

throughout

much

of

the

period

as

a

strong

U.S.

job

market

and

ample

consumer

savings

pushed

demand

beyond

the

ability

of

businesses

to

increase

supply.

In

response,

the

U.S.

Federal

Reserve

(Fed)

began

increasing

short-term

interest

rates

at

a

pace

not

seen

since

the

1980s,

leading

U.S.

Treasury

(UST)

yields

to

move

much

higher

over

the

period.

Recessionary

concerns

began

to

emerge

as

the

market

debated

whether

the

Fed

could

engineer

a

soft

landing

that

would

bring

inflation

down

without

causing

a

severe

economic

contraction.

The

municipal

bond

(muni)

market

saw

one

of

its

worst

starts

to

a

new

year

in

2022.

High

levels

of

fixed

income

market

volatility,

a

general

risk-off

shift

in

sentiment,

and

poor

performance

caused

significant

year-to-date

outflows

from

muni

retail

vehicles,

leading

market

technical

conditions

to

worsen.

So

far

this

year,

net

issuance

has

been

limited

and

lags

well

behind

the

same

period

in

2021.

Fundamentals

remained

strong,

however,

with

many

issuers

reporting

surpluses

for

2022

as

federal

government

transfers

bolstered

revenues.

For

the

six-month

period,

U.S.

fixed

income

sectors

saw

mixed

performance

relative

to

equities,

as

measured

by

the

Standard

&

Poor’s

®

500

Index,

which

posted

a

-8.84%

total

return

for

the

period.

1

Investment-grade

munis,

as

measured

by

the

Bloomberg

Municipal

Bond

Index,

posted

a

-5.72%

total

return,

and

USTs,

as

measured

by

the

Bloomberg

U.S.

Treasury

Index,

posted

a

-7.63%

total

return.

1

In

contrast,

investment-grade

corporate

bonds,

as

measured

by

the

Bloomberg

U.S.

Corporate

Bond

Index,

posted

a

-9.41%

total

return.

1

The

foregoing

information

reflects

our

analysis

and

opinions

as

of

August

31,

2022.

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-

to

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,

2022,

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,

2022.

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,

decreased

from

$11.82

on

February

28,

2022,

to

$11.06

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

11.5559

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

2.08%,

based

on

an

annualization

of

the

1.9570

cents

per

share

August

dividend

and

the

maximum

offering

price

of

$11.35

on

August

31,

2022.

An

investor

in

the

2022

maximum

federal

income

tax

bracket

of

40.80%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

3.51%

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,

2022,

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

8/31/22

%

of

Total

Investments*

Utilities

20.36%

Transportation

14.17%

Health

Care

13.90%

State

General

Obligation

8.50%

Education

8.19%

Local

7.04%

Special

Tax

6.81%

Housing

6.47%

Industrial

Dev.

Revenue

and

Pollution

Control

6.42%

Refunded

4.01%

Lease

3.34%

Other

Revenue

Bonds

0.79%

*

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.

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.

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

32

.

Performance

Summary

as

of

August

31,

2022

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

8/31/22

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

-5.46%

-7.59%

1-Year

-8.68%

-10.74%

5-Year

+0.71%

-0.31%

10-Year

+12.34%

+0.94%

Advisor

6-Month

-5.33%

-5.33%

1-Year

-8.44%

-8.44%

5-Year

+1.74%

+0.35%

10-Year

+14.14%

+1.33%

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

2.08%

3.51%

2.37%

2.27%

4.00%

3.83%

Advisor

2.38%

4.02%

2.67%

2.57%

4.51%

4.34%

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.

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.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

imposed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

1.

The

Fund

has

an

expense

reduction

and

a

fee

waiver

associated

with

any

investments

it

makes

in

a

Franklin

Templeton

money

fund

and/or

other

Franklin

Templeton

fund,

contractually

guaranteed

through

6/30/23.

Fund

investment

results

reflect

the

expense

reduction

and

fee

waiver;

without

these

reductions,

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

8/31/22.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

2022

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.115559

A1

$0.124076

C

$0.092737

R6

$0.133001

Advisor

$0.129733

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

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$945.40

$3.47

$1,021.64

$3.61

0.71%

A1

$1,000

$946.10

$2.74

$1,022.39

$2.84

0.56%

C

$1,000

$943.60

$5.42

$1,019.63

$5.63

1.11%

R6

$1,000

$946.90

$1.96

$1,023.19

$2.04

0.40%

Advisor

$1,000

$946.70

$2.24

$1,022.91

$2.33

0.46%

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,

2022

.

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,

decreased

from

$10.34

on

February

28,

2022,

to

$10.05

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

4.9053

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

1.17%,

based

on

an

annualization

of

the

1.0039

cents

per

share

August

dividend

and

the

maximum

offering

price

of

$10.28

on

August

31,

2022.

An

investor

in

the

2022

maximum

federal

income

tax

bracket

of

40.80%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

1.98%

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,

2022,

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

8/31/22

%

of

Total

Investments*

Industrial

Dev.

Revenue

and

Pollution

Control

20.57%

Local

13.18%

Housing

9.12%

Health

Care

7.99%

Lease

7.86%

State

General

Obligation

7.55%

Education

7.48%

Utilities

7.19%

Refunded

6.85%

Transportation

5.71%

Special

Tax

5.19%

Other

Revenue

Bonds

1.31%

*

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.

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.

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

58

.

Performance

Summary

as

of

August

31,

2022

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

8/31/22

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

-2.33%

-4.53%

1-Year

-4.49%

-6.64%

5-Year

+2.18%

-0.02%

10-Year

+5.48%

+0.31%

Advisor

6-Month

-2.21%

-2.21%

1-Year

-4.16%

-4.16%

5-Year

+3.55%

+0.70%

10-Year

+7.71%

+0.75%

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

1.17%

1.98%

2.10%

1.95%

3.55%

3.29%

Advisor

1.45%

2.45%

2.40%

2.24%

4.05%

3.78%

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.

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.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

imposed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

1.

The

Fund

has

an

expense

reduction

contractually

guaranteed

through

6/30/23.

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

8/31/22.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

2022

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.049053

A1

$0.054124

R6

$0.063270

Advisor

$0.061795

Total

Annual

Operating

Expenses

1

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.66%

0.81%

Advisor

0.41%

0.56%

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

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$976.70

$3.24

$1,021.93

$3.31

0.65%

A1

$1,000

$977.20

$2.73

$1,022.44

$2.80

0.55%

R6

$1,000

$978.00

$1.85

$1,023.34

$1.89

0.37%

Advisor

$1,000

$977.90

$1.98

$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,

2022

.

Your

Fund’s

Goals

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,

decreased

from

$10.05

on

February

28,

2022,

to

$9.04

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

17.9752

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

3.79%,

based

on

an

annualization

of

the

2.9685

cents

per

share

August

dividend

and

the

maximum

offering

price

of

$9.39

on

August

31,

2022.

An

investor

in

the

2022

maximum

federal

income

tax

bracket

of

40.80%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

6.40%

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

.

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,

2022,

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

8/31/22

%

of

Total

Investments*

Special

Tax

23.13%

Industrial

Dev.

Revenue

and

Pollution

Control

15.21%

Health

Care

11.35%

Housing

10.62%

Transportation

9.47%

Utilities

6.59%

Local

6.57%

Refunded

6.27%

Education

5.52%

Lease

1.82%

State

General

Obligation

1.74%

Other

Revenue

Bonds

1.16%

Exchange

Traded

Fund

0.55%

*

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.

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.

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

77

.

Performance

Summary

as

of

August

31,

2022

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

8/31/22

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

-8.29%

-11.73%

1-Year

-11.40%

-14.72%

5-Year

+6.93%

+0.58%

10-Year

+25.48%

+1.91%

Advisor

6-Month

-8.15%

-8.15%

1-Year

-11.23%

-11.23%

5-Year

+7.98%

+1.55%

10-Year

+27.37%

+2.45%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

3.79%

6.40%

3.74%

6.32%

Advisor

4.19%

7.08%

4.13%

6.98%

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.

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.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

imposed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

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

8/31/22.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

2022

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.179752

A1

$0.186780

C

$0.160330

R6

$0.193509

Advisor

$0.191442

Total

Annual

Operating

Expenses

8

Share

Class

A

0.80%

Advisor

0.55%

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

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$917.10

$4.21

$1,020.81

$4.44

0.87%

A1

$1,000

$917.70

$3.48

$1,021.58

$3.67

0.72%

C

$1,000

$915.80

$6.07

$1,018.87

$6.39

1.26%

R6

$1,000

$918.80

$2.83

$1,022.26

$2.98

0.59%

Advisor

$1,000

$918.50

$2.98

$1,022.10

$3.14

0.62%

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,

2022

.

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,

decreased

from

$11.48

on

February

28,

2022,

to

$10.51

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

11.1958

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

2.17%,

based

on

an

annualization

of

the

1.9753

cents

per

share

August

dividend

and

the

maximum

offering

price

of

$10.92

on

August

31,

2022.

An

investor

in

the

2022

maximum

combined

effective

federal

and

Massachusetts

personal

income

tax

bracket

of

45.80%

(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

.

Commonwealth

Update

During

the

six-month

period,

Massachusetts’

economy

slowed,

although

it

grew

at

a

faster

pace

than

the

nation

as

a

whole

in

2022’s

first

quarter,

consistent

with

the

commonwealth’s

history

of

resilience

through

economic

cycles.

Massachusetts’

unemployment

rate

began

the

period

at

4.7%

and

ended

at

3.6%,

compared

with

the

3.7%

national

rate.

Following

a

historic

surplus

from

the

fiscal

year

(FY)

2022

budget,

the

governor

signed

a

budget

for

FY

2023,

which

included

significant

new

education

spending

and

allocated

funds

for

a

permanent

tax

reduction.

Massachusetts’

net

tax-supported

debt

was

$6,825

per

capita

and

8.3%

of

personal

income,

well

above

the

$1,179

and

2.1%

national

medians,

respectively.

3

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

Massachusetts’

general

obligations

bonds’

Aa1

rating

with

a

stable

outlook.

4

The

rating

reflected

Moody’s

view

of

the

commonwealth’s

large

economy

focused

on

important

knowledge

sectors,

strong

financial

management,

adequate

reserves

and

a

highly

educated

workforce.

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

and

above

average

exposure

to

climate

risks.

Moody’s

stable

Portfolio

Composition

8/31/22

%

of

Total

Investments

*

Education

29.96%

Health

Care

14.02%

Transportation

11.78%

Local

9.16%

Housing

8.07%

Special

Tax

7.93%

Refunded

5.49%

State

General

Obligation

5.17%

Utilities

4.90%

Other

Revenue

Bonds

2.43%

Lease

0.94%

Industrial

Dev.

Revenue

and

Pollution

Control

0.15%

*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:

Moody’s

Investors

Service,

States

–

U.S.:

Debt,

pension

and

OPEB

liabilities

all

up

in

fiscal

2021

,

9/7/22

.

4.

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

132

.

Franklin

Massachusetts

Tax-Free

Income

Fund

18

franklintempleton.com

Semiannual

Report

outlook

reflected

its

assessment

that

the

commonwealth

will

continue

its

trend

of

strong

financial

management.

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,

2022,

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,

2022

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

8/31/22

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

-7.49%

-10.96%

1-Year

-10.73%

-14.08%

5-Year

+0.71%

-0.62%

10-Year

+15.43%

+1.06%

Advisor

6-Month

-7.29%

-7.29%

1-Year

-10.43%

-10.43%

5-Year

+1.83%

+0.36%

10-Year

+17.28%

+1.61%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.17%

4.00%

2.49%

4.59%

Advisor

2.52%

4.65%

2.85%

5.26%

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.

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.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

imposed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

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

8/31/22.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/20/22

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.111958

A1

$0.120115

C

$0.089715

R6

$0.128011

Advisor

$0.125545

Total

Annual

Operating

Expenses

8

Share

Class

A

0.88%

Advisor

0.63%

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

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$925.10

$4.25

$1,020.79

$4.47

0.88%

A1

$1,000

$926.60

$3.53

$1,021.54

$3.71

0.73%

C

$1,000

$923.30

$6.16

$1,018.80

$6.46

1.27%

R6

$1,000

$926.50

$2.80

$1,022.30

$2.94

0.58%

Advisor

$1,000

$927.10

$3.05

$1,022.04

$3.20

0.63%

22

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,

2022.

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,

decreased

from

$11.18

on

February

28,

2022,

to

$10.22

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

13.5261

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

2.56%,

based

on

an

annualization

of

the

2.2613

cents

per

share

August

dividend

and

the

maximum

offering

price

of

$10.62

on

August

31,

2022.

An

investor

in

the

2022

maximum

combined

effective

federal

and

New

Jersey

personal

income

tax

bracket

of

51.55%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

5.28%

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

six-month

period,

New

Jersey’s

economy,

which

contracted

in

the

first

quarter

of

2022,

stalled

as

part

of

a

national

slowdown.

New

Jersey’s

economic

recovery

has

lagged

the

broader

U.S.

due

to

relatively

slow

population

growth

and

a

high

cost

of

living

and

doing

business.

The

state’s

unemployment

rate

began

the

period

at

4.6%

and

ended

at

4.0%,

compared

with

the

3.7%

national

rate.

New

Jersey’s

governor

signed

a

fiscal

year

(FY)

2023

budget

that

provided

significant

property

tax

relief,

while

increasing

spending

on

education.

New

Jersey’s

net

tax-supported

debt

was

$5,410

per

capita

and

7.2%

of

personal

income,

well

above

the

$1,179

and

2.1%

national

medians,

respectively.

3

Independent

credit

rating

agency

Moody’s

Investors

Service

upgraded

New

Jersey’s

general

obligation

bonds

to

an

A2

rating

with

a

stable

outlook.

4

Moody’s

upgrade

reflects

its

view

of

New

Jersey’s

continuing

trends

toward

strong

revenue

and

liquidity

and

its

more

aggressive

approach

to

liability

burdens,

including

pensions.

According

to

Moody’s,

challenges

included

its

large

long-term

liabilities,

reliance

on

surplus

funds

for

operations

and

its

fairly

limited

practice

of

maintaining

permanent

budgetary

reserves.

Moody’s

stable

outlook

reflected

its

assessment

that

New

Jersey

will

maintain

recently

improved

governance

practices

and

a

more

proactive

liability

management

approach.

Portfolio

Composition

8/31/22

%

of

Total

Investments*

Transportation

27.49%

Education

22.93%

Health

Care

17.78%

Lease

10.00%

Housing

9.19%

Local

6.50%

Refunded

2.24%

Utilities

2.07%

State

General

Obligation

1.20%

Special

Tax

0.60%

*

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:

Moody’s

Investors

Service,

States

–

U.S.:

Debt,

pension

and

OPEB

liabilities

all

up

in

fiscal

2021

,

9/7/22

.

4.

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

142

.

Franklin

New

Jersey

Tax-Free

Income

Fund

23

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

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,

2022,

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,

2022

Franklin

New

Jersey

Tax-Free

Income

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

8/31/22

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

-7.40%

-10.87%

1-Year

-10.27%

-13.64%

5-Year

+3.17%

-0.14%

10-Year

+12.42%

+0.79%

Advisor

6-Month

-7.29%

-7.29%

1-Year

-10.06%

-10.06%

5-Year

+4.12%

+0.81%

10-Year

+14.10%

+1.33%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.56%

5.28%

2.69%

5.55%

Advisor

2.92%

6.03%

3.06%

6.32%

See

page

25

for

Performance

Summary

footnotes.

Franklin

New

Jersey

Tax-Free

Income

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.

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.

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.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

imposed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

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

8/31/22.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/20/22

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.135261

A1

$0.143238

C

$0.113585

R6

$0.150949

Advisor

$0.148522

Total

Annual

Operating

Expenses

8

Share

Class

A

0.82%

Advisor

0.57%

Your

Fund’s

Expenses

Franklin

New

Jersey

Tax-Free

Income

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.

2

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

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$926.00

$4.02

$1,021.04

$4.21

0.83%

A1

$1,000

$927.50

$3.29

$1,021.79

$3.45

0.68%

C

$1,000

$924.10

$5.92

$1,019.05

$6.21

1.22%

R6

$1,000

$928.20

$2.58

$1,022.53

$2.71

0.53%

Advisor

$1,000

$927.10

$2.80

$1,022.30

$2.94

0.58%

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

27

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$11.82

$12.22

$12.39

$11.98

$11.87

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.12

0.23

0.26

0.27

0.15

Net

realized

and

unrealized

gains

(losses)

...........

(0.76)

(0.40)

(0.17)

0.43

0.11

Total

from

investment

operations

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

(0.64)

(0.17)

0.09

0.70

0.26

Less

distributions

from:

Net

investment

income

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

(0.12)

(0.23)

(0.26)

(0.29)

(0.15)

Net

asset

value,

end

of

period

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

$11.06

$11.82

$12.22

$12.39

$11.98

Total

return

e

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

(5.46)%

(1.42)%

0.72%

5.92%

2.20%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.84%

0.80%

0.80%

0.81%

0.80%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.71%

0.70%

0.70%

0.71%

0.71%

Net

investment

income

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

2.16%

1.89%

2.09%

2.28%

2.56%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$702,147

$754,463

$629,566

$407,125

$182,330

Portfolio

turnover

rate

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

11.15%

22.05%

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

28

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.81

$12.21

$12.38

$11.96

$11.94

$12.11

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.13

0.25

0.28

0.30

0.32

0.31

Net

realized

and

unrealized

gains

(losses)

(0.77)

(0.40)

(0.17)

0.43

0.02

(0.17)

Total

from

investment

operations

........

(0.64)

(0.15)

0.11

0.73

0.34

0.14

Less

distributions

from:

Net

investment

income

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

(0.12)

(0.25)

(0.28)

(0.31)

(0.32)

(0.31)

Net

asset

value,

end

of

period

..........

$11.05

$11.81

$12.21

$12.38

$11.96

$11.94

Total

return

d

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

(5.39)%

(1.27)%

0.87%

6.17%

2.91%

1.14%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

0.68%

0.65%

0.65%

0.66%

0.65%

0.66%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.56%

f

0.55%

f

0.55%

f

0.56%

f

0.56%

f

0.65%

Net

investment

income

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

2.31%

2.05%

2.26%

2.43%

2.71%

2.56%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$1,024,982

$1,265,052

$1,403,417

$1,516,009

$1,575,494

$1,850,075

Portfolio

turnover

rate

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

11.15%

22.05%

18.84%

14.78%

2.57%

10.72%

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

29

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.85

$12.24

$12.42

$12.00

$11.98

$12.14

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.10

0.18

0.21

0.23

0.26

0.25

Net

realized

and

unrealized

gains

(losses)

(0.77)

(0.39)

(0.18)

0.43

0.02

(0.17)

Total

from

investment

operations

........

(0.67)

(0.21)

0.03

0.66

0.28

0.08

Less

distributions

from:

Net

investment

income

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

(0.09)

(0.18)

(0.21)

(0.24)

(0.26)

(0.24)

Net

asset

value,

end

of

period

..........

$11.09

$11.85

$12.24

$12.42

$12.00

$11.98

Total

return

d

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

(5.64)%

(1.73)%

0.24%

5.58%

2.34%

0.67%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

1.23%

1.20%

1.20%

1.21%

1.20%

1.20%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.11%

f

1.10%

f

1.10%

f

1.11%

f

1.11%

f

1.19%

Net

investment

income

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

1.76%

1.50%

1.72%

1.88%

2.16%

2.02%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$51,996

$67,008

$121,312

$203,994

$262,612

$358,228

Portfolio

turnover

rate

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

11.15%

22.05%

18.84%

14.78%

2.57%

10.72%

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.

30

In

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2022

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

$12.24

$12.41

$11.99

$11.97

$12.28

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.14

0.27

0.30

0.32

0.34

0.20

Net

realized

and

unrealized

gains

(losses)

(0.77)

(0.40)

(0.18)

0.43

0.02

(0.32)

Total

from

investment

operations

........

(0.63)

(0.13)

0.12

0.75

0.36

(0.12)

Less

distributions

from:

Net

investment

income

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

(0.13)

(0.27)

(0.29)

(0.33)

(0.34)

(0.19)

Net

asset

value,

end

of

period

..........

$11.08

$11.84

$12.24

$12.41

$11.99

$11.97

Total

return

e

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

(5.31)%

(1.12)%

1.03%

6.33%

3.06%

(0.97)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

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

0.54%

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

0.40%

g

0.39%

g

0.48%

Net

investment

income

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

2.46%

2.19%

2.41%

2.59%

2.88%

2.73%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$168,968

$257,641

$414,751

$410,541

$417,612

$672,199

Portfolio

turnover

rate

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

11.15%

22.05%

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

31

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.84

$12.24

$12.41

$11.99

$11.97

$12.13

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.14

0.26

0.29

0.31

0.33

0.32

Net

realized

and

unrealized

gains

(losses)

(0.77)

(0.40)

(0.17)

0.43

0.02

(0.16)

Total

from

investment

operations

........

(0.63)

(0.14)

0.12

0.74

0.35

0.16

Less

distributions

from:

Net

investment

income

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

(0.13)

(0.26)

(0.29)

(0.32)

(0.33)

(0.32)

Net

asset

value,

end

of

period

..........

$11.08

$11.84

$12.24

$12.41

$11.99

$11.97

Total

return

d

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

(5.33)%

(1.17)%

0.97%

6.27%

3.00%

1.32%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

0.58%

0.55%

0.55%

0.56%

0.55%

0.56%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.46%

f

0.45%

f

0.45%

f

0.46%

f

0.46%

f

0.55%

Net

investment

income

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

2.40%

2.14%

2.36%

2.53%

2.81%

2.66%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$826,756

$1,126,152

$1,153,049

$1,277,185

$1,103,570

$1,196,627

Portfolio

turnover

rate

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

11.15%

22.05%

18.84%

14.78%

2.57%

10.72%

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

Schedule

of

Investments

(unaudited),

August

31,

2022

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

a

Shares

a

Value

a

Management

Investment

Companies

1.8%

Capital

Markets

1.8%

a

Franklin

Municipal

Green

Bond

ETF

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

2,115,000

$

49,808,250

Total

Management

Investment

Companies

(Cost

$57,603,313)

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

49,808,250

Principal

Amount

a

a

a

a

Municipal

Bonds

98.4%

Alabama

3.0%

b

Black

Belt

Energy

Gas

District

,

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/29

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

$

7,000,000

6,963,425

Revenue,

2022

E,

Mandatory

Put,

5%,

6/01/28

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

7,000,000

7,439,585

Chatom

Industrial

Development

Board

,

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/28

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

500,000

558,116

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/29

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

485,000

548,064

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/30

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

425,000

483,413

Health

Care

Authority

of

the

City

of

Huntsville

(The)

,

Health

Care

Authority

of

City

of

Huntsville

(The)

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

6/01/39

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

2,250,000

2,189,336

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

5,200,860

Infirmary

Health

System

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/28

.......

5,000,000

5,281,106

b

Lower

Alabama

Gas

District

(The)

,

Revenue

,

2020

,

Mandatory

Put

,

4

%

,

12/01/25

...

25,935,000

26,190,903

Madison

City

Board

of

Education

,

Special

Tax,

2019,

4%,

2/01/33

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

2,855,000

2,972,543

Special

Tax,

2019,

4%,

2/01/34

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

2,970,000

3,060,363

Special

Tax,

2019,

4%,

2/01/35

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

3,095,000

3,169,221

Special

Tax,

2019,

4%,

2/01/37

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

3,350,000

3,394,662

b

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2022

B-2

,

Mandatory

Put

,

3.324

%

,

(

SOFR

+

1.79

%

),

8/01/28

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

15,000,000

14,777,340

82,228,937

Alaska

0.1%

Alaska

Municipal

Bond

Bank

Authority

,

Revenue,

2020,

Refunding,

4%,

12/01/35

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

1,710,000

1,783,202

Revenue,

2020,

Refunding,

4%,

12/01/37

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

1,305,000

1,335,684

3,118,886

Arizona

3.6%

Arizona

Department

of

Transportation

,

State

Highway

Fund

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/29

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

10,920,000

11,401,352

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/29

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

1,100,000

1,224,030

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/30

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

600,000

665,997

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/31

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

630,000

694,641

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/32

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

1,000,000

1,097,952

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/35

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

1,115,000

1,198,907

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/36

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

1,250,000

1,337,438

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/37

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

1,050,000

1,120,258

Franklin

Tax-Free

Trust

Schedule

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

33

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Arizona

Industrial

Development

Authority,

(continued)

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/37

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

$

1,105,000

$

1,077,651

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/38

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

600,000

580,169

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

A,

4%,

11/01/41

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

6,000,000

5,670,464

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/27

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

160,000

166,694

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/28

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

170,000

177,102

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/29

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

160,000

166,286

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/30

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

185,000

191,787

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/31

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

195,000

201,408

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/27

..........

55,000

57,602

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/28

..........

60,000

63,198

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/29

..........

60,000

63,424

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/30

..........

65,000

68,850

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/31

..........

70,000

73,969

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/35

.....

500,000

544,343

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/36

.....

750,000

811,190

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/37

.....

600,000

647,383

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/38

.....

1,000,000

1,076,761

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

3%,

2/01/39

.....

1,200,000

1,007,886

City

of

Mesa

,

Utility

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/29

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

2,500,000

2,710,274

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

5%,

7/01/30

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

10,000,000

10,998,145

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/35

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

7,500,000

7,957,684

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/36

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

6,225,000

6,584,779

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/35

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

9,720,000

10,555,307

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/39

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

6,365,000

6,829,966

Glendale

Industrial

Development

Authority

,

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/30

......

525,000

599,916

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/31

......

425,000

480,802

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/32

......

525,000

590,326

Maricopa

County

Industrial

Development

Authority

,

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/30

.......

850,000

927,110

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/31

.......

1,000,000

1,085,688

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/32

.......

1,000,000

1,081,849

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/33

.......

800,000

862,047

Pima

County

Regional

Transportation

Authority

,

Excise

Tax,

Revenue,

2014,

5%,

6/01/24

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

3,385,000

3,458,436

Excise

Tax,

Revenue,

2014,

5%,

6/01/26

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

7,180,000

7,317,182

Scottsdale

Municipal

Property

Corp.

,

City

of

Scottsdale

Excise

Tax,

Revenue,

2015,

Refunding,

5%,

7/01/26

..........

2,580,000

2,759,116

City

of

Scottsdale

Excise

Tax,

Revenue,

2015,

Pre-Refunded,

5%,

7/01/28

.......

3,325,000

3,543,616

99,728,985

Arkansas

0.6%

Arkansas

Development

Finance

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/35

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

4,630,000

4,848,475

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/36

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

3,625,000

3,780,669

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/37

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

1,250,000

1,297,657

Franklin

Tax-Free

Trust

Schedule

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.

34

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%,

9/01/38

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

$

1,000,000

$

1,033,161

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/39

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

1,000,000

1,028,817

City

of

Fort

Smith

,

Sales

&

Use

Tax

,

Revenue

,

2012

,

Refunding

,

5

%

,

5/01/23

......

5,000,000

5,002,640

16,991,419

California

4.5%

Bay

Area

Toll

Authority

,

Revenue,

2017

S-7,

Refunding,

4%,

4/01/31

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

7,000,000

7,379,243

Revenue,

2017

S-7,

Refunding,

4%,

4/01/33

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

5,000,000

5,210,424

b

California

Community

Choice

Financing

Authority

,

Revenue

,

2021

A

,

Mandatory

Put

,

4

%

,

12/01/27

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

2,000,000

2,038,505

b

California

Infrastructure

&

Economic

Development

Bank

,

California

Academy

of

Sciences

,

Revenue

,

2018

B

,

Refunding

,

Mandatory

Put

,

2.02

%

,

(

SIFMA

Municipal

Swap

Index

+

0.35

%

),

8/01/24

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

2,000,000

1,974,416

California

Statewide

Communities

Development

Authority

,

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

5%,

4/01/35

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

1,300,000

1,422,396

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/37

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

700,000

678,983

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/38

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

1,350,000

1,301,102

Southern

California

Edison

Co.,

Revenue,

2010

A,

Refunding,

1.75%,

9/01/29

....

7,000,000

6,084,180

City

of

Riverside

,

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/34

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

10,605,000

11,328,886

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/35

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

11,000,000

11,738,104

Golden

State

Tobacco

Securitization

Corp.

,

Revenue,

2021

B-1,

Refunding,

1.85%,

6/01/31

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

725,000

711,506

Revenue,

2021

B-1,

Refunding,

3.85%,

6/01/50

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

5,000,000

4,538,742

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2013

A,

5%,

7/01/26

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

11,025,000

11,122,964

Power

System,

Revenue,

2017

B,

Refunding,

5%,

7/01/31

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

8,220,000

9,071,240

Power

System,

Revenue,

2017

C,

5%,

7/01/32

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

4,615,000

5,135,688

Power

System,

Revenue,

2017

C,

5%,

7/01/33

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

3,960,000

4,373,539

Power

System,

Revenue,

2017

C,

5%,

7/01/34

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

4,080,000

4,477,348

Los

Angeles

Unified

School

District

,

GO

,

2018

B-1

,

5

%

,

7/01/32

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

8,000,000

8,956,085

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

4%,

8/01/36

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

855,000

878,275

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

4%,

8/01/37

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

1,250,000

1,275,443

State

of

California

,

GO,

Refunding,

5%,

10/01/25

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

15,000,000

15,245,394

GO,

Refunding,

5%,

8/01/30

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

10,000,000

10,708,914

125,651,377

Colorado

3.6%

City

&

County

of

Denver

,

Airport

System,

Revenue,

B,

5.25%,

11/15/26

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

5,000,000

5,158,846

Airport

System,

Revenue,

B,

5.25%,

11/15/27

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

4,250,000

4,384,085

Colorado

Health

Facilities

Authority

,

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/29

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

650,000

717,473

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/30

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

700,000

775,059

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/32

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

750,000

813,582

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/33

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

1,000,000

1,079,311

Franklin

Tax-Free

Trust

Schedule

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

35

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%,

10/01/34

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

$

1,100,000

$

1,178,253

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/33

2,000,000

2,118,915

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/36

8,500,000

8,932,415

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/37

2,250,000

2,176,512

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/39

1,250,000

1,201,464

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

2,000,000

2,130,823

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/33

3,000,000

3,178,372

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/34

5,500,000

5,804,175

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/35

4,500,000

4,737,815

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/37

2,000,000

2,096,466

c

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5

%

,

12/01/32

..

1,000,000

1,038,967

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

32,820,000

36,522,752

Regional

Transportation

District

,

COP,

2013

A,

Refunding,

5%,

6/01/26

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

14,000,000

14,248,618

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/33

........

1,000,000

993,599

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/35

........

1,400,000

1,372,081

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

3.375

%

,

12/01/30

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

500,000

450,332

101,109,915

Connecticut

2.3%

City

of

Stamford

,

GO,

2019,

3%,

6/01/35

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

3,025,000

2,781,689

GO,

2019,

3%,

6/01/36

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

3,025,000

2,737,469

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/38

..........

2,500,000

2,416,742

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/33

.....

5,000,000

5,320,608

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/35

.....

250,000

233,196

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/36

.....

4,750,000

4,403,667

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/32

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

700,000

774,632

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/33

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

625,000

683,772

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/34

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

725,000

792,243

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/35

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

550,000

596,628

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/26

...

200,000

212,322

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/27

...

250,000

268,542

State

of

Connecticut

,

GO,

2020

C,

4%,

6/01/34

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

1,500,000

1,540,188

GO,

2020

C,

4%,

6/01/36

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

1,800,000

1,814,914

GO,

2021

A,

3%,

1/15/33

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

3,500,000

3,340,440

GO,

2021

B,

3%,

6/01/37

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

8,620,000

7,642,296

Special

Tax,

2020

A,

5%,

5/01/35

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

4,500,000

5,041,918

Special

Tax,

2020

A,

4%,

5/01/36

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

3,500,000

3,523,757

Special

Tax,

2021

A,

5%,

5/01/41

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

1,500,000

1,649,825

Special

Tax,

A,

5%,

1/01/28

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

10,000,000

10,089,204

University

of

Connecticut

,

Revenue,

2016

A,

5%,

3/15/30

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

3,075,000

3,296,752

Revenue,

2016

A,

5%,

3/15/31

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

5,025,000

5,371,647

64,532,451

Florida

7.2%

Alachua

County

Health

Facilities

Authority

,

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/31

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

5,000,000

5,421,150

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/32

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

1,600,000

1,724,187

Franklin

Tax-Free

Trust

Schedule

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.

36

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Alachua

County

Health

Facilities

Authority,

(continued)

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/33

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

$

3,445,000

$

3,688,936

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/35

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

2,350,000

2,492,731

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

A-1

,

Refunding

,

5

%

,

10/01/30

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

1,000,000

1,045,933

c

Capital

Trust

Agency,

Inc.

,

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

5,345,000

4,695,422

Revenue,

144A,

2021

A-2,

5.1%,

12/01/31

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

1,850,000

1,625,503

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1

T,

5.05%,

7/01/34

..........

855,000

761,709

Centre

Lake

Community

Development

District

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/30

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

255,000

220,978

City

of

Clearwater

,

Water

&

Sewer

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/33

......

5,520,000

5,996,364

City

of

Gainesville

,

Utilities

System

,

Revenue

,

2017

A

,

5

%

,

10/01/30

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

1,500,000

1,659,226

City

of

Jacksonville

,

Genesis

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/39

..

1,650,000

1,544,950

Sales

Tax,

Revenue,

2012

A,

Refunding,

5%,

10/01/28

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

6,000,000

6,013,140

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

9/01/40

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

2,500,000

2,297,597

John

Knox

Village

of

Florida,

Inc.

Obligated

Group,

Revenue,

2021

B-1,

2%,

1/01/29

4,300,000

3,737,222

City

of

Port

St.

Lucie

,

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/30

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

1,500,000

1,579,255

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/31

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

1,635,000

1,711,517

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

8/15/33

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

6,000,000

5,984,408

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/38

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

700,000

680,610

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/39

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

500,000

482,383

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

5%,

7/01/40

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

1,000,000

1,065,164

County

of

Miami-Dade

,

Transit

System

,

Revenue

,

2019

,

Refunding

,

4

%

,

7/01/35

....

13,890,000

14,324,162

Escambia

County

Health

Facilities

Authority

,

Baptist

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/34

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

1,000,000

1,058,845

Greater

Orlando

Aviation

Authority

,

Revenue,

2019

A,

5%,

10/01/34

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

15,560,000

16,627,383

Revenue,

2019

A,

4%,

10/01/35

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

5,000,000

4,885,644

Herons

Glen

Recreation

District

,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/32

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

185,000

178,520

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/33

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

300,000

282,447

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/34

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

245,000

227,324

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/35

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

255,000

233,357

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/36

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

260,000

235,305

JEA

Water

&

Sewer

System

,

Revenue,

2014

A,

5%,

10/01/26

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

1,455,000

1,512,211

Revenue,

2014

A,

Pre-Refunded,

5%,

10/01/26

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

1,530,000

1,590,160

Revenue,

2014

A,

5%,

10/01/27

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

5,130,000

5,327,657

Revenue,

2014

A,

Pre-Refunded,

5%,

10/01/27

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

5,375,000

5,586,347

Revenue,

2014

A,

5%,

10/01/29

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

1,205,000

1,250,286

Revenue,

2014

A,

Pre-Refunded,

5%,

10/01/29

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

1,265,000

1,314,740

Revenue,

2017

A,

Refunding,

5%,

10/01/31

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

17,435,000

19,331,923

Lee

Memorial

Health

System

,

Lee

Memorial

Health

System

Obligated

Group,

Revenue,

A-1,

Refunding,

4%,

4/01/37

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

5,000,000

4,908,424

Franklin

Tax-Free

Trust

Schedule

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

37

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Lee

Memorial

Health

System,

(continued)

d

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

4/01/49

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

$

12,000,000

$

11,016,690

c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn

.,

5/01/57

6,965,000

5,998,606

Leon

County

School

District

,

Revenue

,

2014

,

5

%

,

9/01/25

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

6,040,000

6,199,858

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/28

.....

1,000,000

1,078,285

Orlando

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/30

.....

2,875,000

3,079,754

Orlando

Utilities

Commission

,

Revenue,

2012

A,

Refunding,

5%,

10/01/24

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

2,405,000

2,532,247

Revenue,

2012

A,

Refunding,

5%,

10/01/25

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

2,000,000

2,153,627

Revenue,

2018

A,

5%,

10/01/33

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

1,755,000

1,933,287

Palm

Beach

County

School

District

,

COP

,

2014

B

,

5

%

,

8/01/25

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

4,000,000

4,272,734

River

Hall

Community

Development

District

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/31

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

500,000

433,378

State

of

Florida

,

GO,

2015

E,

Refunding,

4%,

6/01/33

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

11,855,000

12,239,814

GO,

2017

C,

Refunding,

4%,

6/01/32

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

7,855,000

8,260,595

GO,

2017

C,

Refunding,

4%,

6/01/33

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

5,000,000

5,218,713

Tohopekaliga

Water

Authority

,

Revenue

,

2016

,

Refunding

,

4

%

,

10/01/32

..........

2,855,000

3,007,325

200,728,033

Georgia

2.8%

City

of

Atlanta

,

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/27

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

7,000,000

7,225,598

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/28

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

5,100,000

5,267,560

Water

&

Wastewater,

Revenue,

2015,

Refunding,

5%,

11/01/26

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

5,165,000

5,513,872

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/33

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

6,750,000

7,447,594

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/34

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

3,000,000

3,303,754

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/32

900,000

915,429

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/33

565,000

569,741

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/34

450,000

451,702

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/35

865,000

865,488

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/36

1,400,000

1,396,328

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/32

250,000

254,286

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/33

250,000

252,098

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/34

275,000

276,040

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/35

275,000

275,155

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/36

275,000

274,279

Development

Authority

for

Fulton

County

,

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/28

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

3,785,000

4,002,070

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/29

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

4,385,000

4,631,715

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/30

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

4,805,000

5,074,042

b

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

1

%

,

8/21/26

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

2,375,000

2,113,003

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/27

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

1,750,000

1,901,659

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/28

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

2,100,000

2,261,277

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/29

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

2,000,000

2,146,375

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/30

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

1,000,000

1,069,027

Franklin

Tax-Free

Trust

Schedule

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)

Georgia

(continued)

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2021

C,

4%,

12/01/25

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

$

1,000,000

$

1,008,471

b

Revenue,

2021

C,

Mandatory

Put,

4%,

12/01/28

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

5,000,000

4,987,928

b

Revenue,

2022

B,

Mandatory

Put,

5%,

6/01/29

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

5,000,000

5,252,610

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

A,

5%,

1/01/30

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

1,000,000

1,090,025

Revenue,

2019

A,

5%,

1/01/31

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

600,000

649,736

Revenue,

2019

A,

5%,

1/01/32

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

500,000

536,474

Revenue,

2019

A,

5%,

1/01/33

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

1,000,000

1,066,396

Revenue,

2019

B,

5%,

1/01/29

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

500,000

545,440

Revenue,

2019

B,

5%,

1/01/30

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

480,000

520,561

Revenue,

2019

B,

5%,

1/01/31

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

700,000

754,188

Revenue,

2019

B,

5%,

1/01/32

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

750,000

802,675

Revenue,

2019

B,

5%,

1/01/33

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

1,045,000

1,114,384

Revenue,

2019

B,

5%,

1/01/34

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

700,000

739,969

76,556,949

Hawaii

1.1%

State

of

Hawaii

,

GO,

EO,

5%,

8/01/28

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

21,695,000

22,717,425

GO,

EO,

Pre-Refunded,

5%,

8/01/28

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

3,305,000

3,460,755

Airports

System,

Revenue,

2020

A,

4%,

7/01/35

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

4,420,000

4,306,983

30,485,163

Illinois

7.7%

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien,

2018

A,

Refunding,

4.375%,

1/01/53

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

19,000,000

17,677,870

Revenue,

Senior

Lien,

2020

C,

Refunding,

4%,

1/01/35

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

4,000,000

3,957,021

Revenue,

Senior

Lien,

2020

E,

Refunding,

4%,

1/01/35

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

1,560,000

1,543,238

e

Revenue,

Senior

Lien,

2022

A,

5%,

1/01/55

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

13,500,000

13,766,111

Chicago

Park

District

,

GO,

2020

F-2,

Refunding,

5%,

1/01/32

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

1,500,000

1,624,046

GO,

2020

F-2,

Refunding,

5%,

1/01/33

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

3,000,000

3,233,929

GO,

2020

F-2,

Refunding,

4%,

1/01/34

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

1,100,000

1,085,664

GO,

2020

F-2,

Refunding,

5%,

1/01/35

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

2,375,000

2,539,821

Chicago

Transit

Authority

Capital

Grant

Receipts

,

Revenue

,

2021

,

Refunding

,

5

%

,

6/01/28

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

1,750,000

1,925,474

City

of

Berwyn

,

GO

,

2022

B

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/41

...........

6,000,000

5,854,834

City

of

Chicago

,

GO,

1999,

NATL

Insured,

Zero

Cpn

.,

1/01/31

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

4,000,000

2,822,648

GO,

2003

B,

Refunding,

5%,

1/01/26

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

1,795,000

1,867,318

GO,

2020

A,

Refunding,

5%,

1/01/29

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

2,500,000

2,678,891

GO,

2021

A,

Refunding,

5%,

1/01/33

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

9,500,000

10,010,970

GO,

2021

B,

Refunding,

4%,

1/01/35

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

4,295,000

4,083,017

GO,

2021

B,

Refunding,

4%,

1/01/38

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

5,150,000

4,775,774

City

of

Galesburg

,

Knox

College,

Revenue,

2021

A,

Refunding,

4%,

10/01/36

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

1,125,000

1,098,707

Knox

College,

Revenue,

2021

A,

Refunding,

4%,

10/01/41

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

1,475,000

1,380,369

County

of

Cook

,

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

11/15/40

...........

5,250,000

5,076,040

b

Illinois

Development

Finance

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2019

,

Mandatory

Put

,

0.4

%

,

11/01/22

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

5,000,000

4,972,085

Illinois

Finance

Authority

,

Carle

Foundation

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

8/15/40

12,645,000

12,141,658

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/28

.........

1,065,000

1,016,218

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/29

.........

1,100,000

1,036,140

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/30

.........

1,310,000

1,219,072

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/31

.........

1,095,000

1,003,886

Franklin

Tax-Free

Trust

Schedule

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)

Illinois

(continued)

Illinois

Finance

Authority,

(continued)

Northwestern

University,

Revenue,

2015,

5%,

12/01/28

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

$

1,675,000

$

1,908,554

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

3

%

,

6/15/25

..

1,000,000

987,931

Northern

Illinois

University

,

Revenue,

2021,

BAM

Insured,

4%,

10/01/41

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

400,000

367,581

Revenue,

2021,

BAM

Insured,

4%,

10/01/43

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

2,075,000

1,876,981

Railsplitter

Tobacco

Settlement

Authority

,

Revenue

,

2017

,

5

%

,

6/01/26

...........

3,500,000

3,770,218

State

of

Illinois

,

GO,

2013

A,

AGMC

Insured,

5%,

4/01/25

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

18,000,000

18,222,703

GO,

2014,

AGMC

Insured,

5%,

2/01/26

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

5,650,000

5,817,923

GO,

2016,

Refunding,

5%,

2/01/26

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

1,000,000

1,051,297

GO,

2016,

Refunding,

5%,

2/01/29

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

2,250,000

2,378,368

GO,

2017

C,

5%,

11/01/29

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

8,690,000

9,232,843

GO,

2017

D,

3.25%,

11/01/26

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

750,000

744,636

GO,

2017

D,

5%,

11/01/27

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

1,500,000

1,605,748

GO,

2018

A,

Refunding,

5%,

10/01/29

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

1,125,000

1,207,116

GO,

2018

B,

Refunding,

5%,

10/01/31

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

1,500,000

1,594,446

GO,

2018

B,

Refunding,

5%,

10/01/32

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

1,120,000

1,184,763

GO,

2019

B,

5%,

11/01/30

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

1,125,000

1,213,343

GO,

2019

B,

4%,

11/01/38

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

1,030,000

968,265

GO,

2020,

5.5%,

5/01/30

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

6,550,000

7,330,142

GO,

2020,

5.5%,

5/01/39

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

3,700,000

4,019,837

GO,

2020

C,

4%,

10/01/37

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

8,170,000

7,740,042

GO,

2021

A,

5%,

3/01/46

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

2,000,000

2,077,080

GO,

2021

B,

4%,

12/01/39

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

2,500,000

2,333,782

GO,

2022

A,

5%,

3/01/29

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

6,385,000

6,898,764

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/26

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

2,500,000

2,672,163

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/27

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

6,000,000

6,489,301

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/28

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

5,000,000

5,472,934

c

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group

,

Revenue

,

144A,

2020

A

,

Refunding

,

3.5

%

,

12/01/32

......

6,400,000

5,607,706

213,165,268

Indiana

1.3%

c

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

B

,

4.75

%

,

8/01/24

1,560,000

1,488,802

Indiana

Finance

Authority

,

e

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/26

..

1,065,000

1,034,950

e

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/27

..

1,150,000

1,102,192

e

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/28

..

1,235,000

1,164,943

e

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/29

..

1,330,000

1,235,656

e

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/30

..

1,425,000

1,304,990

Indianapolis

Power

&

Light

Co.,

Revenue,

2021

A,

Refunding,

1.4%,

8/01/29

.....

3,000,000

2,574,605

State

Revolving

Fund,

Revenue,

2018

A,

5%,

2/01/35

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

9,795,000

10,857,537

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

4

%

,

6/01/37

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

15,000,000

14,926,425

35,690,100

Iowa

0.9%

Iowa

Higher

Education

Loan

Authority

,

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/31

.

1,800,000

1,951,138

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/32

.

1,920,000

2,067,524

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/33

.

2,030,000

2,172,078

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/34

.

2,135,000

2,274,720

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/35

.

1,250,000

1,324,105

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/36

.

2,470,000

2,600,395

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/37

.

2,595,000

2,723,468

Franklin

Tax-Free

Trust

Schedule

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)

Iowa

(continued)

Iowa

Tobacco

Settlement

Authority

,

Revenue,

2021

A-2,

1,

Refunding,

4%,

6/01/49

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

$

8,500,000

$

7,842,321

Revenue,

2021

B-1,

2,

Refunding,

4%,

6/01/49

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

1,415,000

1,341,374

24,297,123

Kansas

0.3%

State

of

Kansas

,

Department

of

Transportation

,

Revenue

,

2014

A

,

5

%

,

9/01/28

.....

8,000,000

8,378,241

Kentucky

1.2%

Eastern

Kentucky

University

,

Revenue,

2021

A,

Refunding,

4%,

10/01/29

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

1,355,000

1,441,668

Revenue,

2021

A,

Refunding,

4%,

10/01/30

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

1,410,000

1,496,641

Revenue,

2021

A,

Refunding,

4%,

10/01/31

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

1,470,000

1,560,994

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/34

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

1,000,000

1,055,305

Kentucky

Municipal

Power

Agency

,

Revenue,

2016

A,

Refunding,

NATL

Insured,

5%,

9/01/34

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

1,500,000

1,627,188

Revenue,

2019

A,

Refunding,

5%,

9/01/31

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

1,500,000

1,639,589

Revenue,

2019

A,

Refunding,

5%,

9/01/32

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

1,600,000

1,742,704

Revenue,

2019

A,

Refunding,

5%,

9/01/33

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

1,000,000

1,084,866

Kentucky

State

Property

&

Building

Commission

,

Kentucky

Finance

and

Administration

Cabinet

,

Revenue

,

BAM

Insured

,

5

%

,

5/01/32

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

2,000,000

2,204,277

Kentucky

Turnpike

Authority

,

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/26

.........

2,570,000

2,784,211

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/28

.........

3,000,000

3,303,852

Paducah

Electric

Plant

Board

,

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

10/01/29

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

5,500,000

6,044,389

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

10/01/31

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

5,500,000

6,021,979

32,007,663

Louisiana

3.2%

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2019

A,

Refunding,

4%,

2/01/35

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

1,310,000

1,354,031

Revenue,

2019

A,

Refunding,

4%,

2/01/36

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

2,000,000

2,041,076

Revenue,

2019

B,

Refunding,

5%,

2/01/32

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

2,000,000

2,348,028

Jefferson

Sales

Tax

District

,

Revenue

,

2019

B

,

AGMC

Insured

,

4

%

,

12/01/38

.......

6,000,000

6,003,748

Lafayette

Consolidated

Government

,

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/25

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

2,400,000

2,579,196

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/27

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

3,500,000

3,762,433

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/29

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

4,685,000

5,021,514

c

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

City

of

New

Orleans,

Revenue,

144A,

2021,

4%,

11/01/46

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

10,000,000

7,816,817

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

3.5%,

12/01/32

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

1,960,000

1,717,360

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

3.75%,

10/01/38

4,592,712

3,727,465

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

B,

5.25%,

10/01/32

5,350,000

4,730,705

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/29

.......

1,240,000

1,317,876

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/29

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

10,000

10,826

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/30

.......

995,000

1,054,259

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/30

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

5,000

5,413

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/32

.......

1,485,000

1,563,963

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/32

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

15,000

16,239

Franklin

Tax-Free

Trust

Schedule

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)

Louisiana

(continued)

Louisiana

Public

Facilities

Authority,

(continued)

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/28

$

1,000,000

$

1,077,515

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/29

2,000,000

2,145,355

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/30

2,250,000

2,401,353

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/31

1,745,000

1,851,895

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/32

1,750,000

1,843,706

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/33

2,000,000

2,100,574

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/36

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

4,750,000

5,123,854

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/37

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

2,000,000

2,150,096

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/38

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

3,120,000

3,342,923

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

2,393,007

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2020

E,

5%,

4/01/35

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

1,000,000

1,066,092

Revenue,

2020

E,

5%,

4/01/36

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

1,495,000

1,590,375

Revenue,

2020

E,

5%,

4/01/37

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

1,065,000

1,129,110

Revenue,

2020

E,

5%,

4/01/38

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

1,000,000

1,057,325

Revenue,

2020

E,

5%,

4/01/39

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

2,750,000

2,901,374

State

of

Louisiana

,

GO

,

2014

C

,

Refunding

,

5

%

,

8/01/25

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

10,000,000

10,477,020

87,722,523

Maine

0.2%

Maine

Health

&

Higher

Educational

Facilities

Authority

,

MaineHealth

Obligated

Group,

Revenue,

2020

A,

5%,

7/01/35

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

1,000,000

1,070,753

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/36

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

1,000,000

981,922

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/37

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

1,150,000

1,126,162

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/38

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

2,690,000

2,618,517

5,797,354

Maryland

3.0%

City

of

Baltimore

,

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

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

1,000,000

1,095,311

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

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

2,940,000

3,211,129

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/31

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

2,085,000

2,269,584

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/32

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

3,240,000

3,516,986

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/30

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

6,450,000

7,044,824

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/32

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

5,905,000

6,409,815

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/28

......

2,790,000

2,943,879

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/29

......

5,835,000

6,148,851

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

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

1,320,000

1,445,810

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

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

1,785,000

1,949,614

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/31

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

3,765,000

4,098,314

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/32

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

4,000,000

4,341,958

County

of

Anne

Arundel

,

GO

,

2015

,

5

%

,

4/01/29

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

7,495,000

7,981,692

Maryland

Community

Development

Administration

,

Residential

,

Revenue

,

2019

B

,

Refunding

,

3

%

,

9/01/34

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

5,000,000

4,599,726

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

3.25%,

7/01/39

500,000

410,359

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/40

..

300,000

283,105

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/30

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

8,520,000

9,103,816

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/31

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

7,415,000

7,876,786

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/28

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

1,000,000

1,091,657

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/29

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

1,340,000

1,471,055

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/30

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

2,810,000

3,091,272

Franklin

Tax-Free

Trust

Schedule

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)

Maryland

(continued)

Town

of

Chestertown,

(continued)

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/31

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

$

1,480,000

$

1,630,102

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/32

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

1,550,000

1,693,153

83,708,798

Massachusetts

3.8%

Commonwealth

of

Massachusetts

,

GO,

A,

Refunding,

5%,

7/01/28

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

7,500,000

8,031,171

GO,

A,

Refunding,

5%,

7/01/29

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

6,000,000

6,414,940

Massachusetts

Clean

Energy

Cooperative

Corp.

,

Revenue,

2021,

Refunding,

2.135%,

7/01/29

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

5,000,000

4,372,372

Revenue,

2021,

Refunding,

2.235%,

7/01/30

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

6,420,000

5,527,672

Massachusetts

Clean

Water

Trust

(The)

,

Revenue,

17

A,

5%,

2/01/24

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

9,380,000

9,491,286

Revenue,

17

A,

5%,

2/01/25

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

9,750,000

9,853,439

Revenue,

2014,

Refunding,

5%,

8/01/26

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

10,650,000

11,701,352

Massachusetts

Development

Finance

Agency

,

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/30

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

150,000

167,427

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/31

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

475,000

524,626

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/32

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

450,000

491,425

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/33

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

525,000

568,534

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/34

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

450,000

483,623

Massachusetts

Port

Authority

,

Revenue,

2019

C,

5%,

7/01/32

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

4,220,000

4,605,481

Revenue,

2019

C,

5%,

7/01/33

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

4,430,000

4,799,620

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System

,

Revenue,

Senior

Lien

,

2019

A

,

Refunding

,

5

%

,

1/01/35

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

7,000,000

7,737,068

Massachusetts

Water

Resources

Authority

,

Revenue

,

C

,

Refunding

,

5

%

,

8/01/32

....

13,920,000

15,390,182

University

of

Massachusetts

Building

Authority

,

Revenue,

2017-3,

Refunding,

5%,

11/01/31

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

10,035,000

11,099,667

Revenue,

2017-3,

Refunding,

5%,

11/01/32

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

5,000,000

5,512,886

106,772,771

Michigan

1.4%

Lansing

Board

of

Water

&

Light

,

Revenue

,

2019

A

,

5

%

,

7/01/36

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

4,645,000

5,081,688

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/30

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

1,860,000

2,012,765

GO,

2016

I,

5%,

5/01/31

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

2,010,000

2,175,084

GO,

2016

I,

5%,

5/01/32

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

2,310,000

2,498,883

Michigan

Finance

Authority

,

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/35

...

1,000,000

1,003,222

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Refunding,

5%,

12/01/34

8,200,000

8,693,600

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/31

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

5,100,000

5,245,932

Michigan

Finance

Authority,

Revenue,

2008

C,

5%,

12/01/32

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

1,115,000

1,217,642

Michigan

Finance

Authority,

Revenue,

2008

C,

Pre-Refunded,

5%,

12/01/32

......

135,000

151,368

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2008

C,

Refunding,

5%,

12/01/31

.

2,700,000

2,960,919

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

3

%

,

10/01/39

..

3,500,000

3,020,310

b

Michigan

Strategic

Fund

,

Consumers

Energy

Co.

,

Revenue

,

2005

,

Mandatory

Put

,

0.875

%

,

10/08/26

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

5,000,000

4,532,999

38,594,412

Franklin

Tax-Free

Trust

Schedule

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)

Mississippi

0.3%

Mississippi

Home

Corp.

,

c

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

4%,

6/01/46

..

$

8,143,623

$

6,017,597

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

3.65%,

6/01/33

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

101,412

85,545

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

4.15%,

6/01/46

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

400,000

303,104

c

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

144A,

2021

E-8,

5.5%,

6/01/36

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

2,540,000

2,196,303

8,602,549

Missouri

1.4%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Mercy

Health

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

6/01/31

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

12,500,000

13,789,655

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Plum

Point

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/27

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

3,250,000

3,399,607

Plum

Point

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/28

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

4,500,000

4,698,871

Plum

Point

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/29

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

4,045,000

4,215,412

Southeast

Missouri

State

University

,

Revenue,

2020,

Refunding,

4%,

4/01/33

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

2,745,000

2,793,330

Revenue,

2020,

Refunding,

4%,

4/01/34

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

2,180,000

2,193,934

Revenue,

2020,

Refunding,

4%,

4/01/35

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

1,575,000

1,567,119

Revenue,

2020,

Refunding,

4%,

4/01/36

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

3,205,000

3,143,959

Revenue,

2020,

Refunding,

4%,

4/01/37

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

2,000,000

1,948,428

37,750,315

New

Hampshire

0.3%

City

of

Manchester

,

General

Airport

,

Revenue

,

2012

A

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/25

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

7,930,000

7,945,082

New

Jersey

1.9%

Hudson

County

Improvement

Authority

,

County

of

Hudson,

Revenue,

2010,

Refunding,

AGMC

Insured,

5.375%,

10/01/23

.

5,375,000

5,537,218

County

of

Hudson,

Revenue,

2010,

Refunding,

AGMC

Insured,

5.375%,

10/01/24

.

2,050,000

2,171,829

New

Jersey

Economic

Development

Authority

,

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2019

LLL,

5%,

6/15/39

1,000,000

1,049,232

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/34

....

5,000,000

5,251,795

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey,

Revenue,

2016

B,

5%,

9/01/36

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

5,000,000

5,222,568

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/33

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

680,000

735,746

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/34

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

545,000

587,073

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/35

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

565,000

606,945

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/30

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

900,000

961,671

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/31

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

1,080,000

1,147,259

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

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

3,630,000

3,436,996

Revenue,

Senior

Lien,

2020

B,

3.5%,

12/01/39

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

2,000,000

1,979,360

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2021

A,

Refunding,

4%,

6/15/36

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

6,200,000

6,057,193

Revenue,

2022

A,

4%,

6/15/41

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

7,500,000

7,076,535

New

Jersey

Turnpike

Authority

,

Revenue

,

2021

A

,

4

%

,

1/01/42

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

1,800,000

1,727,684

Newark

Board

of

Education

,

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/26

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

275,000

298,457

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/27

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

330,000

363,855

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/28

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

325,000

363,668

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/29

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

320,000

362,698

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/31

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

400,000

460,639

Franklin

Tax-Free

Trust

Schedule

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)

New

Jersey

(continued)

Newark

Board

of

Education,

(continued)

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/32

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

$

430,000

$

491,211

State

of

New

Jersey

,

GO

,

2020

A

,

4

%

,

6/01/31

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

7,000,000

7,475,849

53,365,481

New

Mexico

0.4%

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2016

A

,

Refunding

,

2.15

%

,

4/01/33

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

13,500,000

10,881,354

New

York

10.2%

City

of

New

York

,

GO,

2013

D,

5%,

8/01/27

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

10,000,000

10,105,483

GO,

2013

I,

5%,

8/01/24

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

10,200,000

10,442,504

GO,

2014

G,

5%,

8/01/23

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

6,860,000

7,025,790

GO,

2015

C,

Refunding,

5%,

8/01/25

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

2,000,000

2,118,262

GO,

2015

C,

Refunding,

5%,

8/01/27

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

7,500,000

7,921,785

GO,

2019

E,

Refunding,

5%,

8/01/32

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

2,000,000

2,218,147

GO,

2019

E,

Refunding,

5%,

8/01/34

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

3,500,000

3,829,991

GO,

2021

C,

4%,

8/01/37

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

5,000,000

4,993,974

e

GO,

2023

A-1,

4%,

9/01/46

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

5,000,000

4,781,599

GO,

A-1

2017

A,

5%,

8/01/29

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

10,000,000

10,869,964

County

of

Nassau

,

GO,

2021

A,

AGMC

Insured,

4%,

4/01/48

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

7,140,000

6,808,182

GO,

2021

A,

AGMC

Insured,

4%,

4/01/49

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

7,960,000

7,575,164

Long

Island

Power

Authority

,

Revenue

,

2012

B

,

5

%

,

9/01/26

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

5,000,000

5,011,361

Metropolitan

Transportation

Authority

,

Revenue,

2012

F,

Refunding,

5%,

11/15/25

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

25,000,000

25,118,367

b

Revenue,

2015

A-2,

Mandatory

Put,

5%,

5/15/30

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

7,000,000

7,694,217

Revenue,

2016

A-2,

Refunding,

5%,

11/15/25

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

21,090,000

22,292,955

Revenue,

2016

B,

Refunding,

5%,

11/15/34

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

3,265,000

3,399,805

Revenue,

2017

B,

Refunding,

5%,

11/15/26

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

2,140,000

2,283,996

Revenue,

2017

C-1,

Refunding,

5%,

11/15/31

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

1,870,000

1,981,772

Revenue,

2017

C-1,

Refunding,

4%,

11/15/37

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

2,500,000

2,402,016

Revenue,

2020

A-1,

AGMC

Insured,

4%,

11/15/41

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

5,545,000

5,358,057

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/27

1,000,000

1,077,281

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/28

1,000,000

1,091,521

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

3%,

1/01/46

10,000,000

7,466,344

Yankee

Stadium

LLC,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

3%,

3/01/36

..

2,500,000

2,192,442

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/27

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

8,740,000

9,045,264

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/28

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

5,000,000

5,164,744

Future

Tax

Secured,

Revenue,

2020

C,

4%,

5/01/37

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

1,400,000

1,389,403

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

2,340,000

2,045,019

New

York

State

Dormitory

Authority

,

Revenue,

2009

A,

AGMC

Insured,

5%,

10/01/24

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

220,000

220,502

City

University

of

New

York

(The),

Revenue,

2005

A,

NATL

Insured,

5.5%,

7/01/23

.

7,915,000

8,120,579

Northwell

Health

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/01/29

....

10,000,000

10,564,651

State

of

New

York

Personal

Income

Tax,

Revenue,

2012

A,

Refunding,

5%,

12/15/27

10,000,000

10,072,706

State

of

New

York

Personal

Income

Tax,

Revenue,

2014

E,

Refunding,

5%,

2/15/30

5,000,000

5,275,801

State

of

New

York

Personal

Income

Tax,

Revenue,

2015

A,

Refunding,

5%,

3/15/28

7,185,000

7,612,367

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

5%,

3/15/32

.........

9,995,000

11,123,222

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

Pre-Refunded,

5%,

3/15/32

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

5,000

5,701

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Refunding,

5%,

3/15/32

........

10,000,000

11,105,426

New

York

State

Urban

Development

Corp.

,

State

of

New

York

Personal

Income

Tax,

Revenue,

2013

D,

5%,

3/15/24

.........

10,000,000

10,139,441

Franklin

Tax-Free

Trust

Schedule

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)

New

York

(continued)

New

York

State

Urban

Development

Corp.,

(continued)

State

of

New

York

Personal

Income

Tax,

Revenue,

2020

A,

5%,

3/15/41

.........

$

5,000,000

$

5,406,869

New

York

Transportation

Development

Corp.

,

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/34

...

450,000

472,658

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/35

...

400,000

418,552

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/36

...

200,000

209,079

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/33

...

1,200,000

1,290,570

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

2014,

5%,

9/01/34

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

2,500,000

2,676,633

Revenue,

2018,

5%,

11/01/39

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

3,000,000

3,145,886

Revenue,

221,

4%,

7/15/36

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

2,180,000

2,146,392

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/28

......

1,300,000

1,423,508

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/30

......

2,900,000

3,216,244

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/34

......

4,175,000

4,521,029

282,873,225

North

Carolina

0.7%

City

of

Charlotte

,

Water

&

Sewer

System

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/27

..

10,000,000

10,720,061

County

of

Buncombe

,

Revenue

,

A

,

Pre-Refunded

,

5

%

,

6/01/28

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

5,000,000

5,220,516

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/25

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

125,000

131,390

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/26

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

300,000

319,858

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/27

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

450,000

486,144

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/28

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

500,000

544,909

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/29

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

350,000

383,943

Revenue,

Senior

Lien,

2020

A,

3.125%,

6/01/39

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

560,000

513,301

18,320,122

North

Dakota

0.2%

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/29

..

1,600,000

1,746,647

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/30

..

1,600,000

1,754,756

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/31

..

1,300,000

1,429,640

4,931,043

Ohio

2.4%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-1,

1,

Refunding,

2%,

6/01/27

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

1,475,000

1,328,322

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

4%,

6/01/48

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

11,765,000

10,545,138

City

of

Toledo

,

Water

System,

Revenue,

2013,

Pre-Refunded,

5%,

11/15/25

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

4,000,000

4,073,942

Water

System,

Revenue,

2013,

Pre-Refunded,

5%,

11/15/26

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

6,140,000

6,253,501

Water

System,

Revenue,

2013,

Pre-Refunded,

5%,

11/15/27

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

6,450,000

6,569,231

Water

System,

Revenue,

2013,

Pre-Refunded,

5%,

11/15/28

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

6,570,000

6,691,450

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue

,

1998

A

,

Refunding

,

NATL

Insured

,

5.5

%

,

2/15/24

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

6,845,000

7,046,396

Ohio

Water

Development

Authority

,

Revenue,

2019,

5%,

12/01/36

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

5,650,000

6,295,808

Water

Pollution

Control

Loan

Fund,

Revenue,

2017

A,

5%,

12/01/31

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

10,000,000

11,021,025

State

of

Ohio

,

GO,

R,

Pre-Refunded,

5%,

5/01/27

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

5,000,000

5,214,715

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

11/15/35

1,000,000

1,058,303

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/36

905,000

853,599

66,951,430

Franklin

Tax-Free

Trust

Schedule

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)

Oregon

2.9%

City

of

Portland

,

Water

System

,

Revenue,

Second

Lien

,

2013

A

,

Refunding

,

5

%

,

10/01/25

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

$

5,000,000

$

5,065,799

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO

,

B

,

5

%

,

6/15/32

....

3,725,000

4,076,629

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/35

...

5,240,000

5,580,291

Hillsboro

School

District

No.

1J

,

GO,

2020,

4%,

6/15/35

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

1,250,000

1,294,923

GO,

2020,

4%,

6/15/36

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

2,605,000

2,683,738

GO,

2020,

4%,

6/15/37

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

4,370,000

4,473,065

GO,

2020,

4%,

6/15/38

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

4,575,000

4,623,153

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/34

1,100,000

1,198,819

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/35

800,000

866,777

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/36

1,300,000

1,405,548

Oregon

State

Facilities

Authority

,

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/25

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

425,000

448,441

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/26

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

150,000

160,743

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/28

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

325,000

352,799

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/29

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

600,000

654,380

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/35

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

275,000

290,916

Willamette

University,

Revenue,

2021

A,

Refunding,

4%,

10/01/51

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

2,000,000

1,763,939

Port

of

Portland

,

Airport

,

Revenue

,

Twenty-Seven

A

,

5

%

,

7/01/34

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

9,110,000

9,794,151

Salem

Hospital

Facility

Authority

,

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/33

.......

9,440,000

10,326,046

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/34

.......

3,780,000

4,111,346

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/35

.......

9,010,000

9,757,312

State

of

Oregon

,

Department

of

Transportation,

Revenue,

Senior

Lien,

2014

A,

Pre-Refunded,

5%,

11/15/27

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

3,000,000

3,168,374

Department

of

Transportation,

Revenue,

Senior

Lien,

2014

A,

Pre-Refunded,

5%,

11/15/28

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

3,500,000

3,696,437

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO

,

B

,

Pre-

Refunded

,

5

%

,

6/15/28

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

5,000,000

5,231,600

81,025,226

Pennsylvania

3.9%

Allegheny

County

Hospital

Development

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/15/34

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

5,000,000

5,454,027

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

2022,

Refunding,

5%,

5/01/28

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

600,000

643,683

Revenue,

2022,

Refunding,

5%,

5/01/29

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

600,000

648,072

Revenue,

2022,

Refunding,

5%,

5/01/30

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

700,000

759,506

Revenue,

2022,

Refunding,

5%,

5/01/31

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

675,000

733,842

City

of

Philadelphia

,

Water

&

Wastewater,

Revenue,

2017

B,

Refunding,

5%,

11/01/31

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

5,750,000

6,328,069

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/36

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

1,000,000

1,103,805

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/37

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

1,500,000

1,650,828

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/38

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

2,000,000

2,194,722

Water

&

Wastewater,

Revenue,

2022

C,

5%,

6/01/39

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

1,860,000

2,063,359

Water

&

Wastewater,

Revenue,

2022

C,

5%,

6/01/40

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

3,260,000

3,606,550

Commonwealth

of

Pennsylvania

,

GO,

Second

Series

,

2013

,

5

%

,

10/15/26

.........

13,375,000

13,742,109

Lancaster

County

Solid

Waste

Management

Authority

,

Revenue,

2013

A,

Pre-Refunded,

5.25%,

12/15/25

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

5,345,000

5,534,395

Franklin

Tax-Free

Trust

Schedule

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)

Pennsylvania

(continued)

Lancaster

County

Solid

Waste

Management

Authority,

(continued)

Revenue,

2013

A,

Pre-Refunded,

5.25%,

12/15/26

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

$

5,835,000

$

6,041,758

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/33

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

2,100,000

2,312,834

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/34

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

1,750,000

1,912,642

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/35

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

1,450,000

1,579,888

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/38

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

3,245,000

3,196,083

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/39

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

3,685,000

3,599,135

b

Waste

Management

Obligated

Group,

Revenue,

2009,

Mandatory

Put,

0.95%,

12/01/26

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

3,000,000

2,649,046

b

Waste

Management,

Inc.,

Revenue,

2017

A,

Mandatory

Put,

0.58%,

8/01/24

.....

5,500,000

5,188,624

b

Waste

Management,

Inc.,

Revenue,

2021

B,

Refunding,

Mandatory

Put,

1.1%,

11/02/26

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

6,750,000

6,109,721

Pennsylvania

Higher

Educational

Facilities

Authority

,

Drexel

University,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

5%,

5/01/38

.....

6,950,000

7,634,561

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

4%,

8/15/34

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

5,895,000

5,901,167

Pennsylvania

State

University

(The)

,

Revenue

,

A

,

5

%

,

9/01/30

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

4,000,000

4,437,399

Philadelphia

Authority

for

Industrial

Development

,

City

of

Philadelphia,

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn

.,

4/15/24

......

5,500,000

5,111,771

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/30

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

100,000

103,863

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/40

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

300,000

304,277

Philadelphia

Gas

Works

Co.

,

Revenue,

15th,

Refunding,

5%,

8/01/30

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

2,000,000

2,172,576

Revenue,

15th,

Refunding,

5%,

8/01/31

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

4,030,000

4,355,267

Redevelopment

Authority

of

the

City

of

Philadelphia

,

Revenue

,

2021

A

,

BAM

Insured

,

2.799

%

,

9/01/33

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

2,425,000

2,120,402

109,193,981

Rhode

Island

0.3%

State

of

Rhode

Island

,

GO,

2019

C,

5%,

1/15/32

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

4,500,000

5,081,141

GO,

2019

C,

4%,

1/15/34

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

1,520,000

1,595,199

GO,

2019

C,

4%,

1/15/35

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

600,000

627,637

7,303,977

South

Carolina

2.4%

County

of

Richland

,

International

Paper

Co.,

Revenue,

2014

A,

Refunding,

3.875%,

4/01/23

.........

10,000,000

10,013,929

c

Village

at

Sandhill

Improvement

District,

Special

Assessment,

144A,

2021,

Refunding,

3.625%,

11/01/31

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

1,000,000

854,699

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

6,600,000

5,347,663

c

Revenue,

144A,

2021

A-2,

5.3%,

12/01/29

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

1,805,000

1,594,939

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

7,400,000

5,989,550

c

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn

.,

6/01/37

11,000,000

7,360,045

Prisma

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

5/01/33

......

6,000,000

6,446,629

South

Carolina

Public

Service

Authority

,

Revenue,

2020

A,

Refunding,

5%,

12/01/31

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

2,355,000

2,589,190

Revenue,

2020

A,

Refunding,

5%,

12/01/43

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

20,280,000

21,130,499

Revenue,

2021

A,

Refunding,

5%,

12/01/25

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

1,000,000

1,058,562

Revenue,

2021

A,

Refunding,

5%,

12/01/26

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

750,000

804,774

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/24

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

3,300,000

3,162,912

66,353,391

Franklin

Tax-Free

Trust

Schedule

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)

South

Dakota

0.1%

County

of

Lincoln

,

Augustana

College

Association

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

8/01/51

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

$

1,500,000

$

1,245,343

South

Dakota

Health

&

Educational

Facilities

Authority

,

Presbyterian

Retirement

Village

of

Rapid

City,

Inc.

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/41

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

1,150,000

880,122

2,125,465

Tennessee

0.6%

Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/31

1,500,000

1,602,780

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/34

1,000,000

1,055,305

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/35

1,250,000

1,316,060

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/36

1,000,000

971,295

b

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

4,000,000

4,184,321

Tennessee

State

School

Bond

Authority

,

Revenue

,

2015

B

,

5

%

,

11/01/28

.........

8,180,000

8,780,436

17,910,197

Texas

8.6%

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

969,759

Central

Texas

Regional

Mobility

Authority

,

Revenue,

Senior

Lien

,

2021

B

,

5

%

,

1/01/46

3,500,000

3,689,665

City

of

Austin

,

Water

&

Wastewater

System,

Revenue,

2012,

5%,

11/15/26

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

3,515,000

3,534,625

Water

&

Wastewater

System,

Revenue,

2012,

5%,

11/15/27

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

3,400,000

3,418,632

Water

&

Wastewater

System,

Revenue,

2013

A,

Refunding,

5%,

11/15/28

.......

5,000,000

5,088,698

City

of

Dallas

,

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/30

........

1,500,000

1,670,519

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/31

........

2,500,000

2,773,253

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/32

........

1,000,000

1,105,856

City

of

El

Paso

,

GO,

2020

A,

Refunding,

4%,

8/15/35

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

1,000,000

1,029,246

GO,

2020

A,

Refunding,

4%,

8/15/36

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

1,000,000

1,021,081

City

of

Houston

,

Combined

Utility

System,

Revenue,

First

Lien,

2014

C,

Refunding,

5%,

5/15/24

...

5,000,000

5,212,633

Combined

Utility

System,

Revenue,

First

Lien,

2017

B,

Refunding,

5%,

11/15/34

..

3,250,000

3,558,061

Combined

Utility

System,

Revenue,

First

Lien,

2017

B,

Refunding,

5%,

11/15/35

..

4,500,000

4,916,044

City

of

San

Antonio

,

Electric

&

Gas

Systems,

Revenue,

2015,

Refunding,

5%,

2/01/27

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

10,415,000

11,283,066

Electric

&

Gas

Systems,

Revenue,

Junior

Lien,

2019,

Refunding,

5%,

2/01/35

....

4,400,000

4,877,690

Electric

&

Gas

Systems,

Revenue,

Junior

Lien,

2021

A,

Refunding,

5%,

2/01/46

...

7,500,000

8,025,109

Clifton

Higher

Education

Finance

Corp.

,

Southwestern

University

,

Revenue

,

2022

,

4

%

,

8/15/42

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

10,535,000

10,070,328

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel,

Revenue,

First

Lien,

2021

A,

2.5%,

10/01/31

....

500,000

415,367

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/30

....

100,000

113,665

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/31

....

60,000

68,330

County

of

Williamson

,

GO

,

2012

,

Refunding

,

5

%

,

2/15/23

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

6,235,000

6,248,853

Dallas

Fort

Worth

International

Airport

,

Revenue,

2013

D,

Refunding,

5.25%,

11/01/27

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

5,000,000

5,164,528

Revenue,

2013

D,

Refunding,

5.25%,

11/01/28

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

2,100,000

2,166,646

Ector

County

Hospital

District

,

GO,

2020,

Refunding,

5%,

9/15/29

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

800,000

855,307

GO,

2020,

Refunding,

5%,

9/15/30

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

745,000

798,775

GO,

2020,

Refunding,

5%,

9/15/31

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

450,000

478,404

GO,

2020,

Refunding,

5%,

9/15/32

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

600,000

634,985

GO,

2020,

Refunding,

5%,

9/15/33

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

650,000

684,447

GO,

2020,

Refunding,

4%,

9/15/34

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

650,000

632,978

GO,

2020,

Refunding,

4%,

9/15/35

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

700,000

677,987

Franklin

Tax-Free

Trust

Schedule

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)

Texas

(continued)

Harris

County

Toll

Road

Authority

(The)

,

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/32

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

$

2,500,000

$

2,785,235

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/33

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

2,500,000

2,775,054

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO,

2021,

2%,

9/01/28

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

155,000

134,589

GO,

2021,

2%,

9/01/29

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

155,000

131,563

c

Lakeside

Place

PFC

,

Torrey

Chase

Apartments

LP

,

Revenue

,

144A,

2021

,

3.48

%

,

12/15/39

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

3,975,000

3,099,449

Lower

Colorado

River

Authority

,

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/27

.....

2,000,000

2,205,244

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/28

.....

2,200,000

2,457,080

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/29

.....

2,000,000

2,272,747

Metropolitan

Transit

Authority

of

Harris

County

,

Sales

&

Use

Tax,

Revenue,

2014,

Pre-Refunded,

5%,

11/01/26

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

2,000,000

2,110,322

Sales

&

Use

Tax,

Revenue,

2014,

Pre-Refunded,

5%,

11/01/27

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

2,000,000

2,110,323

Sales

&

Use

Tax,

Revenue,

2014,

Pre-Refunded,

5%,

11/01/28

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

2,000,000

2,110,323

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

First

Tier

,

A

,

Refunding

,

4

%

,

1/01/33

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

5,000,000

5,144,153

Northwest

Independent

School

District

,

GO,

2015

A,

Pre-Refunded,

PSF

Guaranty,

5%,

2/15/28

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

4,815,000

5,091,236

GO,

2015

A,

Pre-Refunded,

PSF

Guaranty,

5%,

2/15/29

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

7,015,000

7,417,449

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-1

,

4.5

%

,

12/01/37

...........

12,000,000

10,227,752

Permanent

University

Fund

,

University

of

Texas

System

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

7/01/27

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

10,000,000

10,440,799

San

Angelo

Independent

School

District

,

GO

,

A

,

Pre-Refunded

,

PSF

Guaranty

,

5

%

,

2/15/28

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

5,220,000

5,409,571

San

Antonio

Education

Facilities

Corp.

,

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/37

......

635,000

594,917

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/39

......

2,435,000

2,246,532

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/40

......

2,000,000

1,831,250

San

Antonio

Water

System

,

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/24

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

1,500,000

1,548,392

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/26

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

2,200,000

2,267,343

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/28

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

2,000,000

2,059,775

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/29

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

1,000,000

1,029,045

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue,

2021,

Refunding,

5%,

12/15/27

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

1,000,000

1,058,889

Revenue,

2021,

Refunding,

5%,

12/15/32

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

10,000,000

10,663,376

Texas

Transportation

Commission

,

State

Highway

Fund,

Revenue,

First

Tier,

2014

A,

Refunding,

5%,

4/01/24

.......

20,000,000

20,821,256

State

Highway

Fund,

Revenue,

First

Tier,

2014

A,

Refunding,

5%,

4/01/25

.......

20,000,000

20,789,572

Texas

Water

Development

Board

,

State

Water

Implementation

Revenue

Fund

for

Texas

,

Revenue

,

2017

A

,

5

%

,

10/15/31

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

12,585,000

14,032,303

c

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

9/01/31

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

281,000

234,786

Westside

211

Special

Improvement

District

,

GO,

Sub.

Lien,

2021,

2%,

8/15/29

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

290,000

253,926

GO,

Sub.

Lien,

2021,

2.25%,

8/15/31

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

300,000

253,488

GO,

Sub.

Lien,

2021,

3%,

8/15/33

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

315,000

277,864

GO,

Sub.

Lien,

2021,

3%,

8/15/35

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

335,000

284,368

GO,

Sub.

Lien,

2021,

3%,

8/15/37

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

355,000

291,399

237,645,907

Franklin

Tax-Free

Trust

Schedule

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)

Utah

0.6%

City

of

Lehi

,

Sales

Tax

,

Revenue

,

2021

,

AGMC

Insured

,

4

%

,

2/01/48

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

$

3,000,000

$

2,900,514

City

of

Salt

Lake

City

,

Public

Utilities

,

Revenue

,

2022

,

4.375

%

,

2/01/52

...........

13,500,000

13,657,387

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

4

%

,

10/15/35

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

400,000

362,896

16,920,797

Virginia

2.7%

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/15/32

........

10,000,000

10,698,973

Virginia

Commonwealth

Transportation

Board

,

Revenue

,

2019

,

3

%

,

5/15/36

.......

9,460,000

8,384,988

Virginia

Public

Building

Authority

,

Revenue,

B,

4%,

8/01/29

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

12,060,000

12,725,778

Revenue,

B,

Pre-Refunded,

4%,

8/01/29

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

1,075,000

1,133,724

Virginia

Public

School

Authority

,

Revenue

,

2014

C

,

5

%

,

8/01/27

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

4,460,000

4,669,334

Virginia

Resources

Authority

,

Clean

Water

Revolving

Fund

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

10/01/26

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

26,155,000

27,555,218

Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/32

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

2,500,000

2,505,536

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

7/01/32

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

2,000,000

1,999,130

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

1/01/35

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

3,000,000

3,219,717

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/36

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

3,000,000

2,889,457

75,781,855

Washington

4.3%

City

of

Seattle

,

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/24

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

5,230,000

5,457,213

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/25

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

5,500,000

5,732,515

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/26

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

2,995,000

3,120,616

Drainage

&

Wastewater,

Revenue,

2014,

Pre-Refunded,

5%,

5/01/27

...........

3,150,000

3,282,642

Municipal

Light

&

Power,

Revenue,

2017

C,

Refunding,

4%,

9/01/34

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

5,300,000

5,471,579

County

of

King

,

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/25

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

1,200,000

1,255,755

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/26

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

1,200,000

1,255,315

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/27

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

1,900,000

1,986,884

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/28

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

3,050,000

3,187,795

Sewer,

Revenue,

2014

B,

Pre-Refunded,

5%,

7/01/29

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

2,600,000

2,722,234

Energy

Northwest

,

Bonneville

Power

Administration,

Revenue,

2019

A,

Refunding,

5%,

7/01/36

......

7,000,000

7,743,348

Bonneville

Power

Administration,

Revenue,

A,

Refunding,

5%,

7/01/23

..........

3,500,000

3,574,854

Bonneville

Power

Administration,

Revenue,

A,

Refunding,

5%,

7/01/24

..........

1,250,000

1,306,473

d

Everett

Housing

Authority

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/37

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

9,420,000

8,754,839

Seattle

Housing

Authority

,

Yesler

Block

7.3

LLLP

,

Revenue

,

2021

,

1

%

,

6/01/25

.....

7,225,000

6,877,016

State

of

Washington

,

GO,

2017

D,

5%,

2/01/31

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

5,480,000

5,996,250

GO,

2017

D,

5%,

2/01/32

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

10,000,000

10,911,605

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/35

1,370,000

1,442,401

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/30

2,800,000

3,003,748

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/31

3,700,000

3,953,525

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

1,500,000

1,598,117

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/33

1,395,000

1,477,943

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/34

1,225,000

1,292,748

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/35

1,250,000

1,316,060

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/36

5,125,000

5,385,721

Franklin

Tax-Free

Trust

Schedule

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)

Washington

(continued)

Washington

Health

Care

Facilities

Authority,

(continued)

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/38

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

$

1,000,000

$

1,059,327

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/39

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

1,000,000

1,056,244

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/40

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

1,000,000

1,053,807

c

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

144A,

2021,

3%,

12/01/35

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

440,000

384,513

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/30

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

1,000,000

1,081,574

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/31

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

1,925,000

2,072,621

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/31

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

2,250,000

2,371,400

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/32

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

1,605,000

1,679,131

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/35

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

2,400,000

2,490,988

Washington

State

Housing

Finance

Commission

,

Revenue,

2021-1,

A,

3.5%,

12/20/35

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

6,874,852

6,271,913

c

Madison

at

Rivers

Edge

Apartments

LLC,

Revenue,

144A,

2021

B,

5.3%,

1/01/30

.

1,300,000

1,164,876

118,793,590

Wisconsin

1.8%

City

of

Milwaukee

,

Sewerage

System

,

Revenue

,

2021

S-2

,

Refunding

,

3

%

,

6/01/46

..

4,600,000

3,605,625

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

3.5%,

12/01/32

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

1,405,000

1,231,067

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

11/15/37

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

600,000

576,789

Appalachian

Regional

Healthcare

System

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/46

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

1,100,000

957,329

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/29

..........

285,000

276,446

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/30

..........

200,000

191,959

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/31

..........

200,000

189,503

c

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

13,400,000

13,309,770

c

Hope

Housing

Foundation

Obligated

Group,

Revenue,

144A,

2022

A,

3.8%,

12/01/37

5,600,000

4,744,321

c

Hope

Housing

Foundation

Obligated

Group,

Revenue,

144A,

2022

B,

5.75%,

12/01/27

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

1,920,000

1,840,107

Renown

Regional

Medical

Center,

Revenue,

2020

A,

Refunding,

4%,

6/01/35

.....

2,100,000

2,018,591

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/27

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

195,000

196,333

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/28

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

250,000

250,663

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/29

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

320,000

319,992

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/30

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

265,000

262,287

b,c

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-1,

Mandatory

Put,

3.5%,

12/01/35

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

9,700,000

8,057,177

Wisconsin

Department

of

Transportation

,

Revenue

,

2017-2

,

Refunding

,

5

%

,

7/01/31

.

5,000,000

5,540,463

Wisconsin

Health

&

Educational

Facilities

Authority

,

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/34

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

600,000

597,628

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/35

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

1,000,000

984,908

Franklin

Tax-Free

Trust

Schedule

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

s

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

Wisconsin

Health

&

Educational

Facilities

Authority,

(continued)

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/36

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

$

600,000

$

589,502

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/37

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

600,000

588,449

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/28

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

375,000

367,574

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/29

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

390,000

378,923

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/30

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

405,000

388,298

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/37

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

1,460,000

1,315,974

Wisconsin

Masonic

Home

Obligated

Group,

Revenue,

2021

A,

4%,

8/15/41

......

1,650,000

1,527,617

50,307,295

U.S.

Territories

0.6%

District

of

Columbia

0.5%

District

of

Columbia

,

Income

Tax

,

Revenue

,

2019

A

,

5

%

,

3/01/33

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

3,000,000

3,413,802

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017

B,

5%,

7/01/31

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

5,000,000

5,490,412

Revenue,

2017

B,

5%,

7/01/32

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

5,750,000

6,294,518

15,198,732

Puerto

Rico

0.1%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

CC

,

Refunding

,

AGMC

Insured

,

5.5

%

,

7/01/29

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

1,000,000

1,041,833

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/27

..

450,000

486,297

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/30

..

550,000

608,560

2,136,690

Total

U.S.

Territories

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

17,335,422

Total

Municipal

Bonds

(Cost

$2,854,115,950)

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

2,729,584,072

Total

Long

Term

Investments

(Cost

$2,911,719,263)

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

2,779,392,322

a

a

a

a

a

Short

Term

Investments

0.2%

Municipal

Bonds

0.2%

California

0.2%

f

University

of

California

,

Revenue

,

2013

AL-4

,

Refunding

,

Daily

VRDN

and

Put

,

0.85

%

,

5/15/48

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

4,600,000

4,600,000

Total

Municipal

Bonds

(Cost

$4,600,000)

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

4,600,000

Total

Short

Term

Investments

(Cost

$4,600,000

)

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

4,600,000

a

Total

Investments

(Cost

$2,916,319,263)

100.4%

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

$2,783,992,322

Other

Assets,

less

Liabilities

(0.4)%

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

(9,143,370)

Net

Assets

100.0%

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

$2,774,848,952

Franklin

Tax-Free

Trust

Schedule

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

See

Abbreviations

on

page

175

.

a

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2022,

the

aggregate

value

of

these

securities

was

$108,805,971,

representing

3.9%

of

net

assets.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

e

Security

purchased

on

a

when-issued

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

54

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$10.34

$10.56

$10.59

$10.35

$10.27

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.06

0.07

0.11

0.15

0.07

Net

realized

and

unrealized

gains

(losses)

...........

(0.30)

(0.22)

(0.03)

0.25

0.08

Total

from

investment

operations

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

(0.24)

(0.15)

0.08

0.40

0.15

Less

distributions

from:

Net

investment

income

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

(0.05)

(0.07)

(0.11)

(0.16)

(0.07)

Net

asset

value,

end

of

period

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

$10.05

$10.34

$10.56

$10.59

$10.35

Total

return

e

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

(2.33)%

(1.39)%

0.75%

3.88%

1.49%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.83%

0.80%

0.81%

0.81%

0.83%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.65%

0.65%

0.64%

0.64%

0.65%

Net

investment

income

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

1.12%

0.70%

1.01%

1.42%

1.23%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$374,317

$345,670

$294,622

$158,939

$103,864

Portfolio

turnover

rate

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

12.80%

33.22%

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

55

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.35

$10.57

$10.60

$10.36

$10.29

$10.37

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.06

0.09

0.12

0.16

0.14

0.09

Net

realized

and

unrealized

gains

(losses)

(0.30)

(0.22)

(0.03)

0.25

0.08

(0.09)

Total

from

investment

operations

........

(0.24)

(0.13)

0.09

0.41

0.22

—

Less

distributions

from:

Net

investment

income

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

(0.05)

(0.09)

(0.12)

(0.17)

(0.15)

(0.08)

Net

asset

value,

end

of

period

..........

$10.06

$10.35

$10.57

$10.60

$10.36

$10.29

Total

return

d

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

(2.28)%

(1.29)%

0.85%

3.99%

2.11%

0.01%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

0.73%

0.70%

0.71%

0.71%

0.73%

0.71%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.55%

f

0.55%

f

0.55%

f

0.54%

f

0.55%

f

0.63%

Net

investment

income

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

1.21%

0.81%

1.14%

1.52%

1.33%

0.84%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$358,256

$413,869

$468,057

$518,898

$582,767

$687,197

Portfolio

turnover

rate

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

12.80%

33.22%

19.85%

10.10%

64.94%

40.13%

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

56

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.34

$10.56

$10.59

$10.35

$10.28

$10.37

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.07

0.10

0.14

0.18

0.16

0.07

Net

realized

and

unrealized

gains

(losses)

(0.30)

(0.22)

(0.03)

0.25

0.07

(0.10)

Total

from

investment

operations

........

(0.23)

(0.12)

0.11

0.43

0.23

(0.03)

Less

distributions

from:

Net

investment

income

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

(0.06)

(0.10)

(0.14)

(0.19)

(0.16)

(0.06)

Net

asset

value,

end

of

period

..........

$10.05

$10.34

$10.56

$10.59

$10.35

$10.28

Total

return

e

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

(2.20)%

(1.12)%

1.03%

4.18%

2.29%

(0.32)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

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

0.55%

0.53%

0.54%

0.54%

0.55%

0.54%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.37%

g

0.37%

g

0.37%

g

0.36%

g

0.36%

g

0.44%

Net

investment

income

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

1.39%

0.98%

1.30%

1.70%

1.52%

1.03%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$77,815

$86,417

$70,227

$51,952

$47,182

$51,656

Portfolio

turnover

rate

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

12.80%

33.22%

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)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

57

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.35

$10.57

$10.60

$10.35

$10.29

$10.37

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.07

0.10

0.13

0.17

0.15

0.10

Net

realized

and

unrealized

gains

(losses)

(0.31)

(0.22)

(0.02)

0.27

0.07

(0.08)

Total

from

investment

operations

........

(0.24)

(0.12)

0.11

0.44

0.22

0.02

Less

distributions

from:

Net

investment

income

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

(0.06)

(0.10)

(0.14)

(0.19)

(0.16)

(0.10)

Net

asset

value,

end

of

period

..........

$10.05

$10.35

$10.57

$10.60

$10.35

$10.29

Total

return

d

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

(2.21)%

(1.05)%

1.00%

4.14%

2.16%

0.16%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

0.58%

0.55%

0.56%

0.56%

0.58%

0.56%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.40%

f

0.40%

f

0.40%

f

0.39%

f

0.40%

f

0.48%

Net

investment

income

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

1.35%

0.95%

1.26%

1.67%

1.48%

0.99%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$411,723

$542,557

$517,221

$291,452

$274,316

$247,708

Portfolio

turnover

rate

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

12.80%

33.22%

19.85%

10.10%

64.94%

40.13%

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

Schedule

of

Investments

(unaudited),

August

31,

2022

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

58

a

a

Shares

a

Value

a

Management

Investment

Companies

3.0%

Capital

Markets

3.0%

a

Franklin

Municipal

Green

Bond

ETF

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

1,550,000

$

36,502,500

Total

Management

Investment

Companies

(Cost

$39,888,825)

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

36,502,500

Principal

Amount

a

a

a

a

b

Senior

Floating

Rate

Interests

2.8%

Equity

Real

Estate

Investment

Trusts

(REITs)

0.6%

c,d

Centennial

Gardens

LP

,

Delayed

Draw

Term

Loan

,

3.079

%

,

(

1-month

USD

LIBOR

+

1.55

%

),

1/08/24

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

$

6,850,462

6,850,462

Real

Estate

Management

&

Development

2.2%

c,d

Baytown

Leased

Housing

Associates

II

LP

,

Project

Term

Loan

,

4.194

%

,

(

1-month

SOFR

),

8/01/40

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

25,110,000

25,110,000

c,d

TBG

Hillcrest

Senior

II

LP

,

Delayed

Draw

Term

Loan

,

3.079

%

,

(

1-month

USD

LIBOR

+

1.55

%

),

1/01/38

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

2,180,433

2,180,433

27,290,433

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$34,140,895)

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

34,140,895

Municipal

Bonds

89.7%

Alabama

4.7%

Black

Belt

Energy

Gas

District

,

e

Revenue,

2019

A-1,

Mandatory

Put,

4%,

12/01/25

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

6,675,000

6,745,094

Revenue,

2021

A,

Refunding,

4%,

12/01/22

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

490,000

491,216

Revenue,

2021

A,

Refunding,

4%,

6/01/23

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

400,000

402,772

Revenue,

2021

A,

Refunding,

4%,

6/01/24

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

400,000

405,414

e

Revenue,

2021

C-1,

Mandatory

Put,

4%,

12/01/26

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

20,000,000

20,043,046

e

Revenue,

2022

D-1,

Refunding,

Mandatory

Put,

4%,

6/01/27

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

3,250,000

3,299,987

e

Revenue,

2022

E,

Mandatory

Put,

5%,

6/01/28

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

4,000,000

4,251,192

e

Industrial

Development

Board

of

the

City

of

Mobile

Alabama

,

Alabama

Power

Co.,

Revenue,

2007

A,

Mandatory

Put,

1%,

6/26/25

...........

4,000,000

3,792,169

Alabama

Power

Co.,

Revenue,

2008,

Mandatory

Put,

2.9%,

12/12/23

...........

7,550,000

7,540,097

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue,

2021

A,

4%,

10/01/22

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

355,000

355,184

Revenue,

2021

A,

4%,

10/01/23

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

450,000

452,194

Revenue,

2021

A,

4%,

10/01/24

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

725,000

729,625

e

Revenue,

2022

B-1,

Mandatory

Put,

5%,

8/01/28

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

4,500,000

4,713,449

Special

Care

Facilities

Financing

Authority

of

the

City

of

Pell

City

Alabama

,

Noland

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

12/01/22

...........

1,445,000

1,452,503

Noland

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

12/01/24

...........

1,500,000

1,561,030

Noland

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

12/01/26

...........

1,030,000

1,101,416

57,336,388

Alaska

0.9%

Borough

of

Matanuska-Susitna

,

State

of

Alaska

Department

of

Administration

,

Revenue

,

2015

,

Refunding

,

5.25

%

,

9/01/29

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

10,000,000

10,629,439

Arizona

1.6%

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/24

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

1,000,000

1,026,090

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/25

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

1,000,000

1,037,385

Kipp

New

York,

Inc.

Gerard

Facility,

Revenue,

2021

C,

1.8%,

7/01/24

...........

450,000

423,733

Franklin

Tax-Free

Trust

Schedule

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

59

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

e

Maricopa

County

Industrial

Development

Authority

,

HonorHealth

Obligated

Group

,

Revenue

,

2019

C

,

Mandatory

Put

,

2.47

%

,

(

SIFMA

Municipal

Swap

Index

+

0.8

%

),

9/01/24

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

$

17,000,000

$

16,945,547

19,432,755

California

2.2%

California

Community

Choice

Financing

Authority

,

Revenue,

2021

B-1,

4%,

8/01/25

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

535,000

546,864

Revenue,

2021

B-1,

4%,

2/01/26

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

850,000

871,237

Revenue,

2021

B-1,

4%,

8/01/26

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

325,000

334,065

Revenue,

2021

B-1,

4%,

8/01/27

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

400,000

412,319

Revenue,

2021

B-1,

4%,

2/01/28

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

375,000

387,044

Revenue,

2021

B-1,

4%,

8/01/28

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

470,000

484,729

California

County

Tobacco

Securitization

Agency

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/23

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

400,000

405,472

e

California

Health

Facilities

Financing

Authority

,

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2016

B-3

,

Refunding

,

Mandatory

Put

,

2

%

,

10/01/25

...........

13,340,000

12,954,837

California

Statewide

Communities

Development

Authority

,

e

Southern

California

Edison

Co.,

Revenue,

D,

Refunding,

Mandatory

Put,

2.625%,

12/01/23

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

3,000,000

2,966,645

Viamonte

Senior

Living

1,

Inc.,

Revenue,

2018

B-3,

California

Mortgage

Insured,

3%,

7/01/27

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

3,500,000

3,503,931

Los

Angeles

Unified

School

District

,

GO

,

2020

C

,

4

%

,

7/01/37

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

4,240,000

4,345,260

27,212,403

Colorado

2.0%

Denver

City

&

County

School

District

No.

1

,

GO

,

2012

B

,

4

%

,

12/01/27

...........

7,480,000

7,509,563

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

14,070,000

15,657,377

Regional

Transportation

District

,

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/15/24

........

400,000

411,198

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

7/15/24

........

300,000

306,637

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/15/25

........

325,000

336,201

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

7/15/25

........

400,000

416,499

24,637,475

Connecticut

0.0%

†

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/23

...

175,000

177,611

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/24

...

175,000

180,396

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/25

...

170,000

177,904

535,911

Delaware

0.4%

e

Delaware

State

Economic

Development

Authority

,

NRG

Energy,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

Mandatory

Put

,

1.25

%

,

10/01/25

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

5,000,000

4,649,468

Florida

1.6%

Centre

Lake

Community

Development

District

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/24

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

215,000

211,641

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2021

B-2

,

1.45

%

,

1/01/27

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

2,000,000

1,784,984

County

of

Escambia

,

Florida

Power

&

Light

Co.

,

Revenue

,

2003

,

Refunding

,

2.6

%

,

6/01/23

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

5,000,000

5,002,852

Florida

Municipal

Power

Agency

,

All-Requirements

Power

Supply

Project

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/25

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

1,000,000

1,070,353

Jacksonville

Transportation

Authority

,

Revenue,

Senior

Lien,

2020,

5%,

8/01/23

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

1,720,000

1,760,307

Franklin

Tax-Free

Trust

Schedule

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.

60

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Jacksonville

Transportation

Authority,

(continued)

Revenue,

Senior

Lien,

2020,

5%,

8/01/24

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

$

1,805,000

$

1,890,065

Revenue,

Senior

Lien,

2020,

5%,

8/01/25

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

1,800,000

1,926,395

Revenue,

Senior

Lien,

2020,

5%,

8/01/26

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

1,940,000

2,117,078

e,f

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A-2

,

Mandatory

Put

,

6.5

%

,

5/01/25

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

3,375,000

3,306,773

River

Hall

Community

Development

District

,

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/23

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

175,000

174,415

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/24

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

230,000

227,130

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/25

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

180,000

174,965

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/26

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

220,000

209,858

19,856,816

Georgia

5.4%

e

Atlanta

Urban

Residential

Finance

Authority

,

Hollywood

Shawnee

Housing

Partners

LP,

Revenue,

2021

A,

Mandatory

Put,

0.24%,

1/01/23

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

1,250,000

1,237,923

f

Hollywood

Shawnee

Housing

Partners

LP,

Revenue,

144A,

2021

B,

Mandatory

Put,

1.35%,

1/01/23

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

2,600,000

2,587,237

City

of

Atlanta

,

Department

of

Aviation,

Revenue,

2020

A,

Refunding,

5%,

7/01/24

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

2,500,000

2,615,697

Department

of

Aviation,

Revenue,

2020

A,

Refunding,

5%,

7/01/25

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

1,500,000

1,603,712

e

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

1

%

,

8/21/26

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

2,000,000

1,779,372

e,f

Housing

Authority

of

Clayton

County

Facilities

Holding

Co.

LLC

(The)

,

Riverwood

Housing

Partners

LP

,

Revenue

,

144A,

2021

B

,

Mandatory

Put

,

1.4

%

,

4/01/23

.....

2,000,000

1,980,841

e

Macon-Bibb

County

Housing

Authority

,

Green

Meadows

Housing

Partners

LP

,

Revenue

,

2021

A

,

Mandatory

Put

,

0.25

%

,

10/01/22

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

2,150,000

2,145,295

Main

Street

Natural

Gas,

Inc.

,

e

Revenue,

2018

A,

Mandatory

Put,

4%,

9/01/23

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

10,025,000

10,167,945

Revenue,

2021

C,

4%,

12/01/22

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

500,000

500,682

Revenue,

2021

C,

4%,

12/01/23

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

725,000

728,723

Revenue,

2021

C,

4%,

12/01/24

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

735,000

740,324

e,f

Revenue,

144A,

2022

C,

Mandatory

Put,

4%,

11/01/27

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

15,000,000

14,560,739

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2018

A

,

Refunding

,

3

%

,

7/01/23

11,000,000

11,046,499

Private

Colleges

&

Universities

Authority

,

Mercer

University,

Revenue,

2021,

Refunding,

5%,

10/01/22

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

300,000

300,551

Mercer

University,

Revenue,

2021,

Refunding,

5%,

10/01/23

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

300,000

307,344

Mercer

University,

Revenue,

2021,

Refunding,

5%,

10/01/24

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

400,000

418,008

Mercer

University,

Revenue,

2021,

Refunding,

5%,

10/01/25

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

425,000

451,786

State

of

Georgia

,

GO

,

2016

A

,

5

%

,

2/01/23

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

12,375,000

12,514,805

65,687,483

Hawaii

2.3%

State

of

Hawaii

,

GO

,

EF

,

Pre-Refunded

,

5

%

,

11/01/23

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

10,000,000

10,045,211

University

of

Hawaii

,

Revenue,

2020

B,

Refunding,

5%,

10/01/24

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

3,440,000

3,614,841

Revenue,

2020

B,

Refunding,

5%,

10/01/25

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

3,440,000

3,694,693

Revenue,

2020

B,

Refunding,

5%,

10/01/26

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

2,865,000

3,140,400

Revenue,

2020

D,

Refunding,

5%,

10/01/24

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

600,000

630,496

Revenue,

2020

D,

Refunding,

5%,

10/01/25

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

1,725,000

1,852,717

Revenue,

2020

D,

Refunding,

5%,

10/01/26

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

4,360,000

4,779,108

27,757,466

Franklin

Tax-Free

Trust

Schedule

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

61

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

8.6%

Chicago

Board

of

Education

,

GO

,

2018

A

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/23

.

$

1,000,000

$

1,026,840

Chicago

Park

District

,

GO,

2020

F-2,

Refunding,

5%,

1/01/25

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

350,000

365,066

GO,

2020

F-2,

Refunding,

5%,

1/01/26

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

500,000

529,986

GO,

2020

F-2,

Refunding,

5%,

1/01/27

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

550,000

590,657

Chicago

Transit

Authority

Capital

Grant

Receipts

,

Revenue

,

2021

,

Refunding

,

5

%

,

6/01/24

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

1,425,000

1,481,129

City

of

Chicago

,

GO,

2015

C,

Refunding,

5%,

1/01/25

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

1,900,000

1,980,248

GO,

2020

A,

Refunding,

5%,

1/01/28

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

3,100,000

3,317,964

City

of

Moline

,

GO,

2021

C,

AGMC

Insured,

0.542%,

12/01/22

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

500,000

496,175

GO,

2021

C,

AGMC

Insured,

0.702%,

12/01/23

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

1,175,000

1,132,571

GO,

2021

C,

AGMC

Insured,

1.151%,

12/01/24

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

580,000

547,172

GO,

2021

C,

AGMC

Insured,

1.439%,

12/01/25

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

925,000

856,694

County

of

Cook

,

GO,

2021

A,

Refunding,

5%,

11/15/22

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

5,000,000

5,025,239

Sales

Tax,

Revenue,

2021

A,

Refunding,

5%,

11/15/29

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

845,000

954,268

e

Illinois

Development

Finance

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2019

,

Mandatory

Put

,

0.4

%

,

11/01/22

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

10,000,000

9,944,169

Illinois

Finance

Authority

,

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/27

.........

2,810,000

2,712,760

e

Field

Museum

of

Natural

History,

Revenue,

2019,

Refunding,

Mandatory

Put,

2.803%,

9/01/25

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

3,750,000

3,724,128

e

OSF

Healthcare

System

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

Mandatory

Put,

5%,

11/15/24

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

1,250,000

1,292,133

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

3

%

,

6/15/24

..

2,500,000

2,482,321

Railsplitter

Tobacco

Settlement

Authority

,

Revenue

,

2017

,

5

%

,

6/01/26

...........

2,000,000

2,154,410

State

of

Illinois

,

GO,

2010-4,

AGMC

Insured,

6.875%,

7/01/25

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

750,000

777,074

GO,

2016,

Refunding,

5%,

2/01/29

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

750,000

792,789

GO,

2017

C,

5%,

11/01/29

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

2,000,000

2,124,935

GO,

2017

D,

5%,

11/01/25

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

10,000,000

10,481,783

GO,

2017

D,

5%,

11/01/27

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

5,025,000

5,379,254

GO,

2018

A,

6%,

5/01/25

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

6,000,000

6,404,039

GO,

2018

A,

Refunding,

5%,

10/01/29

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

375,000

402,372

GO,

2018

B,

Refunding,

5%,

10/01/31

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

625,000

664,353

GO,

2019

B,

5%,

11/01/30

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

375,000

404,448

GO,

2020,

5.5%,

5/01/30

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

1,710,000

1,913,671

GO,

2021

A,

5%,

3/01/25

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

5,300,000

5,511,053

GO,

2022

B,

Refunding,

5%,

3/01/24

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

2,500,000

2,565,520

Sales

Tax,

Revenue,

2021

A,

4%,

6/15/24

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

5,000,000

5,085,592

Sales

Tax,

Revenue,

2021

A,

4%,

6/15/27

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

1,500,000

1,556,179

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/23

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

3,000,000

3,048,681

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/24

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

3,300,000

3,413,432

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/25

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

2,000,000

2,103,389

University

of

Illinois

,

Auxiliary

Facilities

System

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

4/01/25

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

11,660,000

11,630,077

f

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group

,

Revenue

,

144A,

2020

B

,

Refunding

,

4.25

%

,

3/01/23

......

286,000

285,163

105,157,734

Indiana

0.7%

f

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

B

,

4.75

%

,

8/01/24

1,560,000

1,488,802

Indiana

Finance

Authority

,

Greencroft

Goshen

Obligated

Group,

Revenue,

2021

B,

Refunding,

3.25%,

11/15/23

195,000

188,844

g

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/23

..

1,000,000

998,436

Franklin

Tax-Free

Trust

Schedule

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.

62

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Indiana

(continued)

Indiana

Finance

Authority,

(continued)

g

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/24

..

$

1,000,000

$

991,576

g

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/25

..

1,000,000

983,109

Indianapolis

Power

&

Light

Co.,

Revenue,

2021

B,

Refunding,

0.65%,

8/01/25

....

4,500,000

4,112,627

8,763,394

Iowa

0.8%

Des

Moines

Independent

Community

School

District

,

Sales

Services

&

Use

Tax

,

Revenue

,

2018

,

AGMC

Insured

,

3

%

,

6/01/29

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

9,300,000

9,299,361

Kansas

0.1%

Reno

County

Unified

School

District

No.

308

Hutchinson

,

GO

,

2019

,

Refunding

,

5

%

,

9/01/27

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

1,575,000

1,749,032

Kentucky

3.5%

County

of

Trimble

,

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2001

A

,

Refunding

,

0.625

%

,

9/01/26

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

3,375,000

2,936,175

Eastern

Kentucky

University

,

Revenue,

2021

A,

Refunding,

3.2%,

10/01/22

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

1,050,000

1,050,537

Revenue,

2021

A,

Refunding,

3.25%,

10/01/23

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

1,080,000

1,086,682

Revenue,

2021

A,

Refunding,

3.5%,

10/01/24

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

1,120,000

1,136,126

Revenue,

2021

A,

Refunding,

3.5%,

10/01/25

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

1,155,000

1,165,475

Revenue,

2021

A,

Refunding,

4%,

10/01/26

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

1,205,000

1,259,295

Revenue,

2021

A,

Refunding,

4%,

10/01/27

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

1,255,000

1,322,019

Revenue,

2021

A,

Refunding,

4%,

10/01/28

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

1,305,000

1,380,415

e

Kentucky

Public

Energy

Authority

,

Revenue,

2018

A,

Mandatory

Put,

4%,

4/01/24

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

10,000,000

10,077,105

Revenue,

2020

A,

Mandatory

Put,

4%,

6/01/26

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

10,000,000

10,074,556

Revenue,

2022

A-2,

Mandatory

Put,

2.734%,

8/01/30

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

9,375,000

8,812,355

f

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

B

,

6.75

%

,

5/01/25

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

1,950,000

1,914,367

42,215,107

Louisiana

5.1%

City

of

New

Orleans

,

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/26

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

450,000

486,074

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/27

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

600,000

659,015

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/28

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

550,000

612,503

e

Lake

Charles

Harbor

&

Terminal

District

,

Big

Lake

Fuels

LLC

,

Revenue

,

2021

,

Mandatory

Put

,

1

%

,

12/01/24

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

10,000,000

9,434,549

f

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

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

788,000

750,348

Louisiana

Public

Facilities

Authority

,

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

5%,

10/01/25

.......

250,000

262,662

e

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2020

B,

Refunding,

Mandatory

Put,

5%,

5/15/25

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

7,500,000

7,873,562

Louisiana

Stadium

&

Exposition

District

,

Revenue,

2020,

5%,

7/03/23

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

4,650,000

4,681,428

f

Revenue,

144A,

2022

A,

1.872%,

7/03/23

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

3,000,000

2,939,086

e

Parish

of

St.

John

the

Baptist

,

Marathon

Oil

Corp.

,

Revenue

,

2017

B-1

,

Refunding

,

Mandatory

Put

,

2.125

%

,

7/01/24

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

17,100,000

16,874,099

State

of

Louisiana

,

GO,

2013

A,

Pre-Refunded,

4%,

5/15/31

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

15,225,000

15,403,163

e

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2022

A,

Refunding,

Mandatory

Put,

2.103%,

5/01/26

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

2,975,000

2,866,137

62,842,626

Franklin

Tax-Free

Trust

Schedule

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

63

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

4.5%

City

of

Baltimore

,

GO

,

2017

B

,

Refunding

,

5

%

,

10/15/25

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

$

5,000,000

$

5,391,779

City

of

Cumberland

,

GO,

2021,

Refunding,

AGMC

Insured,

5%,

6/01/24

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

395,000

412,352

GO,

2021,

Refunding,

AGMC

Insured,

5%,

6/01/25

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

455,000

484,074

Maryland

Economic

Development

Corp.

,

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

A

,

5

%

,

11/12/28

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

10,000,000

10,653,712

e

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2020

B-2

,

Refunding

,

Mandatory

Put

,

5

%

,

7/01/27

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

5,110,000

5,519,976

State

of

Maryland

,

GO

,

2017

B

,

Refunding

,

5

%

,

8/01/26

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

12,330,000

13,547,199

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/26

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

1,035,000

1,104,967

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/27

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

1,215,000

1,314,881

Washington

Suburban

Sanitary

Commission

,

Revenue,

2013,

Pre-Refunded,

4%,

6/01/28

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

5,500,000

5,567,911

Revenue,

2013,

Pre-Refunded,

4%,

6/01/30

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

5,500,000

5,567,912

Revenue,

2013,

Pre-Refunded,

4%,

6/01/31

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

5,500,000

5,567,912

55,132,675

Massachusetts

0.5%

e

Massachusetts

Development

Finance

Agency

,

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-4,

Refunding,

Mandatory

Put,

5%,

1/25/24

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

5,000,000

5,141,315

President

&

Trustees

of

Williams

College

(The),

Revenue,

2011

N,

Mandatory

Put,

0.45%,

7/01/25

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

1,000,000

918,600

6,059,915

Michigan

0.8%

Michigan

Finance

Authority

,

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/27

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

2,000,000

2,157,898

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

1.5

%

,

10/01/22

.

955,000

954,220

e

Michigan

Strategic

Fund

,

Consumers

Energy

Co.,

Revenue,

2005,

Mandatory

Put,

0.875%,

10/08/26

......

4,350,000

3,943,710

Waste

Management

of

Michigan,

Inc.,

Revenue,

2001,

Mandatory

Put,

0.58%,

8/01/24

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

3,300,000

3,113,174

10,169,002

Minnesota

2.4%

e

City

of

Columbia

Heights

,

42

Central

LP

,

Revenue

,

2022

A

,

Mandatory

Put

,

2.7

%

,

7/01/24

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

1,000,000

1,000,000

e

Dakota

County

Community

Development

Agency

,

Eagan

AH

I

LLLP

,

Revenue

,

2020

,

Mandatory

Put

,

0.35

%

,

6/01/23

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

6,000,000

5,853,190

Farmington

Independent

School

District

No.

192

,

GO

,

2015

C

,

Refunding

,

5

%

,

2/01/24

6,065,000

6,282,845

Minnesota

Higher

Education

Facilities

Authority

,

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/26

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

1,000,000

1,082,387

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/27

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

1,000,000

1,098,019

e

Minnesota

Municipal

Gas

Agency

,

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/27

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

8,000,000

8,119,559

Revenue,

2022

B,

Mandatory

Put,

2.534%,

12/01/27

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

6,000,000

5,735,956

29,171,956

Mississippi

0.2%

e

Mississippi

Business

Finance

Corp.

,

Waste

Management,

Inc.

,

Revenue

,

2004

,

Mandatory

Put

,

0.7

%

,

9/01/26

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

2,500,000

2,200,569

Mississippi

Home

Corp.

,

f

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

2.75%,

6/01/26

314,021

290,334

Franklin

Tax-Free

Trust

Schedule

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)

Mississippi

(continued)

Mississippi

Home

Corp.,

(continued)

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

2.9%,

6/01/26

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

$

72,598

$

67,493

2,558,396

Missouri

0.5%

Missouri

Development

Finance

Board

,

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/23

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

280,000

283,096

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/24

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

300,000

308,750

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/25

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

500,000

515,829

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/26

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

405,000

421,161

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/27

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

660,000

691,601

e

St.

Charles

County

Industrial

Development

Authority

,

Hidden

Valley

Housing

Partners

LP

,

Revenue

,

2021

,

Mandatory

Put

,

0.27

%

,

10/01/23

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

3,500,000

3,368,470

5,588,907

Nebraska

0.3%

Nebraska

Public

Power

District

,

Revenue,

2021

C,

Refunding,

5%,

1/01/23

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

1,500,000

1,513,128

Revenue,

2021

C,

Refunding,

5%,

1/01/24

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

2,500,000

2,583,683

4,096,811

Nevada

0.4%

Las

Vegas

Valley

Water

District

,

GO,

2020

D,

Refunding,

5%,

6/01/24

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

1,745,000

1,822,266

GO,

2020

D,

Refunding,

5%,

6/01/25

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

2,750,000

2,940,077

4,762,343

New

Hampshire

0.4%

e

New

Hampshire

Business

Finance

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2018

A

,

Refunding

,

Mandatory

Put

,

2.045

%

,

(

SIFMA

Municipal

Swap

Index

+

0.375

%

),

7/01/24

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

5,000,000

4,859,913

New

Jersey

8.5%

City

of

Newark

,

GO,

2020

A,

Refunding,

AGMC

Insured,

5%,

10/01/23

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

1,000,000

1,024,374

GO,

2020

A,

Refunding,

AGMC

Insured,

5%,

10/01/24

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

1,000,000

1,045,433

County

of

Atlantic

,

GO,

2020,

0.375%,

6/01/23

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

1,730,000

1,696,728

GO,

2020,

0.375%,

6/01/24

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

1,765,000

1,684,414

GO,

2020,

0.375%,

6/01/25

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

1,800,000

1,656,501

County

of

Morris

,

GO

,

2021

,

2

%

,

2/01/26

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

4,215,000

4,076,461

County

of

Union

,

GO,

2020,

0.5%,

3/01/23

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

5,215,000

5,152,671

GO,

2020,

0.5%,

3/01/24

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

5,290,000

5,097,597

Garden

State

Preservation

Trust

,

Revenue

,

2005

A

,

AGMC

Insured

,

5.75

%

,

11/01/28

25,000,000

27,950,015

New

Jersey

Economic

Development

Authority

,

Revenue,

1997

A,

NATL

Insured,

7.425%,

2/15/29

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

3,000,000

3,328,077

f

Revenue,

144A,

2019,

Refunding,

5.25%,

9/01/27

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

6,000,000

6,517,384

e

New

Jersey-American

Water

Co.,

Inc.,

Revenue,

2019

B,

Refunding,

Mandatory

Put,

2.05%,

12/03/29

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

7,500,000

6,759,749

h

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

FRN,

2013

I,

Refunding,

3.27%,

(SIFMA

Municipal

Swap

Index

+

1.6%),

3/01/28

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

12,170,000

12,179,561

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

C,

AMBAC

Insured,

Zero

Cpn.,

12/15/26

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

10,000,000

8,691,577

Revenue,

2006

C,

BHAC

Insured,

Zero

Cpn.,

12/15/27

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

11,110,000

9,516,672

Franklin

Tax-Free

Trust

Schedule

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)

New

Jersey

(continued)

Newark

Board

of

Education

,

GO,

2021,

Refunding,

5%,

7/15/23

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

$

300,000

$

306,677

GO,

2021,

Refunding,

5%,

7/15/24

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

400,000

416,718

State

of

New

Jersey

,

GO,

3%,

6/01/25

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

2,000,000

1,999,418

GO,

2020

A,

4%,

6/01/30

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

5,000,000

5,336,547

104,436,574

New

Mexico

0.3%

e

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.875

%

,

10/01/26

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

4,250,000

3,760,920

New

York

4.4%

County

of

Suffolk

,

GO

,

2018

B

,

AGMC

Insured

,

4

%

,

10/15/28

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

4,205,000

4,435,564

Metropolitan

Transportation

Authority

,

e

Revenue,

2012

G-4,

Refunding,

Mandatory

Put,

2.14%,

11/01/22

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

6,205,000

6,194,876

Revenue,

2017

A-2,

Refunding,

5%,

11/15/25

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

3,980,000

4,206,187

Revenue,

2020

A-1,

5%,

2/01/23

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

8,250,000

8,315,881

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/24

1,000,000

1,028,954

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/25

1,000,000

1,044,423

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

780,000

681,673

New

York

State

Dormitory

Authority

,

Cornell

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/26

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

5,000,000

5,477,853

New

York

State

Energy

Research

&

Development

Authority

,

New

York

State

Electric

&

Gas

Corp.,

Revenue,

1994

D,

Refunding,

3.5%,

10/01/29

3,000,000

2,981,130

e

Rochester

Gas

and

Electric

Corp.,

Revenue,

1997

A,

Refunding,

Mandatory

Put,

3%,

7/01/25

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

10,000,000

10,044,274

New

York

State

Housing

Finance

Agency

,

Revenue,

2020

F,

1.1%,

11/01/26

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

2,860,000

2,638,415

e

Revenue,

2022

A-2,

Mandatory

Put,

2.5%,

5/01/27

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

3,000,000

2,884,066

New

York

Transportation

Development

Corp.

,

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/25

...

500,000

522,194

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/25

...

2,200,000

2,335,135

State

of

New

York

Mortgage

Agency

,

Revenue

,

212

,

2.95

%

,

4/01/25

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

895,000

889,209

53,679,834

North

Carolina

0.7%

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/24

..........

1,200,000

1,243,910

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/25

..........

1,000,000

1,052,750

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/26

..........

850,000

907,517

North

Carolina

State

University

at

Raleigh

,

Revenue,

2018,

Refunding,

5%,

10/01/26

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

3,000,000

3,289,599

Revenue,

2018,

Refunding,

5%,

10/01/27

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

1,500,000

1,676,320

8,170,096

North

Dakota

1.0%

Cass

County

Joint

Water

Resource

District

,

GO

,

2021

A

,

Refunding

,

0.48

%

,

5/01/24

.

5,000,000

4,741,011

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/27

..

1,125,000

1,214,257

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/28

..

1,680,000

1,826,198

City

of

Horace

,

GO,

2021

B,

Refunding,

0.6%,

10/01/23

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

1,600,000

1,546,870

GO,

2022

A,

Refunding,

3.25%,

8/01/24

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

3,000,000

2,966,872

12,295,208

Franklin

Tax-Free

Trust

Schedule

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)

Ohio

3.8%

American

Municipal

Power,

Inc.

,

Revenue

,

2009

B

,

5.355

%

,

2/15/24

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

$

4,465,000

$

4,518,401

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-1,

1,

Refunding,

1.65%,

6/01/23

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

2,500,000

2,455,746

Revenue,

Senior

Lien,

2020

A-1,

1,

Refunding,

1.709%,

6/01/24

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

6,225,000

5,968,851

Revenue,

Senior

Lien,

2020

A-1,

1,

Refunding,

1.809%,

6/01/25

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

1,850,000

1,732,399

Hillsdale

Local

School

District

,

COP

,

2020

,

BAM

Insured

,

4

%

,

12/01/22

...........

1,200,000

1,204,800

e

Ohio

Air

Quality

Development

Authority

,

Duke

Energy

Corp.

,

Revenue

,

2022

A

,

Refunding

,

Mandatory

Put

,

4.25

%

,

6/01/27

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

7,500,000

7,656,934

Ohio

Water

Development

Authority

,

Revenue,

2018,

5%,

6/01/28

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

7,000,000

7,915,919

Water

Pollution

Control

Loan

Fund,

Revenue,

2019

A,

5%,

6/01/29

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

8,500,000

9,739,848

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/23

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

2,560,000

2,611,807

Youngstown

State

University

,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/24

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

645,000

665,952

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/25

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

580,000

605,999

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/26

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

850,000

898,777

45,975,433

Oklahoma

0.4%

Oklahoma

County

Finance

Authority

,

Oklahoma

County

Independent

School

District

No.

52

Midwest

City-Del

City

,

Revenue

,

2018

,

5

%

,

10/01/22

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

1,000,000

1,002,149

Oklahoma

State

University

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

9/01/23

...........

705,000

722,673

Tulsa

County

Industrial

Authority

,

Tulsa

County

Independent

School

District

No.

11

Owasso,

Revenue,

2018,

5%,

9/01/22

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

1,500,000

1,500,000

Tulsa

County

Independent

School

District

No.

11

Owasso,

Revenue,

2018,

5%,

9/01/23

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

1,170,000

1,198,279

4,423,101

Oregon

0.9%

Deschutes

&

Jefferson

Counties

School

District

No.

2J

Redmond

,

GO

,

2021

,

3

%

,

6/15/25

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

850,000

863,076

Salem-Keizer

School

District

No.

24J

,

GO

,

2018

,

5

%

,

6/15/25

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

2,000,000

2,137,317

State

of

Oregon

,

GO,

2015

B,

Refunding,

5%,

8/01/27

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

2,785,000

2,987,059

Department

of

Transportation,

Revenue,

Senior

Lien,

2012

A,

Refunding,

5%,

11/15/22

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

5,000,000

5,028,224

11,015,676

Pennsylvania

5.2%

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

2022,

Refunding,

5%,

5/01/24

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

150,000

154,234

Revenue,

2022,

Refunding,

5%,

5/01/25

.................................

500,000

519,754

Revenue,

2022,

Refunding,

5%,

5/01/26

.................................

500,000

525,860

Revenue,

2022,

Refunding,

5%,

5/01/27

.................................

590,000

627,423

e

Bethlehem

Area

School

District

Authority

,

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

1.878

%

,

(

SOFR

+

0.35

%

),

11/01/25

................................

1,995,000

1,920,855

e

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group

,

Revenue

,

2014

B

,

Refunding

,

Mandatory

Put

,

2.741

%

,

(

1-month

USD

LIBOR

+

1.07

%

),

6/01/24

.....

10,000,000

9,973,303

Lehigh

County

Industrial

Development

Authority

,

e

PPL

Electric

Utilities

Corp.,

Revenue,

2016

A,

Refunding,

Mandatory

Put,

1.8%,

9/01/22

........................................................

10,000,000

10,000,000

PPL

Electric

Utilities

Corp.,

Revenue,

2016

B,

Refunding,

2.625%,

2/15/27

.......

8,500,000

8,220,500

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/29

...........

1,230,000

1,350,093

e

Waste

Management,

Inc.,

Revenue,

2021

A,

Mandatory

Put,

2.07%,

6/03/24

.....

6,000,000

5,845,685

Franklin

Tax-Free

Trust

Schedule

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)

Pennsylvania

(continued)

Pennsylvania

Economic

Development

Financing

Authority,

(continued)

e

Waste

Management,

Inc.,

Revenue,

2021

B,

Refunding,

Mandatory

Put,

1.1%,

11/02/26

.......................................................

$

4,000,000

$

3,620,576

Philadelphia

Authority

for

Industrial

Development

,

City

of

Philadelphia

,

Revenue

,

1999

B

,

AMBAC

Insured

,

Zero

Cpn.,

4/15/24

.................................

4,100,000

3,810,593

Philadelphia

Gas

Works

Co.

,

Revenue,

Sixteenth

A,

AGMC

Insured,

5%,

8/01/25

........................

500,000

532,931

Revenue,

Sixteenth

A,

AGMC

Insured,

5%,

8/01/26

........................

600,000

651,034

h

University

of

Pittsburgh-of

the

Commonwealth

System

of

Higher

Education

,

Revenue

,

FRN

,

2019

,

2.03

%

,

(

SIFMA

Municipal

Swap

Index

+

0.36

%

),

2/15/24

...........

7,750,000

7,758,026

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/01/23

.........................

375,000

377,242

Westmoreland

County

Municipal

Authority

,

Revenue

,

2013

,

Pre-Refunded

,

5

%

,

8/15/37

7,895,000

8,093,906

63,982,015

Rhode

Island

0.2%

City

of

Providence

,

GO,

2021

A,

Refunding,

5%,

1/15/23

...................................

475,000

478,897

GO,

2021

A,

Refunding,

5%,

1/15/24

...................................

500,000

514,270

GO,

2021

A,

Refunding,

5%,

1/15/25

...................................

500,000

525,261

GO,

2021

A,

Refunding,

5%,

1/15/26

...................................

500,000

534,118

2,052,546

South

Carolina

2.0%

e

Columbia

Housing

Authority

,

Columbia

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2022

,

Mandatory

Put

,

2.25

%

,

10/01/25

..................................

9,000,000

8,779,963

f

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3

%

,

11/01/26

...................................

805,000

735,745

f

South

Carolina

Jobs-Economic

Development

Authority

,

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-3

,

6

%

,

6/01/23

............................

1,775,000

1,759,424

South

Carolina

Public

Service

Authority

,

Revenue,

2021

B,

5%,

12/01/22

.......................................

1,500,000

1,509,703

Revenue,

2021

B,

5%,

12/01/24

.......................................

1,750,000

1,826,239

Revenue,

D,

2.388%,

12/01/23

........................................

6,745,000

6,619,709

f

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/24

..................................

1,500,000

1,437,687

e

Spartanburg

Housing

Authority

,

CV

Housing

Partners

LP

,

Revenue

,

2022

,

Mandatory

Put

,

1.05

%

,

8/01/23

................................................

2,000,000

1,966,503

24,634,973

South

Dakota

0.2%

South

Dakota

Health

&

Educational

Facilities

Authority

,

Sanford

Obligated

Group,

Revenue,

2021,

Refunding,

0.594%,

11/01/22

........

390,000

388,223

Sanford

Obligated

Group,

Revenue,

2021,

Refunding,

0.744%,

11/01/23

........

710,000

683,795

Sanford

Obligated

Group,

Revenue,

2021,

Refunding,

1.225%,

11/01/24

........

450,000

423,700

Sanford

Obligated

Group,

Revenue,

2021,

Refunding,

1.568%,

11/01/25

........

1,695,000

1,564,955

3,060,673

Tennessee

2.0%

City

of

Memphis

,

GO,

2018,

5%,

6/01/24

.............................................

6,915,000

7,224,820

GO,

2018,

5%,

6/01/25

.............................................

7,260,000

7,759,802

GO,

2018,

5%,

6/01/26

.............................................

7,625,000

8,330,139

Tennessee

Energy

Acquisition

Corp.

,

Revenue,

2021

A,

5%,

11/01/22

.......................................

175,000

175,500

Revenue,

2021

A,

5%,

11/01/23

.......................................

250,000

254,722

Revenue,

2021

A,

5%,

11/01/24

.......................................

250,000

257,905

Franklin

Tax-Free

Trust

Schedule

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)

Tennessee

(continued)

Tennessee

Energy

Acquisition

Corp.,

(continued)

Revenue,

2021

A,

5%,

11/01/25

.......................................

$

350,000

$

365,275

24,368,163

Texas

5.4%

Central

Texas

Turnpike

System

,

Revenue,

First

Tier

,

2002

A

,

BHAC,

AMBAC

Insured

,

Zero

Cpn.,

8/15/27

.................................................

3,280,000

2,830,853

City

of

Dallas

,

Waterworks

&

Sewer

System

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

10/01/26

........................................................

5,000,000

5,377,897

City

of

Houston

,

Combined

Utility

System

,

Revenue,

First

Lien

,

2018

D

,

Refunding

,

5

%

,

11/15/26

........................................................

1,000,000

1,097,949

City

of

Lubbock

,

GO

,

2018

,

Refunding

,

5

%

,

2/15/25

.........................

5,150,000

5,463,066

City

of

San

Antonio

,

Electric

&

Gas

Systems

,

Revenue

,

2022

,

Refunding

,

5

%

,

2/01/23

4,000,000

4,044,024

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2013

B

,

Pre-Refunded

,

5.25

%

,

10/01/51

........................................................

27,930,000

28,796,531

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO,

2021,

2%,

9/01/24

.............................................

140,000

134,132

GO,

2021,

2%,

9/01/25

.............................................

145,000

135,889

GO,

2021,

2%,

9/01/26

.............................................

150,000

137,095

GO,

2021,

2%,

9/01/27

.............................................

155,000

138,404

State

of

Texas

,

GO,

2018

B-3,

Refunding,

5%,

8/01/24

..................................

4,750,000

4,990,263

GO,

2018

B-3,

Refunding,

5%,

8/01/25

..................................

2,000,000

2,145,105

GO,

2018

B-3,

Refunding,

5%,

8/01/26

..................................

2,000,000

2,190,373

Texas

Water

Development

Board

,

State

Revolving

Fund

,

Revenue

,

2018

,

5

%

,

8/01/27

4,200,000

4,687,723

e

THF

Public

Facility

Corp.

,

THF

Little

Elm

Leased

Housing

Associates

II

LP

,

Revenue

,

2022

,

Mandatory

Put

,

3.25

%

,

9/01/25

...................................

3,500,000

3,494,352

f

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

9/01/26

..............................................

245,000

220,971

Westside

211

Special

Improvement

District

,

GO,

Sub.

Lien,

2021,

2%,

8/15/23

.....................................

255,000

252,869

GO,

Sub.

Lien,

2021,

2%,

8/15/25

.....................................

265,000

252,206

GO,

Sub.

Lien,

2021,

2%,

8/15/27

.....................................

280,000

256,414

66,646,116

Utah

0.6%

City

of

Salt

Lake

City

,

Airport,

Revenue,

2021

A,

5%,

7/01/24

..................................

1,000,000

1,036,793

Airport,

Revenue,

2021

A,

5%,

7/01/26

..................................

3,900,000

4,151,861

South

Valley

Water

Reclamation

Facility

,

Revenue

,

2018

,

AGMC

Insured

,

5

%

,

2/15/23

1,225,000

1,239,452

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

3

%

,

10/15/23

.....................

475,000

469,807

6,897,913

Virginia

0.3%

Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/29

........................................................

180,000

183,176

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

7/01/29

........................................................

1,750,000

1,779,805

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/22

...

240,000

239,596

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/23

...

300,000

297,561

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/24

...

220,000

216,608

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/25

...

230,000

224,626

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/26

...

235,000

227,502

3,168,874

Franklin

Tax-Free

Trust

Schedule

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)

Washington

3.3%

Auburn

School

District

No.

408

of

King

&

Pierce

Counties

,

GO,

2018,

5%,

12/01/27

.............................................

$

1,700,000

$

1,913,238

GO,

2018,

5%,

12/01/28

.............................................

3,300,000

3,708,741

Clark

County

School

District

No.

37

Vancouver

,

GO

,

2021

,

4

%

,

12/01/22

..........

3,575,000

3,590,370

County

of

King

,

GO

,

2021

C

,

0.61

%

,

12/01/23

..............................

10,000,000

9,632,982

Energy

Northwest

,

Bonneville

Power

Administration

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/23

.........................................................

5,000,000

5,106,935

Spokane

County

School

District

No.

354

Mead

,

GO,

2018,

4%,

12/01/32

.............................................

1,150,000

1,210,117

GO,

2018,

5%,

12/01/33

.............................................

1,500,000

1,651,620

Spokane

County

School

District

No.

356

Central

Valley

,

GO

,

2018

,

4

%

,

12/01/31

....

8,295,000

8,784,080

State

of

Washington

,

GO

,

R-2015

D

,

Refunding

,

5

%

,

7/01/28

..................

3,985,000

4,213,690

f

Washington

Health

Care

Facilities

Authority

,

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

5

%

,

12/01/31

..............................

280,000

307,425

40,119,198

West

Virginia

0.1%

e

West

Virginia

Economic

Development

Authority

,

Appalachian

Power

Co.

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.625

%

,

12/15/25

......................

1,000,000

891,335

Wisconsin

0.3%

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

2.75%,

12/01/25

...................

554,655

528,153

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/26

..........

150,000

148,501

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/25

...........................................

285,000

287,875

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/26

...........................................

300,000

302,806

f

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

B,

4.25%,

6/01/25

2,005,000

1,924,158

Wisconsin

Health

&

Educational

Facilities

Authority

,

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/23

....................................................

250,000

250,249

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/24

....................................................

160,000

160,364

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/26

....................................................

345,000

344,772

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/27

....................................................

360,000

357,581

4,304,459

Wyoming

0.1%

County

of

Laramie

,

Cheyenne

Regional

Medical

Center,

Revenue,

2021,

Refunding,

4%,

5/01/23

.....

800,000

807,631

Cheyenne

Regional

Medical

Center,

Revenue,

2021,

Refunding,

4%,

5/01/27

.....

550,000

578,097

1,385,728

U.S.

Territories

0.1%

Puerto

Rico

0.1%

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/23

..

100,000

101,682

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/25

..

195,000

204,714

Franklin

Tax-Free

Trust

Schedule

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

See

Abbreviations

on

page

175

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority,

(continued)

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/27

..

$

450,000

$

486,297

792,693

Total

U.S.

Territories

....................................................................

792,693

Total

Municipal

Bonds

(Cost

$1,128,710,534)

...................................

1,096,224,304

Total

Long

Term

Investments

(Cost

$1,202,740,254)

.............................

1,166,867,699

a

a

a

a

a

Short

Term

Investments

3.9%

Municipal

Bonds

3.9%

California

0.7%

i

University

of

California

,

Revenue

,

2013

AL-4

,

Refunding

,

Daily

VRDN

and

Put

,

0.85

%

,

5/15/48

.........................................................

8,000,000

8,000,000

Georgia

0.1%

i

Development

Authority

of

Monroe

County

(The)

,

Florida

Power

&

Light

Co.

,

Revenue

,

2002

,

Refunding

,

Daily

VRDN

and

Put

,

1.28

%

,

9/01/37

.....................

1,500,000

1,500,000

Maryland

0.8%

i

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

1.03

%

,

11/01/37

........................................................

9,650,000

9,650,000

Tennessee

1.8%

i

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group

,

Revenue

,

2008

A

,

AGMC

Insured

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

1.15

%

,

6/01/42

...................................

22,815,000

22,815,000

Virginia

0.5%

i

Albemarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

1.08

%

,

10/01/48

........................................................

6,000,000

6,000,000

Total

Municipal

Bonds

(Cost

$47,965,000)

......................................

47,965,000

Total

Short

Term

Investments

(Cost

$47,965,000

)

................................

47,965,000

a

Total

Investments

(Cost

$1,250,705,254)

99.4%

..................................

$1,214,832,699

Other

Assets,

less

Liabilities

0.6%

.............................................

7,277,181

Net

Assets

100.0%

...........................................................

$1,222,109,880

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

b

See

Note

1(c)

regarding

senior

floating

rate

interests.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

12

regarding

fair

value

measurements.

d

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

e

The

maturity

date

shown

represents

the

mandatory

put

date.

f

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,

2022,

the

aggregate

value

of

these

securities

was

$43,006,484,

representing

3.5%

of

net

assets.

Franklin

Tax-Free

Trust

Schedule

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

g

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

High

Yield

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

72

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$10.05

$10.29

$10.46

$9.93

$9.97

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.19

0.36

0.40

0.39

0.20

Net

realized

and

unrealized

gains

(losses)

...........

(1.02)

(0.24)

(0.19)

0.56

(0.04)

Total

from

investment

operations

....................

(0.83)

0.12

0.21

0.95

0.16

Less

distributions

from:

Net

investment

income

..........................

(0.18)

(0.36)

(0.38)

(0.42)

(0.20)

Net

asset

value,

end

of

period

......................

$9.04

$10.05

$10.29

$10.46

$9.93

Total

return

e

...................................

(8.29)%

1.07%

2.15%

9.73%

1.68%

Ratios

to

average

net

assets

f

Expenses

g

....................................

0.87

%

h

0.80%

h

0.79%

0.79%

0.81%

Net

investment

income

...........................

4.00%

3.49%

3.97%

3.82%

4.23%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$1,398,081

$1,559,216

$1,177,730

$900,342

$343,683

Portfolio

turnover

rate

............................

12.46%

18.70%

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

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

73

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.04

$10.28

$10.45

$9.92

$9.94

$10.25

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.19

0.38

0.42

0.40

0.43

0.43

Net

realized

and

unrealized

gains

(losses)

(1.01)

(0.24)

(0.20)

0.56

(0.01)

(0.30)

Total

from

investment

operations

........

(0.82)

0.14

0.22

0.96

0.42

0.13

Less

distributions

from:

Net

investment

income

..............

(0.19)

(0.38)

(0.39)

(0.43)

(0.44)

(0.44)

Net

asset

value,

end

of

period

..........

$9.03

$10.04

$10.28

$10.45

$9.92

$9.94

Total

return

d

.......................

(8.23)%

1.22%

2.30%

9.90%

4.33%

1.30%

Ratios

to

average

net

assets

e

Expenses

.........................

0.72%

f,g

0.65%

f,g

0.65%

f

0.64%

f

0.66%

f

0.66%

Net

investment

income

...............

4.15%

3.65%

4.14%

3.97%

4.38%

4.22%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$2,942,254

$3,518,033

$3,756,501

$4,196,856

$4,174,968

$4,608,917

Portfolio

turnover

rate

................

12.46%

18.70%

38.24%

11.98%

6.16%

6.98%

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%.

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

74

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.24

$10.49

$10.66

$10.12

$10.13

$10.44

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17

0.32

0.36

0.36

0.39

0.38

Net

realized

and

unrealized

gains

(losses)

(1.03)

(0.25)

(0.19)

0.56

(0.01)

(0.30)

Total

from

investment

operations

........

(0.86)

0.07

0.17

0.92

0.38

0.08

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.32)

(0.34)

(0.38)

(0.39)

(0.39)

Net

asset

value,

end

of

period

..........

$9.22

$10.24

$10.49

$10.66

$10.12

$10.13

Total

return

d

.......................

(8.42)%

0.54%

1.71%

9.27%

3.77%

0.71%

Ratios

to

average

net

assets

e

Expenses

.........................

1.26%

f,g

1.19%

f,g

1.19%

f

1.19%

f

1.21%

f

1.21%

Net

investment

income

...............

3.52%

3.03%

3.53%

3.42%

3.83%

3.67%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$206,679

$262,313

$359,050

$488,258

$558,728

$870,227

Portfolio

turnover

rate

................

12.46%

18.70%

38.24%

11.98%

6.16%

6.98%

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%.

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

75

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.09

$10.33

$10.50

$9.97

$9.98

$10.31

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.20

0.40

0.43

0.42

0.45

0.27

Net

realized

and

unrealized

gains

(losses)

(1.02)

(0.25)

(0.19)

0.56

(0.01)

(0.34)

Total

from

investment

operations

........

(0.82)

0.15

0.24

0.98

0.44

(0.07)

Less

distributions

from:

Net

investment

income

..............

(0.19)

(0.39)

(0.41)

(0.45)

(0.45)

(0.26)

Net

asset

value,

end

of

period

..........

$9.08

$10.09

$10.33

$10.50

$9.97

$9.98

Total

return

e

.......................

(8.12)%

1.36%

2.43%

10.01%

4.55%

(0.68)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.59%

0.51%

0.51%

0.51%

0.52%

0.52%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.59%

g,h

0.51%

g,h

0.50%

g

0.50%

g

0.52%

g

0.51%

Net

investment

income

...............

4.26%

3.77%

4.25%

4.11%

4.52%

4.37%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$209,566

$228,725

$157,328

$127,806

$90,752

$152,255

Portfolio

turnover

rate

................

12.46%

18.70%

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.

76

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.08

$10.33

$10.50

$9.97

$9.98

$10.30

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.20

0.39

0.43

0.42

0.45

0.44

Net

realized

and

unrealized

gains

(losses)

(1.02)

(0.25)

(0.20)

0.55

(0.01)

(0.31)

Total

from

investment

operations

........

(0.82)

0.14

0.23

0.97

0.44

0.13

Less

distributions

from:

Net

investment

income

..............

(0.19)

(0.39)

(0.40)

(0.44)

(0.45)

(0.45)

Net

asset

value,

end

of

period

..........

$9.07

$10.08

$10.33

$10.50

$9.97

$9.98

Total

return

d

.......................

(8.15)%

1.22%

2.39%

9.97%

4.52%

1.29%

Ratios

to

average

net

assets

e

Expenses

.........................

0.62%

f,g

0.55%

f,g

0.54%

f

0.54%

f

0.56%

f

0.56%

Net

investment

income

...............

4.23%

3.73%

4.22%

4.07%

4.48%

4.32%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$1,010,947

$1,284,270

$1,229,100

$1,166,057

$994,336

$1,070,254

Portfolio

turnover

rate

................

12.46%

18.70%

38.24%

11.98%

6.16%

6.98%

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%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2022

Franklin

High

Yield

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

77

a

a

Shares

a

Value

a

Management

Investment

Companies

1.2%

Capital

Markets

1.2%

a

Franklin

Dynamic

Municipal

Bond

ETF

...................................

1,605,000

$

38,199,000

iShares

National

Muni

Bond

ETF

........................................

200,000

21,148,000

VanEck

High

Yield

Muni

ETF

...........................................

200,000

10,664,000

70,011,000

Total

Management

Investment

Companies

(Cost

$74,313,737)

....................

70,011,000

Principal

Amount

a

a

a

a

Corporate

Bonds

2.0%

Commercial

Services

&

Supplies

0.2%

b

CalPlant

I

LLC

,

21A,

Senior

Secured

Note,

144A,

9.5%,

10/12/22

..........................

$

1,920,000

1,928,029

21B,

Senior

Secured

Note,

144A,

9.5%,

10/12/22

..........................

7,205,000

7,235,077

22A,

Senior

Secured

Note,

144A,

9.5%,

10/12/22

..........................

3,975,000

3,991,622

13,154,728

Diversified

Consumer

Services

1.5%

Grand

Canyon

University

,

5.125

%

,

10/01/28

...............................

93,710,000

87,076,561

Electric

Utilities

0.3%

b,c

Mission

Rock

Utilities,

Inc.

,

144A,

7

%

,

7/01/27

..............................

15,000,000

14,845,200

Health

Care

Providers

&

Services

0.0%

†

b,c

Christian

Care

Centers,

Inc.

,

144A,

12

%

,

11/30/22

...........................

2,950,000

2,876,250

Total

Corporate

Bonds

(Cost

$124,527,830)

.....................................

117,952,739

Municipal

Bonds

95.7%

Alabama

3.0%

County

of

Jefferson

,

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/28

....................

7,350,000

5,185,407

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/29

....................

13,465,000

8,767,608

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/30

....................

19,050,000

11,424,862

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/31

....................

24,845,000

13,694,368

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/32

....................

30,825,000

15,656,107

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/33

....................

35,700,000

16,731,023

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/34

....................

28,020,000

12,087,105

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/35

....................

15,000,000

5,963,370

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/36

....................

12,425,000

4,538,187

Sewer,

Revenue,

Sub.

Lien,

2013

F,

Zero

Cpn.,

10/01/39

....................

75,000,000

76,211,182

MidCity

Improvement

District

,

Assessment

Area,

Special

Assessment,

2022,

3.875%,

11/01/27

..............

300,000

272,314

Assessment

Area,

Special

Assessment,

2022,

4.25%,

11/01/32

...............

600,000

521,332

Assessment

Area,

Special

Assessment,

2022,

4.5%,

11/01/42

................

1,090,000

902,377

Assessment

Area,

Special

Assessment,

2022,

4.75%,

11/01/49

...............

1,250,000

1,016,026

172,971,268

Arizona

1.9%

Arizona

Industrial

Development

Authority

,

b

Doral

Academy

of

Northern

Nevada

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/15/41

............................................

265,000

228,482

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5.125%,

1/01/54

.................................................

3,005,000

1,881,619

Industrial

Development

Authority

of

the

City

of

Phoenix

(The)

,

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/42

..............

1,000,000

1,008,483

b

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2019,

Refunding,

5%,

6/15/49

1,235,000

1,190,768

Franklin

Tax-Free

Trust

Schedule

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.

78

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

b

Industrial

Development

Authority

of

the

County

of

Pima

(The),

(continued)

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2022,

Refunding,

4%,

6/15/57

$

8,500,000

$

6,479,081

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/38

....................

1,000,000

1,012,263

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/48

....................

1,000,000

998,145

b

Maricopa

County

Industrial

Development

Authority

,

Arizona

Autism

Charter

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

7/01/41

........................................................

370,000

315,876

Arizona

Autism

Charter

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

7/01/51

........................................................

545,000

432,068

Arizona

Autism

Charter

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

7/01/61

........................................................

2,625,000

1,985,908

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018

A,

6%,

7/01/38

........................................................

5,000,000

5,460,830

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018

A,

6%,

7/01/52

........................................................

10,000,000

10,776,978

Commercial

Metals

Co.,

Revenue,

144A,

2022,

4%,

10/15/47

.................

4,000,000

3,482,899

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5.25%,

12/01/25

....................................

6,000,000

6,323,257

Revenue,

2007-1,

5.5%,

12/01/29

.....................................

11,105,000

12,258,288

b

Sierra

Vista

Industrial

Development

Authority

,

Georgetown

Community

Development

Authority,

Revenue,

144A,

2021

A,

Zero

Cpn.,

10/01/56

.......................................................

18,880,000

12,427,873

Georgetown

Community

Development

Authority,

Revenue,

144A,

2021

B,

6.25%,

10/01/36

.......................................................

3,945,000

3,321,359

Georgetown

Community

Development

Authority,

Revenue,

144A,

2022

A,

Zero

Cpn.,

10/01/56

.......................................................

2,327,000

1,904,936

Georgetown

Community

Development

Authority,

Revenue,

144A,

2022

B,

9%,

10/01/37

.......................................................

250,000

247,429

Tempe

Industrial

Development

Authority

,

b

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6%,

10/01/37

................

1,900,000

1,839,528

b

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6.125%,

10/01/47

.............

4,850,000

4,614,631

b

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6.125%,

10/01/52

.............

2,800,000

2,637,293

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/50

........

4,300,000

3,998,962

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

........

8,000,000

7,364,626

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/01/46

.......................................................

500,000

394,546

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2021

B,

4%,

12/01/56

.......

4,260,000

3,114,289

Yuma

County

Industrial

Development

Authority

,

Far

West

Water

&

Sewer,

Inc.

,

Revenue

,

2007

A

,

Refunding

,

6.375

%

,

12/01/37

...........................

13,715,000

12,699,903

108,400,320

Arkansas

0.1%

b,d

Arkansas

Development

Finance

Authority

,

United

States

Steel

Corp.

,

Revenue

,

144A,

2022

,

5.45

%

,

9/01/52

...............................................

8,000,000

7,918,344

California

19.3%

Alvord

Unified

School

District

,

GO

,

2011

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/41

.....

30,750,000

12,749,580

b

California

Community

College

Financing

Authority

,

NCCD-Napa

Valley

Properties

LLC,

Revenue,

144A,

2022

A,

4.25%,

7/01/32

.....

500,000

489,742

NCCD-Napa

Valley

Properties

LLC,

Revenue,

144A,

2022

A,

5.75%,

7/01/60

.....

17,500,000

16,821,849

NCCD-Napa

Valley

Properties

LLC,

Revenue,

144A,

2022

C,

6.75%,

7/01/60

.....

7,000,000

6,617,593

b

California

Community

Housing

Agency

,

Annadel

Apartments,

Revenue,

144A,

2019

A,

5%,

4/01/49

..................

10,800,000

10,049,796

Aster

Apartments,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

2/01/43

..........

8,895,000

7,365,666

Aster

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

..........

1,800,000

1,608,082

Franklin

Tax-Free

Trust

Schedule

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

79

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

b

California

Community

Housing

Agency,

(continued)

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

....................................................

$

8,500,000

$

7,593,721

Fountains

at

Emerald

Park,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

8/01/46

...

5,250,000

4,185,439

K

Street

Flats,

Revenue,

144A,

2021

A-2,

4%,

8/01/50

......................

16,500,000

12,343,142

Mira

Vista

Hills

Apartments,

Revenue,

144A,

2021

A,

4%,

2/01/56

.............

30,500,000

24,603,771

Twin

Creek

Apartments,

Revenue,

Junior

Lien,

144A,

2022

B,

5.5%,

2/01/40

.....

4,400,000

4,048,158

California

County

Tobacco

Securitization

Agency

,

Alameda

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2002

,

5.875

%

,

6/01/35

......................

1,795,000

1,821,700

b

California

Municipal

Finance

Authority

,

California

Baptist

University,

Revenue,

144A,

2015

A,

5.5%,

11/01/45

...........

17,400,000

18,151,652

California

Baptist

University,

Revenue,

144A,

2016

A,

5%,

11/01/46

............

6,800,000

6,992,369

Capital

Christian

Center,

Revenue,

144A,

2021

A,

5%,

10/01/51

...............

8,425,000

7,344,814

b

California

Pollution

Control

Financing

Authority

,

e

CalPlant

I

LLC,

Revenue,

144A,

2017,

7.5%,

7/01/32

.......................

24,500,000

14,700,000

e

CalPlant

I

LLC,

Revenue,

144A,

2017,

8%,

7/01/39

........................

10,000,000

6,000,000

e

CalPlant

I

LLC,

Revenue,

144A,

2020,

7.5%,

7/01/32

.......................

10,000,000

6,800,000

Rialto

Bioenergy

Facility

LLC,

Revenue,

144A,

2018,

6.75%,

12/01/28

..........

1,700,000

1,224,779

Rialto

Bioenergy

Facility

LLC,

Revenue,

144A,

2018,

7.5%,

12/01/40

...........

5,300,000

3,596,889

b

California

Public

Finance

Authority

,

Crossroads

Christian

Schools

Obligated

Group,

Revenue,

144A,

2020,

5%,

1/01/56

4,015,000

3,449,009

Keck

Graduate

Institute

of

Applied

Life

Sciences,

Revenue,

144A,

2017

A,

Refunding,

5%,

7/01/47

............................................

2,900,000

2,166,607

Kendal

at

Sonoma

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

5%,

11/15/46

.......................................................

1,250,000

1,158,950

California

Statewide

Communities

Development

Authority

,

b

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2016

A,

Refunding,

5%,

6/01/36

7,210,000

7,251,020

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

2014

A,

5.25%,

12/01/44

.......................................................

20,555,000

20,894,375

b

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

144A,

2016

A,

5.25%,

12/01/56

.................................................

3,000,000

3,003,460

b

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/39

.............

1,275,000

1,228,009

b

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/49

.............

3,725,000

3,442,880

City

of

San

Francisco

,

5.25

%

,

9/01/49

....................................

10,000,000

7,788,269

b

CMFA

Special

Finance

Agency

,

Revenue,

Junior

Lien,

144A,

2022

A-2,

4.5%,

8/01/51

.......................

38,000,000

29,194,887

Solana

at

Grand,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

8/01/45

...........

35,000,000

27,439,699

Solana

at

Grand,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

8/01/56

..........

1,700,000

1,517,610

b

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The),

Revenue,

144A,

2021

A-1,

3%,

8/01/56

..........

1,750,000

1,264,329

Breakwater

Apartments

(The),

Revenue,

144A,

2021

A-2,

4%,

8/01/47

..........

34,170,000

26,302,101

b

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

.........................................

4,500,000

3,488,598

b

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue

,

144A,

2022

A-2

,

4.375

%

,

8/01/49

...................................................

17,000,000

13,447,073

Compton

Community

College

District

,

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/30

...................

3,425,000

2,169,246

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/32

...................

4,000,000

2,202,995

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/34

...................

4,560,000

2,171,018

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/36

...................

5,250,000

2,165,575

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/37

...................

3,065,000

1,176,687

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/38

...................

6,000,000

2,145,323

b

CSCDA

Community

Improvement

Authority

,

Cameo/Garrison

Apartments,

Revenue,

144A,

2021

B,

4%,

3/01/57

............

10,000,000

7,519,035

Cameo/Garrison

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

3/01/57

.

7,500,000

5,434,622

Crescent

(The),

Revenue,

144A,

2022

B,

5.5%,

7/01/59

.....................

15,935,000

14,136,621

Dublin,

Revenue,

144A,

2021

B,

4%,

2/01/57

.............................

7,500,000

5,515,047

Franklin

Tax-Free

Trust

Schedule

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.

80

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

b

CSCDA

Community

Improvement

Authority,

(continued)

Escondido

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

6/01/48

........

$

16,000,000

$

11,597,838

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-2,

3.125%,

8/01/56

10,000,000

7,396,379

Park

Crossing

Apartments,

Revenue,

144A,

2021

B,

4%,

12/01/48

.............

14,235,000

10,801,286

Parrallel-Anaheim,

Revenue,

144A,

2021

A,

4%,

8/01/56

....................

8,000,000

6,566,121

Union

South

Bay,

Revenue,

144A,

2021

A-2,

4%,

7/01/56

....................

12,500,000

9,681,214

Wood

Creek

Apartments,

Revenue,

Sub.

Lien,

144A,

2021

B,

4%,

12/01/59

......

19,800,000

14,291,200

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/30

..............

10,000,000

10,686,442

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/31

..............

7,295,000

7,880,267

M-S-R

Energy

Authority

,

Revenue,

2009

B,

6.125%,

11/01/29

...................................

28,865,000

32,054,987

Revenue,

2009

B,

7%,

11/01/34

.......................................

20,000,000

24,483,978

Revenue,

2009

C,

6.5%,

11/01/39

.....................................

20,000,000

24,165,232

Palmdale

Elementary

School

District

,

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/28

...................................................

1,500,000

1,232,439

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/30

...................................................

1,250,000

943,740

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/31

...................................................

1,250,000

899,899

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/34

...................................................

2,500,000

2,440,090

River

Islands

Public

Financing

Authority

,

Community

Facilities

District

No.

2021-1,

Special

Tax,

2021,

4%,

9/01/28

........

480,000

481,162

Community

Facilities

District

No.

2021-1,

Special

Tax,

2021,

4%,

9/01/32

........

520,000

503,067

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/32

.........................

4,000,000

2,585,065

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/33

.........................

5,500,000

3,365,240

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/41

.........................

5,000,000

1,986,626

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/42

.........................

7,000,000

2,628,444

San

Diego

Unified

School

District

,

GO,

2012

E,

Zero

Cpn.,

7/01/42

.......................................

44,565,000

32,113,392

GO,

2012

E,

Zero

Cpn.,

7/01/47

.......................................

33,305,000

24,018,154

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

6%,

1/15/45

...............................

35,834,000

43,831,020

Revenue,

1997

A,

Refunding,

6%,

1/15/46

...............................

35,834,000

43,905,329

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/25

...........................

30,200,000

28,507,516

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/26

...........................

131,900,000

121,265,853

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/27

...........................

139,100,000

124,435,842

Revenue,

Junior

Lien,

2014

B,

Refunding,

5.25%,

1/15/44

...................

20,000,000

20,492,312

Revenue,

Junior

Lien,

2014

B,

Refunding,

5.25%,

1/15/49

...................

25,000,000

25,560,742

San

Mateo

Foster

City

School

District

,

GO

,

A

,

Zero

Cpn.,

8/01/42

...............

40,000,000

39,298,100

San

Mateo

Union

High

School

District

,

GO

,

2011

A

,

Zero

Cpn.,

9/01/41

...........

20,000,000

18,629,460

San

Ysidro

School

District

,

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/42

...................

10,000,000

3,663,094

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/43

...................

12,500,000

4,334,175

Silicon

Valley

Tobacco

Securitization

Authority

,

Revenue,

2007

A,

Zero

Cpn.,

6/01/36

...................................

15,000,000

7,081,142

Revenue,

2007

C,

Zero

Cpn.,

6/01/56

..................................

60,000,000

5,442,564

Southern

California

Public

Power

Authority

,

Revenue

,

2007

A

,

5.25

%

,

11/01/27

.....

9,855,000

10,651,165

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2006

B,

Zero

Cpn.,

6/01/46

........................................................

50,000,000

9,164,245

Franklin

Tax-Free

Trust

Schedule

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

81

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Tobacco

Securitization

Authority

of

Southern

California,

(continued)

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

B-2,

Refunding,

Zero

Cpn.,

6/01/54

......................................

$

18,000,000

$

3,251,194

1,115,097,802

Colorado

5.4%

3rd

and

Havana

Metropolitan

District

,

GO

,

2020

A

,

5.25

%

,

12/01/49

.............

3,775,000

3,587,431

9th

Avenue

Metropolitan

District

No.

2

,

GO

,

2018

,

5

%

,

12/01/48

................

7,420,000

6,962,978

Aerotropolis

Regional

Transportation

Authority

,

Revenue

,

2019

,

5

%

,

12/01/51

......

5,500,000

5,311,037

Allison

Valley

Metropolitan

District

No.

1

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/47

......

5,250,000

4,539,470

Allison

Valley

Metropolitan

District

No.

2

,

GO

,

2020

,

Refunding

,

4.7

%

,

12/01/47

.....

4,750,000

4,135,018

Aurora

Crossroads

Metropolitan

District

No.

2

,

GO,

Senior

Lien,

2020

A,

5%,

12/01/40

.................................

1,500,000

1,479,294

GO,

Senior

Lien,

2020

A,

5%,

12/01/50

.................................

1,500,000

1,382,888

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

1

,

GO

,

2018

A

,

5.375

%

,

12/01/48

........................................................

2,245,000

2,251,024

Baseline

Metropolitan

District

No.

1

,

GO,

2021

A,

5%,

12/01/51

...........................................

1,500,000

1,339,492

GO,

2021

B,

7.5%,

12/15/51

.........................................

2,190,000

1,991,391

b

Bent

Grass

Metropolitan

District

,

GO

,

144A,

2020

,

Refunding

,

5.25

%

,

12/01/49

.....

1,685,000

1,644,311

Bradburn

Metropolitan

District

No.

2

,

GO,

2018

A,

Refunding,

5%,

12/01/38

..................................

600,000

598,717

GO,

2018

A,

Refunding,

5%,

12/01/47

..................................

2,400,000

2,338,401

Brighton

Crossing

Metropolitan

District

No.

4

,

GO,

2017

A,

5%,

12/01/37

...........................................

525,000

526,988

GO,

2017

A,

5%,

12/01/47

...........................................

2,440,000

2,409,476

Brighton

Crossing

Metropolitan

District

No.

6

,

GO

,

2020

A(3)

,

5

%

,

12/01/50

........

2,000,000

1,774,022

b

Broadway

Park

North

Metropolitan

District

No.

2

,

GO,

144A,

2020,

Refunding,

5%,

12/01/40

...............................

1,325,000

1,315,454

GO,

144A,

2020,

Refunding,

5%,

12/01/49

...............................

1,575,000

1,526,109

b

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-2

,

Refunding

,

5

%

,

12/01/49

........................................................

740,000

684,080

Centerra

Metropolitan

District

No.

1

,

GO

,

2020

A

,

Refunding

,

5

%

,

12/01/51

........

4,000,000

3,699,819

Clear

Creek

Transit

Metropolitan

District

No.

2

,

GO,

2021

A,

5%,

12/01/41

...........................................

580,000

544,517

GO,

2021

A,

5%,

12/01/50

...........................................

1,000,000

897,888

Colliers

Hill

Metropolitan

District

No.

2

,

GO

,

2022

B-1

,

Refunding

,

6

%

,

12/15/47

....

2,250,000

1,907,116

Colorado

Health

Facilities

Authority

,

Aberdeen

Ridge,

Inc.

Obligated

Group,

Revenue,

2021

A,

5%,

5/15/49

..........

2,235,000

1,933,818

Aberdeen

Ridge,

Inc.

Obligated

Group,

Revenue,

2021

A,

5%,

5/15/58

..........

4,750,000

3,934,138

Frasier

Meadows

Manor,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/47

........................................................

6,500,000

6,502,146

Frasier

Meadows

Manor,

Inc.

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

5/15/48

........................................................

8,255,000

8,395,962

Conestoga

Metropolitan

District

No.

2

,

GO

,

2021

A-3

,

Refunding

,

5.25

%

,

12/01/51

..

1,625,000

1,474,211

Constitution

Heights

Metropolitan

District

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/49

.....

1,760,000

1,689,084

Copperleaf

Metropolitan

District

No.

6

,

GO

,

2022

B

,

6

%

,

12/15/41

...............

1,225,000

1,202,777

Cornerstar

Metropolitan

District

,

GO,

A,

Refunding,

5.125%,

12/01/37

...................................

2,000,000

1,999,872

GO,

A,

Refunding,

5.25%,

12/01/47

....................................

5,200,000

5,120,196

Franklin

Tax-Free

Trust

Schedule

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)

Colorado

(continued)

Cottonwood

Highlands

Metropolitan

District

No.

1

,

GO

,

2019

A

,

5

%

,

12/01/49

......

$

900,000

$

866,754

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

B

,

6

%

,

12/01/48

........................................................

4,290,000

4,333,880

b

DIATC

Metropolitan

District

,

GO

,

144A,

2019

,

Refunding

,

5

%

,

12/01/49

...........

2,000,000

1,938,216

E-470

Public

Highway

Authority

,

Revenue

,

2004

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

9/01/28

.....................................................

15,000,000

12,207,960

Eagle

Brook

Meadows

Metropolitan

District

No.

3

,

GO

,

2021

,

5

%

,

12/01/51

........

1,600,000

1,415,422

Evan's

Place

Metropolitan

District

,

GO,

2020

A(3),

5%,

12/01/40

.........................................

550,000

536,472

GO,

2020

A(3),

5%,

12/01/50

.........................................

1,575,000

1,426,085

First

Creek

Village

Metropolitan

District

,

GO,

2019

A,

5%,

12/01/39

...........................................

595,000

599,880

GO,

2019

A,

5%,

8/01/49

............................................

540,000

526,581

Greenways

Metropolitan

District

No.

1

,

GO

,

2021

A-3

,

4.625

%

,

12/01/51

..........

1,580,000

1,272,948

b

Hidden

Creek

Metropolitan

District

,

GO

,

144A,

2021

A

,

4.625

%

,

12/01/45

.........

1,140,000

930,521

b

Horizon

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A

,

4.5

%

,

12/01/51

...........

1,675,000

1,214,889

Hunters

Overlook

Metropolitan

District

No.

5

,

GO,

2019

A,

5%,

12/01/39

...........................................

750,000

747,791

GO,

2019

A,

5%,

12/01/49

...........................................

1,000,000

959,707

b

Jacoby

Farm

Metropolitan

District

,

GO

,

144A,

2021

,

Refunding

,

5

%

,

12/15/46

......

5,000,000

4,483,771

Jay

Grove

Metropolitan

District

,

GO

,

2021

,

4.25

%

,

12/01/51

...................

1,225,000

963,233

Jefferson

Center

Metropolitan

District

No.

1

,

Revenue,

2020

A-2,

4.125%,

12/01/40

..................................

575,000

513,932

Revenue,

2020

A-2,

4.375%,

12/01/47

..................................

1,125,000

990,955

Johnstown

Farms

East

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

............

1,500,000

1,293,242

Johnstown

Plaza

Metropolitan

District

,

GO

,

2022

,

Refunding

,

4.25

%

,

12/01/46

.....

8,500,000

7,362,594

b

Karl's

Farm

Metropolitan

District

No.

2

,

GO,

144A,

2020

A(3),

5.375%,

12/01/40

.................................

645,000

617,333

GO,

144A,

2020

A(3),

5.625%,

12/01/50

.................................

1,900,000

1,808,834

Liberty

Ranch

Metropolitan

District

,

GO

,

2021

A

,

Refunding

,

5.25

%

,

12/01/51

......

6,590,000

5,673,644

Meadowlark

Metropolitan

District

,

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020

A,

4.875%,

12/01/40

....

520,000

473,993

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020

A,

5.125%,

12/01/50

....

750,000

674,835

Morgan

Hill

Metropolitan

District

No.

3

,

GO

,

2021

B

,

Refunding

,

6.375

%

,

12/15/51

...

1,465,000

1,376,498

Murphy

Creek

Metropolitan

District

No.

4

,

GO

,

2021

,

5

%

,

12/01/51

..............

8,000,000

6,868,161

Nexus

North

at

DIA

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

...............

565,000

504,542

Palisade

Park

West

Metropolitan

District

,

GO

,

2019

A

,

5.125

%

,

12/01/49

..........

1,500,000

1,449,671

b

Plaza

Metropolitan

District

No.

1

,

Tax

Allocation

,

144A,

2013

,

Refunding

,

5

%

,

12/01/40

3,000,000

2,989,450

Prairie

Center

Metropolitan

District

No.

7

,

GO,

2020,

4.125%,

12/15/36

.........................................

500,000

458,655

GO,

2020,

4.875%,

12/15/44

.........................................

725,000

661,328

GO,

2021,

6.375%,

6/15/46

..........................................

1,330,000

1,238,703

Pronghorn

Valley

Metropolitan

District

,

GO,

2021

A,

3.75%,

12/01/41

.........................................

515,000

417,271

GO,

2021

A,

4%,

12/01/51

...........................................

650,000

523,406

Ptarmigan

West

Metropolitan

District

No.

2

,

GO

,

2021-3

,

4.125

%

,

12/01/51

........

1,475,000

1,112,138

Public

Authority

for

Colorado

Energy

,

Revenue,

2008,

6.125%,

11/15/23

.....................................

1,125,000

1,148,903

Revenue,

2008,

6.25%,

11/15/28

......................................

12,500,000

13,773,987

Revenue,

2008,

6.5%,

11/15/38

.......................................

60,100,000

73,335,889

Raindance

Metropolitan

District

No.

1

,

Non-Potable

Water

System,

Revenue,

2020,

5%,

12/01/40

...................

625,000

598,259

Non-Potable

Water

System,

Revenue,

2020,

5.25%,

12/01/50

................

4,250,000

3,955,709

Rampart

Range

Metropolitan

District

No.

5

,

Revenue,

2021,

4%,

12/01/36

........................................

1,250,000

1,120,082

Revenue,

2021,

4%,

12/01/41

........................................

2,730,000

2,316,609

Franklin

Tax-Free

Trust

Schedule

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)

Colorado

(continued)

Rampart

Range

Metropolitan

District

No.

5,

(continued)

Revenue,

2021,

4%,

12/01/51

........................................

$

6,670,000

$

5,263,185

Reunion

Metropolitan

District

,

Water

Activity

Enterprise

Revenue

,

Revenue

,

2021

A

,

3.625

%

,

12/01/44

..................................................

6,250,000

4,744,906

Ritoro

Metropolitan

District

,

GO

,

2019

A

,

5

%

,

12/01/49

.......................

2,000,000

1,939,076

RRC

Metropolitan

District

No.

2

,

GO

,

2021

,

5.25

%

,

12/01/51

...................

5,625,000

4,842,830

Severance

Shores

Metropolitan

District

No.

4

,

GO

,

2020

A

,

5

%

,

12/01/49

.........

2,900,000

2,827,424

South

Aurora

Regional

Improvement

Authority

,

Revenue

,

2018

,

6.25

%

,

12/01/57

....

2,815,000

2,743,934

Southglenn

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/30

....................................

3,470,000

3,482,022

GO,

2016,

Refunding,

5%,

12/01/36

....................................

810,000

804,650

GO,

2016,

Refunding,

5%,

12/01/46

....................................

4,200,000

4,067,780

STC

Metropolitan

District

No.

2

,

GO,

2019

A,

Refunding,

5%,

12/01/38

..................................

2,000,000

1,962,966

GO,

2019

A,

Refunding,

5%,

12/01/49

..................................

1,000,000

970,119

Timberleaf

Metropolitan

District

,

GO

,

2020

A

,

5.75

%

,

12/01/50

..................

1,730,000

1,727,918

Village

at

Dry

Creek

Metropolitan

District

No.

2

(The)

,

GO

,

2019

,

4.375

%

,

12/01/44

..

893,000

794,317

Village

Metropolitan

District

(The)

,

GO,

2020,

Refunding,

5%,

12/01/40

....................................

1,100,000

1,111,065

GO,

2020,

Refunding,

5%,

12/01/49

....................................

1,750,000

1,757,860

Villages

at

Castle

Rock

Metropolitan

District

No.

4

,

1989

,

11.12

%

,

6/01/31

.........

3,000,000

2,850,000

Waterfront

at

Foster

Lake

Metropolitan

District

No.

2

,

GO,

2022

A(3)-1,

5%,

12/01/42

.......................................

3,705,000

3,310,747

GO,

2022

A(3)-1,

5%,

12/01/51

.......................................

4,085,000

3,385,082

GO,

2022

A(3)-2,

Zero

Cpn.,

12/01/51

..................................

5,130,000

3,023,103

Water

Tap

Fee,

Revenue,

2022,

4.625%,

12/01/28

.........................

6,000,000

5,561,474

Wild

Plum

Metropolitan

District

,

GO

,

2019

A

,

Pre-Refunded

,

5

%

,

12/01/49

.........

595,000

640,618

Willow

Bend

Metropolitan

District

,

GO,

Senior

Lien

,

2019

A

,

5

%

,

12/01/49

.........

1,000,000

947,277

311,540,211

Connecticut

0.6%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

b

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

2016

A,

5%,

9/01/46

..

1,000,000

975,434

b

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

A,

5%,

9/01/53

......

7,850,000

7,539,572

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/37

........

5,500,000

5,632,365

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/43

........

13,000,000

13,230,151

b

McLean

Affiliates

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/45

........

2,000,000

2,011,011

b

McLean

Affiliates

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/55

........

2,800,000

2,786,457

b

Steel

Point

Infrastructure

Improvement

District

,

Tax

Allocation,

144A,

2021,

4%,

4/01/31

.................................

100,000

96,187

Tax

Allocation,

144A,

2021,

4%,

4/01/36

.................................

605,000

563,398

Tax

Allocation,

144A,

2021,

4%,

4/01/41

.................................

575,000

516,227

Tax

Allocation,

144A,

2021,

4%,

4/01/51

.................................

1,655,000

1,406,868

34,757,670

Florida

14.7%

Abbott

Square

Community

Development

District

,

Special

Assessment,

2022,

5.375%,

6/15/42

.............................

915,000

938,021

Special

Assessment,

2022,

5.5%,

6/15/52

...............................

1,500,000

1,537,516

Anabelle

Island

Community

Development

District

,

Special

Assessment,

2022,

2.7%,

5/01/27

...............................

655,000

598,752

Special

Assessment,

2022,

3.1%,

5/01/32

...............................

750,000

648,454

Special

Assessment,

2022,

3.5%,

5/01/42

...............................

1,945,000

1,584,110

Special

Assessment,

2022,

4%,

5/01/52

.................................

2,840,000

2,409,115

Artisan

Lakes

East

Community

Development

District

,

Special

Assessment,

2021-1,

2.3%,

5/01/26

..............................

220,000

201,393

Franklin

Tax-Free

Trust

Schedule

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)

Florida

(continued)

Artisan

Lakes

East

Community

Development

District,

(continued)

Special

Assessment,

2021-1,

2.75%,

5/01/31

.............................

$

250,000

$

213,796

Special

Assessment,

2021-1,

3.125%,

5/01/41

............................

470,000

366,011

Special

Assessment,

2021-1,

4%,

5/01/51

...............................

455,000

388,305

b

Special

Assessment,

144A,

2021-2,

2.75%,

5/01/31

........................

275,000

234,710

b

Special

Assessment,

144A,

2021-2,

3.125%,

5/01/41

.......................

515,000

401,055

b

Special

Assessment,

144A,

2021-2,

4%,

5/01/52

..........................

550,000

466,969

b

Astonia

Community

Development

District

,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

540,000

491,953

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,375,000

1,172,379

Assessment

Area

2,

Special

Assessment,

144A,

2021,

2.5%,

5/01/26

...........

200,000

185,347

Assessment

Area

2,

Special

Assessment,

144A,

2021,

3%,

5/01/31

............

500,000

433,929

Assessment

Area

2,

Special

Assessment,

144A,

2021,

3.2%,

5/01/41

...........

750,000

596,370

Assessment

Area

2,

Special

Assessment,

144A,

2021,

4%,

5/01/52

............

800,000

682,264

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

2.5%,

5/01/26

..

195,000

181,604

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

3%,

5/01/31

....

320,000

281,699

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

3.2%,

5/01/41

..

750,000

600,083

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

4%,

5/01/51

....

500,000

430,790

Avalon

Groves

Community

Development

District

,

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

360,000

282,420

Special

Assessment,

2021,

4%,

5/01/51

.................................

500,000

428,071

Assessment

Area

3,

Special

Assessment,

2021,

3%,

5/01/32

.................

200,000

171,625

Assessment

Area

3,

Special

Assessment,

2021,

3.375%,

5/01/41

..............

500,000

409,075

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/51

.................

1,500,000

1,284,358

Avalon

Park

West

Community

Development

District

,

Special

Assessment,

2020,

Refunding,

3.25%,

5/01/30

......................

215,000

192,867

Special

Assessment,

2020,

Refunding,

3.75%,

5/01/40

......................

580,000

501,707

Special

Assessment,

2020,

Refunding,

4%,

5/01/51

........................

880,000

751,008

Ave

Maria

Stewardship

Community

District

,

Special

Assessment,

2022

A,

Refunding,

4%,

5/01/42

.......................

5,020,000

4,505,349

Maple

Ridge

Phase

5

Project

Area,

Special

Assessment,

2022,

4%,

5/01/52

......

2,640,000

2,241,090

Avenir

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021

A-1,

2.75%,

5/01/31

............

3,250,000

2,871,416

Assessment

Area

2,

Special

Assessment,

2021

A-1,

3.2%,

5/01/41

.............

5,000,000

4,008,085

Assessment

Area

2,

Special

Assessment,

2021

A-1,

3.4%,

5/01/52

.............

5,000,000

3,803,603

Aviary

at

Rutland

Ranch

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

3.1%,

11/01/31

...............

170,000

148,024

Assessment

Area

2,

Special

Assessment,

2021,

3.4%,

11/01/41

...............

410,000

331,912

Babcock

Ranch

Community

Independent

Special

District

,

Special

Assessment,

2021,

2.875%,

5/01/31

.............................

465,000

399,940

Special

Assessment,

2021,

3.2%,

5/01/41

...............................

5,250,000

4,161,494

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,910,000

1,621,368

Special

Assessment,

2022,

5%,

5/01/42

.................................

4,000,000

4,057,766

Special

Assessment,

2022,

5%,

5/01/53

.................................

5,000,000

5,030,023

Assessment

Area

2C,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

222,943

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/40

................

775,000

706,043

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/51

................

1,550,000

1,321,542

Assessment

Area

3A,

Special

Assessment,

2020,

2.5%,

5/01/25

...............

60,000

57,363

Assessment

Area

3A,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

222,943

Assessment

Area

3A,

Special

Assessment,

2020,

4%,

5/01/40

................

1,840,000

1,676,284

Assessment

Area

3A,

Special

Assessment,

2020,

4%,

5/01/50

................

2,500,000

2,142,833

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/40

................

385,000

350,744

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/51

................

890,000

758,821

Balm

Grove

Community

Development

District

,

Special

Assessment,

2022,

3.25%,

11/01/27

..............................

1,365,000

1,271,882

Special

Assessment,

2022,

3.625%,

11/01/32

.............................

1,290,000

1,152,146

Special

Assessment,

2022,

4%,

11/01/42

................................

2,500,000

2,240,180

Franklin

Tax-Free

Trust

Schedule

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)

Florida

(continued)

Balm

Grove

Community

Development

District,

(continued)

Special

Assessment,

2022,

4.125%,

11/01/51

.............................

$

3,125,000

$

2,718,275

Bannon

Lakes

Community

Development

District

,

b

Special

Assessment,

144A,

2021,

3.5%,

5/01/41

..........................

700,000

578,333

b

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

775,000

662,418

Special

Assessment,

2022,

3.3%,

5/01/32

...............................

365,000

322,280

Special

Assessment,

2022,

4%,

5/01/42

.................................

1,385,000

1,243,291

Special

Assessment,

2022,

4%,

5/01/53

.................................

2,260,000

1,917,281

Banyan

Cay

Community

Development

District

,

Special

Assessment

,

2020

NM

,

4

%

,

11/01/51

........................................................

3,000,000

2,550,110

Belmond

Reserve

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

1,750,000

1,590,544

Special

Assessment,

2020,

4%,

5/01/51

.................................

3,635,000

3,093,880

Belmont

II

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

12/15/30

.............................

325,000

292,343

Special

Assessment,

2020,

3.625%,

12/15/40

.............................

1,390,000

1,190,674

Special

Assessment,

2020,

4%,

12/15/50

................................

1,000,000

862,478

Berry

Bay

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/26

.............................

200,000

185,903

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

400,000

349,858

Special

Assessment,

2021,

3.625%,

5/01/41

.............................

1,250,000

1,035,975

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,500,000

1,268,721

Black

Creek

Community

Development

District

,

Special

Assessment,

2022,

5.125%,

6/15/32

.............................

150,000

151,947

Special

Assessment,

2022,

5.625%,

6/15/52

.............................

2,000,000

2,036,723

Boggy

Branch

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

295,000

273,393

Special

Assessment,

2021,

3%,

5/01/31

.................................

450,000

390,470

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,165,000

954,853

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,360,000

1,159,480

Bridgewater

North

Community

Development

District

,

Special

Assessment,

2022,

3.125%,

5/01/27

.............................

200,000

186,704

Special

Assessment,

2022,

3.5%,

5/01/32

...............................

350,000

310,591

Special

Assessment,

2022,

4%,

5/01/42

.................................

1,000,000

897,683

Special

Assessment,

2022,

4%,

5/01/52

.................................

3,000,000

2,546,693

Brightwater

Community

Development

District

,

Special

Assessment,

2021,

2.85%,

5/01/31

..............................

300,000

259,100

Special

Assessment,

2021,

3.15%,

5/01/41

..............................

750,000

589,979

Special

Assessment,

2021,

4%,

5/01/52

.................................

3,895,000

3,308,646

Buckhead

Trails

Community

Development

District

,

Special

Assessment,

2022,

5.25%,

5/01/32

..............................

400,000

400,219

Special

Assessment,

2022,

5.625%,

5/01/42

.............................

1,000,000

1,000,904

Special

Assessment,

2022,

5.75%,

5/01/52

..............................

1,410,000

1,411,259

Buena

Lago

Community

Development

District

,

Special

Assessment,

2022,

5.25%,

5/01/42

..............................

665,000

695,487

Special

Assessment,

2022,

5.5%,

5/01/52

...............................

1,135,000

1,200,676

b

Cape

Coral

Health

Facilities

Authority

,

Gulf

Care,

Inc.

Obligated

Group

,

Revenue,

Senior

Lien

,

144A,

2015

,

Refunding

,

6

%

,

7/01/45

..........................

5,250,000

5,078,603

b

Capital

Trust

Agency,

Inc.

,

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

3%,

7/01/31

..........

100,000

84,321

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/41

..........

450,000

369,125

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/51

..........

540,000

407,678

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/56

..........

445,000

329,436

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A-2,

4%,

7/01/41

.........

750,000

615,209

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A-2,

4%,

7/01/51

.........

975,000

736,085

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A-2,

4%,

7/01/56

.........

750,000

555,229

Franklin

Tax-Free

Trust

Schedule

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)

Florida

(continued)

b

Capital

Trust

Agency,

Inc.,

(continued)

Educational

Growth

Fund

LLC,

Revenue,

144A,

2021

B,

Zero

Cpn.,

7/01/31

......

$

10,330,000

$

5,640,905

Educational

Growth

Fund

LLC,

Revenue,

Senior

Lien,

144A,

2021

A-1,

5%,

7/01/56

5,000,000

4,719,909

Sarasota-Manatee

Jewish

Housing

Council

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

7/01/46

............................................

3,250,000

2,749,680

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-2,

4.43%,

1/01/57

...........

10,245,000

7,497,617

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/40

......

1,235,000

1,177,521

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/55

......

3,805,000

3,432,163

University

Bridge

LLC,

Revenue,

144A,

2018

A,

5.25%,

12/01/43

..............

31,755,000

31,391,732

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

3.3%,

1/01/31

..............

715,000

628,945

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

5%,

1/01/56

...............

1,050,000

991,497

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

5%,

1/01/55

.................

3,500,000

3,312,309

Celebration

Community

Development

District

,

Special

Assessment,

2021,

2.25%,

5/01/26

..............................

100,000

91,482

Special

Assessment,

2021,

2.75%,

5/01/31

..............................

240,000

204,779

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

590,000

459,468

Special

Assessment,

2021,

4%,

5/01/51

.................................

850,000

725,137

Celebration

Pointe

Community

Development

District

No.

1

,

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

1,000,000

802,276

Special

Assessment,

2021,

4%,

5/01/53

.................................

1,500,000

1,269,637

CFM

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

190,000

174,642

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,265,000

1,078,487

Chaparral

Palm

Bay

Community

Development

District

,

Special

Assessment,

2020

A-1,

4%,

5/01/40

..............................

1,235,000

1,125,114

Special

Assessment,

2020

A-1,

4%,

5/01/50

..............................

2,015,000

1,727,196

b

Chapel

Creek

Community

Development

District

,

Special

Assessment,

144A,

2021,

3%,

5/01/31

............................

260,000

228,323

Special

Assessment,

144A,

2021,

3.375%,

5/01/41

.........................

875,000

713,699

Special

Assessment,

144A,

2021,

4%,

5/01/52

............................

1,125,000

965,671

b

Chapel

Crossings

Community

Development

District

,

Special

Assessment,

144A,

2020,

2.625%,

5/01/25

.........................

370,000

352,869

Special

Assessment,

144A,

2020,

3.2%,

5/01/30

..........................

695,000

620,477

Special

Assessment,

144A,

2020,

3.7%,

5/01/40

..........................

1,825,000

1,567,411

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

3,010,000

2,568,789

b

Charlotte

County

Industrial

Development

Authority

,

MSKP

Town

&

Country

Utility

LLC,

Revenue,

144A,

2021

A,

4%,

10/01/51

.......

5,500,000

4,108,545

MSKP

Town

&

Country

Utility

LLC,

Revenue,

144A,

2021

B,

5%,

10/01/36

.......

2,500,000

2,168,104

b

Coco

Palms

Community

Development

District

,

Special

Assessment

,

144A,

2019

,

4.75

%

,

6/15/39

...................................................

500,000

501,001

Coddington

Community

Development

District

,

Special

Assessment,

2022,

5.75%,

5/01/42

..............................

615,000

658,726

Special

Assessment,

2022,

5.75%,

5/01/52

..............................

1,000,000

1,059,996

Collier

County

Educational

Facilities

Authority

,

Ave

Maria

University,

Inc.,

Revenue,

2013

A,

Refunding,

6%,

6/01/33

...........

5,500,000

5,600,451

Ave

Maria

University,

Inc.,

Revenue,

2013

A,

Refunding,

6%,

6/01/38

...........

12,000,000

12,205,063

Coral

Keys

Homes

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

570,000

519,336

Special

Assessment,

2020,

4%,

5/01/50

.................................

750,000

642,877

Cordoba

Ranch

Community

Development

District

,

Special

Assessment,

2021,

Refunding,

3%,

5/01/31

........................

835,000

726,577

Special

Assessment,

2021,

Refunding,

3%,

5/01/37

........................

825,000

664,384

Cordova

Palms

Community

Development

District

,

b

Special

Assessment,

144A,

2021,

2.4%,

5/01/26

..........................

345,000

318,013

b

Special

Assessment,

144A,

2021,

2.8%,

5/01/31

..........................

385,000

330,466

b

Special

Assessment,

144A,

2021,

3%,

5/01/41

............................

1,215,000

932,900

Franklin

Tax-Free

Trust

Schedule

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)

Cordova

Palms

Community

Development

District,

(continued)

b

Special

Assessment,

144A,

2021,

4%,

5/01/52

............................

$

1,945,000

$

1,658,785

Special

Assessment,

2022-1,

5.7%,

5/01/42

..............................

330,000

338,458

Special

Assessment,

2022-1,

5.8%,

5/01/53

..............................

665,000

679,652

Special

Assessment,

2022-2,

4.5%,

5/01/27

..............................

215,000

216,655

Special

Assessment,

2022-2,

5.1%,

5/01/32

..............................

340,000

346,087

Special

Assessment,

2022-2,

5.4%,

5/01/42

..............................

1,020,000

1,039,145

Special

Assessment,

2022-2,

5.6%,

5/01/53

..............................

2,005,000

2,051,394

Creekview

Community

Development

District

,

Special

Assessment,

2022,

4.25%,

5/01/32

..............................

805,000

786,859

Special

Assessment,

2022,

4.625%,

5/01/42

.............................

2,455,000

2,377,782

Special

Assessment,

2022,

4.75%,

5/01/53

..............................

4,145,000

3,950,979

b

Crestview

II

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

244,576

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/37

...................

475,000

442,281

Cross

Creek

North

Community

Development

District

,

Special

Assessment,

2022,

3.75%,

5/01/32

..............................

460,000

423,532

Special

Assessment,

2022,

4.25%,

5/01/42

..............................

2,340,000

2,173,520

Special

Assessment,

2022,

4.5%,

5/01/52

...............................

1,750,000

1,618,830

Crystal

Cay

Community

Development

District

,

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

200,000

169,222

Special

Assessment,

2021,

3.05%,

5/01/41

..............................

850,000

653,167

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,000,000

853,418

b

Currents

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

4%,

5/01/40

..........................

3,100,000

2,824,174

Special

Assessment,

144A,

2020

A,

4%,

5/01/51

..........................

5,815,000

4,962,627

b

Cypress

Bluff

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

3.125%,

5/01/30

.......................

250,000

224,162

Special

Assessment,

144A,

2020

A,

3.625%,

5/01/40

.......................

800,000

678,716

Special

Assessment,

144A,

2020

A,

3.8%,

5/01/50

.........................

1,175,000

968,509

Cypress

Park

Estates

Community

Development

District

,

b

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

295,000

270,407

b

Special

Assessment,

144A,

2020,

3.875%,

5/01/40

.........................

1,170,000

1,036,257

b

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,210,000

1,032,636

Special

Assessment,

2022,

4.375%,

5/01/27

.............................

150,000

149,742

Special

Assessment,

2022,

4.75%,

5/01/32

..............................

410,000

410,763

Special

Assessment,

2022,

5%,

5/01/42

.................................

1,200,000

1,179,280

Special

Assessment,

2022,

5.125%,

5/01/52

.............................

1,250,000

1,223,784

DG

Farms

Community

Development

District

,

Special

Assessment,

2020,

2.75%,

5/01/25

..............................

100,000

95,186

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

200,000

177,523

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

325,000

275,450

b

Downtown

Doral

South

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

144A,

2018

,

5

%

,

12/15/48

.................................

5,310,000

5,274,021

DW

Bayview

Community

Development

District

,

b

2021

Assessment

Area,

Special

Assessment,

144A,

2021,

2.375%,

5/01/26

......

335,000

311,489

b

2021

Assessment

Area,

Special

Assessment,

144A,

2021,

3%,

5/01/32

.........

430,000

376,153

b

2021

Assessment

Area,

Special

Assessment,

144A,

2021,

3.375%,

5/01/41

......

1,160,000

963,118

b

2021

Assessment

Area,

Special

Assessment,

144A,

2021,

4%,

5/01/51

.........

750,000

652,296

f

2022

Assessment

Area,

Special

Assessment,

2022,

4.5%,

5/01/32

.............

185,000

183,508

f

2022

Assessment

Area,

Special

Assessment,

2022,

5.125%,

5/01/42

...........

500,000

496,362

f

2022

Assessment

Area,

Special

Assessment,

2022,

5.25%,

5/01/52

............

750,000

743,381

East

547

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.5%,

5/01/26

................

130,000

120,175

Assessment

Area

1,

Special

Assessment,

2021,

3%,

5/01/31

.................

140,000

121,857

Assessment

Area

1,

Special

Assessment,

2021,

3.3%,

5/01/41

................

600,000

481,086

Franklin

Tax-Free

Trust

Schedule

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)

East

547

Community

Development

District,

(continued)

Assessment

Area

1,

Special

Assessment,

2021,

4%,

5/01/51

.................

$

1,770,000

$

1,509,029

East

Bonita

Beach

Road

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/32

.................................

255,000

219,053

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

750,000

599,067

Special

Assessment,

2021,

4%,

5/01/51

.................................

750,000

643,131

East

Nassau

Stewardship

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

305,000

280,815

Special

Assessment,

2021,

3%,

5/01/31

.................................

500,000

432,647

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,270,000

1,033,810

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,520,000

1,293,830

Eden

Hills

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

110,000

98,625

Special

Assessment,

2020,

4%,

5/01/40

.................................

300,000

273,307

Special

Assessment,

2020,

4.125%,

5/01/51

.............................

500,000

435,431

Special

Assessment,

2022,

3.25%,

5/01/27

..............................

455,000

426,945

Special

Assessment,

2022,

3.625%,

5/01/32

.............................

610,000

545,826

Special

Assessment,

2022,

4%,

5/01/42

.................................

1,645,000

1,476,536

Special

Assessment,

2022,

4.125%,

5/01/52

.............................

1,590,000

1,380,429

Edgewater

East

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

2021,

2.5%,

5/01/26

.............

425,000

396,036

Assessment

Area

One,

Special

Assessment,

2021,

3.1%,

5/01/31

.............

700,000

616,290

Assessment

Area

One,

Special

Assessment,

2021,

3.6%,

5/01/41

.............

2,625,000

2,213,827

Assessment

Area

One,

Special

Assessment,

2021,

4%,

5/01/51

...............

2,825,000

2,410,907

Assessment

Area

Two,

Special

Assessment,

2022,

3.375%,

5/01/32

............

1,985,000

1,768,604

Assessment

Area

Two,

Special

Assessment,

2022,

4%,

5/01/42

...............

4,000,000

3,591,676

Assessment

Area

Two,

Special

Assessment,

2022,

4%,

5/01/52

...............

6,200,000

5,259,335

b

Enbrook

Community

Development

District

,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

835,000

759,716

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,150,000

980,365

b

Entrada

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.125%,

5/01/26

.........................

165,000

151,952

Special

Assessment,

144A,

2021,

2.625%,

5/01/31

.........................

370,000

316,537

Special

Assessment,

144A,

2021,

3.125%,

5/01/41

.........................

935,000

737,127

Special

Assessment,

144A,

2021,

4%,

5/01/52

............................

2,300,000

1,952,024

Epperson

North

Community

Development

District

,

b

Special

Assessment,

144A,

2018

A-1,

5.5%,

11/01/39

.......................

1,500,000

1,537,325

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

195,000

180,275

Special

Assessment,

2021,

3%,

5/01/31

.................................

280,000

241,684

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,370,000

1,127,660

Special

Assessment,

2021,

4%,

5/01/51

.................................

2,825,000

2,390,031

Special

Assessment,

2021

A,

2.45%,

11/01/26

............................

250,000

227,669

Special

Assessment,

2021

A,

3.1%,

11/01/31

.............................

500,000

432,085

Special

Assessment,

2021

A,

4%,

11/01/51

..............................

2,730,000

2,306,383

Epperson

Ranch

II

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

3.25%,

5/01/25

...............

420,000

408,479

Assessment

Area

2,

Special

Assessment,

2020,

3.625%,

5/01/30

..............

805,000

746,370

Assessment

Area

2,

Special

Assessment,

2020,

4.2%,

5/01/40

................

2,175,000

2,033,088

Assessment

Area

2,

Special

Assessment,

2020,

4.375%,

5/01/51

..............

3,775,000

3,433,617

Fallschase

Community

Development

District

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

.........................................................

1,000,000

810,338

Florida

Development

Finance

Corp.

,

b

Revenue,

144A,

2021

A,

4%,

7/01/51

...................................

1,700,000

1,394,705

b,g

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

A,

Refunding,

Mandatory

Put,

6.375%,

1/01/26

.................................................

2,000,000

1,888,545

b,g

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

A,

Refunding,

Mandatory

Put,

6.5%,

1/01/29

...................................................

4,000,000

3,632,602

Franklin

Tax-Free

Trust

Schedule

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)

Florida

Development

Finance

Corp.,

(continued)

b

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

B,

7.375%,

1/01/49

.........

$

12,000,000

$

11,447,227

b,g

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2022

A,

Refunding,

Mandatory

Put,

7.25%,

10/03/23

.................................................

15,500,000

15,184,454

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

6/01/31

........................................................

450,000

436,629

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

6/01/51

........................................................

5,500,000

4,804,526

b

Mayflower

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

6/01/50

........................................................

5,000,000

4,906,440

b

Mayflower

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

6/01/55

............................................

3,750,000

2,773,599

River

City

Education

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/55

..........

1,000,000

795,667

b

Forest

Lake

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

350,000

323,456

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

1,275,000

1,150,713

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,170,000

980,024

Special

Assessment,

144A,

2022,

4.75%,

5/01/27

.........................

110,000

110,845

Special

Assessment,

144A,

2022,

5%,

5/01/32

............................

175,000

176,219

Special

Assessment,

144A,

2022,

5.375%,

5/01/42

.........................

700,000

708,364

Special

Assessment,

144A,

2022,

5.5%,

5/01/52

..........................

620,000

626,431

Gracewater

Sarasota

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

250,000

230,582

Special

Assessment,

2021,

2.95%,

5/01/31

..............................

500,000

434,782

Special

Assessment,

2021,

3.35%,

5/01/41

..............................

3,170,000

2,566,490

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,535,000

1,309,391

Grand

Oaks

Community

Development

District

,

Special

Assessment,

2020,

4.25%,

5/01/40

..............................

1,100,000

1,034,679

Special

Assessment,

2020,

4.5%,

5/01/52

...............................

3,500,000

3,235,852

Assessment

Area

No.

3,

Special

Assessment,

2021,

3.2%,

11/01/31

............

215,000

186,939

Assessment

Area

No.

3,

Special

Assessment,

2021,

3.5%,

11/01/41

............

555,000

453,935

Assessment

Area

No.

3,

Special

Assessment,

2021,

4%,

11/01/51

.............

1,205,000

1,025,937

Grande

Pines

Community

Development

District

,

Special

Assessment,

2021,

3.75%,

5/01/41

..............................

710,000

596,373

Special

Assessment,

2021,

4%,

5/01/51

.................................

750,000

638,094

Greeneway

Improvement

District

,

Special

Assessment

,

2013

,

5.125

%

,

5/01/43

.....

26,745,000

26,768,161

Grove

Resort

Community

Development

District

,

Special

Assessment,

2022,

3.3%,

5/01/32

...............................

170,000

149,478

Special

Assessment,

2022,

3.55%,

5/01/42

..............................

435,000

359,150

Special

Assessment,

2022,

4%,

5/01/52

.................................

640,000

543,294

Hammock

Reserve

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

540,000

492,062

Special

Assessment,

2020,

4%,

5/01/51

.................................

860,000

733,940

Special

Assessment,

2021,

3%,

5/01/31

.................................

200,000

172,135

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

520,000

416,136

Special

Assessment,

2022,

4.4%,

5/01/32

...............................

500,000

491,858

Special

Assessment,

2022,

4.7%,

5/01/42

...............................

1,500,000

1,466,017

Special

Assessment,

2022,

5%,

5/01/52

.................................

2,300,000

2,228,979

Hawkstone

Community

Development

District

,

Special

Assessment,

2021,

2.6%,

5/01/26

...............................

155,000

144,492

Special

Assessment,

2021,

3.2%,

5/01/31

...............................

440,000

388,494

Special

Assessment,

2021,

3.45%,

5/01/41

..............................

1,125,000

924,758

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,000,000

848,912

Heritage

Harbour

North

Community

Development

District

,

Special

Assessment

,

2014

,

5.125

%

,

5/01/45

...................................................

2,170,000

2,194,075

Hills

of

Minneola

Community

Development

District

,

b

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

..........................

1,000,000

911,018

Franklin

Tax-Free

Trust

Schedule

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)

Hills

of

Minneola

Community

Development

District,

(continued)

b

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

$

2,625,000

$

2,385,575

b

Special

Assessment,

144A,

2020,

4%,

5/01/50

............................

5,505,000

4,705,837

Special

Assessment,

2021,

2.375%,

5/01/26

.............................

100,000

91,747

Special

Assessment,

2021,

2.8%,

5/01/31

...............................

250,000

213,887

Special

Assessment,

2021,

3.2%,

5/01/41

...............................

500,000

395,739

Special

Assessment,

2021,

4%,

5/01/52

.................................

900,000

763,268

Hilltop

Point

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

2022-1,

5.375%,

5/01/52

..........

700,000

697,371

Assessment

Area

Two,

Special

Assessment,

2022-2,

5.6%,

5/01/53

............

745,000

744,929

Holly

Hill

Road

East

Community

Development

District

,

Special

Assessment,

2020,

4.5%,

11/01/31

...............................

165,000

165,957

Special

Assessment,

2020,

5%,

11/01/41

................................

350,000

348,813

Special

Assessment,

2020,

5%,

11/01/50

................................

520,000

513,065

Hyde

Park

Community

Development

District

No.

1

,

Special

Assessment,

2022,

4%,

5/01/42

.................................

2,710,000

2,432,722

Special

Assessment,

2022,

4%,

5/01/52

.................................

2,545,000

2,157,041

Indigo

Community

Development

District

,

Special

Assessment,

1999

A,

7%,

5/01/31

...............................

475,000

475,474

Special

Assessment,

1999

C,

7%,

5/01/30

...............................

4,123,752

2,845,389

2021

Assessment

Area,

Special

Assessment,

2021,

2.2%,

5/01/26

.............

245,000

223,797

2021

Assessment

Area,

Special

Assessment,

2021,

2.7%,

5/01/31

.............

240,000

204,109

2021

Assessment

Area,

Special

Assessment,

2021,

3.125%,

5/01/41

...........

855,000

664,599

2021

Assessment

Area,

Special

Assessment,

2021,

4%,

5/01/52

..............

1,375,000

1,166,385

Kindred

Community

Development

District

II

,

Special

Assessment,

2020,

3.5%,

5/01/40

...............................

395,000

336,390

Special

Assessment,

2020,

3.75%,

5/01/50

..............................

570,000

474,539

Special

Assessment,

2021,

2.2%,

5/01/26

...............................

100,000

92,214

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

235,000

202,053

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

500,000

395,966

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,810,000

1,554,011

Kingman

Gate

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

6/15/30

.............................

375,000

341,529

Special

Assessment,

2020,

4%,

6/15/40

.................................

775,000

710,577

Special

Assessment,

2020,

4%,

6/15/50

.................................

2,270,000

1,958,762

Special

Assessment,

2021,

2.5%,

6/15/26

...............................

80,000

74,552

Special

Assessment,

2021,

3.125%,

6/15/31

.............................

250,000

221,380

Special

Assessment,

2021,

3.6%,

6/15/41

...............................

750,000

635,053

Special

Assessment,

2021,

4%,

6/15/51

.................................

750,000

644,325

Lake

Ashton

Community

Development

District

,

Special

Assessment

,

2015

A-1

,

Refunding

,

5

%

,

5/01/32

.............................................

2,175,000

2,189,046

Lake

Deer

Community

Development

District

,

Special

Assessment,

2022,

5%,

5/01/32

.................................

500,000

491,327

Special

Assessment,

2022,

5.5%,

5/01/42

...............................

1,680,000

1,634,625

Special

Assessment,

2022,

5.625%,

5/01/53

.............................

3,000,000

2,901,965

Lakes

of

Sarasota

Community

Development

District

,

Special

Assessment,

2021

A-1,

3.9%,

5/01/41

............................

285,000

248,380

Special

Assessment,

2021

A-1,

4.1%,

5/01/51

............................

265,000

230,727

Special

Assessment,

2021

A-2,

3.875%,

5/01/31

..........................

670,000

629,050

Special

Assessment,

2021

B-1,

3.625%,

5/01/31

..........................

125,000

114,266

Special

Assessment,

2021

B-1,

4.125%,

5/01/41

..........................

200,000

183,047

Special

Assessment,

2021

B-1,

4.3%,

5/01/51

............................

325,000

290,363

Special

Assessment,

2021

B-2,

4.125%,

5/01/31

..........................

1,000,000

945,763

Lakewood

Park

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

3.2%,

5/01/31

................

125,000

109,094

Assessment

Area

1,

Special

Assessment,

2021,

3.625%,

5/01/41

..............

325,000

268,952

Franklin

Tax-Free

Trust

Schedule

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)

Lakewood

Park

Community

Development

District,

(continued)

Assessment

Area

1,

Special

Assessment,

2021,

4%,

5/01/52

.................

$

500,000

$

423,355

Lakewood

Ranch

Stewardship

District

,

District

Azario

Project,

Special

Assessment,

2020

A,

3.75%,

5/01/40

............

525,000

453,390

Lakewood

Ranch

Stewardship

District

Azario

Project,

Special

Assessment,

2020

A,

3.9%,

5/01/50

...................................................

770,000

640,305

b

Lakewood

Ranch

Stewardship

District

Lorraine

Lakes

Project,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.......................................

250,000

223,709

b

Lakewood

Ranch

Stewardship

District

Lorraine

Lakes

Project,

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.......................................

1,075,000

913,615

b

Lakewood

Ranch

Stewardship

District

Lorraine

Lakes

Project,

Special

Assessment,

144A,

2020,

3.875%,

5/01/51

.......................................

2,640,000

2,184,284

Lakewood

Ranch

Stewardship

District

Northeast

Sector

Project,

Special

Assessment,

2020,

3%,

5/01/30

................................................

470,000

413,335

b

Lakewood

Ranch

Stewardship

District

Northeast

Sector

Project,

Special

Assessment,

144A,

2020,

Refunding,

3.2%,

5/01/30

................................

440,000

395,265

Lakewood

Ranch

Stewardship

District

Northeast

Sector

Project,

Special

Assessment,

2020,

3.5%,

5/01/40

..............................................

750,000

622,406

b

Lakewood

Ranch

Stewardship

District

Northeast

Sector

Project,

Special

Assessment,

144A,

2020,

Refunding,

3.75%,

5/01/40

...............................

2,100,000

1,816,326

Lakewood

Ranch

Stewardship

District

Northeast

Sector

Project,

Special

Assessment,

2020,

4%,

5/01/50

................................................

1,270,000

1,085,803

b

Lakewood

Ranch

Stewardship

District

Northeast

Sector

Project,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/50

..................................

1,250,000

1,071,462

Star

Farms

at

Lakewood

Ranch

Project,

Special

Assessment,

2021,

2.3%,

5/01/26

.

185,000

171,210

Star

Farms

at

Lakewood

Ranch

Project,

Special

Assessment,

2021,

2.7%,

5/01/31

.

105,000

91,422

Star

Farms

at

Lakewood

Ranch

Project,

Special

Assessment,

2021,

3%,

5/01/41

..

430,000

336,618

Star

Farms

at

Lakewood

Ranch

Project,

Special

Assessment,

2021,

4%,

5/01/52

..

685,000

581,072

Laurel

Road

Community

Development

District

,

Special

Assessment,

2021

A-1,

2.6%,

5/01/26

............................

230,000

213,542

Special

Assessment,

2021

A-1,

3%,

5/01/31

..............................

350,000

304,994

Special

Assessment,

2021

A-1,

3.25%,

5/01/41

...........................

1,195,000

945,573

Special

Assessment,

2021

A-1,

4%,

5/01/52

..............................

1,455,000

1,233,154

Special

Assessment,

2021

A-2,

3.125%,

5/01/31

..........................

2,140,000

1,870,200

Lawson

Dunes

Community

Development

District

,

Special

Assessment,

2022,

4.375%,

5/01/27

.............................

250,000

249,674

Special

Assessment,

2022,

4.75%,

5/01/32

..............................

630,000

631,578

Special

Assessment,

2022,

5%,

5/01/42

.................................

1,000,000

983,948

Special

Assessment,

2022,

5.125%,

5/01/52

.............................

1,500,000

1,470,748

Leomas

Landing

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

335,000

308,295

Special

Assessment,

2021,

2.95%,

5/01/31

..............................

470,000

406,363

Special

Assessment,

2021,

3.35%,

5/01/41

..............................

1,210,000

967,750

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,645,000

1,396,437

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

8,000,000

6,796,000

Live

Oak

Lake

Community

Development

District

,

Special

Assessment,

2020,

4.4%,

5/01/40

...............................

1,600,000

1,533,724

Special

Assessment,

2020,

4.6%,

5/01/51

...............................

2,845,000

2,685,226

LTC

Ranch

West

Residential

Community

Development

District

,

Special

Assessment,

2021

B,

3.25%,

5/01/31

.............................

4,000,000

3,526,544

Assessment

Area

1,

Special

Assessment,

2021

A,

3.125%,

5/01/31

............

700,000

615,237

Assessment

Area

1,

Special

Assessment,

2021

A,

3.45%,

5/01/41

.............

1,250,000

1,028,931

b

Magnolia

Park

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

244,611

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/39

...................

688,000

632,261

Mangrove

Point

&

Mangrove

Manor

,

Community

Development

District,

Special

Assessment,

2022,

4%,

5/01/32

.......

345,000

333,075

Franklin

Tax-Free

Trust

Schedule

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)

Mangrove

Point

&

Mangrove

Manor,

(continued)

Community

Development

District,

Special

Assessment,

2022,

4.25%,

5/01/42

.....

$

1,130,000

$

1,049,606

Community

Development

District,

Special

Assessment,

2022,

4.375%,

5/01/52

....

1,500,000

1,364,355

Marshall

Creek

Community

Development

District

,

Special

Assessment

,

2015

A

,

Refunding

,

5

%

,

5/01/32

.............................................

1,680,000

1,687,982

Meadow

View

at

Twin

Creeks

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

360,000

330,908

Special

Assessment,

2021,

3%,

5/01/31

.................................

430,000

371,300

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

1,945,000

1,538,341

Special

Assessment,

2021,

3.75%,

5/01/52

..............................

630,000

502,996

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,000,000

848,280

Mirada

Community

Development

District

,

Assessment

Area

4

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/32

...............................................

2,900,000

2,514,295

Mirada

II

Community

Development

District

,

2021

Project

Area,

Special

Assessment,

2021,

2.5%,

5/01/26

.................

405,000

374,658

2021

Project

Area,

Special

Assessment,

2021,

3.125%,

5/01/31

...............

650,000

565,769

2021

Project

Area,

Special

Assessment,

2021,

3.5%,

5/01/41

.................

2,100,000

1,717,140

2021

Project

Area,

Special

Assessment,

2021,

4%,

5/01/51

..................

2,375,000

2,021,609

2022

Project

Area,

Special

Assessment,

2022,

5.125%,

5/01/32

...............

360,000

367,601

2022

Project

Area,

Special

Assessment,

2022,

5.6%,

5/01/42

.................

1,090,000

1,116,880

2022

Project

Area,

Special

Assessment,

2022,

5.75%,

5/01/53

................

2,000,000

2,048,975

New

Port

Tampa

Bay

Community

Development

District

,

Special

Assessment,

2021,

2.875%,

5/01/26

.............................

350,000

327,138

Special

Assessment,

2021,

3.5%,

5/01/31

...............................

500,000

440,557

Special

Assessment,

2021,

3.875%,

5/01/41

.............................

1,250,000

1,057,012

Special

Assessment,

2021,

4.125%,

5/01/52

.............................

2,250,000

1,949,799

North

AR-1

Pasco

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/26

.............................

190,000

176,615

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

380,000

331,559

Assessment

Area

2,

Special

Assessment,

2021

A,

2.625%,

5/01/26

............

250,000

231,238

Assessment

Area

2,

Special

Assessment,

2021

A,

3.25%,

5/01/31

.............

275,000

238,519

Assessment

Area

2,

Special

Assessment,

2021

A,

3.55%,

5/01/41

.............

985,000

804,003

Assessment

Area

2,

Special

Assessment,

2021

A,

4%,

5/01/52

................

1,500,000

1,271,293

North

Park

Isle

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.45%,

11/01/26

..............

265,000

241,600

Assessment

Area

2,

Special

Assessment,

2021,

3%,

11/01/31

................

500,000

432,650

Assessment

Area

2,

Special

Assessment,

2021,

3.375%,

11/01/41

.............

1,500,000

1,215,377

Assessment

Area

2,

Special

Assessment,

2021,

4%,

11/01/51

................

2,500,000

2,132,602

North

Powerline

Road

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

5/01/30

.............................

490,000

434,501

Special

Assessment,

2020,

3.625%,

5/01/40

.............................

1,000,000

845,478

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,495,000

1,272,954

b

Special

Assessment,

144A,

2022,

5.25%,

5/01/32

.........................

295,000

293,653

b

Special

Assessment,

144A,

2022,

5.625%,

5/01/52

.........................

2,000,000

1,982,720

North

River

Ranch

Community

Development

District

,

Special

Assessment,

2020

A-1,

3%,

5/01/25

..............................

450,000

431,798

Special

Assessment,

2020

A-1,

3.5%,

5/01/30

............................

855,000

771,690

Special

Assessment,

2020

A-1,

4%,

5/01/40

..............................

1,150,000

1,047,645

Special

Assessment,

2020

A-1,

4.25%,

5/01/51

...........................

1,960,000

1,743,044

Special

Assessment,

2020

A-2,

4.2%,

5/01/35

............................

1,670,000

1,580,202

Special

Assessment,

2020

A-3,

4.75%,

5/01/40

...........................

2,000,000

1,917,204

b

North

Springs

Improvement

District

,

Special

Assessment

,

144A,

2017-2

,

5

%

,

5/01/48

5,000,000

5,004,099

Northern

Palm

Beach

County

,

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2014,

5%,

8/01/34

........................................................

2,700,000

2,737,046

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2014,

5.2%,

8/01/46

........................................................

6,000,000

6,048,038

Franklin

Tax-Free

Trust

Schedule

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)

Northern

Palm

Beach

County,

(continued)

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2017,

5%,

8/01/37

........................................................

$

750,000

$

767,334

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2017,

5%,

8/01/46

........................................................

3,000,000

3,029,733

Old

Hickory

Community

Development

District

,

Special

Assessment,

2020,

4%,

6/15/40

.................................

1,300,000

1,183,811

Special

Assessment,

2020,

4%,

6/15/50

.................................

1,955,000

1,674,370

b

Osceola

Village

Center

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.875%,

5/01/31

.........................

180,000

153,379

Special

Assessment,

144A,

2021,

3.3%,

5/01/41

..........................

370,000

291,042

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

405,000

344,571

Palm

Coast

Park

Community

Development

District

,

Special

Assessment,

2022,

5%,

5/01/42

.................................

1,000,000

1,012,168

Special

Assessment,

2022,

5.125%,

5/01/51

.............................

1,500,000

1,510,696

Spring

Lake

-

Tracts

2

&

3,

Special

Assessment,

2021,

2.8%,

5/01/31

...........

350,000

297,473

Spring

Lake

-

Tracts

2

&

3,

Special

Assessment,

2021,

3.125%,

5/01/41

.........

730,000

565,696

Spring

Lake

-

Tracts

2

&

3,

Special

Assessment,

2021,

4%,

5/01/52

............

1,210,000

1,028,826

Park

East

Community

Development

District

,

Special

Assessment,

2021,

3.15%,

11/01/41

..............................

750,000

595,213

Special

Assessment,

2021,

4%,

11/01/51

................................

2,750,000

2,394,772

Parkview

at

Long

Lake

Ranch

Community

Development

District

,

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

955,000

824,793

Special

Assessment,

2020,

4%,

5/01/51

.................................

800,000

682,735

Parrish

Plantation

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

255,000

236,246

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

235,000

205,542

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

790,000

645,971

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,370,000

1,161,845

b

Pine

Isle

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

12/15/26

........................

100,000

91,326

Special

Assessment,

144A,

2021,

3%,

12/15/31

...........................

225,000

195,247

Special

Assessment,

144A,

2021,

3.25%,

12/15/41

.........................

1,000,000

798,160

Special

Assessment,

144A,

2021,

4%,

12/15/51

...........................

1,200,000

1,024,117

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment

,

2020

A-2

,

Refunding

,

3.75

%

,

5/01/37

.......................................

700,000

614,039

Pinellas

County

Industrial

Development

Authority

,

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.,

Revenue,

2017,

5%,

7/01/39

................................................

2,000,000

2,029,911

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.,

Revenue,

2019,

5%,

7/01/29

................................................

800,000

827,957

Preserve

at

South

Branch

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

150,000

132,719

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

750,000

633,682

Quail

Roost

Community

Development

District

,

Expansion

Area,

Special

Assessment,

2021,

2.2%,

12/15/26

.................

200,000

181,612

Expansion

Area,

Special

Assessment,

2021,

2.7%,

12/15/31

.................

200,000

169,983

Expansion

Area,

Special

Assessment,

2021,

3.125%,

12/15/41

................

740,000

577,316

Expansion

Area,

Special

Assessment,

2021,

4%,

12/15/51

...................

2,375,000

2,021,692

Reunion

East

Community

Development

District

,

2021

Assessment

Area,

Special

Assessment,

2021,

2.4%,

5/01/26

.............

405,000

375,387

2021

Assessment

Area,

Special

Assessment,

2021,

2.85%,

5/01/31

............

400,000

348,780

2021

Assessment

Area,

Special

Assessment,

2021,

3.15%,

5/01/41

............

1,455,000

1,165,482

2021

Assessment

Area,

Special

Assessment,

2021,

4%,

5/01/51

..............

4,535,000

3,877,965

Rhodine

Road

North

Community

Development

District

,

Special

Assessment,

2022,

2.6%,

5/01/27

...............................

125,000

114,314

Franklin

Tax-Free

Trust

Schedule

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)

Rhodine

Road

North

Community

Development

District,

(continued)

Special

Assessment,

2022,

3%,

5/01/32

.................................

$

190,000

$

163,736

Special

Assessment,

2022,

3.3%,

5/01/42

...............................

490,000

389,893

Special

Assessment,

2022,

4%,

5/01/52

.................................

1,065,000

908,470

Ridge

at

Apopka

Community

Development

District

,

Special

Assessment,

2022,

5.375%,

5/01/42

.............................

850,000

856,306

Special

Assessment,

2022,

5.5%,

5/01/52

...............................

2,150,000

2,162,633

River

Glen

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

350,000

306,169

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

1,000,000

814,275

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,000,000

853,418

River

Hall

Community

Development

District

,

Special

Assessment,

2020

A,

3.25%,

5/01/31

.............................

430,000

383,902

Special

Assessment,

2020

A,

3.625%,

5/01/40

............................

1,030,000

873,289

Special

Assessment,

2020

A,

3.875%,

5/01/51

............................

2,690,000

2,235,423

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/23

.....................

150,000

149,489

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/24

.....................

250,000

246,971

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/25

.....................

150,000

145,791

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/31

.....................

1,000,000

867,604

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/36

.....................

1,000,000

812,668

River

Landing

Community

Development

District

,

Special

Assessment,

2020

A,

3%,

5/01/25

...............................

250,000

240,180

Special

Assessment,

2020

A,

3.6%,

5/01/30

..............................

475,000

432,090

Special

Assessment,

2020

A,

4.125%,

5/01/40

............................

850,000

786,919

Special

Assessment,

2020

A,

4.35%,

5/01/51

.............................

1,100,000

994,666

Special

Assessment,

2020

B,

4.25%,

11/01/35

............................

1,060,000

979,110

River

Place

on

the

St.

Lucie

Community

Development

District

,

Special

Assessment,

2001

A,

7.625%,

5/01/30

............................

1,005,000

953,403

e

Special

Assessment,

2001

B,

7.25%,

5/01/10

.............................

35,000

1,750

Rivers

Edge

II

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

205,000

176,767

Special

Assessment,

2021,

4%,

5/01/51

.................................

910,000

775,829

b

Rivers

Edge

III

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.4%,

5/01/26

..........................

165,000

152,090

Special

Assessment,

144A,

2021,

3%,

5/01/31

............................

300,000

260,456

Special

Assessment,

144A,

2021,

3.5%,

5/01/41

..........................

775,000

635,015

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

905,000

771,566

Rivington

Community

Development

District

,

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

1,725,000

1,480,134

Special

Assessment,

2022,

3.625%,

5/01/32

.............................

430,000

383,977

Special

Assessment,

2022,

4%,

5/01/52

.................................

4,365,000

3,699,463

Rolling

Hills

Community

Development

District

,

Special

Assessment,

2022

A-1,

4%,

5/01/52

..............................

945,000

800,915

Special

Assessment,

2022

A-2,

Refunding,

3.65%,

5/01/32

...................

1,000,000

889,531

Rustic

Oaks

Community

Development

District

,

Special

Assessment,

2022,

3.2%,

5/01/32

...............................

1,000,000

893,893

Special

Assessment,

2022,

3.45%,

5/01/42

..............................

2,000,000

1,655,479

Special

Assessment,

2022,

4%,

5/01/52

.................................

3,950,000

3,363,998

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

,

Special

Assessment,

2020,

3%,

6/15/30

.................................

250,000

222,306

Special

Assessment,

2020,

4%,

6/15/40

.................................

610,000

558,229

Special

Assessment,

2020,

4%,

6/15/50

.................................

785,000

674,758

Special

Assessment,

2022,

3.1%,

12/15/32

..............................

300,000

259,927

Special

Assessment,

2022,

3.35%,

12/15/41

.............................

485,000

391,817

Sanctuary

Cove

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/31

.............................

190,000

160,149

Franklin

Tax-Free

Trust

Schedule

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)

Sanctuary

Cove

Community

Development

District,

(continued)

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

$

400,000

$

308,908

Special

Assessment,

2021,

4%,

5/01/52

.................................

770,000

653,175

Sandmine

Road

Community

Development

District

,

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.........

300,000

268,875

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.........

1,040,000

888,012

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.75%,

5/01/50

..........

2,020,000

1,653,577

Assessment

Area

2,

Special

Assessment,

2021,

2.3%,

11/01/26

...............

250,000

227,411

Assessment

Area

2,

Special

Assessment,

2021,

3%,

11/01/31

................

450,000

387,255

Assessment

Area

2,

Special

Assessment,

2021,

3.3%,

11/01/41

...............

1,180,000

943,813

Assessment

Area

2,

Special

Assessment,

2021,

4%,

11/01/51

................

750,000

638,745

Sandridge

Community

Development

District

,

Special

Assessment,

2021

A-1,

2.875%,

5/01/26

..........................

400,000

375,189

Special

Assessment,

2021

A-1,

3.4%,

5/01/31

............................

750,000

662,305

Special

Assessment,

2021

A-1,

3.875%,

5/01/41

..........................

740,000

634,359

Special

Assessment,

2021

A-1,

4%,

5/01/51

..............................

735,000

625,333

Sarasota

National

Community

Development

District

,

Special

Assessment,

2020,

Refunding,

3.5%,

5/01/31

.......................

1,490,000

1,380,232

Special

Assessment,

2020,

Refunding,

4%,

5/01/39

........................

2,210,000

2,030,954

Sawyers

Landing

Community

Development

District

,

Special

Assessment,

2021,

3.75%,

5/01/31

..............................

1,400,000

1,301,715

Special

Assessment,

2021,

4.125%,

5/01/41

.............................

3,055,000

2,812,796

Special

Assessment,

2021,

4.25%,

5/01/53

..............................

6,015,000

5,346,252

Scenic

Highway

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

470,000

417,179

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

1,230,000

1,042,474

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,250,000

1,063,490

Scenic

Terrace

South

Community

Development

District

,

Special

Assessment,

2022,

3.75%,

5/01/27

..............................

500,000

478,435

Special

Assessment,

2022,

4.125%,

5/01/32

.............................

750,000

728,976

Special

Assessment,

2022,

4.5%,

5/01/42

...............................

3,305,000

3,159,249

Special

Assessment,

2022,

4.625%,

5/01/53

.............................

3,385,000

3,181,000

b

Seminole

County

Industrial

Development

Authority

,

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/36

.....

310,000

279,078

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/41

.....

425,000

367,969

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/51

.....

830,000

670,480

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/56

.....

705,000

551,476

Shingle

Creek

at

Bronson

Community

Development

District

,

Special

Assessment,

2021,

3.1%,

6/15/31

...............................

375,000

334,184

Special

Assessment,

2021,

3.5%,

6/15/41

...............................

1,000,000

846,292

Silver

Palms

West

Community

Development

District

,

Special

Assessment,

2022,

2.6%,

6/15/27

...............................

410,000

374,414

Special

Assessment,

2022,

3%,

6/15/32

.................................

765,000

658,956

Special

Assessment,

2022,

3.25%,

6/15/42

..............................

1,750,000

1,439,147

Special

Assessment,

2022,

4%,

6/15/52

.................................

2,170,000

1,849,981

Six

Mile

Creek

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.125%,

11/01/25

....

285,000

275,497

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.625%,

11/01/31

....

505,000

463,219

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.125%,

11/01/40

....

1,375,000

1,271,719

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.25%,

11/01/50

.....

2,305,000

2,059,024

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

2.5%,

5/01/26

.......

230,000

212,244

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

3.1%,

5/01/31

.......

250,000

215,868

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

3.4%,

5/01/41

.......

750,000

598,866

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

4%,

5/01/52

........

2,050,000

1,737,434

Assessment

Area

3,

Special

Assessment,

2021,

2.5%,

5/01/26

................

285,000

263,417

Assessment

Area

3,

Special

Assessment,

2021,

3%,

5/01/31

.................

520,000

450,274

Franklin

Tax-Free

Trust

Schedule

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)

Six

Mile

Creek

Community

Development

District,

(continued)

Assessment

Area

3,

Special

Assessment,

2021,

3.4%,

5/01/41

................

$

805,000

$

642,783

Assessment

Area

3,

Special

Assessment,

2021,

3.5%,

5/01/41

................

1,585,000

1,288,055

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/51

.................

1,200,000

1,020,688

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/52

.................

655,000

555,131

Somerset

Community

Development

District

,

Special

Assessment,

2022,

Refunding,

4%,

5/01/32

........................

750,000

725,148

Special

Assessment,

2022,

Refunding,

4.2%,

5/01/37

.......................

1,000,000

953,849

South

Creek

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.875%,

6/15/31

..............

175,000

151,547

Assessment

Area

1,

Special

Assessment,

2021,

3.25%,

6/15/41

...............

500,000

401,545

Assessment

Area

1,

Special

Assessment,

2021,

4%,

6/15/51

.................

500,000

427,416

Southern

Groves

Community

Development

District

No.

5

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

340,000

311,969

Special

Assessment,

2021,

2.8%,

5/01/31

...............................

410,000

348,968

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

1,300,000

1,003,731

Special

Assessment,

2021,

4%,

5/01/48

.................................

735,000

635,066

b

Southshore

Bay

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/33

..................................

2,425,000

2,030,591

St.

Johns

County

Industrial

Development

Authority

,

Life

Care

Ponte

Vedra

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/15/46

........................

1,950,000

1,534,063

Stellar

North

Community

Development

District

,

Special

Assessment,

2021,

2.45%,

5/01/26

..............................

170,000

156,235

Special

Assessment,

2021,

3%,

5/01/31

.................................

250,000

214,587

Special

Assessment,

2021,

3.2%,

5/01/41

...............................

885,000

689,772

Special

Assessment,

2021,

4%,

5/01/52

.................................

2,225,000

1,887,423

b

Stillwater

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

6/15/26

.........................

300,000

276,535

Special

Assessment,

144A,

2021,

3%,

6/15/31

............................

325,000

284,061

Special

Assessment,

144A,

2021,

3.5%,

6/15/41

..........................

1,290,000

1,064,652

Special

Assessment,

144A,

2021,

4%,

6/15/51

............................

1,750,000

1,501,695

b

Stonewater

Community

Development

District

,

Special

Assessment,

144A,

2021,

3%,

11/01/32

...........................

250,000

212,840

Special

Assessment,

144A,

2021,

3.3%,

11/01/41

..........................

635,000

506,324

Special

Assessment,

144A,

2021,

4%,

11/01/51

...........................

1,000,000

852,265

b

Stoneybrook

South

Community

Development

District

,

Special

Assessment,

144A,

2020,

3%,

12/15/30

...........................

500,000

437,097

Special

Assessment,

144A,

2020,

3.5%,

12/15/40

.........................

1,000,000

829,818

Special

Assessment,

144A,

2020,

3.75%,

12/15/50

.........................

1,500,000

1,215,974

Storey

Creek

Community

Development

District

,

Assessment

Area

Two,

Special

Assessment,

2022,

5%,

6/15/32

...............

240,000

248,629

Assessment

Area

Two,

Special

Assessment,

2022,

5.2%,

6/15/42

..............

615,000

629,641

Assessment

Area

Two,

Special

Assessment,

2022,

5.375%,

6/15/52

............

1,000,000

1,022,058

Storey

Drive

Community

Development

District

,

Special

Assessment,

2022,

2.55%,

6/15/27

..............................

200,000

184,096

Special

Assessment,

2022,

3%,

6/15/32

.................................

375,000

329,881

Special

Assessment,

2022,

3.25%,

6/15/42

..............................

900,000

727,469

Special

Assessment,

2022,

4%,

6/15/52

.................................

3,000,000

2,647,502

b

Storey

Park

Community

Development

District

,

Assessment

Area

4,

Special

Assessment,

144A,

2021,

2.875%,

6/15/31

.........

230,000

198,187

Assessment

Area

4,

Special

Assessment,

144A,

2021,

3.3%,

6/15/41

...........

620,000

497,990

Assessment

Area

4,

Special

Assessment,

144A,

2021,

4%,

6/15/51

............

625,000

534,057

Summer

Woods

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

190,000

163,639

Assessment

Area

2,

Special

Assessment,

2021,

3.4%,

5/01/41

................

485,000

389,754

Assessment

Area

2,

Special

Assessment,

2021,

4%,

5/01/51

.................

365,000

310,483

Franklin

Tax-Free

Trust

Schedule

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)

Summer

Woods

Community

Development

District,

(continued)

Assessment

Area

3,

Special

Assessment,

2021,

2.5%,

5/01/26

................

$

195,000

$

179,870

Assessment

Area

3,

Special

Assessment,

2021,

3.15%,

5/01/31

...............

200,000

173,175

Assessment

Area

3,

Special

Assessment,

2021,

3.45%,

5/01/41

...............

725,000

586,054

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/52

.................

1,000,000

846,939

Summerstone

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

165,000

149,597

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

700,000

611,682

Special

Assessment,

2020,

4%,

5/01/51

.................................

910,000

775,769

b

Special

Assessment,

144A,

2021,

2.75%,

5/01/31

.........................

175,000

149,486

b

Special

Assessment,

144A,

2021,

3.15%,

5/01/41

.........................

700,000

550,647

b

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

1,750,000

1,493,494

Sunbridge

Stewardship

District

,

Del

Webb

Project

Assessment,

Special

Assessment,

2022,

5%,

5/01/32

.........

350,000

358,343

Del

Webb

Project

Assessment,

Special

Assessment,

2022,

5.4%,

5/01/42

.......

925,000

954,447

Del

Webb

Project

Assessment,

Special

Assessment,

2022,

5.5%,

5/01/52

.......

1,725,000

1,770,380

Weslyn

Park

Project

Assessment,

Special

Assessment,

2022,

4.2%,

5/01/27

.....

430,000

427,999

Weslyn

Park

Project

Assessment,

Special

Assessment,

2022,

4.6%,

5/01/32

.....

460,000

456,433

Weslyn

Park

Project

Assessment,

Special

Assessment,

2022,

5.2%,

5/01/42

.....

1,000,000

984,204

Weslyn

Park

Project

Assessment,

Special

Assessment,

2022,

5.35%,

5/01/52

....

2,000,000

1,961,939

Tamarindo

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

185,000

161,427

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

820,000

672,945

Special

Assessment,

2021,

4%,

5/01/51

.................................

680,000

585,126

Tern

Bay

Community

Development

District

,

Special

Assessment,

2022,

3.4%,

6/15/32

...............................

1,650,000

1,465,637

Special

Assessment,

2022,

4%,

6/15/42

.................................

3,600,000

3,230,052

Special

Assessment,

2022,

4%,

6/15/52

.................................

6,500,000

5,511,993

Timber

Creek

Southwest

Community

Development

District

,

Special

Assessment,

2020,

4%,

6/15/40

.................................

1,000,000

917,830

Special

Assessment,

2020,

4%,

6/15/50

.................................

2,000,000

1,728,668

Assessment

Area

2,

Special

Assessment,

2021,

2.35%,

12/15/26

..............

400,000

365,710

Assessment

Area

2,

Special

Assessment,

2021,

3%,

12/15/31

................

750,000

651,329

Assessment

Area

2,

Special

Assessment,

2021,

3.3%,

12/15/41

...............

2,175,000

1,744,314

Assessment

Area

2,

Special

Assessment,

2021,

4%,

12/15/51

................

4,085,000

3,486,882

Tohoqua

Community

Development

District

,

Special

Assessment,

2021,

2.875%,

5/01/31

.............................

215,000

185,371

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

810,000

653,281

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,785,000

1,521,854

Tolomato

Community

Development

District

,

Special

Assessment,

2022

B,

Refunding,

3%,

5/01/32

......................

1,500,000

1,290,416

Special

Assessment,

2022

C,

Refunding,

3.2%,

5/01/32

.....................

1,500,000

1,305,206

Assessment

Area

One,

Special

Assessment,

2022-1,

3.3%,

5/01/32

............

515,000

450,012

Assessment

Area

One,

Special

Assessment,

2022-1,

4%,

5/01/52

.............

1,970,000

1,671,111

Assessment

Area

Two,

Special

Assessment,

2022-2,

3.3%,

5/01/32

............

195,000

171,460

Assessment

Area

Two,

Special

Assessment,

2022-2,

4%,

5/01/51

.............

665,000

567,523

b

Towne

Park

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.........................

410,000

375,158

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.........................

1,075,000

933,811

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,000,000

853,418

Tradition

Community

Development

District

No.

9

,

Special

Assessment,

2021,

2.3%,

5/01/26

...............................

390,000

357,250

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

445,000

378,076

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,400,000

1,187,592

b

Trevesta

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

235,000

210,065

Franklin

Tax-Free

Trust

Schedule

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)

Florida

(continued)

b

Trevesta

Community

Development

District,

(continued)

Special

Assessment,

144A,

2020,

3.75%,

5/01/40

.........................

$

880,000

$

754,433

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,750,000

1,491,864

Triple

Creek

Community

Development

District

,

b

Special

Assessment,

144A,

2021,

2.375%,

11/01/26

........................

185,000

167,781

b

Special

Assessment,

144A,

2021,

2.875%,

11/01/31

........................

450,000

383,541

Special

Assessment,

2021,

3%,

11/01/31

................................

250,000

215,800

b

Special

Assessment,

144A,

2021,

3.125%,

11/01/41

........................

1,190,000

924,906

Special

Assessment,

2021,

3.5%,

11/01/41

...............................

740,000

606,698

Special

Assessment,

2021,

4%,

11/01/50

................................

750,000

641,976

b

Special

Assessment,

144A,

2021,

4%,

11/01/51

...........................

2,520,000

2,147,708

Tuckers

Pointe

Community

Development

District

,

Special

Assessment,

2022,

3%,

5/01/27

.................................

310,000

288,933

Special

Assessment,

2022,

3.375%,

5/01/32

.............................

565,000

499,236

Special

Assessment,

2022,

3.625%,

5/01/32

.............................

4,500,000

4,004,711

Special

Assessment,

2022,

4%,

5/01/42

.................................

1,505,000

1,350,927

Special

Assessment,

2022,

4%,

5/01/52

.................................

1,500,000

1,273,347

Two

Rivers

North

Community

Development

District

,

Special

Assessment,

2022,

4.625%,

5/01/27

.............................

100,000

100,250

Special

Assessment,

2022,

4.875%,

5/01/32

.............................

380,000

381,998

Special

Assessment,

2022,

5.125%,

5/01/42

.............................

1,540,000

1,541,053

Special

Assessment,

2022,

5.25%,

5/01/52

..............................

2,000,000

1,982,024

Two

Rivers

West

Community

Development

District

,

Special

Assessment

,

2022

,

3

%

,

1/15/23

.........................................................

2,000,000

1,985,150

b

Union

Park

East

Community

Development

District

,

Assessment

Area

3,

Special

Assessment,

144A,

2021,

2.95%,

5/01/31

..........

125,000

107,643

Assessment

Area

3,

Special

Assessment,

144A,

2021,

3.35%,

5/01/41

..........

325,000

259,204

Assessment

Area

3,

Special

Assessment,

144A,

2021,

4%,

5/01/51

............

450,000

382,857

V-Dana

Community

Development

District

,

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

400,000

351,418

Special

Assessment,

2021,

3.625%,

5/01/41

.............................

1,250,000

1,054,782

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,500,000

1,271,293

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

...........

375,000

339,924

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............

1,775,000

1,614,965

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

4%,

5/01/51

............

3,500,000

2,986,964

b

Veranda

Community

Development

District

II

,

Special

Assessment,

144A,

2021,

Refunding,

2.5%,

5/01/26

..................

355,000

330,319

Special

Assessment,

144A,

2021,

Refunding,

3.1%,

5/01/31

..................

415,000

364,305

Special

Assessment,

144A,

2021,

Refunding,

3.6%,

5/01/41

..................

1,020,000

846,137

Special

Assessment,

144A,

2021,

Refunding,

4%,

5/01/51

...................

1,500,000

1,264,834

Verano

No.

3

Community

Development

District

,

Phase

1

Assessment

Area

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

...................................

750,000

609,505

Viera

Stewardship

District

,

Special

Assessment,

2021,

2.3%,

5/01/26

...............................

500,000

457,779

Special

Assessment,

2021,

2.8%,

5/01/31

...............................

800,000

687,348

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

1,750,000

1,371,290

Special

Assessment,

2021,

4%,

5/01/53

.................................

1,715,000

1,451,762

Village

Community

Development

District

No.

10

,

Special

Assessment,

2014,

5.75%,

5/01/31

..............................

1,515,000

1,533,375

Special

Assessment,

2014,

6%,

5/01/44

.................................

6,500,000

6,583,063

Village

Community

Development

District

No.

13

,

b

Special

Assessment,

144A,

2020,

3.5%,

5/01/51

..........................

16,860,000

13,253,095

Special

Assessment,

2021,

2.85%,

5/01/36

..............................

1,750,000

1,433,941

Special

Assessment,

2021,

3%,

5/01/41

.................................

2,500,000

1,959,579

Special

Assessment,

2021,

3.25%,

5/01/52

..............................

5,500,000

4,021,487

Franklin

Tax-Free

Trust

Schedule

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)

Florida

(continued)

Village

Community

Development

District

No.

14

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/53

.........................................................

$

14,220,000

$

14,823,231

Villages

of

Glen

Creek

Community

Development

District

,

Assessment

Area

Four,

Special

Assessment,

2022

A,

4.625%,

5/01/27

..........

100,000

100,528

Assessment

Area

Four,

Special

Assessment,

2022

A,

4.875%,

5/01/32

..........

250,000

252,555

Assessment

Area

Four,

Special

Assessment,

2022

A,

5.125%,

5/01/42

..........

710,000

712,097

Assessment

Area

Four,

Special

Assessment,

2022

A,

5.25%,

5/01/53

...........

1,250,000

1,251,784

Assessment

Area

Three,

Special

Assessment,

2022,

Refunding,

2.7%,

5/01/27

...

135,000

120,316

Assessment

Area

Three,

Special

Assessment,

2022,

Refunding,

3.15%,

5/01/32

..

210,000

178,799

Assessment

Area

Three,

Special

Assessment,

2022,

Refunding,

3.45%,

5/01/42

..

550,000

438,445

Assessment

Area

Three,

Special

Assessment,

2022,

Refunding,

4%,

5/01/52

.....

1,205,000

1,026,232

Villamar

Community

Development

District

,

Special

Assessment,

2020,

3.2%,

5/01/30

...............................

240,000

214,461

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

655,000

564,873

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,000,000

853,418

Phase

4

Project,

Special

Assessment,

2022,

3.25%,

5/01/27

.................

175,000

163,720

Phase

4

Project,

Special

Assessment,

2022,

3.625%,

5/01/32

................

250,000

222,787

Phase

4

Project,

Special

Assessment,

2022,

4%,

5/01/42

....................

670,000

601,386

Phase

4

Project,

Special

Assessment,

2022,

4.125%,

5/01/52

................

500,000

433,684

West

Port

Community

Development

District

,

b

Special

Assessment,

144A,

2020,

3.25%,

5/01/31

.........................

410,000

360,534

b

Special

Assessment,

144A,

2020,

3.625%,

5/01/41

.........................

1,085,000

904,619

b

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,545,000

1,317,204

Assessment

Area

One,

Special

Assessment,

2021,

2.4%,

5/01/26

.............

200,000

183,868

Assessment

Area

One,

Special

Assessment,

2021,

3%,

5/01/31

...............

570,000

493,910

Assessment

Area

One,

Special

Assessment,

2021,

3.4%,

5/01/41

.............

1,470,000

1,186,282

Assessment

Area

One,

Special

Assessment,

2021,

4%,

5/01/51

...............

1,250,000

1,064,005

Assessment

Area

Three,

Special

Assessment,

2022,

5.125%,

5/01/42

..........

360,000

355,147

Assessment

Area

Three,

Special

Assessment,

2022,

5.25%,

5/01/52

...........

585,000

575,450

West

Villages

Improvement

District

,

Unit

of

Development

No.

7,

Special

Assessment,

2021,

2.5%,

5/01/26

..........

205,000

191,398

Unit

of

Development

No.

7,

Special

Assessment,

2021,

3.125%,

5/01/31

........

200,000

178,055

Unit

of

Development

No.

7,

Special

Assessment,

2021,

3.5%,

5/01/41

..........

800,000

665,066

Unit

of

Development

No.

7,

Special

Assessment,

2021,

4%,

5/01/51

............

1,050,000

901,241

Unit

of

Development

No.

8,

Special

Assessment,

2021,

2.5%,

5/01/26

..........

160,000

149,384

Unit

of

Development

No.

8,

Special

Assessment,

2021,

3.125%,

5/01/31

........

525,000

467,395

Unit

of

Development

No.

8,

Special

Assessment,

2021,

3.5%,

5/01/41

..........

1,000,000

831,332

Unit

of

Development

No.

8,

Special

Assessment,

2021,

4%,

5/01/51

............

1,855,000

1,592,168

Westside

Haines

City

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

250,000

233,597

Special

Assessment,

2021,

3%,

5/01/31

.................................

350,000

311,036

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

1,000,000

813,282

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,250,000

1,066,000

Wind

Meadows

South

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.4%,

5/01/26

................

220,000

201,756

Assessment

Area

1,

Special

Assessment,

2021,

2.95%,

5/01/31

...............

250,000

214,048

Assessment

Area

1,

Special

Assessment,

2021,

3.35%,

5/01/41

...............

940,000

746,119

Assessment

Area

1,

Special

Assessment,

2021,

4%,

5/01/52

.................

1,500,000

1,271,293

Windward

Community

Development

District

,

Special

Assessment,

2020

A-1,

3%,

5/01/25

..............................

25,000

24,054

Special

Assessment,

2020

A-1,

3.65%,

5/01/30

...........................

130,000

119,470

Special

Assessment,

2020

A-1,

4.25%,

5/01/40

...........................

630,000

592,589

Special

Assessment,

2020

A-1,

4.5%,

5/01/51

............................

495,000

458,197

Special

Assessment,

2020

A-2,

4.4%,

11/01/35

...........................

1,400,000

1,342,338

Wiregrass

II

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

2020,

3.125%,

5/01/30

...........

645,000

576,060

Assessment

Area

One,

Special

Assessment,

2020,

3.7%,

5/01/40

.............

1,680,000

1,442,819

Franklin

Tax-Free

Trust

Schedule

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)

Florida

(continued)

Wiregrass

II

Community

Development

District,

(continued)

Assessment

Area

One,

Special

Assessment,

2020,

3.875%,

5/01/50

...........

$

1,960,000

$

1,621,159

Assessment

Area

Two,

Special

Assessment,

2022,

5.25%,

5/01/52

.............

1,000,000

979,311

Zephyr

Lakes

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.5%,

5/01/26

................

175,000

162,575

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

160,000

139,474

Assessment

Area

2,

Special

Assessment,

2021,

3.375%,

5/01/41

..............

675,000

547,688

Assessment

Area

2,

Special

Assessment,

2021,

4%,

5/01/51

.................

960,000

827,580

848,445,576

Georgia

1.1%

e

Baldwin

County

Hospital

Authority

,

Oconee

Regional

Medical

Center

Obligated

Group,

Revenue,

1998,

5.375%,

12/01/28

.......................................................

1,470,000

15

Oconee

Regional

Medical

Center

Obligated

Group,

Revenue,

2016,

6.5%,

4/30/17

.

480,367

37,228

b

Development

Authority

of

Cobb

County

(The)

,

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/39

1,825,000

1,693,300

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/49

10,760,000

9,375,704

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

B

,

4.5

%

,

12/01/36

................................

10,835,000

8,875,434

Forsyth

County

Hospital

Authority

,

Georgia

Baptist

Healthcare

System

Obligated

Group

,

Revenue

,

1998

,

ETM,

6.375

%

,

10/01/28

...........................

6,090,000

6,842,966

b

George

L

Smith

II

Congress

Center

Authority

,

Signia

Hotel

Management

LLC,

Revenue,

Second

Tier,

144A,

2021

B,

5%,

1/01/36

2,500,000

2,376,661

Signia

Hotel

Management

LLC,

Revenue,

Second

Tier,

144A,

2021

B,

5%,

1/01/54

10,000,000

8,552,622

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/25

......................................

5,000,000

5,283,035

Revenue,

2007

A,

5.5%,

9/15/27

......................................

4,000,000

4,341,758

Revenue,

2007

A,

5.5%,

9/15/28

......................................

10,000,000

10,950,613

Revenue,

2019

A,

5%,

5/15/49

........................................

6,000,000

6,274,505

64,603,841

Idaho

0.2%

Idaho

Housing

&

Finance

Association

,

Revenue

,

2010

A

,

7

%

,

2/01/36

............

13,305,000

13,330,180

Illinois

2.6%

Chicago

Board

of

Education

,

GO,

2022

A,

5%,

12/01/43

...........................................

4,000,000

4,116,093

GO,

2022

A,

4%,

12/01/47

...........................................

14,265,000

12,542,344

GO,

2022

A,

5%,

12/01/47

...........................................

1,250,000

1,276,503

GO,

2022

B,

Refunding,

4%,

12/01/40

..................................

2,500,000

2,315,227

City

of

Belleville

,

Sales

Tax,

Tax

Allocation,

2021

B,

Refunding,

3.25%,

7/01/29

.................

775,000

701,445

Sales

Tax,

Tax

Allocation,

2021

B,

Refunding,

3.75%,

7/01/41

.................

1,000,000

831,185

Illinois

Finance

Authority

,

e

2018

Blue

Island

LLC,

Revenue,

2018

A-1,

5%,

12/01/43

....................

3,000,000

30

e

2018

Blue

Island

LLC,

Revenue,

2018

A-1,

5%,

12/01/53

....................

3,075,000

31

b

McKinley

Foundation

at

University

of

Illinois

(The),

Revenue,

144A,

2021

A,

Refunding,

5.125%,

11/01/55

.......................................

13,560,000

11,824,868

b

McKinley

Foundation

at

University

of

Illinois

(The),

Revenue,

144A,

2021

B,

7%,

11/01/37

.......................................................

4,190,000

4,188,547

Noble

Network

of

Charter

Schools,

Revenue,

2015,

Refunding,

5%,

9/01/25

......

2,255,000

2,306,352

Noble

Network

of

Charter

Schools,

Revenue,

2015,

Refunding,

5%,

9/01/32

......

3,750,000

3,839,665

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

A,

Refunding,

5%,

8/01/47

........................................................

1,525,000

1,550,649

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

C,

5%,

8/01/46

...

1,900,000

1,932,941

Franklin

Tax-Free

Trust

Schedule

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)

Illinois

(continued)

Illinois

Finance

Authority,

(continued)

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

5/01/48

........................................................

$

4,030,000

$

3,154,625

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

5/01/48

........................................................

10,000,000

8,233,678

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.5%,

5/01/53

........................................................

10,810,000

8,960,313

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

1996,

ETM,

7%,

7/01/26

.....................................

3,900,000

4,301,143

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn.,

6/15/35

.......................

10,000,000

5,697,357

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn.,

12/15/37

......................

13,650,000

6,751,616

Revenue,

2010

B-1,

Refunding,

AGMC

Insured,

Zero

Cpn.,

6/15/45

............

18,100,000

6,157,045

State

of

Illinois

,

GO,

2017

A,

4.25%,

12/01/40

.........................................

1,850,000

1,771,538

GO,

2019

B,

4%,

11/01/34

...........................................

2,400,000

2,323,045

GO,

2019

C,

4%,

11/01/40

...........................................

1,490,000

1,381,461

GO,

2019

C,

4%,

11/01/43

...........................................

2,515,000

2,276,826

GO,

2020,

5.5%,

5/01/39

............................................

6,250,000

6,790,264

GO,

2020,

5.75%,

5/01/45

...........................................

7,420,000

8,110,603

GO,

2020

B,

4%,

10/01/34

...........................................

2,000,000

1,938,583

GO,

2020

C,

4%,

10/01/37

...........................................

5,400,000

5,115,817

GO,

2020

C,

4%,

10/01/38

...........................................

5,250,000

4,936,538

GO,

2020

C,

4%,

10/01/39

...........................................

2,545,000

2,376,940

GO,

2022

A,

5.5%,

3/01/42

...........................................

4,575,000

5,025,570

b

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group

,

Revenue

,

144A,

2020

C

,

Refunding

,

5

%

,

12/01/50

.......

10,750,000

9,107,930

Village

of

Hillside

,

Mannheim

Redevelopment

Project

Area

,

Tax

Allocation

,

2018

,

Refunding

,

5

%

,

1/01/30

.............................................

2,690,000

2,719,015

b

Village

of

Lincolnwood

,

North

Lincoln

Redevelopment

Project

Area

,

COP

,

144A,

2021

A

,

4.82

%

,

1/01/41

.................................................

3,035,000

2,658,210

Village

of

Villa

Park

,

Garden

Station

Redevelopment

Area

,

Tax

Allocation

,

2021

,

Zero

Cpn.,

12/31/38

....................................................

1,815,000

1,332,494

148,546,491

Indiana

0.4%

City

of

Anderson

,

Sweet

Galilee

at

the

Wigwam

LLC

,

Revenue

,

2020

A

,

5.375

%

,

1/01/40

.........................................................

2,740,000

2,360,727

b

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

A

,

5

%

,

8/01/41

..

4,065,000

3,197,947

b

City

of

Jeffersonville

,

Vivera

Senior

Living

of

Columbus

LLC

,

Revenue

,

144A,

2020

A

,

5.25

%

,

11/01/40

...................................................

4,500,000

3,815,699

b

City

of

Valparaiso

,

Green

Oaks

of

Valparaiso

LLC

,

Revenue

,

144A,

2021

,

5.375

%

,

12/01/41

........................................................

3,650,000

2,900,552

Indiana

Finance

Authority

,

Greencroft

Goshen

Obligated

Group,

Revenue,

2013

A,

Refunding,

7%,

11/15/43

..

5,000,000

5,256,888

University

of

Evansville,

Revenue,

2022

B,

7%,

9/01/32

.....................

4,000,000

3,814,053

b

Indiana

Housing

&

Community

Development

Authority

,

Vita

of

Marion

LLC

,

Revenue

,

144A,

2021

A

,

5.25

%

,

4/01/41

........................................

4,750,000

3,962,005

25,307,871

Iowa

0.3%

Iowa

Finance

Authority

,

Iowa

Fertilizer

Co.

LLC,

Revenue,

2022,

Refunding,

5%,

12/01/50

.............

8,500,000

8,615,085

Northcrest

Obligated

Group,

Revenue,

2018

A,

5%,

3/01/48

..................

7,500,000

7,018,340

15,633,425

Franklin

Tax-Free

Trust

Schedule

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)

Kansas

0.1%

City

of

Derby

,

Revenue

,

2020

,

3.9

%

,

3/01/37

...............................

$

1,300,000

$

1,254,545

City

of

Manhattan

,

Meadowlark

Hills

Retirement

Community

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/36

............................................

1,000,000

887,632

Meadowlark

Hills

Retirement

Community

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/46

............................................

1,150,000

930,608

Wyandotte

County-Kansas

City

Unified

Government

,

Revenue

,

2018

,

4.5

%

,

6/01/40

.

1,630,000

1,533,822

4,606,607

Kentucky

0.7%

b

City

of

Henderson

,

Pratt

Paper

LLC

,

Revenue

,

144A,

2022

A

,

4.7

%

,

1/01/52

.......

2,500,000

2,480,171

Kentucky

Economic

Development

Finance

Authority

,

Owensboro

Health,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25

%

,

6/01/41

.......................

10,000,000

10,246,011

Kentucky

Public

Transportation

Infrastructure

Authority

,

Revenue,

First

Tier,

2013

C,

Zero

Cpn.,

7/01/39

...........................

10,000,000

11,031,378

Revenue,

First

Tier,

2013

C,

Zero

Cpn.,

7/01/43

...........................

5,000,000

5,511,945

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn.,

5/01/52

....................................

19,650,000

13,453,416

42,722,921

Louisiana

1.3%

Juban

Trails

Community

Development

District

,

Special

Assessment,

2022,

3.375%,

6/01/27

.............................

100,000

93,550

Special

Assessment,

2022,

4.25%,

6/01/51

..............................

1,235,000

1,049,628

Lakeshore

Villages

Master

Community

Development

District

,

Special

Assessment,

2021,

2.375%,

6/01/26

.............................

365,000

339,350

Special

Assessment,

2021,

2.875%,

6/01/31

.............................

695,000

607,138

Special

Assessment,

2021,

3.2%,

6/01/41

...............................

2,730,000

2,244,178

Special

Assessment,

2021,

4%,

6/01/51

.................................

2,035,000

1,771,583

Special

Assessment,

2022,

5.375%,

6/01/42

.............................

730,000

750,857

Special

Assessment,

2022,

5.5%,

6/01/52

...............................

1,425,000

1,462,723

b

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

GOMESA,

Revenue,

144A,

2018,

5.375%,

11/01/38

........................

2,410,000

2,453,423

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4%,

12/01/40

...........................................

2,970,000

2,506,609

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4.25%,

12/01/50

........................................

5,665,000

4,622,725

Parish

of

Jefferson,

Revenue,

144A,

2019,

4%,

11/01/44

....................

2,650,000

2,155,964

Parish

of

Lafourche,

Revenue,

144A,

2019,

3.95%,

11/01/43

.................

4,475,000

3,672,000

Parish

of

St.

John

the

Baptist,

Revenue,

144A,

2019,

3.9%,

11/01/44

...........

2,350,000

1,881,898

Parish

of

St.

Martin,

Revenue,

144A,

2019,

4.4%,

11/01/44

...................

3,240,000

2,877,669

Parish

of

Vermilion,

Revenue,

144A,

2019,

4.625%,

11/01/38

.................

1,960,000

1,872,761

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

C,

5.5%,

10/01/61

.

6,300,000

4,856,442

Provident

Group

-

ULM

Properties

LLC,

Revenue,

144A,

2019

A,

5%,

7/01/54

....

4,000,000

3,242,447

Terrebonne

Parish

Consolidated

Government,

Revenue,

144A,

2018,

5.5%,

11/01/39

1,790,000

1,831,127

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/47

........................................................

60,000

64,955

b

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.375%,

1/01/40

5,000,000

5,049,352

b

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

4,500,000

4,521,171

b

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-2,

7%,

1/01/57

...

10,000,000

10,044,065

Parish

of

Beauregard

,

OfficeMax,

Inc.

,

Revenue

,

2002

,

Refunding

,

6.8

%

,

2/01/27

...

13,990,000

14,067,012

St.

Tammany

Parish

Finance

Authority

,

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/29

.......

1,200,000

1,222,625

Franklin

Tax-Free

Trust

Schedule

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)

Louisiana

(continued)

St.

Tammany

Parish

Finance

Authority,

(continued)

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/37

.......

$

1,650,000

$

1,666,253

76,927,505

Maryland

0.3%

City

of

Baltimore

,

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5%,

6/01/36

.....

1,250,000

1,270,814

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5.125%,

6/01/43

.

5,500,000

5,555,116

County

of

Frederick

,

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.25%,

7/01/29

........................................................

750,000

702,937

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.75%,

7/01/39

........................................................

1,410,000

1,232,847

b

Technology

Park

Project

TIF

Development

District,

Special

Tax,

144A,

2020

B,

Refunding,

4.625%,

7/01/43

........................................

3,155,000

3,153,213

Urbana

Community

Development

Authority,

Special

Tax,

2020

B,

Refunding,

4%,

7/01/40

........................................................

355,000

332,548

Urbana

Community

Development

Authority,

Special

Tax,

2020

C,

4%,

7/01/50

....

4,000,000

3,613,518

Maryland

Economic

Development

Corp.

,

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

2020,

4.25%,

7/01/50

500,000

445,321

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

2020,

5%,

7/01/56

.

1,000,000

1,003,789

17,310,103

Massachusetts

0.2%

b

Massachusetts

Development

Finance

Agency

,

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2018,

5%,

11/15/38

.......................................................

3,000,000

3,109,509

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2018,

5.125%,

11/15/46

.......................................................

5,000,000

5,161,471

North

Hill

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2013

A,

Pre-

Refunded,

6.25%,

11/15/28

.........................................

1,473,000

1,528,349

9,799,329

Michigan

1.3%

City

of

Detroit

,

GO,

2021

A,

5%,

4/01/31

............................................

480,000

517,046

GO,

2021

A,

5%,

4/01/33

............................................

770,000

813,355

GO,

2021

A,

5%,

4/01/35

............................................

955,000

992,720

GO,

2021

A,

5%,

4/01/37

............................................

875,000

900,886

GO,

2021

A,

4%,

4/01/41

............................................

600,000

531,898

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Second

Lien,

2001

B,

NATL

Insured,

5.5%,

7/01/29

.....................................

5,000,000

5,540,837

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Second

Lien,

2006

B,

NATL

Insured,

5%,

7/01/36

.......................................

15,000

15,032

City

of

Ecorse

,

GO

,

2011

,

6.5

%

,

11/01/35

.................................

2,215,000

2,221,012

Detroit

City

School

District

,

GO

,

2001

A

,

AGMC

Insured

,

6

%

,

5/01/29

............

14,660,000

16,668,199

Kalamazoo

Economic

Development

Corp.

,

b

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/31

....................................................

900,000

882,180

b

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/51

....................................................

3,015,000

2,651,744

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/43

1,120,000

1,045,956

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/55

8,860,000

7,908,407

Michigan

Finance

Authority

,

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-4,

Refunding,

5%,

7/01/34

........................................................

10,000,000

10,358,872

b

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

Refunding,

6%,

7/01/24

...

1,300,000

1,315,957

Franklin

Tax-Free

Trust

Schedule

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)

Michigan

(continued)

Michigan

Finance

Authority,

(continued)

b

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

6.75%,

7/01/44

..........

$

3,805,000

$

3,865,927

b

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

Pre-Refunded,

6.75%,

7/01/44

........................................................

1,700,000

1,819,274

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/49

...

1,500,000

1,375,199

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-2,

2,

Refunding,

Zero

Cpn.,

6/01/65

........................................................

100,000,000

10,251,590

b

Michigan

Strategic

Fund

,

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/31

....................................................

710,000

695,942

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/41

....................................................

895,000

821,001

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/51

....................................................

1,380,000

1,213,734

Michigan

Tobacco

Settlement

Finance

Authority

,

Michigan

Finance

Authority

Tobacco

Settlement

,

Revenue

,

2007

B

,

Zero

Cpn.,

6/01/52

.........................

26,990,000

3,034,016

75,440,784

Minnesota

0.1%

City

of

Apple

Valley

,

PHS

Apple

Valley

Senior

Housing,

Inc.,

Revenue,

2021,

4%,

9/01/36

...........

200,000

178,920

PHS

Apple

Valley

Senior

Housing,

Inc.,

Revenue,

2021,

4%,

9/01/41

...........

290,000

248,000

PHS

Apple

Valley

Senior

Housing,

Inc.,

Revenue,

2021,

4%,

9/01/51

...........

500,000

396,786

PHS

Apple

Valley

Senior

Housing,

Inc.,

Revenue,

2021,

4%,

9/01/61

...........

870,000

663,570

City

of

Minneapolis

,

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.25%,

11/01/45

..............

2,800,000

2,773,863

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.375%,

11/01/50

..............

1,000,000

999,924

Housing

&

Redevelopment

Authority

of

The

City

of

St.

Paul

Minnesota

,

Episcopal

Homes

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/01/33

...

200,000

176,586

Episcopal

Homes

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/01/35

...

350,000

302,146

Episcopal

Homes

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/01/36

...

100,000

85,368

Episcopal

Homes

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/01/42

...

1,260,000

1,007,711

b

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue

,

144A,

2022

B

,

6.25

%

,

8/01/37

.............................................

1,300,000

1,270,415

8,103,289

Mississippi

0.4%

b

Mississippi

Development

Bank

,

County

of

Hancock,

Revenue,

144A,

2019,

4.55%,

11/01/39

..................

2,250,000

2,119,266

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/34

900,000

818,258

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/35

800,000

718,856

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/36

850,000

755,108

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/41

3,000,000

2,504,088

Mississippi

Home

Corp.

,

b

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

4.5%,

6/01/62

.

7,000,000

4,950,236

b

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

C-5,

5.1%,

6/01/62

8,000,000

5,817,131

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

4.65%,

6/01/62

..................................................

5,515,000

4,016,539

21,699,482

Missouri

0.3%

Cape

Girardeau

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group,

Revenue,

2016

A,

Refunding,

6%,

3/01/33

...

4,170,000

4,349,969

SoutheastHEALTH

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

3/01/29

...

250,000

264,153

Franklin

Tax-Free

Trust

Schedule

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)

Missouri

(continued)

City

of

Maryland

Heights

,

Tax

Allocation

,

2020

,

4.125

%

,

11/01/38

...............

$

2,500,000

$

2,215,972

Kirkwood

Industrial

Development

Authority

,

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/42

...................................

1,000,000

934,709

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/50

...................................

3,500,000

3,155,932

Stoddard

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

6

%

,

3/01/37

.........................

3,740,000

3,897,325

14,818,060

Montana

0.1%

Montana

Facility

Finance

Authority

,

Kalispell

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

7/01/48

...............................

3,765,000

3,836,622

Nevada

1.2%

City

of

Henderson

,

Local

Improvement

District

No.

T-16,

Special

Assessment,

2005,

5.125%,

3/01/25

.

920,000

840,247

Local

Improvement

District

No.

T-18,

Special

Assessment,

2016,

Refunding,

4%,

9/01/32

........................................................

1,750,000

1,693,714

Local

Improvement

District

No.

T-18,

Special

Assessment,

2016,

Refunding,

4%,

9/01/35

........................................................

2,500,000

2,363,581

City

of

Las

Vegas

,

Special

Improvement

District

No.

610,

Special

Assessment,

2018,

5%,

6/01/48

....

8,130,000

8,258,764

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/33

....

185,000

178,246

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/34

....

185,000

176,621

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/35

....

185,000

175,230

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/40

....

450,000

412,524

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4.125%,

6/01/50

1,150,000

1,014,696

Special

Improvement

District

No.

612

Skye

Hills,

Special

Assessment,

2020,

3.5%,

6/01/35

........................................................

210,000

179,730

Special

Improvement

District

No.

612

Skye

Hills,

Special

Assessment,

2020,

4%,

6/01/50

........................................................

1,000,000

834,980

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/27

...

1,380,000

1,422,822

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/30

...

1,595,000

1,632,411

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/35

...

1,010,000

1,030,108

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/39

....

440,000

410,378

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/44

....

740,000

664,190

Special

Improvement

District

No.

815,

Special

Assessment,

2020,

4.75%,

12/01/40

995,000

997,196

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

2.75%,

6/01/33

.

520,000

428,580

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

2.75%,

6/01/36

.

830,000

651,555

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

3%,

6/01/41

....

650,000

494,965

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

3.125%,

6/01/51

1,425,000

978,391

b

City

of

Reno

,

Sales

Tax

,

Revenue

,

144A,

2018

C

,

Refunding

,

Zero

Cpn.,

7/01/58

....

16,000,000

2,142,920

County

of

Clark

,

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5%,

2/01/26

1,030,000

1,035,274

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5.05%,

2/01/31

........................................................

980,000

983,498

Special

Improvement

District

No.

159,

Special

Assessment,

2015,

5%,

8/01/35

....

2,120,000

2,160,020

Henderson

Local

Improvement

Districts

,

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch,

Special

Assessment,

2022,

3%,

9/01/36

...............................

315,000

247,457

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch,

Special

Assessment,

2022,

3.5%,

9/01/45

..............................

750,000

572,344

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch,

Special

Assessment,

2022,

4%,

9/01/51

...............................

500,000

413,253

b

State

of

Nevada

Department

of

Business

&

Industry

,

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

5.875%,

12/15/27

..........

9,726,661

10,105,902

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

6.25%,

12/15/37

...........

9,000,000

8,363,266

Franklin

Tax-Free

Trust

Schedule

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)

Nevada

(continued)

b

State

of

Nevada

Department

of

Business

&

Industry,

(continued)

Somerset

Academy

NLV

Building

1

/

Sky

Pointe

/

Stephanie

/

Losee

Campuses,

Revenue,

144A,

2018

A,

5%,

12/15/38

................................

$

1,000,000

$

1,008,114

Somerset

Academy

NLV

Building

1

/

Sky

Pointe

/

Stephanie

/

Losee

Campuses,

Revenue,

144A,

2018

A,

5%,

12/15/48

................................

1,500,000

1,501,687

Tahoe-Douglas

Visitors

Authority

,

Revenue,

2020,

5%,

7/01/33

.........................................

3,190,000

3,319,737

Revenue,

2020,

5%,

7/01/40

.........................................

3,225,000

3,283,154

Revenue,

2020,

5%,

7/01/45

.........................................

3,250,000

3,270,965

Revenue,

2020,

5%,

7/01/51

.........................................

4,250,000

4,251,635

67,498,155

New

Hampshire

0.2%

New

Hampshire

Business

Finance

Authority

,

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

3.75%,

8/15/30

...............

100,000

94,262

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.125%,

8/15/40

..............

2,545,000

2,260,904

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.25%,

8/15/46

...............

2,860,000

2,483,152

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.5%,

8/15/55

................

5,940,000

5,186,573

10,024,891

New

Jersey

2.9%

New

Jersey

Economic

Development

Authority

,

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/32

..........

500,000

496,518

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/37

..........

2,150,000

2,110,130

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

2,200,000

2,074,538

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/35

....

3,450,000

3,619,326

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/41

....

4,550,000

4,717,084

United

Airlines,

Inc.,

Revenue,

1999,

5.125%,

9/15/23

......................

10,510,000

10,625,911

United

Airlines,

Inc.,

Revenue,

1999,

5.25%,

9/15/29

.......................

25,000,000

25,277,292

United

Airlines,

Inc.,

Revenue,

2003,

5.5%,

6/01/33

........................

16,480,000

16,713,881

b

White

Horse

HMT

Urban

Renewal

LLC,

Revenue,

144A,

2020,

5%,

1/01/40

......

3,000,000

2,436,410

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2008

A,

Zero

Cpn.,

12/15/38

..................................

46,750,000

22,002,331

Revenue,

2014

AA,

5%,

6/15/38

.......................................

5,060,000

5,179,198

Revenue,

2014

AA,

5%,

6/15/44

.......................................

9,335,000

9,522,396

Revenue,

2015

AA,

5.25%,

6/15/41

....................................

2,500,000

2,577,641

Revenue,

2019

AA,

5%,

6/15/46

.......................................

2,500,000

2,583,292

Revenue,

2019

BB,

5%,

6/15/44

.......................................

1,000,000

1,036,470

Revenue,

2019

BB,

5%,

6/15/50

.......................................

670,000

690,678

Tobacco

Settlement

Financing

Corp.

,

Revenue,

2018

A,

Refunding,

5%,

6/01/46

...............................

9,500,000

9,815,280

Revenue,

2018

A,

Refunding,

5.25%,

6/01/46

.............................

18,000,000

18,842,688

Revenue,

2018

B,

Refunding,

5%,

6/01/46

...............................

25,000,000

25,196,740

165,517,804

New

Mexico

0.1%

Lower

Petroglyphs

Public

Improvement

District

,

Special

Tax,

2018,

Refunding,

5%,

10/01/33

..............................

500,000

498,297

Special

Tax,

2018,

Refunding,

5%,

10/01/38

..............................

450,000

438,695

Special

Tax,

2018,

Refunding,

5%,

10/01/48

..............................

1,205,000

1,146,697

b

Winrock

Town

Center

Tax

Increment

Development

District

No.

1

,

Tax

Allocation,

Senior

Lien,

144A,

2022,

Refunding,

4%,

5/01/33

..............

1,000,000

904,185

Tax

Allocation,

Senior

Lien,

144A,

2022,

Refunding,

4.25%,

5/01/40

............

2,750,000

2,388,991

5,376,865

Franklin

Tax-Free

Trust

Schedule

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)

New

York

6.1%

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

D'Youville

College

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

11/01/45

......................................

$

2,000,000

$

1,862,739

Metropolitan

Transportation

Authority

,

g

Revenue,

2015

A-2,

Mandatory

Put,

5%,

5/15/30

..........................

1,000,000

1,099,174

Revenue,

2016

A-1,

5.25%,

11/15/56

...................................

5,000,000

5,145,143

Revenue,

2020

A-1,

5%,

11/15/47

.....................................

24,300,000

24,887,946

Revenue,

2020

A-1,

5%,

11/15/49

.....................................

2,500,000

2,556,441

Revenue,

2020

C-1,

4.75%,

11/15/45

...................................

2,950,000

2,904,941

Revenue,

2020

C-1,

5%,

11/15/50

.....................................

42,795,000

43,723,874

Revenue,

2020

D,

5%,

11/15/44

.......................................

33,000,000

33,968,230

Revenue,

2020

D,

4%,

11/15/50

.......................................

40,000,000

35,332,464

New

York

City

Housing

Development

Corp.

,

FC

8

Spruce

Street

Residential

LLC

,

Revenue

,

2014

,

F

,

Refunding

,

4.5

%

,

2/15/48

.............................

9,825,000

9,761,858

New

York

Liberty

Development

Corp.

,

b

3

World

Trade

Center

LLC,

Revenue,

144A,

2014,

2,

Refunding,

5.375%,

11/15/40

.

15,000,000

15,177,117

Goldman

Sachs

Headquarters

LLC,

Revenue,

2005,

Refunding,

5.25%,

10/01/35

..

65,000,000

72,723,443

New

York

Transportation

Development

Corp.

,

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.25%,

8/01/31

............

10,380,000

11,022,015

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.375%,

8/01/36

...........

14,950,000

16,111,373

American

Airlines,

Inc.,

Revenue,

2021,

Refunding,

2.25%,

8/01/26

............

1,570,000

1,492,009

American

Airlines,

Inc.,

Revenue,

2021,

Refunding,

3%,

8/01/31

...............

4,500,000

4,199,397

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/35

.........................

6,500,000

6,777,690

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/40

.........................

6,000,000

6,180,183

Laguardia

Gateway

Partners

LLC,

Revenue,

2016

A,

5%,

7/01/46

.............

41,785,000

42,764,967

b

Rockland

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

144A,

2005

A

,

Zero

Cpn.,

8/15/45

.........................................................

59,000,000

15,620,799

353,311,803

North

Carolina

0.2%

North

Carolina

Medical

Care

Commission

,

Galloway

Ridge

Obligated

Group,

Revenue,

2014

A,

Refunding,

5.25%,

1/01/41

...

2,720,000

2,720,139

Maryfield,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

10/01/30

.......

2,790,000

2,805,199

Maryfield,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

10/01/35

.......

1,000,000

1,001,523

Maryfield,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/45

..............

1,000,000

947,536

Maryfield,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/50

..............

1,500,000

1,403,441

8,877,838

North

Dakota

0.3%

County

of

Burleigh

,

University

of

Mary,

Revenue,

2016,

5.1%,

4/15/36

.........................

2,800,000

2,662,530

University

of

Mary,

Revenue,

2016,

5.2%,

4/15/46

.........................

3,130,000

2,867,360

b

County

of

Grand

Forks

,

Red

River

Biorefinery

LLC,

Revenue,

144A,

2021

A,

6.625%,

12/15/31

..........

2,875,000

1,764,295

Red

River

Biorefinery

LLC,

Revenue,

144A,

2021

A,

7%,

12/15/43

.............

14,000,000

8,259,617

15,553,802

Ohio

2.8%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

3%,

6/01/48

..................

25,130,000

18,640,992

Revenue,

Senior

Lien,

2020

B-2,

2,

Refunding,

5%,

6/01/55

..................

27,800,000

26,478,891

City

of

Centerville

,

Graceworks

Lutheran

Services

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/01/50

..........................................

5,000,000

4,773,484

Cleveland-Cuyahoga

County

Port

Authority

,

b

Flats

East

Bank

TIF

District,

Tax

Allocation,

144A,

2021

B,

Refunding,

4.5%,

12/01/55

1,500,000

1,250,252

b

Flats

East

Bank

TIF

District,

Tax

Allocation,

Senior

Lien,

144A,

2021

A,

Refunding,

4%,

12/01/55

...................................................

1,250,000

1,043,070

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.25%,

12/01/38

.....

700,000

725,180

Franklin

Tax-Free

Trust

Schedule

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)

Ohio

(continued)

Cleveland-Cuyahoga

County

Port

Authority,

(continued)

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.5%,

12/01/43

......

$

700,000

$

728,421

County

of

Fairfield

,

Fairfield

Medical

Center

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

5

%

,

6/15/43

.............................................

10,000,000

9,787,365

County

of

Franklin

,

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/40

2,910,000

2,886,192

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/55

8,800,000

8,375,248

Franklin

County

Convention

Facilities

Authority

,

Revenue

,

2019

,

5

%

,

12/01/51

......

5,000,000

5,001,742

Ohio

Higher

Educational

Facility

Commission

,

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,360,000

1,377,321

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,205,000

1,213,004

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,570,000

2,573,244

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

Junior

Lien

,

2013

A-4

,

Zero

Cpn.,

2/15/35

.....................................................

35,000,000

39,528,552

Southeastern

Ohio

Port

Authority

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

6%,

12/01/42

.......................................................

14,000,000

14,041,611

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/35

.......................................................

1,000,000

1,004,468

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/43

.......................................................

1,000,000

979,737

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5.5%,

12/01/43

.......................................................

1,300,000

1,316,094

b

State

of

Ohio

,

Aultman

Health

Foundation

Obligated

Group,

Revenue,

144A,

2018,

Refunding,

5%,

12/01/38

.......................................................

5,000,000

4,536,845

Aultman

Health

Foundation

Obligated

Group,

Revenue,

144A,

2018,

Refunding,

5%,

12/01/48

.......................................................

15,195,000

13,013,391

159,275,104

Oklahoma

0.2%

Tulsa

County

Industrial

Authority

,

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/37

.......

1,000,000

1,036,253

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/45

.......

10,280,000

10,537,535

11,573,788

Oregon

0.6%

Clackamas

County

Hospital

Facility

Authority

,

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.125%,

11/15/40

.

500,000

489,250

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.25%,

11/15/50

..

1,250,000

1,198,470

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.375%,

11/15/55

.

1,500,000

1,451,423

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/45

...

9,285,000

9,622,508

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Mirabella

at

South

Waterfront,

Revenue,

2014

A,

Refunding,

5.4%,

10/01/44

.....

3,000,000

3,024,478

Mirabella

at

South

Waterfront,

Revenue,

2014

A,

Refunding,

5.5%,

10/01/49

.....

5,500,000

5,548,049

Polk

County

Hospital

Facility

Authority

,

Dallas

Mennonite

Retirement

Community

Obligated

Group

,

Revenue

,

2020

A

,

5.125

%

,

7/01/55

.......................

3,500,000

3,108,111

Yamhill

County

Hospital

Authority

,

Friendsview

Manor

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

11/15/51

..

4,325,000

3,862,658

Friendsview

Manor

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

11/15/56

..

6,115,000

5,222,409

33,527,356

Pennsylvania

2.1%

b

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

144A,

2017,

5%,

5/01/32

....................................

11,975,000

12,361,310

Revenue,

144A,

2018,

5%,

5/01/42

....................................

3,245,000

3,314,500

Revenue,

144A,

2018,

5.375%,

5/01/42

.................................

5,000,000

5,158,188

Franklin

Tax-Free

Trust

Schedule

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)

Pennsylvania

(continued)

b

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

(continued)

Revenue,

144A,

2022,

5.25%,

5/01/42

..................................

$

6,275,000

$

6,512,662

Chester

County

Industrial

Development

Authority

,

b

Borough

of

Phoenixville

Steelpointe

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2020,

4.75%,

3/01/50

..............................

4,250,000

3,676,864

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/34

..........

1,500,000

1,549,542

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/39

..........

3,325,000

3,419,713

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/44

..........

1,945,000

1,993,314

b

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5%,

3/01/38

...........................................

325,000

327,016

b

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5.125%,

3/01/48

.......................................

1,000,000

997,880

Dallas

Area

Municipal

Authority

,

Misericordia

University,

Revenue,

2019,

Refunding,

5%,

5/01/39

..............

1,100,000

1,083,329

Misericordia

University,

Revenue,

2019,

Refunding,

5%,

5/01/48

..............

4,000,000

3,804,033

Franklin

County

Industrial

Development

Authority

,

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/38

...

1,000,000

950,780

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/43

...

1,200,000

1,116,726

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/48

...

4,600,000

4,175,506

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/53

...

3,050,000

2,727,660

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

............

1,000,000

891,777

Lancaster

County

Hospital

Authority

,

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.125%,

7/01/37

...

1,000,000

990,202

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

7/01/41

....

3,500,000

3,483,168

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School,

Revenue,

2021

A,

4%,

5/01/31

............

680,000

644,085

Seven

Generations

Charter

School,

Revenue,

2021

A,

4%,

5/01/51

............

2,385,000

1,863,156

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/36

....

6,710,000

6,985,268

Pennsylvania

Turnpike

Commission

,

Revenue,

2009

C,

AGMC

Insured,

6.25%,

6/01/33

.........................

5,000,000

5,614,339

Revenue,

B-2,

Zero

Cpn.,

12/01/37

....................................

20,000,000

17,903,684

Revenue,

B-2,

Zero

Cpn.,

12/01/40

....................................

25,075,000

22,298,415

Philadelphia

Authority

for

Industrial

Development

,

Evangelical

Services

for

the

Aging

Obligated

Group,

Revenue,

A,

Refunding,

5%,

7/01/49

........................................................

3,000,000

2,598,530

Philadelphia

Electrical

&

Technology

Charter

High

School,

Revenue,

2021

A,

4%,

6/01/51

........................................................

1,600,000

1,286,652

Philadelphia

Electrical

&

Technology

Charter

High

School,

Revenue,

2021

A,

4%,

6/01/56

........................................................

850,000

661,717

118,390,016

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

14,400,000

9,634,968

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn.,

6/01/52

25,550,000

16,729,910

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2017,

5%,

4/01/52

........................................................

1,750,000

1,591,988

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

4/01/48

............................................

3,500,000

3,220,585

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

4/01/53

.........................................

11,000,000

10,377,652

41,555,103

South

Dakota

0.2%

City

of

Sioux

Falls

,

Dow

Rummel

Village,

Revenue,

2016,

Refunding,

5%,

11/01/46

...............

11,110,000

9,624,993

Franklin

Tax-Free

Trust

Schedule

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)

South

Dakota

(continued)

City

of

Sioux

Falls,

(continued)

Dow

Rummel

Village,

Revenue,

2017,

5%,

11/01/42

........................

$

3,000,000

$

2,814,899

12,439,892

Tennessee

1.1%

b

Cleveland

Housing

Authority

,

Cleveland

Forward

Phase

One

LLC,

Revenue,

144A,

2022

B,

6.25%,

4/01/41

....

1,000,000

995,225

Cleveland

Forward

Phase

Two

LLC,

Revenue,

144A,

2022

B,

6.25%,

4/01/41

....

1,000,000

995,224

Johnson

City

Health

&

Educational

Facilities

Board

,

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/27

...................................................

19,365,000

16,396,725

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/28

...................................................

19,400,000

15,787,060

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/29

...................................................

19,365,000

15,100,720

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/30

...................................................

19,370,000

14,428,390

b

Nashville

Metropolitan

Development

&

Housing

Agency

,

Fifth

+

Broadway

Redevelopment

Area

,

Tax

Allocation

,

144A,

2018

,

5.125

%

,

6/01/36

............

900,000

928,145

64,631,489

Texas

8.7%

Cedar

Bayou

Navigation

District

,

Special

Assessment

,

2020

,

6

%

,

9/15/51

.........

7,500,000

6,735,448

Central

Texas

Regional

Mobility

Authority

,

Revenue,

2010,

Zero

Cpn.,

1/01/35

....................................

3,000,000

1,739,029

Revenue,

2010,

Zero

Cpn.,

1/01/37

....................................

2,500,000

1,297,631

Revenue,

2010,

Zero

Cpn.,

1/01/38

....................................

2,405,000

1,179,520

Revenue,

2010,

Zero

Cpn.,

1/01/39

....................................

2,545,000

1,183,132

b

City

of

Anna

,

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

..................................................

300,000

260,113

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

4.5%,

9/15/31

...................................................

157,000

145,353

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

4%,

9/15/41

....................................................

867,000

750,727

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

..................................................

1,406,000

1,179,362

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

5%,

9/15/51

....................................................

503,000

460,743

b

City

of

Austin

,

Whisper

Valley

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.625%,

11/01/39

................................................

1,405,000

1,384,313

Whisper

Valley

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.75%,

11/01/48

.................................................

2,450,000

2,384,960

City

of

Celina

,

b

Celina

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.875%,

9/01/42

........................................................

804,000

774,653

b

Celina

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5%,

9/01/51

........................................................

1,120,000

1,094,549

b

Creeks

of

Legacy

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.25%,

9/01/40

..................................................

230,000

210,461

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/31

..................................................

215,000

204,423

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/01/41

..................................................

500,000

441,004

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/01/41

..................................................

370,000

356,102

Franklin

Tax-Free

Trust

Schedule

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)

City

of

Celina,

(continued)

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/50

...................................................

$

605,000

$

525,517

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.5%,

9/01/50

...................................................

500,000

479,392

b

Hillside

Village

Public

Improvement

District,

Special

Assessment,

144A,

2022,

2.75%,

9/01/27

........................................................

290,000

258,741

b

Hillside

Village

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.125%,

9/01/32

.................................................

231,000

192,625

b

Hillside

Village

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.375%,

9/01/42

.................................................

866,000

666,829

Lakes

at

Mustang

Ranch

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

9/01/35

.................................

1,020,000

856,137

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

.............................................

145,000

133,015

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

3.5%,

9/01/26

..............................................

245,000

231,324

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

.............................................

150,000

131,664

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

4%,

9/01/31

................................................

473,000

439,842

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

3.5%,

9/01/41

..............................................

1,205,000

1,003,227

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

4.25%,

9/01/41

.............................................

2,015,000

1,786,363

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

4.5%,

9/01/51

..............................................

2,501,000

2,174,972

b

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.25%,

9/01/27

..................................................

227,000

208,357

b

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.625%,

9/01/32

.................................................

336,000

297,108

b

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/43

....................................................

1,009,000

880,423

b

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/01/51

.................................................

1,033,000

876,938

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.25%,

9/01/49

..................................................

3,065,000

2,731,437

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.................................................

1,800,000

1,539,897

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2022,

2.875%,

9/01/27

.................................................

115,000

103,646

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.25%,

9/01/32

..................................................

250,000

211,732

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.5%,

9/01/42

........................................................

1,175,000

920,639

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/51

........................................................

7,000,000

5,877,904

b

Wells

North

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

........................................................

425,000

364,719

b

Wells

North

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

498,000

426,785

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

........................................................

150,000

136,181

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

350,000

319,160

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

965,000

827,484

Franklin

Tax-Free

Trust

Schedule

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

Celina,

(continued)

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3%,

9/01/31

........................................................

$

158,000

$

137,523

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

........................................................

379,000

309,295

b

City

of

Crandall

,

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/31

........................................................

409,000

372,029

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/15/31

..................................................

161,000

149,492

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/41

..................................................

1,000,000

878,336

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5%,

9/15/41

........................................................

1,144,000

1,071,743

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/15/51

...................................................

2,000,000

1,716,722

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/15/51

..................................................

750,000

695,846

b

City

of

Dayton

,

Westpointe

Public

Improvement

District,

Special

Assessment,

Junior

Lien,

144A,

5.75%,

9/01/52

..................................................

1,464,000

1,453,647

Westpointe

Public

Improvement

District,

Special

Assessment,

Senior

Lien,

144A,

2022

A,

4.875%,

9/01/32

...........................................

269,000

267,110

Westpointe

Public

Improvement

District,

Special

Assessment,

Senior

Lien,

144A,

2022

A,

5.125%,

9/01/42

...........................................

764,000

760,740

Westpointe

Public

Improvement

District,

Special

Assessment,

Senior

Lien,

144A,

2022

A,

5.25%,

9/01/52

............................................

1,000,000

1,001,540

b

City

of

Elmendorf

,

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/31

.................................................

398,000

334,166

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/01/41

........................................................

1,205,000

952,641

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

1,172,000

949,508

b

City

of

Fate

,

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.75%,

8/15/26

........................................................

400,000

368,629

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

8/15/31

........................................................

711,000

625,534

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

8/15/41

........................................................

1,871,000

1,591,213

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

8/15/51

1,765,000

1,499,799

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.125%,

8/15/30

........................................................

665,000

622,822

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.625%,

8/15/40

........................................................

1,163,000

1,064,388

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.875%,

8/15/50

........................................................

1,772,000

1,599,749

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

8/15/30

.................................................

125,000

112,195

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

8/15/40

.................................................

691,000

587,934

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

8/15/50

.................................................

994,000

852,429

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.25%,

8/15/42

..................................................

1,204,000

1,122,367

Franklin

Tax-Free

Trust

Schedule

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

Fate,

(continued)

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.375%,

8/15/52

.................................................

$

1,100,000

$

999,345

b

City

of

Ferris

,

Woodstone

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

3.375%,

9/01/32

.................................................

1,074,000

906,423

Woodstone

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

3.75%,

9/01/42

..................................................

1,259,000

1,005,881

Woodstone

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

4%,

9/01/51

........................................................

1,577,000

1,303,400

b

City

of

Fort

Worth

,

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5%,

9/01/27

................................

1,765,000

1,757,803

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5%,

9/01/32

................................

1,270,000

1,246,512

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5.125%,

9/01/37

.............................

1,650,000

1,599,810

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/27

................................

1,390,000

1,384,332

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/32

................................

1,530,000

1,497,704

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/37

................................

1,975,000

1,878,132

b

City

of

Georgetown

,

Parks

at

Westhaven

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.875%,

9/15/32

.................................................

409,000

382,024

Parks

at

Westhaven

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/15/42

.................................................

1,060,000

971,746

Parks

at

Westhaven

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.25%,

9/15/47

..................................................

716,000

649,275

b

City

of

Haslet

,

Public

Improvement

District

No.

5,

Special

Assessment,

144A,

2021,

2.625%,

9/01/26

........................................................

447,000

408,922

Public

Improvement

District

No.

5,

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

150,000

128,070

Public

Improvement

District

No.

5,

Special

Assessment,

144A,

2021,

3.625%,

9/01/41

........................................................

1,271,000

1,017,667

City

of

Horseshoe

Bay

,

Escondido

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3%,

10/01/30

.......................................................

500,000

442,125

Escondido

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

10/01/33

.................................................

435,000

381,474

City

of

Houston

Airport

System

,

United

Airlines,

Inc.

,

Revenue

,

2021

A

,

4

%

,

7/01/41

.

15,990,000

14,470,413

b

City

of

Hutto

,

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/01/26

...................................................

330,000

299,552

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/01/31

.................................................

260,000

222,540

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/41

...................................................

1,038,000

831,103

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

..................................................

270,000

248,561

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/31

........................................................

392,000

343,206

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/01/41

.................................................

1,000,000

829,646

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/56

........................................................

3,479,000

2,846,342

Franklin

Tax-Free

Trust

Schedule

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

Hutto,

(continued)

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

..................................................

$

206,000

$

176,747

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/01/41

.................................................

519,000

417,377

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/56

........................................................

1,146,000

930,033

b

City

of

Justin

,

Timberbrook

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3%,

9/01/31

....................................................

500,000

442,052

Timberbrook

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

.................................................

2,812,000

2,320,391

b

City

of

Kaufman

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

........................................................

230,000

193,665

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.625%,

9/15/41

........................................................

570,000

449,600

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/15/50

.

440,000

361,407

City

of

Kyle

,

b

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

........................................................

400,000

348,806

b

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.625%,

9/01/40

........................................................

1,310,000

1,088,264

b

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.5%,

9/01/44

........................................................

1,380,000

1,075,858

b

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/46

375,000

323,084

b

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

........................................................

224,000

202,295

b

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/31

........................................................

530,000

457,605

b

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/01/41

........................................................

1,428,000

1,162,440

b

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/46

1,000,000

854,902

Kyle

57

Public

Improvement

District,

Special

Assessment,

2022,

4.75%,

9/01/32

..

400,000

397,486

Kyle

57

Public

Improvement

District,

Special

Assessment,

2022,

5%,

9/01/42

.....

2,105,000

2,099,787

b

Plum

Creek

North

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.875%,

9/01/32

.................................................

500,000

469,078

b

Plum

Creek

North

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/01/41

.................................................

1,185,000

1,100,710

b

Plum

Creek

North

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.625%,

9/01/41

.................................................

501,000

474,891

City

of

Lago

Vista

,

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.125%,

9/01/30

........................................

300,000

274,256

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.75%,

9/01/42

.........................................

1,045,000

893,391

b

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5%,

9/01/30

.....................................

2,000,000

1,909,865

b

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5.125%,

9/01/35

..................................

2,070,000

1,931,652

b

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5.5%,

9/01/40

....................................

2,715,000

2,556,680

b

City

of

Lavon

,

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.5%,

9/15/27

600,000

563,549

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/15/27

........................................................

305,000

282,608

Franklin

Tax-Free

Trust

Schedule

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

Lavon,

(continued)

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.875%,

9/15/32

........................................................

$

1,000,000

$

901,578

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/15/32

........................................................

455,000

416,118

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/15/42

2,259,000

2,007,836

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.375%,

9/15/42

........................................................

1,000,000

888,909

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/15/52

........................................................

5,295,000

4,527,340

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.5%,

9/15/52

1,495,000

1,291,921

City

of

Leander

,

Oak

Creek

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25

%

,

9/01/32

...........................................

530,000

478,038

b

City

of

Liberty

Hill

,

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

2.625%,

9/01/27

........................................................

550,000

507,362

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.5%,

9/01/27

........................................................

225,000

212,440

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.125%,

9/01/32

........................................................

750,000

662,439

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.875%,

9/01/32

........................................................

275,000

251,814

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.375%,

9/01/42

........................................................

1,771,000

1,452,750

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/01/42

........................................................

1,097,000

974,696

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/52

........................................................

2,500,000

2,150,106

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.375%,

9/01/52

........................................................

1,705,000

1,492,956

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

.................................................

250,000

221,824

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

845,000

768,848

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/54

........................................................

1,890,000

1,590,553

b

City

of

Manor

,

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/15/26

........................................................

110,000

98,578

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/26

.................................................

210,000

189,561

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

.................................................

250,000

211,590

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

........................................................

310,000

268,784

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/15/41

........................................................

700,000

553,897

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/41

.................................................

830,000

723,886

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

........................................................

1,000,000

845,629

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/15/51

.................................................

1,225,000

1,033,743

b

City

of

Marble

Falls

,

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/01/31

.................................................

350,000

314,208

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.625%,

9/01/31

.................................................

150,000

137,789

Franklin

Tax-Free

Trust

Schedule

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)

b

City

of

Marble

Falls,

(continued)

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/01/41

.................................................

$

1,000,000

$

883,934

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.875%,

9/01/41

.................................................

450,000

402,216

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/01/51

.................................................

1,470,000

1,251,437

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.125%,

9/01/51

.................................................

620,000

574,254

b

City

of

Mclendon-Chisholm

,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

.........................

205,000

187,872

Special

Assessment,

144A,

2021,

3.625%,

9/15/41

.........................

620,000

504,103

Special

Assessment,

144A,

2021,

4%,

9/15/51

............................

865,000

725,091

Sonoma

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.375%,

9/15/32

........................................................

250,000

250,881

Sonoma

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.75%,

9/15/52

........................................................

2,700,000

2,699,285

b

City

of

Midlothian

,

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/15/31

........................................................

410,000

362,399

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/31

.................................................

230,000

213,369

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/15/41

.................................................

1,105,000

937,486

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/15/41

........................................................

420,000

378,152

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/51

.................................................

1,635,000

1,398,125

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/15/51

..................................................

610,000

535,232

Westside

Preserve

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.75%,

9/15/32

..................................................

625,000

613,741

Westside

Preserve

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

9/15/32

...................................................

309,000

303,393

Westside

Preserve

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.25%,

9/15/42

..................................................

1,516,000

1,472,081

Westside

Preserve

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6%,

9/15/42

....................................................

750,000

737,967

Westside

Preserve

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.375%,

9/15/52

.................................................

2,509,000

2,422,020

Westside

Preserve

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/15/52

.................................................

1,410,000

1,393,731

b

City

of

New

Braunfels

,

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/01/26

.................................................

220,000

206,039

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/01/31

..................................................

320,000

295,703

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/41

........................................................

882,000

772,797

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/51

..................................................

1,454,000

1,249,992

b

City

of

Oak

Point

,

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

..................................................

300,000

272,203

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

..................................................

1,170,000

1,021,313

Franklin

Tax-Free

Trust

Schedule

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)

b

City

of

Oak

Point,

(continued)

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

$

1,060,000

$

919,867

Wildridge

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

2.75%,

9/01/31

..................................................

160,000

136,679

Wildridge

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/01/41

.................................................

643,000

503,728

Wildridge

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

987,000

845,767

b

City

of

Pilot

Point

,

Creekview

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.25%,

9/15/32

........................................................

500,000

503,176

Creekview

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.75%,

9/15/32

........................................................

200,000

201,552

Creekview

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

9/15/42

........................................................

1,550,000

1,552,330

Creekview

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.625%,

9/15/52

........................................................

2,753,000

2,755,018

Creekview

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/15/52

........................................................

2,078,000

2,103,659

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.125%,

9/15/32

........................................................

500,000

506,892

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.625%,

9/15/32

........................................................

810,000

826,372

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

9/15/48

........................................................

4,026,000

4,075,416

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6%,

9/15/52

4,001,000

4,045,650

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.5%,

9/15/52

........................................................

1,600,000

1,627,052

b

City

of

Plano

,

Collin

Creek

East

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/15/51

.................................................

7,750,000

6,429,285

Collin

Creek

West

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

....................................................

2,343,000

1,933,175

b

City

of

Princeton

,

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

2.875%,

9/01/25

.................................................

128,000

123,626

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/01/30

.................................................

180,000

165,281

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

9/01/40

.................................................

650,000

571,115

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.................................................

936,000

822,524

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/01/27

........................................................

201,000

196,221

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/32

........................................................

280,000

268,392

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.25%,

9/01/42

........................................................

752,000

703,446

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.375%,

9/01/52

.................................................

1,139,000

1,039,578

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/01/26

........................................................

109,000

101,060

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3%,

9/01/31

........................................................

126,000

110,353

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

........................................................

325,000

262,182

Franklin

Tax-Free

Trust

Schedule

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)

Texas

(continued)

b

City

of

Princeton,

(continued)

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

$

431,000

$

369,445

Eastridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

........................................................

382,000

380,797

Eastridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.125%,

9/01/42

........................................................

850,000

845,790

Eastridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.25%,

9/01/52

........................................................

1,376,000

1,367,766

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

........................................................

200,000

182,250

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

........................................................

470,000

404,640

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

675,000

578,976

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.875%,

9/01/31

........................................................

110,000

95,780

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.25%,

9/01/41

........................................................

518,000

408,445

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

616,000

527,765

Winchester

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

..................................................

461,000

470,532

Winchester

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

5.125%,

9/01/42

.................................................

1,011,000

1,028,912

Winchester

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

5.25%,

9/01/52

..................................................

2,220,000

2,259,141

b

City

of

Red

Oak

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

........................................................

150,000

136,693

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

........................................................

354,000

302,166

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.375%,

9/15/41

........................................................

500,000

394,128

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/15/51

.

665,000

563,930

b

City

of

Rowlett

,

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

............................................

200,000

180,832

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

.............................................

300,000

279,418

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/41

.............................................

820,000

702,748

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/41

............................................

600,000

542,893

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

................................................

1,172,000

993,874

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

.............................................

1,000,000

871,933

b

City

of

Royse

City

,

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/15/30

........................................................

450,000

411,744

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.625%,

9/15/30

........................................................

225,000

207,011

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.375%,

9/15/30

........................................................

210,000

201,109

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

9/15/40

........................................................

1,190,000

1,036,873

Franklin

Tax-Free

Trust

Schedule

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)

Texas

(continued)

b

City

of

Royse

City,

(continued)

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/15/40

........................................................

$

590,000

$

539,393

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.875%,

9/15/40

........................................................

375,000

351,862

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/15/50

........................................................

1,780,000

1,544,281

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.375%,

9/15/50

........................................................

715,000

641,605

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

5.125%,

9/15/50

........................................................

575,000

542,635

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2017,

5%,

9/15/48

........................................................

2,700,000

2,705,317

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.375%,

9/15/39

........................................................

610,000

588,583

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.5%,

9/15/48

........................................................

1,260,000

1,184,296

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.75%,

9/15/49

........................................................

1,495,000

1,459,074

b

City

of

Sachse

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

405,000

358,903

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

1,070,000

896,227

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.375%,

9/15/40

........................................................

2,035,000

1,972,160

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

4%,

9/15/50

.

1,485,000

1,264,340

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.625%,

9/15/50

........................................................

2,235,000

2,148,510

City

of

San

Marcos

,

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

4.375%,

9/01/25

.

260,000

261,419

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

4.875%,

9/01/30

.

305,000

303,862

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

5.375%,

9/01/40

.

1,300,000

1,303,850

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

5.625%,

9/01/50

.

1,300,000

1,304,063

b

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/01/27

..................................................

300,000

286,658

b

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/32

........................................................

425,000

397,898

b

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.25%,

9/01/42

..................................................

1,221,000

1,074,933

b

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.5%,

9/01/51

........................................................

1,621,000

1,395,756

b

City

of

Santa

Fe

,

Mulberry

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.875%,

9/01/42

.................................................

508,000

486,101

Mulberry

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5%,

9/01/52

........................................................

858,000

836,761

b

City

of

Sinton

,

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.375%,

9/01/27

.................................................

381,000

365,962

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

..................................................

660,000

625,724

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.125%,

9/01/42

.................................................

1,000,000

964,605

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.25%,

9/01/51

..................................................

1,250,000

1,176,043

Franklin

Tax-Free

Trust

Schedule

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)

Texas

(continued)

b

City

of

Tomball

,

Raburn

Reserve

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.375

%

,

9/15/30

.........................................

$

375,000

$

341,440

b

City

of

Venus

,

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

.................................................

234,000

213,843

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

.................................................

250,000

216,613

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/15/41

.................................................

1,105,000

883,357

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

........................................................

2,024,000

1,734,433

b

City

of

Waxahachie

,

North

Grove

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.125%,

8/15/32

........................................................

302,000

307,573

North

Grove

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

8/15/52

........................................................

2,395,000

2,437,168

Clifton

Higher

Education

Finance

Corp.

,

Uplift

Education

,

Revenue

,

A

,

5

%

,

12/01/45

.

3,855,000

3,901,165

b

Club

Municipal

Management

District

No.

1

,

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

2.5%,

9/01/26

.........

200,000

183,957

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

3%,

9/01/31

...........

271,000

233,469

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

3.25%,

9/01/41

........

1,012,000

800,440

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

4%,

9/01/50

...........

1,420,000

1,220,637

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel,

Revenue,

Second

Lien,

2021

B,

3.5%,

10/01/31

.

450,000

378,175

Conroe

Convention

Center

Hotel,

Revenue,

Second

Lien,

2021

B,

5%,

10/01/50

..

1,200,000

992,519

b

County

of

Hays

,

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

........................................................

100,000

88,699

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

........................................................

800,000

669,979

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/15/50

1,200,000

1,010,526

b

County

of

Medina

,

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/26

........................................................

240,000

219,783

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/01/31

........................................................

400,000

364,618

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.875%,

9/01/31

........................................................

815,000

745,062

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/41

........................................................

1,085,000

941,471

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/01/41

........................................................

780,000

728,276

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/50

........................................................

870,000

750,609

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.5%,

9/01/50

........................................................

1,160,000

1,089,344

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

9,065,000

7,175,290

Grand

Parkway

Transportation

Corp.

,

Revenue,

2013

B,

Zero

Cpn.,

10/01/45

..................................

10,000,000

10,514,581

Revenue,

First

Tier,

2013

A,

5.125%,

10/01/43

............................

2,850,000

2,895,952

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/48

...................

5,000,000

4,589,811

e

Mesquite

Health

Facilities

Development

Corp.

,

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

2/15/36

........................................................

1,000,000

830,000

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2014,

Refunding,

5.125%,

2/15/42

........................................................

3,750,000

3,112,500

Franklin

Tax-Free

Trust

Schedule

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

e

Mesquite

Health

Facilities

Development

Corp.,

(continued)

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

2/15/35

........................................................

$

5,175,000

$

4,295,250

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

Cardinal

Bay,

Inc.,

Revenue,

D,

6%,

7/01/26

.............................

110,000

49,500

Cardinal

Bay,

Inc.,

Revenue,

D,

7%,

7/01/51

.............................

5,110,000

2,299,500

CHF-Collegiate

Housing

College

Station

I

LLC,

Revenue,

2014

A,

5%,

4/01/29

....

2,190,000

2,200,804

CHF-Collegiate

Housing

College

Station

I

LLC,

Revenue,

2014

A,

5%,

4/01/46

....

1,500,000

1,426,204

b

CityScape

Schools,

Inc.,

Revenue,

144A,

2019

A,

5%,

8/15/39

................

500,000

504,130

b

CityScape

Schools,

Inc.,

Revenue,

144A,

2019

A,

5%,

8/15/51

................

1,570,000

1,559,122

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/42

......

5,000,000

4,981,247

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/47

......

4,595,000

4,512,185

Morningside

Ministries

Obligated

Group,

Revenue,

2013,

Refunding,

6.5%,

1/01/43

4,350,000

4,405,156

Morningside

Ministries

Obligated

Group,

Revenue,

2020

A,

5%,

1/01/55

.........

4,100,000

3,661,422

NCCD-College

Station

Properties

LLC,

Revenue,

A,

5%,

7/01/47

..............

30,000,000

25,500,000

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

10/01/39

.......................................................

2,750,000

2,561,351

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5.25%,

10/01/49

.......................................................

12,600,000

11,690,928

Presbyterian

Village

North

Obligated

Group,

Revenue,

2020

A,

5.25%,

10/01/55

...

2,500,000

2,234,855

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

2019

A-1,

5%,

12/01/39

.......................................................

125,000

118,350

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

2019

A-1,

5%,

12/01/49

.......................................................

120,000

108,746

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Second

Tier,

2019

B,

5.5%,

12/01/54

................................................

14,845,000

13,477,753

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Third

Tier,

2019

C,

6%,

12/01/54

...................................................

6,505,000

5,889,939

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/43

............

3,200,000

2,915,307

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/49

............

1,000,000

888,366

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/50

.....

1,180,000

949,895

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/55

.....

4,400,000

3,468,484

b

North

Parkway

Municipal

Management

District

No.

1

,

Special

Assessment,

144A,

2021,

3.625%,

9/15/26

.........................

1,000,000

975,001

Special

Assessment,

144A,

2021,

4.25%,

9/15/31

.........................

1,500,000

1,456,117

Special

Assessment,

144A,

2021,

4.75%,

9/15/41

.........................

5,000,000

4,829,619

Special

Assessment,

144A,

2021,

5%,

9/15/51

............................

6,250,000

6,154,048

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/15/31

............................................

250,000

228,085

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/41

................................................

1,000,000

897,415

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

.............................................

1,160,000

1,027,455

North

Texas

Tollway

Authority

,

Special

Projects

System,

Revenue,

2011

B,

Pre-Refunded,

Zero

Cpn.,

9/01/37

....

7,500,000

3,633,130

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

6.75%,

9/01/45

......

25,000,000

32,257,482

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

Zero

Cpn.,

9/01/43

....

10,000,000

12,324,845

b

Northwood

Municipal

Utility

District

No.

1

,

GO,

144A,

2020,

Refunding,

3.5%,

8/01/25

..............................

765,000

760,185

GO,

144A,

2020,

Refunding,

4%,

8/01/31

................................

1,070,000

1,071,699

Franklin

Tax-Free

Trust

Schedule

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.

122

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

B

,

6

%

,

12/01/52

..............

$

5,075,000

$

4,173,919

Red

River

Education

Finance

Corp.

,

Houston

Baptist

University

,

Revenue

,

2017

,

Refunding

,

5.5

%

,

10/01/46

...........................................

4,250,000

4,365,080

e

Red

River

Health

Facilities

Development

Corp.

,

Eden

Home,

Inc.

Obligated

Group

,

Revenue

,

2012

,

7.25

%

,

12/15/42

......................................

11,000,000

6,710,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

Cumberland

Rest,

Inc.

(The)

,

Revenue

,

A-1

,

Refunding

,

5

%

,

10/01/49

............................

5,125,000

5,162,750

Texas

Transportation

Commission

,

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/46

......

3,000,000

848,603

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/47

......

5,750,000

1,534,695

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/51

......

3,500,000

745,026

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/52

......

4,000,000

802,345

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/53

......

400,000

75,811

b

Town

of

Flower

Mound

,

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

2.625%,

9/01/26

........................................

820,000

756,139

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

3.25%,

9/01/31

.........................................

750,000

654,359

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

3.5%,

9/01/36

..........................................

800,000

676,866

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

4%,

9/01/43

............................................

2,450,000

2,145,252

b

Town

of

Lakewood

Village

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.75%,

9/15/32

445,000

437,328

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.25%,

9/15/42

1,400,000

1,361,098

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.375%,

9/15/52

........................................................

2,400,000

2,320,175

b

Town

of

Little

Elm

,

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.25%,

9/01/27

........................................................

139,000

128,010

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.5%,

9/01/32

........................................................

205,000

177,703

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/01/42

........................................................

529,000

431,399

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/51

........................................................

509,000

419,304

Town

of

Ponder

,

Special

Assessment,

2017,

5%,

9/01/45

.................................

500,000

501,752

Special

Assessment,

2017,

5%,

9/01/47

.................................

865,000

867,133

Viridian

Municipal

Management

District

,

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

2.875%,

12/01/30

.

258,000

223,357

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.125%,

12/01/35

.

415,000

346,980

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.375%,

12/01/40

.

486,000

391,511

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.5%,

12/01/47

..

835,000

647,516

504,376,258

Utah

0.5%

Military

Installation

Development

Authority

,

Revenue,

2021

A-1,

4%,

6/01/52

......................................

3,000,000

2,322,761

Revenue,

2021

A-2,

4%,

6/01/36

......................................

2,250,000

1,954,065

Revenue,

2021

A-2,

4%,

6/01/41

......................................

7,215,000

5,942,115

Revenue,

2021

A-2,

4%,

6/01/52

......................................

21,745,000

16,552,742

b

Utah

Charter

School

Finance

Authority

,

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/39

..

475,000

470,177

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/49

..

825,000

788,602

28,030,462

Franklin

Tax-Free

Trust

Schedule

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

123

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Vermont

0.0%

†

Vermont

Economic

Development

Authority

,

Wake

Robin

Corp.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/01/45

.............................................

$

2,850,000

$

2,259,132

Virgin

Islands

0.1%

Matching

Fund

Special

Purpose

Securitization

Corp.

,

United

States

Virgin

Islands

Federal

Excise

Tax

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

10/01/39

...............

4,500,000

4,671,694

Virginia

0.4%

b

Farms

New

Kent

Community

Development

Authority

,

Special

Assessment

,

144A,

2021

A

,

Refunding

,

3.75

%

,

3/01/36

.........................................

7,100,000

6,752,241

Farmville

Industrial

Development

Authority

,

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/43

...

500,000

505,915

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/48

...

500,000

502,660

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/40

...

1,000,000

1,017,112

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/50

...

3,700,000

3,719,987

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/59

...

2,000,000

1,993,209

Henrico

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

6/01/44

........................................................

3,550,000

3,382,368

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

6/01/49

........................................................

4,065,000

3,814,114

James

City

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes

of

Williamsburg,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/41

.....................................

625,000

516,142

Virginia

United

Methodist

Homes

of

Williamsburg,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/47

.....................................

1,000,000

779,193

22,982,941

Washington

1.1%

c

Coalview

Centralia

LLC

,

15

%

,

3/31/22

....................................

212,000

212,000

Ocean

Shores

Local

Improvement

District

,

Special

Assessment

,

2011

,

7.25

%

,

2/01/31

1,310,000

1,462,608

Washington

Economic

Development

Finance

Authority

,

e

Coalview

Centralia

LLC,

Revenue,

2013,

8.25%,

8/01/25

....................

3,800,000

608,000

e

Coalview

Centralia

LLC,

Revenue,

2013,

9.5%,

8/01/25

.....................

12,855,000

2,056,800

g

Propeller

Airports

Paine

Field

LLC,

Revenue,

A,

Mandatory

Put,

6.5%,

3/01/24

....

24,250,000

24,256,848

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/44

.............................

5,000,000

5,172,098

b

Washington

State

Housing

Finance

Commission

,

eliseo

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

1/01/51

........

15,070,000

12,044,259

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

1/01/49

..............................................

2,750,000

2,407,768

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

1/01/55

..............................................

1,800,000

1,544,217

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/46

.........................................

2,250,000

2,008,050

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/51

.........................................

1,700,000

1,488,369

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2019,

5%,

1/01/55

........................................................

9,020,000

7,221,172

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/51

........................................................

6,000,000

4,880,570

65,362,759

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

6,879,454

b

Monongalia

County

Commission

Excise

Tax

District

,

Revenue,

144A,

2021

A,

Refunding,

4.125%,

6/01/43

.......................

2,250,000

2,082,408

Franklin

Tax-Free

Trust

Schedule

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.

124

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

West

Virginia

(continued)

b

Monongalia

County

Commission

Excise

Tax

District,

(continued)

Revenue,

144A,

2021

B,

4.875%,

6/01/43

...............................

$

1,635,000

$

1,497,993

10,459,855

Wisconsin

2.2%

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

4%,

12/01/40

.....................

1,070,000

903,055

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

4.25%,

12/01/50

...................

7,225,000

5,895,708

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/49

.............

7,900,000

7,702,572

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/45

..........

2,805,000

2,756,539

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/53

..........

4,345,000

4,196,886

b

Eno

River

Academy

Holdings,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/40

........

815,000

808,304

b

Eno

River

Academy

Holdings,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/54

........

1,380,000

1,316,588

b

Estancia

Valley

Classical

Academy,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/41

1,000,000

796,317

b

Estancia

Valley

Classical

Academy,

Revenue,

144A,

2021

A,

Refunding,

4.25%,

7/01/51

........................................................

4,000,000

3,054,184

b

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/39

..

1,230,000

1,232,156

b

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/49

..

7,600,000

7,359,367

b

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/54

..

1,920,000

1,840,250

b

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

13,200,000

13,111,116

b

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/36

....

300,000

292,410

b

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/51

....

1,000,000

912,016

b

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/61

....

1,275,000

1,132,445

b

Hope

Housing

Foundation

Obligated

Group,

Revenue,

144A,

2022

C,

4.6%,

12/01/37

5,460,000

4,668,579

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/37

............................................

625,000

609,277

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/52

............................................

4,100,000

3,768,956

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

3/01/45

..................................................

1,665,000

1,613,732

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

3/01/55

..................................................

6,810,000

6,464,823

b

Ocean

Academy

Charter

School,

Revenue,

144A,

2021,

4%,

10/15/31

..........

185,000

169,663

b

Ocean

Academy

Charter

School,

Revenue,

144A,

2021,

5%,

10/15/41

..........

570,000

537,153

b

Ocean

Academy

Charter

School,

Revenue,

144A,

2021,

5%,

10/15/51

..........

1,130,000

1,024,101

b

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/31

.................

600,000

593,657

b

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/51

.................

2,250,000

2,019,530

b

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/56

.................

2,465,000

2,180,656

b

UHF

RISE

Student

Housing

LLC,

Revenue,

144A,

2021

A-2,

5.35%,

7/01/40

.....

3,000,000

2,593,367

b

UHF

RISE

Student

Housing

LLC,

Revenue,

144A,

2021

B,

5.25%,

7/01/61

.......

2,000,000

1,676,746

b

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/34

.........

8,970,000

9,076,260

b

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/39

.........

8,500,000

8,514,712

b

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

5%,

1/01/56

...............

1,865,000

1,747,374

b,g

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-1,

Mandatory

Put,

3.5%,

12/01/35

..................................................

2,000,000

1,661,274

b,g

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-2,

Mandatory

Put,

4%,

12/01/35

...................................................

18,000,000

15,039,171

Wisconsin

Health

&

Educational

Facilities

Authority

,

Chiara

Communities,

Inc.,

Revenue,

2018

C,

6%,

7/01/28

...................

175,000

141,465

Chiara

Communities,

Inc.,

Revenue,

2018

C,

6.5%,

7/01/33

..................

300,000

218,882

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7%,

7/01/43

...................

1,000,000

670,511

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7.5%,

7/01/53

..................

5,750,000

3,932,763

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

4%,

12/01/41

........

850,000

725,893

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

4%,

12/01/51

........

1,000,000

794,004

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

4%,

12/01/56

........

1,000,000

772,262

124,524,724

Franklin

Tax-Free

Trust

Schedule

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

125

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

9.4%

District

of

Columbia

0.7%

District

of

Columbia

,

Tobacco

Settlement

Financing

Corp.,

Revenue,

2001,

6.5%,

5/15/33

...........

$

2,900,000

$

3,006,267

Tobacco

Settlement

Financing

Corp.,

Revenue,

2002,

Zero

Cpn.,

6/15/46

........

175,000,000

39,652,567

42,658,834

Pacific

Islands

0.1%

Northern

Mariana

Island

Ports

Authority

,

Revenue

,

1998

A

,

6.6

%

,

3/15/28

.........

7,960,000

7,743,228

Puerto

Rico

8.6%

Children's

Trust

Fund

,

Revenue,

5.5%,

5/15/39

.............................................

9,500,000

9,648,432

Revenue,

2002,

5.625%,

5/15/43

......................................

2,500,000

2,544,887

Commonwealth

of

Puerto

Rico

,

h

GO,

FRN,

Zero

Cpn.,

11/01/43

........................................

1

1

GO,

2022

A-1,

5.25%,

7/01/23

........................................

872,766

885,980

GO,

2022

A-1,

5.375%,

7/01/25

.......................................

1,740,691

1,796,511

GO,

2022

A-1,

5.625%,

7/01/27

.......................................

1,724,925

1,830,499

GO,

2022

A-1,

5.625%,

7/01/29

.......................................

1,696,941

1,827,654

GO,

2022

A-1,

5.75%,

7/01/31

........................................

1,648,225

1,808,213

GO,

2022

A-1,

4%,

7/01/33

..........................................

1,562,950

1,464,509

GO,

2022

A-1,

4%,

7/01/35

..........................................

8,466,884

7,784,908

GO,

2022

A-1,

4%,

7/01/37

..........................................

10,929,915

9,794,237

GO,

2022

A-1,

4%,

7/01/41

..........................................

1,769,144

1,545,017

GO,

2022

A-1,

4%,

7/01/46

..........................................

21,788,775

18,503,311

GO,

2022

A-1,

Zero

Cpn.,

7/01/24

.....................................

520,047

480,652

GO,

2022

A-1,

Zero

Cpn.,

7/01/33

.....................................

2,011,366

1,144,662

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5

%

,

8/20/40

...................

41,597,885

37,230,107

b

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

,

Revenue,

144A,

2021

B,

Refunding,

5%,

7/01/28

..........................

17,705,000

18,582,391

Revenue,

144A,

2021

B,

Refunding,

5%,

7/01/33

..........................

4,295,000

4,437,953

Revenue,

144A,

2021

B,

Refunding,

5%,

7/01/37

..........................

35,000,000

35,594,797

Revenue,

144A,

2021

B,

Refunding,

4%,

7/01/42

..........................

2,500,000

2,210,690

Revenue,

Senior

Lien,

144A,

2020

A,

Refunding,

5%,

7/01/47

................

15,000,000

15,047,174

e

Puerto

Rico

Electric

Power

Authority

,

Revenue,

1,

10%,

1/01/21

...........................................

6,000,000

5,205,000

Revenue,

2013

A,

7.25%,

7/01/30

.....................................

25,000,000

21,250,000

Revenue,

2013

A,

6.75%,

7/01/36

.....................................

29,750,000

25,138,750

Revenue,

2013

A,

7%,

7/01/43

........................................

5,000,000

4,225,000

Revenue,

2016

A-4,

10%,

7/01/19

.....................................

5,500,000

4,771,250

Revenue,

2016

B-4,

10%,

7/01/19

.....................................

5,500,000

4,771,250

Revenue,

E-2,

10%,

7/01/21

.........................................

6,000,000

5,205,000

Revenue,

E-3,

10%,

1/01/22

.........................................

1,989,500

1,725,891

Revenue,

E-4,

10%,

7/01/22

.........................................

1,989,499

1,725,890

Revenue,

XX,

5.75%,

7/01/36

........................................

23,620,000

19,368,400

Revenue,

XX,

5.25%,

7/01/40

........................................

10,895,000

8,852,188

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

700,000

710,489

Revenue,

L,

Refunding,

AMBAC

Insured,

5.25%,

7/01/38

....................

9,080,000

9,071,220

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

17,443,875

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.55%,

7/01/40

................................

393,000

392,997

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

55,590,000

53,928,237

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/46

.............................

202,341,000

57,949,107

Sales

Tax,

Revenue,

A-2,

4.329%,

7/01/40

...............................

49,093,000

47,780,739

Franklin

Tax-Free

Trust

Schedule

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.

126

s

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.,

(continued)

Sales

Tax,

Revenue,

A-2,

4.784%,

7/01/58

...............................

$

32,541,000

$

30,429,148

494,107,016

Total

U.S.

Territories

....................................................................

544,509,078

Total

Municipal

Bonds

(Cost

$5,667,134,672)

...................................

5,516,548,510

Total

Long

Term

Investments

(Cost

$5,865,976,239)

.............................

5,704,512,249

a

a

a

a

a

Short

Term

Investments

0.0%

Municipal

Bonds

0.0%

†

Pennsylvania

0.0%

†

i

Allegheny

County

Higher

Education

Building

Authority

,

Carnegie

Mellon

University

,

Revenue

,

2008

A

,

Refunding

,

SPA

Bank

of

New

York

Mellon

(The)

,

Daily

VRDN

and

Put

,

1.15

%

,

12/01/37

...............................................

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

$5,866,376,239)

98.9%

..................................

$5,704,912,249

Other

Assets,

less

Liabilities

1.1%

.............................................

62,614,765

Net

Assets

100.0%

...........................................................

$5,767,527,014

See

Abbreviations

on

page

175

.

†

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,

2022,

the

aggregate

value

of

these

securities

was

$1,583,071,907,

representing

27.4%

of

net

assets.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

12

regarding

fair

value

measurements.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

e

See

Note

7

regarding

credit

risk

and

defaulted

securities.

f

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

g

The

maturity

date

shown

represents

the

mandatory

put

date.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Massachusetts

Tax-Free

Income

Fund

franklintempleton.com

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accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

127

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.48

$11.84

$12.20

$11.47

$11.39

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.11

0.22

0.28

0.31

0.16

Net

realized

and

unrealized

gains

(losses)

...........

(0.97)

(0.36)

(0.37)

0.74

0.08

Total

from

investment

operations

....................

(0.86)

(0.14)

(0.09)

1.05

0.24

Less

distributions

from:

Net

investment

income

..........................

(0.11)

(0.22)

(0.27)

(0.32)

(0.16)

Net

asset

value,

end

of

period

......................

$10.51

$11.48

$11.84

$12.20

$11.47

Total

return

e

...................................

(7.49)%

(1.24)%

(0.71)%

9.29%

2.12%

Ratios

to

average

net

assets

f

Expenses

g

....................................

0.88%

0.88%

0.86%

0.87%

0.86%

Net

investment

income

...........................

2.08%

1.83%

2.31%

2.64%

2.88%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$56,326

$64,555

$58,926

$44,347

$20,086

Portfolio

turnover

rate

............................

5.03%

21.84%

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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accompanying

notes

are

an

integral

part

of

these

financial

statements.

128

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.47

$11.83

$12.20

$11.46

$11.47

$11.63

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.12

0.24

0.30

0.33

0.35

0.35

Net

realized

and

unrealized

gains

(losses)

(0.96)

(0.36)

(0.38)

0.75

(0.01)

(0.15)

Total

from

investment

operations

........

(0.84)

(0.12)

(0.08)

1.08

0.34

0.20

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.24)

(0.29)

(0.34)

(0.35)

(0.36)

Net

asset

value,

end

of

period

..........

$10.51

$11.47

$11.83

$12.20

$11.46

$11.47

Total

return

d

.......................

(7.34)%

(1.09)%

(0.64)%

9.55%

2.98%

1.66%

Ratios

to

average

net

assets

e

Expenses

.........................

0.73%

f

0.73%

f

0.72%

f

0.72%

f

0.71%

f

0.68%

Net

investment

income

...............

2.23%

2.00%

2.48%

2.79%

3.03%

3.02%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$187,536

$218,895

$245,351

$307,452

$314,235

$363,555

Portfolio

turnover

rate

................

5.03%

21.84%

18.21%

12.59%

6.58%

23.50%

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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accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

129

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.62

$11.98

$12.35

$11.60

$11.61

$11.77

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.09

0.17

0.23

0.27

0.28

0.29

Net

realized

and

unrealized

gains

(losses)

(0.98)

(0.36)

(0.38)

0.76

(0.01)

(0.16)

Total

from

investment

operations

........

(0.89)

(0.19)

(0.15)

1.03

0.27

0.13

Less

distributions

from:

Net

investment

income

..............

(0.09)

(0.17)

(0.22)

(0.28)

(0.28)

(0.29)

Net

asset

value,

end

of

period

..........

$10.64

$11.62

$11.98

$12.35

$11.60

$11.61

Total

return

d

.......................

(7.67)%

(1.54)%

(1.26)%

8.95%

2.37%

1.08%

Ratios

to

average

net

assets

e

Expenses

.........................

1.27%

f

1.27%

f

1.26%

f

1.27%

f

1.26%

f

1.23%

Net

investment

income

...............

1.65%

1.44%

1.90%

2.24%

2.48%

2.47%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$13,831

$17,988

$27,111

$31,713

$33,253

$56,607

Portfolio

turnover

rate

................

5.03%

21.84%

18.21%

12.59%

6.58%

23.50%

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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Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

130

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.48

$11.84

$12.20

$11.46

$11.48

$11.76

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.13

0.25

0.31

0.34

0.36

0.21

Net

realized

and

unrealized

gains

(losses)

(0.97)

(0.35)

(0.36)

0.76

(0.02)

(0.28)

Total

from

investment

operations

........

(0.84)

(0.10)

(0.05)

1.10

0.34

(0.07)

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.26)

(0.31)

(0.36)

(0.36)

(0.21)

Net

asset

value,

end

of

period

..........

$10.51

$11.48

$11.84

$12.20

$11.46

$11.48

Total

return

e

.......................

(7.35)%

(0.86)%

(0.50)%

9.69%

3.01%

(0.65)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.59%

0.59%

0.58%

0.60%

0.59%

0.60%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.58%

g

0.58%

g

0.57%

g

0.58%

g

0.57%

g

0.55%

Net

investment

income

...............

2.35%

2.13%

2.60%

2.93%

3.17%

3.15%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$12,277

$20,888

$16,909

$12,458

$1,284

$1,688

Portfolio

turnover

rate

................

5.03%

21.84%

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

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Massachusetts

Tax-Free

Income

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accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

131

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.47

$11.83

$12.20

$11.46

$11.48

$11.63

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.25

0.30

0.34

0.36

0.36

Net

realized

and

unrealized

gains

(losses)

(0.96)

(0.36)

(0.37)

0.75

(0.02)

(0.14)

Total

from

investment

operations

........

(0.83)

(0.11)

(0.07)

1.09

0.34

0.22

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.25)

(0.30)

(0.35)

(0.36)

(0.37)

Net

asset

value,

end

of

period

..........

$10.51

$11.47

$11.83

$12.20

$11.46

$11.48

Total

return

d

.......................

(7.29)%

(0.99)%

(0.54)%

9.65%

2.98%

1.84%

Ratios

to

average

net

assets

e

Expenses

.........................

0.63%

f

0.63%

f

0.61%

f

0.62%

f

0.61%

f

0.58%

Net

investment

income

...............

2.33%

2.10%

2.55%

2.89%

3.13%

3.12%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$96,057

$109,947

$106,533

$60,927

$50,814

$63,366

Portfolio

turnover

rate

................

5.03%

21.84%

18.21%

12.59%

6.58%

23.50%

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

Schedule

of

Investments

(unaudited),

August

31,

2022

Franklin

Massachusetts

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

Corporate

Bonds

0.1%

Software

0.1%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

400,000

$

400,000

Total

Corporate

Bonds

(Cost

$400,000)

........................................

400,000

Municipal

Bonds

95.0%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

1,200,000

1,038,590

Florida

0.6%

b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

750,000

530,550

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

2,000,000

1,699,000

2,229,550

Illinois

0.8%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

1,750,000

1,598,638

State

of

Illinois

,

GO,

2017

D,

5%,

11/01/26

...........................................

1,000,000

1,060,192

GO,

2017

D,

5%,

11/01/27

...........................................

140,000

149,870

2,808,700

Massachusetts

87.4%

Acton

&

Boxborough

Regional

School

District

,

GO,

5%,

3/01/33

..................................................

2,095,000

2,371,789

GO,

3%,

3/01/34

..................................................

1,485,000

1,417,458

GO,

3%,

3/01/35

..................................................

2,130,000

1,986,851

Boston

Water

&

Sewer

Commission

,

Revenue,

Senior

Lien

,

2014

A

,

Pre-Refunded

,

4

%

,

11/01/28

.....................................................

4,400,000

4,548,572

City

of

Lowell

,

GO,

2020,

Refunding,

4%,

9/01/31

.....................................

2,000,000

2,146,879

GO,

2020,

Refunding,

4%,

9/01/33

.....................................

2,025,000

2,120,202

GO,

2020,

Refunding,

3%,

9/01/34

.....................................

1,000,000

929,686

City

of

Quincy

,

GO

,

2014

,

4

%

,

6/01/32

....................................

2,565,000

2,617,959

City

of

Worcester

,

GO

,

2020

A

,

3

%

,

2/01/42

................................

1,685,000

1,405,240

Commonwealth

of

Massachusetts

,

GO,

2018

A,

5%,

1/01/47

............................................

5,000,000

5,323,392

GO,

A,

5.25%,

4/01/42

..............................................

5,000,000

5,404,073

GO,

F,

4%,

11/01/29

................................................

6,000,000

6,014,587

Revenue,

2005,

Refunding,

AGMC,

NATL

Insured,

5.5%,

1/01/34

..............

11,900,000

14,101,075

Transportation

Fund,

Revenue,

2016

B,

4%,

6/01/45

.......................

7,175,000

6,977,217

Transportation

Fund,

Revenue,

2017

A,

5%,

6/01/47

.......................

5,000,000

5,302,100

Transportation

Fund,

Revenue,

2018

A,

5%,

6/01/48

.......................

5,000,000

5,338,065

Transportation

Fund,

Revenue,

2019

A,

5%,

6/01/49

.......................

1,925,000

2,073,987

Massachusetts

Bay

Transportation

Authority

,

Sales

Tax,

Revenue,

A,

5%,

7/01/40

....................................

5,000,000

5,267,721

Sales

Tax,

Revenue,

A-1,

Refunding,

5.25%,

7/01/30

.......................

4,000,000

4,753,696

Sales

Tax,

Revenue,

Senior

Lien,

B,

Refunding,

5%,

7/01/33

.................

2,500,000

2,654,892

Massachusetts

Clean

Water

Trust

(The)

,

Revenue,

1999

A,

5.75%,

8/01/29

.....................................

250,000

250,680

Revenue,

2000-6,

5.5%,

8/01/30

......................................

65,000

65,164

Revenue,

7,

5.125%,

2/01/31

.........................................

130,000

130,290

Massachusetts

Development

Finance

Agency

,

Babson

College,

Revenue,

2022,

Refunding,

4%,

10/01/44

...................

700,000

647,753

Bentley

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/37

................

1,000,000

956,121

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/32

2,975,000

3,114,146

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/34

5,000,000

5,213,410

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2016

I,

Refunding,

5%,

7/01/34

1,500,000

1,580,046

Franklin

Tax-Free

Trust

Schedule

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

133

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Development

Finance

Agency,

(continued)

Brandeis

University,

Revenue,

2019

S-1,

Refunding,

5%,

10/01/38

.............

$

2,410,000

$

2,617,584

Broad

Institute,

Inc.

(The),

Revenue,

2017,

Refunding,

4%,

4/01/41

............

5,000,000

4,956,343

Dana-Farber

Cancer

Institute

Obligated

Group,

Revenue,

2016

N,

5%,

12/01/46

..

6,890,000

7,232,910

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2021

C,

4%,

11/01/46

.......................................................

1,250,000

1,159,399

Loomis

Obligated

Group,

Revenue,

2021,

4%,

1/01/41

......................

435,000

406,475

Loomis

Obligated

Group,

Revenue,

2021,

4%,

1/01/51

......................

300,000

265,570

b,c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/26

........

1,000,000

1,005,413

b,c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/31

........

870,000

855,003

b,c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/41

........

485,000

444,842

b,c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/51

........

520,000

449,540

Mass

General

Brigham,

Inc.,

Revenue,

2016

Q,

Refunding,

5%,

7/01/34

.........

5,000,000

5,344,541

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

5%,

7/01/33

.......

1,880,000

2,052,261

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

4%,

7/01/41

.......

7,500,000

7,282,478

Mass

General

Brigham,

Inc.,

Revenue,

2020

A-2,

Refunding,

4%,

7/01/41

.......

1,000,000

970,997

Merrimack

College,

Revenue,

2021

B,

4%,

7/01/42

........................

475,000

440,364

Merrimack

College,

Revenue,

2021

B,

4%,

7/01/50

........................

3,650,000

3,243,275

Northeastern

University,

Revenue,

2014

A,

5%,

3/01/44

.....................

5,000,000

5,065,179

Northeastern

University,

Revenue,

2022,

Refunding,

5%,

10/01/44

.............

2,375,000

2,577,303

President

&

Trustees

of

Williams

College

(The),

Revenue,

2017

S,

4%,

7/01/46

...

9,550,000

9,220,617

President

and

Fellows

of

Harvard

College,

Revenue,

2016

A,

Refunding,

5%,

7/15/33

5,000,000

5,416,900

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/34

.

735,000

710,483

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/39

.

750,000

705,779

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/41

.

500,000

464,669

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/48

.

1,750,000

1,557,620

Southcoast

Health

System

Obligated

Group,

Revenue,

2021

G,

Refunding,

4%,

7/01/46

........................................................

5,795,000

5,191,910

Southcoast

Health

System

Obligated

Group,

Revenue,

2021

G,

Refunding,

5%,

7/01/50

........................................................

6,590,000

6,904,180

Springfield

College,

Revenue,

2021

B,

Refunding,

4%,

6/01/50

................

2,695,000

2,387,500

Suffolk

University,

Revenue,

2021,

4%,

7/01/46

...........................

4,150,000

3,779,930

Suffolk

University,

Revenue,

2021,

4%,

7/01/51

...........................

7,250,000

6,502,381

Trustees

of

Boston

College,

Revenue,

2017

T,

Refunding,

5%,

7/01/42

..........

3,750,000

3,992,280

Trustees

of

Boston

University,

Revenue,

BB-1,

4%,

10/01/46

.................

5,000,000

4,757,996

Wellesley

College,

Revenue,

2018

L,

Refunding,

4%,

7/01/44

.................

6,160,000

5,988,016

Wheaton

College,

Revenue,

2021

I,

5%,

1/01/53

..........................

3,000,000

3,064,742

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/35

..

1,200,000

1,311,386

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/36

..

1,000,000

1,091,005

Worcester

Polytechnic

Institute,

Revenue,

2012,

Refunding,

4%,

9/01/49

........

4,825,000

4,825,000

Worcester

Polytechnic

Institute,

Revenue,

2017,

Refunding,

5%,

9/01/42

........

1,090,000

1,133,306

Worcester

Polytechnic

Institute,

Revenue,

2019,

4%,

9/01/44

.................

1,350,000

1,217,068

Massachusetts

Educational

Financing

Authority

,

Revenue,

2017

B,

Refunding,

4.25%,

7/01/46

.............................

2,500,000

2,504,766

Revenue,

2021

C,

3%,

7/01/51

........................................

3,000,000

2,127,285

Massachusetts

Health

&

Educational

Facilities

Authority

,

Trustees

of

Boston

College

,

Revenue

,

M2

,

5.5

%

,

6/01/35

.........................................

8,600,000

10,363,163

Massachusetts

Housing

Finance

Agency

,

Revenue,

2009

C,

5.125%,

12/01/39

...................................

1,045,000

1,045,811

Revenue,

2009

C,

5.35%,

12/01/49

....................................

2,770,000

2,772,302

Revenue,

2012

F,

3.15%,

12/01/32

.....................................

105,000

99,545

Revenue,

2012

F,

3.45%,

12/01/37

.....................................

45,000

41,232

Revenue,

214,

GNMA

Insured,

2.55%,

12/01/34

...........................

1,000,000

878,617

Revenue,

214,

GNMA

Insured,

2.8%,

12/01/39

............................

2,860,000

2,426,972

Revenue,

A,

3.25%,

12/01/27

.........................................

4,000,000

3,996,412

Revenue,

A,

3.5%,

12/01/31

..........................................

5,805,000

5,707,786

Franklin

Tax-Free

Trust

Schedule

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.

134

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Port

Authority

,

Revenue,

2019

B,

5%,

7/01/44

........................................

$

5,000,000

$

5,478,576

Revenue,

2021

B,

Refunding,

5%,

7/01/40

...............................

1,215,000

1,304,497

Massachusetts

School

Building

Authority

,

Revenue,

2018

B,

5.25%,

2/15/48

.....................................

2,315,000

2,516,541

Revenue,

2019

A,

5%,

2/15/44

........................................

1,000,000

1,091,007

Revenue,

Senior

Lien,

2016

C,

Refunding,

5%,

11/15/34

....................

5,000,000

5,417,220

Massachusetts

State

College

Building

Authority

,

Revenue

,

2017

D

,

Refunding

,

4

%

,

5/01/38

.........................................................

4,350,000

4,395,083

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System,

Revenue,

2019

B-1,

Refunding,

5%,

1/01/37

......

1,015,000

1,120,823

Metropolitan

Highway

System,

Revenue,

Senior

Lien,

2019

A,

Refunding,

5%,

1/01/37

........................................................

2,750,000

3,023,466

Massachusetts

Water

Resources

Authority

,

Revenue,

2016

C,

Pre-Refunded,

5%,

8/01/40

............................

5,000,000

5,485,735

Revenue,

2018

B,

5%,

8/01/43

........................................

4,000,000

4,358,599

Revenue,

B,

Refunding,

AGMC

Insured,

5.25%,

8/01/28

.....................

5,490,000

6,331,413

Revenue,

B,

5%,

8/01/40

............................................

1,140,000

1,237,404

Revenue,

B,

5%,

8/01/42

............................................

3,145,000

3,403,067

Springfield

Water

&

Sewer

Commission

,

Revenue

,

2017

C

,

5

%

,

4/15/37

..........

1,260,000

1,356,708

Town

of

Belmont

,

GO

,

2019

,

4

%

,

3/15/45

.................................

3,020,000

2,989,510

Town

of

Braintree

,

GO,

Refunding,

5%,

5/15/27

.........................................

2,000,000

2,224,889

GO,

2019,

3%,

6/01/35

.............................................

1,765,000

1,631,695

Town

of

Natick

,

GO

,

2018

,

4

%

,

7/15/35

...................................

4,970,000

5,120,243

Town

of

Plymouth

,

GO

,

2017

,

4

%

,

5/01/47

.................................

5,000,000

4,852,606

University

of

Massachusetts

Building

Authority

,

Revenue,

2022-1,

4%,

11/01/46

.......................................

4,000,000

3,800,115

Revenue,

Senior

Lien,

1,

Pre-Refunded,

5%,

11/01/44

......................

3,240,000

3,412,400

Revenue,

Senior

Lien,

1,

Pre-Refunded,

5%,

11/01/44

......................

760,000

802,087

Revenue,

Senior

Lien,

2017-1,

5.25%,

11/01/42

...........................

5,000,000

5,451,203

320,074,074

New

Jersey

0.5%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

4%,

6/15/35

.......................................

250,000

244,941

Revenue,

2020

AA,

5%,

6/15/35

.......................................

1,000,000

1,071,276

Revenue,

2020

AA,

3%,

6/15/50

.......................................

500,000

361,717

1,677,934

New

York

0.6%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/40

.....................................

750,000

697,342

Revenue,

2020

A-1,

4%,

11/15/53

.....................................

1,900,000

1,659,432

2,356,774

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

800,000

648,201

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

800,000

647,519

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

795,298

2,091,018

Tennessee

0.1%

d

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

500,000

523,040

Franklin

Tax-Free

Trust

Schedule

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

135

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

$

1,100,000

$

870,692

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/37

.................................

300,000

241,378

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,400,000

1,125,009

2,237,079

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

800,000

647,624

Wisconsin

0.7%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

800,000

668,772

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

2,100,000

2,085,859

2,754,631

U.S.

Territories

2.6%

Puerto

Rico

2.6%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

................

5,000,000

5,086,211

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

2,700,000

2,725,926

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

250,000

250,747

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/31

..

440,000

488,214

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/39

..

200,000

179,085

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

660,000

640,270

9,370,453

Total

U.S.

Territories

....................................................................

9,370,453

Total

Municipal

Bonds

(Cost

$368,488,948)

.....................................

347,809,467

Total

Long

Term

Investments

(Cost

$368,888,948)

...............................

348,209,467

a

a

a

a

a

Short

Term

Investments

4.9%

Municipal

Bonds

4.9%

Massachusetts

4.9%

e

Massachusetts

Health

&

Educational

Facilities

Authority

,

President

and

Fellows

of

Harvard

College

,

Revenue

,

R

,

Daily

VRDN

and

Put

,

0.8

%

,

11/01/49

............

17,800,000

17,800,000

Total

Municipal

Bonds

(Cost

$17,800,000)

......................................

17,800,000

Total

Short

Term

Investments

(Cost

$17,800,000

)

................................

17,800,000

a

Total

Investments

(Cost

$386,688,948)

100.0%

..................................

$366,009,467

Other

Assets,

less

Liabilities

0.0%

†

............................................

16,975

Net

Assets

100.0%

...........................................................

$366,026,442

Franklin

Tax-Free

Trust

Schedule

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.

136

See

Abbreviations

on

page

175

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

12

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2022,

the

aggregate

value

of

these

securities

was

$11,825,803,

representing

3.2%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

d

The

maturity

date

shown

represents

the

mandatory

put

date.

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

New

Jersey

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

137

0

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.18

$11.46

$11.77

$11.14

$11.10

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.14

0.27

0.29

0.30

0.17

Net

realized

and

unrealized

gains

(losses)

...........

(0.96)

(0.28)

(0.32)

0.65

0.04

Total

from

investment

operations

....................

(0.82)

(0.01)

(0.03)

0.95

0.21

Less

distributions

from:

Net

investment

income

..........................

(0.14)

(0.27)

(0.28)

(0.32)

(0.17)

Net

asset

value,

end

of

period

......................

$10.22

$11.18

$11.46

$11.77

$11.14

Total

return

e

...................................

(7.40)%

(0.18)%

(0.18)%

8.61%

1.97%

Ratios

to

average

net

assets

f

Expenses

g

....................................

0.83%

0.82%

0.82%

0.82%

0.83%

Net

investment

income

...........................

2.58%

2.30%

2.50%

2.67%

3.28%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$125,782

$141,419

$118,815

$109,130

$55,866

Portfolio

turnover

rate

............................

2.68%

7.69%

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)

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Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

138

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.16

$11.45

$11.76

$11.13

$11.11

$11.45

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.28

0.30

0.32

0.38

0.39

Net

realized

and

unrealized

gains

(losses)

(0.95)

(0.29)

(0.31)

0.64

0.03

(0.31)

Total

from

investment

operations

........

(0.81)

(0.01)

(0.01)

0.96

0.41

0.08

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.28)

(0.30)

(0.33)

(0.39)

(0.42)

Net

asset

value,

end

of

period

..........

$10.21

$11.16

$11.45

$11.76

$11.13

$11.11

Total

return

d

.......................

(7.25)%

(0.11)%

(0.03)%

8.78%

3.78%

0.68%

Ratios

to

average

net

assets

e

Expenses

.........................

0.68%

f

0.67%

f

0.67%

f

0.67%

f

0.68%

f

0.67%

Net

investment

income

...............

2.74%

2.45%

2.67%

2.82%

3.43%

3.46%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$402,522

$464,256

$516,756

$584,519

$596,817

$650,527

Portfolio

turnover

rate

................

2.68%

7.69%

15.41%

17.99%

13.26%

12.70%

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)

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The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

139

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.31

$11.60

$11.92

$11.28

$11.26

$11.60

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.12

0.22

0.24

0.26

0.32

0.33

Net

realized

and

unrealized

gains

(losses)

(0.98)

(0.29)

(0.32)

0.65

0.03

(0.32)

Total

from

investment

operations

........

(0.86)

(0.07)

(0.08)

0.91

0.35

0.01

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.22)

(0.24)

(0.27)

(0.33)

(0.35)

Net

asset

value,

end

of

period

..........

$10.34

$11.31

$11.60

$11.92

$11.28

$11.26

Total

return

d

.......................

(7.59)%

(0.66)%

(0.66)%

8.19%

3.15%

0.11%

Ratios

to

average

net

assets

e

Expenses

.........................

1.22%

f

1.22%

f

1.22%

f

1.22%

f

1.23%

f

1.22%

Net

investment

income

...............

2.14%

1.87%

2.10%

2.27%

2.88%

2.91%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$46,118

$58,632

$87,934

$117,600

$125,982

$188,806

Portfolio

turnover

rate

................

2.68%

7.69%

15.41%

17.99%

13.26%

12.70%

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)

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Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

140

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2022

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

$11.46

$11.77

$11.14

$11.12

$11.37

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.15

0.30

0.32

0.34

0.40

0.25

Net

realized

and

unrealized

gains

(losses)

(0.95)

(0.29)

(0.31)

0.64

0.03

(0.26)

Total

from

investment

operations

........

(0.80)

0.01

0.01

0.98

0.43

(0.01)

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.30)

(0.32)

(0.35)

(0.41)

(0.24)

Net

asset

value,

end

of

period

..........

$10.22

$11.17

$11.46

$11.77

$11.14

$11.12

Total

return

e

.......................

(7.18)%

0.03%

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%

0.53%

0.54%

0.54%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.53%

g

0.53%

g

0.53%

g

0.53%

g,h

0.54%

g,h

0.53%

Net

investment

income

...............

2.88%

2.59%

2.80%

2.96%

3.57%

3.60%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$34,024

$35,920

$32,012

$33,376

$20,459

$19,936

Portfolio

turnover

rate

................

2.68%

7.69%

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)

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accompanying

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an

integral

part

of

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financial

statements.

Semiannual

Report

141

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

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

$11.46

$11.77

$11.14

$11.12

$11.46

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15

0.30

0.31

0.33

0.39

0.40

Net

realized

and

unrealized

gains

(losses)

(0.96)

(0.29)

(0.31)

0.64

0.03

(0.31)

Total

from

investment

operations

........

(0.81)

0.01

—

0.97

0.42

0.09

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.30)

(0.31)

(0.34)

(0.40)

(0.43)

Net

asset

value,

end

of

period

..........

$10.21

$11.17

$11.46

$11.77

$11.14

$11.12

Total

return

d

.......................

(7.29)%

(0.01)%

0.07%

8.88%

3.87%

0.77%

Ratios

to

average

net

assets

e

Expenses

.........................

0.58%

f

0.57%

f

0.57%

f

0.57%

f

0.58%

f

0.57%

Net

investment

income

...............

2.83%

2.55%

2.76%

2.92%

3.53%

3.56%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$89,526

$103,449

$94,236

$81,747

$75,607

$79,286

Portfolio

turnover

rate

................

2.68%

7.69%

15.41%

17.99%

13.26%

12.70%

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

Schedule

of

Investments

(unaudited),

August

31,

2022

Franklin

New

Jersey

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

142

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.1%

Software

0.1%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

700,000

$

700,000

Total

Corporate

Bonds

(Cost

$700,000)

........................................

700,000

Municipal

Bonds

95.9%

California

0.2%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

1,300,000

1,125,139

Delaware

1.9%

Delaware

River

&

Bay

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

1/01/44

.........

13,500,000

13,089,704

Florida

1.1%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

4,536,000

3,988,233

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

850,000

601,290

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn

.,

5/01/57

3,650,000

3,100,675

7,690,198

Georgia

0.3%

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

2,650,000

2,140,134

New

Jersey

76.4%

Atlantic

County

Improvement

Authority

(The)

,

Stockton

University

,

Revenue

,

2021

A

,

AGMC

Insured

,

4

%

,

7/01/47

..........................................

1,000,000

942,399

Bergen

County

Improvement

Authority

(The)

,

Borough

of

Ridgefield,

Revenue,

2020,

4%,

10/15/42

.......................

5,205,000

5,111,339

County

of

Bergen,

Revenue,

2019,

4%,

10/15/37

..........................

3,600,000

3,689,922

County

of

Bergen,

Revenue,

2019,

4%,

10/15/38

..........................

3,745,000

3,804,865

County

of

Bergen,

Revenue,

2019,

4%,

10/15/39

..........................

3,000,000

3,013,601

b

Camden

County

Improvement

Authority

(The)

,

Camden

Prep,

Inc.

,

Revenue

,

144A,

2022

,

5

%

,

7/15/52

.................................................

3,000,000

2,966,223

County

of

Middlesex

,

COP

,

1998

,

NATL

Insured

,

Zero

Cpn

.,

6/15/24

.............

1,000,000

951,431

Cumberland

County

Improvement

Authority

(The)

,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

9/01/39

.................

2,000,000

2,102,151

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/36

............

955,000

1,037,271

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/37

............

1,000,000

1,080,501

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/38

............

1,020,000

1,102,477

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/39

............

1,070,000

1,151,929

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/44

............

5,725,000

6,085,264

Essex

County

Improvement

Authority

,

Friends

of

TEAM

Academy

Charter

School

Obligated

Group,

Revenue,

2021,

4%,

6/15/38

........................................................

1,645,000

1,520,762

Friends

of

TEAM

Academy

Charter

School

Obligated

Group,

Revenue,

2021,

4%,

6/15/51

........................................................

2,700,000

2,300,047

Friends

of

TEAM

Academy

Charter

School

Obligated

Group,

Revenue,

2021,

4%,

6/15/56

........................................................

4,925,000

4,081,463

Gloucester

County

Improvement

Authority

(The)

,

Rowan

University,

Revenue,

2015

C,

AGMC

Insured,

4%,

7/01/42

.............

2,500,000

2,465,304

Rowan

University,

Revenue,

2015

C,

5%,

7/01/44

.........................

3,500,000

3,670,377

Rowan

University,

Revenue,

2019,

4%,

7/01/37

...........................

750,000

750,472

Rowan

University,

Revenue,

2019,

4%,

7/01/38

...........................

700,000

697,397

Rowan

University,

Revenue,

2019,

4%,

7/01/39

...........................

600,000

595,194

Rowan

University,

Revenue,

2019,

5%,

7/01/44

...........................

4,925,000

5,324,687

Rowan

University,

Revenue,

2019,

4%,

7/01/48

...........................

5,250,000

5,091,004

Hudson

County

Improvement

Authority

,

Revenue,

2019,

Refunding,

4%,

1/01/40

.................................

1,000,000

972,398

Franklin

Tax-Free

Trust

Schedule

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

143

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

Hudson

County

Improvement

Authority,

(continued)

County

of

Hudson,

Revenue,

2016,

5%,

5/01/46

...........................

$

6,000,000

$

6,256,136

Mercer

County

Improvement

Authority

(The)

,

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/31

...................

1,545,000

1,665,216

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/33

...................

1,500,000

1,599,024

Monmouth

County

Improvement

Authority

(The)

,

Revenue,

2019

A,

4%,

8/01/32

........................................

300,000

320,718

Revenue,

2019

A,

4%,

8/01/33

........................................

350,000

371,334

Revenue,

2019

A,

4%,

8/01/34

........................................

525,000

551,403

Revenue,

2019

A,

4%,

8/01/35

........................................

525,000

546,769

Revenue,

2019

A,

4%,

8/01/36

........................................

500,000

516,603

Revenue,

2019

A,

4%,

8/01/37

........................................

275,000

281,696

Revenue,

2019

A,

4%,

8/01/38

........................................

225,000

228,507

Revenue,

2019

A,

4%,

8/01/39

........................................

400,000

401,770

Revenue,

2019

B,

4%,

12/01/34

.......................................

750,000

788,588

Revenue,

2019

B,

4%,

12/01/36

.......................................

750,000

775,326

Revenue,

2019

B,

4%,

12/01/37

.......................................

500,000

512,680

Revenue,

2019

B,

4%,

12/01/38

.......................................

750,000

762,167

Revenue,

2019

B,

4%,

12/01/39

.......................................

600,000

602,755

New

Brunswick

Parking

Authority

,

Revenue

,

2016

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/39

.........................................................

5,000,000

5,291,697

New

Jersey

Economic

Development

Authority

,

Revenue,

2021

QQQ,

4%,

6/15/39

.....................................

2,500,000

2,406,265

Revenue,

2021

QQQ,

4%,

6/15/46

.....................................

1,250,000

1,146,390

Revenue,

2021

QQQ,

4%,

6/15/50

.....................................

1,250,000

1,131,271

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/34

........................................................

1,500,000

1,558,560

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/39

........................................................

1,250,000

1,286,797

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/49

........................................................

3,000,000

3,051,882

Middlesex

Water

Co.,

Revenue,

2019,

4%,

8/01/59

........................

6,200,000

5,519,973

Middlesex

Water

Co.,

Revenue,

2019,

5%,

8/01/59

........................

3,750,000

3,973,688

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/32

..........

640,000

635,543

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/37

..........

600,000

588,873

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

1,500,000

1,414,458

Provident

Group-Montclair

Properties

LLC,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

6/01/42

..............................................

6,000,000

6,367,987

Provident

Group-Rowan

Properties

LLC,

Revenue,

A,

5%,

1/01/48

.............

7,000,000

6,401,037

Rutgers

State

University

of

New

Jersey

(The),

Revenue,

2013,

Pre-Refunded,

5%,

6/15/38

........................................................

5,000,000

5,096,924

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2005

N-1,

Refunding,

NATL

Insured,

5.5%,

9/01/27

........................................

8,660,000

9,681,301

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2015

WW,

5%,

6/15/37

4,760,000

4,903,226

New

Jersey

Educational

Facilities

Authority

,

Kean

University,

Revenue,

2015

H,

Refunding,

AGMC

Insured,

5%,

7/01/34

......

2,205,000

2,322,628

Kean

University,

Revenue,

2015

H,

Refunding,

AGMC

Insured,

5%,

7/01/35

......

5,000,000

5,259,463

Kean

University,

Revenue,

2017

D,

Refunding,

BAM

Insured,

4%,

9/01/38

.......

1,150,000

1,153,535

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/39

................

5,000,000

5,142,758

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/44

................

16,380,000

16,797,679

Montclair

State

University,

Inc.,

Revenue,

2015

D,

Refunding,

5%,

7/01/35

.......

2,245,000

2,345,976

Montclair

State

University,

Inc.,

Revenue,

2015

D,

Refunding,

5%,

7/01/36

.......

1,210,000

1,263,336

Montclair

State

University,

Inc.,

Revenue,

2016

B,

Refunding,

5%,

7/01/34

.......

1,325,000

1,402,044

Ramapo

College

of

New

Jersey,

Revenue,

2017

A,

Refunding,

AGMC

Insured,

5%,

7/01/35

........................................................

3,955,000

4,221,758

Seton

Hall

University,

Revenue,

2015

C,

Refunding,

5%,

7/01/34

..............

400,000

415,188

Seton

Hall

University,

Revenue,

2015

C,

Refunding,

5%,

7/01/37

..............

1,300,000

1,345,230

Franklin

Tax-Free

Trust

Schedule

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

Educational

Facilities

Authority,

(continued)

Seton

Hall

University,

Revenue,

2017

D,

Refunding,

5%,

7/01/42

..............

$

3,945,000

$

4,121,084

Seton

Hall

University,

Revenue,

2020

C,

AGMC

Insured,

3.25%,

7/01/49

........

1,150,000

913,882

Seton

Hall

University,

Revenue,

2020

C,

AGMC

Insured,

4%,

7/01/50

...........

1,850,000

1,764,910

Stevens

Institute

of

Technology,

Revenue,

1998-1,

ETM,

5%,

7/01/28

...........

475,000

511,994

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/36

......

1,600,000

1,682,270

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

......

9,310,000

9,672,348

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/47

......

4,085,000

4,222,222

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/45

...............

4,000,000

4,200,877

Stevens

Institute

of

Technology,

Revenue,

2020

A,

4%,

7/01/50

...............

11,640,000

10,628,869

Trustees

of

Princeton

University

(The),

Revenue,

2014

A,

5%,

7/01/44

..........

15,000,000

15,522,017

New

Jersey

Health

Care

Facilities

Financing

Authority

,

AHS

Hospital

Corp.,

Revenue,

2008

A,

5%,

7/01/27

........................

220,000

220,522

AHS

Hospital

Corp.,

Revenue,

2016,

Refunding,

4%,

7/01/41

.................

10,000,000

9,735,332

AtlantiCare

Health

System

Obligated

Group,

Revenue,

2021,

4%,

7/01/37

.......

750,000

738,527

AtlantiCare

Health

System

Obligated

Group,

Revenue,

2021,

3%,

7/01/46

.......

1,000,000

758,999

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

........................................................

3,000,000

3,157,540

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/38

........................................................

3,000,000

3,149,032

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/39

........................................................

5,000,000

5,240,704

Hunterdon

Medical

Center

Obligated

Group,

Revenue,

2014

A,

Pre-Refunded,

5%,

7/01/45

........................................................

2,650,000

2,769,723

Inspira

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

......

18,500,000

19,043,430

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/42

...............

7,000,000

7,272,442

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

4%,

7/01/47

...............

8,700,000

8,088,909

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2013

A,

5.5%,

7/01/43

.......

4,000,000

4,074,948

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/43

.........

3,650,000

3,751,486

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

7/01/44

15,530,000

15,953,798

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/43

10,000,000

10,471,673

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2013,

Pre-Refunded,

5%,

8/15/31

..

2,935,000

3,006,141

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2013,

Pre-Refunded,

5%,

8/15/34

..

1,500,000

1,536,358

St.

Peter's

University

Hospital

Obligated

Group,

Revenue,

2011,

Refunding,

6%,

7/01/26

........................................................

825,000

826,371

St.

Peter's

University

Hospital

Obligated

Group,

Revenue,

2011,

Refunding,

6.25%,

7/01/35

........................................................

3,400,000

3,406,249

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/35

...........

1,000,000

987,080

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/37

...........

3,950,000

3,880,975

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/39

...........

2,200,000

2,137,908

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/44

...........

11,000,000

10,421,358

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

2019

B,

Refunding,

3.25%,

12/01/39

............................

10,000,000

9,048,419

Revenue,

2020

C,

Refunding,

4.25%,

12/01/50

...........................

1,750,000

1,593,477

Revenue,

2021

B,

Refunding,

5%,

12/01/29

..............................

2,830,000

3,098,846

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

...................

5,910,000

5,595,771

New

Jersey

Housing

&

Mortgage

Finance

Agency

,

Revenue,

2018

A,

Refunding,

3.95%,

11/01/43

............................

1,100,000

1,029,713

Revenue,

2019

A,

Refunding,

3%,

11/01/44

..............................

510,000

409,791

Revenue,

2019

C,

Refunding,

3.95%,

10/01/44

...........................

3,955,000

3,685,926

Revenue,

2020

E,

Refunding,

2.05%,

10/01/35

............................

4,295,000

3,475,577

Revenue,

2020

E,

Refunding,

2.25%,

10/01/40

............................

8,600,000

6,572,247

Revenue,

2020

E,

Refunding,

2.4%,

10/01/45

.............................

3,440,000

2,673,279

Revenue,

2020

E,

Refunding,

2.45%,

10/01/50

............................

2,575,000

2,003,066

New

Jersey

Institute

of

Technology

,

Revenue

,

2015

A

,

5

%

,

7/01/45

..............

6,000,000

6,213,168

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

C,

AGMC

Insured,

Zero

Cpn

.,

12/15/33

.....................

10,000,000

6,465,300

Franklin

Tax-Free

Trust

Schedule

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

Transportation

Trust

Fund

Authority,

(continued)

Revenue,

2009

A,

Zero

Cpn

.,

12/15/32

..................................

$

10,000,000

$

6,581,552

Revenue,

2010

A,

Zero

Cpn

.,

12/15/29

..................................

5,000,000

3,815,190

Revenue,

2013

AA,

5.25%,

6/15/31

....................................

10,000,000

10,166,594

Revenue,

2019

BB,

4%,

6/15/44

.......................................

6,000,000

5,552,138

Revenue,

2020

AA,

4%,

6/15/45

.......................................

9,700,000

8,928,968

Revenue,

2020

AA,

4%,

6/15/50

.......................................

3,670,000

3,321,411

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

2,000,000

1,953,933

New

Jersey

Turnpike

Authority

,

Revenue,

2017

A,

5%,

1/01/34

........................................

6,505,000

7,000,682

Revenue,

2017

A,

5%,

1/01/35

........................................

3,495,000

3,750,076

Revenue,

2017

B,

Refunding,

5%,

1/01/40

...............................

15,245,000

16,308,590

Revenue,

2017

G,

Refunding,

4%,

1/01/43

...............................

5,000,000

4,784,390

Revenue,

2019

A,

5%,

1/01/48

........................................

15,500,000

16,552,521

Revenue,

2021

A,

4%,

1/01/51

........................................

3,000,000

2,819,312

Newark

Board

of

Education

,

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/39

..........................

700,000

577,156

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/40

..........................

750,000

598,883

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/41

..........................

750,000

589,936

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/42

..........................

700,000

542,884

Newark

Housing

Authority

,

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

2017

,

Refunding

,

4

%

,

1/01/37

.............................................

20,745,000

20,974,950

South

Jersey

Transportation

Authority

,

Revenue

,

2020

A

,

5

%

,

11/01/45

...........

5,750,000

6,020,787

State

of

New

Jersey

,

GO,

2020

A,

4%,

6/01/31

............................................

4,500,000

4,805,903

GO,

2020

A,

3%,

6/01/32

............................................

3,400,000

3,254,045

533,449,096

New

York

4.6%

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

179,

5%,

12/01/38

.........................................

15,000,000

15,391,432

Revenue,

Two

Hundred

Sixteenth,

4%,

9/01/45

...........................

5,000,000

4,804,549

Revenue,

First

Series,

171st,

5%,

7/15/30

...............................

12,200,000

12,226,817

32,422,798

Pennsylvania

8.1%

Delaware

River

Joint

Toll

Bridge

Commission

,

Revenue,

2017,

5%,

7/01/42

.........................................

19,500,000

20,867,159

Revenue,

2019

A,

5%,

7/01/33

........................................

100,000

112,069

Revenue,

2019

A,

5%,

7/01/34

........................................

150,000

167,437

Revenue,

2019

A,

5%,

7/01/35

........................................

150,000

167,023

Revenue,

2019

A,

5%,

7/01/36

........................................

150,000

166,705

Revenue,

2019

A,

5%,

7/01/37

........................................

150,000

166,261

Revenue,

2019

A,

5%,

7/01/38

........................................

150,000

165,845

Revenue,

2019

A,

5%,

7/01/39

........................................

150,000

165,514

Revenue,

2019

A,

5%,

7/01/44

........................................

760,000

830,323

Revenue,

2019

B,

Refunding,

5%,

7/01/31

...............................

850,000

961,355

Revenue,

2019

B,

Refunding,

5%,

7/01/32

...............................

1,000,000

1,126,282

Delaware

River

Port

Authority

,

Revenue,

2013,

5%,

1/01/37

.........................................

10,000,000

10,163,035

Revenue,

2018

A,

5%,

1/01/37

........................................

3,285,000

3,514,585

Revenue,

2018

A,

5%,

1/01/38

........................................

5,050,000

5,390,333

Revenue,

2018

A,

5%,

1/01/39

........................................

2,300,000

2,438,499

Revenue,

2018

A,

5%,

1/01/40

........................................

9,565,000

10,066,962

56,469,387

Franklin

Tax-Free

Trust

Schedule

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)

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

$

1,500,000

$

1,215,378

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,500,000

1,214,098

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

795,298

3,224,774

Texas

0.5%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,100,000

1,662,229

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,700,000

2,169,660

3,831,889

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,500,000

1,214,296

Wisconsin

0.8%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,500,000

1,253,947

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

4,100,000

4,072,392

5,326,339

U.S.

Territories

1.3%

Puerto

Rico

1.3%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,200,000

1,218,701

c

Revenue,

WW,

5.5%,

7/01/38

.........................................

3,950,000

3,224,187

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

300,000

304,496

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,000,000

1,009,602

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

2,700,000

2,708,063

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

850,000

824,591

9,289,640

Total

U.S.

Territories

....................................................................

9,289,640

Total

Municipal

Bonds

(Cost

$703,357,951)

.....................................

669,273,394

Total

Long

Term

Investments

(Cost

$704,057,951)

...............................

669,973,394

a

a

a

a

a

Short

Term

Investments

3.3%

Municipal

Bonds

3.3%

New

Jersey

3.3%

d

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group,

Revenue,

2009

B,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.85%,

7/01/43

.................................

11,000,000

11,000,000

Franklin

Tax-Free

Trust

Schedule

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

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

New

Jersey

(continued)

d

New

Jersey

Health

Care

Facilities

Financing

Authority,

(continued)

Virtua

Health

Obligated

Group,

Revenue,

2009

C,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.92%,

7/01/43

.................................

$

12,000,000

$

12,000,000

23,000,000

Total

Municipal

Bonds

(Cost

$23,000,000)

......................................

23,000,000

Total

Short

Term

Investments

(Cost

$23,000,000

)

................................

23,000,000

a

Total

Investments

(Cost

$727,057,951)

99.3%

...................................

$692,973,394

Other

Assets,

less

Liabilities

0.7%

.............................................

4,998,877

Net

Assets

100.0%

...........................................................

$697,972,271

See

Abbreviations

on

page

175

.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

12

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2022,

the

aggregate

value

of

these

securities

was

$21,191,522,

representing

3.0%

of

net

assets.

c

See

Note

7

regarding

credit

risk

and

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,

2022

(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

.................................

$2,858,715,950

$1,210,816,429

$5,824,597,502

Cost

-

Controlled

affiliates

(Note

3f)

..........................

57,603,313

39,888,825

41,778,737

Value

-

Unaffiliated

issuers

................................

$2,734,184,072

$1,178,330,199

$5,666,713,249

Value

-

Controlled

affiliates

(Note

3f)

.........................

49,808,250

36,502,500

38,199,000

Cash

..................................................

2,740,247

345,348

2,380,994

Receivables:

Investment

securities

sold

.................................

11,280,147

—

25,794,814

Capital

shares

sold

......................................

1,680,778

2,898,818

3,579,673

Interest

...............................................

29,186,810

9,883,701

63,623,188

Total

assets

........................................

2,828,880,304

1,227,960,566

5,800,290,918

Liabilities:

Payables:

Investment

securities

purchased

............................

45,494,614

3,052,670

10,938,285

Capital

shares

redeemed

.................................

5,939,391

1,890,972

15,055,423

Management

fees

.......................................

340,278

175,152

2,207,276

Distribution

fees

........................................

269,897

125,954

676,844

Transfer

agent

fees

......................................

454,834

132,103

859,974

Trustees'

fees

and

expenses

...............................

1,724

633

517

Distributions

to

shareholders

...............................

795,015

403,760

2,107,531

Accrued

expenses

and

other

liabilities

.........................

735,599

69,442

918,054

Total

liabilities

.......................................

54,031,352

5,850,686

32,763,904

Net

assets,

at

value

...............................

$2,774,848,952

$1,222,109,880

$5,767,527,014

Net

assets

consist

of:

Paid-in

capital

...........................................

$2,995,341,094

$1,267,039,177

$6,725,073,665

Total

distributable

earnings

(losses)

...........................

(220,492,142)

(44,929,297)

(957,546,651)

Net

assets,

at

value

...............................

$2,774,848,952

$1,222,109,880

$5,767,527,014

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2022

(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

.....................................

$702,146,541

$374,316,532

$1,398,081,096

Shares

outstanding

......................................

63,457,616

37,242,749

154,693,156

Net

asset

value

per

share

a

................................

$11.06

$10.05

$9.04

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

97.75%,

97.75%

and

96.25%,

respectively)

..........................

$11.31

$10.28

$9.39

Class

A1:

Net

assets,

at

value

.....................................

$1,024,982,203

$358,255,592

$2,942,253,638

Shares

outstanding

......................................

92,756,894

35,611,343

325,813,233

Net

asset

value

per

share

a

................................

$11.05

$10.06

$9.03

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

97.75%,

97.75%

and

96.25%,

respectively)

..........................

$11.30

$10.29

$9.38

Class

C:

Net

assets,

at

value

.....................................

$51,996,056

$—

$206,678,721

Shares

outstanding

......................................

4,690,352

—

22,428,231

Net

asset

value

and

maximum

offering

price

per

share

a

...........

$11.09

$—

$9.22

Class

R6:

Net

assets,

at

value

.....................................

$168,968,237

$77,814,676

$209,566,324

Shares

outstanding

......................................

15,251,189

7,741,434

23,092,494

Net

asset

value

and

maximum

offering

price

per

share

...........

$11.08

$10.05

$9.08

Advisor

Class:

Net

assets,

at

value

.....................................

$826,755,915

$411,723,080

$1,010,947,235

Shares

outstanding

......................................

74,629,821

40,947,644

111,435,074

Net

asset

value

and

maximum

offering

price

per

share

...........

$11.08

$10.05

$9.07

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,

2022

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

150

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

..................................................

$386,688,948

$727,057,951

Value

-

Unaffiliated

issuers

.................................................

$366,009,467

$692,973,394

Cash

...................................................................

152,613

58,599

Receivables:

Capital

shares

sold

.......................................................

621,035

302,152

Interest

................................................................

3,610,651

5,987,562

Total

assets

.........................................................

370,393,766

699,321,707

Liabilities:

Payables:

Investment

securities

purchased

.............................................

3,066,322

—

Capital

shares

redeemed

..................................................

889,643

618,679

Management

fees

........................................................

162,684

287,119

Distribution

fees

.........................................................

36,409

88,487

Transfer

agent

fees

.......................................................

45,170

88,459

Trustees'

fees

and

expenses

................................................

769

1,140

Distributions

to

shareholders

................................................

115,870

221,098

Accrued

expenses

and

other

liabilities

..........................................

50,457

44,454

Total

liabilities

........................................................

4,367,324

1,349,436

Net

assets,

at

value

................................................

$366,026,442

$697,972,271

Net

assets

consist

of:

Paid-in

capital

............................................................

$406,967,233

$830,820,018

Total

distributable

earnings

(losses)

............................................

(40,940,791)

(132,847,747)

Net

assets,

at

value

................................................

$366,026,442

$697,972,271

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2022

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

151

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Class

A:

Net

assets,

at

value

......................................................

$56,325,564

$125,781,868

Shares

outstanding

.......................................................

5,357,490

12,308,442

Net

asset

value

per

share

a

.................................................

$10.51

$10.22

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%

and

96.25%,

respectively)

............................................................

$10.92

$10.62

Class

A1:

Net

assets,

at

value

......................................................

$187,536,002

$402,521,723

Shares

outstanding

.......................................................

17,849,991

39,441,258

Net

asset

value

per

share

a

.................................................

$10.51

$10.21

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%

and

96.25%,

respectively)

............................................................

$10.92

$10.61

Class

C:

Net

assets,

at

value

......................................................

$13,831,072

$46,117,862

Shares

outstanding

.......................................................

1,300,497

4,458,170

Net

asset

value

and

maximum

offering

price

per

share

a

............................

$10.64

$10.34

Class

R6:

Net

assets,

at

value

......................................................

$12,276,672

$34,024,478

Shares

outstanding

.......................................................

1,167,694

3,330,303

Net

asset

value

and

maximum

offering

price

per

share

............................

$10.51

$10.22

Advisor

Class:

Net

assets,

at

value

......................................................

$96,057,132

$89,526,340

Shares

outstanding

.......................................................

9,142,292

8,764,300

Net

asset

value

and

maximum

offering

price

per

share

............................

$10.51

$10.21

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,

2022

(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

......................................

$214,515

$122,529

$233,629

Controlled

affiliates

(Note

3f)

...............................

422,186

298,448

333,409

Interest:

Unaffiliated

issuers

......................................

43,003,412

11,029,544

148,148,609

Total

investment

income

.................................

43,640,113

11,450,521

148,715,647

Expenses:

Management

fees

(Note

3

a

)

.................................

6,798,168

3,059,328

13,642,403

Distribution

fees:

(Note

3c

)

    Class

A

..............................................

897,236

457,789

1,792,015

    Class

A1

.............................................

565,157

289,735

1,585,878

    Class

C

..............................................

188,959

—

738,548

Transfer

agent

fees:

(Note

3e

)

    Class

A

..............................................

277,722

107,625

530,453

    Class

A1

.............................................

436,286

113,343

1,171,939

    Class

C

..............................................

22,435

—

83,810

    Class

R6

.............................................

26,068

13,376

29,038

    Advisor

Class

..........................................

371,466

137,556

402,819

Custodian

fees

(Note

4

)

....................................

10,324

3,585

18,741

Reports

to

shareholders

fees

................................

128,931

34,391

198,898

Registration

and

filing

fees

..................................

70,871

39,822

137,795

Professional

fees

.........................................

39,330

32,147

85,776

Trustees'

fees

and

expenses

................................

18,605

7,132

33,800

Federal

and

state

income

taxes

..............................

575,100

194,060

2,578,217

Other

..................................................

42,972

19,616

74,228

Total

expenses

.......................................

10,469,630

4,509,505

23,104,358

Expense

reductions

(Note

4

)

.............................

(9,157)

(5,014)

(10,932)

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

............

(1,900,485)

(1,169,931)

(88,780)

Net

expenses

.......................................

8,559,988

3,334,560

23,004,646

Net

investment

income

..............................

35,080,125

8,115,961

125,711,001

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

....................................

(30,143,836)

(3,029,424)

(2,071,870)

Controlled

affiliates

(Note

3

f

)

.............................

(636,053)

—

(580,060)

Net

realized

gain

(loss)

................................

(30,779,889)

(3,029,424)

(2,651,930)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

(180,127,851)

(33,241,664)

(673,661,089)

Controlled

affiliates

(Note

3

f

)

.............................

(4,607,051)

(3,311,375)

(2,941,399)

Net

change

in

unrealized

appreciation

(depreciation)

..........

(184,734,902)

(36,553,039)

(676,602,488)

Net

realized

and

unrealized

gain

(loss)

..........................

(215,514,791)

(39,582,463)

(679,254,418)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$(180,434,666)

$(31,466,502)

$(553,543,417)

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

August

31,

2022

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

153

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

.......................................................

$5,837,159

$12,602,502

Expenses:

Management

fees

(Note

3

a

)

..................................................

999,586

1,765,010

Distribution

fees:

(Note

3c

)

    Class

A

...............................................................

73,219

163,478

    Class

A1

..............................................................

100,141

213,751

    Class

C

...............................................................

50,689

166,711

Transfer

agent

fees:

(Note

3e

)

    Class

A

...............................................................

22,742

47,809

    Class

A1

..............................................................

77,784

156,244

    Class

C

...............................................................

6,041

18,729

    Class

R6

..............................................................

3,043

4,644

    Advisor

Class

...........................................................

41,167

35,078

Custodian

fees

(Note

4

)

.....................................................

1,294

2,409

Reports

to

shareholders

fees

.................................................

9,282

20,328

Registration

and

filing

fees

...................................................

25,096

17,819

Professional

fees

..........................................................

32,785

33,381

Trustees'

fees

and

expenses

.................................................

2,545

4,094

Other

...................................................................

15,669

23,651

Total

expenses

........................................................

1,461,083

2,673,136

Expense

reductions

(Note

4

)

..............................................

(2,163)

(3,284)

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

.............................

(1,025)

(109)

Net

expenses

........................................................

1,457,895

2,669,743

Net

investment

income

...............................................

4,379,264

9,932,759

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

.....................................................

(3,857,111)

(4,884,231)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

.....................................................

(32,493,935)

(63,081,676)

Net

realized

and

unrealized

gain

(loss)

...........................................

(36,351,046)

(67,965,907)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.........................

$(31,971,782)

$(58,033,148)

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,

2022

(unaudited)

Year

Ended

February

28,

2022

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$35,080,125

$78,089,200

$8,115,961

$11,959,880

Net

realized

gain

(loss)

............

(30,779,889)

19,638,184

(3,029,424)

(34,365)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(184,734,902)

(143,433,808)

(36,553,039)

(29,686,299)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(180,434,666)

(45,706,424)

(31,466,502)

(17,760,784)

Distributions

to

shareholders:

Class

A

........................

(7,308,489)

(13,727,492)

(1,766,724)

(2,317,138)

Class

A1

.......................

(12,361,299)

(27,971,260)

(2,037,460)

(3,584,062)

Class

C

........................

(473,665)

(1,405,068)

—

—

Class

R6

.......................

(2,032,849)

(9,704,030)

(505,512)

(784,984)

Advisor

Class

...................

(10,982,600)

(25,287,616)

(2,811,380)

(5,193,340)

Total

distributions

to

shareholders

.....

(33,158,902)

(78,095,466)

(7,121,076)

(11,879,524)

Capital

share

transactions:

(Note

2

)

Class

A

........................

(4,076,592)

151,933,617

38,618,444

58,474,407

Class

A1

.......................

(160,950,817)

(95,815,361)

(44,180,440)

(45,440,406)

Class

C

........................

(10,931,753)

(52,479,554)

—

—

Class

R6

.......................

(75,722,230)

(143,397,907)

(6,195,569)

18,054,059

Advisor

Class

...................

(230,192,416)

11,781,859

(116,057,476)

36,938,149

Total

capital

share

transactions

.......

(481,873,808)

(127,977,346)

(127,815,041)

68,026,209

Net

increase

(decrease)

in

net

assets

.....................

(695,467,376)

(251,779,236)

(166,402,619)

38,385,901

Net

assets:

Beginning

of

period

................

3,470,316,328

3,722,095,564

1,388,512,499

1,350,126,598

End

of

period

.....................

$2,774,848,952

$3,470,316,328

$1,222,109,880

$1,388,512,499

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,

2022

(unaudited)

Year

Ended

February

28,

2022

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$125,711,001

$252,494,675

$4,379,264

$8,845,296

Net

realized

gain

(loss)

............

(2,651,930)

85,762,107

(3,857,111)

2,483,489

Net

change

in

unrealized

appreciation

(depreciation)

.................

(676,602,488)

(264,860,199)

(32,493,935)

(15,471,274)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(553,543,417)

73,396,583

(31,971,782)

(4,142,489)

Distributions

to

shareholders:

Class

A

........................

(27,504,005)

(48,912,923)

(602,783)

(1,166,474)

Class

A1

.......................

(63,263,901)

(133,724,379)

(2,212,696)

(4,729,342)

Class

C

........................

(3,809,604)

(9,352,139)

(126,403)

(324,348)

Class

R6

.......................

(3,897,621)

(7,469,662)

(167,193)

(416,178)

Advisor

Class

...................

(22,211,902)

(48,104,855)

(1,221,571)

(2,204,859)

Total

distributions

to

shareholders

.....

(120,687,033)

(247,563,958)

(4,330,646)

(8,841,201)

Capital

share

transactions:

(Note

2

)

Class

A

........................

(5,532,285)

427,759,208

(2,835,849)

7,788,717

Class

A1

.......................

(228,285,906)

(155,591,551)

(13,142,510)

(19,817,443)

Class

C

........................

(30,166,291)

(92,656,240)

(2,698,535)

(8,668,013)

Class

R6

.......................

3,367,729

78,465,868

(7,113,958)

4,663,994

Advisor

Class

...................

(150,183,566)

89,039,042

(4,154,202)

6,460,125

Total

capital

share

transactions

.......

(410,800,319)

347,016,327

(29,945,054)

(9,572,620)

Net

increase

(decrease)

in

net

assets

.....................

(1,085,030,769)

172,848,952

(66,247,482)

(22,556,310)

Net

assets:

Beginning

of

period

................

6,852,557,783

6,679,708,831

432,273,924

454,830,234

End

of

period

.....................

$5,767,527,014

$6,852,557,783

$366,026,442

$432,273,924

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

New

Jersey

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$9,932,759

$20,125,163

Net

realized

gain

(loss)

.................................................

(4,884,231)

1,843,006

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(63,081,676)

(22,042,965)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(58,033,148)

(74,796)

Distributions

to

shareholders:

Class

A

.............................................................

(1,668,814)

(3,093,286)

Class

A1

............................................................

(5,783,255)

(12,245,222)

Class

C

.............................................................

(542,289)

(1,386,422)

Class

R6

............................................................

(484,169)

(912,192)

Advisor

Class

........................................................

(1,345,055)

(2,459,350)

Total

distributions

to

shareholders

..........................................

(9,823,582)

(20,096,472)

Capital

share

transactions:

(Note

2

)

Class

A

.............................................................

(3,677,598)

26,696,327

Class

A1

............................................................

(22,619,642)

(41,070,926)

Class

C

.............................................................

(7,714,390)

(28,211,554)

Class

R6

............................................................

1,121,905

4,915,215

Advisor

Class

........................................................

(4,956,754)

11,764,193

Total

capital

share

transactions

............................................

(37,846,479)

(25,906,745)

Net

increase

(decrease)

in

net

assets

...................................

(105,703,209)

(46,078,013)

Net

assets:

Beginning

of

period

.....................................................

803,675,480

849,753,493

End

of

period

..........................................................

$697,972,271

$803,675,480

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

separate

funds,

five

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.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

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

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

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

158

franklintempleton.com

Semiannual

Report

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.

Senior

Floating

Rate

Interests

Certain

or

all

Funds

invest

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

London

InterBank

Offered

Rate

(LIBOR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the

Funds

invest

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

d.

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,

2022, 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. 

e.

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.

f.

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.

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

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

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,

2022,

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,

2022

Shares

sold

a

...................................

16,077,587

$180,333,442

17,353,834

$175,398,672

Shares

issued

in

reinvestment

of

distributions

..........

615,373

6,905,003

169,902

1,718,101

Shares

redeemed

...............................

(17,037,792)

(191,315,037)

(13,699,199)

(138,498,329)

Net

increase

(decrease)

..........................

(344,832)

$(4,076,592)

3,824,537

$38,618,444

Year

ended

February

28,

2022

Shares

sold

a

...................................

25,841,098

$317,408,964

16,426,608

$173,382,859

Shares

issued

in

reinvestment

of

distributions

..........

1,057,938

12,928,871

214,528

2,261,184

Shares

redeemed

...............................

(14,606,065)

(178,404,218)

(11,120,853)

(117,169,636)

Net

increase

(decrease)

..........................

12,292,971

$151,933,617

5,520,283

$58,474,407

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

2,180,831

$24,436,914

1,592,543

$16,098,398

Shares

issued

in

reinvestment

of

distributions

..........

1,038,191

11,639,477

187,791

1,901,187

Shares

redeemed

...............................

(17,584,490)

(197,027,208)

(6,143,937)

(62,180,025)

Net

increase

(decrease)

..........................

(14,365,468)

$(160,950,817)

(4,363,603)

$(44,180,440)

Year

ended

February

28,

2022

Shares

sold

...................................

4,208,850

$51,602,378

1,746,744

$18,469,815

Shares

issued

in

reinvestment

of

distributions

..........

2,163,843

26,436,064

316,274

3,338,404

Shares

redeemed

...............................

(14,226,743)

(173,853,803)

(6,367,502)

(67,248,625)

Net

increase

(decrease)

..........................

(7,854,050)

$(95,815,361)

(4,304,484)

$(45,440,406)

Class

C

1.

Organization

and

Significant

Accounting

Policies

(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,

2022

Shares

sold

...................................

393,330

$4,406,042

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

40,051

450,477

—

—

Shares

redeemed

a

..............................

(1,399,026)

(15,788,272)

—

—

Net

increase

(decrease)

..........................

(965,645)

$(10,931,753)

—

$—

Six

Months

ended

February

28,

2022

Shares

sold

...................................

626,925

$7,710,743

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

110,924

1,361,732

—

—

Shares

redeemed

a

..............................

(4,989,977)

(61,552,029)

—

—

Net

increase

(decrease)

..........................

(4,252,128)

$(52,479,554)

—

$—

Class

R6

Class

R6

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

4,903,000

$55,424,996

2,401,963

$24,297,734

Shares

issued

in

reinvestment

of

distributions

..........

161,790

1,819,221

45,470

459,866

Shares

redeemed

...............................

(11,574,341)

(132,966,447)

(3,059,812)

(30,953,169)

Net

increase

(decrease)

..........................

(6,509,551)

$(75,722,230)

(612,379)

$(6,195,569)

Year

ended

February

28,

2022

Shares

sold

...................................

8,809,084

$108,244,712

3,602,621

$38,015,451

Shares

issued

in

reinvestment

of

distributions

..........

723,368

8,867,097

62,827

662,210

Shares

redeemed

...............................

(21,659,393)

(260,509,716)

(1,960,881)

(20,623,602)

Net

increase

(decrease)

..........................

(12,126,941)

$(143,397,907)

1,704,567

$18,054,059

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

12,313,252

$138,496,663

5,551,027

$56,234,520

Shares

issued

in

reinvestment

of

distributions

..........

639,527

7,189,358

74,856

757,480

Shares

redeemed

...............................

(33,443,581)

(375,878,437)

(17,109,241)

(173,049,476)

Net

increase

(decrease)

..........................

(20,490,802)

$(230,192,416)

(11,483,358)

$(116,057,476)

Year

ended

February

28,

2022

Shares

sold

...................................

18,330,343

$225,128,159

16,704,115

$176,529,349

Shares

issued

in

reinvestment

of

distributions

..........

1,338,444

16,388,663

121,062

1,276,835

Shares

redeemed

...............................

(18,775,139)

(229,734,963)

(13,347,948)

(140,868,035)

Net

increase

(decrease)

..........................

893,648

$11,781,859

3,477,229

$36,938,149

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,

2022

Shares

sold

a

...................................

28,569,364

$264,069,889

670,555

$7,155,533

Shares

issued

in

reinvestment

of

distributions

..........

2,754,324

25,469,960

50,633

543,154

Shares

redeemed

...............................

(31,851,977)

(295,072,134)

(986,338)

(10,534,536)

Net

increase

(decrease)

..........................

(528,289)

$(5,532,285)

(265,150)

$(2,835,849)

Year

ended

February

28,

2022

Shares

sold

a

...................................

59,380,113

$621,923,792

1,553,128

$18,547,969

Shares

issued

in

reinvestment

of

distributions

..........

4,303,734

44,836,646

90,022

1,069,868

Shares

redeemed

...............................

(22,936,685)

(239,001,230)

(999,149)

(11,829,120)

Net

increase

(decrease)

..........................

40,747,162

$427,759,208

644,001

$7,788,717

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

6,020,881

$55,751,688

169,256

$1,826,984

Shares

issued

in

reinvestment

of

distributions

..........

6,151,250

56,840,887

163,886

1,756,964

Shares

redeemed

...............................

(36,863,616)

(340,878,481)

(1,561,620)

(16,726,458)

Net

increase

(decrease)

..........................

(24,691,485)

$(228,285,906)

(1,228,478)

$(13,142,510)

Year

ended

February

28,

2022

Shares

sold

...................................

12,784,820

$133,384,749

330,690

$3,945,247

Shares

issued

in

reinvestment

of

distributions

..........

11,587,830

120,715,223

323,227

3,841,179

Shares

redeemed

...............................

(39,286,242)

(409,691,523)

(2,319,425)

(27,603,869)

Net

increase

(decrease)

..........................

(14,913,592)

$(155,591,551)

(1,665,508)

$(19,817,443)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

1,258,858

$11,903,570

15,494

$168,286

Shares

issued

in

reinvestment

of

distributions

..........

384,231

3,625,257

10,406

112,957

Shares

redeemed

a

..............................

(4,825,629)

(45,695,118)

(273,820)

(2,979,778)

Net

increase

(decrease)

..........................

(3,182,540)

$(30,166,291)

(247,920)

$(2,698,535)

Year

ended

February

28,

2022

Shares

sold

...................................

4,362,534

$46,559,564

148,941

$1,800,015

Shares

issued

in

reinvestment

of

distributions

..........

842,540

8,963,518

23,905

287,934

Shares

redeemed

a

..............................

(13,823,864)

(148,179,322)

(888,399)

(10,755,962)

Net

increase

(decrease)

..........................

(8,618,790)

$(92,656,240)

(715,553)

$(8,668,013)

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,

2022

Shares

sold

...................................

7,860,622

$73,348,594

480,496

$5,163,363

Shares

issued

in

reinvestment

of

distributions

..........

362,511

3,368,888

4,355

46,734

Shares

redeemed

...............................

(7,806,358)

(73,349,753)

(1,136,468)

(12,324,055)

Net

increase

(decrease)

..........................

416,775

$3,367,729

(651,617)

$(7,113,958)

Year

ended

February

28,

2022

Shares

sold

...................................

10,243,739

$107,614,646

637,435

$7,585,567

Shares

issued

in

reinvestment

of

distributions

..........

610,399

6,385,602

8,626

102,534

Shares

redeemed

...............................

(3,407,100)

(35,534,380)

(255,454)

(3,024,107)

Net

increase

(decrease)

..........................

7,447,038

$78,465,868

390,607

$4,663,994

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

34,444,633

$317,513,162

10,143,883

$109,760,778

Shares

issued

in

reinvestment

of

distributions

..........

1,962,032

18,223,956

110,380

1,183,798

Shares

redeemed

...............................

(52,334,811)

(485,920,684)

(10,694,177)

(115,098,778)

Net

increase

(decrease)

..........................

(15,928,146)

$(150,183,566)

(439,914)

$(4,154,202)

Year

ended

February

28,

2022

Shares

sold

...................................

32,905,773

$345,760,107

3,118,505

$36,528,748

Shares

issued

in

reinvestment

of

distributions

..........

3,714,863

38,870,647

178,849

2,125,046

Shares

redeemed

...............................

(28,269,380)

(295,591,712)

(2,721,743)

(32,193,669)

Net

increase

(decrease)

..........................

8,351,256

$89,039,042

575,611

$6,460,125

Franklin

New

Jersey

Tax-Free

Income

Fund

Shares

Amount

Class

A

Class

A

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

a

...................................

1,309,597

$13,708,048

Shares

issued

in

reinvestment

of

distributions

..........

142,106

1,486,910

Shares

redeemed

...............................

(1,796,479)

(18,872,556)

Net

increase

(decrease)

..........................

(344,776)

$(3,677,598)

Year

ended

February

28,

2022

Shares

sold

a

...................................

4,002,318

$46,526,741

Shares

issued

in

reinvestment

of

distributions

..........

238,426

2,752,388

Shares

redeemed

...............................

(1,954,472)

(22,582,802)

Net

increase

(decrease)

..........................

2,286,272

$26,696,327

Class

A1

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

163

franklintempleton.com

Semiannual

Report

Franklin

New

Jersey

Tax-Free

Income

Fund

Shares

Amount

Class

A1

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

191,192

$2,018,733

Shares

issued

in

reinvestment

of

distributions

..........

458,478

4,791,494

Shares

redeemed

...............................

(2,800,601)

(29,429,869)

Net

increase

(decrease)

..........................

(2,150,931)

$(22,619,642)

Year

ended

February

28,

2022

Shares

sold

...................................

951,502

$10,985,445

Shares

issued

in

reinvestment

of

distributions

..........

880,407

10,157,101

Shares

redeemed

...............................

(5,386,715)

(62,213,472)

Net

increase

(decrease)

..........................

(3,554,806)

$(41,070,926)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

96,693

$1,033,057

Shares

issued

in

reinvestment

of

distributions

..........

46,254

490,040

Shares

redeemed

a

..............................

(867,014)

(9,237,487)

Net

increase

(decrease)

..........................

(724,067)

$(7,714,390)

Year

ended

February

28,

2022

Shares

sold

...................................

337,987

$3,968,819

Shares

issued

in

reinvestment

of

distributions

..........

109,144

1,277,734

Shares

redeemed

a

..............................

(2,843,562)

(33,458,107)

Net

increase

(decrease)

..........................

(2,396,431)

$(28,211,554)

Class

R6

Class

R6

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

605,599

$6,291,070

Shares

issued

in

reinvestment

of

distributions

..........

44,697

467,529

Shares

redeemed

...............................

(534,654)

(5,636,694)

Net

increase

(decrease)

..........................

115,642

$1,121,905

Year

ended

February

28,

2022

Shares

sold

...................................

761,868

$8,831,528

Shares

issued

in

reinvestment

of

distributions

..........

76,152

878,973

Shares

redeemed

...............................

(417,166)

(4,795,286)

Net

increase

(decrease)

..........................

420,854

$4,915,215

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,

calculated

daily

and

paid

monthly,

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,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

average

daily

net

assets

of

the

fund

as

follows:

Franklin

New

Jersey

Tax-Free

Income

Fund

Shares

Amount

Advisor

Class

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

6,332,497

$66,797,161

Shares

issued

in

reinvestment

of

distributions

..........

119,191

1,246,705

Shares

redeemed

...............................

(6,946,651)

(73,000,620)

Net

increase

(decrease)

..........................

(494,963)

$(4,956,754)

Year

ended

February

28,

2022

Shares

sold

...................................

2,647,057

$30,359,439

Shares

issued

in

reinvestment

of

distributions

..........

197,826

2,283,765

Shares

redeemed

...............................

(1,811,088)

(20,879,011)

Net

increase

(decrease)

..........................

1,033,795

$11,764,193

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)

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,

2022,

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

........

0.447%

0.469%

0.447%

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.507%

0.478%

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

Reimbursement

Plans:

Class

A

...............................

0.25%

0.25%

0.25%

0.25%

Class

A1

..............................

0.10%

0.15%

0.10%

0.10%

Compensation

Plans:

Class

C

...............................

0.65%

—

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,

2022,

the

Funds

paid

transfer

agent

fees

as

noted

in

the

Statements

of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

Franklin

New

Jersey

Tax-Free

Income

Fund

Reimbursement

Plans:

Class

A

...............................

0.25%

Class

A1

..............................

0.10%

Compensation

Plans:

Class

C

...............................

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

Franklin

Massachusetts

Tax-Free

Income

Fund

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$5,719

$2,537

$27,110

$1,425

CDSC

retained

...........................

$83,210

$45,450

$272,202

$4,747

Franklin

New

Jersey

Tax-Free

Income

Fund

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$2,588

CDSC

retained

...........................

$7,636

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

Transfer

agent

fees

........................

$402,076

$170,608

$881,955

$64,900

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,

2022,

investments

in

affiliated

management

investment

companies

were

as

follows:

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

so

that

the

operating expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

Franklin

New

Jersey

Tax-Free

Income

Fund

Transfer

agent

fees

........................

$126,008

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Municipal

Green

Bond

ETF

...................

$

65,440,300

$

—

$

(10,388,946)

$

(636,053)

$

(4,607,051)

$

49,808,250

2,115,000

$

422,186

Total

Affiliated

Securities

...

$65,440,300

$—

$(10,388,946)

$(636,053)

$(4,607,051)

$49,808,250

$422,186

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Municipal

Green

Bond

ETF

...................

$

33,826,000

$

5,987,875

$

—

$

—

$

(3,311,375)

$

36,502,500

1,550,000

$

298,448

Total

Affiliated

Securities

...

$33,826,000

$5,987,875

$—

$—

$(3,311,375)

$36,502,500

$298,448

Franklin

High

Yield

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Dynamic

Municipal

Bond

ETF

...................

$

46,532,900

$

—

$

(4,812,441)

$

(580,060)

$

(2,941,399)

$

38,199,000

1,605,000

$

333,409

Total

Affiliated

Securities

...

$46,532,900

$—

$(4,812,441)

$(580,060)

$(2,941,399)

$38,199,000

$333,409

3.

Transactions

with

Affiliates

(continued)

e.

Transfer

Agent

Fees

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

168

franklintempleton.com

Semiannual

Report

litigation,

indemnification,

reorganizations,

and

liquidations)

for

Class

A,

Class

A1,

Class

C

and

Advisor

Class

of

the

Fund

do

not

exceed

0.46%,

and

for

Class

R6

does

not

exceed

0.40%,

based

on

the

average

net

assets

of

each

class

until

June

30,

2023.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

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

Limited-Term

Tax-Free

Income

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

Fund

do

not

exceed

0.40%,

based

on

the

average

net

assets

of

each

class

until

June

30,

2023.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund’s

fiscal

year

end.

Effective

April

1,

2022,

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

Massachusetts

Tax-Free

Income

Fund

and

Franklin

New

Jersey

Tax-

Free

Income

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

0.65%,

based

on

the

average

net

assets

of

each

class

until

June

30,

2023.

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,

2023.

For

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund,

Franklin

High

Yield

Tax-Free

Income

Fund,

Franklin

Massachusetts

Tax-Free

Income

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,

2023.

h.

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,

sales

and

the

related

net

realized

gains

(losses),

if

any,

for

the

period

ended

August

31,

2022,

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

Franklin

Massachusetts

Tax-Free

Income

Fund

Purchases

..............................

$109,017,921

$83,501,275

$170,888,642

$6,761,579

Sales

..................................

$130,724,872

$166,215,000

$150,663,624

$7,640,130

Net

Realized

Gains

(Losses)

.................

$(3,375,671)

$—

$(4,339,940)

$(663,271)

Franklin

New

Jersey

Tax-Free

Income

Fund

Purchases

..............................

$—

Sales

..................................

$300,000

Net

Realized

Gains

(Losses)

.................

$—

3.

Transactions

with

Affiliates

(continued)

g.

Waiver

and

Expense

Reimbursements

(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,

2022, 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,

2022,

the

capital

loss

carryforwards

were

as

follows:

At

August

31

,

2022

,

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

Franklin

Massachusetts

Tax-Free

Income

Fund

1

1

1

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

59,511,979

$

2

,

217

,

726

$

209,527,584

$

11,255,518

Long

term

.............................

—

4

,

999

,

871

610,931,368

5,173,226

Total

capital

loss

carryforwards

............

$59,511,979

$7,217,597

$820,458,952

$16,428,744

Franklin

New

Jersey

Tax-Free

Income

Fund

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

15,596,669

Long

term

.............................

78,941,811

Total

capital

loss

carryforwards

............

$94,538,480

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

a

a

a

a

a

Cost

of

investments

.......................

$2,916,598,005

$1,250,420,965

$5,872,747,474

$386,683,388

Unrealized

appreciation

.....................

$11,554,214

$1,674,291

$285,789,178

$2,212,562

Unrealized

depreciation

.....................

(144,159,897)

(37,262,557)

(453,624,403)

(22,886,483)

Net

unrealized

appreciation

(depreciation)

.......

$(132,605,683)

$(35,588,266)

$(167,835,225)

$(20,673,921)

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 and

premiums.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

August

31,

2022,

were

as

follows:

7.

Credit Risk

and

Defaulted

Securities

At

August

31,

2022,

Franklin

High

Yield

Tax-Free

Fund

had

54.7%

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,

2022,

the

aggregate

value

of

these

securities

for

Franklin

High

Yield

Tax-Free

Income

Fund

and

Franklin

New

Jersey

Tax-Free

Income

Fund

was

$147,390,223

and

$3,224,187,

representing

2.6%

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

Schedules

of

Investments.

Franklin

New

Jersey

Tax-Free

Income

Fund

a

a

Cost

of

investments

.......................

$727,314,999

Unrealized

appreciation

.....................

$5,366,277

Unrealized

depreciation

.....................

(39,707,882)

Net

unrealized

appreciation

(depreciation)

.......

$(34,341,605)

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

Purchases

..............................

$336,623,935

$189,848,561

$754,874,286

$18,456,953

Sales

..................................

$744,122,017

$147,425,389

$1,233,222,655

$33,315,265

Franklin

New

Jersey

Tax-Free

Income

Fund

Purchases

..............................

$19,105,304

Sales

..................................

$64,309,364

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.

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.

Geopolitical

Risk

On

February

24,

2022,

Russia

engaged

in

military

actions

in

the

sovereign

territory

of

Ukraine.

The

current

political

and

financial

uncertainty

surrounding

Russia

and

Ukraine

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

these

countries

and

may

also

cause

uncertainty

for

the

global

economy

and

broader

financial

markets.

The

ultimate

fallout

and

long-term

impact

from

these

events

are

not

known.

The

Fund

will

continue

to

assess

the

impact

on

valuations

and

liquidity

and

will

take

any

potential

actions

needed

in

accordance

with

procedures

approved

by

the

Board.

10.

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.

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

3,

2023.

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,

2022,

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)

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,

2022,

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

.........

$

49,808,250

$

—

$

—

$

49,808,250

Municipal

Bonds

.........................

—

2,729,584,072

—

2,729,584,072

Short

Term

Investments

...................

—

4,600,000

—

4,600,000

Total

Investments

in

Securities

...........

$49,808,250

$2,734,184,072

$—

$2,783,992,322

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

36,502,500

—

—

36,502,500

Senior

Floating

Rate

Interests

...............

—

—

34,140,895

34,140,895

Municipal

Bonds

.........................

—

1,096,224,304

—

1,096,224,304

Short

Term

Investments

...................

—

47,965,000

—

47,965,000

Total

Investments

in

Securities

...........

$36,502,500

$1,144,189,304

$34,140,895

$1,214,832,699

Franklin

High

Yield

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

70,011,000

—

—

70,011,000

Corporate

Bonds

:

United

States

..........................

—

100,231,289

17,721,450

117,952,739

Municipal

Bonds

:

—

Alabama

.............................

—

172,971,268

—

172,971,268

Arizona

..............................

—

108,400,320

—

108,400,320

Arkansas

.............................

—

7,918,344

—

7,918,344

California

.............................

—

1,115,097,802

—

1,115,097,802

Colorado

.............................

—

311,540,211

—

311,540,211

Connecticut

...........................

—

34,757,670

—

34,757,670

Florida

...............................

—

848,445,576

—

848,445,576

Georgia

..............................

—

64,603,841

—

64,603,841

Idaho

................................

—

13,330,180

—

13,330,180

Illinois

...............................

—

148,546,491

—

148,546,491

Indiana

..............................

—

25,307,871

—

25,307,871

Iowa

................................

—

15,633,425

—

15,633,425

Kansas

..............................

—

4,606,607

—

4,606,607

Kentucky

.............................

—

42,722,921

—

42,722,921

Louisiana

.............................

—

76,927,505

—

76,927,505

Maryland

.............................

—

17,310,103

—

17,310,103

Massachusetts

........................

—

9,799,329

—

9,799,329

Michigan

.............................

—

75,440,784

—

75,440,784

Minnesota

............................

—

8,103,289

—

8,103,289

Mississippi

............................

—

21,699,482

—

21,699,482

Missouri

..............................

—

14,818,060

—

14,818,060

Montana

.............................

—

3,836,622

—

3,836,622

Nevada

..............................

—

67,498,155

—

67,498,155

New

Hampshire

........................

—

10,024,891

—

10,024,891

New

Jersey

...........................

—

165,517,804

—

165,517,804

New

Mexico

...........................

—

5,376,865

—

5,376,865

New

York

.............................

—

353,311,803

—

353,311,803

North

Carolina

.........................

—

8,877,838

—

8,877,838

North

Dakota

..........................

—

15,553,802

—

15,553,802

Ohio

................................

—

159,275,104

—

159,275,104

12.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

173

franklintempleton.com

Semiannual

Report

Level

1

Level

2

Level

3

Total

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Municipal

Bonds:

Oklahoma

............................

$

—

$

11,573,788

$

—

$

11,573,788

Oregon

..............................

—

33,527,356

—

33,527,356

Pennsylvania

..........................

—

118,390,016

—

118,390,016

South

Carolina

.........................

—

41,555,103

—

41,555,103

South

Dakota

..........................

—

12,439,892

—

12,439,892

Tennessee

............................

—

64,631,489

—

64,631,489

Texas

...............................

—

504,376,258

—

504,376,258

Utah

................................

—

28,030,462

—

28,030,462

Vermont

..............................

—

2,259,132

—

2,259,132

Virgin

Islands

..........................

—

4,671,694

—

4,671,694

Virginia

..............................

—

22,982,941

—

22,982,941

Washington

...........................

—

65,150,759

212,000

65,362,759

West

Virginia

..........................

—

10,459,855

—

10,459,855

Wisconsin

............................

—

124,524,724

—

124,524,724

U.S.

Territories

..........................

District

of

Columbia

.....................

—

42,658,834

—

42,658,834

Pacific

Islands

.........................

—

7,743,228

—

7,743,228

Puerto

Rico

...........................

—

494,107,016

—

494,107,016

Short

Term

Investments

...................

—

400,000

—

400,000

Total

Investments

in

Securities

...........

$70,011,000

$5,616,967,799

$17,933,450

$5,704,912,249

Franklin

Massachusetts

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

400,000

400,000

Municipal

Bonds

.........................

—

347,809,467

—

347,809,467

Short

Term

Investments

...................

—

17,800,000

—

17,800,000

Total

Investments

in

Securities

...........

$—

$365,609,467

$400,000

$366,009,467

Franklin

New

Jersey

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

700,000

700,000

Municipal

Bonds

.........................

—

669,273,394

—

669,273,394

Short

Term

Investments

...................

—

23,000,000

—

23,000,000

Total

Investments

in

Securities

...........

$—

$692,273,394

$700,000

$692,973,394

12.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

174

franklintempleton.com

Semiannual

Report

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

At

August

31,

2022,

the

reconciliation is

as follows:

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

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.

Balance

at

Beginning

of

Period

Purchases

a

Sales

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(

Amortiza

-

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Senior

Floating

Rate

Interests

:

United

States

.

$

5,377,471

$

28,763,424

$

—

$

—

$

—

$

—

$

—

$

—

$

34,140,895

$

—

Total

Investments

in

Securities

.......

$5,377,471

$28,763,424

$—

$—

$—

$—

$—

$—

$34,140,895

$—

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

12.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

175

franklintempleton.com

Semiannual

Report

Abbreviations

Currency

USD

United

States

Dollar

Selected

Portfolio

AGMC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

COP

Certificate

of

Participation

ETF

Exchange-Traded

Fund

ETM

Escrowed

to

Maturity

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LIBOR

London

Inter-Bank

Offered

Rate

NATL

National

Reinsurance

Corp.

PSF

Permanent

School

Fund

SIFMA

Securities

Industry

and

Financial

Markets

Association

SOFR

Secured

Overnight

Financing

Rate

SPA

Standby

Purchase

Agreement

Franklin

Tax-Free

Trust

Shareholder

Information

176

franklintempleton.com

Semiannual

Report

Liquidity

Risk

Management

Program

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

for

the

Franklin

Templeton

and

Legg

Mason

Funds

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

Franklin

Templeton

and

Legg

Mason

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Legal,

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

2022,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2021.

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

177

franklintempleton.com

Semiannual

Report

Quarterly

Schedule

of

Investments

The

Trust

files

a

complete

schedule

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,

the

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

an

annual

updated

summary

prospectus

(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

10/22

©

2022

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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Semiannual

report

and

shareholder

letter

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Tax-Free

Trust

August

31,

2022

Sign

up

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electronic

delivery

at

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Franklin

Alabama

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

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Virginia

Tax-Free

Income

Fund

Not

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Insured

May

Lose

Value

No

Bank

Guarantee

franklintempleton.com

Semiannual

Report

1

SHAREHOLDER

LETTER

Dear

Shareholder:

During

the

six

months

ended

August

31,

2022,

the

U.S.

economy

contracted

in

2022’s

first

and

second

quarters

amid

declines

in

inventory

investment

and

federal

government

spending.

Consumer

spending

slowly

expanded,

helped

by

the

reopening

of

businesses,

widespread

vaccinations,

and

federal

assistance

programs.

Inflation

increased

during

the

six-month

period,

influenced

by

pandemic-related

supply-

chain

issues,

higher

energy

prices,

Russia’s

invasion

of

Ukraine

and

broader

price

pressures.

To

combat

high

inflation,

the

U.S.

Federal

Reserve

ended

monthly

asset

purchases

in

March

2022

and

raised

the

federal

funds

rate

by

0.25%

in

March,

0.50%

in

May,

and

by

0.75%

in

both

June

and

July,

for

a

total

of

2.25%,

increasing

the

rate

from

0.25%

to

2.50%

during

the

period.

The

Federal

Reserve

also

stated

its

intention

to

continue

reducing

its

U.S.

Treasury,

government

agency

debt

and

agency

mortgage-

backed

securities

holdings,

and

it

anticipated

that

ongoing

federal

funds

rate

increases

would

be

appropriate.

During

the

six-month

period

ended

August

31,

2022,

municipal

bonds,

as

measured

by

the

Bloomberg

Municipal

Bond

Index,

posted

a

-5.72%

cumulative

total

return,

influenced

by

high

levels

of

fixed

income

market

volatility,

tighter

monetary

policy

and

risk-off

sentiment

that

led

to

outflows

from

municipals.

1

Fundamentals

remained

strong,

however,

with

many

issuers

reporting

budget

surpluses

for

2022

as

federal

government

transfers

boosted

revenues.

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

team.

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

in

value,

as

do

mutual

fund

share

prices.

As

always,

we

recommend

investors

consult

their

financial

professionals

for

up-to-date

advice

on

their

holdings.

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,

2022,

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

Georgia

Tax-Free

Income

Fund

10

Franklin

Louisiana

Tax-Free

Income

Fund

15

Franklin

Maryland

Tax-Free

Income

Fund

20

Franklin

Missouri

Tax-Free

Income

Fund

25

Franklin

North

Carolina

Tax-Free

Income

Fund

30

Franklin

Virginia

Tax-Free

Income

Fund

35

Financial

Highlights

and

Schedules

of

Investments

40

Financial

Statements

111

Notes

to

Financial

Statements

124

Shareholder

Information

141

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

During

the

six

months

ending

August

31,

2022,

multi-decade

high

inflation

continued

throughout

much

of

the

period

as

a

strong

U.S.

job

market

and

ample

consumer

savings

pushed

demand

beyond

the

ability

of

businesses

to

increase

supply.

In

response,

the

U.S.

Federal

Reserve

(Fed)

began

increasing

short-term

interest

rates

at

a

pace

not

seen

since

the

1980s,

leading

U.S.

Treasury

(UST)

yields

to

move

much

higher

over

the

period.

Recessionary

concerns

began

to

emerge

as

the

market

debated

whether

the

Fed

could

engineer

a

soft

landing

that

would

bring

inflation

down

without

causing

a

severe

economic

contraction.

The

municipal

bond

(muni)

market

saw

one

of

its

worst

starts

to

a

new

year

in

2022.

High

levels

of

fixed

income

market

volatility,

a

general

risk-off

shift

in

sentiment,

and

poor

performance

caused

significant

year-to-date

outflows

from

muni

retail

vehicles,

leading

market

technical

conditions

to

worsen.

So

far

this

year,

net

issuance

has

been

limited

and

lags

well

behind

the

same

period

in

2021.

Fundamentals

remained

strong,

however,

with

many

issuers

reporting

surpluses

for

2022

as

federal

government

transfers

bolstered

revenues.

For

the

six-month

period,

U.S.

fixed

income

sectors

saw

mixed

performance

relative

to

equities,

as

measured

by

the

Standard

&

Poor’s

®

500

Index,

which

posted

a

-8.84%

total

return

for

the

period.

1

Investment-grade

munis,

as

measured

by

the

Bloomberg

Municipal

Bond

Index,

posted

a

-5.72%

total

return,

and

USTs,

as

measured

by

the

Bloomberg

U.S.

Treasury

Index,

posted

a

-7.63%

total

return.

1

In

contrast,

investment-grade

corporate

bonds,

as

measured

by

the

Bloomberg

U.S.

Corporate

Bond

Index,

posted

a

-9.41%

total

return.

1

The

foregoing

information

reflects

our

analysis

and

opinions

as

of

August

31,

2022.

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-

to

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,

2022,

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,

2022

.

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,

decreased

from

$10.97

on

February

28,

2022,

to

$10.04

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

11.5417

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

2.27%,

based

on

an

annualization

of

August’s

1.9720

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$10.43

on

August

31,

2022.

An

investor

in

the

2022

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

4.19%

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

stalled

as

part

of

a

national

slowdown,

contracting

in

2022’s

first

quarter.

However,

the

state’s

strong

and

diversified

manufacturing

base,

including

companies

in

the

automotive,

shipbuilding,

steelmaking

and

aerospace

industries,

helped

its

economy’s

resilience.

Alabama’s

unemployment

rate

began

the

period

at

3.0%

and

ended

at

2.6%,

compared

with

the

3.7%

national

rate.

Fiscal

year

(FY)

2022

tax

revenues

grew

significantly

compared

to

2021,

due

in

part

to

federal

coronavirus

aid.

The

state

enacted

a

general

fund

budget

for

FY

2023

that

included

raises

for

state

employees

and

increased

funds

for

Medicaid

and

corrections.

Alabama’s

net

tax-supported

debt

was

$1,172

per

capita

and

2.4%

of

personal

income,

compared

to

the

$1,179

and

2.1%

national

medians,

respectively.

3

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

Alabama’s

general

obligation

bonds’

Aa1

rating

with

a

stable

outlook.

4

The

rating

reflected

Moody’s

view

that

the

state

benefits

from

conservative

fiscal

practices

codified

in

the

state

constitution,

adequate

liquidity

and

moderate

debt

and

pension

burdens.

According

to

Moody’s,

Alabama’s

challenges

include

a

high

poverty

rate

and

low

personal

income

relative

to

other

states.

Moody’s

stable

outlook

reflected

its

assessment

that

Alabama

is

likely

to

continue

its

prudent

financial

management

practices.

*Does

not

include

cash

and

cash

equivalents.

Portfolio

Composition

8/31/22

%

of

Total

Investments*

Education

22.71%

Utilities

19.14%

Health

Care

17.25%

Refunded

15.59%

Local

8.86%

Industrial

Dev.

Revenue

and

Pollution

Control

4.78%

Transportation

4.47%

Housing

4.24%

Lease

1.79%

Special

Tax

1.17%

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:

Moody’s

Investors

Service,

States

–

US:

Debt,

pension

and

OPEB

liabilities

all

up

in

fiscal

2021

,

9/7/22.

4.

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

45

.

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,

2022,

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,

2022

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

8/31/22

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

-7.44%

-10.92%

1-Year

-10.50%

-13.85%

5-Year

+2.37%

-0.30%

10-Year

+14.86%

+1.01%

Advisor

6

6-Month

-7.34%

-7.34%

1-Year

-10.37%

-10.37%

5-Year

+3.31%

+0.65%

10-Year

+16.02%

+1.50%

30-Day

Standardized

Yield

9

Taxable

Equivalent

30-Day

Standardized

Yield

8

Share

Class

Distribution

Rate

7

Taxable

Equivalent

Distribution

Rate

8

(with

fee

waiver)

(without

fee

waiver)

(with

fee

waiver)

(without

fee

waiver)

A

2.27%

4.19%

2.55%

2.53%

4.70%

4.67%

Advisor

2.62%

4.83%

2.91%

2.88%

5.37%

5.31%

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.

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,

there-

by

increasing

market

risk.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

1.

The

Fund

has

an

expense

reduction

contractually

guaranteed

through

6/30/23.

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.

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.

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.

7.

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

8/31/22.

8.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/20/22

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.

9.

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.

10.

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.115417

A1

$0.123223

C

$0.094113

R6

$0.129952

Advisor

$0.128424

Total

Annual

Operating

Expenses

10

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.90%

0.91%

Advisor

0.65%

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

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$925.60

$4.37

$1,020.67

$4.58

0.90%

A1

$1,000

$926.10

$3.64

$1,021.43

$3.82

0.75%

C

$1,000

$923.60

$6.26

$1,018.70

$6.57

1.29%

R6

$1,000

$927.60

$3.02

$1,022.08

$3.16

0.62%

Advisor

$1,000

$926.60

$3.16

$1,021.93

$3.31

0.65%

10

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,

2022

.

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,

decreased

from

$11.57

on

February

28,

2022,

to

$10.55

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

13.4626

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

2.50%,

based

on

an

annualization

of

August’s

2.2828

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$10.96

on

August

31,

2022.

An

investor

in

the

2022

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

4.68%

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,

Georgia’s

economy

stalled

as

part

of

a

national

slowdown,

contracting

slightly

in

2022’s

first

quarter.

The

state’s

economy

benefited

from

above

average

population

and

employment

growth,

although

it

is

relatively

dependent

on

international

travel,

which

has

been

slow

to

recover.

Georgia’s

unemployment

rate

began

the

period

at

3.2%

and

ended

at

2.8%,

compared

with

the

3.7%

national

rate.

Georgia

recorded

a

record

surplus

in

fiscal

year

(FY)

2022,

amid

strong

revenue

collections

and

relatively

low

spending

levels.

In

May

2022,

the

governor

signed

a

FY

2023

budget

that

restored

pandemic-related

reductions

in

education

and

increased

salaries

for

teachers

and

state

employees.

The

state’s

net

tax-supported

debt

was

$1,087

per

capita

and

2.0%

of

personal

income,

compared

to

the

$1,179

and

2.1%

national

medians,

respectively.

3

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

Georgia’s

general

obligation

bonds’

Aaa

rating

with

a

stable

outlook,

reflecting

Moody’s

view

of

Georgia’s

low

leverage,

strong

fiscal

governance

and

solid

fiscal

reserves.

4

According

to

Moody’s,

challenges

included

below

average

per-capita

income

and

indirect

exposure

to

high

education

pension

burdens.

The

stable

outlook

recognizes

Moody’s

view

that

Georgia

is

likely

to

maintain

solid

reserves

while

outpacing

the

nation

in

economic

growth.

Portfolio

Composition

8/31/22

%

of

Total

Investments*

Health

Care

20.24%

Utilities

16.81%

Housing

14.43%

Education

9.86%

Transportation

9.05%

Local

9.01%

Special

Tax

6.74%

Industrial

Dev.

Revenue

and

Pollution

Control

6.47%

Refunded

5.36%

Lease

1.19%

State

General

Obligation

0.84%

*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:

Moody’s

Investors

Service,

States

–

US:

Debt,

pension

and

OPEB

liabilities

all

up

in

fiscal

2021,

9/7/22.

4.

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

54

.

Franklin

Georgia

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

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,

2022,

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,

2022

Franklin

Georgia

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

8/31/22

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

-7.67%

-11.14%

1-Year

-10.63%

-13.99%

5-Year

+1.04%

-0.56%

10-Year

+13.43%

+0.88%

Advisor

5

6-Month

-7.56%

-7.56%

1-Year

-10.49%

-10.49%

5-Year

+2.16%

+0.43%

10-Year

+14.79%

+1.39%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

2.50%

4.68%

2.73%

5.11%

Advisor

2.86%

5.33%

3.09%

5.75%

See

page

13

for

Performance

Summary

footnotes.

Franklin

Georgia

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.

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,

there-

by

increasing

market

risk.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

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

8/31/22.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/20/22

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.134626

A1

$0.142824

C

$0.112091

R6

$0.150700

Advisor

$0.148293

Total

Annual

Operating

Expenses

9

Share

Class

A

0.86%

Advisor

0.61%

Your

Fund’s

Expenses

Franklin

Georgia

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

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/221

,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/221

,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$923.30

$4.17

$1,020.87

$4.38

0.86%

A1

$1,000

$923.10

$3.45

$1,021.62

$3.62

0.71%

C

$1,000

$920.00

$6.06

$1,018.89

$6.37

1.25%

R6

$1,000

$924.60

$2.74

$1,022.36

$2.88

0.57%

Advisor

$1,000

$924.40

$2.95

$1,022.14

$3.10

0.61%

15

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,

2022.

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,

decreased

from

$11.03

on

February

28,

2022,

to

$10.08

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

12.0190

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

2.38%,

based

on

an

annualization

of

August’s

2.0735

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$10.47

on

August

31,

2022.

An

investor

in

the

2022

maximum

combined

effective

federal

and

Louisiana

personal

income

tax

bracket

of

45.05%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

4.33%

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

stalled

as

part

of

a

national

slowdown,

contracting

significantly

in

2022’s

first

quarter.

However,

as

oil

and

natural

gas

prices

rose,

the

state

benefited

from

its

large

petroleum-

related

industry

base

and

the

presence

of

liquid

natural

gas

exporting

infrastructure.

Louisiana’s

unemployment

rate

began

the

period

at

4.3%

and

ended

at

3.5%,

compared

with

the

3.7%

national

rate.

In

June

2022,

the

governor

signed

a

budget

for

fiscal

year

2023

that

included

pay

increases

for

government

employees

and

teachers,

as

well

as

significant

infrastructure

investments,

particularly

in

projects

to

replace

and

expand

highway

bridges.

The

state’s

net

tax-supported

debt

was

$1,735

per

capita

and

3.2%

of

personal

income,

above

the

$1,179

and

2.1%

national

medians,

respectively.

3

Independent

credit

rating

agency

Moody’s

Investors

Service

upgraded

Louisiana’s

general

obligation

bonds’

rating

to

Aa2

with

a

stable

outlook.

4

The

upgrade

reflected

Moody’s

view

that

Louisiana

has

made

significant

progress

in

restoring

financial

reserves

and

liquidity

and

recognition

of

its

large

and

diverse

tax

base

and

moderate

debt

and

pension

burden.

According

to

Moody’s,

challenges

included

Louisiana’s

slow

population

growth,

revenue

volatility

due

to

dependency

on

oil

and

gas

extraction

and

constraints

on

raising

revenue

and

reducing

expenditures.

*Does

not

include

cash

and

cash

equivalents.

Portfolio

Composition

8/31/22

%

of

Total

Investments*

Health

Care

16.09%

Transportation

14.80%

Education

12.05%

Utilities

10.07%

Special

Tax

9.82%

Refunded

9.73%

Housing

9.63%

Lease

6.19%

Local

5.30%

State

General

Obligation

5.20%

Other

Revenue

Bonds

1.12%

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:

Moody’s

Investors

Service,

States

–

US:

Debt,

pension

and

OPEB

liabilities

all

up

in

fiscal

2021

,

9/7/22.

4.

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

64

.

Franklin

Louisiana

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

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,

2022,

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,

2022

Franklin

Louisiana

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

8/31/22

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

-7.54%

-11.01%

1-Year

-10.26%

-13.62%

5-Year

+2.66%

-0.24%

10-Year

+14.79%

+1.00%

Advisor

5

6-Month

-7.52%

-7.52%

1-Year

-10.12%

-10.12%

5-Year

+3.70%

+0.73%

10-Year

+16.06%

+1.50%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

2.38%

4.33%

2.69%

4.90%

Advisor

2.73%

4.97%

3.06%

5.57%

See

page

18

for

Performance

Summary

footnotes.

Franklin

Louisiana

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.

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,

there-

by

increasing

market

risk.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

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

8/31/22.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/20/22

for

the

maximum

combined

effective

federal

and

Louisiana

personal

income

tax

rate

of

45.05%,

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.120190

A1

$0.128024

C

$0.098677

R6

$0.135577

Advisor

$0.133238

Total

Annual

Operating

Expenses

9

Share

Class

A

0.87%

Advisor

0.62%

Your

Fund’s

Expenses

Franklin

Louisiana

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

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$924.60

$4.27

$1,020.77

$4.48

0.88%

A1

$1,000

$924.40

$3.54

$1,021.53

$3.72

0.73%

C

$1,000

$922.10

$6.15

$1,018.80

$6.46

1.27%

R6

$1,000

$925.10

$2.84

$1,022.26

$2.98

0.58%

Advisor

$1,000

$924.80

$3.05

$1,022.03

$3.21

0.63%

20

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,

2022.

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,

decreased

from

$10.71

on

February

28,

2022,

to

$9.86

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

12.3221

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

2.44%,

based

on

an

annualization

of

August’s

2.0806

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$10.24

on

August

31,

2022.

An

investor

in

the

2022

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

4.86%

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

stalled

as

part

of

a

national

slowdown,

contracting

slightly

in

2022’s

first

quarter.

However,

Maryland’s

economy

benefits

from

a

significant

federal

presence

and

proximity

to

the

nation’s

capital,

which

provides

well-paid

civilian

and

national

defense

jobs.

The

state’s

unemployment

rate

began

the

period

at

5.0%

and

ended

at

4.3%,

compared

with

the

3.7%

national

rate.

The

general

assembly

approved

a

fiscal

year

2023

budget

that

built

on

strong

tax

revenues

and

federal

stimulus

funding

to

expand

healthcare

services

and

increase

education

spending.

The

state’s

net

tax-supported

debt

was

$2,818

per

capita

and

4.1%

of

personal

income,

well

above

the

$1,179

and

2.1%

national

medians,

respectively.

3

Independent

credit

rating

agency

Moody’s

Investor

Service

maintained

the

state’s

general

obligation

bonds’

Aaa

rating

with

a

stable

outlook.

4

The

rating

reflected

Moody’s

view

that

Maryland

benefits

from

strong

budgetary

and

financial

management

and

a

history

of

proactive

responses

to

economic

cycles.

According

to

Moody’s,

challenges

included

a

relatively

high

debt

and

pension

burden

and

vulnerability

to

swings

in

federal

spending

priorities.

Moody’s

stable

outlook

reflected

its

view

that

the

state

is

able

to

make

midcourse

corrections,

and

it

has

often

taken

difficult

actions

to

strengthen

its

balance

sheet.

*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.

Portfolio

Composition

8/31/22

%

of

Total

Investments*

Health

Care

22.41%

Housing

15.62%

Education

14.25%

Transportation

12.18%

Utilities

7.90%

Lease

7.20%

Local

6.82%

Refunded

5.65%

Special

Tax

4.42%

State

General

Obligation

3.55%

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:

Moody’s

Investors

Service,

States

–

US:

Debt,

pension

and

OPEB

liabilities

all

up

in

fiscal

2021

,

9/7/22.

4.

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

73

.

Franklin

Maryland

Tax-Free

Income

Fund

21

franklintempleton.com

Semiannual

Report

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,

2022,

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,

2022

Franklin

Maryland

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

8/31/22

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

-6.80%

-10.30%

1-Year

-9.63%

-13.01%

5-Year

+1.99%

-0.37%

10-Year

+11.70%

+0.73%

Advisor

6-Month

-6.77%

-6.77%

1-Year

-9.39%

-9.39%

5-Year

+3.11%

+0.62%

10-Year

+13.49%

+1.27%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.44%

4.86%

2.34%

4.66%

Advisor

2.79%

5.55%

2.68%

5.33%

See

page

23

for

Performance

Summary

footnotes.

Franklin

Maryland

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.

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,

there-

by

increasing

market

risk.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

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

8/31/22.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/20/22

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.123221

A1

$0.130861

C

$0.102073

R6

$0.138692

Advisor

$0.135958

Total

Annual

Operating

Expenses

8

Share

Class

A

0.87%

Advisor

0.62%

Your

Fund’s

Expenses

Franklin

Maryland

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

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$932.00

$4.30

$1,020.76

$4.49

0.88%

A1

$1,000

$932.70

$3.56

$1,021.52

$3.73

0.73%

C

$1,000

$928.70

$6.18

$1,018.80

$6.46

1.27%

R6

$1,000

$932.60

$2.81

$1,022.30

$2.94

0.58%

Advisor

$1,000

$932.30

$3.07

$1,022.03

$3.22

0.63%

25

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,

2022

.

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,

decreased

from

$11.48

on

February

28,

2022,

to

$10.47

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

14.6673

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

2.78%,

based

on

an

annualization

of

August’s

2.5193

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$10.88

on

August

31,

2022.

An

investor

in

the

2022

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

5.17%

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

stalled

as

part

of

a

national

slowdown,

contracting

in

2022’s

first

quarter.

However,

the

state’s

high

industrial

and

employment

diversity

and

low

business

costs

helped

its

economy’s

resilience.

The

state’s

unemployment

rate

began

the

period

at

3.7%

and

ended

at

2.5%,

compared

with

the

3.7%

national

rate.

Following

a

record

budget

surplus

in

fiscal

year

(FY)

2022,

the

governor

signed

a

FY

2023

budget

that

funded

a

significant

rise

in

minimum

teacher

salaries,

Medicaid

expansion

and

infrastructure

projects.

The

state’s

net

tax-supported

debt

was

$398

per

capita

and

0.7%

of

personal

income,

substantially

below

the

$1,179

and

2.1%

national

medians,

respectively.

3

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

the

state’s

general

obligation

bonds’

Aaa

rating

with

a

stable

outlook.

4

The

rating

reflected

Moody’s

view

of

Missouri’s

strong

executive

powers

to

address

revenue

shortfalls,

stable

budget

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

reflected

its

assessment

of

the

state’s

strong

liquidity,

high

expenditure

flexibility

and

limited

future

borrowing

plans.

Portfolio

Composition

8/31/22

%

of

Total

Investments*

Health

Care

27.07%

Utilities

18.66%

Lease

16.80%

Education

9.34%

Local

8.48%

Transportation

7.50%

Housing

7.05%

Special

Tax

2.11%

Industrial

Dev.

Revenue

and

Pollution

Control

1.92%

Refunded

1.07%

*

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:

Moody’s

Investors

Service,

States

–

US:

Debt,

pension

and

OPEB

liabilities

all

up

in

fiscal

2021,

9/7/22.

4.

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

82

.

Franklin

Missouri

Tax-Free

Income

Fund

26

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

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,

2022,

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,

2022

Franklin

Missouri

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

8/31/22

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

-7.54%

-11.01%

1-Year

-10.52%

-13.88%

5-Year

+1.97%

-0.37%

10-Year

+12.43%

+0.79%

Advisor

6-Month

-7.51%

-7.51%

1-Year

-10.30%

-10.30%

5-Year

+3.01%

+0.59%

10-Year

+14.14%

+1.33%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.78%

5.17%

2.46%

4.57%

Advisor

3.15%

5.86%

2.81%

5.22%

See

page

28

for

Performance

Summary

footnotes.

Franklin

Missouri

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.

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,

there-

by

increasing

market

risk.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

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

8/31/22.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/20/22

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.146673

A1

$0.154842

C

$0.124488

R6

$0.162144

Advisor

$0.160281

Total

Annual

Operating

Expenses

8

Share

Class

A

0.81%

Advisor

0.56%

Your

Fund’s

Expenses

Franklin

Missouri

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

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$924.60

$3.93

$1,021.12

$4.13

0.81%

A1

$1,000

$924.40

$3.21

$1,021.87

$3.37

0.66%

C

$1,000

$921.70

$5.84

$1,019.13

$6.13

1.21%

R6

$1,000

$925.10

$2.55

$1,022.56

$2.68

0.53%

Advisor

$1,000

$924.90

$2.72

$1,022.38

$2.86

0.56%

30

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,

2022.

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,

decreased

from

$11.31

on

February

28,

2022,

to

$10.37

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

11.4441

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

2.15%,

based

on

an

annualization

of

August’s

1.9340

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$10.77

on

August

31,

2022.

An

investor

in

the

2022

maximum

combined

effective

federal

and

North

Carolina

personal

income

tax

bracket

of

45.79%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

3.97%

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

stalled

as

part

of

a

national

slowdown,

contracting

in

2022’s

first

quarter.

Nonetheless,

North

Carolina

benefited

from

strong

employment

and

population

growth,

as

well

as

a

favorable

business

climate.

The

state’s

unemployment

rate

began

the

period

at

3.7%

and

ended

at

3.5%,

compared

with

the

3.7%

national

rate.

In

July

2022,

the

governor

signed

an

addendum

to

the

previously-enacted

budget

for

the

2022–

2023

biennium

that

increased

pay

for

teachers

and

state

employees.

The

state’s

net

tax-supported

debt

was

$686

per

capita

and

1.2%

of

personal

income,

substantially

lower

than

the

$1,179

and

2.1%

national

medians,

respectively.

3

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

the

state’s

general

obligation

bonds’

Aaa

rating

with

a

stable

outlook.

4

The

rating

reflected

Moody’s

view

that

the

state

benefits

from

a

history

of

conservative

fiscal

management,

strong

executive

powers

to

reduce

spending

and

commitment

to

maintaining

strong

reserves

and

affordable

liabilities.

According

to

Moody’s,

credit

challenges

include

continuing

to

manage

expenditure

pressures

amid

continued

growth,

as

well

as

the

differences

between

the

governor

and

state

legislature

on

budget

priorities.

Moody’s

stable

outlook

reflected

its

assessment

of

North

Carolina’s

conservative

fiscal

management

and

budgeting

practices.

*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.

Portfolio

Composition

8/31/22

%

of

Total

Investments*

Education

19.11%

Health

Care

18.18%

Utilities

13.16%

Transportation

10.52%

Housing

9.90%

Refunded

9.88%

Lease

8.84%

Local

7.47%

State

General

Obligation

2.00%

Special

Tax

0.94%

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:

Moody’s

Investors

Service,

States

–

US:

Debt,

pension

and

OPEB

liabilities

all

up

in

fiscal

2021

,

9/7/22.

4.

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

93

.

Franklin

North

Carolina

Tax-Free

Income

Fund

31

franklintempleton.com

Semiannual

Report

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,

2022,

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,

2022

Franklin

North

Carolina

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

8/31/22

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

-7.32%

-10.79%

1-Year

-10.39%

-13.75%

5-Year

+0.95%

-0.57%

10-Year

+8.02%

+0.39%

Advisor

6-Month

-7.29%

-7.29%

1-Year

-10.25%

-10.25%

5-Year

+1.97%

+0.39%

10-Year

+9.67%

+0.93%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.15%

3.97%

2.65%

4.89%

Advisor

2.50%

4.61%

3.01%

5.55%

See

page

33

for

Performance

Summary

footnotes.

Franklin

North

Carolina

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.

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,

there-

by

increasing

market

risk.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

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

8/31/22.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/20/22

for

the

maximum

combined

effective

federal

and

North

Carolina

personal

income

tax

rate

of

45.79%,

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.114441

A1

$0.122491

C

$0.092339

R6

$0.130071

Advisor

$0.127856

Total

Annual

Operating

Expenses

8

Share

Class

A

0.82%

Advisor

0.57%

Your

Fund’s

Expenses

Franklin

North

Carolina

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

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$926.80

$3.99

$1,021.06

$4.19

0.82%

A1

$1,000

$926.70

$3.26

$1,021.82

$3.43

0.67%

C

$1,000

$925.20

$5.89

$1,019.09

$6.18

1.21%

R6

$1,000

$928.10

$2.58

$1,022.53

$2.71

0.53%

Advisor

$1,000

$927.10

$2.78

$1,022.32

$2.92

0.57%

35

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,

2022

.

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,

decreased

from

$10.79

on

February

28,

2022,

to

$9.87

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

10.6660

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

2.23%,

based

on

an

annualization

of

August’s

1.9020

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$10.25

on

August

31,

2022.

An

investor

in

the

2022

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

4.17%

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,

Virginia’s

economy

stalled

as

part

of

a

national

slowdown,

contracting

in

2022’s

first

quarter.

However,

the

commonwealth’s

economy

benefited

from

a

sizable

federal

presence

and

a

growing

technology-

related

services

industry.

Virginia’s

unemployment

rate

began

the

period

at

3.2%

and

ended

at

2.6%,

compared

with

the

3.7%

national

rate.

Better-than-expected

growth

in

revenues

led

to

a

significant

budget

surplus

at

the

end

of

fiscal

year

(FY)

2022.

In

June

2022,

the

governor

signed

a

biennial

budget

for

FY

2023–2024

that

raised

the

standard

income

tax

deduction,

eliminated

a

grocery

sales

tax

and

increased

education

spending.

Virginia’s

net

tax-supported

debt

was

$1,823

per

capita

and

2.8%

of

personal

income,

higher

than

the

$1,179

and

2.1%

national

medians,

respectively.

3

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

practices

will

help

the

commonwealth

maintain

budgetary

balance.

4

The

rating

reflects

Moody’s

view

of

the

commonwealth’s

conservative

fiscal

management,

including

strong

debt

and

pension

management

practices

that

drive

below-average

liabilities.

According

to

Moody’s,

Virginia’s

challenges

include

education

and

transportation

spending

pressures

amid

more

limited

resources

and

vulnerability

to

federal

downsizing.

*Does

not

include

cash

and

cash

equivalents.

Portfolio

Composition

8/31/22

%

of

Total

Investments*

Health

Care

20.78%

Refunded

15.93%

Transportation

13.99%

Utilities

11.69%

Education

10.89%

Lease

9.46%

Special

Tax

6.63%

Housing

5.42%

Other

Revenue

Bonds

2.03%

State

General

Obligation

1.24%

Industrial

Dev.

Revenue

and

Pollution

Control

1.06%

Local

0.88%

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:

Moody’s

Investors

Service,

States

–

US:

Debt,

pension

and

OPEB

liabilities

all

up

in

fiscal

2021

,

9/7/22.

4.

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

105

.

Franklin

Virginia

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

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,

2022,

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,

2022

Franklin

Virginia

Tax-Free

Income

Fund

37

franklintempleton.com

Semiannual

Report

The

performance

tables

and

graphs

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

8/31/22

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

-7.55%

-11.02%

1-Year

-10.97%

-14.31%

5-Year

-0.99%

-0.96%

10-Year

+8.68%

+0.45%

Advisor

6-Month

-7.43%

-7.43%

1-Year

-10.65%

-10.65%

5-Year

+0.12%

+0.02%

10-Year

+10.53%

+1.01%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.23%

4.17%

2.67%

5.00%

Advisor

2.57%

4.81%

3.03%

5.67%

See

page

38

for

Performance

Summary

footnotes.

Franklin

Virginia

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.

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,

there-

by

increasing

market

risk.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

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

8/31/22.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/20/22

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.106660

A1

$0.114324

C

$0.085553

R6

$0.122063

Advisor

$0.119429

Total

Annual

Operating

Expenses

8

Share

Class

A

0.84%

Advisor

0.59%

Your

Fund’s

Expenses

Franklin

Virginia

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

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$924.50

$4.15

$1,020.90

$4.35

0.85%

A1

$1,000

$925.20

$3.42

$1,021.65

$3.59

0.70%

C

$1,000

$922.00

$6.03

$1,018.93

$6.34

1.25%

R6

$1,000

$925.00

$2.68

$1,022.42

$2.81

0.55%

Advisor

$1,000

$925.70

$2.93

$1,022.16

$3.08

0.60%

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.

40

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$10.97

$11.18

$11.40

$10.85

$10.79

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.12

0.22

0.28

0.30

0.15

Net

realized

and

unrealized

gains

(losses)

...........

(0.93)

(0.21)

(0.23)

0.57

0.06

Total

from

investment

operations

....................

(0.81)

0.01

0.05

0.87

0.21

Less

distributions

from:

Net

investment

income

..........................

(0.12)

(0.22)

(0.27)

(0.32)

(0.15)

Net

asset

value,

end

of

period

......................

$10.04

$10.97

$11.18

$11.40

$10.85

Total

return

e

...................................

(7.44)%

0.02%

0.49%

8.08%

1.98%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

......

0.92%

0.91%

0.91%

0.91%

0.92%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.90%

0.91%

0.91%

0.91%

0.92%

Net

investment

income

...........................

2.26%

1.91%

2.46%

2.70%

2.91%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$47,299

$46,633

$30,415

$16,423

$7,334

Portfolio

turnover

rate

............................

13.77%

20.50%

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

41

74

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.95

$11.16

$11.38

$10.84

$10.88

$11.16

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.23

0.30

0.32

0.33

0.35

Net

realized

and

unrealized

gains

(losses)

(0.94)

(0.20)

(0.23)

0.55

(0.04)

(0.27)

Total

from

investment

operations

........

(0.81)

0.03

0.07

0.87

0.29

0.08

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.24)

(0.29)

(0.33)

(0.33)

(0.36)

Net

asset

value,

end

of

period

..........

$10.02

$10.95

$11.16

$11.38

$10.84

$10.88

Total

return

d

.......................

(7.39)%

0.17%

0.64%

8.16%

2.76%

0.72%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.77%

0.76%

0.77%

0.76%

0.77%

0.74%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.75%

f

0.76%

f

0.77%

f

0.76%

f

0.77%

f

0.74%

Net

investment

income

...............

2.41%

2.07%

2.66%

2.85%

3.06%

3.16%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$139,339

$163,571

$174,802

$186,486

$188,290

$208,340

Portfolio

turnover

rate

................

13.77%

20.50%

24.03%

4.87%

8.57%

14.66%

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

Alabama

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

42

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.10

$11.32

$11.54

$10.98

$11.02

$11.30

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.10

0.17

0.24

0.26

0.27

0.29

Net

realized

and

unrealized

gains

(losses)

(0.95)

(0.22)

(0.23)

0.57

(0.04)

(0.27)

Total

from

investment

operations

........

(0.85)

(0.05)

0.01

0.83

0.23

0.02

Less

distributions

from:

Net

investment

income

..............

(0.09)

(0.17)

(0.23)

(0.27)

(0.27)

(0.30)

Net

asset

value,

end

of

period

..........

$10.16

$11.10

$11.32

$11.54

$10.98

$11.02

Total

return

d

.......................

(7.64)%

(0.38)%

(0.01)%

7.68%

2.15%

0.16%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

1.31%

1.30%

1.31%

1.31%

1.32%

1.29%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.29%

f

1.30%

f

1.31%

f

1.31%

f

1.32%

f

1.29%

Net

investment

income

...............

1.82%

1.51%

2.10%

2.30%

2.51%

2.61%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$9,901

$13,416

$23,374

$31,175

$30,641

$45,422

Portfolio

turnover

rate

................

13.77%

20.50%

24.03%

4.87%

8.57%

14.66%

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

Alabama

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

43

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.95

$11.17

$11.39

$10.84

$10.88

$11.13

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.13

0.25

0.31

0.33

0.35

0.22

Net

realized

and

unrealized

gains

(losses)

(0.92)

(0.22)

(0.22)

0.57

(0.04)

(0.26)

Total

from

investment

operations

........

(0.79)

0.03

0.09

0.90

0.31

(0.04)

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.25)

(0.31)

(0.35)

(0.35)

(0.21)

Net

asset

value,

end

of

period

..........

$10.03

$10.95

$11.17

$11.39

$10.84

$10.88

Total

return

e

.......................

(7.24)%

0.22%

0.77%

8.39%

2.78%

(0.26)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.66%

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

0.63%

g

0.61%

Net

investment

income

...............

2.54%

2.19%

2.78%

2.98%

3.20%

3.29%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$1,999

$2,308

$1,756

$1,664

$824

$1,516

Portfolio

turnover

rate

................

13.77%

20.50%

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.

44

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.95

$11.17

$11.39

$10.84

$10.88

$11.16

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.25

0.31

0.33

0.34

0.36

Net

realized

and

unrealized

gains

(losses)

(0.93)

(0.22)

(0.23)

0.56

(0.04)

(0.27)

Total

from

investment

operations

........

(0.80)

0.03

0.08

0.89

0.30

0.09

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.25)

(0.30)

(0.34)

(0.34)

(0.37)

Net

asset

value,

end

of

period

..........

$10.02

$10.95

$11.17

$11.39

$10.84

$10.88

Total

return

d

.......................

(7.34)%

0.18%

0.74%

8.36%

2.86%

0.82%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.67%

0.66%

0.67%

0.66%

0.67%

0.64%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.65%

f

0.66%

f

0.67%

f

0.66%

f

0.67%

f

0.64%

Net

investment

income

...............

2.51%

2.16%

2.74%

2.95%

3.16%

3.26%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$17,864

$19,796

$15,036

$11,709

$8,335

$7,689

Portfolio

turnover

rate

................

13.77

%

20.50%

24.03%

4.87%

8.57%

14.66%

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

Schedule

of

Investments

(unaudited),

August

31,

2022

Franklin

Alabama

Tax-Free

Income

Fund

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

Corporate

Bonds

0.1%

Software

0.1%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

300,000

$

300,000

Total

Corporate

Bonds

(Cost

$300,000)

........................................

300,000

Municipal

Bonds

96.5%

Alabama

89.0%

Alabama

Community

College

System

,

Bishop

State

Community

College

,

Revenue

,

2019

,

BAM

Insured

,

4

%

,

1/01/49

......................................

2,000,000

1,903,255

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Ascension

Health

Credit

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/46

...................

3,000,000

3,099,948

Alabama

State

University

,

Revenue,

2022,

Refunding,

BAM

Insured,

5%,

9/01/36

......................

1,500,000

1,647,621

Revenue,

2022,

Refunding,

BAM

Insured,

5%,

9/01/40

......................

1,500,000

1,628,566

Alexander

City

Board

of

Education

,

Special

Tax

,

2022

,

BAM

Insured

,

4

%

,

2/01/52

...

3,000,000

2,825,080

Auburn

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

6/01/33

..................

2,500,000

2,625,103

Bessemer

Governmental

Utility

Services

Corp.

,

Water

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

6/01/39

...........................................

6,000,000

6,449,787

Birmingham

Airport

Authority

,

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/32

......................

300,000

337,465

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/33

......................

325,000

362,602

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/34

......................

400,000

442,846

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/35

......................

350,000

351,147

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/36

......................

500,000

497,197

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/37

......................

545,000

536,069

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/38

......................

400,000

390,725

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/39

......................

2,540,000

2,471,296

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/40

......................

705,000

683,015

Birmingham-Jefferson

Civic

Center

Authority

,

Special

Tax

,

2018

A

,

5

%

,

7/01/33

.....

1,605,000

1,725,651

b

Black

Belt

Energy

Gas

District

,

Revenue,

2021

A,

Refunding,

Mandatory

Put,

4%,

12/01/31

..................

2,000,000

1,988,753

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/29

...........................

1,000,000

994,775

Board

of

Water

&

Sewer

Commissioners

of

the

City

of

Mobile

,

Revenue

,

2014

,

Refunding

,

5

%

,

1/01/36

.............................................

10,000,000

10,073,372

Calhoun

County

Board

of

Education

,

Special

Tax

,

2016

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

2/01/46

......................................................

3,000,000

3,249,980

City

of

Bessemer

,

Water

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/47

...

2,590,000

2,728,481

City

of

Birmingham

,

GO

,

2021

A

,

4

%

,

6/01/50

..............................

2,500,000

2,366,073

City

of

Boaz

,

Water

&

Sewer,

Revenue,

2021,

AGMC

Insured,

4%,

9/01/46

.................

1,000,000

950,929

Water

&

Sewer,

Revenue,

2021,

AGMC

Insured,

4%,

9/01/50

.................

1,500,000

1,412,387

City

of

Decatur

,

Water

&

Sewer

,

Revenue

,

2021

A

,

4

%

,

8/15/50

.................

3,000,000

2,824,866

City

of

Huntsville

,

GO,

2018

B,

5%,

5/01/38

............................................

4,775,000

5,218,570

Water,

Revenue,

2015,

Pre-Refunded,

5%,

11/01/35

.......................

4,000,000

4,269,525

City

of

Lincoln

,

GO

,

2020

,

BAM

Insured

,

4

%

,

6/01/50

........................

2,500,000

2,559,597

City

of

Madison

,

GO

,

2015

A

,

Pre-Refunded

,

5

%

,

4/01/37

.....................

2,590,000

2,759,310

City

of

Pelham

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

2/01/34

.......................

2,635,000

2,731,886

City

of

Trussville

,

GO,

2014

B,

Pre-Refunded,

5%,

10/01/39

...............................

1,895,000

1,948,768

GO,

2018

A,

4%,

8/01/41

............................................

3,000,000

2,947,326

City

of

Tuscaloosa

,

GO

,

2020

A

,

4

%

,

10/01/50

..............................

4,580,000

4,412,546

County

of

Mobile

,

GO,

2020

A,

Refunding,

4%,

8/01/38

...................................

1,000,000

1,012,739

c

Revenue,

144A,

2020,

4%,

11/01/45

...................................

2,500,000

2,014,856

DCH

Healthcare

Authority

,

Revenue,

2015,

Refunding,

5%,

6/01/36

.................................

2,000,000

2,047,746

Franklin

Tax-Free

Trust

Schedule

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.

46

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Alabama

(continued)

DCH

Healthcare

Authority,

(continued)

Revenue,

2021

A,

4%,

6/01/46

........................................

$

2,310,000

$

2,129,462

East

Alabama

Health

Care

Authority

(The)

,

Revenue,

2018

A,

4%,

9/01/30

........................................

1,000,000

1,029,384

Revenue,

2018

A,

5%,

9/01/41

........................................

3,000,000

3,107,113

Florence

City

Board

of

Education

,

Special

Tax

,

2022

,

4

%

,

3/01/46

...............

3,000,000

2,858,818

Florence

Public

Building

Authority

,

City

of

Florence

,

Revenue

,

2021

,

4

%

,

9/01/35

....

500,000

502,385

Health

Care

Authority

of

the

City

of

Huntsville

(The)

,

Health

Care

Authority

of

City

of

Huntsville

(The)

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

6/01/45

..............

10,000,000

9,429,848

Homewood

Educational

Building

Authority

,

Samford

University,

Revenue,

2019

A,

Refunding,

4%,

12/01/49

...............

2,500,000

2,229,274

Samford

University,

Revenue,

2021

A,

4%,

12/01/51

.......................

1,470,000

1,302,053

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

3,069,303

Infirmary

Health

System

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

2/01/46

3,000,000

2,735,056

Jacksonville

State

University

,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/36

...................

5,000,000

5,424,187

Revenue,

2020,

Refunding,

4%,

12/01/50

................................

5,000,000

4,498,701

Limestone

County

Water

&

Sewer

Authority

,

Revenue

,

2015

B

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

12/01/43

..............................................

5,920,000

6,153,247

b

Lower

Alabama

Gas

District

(The)

,

Revenue

,

2020

,

Mandatory

Put

,

4

%

,

12/01/25

...

2,000,000

2,019,734

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

4

%

,

2/01/44

...............

3,000,000

2,888,519

Madison

Water

&

Wastewater

Board

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/41

.....

4,610,000

4,937,910

Marshall

County

Board

of

Education

,

Special

Tax

,

2016

,

AGMC

Insured

,

4

%

,

3/01/41

1,000,000

970,132

Mobile

County

Board

of

School

Commissioners

,

Special

Tax

,

2022

B

,

BAM

Insured

,

4.25

%

,

3/01/52

...................................................

2,000,000

1,933,628

Opelika

Utilities

Board

,

Revenue

,

2017

,

Refunding

,

4

%

,

6/01/41

................

2,000,000

1,962,485

Oxford

City

Board

of

Education

,

Special

Tax

,

2020

A

,

Refunding

,

4

%

,

5/01/50

......

2,500,000

2,354,764

b

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

A

,

Mandatory

Put

,

4

%

,

10/01/28

.....................................................

5,000,000

4,967,101

Special

Care

Facilities

Financing

Authority

of

the

City

of

Pell

City

Alabama

,

Noland

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/01/39

.................

4,000,000

3,933,277

Talladega

County

Board

of

Education

,

Special

Tax

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

11/01/39

........................................................

2,000,000

2,121,267

Troy

Public

Educational

Building

Authority

,

Troy

City

Board

of

Education

,

Revenue

,

2011

,

AGMC

Insured

,

5.25

%

,

12/01/40

..................................

295,000

295,406

Tuscaloosa

City

Board

of

Education

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

8/01/41

...

4,000,000

4,379,178

UAB

Medicine

Finance

Authority

,

UAB

Medicine

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

9/01/29

.............................................

5,000,000

5,420,165

University

of

Alabama

(The)

,

Revenue,

2013

D-2,

Pre-Refunded,

5%,

10/01/37

.........................

7,520,000

7,713,029

Revenue,

2018

B2,

5%,

9/01/48

.......................................

5,000,000

5,370,994

University

of

Montevallo

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/42

....

2,500,000

2,673,030

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

5

%

,

4/01/49

........

2,000,000

2,157,520

Water

Works

Board

of

the

City

of

Birmingham

(The)

,

Revenue

,

2016

B

,

Pre-Refunded

,

5

%

,

1/01/43

......................................................

5,000,000

5,520,870

192,577,698

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

700,000

605,844

Florida

0.6%

c

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

500,000

353,700

c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

1,150,000

976,925

1,330,625

Franklin

Tax-Free

Trust

Schedule

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

47

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

0.4%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

$

1,000,000

$

913,507

Kentucky

0.5%

c

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn.,

5/01/52

....................................

1,500,000

1,026,978

New

York

1.3%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

275,000

246,094

Revenue,

2021

A-2,

4%,

11/15/42

.....................................

2,700,000

2,511,972

2,758,066

South

Carolina

1.1%

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

500,000

405,126

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

500,000

404,700

c

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

1,485,000

993,606

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

750,000

596,473

2,399,905

Texas

0.5%

c

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

600,000

474,923

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

800,000

642,862

1,117,785

Washington

0.2%

c

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

500,000

404,765

Wisconsin

0.8%

c

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

500,000

417,982

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

1,300,000

1,291,247

1,709,229

U.S.

Territories

1.8%

Guam

0.5%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,000,000

1,041,112

Puerto

Rico

1.3%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

500,000

507,792

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

1,011,313

Franklin

Tax-Free

Trust

Schedule

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.

48

See

Abbreviations

on

page

140

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

L

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/35

.............................................

$

530,000

$

535,089

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

750,000

727,580

2,781,774

Total

U.S.

Territories

....................................................................

3,822,886

Total

Municipal

Bonds

(Cost

$221,343,883)

.....................................

208,667,288

Total

Long

Term

Investments

(Cost

$221,643,883)

...............................

208,967,288

a

a

a

a

a

a

Total

Investments

(Cost

$221,643,883)

96.6%

...................................

$208,967,288

Other

Assets,

less

Liabilities

3.4%

.............................................

7,435,656

Net

Assets

100.0%

...........................................................

$216,402,944

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

12

regarding

fair

value

measurements.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2022,

the

aggregate

value

of

these

securities

was

$9,599,443,

representing

4.4%

of

net

assets.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Georgia

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

49

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.57

$11.91

$12.19

$11.59

$11.57

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.14

0.26

0.30

0.32

0.17

Net

realized

and

unrealized

gains

(losses)

...........

(1.03)

(0.34)

(0.29)

0.63

0.02

Total

from

investment

operations

....................

(0.89)

(0.08)

0.01

0.95

0.19

Less

distributions

from:

Net

investment

income

..........................

(0.13)

(0.26)

(0.29)

(0.35)

(0.17)

Net

asset

value,

end

of

period

......................

$10.55

$11.57

$11.91

$12.19

$11.59

Total

return

e

...................................

(7.67)%

(0.71)%

0.14%

8.27%

1.70%

Ratios

to

average

net

assets

f

Expenses

g

....................................

0.86%

0.86%

0.85%

0.86%

0.87%

Net

investment

income

...........................

2.49%

2.20%

2.48%

2.76%

3.10%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$81,492

$92,129

$77,256

$54,945

$19,705

Portfolio

turnover

rate

............................

8.56%

22.60%

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

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.

50

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.57

$11.91

$12.19

$11.59

$11.65

$11.99

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.28

0.32

0.35

0.38

0.39

Net

realized

and

unrealized

gains

(losses)

(1.03)

(0.34)

(0.29)

0.61

(0.06)

(0.33)

Total

from

investment

operations

........

(0.89)

(0.06)

0.03

0.96

0.32

0.06

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.28)

(0.31)

(0.36)

(0.38)

(0.40)

Net

asset

value,

end

of

period

..........

$10.54

$11.57

$11.91

$12.19

$11.59

$11.65

Total

return

d

.......................

(7.69)%

(0.56)%

0.29%

8.44%

2.83%

0.46%

Ratios

to

average

net

assets

e

Expenses

.........................

0.71%

f

0.71%

f

0.71%

f

0.71%

f

0.72%

f

0.69%

g

Net

investment

income

...............

2.64%

2.36%

2.66%

2.91%

3.25%

3.25%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$210,937

$249,763

$274,232

$309,436

$313,940

$363,390

Portfolio

turnover

rate

................

8.56%

22.60%

16.89%

13.23%

11.78%

9.33%

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

Georgia

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,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.75

$12.09

$12.38

$11.77

$11.83

$12.16

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.22

0.25

0.29

0.32

0.33

Net

realized

and

unrealized

gains

(losses)

(1.05)

(0.35)

(0.29)

0.62

(0.06)

(0.33)

Total

from

investment

operations

........

(0.94)

(0.13)

(0.04)

0.91

0.26

—

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.21)

(0.25)

(0.30)

(0.32)

(0.33)

Net

asset

value,

end

of

period

..........

$10.70

$11.75

$12.09

$12.38

$11.77

$11.83

Total

return

d

.......................

(8.00)%

(1.10)%

(0.34)%

7.84%

2.22%

(0.02)%

Ratios

to

average

net

assets

e

Expenses

.........................

1.25%

f

1.25%

f

1.25%

f

1.26%

f

1.27%

f

1.24%

g

Net

investment

income

...............

2.05%

1.79%

2.08%

2.36%

2.70%

2.70%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$22,910

$28,904

$45,512

$62,426

$72,542

$109,722

Portfolio

turnover

rate

................

8.56%

22.60%

16.89%

13.23%

11.78%

9.33%

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

Georgia

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,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.57

$11.91

$12.20

$11.59

$11.66

$11.94

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.15

0.30

0.33

0.36

0.39

0.24

Net

realized

and

unrealized

gains

(losses)

(1.02)

(0.34)

(0.29)

0.63

(0.06)

(0.29)

Total

from

investment

operations

........

(0.87)

(0.04)

0.04

0.99

0.33

(0.05)

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.30)

(0.33)

(0.38)

(0.40)

(0.23)

Net

asset

value,

end

of

period

..........

$10.55

$11.57

$11.91

$12.20

$11.59

$11.66

Total

return

e

.......................

(7.54)%

(0.42)%

0.35%

8.67%

2.86%

(0.40)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.57%

0.57%

0.58%

0.59%

0.59%

4.47%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.57%

g,h

0.57%

g,h

0.56%

g

0.57%

g

0.57%

g

0.55%

Net

investment

income

...............

2.78%

2.49%

2.73%

3.05%

3.40%

3.39%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$10,774

$17,047

$13,813

$4,981

$3,786

$5

Portfolio

turnover

rate

................

8.56%

22.60%

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%.

h

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

53

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.57

$11.92

$12.20

$11.59

$11.66

$11.99

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15

0.29

0.33

0.36

0.39

0.40

Net

realized

and

unrealized

gains

(losses)

(1.02)

(0.35)

(0.29)

0.63

(0.07)

(0.32)

Total

from

investment

operations

........

(0.87)

(0.06)

0.04

0.99

0.32

0.08

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.29)

(0.32)

(0.38)

(0.39)

(0.41)

Net

asset

value,

end

of

period

..........

$10.55

$11.57

$11.92

$12.20

$11.59

$11.66

Total

return

d

.......................

(7.56)%

(0.46)%

0.31%

8.63%

2.83%

0.64%

Ratios

to

average

net

assets

e

Expenses

.........................

0.61%

f

0.61%

f

0.61%

f

0.61%

f

0.62%

f

0.59%

g

Net

investment

income

...............

2.73%

2.46%

2.74%

3.01%

3.35%

3.35%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$51,497

$72,069

$68,009

$53,789

$40,142

$35,389

Portfolio

turnover

rate

................

8.56%

22.60%

16.89%

13.23%

11.78%

9.33%

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

Schedule

of

Investments

(unaudited),

August

31,

2022

Franklin

Georgia

Tax-Free

Income

Fund

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

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

900,000

$

900,000

Total

Corporate

Bonds

(Cost

$900,000)

........................................

900,000

Municipal

Bonds

97.2%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

1,300,000

1,125,139

Florida

1.2%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

2,592,000

2,278,990

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

750,000

530,550

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

2,030,000

1,724,485

4,534,025

Georgia

88.6%

Athens

Housing

Authority

,

UGAREF

East

Campus

Housing

Phase

II

LLC,

Revenue,

2017,

Refunding,

5%,

6/15/36

........................................................

2,390,000

2,573,715

UGAREF

East

Campus

Housing

Phase

II

LLC,

Revenue,

2017,

Refunding,

4%,

6/15/40

........................................................

5,000,000

4,961,480

Atlanta

&

Fulton

County

Recreation

Authority

,

City

of

Atlanta

Park

Tax

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

12/01/35

..........................................

3,530,000

3,691,216

Atlanta

Development

Authority

(The)

,

City

of

Atlanta

Hotel

Motel

Tax,

Revenue,

2015

A-1,

5.25%,

7/01/40

............

7,750,000

8,099,132

City

of

Atlanta

Hotel

Motel

Tax,

Revenue,

2015

A-1,

5.25%,

7/01/44

............

3,000,000

3,124,028

Tuff

Yamacraw

LLC,

Revenue,

2005

A,

Refunding,

AMBAC

Insured,

5%,

1/01/26

..

2,555,000

2,667,029

Auburn

Urban

Redevelopment

Agency

,

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/45

..................

1,000,000

949,484

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/50

..................

1,000,000

938,393

Bainbridge

Public

Facilities

Authority

,

County

of

Decatur

,

Revenue

,

2018

,

AGMC

Insured

,

4

%

,

3/01/43

...............................................

4,000,000

3,902,882

c

Baldwin

County

Hospital

Authority

,

Oconee

Regional

Medical

Center

Obligated

Group,

Revenue,

1998,

5.25%,

12/01/22

2,500,000

25

Oconee

Regional

Medical

Center

Obligated

Group,

Revenue,

1998,

5.375%,

12/01/28

.......................................................

2,000,000

20

Bleckley

County

School

District

,

GO

,

2020

,

5

%

,

10/01/42

.....................

2,055,000

2,279,077

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

7/01/49

........................................

3,000,000

2,860,784

Carroll

City-County

Hospital

Authority

,

Tanner

Medical

Center

Obligated

Group,

Revenue,

2015,

5%,

7/01/41

..........

2,000,000

2,067,830

Tanner

Medical

Center

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/45

.

1,250,000

1,210,112

Tanner

Medical

Center

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/50

.

1,500,000

1,407,984

Carrollton

Payroll

Development

Authority

,

UWG

Athletic

Complex

LLC

,

Revenue

,

2014

,

Refunding

,

AGMC

Insured

,

5

%

,

6/15/37

.................................

3,140,000

3,286,387

City

of

Atlanta

,

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/33

........................................................

4,005,000

4,117,988

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/34

........................................................

3,250,000

3,338,546

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2019

D,

4%,

7/01/36

.....

4,500,000

4,381,705

BeltLineTAD,

Tax

Allocation,

2016

B,

Refunding,

5%,

1/01/31

.................

1,780,000

1,918,322

Department

of

Aviation,

Revenue,

2021

B,

Refunding,

5%,

7/01/37

.............

1,480,000

1,641,547

Department

of

Aviation,

Revenue,

2021

C,

Refunding,

5%,

7/01/37

.............

1,500,000

1,607,286

Water

&

Wastewater,

Revenue,

2001

A,

AGMC,

NATL

RE

Insured,

5.5%,

11/01/27

.

5,000,000

5,488,738

Water

&

Wastewater,

Revenue,

2018

B,

Refunding,

5%,

11/01/47

..............

5,000,000

5,399,673

Franklin

Tax-Free

Trust

Schedule

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

55

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

City

of

Baldwin

,

Water

&

Sewerage

,

Revenue

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

6/01/46

.........................................................

$

1,835,000

$

1,504,108

City

of

Buford

,

GO

,

2017

C

,

Pre-Refunded

,

4

%

,

1/01/43

......................

5,000,000

5,310,299

City

of

Cartersville

,

Water

&

Sewer

,

Revenue

,

2018

,

Refunding

,

5

%

,

6/01/48

.......

4,000,000

4,296,174

City

of

Dalton

,

GO

,

2018

,

5

%

,

2/01/48

....................................

3,000,000

3,248,897

City

of

Monroe

,

Combined

Utility

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

12/01/50

....

1,500,000

1,404,964

City

of

Warner

Robins

,

Water

&

Sewerage

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/45

.

1,000,000

956,771

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/38

375,000

399,514

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/39

425,000

417,110

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/40

400,000

422,950

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/41

375,000

364,226

WellStar

Health

System

Obligated

Group,

Revenue,

2022

A,

4%,

4/01/52

........

3,100,000

2,855,801

County

of

DeKalb

,

Water

&

Sewerage,

Revenue,

2006

B,

Refunding,

AGMC

Insured,

5%,

10/01/35

..

5,655,000

6,113,500

Water

&

Sewerage,

Revenue,

2011

A,

5.25%,

10/01/41

.....................

4,225,000

4,232,608

County

of

Fulton

,

Water

&

Sewerage

,

Revenue

,

2020

A

,

3

%

,

1/01/45

.............

5,000,000

4,120,687

County

of

Oconee

,

GO

,

2021

,

4

%

,

1/01/32

................................

1,000,000

1,084,651

County

of

Rockdale

,

Stormwater

System,

Revenue,

2021,

4%,

7/01/36

.........................

500,000

512,978

Stormwater

System,

Revenue,

2021,

4%,

7/01/41

.........................

500,000

490,596

Coweta

County

Water

&

Sewage

Authority

,

Revenue,

2021

B,

3%,

6/01/43

........................................

820,000

685,693

Revenue,

2021

B,

3%,

6/01/46

........................................

1,000,000

812,757

Dalton

Whitfield

County

Joint

Development

Authority

,

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2017

,

4

%

,

8/15/41

............................

3,000,000

2,908,898

DeKalb

Newton

&

Gwinnett

Counties

Joint

Development

Authority

,

GGCF

Athletic

Fields

LLC

,

Revenue

,

2012

A

,

AGMC

Insured

,

5

%

,

7/01/39

..................

5,000,000

5,006,650

Development

Authority

for

Fulton

County

,

Georgia

Tech

Facilities,

Inc.,

Revenue,

2018,

4%,

3/01/43

...................

2,000,000

1,924,751

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

7/01/44

........................................................

10,000,000

10,254,993

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2019

A,

4%,

7/01/49

......

5,000,000

4,654,832

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/29

.............

1,000,000

1,129,772

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/30

.............

1,030,000

1,176,349

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/31

.............

1,235,000

1,418,204

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/32

.............

1,350,000

1,556,980

WellStar

Health

System

Obligated

Group,

Revenue,

2017,

5%,

4/01/47

.........

1,000,000

1,034,982

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/50

........

4,000,000

3,731,572

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.

,

Revenue

,

2017

,

Refunding

,

4.125

%

,

11/01/45

....................................

6,000,000

5,453,736

Development

Authority

of

Cobb

County

(The)

,

Georgia

Tech

Cobb

Research

Campus

LLC,

Revenue,

2017

A,

4%,

6/01/42

......

1,600,000

1,560,972

Kennesaw

State

University

Real

Estate

Obligated

Group

2015

ABC,

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

7/15/38

.................................

2,000,000

2,092,750

KSU

2020

Housing

Real

Estate

Foundation

LLC,

Revenue,

2020,

4%,

7/15/52

....

5,720,000

5,347,603

KSU

University

II

Real

Estate

Foundation

LLC,

Revenue,

2021,

Refunding,

4%,

7/15/34

........................................................

1,000,000

1,004,368

University

System

of

Georgia,

Revenue,

2020

C,

4%,

7/15/52

................

2,000,000

1,888,865

Franklin

Tax-Free

Trust

Schedule

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.

56

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Development

Authority

of

Gwinnett

County

,

Gwinnett

County

School

District

,

COP

,

2006

,

NATL

Insured

,

5.25

%

,

1/01/24

...................................

$

2,000,000

$

2,075,590

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

4,825,000

3,896,659

Etowah

Water

&

Sewer

Authority

,

Revenue

,

2019

,

Refunding

,

BAM

Insured

,

3

%

,

3/01/44

.........................................................

1,250,000

1,012,596

Floyd

County

Hospital

Authority

,

Floyd

Obligated

Group

,

Revenue

,

2016

,

Pre-

Refunded

,

4

%

,

7/01/43

.............................................

7,735,000

8,178,110

Forsyth

County

School

District

,

GO

,

2018

,

5

%

,

2/01/38

.......................

2,650,000

2,921,094

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/42

..........

6,000,000

6,057,855

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/15/42

....................................................

7,000,000

7,290,816

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

2/15/45

....................................................

5,000,000

4,683,337

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2021

A,

4%,

2/15/51

5,000,000

4,538,501

Gainesville

School

District

,

GO

,

2020

,

4

%

,

11/01/42

.........................

1,000,000

983,317

Georgia

Higher

Education

Facilities

Authority

,

USG

Real

Estate

Foundation

III

LLC

,

Revenue

,

2020

,

Refunding

,

4

%

,

6/15/41

.................................

2,305,000

2,261,707

Georgia

Housing

&

Finance

Authority

,

Revenue,

2013

A,

3.8%,

12/01/37

.....................................

1,655,000

1,655,472

Revenue,

2018

A,

3.85%,

12/01/38

....................................

1,170,000

1,158,364

Revenue,

2018

A,

3.95%,

12/01/43

....................................

1,210,000

1,197,510

Revenue,

2019

A,

Refunding,

3.7%,

6/01/49

..............................

4,685,000

4,211,195

Georgia

Ports

Authority

,

Revenue,

2021,

4%,

7/01/51

.........................................

3,250,000

3,093,253

Revenue,

2022,

5%,

7/01/47

.........................................

2,500,000

2,737,046

Revenue,

2022,

5.25%,

7/01/52

.......................................

2,000,000

2,221,509

Glynn-Brunswick

Memorial

Hospital

Authority

,

Southeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

,

5

%

,

8/01/47

............................

5,000,000

5,031,661

Gwinnett

County

School

District

,

GO

,

2019

,

5

%

,

2/01/41

......................

3,000,000

3,324,649

Henry

County

School

District

,

GO

,

2016

,

Pre-Refunded

,

4

%

,

8/01/33

.............

5,000,000

5,282,700

Hogansville

Ga

Combined

Public

Utility

System

,

Revenue

,

1993

,

AGMC

Insured

,

ETM,

6

%

,

10/01/23

.....................................................

980,000

1,016,810

Lawrenceville

Building

Authority

,

City

of

Lawrenceville

,

Revenue

,

2015

,

5

%

,

4/01/35

.

2,270,000

2,389,914

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/27

......................................

5,000,000

5,427,197

Revenue,

2019

A,

5%,

5/15/38

........................................

2,500,000

2,621,760

d

Revenue,

2022

B,

Mandatory

Put,

5%,

6/01/29

............................

5,000,000

5,252,610

b,d

Revenue,

144A,

2022

C,

Mandatory

Put,

4%,

11/01/27

......................

8,000,000

7,765,727

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2015

B

,

5

%

,

7/01/45

........

5,000,000

5,318,337

Monroe

County

Public

Facilities

Authority

,

County

of

Monroe

,

Revenue

,

2020

,

4

%

,

6/01/42

.........................................................

1,000,000

962,577

Moultrie-Colquitt

Counties

Development

Authority

,

Philadelphia

College

of

Osteopathic

Medicine

Obligated

Group

,

Revenue

,

2018

,

5

%

,

12/01/43

...................

4,815,000

5,211,977

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

A,

AGMC

Insured,

4%,

1/01/44

............................

5,000,000

4,740,637

Revenue,

2020

A,

Refunding,

5%,

1/01/50

...............................

3,500,000

3,626,799

Revenue,

2021

A,

Refunding,

4%,

1/01/46

...............................

330,000

292,092

Revenue,

2021

A,

Refunding,

4%,

1/01/51

...............................

425,000

373,003

Revenue,

2021

A,

Refunding,

5%,

1/01/56

...............................

750,000

763,619

Revenue,

GG,

Refunding,

5%,

1/01/39

..................................

7,000,000

7,044,641

Private

Colleges

&

Universities

Authority

,

Emory

University,

Revenue,

2013

A,

5%,

10/01/43

.........................

5,000,000

5,085,952

Emory

University,

Revenue,

2019

B,

Refunding,

5%,

9/01/48

.................

4,000,000

4,363,617

Mercer

University,

Revenue,

2021,

Refunding,

4%,

10/01/50

.................

5,400,000

4,873,475

Franklin

Tax-Free

Trust

Schedule

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

57

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Private

Colleges

&

Universities

Authority,

(continued)

Mercer

University,

Revenue,

2022,

Refunding,

5.25%,

10/01/51

...............

$

4,500,000

$

4,781,082

Pulaski

County

School

District

,

GO

,

2020

,

4

%

,

10/01/42

......................

1,000,000

983,379

Richmond

County

Hospital

Authority

,

University

Health

Services

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

4

%

,

1/01/35

.................................

8,000,000

7,914,043

Savannah

Hospital

Authority

,

St.

Joseph's/Candler

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/43

...............................

10,000,000

9,194,565

Sinclair

Water

Authority

,

Revenue

,

2019

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/48

...

2,000,000

2,167,237

Worth

County

School

District

,

GO

,

2017

,

5

%

,

12/01/42

.......................

5,000,000

5,397,273

334,675,208

Illinois

0.8%

State

of

Illinois

,

GO,

2021

A,

5%,

3/01/37

............................................

250,000

264,279

GO,

2021

B,

4%,

12/01/38

...........................................

3,000,000

2,819,539

3,083,818

New

Jersey

0.4%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

6/15/31

.........................................................

1,220,000

1,355,063

New

York

0.7%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/53

.....................................

100,000

87,339

Revenue,

2020

D,

4%,

11/15/47

.......................................

600,000

535,498

Revenue,

2021

A-2,

4%,

11/15/42

.....................................

2,300,000

2,139,828

2,762,665

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

900,000

729,226

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

900,000

728,459

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

500,000

397,649

1,855,334

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,200,000

949,845

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,500,000

1,205,367

2,155,212

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

900,000

728,578

Wisconsin

1.1%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

900,000

752,368

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

1,500,000

1,208,277

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

2,300,000

2,284,513

4,245,158

U.S.

Territories

2.8%

Puerto

Rico

2.8%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

560,000

568,727

c

Revenue,

XX,

5.25%,

7/01/40

........................................

2,270,000

1,844,375

Franklin

Tax-Free

Trust

Schedule

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.

58

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,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

$

4,800,000

$

4,887,495

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,450,000

1,463,923

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,100,000

1,103,285

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

480,000

465,651

10,333,456

Total

U.S.

Territories

....................................................................

10,333,456

Total

Municipal

Bonds

(Cost

$395,422,515)

.....................................

366,853,656

Total

Long

Term

Investments

(Cost

$396,322,515)

...............................

367,753,656

a

a

a

a

a

Short

Term

Investments

0.7%

Municipal

Bonds

0.7%

Georgia

0.7%

e

Development

Authority

of

Monroe

County

(The)

,

Florida

Power

&

Light

Co.

,

Revenue

,

2002

,

Refunding

,

Daily

VRDN

and

Put

,

1.28

%

,

9/01/37

.....................

2,800,000

2,800,000

Total

Municipal

Bonds

(Cost

$2,800,000)

.......................................

2,800,000

Total

Short

Term

Investments

(Cost

$2,800,000

)

.................................

2,800,000

a

Total

Investments

(Cost

$399,122,515)

98.1%

...................................

$370,553,656

Other

Assets,

less

Liabilities

1.9%

.............................................

7,056,066

Net

Assets

100.0%

...........................................................

$377,609,722

See

Abbreviations

on

page

140

.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

12

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2022,

the

aggregate

value

of

these

securities

was

$22,173,244,

representing

5.9%

of

net

assets.

c

See

Note

7

regarding

defaulted

securities.

d

The

maturity

date

shown

represents

the

mandatory

put

date.

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

Louisiana

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,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.03

$11.28

$11.55

$10.93

$10.85

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.12

0.24

0.28

0.30

0.16

Net

realized

and

unrealized

gains

(losses)

...........

(0.95)

(0.25)

(0.27)

0.64

0.08

Total

from

investment

operations

....................

(0.83)

(0.01)

0.01

0.94

0.24

Less

distributions

from:

Net

investment

income

..........................

(0.12)

(0.24)

(0.28)

(0.32)

(0.16)

Net

asset

value,

end

of

period

......................

$10.08

$11.03

$11.28

$11.55

$10.93

Total

return

e

...................................

(7.54)%

(0.17)%

0.09%

8.68%

2.22%

Ratios

to

average

net

assets

f

Expenses

g

....................................

0.88%

0.87%

0.87%

0.86%

0.88%

Net

investment

income

...........................

2.33%

2.07%

2.49%

2.70%

3.06%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$64,005

$69,773

$56,810

$48,032

$18,110

Portfolio

turnover

rate

............................

5.25%

16.61%

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

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.

60

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.03

$11.28

$11.55

$10.92

$10.90

$11.15

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.25

0.30

0.32

0.35

0.36

Net

realized

and

unrealized

gains

(losses)

(0.96)

(0.25)

(0.28)

0.64

0.02

(0.24)

Total

from

investment

operations

........

(0.83)

—

0.02

0.96

0.37

0.12

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.25)

(0.29)

(0.33)

(0.35)

(0.37)

Net

asset

value,

end

of

period

..........

$10.07

$11.03

$11.28

$11.55

$10.92

$10.90

Total

return

d

.......................

(7.56)%

(0.02)%

0.24%

8.94%

3.45%

1.04%

Ratios

to

average

net

assets

e

Expenses

.........................

0.73%

f

0.72%

f

0.72%

f

0.71%

f

0.73%

f

0.70%

Net

investment

income

...............

2.48%

2.22%

2.66%

2.85%

3.21%

3.23%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$197,196

$234,499

$250,576

$289,744

$284,259

$322,080

Portfolio

turnover

rate

................

5.25%

16.61%

22.66%

4.83%

9.46%

21.83%

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

Louisiana

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,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.21

$11.46

$11.74

$11.10

$11.07

$11.32

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.10

0.19

0.24

0.26

0.29

0.30

Net

realized

and

unrealized

gains

(losses)

(0.97)

(0.25)

(0.29)

0.65

0.03

(0.25)

Total

from

investment

operations

........

(0.87)

(0.06)

(0.05)

0.91

0.32

0.05

Less

distributions

from:

Net

investment

income

..............

(0.10)

(0.19)

(0.23)

(0.27)

(0.29)

(0.30)

Net

asset

value,

end

of

period

..........

$10.24

$11.21

$11.46

$11.74

$11.10

$11.07

Total

return

d

.......................

(7.79)%

(0.57)%

(0.39)%

8.34%

2.92%

0.46%

Ratios

to

average

net

assets

e

Expenses

.........................

1.27%

f

1.26%

f

1.26%

f

1.26%

f

1.28%

f

1.25%

Net

investment

income

...............

1.88%

1.64%

2.08%

2.30%

2.66%

2.68%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$15,108

$19,991

$29,441

$38,066

$42,188

$61,399

Portfolio

turnover

rate

................

5.25%

16.61%

22.66%

4.83%

9.46%

21.83%

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

Louisiana

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,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.03

$11.28

$11.55

$10.93

$10.90

$11.18

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.14

0.27

0.31

0.33

0.36

0.22

Net

realized

and

unrealized

gains

(losses)

(0.96)

(0.25)

(0.27)

0.64

0.03

(0.28)

Total

from

investment

operations

........

(0.82)

0.02

0.04

0.97

0.39

(0.06)

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.27)

(0.31)

(0.35)

(0.36)

(0.22)

Net

asset

value,

end

of

period

..........

$10.07

$11.03

$11.28

$11.55

$10.93

$10.90

Total

return

e

.......................

(7.49)%

0.12%

0.38%

8.99%

3.67%

(0.59)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

........

0.59%

0.59%

0.60%

0.60%

0.61%

0.60%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

........

0.58%

g

0.58%

g

0.58%

g

0.58%

g

0.59%

g

0.57%

Net

investment

income

...............

2.62%

2.36%

2.78%

2.98%

3.35%

3.36%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$6,741

$8,031

$6,076

$5,383

$3,865

$3,683

Portfolio

turnover

rate

................

5.25%

16.61%

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

63

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.03

$11.28

$11.55

$10.93

$10.90

$11.15

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.26

0.31

0.33

0.36

0.37

Net

realized

and

unrealized

gains

(losses)

(0.96)

(0.24)

(0.28)

0.63

0.03

(0.24)

Total

from

investment

operations

........

(0.83)

0.02

0.03

0.96

0.39

0.13

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.27)

(0.30)

(0.34)

(0.36)

(0.38)

Net

asset

value,

end

of

period

..........

$10.07

$11.03

$11.28

$11.55

$10.93

$10.90

Total

return

d

.......................

(7.52)%

0.08%

0.34%

8.95%

3.65%

1.14%

Ratios

to

average

net

assets

e

Expenses

.........................

0.63%

f

0.62%

f

0.62%

f

0.61%

f

0.63%

f

0.60%

Net

investment

income

...............

2.57%

2.32%

2.73%

2.95%

3.31%

3.33%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$34,353

$42,264

$37,329

$27,945

$19,580

$14,091

Portfolio

turnover

rate

................

5.25%

16.61%

22.66%

4.83%

9.46%

21.83%

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

Schedule

of

Investments

(unaudited),

August

31,

2022

Franklin

Louisiana

Tax-Free

Income

Fund

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

98.6%

Florida

0.1%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

$

500,000

$

353,700

Georgia

0.3%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

1,225,000

989,307

Louisiana

93.5%

Ascension

Parish

School

Board

,

GO

,

2020

,

4

%

,

3/01/40

......................

1,000,000

989,737

Caddo

Parish

Parishwide

School

District

,

GO

,

2021

,

AGMC

Insured

,

3

%

,

3/01/36

...

505,000

453,264

Calcasieu

Parish

School

District

No.

23

,

GO,

2019,

BAM

Insured,

4%,

9/01/36

...................................

670,000

691,066

GO,

2019,

BAM

Insured,

4%,

9/01/39

...................................

2,060,000

2,063,461

Calcasieu

Parish

School

District

No.

31

,

GO,

2018,

BAM

Insured,

5%,

3/01/36

...................................

1,000,000

1,095,230

GO,

2018,

BAM

Insured,

5%,

3/01/38

...................................

1,000,000

1,089,992

GO,

2019,

BAM

Insured,

4%,

3/01/37

...................................

1,000,000

1,020,416

GO,

2019,

BAM

Insured,

4%,

3/01/39

...................................

750,000

751,408

Central

Community

School

System

,

GO,

2020,

4%,

3/01/39

.............................................

1,125,000

1,127,400

GO,

2020,

4%,

3/01/40

.............................................

1,190,000

1,177,787

City

of

Bossier

City

,

Utilities

,

Revenue

,

2014

,

Pre-Refunded

,

5

%

,

10/01/37

........

5,280,000

5,560,463

City

of

Lafayette

,

Sales

&

Use

Tax,

Revenue,

2019

A,

5%,

5/01/44

..........................

4,350,000

4,722,200

Sales

&

Use

Tax,

Revenue,

2020

B,

4%,

3/01/45

..........................

5,000,000

4,789,337

City

of

New

Orleans

,

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/45

.........................

1,700,000

1,833,477

Sewerage

Service,

Revenue,

2020

B,

4%,

6/01/50

.........................

1,300,000

1,223,987

City

of

Ruston

,

Sales

Tax

,

Revenue

,

2016

,

AGMC

Insured

,

5

%

,

6/01/35

...........

1,085,000

1,167,966

City

of

Shreveport

,

Revenue,

2016,

Refunding,

BAM

Insured,

5%,

3/01/27

......................

1,500,000

1,642,068

Water

&

Sewer,

Revenue,

2016

B,

5%,

12/01/41

..........................

4,000,000

4,297,070

Water

&

Sewer,

Revenue,

2020

B,

Refunding,

3%,

12/01/50

..................

5,070,000

3,825,336

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

2,270,368

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2014

B,

Pre-Refunded,

5%,

2/01/33

............................

1,000,000

1,061,308

Revenue,

2014

B,

Pre-Refunded,

5%,

2/01/39

............................

5,000,000

5,306,538

Revenue,

2019

A,

Refunding,

4%,

2/01/45

...............................

5,000,000

4,740,112

Revenue,

2020

A,

Refunding,

5%,

2/01/31

...............................

750,000

859,417

Greater

New

Orleans

Expressway

Commission

,

Revenue

,

2017

,

AGMC

Insured

,

5

%

,

11/01/47

........................................................

4,000,000

4,236,069

Jefferson

Parish

Consolidated

Sewerage

District

No.

1

,

Revenue

,

2022

,

BAM

Insured

,

4

%

,

2/01/38

......................................................

1,000,000

1,003,495

Jefferson

Parish

Consolidated

Waterworks

District

No.

2

,

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

4

%

,

2/01/40

...........................................

5,000,000

4,951,835

Jefferson

Sales

Tax

District

,

Revenue

,

2017

B

,

AGMC

Insured

,

5

%

,

12/01/42

.......

2,250,000

2,417,944

Lafayette

Consolidated

Government

,

GO,

2020,

Refunding,

3%,

3/01/34

.....................................

250,000

230,656

GO,

2020,

Refunding,

3%,

3/01/35

.....................................

200,000

181,893

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/28

...................

1,345,000

1,443,727

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/31

...................

2,400,000

2,566,353

Livingston

Parish

School

Board

,

Sales

&

Use

Tax,

Revenue,

2021

A,

Refunding,

4%,

5/01/30

.................

500,000

540,569

Sales

&

Use

Tax,

Revenue,

2021

A,

Refunding,

4%,

5/01/31

.................

1,300,000

1,398,102

Sales

&

Use

Tax,

Revenue,

2021

A,

Refunding,

4%,

5/01/32

.................

1,500,000

1,595,445

Franklin

Tax-Free

Trust

Schedule

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

65

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Correctional

Facilities

Corp.

,

State

of

Louisiana

Office

of

Juvenile

Justice,

Revenue,

2021,

4%,

10/01/37

......

$

875,000

$

889,742

State

of

Louisiana

Office

of

Juvenile

Justice,

Revenue,

2021,

4%,

10/01/40

......

1,305,000

1,294,147

Louisiana

Housing

Corp.

,

Revenue,

2021

B,

GNMA

Insured,

2.05%,

6/01/36

.........................

620,000

519,495

Revenue,

2021

B,

GNMA

Insured,

2.2%,

6/01/41

..........................

1,975,000

1,510,389

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

a

City

of

New

Orleans,

Revenue,

144A,

2021,

4%,

11/01/46

...................

2,000,000

1,563,363

East

Ascension

Parish

Gravity

Drainage

District

No.

1,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/40

........................................

2,925,000

3,117,746

Entergy

Louisiana

LLC,

Revenue,

2021

A,

Refunding,

2%,

6/01/30

.............

1,500,000

1,302,649

Entergy

Louisiana

LLC,

Revenue,

2021

B,

Refunding,

2.5%,

4/01/36

...........

3,000,000

2,399,157

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/33

.

800,000

808,443

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/34

.

620,000

623,649

a

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4.25%,

12/01/50

........................................

8,000,000

6,528,120

Louisiana

Community

&

Technical

College

System,

Revenue,

2014,

Pre-Refunded,

5%,

10/01/32

...................................................

3,000,000

3,156,226

a

Parish

of

Assumption,

Revenue,

144A,

2021,

3.875%,

11/01/45

...............

1,000,000

773,283

a

Parish

of

St.

Bernard,

Revenue,

144A,

2021,

4%,

11/01/45

...................

1,225,000

966,933

a

Parish

of

St.

Charles,

Revenue,

144A,

2022,

4.5%,

11/01/47

.................

2,000,000

1,657,925

a

Parish

of

St.

Tammany

LA

GOMESA,

Revenue,

144A,

2020,

3.875%,

11/01/45

....

1,900,000

1,500,371

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

10/01/43

...

250,000

196,360

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4.25%,

10/01/48

221,200

169,987

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4.5%,

10/01/53

.

309,471

234,959

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

5%,

10/01/61

...

249,529

189,225

Ragin

Cajun

Facilities,

Inc.,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

10/01/39

.......................................................

2,680,000

2,875,120

University

of

Louisiana

at

Lafayette,

Revenue,

2018,

AGMC

Insured,

5%,

10/01/48

3,500,000

3,715,073

University

of

Louisiana

System,

Revenue,

2019,

Refunding,

AGMC

Insured,

4%,

8/01/34

........................................................

1,000,000

1,003,146

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/39

.......................................

1,060,000

1,061,622

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/41

.......................................

500,000

489,800

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/43

.......................................

500,000

485,922

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/30

....................................................

1,020,000

1,066,947

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/31

....................................................

1,065,000

1,112,686

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/32

....................................................

1,100,000

1,137,969

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/33

....................................................

1,155,000

1,179,819

Woman's

Hospital

Foundation,

Revenue,

2017

A,

Refunding,

5%,

10/01/44

......

5,000,000

5,205,214

Louisiana

Public

Facilities

Authority

,

Revenue,

2017

A,

4%,

12/15/50

.......................................

1,940,000

1,822,987

Revenue,

2017

A,

Pre-Refunded,

4%,

12/15/50

...........................

60,000

63,822

CHRISTUS

Health

Obligated

Group,

Revenue,

2018

E,

5%,

7/01/48

...........

5,000,000

5,230,576

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015

A,

5%,

7/01/35

..............................................

4,965,000

5,143,422

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/35

..................................

35,000

37,449

Louisiana

Children's

Medical

Center

Obligated

Group,

Revenue,

2015

A-1,

5%,

6/01/45

........................................................

10,000,000

10,306,854

Franklin

Tax-Free

Trust

Schedule

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.

66

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Public

Facilities

Authority,

(continued)

Louisiana

Children's

Medical

Center

Obligated

Group,

Revenue,

2020

A,

4%,

6/01/50

$

5,000,000

$

4,607,622

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2016

A,

5%,

7/01/46

..............................................

6,500,000

6,638,013

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2017,

5%,

7/01/52

................................................

2,310,000

2,363,531

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/37

.......

2,020,000

1,919,011

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/39

.......

3,460,000

3,241,155

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/41

.......

2,850,000

2,632,727

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2002

B,

ETM,

5.75%,

5/15/23

2,500,000

2,557,424

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/34

........................................................

30,000

32,478

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/47

........................................................

20,000

21,652

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/46

10,000,000

10,264,202

a

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

2,000,000

2,009,409

Roman

Catholic

Church

of

the

Archdiocese

of

New

Orleans,

Revenue,

2017,

Refunding,

5%,

7/01/37

............................................

3,750,000

3,525,000

Tulane

University,

Revenue,

2013

B,

5%,

10/01/37

.........................

5,540,000

5,582,772

Tulane

University,

Revenue,

2016

A,

Refunding,

5%,

12/15/41

................

3,000,000

3,139,234

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/45

.................

1,000,000

1,057,515

Louisiana

Stadium

&

Exposition

District

,

Revenue

,

2020

,

5

%

,

7/03/23

............

1,150,000

1,157,772

Louisiana

State

Transportation

Authority

,

Revenue

,

2013

A

,

Pre-Refunded

,

5

%

,

8/15/38

4,500,000

4,611,223

Louisiana

State

University

&

Agricultural

&

Mechanical

College

,

Auxiliary

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

7/01/40

....................................

4,500,000

4,917,976

Natchitoches

Parish

School

District

No.

9

,

GO

,

2018

,

AGMC

Insured

,

5

%

,

3/01/38

...

1,440,000

1,578,436

New

Orleans

Aviation

Board

,

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017

A

,

5

%

,

1/01/48

........................................

10,000,000

10,384,286

Parish

of

East

Baton

Rouge

Capital

Improvements

District

,

Revenue,

2019,

5%,

8/01/31

.........................................

1,000,000

1,135,997

Revenue,

2019,

4%,

8/01/44

.........................................

2,055,000

2,006,167

Revenue,

2019,

5%,

8/01/48

.........................................

2,500,000

2,650,739

Parish

of

Terrebonne

,

Sales

&

Use

Tax,

Revenue,

2020

A,

4%,

3/01/35

..........................

1,015,000

1,049,188

Sales

&

Use

Tax,

Revenue,

2020

A,

4%,

3/01/41

..........................

2,660,000

2,609,735

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2018

A,

AGMC

Insured,

5%,

4/01/48

............................

2,750,000

2,941,162

Revenue,

2018

B,

Refunding,

AGMC

Insured,

5%,

4/01/43

...................

2,000,000

2,090,181

Revenue,

2020

D,

5%,

4/01/50

........................................

4,000,000

4,250,245

Rapides

Parish

Consolidated

School

District

No.

62

,

GO

,

2022

,

AGMC

Insured

,

5

%

,

3/01/42

.........................................................

1,100,000

1,189,615

St.

Charles

Parish

School

Board

,

Revenue

,

2019

,

4

%

,

8/01/38

.................

805,000

814,332

St.

Tammany

Parish

Hospital

Service

District

No.

1

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/48

.........................................................

5,500,000

5,733,005

State

of

Louisiana

,

GO,

2014

C,

Refunding,

5%,

8/01/27

...................................

7,200,000

7,532,426

GO,

2016

A,

5%,

9/01/36

............................................

5,000,000

5,412,137

GO,

2019

A,

5%,

3/01/37

............................................

3,000,000

3,312,918

Revenue,

2019

A,

5%,

9/01/30

........................................

2,000,000

2,248,494

Revenue,

2019

A,

5%,

9/01/31

........................................

4,750,000

5,323,763

Revenue,

2021,

5%,

9/01/33

.........................................

1,200,000

1,372,029

Gasoline

&

Fuels

Tax,

Revenue,

First

Lien,

2015

A,

Pre-Refunded,

5%,

5/01/41

...

3,000,000

3,190,145

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/40

...

5,000,000

5,409,982

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/45

...

10,000,000

10,698,269

Tangipahoa

Parish

Hospital

Service

District

No.

1

,

Revenue,

2021,

Refunding,

4%,

2/01/35

.................................

2,250,000

2,113,315

Revenue,

2021,

Refunding,

4%,

2/01/38

.................................

2,000,000

1,847,941

Franklin

Tax-Free

Trust

Schedule

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

67

See

Abbreviations

on

page

140

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Terrebonne

Levee

&

Conservation

District

,

Sales

Tax

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

6/01/41

......................................................

$

1,000,000

$

983,240

West

Feliciana

Parish

Parishwide

Consolidated

School

District

No.

1

,

GO

,

2020

,

4

%

,

3/01/50

.........................................................

3,000,000

2,835,987

296,658,543

South

Carolina

0.3%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

700,000

567,177

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

700,000

566,579

1,133,756

Texas

0.5%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

900,000

712,384

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,250,000

1,004,472

1,716,856

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

700,000

566,671

Wisconsin

1.1%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

800,000

668,772

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

1,225,000

986,760

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

1,800,000

1,787,879

3,443,411

U.S.

Territories

2.6%

Puerto

Rico

2.6%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

500,000

507,792

b

Revenue,

WW,

5.25%,

7/01/33

........................................

855,000

694,688

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

L

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/35

.............................................

6,230,000

6,289,821

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

696,000

675,194

8,167,495

Total

U.S.

Territories

....................................................................

8,167,495

Total

Municipal

Bonds

(Cost

$333,594,227)

.....................................

313,029,739

a

a

a

a

a

Total

Investments

(Cost

$333,594,227)

98.6%

...................................

$313,029,739

Other

Assets,

less

Liabilities

1.4%

.............................................

4,372,870

Net

Assets

100.0%

...........................................................

$317,402,609

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,

2022,

the

aggregate

value

of

these

securities

was

$23,427,057,

representing

7.4%

of

net

assets.

b

See

Note

7

regarding

defaulted

securities.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Maryland

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,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$10.71

$10.97

$11.35

$10.80

$10.76

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.12

0.23

0.28

0.29

0.15

Net

realized

and

unrealized

gains

(losses)

...........

(0.85)

(0.26)

(0.38)

0.57

0.04

Total

from

investment

operations

....................

(0.73)

(0.03)

(0.10)

0.86

0.19

Less

distributions

from:

Net

investment

income

..........................

(0.12)

(0.23)

(0.28)

(0.31)

(0.15)

Net

asset

value,

end

of

period

......................

$9.86

$10.71

$10.97

$11.35

$10.80

Total

return

e

...................................

(6.80)%

(0.30)%

(0.84)%

8.11%

1.84%

Ratios

to

average

net

assets

f

Expenses

g

....................................

0.88%

0.87%

0.87%

0.88%

0.88%

Net

investment

income

...........................

2.45%

2.10%

2.55%

2.65%

2.95%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$81,268

$90,950

$78,374

$60,104

$26,572

Portfolio

turnover

rate

............................

14.81%

15.00%

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

69

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.71

$10.97

$11.36

$10.80

$10.76

$11.10

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.25

0.30

0.31

0.33

0.34

Net

realized

and

unrealized

gains

(losses)

(0.85)

(0.26)

(0.39)

0.58

0.05

(0.32)

Total

from

investment

operations

........

(0.72)

(0.01)

(0.09)

0.89

0.38

0.02

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.25)

(0.30)

(0.33)

(0.34)

(0.36)

Net

asset

value,

end

of

period

..........

$9.86

$10.71

$10.97

$11.36

$10.80

$10.76

Total

return

d

.......................

(6.73)%

(0.15)%

(0.69)%

8.27%

3.59%

0.13%

Ratios

to

average

net

assets

e

Expenses

.........................

0.73%

f

0.72%

f

0.72%

f

0.73%

f

0.73%

f

0.70%

Net

investment

income

...............

2.60%

2.25%

2.72%

2.80%

3.10%

3.07%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$183,485

$214,264

$240,637

$270,309

$279,750

$319,120

Portfolio

turnover

rate

................

14.81%

15.00%

28.27%

7.50%

5.33%

11.36%

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.

70

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.94

$11.20

$11.59

$11.02

$10.98

$11.31

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.10

0.19

0.24

0.25

0.28

0.28

Net

realized

and

unrealized

gains

(losses)

(0.88)

(0.26)

(0.39)

0.59

0.04

(0.32)

Total

from

investment

operations

........

(0.78)

(0.07)

(0.15)

0.84

0.32

(0.04)

Less

distributions

from:

Net

investment

income

..............

(0.10)

(0.19)

(0.24)

(0.27)

(0.28)

(0.29)

Net

asset

value,

end

of

period

..........

$10.06

$10.94

$11.20

$11.59

$11.02

$10.98

Total

return

d

.......................

(7.13)%

(0.70)%

(1.30)%

7.75%

2.94%

(0.34)%

Ratios

to

average

net

assets

e

Expenses

.........................

1.27%

f

1.26%

f

1.26%

f

1.28%

f

1.28%

f

1.25%

Net

investment

income

...............

1.99%

1.65%

2.13%

2.25%

2.55%

2.52%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$20,297

$24,227

$34,896

$45,502

$56,323

$92,553

Portfolio

turnover

rate

................

14.81%

15.00%

28.27%

7.50%

5.33%

11.36%

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

71

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.73

$10.99

$11.37

$10.82

$10.78

$11.05

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.14

0.26

0.31

0.32

0.35

0.21

Net

realized

and

unrealized

gains

(losses)

(0.86)

(0.25)

(0.37)

0.58

0.04

(0.27)

Total

from

investment

operations

........

(0.72)

0.01

(0.06)

0.90

0.39

(0.06)

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.27)

(0.32)

(0.35)

(0.35)

(0.21)

Net

asset

value,

end

of

period

..........

$9.87

$10.73

$10.99

$11.37

$10.82

$10.78

Total

return

e

.......................

(6.74)%

(—)%

f

(0.55)%

8.41%

3.71%

(0.58)%

Ratios

to

average

net

assets

g

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.58%

0.57%

0.59%

0.60%

0.61%

0.62%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.58%

h

0.57%

h,i

0.57%

h

0.58%

h

0.58%

h

0.56%

Net

investment

income

...............

2.74%

2.39%

2.81%

2.95%

3.25%

3.21%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$10,648

$13,771

$8,033

$3,642

$1,753

$1,376

Portfolio

turnover

rate

................

14.81%

15.00%

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

Rounds

to

less

than

0.01%.

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

Maryland

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,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.73

$10.98

$11.37

$10.81

$10.77

$11.11

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.26

0.31

0.32

0.34

0.35

Net

realized

and

unrealized

gains

(losses)

(0.86)

(0.25)

(0.39)

0.58

0.05

(0.32)

Total

from

investment

operations

........

(0.72)

0.01

(0.08)

0.90

0.39

0.03

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.26)

(0.31)

(0.34)

(0.35)

(0.37)

Net

asset

value,

end

of

period

..........

$9.87

$10.73

$10.98

$11.37

$10.81

$10.77

Total

return

d

.......................

(6.77)%

0.04%

(0.68)%

8.47%

3.68%

0.22%

Ratios

to

average

net

assets

e

Expenses

.........................

0.63%

f

0.62%

f

0.62%

f

0.63%

f

0.63%

f

0.60%

Net

investment

income

...............

2.69%

2.35%

2.81%

2.90%

3.20%

3.17%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$48,247

$55,284

$57,854

$54,079

$44,264

$40,532

Portfolio

turnover

rate

................

14.81%

15.00%

28.27%

7.50%

5.33%

11.36%

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

Schedule

of

Investments

(unaudited),

August

31,

2022

Franklin

Maryland

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

96.5%

Georgia

0.3%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

$

1,325,000

$

1,070,067

Maryland

87.2%

City

of

Baltimore

,

b

Revenue,

2022

A,

5%,

7/01/38

........................................

1,415,000

1,572,157

b

Revenue,

2022

A,

5%,

7/01/39

........................................

1,495,000

1,655,297

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/46

.....................

5,000,000

5,310,939

Water

Utility

Fund,

Revenue,

2020

A,

4%,

7/01/45

.........................

4,500,000

4,375,707

Water

Utility

Fund,

Revenue,

2020

A,

5%,

7/01/50

.........................

9,115,000

9,764,294

City

of

Gaithersburg

,

Asbury

Maryland

Obligated

Group

,

Revenue

,

2022

,

4.5

%

,

1/01/42

1,500,000

1,340,808

c

County

of

Anne

Arundel

,

Glenview

Housing

LP

,

Revenue

,

2009

,

Mandatory

Put

,

5

%

,

1/01/27

.........................................................

1,830,000

1,833,026

County

of

Baltimore

,

GO,

5%,

2/01/39

..................................................

2,900,000

3,089,146

GO,

5%,

2/01/41

..................................................

2,900,000

3,082,486

County

of

Harford

,

Beechtree

Estates

Development

District,

Tax

Allocation,

2021,

Refunding,

4%,

7/01/31

........................................................

150,000

157,576

Beechtree

Estates

Development

District,

Tax

Allocation,

2021,

Refunding,

4%,

7/01/36

........................................................

750,000

753,833

Beechtree

Estates

Development

District,

Tax

Allocation,

2021,

Refunding,

4%,

7/01/40

........................................................

675,000

660,563

County

of

Prince

George's

,

GO,

2018

A,

4%,

7/15/35

............................................

5,000,000

5,192,858

GO,

2020

A,

5%,

7/15/40

............................................

900,000

998,182

Howard

County

Housing

Commission

,

Revenue,

2013,

5%,

10/01/28

........................................

10,000,000

10,213,091

Revenue,

2016,

4%,

6/01/46

.........................................

2,000,000

1,843,690

Revenue,

2017,

5%,

12/01/46

........................................

5,000,000

5,212,405

Maryland

Community

Development

Administration

,

Housing,

Revenue,

2019

D,

3%,

7/01/39

................................

1,500,000

1,280,080

Housing,

Revenue,

2019

D,

3.2%,

7/01/44

...............................

1,000,000

858,445

Maryland

Community

Development

Administration

Local

Government

Infrastructure

,

Revenue,

2017

A-1,

4%,

6/01/47

......................................

2,300,000

2,221,732

Revenue,

2018

A-1,

5%,

6/01/48

......................................

1,310,000

1,421,170

Revenue,

A-2,

5%,

6/01/34

...........................................

1,245,000

1,266,246

Revenue,

Senior

Lien,

2019

B-1,

4%,

6/01/49

.............................

3,000,000

2,874,825

Maryland

Economic

Development

Corp.

,

Frostburg

State

University

Project,

Revenue,

Senior

Lien,

2013,

Refunding,

5%,

10/01/33

.......................................................

5,000,000

5,012,957

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

2020,

4%,

7/01/40

.

1,000,000

909,295

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

2020,

5%,

7/01/50

.

1,250,000

1,262,564

Purple

Line

Transit

Partners

LLC,

Revenue,

2022

B,

5.25%,

6/30/47

...........

5,000,000

5,342,982

Purple

Line

Transit

Partners

LLC,

Revenue,

2022

B,

5.25%,

6/30/52

...........

5,000,000

5,313,995

University

of

Maryland

College

Park,

Revenue,

2016,

Refunding,

AGMC

Insured,

5%,

6/01/35

........................................................

4,225,000

4,488,710

University

of

Maryland

College

Park,

Revenue,

2016,

Refunding,

AGMC

Insured,

5%,

6/01/43

........................................................

3,305,000

3,469,514

University

Park

Phase

I

&

II

at

Salisbury

University,

Revenue,

2013,

Refunding,

5%,

6/01/34

........................................................

2,040,000

2,044,592

University

Village

at

Sheppard

Pratt,

Revenue,

2012,

Refunding,

5%,

7/01/27

.....

1,500,000

1,501,006

University

Village

at

Sheppard

Pratt,

Revenue,

2012,

Refunding,

5%,

7/01/33

.....

2,495,000

2,495,796

West

Village

&

Millennium

Hall

Student

Housing

at

Towson

University,

Revenue,

Senior

Lien,

2012,

5%,

7/01/27

......................................

1,145,000

1,145,420

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Adventist

Healthcare

Obligated

Group,

Revenue,

2016

A,

5.5%,

1/01/46

.........

9,750,000

10,210,790

Franklin

Tax-Free

Trust

Schedule

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.

74

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Maryland

Health

&

Higher

Educational

Facilities

Authority,

(continued)

Adventist

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

1/01/38

...

$

865,000

$

843,484

Adventist

Healthcare

Obligated

Group,

Revenue,

2021

B,

4%,

1/01/51

..........

2,000,000

1,815,615

Charlestown

Community,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

1/01/45

........

4,170,000

4,343,774

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/50

..

1,715,000

1,522,298

Goucher

College,

Revenue,

2017

A,

Refunding,

5%,

7/01/44

.................

7,470,000

7,716,451

Johns

Hopkins

Health

System

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/15/37

........................................................

10,000,000

10,378,237

Johns

Hopkins

Medical

Institutions

Parking

System,

Revenue,

2001,

AMBAC

Insured,

5%,

7/01/27

..............................................

655,000

660,136

Johns

Hopkins

Medical

Institutions

Parking

System,

Revenue,

2004,

AMBAC

Insured,

5%,

7/01/34

..............................................

5,000,000

5,039,168

LifeBridge

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

7/01/47

.....

4,000,000

4,151,680

LifeBridge

Health

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

7/01/44

.....

2,000,000

2,095,348

Loyola

University

Maryland,

Inc.,

Revenue,

2014,

Refunding,

5%,

10/01/45

......

2,250,000

2,303,056

Loyola

University

Maryland,

Inc.,

Revenue,

2019

A,

Refunding,

5%,

10/01/49

.....

2,000,000

2,126,941

Maryland

Institute

College

of

Art,

Revenue,

2012,

5%,

6/01/29

................

1,000,000

1,000,954

Maryland

Institute

College

of

Art,

Revenue,

2016,

Refunding,

4%,

6/01/42

.......

5,325,000

5,003,806

MedStar

Health

Obligated

Group,

Revenue,

1997,

AMBAC

Insured,

ETM,

5%,

7/01/27

........................................................

7,240,000

7,732,125

MedStar

Health

Obligated

Group,

Revenue,

2013

A,

5%,

8/15/38

..............

5,000,000

5,075,472

MedStar

Health

Obligated

Group,

Revenue,

2017

A,

5%,

5/15/45

..............

5,000,000

5,216,750

Meritus

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/01/45

.

8,535,000

8,581,634

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/28

..........

630,000

669,270

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/30

..........

1,125,000

1,201,511

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/32

..........

800,000

848,853

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/34

..........

350,000

334,689

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/36

..........

1,125,000

1,061,081

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/40

..........

1,850,000

1,690,820

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/46

..........

1,000,000

874,341

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/55

..........

3,250,000

2,745,722

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017

MD,

5%,

12/01/46

........

1,680,000

1,768,894

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/01/35

....................................................

2,100,000

2,176,611

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/39

............................................

10,000,000

10,347,764

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

D,

4%,

7/01/48

........................................................

5,000,000

4,602,582

Maryland

Industrial

Development

Financing

Authority

,

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/43

..............

1,100,000

1,055,038

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/48

..............

610,000

580,349

Maryland

Stadium

Authority

,

Baltimore

City

Public

School

Construction

Financing

Fund,

Revenue,

2016,

Pre-

Refunded,

5%,

5/01/46

............................................

10,085,000

11,001,796

Baltimore

City

Public

School

Construction

Financing

Fund,

Revenue,

2020

A,

5%,

5/01/50

........................................................

12,225,000

13,384,219

Maryland

Stadium

Authority

Built

to

Learn

,

Revenue

,

2022

A

,

4

%

,

6/01/47

.........

5,000,000

4,785,390

Maryland

State

Transportation

Authority

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

7/01/46

..

4,900,000

5,406,631

State

of

Maryland

,

GO,

2022

A,

5%,

6/01/33

............................................

5,000,000

5,935,466

GO,

2022

A,

5%,

6/01/35

............................................

5,000,000

5,859,272

Department

of

Transportation,

Revenue,

2020,

5%,

10/01/33

.................

3,000,000

3,439,645

State

of

Maryland

Department

of

Transportation

,

Maryland

Aviation

Administration,

Revenue,

2021

B,

5%,

8/01/46

..............

3,000,000

3,133,492

Maryland

Aviation

Administration,

Revenue,

2021

B,

4%,

8/01/51

..............

3,500,000

3,195,729

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

4%,

3/01/36

...............

3,700,000

3,657,262

Franklin

Tax-Free

Trust

Schedule

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

75

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Town

of

Chestertown,

(continued)

Washington

College,

Revenue,

2021

A,

Refunding,

4%,

3/01/37

...............

$

2,095,000

$

2,063,570

University

System

of

Maryland

,

Revenue,

2021

A,

Refunding,

5%,

4/01/31

...............................

5,000,000

5,883,348

Revenue,

2021

A,

Refunding,

4%,

4/01/32

...............................

5,855,000

6,295,934

Washington

Suburban

Sanitary

Commission

,

Revenue,

Second

Series,

2016,

5%,

6/01/37

.............................

5,000,000

5,379,535

Revenue,

Second

Series,

2016,

4%,

6/01/43

.............................

5,000,000

4,966,646

300,128,566

New

Jersey

0.7%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2022

BB

,

4

%

,

6/15/39

...

2,500,000

2,406,266

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

700,000

567,176

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

700,000

566,579

a

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn.,

6/01/52

1,350,000

883,968

2,017,723

Texas

0.5%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,000,000

791,538

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,300,000

1,044,651

1,836,189

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

700,000

566,671

Wisconsin

0.8%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

800,000

668,771

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

2,000,000

1,986,533

2,655,304

U.S.

Territories

6.2%

District

of

Columbia

3.0%

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017

B,

5%,

7/01/42

........................................

5,000,000

5,355,155

Dedicated,

Revenue,

2020

A,

5%,

7/15/45

...............................

3,000,000

3,270,714

Dedicated,

Revenue,

2021

A,

4%,

7/15/43

...............................

1,750,000

1,707,232

10,333,101

Puerto

Rico

3.2%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

2,000,000

2,031,168

d

Revenue,

WW,

5.5%,

7/01/38

.........................................

1,975,000

1,612,094

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/33

...................

1,805,000

1,837,178

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,000,000

1,009,602

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

2,550,000

2,557,616

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

1,900,000

1,843,203

10,890,861

Total

U.S.

Territories

....................................................................

21,223,962

Total

Municipal

Bonds

(Cost

$353,440,600)

.....................................

331,904,748

a

a

a

a

Franklin

Tax-Free

Trust

Schedule

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.

76

s

Short

Term

Investments

0.3%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.3%

Maryland

0.3%

e

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

1.03

%

,

11/01/37

........................................................

$

900,000

$

900,000

Total

Municipal

Bonds

(Cost

$900,000)

.........................................

900,000

Total

Short

Term

Investments

(Cost

$900,000

)

..................................

900,000

a

Total

Investments

(Cost

$354,340,600)

96.8%

...................................

$332,804,748

Other

Assets,

less

Liabilities

3.2%

.............................................

11,139,312

Net

Assets

100.0%

...........................................................

$343,944,060

See

Abbreviations

on

page

140

.

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,

2022,

the

aggregate

value

of

these

securities

was

$7,579,375,

representing

2.2%

of

net

assets.

b

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

c

The

maturity

date

shown

represents

the

mandatory

put

date.

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

Missouri

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

77

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.48

$11.85

$12.09

$11.47

$11.41

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.15

0.28

0.29

0.31

0.16

Net

realized

and

unrealized

gains

(losses)

...........

(1.01)

(0.37)

(0.24)

0.63

0.06

Total

from

investment

operations

....................

(0.86)

(0.09)

0.05

0.94

0.22

Less

distributions

from:

Net

investment

income

..........................

(0.15)

(0.28)

(0.29)

(0.32)

(0.16)

Net

asset

value,

end

of

period

......................

$10.47

$11.48

$11.85

$12.09

$11.47

Total

return

e

...................................

(7.54)%

(0.84)%

0.41%

8.32%

1.98%

Ratios

to

average

net

assets

f

Expenses

g

....................................

0.81%

0.81%

0.81%

0.81%

0.84%

Net

investment

income

...........................

2.72%

2.33%

2.42%

2.62%

2.96%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$166,555

$208,059

$169,677

$122,845

$63,400

Portfolio

turnover

rate

............................

13.05%

21.64%

18.20%

14.83%

9.79%

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

Missouri

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,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.48

$11.84

$12.09

$11.46

$11.38

$11.74

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16

0.30

0.31

0.33

0.35

0.36

Net

realized

and

unrealized

gains

(losses)

(1.03)

(0.36)

(0.26)

0.64

0.09

(0.34)

Total

from

investment

operations

........

(0.87)

(0.06)

0.05

0.97

0.44

0.02

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.30)

(0.30)

(0.34)

(0.36)

(0.38)

Net

asset

value,

end

of

period

..........

$10.46

$11.48

$11.84

$12.09

$11.46

$11.38

Total

return

d

.......................

(7.56)%

(0.60)%

0.48%

8.58%

3.90%

0.12%

Ratios

to

average

net

assets

e

Expenses

.........................

0.66%

f

0.66%

f

0.66%

f

0.66%

f

0.69%

f

0.66%

Net

investment

income

...............

2.88%

2.49%

2.58%

2.77%

3.11%

3.05%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$486,644

$588,698

$647,517

$708,399

$700,839

$793,226

Portfolio

turnover

rate

................

13.05%

21.64%

18.20%

14.83%

9.79%

20.04%

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

79

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.60

$11.97

$12.21

$11.58

$11.49

$11.86

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.23

0.24

0.26

0.29

0.29

Net

realized

and

unrealized

gains

(losses)

(1.04)

(0.37)

(0.24)

0.65

0.09

(0.35)

Total

from

investment

operations

........

(0.91)

(0.14)

—

0.91

0.38

(0.06)

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.23)

(0.24)

(0.28)

(0.29)

(0.31)

Net

asset

value,

end

of

period

..........

$10.57

$11.60

$11.97

$12.21

$11.58

$11.49

Total

return

d

.......................

(7.83)%

(1.23)%

0.01%

7.92%

3.37%

(0.53)%

Ratios

to

average

net

assets

e

Expenses

.........................

1.21%

f

1.20%

f

1.21%

f

1.21%

f

1.24%

f

1.21%

Net

investment

income

...............

2.29%

1.91%

2.01%

2.22%

2.56%

2.50%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$40,377

$52,654

$74,779

$104,721

$108,739

$149,306

Portfolio

turnover

rate

................

13.05%

21.64%

18.20%

14.83%

9.79%

20.04%

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.

80

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.49

$11.85

$12.10

$11.47

$11.38

$11.72

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.16

0.31

0.32

0.34

0.37

0.22

Net

realized

and

unrealized

gains

(losses)

(1.02)

(0.36)

(0.25)

0.65

0.09

(0.35)

Total

from

investment

operations

........

(0.86)

(0.05)

0.07

0.99

0.46

(0.13)

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.31)

(0.32)

(0.36)

(0.37)

(0.21)

Net

asset

value,

end

of

period

..........

$10.47

$11.49

$11.85

$12.10

$11.47

$11.38

Total

return

e

.......................

(7.49)%

(0.47)%

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%

0.53%

0.54%

0.55%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.53%

g,h

0.52%

g

0.53%

g,h

0.53%

g

0.54%

g

0.53%

Net

investment

income

...............

3.01%

2.61%

2.70%

2.90%

3.26%

3.18%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$25,540

$33,747

$30,329

$23,700

$18,929

$17,534

Portfolio

turnover

rate

................

13.05%

21.64%

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

81

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.49

$11.85

$12.09

$11.47

$11.38

$11.75

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16

0.31

0.32

0.34

0.37

0.37

Net

realized

and

unrealized

gains

(losses)

(1.02)

(0.36)

(0.24)

0.63

0.09

(0.35)

Total

from

investment

operations

........

(0.86)

(0.05)

0.08

0.97

0.46

0.02

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.31)

(0.32)

(0.35)

(0.37)

(0.39)

Net

asset

value,

end

of

period

..........

$10.47

$11.49

$11.85

$12.09

$11.47

$11.38

Total

return

d

.......................

(7.51)%

(0.50)%

0.66%

8.59%

4.09%

0.12%

Ratios

to

average

net

assets

e

Expenses

.........................

0.56%

f

0.56%

f

0.56%

f

0.56%

f

0.59%

f

0.56%

Net

investment

income

...............

2.98%

2.59%

2.68%

2.87%

3.21%

3.15%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$73,501

$86,643

$85,456

$82,970

$60,117

$72,460

Portfolio

turnover

rate

................

13.05%

21.64%

18.20%

14.83%

9.79%

20.04%

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

Schedule

of

Investments

(unaudited),

August

31,

2022

Franklin

Missouri

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

100.1%

California

0.1%

Santa

Barbara

Secondary

High

School

District

,

GO

,

2011

A

,

Zero

Cpn.,

8/01/40

....

$

1,790,000

$

818,035

Florida

0.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

5,544,000

4,874,506

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

850,000

601,290

5,475,796

Georgia

0.3%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

3,250,000

2,624,693

Missouri

92.3%

Affton

School

District

No.

101

,

GO,

2017

A,

Refunding,

5%,

3/01/32

...................................

1,500,000

1,647,040

GO,

2017

A,

Refunding,

5%,

3/01/33

...................................

1,595,000

1,746,232

GO,

2017

A,

Refunding,

5%,

3/01/34

...................................

1,700,000

1,855,816

GO,

2017

A,

Refunding,

5%,

3/01/35

...................................

1,810,000

1,971,753

GO,

2017

A,

Refunding,

5%,

3/01/36

...................................

1,920,000

2,093,732

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District

,

Revenue,

2019,

Refunding,

4%,

10/01/48

................................

4,000,000

3,691,668

Revenue,

2020

A,

Refunding,

4%,

10/01/44

..............................

6,000,000

5,751,646

Cape

Girardeau

County

Industrial

Development

Authority

,

Procter

&

Gamble

Co.

(The),

Revenue,

1998,

5.3%,

5/15/28

..................

6,875,000

7,126,296

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

4%,

3/01/41

.............

3,010,000

2,642,015

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

3%,

3/01/46

.............

3,000,000

2,036,269

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

4%,

3/01/46

.............

8,730,000

7,406,056

Cape

Girardeau

County

School

District

No.

R-2

,

GO,

2018,

4%,

3/01/32

.............................................

1,000,000

1,052,294

GO,

2018,

4%,

3/01/33

.............................................

1,000,000

1,048,549

GO,

2018,

5%,

3/01/38

.............................................

2,195,000

2,405,279

Cape

Girardeau

School

District

No.

63

,

GO,

2019,

Refunding,

4%,

3/01/38

.....................................

650,000

655,284

GO,

2019,

Refunding,

4%,

3/01/39

.....................................

500,000

501,106

City

of

Bridgeton

,

Sales

Tax,

Revenue,

2021

A,

Refunding,

2%,

12/01/32

......................

500,000

402,896

Sales

Tax,

Revenue,

2021

A,

Refunding,

2.125%,

12/01/33

..................

1,170,000

935,985

City

of

Kansas

City

,

Sanitary

Sewer

System,

Revenue,

2018

A,

4%,

1/01/35

.....................

1,500,000

1,538,495

Sanitary

Sewer

System,

Revenue,

2018

A,

4%,

1/01/42

.....................

5,000,000

4,843,809

Water,

Revenue,

2017

A,

4%,

12/01/41

.................................

4,970,000

4,894,596

City

of

Marshfield

,

Waterworks

&

Sewer

System,

Revenue,

2020

B,

AGMC

Insured,

5%,

2/01/43

....

1,305,000

1,404,244

Waterworks

&

Sewer

System,

Revenue,

2020

B,

AGMC

Insured,

5%,

2/01/50

....

1,585,000

1,690,541

City

of

Peculiar

,

Water

&

Sewer,

Revenue,

2017,

AGMC

Insured,

4%,

6/01/39

.................

1,000,000

1,038,252

Water

&

Sewer,

Revenue,

2017,

AGMC

Insured,

4%,

6/01/42

.................

2,405,000

2,497,373

City

of

Republic

,

Revenue

,

2022

,

3

%

,

5/01/47

..............................

5,000,000

3,772,633

City

of

St.

Charles

,

COP,

2020

B,

Refunding,

3%,

2/01/38

..................................

1,200,000

1,047,332

COP,

2020

B,

Refunding,

3%,

2/01/39

..................................

1,500,000

1,289,776

City

of

St.

Louis

,

Airport,

Revenue,

2005,

Refunding,

NATL

Insured,

5.5%,

7/01/29

..............

13,070,000

15,113,511

Airport,

Revenue,

2017

A,

Refunding,

AGMC

Insured,

5%,

7/01/25

.............

5,000,000

5,314,660

Airport,

Revenue,

2017

C,

Refunding,

AGMC

Insured,

5%,

7/01/42

.............

3,930,000

4,139,274

Airport,

Revenue,

2017

C,

Refunding,

AGMC

Insured,

5%,

7/01/47

.............

10,670,000

11,127,881

Franklin

Tax-Free

Trust

Schedule

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

83

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

City

of

St.

Louis,

(continued)

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/33

.............

$

1,000,000

$

1,063,802

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/34

.............

1,415,000

1,500,890

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/36

.............

1,125,000

1,178,800

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/37

.............

1,000,000

1,055,224

Airport,

Revenue,

2019

A,

5%,

7/01/49

..................................

2,500,000

2,629,283

Airport,

Revenue,

2019

C,

Refunding,

5%,

7/01/27

.........................

1,705,000

1,872,964

Clay

County

Reorganized

School

District

No.

R-1

,

GO,

2017,

3%,

3/01/36

.............................................

1,540,000

1,388,495

GO,

2017,

3.125%,

3/01/37

..........................................

1,855,000

1,679,324

Community

College

District

of

Central

Southwest

Missouri

,

COP,

2021,

3%,

3/01/40

.............................................

575,000

483,469

COP,

2021,

3%,

3/01/41

.............................................

400,000

331,461

Ferguson

Reorganized

School

District

No.

R-2

,

GO,

2018,

4%,

5/01/32

.............................................

1,000,000

1,052,386

GO,

2018,

5%,

5/01/38

.............................................

2,250,000

2,453,452

Fort

Osage

School

District

No.

R-1

,

GO

,

2018

,

Refunding

,

5.5

%

,

3/01/38

.........

3,010,000

3,412,947

Greene

County

Reorganized

School

District

No.

R-2

Willard

,

GO

,

2018

,

4

%

,

3/01/30

.

1,000,000

1,050,287

Hanley

Road

Corridor

Transportation

Development

District

,

Revenue

,

2020

,

Refunding

,

2

%

,

10/01/39

.....................................................

900,000

864,711

Hannibal

Board

of

Public

Works

,

COP,

2022,

3.625%,

4/01/44

.........................................

1,000,000

848,797

COP,

2022,

3.75%,

4/01/47

..........................................

1,000,000

858,787

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

1,285,467

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/40

......

1,650,000

1,680,359

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/45

......

1,300,000

1,316,500

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/36

........................................................

2,075,000

1,962,335

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/41

........................................................

2,240,000

2,066,034

BJC

Healthcare

Obligated

Group,

Revenue,

2014,

5%,

1/01/44

...............

8,175,000

8,414,890

BJC

Healthcare

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

7/01/51

.....

13,000,000

9,804,372

CoxHealth

Obligated

Group,

Revenue,

2013

A,

5%,

11/15/38

.................

11,680,000

11,899,244

CoxHealth

Obligated

Group,

Revenue,

2013

A,

5%,

11/15/44

.................

2,760,000

2,805,924

CoxHealth

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/15/39

........

17,000,000

17,662,978

CoxHealth

Obligated

Group,

Revenue,

2019

A,

4%,

11/15/44

.................

5,000,000

4,662,364

Kansas

City

University,

Revenue,

2017

A,

5%,

6/01/42

......................

2,800,000

3,025,037

Kansas

City

University,

Revenue,

2017

A,

5%,

6/01/47

......................

4,875,000

5,222,294

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/40

........................................................

2,060,000

1,565,135

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/41

........................................................

2,120,000

1,583,252

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/46

........................................................

5,590,000

3,847,288

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

2/15/51

........................................................

2,125,000

1,835,505

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/46

.......

4,000,000

4,039,792

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

B,

Refunding,

5%,

2/01/46

........................................................

11,575,000

11,690,147

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/34

.......

2,000,000

2,078,654

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/42

.......

1,750,000

1,799,179

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

C,

Refunding,

4%,

2/01/33

........................................................

1,730,000

1,644,816

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

C,

Refunding,

4%,

2/01/48

........................................................

485,000

415,011

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2021,

4%,

2/01/30

........

2,035,000

2,002,874

Franklin

Tax-Free

Trust

Schedule

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.

84

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

(continued)

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2021,

4%,

2/01/42

........

$

9,900,000

$

8,837,468

Maryville

University

of

St.

Louis,

Revenue,

2015,

5%,

6/15/44

.................

5,000,000

5,084,584

Maryville

University

of

St.

Louis,

Revenue,

2019

A,

5%,

6/15/45

...............

4,000,000

4,115,072

Maryville

University

of

St.

Louis,

Revenue,

2020

A,

Refunding,

4%,

6/15/34

......

4,345,000

4,238,895

Maryville

University

of

St.

Louis,

Revenue,

2020

A,

Refunding,

4%,

6/15/38

......

4,885,000

4,636,481

Maryville

University

of

St.

Louis,

Revenue,

2022

A,

Refunding,

3.125%,

6/15/38

...

2,300,000

1,926,347

Maryville

University

of

St.

Louis,

Revenue,

2022

A,

Refunding,

3.375%,

6/15/45

...

1,000,000

802,767

Mercy

Health,

Revenue,

2012,

4%,

11/15/42

.............................

8,000,000

7,738,334

Mercy

Health,

Revenue,

2014

F,

5%,

11/15/45

............................

25,000,000

25,616,825

Mercy

Health,

Revenue,

2015

B,

Refunding,

5%,

2/01/45

....................

6,870,000

6,964,666

Mercy

Health,

Revenue,

2017

C,

Refunding,

4%,

11/15/47

...................

10,000,000

9,448,381

Mercy

Health,

Revenue,

2017

C,

Refunding,

5%,

11/15/47

...................

12,500,000

13,091,562

Mercy

Health,

Revenue,

2020,

4%,

6/01/53

..............................

2,000,000

1,852,047

Mosaic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

2/15/54

4,000,000

3,713,874

SSM

Health

Care

Obligated

Group,

Revenue,

2018

A,

5%,

6/01/48

............

5,000,000

5,142,163

St.

Louis

University,

Revenue,

2015

A,

5%,

10/01/38

.......................

10,000,000

10,639,383

St.

Louis

University,

Revenue,

2017

A,

5%,

10/01/47

.......................

15,000,000

15,812,559

St.

Louis

University,

Revenue,

2019

A,

5%,

10/01/46

.......................

5,775,000

6,195,526

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/35

3,950,000

4,150,652

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/43

.......................................................

2,000,000

2,066,184

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/50

2,500,000

2,294,332

University

of

Central

Missouri,

Revenue,

2013

C-2,

5%,

10/01/34

..............

5,000,000

5,083,819

Howard

Bend

Levee

District

,

Special

Tax,

2021,

2.75%,

3/01/31

.....................................

400,000

348,951

Special

Tax,

2021,

3%,

3/01/36

.......................................

500,000

417,980

Special

Tax,

2021,

3.125%,

3/01/41

....................................

1,000,000

797,973

Special

Tax,

2022,

3.375%,

3/01/32

....................................

75,000

67,591

Special

Tax,

2022,

3.5%,

3/01/37

......................................

175,000

151,433

Special

Tax,

2022,

3.625%,

3/01/42

....................................

200,000

166,989

Jackson

County

School

District

No.

R-IV

Blue

Springs

,

GO,

2018

A,

5.5%,

3/01/36

...........................................

3,000,000

3,425,998

GO,

2018

A,

5.5%,

3/01/37

...........................................

2,000,000

2,276,894

Jefferson

City

School

District

,

GO

,

2018

,

5

%

,

3/01/38

........................

6,070,000

6,558,179

Jefferson

County

School

District

No.

R-VI

,

Festus,

COP,

2021

B,

4%,

4/01/39

.....................................

350,000

351,004

Festus,

COP,

2021

B,

4%,

4/01/40

.....................................

575,000

570,454

Festus,

COP,

2021

B,

4%,

4/01/41

.....................................

500,000

491,741

Festus,

COP,

2021

B,

3%,

4/01/42

.....................................

500,000

399,959

Festus,

COP,

2021

B,

3%,

4/01/44

.....................................

1,500,000

1,174,489

Festus,

COP,

2021

B,

2.375%,

4/01/46

..................................

2,000,000

1,363,515

Joplin

Industrial

Development

Authority

,

Freeman

Health

System

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

2/15/35

.................................

4,000,000

4,054,345

Kansas

City

Industrial

Development

Authority

,

Revenue,

2011

A,

Refunding,

5.5%,

9/01/29

..............................

5,000,000

5,013,147

Revenue,

2011

A,

Refunding,

5.5%,

9/01/30

..............................

12,000,000

12,032,147

Revenue,

2011

A,

Refunding,

5%,

9/01/32

...............................

3,000,000

3,007,138

City

of

Kansas

City,

Revenue,

2019

A,

5%,

3/01/44

........................

5,000,000

5,149,077

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/46

...................

14,090,000

14,474,412

City

of

Kansas

City

Airport,

Revenue,

2019

B,

AGMC

Insured,

5%,

3/01/49

.......

3,000,000

3,096,888

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/54

...................

21,680,000

22,097,385

City

of

Kansas

City

Airport,

Revenue,

2020

A,

AGMC

Insured,

4%,

3/01/57

.......

10,900,000

9,768,811

City

of

Kansas

City

Airport,

Revenue,

2020

A,

AGMC

Insured,

5%,

3/01/57

.......

100,000

103,453

Liberty

Public

School

District

No.

53

,

GO

,

2018

,

4

%

,

3/01/37

...................

4,500,000

4,552,116

Metropolitan

St.

Louis

Sewer

District

,

Revenue,

2015

B,

Pre-Refunded,

5%,

5/01/45

............................

1,610,000

1,712,044

Franklin

Tax-Free

Trust

Schedule

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

85

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Metropolitan

St.

Louis

Sewer

District,

(continued)

Revenue,

2015

B,

Refunding,

5%,

5/01/45

...............................

$

3,390,000

$

3,595,859

Revenue,

2016

C,

Refunding,

5%,

5/01/46

...............................

24,700,000

26,318,979

Revenue,

2017

A,

Refunding,

5%,

5/01/42

...............................

5,000,000

5,366,151

Revenue,

2017

A,

Refunding,

5%,

5/01/47

...............................

10,000,000

10,660,852

Missouri

Development

Finance

Board

,

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/36

...............

1,140,000

1,082,542

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/37

...............

500,000

469,591

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/41

...............

515,000

468,725

City

of

Independence,

Revenue,

2021,

Refunding,

3%,

3/01/46

...............

2,640,000

1,875,378

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/51

...............

9,445,000

8,104,219

Procter

&

Gamble

Co.

(The),

Revenue,

1999,

5.2%,

3/15/29

..................

3,000,000

3,382,057

Missouri

Housing

Development

Commission

,

Revenue,

2018

B,

GNMA

Insured,

4%,

11/01/38

...........................

845,000

862,370

Revenue,

2019

C,

GNMA

Insured,

3%,

11/01/44

...........................

3,170,000

3,033,820

Revenue,

2020

C,

GNMA

Insured,

2.4%,

11/01/45

.........................

2,075,000

1,558,670

Revenue,

2020

D,

GNMA

Insured,

2.55%,

11/01/50

........................

4,835,000

4,160,417

Revenue,

2021

A,

GNMA

Insured,

2.4%,

11/01/51

.........................

2,590,000

2,151,149

Revenue,

2021

B,

GNMA

Insured,

2.2%,

11/01/46

.........................

1,175,000

799,403

Revenue,

2021

B,

GNMA

Insured,

2.3%,

11/01/51

.........................

7,335,000

4,815,168

Revenue,

2021

C,

GNMA

Insured,

2.625%,

11/01/51

.......................

2,500,000

1,760,960

Revenue,

2022

A,

GNMA

Insured,

3%,

11/01/37

...........................

1,325,000

1,182,572

Revenue,

2022

A,

GNMA

Insured,

3.125%,

11/01/42

.......................

3,500,000

3,020,690

b

Revenue,

2022

C,

GNMA

Insured,

4.3%,

11/01/47

.........................

2,000,000

1,954,075

b

Revenue,

2022

C,

GNMA

Insured,

4.35%,

11/01/52

........................

2,500,000

2,437,120

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Iatan

2

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/31

...................

2,000,000

2,063,484

Iatan

2

Project,

Revenue,

2015

A,

Refunding,

5%,

12/01/35

..................

7,335,000

7,709,967

Latan

2

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/32

...................

1,500,000

1,547,413

Latan

2

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/34

...................

2,000,000

2,062,420

MoPEP

1

Pool

Fund,

Revenue,

2018,

5%,

12/01/43

........................

2,000,000

2,134,800

Plum

Point

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/32

................

10,000,000

10,487,995

Plum

Point

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/33

................

7,500,000

7,864,264

Prairie

State

Project,

Revenue,

2015

A,

Refunding,

5%,

12/01/30

..............

3,000,000

3,171,235

Prairie

State

Project,

Revenue,

2015

A,

Refunding,

5%,

12/01/31

..............

6,000,000

6,332,696

Prairie

State

Project,

Revenue,

2016

A,

Refunding,

5%,

12/01/40

..............

27,950,000

29,566,567

Monarch-Chesterfield

Levee

District

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

3/01/40

....

4,395,000

4,536,238

Move

Rolla

Transportation

Development

District

,

Revenue

,

2017

,

4.75

%

,

6/01/47

...

5,000,000

4,673,464

Normandy

Schools

Collaborative

,

GO,

2021

B,

2%,

3/01/40

............................................

2,050,000

1,442,820

GO,

2021

B,

2%,

3/01/41

............................................

1,700,000

1,176,234

Pattonville

R-3

School

District

,

GO,

2018

A,

5%,

3/01/37

............................................

2,750,000

2,951,044

GO,

2018

A,

5%,

3/01/38

............................................

1,000,000

1,072,417

Riverside-Quindaro

Bend

Levee

District

of

Platte

County

,

Special

Assessment,

2017,

Refunding,

5%,

3/01/26

........................

1,000,000

1,043,236

Special

Assessment,

2017,

Refunding,

5%,

3/01/29

........................

2,585,000

2,706,415

Southeast

Missouri

State

University

,

Revenue,

2020,

Refunding,

4%,

4/01/40

.................................

5,075,000

4,814,892

Revenue,

2020,

Refunding,

4%,

4/01/43

.................................

2,580,000

2,396,020

Springfield

School

District

No.

R-12

,

GO

,

2013

,

Refunding

,

5

%

,

3/01/33

..........

1,000,000

1,013,193

b

St.

Charles

County

Public

Water

Supply

District

No.

2

,

COP

,

2022

,

4

%

,

12/01/44

....

5,000,000

4,754,580

St.

Charles

County

School

District

No.

R-IV

Wentzville

,

GO

,

2018

,

Refunding

,

4

%

,

3/01/38

.........................................................

15,400,000

15,525,190

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2013

A,

5.875%,

9/01/43

..

7,000,000

7,044,657

Franklin

Tax-Free

Trust

Schedule

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.

86

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

St.

Louis

County

Industrial

Development

Authority,

(continued)

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

9/01/48

........................................................

$

7,095,000

$

6,443,625

St.

Louis

Land

Clearance

for

Redevelopment

Authority

,

Revenue,

2021,

2.125%,

7/15/39

......................................

3,680,000

2,587,688

Revenue,

2021,

2.25%,

7/15/41

.......................................

3,845,000

2,670,683

Revenue,

2021

A,

Refunding,

2.125%,

4/01/39

............................

6,705,000

4,720,130

St.

Louis

Municipal

Finance

Corp.

,

City

of

St.

Louis,

Revenue,

2020,

AGMC

Insured,

5%,

10/01/45

...............

1,000,000

1,082,880

City

of

St.

Louis,

Revenue,

2020,

AGMC

Insured,

5%,

10/01/49

...............

4,000,000

4,318,849

St.

Louis

Municipal

Library

District

,

COP,

2020,

Refunding,

BAM

Insured,

4%,

3/15/44

.........................

1,450,000

1,392,070

COP,

2020,

Refunding,

BAM

Insured,

4%,

3/15/48

.........................

4,800,000

4,599,080

Washington

Industrial

Development

Authority

,

Revenue

,

2021

,

Refunding

,

2.5

%

,

11/01/29

........................................................

480,000

447,312

731,207,182

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,900,000

1,539,479

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,900,000

1,537,857

a

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn.,

6/01/52

3,200,000

2,095,331

5,172,667

Texas

0.7%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,500,000

1,978,845

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

2.5%,

9/01/41

........................................................

525,000

360,446

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/44

700,000

511,745

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,200,000

2,571,449

5,422,485

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,900,000

1,538,108

Wisconsin

1.1%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,900,000

1,588,333

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

3,250,000

2,617,934

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

4,900,000

4,867,005

9,073,272

U.S.

Territories

4.0%

Guam

1.4%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

5,790,000

6,028,038

Guam

Power

Authority

,

Revenue

,

2012

A

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/25

.

5,420,000

5,430,978

11,459,016

Puerto

Rico

2.6%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,750,000

1,777,272

c

Revenue,

WW,

5.5%,

7/01/38

.........................................

4,690,000

3,828,213

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

500,000

507,492

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/33

...................

1,000,000

1,017,827

Franklin

Tax-Free

Trust

Schedule

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

87

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,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

...................

$

6,200,000

$

6,293,063

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,765,000

1,781,948

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

5,205,000

5,220,544

20,426,359

Total

U.S.

Territories

....................................................................

31,885,375

Total

Municipal

Bonds

(Cost

$839,977,280)

.....................................

793,217,613

a

a

a

a

a

Total

Investments

(Cost

$839,977,280)

100.1%

..................................

$793,217,613

Other

Assets,

less

Liabilities

(0.1)%

...........................................

(601,566)

Net

Assets

100.0%

...........................................................

$792,616,047

See

Abbreviations

on

page

140

.

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,

2022,

the

aggregate

value

of

these

securities

was

$22,022,467,

representing

2.8%

of

net

assets.

b

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

c

See

Note

7

regarding

defaulted

securities.

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.

88

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.31

$11.62

$11.84

$11.30

$11.26

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.12

0.21

0.27

0.28

0.15

Net

realized

and

unrealized

gains

(losses)

...........

(0.95)

(0.31)

(0.23)

0.56

0.04

Total

from

investment

operations

....................

(0.83)

(0.10)

0.04

0.84

0.19

Less

distributions

from:

Net

investment

income

..........................

(0.11)

(0.21)

(0.26)

(0.30)

(0.15)

Net

asset

value,

end

of

period

......................

$10.37

$11.31

$11.62

$11.84

$11.30

Total

return

e

...................................

(7.32)%

(0.89)%

0.38%

7.50%

1.77%

Ratios

to

average

net

assets

f

Expenses

g

....................................

0.82%

0.82%

0.81%

0.82%

0.83%

Net

investment

income

...........................

2.16%

1.81%

2.27%

2.48%

2.86%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$141,877

$167,474

$145,847

$101,981

$49,192

Portfolio

turnover

rate

............................

8.76%

23.40%

15.09%

15.22%

11.61%

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

North

Carolina

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,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.31

$11.62

$11.84

$11.30

$11.28

$11.70

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.12

0.23

0.29

0.30

0.34

0.35

Net

realized

and

unrealized

gains

(losses)

(0.95)

(0.31)

(0.23)

0.56

0.03

(0.40)

Total

from

investment

operations

........

(0.83)

(0.08)

0.06

0.86

0.37

(0.05)

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.23)

(0.28)

(0.32)

(0.35)

(0.37)

Net

asset

value,

end

of

period

..........

$10.36

$11.31

$11.62

$11.84

$11.30

$11.28

Total

return

d

.......................

(7.33)%

(0.65)%

0.44%

7.66%

3.32%

(0.45)%

Ratios

to

average

net

assets

e

Expenses

.........................

0.67%

f

0.67%

f

0.67%

f

0.67%

f

0.68%

f

0.66%

Net

investment

income

...............

2.31%

1.97%

2.44%

2.63%

3.01%

3.00%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$381,660

$462,916

$521,406

$567,825

$577,052

$660,167

Portfolio

turnover

rate

................

8.76%

23.40%

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

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.

90

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.49

$11.81

$12.04

$11.49

$11.46

$11.88

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.09

0.17

0.22

0.24

0.28

0.29

Net

realized

and

unrealized

gains

(losses)

(0.95)

(0.33)

(0.23)

0.56

0.03

(0.41)

Total

from

investment

operations

........

(0.86)

(0.16)

(0.01)

0.80

0.31

(0.12)

Less

distributions

from:

Net

investment

income

..............

(0.09)

(0.16)

(0.22)

(0.25)

(0.28)

(0.30)

Net

asset

value,

end

of

period

..........

$10.54

$11.49

$11.81

$12.04

$11.49

$11.46

Total

return

d

.......................

(7.48)%

(1.36)%

(0.11)%

7.07%

2.78%

(1.00)%

Ratios

to

average

net

assets

e

Expenses

.........................

1.21%

f

1.21%

f

1.21%

f

1.22%

f

1.23%

f

1.21%

Net

investment

income

...............

1.72%

1.40%

1.87%

2.08%

2.46%

2.45%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$33,570

$42,794

$63,485

$90,244

$105,371

$159,556

Portfolio

turnover

rate

................

8.76%

23.40%

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

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

91

In

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.30

$11.61

$11.84

$11.29

$11.27

$11.59

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.25

0.30

0.32

0.35

0.22

Net

realized

and

unrealized

gains

(losses)

(0.94)

(0.31)

(0.23)

0.56

0.03

(0.33)

Total

from

investment

operations

........

(0.81)

(0.06)

0.07

0.88

0.38

(0.11)

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.25)

(0.30)

(0.33)

(0.36)

(0.21)

Net

asset

value,

end

of

period

..........

$10.36

$11.30

$11.61

$11.84

$11.29

$11.27

Total

return

d

.......................

(7.19)%

(0.60)%

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%

0.54%

0.55%

0.56%

0.56%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.53%

f

0.53%

f

0.53%

f

0.54%

f

0.54%

f

0.53%

Net

investment

income

...............

2.45%

2.10%

2.56%

2.76%

3.15%

3.13%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$17,181

$23,000

$17,426

$10,948

$7,776

$9,117

Portfolio

turnover

rate

................

8.76%

23.40%

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.

92

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.31

$11.62

$11.84

$11.30

$11.28

$11.70

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.24

0.30

0.31

0.35

0.36

Net

realized

and

unrealized

gains

(losses)

(0.95)

(0.31)

(0.23)

0.56

0.03

(0.40)

Total

from

investment

operations

........

(0.82)

(0.07)

0.07

0.87

0.38

(0.04)

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.24)

(0.29)

(0.33)

(0.36)

(0.38)

Net

asset

value,

end

of

period

..........

$10.36

$11.31

$11.62

$11.84

$11.30

$11.28

Total

return

d

.......................

(7.29)%

(0.64)%

0.63%

7.77%

3.42%

(0.36)%

Ratios

to

average

net

assets

e

Expenses

.........................

0.57%

f

0.57%

f

0.57%

f

0.57%

f

0.58%

f

0.56%

Net

investment

income

...............

2.41%

2.06%

2.53%

2.73%

3.11%

3.10%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$112,718

$132,919

$121,041

$105,851

$84,506

$80,819

Portfolio

turnover

rate

................

8.76%

23.40%

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

Schedule

of

Investments

(unaudited),

August

31,

2022

Franklin

North

Carolina

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

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

1,600,000

$

1,600,000

Total

Corporate

Bonds

(Cost

$1,600,000)

.......................................

1,600,000

Municipal

Bonds

99.3%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

2,300,000

1,990,630

Florida

1.2%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

4,680,000

4,114,843

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

1,500,000

1,061,100

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

3,750,000

3,185,625

8,361,568

Illinois

0.6%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

500,000

510,444

State

of

Illinois

,

GO,

2020

B,

5%,

10/01/29

...........................................

1,000,000

1,083,537

GO,

2021

A,

5%,

3/01/34

............................................

2,000,000

2,136,620

3,730,601

Kentucky

0.6%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn.,

5/01/52

....................................

5,600,000

3,834,053

New

Jersey

0.9%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/41

...

1,000,000

943,538

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

5%,

6/15/35

.......................................

2,000,000

2,142,552

Revenue,

2020

AA,

5%,

6/15/39

.......................................

2,000,000

2,109,809

Revenue,

2020

AA,

4%,

6/15/45

.......................................

1,000,000

920,512

Revenue,

2020

AA,

3%,

6/15/50

.......................................

500,000

361,717

6,478,128

New

York

1.3%

Metropolitan

Transportation

Authority

,

Revenue,

2020

E,

Refunding,

4%,

11/15/45

..............................

1,595,000

1,434,028

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

5,325,000

4,740,842

Revenue,

2021

A-2,

4%,

11/15/41

.....................................

3,000,000

2,770,904

8,945,774

North

Carolina

88.9%

Cape

Fear

Public

Utility

Authority

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

8/01/44

.......

12,070,000

11,766,234

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/15/40

.......

20,000,000

20,712,474

Atrium

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

1/15/36

.......

5,000,000

5,363,182

Atrium

Health

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

1/15/43

.......

2,000,000

1,919,705

City

of

Charlotte

,

COP,

2019

A,

Refunding,

5%,

6/01/44

..................................

8,250,000

9,031,026

COP,

2021

A,

Refunding,

5%,

6/01/24

..................................

1,025,000

1,070,924

Airport,

Revenue,

2019

A,

4%,

7/01/44

..................................

3,550,000

3,455,841

Airport,

Revenue,

2019

A,

5%,

7/01/49

..................................

4,460,000

4,715,120

Airport,

Revenue,

2019

B,

4%,

7/01/44

..................................

5,515,000

5,187,883

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/36

.........................

1,790,000

1,809,472

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/38

.........................

2,500,000

2,487,809

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/39

.........................

3,000,000

2,947,238

Franklin

Tax-Free

Trust

Schedule

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.

94

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

City

of

Charlotte,

(continued)

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/40

.........................

$

4,500,000

$

4,420,430

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

.........................

2,200,000

2,155,804

Storm

Water,

Revenue,

2014,

Refunding,

5%,

12/01/39

.....................

7,970,000

8,385,345

Water

&

Sewer

System,

Revenue,

2015,

Refunding,

5%,

7/01/40

..............

10,000,000

10,627,743

Water

&

Sewer

System,

Revenue,

2018,

Refunding,

4%,

7/01/37

..............

5,000,000

5,144,294

Water

&

Sewer

System,

Revenue,

2020,

Refunding,

2%,

7/01/41

..............

500,000

348,230

City

of

Fayetteville

,

Public

Works

Commission

,

Revenue

,

2018

,

Refunding

,

4

%

,

3/01/41

4,015,000

3,940,558

City

of

Raleigh

,

GO,

2016

A,

Refunding,

5%,

9/01/26

...................................

5,000,000

5,505,584

Combined

Enterprise

System,

Revenue,

2016

A,

4%,

3/01/46

.................

5,000,000

4,924,411

Combined

Enterprise

System,

Revenue,

2016

B,

Refunding,

4%,

3/01/34

........

1,000,000

1,033,013

City

of

Salisbury

,

Combined

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/45

.........................................................

1,000,000

1,092,482

City

of

Winston-Salem

,

Water

&

Sewer

System,

Revenue,

2016

A,

Refunding,

4%,

6/01/34

............

1,350,000

1,386,721

Water

&

Sewer

System,

Revenue,

2016

A,

Refunding,

4%,

6/01/37

............

5,000,000

5,095,919

Water

&

Sewer

System,

Revenue,

2017,

4%,

6/01/47

.......................

10,000,000

9,917,751

County

of

Buncombe

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/34

.................

3,000,000

3,171,393

County

of

Dare

,

Revenue,

2021

A,

3%,

6/01/38

........................................

375,000

331,129

Revenue,

2021

A,

3%,

6/01/39

........................................

585,000

511,327

Revenue,

2021

A,

3%,

6/01/40

........................................

250,000

216,248

Revenue,

2021

A,

3%,

6/01/41

........................................

450,000

385,256

County

of

Durham

,

GO,

2019,

4%,

6/01/36

.............................................

500,000

520,988

GO,

2019,

4%,

6/01/37

.............................................

450,000

464,803

GO,

2019,

4%,

6/01/39

.............................................

700,000

713,420

GO,

2021,

Refunding,

5%,

6/01/31

.....................................

750,000

887,032

GO,

2021,

Refunding,

5%,

6/01/32

.....................................

625,000

733,689

County

of

Guilford

,

GO

,

2017

B

,

4

%

,

5/01/33

...............................

5,000,000

5,225,437

County

of

Lincoln

,

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/38

..................

400,000

345,020

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/41

..................

480,000

400,569

County

of

Mecklenburg

,

GO,

2015

A,

5%,

4/01/28

............................................

5,000,000

5,331,861

GO,

2017

A,

4%,

4/01/30

............................................

5,000,000

5,287,441

GO,

2019,

5%,

3/01/30

.............................................

5,745,000

6,593,203

County

of

New

Hanover

,

GO,

2021

A,

Refunding,

4%,

8/01/29

...................................

760,000

828,942

GO,

2021

A,

Refunding,

4%,

8/01/30

...................................

605,000

661,459

Revenue,

2021,

Refunding,

5%,

8/01/30

.................................

3,375,000

3,937,000

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Pre-Refunded,

5%,

10/01/42

.......................................................

5,000,000

5,590,265

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Pre-Refunded,

5%,

10/01/47

.......................................................

13,565,000

15,166,389

County

of

Union

,

Enterprise

System,

Revenue,

2015,

5%,

6/01/34

..........................

1,000,000

1,067,072

Enterprise

System,

Revenue,

2021,

4%,

6/01/32

..........................

1,050,000

1,140,395

County

of

Wake

,

GO,

2018

A,

5%,

3/01/30

............................................

8,000,000

9,024,767

GO,

2019

A,

5%,

3/01/32

............................................

7,870,000

8,946,014

Revenue,

2021,

3%,

3/01/35

.........................................

5,535,000

5,156,189

Revenue,

2021,

3%,

3/01/36

.........................................

6,000,000

5,487,767

Franklin

Tax-Free

Trust

Schedule

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

95

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

Greenville

Utilities

Commission

,

Revenue

,

2019

,

5

%

,

8/01/44

..................

$

4,750,000

$

5,200,469

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/27

..........

400,000

432,139

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/28

..........

500,000

545,347

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/29

..........

550,000

604,546

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/30

..........

500,000

551,390

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/31

..........

1,855,000

2,047,963

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/33

..........

2,670,000

2,910,136

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

10/01/34

..........

740,000

731,450

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

10/01/35

..........

360,000

354,254

Duke

University,

Revenue,

2015

B,

Pre-Refunded,

5%,

10/01/41

..............

13,585,000

14,636,904

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

7/01/42

..................

10,000,000

10,684,570

Duke

University,

Revenue,

2016

B,

Refunding,

4%,

10/01/44

.................

5,085,000

4,942,131

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/44

.................

11,000,000

11,722,663

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/32

................

1,000,000

1,022,509

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/33

................

1,000,000

1,017,773

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/34

................

2,270,000

2,281,987

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/35

..............

5,000,000

5,101,706

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/38

..............

5,500,000

5,558,875

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/39

..............

5,250,000

5,289,038

Wake

Forest

University,

Revenue,

2018,

4%,

1/01/48

.......................

20,000,000

19,082,772

Wake

Forest

University,

Revenue,

2018,

5%,

1/01/48

.......................

13,500,000

14,366,319

North

Carolina

Central

University

,

Revenue

,

2019

,

4

%

,

4/01/49

.................

1,000,000

872,939

North

Carolina

Housing

Finance

Agency

,

Revenue,

41,

GNMA

Insured,

3.55%,

7/01/44

.............................

4,470,000

4,000,371

Revenue,

41,

GNMA

Insured,

3.625%,

7/01/49

............................

6,850,000

6,045,446

Revenue,

42,

GNMA

Insured,

2.45%,

7/01/34

.............................

790,000

680,340

Revenue,

42,

GNMA

Insured,

2.625%,

7/01/39

............................

3,195,000

2,600,184

Revenue,

42,

GNMA

Insured,

2.85%,

1/01/43

.............................

2,795,000

2,227,245

Revenue,

43,

GNMA

Insured,

2.8%,

1/01/40

..............................

5,035,000

4,222,442

Revenue,

43,

GNMA

Insured,

2.95%,

7/01/43

.............................

2,315,000

1,896,790

Revenue,

44,

3%,

7/01/46

...........................................

2,820,000

2,226,177

Revenue,

45,

Refunding,

GNMA

Insured,

2.2%,

7/01/40

.....................

1,830,000

1,381,367

Revenue,

46-A,

GNMA

Insured,

1.55%,

1/01/30

...........................

2,140,000

1,892,758

Revenue,

46-A,

GNMA

Insured,

1.75%,

1/01/31

...........................

995,000

868,848

North

Carolina

Medical

Care

Commission

,

Caromont

Health

Obligated

Group,

Revenue,

2021

A,

4%,

2/01/36

.............

1,675,000

1,652,744

Duke

University

Health

System,

Inc.,

Revenue,

2016

D,

Refunding,

4%,

6/01/42

...

7,000,000

6,810,882

EveryAge

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

9/01/47

..........

2,935,000

2,541,418

EveryAge

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

9/01/51

..........

960,000

816,456

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/33

............

180,000

178,577

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/34

............

185,000

182,915

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/41

............

920,000

869,545

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/46

............

1,665,000

1,532,107

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/51

............

1,670,000

1,507,958

Friends

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

..............

3,000,000

2,499,202

Novant

Health

Obligated

Group,

Revenue,

2013

A,

Refunding,

5%,

11/01/46

.....

20,000,000

20,048,146

Novant

Health

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/49

..............

5,115,000

4,891,894

Novant

Health

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/52

..............

7,640,000

7,238,001

Pines

at

Davidson,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

1/01/49

........

5,000,000

5,152,848

Plantation

Village,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

1/01/41

1,020,000

938,760

Plantation

Village,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

1/01/52

3,510,000

3,035,660

Presbyterian

Homes

Obligated

Group,

Revenue,

2016

C,

Refunding,

5%,

10/01/31

5,000,000

5,190,182

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/45

.........

1,000,000

882,467

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/45

.........

3,600,000

3,698,579

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/50

.........

1,350,000

1,159,620

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/50

.........

1,400,000

1,430,747

Franklin

Tax-Free

Trust

Schedule

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.

96

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

North

Carolina

Medical

Care

Commission,

(continued)

Rex

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/49

............

$

4,000,000

$

3,832,843

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Pre-Refunded,

5%,

10/01/37

........................................

200,000

211,415

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Pre-Refunded,

5%,

10/01/42

........................................

2,250,000

2,378,422

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Pre-Refunded,

5%,

10/01/47

........................................

2,540,000

2,684,974

Vidant

Health

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

6/01/40

........

5,000,000

5,121,903

Wake

Forest

Baptist

Obligated

Group,

Revenue,

2019

A,

5%,

12/01/32

.........

1,000,000

1,081,405

Wake

Forest

Baptist

Obligated

Group,

Revenue,

2019

A,

5%,

12/01/33

.........

1,000,000

1,074,216

North

Carolina

Municipal

Power

Agency

No.

1

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/32

.........................................................

4,200,000

4,443,563

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/25

..............................

125,000

131,390

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/26

..............................

300,000

319,857

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/27

..............................

450,000

486,144

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/28

..............................

500,000

544,909

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/29

..............................

350,000

383,943

Revenue,

Senior

Lien,

2020

A,

3.125%,

6/01/39

...........................

1,660,000

1,521,572

North

Carolina

State

University

at

Raleigh

,

Revenue

,

2013

A

,

Pre-Refunded

,

5

%

,

10/01/42

.....................................................

8,980,000

9,234,794

North

Carolina

Turnpike

Authority

,

Revenue,

2016

A,

Refunding,

5%,

7/01/47

...............................

2,500,000

2,559,046

Revenue,

2018

A,

Refunding,

4%,

1/01/36

...............................

9,875,000

10,066,049

Revenue,

2018

A,

Refunding,

4%,

1/01/39

...............................

9,815,000

9,835,230

Revenue,

2021,

Refunding,

5%,

7/01/35

.................................

1,300,000

1,493,780

Revenue,

2021,

Refunding,

5%,

7/01/36

.................................

1,750,000

2,001,734

Revenue,

2021,

Refunding,

5%,

7/01/37

.................................

1,770,000

2,013,524

Revenue,

2021,

Refunding,

5%,

7/01/38

.................................

1,250,000

1,412,436

Revenue,

2021,

Refunding,

5%,

7/01/39

.................................

1,500,000

1,685,847

Revenue,

2021,

Refunding,

5%,

7/01/40

.................................

1,270,000

1,423,739

Revenue,

2021,

Refunding,

5%,

7/01/41

.................................

2,000,000

2,236,663

Revenue,

Senior

Lien,

2017,

Refunding,

AGMC

Insured,

5%,

1/01/31

...........

1,000,000

1,079,816

Revenue,

Senior

Lien,

2017,

Refunding,

AGMC

Insured,

5%,

1/01/39

...........

1,200,000

1,270,415

Revenue,

Senior

Lien,

2019,

AGMC

Insured,

5%,

1/01/49

...................

15,430,000

16,611,753

Raleigh

Durham

Airport

Authority

,

Revenue,

2015

A,

Refunding,

5%,

5/01/27

...............................

350,000

371,913

Revenue,

2015

A,

Refunding,

5%,

5/01/29

...............................

1,000,000

1,058,844

Revenue,

2015

A,

Refunding,

5%,

5/01/30

...............................

550,000

581,348

Revenue,

2020

A,

Refunding,

5%,

5/01/35

...............................

2,250,000

2,410,326

State

of

North

Carolina

,

GO,

2016

A,

Refunding,

5%,

6/01/25

...................................

4,000,000

4,283,095

GO,

2019

B,

5%,

6/01/29

............................................

2,500,000

2,890,849

GO,

2020

A,

5%,

6/01/31

............................................

2,500,000

2,911,605

Highway

Trust

Fund,

Revenue,

2020

B,

4%,

5/01/35

.......................

2,750,000

2,857,760

Town

of

Cary

,

Combined

Utility

Systems,

Revenue,

2017,

Pre-Refunded,

5%,

12/01/41

........

1,710,000

1,888,575

Combined

Utility

Systems,

Revenue,

2017

B,

Refunding,

4%,

12/01/42

.........

8,000,000

8,025,063

Town

of

Oak

Island

,

Enterprise

System

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/33

......................................................

1,000,000

1,080,770

University

of

North

Carolina

at

Chapel

Hill

,

Revenue,

2021

B,

Refunding,

5%,

12/01/34

..............................

1,225,000

1,423,839

Revenue,

2021

B,

Refunding,

5%,

12/01/36

..............................

1,500,000

1,732,979

Hospitals

at

Chapel

Hill,

Revenue,

2016,

5%,

2/01/46

.......................

4,265,000

4,403,778

Hospitals

at

Chapel

Hill,

Revenue,

2019,

5%,

2/01/49

.......................

2,850,000

3,280,191

University

of

North

Carolina

Hospitals

at

Chapel

Hill,

Revenue,

2019,

5%,

2/01/45

.

4,010,000

4,594,068

Franklin

Tax-Free

Trust

Schedule

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

97

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

$

5,204,521

Revenue,

2015,

Pre-Refunded,

5%,

4/01/45

..............................

9,450,000

10,067,753

Revenue,

2017,

5%,

10/01/47

........................................

10,000,000

10,619,336

Revenue,

2017

A,

Refunding,

4%,

10/01/40

..............................

2,250,000

2,247,658

Revenue,

2020

A,

Refunding,

5%,

10/01/38

..............................

1,145,000

1,251,734

Revenue,

2020

A,

Refunding,

4%,

10/01/40

..............................

290,000

282,411

University

of

North

Carolina

at

Greensboro

,

Revenue,

2014,

Refunding,

5%,

4/01/39

.................................

3,500,000

3,634,853

Revenue,

2017,

Refunding,

4%,

4/01/35

.................................

1,205,000

1,235,306

Revenue,

2017,

Refunding,

4%,

4/01/36

.................................

1,000,000

1,020,488

Revenue,

2018,

5%,

4/01/43

.........................................

2,500,000

2,686,247

University

of

North

Carolina

at

Wilmington

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/37

.

3,000,000

3,147,355

University

of

North

Carolina

System

,

Appalachian

State

University

,

Revenue

,

2008

A

,

AGMC

Insured

,

5

%

,

10/01/33

.........................................

160,000

160,165

Western

Carolina

University

,

Revenue,

2020

B,

3%,

4/01/36

........................................

1,000,000

898,328

Revenue,

2020

B,

4%,

4/01/45

........................................

5,000,000

4,738,518

610,959,882

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,600,000

1,296,403

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,600,000

1,295,038

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

2,500,000

1,988,244

4,579,685

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,100,000

1,662,229

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/32

200,000

194,275

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/33

200,000

191,859

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,800,000

2,250,018

4,298,381

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,600,000

1,295,249

Wisconsin

0.8%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,600,000

1,337,543

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

4,200,000

4,171,719

5,509,262

U.S.

Territories

3.2%

Guam

0.2%

c

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue,

2023

A,

Refunding,

5.25%,

10/01/30

............................

750,000

764,528

Revenue,

2023

A,

Refunding,

5.125%,

10/01/34

...........................

390,000

381,603

Revenue,

2023

A,

Refunding,

5.25%,

10/01/35

............................

265,000

260,080

1,406,211

Puerto

Rico

3.0%

Commonwealth

of

Puerto

Rico

,

d

GO,

FRN,

Zero

Cpn.,

11/01/43

........................................

116,367

60,074

Franklin

Tax-Free

Trust

Schedule

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.

98

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Commonwealth

of

Puerto

Rico,

(continued)

GO,

2022

A-1,

5.25%,

7/01/23

........................................

$

13,079

$

13,277

GO,

2022

A-1,

5.375%,

7/01/25

.......................................

26,087

26,924

GO,

2022

A-1,

5.625%,

7/01/27

.......................................

25,850

27,432

GO,

2022

A-1,

5.625%,

7/01/29

.......................................

25,431

27,390

GO,

2022

A-1,

5.75%,

7/01/31

........................................

24,701

27,099

GO,

2022

A-1,

4%,

7/01/33

..........................................

23,423

21,948

GO,

2022

A-1,

4%,

7/01/35

..........................................

21,054

19,358

GO,

2022

A-1,

4%,

7/01/37

..........................................

18,070

16,192

GO,

2022

A-1,

4%,

7/01/41

..........................................

24,568

21,456

GO,

2022

A-1,

4%,

7/01/46

..........................................

25,551

21,698

GO,

2022

A-1,

Zero

Cpn.,

7/01/24

.....................................

7,794

7,204

GO,

2022

A-1,

Zero

Cpn.,

7/01/33

.....................................

30,143

17,154

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,500,000

1,523,376

e

Revenue,

XX,

5.25%,

7/01/40

........................................

4,120,000

3,347,500

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

NATL

Insured,

5.25%,

7/01/33

.................

990,000

1,003,281

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

300,000

304,495

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

5,350,000

5,401,371

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

2,000,000

2,005,973

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/33

..

440,000

480,310

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/41

..

220,000

194,291

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

6,290,000

6,101,972

20,669,775

Total

U.S.

Territories

....................................................................

22,075,986

Total

Municipal

Bonds

(Cost

$725,082,523)

.....................................

682,059,199

Total

Long

Term

Investments

(Cost

$726,682,523)

...............................

683,659,199

a

a

a

a

a

Short

Term

Investments

0.1%

Municipal

Bonds

0.1%

North

Carolina

0.1%

f

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2018

H

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1.03

%

,

1/15/48

.........................................................

900,000

900,000

Total

Municipal

Bonds

(Cost

$900,000)

.........................................

900,000

Total

Short

Term

Investments

(Cost

$900,000

)

..................................

900,000

a

Total

Investments

(Cost

$727,582,523)

99.6%

...................................

$684,559,199

Other

Assets,

less

Liabilities

0.4%

.............................................

2,448,078

Net

Assets

100.0%

...........................................................

$687,007,277

Franklin

Tax-Free

Trust

Schedule

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

99

See

Abbreviations

on

page

140

.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

12

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2022,

the

aggregate

value

of

these

securities

was

$22,082,183,

representing

3.2%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

e

See

Note

7

regarding

defaulted

securities.

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

Virginia

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

100

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$10.79

$11.13

$11.42

$10.92

$10.87

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.11

0.19

0.22

0.28

0.15

Net

realized

and

unrealized

gains

(losses)

...........

(0.92)

(0.34)

(0.29)

0.52

0.05

Total

from

investment

operations

....................

(0.81)

(0.15)

(0.07)

0.80

0.20

Less

distributions

from:

Net

investment

income

..........................

(0.11)

(0.19)

(0.22)

(0.30)

(0.15)

Net

asset

value,

end

of

period

......................

$9.87

$10.79

$11.13

$11.42

$10.92

Total

return

e

...................................

(7.55)%

(1.38)%

(0.58)%

7.40%

1.90%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

...............................

0.86%

0.84%

0.84%

0.84%

0.84%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

g

..............................

0.85%

0.84%

0.84%

0.84%

0.84%

Net

investment

income

...........................

2.12%

1.71%

1.97%

2.54%

3.01%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$90,674

$108,135

$107,395

$77,058

$39,565

Portfolio

turnover

rate

............................

8.24%

34.49%

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

101

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.79

$11.12

$11.42

$10.91

$10.91

$11.31

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.12

0.21

0.24

0.30

0.34

0.35

Net

realized

and

unrealized

gains

(losses)

(0.93)

(0.33)

(0.30)

0.52

—

d

(0.39)

Total

from

investment

operations

........

(0.81)

(0.12)

(0.06)

0.82

0.34

(0.04)

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.21)

(0.24)

(0.31)

(0.34)

(0.36)

Net

asset

value,

end

of

period

..........

$9.87

$10.79

$11.12

$11.42

$10.91

$10.91

Total

return

e

.......................

(7.48)%

(1.15)%

(0.52)%

7.66%

3.22%

(0.34)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

........

0.71%

0.69%

0.69%

0.69%

0.69%

0.68%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

........

0.70%

g

0.69%

g

0.69%

g

0.69%

g

0.69%

g

0.68%

h

Net

investment

income

...............

2.26%

1.86%

2.15%

2.69%

3.16%

3.15%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$264,985

$316,275

$353,874

$398,547

$402,739

$454,423

Portfolio

turnover

rate

................

8.24%

34.49%

31.54%

14.44%

9.60%

9.87%

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

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.

102

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.98

$11.32

$11.62

$11.10

$11.09

$11.49

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.09

0.15

0.18

0.24

0.29

0.30

Net

realized

and

unrealized

gains

(losses)

(0.94)

(0.34)

(0.30)

0.54

—

d

(0.40)

Total

from

investment

operations

........

(0.85)

(0.19)

(0.12)

0.78

0.29

(0.10)

Less

distributions

from:

Net

investment

income

..............

(0.09)

(0.15)

(0.18)

(0.26)

(0.28)

(0.30)

Net

asset

value,

end

of

period

..........

$10.04

$10.98

$11.32

$11.62

$11.10

$11.09

Total

return

e

.......................

(7.80)%

(1.76)%

(1.05)%

7.07%

2.68%

(0.89)%

Ratios

to

average

net

assets

f

Expenses

.........................

1.25%

g

1.23%

g

1.24%

g

1.24%

g

1.24%

g

1.23%

h

Net

investment

income

...............

1.64%

1.27%

1.58%

2.14%

2.61%

2.60%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$15,284

$20,687

$38,151

$52,357

$62,041

$90,666

Portfolio

turnover

rate

................

8.24%

34.49%

31.54%

14.44%

9.60%

9.87%

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

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

103

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.80

$11.13

$11.43

$10.92

$10.91

$11.25

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.13

0.22

0.25

0.32

0.36

0.22

Net

realized

and

unrealized

gains

(losses)

(0.94)

(0.32)

(0.29)

0.52

0.01

(0.35)

Total

from

investment

operations

........

(0.81)

(0.10)

(0.04)

0.84

0.37

(0.13)

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.23)

(0.26)

(0.33)

(0.36)

(0.21)

Net

asset

value,

end

of

period

..........

$9.87

$10.80

$11.13

$11.43

$10.92

$10.91

Total

return

e

.......................

(7.50)%

(1.00)%

(0.38)%

7.80%

3.44%

(1.14)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.56%

0.56%

0.57%

0.56%

0.57%

0.57%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.55%

g

0.55%

g

0.55%

g

0.55%

g

0.55%

g

0.54%

Net

investment

income

...............

2.48%

2.00%

2.27%

2.83%

3.30%

3.29%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$5,987

$7,778

$6,812

$5,829

$4,947

$5,028

Portfolio

turnover

rate

................

8.24%

34.49%

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

104

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.80

$11.13

$11.43

$10.92

$10.92

$11.31

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.12

0.22

0.25

0.31

0.35

0.36

Net

realized

and

unrealized

gains

(losses)

(0.92)

(0.33)

(0.30)

0.53

0.01

(0.38)

Total

from

investment

operations

........

(0.80)

(0.11)

(0.05)

0.84

0.36

(0.02)

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.22)

(0.25)

(0.33)

(0.36)

(0.37)

Net

asset

value,

end

of

period

..........

$9.88

$10.80

$11.13

$11.43

$10.92

$10.92

Total

return

d

.......................

(7.43)%

(1.05)%

(0.42)%

7.76%

3.32%

(0.15)%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

........

0.61%

0.59%

0.59%

0.59%

0.59%

0.58%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

........

0.60%

f

0.59%

f

0.59%

f

0.59%

f

0.59%

f

0.58%

g

Net

investment

income

...............

2.38%

1.96%

2.23%

2.79%

3.26%

3.25%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$119,095

$138,033

$128,837

$109,844

$84,880

$85,293

Portfolio

turnover

rate

................

8.24%

34.49%

31.54%

14.44%

9.60%

9.87%

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

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

p

ayments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

investments,

(unaudited),

August

31,

2022

Franklin

Virginia

Tax-Free

Income

Fund

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

100.3%

California

0.2%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

$

1,000,000

$

865,491

Florida

0.8%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

3,456,000

3,038,653

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

1,100,000

778,140

3,816,793

Illinois

0.5%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

1,500,000

1,531,332

State

of

Illinois

,

GO

,

2020

B

,

5

%

,

10/01/29

................................

1,000,000

1,083,538

2,614,870

New

Jersey

0.9%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

5%,

6/15/37

.......................................

1,220,000

1,296,871

Revenue,

2020

AA,

5%,

6/15/39

.......................................

2,240,000

2,362,986

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

1,000,000

976,967

4,636,824

New

York

0.3%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/46

..........

1,350,000

1,208,097

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,200,000

972,302

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,200,000

971,279

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

2,000,000

1,590,595

3,534,176

Texas

0.7%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,600,000

1,266,461

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/28

225,000

235,744

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/29

250,000

262,405

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,100,000

1,687,513

3,452,123

Virginia

85.6%

Albemarle

County

Economic

Development

Authority

,

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/30

............................................

1,120,000

1,116,989

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/31

............................................

1,165,000

1,153,916

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/32

............................................

1,105,000

1,089,152

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/33

............................................

1,260,000

1,235,114

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/42

............................................

2,725,000

2,547,812

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/49

............................................

2,800,000

2,518,940

b

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

B,

Refunding,

4%,

6/01/54

............................................

5,215,000

4,419,399

Alexandria

Industrial

Development

Authority

,

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2015,

Pre-Refunded,

5%,

10/01/45

975,000

1,044,491

Franklin

Tax-Free

Trust

Schedule

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.

106

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Alexandria

Industrial

Development

Authority,

(continued)

Protestant

Episcopal

High

School

in

Virginia,

Revenue,

2021

C,

Refunding,

4%,

1/01/46

........................................................

$

2,450,000

$

2,349,662

Arlington

County

Industrial

Development

Authority

,

Virginia

Hospital

Center

Arlington

Health

System,

Revenue,

2020,

Refunding,

4%,

7/01/45

........................................................

2,000,000

1,868,722

Virginia

Hospital

Center

Arlington

Health

System,

Revenue,

2020,

Refunding,

3.75%,

7/01/50

........................................................

10,350,000

9,099,271

Chesapeake

Hospital

Authority

,

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/39

........................................................

1,000,000

961,284

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/43

........................................................

4,000,000

3,763,523

City

of

Hopewell

,

Sewer

System

,

Revenue

,

2011

A

,

Refunding

,

5

%

,

7/15/42

.......

4,850,000

4,857,590

City

of

Norfolk

,

GO,

2013

A,

Pre-Refunded,

5%,

8/01/32

................................

5,845,000

5,986,260

Water,

Revenue,

2018,

5%,

11/01/43

...................................

6,920,000

7,512,559

Water,

Revenue,

2018,

5%,

11/01/47

...................................

6,925,000

7,475,133

City

of

Richmond

,

Public

Utility,

Revenue,

2013

A,

Pre-Refunded,

5%,

1/15/43

..................

10,000,000

10,100,874

Public

Utility,

Revenue,

2016

A,

Refunding,

5%,

1/15/33

.....................

10,000,000

10,685,678

Commonwealth

of

Virginia

,

GO,

2020

A,

4%,

6/01/30

............................................

2,710,000

2,970,463

GO,

2020

A,

4%,

6/01/31

............................................

1,940,000

2,128,556

County

of

Arlington

,

GO

,

2019

,

4

%

,

6/15/34

................................

2,000,000

2,104,913

County

of

Fairfax

,

GO,

2020

A,

Refunding,

5%,

10/01/37

..................................

1,980,000

2,239,703

Sewer,

Revenue,

2017,

5%,

7/15/37

....................................

2,760,000

3,021,533

Fairfax

County

Economic

Development

Authority

,

Revenue,

2017,

5%,

4/01/42

.........................................

5,085,000

5,473,703

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2016

A,

Pre-Refunded,

5%,

10/01/36

.......................................................

4,865,000

5,190,294

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2016

A,

Pre-Refunded,

4%,

10/01/42

.......................................................

1,500,000

1,569,182

Fairfax

County

Industrial

Development

Authority

,

Inova

Health

System

Obligated

Group

,

Revenue

,

2014

A

,

5

%

,

5/15/44

..................................

2,500,000

2,562,746

Fairfax

County

Water

Authority

,

Revenue,

2017,

Refunding,

5%,

4/01/43

.................................

3,510,000

3,782,162

Revenue,

2017,

Refunding,

5%,

4/01/47

.................................

5,000,000

5,368,900

Farmville

Industrial

Development

Authority

,

Elwood

Place

LLC,

Revenue,

2021,

AGMC

Insured,

5.375%,

7/01/53

...........

5,000,000

5,291,973

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/48

...

5,000,000

5,026,596

Hampton

Roads

Sanitation

District

,

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/31

............................

6,200,000

6,799,877

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/33

............................

5,115,000

5,609,899

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/43

............................

11,840,000

12,985,572

Hampton

Roads

Transportation

Accountability

Commission

,

Revenue,

Senior

Lien,

2018

A,

5%,

7/01/48

..............................

14,495,000

15,417,950

Revenue,

Senior

Lien,

2018

A,

Pre-Refunded,

5%,

7/01/48

...................

5,505,000

6,181,221

Revenue,

Senior

Lien,

2020

A,

5%,

7/01/50

..............................

4,000,000

4,352,394

Revenue,

Senior

Lien,

2020

A,

5.25%,

7/01/60

............................

4,450,000

4,910,768

Henrico

County

Economic

Development

Authority

,

Bon

Secours

Health

System,

Inc.

Obligated

Group,

Revenue,

2013

C,

Pre-Refunded,

5%,

11/01/30

...................................................

5,000,000

5,020,938

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/40

.......................................................

500,000

491,710

Franklin

Tax-Free

Trust

Schedule

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

107

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Henrico

County

Economic

Development

Authority,

(continued)

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/45

.......................................................

$

725,000

$

689,391

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/50

.......................................................

1,500,000

1,366,931

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2022

A,

5%,

10/01/42

..

1,125,000

1,208,620

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2022

A,

5%,

10/01/47

..

5,000,000

5,290,980

Lexington

Industrial

Development

Authority

,

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

1/01/42

....................................................

2,000,000

2,076,912

b

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

1/01/38

........................................................

690,000

612,235

b

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

1/01/42

........................................................

1,120,000

958,953

b

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

1/01/48

........................................................

2,315,000

1,887,558

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/35

....

1,105,000

1,215,851

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/48

....

1,500,000

1,618,106

Loudoun

County

Sanitation

Authority

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/29

....

4,770,000

5,034,847

Lynchburg

Economic

Development

Authority

,

Centra

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

1/01/47

......

4,500,000

4,586,896

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/47

........

2,350,000

2,150,321

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

1/01/51

........

2,000,000

1,492,339

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/55

........

6,305,000

5,638,976

Montgomery

County

Economic

Development

Authority

,

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/36

................

1,200,000

1,224,536

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/37

................

500,000

506,725

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/38

................

1,750,000

1,760,365

Norfolk

Airport

Authority

,

Revenue,

2019,

5%,

7/01/37

.........................................

1,000,000

1,081,002

Revenue,

2019,

5%,

7/01/39

.........................................

800,000

858,441

Revenue,

2019,

5%,

7/01/43

.........................................

2,925,000

3,095,029

Northern

Virginia

Transportation

Authority

,

Special

Tax

,

2014

,

5

%

,

6/01/33

.........

3,000,000

3,126,537

Northern

Virginia

Transportation

Commission

,

Commuter

Rail

Operating

&

Capital

Fund

,

Revenue

,

2022

,

5

%

,

6/01/47

....................................

1,750,000

1,944,850

Prince

Edward

County

Industrial

Development

Authority

,

President

and

Trustees

of

Hampden-Sydney

College

,

Revenue

,

2018

,

5

%

,

9/01/48

....................

2,050,000

2,106,301

Prince

William

County

Industrial

Development

Authority

,

Novant

Health

Obligated

Group

,

Revenue

,

2013

B

,

Pre-Refunded

,

5

%

,

11/01/46

.....................

10,000,000

10,044,377

Riverside

Regional

Jail

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/31

.........

6,215,000

6,600,882

Salem

Economic

Development

Authority

,

Roanoke

College

,

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/49

......................................................

925,000

958,445

Stafford

County

&

Staunton

Industrial

Development

Authority

,

Revenue

,

2007

E

,

AGMC

Insured

,

5

%

,

8/01/37

...............................................

960,000

961,187

Upper

Occoquan

Sewage

Authority

,

Revenue

,

2016

B

,

Refunding

,

4

%

,

7/01/35

.....

6,165,000

6,300,965

Virginia

Beach

Development

Authority

,

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/40

............................................

1,750,000

1,752,691

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/44

............................................

2,215,000

2,188,795

Virginia

College

Building

Authority

,

Revenue,

2016

A,

5%,

9/01/27

........................................

3,925,000

4,298,310

Revenue,

2016

A,

Pre-Refunded,

5%,

9/01/27

............................

75,000

82,103

Revenue,

2016

A,

Refunding,

4%,

2/01/30

...............................

7,000,000

7,277,131

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/39

...........

795,000

635,193

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

2.25%,

1/15/40

........

450,000

318,846

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/41

...........

500,000

386,383

Franklin

Tax-Free

Trust

Schedule

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.

108

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Virginia

College

Building

Authority,

(continued)

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/46

...........

$

1,100,000

$

800,163

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/51

...........

1,750,000

1,223,667

Regent

University,

Revenue,

2021,

Refunding,

4%,

6/01/36

..................

2,750,000

2,607,239

Regent

University,

Revenue,

2021,

Refunding,

3%,

6/01/41

..................

4,800,000

3,628,577

Regent

University,

Revenue,

2021,

Refunding,

4%,

6/01/46

..................

3,725,000

3,275,962

Washington

&

Lee

University

(The),

Revenue,

2015

A,

Pre-Refunded,

5%,

1/01/40

.

5,000,000

5,290,439

Virginia

Commonwealth

Transportation

Board

,

Revenue,

2016,

5%,

9/15/30

.........................................

2,260,000

2,465,072

Revenue,

2016,

5%,

9/15/31

.........................................

4,000,000

4,362,959

Virginia

Housing

Development

Authority

,

Revenue

,

2018

D

,

3.8

%

,

10/01/43

........

3,805,000

3,569,313

Virginia

Public

Building

Authority

,

Revenue

,

2019

A

,

4

%

,

8/01/35

................

1,250,000

1,301,046

Virginia

Public

School

Authority

,

Revenue,

2014

B,

Refunding,

5%,

8/01/24

...............................

10,000,000

10,490,446

Revenue,

2018

B,

5%,

8/01/30

........................................

5,280,000

5,969,429

Revenue,

2019

A,

5%,

8/01/31

........................................

2,625,000

3,003,264

Revenue,

2020

B,

Refunding,

4%,

8/01/32

...............................

1,265,000

1,352,532

Revenue,

2020

B,

Refunding,

4%,

8/01/34

...............................

3,925,000

4,100,005

County

of

Prince

William,

Revenue,

2018,

4%,

3/01/33

......................

5,795,000

6,055,419

Virginia

Resources

Authority

,

Revenue,

5%,

11/01/38

.............................................

1,970,000

2,103,459

Revenue,

Pre-Refunded,

5%,

11/01/38

..................................

3,195,000

3,443,661

Revenue,

2015

B,

Refunding,

5%,

11/01/45

..............................

5,255,000

5,583,101

Revenue,

2018

C,

Refunding,

5%,

11/01/48

..............................

7,655,000

8,396,251

Virginia

Small

Business

Financing

Authority

,

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/48

.....

7,000,000

6,116,158

Bon

Secours

Mercy

Health,

Inc.,

Revenue,

2020

A,

Refunding,

4%,

12/01/49

.....

5,000,000

4,758,313

Capital

Beltway

Express

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

5%,

12/31/47

4,770,000

4,944,016

Capital

Beltway

Express

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

5%,

12/31/52

1,230,000

1,270,713

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/40

........................................................

7,500,000

7,025,137

I-66

Express

Mobility

Partners

LLC,

Revenue,

Senior

Lien,

2017,

5%,

12/31/47

...

6,600,000

6,735,621

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/36

...

2,210,000

2,099,047

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/41

...

2,500,000

2,303,643

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/51

...

7,500,000

6,477,240

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/37

....................................................

2,750,000

2,634,239

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/51

....................................................

2,250,000

2,026,476

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/37

...

4,000,000

3,991,419

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/38

...

6,000,000

5,886,457

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/39

...

2,730,000

2,661,673

Winchester

Economic

Development

Authority

,

Valley

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

1/01/44

.................................

5,000,000

5,187,975

424,765,563

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,200,000

971,437

Wisconsin

0.8%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,200,000

1,003,157

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

3,100,000

3,079,126

4,082,283

Franklin

Tax-Free

Trust

Schedule

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

109

s

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

9.6%

District

of

Columbia

7.7%

Metropolitan

Washington

Airports

Authority

,

Aviation,

Revenue,

2019

A,

Refunding,

5%,

10/01/49

.......................

$

5,000,000

$

5,192,158

Dulles

Toll

Road,

Revenue,

Senior

Lien,

2022

A,

Refunding,

AGMC

Insured,

4%,

10/01/52

.......................................................

10,000,000

9,125,221

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017

B,

5%,

7/01/42

........................................

5,000,000

5,355,155

Dedicated,

Revenue,

2020

A,

5%,

7/15/36

...............................

5,000,000

5,557,522

Dedicated,

Revenue,

2020

A,

5%,

7/15/45

...............................

7,000,000

7,631,667

Dedicated,

Revenue,

2021

A,

5%,

7/15/41

...............................

5,000,000

5,517,480

38,379,203

Puerto

Rico

1.9%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,700,000

1,726,493

c

Revenue,

WW,

5.5%,

7/01/38

.........................................

1,040,000

848,900

c

Revenue,

XX,

5.25%,

7/01/40

........................................

1,900,000

1,543,750

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

NATL

Insured,

5.25%,

7/01/33

.................

1,100,000

1,114,757

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,800,000

1,867,227

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,600,000

1,604,778

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/29

..

425,000

467,078

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/37

..

200,000

181,788

9,354,771

Total

U.S.

Territories

....................................................................

47,733,974

Total

Municipal

Bonds

(Cost

$533,508,727)

.....................................

497,681,631

a

a

a

a

Short

Term

Investments

0.7%

Municipal

Bonds

0.7%

Virginia

0.7%

d

Albemarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

1.08

%

,

10/01/48

........................................................

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

$537,208,727)

101.0%

..................................

$501,381,631

Other

Assets,

less

Liabilities

(1.0)%

...........................................

(5,356,166)

Net

Assets

100.0%

...........................................................

$496,025,465

Franklin

Tax-Free

Trust

Schedule

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.

110

See

Abbreviations

on

page

140

.

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,

2022,

the

aggregate

value

of

these

securities

was

$11,348,731,

representing

2.3%

of

net

assets.

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,

2022

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

111

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

.................................

$221,643,883

$399,122,515

$333,594,227

Value

-

Unaffiliated

issuers

................................

$208,967,288

$370,553,656

$313,029,739

Cash

..................................................

5,599,410

3,654,504

1,417,288

Receivables:

Capital

shares

sold

......................................

13,963

643,662

18,320

Interest

...............................................

2,476,774

3,686,237

4,020,140

Total

assets

........................................

217,057,435

378,538,059

318,485,487

Liabilities:

Payables:

Capital

shares

redeemed

.................................

425,377

522,146

771,761

Management

fees

.......................................

90,655

164,354

141,886

Distribution

fees

........................................

27,598

49,011

39,605

Transfer

agent

fees

......................................

26,903

57,155

51,483

Reports

to

shareholders

fees

..............................

27,793

54,253

28,128

Trustees'

fees

and

expenses

...............................

1,277

793

1,262

Distributions

to

shareholders

...............................

39,376

100,580

30,825

Accrued

expenses

and

other

liabilities

.........................

15,512

(19,955)

17,928

Total

liabilities

.......................................

654,491

928,337

1,082,878

Net

assets,

at

value

...............................

$216,402,944

$377,609,722

$317,402,609

Net

assets

consist

of:

Paid-in

capital

...........................................

$244,355,119

$432,494,488

$363,795,382

Total

distributable

earnings

(losses)

...........................

(27,952,175)

(54,884,766)

(46,392,773)

Net

assets,

at

value

...............................

$216,402,944

$377,609,722

$317,402,609

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2022

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

112

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Class

A:

Net

assets,

at

value

.....................................

$47,299,286

$81,492,129

$64,005,187

Shares

outstanding

......................................

4,713,156

7,727,751

6,352,760

Net

asset

value

per

share

a

................................

$10.04

$10.55

$10.08

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

96.25%

and

96.25%,

respectively)

..........................

$10.43

$10.96

$10.47

Class

A1:

Net

assets,

at

value

.....................................

$139,338,800

$210,936,911

$197,195,879

Shares

outstanding

......................................

13,900,461

20,003,913

19,583,050

Net

asset

value

per

share

a

................................

$10.02

$10.54

$10.07

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

96.25%

and

96.25%,

respectively)

..........................

$10.41

$10.95

$10.46

Class

C:

Net

assets,

at

value

.....................................

$9,901,353

$22,909,931

$15,108,316

Shares

outstanding

......................................

974,598

2,140,125

1,475,778

Net

asset

value

and

maximum

offering

price

per

share

a

...........

$10.16

$10.70

$10.24

Class

R6:

Net

assets,

at

value

.....................................

$1,999,219

$10,773,615

$6,740,717

Shares

outstanding

......................................

199,415

1,021,620

669,281

Net

asset

value

and

maximum

offering

price

per

share

...........

$10.03

$10.55

$10.07

Advisor

Class:

Net

assets,

at

value

.....................................

$17,864,286

$51,497,136

$34,352,510

Shares

outstanding

......................................

1,782,008

4,881,451

3,409,846

Net

asset

value

and

maximum

offering

price

per

share

...........

$10.02

$10.55

$10.07

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,

2022

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

113

Franklin

Maryland

Tax-

Free

Income

Fund

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

.................................

$354,340,600

$839,977,280

$727,582,523

Value

-

Unaffiliated

issuers

................................

$332,804,748

$793,217,613

$684,559,199

Cash

..................................................

11,406,155

153,814

468,193

Receivables:

Capital

shares

sold

......................................

217,269

261,471

944,557

Interest

...............................................

3,491,645

11,327,616

8,262,607

Total

assets

........................................

347,919,817

804,960,514

694,234,556

Liabilities:

Payables:

Investment

securities

purchased

............................

3,261,504

9,391,500

3,366,150

Capital

shares

redeemed

.................................

333,357

2,171,512

3,208,053

Management

fees

.......................................

149,935

323,203

283,007

Distribution

fees

........................................

44,927

101,911

83,532

Transfer

agent

fees

......................................

56,037

98,629

94,529

Trustees'

fees

and

expenses

...............................

1,269

1,214

1,159

Distributions

to

shareholders

...............................

82,864

144,167

110,591

Accrued

expenses

and

other

liabilities

.........................

45,864

112,331

80,258

Total

liabilities

.......................................

3,975,757

12,344,467

7,227,279

Net

assets,

at

value

...............................

$343,944,060

$792,616,047

$687,007,277

Net

assets

consist

of:

Paid-in

capital

...........................................

$409,317,590

$932,347,557

$833,082,817

Total

distributable

earnings

(losses)

...........................

(65,373,530)

(139,731,510)

(146,075,540)

Net

assets,

at

value

...............................

$343,944,060

$792,616,047

$687,007,277

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2022

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

114

Franklin

Maryland

Tax-

Free

Income

Fund

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Class

A:

Net

assets,

at

value

.....................................

$81,267,611

$166,554,837

$141,877,356

Shares

outstanding

......................................

8,245,743

15,911,291

13,686,377

Net

asset

value

per

share

a

................................

$9.86

$10.47

$10.37

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

96.25%

and

96.25%,

respectively)

..........................

$10.24

$10.88

$10.77

Class

A1:

Net

assets,

at

value

.....................................

$183,485,485

$486,643,542

$381,660,311

Shares

outstanding

......................................

18,612,583

46,521,408

36,829,199

Net

asset

value

per

share

a

................................

$9.86

$10.46

$10.36

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

96.25%

and

96.25%,

respectively)

..........................

$10.24

$10.87

$10.76

Class

C:

Net

assets,

at

value

.....................................

$20,296,679

$40,377,288

$33,570,202

Shares

outstanding

......................................

2,016,979

3,819,923

3,186,493

Net

asset

value

and

maximum

offering

price

per

share

a

...........

$10.06

$10.57

$10.54

Class

R6:

Net

assets,

at

value

.....................................

$10,647,607

$25,539,834

$17,181,405

Shares

outstanding

......................................

1,078,385

2,439,104

1,658,629

Net

asset

value

and

maximum

offering

price

per

share

...........

$9.87

$10.47

$10.36

Advisor

Class:

Net

assets,

at

value

.....................................

$48,246,678

$73,500,546

$112,718,003

Shares

outstanding

......................................

4,888,514

7,021,420

10,875,926

Net

asset

value

and

maximum

offering

price

per

share

...........

$9.87

$10.47

$10.36

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,

2022

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

115

Franklin

Virginia

Tax-

Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$537,208,727

Value

-

Unaffiliated

issuers

..................................................................

$501,381,631

Cash

....................................................................................

554,364

Receivables:

Capital

shares

sold

........................................................................

84,520

Interest

.................................................................................

5,113,660

Total

assets

..........................................................................

507,134,175

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

9,896,993

Capital

shares

redeemed

...................................................................

678,560

Management

fees

.........................................................................

206,924

Distribution

fees

..........................................................................

51,525

Transfer

agent

fees

........................................................................

84,240

Trustees'

fees

and

expenses

.................................................................

1,350

Distributions

to

shareholders

.................................................................

111,873

Accrued

expenses

and

other

liabilities

...........................................................

77,245

Total

liabilities

.........................................................................

11,108,710

Net

assets,

at

value

.................................................................

$496,025,465

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$592,647,889

Total

distributable

earnings

(losses)

.............................................................

(96,622,424)

Net

assets,

at

value

.................................................................

$496,025,465

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2022

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

116

Franklin

Virginia

Tax-

Free

Income

Fund

Class

A:

Net

assets,

at

value

.......................................................................

$90,673,607

Shares

outstanding

........................................................................

9,187,944

Net

asset

value

per

share

a

..................................................................

$9.87

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

................................

$10.25

Class

A1:

Net

assets,

at

value

.......................................................................

$264,985,385

Shares

outstanding

........................................................................

26,856,388

Net

asset

value

per

share

a

..................................................................

$9.87

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

................................

$10.25

Class

C:

Net

assets,

at

value

.......................................................................

$15,284,350

Shares

outstanding

........................................................................

1,522,336

Net

asset

value

and

maximum

offering

price

per

share

a

.............................................

$10.04

Class

R6:

Net

assets,

at

value

.......................................................................

$5,987,239

Shares

outstanding

........................................................................

606,373

Net

asset

value

and

maximum

offering

price

per

share

.............................................

$9.87

Advisor

Class:

Net

assets,

at

value

.......................................................................

$119,094,884

Shares

outstanding

........................................................................

12,059,317

Net

asset

value

and

maximum

offering

price

per

share

.............................................

$9.88

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,

2022

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

117

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

......................................

$3,581,554

$6,846,300

$5,434,987

Expenses:

Management

fees

(Note

3

a

)

.................................

620,751

1,026,351

873,898

Distribution

fees:

(Note

3c

)

    Class

A

..............................................

55,687

105,899

83,335

    Class

A1

.............................................

75,097

113,964

105,860

    Class

C

..............................................

36,961

82,759

55,366

Transfer

agent

fees:

(Note

3e

)

    Class

A

..............................................

14,452

31,751

25,261

    Class

A1

.............................................

48,605

85,420

80,166

    Class

C

..............................................

3,670

9,527

6,441

    Class

R6

.............................................

539

2,164

1,372

    Advisor

Class

..........................................

6,069

21,299

13,868

Custodian

fees

(Note

4

)

....................................

703

1,330

1,081

Reports

to

shareholders

fees

................................

11,738

15,219

13,001

Registration

and

filing

fees

..................................

9,020

8,216

7,461

Professional

fees

.........................................

28,581

30,919

28,890

Trustees'

fees

and

expenses

................................

1,418

2,753

2,018

Other

..................................................

11,709

12,674

15,193

Total

expenses

.......................................

925,000

1,550,245

1,313,211

Expense

reductions

(Note

4

)

.............................

(1,335)

(2,271)

(1,771)

Expenses

waived/paid

by

affiliates

(Note

3f)

..................

(19,697)

(149)

(360)

Net

expenses

.......................................

903,968

1,547,825

1,311,080

Net

investment

income

..............................

2,677,586

5,298,475

4,123,907

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

....................................

(642,021)

(1,588,802)

(1,543,340)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

(20,119,980)

(37,849,732)

(30,324,062)

Net

realized

and

unrealized

gain

(loss)

..........................

(20,762,001)

(39,438,534)

(31,867,402)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$(18,084,415)

$(34,140,059)

$(27,743,495)

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

August

31,

2022

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

118

Franklin

Maryland

Tax-

Free

Income

Fund

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

......................................

$5,997,670

$15,364,040

$11,145,796

Expenses:

Management

fees

(Note

3

a

)

.................................

922,111

2,034,937

1,776,040

Distribution

fees:

(Note

3c

)

    Class

A

..............................................

105,276

227,156

189,017

    Class

A1

.............................................

98,536

266,978

209,121

    Class

C

..............................................

71,653

149,271

122,042

Transfer

agent

fees:

(Note

3e

)

    Class

A

..............................................

34,688

59,277

53,833

    Class

A1

.............................................

81,124

174,439

148,868

    Class

C

..............................................

9,071

14,983

13,359

    Class

R6

.............................................

1,701

5,236

3,936

    Advisor

Class

..........................................

18,727

25,650

43,020

Custodian

fees

(Note

4

)

....................................

1,183

2,830

2,486

Reports

to

shareholders

fees

................................

13,212

40,664

26,431

Registration

and

filing

fees

..................................

9,707

9,698

9,488

Professional

fees

.........................................

29,181

31,595

30,931

Trustees'

fees

and

expenses

................................

2,144

5,070

4,240

Other

..................................................

14,333

31,497

25,910

Total

expenses

.......................................

1,412,647

3,079,281

2,658,722

Expense

reductions

(Note

4

)

.............................

(2,064)

(3,562)

(3,637)

Expenses

waived/paid

by

affiliates

(Note

3f)

..................

(64)

(1,084)

(1,053)

Net

expenses

.......................................

1,410,519

3,074,635

2,654,032

Net

investment

income

..............................

4,587,151

12,289,405

8,491,764

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

....................................

(2,603,198)

(11,114,966)

(8,316,105)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

(28,511,632)

(72,580,943)

(59,554,046)

Net

realized

and

unrealized

gain

(loss)

..........................

(31,114,830)

(83,695,909)

(67,870,151)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$(26,527,679)

$(71,406,504)

$(59,378,387)

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

August

31,

2022

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

119

Franklin

Virginia

Tax-

Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

........................................................................

$7,846,847

Expenses:

Management

fees

(Note

3

a

)

...................................................................

1,288,979

Distribution

fees:

(Note

3c

)

    Class

A

................................................................................

121,840

    Class

A1

...............................................................................

142,802

    Class

C

................................................................................

57,879

Transfer

agent

fees:

(Note

3e

)

    Class

A

................................................................................

40,366

    Class

A1

...............................................................................

118,329

    Class

C

................................................................................

7,354

    Class

R6

...............................................................................

1,350

    Advisor

Class

............................................................................

50,189

Custodian

fees

(Note

4

)

......................................................................

1,801

Reports

to

shareholders

fees

..................................................................

24,486

Registration

and

filing

fees

....................................................................

10,626

Professional

fees

...........................................................................

29,850

Trustees'

fees

and

expenses

..................................................................

3,239

Other

....................................................................................

21,214

Total

expenses

.........................................................................

1,920,304

Expense

reductions

(Note

4

)

...............................................................

(2,420)

Expenses

waived/paid

by

affiliates

(Note

3f)

....................................................

(523)

Net

expenses

.........................................................................

1,917,361

Net

investment

income

................................................................

5,929,486

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

(4,129,476)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

(44,766,272)

Net

realized

and

unrealized

gain

(loss)

............................................................

(48,895,748)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$(42,966,262)

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.

120

Franklin

Alabama

Tax-Free

Income

Fund

Franklin

Georgia

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$2,677,586

$5,076,535

$5,298,475

$11,144,057

Net

realized

gain

(loss)

............

(642,021)

1,245,803

(1,588,802)

531,297

Net

change

in

unrealized

appreciation

(depreciation)

.................

(20,119,980)

(6,199,610)

(37,849,732)

(14,369,583)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(18,084,415)

122,728

(34,140,059)

(2,694,229)

Distributions

to

shareholders:

Class

A

........................

(494,342)

(754,875)

(1,041,273)

(1,924,865)

Class

A1

.......................

(1,778,341)

(3,598,684)

(2,971,314)

(6,250,182)

Class

C

........................

(101,187)

(277,485)

(256,232)

(660,141)

Class

R6

.......................

(25,723)

(46,916)

(193,579)

(403,672)

Advisor

Class

...................

(231,311)

(399,137)

(770,112)

(1,785,540)

Total

distributions

to

shareholders

.....

(2,630,904)

(5,077,097)

(5,232,510)

(11,024,400)

Capital

share

transactions:

(Note

2

)

Class

A

........................

4,671,310

17,533,172

(2,570,421)

17,846,174

Class

A1

.......................

(10,491,620)

(8,167,800)

(17,292,756)

(17,223,067)

Class

C

........................

(2,442,564)

(9,923,910)

(3,516,133)

(15,938,031)

Class

R6

.......................

(114,211)

612,250

(4,810,438)

3,801,180

Advisor

Class

...................

(228,965)

5,242,272

(14,739,543)

6,322,271

Total

capital

share

transactions

.......

(8,606,050)

5,295,984

(42,929,291)

(5,191,473)

Net

increase

(decrease)

in

net

assets

.....................

(29,321,369)

341,615

(82,301,860)

(18,910,102)

Net

assets:

Beginning

of

period

................

245,724,313

245,382,698

459,911,582

478,821,684

End

of

period

.....................

$216,402,944

$245,724,313

$377,609,722

$459,911,582

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

121

Franklin

Louisiana

Tax-Free

Income

Fund

Franklin

Maryland

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$4,123,907

$8,465,382

$4,587,151

$9,201,721

Net

realized

gain

(loss)

............

(1,543,340)

3,844,628

(2,603,198)

317,111

Net

change

in

unrealized

appreciation

(depreciation)

.................

(30,324,062)

(12,436,991)

(28,511,632)

(9,770,304)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(27,743,495)

(126,981)

(26,527,679)

(251,472)

Distributions

to

shareholders:

Class

A

........................

(767,405)

(1,355,423)

(1,018,882)

(1,847,123)

Class

A1

.......................

(2,595,163)

(5,559,774)

(2,530,811)

(5,228,037)

Class

C

........................

(157,917)

(410,766)

(216,226)

(494,740)

Class

R6

.......................

(94,224)

(171,786)

(161,720)

(264,173)

Advisor

Class

...................

(466,750)

(951,070)

(606,738)

(1,356,086)

Total

distributions

to

shareholders

.....

(4,081,459)

(8,448,819)

(4,534,377)

(9,190,159)

Capital

share

transactions:

(Note

2

)

Class

A

........................

412,432

14,760,234

(2,502,905)

14,990,913

Class

A1

.......................

(17,451,039)

(10,867,047)

(13,917,739)

(21,476,737)

Class

C

........................

(3,225,466)

(9,129,099)

(2,017,422)

(10,253,672)

Class

R6

.......................

(606,959)

2,158,691

(2,039,283)

6,130,219

Advisor

Class

...................

(4,458,728)

5,976,569

(3,011,427)

(1,248,456)

Total

capital

share

transactions

.......

(25,329,760)

2,899,348

(23,488,776)

(11,857,733)

Net

increase

(decrease)

in

net

assets

.....................

(57,154,714)

(5,676,452)

(54,550,832)

(21,299,364)

Net

assets:

Beginning

of

period

................

374,557,323

380,233,775

398,494,892

419,794,256

End

of

period

.....................

$317,402,609

$374,557,323

$343,944,060

$398,494,892

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.

122

Franklin

Missouri

Tax-Free

Income

Fund

Franklin

North

Carolina

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$12,289,405

$24,793,123

$8,491,764

$16,758,639

Net

realized

gain

(loss)

............

(11,114,966)

1,856,632

(8,316,105)

2,020,954

Net

change

in

unrealized

appreciation

(depreciation)

.................

(72,580,943)

(33,227,550)

(59,554,046)

(24,854,143)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(71,406,504)

(6,577,795)

(59,378,387)

(6,074,550)

Distributions

to

shareholders:

Class

A

........................

(2,443,557)

(4,640,922)

(1,611,370)

(2,910,737)

Class

A1

.......................

(7,590,688)

(15,763,982)

(4,771,922)

(9,886,701)

Class

C

........................

(518,647)

(1,239,261)

(317,440)

(736,807)

Class

R6

.......................

(432,326)

(872,106)

(240,399)

(427,516)

Advisor

Class

...................

(1,154,550)

(2,220,951)

(1,439,609)

(2,743,534)

Total

distributions

to

shareholders

.....

(12,139,768)

(24,737,222)

(8,380,740)

(16,705,295)

Capital

share

transactions:

(Note

2

)

Class

A

........................

(23,710,445)

45,567,195

(11,917,074)

26,654,713

Class

A1

.......................

(51,111,861)

(40,150,732)

(43,473,448)

(46,116,361)

Class

C

........................

(7,825,414)

(20,644,808)

(5,804,807)

(19,791,334)

Class

R6

.......................

(5,360,742)

4,579,390

(4,024,991)

6,260,900

Advisor

Class

...................

(5,631,020)

4,007,477

(9,116,692)

15,670,711

Total

capital

share

transactions

.......

(93,639,482)

(6,641,478)

(74,337,012)

(17,321,371)

Net

increase

(decrease)

in

net

assets

.....................

(177,185,754)

(37,956,495)

(142,096,139)

(40,101,216)

Net

assets:

Beginning

of

period

................

969,801,801

1,007,758,296

829,103,416

869,204,632

End

of

period

.....................

$792,616,047

$969,801,801

$687,007,277

$829,103,416

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

123

Franklin

Virginia

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$5,929,486

$11,648,986

Net

realized

gain

(loss)

.................................................

(4,129,476)

2,823,447

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(44,766,272)

(21,506,954)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(42,966,262)

(7,034,521)

Distributions

to

shareholders:

Class

A

.............................................................

(1,015,943)

(1,968,849)

Class

A1

............................................................

(3,192,130)

(6,386,350)

Class

C

.............................................................

(145,885)

(390,813)

Class

R6

............................................................

(77,583)

(152,144)

Advisor

Class

........................................................

(1,412,262)

(2,725,070)

Total

distributions

to

shareholders

..........................................

(5,843,803)

(11,623,226)

Capital

share

transactions:

(Note

2

)

Class

A

.............................................................

(8,382,891)

4,545,859

Class

A1

............................................................

(24,866,209)

(27,940,434)

Class

C

.............................................................

(3,705,223)

(17,017,853)

Class

R6

............................................................

(1,191,521)

1,224,299

Advisor

Class

........................................................

(7,926,996)

13,684,586

Total

capital

share

transactions

............................................

(46,072,840)

(25,503,543)

Net

increase

(decrease)

in

net

assets

...................................

(94,882,905)

(44,161,290)

Net

assets:

Beginning

of

period

.....................................................

590,908,370

635,069,660

End

of

period

..........................................................

$496,025,465

$590,908,370

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

124

franklintempleton.com

Semiannual

Report

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

separate

funds,

seven

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

Funds

offer

five

classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

R6

and

Advisor

Class.

Class

C

shares

automatically

converted

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

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

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.

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,

2022, 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

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

125

franklintempleton.com

Semiannual

Report

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)

126

franklintempleton.com

Semiannual

Report

2.

Shares

of

Beneficial

Interest

At

August

31,

2022,

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

Georgia

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

A

Class

A

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

a

...................................

795,854

$8,129,118

848,557

$9,202,386

Shares

issued

in

reinvestment

of

distributions

..........

45,341

465,800

88,145

952,467

Shares

redeemed

...............................

(380,620)

(3,923,608)

(1,172,729)

(12,725,274)

Net

increase

(decrease)

..........................

460,575

$4,671,310

(236,027)

$(2,570,421)

Year

ended

February

28,

2022

Shares

sold

a

...................................

2,046,358

$23,313,909

3,077,660

$37,009,305

Shares

issued

in

reinvestment

of

distributions

..........

61,957

700,673

147,263

1,761,384

Shares

redeemed

...............................

(576,882)

(6,481,410)

(1,747,795)

(20,924,515)

Net

increase

(decrease)

..........................

1,531,433

$17,533,172

1,477,128

$17,846,174

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

113,936

$1,179,640

136,018

$1,474,397

Shares

issued

in

reinvestment

of

distributions

..........

154,715

1,588,419

242,118

2,616,131

Shares

redeemed

...............................

(1,302,150)

(13,259,679)

(1,963,394)

(21,383,284)

Net

increase

(decrease)

..........................

(1,033,499)

$(10,491,620)

(1,585,258)

$(17,292,756)

Year

ended

February

28,

2022

Shares

sold

...................................

496,734

$5,644,773

838,290

$10,056,968

Shares

issued

in

reinvestment

of

distributions

..........

285,151

3,225,568

464,557

5,561,571

Shares

redeemed

...............................

(1,504,718)

(17,038,141)

(2,738,860)

(32,841,606)

Net

increase

(decrease)

..........................

(722,833)

$(8,167,800)

(1,436,013)

$(17,223,067)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

24,397

$256,035

20,534

$224,539

Shares

issued

in

reinvestment

of

distributions

..........

9,272

96,525

22,117

242,688

Shares

redeemed

a

..............................

(267,588)

(2,795,124)

(362,863)

(3,983,360)

Net

increase

(decrease)

..........................

(233,919)

$(2,442,564)

(320,212)

$(3,516,133)

Year

ended

February

28,

2022

Shares

sold

...................................

124,256

$1,424,632

198,212

$2,412,785

Shares

issued

in

reinvestment

of

distributions

..........

23,668

271,689

51,567

627,675

Shares

redeemed

a

..............................

(1,005,038)

(11,620,231)

(1,552,546)

(18,978,491)

Net

increase

(decrease)

..........................

(857,114)

$(9,923,910)

(1,302,767)

$(15,938,031)

Class

R6

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

127

franklintempleton.com

Semiannual

Report

Franklin

Alabama

Tax-Free

Income

Fund

Franklin

Georgia

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

R6

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

33,626

$345,315

395,737

$4,356,033

Shares

issued

in

reinvestment

of

distributions

..........

2,504

25,723

7,711

83,431

Shares

redeemed

...............................

(47,442)

(485,249)

(855,274)

(9,249,902)

Net

increase

(decrease)

..........................

(11,312)

$(114,211)

(451,826)

$(4,810,438)

Year

ended

February

28,

2022

Shares

sold

...................................

85,075

$966,469

693,251

$8,350,009

Shares

issued

in

reinvestment

of

distributions

..........

4,171

47,147

15,389

184,124

Shares

redeemed

...............................

(35,757)

(401,366)

(394,867)

(4,732,953)

Net

increase

(decrease)

..........................

53,489

$612,250

313,773

$3,801,180

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

377,558

$3,884,080

784,175

$8,486,504

Shares

issued

in

reinvestment

of

distributions

..........

20,455

209,977

65,143

704,919

Shares

redeemed

...............................

(423,118)

(4,323,022)

(2,194,758)

(23,930,966)

Net

increase

(decrease)

..........................

(25,105)

$(228,965)

(1,345,440)

$(14,739,543)

Year

ended

February

28,

2022

Shares

sold

...................................

781,670

$8,871,519

1,663,730

$19,956,762

Shares

issued

in

reinvestment

of

distributions

..........

32,349

365,736

135,942

1,627,414

Shares

redeemed

...............................

(353,474)

(3,994,983)

(1,280,532)

(15,261,905)

Net

increase

(decrease)

..........................

460,545

$5,242,272

519,140

$6,322,271

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,

2022

Shares

sold

a

...................................

665,249

$6,940,284

836,537

$8,404,284

Shares

issued

in

reinvestment

of

distributions

..........

70,238

723,105

95,188

956,798

Shares

redeemed

...............................

(706,905)

(7,250,957)

(1,176,778)

(11,863,987)

Net

increase

(decrease)

..........................

28,582

$412,432

(245,053)

$(2,502,905)

Year

ended

February

28,

2022

Shares

sold

a

...................................

2,042,754

$23,336,846

2,288,375

$25,395,603

Shares

issued

in

reinvestment

of

distributions

..........

115,403

1,312,424

158,179

1,746,832

Shares

redeemed

...............................

(869,485)

(9,889,036)

(1,101,847)

(12,151,522)

Net

increase

(decrease)

..........................

1,288,672

$14,760,234

1,344,707

$14,990,913

Class

A1

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

128

franklintempleton.com

Semiannual

Report

Franklin

Louisiana

Tax-Free

Income

Fund

Franklin

Maryland

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

A1

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

234,577

$2,423,345

188,019

$1,894,662

Shares

issued

in

reinvestment

of

distributions

..........

242,565

2,497,050

220,076

2,212,992

Shares

redeemed

...............................

(2,160,492)

(22,371,434)

(1,793,575)

(18,025,393)

Net

increase

(decrease)

..........................

(1,683,350)

$(17,451,039)

(1,385,480)

$(13,917,739)

Year

ended

February

28,

2022

Shares

sold

...................................

1,181,303

$13,495,822

387,313

$4,287,400

Shares

issued

in

reinvestment

of

distributions

..........

472,813

5,378,235

416,893

4,607,805

Shares

redeemed

...............................

(2,610,509)

(29,741,104)

(2,741,178)

(30,371,942)

Net

increase

(decrease)

..........................

(956,393)

$(10,867,047)

(1,936,972)

$(21,476,737)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

29,048

$304,304

124,229

$1,284,664

Shares

issued

in

reinvestment

of

distributions

..........

14,813

155,057

20,105

206,350

Shares

redeemed

a

..............................

(351,293)

(3,684,827)

(342,492)

(3,508,436)

Net

increase

(decrease)

..........................

(307,432)

$(3,225,466)

(198,158)

$(2,017,422)

Year

ended

February

28,

2022

Shares

sold

...................................

185,099

$2,145,258

247,424

$2,800,314

Shares

issued

in

reinvestment

of

distributions

..........

35,122

406,561

41,661

470,383

Shares

redeemed

a

..............................

(1,005,238)

(11,680,918)

(1,190,239)

(13,524,369)

Net

increase

(decrease)

..........................

(785,017)

$(9,129,099)

(901,154)

$(10,253,672)

Class

R6

Class

R6

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

58,860

$608,377

260,116

$2,616,788

Shares

issued

in

reinvestment

of

distributions

..........

8,988

92,544

10,814

108,940

Shares

redeemed

...............................

(126,732)

(1,307,880)

(475,704)

(4,765,011)

Net

increase

(decrease)

..........................

(58,884)

$(606,959)

(204,774)

$(2,039,283)

Year

ended

February

28,

2022

Shares

sold

...................................

232,036

$2,642,633

639,448

$7,100,082

Shares

issued

in

reinvestment

of

distributions

..........

14,889

169,248

17,177

189,952

Shares

redeemed

...............................

(57,540)

(653,190)

(104,553)

(1,159,815)

Net

increase

(decrease)

..........................

189,385

$2,158,691

552,072

$6,130,219

Advisor

Class

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

129

franklintempleton.com

Semiannual

Report

Franklin

Louisiana

Tax-Free

Income

Fund

Franklin

Maryland

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Advisor

Class

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

314,640

$3,238,592

1,670,440

$16,743,051

Shares

issued

in

reinvestment

of

distributions

..........

42,101

433,393

53,118

534,839

Shares

redeemed

...............................

(777,841)

(8,130,713)

(1,988,828)

(20,289,317)

Net

increase

(decrease)

..........................

(421,100)

$(4,458,728)

(265,270)

$(3,011,427)

Year

ended

February

28,

2022

Shares

sold

...................................

1,661,750

$18,954,446

941,858

$10,423,162

Shares

issued

in

reinvestment

of

distributions

..........

77,178

877,833

105,600

1,168,006

Shares

redeemed

...............................

(1,216,958)

(13,855,710)

(1,161,180)

(12,839,624)

Net

increase

(decrease)

..........................

521,970

$5,976,569

(113,722)

$(1,248,456)

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,

2022

Shares

sold

a

...................................

2,574,483

$27,645,314

1,793,434

$18,968,269

Shares

issued

in

reinvestment

of

distributions

..........

219,801

2,361,573

141,120

1,494,820

Shares

redeemed

...............................

(4,998,755)

(53,717,332)

(3,054,952)

(32,380,163)

Net

increase

(decrease)

..........................

(2,204,471)

$(23,710,445)

(1,120,398)

$(11,917,074)

Year

ended

February

28,

2022

Shares

sold

a

...................................

5,732,614

$68,498,844

4,872,592

$57,200,564

Shares

issued

in

reinvestment

of

distributions

..........

380,235

4,517,293

231,798

2,707,866

Shares

redeemed

...............................

(2,315,449)

(27,448,942)

(2,849,437)

(33,253,717)

Net

increase

(decrease)

..........................

3,797,400

$45,567,195

2,254,953

$26,654,713

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

1,010,988

$10,859,573

872,037

$9,293,992

Shares

issued

in

reinvestment

of

distributions

..........

661,411

7,098,691

409,583

4,337,582

Shares

redeemed

...............................

(6,442,490)

(69,070,125)

(5,393,148)

(57,105,022)

Net

increase

(decrease)

..........................

(4,770,091)

$(51,111,861)

(4,111,528)

$(43,473,448)

Year

ended

February

28,

2022

Shares

sold

...................................

1,914,178

$22,833,927

2,011,409

$23,607,466

Shares

issued

in

reinvestment

of

distributions

..........

1,251,522

14,873,739

772,462

9,028,704

Shares

redeemed

...............................

(6,551,686)

(77,858,398)

(6,731,227)

(78,752,531)

Net

increase

(decrease)

..........................

(3,385,986)

$(40,150,732)

(3,947,356)

$(46,116,361)

Class

C

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

130

franklintempleton.com

Semiannual

Report

Franklin

Missouri

Tax-Free

Income

Fund

Franklin

North

Carolina

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

C

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

157,159

$1,714,997

93,098

$994,248

Shares

issued

in

reinvestment

of

distributions

..........

46,145

500,657

28,437

306,186

Shares

redeemed

a

..............................

(923,368)

(10,041,068)

(657,883)

(7,105,241)

Net

increase

(decrease)

..........................

(720,064)

$(7,825,414)

(536,348)

$(5,804,807)

Year

ended

February

28,

2022

Shares

sold

...................................

491,863

$5,937,874

304,354

$3,637,555

Shares

issued

in

reinvestment

of

distributions

..........

100,076

1,202,622

60,110

714,993

Shares

redeemed

a

..............................

(2,300,978)

(27,785,304)

(2,017,272)

(24,143,882)

Net

increase

(decrease)

..........................

(1,709,039)

$(20,644,808)

(1,652,808)

$(19,791,334)

Class

R6

Class

R6

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

412,869

$4,455,854

431,295

$4,576,534

Shares

issued

in

reinvestment

of

distributions

..........

36,170

388,842

17,287

183,015

Shares

redeemed

...............................

(947,268)

(10,205,438)

(824,900)

(8,784,540)

Net

increase

(decrease)

..........................

(498,229)

$(5,360,742)

(376,318)

$(4,024,991)

Year

ended

February

28,

2022

Shares

sold

...................................

994,504

$11,869,543

823,890

$9,645,380

Shares

issued

in

reinvestment

of

distributions

..........

66,792

794,024

30,042

350,803

Shares

redeemed

...............................

(682,413)

(8,084,177)

(319,832)

(3,735,283)

Net

increase

(decrease)

..........................

378,883

$4,579,390

534,100

$6,260,900

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

1,204,944

$12,912,438

3,094,288

$32,819,315

Shares

issued

in

reinvestment

of

distributions

..........

87,031

934,800

130,564

1,382,861

Shares

redeemed

...............................

(1,814,454)

(19,478,258)

(4,103,129)

(43,318,868)

Net

increase

(decrease)

..........................

(522,479)

$(5,631,020)

(878,277)

$(9,116,692)

Year

ended

February

28,

2022

Shares

sold

...................................

1,952,665

$23,178,356

3,813,931

$44,691,310

Shares

issued

in

reinvestment

of

distributions

..........

152,927

1,817,572

226,022

2,640,968

Shares

redeemed

...............................

(1,772,609)

(20,988,451)

(2,705,056)

(31,661,567)

Net

increase

(decrease)

..........................

332,983

$4,007,477

1,334,897

$15,670,711

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

131

franklintempleton.com

Semiannual

Report

Franklin

Virginia

Tax-Free

Income

Fund

Shares

Amount

Class

A

Class

A

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

a

...................................

761,416

$7,658,760

Shares

issued

in

reinvestment

of

distributions

..........

86,529

872,646

Shares

redeemed

...............................

(1,679,568)

(16,914,297)

Net

increase

(decrease)

..........................

(831,623)

$(8,382,891)

Year

ended

February

28,

2022

Shares

sold

a

...................................

2,238,244

$25,192,744

Shares

issued

in

reinvestment

of

distributions

..........

153,930

1,719,894

Shares

redeemed

...............................

(2,024,950)

(22,366,779)

Net

increase

(decrease)

..........................

367,224

$4,545,859

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

106,067

$1,077,771

Shares

issued

in

reinvestment

of

distributions

..........

282,474

2,848,187

Shares

redeemed

...............................

(2,843,446)

(28,792,167)

Net

increase

(decrease)

..........................

(2,454,905)

$(24,866,209)

Year

ended

February

28,

2022

Shares

sold

...................................

671,869

$7,548,613

Shares

issued

in

reinvestment

of

distributions

..........

516,348

5,771,968

Shares

redeemed

...............................

(3,688,331)

(41,261,015)

Net

increase

(decrease)

..........................

(2,500,114)

$(27,940,434)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

46,949

$486,880

Shares

issued

in

reinvestment

of

distributions

..........

13,814

141,756

Shares

redeemed

a

..............................

(422,487)

(4,333,859)

Net

increase

(decrease)

..........................

(361,724)

$(3,705,223)

Year

ended

February

28,

2022

Shares

sold

...................................

160,811

$1,837,277

Shares

issued

in

reinvestment

of

distributions

..........

33,496

381,657

Shares

redeemed

a

..............................

(1,680,994)

(19,236,787)

Net

increase

(decrease)

..........................

(1,486,687)

$(17,017,853)

Class

R6

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

132

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,

2022

Shares

sold

...................................

159,069

$1,605,304

Shares

issued

in

reinvestment

of

distributions

..........

7,313

73,783

Shares

redeemed

...............................

(280,420)

(2,870,608)

Net

increase

(decrease)

..........................

(114,038)

$(1,191,521)

Year

ended

February

28,

2022

Shares

sold

...................................

221,768

$2,486,760

Shares

issued

in

reinvestment

of

distributions

..........

13,291

148,577

Shares

redeemed

...............................

(126,588)

(1,411,038)

Net

increase

(decrease)

..........................

108,471

$1,224,299

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

3,022,255

$30,508,056

Shares

issued

in

reinvestment

of

distributions

..........

126,508

1,276,499

Shares

redeemed

...............................

(3,870,069)

(39,711,551)

Net

increase

(decrease)

..........................

(721,306)

$(7,926,996)

Year

ended

February

28,

2022

Shares

sold

...................................

3,934,898

$44,022,268

Shares

issued

in

reinvestment

of

distributions

..........

219,223

2,451,281

Shares

redeemed

...............................

(2,944,601)

(32,788,963)

Net

increase

(decrease)

..........................

1,209,520

$13,684,586

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)

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)

133

franklintempleton.com

Semiannual

Report

a.

Management

Fees

The

Funds

pay

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

month-end

net

assets

of

each

of

the

Funds

as

follows:

For

the

period

ended

August

31,

2022,

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

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.548%

0.502%

0.516%

Franklin

Maryland

Tax-

Free

Income

Fund

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.512%

0.469%

0.475%

Franklin

Virginia

Tax-

Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.488%

3.

Transactions

with

Affiliates

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

134

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

Georgia

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%

0.25%

Class

A1

..............................

0.10%

0.10%

0.10%

0.10%

Compensation

Plans:

Class

C

...............................

0.65%

0.65%

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%

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$4,047

$2,496

$2,154

$1,519

CDSC

retained

...........................

$204

$5,642

$5,726

$9,533

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$6,062

$4,191

$1,796

CDSC

retained

...........................

$18,739

$25,664

$12,573

3.

Transactions

with

Affiliates

(continued)

c.

Distribution

Fees

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

135

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,

2022,

the

Funds

paid

transfer

agent

fees

as

noted

in

the

Statements

of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

f.

Waivers

and

Expense

Reimbursements

Effective

April

1,

2022,

Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Funds

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

0.65%,

based

on

the

average

net

assets

of

each

class

until

June

30,

2023.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Funds’

fiscal

year

end.

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,

2023.

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,

sales

and

the

related

net

realized

gains

(losses),

if

any,

for

the

period

ended

August

31,

2022,

were

as

follows:

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Transfer

agent

fees

........................

$34,437

$63,012

$47,956

$61,632

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Transfer

agent

fees

........................

$125,833

$107,687

$82,665

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Purchases

..............................

$5,976,528

$23,326,173

—

$16,840,000

Sales

..................................

$5,954,028

$14,767,758

—

$7,500,000

Net

Realized

Gains

(Losses)

.................

$(560,922)

$(685,784)

—

—

3.

Transactions

with

Affiliates

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

136

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,

2022, 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,

2022,

the

capital

loss

carryforwards

were

as

follows:

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Purchases

..............................

$8,300,000

$38,146,324

$15,828,166

Sales

..................................

$5,200,000

$36,505,344

$14,985,064

Net

Realized

Gains

(Losses)

.................

—

$(2,265,430)

$(679,298)

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

1

1

1

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

3,038,890

$

6,439,768

$

11,971,155

$

13,467,868

Long

term

.............................

11,674,896

18,739,251

12,646,173

28,256,478

Total

capital

loss

carryforwards

............

$14,713,786

$25,179,019

$24,617,328

$41,724,346

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

1

1

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

14,858,296

$

27,380,059

$

20,336,720

Long

term

.............................

68,194,531

68,859,952

36,888,528

Total

capital

loss

carryforwards

............

$83,052,827

$96,240,011

$57,225,248

3.

Transactions

with

Affiliates

(continued)

g.

Interfund

Transactions

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

137

franklintempleton.com

Semiannual

Report

At

August

31,

2022,

the

cost

of

investments

and

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

wash

sales.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

August

31,

2022,

were

as

follows:

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

a

a

a

a

a

Cost

of

investments

.......................

$221,641,012

$399,224,503

$333,627,564

$354,415,268

Unrealized

appreciation

.....................

$1,428,492

$2,511,197

$1,264,184

$1,750,630

Unrealized

depreciation

.....................

(14,102,216)

(31,182,044)

(21,862,009)

(23,361,150)

Net

unrealized

appreciation

(depreciation)

.......

$(12,673,724)

$(28,670,847)

$(20,597,825)

$(21,610,520)

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

a

a

a

a

Cost

of

investments

.......................

$840,636,876

$727,697,004

$537,274,277

Unrealized

appreciation

.....................

$6,560,732

$2,645,306

$2,745,563

Unrealized

depreciation

.....................

(53,979,995)

(45,783,111)

(38,638,209)

Net

unrealized

appreciation

(depreciation)

.......

$(47,419,263)

$(43,137,805)

$(35,892,646)

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Purchases

..............................

$30,262,247

$34,341,138

$17,290,016

$52,341,368

Sales

..................................

$37,303,725

$79,076,202

$31,885,577

$79,888,742

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Purchases

..............................

$111,770,754

$64,186,579

$42,409,038

Sales

..................................

$193,631,566

$121,391,899

$58,404,211

5.

Income

Taxes

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

138

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

Schedules

of

Investments.

At

August

31,

2022,

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.

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.

Geopolitical

Risk 

On

February

24,

2022,

Russia

engaged

in

military

actions

in

the

sovereign

territory

of

Ukraine.

The

current

political

and

financial

uncertainty

surrounding

Russia

and

Ukraine

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

these

countries

and

may

also

cause

uncertainty

for

the

global

economy

and

broader

financial

markets.

The

ultimate

fallout

and

long-term

impact

from

these

events

are

not

known.

The

Fund

will

continue

to

assess

the

impact

on

valuations

and

liquidity

and

will

take

any

potential

actions

needed

in

accordance

with

procedures

approved

by

the

Board.

10. 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.

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

3,

2023.

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

..........................................

$

1,844,420

0.5%

Franklin

Louisiana

Tax-Free

Income

Fund

.........................................

694,688

0.2%

Franklin

Maryland

Tax-Free

Income

Fund

.........................................

1,612,094

0.5%

Franklin

Missouri

Tax-Free

Income

Fund

..........................................

3,828,213

0.5%

Franklin

North

Carolina

Tax-Free

Income

Fund

.....................................

3,347,500

0.5%

Franklin

Virginia

Tax-Free

Income

Fund

...........................................

2,392,650

0.5%

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

139

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,

2022,

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.

A

summary

of

inputs

used

as

of

August

31,

2022,

in

valuing

the

Funds'

assets

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Alabama

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

$

—

$

—

$

300,000

$

300,000

Municipal

Bonds

.........................

—

208,667,288

—

208,667,288

Total

Investments

in

Securities

...........

$—

$208,667,288

$300,000

$208,967,288

Franklin

Georgia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

900,000

900,000

Municipal

Bonds

.........................

—

366,853,656

—

366,853,656

Short

Term

Investments

...................

—

2,800,000

—

2,800,000

Total

Investments

in

Securities

...........

$—

$369,653,656

$900,000

$370,553,656

Franklin

Louisiana

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

313,029,739

—

313,029,739

Total

Investments

in

Securities

...........

$—

$313,029,739

$—

$313,029,739

Franklin

Maryland

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

331,904,748

—

331,904,748

Short

Term

Investments

...................

—

900,000

—

900,000

Total

Investments

in

Securities

...........

$—

$332,804,748

$—

$332,804,748

Franklin

Missouri

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

793,217,613

—

793,217,613

Total

Investments

in

Securities

...........

$—

$793,217,613

$—

$793,217,613

11.

Credit

Facility

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

140

franklintempleton.com

Semiannual

Report

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period. 

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.

Abbreviations

Level

1

Level

2

Level

3

Total

Franklin

North

Carolina

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

$

—

$

—

$

1,600,000

$

1,600,000

Municipal

Bonds

.........................

—

682,059,199

—

682,059,199

Short

Term

Investments

...................

—

900,000

—

900,000

Total

Investments

in

Securities

...........

$—

$682,959,199

$1,600,000

$684,559,199

Franklin

Virginia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

497,681,631

—

497,681,631

Short

Term

Investments

...................

—

3,700,000

—

3,700,000

Total

Investments

in

Securities

...........

$—

$501,381,631

$—

$501,381,631

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

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

NATL

National

Reinsurance

Corp.

SPA

Standby

Purchase

Agreement

12.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Shareholder

Information

141

franklintempleton.com

Semiannual

Report

Liquidity

Risk

Management

Program

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

for

the

Franklin

Templeton

and

Legg

Mason

Funds

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

Franklin

Templeton

and

Legg

Mason

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Legal,

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

2022,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2021.

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

142

franklintempleton.com

Semiannual

Report

Quarterly

Schedule

of

Investments

The

Trust

files

a

complete

schedule

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

10/22

©

2022

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

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quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

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and

Shareholder

Letter

Franklin

Tax-Free

Trust

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Manager

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Shareholder

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Franklin

Advisers,

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Distributors,

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DIAL

BEN

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Letter

Franklin

Tax-Free

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August

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2022

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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

Semiannual

Report

1

SHAREHOLDER

LETTER

Dear

Shareholder:

During

the

six

months

ended

August

31,

2022,

the

U.S.

economy

contracted

in

2022’s

first

and

second

quarters

amid

declines

in

inventory

investment

and

federal

government

spending.

Consumer

spending

slowly

expanded,

helped

by

the

reopening

of

businesses,

widespread

vaccinations,

and

federal

assistance

programs.

Inflation

increased

during

the

six-month

period,

influenced

by

pandemic-related

supply-

chain

issues,

higher

energy

prices,

Russia’s

invasion

of

Ukraine

and

broader

price

pressures.

To

combat

high

inflation,

the

U.S.

Federal

Reserve

ended

monthly

asset

purchases

in

March

2022

and

raised

the

federal

funds

rate

by

0.25%

in

March,

0.50%

in

May,

and

by

0.75%

in

both

June

and

July,

for

a

total

of

2.25%,

increasing

the

rate

from

0.25%

to

2.50%

during

the

period.

The

Federal

Reserve

also

stated

its

intention

to

continue

reducing

its

U.S.

Treasury,

government

agency

debt

and

agency

mortgage-

backed

securities

holdings,

and

it

anticipated

that

ongoing

federal

funds

rate

increases

would

be

appropriate.

During

the

six-month

period

ended

August

31,

2022,

municipal

bonds,

as

measured

by

the

Bloomberg

Municipal

Bond

Index,

posted

a

-5.72%

cumulative

total

return,

influenced

by

high

levels

of

fixed

income

market

volatility,

tighter

monetary

policy

and

risk-off

sentiment

that

led

to

outflows

from

municipals.

1

Fundamentals

remained

strong,

however,

with

many

issuers

reporting

budget

surpluses

for

2022

as

federal

government

transfers

boosted

revenues.

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

team.

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

in

value,

as

do

mutual

fund

share

prices.

As

always,

we

recommend

investors

consult

their

financial

professionals

for

up-to-date

advice

on

their

holdings.

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,

2022,

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

Schedule

of

Investments

45

Financial

Statements

138

Notes

to

Financial

Statements

148

Special

Meeting

of

Shareholders

165

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

During

the

six

months

ending

August

31,

2022,

multi-decade

high

inflation

continued

throughout

much

of

the

period

as

a

strong

U.S.

job

market

and

ample

consumer

savings

pushed

demand

beyond

the

ability

of

businesses

to

increase

supply.

In

response,

the

U.S.

Federal

Reserve

(Fed)

began

increasing

short-term

interest

rates

at

a

pace

not

seen

since

the

1980s,

leading

U.S.

Treasury

(UST)

yields

to

move

much

higher

over

the

period.

Recessionary

concerns

began

to

emerge

as

the

market

debated

whether

the

Fed

could

engineer

a

soft

landing

that

would

bring

inflation

down

without

causing

a

severe

economic

contraction.

The

municipal

bond

(muni)

market

saw

one

of

its

worst

starts

to

a

new

year

in

2022.

High

levels

of

fixed

income

market

volatility,

a

general

risk-off

shift

in

sentiment,

and

poor

performance

caused

significant

year-to-date

outflows

from

muni

retail

vehicles,

leading

market

technical

conditions

to

worsen.

So

far

this

year,

net

issuance

has

been

limited

and

lags

well

behind

the

same

period

in

2021.

Fundamentals

remained

strong,

however,

with

many

issuers

reporting

surpluses

for

2022

as

federal

government

transfers

bolstered

revenues.

For

the

six-month

period,

U.S.

fixed

income

sectors

saw

mixed

performance

relative

to

equities,

as

measured

by

the

Standard

&

Poor’s

®

500

Index,

which

posted

a

-8.84%

total

return

for

the

period.

1

Investment-grade

munis,

as

measured

by

the

Bloomberg

Municipal

Bond

Index,

posted

a

-5.72%

total

return,

and

USTs,

as

measured

by

the

Bloomberg

U.S.

Treasury

Index,

posted

a

-7.63%

total

return.

1

In

contrast,

investment-grade

corporate

bonds,

as

measured

by

the

Bloomberg

U.S.

Corporate

Bond

Index,

posted

a

-9.41%

total

return.

1

The

foregoing

information

reflects

our

analysis

and

opinions

as

of

August

31,

2022.

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-

to

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,

2022,

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,

2022.

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,

decreased

from

$10.64

on

February

28,

2022,

to

$9.74

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

13.2641

cents

per

share

for

the

reporting

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

2.65%,

based

on

an

annualization

of

August’s

2.2368

cents

per

share

dividend

and

the

maximum

offering

price

of

$10.12

on

August

31,

2022.

An

investor

in

the

2022

maximum

combined

effective

federal

and

Arizona

personal

income

tax

bracket

of

43.55%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

4.69%

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

stalled

as

part

of

a

national

slowdown,

contracting

in

2022’s

first

quarter.

However,

Arizona’s

hospitality

and

manufacturing

industries

added

jobs

at

a

brisk

pace

as

its

economy

benefited

from

strong

in-migration.

The

state’s

unemployment

rate

began

the

period

at

3.6%

and

ended

at

3.5%,

compared

with

the

3.7%

national

rate.

The

fiscal

year

(FY)

2022

generated

a

surplus

of

more

than

$5

billion

amid

strong

revenue

collections

and

a

court

ruling

that

struck

down

a

voter-approved

tax

increase.

In

June

2022,

the

governor

signed

a

FY

2023

budget

that

included

increased

spending

on

education

and

eliminated

the

statewide

personal

property

tax.

Arizona’s

net

tax-supported

debt

was

$565

per

capita

and

1.0%

of

personal

income,

below

the

$1,179

and

2.1%

national

medians,

respectively.

3

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

the

state’s

Aa1

issuer

credit

rating

with

a

stable

outlook.

4

The

rating

reflected

Moody’s

view

of

Arizona’s

above-average

economic

growth

and

strengthening

reserves,

lower

debt

levels,

below

average

fixed

costs

and

demonstrated

budget

conservatism.

According

to

Moody’s,

challenges

included

constitutional

restrictions

that

limit

the

state’s

financial

flexibility.

Moody’s

stable

outlook

reflected

its

anticipation

of

Arizona’s

continued

sufficient

reserves

and

moderate

leverage.

*

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.

Portfolio

Composition

8/31/22

%

of

Total

Investments*

Education

26.08%

Utilities

20.18%

Health

Care

15.88%

Transportation

10.85%

Special

Tax

8.78%

Housing

6.26%

Industrial

Dev.

Revenue

and

Pollution

Control

4.87%

Refunded

3.17%

Local

3.07%

Lease

0.86%

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:

Moody’s

Investors

Service,

States

–

US:

Debt,

pension

and

OPEB

liabilities

all

up

in

fiscal

2021

,

9/7/22.

4.

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

50

.

Franklin

Arizona

Tax-Free

Income

Fund

6

franklintempleton.com

Semiannual

Report

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,

2022,

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,

2022

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

/2

2

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

-7.23%

-10.71%

1-Year

-10.16%

-13.53%

5-Year

+3.03%

-0.17%

10-Year

+17.35%

+1.23%

Advisor

6-Month

-7.11%

-7.11%

1-Year

-10.01%

-10.01%

5-Year

+3.96%

+0.78%

10-Year

+18.97%

+1.75%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.65%

4.69%

2.75%

4.87%

Advisor

3.01%

5.33%

3.11%

5.51%

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.

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,

there-

by

increasing

market

risk.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

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

8/31/22.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/20/22

for

the

maximum

combined

effective

federal

and

Arizona

personal

income

tax

rate

of

43.55%,

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.132641

A1

$0.140219

C

$0.111867

R6

$0.147272

Advisor

$0.145247

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

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$927.70

$3.94

$1,021.12

$4.13

0.81%

A1

$1,000

$928.20

$3.22

$1,021.87

$3.37

0.66%

C

$1,000

$925.10

$5.84

$1,019.14

$6.12

1.20%

R6

$1,000

$928.20

$2.52

$1,022.59

$2.65

0.52%

Advisor

$1,000

$928.90

$2.72

$1,022.39

$2.85

0.56%

10

franklintempleton.com

Semiannual

Report

Portfolio

Composition

8/31/22

%

of

Total

Investments*

Local

22.12%

Health

Care

18.69%

Utilities

14.19%

Education

13.02%

Special

Tax

6.20%

Refunded

5.41%

Lease

5.25%

Transportation

5.03%

Housing

4.83%

Industrial

Dev.

Revenue

and

Pollution

Control

4.25%

State

General

Obligation

1.01%

Franklin

Colorado

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Colorado

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2022.

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,

decreased

from

$11.40

on

February

28,

2022,

to

$10.42

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

13.2357

cents

per

share

for

the

reporting

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

2.51%

based

on

an

annualization

of

August’s

2.2680

cents

per

share

dividend

and

the

maximum

offering

price

of

$10.83

on

August

31,

2022.

An

investor

in

the

2022

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

4.59%

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

economic

recovery

from

the

COVID-19

pandemic

slowed

as

inflationary

pressures

rose.

Colorado’s

economy

benefits

from

a

relatively

young,

educated

workforce

and

a

diverse

mix

of

technology,

bioscience

and

professional

services

industries

located

along

the

Front

Range

region.

The

state

also

has

significant,

albeit

volatile,

tourism

and

energy

sectors.

Colorado’s

unemployment

rate

began

the

period

at

4.0%

and

ended

at

3.4%,

compared

with

the

3.7%

national

rate.

Colorado’s

governor

signed

a

$36.4

billion

fiscal

year

2022–2023

budget,

the

largest

in

the

state’s

history.

The

budget

includes

a

12.1%

increase

in

spending

from

the

general

fund,

mostly

comprising

income

and

sales

tax

revenues,

and

major

increases

in

spending

for

health

care

and

public

safety.

Colorado’s

net

tax-supported

debt

was

$874

per

capita

and

1.3%

of

personal

income,

below

the

$1,179

and

2.1%

national

medians,

respectively.

3

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

Colorado’s

Aa1

issuer

credit

rating

with

a

stable

outlook.

4

The

rating

reflected

Moody’s

view

that

Colorado

has

conservative

financial

practices,

strong

economic

fundamentals,

moderate

leverage

and

conservative

fiscal

management.

According

to

Moody’s,

credit

challenges

include

a

complex

system

of

constitutional

revenue

limits.

Moody’s

stable

outlook

reflected

its

assessment

of

Colorado’s

strong

economic

fundamentals

and

sound

fiscal

management.

*

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

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:

Moody’s

Investors

Service,

States

–

US:

Debt,

pension

and

OPEB

liabilities

all

up

in

fiscal

2021

,

9/7/22.

4.

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

Schedule

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,

2022,

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,

2022

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

8/31/22

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

-7.46%

-10.93%

1-Year

-10.43%

-13.79%

5-Year

+2.11%

-0.35%

10-Year

+15.38%

+1.05%

Advisor

6-Month

-7.34%

-7.34%

1-Year

-10.20%

-10.20%

5-Year

+3.24%

+0.64%

10-Year

+17.23%

+1.60%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.51%

4.59%

2.75%

5.03%

Advisor

2.87%

5.25%

3.11%

5.69%

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.

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,

there-

by

increasing

market

risk.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

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

8/31/22.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/20/22

for

the

maximum

combined

effective

federal

and

Colorado

personal

income

tax

rate

of

45.35%,

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.132357

A1

$0.140471

C

$0.110221

R6

$0.148442

Advisor

$0.145875

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

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$925.40

$4.05

$1,021.00

$4.25

0.84%

A1

$1,000

$926.10

$3.33

$1,021.75

$3.49

0.69%

C

$1,000

$923.60

$5.96

$1,019.01

$6.25

1.23%

R6

$1,000

$926.90

$2.60

$1,022.51

$2.73

0.54%

Advisor

$1,000

$926.60

$2.84

$1,022.26

$2.98

0.59%

15

franklintempleton.com

Semiannual

Report

Portfolio

Composition

8/31/22

%

of

Total

Investments*

Education

36.65%

Health

Care

19.34%

Transportation

9.93%

Housing

8.02%

Special

Tax

6.78%

Local

6.52%

State

General

Obligation

5.82%

Refunded

3.66%

Utilities

2.91%

Lease

0.37%

Franklin

Connecticut

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Connecticut

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2022

.

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,

decreased

from

$9.85

on

February

28,

2022,

to

$8.94

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

10.5564

cents

per

share

for

the

reporting

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

2.37%,

based

on

an

annualization

of

August’s

1.8350

cents

per

share

dividend

and

the

maximum

offering

price

of

$9.29

on

August

31,

2022.

An

investor

in

the

2022

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

4.54%

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

economic

recovery

from

the

COVID-19-induced

downturn

slowed

as

inflationary

pressures

rose.

One

of

the

nation’s

wealthiest

states,

based

on

per

capita

income,

with

a

large

and

diverse

economy,

Connecticut

has

nonetheless

been

challenged

by

a

deteriorating

demographic

trajectory.

The

state’s

unemployment

rate

began

the

period

at

4.9%

and

ended

at

4.1%,

compared

with

the

3.7%

national

rate.

Connecticut’s

governor

signed

a

fiscal

year

2023

budget

adjustment

that

included

major

tax

cuts

and

a

built-in

surplus

to

fund

the

state’s

pension

plan.

Connecticut’s

net

tax-supported

debt

was

$8,014

per

capita

and

9.8%

of

personal

income,

above

the

$1,179

and

2.1%

national

medians,

respectively.

3

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

Connecticut’s

general

obligation

bonds’

Aa3

rating

with

a

stable

outlook.

4

This

rating

reflected

Moody’s

view

that

the

state

benefited

from

high

income

levels,

strong

governance

and

a

willingness

to

make

mid-year

budget

adjustments.

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.

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.

*

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

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:

Moody’s

Investors

Service,

States

–

US:

Debt,

pension

and

OPEB

liabilities

all

up

in

fiscal

2021

,

9/7/22

.

4.

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

73

.

Franklin

Connecticut

Tax-Free

Income

Fund

16

franklintempleton.com

Semiannual

Report

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,

2022,

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,

2022

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

8/31/22

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

-8.19%

-11.63%

1-Year

-11.20%

-14.53%

5-Year

-0.89%

-0.94%

10-Year

+6.16%

+0.22%

Advisor

6-Month

-8.09%

-8.09%

1-Year

-11.09%

-11.09%

5-Year

+0.10%

+0.02%

10-Year

+7.66%

+0.74%

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

2.37%

4.54%

2.71%

2.63%

5.19%

5.04%

Advisor

2.73%

5.23%

3.08%

3.00%

5

.90%

5.75%

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.

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,

there-

by

increasing

market

risk.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

1.

The

Fund

has

an

expense

reduction

contractually

guaranteed

through

6/30/23.

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.

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

8/31/22.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/20/22

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.

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.105564

A1

$0.112541

C

$0.086729

R6

$0.119317

Advisor

$0.117291

Total

Annual

Operating

Expenses

9

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.90%

0.98%

Advisor

0.65%

0.73%

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

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$918.10

$4.45

$1,020.56

$4.69

0.92%

A1

$1,000

$918.70

$3.73

$1,021.31

$3.93

0.77%

C

$1,000

$915.80

$6.36

$1,018.57

$6.70

1.32%

R6

$1,000

$919.40

$3.04

$1,022.04

$3.20

0.63%

Advisor

$1,000

$919.10

$3.25

$1,021.82

$3.42

0.67%

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,

2022

.

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,

decreased

from

$11.43

on

February

28,

2022,

to

$10.46

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

13.7425

cents

per

share

for

the

reporting

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

2.58%,

based

on

an

annualization

of

August’s

2.3391

cents

per

share

dividend

and

the

maximum

offering

price

of

$10.87

on

August

31,

2022.

An

investor

in

the

2022

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

4.70%

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

slowed

as

high

inflation

and

rising

interest

rates

moderated

business

activity.

The

Michigan

economy

is

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

4.7%

and

ended

at

4.1%,

compared

with

the

3.7%

national

rate.

Improving

revenue

conditions

and

substantial

direct

aid

from

the

federal

government

bolstered

the

state’s

liquidity.

Michigan’s

net

tax-supported

debt

was

$833

per

capita

and

1.5%

of

personal

income,

below

the

$1,179

and

2.1%

national

medians,

respectively.

3

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

Michigan’s

general

obligations

bonds’

Aa1

rating

with

a

stable

outlook.

4

The

rating

reflected

Moody’s

view

of

the

state’s

strong

budgetary

reserves,

available

liquidity

and

effective

governance

practices.

According

to

Moody’s,

credit

challenges

include

dependence

upon

the

automotive

manufacturing

industry,

exposure

to

financially

stressed

local

governments

and

elevated

levels

of

retirement

benefit

liabilities.

Moody’s

stable

outlook

reflected

its

assessment

that

Michigan’s

governance

practices

make

the

state

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.

*

Does

not

include

cash

and

cash

equivalents.

Portfolio

Composition

8/31/22

%

of

Total

Investments*

Local

27.79%

Health

Care

14.05%

Education

13.96%

Refunded

11.65%

Housing

9.15%

Lease

7.33%

Transportation

5.51%

Utilities

5.14%

Special

Tax

2.75%

Industrial

Dev.

Revenue

and

Pollution

Control

2.45%

State

General

Obligation

0.22%

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:

Moody’s

Investors

Service,

States

–

US:

Debt,

pension

and

OPEB

liabilities

all

up

in

fiscal

2021

,

9/7/22.

4.

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

81

.

Franklin

Michigan

Tax-Free

Income

Fund

21

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

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,

2022,

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,

2022

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

8/31/22

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

-7.31%

-10.78%

1-Year

-10.53%

-13.88%

5-Year

+3.40%

-0.10%

10-Year

+15.25%

+1.04%

Advisor

6-Month

-7.26%

-7.26%

1-Year

-10.29%

-10.29%

5-Year

+4.35%

+0.86%

10-Year

+16.96%

+1.58%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.58%

4.70%

2.48%

4.51%

Advisor

2.94%

5.35%

2.83%

5.15%

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.

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,

there-

by

increasing

market

risk.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

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

8/31/22.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/20/22

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.137425

A1

$0.145574

C

$0.115094

R6

$0.153375

Advisor

$0.150990

Total

Annual

Operating

Expenses

8

Share

Class

A

0.83%

Advisor

0.58%

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

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$926.90

$4.01

$1,021.04

$4.21

0.83%

A1

$1,000

$927.60

$3.29

$1,021.79

$3.45

0.68%

C

$1,000

$924.50

$5.91

$1,019.07

$6.20

1.22%

R6

$1,000

$928.50

$2.58

$1,022.54

$2.70

0.53%

Advisor

$1,000

$927.40

$2.79

$1,022.31

$2.93

0.58%

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,

2022.

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,

decreased

from

$12.20

on

February

28,

2022,

to

$11.13

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

13.0340

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

2.36%,

based

on

an

annualization

of

August’s

2.2698

cents

per

share

dividend

and

the

maximum

offering

price

of

$11.56

on

August

31,

2022.

An

investor

in

the

2022

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

4.78%

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

economic

recovery

from

the

COVID-19-induced

downturn

slowed

as

inflationary

pressures

rose.

Historically,

the

state

has

had

a

very

low

unemployment

rate

and

high

labor

force

participation

rate,

supported

by

a

diverse

economy.

The

state’s

unemployment

rate

began

the

period

at

2.7%

and

ended

at

1.9%,

compared

with

the

3.7%

national

rate.

Minnesota’s

strong

revenues

and

controlled

spending

are

expected

to

result

in

further

growth

in

its

fund

balance

and

liquidity

levels.

Minnesota’s

net

tax-

supported

debt

was

$1,462

per

capita

and

2.2%

of

personal

income,

above

the

$1,179

and

2.1%

national

medians,

respectively.

3

Independent

credit

rating

agency

Moody’s

Investors

Service

upgraded

its

rating

on

Minnesota’s

general

obligations

bonds

to

Aaa

from

Aa,

and

revised

its

outlook

to

stable

from

positive.

4

The

rating

reflected

Moody’s

view

that

the

state’s

strong

record

of

prudent

governance,

which

has

driven

growth

in

financial

reserves,

and

strong

management

of

long-term

liabilities

will

keep

its

cost

burdens

among

the

lowest

in

the

U.S.

According

to

Moody’s,

challenges

facing

the

state

include

a

history

of

political

gridlock

that

has

led

to

structural

imbalances

and

population

trends

including

recent

declines

in

migration

to

the

state.

Moody’s

stable

outlook

reflected

its

assessment

of

Minnesota’s

good

governance,

low

leverage

and

strong

reserves.

*Does

not

include

cash

and

cash

equivalents.

Portfolio

Composition

8/31/22

%

of

Total

Investments*

*

Local

32.97%

Health

Care

15.50%

Education

10.75%

Housing

9.27%

Utilities

9.26%

Transportation

6.39%

Lease

4.20%

Other

Revenue

Bonds

3.60%

State

General

Obligation

2.65%

Refunded

2.47%

Special

Tax

2.36%

Industrial

Dev.

Revenue

and

Pollution

Control

0.58%

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:

Moody’s

Investors

Service,

States

–

US:

Debt,

pension

and

OPEB

liabilities

all

up

in

fiscal

2021

,

9/7/22.

4.

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

93

.

Franklin

Minnesota

Tax-Free

Income

Fund

26

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

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,

2022,

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,

2022

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

8/31/22

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

-7.72%

-11.18%

1-Year

-11.05%

-14.38%

5-Year

+0.73%

-0.62%

10-Year

+12.63%

+0.81%

Advisor

6-Month

-7.60%

-7.60%

1-Year

-10.82%

-10.82%

5-Year

+1.76%

+0.35%

10-Year

+14.52%

+1.36%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.36%

4.78%

2.44%

4.94%

Advisor

2.71%

5.49%

2.78%

5.63%

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.

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,

there-

by

increasing

market

risk.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

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

8/31/22.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/20/22

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.130340

A1

$0.139006

C

$0.106704

R6

$0.148403

Advisor

$0.144775

Total

Annual

Operating

Expenses

8

Share

Class

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

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$922.80

$4.06

$1,020.98

$4.27

0.84%

A1

$1,000

$924.20

$3.33

$1,021.74

$3.50

0.69%

C

$1,000

$920.90

$5.96

$1,019.00

$6.27

1.23%

R6

$1,000

$925.10

$2.54

$1,022.57

$2.67

0.52%

Advisor

$1,000

$924.00

$2.84

$1,022.25

$2.99

0.59%

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,

2022

.

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,

decreased

from

$12.54

on

February

28,

2022,

to

$11.43

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

14.4639

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

2.57%,

based

on

an

annualization

of

August’s

2.5431

cents

per

share

dividend

and

the

maximum

offering

price

of

$11.88

on

August

31,

2022.

An

investor

in

the

2022

maximum

combined

effective

federal

and

Ohio

personal

income

tax

bracket

of

44.79%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

4.65%

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

its

uneven

recovery

from

the

COVID-19-induced

economic

downturn,

as

growing

inflation

countered

falling

unemployment

levels.

Ohio

trailed

the

nation

in

job

growth,

with

many

of

the

job

losses

in

the

government

and

manufacturing

sectors.

Ohio’s

unemployment

rate

began

the

period

at

4.2%

and

ended

at

4.0%,

compared

with

the

3.7%

national

rate.

Ohio

generated

surplus

tax

revenues,

with

strong

growth

in

personal

income

tax

collections

and

sales

tax

receipts.

Ohio’s

net

tax-supported

debt

was

$1,718

per

capita

and

3.0%

of

personal

income,

above

the

$1,179

and

2.1%

national

medians,

respectively.

3

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

the

state’s

general

obligation

bonds’

Aa1

rating

with

a

stable

outlook.

4

The

rating

reflected

Moody’s

view

of

Ohio’s

strong

budgetary

and

financial

management,

sound

levels

of

reserves,

affordable

fixed

costs

and

below-average

long-term

debt.

According

to

Moody’s,

Ohio’s

challenges

include

below-average

economic

growth,

compounded

by

demographic

and

population

trends

that

may

contribute

to

relatively

slower

expansion.

Moody’s

stable

outlook

reflected

the

state’s

proactive

financial

management

and

fully

funded

rainy-day

fund,

which

will

continue

to

support

budget

flexibility

during

the

pandemic

recovery

period.

*Does

not

include

cash

and

cash

equivalents.

Portfolio

Composition

8/31/22

%

of

Total

Investments*

Local

25.46%

Refunded

16.82%

Health

Care

13.01%

Education

12.37%

Utilities

9.52%

Transportation

5.42%

Housing

4.91%

Industrial

Dev.

Revenue

and

Pollution

Control

4.36%

State

General

Obligation

3.01%

Lease

2.35%

Special

Tax

2.34%

Other

Revenue

Bonds

0.43%

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:

Moody’s

Investors

Service,

States

–

US:

Debt,

pension

and

OPEB

liabilities

all

up

in

fiscal

2021

,

9/7/22.

4.

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

105

.

Franklin

Ohio

Tax-Free

Income

Fund

31

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

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,

2022,

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,

2022

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

8/31/22

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

-7.72%

-11.18%

1-Year

-10.96%

-14.30%

5-Year

+1.77%

-0.41%

10-Year

+17.58%

+1.24%

Advisor

6-Month

-7.60%

-7.60%

1-Year

-10.66%

-10.66%

5-Year

+2.82%

+0.56%

10-Year

+19.45%

+1.79%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.57%

4.65%

2.76%

5.00%

Advisor

2.93%

5.31%

3.12%

5.65%

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.

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,

there-

by

increasing

market

risk.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

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

8/31/22.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/20/22

for

the

maximum

combined

effective

federal

and

Ohio

personal

income

tax

rate

of

44.79%,

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.144639

A1

$0.153548

C

$0.120296

R6

$0.162084

Advisor

$0.159472

Total

Annual

Operating

Expenses

8

Share

Class

A

0.81%

Advisor

0.56%

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

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$922.80

$3.90

$1,021.15

$4.10

0.81%

A1

$1,000

$923.50

$3.17

$1,021.91

$3.33

0.66%

C

$1,000

$921.20

$5.80

$1,019.17

$6.09

1.20%

R6

$1,000

$924.20

$2.46

$1,022.64

$2.59

0.51%

Advisor

$1,000

$924.00

$2.68

$1,022.42

$2.82

0.55%

35

franklintempleton.com

Semiannual

Report

Portfolio

Composition

8/31/22

%

of

Total

Investments*

*

Local

23.64%

Health

Care

15.51%

Education

15.43%

Transportation

12.65%

Refunded

11.80%

Utilities

5.82%

Housing

5.30%

State

General

Obligation

4.31%

Special

Tax

2.70%

Lease

1.94%

Industrial

Dev.

Revenue

and

Pollution

Control

0.59%

Other

Revenue

Bonds

0.31%

Franklin

Oregon

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Oregon

Tax-Free

Income

Fund

covers

the

period

ended

August

31

,

2022

.

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,

decreased

from

$11.45

on

February

28,

2022,

to

$10.51

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

12.7470

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

2.43%,

based

on

an

annualization

of

August’s

2.2128

cents

per

share

dividend

and

the

maximum

offering

price

of

$10.92

on

August

31,

2022.

An

investor

in

the

2022

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

4.93%

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

its

uneven

recovery

from

the

COVID-19

pandemic,

as

climbing

inflation

levels

countered

recent

job

gains.

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

4.0%

and

ended

at

3.7%,

compared

with

the

3.7%

national

rate.

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.

Corporate

and

estate

tax

collections

also

soared.

The

state’s

net

tax-supported

debt

was

$2,579

per

capita

and

4.3%

of

personal

income,

above

the

$1,179

and

2.1%

national

medians,

respectively.

3

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.

4

According

to

Moody’s,

Oregon’s

challenges

include

unusually

high

reliance

on

economically

sensitive

personal

income

taxes,

governance

constraints

and

rapid

growth

in

pension

liabilities.

The

stable

outlook

reflects

Oregon’s

sound

budget

management

and

strong

liquidity,

which

offers

financial

flexibility

during

the

economic

recovery.

*

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

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:

Moody’s

Investors

Service,

States

–

US:

Debt,

pension

and

OPEB

liabilities

all

up

in

fiscal

2021

,

9/7/22.

4.

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

119

.

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,

2022,

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,

2022

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

8/31/22

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

-7.11%

-10.60%

1-Year

-10.06%

-13.44%

5-Year

+2.15%

-0.34%

10-Year

+13.21%

+0.86%

Advisor

6-Month

-7.08%

-7.08%

1-Year

-9.92%

-9.92%

5-Year

+3.19%

+0.63%

10-Year

+14.90%

+1.40%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.43%

4.93%

2.61%

5.29%

Advisor

2.79%

5.66%

2.96%

6.00%

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.

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,

there-

by

increasing

market

risk.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

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

8/31/22.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/20/22

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.127470

A1

$0.135642

C

$0.105080

R6

$0.142906

Advisor

$0.141074

Total

Annual

Operating

Expenses

8

Share

Class

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

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$928.90

$3.89

$1,021.17

$4.08

0.80%

A1

$1,000

$929.50

$3.17

$1,021.93

$3.32

0.65%

C

$1,000

$926.30

$5.79

$1,019.20

$6.07

1.19%

R6

$1,000

$930.20

$2.51

$1,022.60

$2.63

0.52%

Advisor

$1,000

$929.20

$2.67

$1,022.43

$2.80

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

,

2022

.

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,

decreased

from

$9.64

on

February

28,

2022,

to

$8.77

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

10.0996

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

2.34%,

based

on

an

annualization

of

August’s

1.7733

cents

per

share

dividend

and

the

maximum

offering

price

of

$9.11

on

August

31,

2022.

An

investor

in

the

2022

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

4.17%

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

economic

recovery

from

the

COVID-19-induced

downturn

slowed

as

inflationary

pressures

rose.

Although

it

has

a

very

large

and

diverse

economic

base,

the

commonwealth’s

economy

has

performed

below

average

for

the

last

decade.

Pennsylvania’s

slow

growth

and

downward

demographic

trends

are

expected

to

negatively

impact

long-term

job

growth,

overall

economic

performance

and

revenue.

The

commonwealth’s

unemployment

rate

began

the

period

at

5.1%

and

ended

at

4.2%,

compared

with

the

3.7%

national

rate.

In

July

2022,

the

commonwealth

approved

a

$42.8

billion

budget

that

included

a

13%

increase

in

spending,

primarily

on

education

and

human

services.

Pennsylvania’s

revenues

have

been

strong,

leading

to

increased

budget

stabilization

reserves.

Pennsylvania’s

net

tax-supported

debt

was

$1,616

per

capita

and

2.5%

of

personal

income,

above

the

$1,179

and

2.1%

national

medians,

respectively.

3

Independent

credit

rating

agency

Moody’s

Investors

Service

maintained

the

commonwealth’s

general

obligation

bonds’

Aa3

rating

with

a

stable

outlook.

4

The

rating

reflected

Moody’s

view

of

the

commonwealth’s

above

average

leverage

and

fixed

cost

burdens

as

well

as

its

stable

and

healthy

liquidity.

According

to

Moody’s,

credit

challenges

include

elevated

fixed

costs

and

slim

budget

reserves.

Moody’s

stable

outlook

reflected

its

positive

assessment

of

Pennsylvania’s

ability

to

manage

financial

challenges.

*

Does

not

include

cash

and

cash

equivalents.

Portfolio

Composition

8/31/22

%

of

Total

Investments*

*

Education

23.95%

Health

Care

22.79%

Local

15.46%

Transportation

9.40%

Refunded

8.95%

Utilities

5.82%

Housing

5.29%

Lease

2.65%

Special

Tax

1.91%

State

General

Obligation

1.69%

Other

Revenue

Bonds

0.51%

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:

Moody’s

Investors

Service,

States

–

US:

Debt,

pension

and

OPEB

liabilities

all

up

in

fiscal

2021

,

9/7/22.

4.

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

131

.

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,

2022,

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,

2022

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

8/31/22

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

-8.00%

-11.45%

1-Year

-11.17%

-14.50%

5-Year

+0.36%

-0.69%

10-Year

+11.93%

+0.75%

Advisor

6-Month

-7.97%

-7.97%

1-Year

-10.93%

-10.93%

5-Year

+1.46%

+0.29%

10-Year

+13.71%

+1.29%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.34%

4.17%

2.77%

4.93%

Advisor

2.68%

4.77%

3.13%

5.58%

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.

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,

there-

by

increasing

market

risk.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

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

8/31/22.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/20/22

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

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.100996

A1

$0.107831

C

$0.082312

R6

$0.114277

Advisor

$0.112384

Total

Annual

Operating

Expenses

8

Share

Class

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

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$920.00

$3.97

$1,021.07

$4.18

0.82%

A1

$1,000

$920.70

$3.24

$1,021.83

$3.41

0.67%

C

$1,000

$918.20

$5.87

$1,019.09

$6.17

1.21%

R6

$1,000

$920.50

$2.56

$1,022.54

$2.69

0.53%

Advisor

$1,000

$920.30

$2.75

$1,022.34

$2.90

0.57%

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,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$10.64

$10.92

$11.24

$10.58

$10.52

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.13

0.25

0.27

0.29

0.16

Net

realized

and

unrealized

gains

(losses)

...........

(0.90)

(0.28)

(0.32)

0.67

0.05

Total

from

investment

operations

....................

(0.77)

(0.03)

(0.05)

0.96

0.21

Less

distributions

from:

Net

investment

income

..........................

(0.13)

(0.25)

(0.27)

(0.30)

(0.15)

Net

asset

value,

end

of

period

......................

$9.74

$10.64

$10.92

$11.24

$10.58

Total

return

e

...................................

(7.23)%

(0.37)%

(0.43)%

9.24%

2.09%

Ratios

to

average

net

assets

f

Expenses

g

....................................

0.81%

0.81%

0.81%

0.81%

0.81%

Net

investment

income

...........................

2.67%

2.23%

2.46%

2.72%

3.12%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$196,503

$210,355

$173,930

$132,026

$44,516

Portfolio

turnover

rate

............................

12.95%

17.24%

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,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.62

$10.90

$11.22

$10.56

$10.58

$10.78

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.26

0.29

0.31

0.34

0.37

Net

realized

and

unrealized

gains

(losses)

(0.90)

(0.28)

(0.32)

0.67

(0.01)

(0.19)

Total

from

investment

operations

........

(0.76)

(0.02)

(0.03)

0.98

0.33

0.18

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.26)

(0.29)

(0.32)

(0.35)

(0.38)

Net

asset

value,

end

of

period

..........

$9.72

$10.62

$10.90

$11.22

$10.56

$10.58

Total

return

d

.......................

(7.18)%

(0.22)%

(0.28)%

9.42%

3.18%

1.62%

Ratios

to

average

net

assets

e

Expenses

.........................

0.66%

f

0.66%

f

0.66%

f

0.66%

f

0.66%

f

0.65%

Net

investment

income

...............

2.82%

2.39%

2.64%

2.87%

3.27%

3.39%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$439,621

$526,131

$582,701

$672,061

$661,250

$737,426

Portfolio

turnover

rate

................

12.95%

17.24%

13.66%

11.37%

18.13%

17.47%

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,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.81

$11.09

$11.42

$10.75

$10.75

$10.95

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.20

0.23

0.26

0.29

0.31

Net

realized

and

unrealized

gains

(losses)

(0.92)

(0.28)

(0.33)

0.67

(—)

d

(0.20)

Total

from

investment

operations

........

(0.81)

(0.08)

(0.10)

0.93

0.29

0.11

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.20)

(0.23)

(0.26)

(0.29)

(0.31)

Net

asset

value,

end

of

period

..........

$9.89

$10.81

$11.09

$11.42

$10.75

$10.75

Total

return

e

.......................

(7.49)%

(0.76)%

(0.81)%

8.70%

2.74%

1.03%

Ratios

to

average

net

assets

f

Expenses

.........................

1.20%

g

1.20%

g

1.20%

g

1.21%

g

1.21%

g

1.20%

Net

investment

income

...............

2.21%

1.80%

2.05%

2.32%

2.72%

2.84%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$38,309

$48,833

$67,713

$80,562

$77,216

$105,010

Portfolio

turnover

rate

................

12.95%

17.24%

13.66%

11.37%

18.13%

17.47%

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,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.66

$10.94

$11.26

$10.60

$10.60

$10.84

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.15

0.28

0.30

0.33

0.36

0.22

Net

realized

and

unrealized

gains

(losses)

(0.91)

(0.28)

(0.32)

0.67

(—)

e

(0.24)

Total

from

investment

operations

........

(0.76)

—

(0.02)

1.00

0.36

(0.02)

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.28)

(0.30)

(0.34)

(0.36)

(0.22)

Net

asset

value,

end

of

period

..........

$9.75

$10.66

$10.94

$11.26

$10.60

$10.60

Total

return

f

........................

(7.18)%

(0.08)%

(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%

0.53%

0.54%

0.55%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.52%

h

0.52%

h

0.53%

h,i

0.53%

h

0.53%

h

0.51%

Net

investment

income

...............

2.94%

2.51%

2.75%

3.00%

3.40%

3.53%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$21,141

$28,123

$21,450

$16,971

$12,562

$10,816

Portfolio

turnover

rate

................

12.95%

17.24%

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,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.65

$10.94

$11.26

$10.60

$10.61

$10.81

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15

0.27

0.30

0.32

0.36

0.38

Net

realized

and

unrealized

gains

(losses)

(0.90)

(0.29)

(0.32)

0.67

(0.01)

(0.19)

Total

from

investment

operations

........

(0.75)

(0.02)

(0.02)

0.99

0.35

0.19

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.27)

(0.30)

(0.33)

(0.36)

(0.39)

Net

asset

value,

end

of

period

..........

$9.75

$10.65

$10.94

$11.26

$10.60

$10.61

Total

return

d

.......................

(7.11)%

(0.21)%

(0.18)%

9.50%

3.36%

1.72%

Ratios

to

average

net

assets

e

Expenses

.........................

0.56%

f

0.56%

f

0.56%

f

0.56%

f

0.56%

f

0.55%

Net

investment

income

...............

2.90%

2.48%

2.71%

2.97%

3.37%

3.49%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$136,177

$178,256

$174,264

$124,881

$90,140

$86,795

Portfolio

turnover

rate

................

12.95%

17.24%

13.66%

11.37%

18.13%

17.47%

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

Schedule

of

Investments

(unaudited),

August

31,

2022

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

98.1%

Arizona

91.7%

Arizona

Department

of

Transportation

,

State

Highway

Fund

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/36

.............................................

$

8,680,000

$

9,298,818

Arizona

Health

Facilities

Authority

,

HonorHealth

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

12/01/39

......

15,000,000

15,551,880

HonorHealth

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

12/01/42

......

9,535,000

9,821,776

Arizona

Industrial

Development

Authority

,

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

........................................................

2,045,000

2,121,869

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/51

........................................................

1,080,000

1,113,408

Arizona

Agribusiness

and

Equine

Center,

Inc.,

Revenue,

2017

A,

5%,

3/01/48

....

1,555,000

1,610,353

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

2.65%,

7/01/26

740,000

709,545

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/31

...

550,000

551,164

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/41

...

2,000,000

1,792,804

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/51

...

2,340,000

1,974,198

BASIS

Schools,

Inc.

Obligated

Group,

Revenue,

2017

F,

Refunding,

5%,

7/01/47

..

3,350,000

3,474,389

Children's

National

Medical

Center

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/40

865,000

846,422

Children's

National

Medical

Center

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/46

2,750,000

2,551,776

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/34

.......................................................

1,000,000

1,081,931

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/38

.......................................................

2,740,000

2,913,601

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/44

.......................................................

6,645,000

6,952,875

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/45

.......................................................

2,200,000

2,027,081

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/50

.......................................................

7,055,000

6,371,108

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2021

A,

4%,

11/01/51

.......................................................

1,400,000

1,259,996

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

A,

4%,

11/01/42

.......................................................

1,650,000

1,548,495

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

A,

5%,

11/01/47

.......................................................

7,900,000

8,386,844

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

A,

4.25%,

11/01/52

.......................................................

3,500,000

3,280,341

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019

A,

5%,

1/01/38

.....

1,175,000

887,886

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019

A,

5%,

1/01/54

.....

1,250,000

843,499

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5%,

1/01/36

........................................................

1,105,000

799,869

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5%,

1/01/49

........................................................

3,500,000

2,219,411

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5.125%,

1/01/54

.................................................

2,000,000

1,252,326

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/31

..........

315,000

308,026

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/41

..........

405,000

356,186

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/52

..........

840,000

686,578

KIPP

Nashville

Obligated

Group,

Revenue,

2022

A,

5%,

7/01/47

..............

1,400,000

1,414,124

KIPP

Nashville

Obligated

Group,

Revenue,

2022

A,

5%,

7/01/62

..............

2,400,000

2,341,846

Kipp

New

York,

Inc.

Gerard

Facility,

Revenue,

2021

C,

3.25%,

7/01/31

..........

1,550,000

1,362,200

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/32

..........

660,000

693,865

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/34

..........

660,000

624,262

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/36

..........

315,000

293,873

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/41

..........

2,800,000

2,519,547

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/51

..........

8,000,000

6,727,999

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/61

..........

15,580,000

12,576,030

Franklin

Tax-Free

Trust

Schedule

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)

Leman

Academy

of

Excellence

Obligated

Group,

Revenue,

2022

A,

Refunding,

4.5%,

7/01/54

........................................................

$

3,000,000

$

2,660,666

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

2/01/41

........................................................

885,000

705,105

Provident

Group-NCCU

Properties

LLC,

Revenue,

2019

A,

BAM

Insured,

5%,

6/01/49

........................................................

3,345,000

3,550,517

Provident

Group-NCCU

Properties

LLC,

Revenue,

2019

A,

BAM

Insured,

5%,

6/01/54

........................................................

3,240,000

3,427,151

Arizona

State

University

,

Revenue,

2014,

5%,

8/01/33

.........................................

2,200,000

2,280,241

Revenue,

2014,

5%,

8/01/34

.........................................

3,320,000

3,438,582

Revenue,

2014,

5%,

8/01/44

.........................................

4,145,000

4,264,991

Revenue,

2015

B,

Refunding,

5%,

7/01/41

...............................

14,070,000

14,786,473

Revenue,

2015

D,

5%,

7/01/41

........................................

5,000,000

5,254,610

Revenue,

2015

D,

5%,

7/01/46

........................................

5,000,000

5,243,529

Revenue,

2016

B,

5%,

7/01/42

........................................

2,000,000

2,127,674

Revenue,

2016

C,

5%,

7/01/46

........................................

10,000,000

10,593,932

Revenue,

2017

B,

Refunding,

5%,

7/01/43

...............................

4,005,000

4,279,322

Revenue,

2019

A,

5%,

7/01/43

........................................

2,100,000

2,270,259

Carefree

Utilities

Community

Facilities

District

,

Town

of

Carefree

Water

System

,

Revenue

,

2021

,

4

%

,

7/01/51

.........................................

2,000,000

1,874,832

Central

Arizona

Water

Conservation

District

,

Revenue

,

2016

,

5

%

,

1/01/34

.........

1,000,000

1,064,868

City

of

Bullhead

,

Excise

Taxes

,

Revenue

,

2022

,

4

%

,

7/01/52

...................

2,885,000

2,785,717

City

of

Goodyear

,

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

Refunding,

AGMC

Insured,

4%,

7/01/39

600,000

604,478

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

AGMC

Insured,

4%,

7/01/45

.........

1,500,000

1,462,179

Water

&

Sewer,

Revenue,

Sub.

Lien,

Second

Series,

2020,

AGMC

Insured,

4%,

7/01/40

........................................................

650,000

652,625

Water

&

Sewer,

Revenue,

Sub.

Lien,

Second

Series,

2020,

AGMC

Insured,

4%,

7/01/45

........................................................

3,500,000

3,416,791

City

of

Lake

Havasu

City

,

Wastewater

System,

Revenue,

2015

B,

Refunding,

AGMC

Insured,

5%,

7/01/40

...

15,000,000

15,747,198

Wastewater

System,

Revenue,

2015

B,

Refunding,

AGMC

Insured,

5%,

7/01/43

...

9,155,000

9,588,248

City

of

Mesa

,

Utility

System,

Revenue,

2018,

5%,

7/01/32

..............................

1,000,000

1,112,726

Utility

System,

Revenue,

2018,

5%,

7/01/34

..............................

1,265,000

1,397,366

Utility

System,

Revenue,

2018,

4%,

7/01/38

..............................

1,425,000

1,424,459

Utility

System,

Revenue,

2018,

4%,

7/01/39

..............................

6,135,000

6,043,143

Utility

System,

Revenue,

2018,

5%,

7/01/42

..............................

15,000,000

16,232,354

Utility

System,

Revenue,

2019

A,

5%,

7/01/43

............................

10,000,000

10,892,768

Utility

System,

Revenue,

2022

C,

Refunding,

5%,

7/01/36

...................

5,000,000

5,844,715

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

2017

A,

5%,

7/01/42

..................................

15,090,000

15,677,307

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

4%,

7/01/40

...............

20,570,000

20,054,183

Airport,

Revenue,

Junior

Lien,

2019

A,

5%,

7/01/49

........................

8,500,000

8,981,018

Airport,

Revenue,

Senior

Lien,

2018,

5%,

7/01/48

..........................

5,000,000

5,167,367

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/34

..................................................

2,500,000

2,727,869

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/37

..................................................

1,500,000

1,617,741

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/38

..................................................

8,420,000

9,058,290

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

4%,

7/01/45

..................................................

2,500,000

2,221,106

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/27

........................................................

3,945,000

4,450,672

Franklin

Tax-Free

Trust

Schedule

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)

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/28

........................................................

$

2,000,000

$

2,294,817

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/29

........................................................

2,000,000

2,319,408

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/36

........................................................

5,000,000

6,037,953

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/37

........................................................

7,000,000

8,491,815

Wastewater,

Revenue,

Junior

Lien,

2018

A,

5%,

7/01/37

.....................

1,000,000

1,097,872

Wastewater,

Revenue,

Junior

Lien,

2018

A,

4%,

7/01/39

.....................

5,000,000

5,032,416

Water

System,

Revenue,

Junior

Lien,

2016,

Refunding,

5%,

7/01/39

............

5,000,000

5,343,379

Gilbert

Water

Resource

Municipal

Property

Corp.

,

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

4

%

,

7/15/39

.........................

10,000,000

10,100,676

Glendale

Industrial

Development

Authority

,

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

5/15/56

........................................

5,500,000

5,192,287

Glendale

Municipal

Property

Corp.

,

City

of

Glendale

Excise

Tax,

Revenue,

2012

C,

Refunding,

5%,

7/01/38

.........

18,530,000

18,656,850

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

1,006,255

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/49

......

1,995,000

1,997,149

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/54

......

2,665,000

2,652,190

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/25

1,015,000

1,048,996

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/27

425,000

445,571

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/30

700,000

727,921

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/32

250,000

257,885

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/33

600,000

616,127

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/37

2,750,000

2,798,488

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/42

8,550,000

8,622,528

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/36

.

4,065,000

4,127,605

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/41

.

1,225,000

1,236,672

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

.

1,335,000

1,342,222

JMF-Higley

2012

LLC,

Revenue,

2012,

5%,

12/01/34

.......................

1,355,000

1,360,176

JMF-Higley

2012

LLC,

Revenue,

2012,

5%,

12/01/39

.......................

5,610,000

5,630,034

Vista

College

Preparatory

Obligated

Group,

Revenue,

2018

A,

5%,

7/01/48

......

1,000,000

1,040,264

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

Christian

Care

Tucson,

Inc.,

Revenue,

2017

C,

Pre-Refunded,

5%,

12/15/47

.....

3,840,000

4,111,712

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017

A,

Pre-Refunded,

5%,

12/15/32

.......................................................

1,765,000

1,889,889

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017

A,

Pre-Refunded,

5%,

6/15/37

........................................................

2,240,000

2,398,499

TMC

HealthCare

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

4/01/40

....

1,350,000

1,262,072

TMC

HealthCare

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

4/01/41

....

1,685,000

1,564,217

TMC

HealthCare

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

4/01/51

....

12,000,000

8,726,050

Industrial

Development

Authority

of

the

County

of

Yavapai

(The)

,

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/34

............................................

4,250,000

4,409,671

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/36

............................................

1,310,000

1,353,357

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/38

............................................

1,510,000

1,485,215

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

8/01/39

............................................

1,350,000

1,414,522

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/43

............................................

3,000,000

2,869,602

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/23

....................

110,000

110,701

Franklin

Tax-Free

Trust

Schedule

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)

La

Paz

County

Industrial

Development

Authority,

(continued)

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/25

....................

$

90,000

$

92,163

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/26

....................

95,000

97,938

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/27

....................

75,000

77,812

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/28

....................

80,000

83,492

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/29

....................

110,000

114,914

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/30

....................

100,000

104,361

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/41

....................

430,000

370,874

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/46

....................

345,000

284,746

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/51

....................

580,000

465,285

Maricopa

County

High

School

District

No.

214

Tolleson

Union

High

School

,

GO

,

2018

A

,

5

%

,

7/01/37

....................................................

1,000,000

1,082,523

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group,

Revenue,

2019

F,

3%,

1/01/49

...............

5,000,000

3,916,846

Banner

Health

Obligated

Group,

Revenue,

A,

4%,

1/01/41

...................

9,630,000

9,355,620

Banner

Health

Obligated

Group,

Revenue,

A,

5%,

1/01/41

...................

37,590,000

39,626,521

Christian

Care

Obligated

Group,

Revenue,

2016

A,

Pre-Refunded,

5%,

1/01/36

...

3,860,000

4,116,151

Christian

Care

Obligated

Group,

Revenue,

2016

C,

Pre-Refunded,

5%,

1/01/40

...

9,740,000

10,386,350

Creighton

University,

Revenue,

2020,

5%,

7/01/47

.........................

13,000,000

13,697,736

Creighton

University,

Revenue,

2020,

4%,

7/01/50

.........................

6,695,000

6,367,016

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

.

1,000,000

1,049,362

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/52

.

1,000,000

1,033,566

Highland

Prep

Obligated

Group,

Revenue,

2019,

5%,

1/01/37

................

1,000,000

1,067,614

Highland

Prep

Obligated

Group,

Revenue,

2019,

5%,

1/01/50

................

1,715,000

1,793,719

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/37

.......

4,025,000

4,297,732

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/42

.......

4,000,000

4,230,575

HonorHealth

Obligated

Group,

Revenue,

2021

A,

3%,

9/01/51

................

5,600,000

4,058,257

Legacy

Traditional

School

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/49

........................................................

3,920,000

4,047,275

Reid

Traditional

Schools

Obligated

Group,

Revenue,

2016,

5%,

7/01/36

.........

1,120,000

1,150,022

Reid

Traditional

Schools

Obligated

Group,

Revenue,

2016,

5%,

7/01/47

.........

3,325,000

3,370,708

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.,

Revenue,

2009

B,

Refunding,

3.6%,

4/01/40

.............

13,500,000

11,897,773

El

Paso

Electric

Co.,

Revenue,

2012

A,

Refunding,

4.5%,

8/01/42

.............

10,000,000

9,999,627

a

Public

Service

Co.

of

New

Mexico,

Revenue,

2010

A,

Refunding,

Mandatory

Put,

0.875%,

10/01/26

................................................

4,500,000

3,980,584

a

Public

Service

Co.

of

New

Mexico,

Revenue,

2010

B,

Refunding,

Mandatory

Put,

0.875%,

10/01/26

................................................

2,150,000

1,901,834

Southern

California

Edison

Co.,

Revenue,

2000

A,

Refunding,

2.4%,

6/01/35

.....

10,000,000

7,956,497

Maricopa

County

Unified

School

District

No.

11-Peoria

,

GO,

2013,

5%,

7/01/31

.............................................

5,100,000

5,202,284

GO,

2018,

BAM

Insured,

5%,

7/01/33

...................................

1,000,000

1,091,895

Maricopa

County

Unified

School

District

No.

95

Queen

Creek

,

GO,

2018,

5%,

7/01/33

.............................................

500,000

537,317

GO,

2018,

5%,

7/01/37

.............................................

1,200,000

1,285,138

McAllister

Academic

Village

LLC

,

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/33

............

2,000,000

2,137,352

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/38

............

2,000,000

2,120,265

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/39

............

1,000,000

1,059,393

Mohave

County

Union

High

School

District

No.

2

Colorado

River

,

GO

,

2017

,

5

%

,

7/01/35

.........................................................

1,000,000

1,088,604

Northern

Arizona

University

,

Revenue,

2013,

5%,

8/01/26

.........................................

2,380,000

2,435,884

Revenue,

2014,

5%,

6/01/40

.........................................

4,545,000

4,658,939

Revenue,

2014,

Pre-Refunded,

5%,

6/01/40

..............................

2,820,000

2,941,903

Franklin

Tax-Free

Trust

Schedule

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)

Pima

County

Unified

School

District

No.

20

Vail

,

GO

,

2016

,

Refunding

,

BAM

Insured

,

5

%

,

7/01/36

......................................................

$

3,305,000

$

3,540,621

Pima

County

Unified

School

District

No.

30

Sahuarita

,

GO,

2017,

BAM

Insured,

5%,

7/01/33

...................................

2,665,000

2,909,901

GO,

2017,

BAM

Insured,

5%,

7/01/34

...................................

2,800,000

3,052,038

Pima

County

Unified

School

District

No.

6

Marana

,

GO,

2017

C,

BAM

Insured,

5%,

7/01/36

.................................

2,385,000

2,594,084

GO,

2018

D,

AGMC

Insured,

5%,

7/01/38

................................

2,500,000

2,710,975

Pinal

County

Community

College

District

,

Revenue

,

2017

,

BAM

Insured

,

5

%

,

7/01/34

1,065,000

1,142,123

Pinal

County

Electric

District

No.

3

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/35

.......

1,195,000

1,278,407

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue,

2016

A,

Refunding,

5%,

1/01/38

...............................

9,745,000

10,506,301

Revenue,

2017

A,

Refunding,

5%,

1/01/37

...............................

10,000,000

10,937,513

Revenue,

2017

A,

Refunding,

5%,

1/01/38

...............................

3,310,000

3,614,706

Revenue,

2017

A,

Refunding,

5%,

1/01/39

...............................

5,605,000

6,108,265

Revenue,

2019

A,

5%,

1/01/47

........................................

5,000,000

5,449,734

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5%,

12/01/32

.......................................

10,000,000

10,698,414

Revenue,

2007-1,

5%,

12/01/37

.......................................

5,000,000

5,279,775

Student

&

Academic

Services

LLC

,

Revenue,

2014,

BAM

Insured,

5%,

6/01/33

..............................

1,000,000

1,035,395

Revenue,

2014,

BAM

Insured,

5%,

6/01/39

..............................

1,400,000

1,444,471

Revenue,

2014,

BAM

Insured,

5%,

6/01/44

..............................

3,155,000

3,246,530

Town

of

Gilbert

,

Pledged

,

Revenue,

Sub.

Lien

,

2015

,

5

%

,

7/01/45

...............

10,000,000

10,470,475

Town

of

Queen

Creek

,

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/42

...............................

2,500,000

2,722,046

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/47

...............................

5,000,000

5,410,522

Excise

Tax,

Revenue,

2020,

4%,

8/01/50

................................

8,740,000

8,160,855

University

of

Arizona

(The)

,

Revenue,

2013,

5%,

8/01/38

.........................................

5,790,000

5,859,968

Revenue,

2016,

Refunding,

5%,

6/01/39

.................................

2,750,000

2,915,026

Revenue,

2018

A,

5%,

6/01/43

........................................

5,000,000

5,385,118

Revenue,

2019

A,

5%,

6/01/42

........................................

2,000,000

2,177,256

762,489,322

Florida

0.1%

b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

800,000

565,920

Georgia

0.3%

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

3,290,000

2,656,996

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,900,000

1,539,479

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,900,000

1,537,857

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn.,

6/01/52

3,275,000

2,144,441

5,221,777

Texas

0.5%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,600,000

2,057,998

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,300,000

2,651,807

4,709,805

Franklin

Tax-Free

Trust

Schedule

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

$

1,900,000

$

1,538,108

Wisconsin

1.1%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,900,000

1,588,333

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

3,300,000

2,658,210

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

5,000,000

4,966,332

9,212,875

U.S.

Territories

3.6%

Guam

1.5%

Guam

Power

Authority

,

Revenue,

2014

A,

AGMC

Insured,

5%,

10/01/39

...........................

6,490,000

6,718,414

Revenue,

2014

A,

AGMC

Insured,

5%,

10/01/44

...........................

5,325,000

5,493,926

12,212,340

Puerto

Rico

2.1%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

.........................................................

3,700,000

3,757,661

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.5%,

7/01/29

.................

770,000

802,211

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

750,000

761,239

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

2,790,000

2,894,202

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

1,970,000

2,005,909

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

5,050,000

5,098,491

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

2,290,000

2,296,839

17,616,552

Total

U.S.

Territories

....................................................................

29,828,892

Total

Municipal

Bonds

(Cost

$853,382,759)

.....................................

816,223,695

a

a

a

a

Short

Term

Investments

0.3%

Municipal

Bonds

0.3%

Arizona

0.3%

c

Industrial

Development

Authority

of

the

City

of

Phoenix

(The)

,

Mayo

Clinic

Arizona

,

Revenue

,

2014

B

,

SPA

Northern

Trust

Co.

(The)

,

Daily

VRDN

and

Put

,

0.98

%

,

11/15/52

........................................................

2,800,000

2,800,000

Total

Municipal

Bonds

(Cost

$2,800,000)

.......................................

2,800,000

Total

Short

Term

Investments

(Cost

$2,800,000

)

.................................

2,800,000

a

Total

Investments

(Cost

$856,182,759)

98.4%

...................................

$819,023,695

Other

Assets,

less

Liabilities

1.6%

.............................................

12,727,426

Net

Assets

100.0%

...........................................................

$831,751,121

Franklin

Tax-Free

Trust

Schedule

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

See

Abbreviations

on

page

164

.

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,

2022,

the

aggregate

value

of

these

securities

was

$22,367,624,

representing

2.7%

of

net

assets.

c

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

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,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.40

$11.69

$11.96

$11.32

$11.28

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.13

0.25

0.28

0.31

0.17

Net

realized

and

unrealized

gains

(losses)

...........

(0.98)

(0.29)

(0.27)

0.66

0.04

Total

from

investment

operations

....................

(0.85)

(0.04)

0.01

0.97

0.21

Less

distributions

from:

Net

investment

income

..........................

(0.13)

(0.25)

(0.28)

(0.33)

(0.17)

Net

asset

value,

end

of

period

......................

$10.42

$11.40

$11.69

$11.96

$11.32

Total

return

e

...................................

(7.46)%

(0.43)%

0.07%

8.69%

1.89%

Ratios

to

average

net

assets

f

Expenses

g

....................................

0.84%

0.83%

0.83%

0.84%

0.84%

Net

investment

income

...........................

2.49%

2.08%

2.40%

2.72%

3.14%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$123,753

$142,935

$119,598

$87,684

$35,153

Portfolio

turnover

rate

............................

6.42%

14.21%

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,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.40

$11.68

$11.96

$11.31

$11.32

$11.66

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.26

0.30

0.33

0.37

0.37

Net

realized

and

unrealized

gains

(losses)

(0.98)

(0.28)

(0.29)

0.67

(0.01)

(0.32)

Total

from

investment

operations

........

(0.84)

(0.02)

0.01

1.00

0.36

0.05

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.26)

(0.29)

(0.35)

(0.37)

(0.39)

Net

asset

value,

end

of

period

..........

$10.42

$11.40

$11.68

$11.96

$11.31

$11.32

Total

return

d

.......................

(7.39)%

(0.19)%

0.13%

8.95%

3.28%

0.38%

Ratios

to

average

net

assets

e

Expenses

.........................

0.69%

f

0.68%

f

0.68%

f

0.69%

f

0.69%

f

0.68%

g

Net

investment

income

...............

2.64%

2.24%

2.57%

2.87%

3.29%

3.23%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$320,906

$386,962

$422,411

$477,155

$462,925

$521,249

Portfolio

turnover

rate

................

6.42%

14.21%

19.32%

15.00%

10.85%

16.78%

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,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.54

$11.83

$12.11

$11.45

$11.46

$11.79

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.20

0.24

0.27

0.31

0.32

Net

realized

and

unrealized

gains

(losses)

(0.99)

(0.29)

(0.29)

0.68

(0.01)

(0.33)

Total

from

investment

operations

........

(0.88)

(0.09)

(0.05)

0.95

0.30

(0.01)

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.20)

(0.23)

(0.29)

(0.31)

(0.32)

Net

asset

value,

end

of

period

..........

$10.55

$11.54

$11.83

$12.11

$11.45

$11.46

Total

return

d

.......................

(7.64)%

(0.83)%

(0.41)%

8.36%

2.67%

(0.10)%

Ratios

to

average

net

assets

e

Expenses

.........................

1.23%

f

1.23%

f

1.22%

f

1.24%

f

1.24%

f

1.23%

g

Net

investment

income

...............

2.06%

1.66%

2.01%

2.32%

2.74%

2.68%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$27,472

$36,062

$50,968

$66,329

$69,045

$99,811

Portfolio

turnover

rate

................

6.42%

14.21%

19.32%

15.00%

10.85%

16.78%

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,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.41

$11.69

$11.97

$11.32

$11.33

$11.64

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.15

0.28

0.32

0.35

0.39

0.23

Net

realized

and

unrealized

gains

(losses)

(0.98)

(0.28)

(0.29)

0.66

(0.01)

(0.32)

Total

from

investment

operations

........

(0.83)

—

0.03

1.01

0.38

(0.09)

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.28)

(0.31)

(0.36)

(0.39)

(0.22)

Net

asset

value,

end

of

period

..........

$10.43

$11.41

$11.69

$11.97

$11.32

$11.33

Total

return

e

.......................

(7.31)%

(0.05)%

0.27%

9.09%

3.40%

(0.79)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.55%

0.55%

0.56%

0.56%

0.58%

0.57%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.54%

0.54%

0.54%

0.55%

0.55%

0.54%

Net

investment

income

...............

2.79%

2.38%

2.68%

3.01%

3.43%

3.37%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$18,307

$23,615

$19,296

$14,297

$8,396

$7,678

Portfolio

turnover

rate

................

6.42%

14.21%

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,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.40

$11.68

$11.96

$11.31

$11.32

$11.66

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15

0.28

0.31

0.35

0.38

0.39

Net

realized

and

unrealized

gains

(losses)

(0.98)

(0.28)

(0.28)

0.66

(—)

d

(0.33)

Total

from

investment

operations

........

(0.83)

—

0.03

1.01

0.38

0.06

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.28)

(0.31)

(0.36)

(0.39)

(0.40)

Net

asset

value,

end

of

period

..........

$10.42

$11.40

$11.68

$11.96

$11.31

$11.32

Total

return

e

.......................

(7.34)%

(0.10)%

0.23%

9.06%

3.38%

0.48%

Ratios

to

average

net

assets

f

Expenses

.........................

0.59%

g

0.58%

g

0.58%

g

0.59%

g

0.59%

g

0.58%

h

Net

investment

income

...............

2.74%

2.33%

2.66%

2.97%

3.39%

3.33%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$106,224

$137,797

$132,696

$115,924

$92,530

$79,093

Portfolio

turnover

rate

................

6.42%

14.21%

19.32%

15.00%

10.85%

16.78%

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

Schedule

of

Investments

(unaudited),

August

31,

2022

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

Corporate

Bonds

0.1%

Software

0.1%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

600,000

$

600,000

Total

Corporate

Bonds

(Cost

$600,000)

........................................

600,000

Municipal

Bonds

98.2%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

2,000,000

1,730,983

Colorado

91.4%

Adams

&

Weld

Counties

School

District

No.

27J

Brighton

,

GO

,

2015

,

5

%

,

12/01/40

..

7,500,000

7,889,394

Adams

12

Five

Star

Schools

,

GO

,

2016

B

,

Refunding

,

5

%

,

12/15/36

.............

5,000,000

5,397,363

Adams

State

University

,

Revenue,

2012,

5%,

5/15/37

.........................................

630,000

630,608

Revenue,

2019

A,

Refunding,

4%,

5/15/42

...............................

1,515,000

1,453,692

Anthem

West

Metropolitan

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/35

3,000,000

3,189,057

Arapahoe

County

School

District

No.

1

Englewood

,

GO

,

2017

,

5

%

,

12/01/42

.......

7,000,000

7,499,712

Arapahoe

County

School

District

No.

6

Littleton

,

GO

,

2019

A

,

5.5

%

,

12/01/43

......

12,980,000

14,683,175

Arapahoe

County

Water

&

Wastewater

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/37

........................................................

1,000,000

1,014,507

Auraria

Higher

Education

Center

,

Revenue

,

2013

A

,

AGMC

Insured

,

5

%

,

4/01/34

...

6,150,000

6,208,887

Board

of

Governors

of

Colorado

State

University

System

,

Revenue,

2013

A,

Refunding,

5%,

3/01/43

...............................

5,000,000

5,805,392

Revenue,

2013

C,

Pre-Refunded,

5%,

3/01/44

............................

2,460,000

2,493,190

Revenue,

2015

A,

5%,

3/01/40

........................................

3,010,000

3,121,314

Revenue,

2015

A,

Pre-Refunded,

5%,

3/01/40

............................

3,990,000

4,232,837

Revenue,

2017

E,

Refunding,

4%,

3/01/43

...............................

4,500,000

4,272,912

Revenue,

2019

A,

Refunding,

5%,

3/01/49

...............................

4,000,000

4,358,892

Revenue,

A,

Refunding,

4%,

3/01/40

...................................

5,000,000

4,872,310

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017

A

,

5

%

,

9/15/47

.........................................................

10,000,000

10,759,602

Boulder

Valley

School

District

No.

Re-2

Boulder

,

GO

,

2015

,

5

%

,

12/01/41

.........

5,000,000

5,234,064

b

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-1

,

Refunding

,

5

%

,

12/01/49

........................................................

4,380,000

4,078,073

Castle

Oaks

Metropolitan

District

No.

3

,

GO

,

2020

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/45

........................................................

1,140,000

1,074,750

Centennial

Water

&

Sanitation

District

,

Revenue,

2019,

5%,

12/01/43

........................................

3,000,000

3,264,885

Revenue,

2019,

5.25%,

12/01/48

......................................

6,760,000

7,529,496

Cherokee

Metropolitan

District

,

Revenue

,

2020

,

BAM

Insured

,

4

%

,

8/01/45

........

2,250,000

2,181,099

City

&

County

of

Denver

,

Airport

System,

Revenue,

2013

B,

5%,

11/15/43

...........................

5,000,000

5,095,180

Airport

System,

Revenue,

2018

B,

Refunding,

5%,

12/01/43

..................

5,000,000

5,291,396

Airport

System,

Revenue,

2018

B,

Refunding,

5%,

12/01/48

..................

4,440,000

4,674,800

Airport

System,

Revenue,

2019

C,

Refunding,

5%,

11/15/35

..................

3,000,000

3,317,724

Airport

System,

Revenue,

2022

A,

5%,

11/15/36

...........................

4,250,000

4,578,306

Dedicated

Excise

Tax,

Revenue,

2016

A,

Refunding,

4%,

8/01/46

..............

3,500,000

3,323,196

Dedicated

Excise

Tax,

Revenue,

2018

A-1,

5%,

8/01/48

.....................

5,000,000

5,304,856

Dedicated

Excise

Tax,

Revenue,

2021

A,

4%,

8/01/34

......................

1,000,000

1,060,156

City

of

Colorado

Springs

,

Utilities

System,

Revenue,

2013

B-1,

5%,

11/15/38

.........................

4,000,000

4,103,692

Utilities

System,

Revenue,

2014

A-2,

5%,

11/15/44

.........................

5,000,000

5,183,373

Utilities

System,

Revenue,

2015

A,

Refunding,

5%,

11/15/40

.................

3,000,000

3,174,376

Utilities

System,

Revenue,

2015

A,

Refunding,

5%,

11/15/45

.................

2,665,000

2,807,409

Utilities

System,

Revenue,

2017

A-2,

Refunding,

5%,

11/15/47

................

6,000,000

6,481,873

Utilities

System,

Revenue,

2018

A-4,

5%,

11/15/48

.........................

5,000,000

5,410,964

Utilities

System,

Revenue,

2020

C,

5%,

11/15/50

..........................

3,000,000

3,288,411

Franklin

Tax-Free

Trust

Schedule

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

Fort

Collins

,

Electric

Utility

Enterprise

,

Revenue

,

2018

A

,

5

%

,

12/01/42

......

$

13,500,000

$

14,631,316

City

of

Grand

Junction

,

COP,

2021,

4%,

12/01/45

............................................

2,005,000

1,953,087

Sales

&

Use

Tax,

Revenue,

2020

B,

4%,

3/01/49

..........................

3,775,000

3,583,969

Colorado

Educational

&

Cultural

Facilities

Authority

,

Alexander

Dawson

School

LLC

(The),

Revenue,

2010,

5%,

2/15/40

............

5,280,000

5,290,607

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/36

....................

425,000

386,900

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/41

....................

150,000

130,041

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/51

....................

370,000

298,885

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/61

....................

550,000

424,588

Denver

School

of

Science

&

Technology,

Inc.,

Revenue,

2021,

3%,

8/01/41

......

1,460,000

1,152,073

Denver

School

of

Science

&

Technology,

Inc.,

Revenue,

2021,

3%,

8/01/51

......

3,635,000

2,576,211

Eagle

Ridge

Academy,

Revenue,

2022

A,

Refunding,

5%,

11/01/37

............

1,000,000

1,063,987

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/26

.......

195,000

194,331

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/32

.......

280,000

269,812

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/52

.......

1,355,000

1,093,672

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/62

.......

1,600,000

1,235,427

c

James

Irwin

Educational

Foundation

Obligated

Group,

Revenue,

2022,

5%,

9/01/52

750,000

761,013

c

James

Irwin

Educational

Foundation

Obligated

Group,

Revenue,

2022,

5%,

9/01/57

1,765,000

1,770,067

Lighthouse

Building

Corp.,

Revenue,

2021,

4%,

10/01/46

....................

345,000

267,891

Lighthouse

Building

Corp.,

Revenue,

2021,

4%,

10/01/56

....................

1,000,000

735,797

Lighthouse

Building

Corp.,

Revenue,

2021,

4%,

10/01/61

....................

2,210,000

1,575,871

Pinnacle

Charter

School,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

12/01/50

.......

5,820,000

5,643,802

Union

Colony

Schools,

Revenue,

2018,

Refunding,

5%,

4/01/48

...............

715,000

750,685

University

of

Denver,

Revenue,

2017,

5%,

3/01/47

.........................

3,950,000

4,168,884

West

Ridge

Academy

Charter

School,

Revenue,

2019

A,

Refunding,

5%,

6/01/49

..

400,000

406,711

Westgate

Community

School,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

........

2,370,000

2,310,286

Windsor

Charter

Academy

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

9/01/50

2,400,000

2,256,124

Colorado

Health

Facilities

Authority

,

AdventHealth

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

11/15/41

......

3,000,000

2,919,564

AdventHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/15/37

......

5,000,000

5,444,155

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/35

.......................................................

1,575,000

1,538,978

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/37

.......................................................

850,000

822,018

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/38

.......................................................

705,000

679,687

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/39

.......................................................

835,000

787,680

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/40

.......................................................

725,000

673,098

BSLC

Obligated

Group,

Revenue,

2018

A-1,

Refunding,

5%,

9/15/48

...........

3,000,000

3,027,932

BSLC

Obligated

Group,

Revenue,

2018

A-1,

Refunding,

4.75%,

9/15/53

.........

1,500,000

1,403,107

Children's

Hospital

Colorado

Obligated

Group,

Revenue,

2016

A,

5%,

12/01/44

...

5,000,000

5,128,977

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/37

3,000,000

3,144,699

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/39

2,000,000

2,087,049

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

7,000,000

7,240,937

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

4%,

8/01/49

9,990,000

9,080,372

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2013

A,

Pre-

Refunded,

5.75%,

12/01/36

.........................................

5,000,000

5,208,689

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

12/01/35

...........................................

7,150,000

7,251,178

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2018

A,

5%,

12/01/48

.......................................................

5,000,000

5,095,539

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

12/01/50

...........................................

5,700,000

4,893,457

Craig

Hospital

Obligated

Group,

Revenue,

2022

A,

5%,

12/01/52

..............

3,535,000

3,686,495

Franklin

Tax-Free

Trust

Schedule

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,

2013,

Pre-

Refunded,

5.5%,

6/01/33

..........................................

$

1,000,000

$

1,022,107

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2013,

Pre-

Refunded,

5.625%,

6/01/43

.........................................

4,000,000

4,092,103

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

6/01/40

............................................

4,000,000

4,261,079

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

6/01/45

............................................

2,750,000

2,929,492

Intermountain

Healthcare

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

1/01/38

........................................................

3,660,000

3,613,716

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2016,

5%,

9/01/46

.....

5,000,000

5,099,530

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

...

6,275,000

5,468,480

Sanford

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

11/01/39

..........

1,000,000

948,677

Sanford

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/01/44

..........

10,455,000

11,136,153

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/40

................

2,000,000

2,038,774

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/45

................

1,000,000

1,015,354

Colorado

High

Performance

Transportation

Enterprise

,

C-470

Express

Lanes

System

,

Revenue

,

2017

,

5

%

,

12/31/47

........................................

2,555,000

2,588,451

Colorado

Housing

and

Finance

Authority

,

Revenue,

2019

B-1,

I,

3.15%,

10/01/44

.................................

1,000,000

818,850

Revenue,

2019

B-1,

I,

3.25%,

10/01/49

.................................

1,000,000

802,401

Colorado

Mesa

University

,

Revenue,

2019

B,

5%,

5/15/44

........................................

1,000,000

1,082,900

Revenue,

2019

B,

5%,

5/15/49

........................................

1,565,000

1,687,351

Colorado

School

of

Mines

,

Revenue,

2012

B,

5%,

12/01/32

.......................................

110,000

110,450

Revenue,

2017

A,

5%,

12/01/42

.......................................

2,450,000

2,609,849

Revenue,

2017

A,

5%,

12/01/47

.......................................

3,000,000

3,175,099

Commerce

City

,

Northern

Infrastructure

General

Improvement

District

,

GO

,

2013

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/31

................................

2,040,000

2,052,940

Crystal

Valley

Metropolitan

District

No.

2

,

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

3

%

,

12/01/49

........................................................

3,000,000

2,332,525

Denver

City

&

County

School

District

No.

1

,

COP,

2013

C,

5%,

12/15/30

..........................................

4,000,000

4,120,311

COP,

2020

A,

5%,

12/01/42

..........................................

2,000,000

2,205,314

GO,

2017,

5%,

12/01/41

.............................................

12,440,000

13,338,285

Denver

Convention

Center

Hotel

Authority

,

Revenue,

Senior

Lien

,

2016

,

Refunding

,

5

%

,

12/01/40

.....................................................

9,775,000

9,923,286

Denver

Health

&

Hospital

Authority

,

COP,

2018,

5%,

12/01/48

............................................

5,255,000

5,372,569

Revenue,

2014

A,

5.25%,

12/01/45

....................................

9,250,000

9,328,226

Revenue,

2019

A,

Refunding,

5%,

12/01/30

..............................

1,000,000

1,084,470

Revenue,

2019

A,

Refunding,

5%,

12/01/31

..............................

1,400,000

1,508,683

Revenue,

2019

A,

Refunding,

5%,

12/01/33

..............................

3,300,000

3,516,488

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

A

,

4

%

,

12/01/48

........................................................

350,000

316,050

Eagle

River

Water

and

Sanitation

District

,

GO

,

2016

,

5

%

,

12/01/45

..............

1,360,000

1,452,069

East

Cherry

Creek

Valley

Water

and

Sanitation

District

,

Revenue

,

2019

A

,

4

%

,

11/15/39

1,200,000

1,203,897

Erie

Farm

Metropolitan

District

,

GO,

2021,

Refunding,

AGMC

Insured,

5%,

12/01/41

........................

575,000

626,262

GO,

2021,

Refunding,

AGMC

Insured,

5%,

12/01/46

........................

700,000

754,136

GO,

2021,

Refunding,

AGMC

Insured,

4%,

12/01/51

........................

1,200,000

1,123,272

b

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5.55

%

,

12/01/47

3,500,000

3,635,692

Flying

Horse

Metropolitan

District

No.

2

,

GO,

2020

A,

Refunding,

AGMC

Insured,

4%,

12/01/44

......................

520,000

504,797

GO,

2020

A,

Refunding,

AGMC

Insured,

4%,

12/01/50

......................

875,000

816,955

Franklin

Tax-Free

Trust

Schedule

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

$

5,472,548

Metropolitan

State

University

of

Denver

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

12/01/45

4,000,000

4,306,102

Park

70

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/36

....................................

1,000,000

1,025,347

GO,

2016,

Refunding,

5%,

12/01/46

....................................

1,500,000

1,516,412

Park

Creek

Metropolitan

District

,

Revenue,

2017

A,

5%,

12/01/41

.......................................

3,000,000

3,142,555

Revenue,

2017

A,

5%,

12/01/46

.......................................

2,500,000

2,607,069

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

12/01/45

....................

7,000,000

7,208,793

Revenue,

Senior

Lien,

2018

A,

5%,

12/01/46

.............................

2,875,000

3,091,431

Parker

Water

&

Sanitation

District

,

Revenue

,

2018

,

5

%

,

11/01/42

................

6,475,000

6,995,308

Patriot

Park

Metropolitan

District

No.

2

,

GO

,

2021

,

4.3

%

,

12/01/50

...............

550,000

450,382

Prairiestar

Metropolitan

District

No.

2

,

GO,

2021

A,

Refunding,

BAM

Insured,

5%,

12/01/36

.......................

500,000

553,856

GO,

2021

A,

Refunding,

BAM

Insured,

5%,

12/01/41

.......................

500,000

546,611

GO,

2021

A,

Refunding,

BAM

Insured,

5%,

12/01/46

.......................

500,000

540,679

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

............

9,900,000

12,080,288

Pueblo

City

Schools

,

GO

,

2020

,

5

%

,

12/15/38

..............................

3,000,000

3,317,194

Regional

Transportation

District

,

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

1/15/33

........

550,000

548,370

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/35

........

1,000,000

980,058

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/36

........

750,000

731,687

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/38

........

700,000

674,308

Sales

Tax,

Revenue,

2016

A,

5%,

11/01/41

...............................

10,000,000

10,693,110

Sales

Tax,

Revenue,

2016

A,

5%,

11/01/46

...............................

11,000,000

11,696,208

Sand

Creek

Metropolitan

District

,

GO

,

2020

B

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/40

........................................................

2,665,000

2,678,629

Silver

Peaks

Metropolitan

District

No.

3

,

GO,

Senior

Lien

,

2020

A

,

5

%

,

12/01/50

....

1,000,000

901,305

South

Timnath

Metropolitan

District

No.

2

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/42

.....

5,690,000

5,853,359

State

of

Colorado

,

COP,

2013

I,

Pre-Refunded,

5%,

3/15/36

................................

3,000,000

3,119,531

COP,

2017

J,

5.25%,

3/15/42

.........................................

5,000,000

5,400,744

COP,

2019

O,

4%,

3/15/44

...........................................

5,000,000

4,868,896

COP,

2020,

Refunding,

4%,

6/15/40

....................................

1,315,000

1,296,746

COP,

2020

A,

4%,

12/15/38

..........................................

3,555,000

3,556,832

Sterling

Hills

West

Metropolitan

District

,

GO

,

2017

,

Refunding

,

5

%

,

12/01/39

.......

1,125,000

1,189,389

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

3.75%,

12/01/40

.................................................

500,000

417,113

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

4.25%,

12/01/50

.................................................

1,250,000

1,057,166

Thompson

Crossing

Metropolitan

District

No.

2

,

GO

,

2016

B

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/46

..............................................

4,500,000

4,800,959

Town

of

Firestone

,

Water

Enterprise

,

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

12/01/49

........................................................

1,400,000

1,337,261

Town

of

Monument

,

COP,

2020,

AGMC

Insured,

4%,

12/01/40

...............................

1,000,000

1,004,300

COP,

2020,

AGMC

Insured,

4%,

12/01/45

...............................

1,000,000

980,822

University

of

Colorado

,

Revenue

,

2019

B

,

5

%

,

6/01/44

.......................

1,930,000

2,090,932

Vauxmont

Metropolitan

District

,

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/15/27

........................

380,000

411,405

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/15/32

........................

480,000

517,438

Weld

County

School

District

No.

RE-4

,

GO

,

2016

,

5.25

%

,

12/01/41

..............

5,000,000

5,412,411

Winter

Farm

Metropolitan

District

No.

2

,

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/01/39

........................

630,000

680,123

Franklin

Tax-Free

Trust

Schedule

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)

Winter

Farm

Metropolitan

District

No.

2,

(continued)

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/01/44

........................

$

500,000

$

534,525

545,391,816

Florida

1.2%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

4,104,000

3,608,401

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

800,000

565,920

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

3,215,000

2,731,142

6,905,463

Georgia

0.3%

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

2,400,000

1,938,234

Illinois

1.0%

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

3,000,000

2,989,151

GO,

2019

B,

4%,

11/01/33

...........................................

1,250,000

1,222,392

GO,

2021

A,

5%,

3/01/31

............................................

650,000

707,717

GO,

2021

A,

5%,

3/01/32

............................................

500,000

540,959

GO,

2021

A,

4%,

3/01/39

............................................

500,000

467,755

5,927,974

New

York

0.1%

Metropolitan

Transportation

Authority

,

Revenue

,

2020

D

,

4

%

,

11/15/47

...........

900,000

803,247

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,400,000

1,134,353

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,400,000

1,133,158

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

2,100,000

1,405,100

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

750,000

596,473

4,269,084

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,900,000

1,503,922

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,400,000

1,928,586

3,432,508

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,400,000

1,133,343

Wisconsin

1.1%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,400,000

1,170,350

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

2,400,000

1,933,244

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

3,700,000

3,675,086

6,778,680

U.S.

Territories

1.3%

Guam

0.3%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,500,000

1,561,668

Franklin

Tax-Free

Trust

Schedule

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

See

Abbreviations

on

page

164

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

1.0%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

$

1,200,000

$

1,218,701

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

1,011,313

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,670,000

1,732,372

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,485,000

1,489,435

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

750,000

727,580

6,179,401

Total

U.S.

Territories

....................................................................

7,741,069

Total

Municipal

Bonds

(Cost

$615,473,785)

.....................................

586,052,401

Total

Long

Term

Investments

(Cost

$616,073,785)

...............................

586,652,401

a

a

a

a

a

Short

Term

Investments

0.6%

Municipal

Bonds

0.6%

Colorado

0.6%

d

City

&

County

of

Denver

,

COP

,

2008

A-3

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1.05

%

,

12/01/31

...............................

3,500,000

3,500,000

Total

Municipal

Bonds

(Cost

$3,500,000)

.......................................

3,500,000

Total

Short

Term

Investments

(Cost

$3,500,000

)

.................................

3,500,000

a

Total

Investments

(Cost

$619,573,785)

98.9%

...................................

$590,152,401

Other

Assets,

less

Liabilities

1.1%

.............................................

6,508,769

Net

Assets

100.0%

...........................................................

$596,661,170

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

12

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2022,

the

aggregate

value

of

these

securities

was

$27,429,518,

representing

4.6%

of

net

assets.

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

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,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$9.85

$10.17

$10.39

$10.05

$10.01

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.11

0.20

0.26

0.29

0.14

Net

realized

and

unrealized

gains

(losses)

...........

(0.91)

(0.32)

(0.22)

0.36

0.04

Total

from

investment

operations

....................

(0.80)

(0.12)

0.04

0.65

0.18

Less

distributions

from:

Net

investment

income

..........................

(0.11)

(0.20)

(0.26)

(0.31)

(0.14)

Net

asset

value,

end

of

period

......................

$8.94

$9.85

$10.17

$10.39

$10.05

Total

return

e

...................................

(8.19)%

(1.23)%

0.42%

6.54%

1.86%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

...............................

0.99%

0.98%

0.94%

0.93%

0.92%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

g

..............................

0.92%

0.98%

0.94%

0.93%

0.92%

Net

investment

income

...........................

2.30%

1.95%

2.58%

2.83%

2.98%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$29,464

$34,084

$28,498

$21,670

$13,765

Portfolio

turnover

rate

............................

4.61%

23.52%

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)

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The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

69

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.84

$10.16

$10.38

$10.04

$10.08

$10.42

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.22

0.28

0.30

0.31

0.32

Net

realized

and

unrealized

gains

(losses)

(0.91)

(0.32)

(0.22)

0.36

(0.03)

(0.32)

Total

from

investment

operations

........

(0.80)

(0.10)

0.06

0.66

0.28

—

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.22)

(0.28)

(0.32)

(0.32)

(0.34)

Net

asset

value,

end

of

period

..........

$8.93

$9.84

$10.16

$10.38

$10.04

$10.08

Total

return

d

.......................

(8.13)%

(1.08)%

0.57%

6.70%

2.86%

0.03%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

........

0.85%

0.83%

0.79%

0.78%

0.77%

0.74%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

........

0.77%

f

0.83%

f

0.79%

f

0.78%

f

0.77%

f

0.74%

Net

investment

income

...............

2.45%

2.12%

2.76%

2.98%

3.13%

3.15%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$101,586

$119,599

$135,916

$150,081

$160,148

$187,638

Portfolio

turnover

rate

................

4.61%

23.52%

20.73%

11.63%

15.00%

4.27%

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,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.92

$10.24

$10.46

$10.13

$10.16

$10.50

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.09

0.16

0.23

0.25

0.26

0.27

Net

realized

and

unrealized

gains

(losses)

(0.92)

(0.32)

(0.23)

0.35

(0.02)

(0.32)

Total

from

investment

operations

........

(0.83)

(0.16)

—

0.60

0.24

(0.05)

Less

distributions

from:

Net

investment

income

..............

(0.09)

(0.16)

(0.22)

(0.27)

(0.27)

(0.29)

Net

asset

value,

end

of

period

..........

$9.00

$9.92

$10.24

$10.46

$10.13

$10.16

Total

return

d

.......................

(8.42)%

(1.62)%

0.02%

5.98%

2.37%

(0.52)%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

........

1.39%

1.38%

1.34%

1.33%

1.32%

1.29%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

........

1.32%

f

1.38%

f

1.34%

f

1.33%

f

1.32%

f

1.29%

Net

investment

income

...............

1.88%

1.58%

2.21%

2.43%

2.58%

2.60%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$5,832

$7,281

$13,302

$20,421

$26,076

$45,183

Portfolio

turnover

rate

................

4.61%

23.52%

20.73%

11.63%

15.00%

4.27%

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,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.84

$10.16

$10.38

$10.04

$10.08

$10.30

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.12

0.23

0.29

0.32

0.33

0.20

Net

realized

and

unrealized

gains

(losses)

(0.91)

(0.32)

(0.22)

0.36

(0.03)

(0.22)

Total

from

investment

operations

........

(0.79)

(0.09)

0.07

0.68

0.30

(0.02)

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.23)

(0.29)

(0.34)

(0.34)

(0.20)

Net

asset

value,

end

of

period

..........

$8.93

$9.84

$10.16

$10.38

$10.04

$10.08

Total

return

e

.......................

(8.06)%

(0.91)%

0.71%

6.85%

2.99%

(0.19)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.70%

0.68%

0.70%

0.70%

0.65%

0.77%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.63%

g

0.67%

g

0.66%

g

0.64%

g

0.63%

g

0.60%

Net

investment

income

...............

2.60%

2.27%

2.79%

3.12%

3.27%

3.29%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$1,931

$1,815

$1,385

$299

$147

$324

Portfolio

turnover

rate

................

4.61%

23.52%

20.73%

11.63%

15.00%

4.27%

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

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

72

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.83

$10.15

$10.37

$10.04

$10.08

$10.42

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.12

0.23

0.29

0.31

0.32

0.33

Net

realized

and

unrealized

gains

(losses)

(0.91)

(0.32)

(0.22)

0.35

(0.03)

(0.32)

Total

from

investment

operations

........

(0.79)

(0.09)

0.07

0.66

0.29

0.01

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.23)

(0.29)

(0.33)

(0.33)

(0.35)

Net

asset

value,

end

of

period

..........

$8.92

$9.83

$10.15

$10.37

$10.04

$10.08

Total

return

d

.......................

(8.09)%

(0.98)%

0.67%

6.71%

2.96%

0.13%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

........

0.75%

0.73%

0.69%

0.68%

0.67%

0.64%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

........

0.67%

f

0.73%

f

0.69%

f

0.68%

f

0.67%

f

0.64%

Net

investment

income

...............

2.54%

2.22%

2.85%

3.08%

3.23%

3.25%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$15,199

$20,378

$20,968

$20,024

$19,351

$20,855

Portfolio

turnover

rate

................

4.61

%

23.52%

20.73%

11.63%

15.00%

4.27%

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

Schedule

of

Investments

(unaudited),

August

31,

2022

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

98.0%

Connecticut

91.3%

City

of

Ansonia

,

GO

,

2021

A

,

AGMC

Insured

,

3

%

,

2/15/37

.....................

$

500,000

$

442,912

City

of

Bridgeport

,

GO,

2021

A,

4%,

8/01/40

............................................

765,000

720,712

GO,

2021

A,

4%,

8/01/46

............................................

375,000

337,930

GO,

2021

A,

4%,

8/01/51

............................................

575,000

508,407

City

of

New

Britain

,

GO

,

2017

C

,

AGMC

Insured

,

5

%

,

3/01/36

..................

1,000,000

1,069,977

City

of

New

Haven

,

GO,

2002

C,

NATL

Insured,

ETM,

5%,

11/01/22

...........................

25,000

25,057

GO,

2021

A,

Refunding,

4%,

8/01/40

...................................

2,000,000

1,941,492

City

of

Stamford

,

Water

Pollution

Control

System

&

Facility

,

Revenue

,

2013

A

,

5.25

%

,

8/15/43

.........................................................

1,000,000

1,019,212

City

of

West

Haven

,

GO

,

2021

,

4

%

,

9/15/41

...............................

565,000

544,673

Connecticut

Housing

Finance

Authority

,

Revenue,

2019

E-E1,

3.05%,

11/15/44

..................................

5,000,000

4,113,859

Revenue,

2019

E-E1,

3.1%,

11/15/49

...................................

2,000,000

1,583,766

Revenue,

2020

C-1,

Refunding,

2.05%,

5/15/37

...........................

1,000,000

794,578

Revenue,

2020

C-2,

Refunding,

2.2%,

11/15/34

...........................

960,000

816,460

Connecticut

Municipal

Electric

Energy

Cooperative

,

Revenue

,

2013

A

,

5

%

,

1/01/38

..

1,550,000

1,559,289

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Avon

Old

Farms

School

Obligated

Group,

Revenue,

D-1,

Refunding,

4%,

7/01/46

..

1,000,000

938,381

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/34

345,000

360,224

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/35

310,000

321,359

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/36

480,000

494,541

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/37

600,000

614,484

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/38

315,000

321,341

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/39

380,000

385,079

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/42

860,000

846,916

Connecticut

College,

Revenue,

L-1,

Refunding,

4%,

7/01/46

..................

5,000,000

4,640,371

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2018

B,

5%,

12/01/40

.......................................................

4,000,000

4,070,340

Fairfield

University,

Revenue,

Q-1,

5%,

7/01/46

...........................

9,000,000

9,351,601

Hartford

HealthCare

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/46

..........

4,500,000

4,172,396

Jerome

Home,

Revenue,

2021

E,

Refunding,

4%,

7/01/41

...................

735,000

669,069

Jerome

Home,

Revenue,

2021

E,

Refunding,

4%,

7/01/51

...................

1,250,000

1,069,472

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/38

.....

1,000,000

911,522

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/41

.....

6,310,000

5,589,109

Quinnipiac

University,

Revenue,

L,

Refunding,

5%,

7/01/45

..................

8,250,000

8,408,765

Sacred

Heart

University,

Inc.,

Revenue,

I-1,

Refunding,

5%,

7/01/42

............

4,375,000

4,558,904

Sacred

Heart

University,

Inc.,

Revenue,

K,

4%,

7/01/45

.....................

1,200,000

1,136,413

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

4%,

7/01/37

...

2,550,000

2,397,528

Taft

School

Corp.

(The),

Revenue,

L,

Refunding,

3%,

7/01/46

.................

2,210,000

1,686,357

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016,

5%,

12/01/41

............

5,000,000

5,253,003

Trustees

of

Trinity

College

(The),

Revenue,

R,

Refunding,

4%,

6/01/45

..........

2,500,000

2,367,798

Trustees

of

Trinity

College

(The),

Revenue,

S,

Refunding,

4%,

6/01/51

..........

4,000,000

3,689,034

University

of

Hartford

(The),

Revenue,

2022

P,

5.375%,

7/01/52

...............

2,000,000

2,007,692

Yale-New

Haven

Health

Obligated

Group,

Revenue,

N,

5%,

7/01/48

............

5,000,000

5,084,936

Connecticut

State

Higher

Education

Supplement

Loan

Authority

,

Revenue,

2020

B,

3.25%,

11/15/36

....................................

1,700,000

1,479,234

Revenue,

2020

D,

Pre-Refunded,

3%,

11/15/35

...........................

1,145,000

1,165,048

Revenue,

2021

B,

2.25%,

11/15/37

....................................

2,500,000

2,015,482

Hartford

County

Metropolitan

District

,

Clean

Water

Project

,

Revenue

,

2014

A

,

Pre-

Refunded

,

5

%

,

11/01/42

.............................................

2,500,000

2,637,903

South

Central

Connecticut

Regional

Water

Authority

,

Revenue,

A-Thirtieth,

Pre-Refunded,

5%,

8/01/44

..........................

1,615,000

1,694,207

Revenue,

Second

Series,

B-Thirty

Second,

Refunding,

5%,

8/01/38

............

1,720,000

1,836,811

State

of

Connecticut

,

GO,

2020

A,

4%,

1/15/36

............................................

5,000,000

5,045,453

Franklin

Tax-Free

Trust

Schedule

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)

State

of

Connecticut,

(continued)

GO,

2020

A,

4%,

1/15/38

............................................

$

2,250,000

$

2,252,462

GO,

2020

C,

4%,

6/01/39

............................................

600,000

595,300

Special

Tax,

2013,

5%,

10/01/30

......................................

5,000,000

5,137,389

Special

Tax,

2016

A,

5%,

9/01/33

......................................

1,000,000

1,076,268

Special

Tax,

2018

A,

5%,

1/01/36

......................................

1,000,000

1,092,289

Special

Tax,

2020

A,

5%,

5/01/37

......................................

500,000

552,536

Special

Tax,

2020

A,

4%,

5/01/39

......................................

1,000,000

990,515

Special

Tax,

2021

A,

4%,

5/01/40

......................................

1,100,000

1,084,482

Bradley

International

Airport

CFC,

Revenue,

2019

A,

5%,

7/01/49

..............

1,400,000

1,406,124

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2015

A,

5%,

3/01/34

.......

5,000,000

5,260,836

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2015

A,

5%,

3/01/35

.......

1,000,000

1,051,673

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2017

A,

5%,

5/01/37

.......

3,000,000

3,264,845

Town

of

Hamden

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

4

%

,

8/15/41

..............

500,000

485,134

Town

of

Stafford

,

GO,

2021,

Refunding,

3%,

2/01/36

.....................................

250,000

224,689

GO,

2021,

Refunding,

3%,

2/01/38

.....................................

310,000

268,967

GO,

2021,

Refunding,

3%,

2/01/41

.....................................

300,000

248,972

Town

of

Stratford

,

GO,

2017,

AGMC

Insured,

5%,

7/01/33

.................................

1,000,000

1,054,962

GO,

2020

A,

Refunding,

BAM

Insured,

5%,

7/01/31

........................

1,000,000

1,124,992

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/36

........................

300,000

301,937

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/38

........................

300,000

296,831

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/40

........................

300,000

288,752

University

of

Connecticut

,

Revenue,

2013

A,

5%,

8/15/28

........................................

6,590,000

6,712,482

Revenue,

2014

A,

5%,

2/15/31

........................................

2,000,000

2,064,742

Revenue,

2017

A,

5%,

1/15/37

........................................

1,000,000

1,074,989

140,611,265

Florida

0.2%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

500,000

353,700

Georgia

0.3%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

625,000

504,749

Illinois

0.6%

State

of

Illinois

,

GO

,

2020

C

,

4

%

,

10/01/42

................................

1,000,000

912,483

New

Jersey

0.4%

New

Jersey

Economic

Development

Authority

,

Revenue,

2021

QQQ,

4%,

6/15/35

.....................................

300,000

293,928

Revenue,

2021

QQQ,

4%,

6/15/36

.....................................

100,000

97,697

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2020

AA

,

3

%

,

6/15/50

...

230,000

166,390

558,015

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

500,000

405,126

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

500,000

404,700

a

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn

.,

6/01/37

750,000

501,821

1,311,647

Franklin

Tax-Free

Trust

Schedule

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

See

Abbreviations

on

page

164

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

0.9%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

$

500,000

$

395,769

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/47

.................................

780,000

553,280

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

615,000

494,200

1,443,249

Washington

0.3%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

500,000

404,765

Wisconsin

0.9%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

400,000

334,386

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

1,000,000

993,266

1,327,652

U.S.

Territories

2.3%

Puerto

Rico

2.3%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,480,000

1,535,276

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

...................

2,010,000

2,044,657

3,579,933

Total

U.S.

Territories

....................................................................

3,579,933

Total

Municipal

Bonds

(Cost

$163,679,497)

.....................................

151,007,458

a

a

a

a

Short

Term

Investments

1.1%

Municipal

Bonds

1.1%

Connecticut

1.1%

b

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Yale

University,

Revenue,

2001

V-1,

Daily

VRDN

and

Put,

0.82%,

7/01/36

.......

500,000

500,000

Yale

University,

Revenue,

2001

V-2,

Daily

VRDN

and

Put,

0.8%,

7/01/36

........

1,200,000

1,200,000

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

$165,379,497)

99.1%

...................................

$152,707,458

Other

Assets,

less

Liabilities

0.9%

.............................................

1,304,356

Net

Assets

100.0%

...........................................................

$154,011,814

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,

2022,

the

aggregate

value

of

these

securities

was

$4,387,782,

representing

2.8%

of

net

assets.

b

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

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,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.43

$11.84

$12.03

$11.31

$11.19

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.14

0.26

0.28

0.29

0.15

Net

realized

and

unrealized

gains

(losses)

...........

(0.97)

(0.41)

(0.19)

0.74

0.12

Total

from

investment

operations

....................

(0.83)

(0.15)

0.09

1.03

0.27

Less

distributions

from:

Net

investment

income

..........................

(0.14)

(0.26)

(0.28)

(0.31)

(0.15)

Net

asset

value,

end

of

period

......................

$10.46

$11.43

$11.84

$12.03

$11.31

Total

return

e

...................................

(7.31)%

(1.35)%

0.75%

9.19%

2.46%

Ratios

to

average

net

assets

f

Expenses

g

....................................

0.83%

0.83%

0.82%

0.82%

0.83%

Net

investment

income

...........................

2.56%

2.16%

2.34%

2.51%

2.86%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$120,543

$134,390

$107,468

$74,740

$33,739

Portfolio

turnover

rate

............................

16.40%

22.05%

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,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.42

$11.82

$12.02

$11.30

$11.25

$11.52

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15

0.28

0.30

0.31

0.34

0.36

Net

realized

and

unrealized

gains

(losses)

(0.97)

(0.40)

(0.20)

0.73

0.06

(0.26)

Total

from

investment

operations

........

(0.82)

(0.12)

0.10

1.04

0.40

0.10

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.28)

(0.30)

(0.32)

(0.35)

(0.37)

Net

asset

value,

end

of

period

..........

$10.45

$11.42

$11.82

$12.02

$11.30

$11.25

Total

return

d

.......................

(7.24)%

(1.12)%

0.82%

9.36%

3.59%

0.85%

Ratios

to

average

net

assets

e

Expenses

.........................

0.68%

f

0.68%

f

0.67%

f

0.67%

f

0.68%

f

0.67%

Net

investment

income

...............

2.71%

2.32%

2.51%

2.66%

3.01%

3.11%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$539,944

$628,769

$688,038

$731,568

$727,705

$797,935

Portfolio

turnover

rate

................

16.40%

22.05%

10.86%

4.08%

11.55%

12.74%

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,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.61

$12.02

$12.21

$11.48

$11.43

$11.69

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.12

0.21

0.23

0.25

0.28

0.30

Net

realized

and

unrealized

gains

(losses)

(0.99)

(0.41)

(0.19)

0.74

0.05

(0.26)

Total

from

investment

operations

........

(0.87)

(0.20)

0.04

0.99

0.33

0.04

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.21)

(0.23)

(0.26)

(0.28)

(0.30)

Net

asset

value,

end

of

period

..........

$10.62

$11.61

$12.02

$12.21

$11.48

$11.43

Total

return

d

.......................

(7.55)%

(1.73)%

0.35%

8.74%

2.96%

0.36%

Ratios

to

average

net

assets

e

Expenses

.........................

1.22%

f

1.22%

f

1.22%

f

1.22%

f

1.23%

f

1.22%

Net

investment

income

...............

2.11%

1.73%

1.93%

2.11%

2.46%

2.56%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$35,688

$43,148

$60,847

$78,321

$80,062

$124,683

Portfolio

turnover

rate

................

16.40%

22.05%

10.86%

4.08%

11.55%

12.74%

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,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2022

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

$11.87

$12.07

$11.35

$11.29

$11.53

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.15

0.29

0.31

0.33

0.35

0.22

Net

realized

and

unrealized

gains

(losses)

(0.97)

(0.41)

(0.20)

0.73

0.07

(0.24)

Total

from

investment

operations

........

(0.82)

(0.12)

0.11

1.06

0.42

(0.02)

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.29)

(0.31)

(0.34)

(0.36)

(0.22)

Net

asset

value,

end

of

period

..........

$10.49

$11.46

$11.87

$12.07

$11.35

$11.29

Total

return

e

.......................

(7.15)%

(1.06)%

0.96%

9.48%

3.79%

(0.21)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.54%

0.55%

0.55%

0.55%

0.57%

0.58%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.53%

g

0.54%

g

0.53%

g

0.53%

g

0.54%

g

0.53%

Net

investment

income

...............

2.85%

2.44%

2.62%

2.80%

3.15%

3.25%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$9,990

$11,255

$6,228

$4,153

$3,042

$2,510

Portfolio

turnover

rate

................

16.40%

22.05%

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,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.46

$11.86

$12.06

$11.34

$11.29

$11.55

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15

0.29

0.31

0.32

0.35

0.37

Net

realized

and

unrealized

gains

(losses)

(0.98)

(0.40)

(0.20)

0.74

0.06

(0.25)

Total

from

investment

operations

........

(0.83)

(0.11)

0.11

1.06

0.41

0.12

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.29)

(0.31)

(0.34)

(0.36)

(0.38)

Net

asset

value,

end

of

period

..........

$10.48

$11.46

$11.86

$12.06

$11.34

$11.29

Total

return

d

.......................

(7.26)%

(1.01)%

0.92%

9.44%

3.67%

1.03%

Ratios

to

average

net

assets

e

Expenses

.........................

0.58%

f

0.58%

f

0.57%

f

0.57%

f

0.58%

f

0.57%

Net

investment

income

...............

2.80%

2.41%

2.59%

2.76%

3.11%

3.21%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$95,696

$107,625

$102,001

$79,717

$63,190

$53,587

Portfolio

turnover

rate

................

16.40%

22.05%

10.86%

4.08%

11.55%

12.74%

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

Schedule

of

Investments

(unaudited),

August

31,

2022

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

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

1,800,000

$

1,800,000

Total

Corporate

Bonds

(Cost

$1,800,000)

.......................................

1,800,000

Municipal

Bonds

97.5%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

2,650,000

2,293,552

Florida

1.1%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

5,256,000

4,621,285

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

900,000

636,660

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn

.,

5/01/57

4,100,000

3,482,950

8,740,895

Illinois

0.5%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/52

..

2,500,000

2,173,926

State

of

Illinois

,

GO

,

2021

A

,

4

%

,

3/01/40

.................................

1,860,000

1,727,846

3,901,772

Kentucky

0.7%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn

.,

5/01/52

....................................

8,625,000

5,905,125

Michigan

88.6%

Ann

Arbor

School

District

,

GO

,

2015

,

Refunding

,

5

%

,

5/01/29

..................

1,235,000

1,309,996

Battle

Creek

School

District

,

GO

,

2022

,

4

%

,

5/01/45

.........................

3,000,000

2,965,134

Belding

Area

Schools

,

GO

,

2022

,

4.25

%

,

5/01/52

...........................

7,330,000

6,970,952

Byron

Center

Public

Schools

,

GO,

2017

I,

5%,

5/01/34

.............................................

1,000,000

1,085,635

GO,

2017

I,

5%,

5/01/35

.............................................

1,920,000

2,080,324

GO,

2017

I,

5%,

5/01/36

.............................................

650,000

703,288

GO,

2017

I,

5%,

5/01/37

.............................................

1,480,000

1,597,927

GO,

2017

I,

5%,

5/01/38

.............................................

1,330,000

1,433,402

GO,

2017

I,

5%,

5/01/39

.............................................

2,290,000

2,464,521

GO,

2017

I,

5%,

5/01/43

.............................................

2,250,000

2,407,215

GO,

2017

I,

5%,

5/01/47

.............................................

4,140,000

4,413,593

Caledonia

Community

Schools

,

GO

,

2015

,

Refunding

,

5

%

,

5/01/26

..............

1,000,000

1,089,805

Central

Michigan

University

,

Revenue,

2014,

Refunding,

5%,

10/01/30

................................

1,910,000

1,988,900

Revenue,

2014,

Refunding,

5%,

10/01/31

................................

1,055,000

1,096,413

Revenue,

2014,

Refunding,

5%,

10/01/34

................................

1,600,000

1,657,891

Revenue,

2014,

Refunding,

5%,

10/01/39

................................

2,000,000

2,063,395

Revenue,

2021,

Refunding,

3%,

10/01/46

................................

1,325,000

984,329

Charter

Township

of

Bloomfield

,

GO,

2016,

Refunding,

5%,

5/01/29

.....................................

470,000

511,691

GO,

2016,

Refunding,

5%,

5/01/32

.....................................

1,000,000

1,086,143

Charter

Township

of

Commerce

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/38

............

3,250,000

3,450,666

City

of

Battle

Creek

,

Water

&

Wastewater

System

,

Revenue

,

2016

A

,

5

%

,

6/01/36

...

1,300,000

1,403,733

City

of

Detroit

,

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Second

Lien,

2003

B,

NATL

Insured,

5%,

7/01/34

.........................................

25,000

25,056

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Senior

Lien,

06A,

AGMC

Insured,

5%,

7/01/34

........................................

30,000

30,068

City

of

Grand

Rapids

,

Sanitary

Sewer

System,

Revenue,

2014,

Pre-Refunded,

5%,

1/01/39

...........

880,000

910,513

Franklin

Tax-Free

Trust

Schedule

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)

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/37

.......................

$

1,040,000

$

1,129,507

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/43

.......................

1,000,000

1,072,950

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/48

.......................

5,000,000

5,333,332

Water

Supply

System,

Revenue,

2016,

Refunding,

5%,

1/01/41

...............

2,190,000

2,324,193

Water

Supply

System,

Revenue,

2016,

Refunding,

5%,

1/01/46

...............

2,525,000

2,664,954

Water

Supply

System,

Revenue,

2018,

Refunding,

5%,

1/01/43

...............

1,500,000

1,609,425

Water

Supply

System,

Revenue,

2018,

Refunding,

5%,

1/01/48

...............

2,000,000

2,133,333

Water

Supply

System,

Revenue,

2020,

5%,

1/01/45

........................

2,425,000

2,635,606

Comstock

Public

Schools

,

GO

,

2022

,

4

%

,

5/01/52

...........................

3,000,000

2,768,359

County

of

Kent

,

GO,

2016,

5%,

6/01/32

.............................................

1,305,000

1,419,815

GO,

2016,

5%,

6/01/33

.............................................

1,275,000

1,385,747

County

of

Muskegon

,

GO,

2015,

Refunding,

5%,

11/01/33

....................................

1,360,000

1,456,830

GO,

2015,

Refunding,

5%,

11/01/36

....................................

1,735,000

1,852,539

Detroit

City

School

District

,

GO

,

2001

A

,

AGMC

Insured

,

6

%

,

5/01/29

............

9,225,000

10,488,686

DeWitt

Public

Schools

,

GO,

2017,

5%,

5/01/30

.............................................

500,000

554,353

GO,

2017,

5%,

5/01/33

.............................................

815,000

895,578

GO,

2017,

5%,

5/01/34

.............................................

1,000,000

1,094,750

GO,

2017,

5%,

5/01/35

.............................................

1,000,000

1,091,682

GO,

2017,

5%,

5/01/36

.............................................

1,000,000

1,090,149

Downriver

Utility

Wastewater

Authority

,

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/34

....................

510,000

565,043

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/36

....................

1,600,000

1,762,835

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/38

....................

1,500,000

1,644,853

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/43

....................

3,000,000

3,253,551

East

Lansing

School

District

,

GO,

2017

I,

5%,

5/01/35

.............................................

1,500,000

1,637,523

GO,

2017

I,

5%,

5/01/37

.............................................

1,100,000

1,197,110

GO,

2017

I,

5%,

5/01/42

.............................................

3,500,000

3,778,304

Farmington

Public

School

District

,

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/27

.........................

1,000,000

1,066,580

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/28

.........................

2,000,000

2,131,025

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/32

.........................

4,035,000

4,271,477

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/33

.........................

2,900,000

3,069,191

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/34

.........................

3,000,000

3,173,439

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/35

.........................

1,000,000

1,057,021

GO,

2018,

BAM

Insured,

4.5%,

5/01/38

.................................

7,225,000

7,463,799

Flat

Rock

Community

School

District

,

GO

,

2022

I

,

4.5

%

,

5/01/52

................

2,100,000

2,081,798

Gerald

R

Ford

International

Airport

Authority

,

Revenue

,

2021

,

5

%

,

1/01/51

.........

2,000,000

2,131,425

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/44

...........

2,000,000

2,039,953

Munson

Healthcare

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/47

...........

2,500,000

2,547,439

Munson

Healthcare

Obligated

Group,

Revenue,

2019

A,

5%,

7/01/44

...........

1,110,000

1,167,382

Munson

Healthcare

Obligated

Group,

Revenue,

2019

B,

5%,

7/01/39

...........

1,625,000

1,728,154

Munson

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

7/01/51

....

10,000,000

7,094,757

Grand

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

12/01/32

..............................

4,295,000

4,596,569

Revenue,

2018,

5%,

12/01/38

........................................

900,000

968,233

Revenue,

2018,

5%,

12/01/43

........................................

1,800,000

1,922,371

Grandville

Public

Schools

,

GO,

II,

AGMC

Insured,

5%,

5/01/29

....................................

750,000

796,340

GO,

II,

AGMC

Insured,

5%,

5/01/30

....................................

1,000,000

1,059,136

GO,

II,

AGMC

Insured,

5%,

5/01/31

....................................

1,150,000

1,218,006

Franklin

Tax-Free

Trust

Schedule

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)

Grandville

Public

Schools,

(continued)

GO,

II,

AGMC

Insured,

5%,

5/01/32

....................................

$

1,165,000

$

1,233,585

GO,

II,

AGMC

Insured,

5%,

5/01/34

....................................

1,315,000

1,391,372

GO,

II,

AGMC

Insured,

5%,

5/01/35

....................................

1,225,000

1,294,850

GO,

II,

AGMC

Insured,

5%,

5/01/37

....................................

2,915,000

3,078,906

GO,

II,

AGMC

Insured,

5%,

5/01/40

....................................

6,215,000

6,546,454

c

Great

Lakes

Water

Authority

,

Sewage

Disposal

System,

Revenue,

Second

Lien,

2022

B,

5.5%,

7/01/52

.......

1,500,000

1,663,737

Water

Supply

System,

Revenue,

Second

Lien,

2022

B,

5.5%,

7/01/52

..........

5,000,000

5,545,791

Gull

Lake

Community

School

District

,

GO

,

2018

I

,

5

%

,

5/01/48

.................

5,000,000

5,426,806

Holly

Area

School

District

,

GO,

2014,

Refunding,

5%,

5/01/30

.....................................

1,045,000

1,087,437

GO,

2014,

Refunding,

5%,

5/01/32

.....................................

1,040,000

1,082,060

Hudsonville

Public

Schools

,

GO,

2017,

Refunding,

5%,

5/01/37

.....................................

1,550,000

1,679,804

GO,

2017,

Refunding,

5%,

5/01/39

.....................................

2,500,000

2,700,647

GO,

2017,

Refunding,

5%,

5/01/41

.....................................

2,500,000

2,692,918

Kelloggsville

Public

Schools

,

GO

,

2015

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

5/01/35

.

1,150,000

1,225,953

Kent

Hospital

Finance

Authority

,

Mary

Free

Bed

Rehabilitation

Hospital

Obligated

Group

,

Revenue

,

2021

A

,

3

%

,

4/01/51

..................................

6,010,000

4,122,227

Kentwood

Economic

Development

Corp.

,

Holland

Home

Obligated

Group,

Revenue,

2021,

4%,

11/15/45

................

1,655,000

1,358,042

Holland

Home

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

11/15/31

.......

2,000,000

1,880,559

Holland

Home

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

11/15/43

.......

8,820,000

7,419,327

Kentwood

Public

Schools

,

GO,

2016,

5%,

5/01/35

.............................................

1,205,000

1,298,283

GO,

2016,

5%,

5/01/36

.............................................

1,205,000

1,298,719

GO,

2016,

5%,

5/01/38

.............................................

1,210,000

1,300,171

GO,

2016,

5%,

5/01/41

.............................................

1,120,000

1,197,421

GO,

2016,

5%,

5/01/44

.............................................

1,800,000

1,916,054

Lansing

Board

of

Water

&

Light

,

Revenue

,

2021

A

,

5

%

,

7/01/51

.................

10,000,000

10,650,741

Lansing

Community

College

,

GO

,

2017

,

Refunding

,

5

%

,

5/01/32

................

2,000,000

2,218,892

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/37

.............................................

1,490,000

1,603,728

GO,

2016

I,

5%,

5/01/39

.............................................

2,125,000

2,279,529

GO,

2016

I,

5%,

5/01/40

.............................................

2,200,000

2,356,025

Ludington

Area

School

District

,

GO

,

2022

II

,

BAM

Insured

,

4

%

,

5/01/51

...........

7,820,000

7,165,543

Macomb

Interceptor

Drain

Drainage

District

,

Special

Assessment

,

2017

A

,

Refunding

,

5

%

,

5/01/42

......................................................

7,500,000

8,103,127

Madison

District

Public

Schools

,

GO

,

2022

,

4

%

,

5/01/46

......................

1,080,000

1,032,880

Mason

County

Central

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

5/01/26

.........

1,100,000

1,173,826

Mattawan

Consolidated

School

District

,

GO,

2015

I,

Pre-Refunded,

5%,

5/01/30

.................................

1,000,000

1,066,046

GO,

2015

I,

Pre-Refunded,

5%,

5/01/32

.................................

1,110,000

1,183,311

GO,

2015

I,

Pre-Refunded,

5%,

5/01/34

.................................

2,325,000

2,478,557

Meridian

Public

School

District

,

GO,

2015,

Refunding,

5%,

5/01/27

.....................................

735,000

783,348

GO,

2015,

Refunding,

5%,

5/01/29

.....................................

775,000

823,503

GO,

2015,

Refunding,

5%,

5/01/31

.....................................

1,130,000

1,199,519

Michigan

Finance

Authority

,

Albion

College,

Revenue,

2022,

Refunding,

5%,

12/01/36

....................

3,270,000

3,471,549

Albion

College,

Revenue,

2022,

Refunding,

4%,

12/01/46

....................

5,365,000

4,802,611

Albion

College,

Revenue,

2022,

Refunding,

4%,

12/01/51

....................

3,415,000

2,991,216

BHSH

System

Obligated

Group,

Revenue,

2012,

Pre-Refunded,

AGMC

Insured,

5%,

11/01/42

.......................................................

12,000,000

12,052,252

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/46

......

1,750,000

1,570,077

Franklin

Tax-Free

Trust

Schedule

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)

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

9/01/50

......

$

895,000

$

612,126

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/50

......

1,300,000

1,149,634

Clean

Water

Revolving

Fund,

Revenue,

2016

B,

Refunding,

4%,

10/01/30

.......

2,750,000

2,882,139

Clean

Water

Revolving

Fund,

Revenue,

2018

B,

Refunding,

5%,

10/01/38

.......

8,055,000

8,938,668

County

of

Wayne,

Revenue,

Second

Lien,

2020,

Refunding,

BAM

Insured,

4%,

11/01/55

.......................................................

4,000,000

3,672,678

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/32

.......................................................

2,725,000

2,889,655

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/37

.......................................................

4,235,000

4,418,970

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/41

.......................................................

22,015,000

22,827,855

Kalamazoo

College,

Revenue,

2018,

Refunding,

4%,

12/01/47

................

2,610,000

2,372,580

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/35

.................

400,000

393,367

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/36

.................

565,000

553,235

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/37

.................

640,000

619,720

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/38

.................

675,000

649,359

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/39

.................

645,000

611,215

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/45

.................

3,780,000

3,438,623

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/50

.................

3,000,000

2,676,512

Lawrence

Technological

University

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

2/01/42

........................................................

745,000

648,704

Michigan

Finance

Authority

Clean

Water

Revolving

Fund,

Revenue,

2018

B,

Refunding,

5%,

10/01/39

...........................................

6,000,000

6,614,687

Sparrow

Health

Obligated

Group,

Revenue,

2012,

AGMC

Insured,

5%,

11/15/42

..

8,000,000

8,043,958

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A-2,

Refunding,

5%,

6/01/40

....

1,000,000

1,058,706

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/49

...

17,170,000

15,741,444

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-1,

2,

Refunding,

5%,

6/01/49

..

2,220,000

2,269,511

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

5%,

12/01/45

.........

19,710,000

20,619,738

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Pre-Refunded,

5%,

12/01/45

.......................................................

290,000

315,840

Michigan

State

Building

Authority

,

Revenue,

2013

A-1,

Refunding,

5%,

10/15/33

.............................

5,000,000

5,112,400

Revenue,

2013

A-1,

Refunding,

5.25%,

10/15/47

..........................

5,000,000

5,098,206

Revenue,

2016

I,

Refunding,

5%,

4/15/41

................................

13,000,000

13,785,339

Revenue,

2016

I,

Refunding,

5%,

10/15/46

...............................

9,910,000

10,467,158

Revenue,

2016

I,

Refunding,

5%,

10/15/51

...............................

1,000,000

1,052,610

Revenue,

2019

I,

Refunding,

4%,

4/15/54

................................

2,000,000

1,817,864

Revenue,

2021,

3%,

10/15/51

........................................

1,500,000

1,157,971

Revenue,

2022

I,

4%,

10/15/52

.......................................

4,250,000

3,869,162

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/33

.............

5,370,000

5,475,039

Ascension

Health

Credit

Group,

Revenue,

2010

F-7,

Refunding,

5%,

11/15/47

....

10,000,000

10,369,960

Ascension

Health

Credit

Group,

Revenue,

2010

F-8,

Refunding,

5%,

11/15/46

....

5,000,000

5,187,288

Michigan

State

Housing

Development

Authority

,

Revenue,

2019

B,

3.1%,

12/01/44

.....................................

15,000,000

12,257,528

Revenue,

2020

A,

2.8%,

12/01/45

.....................................

4,350,000

3,359,761

Revenue,

2020

A,

2.85%,

6/01/50

.....................................

5,150,000

3,855,298

Revenue,

2021

A,

2.5%,

6/01/52

......................................

3,000,000

2,001,573

Revenue,

2021

A,

2.7%,

10/01/56

.....................................

5,000,000

3,257,132

Revenue,

2021

A,

2.73%,

10/01/59

....................................

5,000,000

3,219,291

Revenue,

2022

A,

4.1%,

6/01/43

......................................

5,000,000

4,688,480

Michigan

State

University

,

Revenue

,

2015

A

,

5

%

,

8/15/40

.....................

8,500,000

8,913,859

Michigan

Strategic

Fund

,

State

of

Michigan

Department

of

Transportation,

Revenue,

2018,

5%,

6/30/30

....

2,000,000

2,083,860

State

of

Michigan

Department

of

Transportation,

Revenue,

2018,

5%,

6/30/48

....

7,000,000

6,847,713

Franklin

Tax-Free

Trust

Schedule

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

Technological

University

,

Revenue

,

2015

A

,

5

%

,

10/01/45

..............

$

2,400,000

$

2,538,169

Oakland

School

District

,

GO,

2016,

Refunding,

5%,

5/01/35

.....................................

1,500,000

1,617,750

GO,

2016,

Refunding,

5%,

5/01/36

.....................................

1,005,000

1,083,528

Oakland

University

,

Revenue,

2014,

Refunding,

5%,

3/01/31

.................................

1,260,000

1,296,749

Revenue,

2014,

Refunding,

5%,

3/01/32

.................................

1,000,000

1,027,981

Revenue,

2014,

Refunding,

5%,

3/01/33

.................................

1,285,000

1,319,626

Revenue,

2014,

Refunding,

5%,

3/01/34

.................................

1,000,000

1,026,060

Revenue,

2014,

Refunding,

5%,

3/01/39

.................................

3,000,000

3,071,988

Revenue,

2016,

5%,

3/01/47

.........................................

7,230,000

7,542,596

c

Plainwell

Community

Schools

,

GO

,

2022

II

,

4

%

,

5/01/52

......................

7,000,000

6,569,012

Rochester

Community

School

District

,

GO

,

2016

I

,

5

%

,

5/01/36

.................

2,800,000

3,018,785

Roseville

Community

Schools

,

GO,

2014,

Pre-Refunded,

5%,

5/01/28

..................................

3,040,000

3,236,727

GO,

2014,

Pre-Refunded,

5%,

5/01/29

..................................

3,300,000

3,513,552

GO,

2014,

Pre-Refunded,

5%,

5/01/30

..................................

1,620,000

1,724,835

GO,

2014,

Pre-Refunded,

5%,

5/01/31

..................................

1,585,000

1,687,570

Royal

Oak

Hospital

Finance

Authority

,

BHSH

System

Obligated

Group

,

Revenue

,

2014

D

,

Pre-Refunded

,

5

%

,

9/01/39

........................................

17,500,000

18,166,944

Saginaw

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

7/01/30

...............................

1,750,000

1,895,200

Revenue,

2016

A,

Refunding,

5%,

7/01/31

...............................

2,170,000

2,350,048

Revenue,

2016

A,

Refunding,

5%,

7/01/33

...............................

1,240,000

1,340,067

Saline

Area

Schools

,

GO,

2016,

5%,

5/01/34

.............................................

2,750,000

2,969,865

GO,

2016,

5%,

5/01/36

.............................................

2,950,000

3,180,505

South

Haven

Public

Schools

,

GO,

2015

B,

AGMC

Insured,

5%,

5/01/33

................................

350,000

370,512

GO,

2015

B,

AGMC

Insured,

5%,

5/01/35

................................

1,575,000

1,664,807

Sparta

Area

Schools

,

GO

,

II

,

5

%

,

5/01/48

.................................

5,750,000

6,194,664

Trenton

Public

Schools

School

District

,

GO,

2018,

5%,

5/01/42

.............................................

4,920,000

5,284,901

GO,

2018,

5%,

5/01/45

.............................................

11,480,000

12,278,857

Universal

Academy

,

Revenue,

2021,

Refunding,

2%,

12/01/26

................................

500,000

474,617

Revenue,

2021,

Refunding,

4%,

12/01/31

................................

500,000

490,873

Revenue,

2021,

Refunding,

4%,

12/01/40

................................

1,100,000

1,011,362

University

of

Michigan

,

Revenue,

2015,

Pre-Refunded,

5%,

4/01/46

..............................

2,000,000

2,177,928

Revenue,

2017

A,

Pre-Refunded,

5%,

4/01/37

............................

2,700,000

3,002,531

Revenue,

2017

A,

Pre-Refunded,

5%,

4/01/42

............................

26,635,000

29,619,414

Revenue,

2017

A,

Pre-Refunded,

5%,

4/01/47

............................

5,000,000

5,560,243

Walled

Lake

Consolidated

School

District

,

GO

,

2022

,

5

%

,

5/01/49

...............

4,000,000

4,401,105

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2017

B,

5%,

12/01/42

......

1,045,000

1,081,334

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2018

A,

5%,

12/01/43

......

7,750,000

8,201,663

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2021

A,

5%,

12/01/41

......

3,330,000

3,626,874

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2021

A,

5%,

12/01/46

......

4,670,000

5,023,684

Wayne

State

University

,

Revenue,

2015

A,

Refunding,

5%,

11/15/33

..............................

1,500,000

1,558,579

Revenue,

2018

A,

5%,

11/15/43

.......................................

4,500,000

4,778,423

Revenue,

2018

A,

4%,

11/15/48

.......................................

10,000,000

9,066,543

Wayne-Westland

Community

Schools

,

GO,

2022,

3%,

11/01/44

.............................................

2,830,000

2,186,422

GO,

2022,

3%,

11/01/46

.............................................

1,475,000

1,120,045

Franklin

Tax-Free

Trust

Schedule

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)

Western

Michigan

University

,

Revenue,

2015

A,

Refunding,

5%,

11/15/28

..............................

$

1,635,000

$

1,724,706

Revenue,

2015

A,

Refunding,

5%,

11/15/29

..............................

2,000,000

2,103,869

Revenue,

2015

A,

Refunding,

5%,

11/15/30

..............................

2,500,000

2,625,184

Revenue,

2015

A,

Refunding,

5%,

11/15/40

..............................

1,560,000

1,619,606

Revenue,

2015

A,

Refunding,

5%,

11/15/45

..............................

2,000,000

2,068,580

Revenue,

2019

A,

Refunding,

5%,

11/15/49

..............................

5,100,000

5,481,318

Western

School

District

,

GO

,

2022

,

5.25

%

,

5/01/52

..........................

2,000,000

2,203,158

Zeeland

Public

Schools

,

GO,

2015

A,

AGMC

Insured,

5%,

5/01/31

................................

1,530,000

1,616,434

GO,

2015

A,

AGMC

Insured,

5%,

5/01/33

................................

2,000,000

2,111,930

GO,

2015

A,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/35

....................

2,000,000

2,134,762

710,541,996

New

Jersey

0.1%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

500,000

452,508

Revenue,

2020

AA,

3%,

6/15/50

.......................................

600,000

434,061

886,569

New

York

1.0%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/48

..........

9,300,000

8,279,781

South

Carolina

1.0%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,800,000

1,458,453

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,800,000

1,456,918

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn

.,

6/01/52

6,200,000

4,059,704

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

795,298

7,770,373

Texas

0.7%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,400,000

1,899,691

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/39

325,000

252,867

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/40

300,000

229,611

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/47

550,000

390,133

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,500,000

2,812,522

5,584,824

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,800,000

1,457,155

Wisconsin

0.8%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,800,000

1,504,736

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

4,600,000

4,569,026

6,073,762

U.S.

Territories

2.5%

Guam

0.2%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,750,000

1,821,946

Puerto

Rico

2.3%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

................

7,420,000

7,547,938

Franklin

Tax-Free

Trust

Schedule

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

See

Abbreviations

on

page

164

.

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,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

$

500,000

$

507,492

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

2,100,000

2,138,279

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

...................

1,515,000

1,537,740

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,020,000

1,029,794

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

3,900,000

3,911,647

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

2,000,000

1,940,214

18,613,104

Total

U.S.

Territories

....................................................................

20,435,050

Total

Municipal

Bonds

(Cost

$821,013,529)

.....................................

781,870,854

Total

Long

Term

Investments

(Cost

$822,813,529)

...............................

783,670,854

a

a

a

a

a

Short

Term

Investments

0.5%

Municipal

Bonds

0.5%

Michigan

0.5%

d

University

of

Michigan

,

Revenue

,

2012

D-1

,

Daily

VRDN

and

Put

,

0.98

%

,

12/01/24

..

4,200,000

4,200,000

Total

Municipal

Bonds

(Cost

$4,200,000)

.......................................

4,200,000

Total

Short

Term

Investments

(Cost

$4,200,000

)

.................................

4,200,000

a

Total

Investments

(Cost

$827,013,529)

98.2%

...................................

$787,870,854

Other

Assets,

less

Liabilities

1.8%

.............................................

13,989,400

Net

Assets

100.0%

...........................................................

$801,860,254

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

12

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2022,

the

aggregate

value

of

these

securities

was

$28,581,320,

representing

3.6%

of

net

assets.

c

Security

purchased

on

a

when-issued

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

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$12.20

$12.62

$12.82

$12.10

$11.97

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.13

0.23

0.25

0.30

0.16

Net

realized

and

unrealized

gains

(losses)

...........

(1.07)

(0.42)

(0.20)

0.72

0.13

Total

from

investment

operations

....................

(0.94)

(0.19)

0.05

1.02

0.29

Less

distributions

from:

Net

investment

income

..........................

(0.13)

(0.23)

(0.25)

(0.30)

(0.16)

Net

asset

value,

end

of

period

......................

$11.13

$12.20

$12.62

$12.82

$12.10

Total

return

e

...................................

(7.72)%

(1.59)%

0.38%

8.56%

2.45%

Ratios

to

average

net

assets

f

Expenses

g

....................................

0.84%

0.83%

0.83%

0.83%

0.83%

Net

investment

income

...........................

2.30%

1.79%

1.96%

2.42%

2.81%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$172,017

$193,021

$160,623

$96,802

$39,129

Portfolio

turnover

rate

............................

11.98%

19.81%

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,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.19

$12.61

$12.82

$12.09

$12.07

$12.27

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.25

0.27

0.32

0.35

0.35

Net

realized

and

unrealized

gains

(losses)

(1.06)

(0.42)

(0.21)

0.73

0.02

(0.20)

Total

from

investment

operations

........

(0.92)

(0.17)

0.06

1.05

0.37

0.15

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.25)

(0.27)

(0.32)

(0.35)

(0.35)

Net

asset

value,

end

of

period

..........

$11.13

$12.19

$12.61

$12.82

$12.09

$12.07

Total

return

d

.......................

(7.58)%

(1.44)%

0.45%

8.82%

3.16%

1.23%

Ratios

to

average

net

assets

e

Expenses

.........................

0.69%

f

0.69%

f

0.68%

f

0.68%

f

0.68%

f

0.66%

Net

investment

income

...............

2.44%

1.94%

2.13%

2.57%

2.96%

2.87%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$424,672

$506,601

$583,105

$606,559

$588,878

$657,415

Portfolio

turnover

rate

................

11.98%

19.81%

9.45%

16.45%

13.97%

13.77%

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,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.33

$12.76

$12.97

$12.23

$12.21

$12.40

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.17

0.20

0.25

0.29

0.29

Net

realized

and

unrealized

gains

(losses)

(1.08)

(0.43)

(0.21)

0.75

0.02

(0.20)

Total

from

investment

operations

........

(0.97)

(0.26)

(0.01)

1.00

0.31

0.09

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.17)

(0.20)

(0.26)

(0.29)

(0.28)

Net

asset

value,

end

of

period

..........

$11.25

$12.33

$12.76

$12.97

$12.23

$12.21

Total

return

d

.......................

(7.91)%

(2.05)%

(0.10)%

8.23%

2.56%

0.74%

Ratios

to

average

net

assets

e

Expenses

.........................

1.23%

f

1.23%

f

1.23%

f

1.23%

f

1.23%

f

1.21%

Net

investment

income

...............

1.86%

1.36%

1.57%

2.02%

2.41%

2.32%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$63,677

$81,058

$109,387

$138,417

$148,269

$203,925

Portfolio

turnover

rate

................

11.98%

19.81%

9.45%

16.45%

13.97%

13.77%

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,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.21

$12.64

$12.84

$12.11

$12.09

$12.40

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.15

0.27

0.29

0.34

0.37

0.22

Net

realized

and

unrealized

gains

(losses)

(1.06)

(0.43)

(0.20)

0.73

0.02

(0.32)

Total

from

investment

operations

........

(0.91)

(0.16)

0.09

1.07

0.39

(0.10)

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.27)

(0.29)

(0.34)

(0.37)

(0.21)

Net

asset

value,

end

of

period

..........

$11.15

$12.21

$12.64

$12.84

$12.11

$12.09

Total

return

e

.......................

(7.49)%

(1.28)%

0.60%

8.97%

3.30%

(0.80)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.53%

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

0.53%

g

0.51%

Net

investment

income

...............

2.60%

2.10%

2.26%

2.72%

3.11%

3.02%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$13,517

$16,571

$13,889

$9,693

$7,177

$8,342

Portfolio

turnover

rate

................

11.98%

19.81%

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,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.21

$12.63

$12.83

$12.11

$12.09

$12.28

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15

0.26

0.28

0.33

0.37

0.37

Net

realized

and

unrealized

gains

(losses)

(1.08)

(0.42)

(0.20)

0.73

0.02

(0.19)

Total

from

investment

operations

........

(0.93)

(0.16)

0.08

1.06

0.39

0.18

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.26)

(0.28)

(0.34)

(0.37)

(0.37)

Net

asset

value,

end

of

period

..........

$11.14

$12.21

$12.63

$12.83

$12.11

$12.09

Total

return

d

.......................

(7.60)%

(1.34)%

0.63%

8.83%

3.26%

1.41%

Ratios

to

average

net

assets

e

Expenses

.........................

0.59%

f

0.58%

f

0.58%

f

0.58%

f

0.58%

f

0.56%

Net

investment

income

...............

2.53%

2.04%

2.22%

2.67%

3.06%

2.97%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$212,373

$266,255

$244,156

$203,230

$156,683

$160,199

Portfolio

turnover

rate

................

11.98%

19.81%

9.45%

16.45%

13.97%

13.77%

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

Schedule

of

Investments

(unaudited),

August

31,

2022

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

98.8%

Florida

0.8%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

$

6,192,000

$

5,444,254

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

2,100,000

1,485,540

6,929,794

Minnesota

94.9%

Alexandria

Independent

School

District

No.

206

,

GO

,

2017

A

,

Refunding

,

3

%

,

2/01/37

29,905,000

27,273,465

Anoka-Hennepin

Independent

School

District

No.

11

,

GO,

2018

A,

3.25%,

2/01/37

..........................................

5,355,000

5,234,873

GO,

2018

A,

4%,

2/01/39

............................................

8,905,000

8,981,626

GO,

2018

A,

3.375%,

2/01/43

.........................................

6,020,000

5,579,752

Becker

Independent

School

District

No.

726

,

GO,

2022

A,

Zero

Cpn

.,

2/01/41

.......................................

1,000,000

465,622

GO,

2022

A,

Zero

Cpn

.,

2/01/42

.......................................

1,000,000

440,967

GO,

2022

A,

Zero

Cpn

.,

2/01/43

.......................................

1,700,000

713,652

Blooming

Prairie

Independent

School

District

No.

756

,

GO

,

2022

A

,

Refunding

,

2.25

%

,

2/01/45

.........................................................

1,500,000

998,263

Brainerd

Independent

School

District

No.

181

,

GO,

2018

A,

4%,

2/01/32

............................................

3,065,000

3,202,842

GO,

2018

A,

4%,

2/01/39

............................................

10,600,000

10,674,051

GO,

2018

A,

4%,

2/01/42

............................................

1,900,000

1,905,877

Centennial

Independent

School

District

No.

12

,

GO,

2015

A,

Refunding,

Zero

Cpn

.,

2/01/32

..............................

1,450,000

1,045,361

GO,

2015

A,

Refunding,

Zero

Cpn

.,

2/01/34

..............................

1,600,000

1,056,810

GO,

2015

A,

Refunding,

Zero

Cpn

.,

2/01/35

..............................

350,000

221,396

City

of

Center

City

,

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2019

,

Refunding

,

4

%

,

11/01/41

........................................................

1,000,000

952,261

City

of

Elk

River

,

Electric

,

Revenue

,

2021

B

,

2.25

%

,

8/01/47

...................

1,475,000

962,999

City

of

Fridley

,

GO,

2022

A,

4%,

2/01/36

............................................

350,000

353,169

GO,

2022

A,

4%,

2/01/37

............................................

735,000

739,549

GO,

2022

A,

4%,

2/01/38

............................................

800,000

799,832

Fridley

Leased

Housing

Associates

I

LLLP,

Revenue,

2018,

FNMA

Insured,

3.75%,

11/01/34

.......................................................

9,559,684

9,380,833

City

of

Minneapolis

,

GO,

2018,

4%,

12/01/43

.............................................

5,000,000

5,002,180

GO,

2018,

4%,

12/01/46

.............................................

3,500,000

3,440,634

GO,

2019,

3%,

12/01/40

.............................................

5,000,000

4,429,647

14th

and

Central

LLLP,

Revenue,

2020,

FNMA

Insured,

2.35%,

2/01/38

.........

10,000,000

8,419,024

Allina

Health

Obligated

Group,

Revenue,

2021,

4%,

11/15/40

.................

6,750,000

6,603,587

Fairview

Health

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

AGMC

Insured,

5%,

11/15/44

.............................................

10,000,000

10,216,873

Fairview

Health

Services

Obligated

Group,

Revenue,

2018

A,

Refunding,

AGMC

Insured,

5%,

11/15/49

.............................................

6,000,000

6,376,279

City

of

Minneapolis

St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/26

.......

2,000,000

2,198,412

Allina

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/27

.......

2,000,000

2,211,481

City

of

Rochester

,

Electric

Utility,

Revenue,

2013

B,

Pre-Refunded,

5%,

12/01/43

................

1,000,000

1,032,576

Electric

Utility,

Revenue,

2017

A,

Refunding,

5%,

12/01/42

...................

2,000,000

2,153,487

Electric

Utility,

Revenue,

2017

A,

Refunding,

5%,

12/01/47

...................

9,210,000

9,863,696

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/33

....................

4,425,000

5,253,924

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/34

....................

10,235,000

12,201,528

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/35

....................

5,000,000

5,966,835

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/36

....................

4,200,000

5,005,948

Mayo

Clinic,

Revenue,

2018,

4%,

11/15/48

...............................

6,000,000

5,770,627

Franklin

Tax-Free

Trust

Schedule

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

Rochester,

(continued)

Mayo

Clinic,

Revenue,

2022,

Refunding,

3.25%,

11/15/41

...................

$

4,000,000

$

3,389,083

Mayo

Clinic,

Revenue,

2022,

Refunding,

5%,

11/15/57

......................

2,000,000

2,177,773

City

of

St.

Cloud

,

CentraCare

Health

System

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

5/01/37

........................................................

12,310,000

12,043,705

CentraCare

Health

System

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

5/01/46

........................................................

4,650,000

4,821,078

CentraCare

Health

System

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

5/01/48

........................................................

10,000,000

10,423,180

City

of

St.

Paul

,

Sales

&

Use

Tax,

Revenue,

2014

G,

5%,

11/01/31

.........................

1,000,000

1,051,047

Sales

&

Use

Tax,

Revenue,

2014

G,

5%,

11/01/32

.........................

1,000,000

1,050,831

City

of

Virginia

,

GO

,

2020

A

,

AGMC

Insured

,

4

%

,

2/01/40

.....................

1,160,000

1,163,232

Cloquet

Independent

School

District

No.

94

,

GO

,

2015

B

,

5

%

,

2/01/32

............

3,615,000

3,795,762

County

of

Carlton

,

GO

,

2022

A

,

4

%

,

2/01/47

...............................

2,000,000

1,938,444

County

of

Norman

,

GO

,

2022

A

,

3.25

%

,

2/01/52

............................

3,115,000

2,562,421

Dakota

County

Community

Development

Agency

,

Revenue

,

2011

A

,

GNMA

Insured

,

4.875

%

,

12/01/33

..................................................

430,000

430,286

Dawson-Boyd

Independent

School

District

No.

378

,

GO

,

2019

A

,

3.125

%

,

2/01/40

...

2,965,000

2,749,364

Dilworth

Glyndon

Felton

Independent

School

District

No.

2164

,

GO,

2020

A,

3%,

2/01/37

............................................

1,000,000

949,408

GO,

2020

A,

3%,

2/01/39

............................................

1,000,000

918,884

GO,

2020

A,

3%,

2/01/41

............................................

1,225,000

1,105,875

Duluth

Economic

Development

Authority

,

Essentia

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

2/15/53

...

15,900,000

16,538,204

Essentia

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

2/15/58

...

13,035,000

13,468,900

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/15/38

........................................................

150,000

136,015

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/15/39

........................................................

155,000

139,058

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

6/15/44

........................................................

850,000

595,378

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/29

........................................................

400,000

424,712

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/30

........................................................

425,000

452,473

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/31

........................................................

450,000

479,270

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/32

........................................................

500,000

532,540

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/33

........................................................

600,000

641,797

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/34

........................................................

520,000

491,592

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/35

........................................................

425,000

397,843

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/36

........................................................

400,000

370,972

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/37

........................................................

375,000

343,897

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/38

........................................................

400,000

362,707

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/39

........................................................

250,000

224,287

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

B,

5.25%,

6/15/52

..

5,000,000

5,090,298

Franklin

Tax-Free

Trust

Schedule

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

Independent

School

District

No.

709

,

COP,

2016

A,

Refunding,

5%,

2/01/25

..................................

$

1,015,000

$

1,071,593

COP,

2016

A,

Refunding,

5%,

2/01/26

..................................

2,740,000

2,952,451

COP,

2016

A,

Refunding,

4%,

2/01/27

..................................

3,750,000

3,925,504

COP,

2016

A,

Refunding,

4%,

2/01/28

..................................

1,500,000

1,570,269

GO,

2015

B,

Refunding,

4%,

2/01/25

...................................

3,450,000

3,566,854

GO,

2015

B,

Refunding,

2.5%,

2/01/26

..................................

2,840,000

2,813,269

GO,

2021

C,

Zero

Cpn

.,

2/01/29

.......................................

1,870,000

1,468,938

GO,

2021

C,

Zero

Cpn

.,

2/01/30

.......................................

1,275,000

957,108

GO,

2021

C,

Zero

Cpn

.,

2/01/31

.......................................

1,325,000

946,658

GO,

2021

C,

Zero

Cpn

.,

2/01/32

.......................................

1,080,000

731,865

GO,

2021

C,

Zero

Cpn

.,

2/01/33

.......................................

1,075,000

691,069

Edina

Independent

School

District

No.

273

,

GO

,

2019

A

,

3

%

,

2/01/36

............

1,630,000

1,579,086

Elk

River

Independent

School

District

No.

728

,

GO

,

2015

A

,

4

%

,

2/01/32

..........

6,130,000

6,238,340

Farmington

Independent

School

District

No.

192

,

GO

,

2016

A

,

4

%

,

2/01/28

........

3,830,000

4,023,519

Fridley

Independent

School

District

No.

14

,

GO

,

2016

A

,

4

%

,

2/01/29

............

2,220,000

2,329,862

Hastings

Independent

School

District

No.

200

,

GO,

2018

A,

Zero

Cpn

.,

2/01/38

.......................................

4,685,000

2,490,547

GO,

2018

A,

Zero

Cpn

.,

2/01/39

.......................................

4,685,000

2,358,372

GO,

2018

A,

Zero

Cpn

.,

2/01/40

.......................................

4,685,000

2,229,226

Hennepin

County

Regional

Railroad

Authority

,

GO,

2019

A,

5%,

12/01/35

...........................................

4,480,000

5,034,423

GO,

2019

A,

5%,

12/01/36

...........................................

5,220,000

5,848,884

Hermantown

Independent

School

District

No.

700

,

GO

,

2014

A

,

Refunding

,

4

%

,

2/01/29

.........................................................

2,310,000

2,359,759

Hopkins

Independent

School

District

No.

270

,

GO,

2019

A,

3%,

2/01/33

............................................

5,640,000

5,515,812

GO,

2019

A,

3%,

2/01/34

............................................

2,450,000

2,374,021

Jordan

Independent

School

District

No.

717

,

GO,

2014

A,

Refunding,

5%,

2/01/31

...................................

1,460,000

1,474,976

GO,

2014

A,

Refunding,

5%,

2/01/32

...................................

2,000,000

2,020,515

GO,

2014

A,

Refunding,

5%,

2/01/33

...................................

1,700,000

1,717,437

GO,

2014

A,

Refunding,

5%,

2/01/34

...................................

1,805,000

1,823,514

GO,

2014

A,

Refunding,

5%,

2/01/35

...................................

1,000,000

1,010,257

Lakeview

Independent

School

District

No.

2167

,

GO

,

2021

A

,

2

%

,

2/01/38

.........

1,055,000

761,934

Lakeville

Independent

School

District

No.

194

,

GO

,

2021

B

,

2.125

%

,

2/01/42

.......

4,085,000

2,796,857

Mankato

Independent

School

District

No.

77

,

COP

,

2022

A

,

3

%

,

2/01/42

..........

2,730,000

2,200,251

Maple

River

Independent

School

District

No.

2135

,

GO

,

2020

A

,

4

%

,

2/01/50

.......

10,000,000

9,391,508

Metropolitan

Council

,

GO,

2016

C,

Refunding,

3%,

3/01/30

...................................

3,305,000

3,305,862

GO,

2020

B,

2.125%,

3/01/36

.........................................

4,500,000

3,504,253

GO,

2020

B,

2.125%,

3/01/37

.........................................

4,000,000

3,000,971

GO,

2020

B,

2.125%,

3/01/38

.........................................

4,000,000

2,936,585

GO,

2022

C,

4%,

3/01/40

............................................

3,275,000

3,316,147

GO,

2022

C,

4%,

3/01/41

............................................

3,410,000

3,443,732

Minneapolis

Special

School

District

No.

1

,

GO

,

2017

B

,

5

%

,

2/01/30

.............

2,590,000

2,901,155

b

Minneapolis-St

Paul

Metropolitan

Airports

Commission

,

Revenue

,

2022

A

,

Refunding

,

4.25

%

,

1/01/52

...................................................

2,990,000

2,924,463

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

,

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/34

..............................

2,870,000

3,089,901

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/35

..............................

4,025,000

4,315,388

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/41

..............................

19,655,000

20,672,219

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/46

..............................

15,500,000

16,109,356

Minnesota

Higher

Education

Facilities

Authority

,

Carleton

College,

Revenue,

2017,

Refunding,

4%,

3/01/47

...................

3,575,000

3,416,478

Macalester

College,

Revenue,

2017,

Refunding,

3%,

3/01/33

.................

3,010,000

2,914,517

Franklin

Tax-Free

Trust

Schedule

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)

Minnesota

Higher

Education

Facilities

Authority,

(continued)

Macalester

College,

Revenue,

2017,

Refunding,

4%,

3/01/42

.................

$

900,000

$

888,450

Macalester

College,

Revenue,

2021,

Refunding,

4%,

3/01/36

.................

125,000

129,194

Macalester

College,

Revenue,

2021,

Refunding,

4%,

3/01/37

.................

125,000

128,179

Macalester

College,

Revenue,

2021,

Refunding,

3%,

3/01/40

.................

365,000

304,497

Macalester

College,

Revenue,

2021,

Refunding,

3%,

3/01/43

.................

330,000

261,975

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/30

...............

320,000

334,688

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/31

...............

270,000

278,775

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/32

...............

255,000

260,427

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/33

...............

240,000

242,005

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/34

...............

355,000

355,183

St.

John's

University,

Revenue,

2021,

Refunding,

3%,

10/01/37

...............

250,000

208,524

St.

John's

University,

Revenue,

2021,

Refunding,

3%,

10/01/38

...............

250,000

204,204

St.

Olaf

College,

Revenue,

2021,

3%,

10/01/41

...........................

2,600,000

2,089,268

St.

Olaf

College,

Revenue,

Eight

N,

Refunding,

4%,

10/01/33

.................

1,500,000

1,517,257

St.

Olaf

College,

Revenue,

Eight

N,

Refunding,

4%,

10/01/35

.................

500,000

503,188

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

4%,

4/01/31

..........

4,200,000

4,286,870

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

5%,

4/01/35

..........

1,720,000

1,808,976

University

of

St.

Thomas,

Revenue,

2017

A,

Refunding,

4%,

10/01/36

..........

750,000

750,609

University

of

St.

Thomas,

Revenue,

2017

A,

Refunding,

4%,

10/01/37

..........

750,000

748,410

University

of

St.

Thomas,

Revenue,

2022

A,

5%,

10/01/52

...................

10,000,000

10,457,100

Minnesota

Housing

Finance

Agency

,

Revenue,

2009,

4%,

8/01/29

.........................................

3,675,000

3,679,850

Revenue,

2011,

5%,

8/01/31

.........................................

2,225,000

2,230,074

Revenue,

2019

C,

4%,

8/01/39

........................................

1,000,000

967,002

Revenue,

2020

B,

GNMA

Insured,

2.8%,

1/01/44

..........................

2,940,000

2,776,962

Revenue,

2020

D,

4%,

8/01/41

........................................

1,000,000

945,957

Revenue,

2020

D,

4%,

8/01/42

........................................

1,815,000

1,704,989

Revenue,

2020

E,

GNMA

Insured,

2.5%,

7/01/40

..........................

1,885,000

1,556,516

Revenue,

2020

E,

GNMA

Insured,

2.7%,

7/01/44

..........................

2,635,000

2,091,039

Revenue,

2020

G,

GNMA

Insured,

2.45%,

7/01/45

.........................

2,130,000

1,861,801

Revenue,

2021

B,

GNMA

Insured,

2.1%,

7/01/36

..........................

950,000

789,070

Revenue,

2021

B,

GNMA

Insured,

2.3%,

7/01/41

..........................

3,345,000

2,657,121

Revenue,

2021

B,

GNMA

Insured,

2.45%,

7/01/46

.........................

3,320,000

2,537,958

Revenue,

2021

D,

Refunding,

GNMA

Insured,

2.45%,

1/01/52

................

11,335,000

8,078,406

Revenue,

2021

H,

GNMA

Insured,

2.55%,

1/01/46

.........................

3,965,000

3,128,532

Revenue,

2022

A,

GNMA

Insured,

2.75%,

7/01/42

.........................

2,670,000

2,096,385

Revenue,

2022

A,

GNMA

Insured,

2.9%,

1/01/45

..........................

1,285,000

1,025,401

Revenue,

2022

C,

GNMA

Insured,

3%,

7/01/43

...........................

1,740,000

1,427,068

c

Minnesota

Municipal

Gas

Agency

,

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/27

..

5,000,000

5,074,725

Minnesota

Municipal

Power

Agency

,

Revenue,

2014

A,

Refunding,

4%,

10/01/31

..............................

1,265,000

1,293,640

Revenue,

2014

A,

Refunding,

4%,

10/01/32

..............................

1,200,000

1,222,104

Revenue,

2014

A,

Refunding,

4%,

10/01/33

..............................

1,000,000

1,015,257

Revenue,

2014

A,

Refunding,

5%,

10/01/34

..............................

1,000,000

1,051,034

Revenue,

2014

A,

Refunding,

5%,

10/01/35

..............................

1,005,000

1,055,871

Revenue,

2016,

4%,

10/01/41

........................................

4,680,000

4,655,135

Revenue,

2016,

5%,

10/01/47

........................................

4,650,000

5,003,366

Minnesota

Public

Facilities

Authority

,

Revenue

,

2010

A

,

5

%

,

3/01/24

.............

17,010,000

17,678,692

Minnesota

State

Colleges

And

Universities

Foundation

,

Minnesota

State

Colleges

And

Universities

Revenue

Fund

,

Revenue

,

2012

A

,

Refunding

,

5

%

,

10/01/22

.........

1,410,000

1,413,099

Minnetonka

Independent

School

District

No.

276

,

COP

,

2022

A

,

4

%

,

2/01/52

.......

1,850,000

1,802,070

Moorhead

Independent

School

District

No.

152

,

GO

,

2020

A

,

2.5

%

,

2/01/37

.......

9,295,000

7,591,406

Nashwauk

Keewatin

Independent

School

District

No.

319

,

GO

,

2022

A

,

Refunding

,

4

%

,

2/01/48

.........................................................

5,020,000

4,741,798

North

St.

Paul-Maplewood-Oakdale

Independent

School

District

No.

622

,

GO,

2019

A,

3%,

2/01/42

............................................

5,975,000

4,856,141

Franklin

Tax-Free

Trust

Schedule

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)

North

St.

Paul-Maplewood-Oakdale

Independent

School

District

No.

622,

(continued)

GO,

2019

A,

3%,

2/01/46

............................................

$

23,965,000

$

18,540,299

Northern

Municipal

Power

Agency

,

Revenue,

2013

A,

5%,

1/01/30

........................................

1,190,000

1,199,383

Revenue,

2017,

Refunding,

5%,

1/01/41

.................................

800,000

853,612

Norwood

Young

America

Independent

School

District

No.

108

,

GO

,

2022

A

,

2.25

%

,

2/01/45

.........................................................

1,700,000

1,148,205

Prior

Lake-Savage

Independent

School

District

No.

719

,

GO,

2018

B,

Zero

Cpn

.,

2/01/27

.......................................

10,545,000

9,222,514

GO,

2018

B,

Zero

Cpn

.,

2/01/28

.......................................

13,055,000

11,033,540

GO,

2018

B,

Zero

Cpn

.,

2/01/30

.......................................

9,010,000

7,001,424

GO,

2018

B,

Zero

Cpn

.,

2/01/31

.......................................

5,310,000

3,948,610

Red

Rock

Central

Independent

School

District

No.

2884

,

GO

,

2022

A

,

2.375

%

,

2/01/47

3,000,000

2,017,555

Roseville

Independent

School

District

No.

623

,

GO,

2018

A,

5%,

2/01/30

............................................

3,700,000

4,060,530

GO,

2018

A,

4%,

2/01/34

............................................

9,535,000

9,825,135

Sartell-St.

Stephen

Independent

School

District

No.

748

,

GO,

2016

B,

Zero

Cpn

.,

2/01/36

.......................................

3,000,000

1,733,769

GO,

2016

B,

Zero

Cpn

.,

2/01/37

.......................................

2,820,000

1,540,594

GO,

2016

B,

Zero

Cpn

.,

2/01/38

.......................................

5,220,000

2,696,500

GO,

2016

B,

Zero

Cpn

.,

2/01/39

.......................................

3,020,000

1,474,525

a

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue,

Senior

Lien

,

144A,

2022

A

,

5.25

%

,

8/01/37

...............................

8,000,000

7,782,001

Southern

Minnesota

Municipal

Power

Agency

,

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn

.,

1/01/23

.......................

4,000,000

3,966,663

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn

.,

1/01/26

.......................

5,395,000

4,901,713

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn

.,

1/01/27

.......................

6,600,000

5,811,641

Revenue,

2015

A,

Refunding,

5%,

1/01/46

...............................

9,345,000

9,948,136

Revenue,

2017

A,

5%,

1/01/42

........................................

1,315,000

1,423,241

Revenue,

2019

A,

5%,

1/01/32

........................................

700,000

795,391

Revenue,

2019

A,

5%,

1/01/33

........................................

560,000

631,550

Revenue,

2019

A,

5%,

1/01/34

........................................

610,000

683,551

St.

Cloud

Independent

School

District

No.

742

,

COP,

2017

A,

4%,

2/01/38

...........................................

1,000,000

1,002,113

GO,

2015

A,

4%,

2/01/28

............................................

2,080,000

2,150,953

GO,

2017

B,

4%,

2/01/30

............................................

4,060,000

4,262,025

GO,

2017

B,

4%,

2/01/36

............................................

2,500,000

2,624,400

GO,

2017

B,

4%,

2/01/37

............................................

2,250,000

2,361,960

St.

Francis

Independent

School

District

No.

15

,

GO,

2018

A,

4%,

2/01/37

............................................

1,025,000

1,027,502

GO,

2018

A,

3.5%,

2/01/41

...........................................

6,350,000

5,901,179

St.

Paul

Independent

School

District

No.

625

,

GO

,

2013

B

,

Refunding

,

5

%

,

2/01/24

..

2,925,000

2,959,703

St.

Paul

Port

Authority

,

Revenue,

2021-2,

4%,

10/01/40

.......................................

1,100,000

1,100,169

District

Energy

St.

Paul

Obligated

Group,

Revenue,

2021-1,

Refunding,

3%,

10/01/34

300,000

271,276

District

Energy

St.

Paul

Obligated

Group,

Revenue,

2021-1,

Refunding,

4%,

10/01/41

675,000

674,967

State

of

Minnesota

,

COP,

2014,

5%,

6/01/36

.............................................

3,615,000

3,766,846

GO,

2013

F,

Refunding,

4%,

10/01/25

..................................

15,000,000

15,324,151

GO,

2018

A,

5%,

8/01/31

............................................

5,000,000

5,656,468

GO,

2019

A,

5%,

8/01/34

............................................

1,900,000

2,156,766

Revenue,

2012

B,

Refunding,

4%,

3/01/26

...............................

3,000,000

3,006,462

Revenue,

2012

B,

Refunding,

3%,

3/01/30

...............................

5,000,000

5,001,916

Revenue,

2014

A,

5%,

6/01/38

........................................

8,500,000

8,648,405

Franklin

Tax-Free

Trust

Schedule

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)

Stearns

County

Housing

&

Redevelopment

Authority

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

2/01/61

......................................................

$

1,105,000

$

766,489

University

of

Minnesota

,

Revenue,

2014

B,

5%,

1/01/38

........................................

4,500,000

4,582,932

Revenue,

2014

B,

4%,

1/01/44

........................................

3,750,000

3,616,014

Revenue,

2015

A,

Refunding,

5%,

8/01/28

...............................

7,225,000

7,686,214

Revenue,

2016

A,

5%,

4/01/41

........................................

5,000,000

5,293,026

Revenue,

2017

A,

5%,

9/01/42

........................................

4,410,000

4,745,982

Revenue,

2017

B,

Refunding,

5%,

12/01/30

..............................

5,575,000

6,203,533

Revenue,

2019

A,

5%,

4/01/39

........................................

3,055,000

3,364,460

Revenue,

2019

A,

5%,

4/01/44

........................................

8,505,000

9,276,906

Revenue,

2020

A,

5%,

11/01/42

.......................................

5,230,000

5,817,089

Virginia

Independent

School

District

No.

706

,

Rock

Ridge

Independent

School

District

No.

2909

,

GO

,

2019

A

,

3

%

,

2/01/40

....................................

2,295,000

1,993,980

Watertown-Mayer

Independent

School

District

No.

111

,

GO,

2020

A,

Zero

Cpn

.,

2/01/33

.......................................

2,470,000

1,695,088

GO,

2020

A,

Zero

Cpn

.,

2/01/34

.......................................

2,470,000

1,612,658

GO,

2020

A,

Zero

Cpn

.,

2/01/36

.......................................

1,470,000

867,608

GO,

2020

A,

Zero

Cpn

.,

2/01/37

.......................................

2,470,000

1,382,169

Waterville-Elysian-Morristown

Independent

School

District

No.

2143

,

GO

,

2019

A

,

3

%

,

2/01/32

.........................................................

1,995,000

1,969,714

West

St.

Paul-Mendota

Heights-Eagan

Independent

School

District

No.

197

,

GO

,

2018

A

,

4

%

,

2/01/34

....................................................

2,655,000

2,741,691

Western

Minnesota

Municipal

Power

Agency

,

Revenue,

2012

A,

Refunding,

5%,

1/01/24

...............................

5,000,000

5,042,040

Revenue,

2012

A,

Refunding,

5%,

1/01/25

...............................

3,370,000

3,395,002

Revenue,

2012

A,

Refunding,

5%,

1/01/29

...............................

1,200,000

1,207,586

Revenue,

2014

A,

Pre-Refunded,

5%,

1/01/40

............................

8,075,000

8,349,602

Revenue,

2014

A,

Pre-Refunded,

5%,

1/01/46

............................

11,870,000

12,273,657

Revenue,

2015

A,

Refunding,

5%,

1/01/35

...............................

3,000,000

3,201,487

Revenue,

2015

A,

Refunding,

5%,

1/01/36

...............................

2,035,000

2,160,359

Revenue,

2018

A,

5%,

1/01/49

........................................

5,000,000

5,443,773

Zumbro

Education

District

,

COP,

2021

A,

4%,

2/01/32

...........................................

200,000

202,903

COP,

2021

A,

4%,

2/01/33

...........................................

150,000

151,513

COP,

2021

A,

4%,

2/01/34

...........................................

125,000

125,615

COP,

2021

A,

2.125%,

2/01/35

........................................

325,000

254,193

COP,

2021

A,

4%,

2/01/38

...........................................

390,000

381,133

COP,

2021

A,

4%,

2/01/41

...........................................

635,000

608,226

840,832,192

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

2,100,000

1,701,529

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

2,100,000

1,699,737

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,500,000

2,783,542

6,184,808

Texas

0.4%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/34

200,000

168,944

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/35

225,000

213,456

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/36

250,000

234,934

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

4,000,000

3,214,311

3,831,645

Franklin

Tax-Free

Trust

Schedule

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

s

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

$

2,100,000

$

1,700,014

Wisconsin

0.8%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

2,100,000

1,755,526

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

5,600,000

5,562,292

7,317,818

U.S.

Territories

1.0%

Puerto

Rico

1.0%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

775,000

786,613

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,500,000

1,556,023

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

2,890,000

2,942,679

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

3,575,000

3,585,676

8,870,991

Total

U.S.

Territories

....................................................................

8,870,991

Total

Municipal

Bonds

(Cost

$926,900,517)

.....................................

875,667,262

a

a

a

a

Short

Term

Investments

0.1%

Municipal

Bonds

0.1%

Minnesota

0.1%

d

City

of

Minneapolis

St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group

,

Revenue

,

B-2

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1.03

%

,

11/15/35

...............................................

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

$927,900,517)

98.9%

...................................

$876,667,262

Other

Assets,

less

Liabilities

1.1%

.............................................

9,587,646

Net

Assets

100.0%

...........................................................

$886,254,908

See

Abbreviations

on

page

164

.

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,

2022,

the

aggregate

value

of

these

securities

was

$25,984,755,

representing

2.9%

of

net

assets.

b

Security

purchased

on

a

when-issued

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

Ohio

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

100

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$12.54

$12.90

$13.20

$12.49

$12.38

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.15

0.25

0.30

0.35

0.17

Net

realized

and

unrealized

gains

(losses)

...........

(1.12)

(0.36)

(0.30)

0.71

0.11

Total

from

investment

operations

....................

(0.97)

(0.11)

—

1.06

0.28

Less

distributions

from:

Net

investment

income

..........................

(0.14)

(0.25)

(0.30)

(0.35)

(0.17)

Net

asset

value,

end

of

period

......................

$11.43

$12.54

$12.90

$13.20

$12.49

Total

return

e

...................................

(7.72)%

(0.90)%

0.02%

8.60%

2.30%

Ratios

to

average

net

assets

f

Expenses

g

....................................

0.81%

0.81%

0.80%

0.81%

0.80%

Net

investment

income

...........................

2.48%

1.94%

2.31%

2.69%

2.88%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$271,573

$315,516

$261,661

$160,174

$75,132

Portfolio

turnover

rate

............................

14.22%

24.59%

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

101

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.54

$12.90

$13.20

$12.49

$12.46

$12.56

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16

0.27

0.33

0.37

0.38

0.38

Net

realized

and

unrealized

gains

(losses)

(1.12)

(0.36)

(0.31)

0.71

0.03

(0.10)

Total

from

investment

operations

........

(0.96)

(0.09)

0.02

1.08

0.41

0.28

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.27)

(0.32)

(0.37)

(0.38)

(0.38)

Net

asset

value,

end

of

period

..........

$11.43

$12.54

$12.90

$13.20

$12.49

$12.46

Total

return

d

.......................

(7.65)%

(0.75)%

0.17%

8.76%

3.34%

2.26%

Ratios

to

average

net

assets

e

Expenses

.........................

0.66%

f

0.66%

f

0.65%

f

0.66%

f

0.65%

f

0.64%

Net

investment

income

...............

2.63%

2.10%

2.49%

2.84%

3.03%

3.02%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$709,678

$850,932

$929,798

$996,280

$985,590

$1,090,194

Portfolio

turnover

rate

................

14.22%

24.59%

20.64%

4.56%

13.09%

15.46%

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.

102

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.71

$13.08

$13.38

$12.66

$12.63

$12.72

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.12

0.20

0.25

0.30

0.31

0.32

Net

realized

and

unrealized

gains

(losses)

(1.12)

(0.37)

(0.30)

0.72

0.03

(0.10)

Total

from

investment

operations

........

(1.00)

(0.17)

(0.05)

1.02

0.34

0.22

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.20)

(0.25)

(0.30)

(0.31)

(0.31)

Net

asset

value,

end

of

period

..........

$11.59

$12.71

$13.08

$13.38

$12.66

$12.63

Total

return

d

.......................

(7.88)%

(1.36)%

(0.37)%

8.16%

2.72%

1.75%

Ratios

to

average

net

assets

e

Expenses

.........................

1.20%

f

1.20%

f

1.20%

f

1.21%

f

1.20%

f

1.19%

Net

investment

income

...............

2.04%

1.52%

1.92%

2.29%

2.48%

2.47%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$96,394

$125,479

$169,258

$203,367

$215,045

$308,088

Portfolio

turnover

rate

................

14.22%

24.59%

20.64%

4.56%

13.09%

15.46%

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,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.55

$12.91

$13.22

$12.50

$12.47

$12.73

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.17

0.29

0.34

0.38

0.39

0.23

Net

realized

and

unrealized

gains

(losses)

(1.12)

(0.36)

(0.31)

0.73

0.03

(0.26)

Total

from

investment

operations

........

(0.95)

(0.07)

0.03

1.11

0.42

(0.03)

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.29)

(0.34)

(0.39)

(0.39)

(0.23)

Net

asset

value,

end

of

period

..........

$11.44

$12.55

$12.91

$13.22

$12.50

$12.47

Total

return

e

.......................

(7.58)%

(0.61)%

0.31%

8.90%

3.47%

(0.24)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.53%

0.53%

0.54%

0.53%

0.53%

0.52%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.51%

g

0.52%

g

0.51%

g

0.52%

g

0.51%

g

0.50%

Net

investment

income

...............

2.77%

2.23%

2.59%

2.98%

3.17%

3.16%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$16,026

$21,433

$16,977

$10,638

$6,942

$7,847

Portfolio

turnover

rate

................

14.22%

24.59%

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

104

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.55

$12.91

$13.21

$12.50

$12.47

$12.57

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16

0.29

0.34

0.38

0.39

0.40

Net

realized

and

unrealized

gains

(losses)

(1.11)

(0.37)

(0.30)

0.71

0.03

(0.10)

Total

from

investment

operations

........

(0.95)

(0.08)

0.04

1.09

0.42

0.30

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.28)

(0.34)

(0.38)

(0.39)

(0.40)

Net

asset

value,

end

of

period

..........

$11.44

$12.55

$12.91

$13.21

$12.50

$12.47

Total

return

d

.......................

(7.60)%

(0.65)%

0.27%

8.86%

3.43%

2.36%

Ratios

to

average

net

assets

e

Expenses

.........................

0.55%

f

0.56%

f

0.55%

f

0.56%

f

0.55%

f

0.54%

Net

investment

income

...............

2.73%

2.20%

2.58%

2.94%

3.13%

3.12%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$239,919

$299,002

$295,666

$243,913

$179,427

$170,329

Portfolio

turnover

rate

................

14.22%

24.59%

20.64%

4.56%

13.09%

15.46%

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

Schedule

of

Investments

(unaudited),

August

31,

2022

Franklin

Ohio

Tax-Free

Income

Fund

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

99.4%

California

0.2%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

$

2,800,000

$

2,423,376

Florida

0.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

9,144,000

8,039,770

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

2,200,000

1,556,280

9,596,050

Illinois

0.2%

State

of

Illinois

,

GO,

2017

C,

5%,

11/01/29

...........................................

1,500,000

1,593,702

GO,

2021

A,

4%,

3/01/39

............................................

500,000

467,755

2,061,457

Kentucky

0.8%

a

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn.,

5/01/52

....................................

15,210,000

10,413,560

New

Jersey

0.6%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

4%,

6/15/35

.......................................

1,500,000

1,469,642

Revenue,

2020

AA,

5%,

6/15/37

.......................................

4,000,000

4,252,038

Revenue,

2022

A,

4%,

6/15/38

........................................

2,000,000

1,933,516

7,655,196

New

York

0.5%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/40

.....................................

6,750,000

6,276,076

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

750,000

667,724

6,943,800

Ohio

93.1%

Akron

Bath

Copley

Joint

Township

Hospital

District

,

Summa

Health

System

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

3

%

,

11/15/40

..........................

5,400,000

4,171,614

American

Municipal

Power,

Inc.

,

Revenue,

2015

A,

Refunding,

5%,

2/15/28

...............................

5,000,000

5,162,578

Revenue,

2016

A,

4%,

2/15/36

........................................

1,000,000

1,000,196

Revenue,

2016

A,

5%,

2/15/46

........................................

5,000,000

5,208,623

Revenue,

2016

A,

Refunding,

5%,

2/15/46

...............................

7,500,000

7,810,465

Revenue,

2017

A,

Refunding,

5%,

2/15/37

...............................

3,700,000

3,975,430

Revenue,

2017

A,

Refunding,

5%,

2/15/38

...............................

3,500,000

3,743,864

Revenue,

2019

A,

5%,

2/15/44

........................................

3,345,000

3,565,594

Anthony

Wayne

Local

School

District

,

GO

,

2017

A

,

4

%

,

12/01/39

................

3,000,000

3,009,649

Apollo

Joint

Vocational

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

12/01/39

........

6,530,000

6,560,415

Berkshire

Local

School

District

,

GO

,

2021

,

Refunding

,

3

%

,

10/01/56

.............

735,000

530,224

Bethel

Local

School

District

,

COP,

2020,

BAM

Insured,

3%,

12/01/45

.................................

4,095,000

3,289,677

COP,

2020,

BAM

Insured,

2.75%,

12/01/49

..............................

4,000,000

2,973,282

Big

Walnut

Local

School

District

,

GO

,

2019

,

5

%

,

12/01/53

.....................

9,155,000

9,837,589

Bloom-Carroll

Local

School

District

,

GO

,

2018

A

,

5

%

,

11/01/55

.................

7,025,000

7,582,859

Bowling

Green

State

University

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

6/01/42

........

3,250,000

3,450,785

Brecksville-Broadview

Heights

City

School

District

,

GO

,

2018

,

Pre-Refunded

,

5.25

%

,

12/01/54

........................................................

7,390,000

7,653,307

Brooklyn

City

School

District

,

GO,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/38

........................

1,905,000

2,060,629

GO,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/49

........................

9,000,000

9,632,679

Franklin

Tax-Free

Trust

Schedule

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.

106

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

..................

$

33,215,000

$

24,638,302

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

4%,

6/01/48

..................

3,245,000

2,908,540

Butler

County

Port

Authority

,

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/32

........................................................

100,000

103,748

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/33

........................................................

135,000

139,506

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/34

........................................................

185,000

190,066

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/35

........................................................

195,000

199,376

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/36

........................................................

205,000

209,089

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/37

........................................................

210,000

213,255

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/38

........................................................

220,000

222,872

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/39

........................................................

225,000

227,203

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/40

........................................................

240,000

241,554

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/41

........................................................

245,000

245,982

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/46

........................................................

900,000

887,624

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/51

........................................................

1,000,000

969,545

Canal

Winchester

Local

School

District

,

GO,

2005,

NATL

Insured,

Zero

Cpn.,

12/01/32

............................

3,955,000

2,753,440

GO,

2005,

NATL

Insured,

Zero

Cpn.,

12/01/33

............................

2,000,000

1,328,696

Chillicothe

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn.,

12/01/22

...................

1,905,000

1,892,374

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn.,

12/01/23

...................

1,905,000

1,837,540

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn.,

12/01/24

...................

1,905,000

1,781,728

Cincinnati

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/27

......................

14,900,000

16,888,541

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/28

......................

8,180,000

9,437,899

City

of

Chillicothe

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/37

.....................................................

5,000,000

5,227,349

City

of

Cincinnati

,

GO

,

2015

A

,

Pre-Refunded

,

5.25

%

,

12/01/40

.................

6,500,000

6,976,067

City

of

Cleveland

,

GO,

2012,

5%,

12/01/30

.............................................

35,000

35,196

GO,

2012,

Pre-Refunded,

5%,

12/01/30

.................................

2,965,000

2,985,145

GO,

2020

A,

4%,

12/01/35

...........................................

1,000,000

1,029,427

GO,

2020

A,

2%,

12/01/36

...........................................

1,215,000

932,784

Water

Pollution

Control,

Revenue,

2016,

5%,

11/15/41

......................

2,000,000

2,090,121

City

of

Columbus

,

GO,

2016-3,

Refunding,

5%,

2/15/27

...................................

5,000,000

5,545,748

GO,

2018

A,

5%,

4/01/34

............................................

7,000,000

7,788,586

GO,

2019

A,

5%,

4/01/40

............................................

3,000,000

3,289,923

GO,

2021

A,

5%,

4/01/38

............................................

2,000,000

2,243,662

Sewerage,

Revenue,

2014,

Refunding,

4%,

6/01/31

........................

15,000,000

15,436,500

Sewerage,

Revenue,

2015,

Refunding,

5%,

6/01/29

........................

5,000,000

5,424,977

City

of

Marysville

,

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

4%,

12/01/40

.......................................................

3,015,000

3,019,499

Franklin

Tax-Free

Trust

Schedule

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)

City

of

Marysville,

(continued)

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/47

.......................................................

$

5,035,000

$

5,225,415

Wastewater

Treatment

System,

Revenue,

2016,

Refunding,

BAM

Insured,

4%,

12/01/46

.......................................................

9,370,000

9,101,563

City

of

Mount

Vernon

,

Mount

Vernon

Nazarene

University,

Revenue,

2022,

Refunding,

4%,

2/01/37

.....

995,000

940,739

Mount

Vernon

Nazarene

University,

Revenue,

2022,

Refunding,

4%,

2/01/52

.....

1,675,000

1,447,630

City

of

St.

Bernard

,

Income

Tax

,

Revenue

,

2013

,

AGMC

Insured

,

5

%

,

12/01/43

.....

3,760,000

3,850,200

City

of

Toledo

,

Water

System

,

Revenue

,

2013

,

Pre-Refunded

,

5

%

,

11/15/38

.......

19,395,000

19,753,526

City

of

Westerville

,

Revenue

,

2014

,

5

%

,

12/01/30

...........................

2,765,000

2,876,318

Cleveland

Department

of

Public

Utilities

Division

of

Public

Power

,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

11/15/38

..................

600,000

599,218

Revenue,

B-2,

NATL

Insured,

Zero

Cpn.,

11/15/38

.........................

10,000,000

4,998,259

Cleveland

Department

of

Public

Utilities

Division

of

Water

,

Revenue,

2020

FF,

Refunding,

5%,

1/01/32

..............................

1,000,000

1,137,688

Revenue,

2020

FF,

Refunding,

5%,

1/01/33

..............................

1,000,000

1,132,683

Cleveland

Municipal

School

District

,

GO,

2013,

Refunding,

5%,

12/01/25

....................................

3,600,000

3,623,107

GO,

2013,

Refunding,

5%,

12/01/27

....................................

1,000,000

1,006,318

Cleveland-Cuyahoga

County

Port

Authority

,

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

5%,

7/01/35

.......

600,000

671,689

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/37

.......

700,000

707,839

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/38

.......

100,000

100,799

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/39

.......

700,000

703,813

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/40

.......

100,000

99,229

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/41

.......

800,000

790,107

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/46

.......

500,000

474,825

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/51

.......

2,000,000

1,865,925

Euclid

Avenue

Development

Corp.,

Revenue,

2022

A,

5.5%,

8/01/52

...........

9,000,000

9,621,507

Columbus-Franklin

County

Finance

Authority

,

Revenue,

2021

C,

2.5%,

11/15/41

.....................................

900,000

665,375

Revenue,

2021

C,

3%,

5/15/51

........................................

2,180,000

1,578,943

County

of

Butler

,

Cincinnati

Children's

Hospital

Medical

Center

Obligated

Group,

Revenue,

2016

X,

Refunding,

5%,

5/15/29

............................................

6,750,000

7,674,946

UC

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/45

..........

20,270,000

20,872,793

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/36

..........

4,140,000

4,053,340

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/37

..........

1,500,000

1,461,750

County

of

Cuyahoga

,

GO,

2020

A,

Refunding,

4%,

12/01/34

..................................

750,000

786,448

GO,

2020

A,

Refunding,

3%,

12/01/36

..................................

1,100,000

973,645

Excise

Tax,

Revenue,

2015,

Pre-Refunded,

5%,

12/01/25

....................

500,000

516,288

County

of

Franklin

,

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2016

C,

Refunding,

5%,

11/01/34

..

2,600,000

2,772,676

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2016

C,

Refunding,

4%,

11/01/40

..

5,000,000

4,866,852

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/33

..........

5,270,000

5,085,723

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/34

..........

2,240,000

2,144,754

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/35

..........

2,900,000

2,758,446

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/36

..........

2,640,000

2,495,600

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/40

..........

2,590,000

2,375,201

OhioHealth

Obligated

Group,

Revenue,

2015,

5%,

5/15/33

...................

6,290,000

6,567,295

Sales

Tax,

Revenue,

2018,

5%,

6/01/43

.................................

10,000,000

10,851,522

Sales

Tax,

Revenue,

2018,

5%,

6/01/48

.................................

6,000,000

6,512,440

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017,

5%,

12/01/46

............

7,500,000

7,896,851

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2019

A,

4%,

12/01/49

..........

6,030,000

5,583,388

Franklin

Tax-Free

Trust

Schedule

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)

County

of

Hamilton

,

Sewer

System,

Revenue,

2019

A,

Refunding,

5%,

12/01/33

..................

$

6,965,000

$

7,919,787

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/32

..................

2,115,000

2,431,037

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/33

..................

1,500,000

1,713,057

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/35

..................

2,000,000

2,269,216

TriHealth

Obligated

Group,

Revenue,

2017

A,

5%,

8/15/42

...................

5,000,000

5,154,014

County

of

Mahoning

,

Western

Reserve

Care

System

,

Revenue

,

1995

,

NATL

Insured

,

ETM,

5.5

%

,

10/15/25

...............................................

2,210,000

2,312,642

County

of

Miami

,

Kettering

Health

Network

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

8/01/49

.............................................

12,000,000

12,432,426

County

of

Montgomery

,

Kettering

Health

Network

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/41

1,000,000

963,351

Premier

Health

Partners

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

11/15/39

.......................................................

5,000,000

4,653,803

County

of

Ross

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/44

.....................................................

4,705,000

4,903,084

County

of

Union

,

GO

,

2018

,

5

%

,

12/01/47

.................................

5,000,000

5,317,637

Cuyahoga

Falls

City

School

District

,

GO

,

2021

,

BAM

Insured

,

4

%

,

12/01/51

.......

1,485,000

1,391,685

Dayton

City

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

11/01/30

................

5,000,000

5,835,715

Dayton-Montgomery

County

Port

Authority

,

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

2%,

11/15/31

..........

430,000

356,656

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

2.5%,

11/15/41

........

1,615,000

1,174,088

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

3%,

5/15/51

..........

1,000,000

706,876

Deer

Park

Community

City

School

District

,

GO

,

2017

A

,

5.25

%

,

12/01/53

.........

3,000,000

3,146,293

Delaware

City

School

District

,

GO

,

2013

,

Pre-Refunded

,

5.75

%

,

12/01/49

.........

6,000,000

6,152,706

Dublin

City

School

District

,

GO

,

2019

A

,

4

%

,

12/01/44

........................

10,000,000

9,845,546

Elyria

City

School

District

,

GO

,

2017

A

,

5

%

,

12/01/43

........................

5,500,000

5,843,170

Fairborn

City

School

District

,

GO

,

2021

A

,

3

%

,

12/01/50

......................

8,065,000

6,167,507

Franklin

City

School

District

,

GO

,

2021

A

,

3

%

,

11/01/57

.......................

8,000,000

5,941,670

Franklin

County

Convention

Facilities

Authority

,

Revenue

,

2014

,

Pre-Refunded

,

5

%

,

12/01/35

........................................................

20,000,000

21,144,148

Fremont

City

School

District

,

GO

,

2017

A

,

5

%

,

1/15/49

.......................

13,970,000

14,634,445

Grandview

Heights

City

School

District

,

GO,

2019,

4%,

12/01/51

.............................................

1,980,000

1,915,860

GO,

2019,

5%,

12/01/53

.............................................

2,150,000

2,335,047

Great

Oaks

Career

Campuses

Board

of

Education

,

COP

,

2021

,

3

%

,

12/01/44

......

1,455,000

1,185,226

Highland

Local

School

District

,

GO

,

2018

A

,

Pre-Refunded

,

5.25

%

,

12/01/54

.......

12,000,000

12,261,253

Hilliard

School

District

,

GO

,

2017

,

4

%

,

12/01/46

............................

10,000,000

9,785,267

Hillsdale

Local

School

District

,

COP

,

2020

,

BAM

Insured

,

4

%

,

12/01/40

...........

1,435,000

1,411,026

Hudson

City

School

District

,

GO

,

2018

,

4

%

,

12/01/45

........................

18,870,000

18,508,117

Indian

Creek

Local

School

District

,

GO,

2018

A,

5%,

11/01/55

...........................................

3,000,000

3,212,500

GO,

2018

B,

BAM

Insured,

5%,

11/01/55

................................

3,910,000

4,164,775

JobsOhio

Beverage

System

,

Revenue,

Senior

Lien

,

2013

A

,

Pre-Refunded

,

5

%

,

1/01/38

.........................................................

26,010,000

26,240,246

Lakota

Local

School

District

,

GO,

2005,

Refunding,

NATL

Insured,

5.25%,

12/01/26

......................

2,000,000

2,224,656

GO,

2014

C,

Pre-Refunded,

5%,

12/01/30

...............................

4,035,000

4,265,832

Lancaster

City

School

District

,

GO

,

2012

,

Pre-Refunded

,

5

%

,

10/01/49

...........

460,000

461,007

Licking

Heights

Local

School

District

,

GO

,

2022

,

4.5

%

,

10/01/51

................

1,800,000

1,801,750

Little

Miami

Local

School

District

,

GO,

2018,

5%,

11/01/43

.............................................

1,000,000

1,046,696

GO,

2018,

5%,

11/01/48

.............................................

2,460,000

2,566,613

Franklin

Tax-Free

Trust

Schedule

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)

Madeira

City

School

District

,

GO

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/32

.....

$

9,605,000

$

11,180,474

Miami

University

,

Revenue,

2014,

Refunding,

5%,

9/01/31

.................................

2,320,000

2,411,742

Revenue,

2014,

Refunding,

5%,

9/01/34

.................................

3,500,000

3,621,183

Revenue,

2017,

Refunding,

5%,

9/01/41

.................................

5,000,000

5,297,482

Revenue,

2021

A,

Refunding,

5%,

9/01/32

...............................

1,070,000

1,233,437

Revenue,

2021

A,

Refunding,

5%,

9/01/33

...............................

1,055,000

1,209,312

Revenue,

2021

A,

Refunding,

5%,

9/01/34

...............................

1,035,000

1,176,273

Miami

Valley

Career

Technology

Center

,

GO

,

2018

,

5

%

,

12/01/44

...............

20,000,000

21,606,688

Middletown

City

School

District

,

GO,

2014,

Pre-Refunded,

5.25%,

12/01/40

...............................

2,625,000

2,644,440

GO,

2014,

Pre-Refunded,

5.25%,

12/01/48

...............................

15,000,000

15,111,084

New

Albany

Community

Authority

,

Revenue,

2012

C,

Refunding,

5%,

10/01/23

..............................

1,100,000

1,102,450

Revenue,

2012

C,

Refunding,

5%,

10/01/24

..............................

1,250,000

1,252,645

New

Albany

Plain

Local

School

District

,

GO

,

2013

,

Pre-Refunded

,

4

%

,

12/01/49

....

10,000,000

10,041,996

Northeast

Ohio

Medical

University

,

Revenue,

2021

A,

Refunding,

3%,

12/01/23

..............................

75,000

75,133

Revenue,

2021

A,

Refunding,

5%,

12/01/25

..............................

125,000

131,766

Revenue,

2021

A,

Refunding,

5%,

12/01/27

..............................

100,000

107,884

Revenue,

2021

A,

Refunding,

5%,

12/01/29

..............................

110,000

120,009

Revenue,

2021

A,

Refunding,

3%,

12/01/40

..............................

500,000

397,613

Revenue,

2021

A,

Refunding,

4%,

12/01/45

..............................

450,000

412,950

b

Revenue,

2022,

BAM

Insured,

5%,

12/01/43

.............................

1,000,000

1,054,219

Northeast

Ohio

Regional

Sewer

District

,

Revenue,

2014,

Pre-Refunded,

5%,

11/15/32

.............................

5,500,000

5,802,612

Revenue,

2014,

Pre-Refunded,

4%,

11/15/49

.............................

1,295,000

1,336,389

Revenue,

2014,

Pre-Refunded,

4%,

11/15/49

.............................

2,260,000

2,334,689

Revenue,

2017,

Refunding,

4%,

11/15/43

................................

10,000,000

9,820,552

Revenue,

2019,

Refunding,

3%,

11/15/35

................................

4,500,000

4,120,655

Northeastern

Local

School

District

,

GO,

2018,

AGMC

Insured,

5.25%,

12/01/45

..............................

5,420,000

5,938,649

GO,

2018,

AGMC

Insured,

4%,

12/01/55

................................

5,000,000

4,729,344

Northwest

Local

School

District

,

GO

,

2015

,

Pre-Refunded

,

5

%

,

12/01/45

..........

3,760,000

3,880,135

Norwood

City

School

District

,

GO,

2017

A,

Pre-Refunded,

5%,

11/01/46

...............................

5,000,000

5,445,358

GO,

2017

A,

Pre-Refunded,

5.25%,

11/01/51

.............................

7,645,000

8,392,537

c

Ohio

Air

Quality

Development

Authority

,

Ohio

Valley

Electric

Corp.,

Revenue,

2009

B,

Mandatory

Put,

1.375%,

11/01/24

...

1,875,000

1,776,207

Ohio

Valley

Electric

Corp.,

Revenue,

2009

C,

Mandatory

Put,

1.5%,

11/04/25

.....

2,000,000

1,855,859

Ohio

Center

Local

Government

Capital

Asset

Financing

Program

,

GO

,

2003

,

AGMC

Insured

,

5.25

%

,

12/01/23

............................................

235,000

235,590

Ohio

Higher

Educational

Facility

Commission

,

Ashtabula

County

Medical

Center

Obligated

Group,

Revenue,

2022,

5.25%,

1/01/47

3,000,000

3,166,751

Ashtabula

County

Medical

Center

Obligated

Group,

Revenue,

2022,

5.25%,

1/01/52

2,250,000

2,360,975

Case

Western

Reserve

University,

Revenue,

2016,

Refunding,

5%,

12/01/40

.....

6,000,000

6,379,250

Cleveland

Institute

of

Music

(The),

Revenue,

2022,

5%,

12/01/32

..............

300,000

313,305

Cleveland

Institute

of

Music

(The),

Revenue,

2022,

5.125%,

12/01/42

...........

3,390,000

3,460,944

Cleveland

Institute

of

Music

(The),

Revenue,

2022,

5.375%,

12/01/52

...........

3,100,000

3,183,764

Denison

University,

Revenue,

2021,

3%,

11/01/50

.........................

4,250,000

3,050,556

John

Carroll

University,

Revenue,

2020,

4%,

10/01/45

......................

1,100,000

982,391

John

Carroll

University,

Revenue,

2020,

4%,

10/01/50

......................

3,500,000

3,054,257

John

Carroll

University,

Revenue,

2022,

Refunding,

4%,

10/01/47

..............

11,360,000

10,038,522

John

Carroll

University,

Revenue,

2022,

Refunding,

4%,

10/01/52

..............

5,000,000

4,328,580

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,540,000

1,559,613

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,360,000

1,369,033

Franklin

Tax-Free

Trust

Schedule

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)

Ohio

Higher

Educational

Facility

Commission,

(continued)

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

$

2,900,000

$

2,903,661

Kenyon

College,

Revenue,

2016,

Refunding,

5%,

7/01/42

...................

5,320,000

5,472,198

Kenyon

College,

Revenue,

2016,

Refunding,

4%,

7/01/44

...................

5,180,000

4,756,970

Kenyon

College,

Revenue,

2017,

5%,

7/01/42

............................

1,250,000

1,294,217

Kenyon

College,

Revenue,

2017,

4%,

7/01/47

............................

4,000,000

3,575,755

Otterbein

Homes

Obligated

Group,

Revenue,

2021

B,

Refunding,

4%,

7/01/46

....

1,085,000

1,009,014

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/37

..............

1,050,000

998,190

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/38

..............

1,055,000

994,417

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/39

..............

1,105,000

1,034,629

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/40

..............

1,225,000

1,139,009

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/41

..............

1,275,000

1,177,235

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/46

..............

1,975,000

1,762,727

University

of

Dayton,

Revenue,

2018

A,

4%,

12/01/43

.......................

11,885,000

10,814,980

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/28

................

150,000

166,022

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/29

................

415,000

463,620

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/30

................

400,000

450,101

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/31

................

550,000

611,937

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/32

................

340,000

375,928

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/33

................

130,000

142,828

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/34

................

500,000

546,870

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/35

................

1,000,000

1,090,044

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/36

................

900,000

874,481

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/37

................

1,335,000

1,106,033

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/39

................

480,000

452,081

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/40

................

500,000

389,465

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/41

................

250,000

231,465

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/42

................

325,000

244,780

Ohio

Housing

Finance

Agency

,

Revenue

,

2020

B

,

GNMA

Insured

,

2.1

%

,

9/01/35

....

515,000

415,360

Ohio

State

University

(The)

,

Revenue

,

2014

A

,

4

%

,

12/01/30

...................

4,325,000

4,413,283

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

2018

A,

5%,

2/15/43

........................................

33,350,000

35,817,466

Revenue,

Junior

Lien,

2013

A-1,

Refunding,

5.25%,

2/15/33

..................

4,200,000

4,250,725

Revenue,

Junior

Lien,

2013

A-2,

BAM

Insured,

Zero

Cpn.,

2/15/38

.............

3,665,000

1,954,066

Revenue,

Junior

Lien,

2013

A-2,

Zero

Cpn.,

2/15/43

........................

10,485,000

4,121,768

b

Revenue,

Junior

Lien,

2022

A,

Refunding,

5%,

2/15/39

......................

5,000,000

5,633,496

Ohio

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/44

...................

7,000,000

7,432,112

Ohio

Water

Development

Authority

,

Revenue,

2019,

5%,

12/01/38

........................................

7,000,000

7,760,372

Revenue,

2021

A,

5%,

12/01/36

.......................................

2,000,000

2,269,684

Revenue,

2021

A,

5%,

12/01/37

.......................................

1,750,000

1,973,132

Revenue,

2021

A,

5%,

12/01/39

.......................................

1,500,000

1,678,298

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

12/01/39

............

5,000,000

5,545,697

Water

Pollution

Control

Loan

Fund,

Revenue,

2021

A,

5%,

12/01/46

............

5,500,000

6,082,172

Olentangy

Local

School

District

,

GO,

2016,

4%,

12/01/46

.............................................

15,235,000

14,907,854

GO,

2020

A,

3%,

12/01/38

...........................................

500,000

444,512

Perrysburg

Exempted

Village

School

District

,

GO

,

2015

,

Pre-Refunded

,

5

%

,

12/01/38

3,225,000

3,402,232

Princeton

City

School

District

,

GO,

2014,

Pre-Refunded,

5%,

12/01/39

.................................

12,000,000

12,686,489

GO,

2014,

Refunding,

Zero

Cpn.,

12/01/40

...............................

6,000,000

2,912,235

GO,

2014,

Refunding,

Zero

Cpn.,

12/01/41

...............................

6,000,000

2,776,171

Franklin

Tax-Free

Trust

Schedule

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)

Reading

Community

City

School

District

,

GO

,

2016

A

,

5

%

,

11/01/46

.............

$

2,000,000

$

2,071,276

Riverside

Local

School

District

,

GO

,

2017

A

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

10/01/47

........................................................

5,000,000

5,200,559

Springboro

Community

City

School

District

,

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

12/01/27

.....................

5,175,000

5,790,017

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

12/01/28

.....................

2,000,000

2,270,474

State

of

Ohio

,

GO,

2017

A,

5%,

3/15/36

............................................

5,000,000

5,157,704

GO,

2018

A,

5%,

6/15/38

............................................

10,000,000

10,641,378

GO,

2019

A,

5%,

5/01/36

............................................

6,000,000

6,506,840

GO,

2019

A,

5%,

6/15/37

............................................

6,500,000

7,187,990

GO,

V,

5%,

5/01/33

................................................

1,000,000

1,112,944

GO,

V,

5%,

5/01/34

................................................

4,000,000

4,431,961

GO,

W,

5%,

5/01/35

................................................

2,315,000

2,602,151

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2017

A,

Refunding,

3.25%,

1/01/35

..................................................

10,000,000

9,469,187

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2021

B,

Refunding,

5%,

1/01/29

........................................................

4,850,000

5,499,707

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/38

..........

1,000,000

1,120,428

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/39

..........

1,000,000

1,116,149

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/40

..........

1,110,000

1,231,517

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/41

..........

750,000

830,136

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/37

1,000,000

937,068

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/39

875,000

807,539

University

Hospitals

Health

System,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

3%,

1/15/45

............................................

5,000,000

3,772,635

University

Hospitals

Health

System,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

1/15/46

............................................

18,795,000

17,493,332

Summit

County

Development

Finance

Authority

,

City

of

Akron

,

Revenue

,

2022

,

4

%

,

5/15/46

......................................................

5,585,000

5,265,143

Switzerland

of

Ohio

Local

School

District

,

GO

,

2013

,

Pre-Refunded

,

4

%

,

12/01/37

...

5,500,000

5,565,862

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/45

.............

6,000,000

5,884,934

Sylvania

City

School

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/36

....

9,700,000

10,198,485

Three

Rivers

Local

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

12/01/39

...........

5,885,000

6,167,561

Toledo-Lucas

County

Port

Authority

,

Revenue,

2021

A,

2%,

11/15/31

.......................................

430,000

359,400

Revenue,

2021

A,

3%,

5/15/51

........................................

1,160,000

809,416

ParkUToledo,

Inc.,

Revenue,

2021,

4%,

1/01/46

...........................

1,625,000

1,388,601

ParkUToledo,

Inc.,

Revenue,

2021,

4%,

1/01/51

...........................

2,840,000

2,330,545

ParkUToledo,

Inc.,

Revenue,

2021,

4%,

1/01/57

...........................

6,000,000

4,826,553

Triway

Local

School

District

,

COP

,

2021

,

BAM

Insured

,

4

%

,

12/01/39

............

2,200,000

2,182,064

University

of

Akron

(The)

,

Revenue,

2015

A,

Refunding,

5%,

1/01/31

...............................

4,365,000

4,547,893

Revenue,

2016

A,

Refunding,

BAM

Insured,

5%,

1/01/34

....................

6,000,000

6,416,536

Revenue,

2016

A,

Refunding,

5%,

1/01/36

...............................

11,065,000

11,775,464

Revenue,

2016

A,

Refunding,

5%,

1/01/38

...............................

13,225,000

14,044,721

Revenue,

2018

A,

Refunding,

5%,

1/01/42

...............................

5,725,000

6,117,311

University

of

Cincinnati

,

Revenue,

2013

C,

Pre-Refunded,

5%,

6/01/39

............................

6,255,000

6,458,765

Revenue,

2018

A,

Refunding,

4%,

6/01/48

...............................

10,000,000

9,412,000

Upper

Arlington

City

School

District

,

GO

,

2018

A

,

Pre-Refunded

,

5

%

,

12/01/48

.....

13,000,000

14,644,299

Village

of

Bluffton

,

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/33

.......................................................

1,655,000

1,658,086

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/34

.......................................................

1,900,000

1,889,287

Franklin

Tax-Free

Trust

Schedule

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)

Warren

County

Port

Authority

,

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

C,

4%,

12/01/41

..........

$

2,075,000

$

1,789,187

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

C,

4%,

12/01/55

..........

3,500,000

2,767,791

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

D,

5%,

12/01/46

..........

3,895,000

3,365,256

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

H,

4%,

12/01/41

..........

570,000

492,746

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

H,

4%,

12/01/53

..........

1,375,000

1,095,791

Ohio

Communities

Accelerator

Fund,

Revenue,

2022

A,

5.5%,

12/01/50

.........

3,210,000

3,171,880

b

Ohio

Communities

Accelerator

Fund,

Revenue,

2022

B,

4.75%,

12/01/34

........

1,100,000

1,095,051

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

3%,

12/01/30

.......................................

525,000

467,480

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

4%,

12/01/40

.......................................

1,390,000

1,196,203

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

4%,

12/01/52

.......................................

1,930,000

1,521,367

Warrensville

Heights

City

School

District

,

GO,

2019

A,

BAM

Insured,

5%,

12/01/44

................................

190,000

197,395

GO,

2019

A,

Pre-Refunded,

BAM

Insured,

5%,

12/01/44

.....................

460,000

485,797

GO,

2019

A,

Pre-Refunded,

BAM

Insured,

5.25%,

12/01/55

..................

1,740,000

1,847,036

West

Carrollton

City

School

District

,

GO,

2020

A,

3%,

12/01/44

...........................................

2,540,000

2,060,641

GO,

2020

A,

3%,

12/01/49

...........................................

1,645,000

1,279,002

Westerville

City

School

District

,

GO

,

2006

,

Refunding

,

XLCA

Insured

,

5

%

,

12/01/27

..

3,820,000

4,224,666

Westlake

City

School

District

,

GO

,

2021

A

,

Refunding

,

4

%

,

12/01/49

.............

3,965,000

3,791,748

Willoughby-Eastlake

City

School

District

,

GO

,

2016

,

Pre-Refunded

,

5

%

,

12/01/46

...

10,000,000

10,797,717

Winton

Woods

City

School

District

,

GO,

2017,

Refunding,

4%,

11/01/43

....................................

7,000,000

6,877,054

GO,

2022,

Refunding,

BAM

Insured,

4%,

11/01/53

.........................

2,000,000

1,929,666

Wright

State

University

,

Revenue

,

2021

A

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/30

...

1,285,000

1,463,096

Xenia

Community

School

District

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

12/01/40

.........

7,285,000

7,701,756

1,242,053,748

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

3,200,000

2,592,806

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

3,200,000

2,590,076

a

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

5,250,000

3,512,749

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,200,000

2,544,952

11,240,583

Tennessee

0.1%

c

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

1,500,000

1,569,120

Texas

0.7%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

4,300,000

3,403,612

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/38

300,000

237,250

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/47

1,000,000

709,333

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

6,000,000

4,821,467

9,171,662

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

3,200,000

2,590,498

Wisconsin

0.8%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

3,100,000

2,591,490

Franklin

Tax-Free

Trust

Schedule

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

s

See

Abbreviations

on

page

164

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

a

Public

Finance

Authority,

(continued)

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

$

8,200,000

$

8,144,785

10,736,275

U.S.

Territories

0.7%

Puerto

Rico

0.7%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,000,000

1,015,584

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

1,011,313

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

800,000

811,988

Revenue,

2007

N,

Refunding,

AGMC,

FGIC

Insured,

5.25%,

7/01/39

...........

540,000

544,917

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,870,000

1,939,842

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

...................

800,000

813,794

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

940,000

942,807

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/33

..

440,000

480,309

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/35

..

235,000

253,773

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

1,100,000

1,067,118

8,881,445

Total

U.S.

Territories

....................................................................

8,881,445

Total

Municipal

Bonds

(Cost

$1,382,596,824)

...................................

1,325,336,770

a

a

a

a

Short

Term

Investments

0.3%

Municipal

Bonds

0.3%

Ohio

0.3%

d

County

of

Allen

Hospital

Facilities

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010

C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

1.12

%

,

6/01/34

.................

4,300,000

4,300,000

Total

Municipal

Bonds

(Cost

$4,300,000)

.......................................

4,300,000

Total

Short

Term

Investments

(Cost

$4,300,000

)

.................................

4,300,000

a

Total

Investments

(Cost

$1,386,896,824)

99.7%

..................................

$1,329,636,770

Other

Assets,

less

Liabilities

0.3%

.............................................

3,952,826

Net

Assets

100.0%

...........................................................

$1,333,589,596

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,

2022,

the

aggregate

value

of

these

securities

was

$42,172,199,

representing

3.2%

of

net

assets.

b

Security

purchased

on

a

when-issued

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

Oregon

Tax

-

Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

114

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.45

$11.73

$12.00

$11.37

$11.30

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.13

0.23

0.26

0.30

0.16

Net

realized

and

unrealized

gains

(losses)

...........

(0.94)

(0.28)

(0.27)

0.64

0.07

Total

from

investment

operations

....................

(0.81)

(0.05)

(0.01)

0.94

0.23

Less

distributions

from:

Net

investment

income

..........................

(0.13)

(0.23)

(0.26)

(0.31)

(0.16)

Net

asset

value,

end

of

period

......................

$10.51

$11.45

$11.73

$12.00

$11.37

Total

return

e

...................................

(7.11)%

(0.48)%

(0.07)%

8.39%

2.09%

Ratios

to

average

net

assets

f

Expenses

g

....................................

0.80%

0.80%

0.80%

0.80%

0.80%

Net

investment

income

...........................

2.37%

1.93%

2.20%

2.58%

3.05%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$214,007

$251,006

$218,010

$162,664

$62,119

Portfolio

turnover

rate

............................

19.59%

19.83%

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

115

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.44

$11.72

$11.99

$11.36

$11.37

$11.60

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.25

0.28

0.32

0.36

0.37

Net

realized

and

unrealized

gains

(losses)

(0.94)

(0.28)

(0.27)

0.64

(0.01)

(0.22)

Total

from

investment

operations

........

(0.80)

(0.03)

0.01

0.96

0.35

0.15

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.25)

(0.28)

(0.33)

(0.36)

(0.38)

Net

asset

value,

end

of

period

..........

$10.50

$11.44

$11.72

$11.99

$11.36

$11.37

Total

return

d

.......................

(7.05)%

(0.33)%

0.08%

8.56%

3.13%

1.29%

Ratios

to

average

net

assets

e

Expenses

.........................

0.65%

f

0.65%

f

0.65%

f

0.65%

f

0.65%

f

0.64%

Net

investment

income

...............

2.52%

2.08%

2.37%

2.73%

3.20%

3.22%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$617,039

$731,732

$805,688

$866,593

$843,042

$932,929

Portfolio

turnover

rate

................

19.59%

19.83%

18.23%

15.49%

9.09%

12.63%

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.

116

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.63

$11.91

$12.19

$11.54

$11.55

$11.77

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.18

0.22

0.26

0.30

0.32

Net

realized

and

unrealized

gains

(losses)

(0.96)

(0.28)

(0.29)

0.66

(0.01)

(0.22)

Total

from

investment

operations

........

(0.85)

(0.10)

(0.07)

0.92

0.29

0.10

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.18)

(0.21)

(0.27)

(0.30)

(0.32)

Net

asset

value,

end

of

period

..........

$10.67

$11.63

$11.91

$12.19

$11.54

$11.55

Total

return

d

.......................

(7.37)%

(0.79)%

(0.63)%

8.05%

2.51%

0.80%

Ratios

to

average

net

assets

e

Expenses

.........................

1.19%

f

1.19%

f

1.19%

f

1.20%

f

1.20%

f

1.19%

Net

investment

income

...............

1.92%

1.50%

1.80%

2.18%

2.65%

2.67%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$53,028

$72,237

$98,075

$127,898

$128,133

$175,054

Portfolio

turnover

rate

................

19.59%

19.83%

18.23%

15.49%

9.09%

12.63%

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

In

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.45

$11.73

$12.00

$11.37

$11.38

$11.66

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.14

0.26

0.29

0.33

0.38

0.23

Net

realized

and

unrealized

gains

(losses)

(0.94)

(0.28)

(0.27)

0.64

(0.02)

(0.29)

Total

from

investment

operations

........

(0.80)

(0.02)

0.02

0.97

0.36

(0.06)

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.26)

(0.29)

(0.34)

(0.37)

(0.22)

Net

asset

value,

end

of

period

..........

$10.51

$11.45

$11.73

$12.00

$11.37

$11.38

Total

return

e

.......................

(6.98)%

(0.12)%

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%

0.52%

0.53%

0.53%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.52%

g,h

0.52%

g,h

0.52%

g,h

0.52%

g

0.52%

g

0.51%

Net

investment

income

...............

2.65%

2.21%

2.49%

2.86%

3.33%

3.35%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$22,059

$26,269

$22,928

$19,823

$13,308

$13,217

Portfolio

turnover

rate

................

19.59%

19.83%

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

118

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.46

$11.73

$12.01

$11.37

$11.38

$11.61

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.26

0.29

0.33

0.37

0.39

Net

realized

and

unrealized

gains

(losses)

(0.95)

(0.27)

(0.28)

0.65

(0.01)

(0.23)

Total

from

investment

operations

........

(0.81)

(0.01)

0.01

0.98

0.36

0.16

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.26)

(0.29)

(0.34)

(0.37)

(0.39)

Net

asset

value,

end

of

period

..........

$10.51

$11.46

$11.73

$12.01

$11.37

$11.38

Total

return

d

.......................

(7.08)%

(0.15)%

0.09%

8.75%

3.22%

1.38%

Ratios

to

average

net

assets

e

Expenses

.........................

0.55%

f

0.55%

f

0.55%

f

0.55%

f

0.55%

f

0.54%

Net

investment

income

...............

2.62%

2.18%

2.45%

2.83%

3.30%

3.32%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$152,028

$181,163

$171,322

$145,073

$107,253

$101,300

Portfolio

turnover

rate

................

19.59%

19.83%

18.23%

15.49%

9.09%

12.63%

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

Schedule

of

Investments

(unaudited),

August

31,

2022

Franklin

Oregon

Tax-Free

Income

Fund

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

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

2,500,000

$

2,500,000

Total

Corporate

Bonds

(Cost

$2,500,000)

.......................................

2,500,000

Municipal

Bonds

97.7%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

3,500,000

3,029,220

Florida

0.6%

b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

1,500,000

1,061,100

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

5,600,000

4,757,200

5,818,300

Illinois

0.4%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

5,000,000

4,567,537

Kentucky

0.5%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn.,

5/01/52

....................................

8,300,000

5,682,613

New

Jersey

0.8%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

5%,

6/15/38

.......................................

1,000,000

1,060,027

Revenue,

2020

AA,

5%,

6/15/40

.......................................

1,250,000

1,315,167

Revenue,

2020

AA,

4%,

6/15/45

.......................................

2,000,000

1,841,024

Revenue,

2020

AA,

3%,

6/15/50

.......................................

1,000,000

723,434

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

1,000,000

976,967

Revenue,

2022

A,

4%,

6/15/38

........................................

2,165,000

2,093,031

8,009,650

New

York

0.5%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/47

..........

5,500,000

4,908,731

Oregon

89.7%

Astoria

Hospital

Facilities

Authority

,

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

5%,

8/01/41

......

4,250,000

4,355,271

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

4%,

8/01/46

......

1,750,000

1,591,414

Benton

&

Polk

School

District

No.

17J

,

GO

,

2010

B

,

Zero

Cpn.,

6/15/31

...........

1,000,000

740,444

Central

Lincoln

People's

Utility

District

JATC,

Inc.

,

Revenue

,

2016

,

5

%

,

12/01/45

....

2,900,000

3,055,139

City

of

Beaverton

,

Water,

Revenue,

2020,

5%,

4/01/35

....................................

1,675,000

1,887,181

Water,

Revenue,

2020,

5%,

4/01/36

....................................

1,760,000

1,978,634

Water,

Revenue,

2020,

5%,

4/01/37

....................................

1,850,000

2,072,709

Water,

Revenue,

2020,

5%,

4/01/38

....................................

1,940,000

2,167,595

Water,

Revenue,

2020,

5%,

4/01/39

....................................

2,040,000

2,274,363

Water,

Revenue,

2020,

5%,

4/01/40

....................................

2,140,000

2,380,531

City

of

Eugene

,

Electric

Utility

System

,

Revenue

,

2017

,

5

%

,

8/01/47

.............

3,580,000

3,831,223

City

of

Forest

Grove

,

Oak

Tree

Foundation,

Inc.,

Revenue,

2017,

Refunding,

4%,

3/01/37

............

3,500,000

3,307,970

Pacific

University,

Revenue,

2015

A,

Refunding,

5%,

5/01/36

.................

2,500,000

2,572,791

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/26

.................

335,000

354,455

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/27

.................

1,195,000

1,279,294

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/29

.................

1,315,000

1,431,722

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/30

.................

1,385,000

1,512,391

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/31

.................

1,450,000

1,583,113

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/32

.................

1,525,000

1,656,186

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/33

.................

1,600,000

1,729,826

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/34

.................

500,000

491,875

Franklin

Tax-Free

Trust

Schedule

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.

120

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

City

of

Forest

Grove,

(continued)

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/35

.................

$

490,000

$

479,297

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/37

.................

1,270,000

1,226,315

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/38

.................

3,960,000

3,794,172

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/39

.................

1,750,000

1,666,700

City

of

Keizer

,

Special

Assessment

,

2008

,

5.2

%

,

6/01/31

......................

1,320,000

1,322,960

City

of

Portland

,

Water

System

,

Revenue,

Second

Lien

,

2019

A

,

5

%

,

5/01/44

.......

5,500,000

6,019,885

City

of

Tigard

,

Water

,

Revenue

,

2015

,

5

%

,

8/01/45

..........................

23,545,000

24,663,628

Clackamas

Community

College

District

,

GO,

2017

A,

5%,

6/15/38

............................................

760,000

823,249

GO,

2017

A,

5%,

6/15/39

............................................

1,000,000

1,081,835

GO,

2017

A,

5%,

6/15/40

............................................

1,250,000

1,350,561

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO,

2017

A,

Zero

Cpn.,

6/15/40

.......................................

10,000,000

4,554,518

GO,

2017

A,

Zero

Cpn.,

6/15/41

.......................................

17,030,000

7,381,452

GO,

2017

A,

Zero

Cpn.,

6/15/42

.......................................

16,625,000

6,862,714

GO,

2017

B,

5%,

6/15/34

............................................

8,000,000

8,706,618

GO,

2017

B,

5%,

6/15/37

............................................

10,000,000

10,818,347

GO,

2018,

5%,

6/15/42

.............................................

1,750,000

1,897,554

Clackamas

County

School

District

No.

46

Oregon

Trail

,

GO,

Zero

Cpn.,

6/15/37

.............................................

12,130,000

6,667,383

GO,

Zero

Cpn.,

6/15/38

.............................................

12,495,000

6,501,420

Clackamas

County

School

District

No.

7J

Lake

Oswego

,

GO

,

2005

,

Refunding

,

AGMC

Insured

,

5.25

%

,

6/01/25

.............................................

3,075,000

3,307,860

Clackamas

River

Water

,

Revenue

,

2016

,

5

%

,

11/01/43

.......................

1,970,000

2,053,957

Coos

County

School

District

No.

9

Coos

Bay

,

GO

,

2018

,

5

%

,

6/15/43

............

5,005,000

5,417,388

County

of

Crook

,

GO

,

2022

,

Zero

Cpn.,

12/01/46

............................

15,000,000

12,822,578

County

of

Yamhill

,

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/24

..............

750,000

767,316

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/28

..............

875,000

908,828

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/31

..............

990,000

1,018,109

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/41

..............

3,005,000

2,828,904

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/46

..............

1,005,000

916,475

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/51

..............

2,830,000

2,538,409

Linfield

University,

Revenue,

2020

A,

Refunding,

5%,

10/01/40

................

7,010,000

7,351,071

Crook

County

School

District

,

GO

,

2013

,

Pre-Refunded

,

5

%

,

6/15/34

.............

4,475,000

4,569,511

Deschutes

County

Hospital

Facilities

Authority

,

St.

Charles

Health

System

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/01/48

........................................................

8,440,000

8,728,819

St.

Charles

Health

System

Obligated

Group,

Revenue,

2020

A,

4%,

1/01/38

......

1,000,000

981,773

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Terwilliger

Plaza,

Inc.

Obligated

Group

,

Revenue

,

2012

,

Refunding

,

5

%

,

12/01/29

..................

3,690,000

3,693,907

Jackson

County

School

District

No.

5

Ashland

,

GO,

2019,

5%,

6/15/42

.............................................

5,970,000

6,531,995

GO,

2019,

5%,

6/15/43

.............................................

6,495,000

7,091,966

GO,

2019,

5%,

6/15/44

.............................................

6,000,000

6,540,581

Jackson

County

School

District

No.

6

Central

Point

,

GO,

2019

B,

Zero

Cpn.,

6/15/40

.......................................

705,000

322,784

GO,

2019

B,

Zero

Cpn.,

6/15/41

.......................................

710,000

306,360

GO,

2019

B,

Zero

Cpn.,

6/15/42

.......................................

610,000

248,894

GO,

2019

B,

Zero

Cpn.,

6/15/43

.......................................

820,000

316,839

GO,

2019

B,

Zero

Cpn.,

6/15/44

.......................................

1,115,000

409,047

GO,

2019

B,

Zero

Cpn.,

6/15/45

.......................................

985,000

343,371

GO,

2019

B,

Zero

Cpn.,

6/15/46

.......................................

1,190,000

394,059

GO,

2019

B,

Zero

Cpn.,

6/15/47

.......................................

1,170,000

368,791

GO,

2019

B,

Zero

Cpn.,

6/15/48

.......................................

1,320,000

396,121

Franklin

Tax-Free

Trust

Schedule

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)

Jackson

County

School

District

No.

6

Central

Point,

(continued)

GO,

2019

B,

Zero

Cpn.,

6/15/49

.......................................

$

1,270,000

$

362,800

Jefferson

County

School

District

No.

509J

,

GO,

2013,

Pre-Refunded,

5%,

6/15/30

..................................

1,000,000

1,020,567

GO,

2013,

Pre-Refunded,

5%,

6/15/31

..................................

1,410,000

1,439,000

GO,

2013

B,

Pre-Refunded,

5%,

6/15/30

................................

2,000,000

2,041,134

Klamath

County

School

District

,

GO,

2013,

Pre-Refunded,

5%,

6/15/29

..................................

1,155,000

1,178,755

GO,

2013,

Pre-Refunded,

5%,

6/15/30

..................................

1,095,000

1,117,521

GO,

2013,

Pre-Refunded,

5%,

6/15/31

..................................

1,000,000

1,020,567

Klamath

Falls

Intercommunity

Hospital

Authority

,

Sky

Lakes

Medical

Center,

Inc.

,

Revenue

,

2016

,

Refunding

,

5

%

,

9/01/46

.................................

1,000,000

1,035,077

Lane

&

Douglas

Counties

School

District

No.

28J

Fern

Ridge

,

GO,

2014

A,

5%,

6/15/30

............................................

695,000

753,079

GO,

2014

A,

Pre-Refunded,

5%,

6/15/30

................................

2,480,000

2,698,483

GO,

2014

A,

Pre-Refunded,

5%,

6/15/33

................................

2,115,000

2,309,323

GO,

2014

A,

Pre-Refunded,

5%,

6/15/36

................................

2,000,000

2,183,757

Marion

&

Linn

Counties

School

District

No.

14J

Jefferson

,

GO

,

2017

B

,

5

%

,

6/15/41

.

1,360,000

1,467,530

Marion

County

School

District

No.

103

Woodburn

,

GO,

2015,

Pre-Refunded,

5%,

6/15/33

..................................

2,930,000

3,127,937

GO,

2015,

Pre-Refunded,

5%,

6/15/34

..................................

3,200,000

3,416,176

GO,

2015,

Pre-Refunded,

5%,

6/15/35

..................................

2,075,000

2,215,177

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

8/15/45

..............................................

5,620,000

5,221,239

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/45

9,745,000

10,261,356

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

8/15/50

5,685,000

5,172,441

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/50

3,000,000

3,143,543

Rogue

Valley

Manor,

Revenue,

2013

A,

Refunding,

5%,

10/01/33

..............

1,500,000

1,522,524

Rogue

Valley

Manor,

Revenue,

2013

A,

Refunding,

5%,

10/01/42

..............

9,420,000

9,521,098

Metro

,

County

of

Multnomah,

Revenue,

2017,

5%,

6/15/42

........................

7,500,000

8,058,528

County

of

Multnomah,

Revenue,

2017,

5%,

6/15/47

........................

10,950,000

11,695,421

Multnomah

&

Clackamas

Counties

School

District

No.

10JT

Gresham-Barlow

,

GO,

2017

B,

5%,

6/15/37

............................................

7,885,000

8,530,267

GO,

2019

A,

Zero

Cpn.,

6/15/39

.......................................

9,500,000

4,662,119

Multnomah

County

School

District

No.

40

,

GO,

2012

B,

Zero

Cpn.,

6/15/24

.......................................

1,640,000

1,559,523

GO,

2012

B,

Zero

Cpn.,

6/15/25

.......................................

1,325,000

1,221,695

GO,

2012

B,

Zero

Cpn.,

6/15/26

.......................................

2,585,000

2,309,926

GO,

2012

B,

Zero

Cpn.,

6/15/27

.......................................

2,655,000

2,296,507

GO,

2012

B,

Zero

Cpn.,

6/15/28

.......................................

2,495,000

2,085,337

GO,

2012

B,

Zero

Cpn.,

6/15/29

.......................................

2,595,000

2,090,362

GO,

2012

B,

Zero

Cpn.,

6/15/30

.......................................

1,885,000

1,459,406

GO,

2012

B,

Zero

Cpn.,

6/15/31

.......................................

2,030,000

1,503,101

GO,

2012

B,

Zero

Cpn.,

6/15/32

.......................................

2,000,000

1,414,352

Multnomah-Clackamas

Counties

Centennial

School

District

No.

28JT

,

GO,

2020,

Refunding,

4%,

6/15/38

.....................................

1,050,000

1,061,052

GO,

2020,

Refunding,

4%,

6/15/39

.....................................

2,250,000

2,268,520

GO,

2020,

Refunding,

5%,

6/15/50

.....................................

10,000,000

10,869,559

Oregon

City

School

District

No.

62

,

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/29

......................

440,000

459,405

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/29

......................

560,000

585,189

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/34

......................

780,000

814,400

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/34

......................

990,000

1,034,530

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/39

......................

550,000

574,257

Franklin

Tax-Free

Trust

Schedule

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)

Oregon

City

School

District

No.

62,

(continued)

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/39

......................

$

700,000

$

731,485

GO,

2018

B,

Refunding,

5%,

6/15/49

...................................

20,000,000

21,425,286

Oregon

Health

&

Science

University

,

Oregon

Health

&

Science

University

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/42

..................................

10,000,000

10,632,374

Oregon

State

Facilities

Authority

,

b

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

4%,

10/01/26

.................

1,405,000

1,374,938

b

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/36

.................

1,670,000

1,617,435

b

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/48

.................

4,000,000

3,761,383

Legacy

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

6/01/46

......

8,000,000

8,216,232

Legacy

Health

Obligated

Group,

Revenue,

2022

A,

4.125%,

6/01/52

...........

3,000,000

2,833,649

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2015

C,

5%,

10/01/45

..

4,000,000

4,083,456

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/41

.......................................................

7,800,000

7,983,175

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

5%,

10/01/46

.

3,280,000

3,339,068

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Pre-Refunded,

5%,

10/01/46

...................................................

220,000

240,343

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/40

.......................................................

8,125,000

8,492,082

Willamette

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/40

.............

1,950,000

2,004,132

Willamette

University,

Revenue,

2021

A,

Refunding,

4%,

10/01/51

.............

47,505,000

41,897,952

Oregon

State

Lottery

,

Revenue

,

2013

A

,

Pre-Refunded

,

5

%

,

4/01/32

.............

5,000,000

5,078,299

Oregon

State

University

,

Revenue

,

2015

A

,

5

%

,

4/01/45

......................

12,500,000

12,901,466

Port

of

Portland

,

Airport,

Revenue,

25

B,

5%,

7/01/49

....................................

3,800,000

3,925,640

Airport,

Revenue,

Twenty-Eight,

5%,

7/01/29

.............................

6,455,000

7,069,344

Airport,

Revenue,

Twenty-Eight,

4%,

7/01/47

.............................

5,000,000

4,570,423

Airport,

Revenue,

Twenty-Five

A,

5%,

7/01/49

............................

12,425,000

13,128,136

Airport,

Revenue,

Twenty-Four

A,

5%,

7/01/47

............................

4,700,000

4,882,539

Airport,

Revenue,

Twenty-Four

B,

5%,

7/01/47

............................

9,395,000

9,628,418

Airport,

Revenue,

Twenty-Seven

A,

5%,

7/01/45

...........................

23,000,000

23,937,231

Airport,

Revenue,

Twenty-Seven

A,

5%,

7/01/50

...........................

5,000,000

5,182,065

Airport,

Revenue,

Twenty-Six

A,

Refunding,

5%,

7/01/33

....................

500,000

561,516

Airport,

Revenue,

Twenty-Six

A,

Refunding,

4%,

7/01/37

....................

200,000

198,694

Airport,

Revenue,

Twenty-Six

B,

Refunding,

5%,

7/01/33

....................

650,000

729,970

Airport,

Revenue,

Twenty-Six

B,

Refunding,

5%,

7/01/37

....................

800,000

880,460

Airport,

Revenue,

Twenty-Six

B,

Refunding,

5%,

7/01/40

....................

675,000

728,868

Airport,

Revenue,

Twenty-Six

C,

Refunding,

5%,

7/01/28

....................

1,300,000

1,416,582

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/33

.............

545,000

563,521

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/38

.............

500,000

513,431

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/43

.............

2,250,000

2,293,413

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/48

.............

2,700,000

2,735,878

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/53

.............

1,000,000

1,010,798

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/23

....

105,000

105,823

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/24

....

110,000

111,696

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/25

....

130,000

132,790

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/26

....

135,000

138,427

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/27

....

260,000

267,658

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/28

....

310,000

320,060

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/29

....

515,000

500,214

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/30

....

385,000

370,864

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/31

....

400,000

382,371

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/32

....

370,000

350,814

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/40

....

1,540,000

1,373,746

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/57

....

2,750,000

2,196,096

Salem

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

5/15/46

.......

40,500,000

41,750,855

Franklin

Tax-Free

Trust

Schedule

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)

Salem-Keizer

School

District

No.

24J

,

GO,

2009

B,

Zero

Cpn.,

6/15/30

.......................................

$

8,500,000

$

6,601,069

GO,

2020

C,

4%,

6/15/38

............................................

6,000,000

6,067,184

Santiam

Canyon

School

District

129J

,

GO,

2019,

5%,

6/15/39

.............................................

1,000,000

1,104,103

GO,

2019,

5%,

6/15/44

.............................................

2,330,000

2,547,286

Seaside

School

District

No.

10

,

GO,

2017

B,

5%,

6/15/35

............................................

2,000,000

2,171,078

GO,

2017

B,

5%,

6/15/36

............................................

2,500,000

2,710,371

State

of

Oregon

,

GO,

2007

A,

4.7%,

8/01/42

...........................................

3,050,000

3,051,597

GO,

2015

M,

Pre-Refunded,

5%,

8/01/45

................................

3,315,000

3,558,417

GO,

2015

O,

Pre-Refunded,

5%,

8/01/40

................................

7,005,000

7,519,369

GO,

2017

A,

5%,

5/01/42

............................................

10,000,000

10,741,145

GO,

2017

H,

5%,

8/01/42

............................................

15,000,000

16,165,133

GO,

2019

A,

5%,

5/01/44

............................................

5,000,000

5,461,936

GO,

2019

G,

5%,

8/01/44

............................................

5,370,000

5,879,267

GO,

L,

Refunding,

5%,

8/01/42

........................................

3,270,000

3,523,999

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/37

12,500,000

13,852,956

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/39

23,175,000

25,562,787

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/42

6,825,000

7,456,784

Tillamook

&

Yamhill

Counties

School

District

No.

101

Nestucca

Valley

,

GO,

2018

B,

5%,

6/15/36

............................................

2,850,000

3,142,365

GO,

2018

B,

5%,

6/15/37

............................................

2,520,000

2,764,910

Tri-County

Metropolitan

Transportation

District

of

Oregon

,

Revenue,

2015

A,

Pre-Refunded,

5%,

9/01/40

............................

6,000,000

6,452,702

Revenue,

2018

A,

5%,

10/01/32

.......................................

6,865,000

7,457,915

Revenue,

2018

A,

Pre-Refunded,

5%,

9/01/48

............................

18,505,000

20,752,364

Revenue,

Senior

Lien,

2017

A,

Pre-Refunded,

5%,

9/01/41

...................

18,650,000

20,490,934

Umatilla

County

School

District

No.

16R

Pendleton

,

GO

,

2014

A

,

Pre-Refunded

,

5

%

,

6/15/37

.........................................................

4,970,000

5,198,428

Union

County

Hospital

Facility

Authority

,

Grande

Ronde

Hospital,

Inc.

Obligated

Group,

Revenue,

2022,

5%,

7/01/47

......

2,250,000

2,286,090

Grande

Ronde

Hospital,

Inc.

Obligated

Group,

Revenue,

2022,

5%,

7/01/52

......

2,250,000

2,261,443

University

of

Oregon

,

Revenue,

2015

A,

5%,

4/01/45

........................................

20,000,000

20,797,392

Revenue,

2016

A,

5%,

4/01/46

........................................

11,690,000

12,310,377

Revenue,

2020

A,

5%,

4/01/50

........................................

30,000,000

32,632,356

b

Warm

Springs

Reservation

Confederated

Tribe

,

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/33

.........................

250,000

275,797

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/34

.........................

300,000

329,797

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/36

.........................

1,150,000

1,259,920

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/39

.........................

1,200,000

1,304,190

Washington

&

Clackamas

Counties

School

District

No.

23J

Tigard-Tualatin

,

GO,

2017,

5%,

6/15/36

.............................................

9,400,000

10,212,795

GO,

2017,

5%,

6/15/37

.............................................

6,000,000

6,510,451

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO,

2014

B,

Pre-Refunded,

5%,

6/15/33

................................

8,000,000

8,370,559

GO,

2014

B,

Pre-Refunded,

5%,

6/15/34

................................

11,000,000

11,509,519

GO,

2017

D,

5%,

6/15/35

............................................

10,000,000

10,869,321

GO,

2017

D,

5%,

6/15/36

............................................

10,000,000

10,841,482

Washington

Clackamas

&

Yamhill

Counties

School

District

No.

88J

,

GO,

2018

A,

Zero

Cpn.,

6/15/38

.......................................

2,350,000

1,215,217

GO,

2018

A,

Zero

Cpn.,

6/15/39

.......................................

3,275,000

1,604,565

Washington

County

School

District

No.

15

Forest

Grove

,

GO,

2012

B,

Zero

Cpn.,

6/15/29

.......................................

2,545,000

2,074,891

Franklin

Tax-Free

Trust

Schedule

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)

Washington

County

School

District

No.

15

Forest

Grove,

(continued)

GO,

2012

B,

Zero

Cpn.,

6/15/30

.......................................

$

2,490,000

$

1,954,583

GO,

2012

B,

Zero

Cpn.,

6/15/31

.......................................

3,140,000

2,361,438

Yachats

Rural

Fire

Protection

District

,

GO

,

2017

,

AGMC

Insured

,

5

%

,

6/15/47

......

1,600,000

1,711,195

949,529,561

South

Carolina

1.1%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

2,500,000

2,025,630

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

2,500,000

2,023,496

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

7,650,000

5,118,577

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,000,000

2,385,893

11,553,596

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

3,300,000

2,612,075

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/30

250,000

263,305

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/31

250,000

262,979

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

4,200,000

3,375,027

6,513,386

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

2,500,000

2,023,826

Wisconsin

0.8%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

2,400,000

2,006,315

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

6,300,000

6,257,578

8,263,893

U.S.

Territories

2.2%

Puerto

Rico

2.2%

Children's

Trust

Fund

,

Revenue

,

2002

,

5.625

%

,

5/15/43

......................

6,000,000

6,107,729

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,300,000

1,320,259

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

1,011,313

c

Revenue,

WW,

5.25%,

7/01/33

........................................

7,040,000

5,720,000

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

1,100,000

1,116,483

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,000,000

1,009,602

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

400,000

401,195

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

6,620,000

6,422,107

23,108,688

Total

U.S.

Territories

....................................................................

23,108,688

Total

Municipal

Bonds

(Cost

$1,065,000,297)

...................................

1,033,009,001

Total

Long

Term

Investments

(Cost

$1,067,500,297)

.............................

1,035,509,001

a

a

a

a

a

Franklin

Tax-Free

Trust

Schedule

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

Short

Term

Investments

0.2%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.2%

Oregon

0.2%

d

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

1.15

%

,

8/01/34

............

$

2,000,000

$

2,000,000

Total

Municipal

Bonds

(Cost

$2,000,000)

.......................................

2,000,000

Total

Short

Term

Investments

(Cost

$2,000,000

)

.................................

2,000,000

a

Total

Investments

(Cost

$1,069,500,297)

98.1%

..................................

$1,037,509,001

Other

Assets,

less

Liabilities

1.9%

.............................................

20,652,329

Net

Assets

100.0%

...........................................................

$1,058,161,330

See

Abbreviations

on

page

164

.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

12

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2022,

the

aggregate

value

of

these

securities

was

$47,229,294,

representing

4.5%

of

net

assets.

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

Highlights

Franklin

Pennsylvania

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

126

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$9.64

$9.89

$10.11

$9.73

$9.74

Income

from

investment

operations

c

:

Net

investment

income

d

.........................

0.10

0.20

0.26

0.29

0.16

Net

realized

and

unrealized

gains

(losses)

...........

(0.87)

(0.25)

(0.23)

0.39

(0.01)

Total

from

investment

operations

....................

(0.77)

(0.05)

0.03

0.68

0.15

Less

distributions

from:

Net

investment

income

..........................

(0.10)

(0.20)

(0.25)

(0.30)

(0.16)

Net

asset

value,

end

of

period

......................

$8.77

$9.64

$9.89

$10.11

$9.73

Total

return

e

...................................

(8.00)%

(0.56)%

0.32%

7.14%

1.59%

Ratios

to

average

net

assets

f

Expenses

g

....................................

0.82%

0.81%

0.81%

0.82%

0.83%

Net

investment

income

...........................

2.25%

2.00%

2.59%

2.98%

3.40%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$157,402

$175,896

$146,124

$105,032

$52,673

Portfolio

turnover

rate

............................

14.19%

36.04%

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

127

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.64

$9.89

$10.11

$9.73

$9.78

$10.12

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.22

0.27

0.31

0.34

0.35

Net

realized

and

unrealized

gains

(losses)

(0.87)

(0.25)

(0.23)

0.39

(0.04)

(0.32)

Total

from

investment

operations

........

(0.76)

(0.03)

0.04

0.70

0.30

0.03

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.22)

(0.26)

(0.32)

(0.35)

(0.37)

Net

asset

value,

end

of

period

..........

$8.77

$9.64

$9.89

$10.11

$9.73

$9.78

Total

return

d

.......................

(7.93)%

(0.41)%

0.47%

7.29%

3.17%

0.31%

Ratios

to

average

net

assets

e

Expenses

.........................

0.67%

f

0.66%

f

0.67%

f

0.67%

f

0.68%

f

0.66%

Net

investment

income

...............

2.40%

2.16%

2.77%

3.13%

3.55%

3.49%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$541,553

$644,308

$709,450

$772,506

$784,367

$860,737

Portfolio

turnover

rate

................

14.19%

36.04%

28.44%

13.61%

6.40%

13.33%

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.

128

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.77

$10.02

$10.24

$9.86

$9.91

$10.24

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.08

0.16

0.22

0.26

0.30

0.30

Net

realized

and

unrealized

gains

(losses)

(0.88)

(0.25)

(0.23)

0.39

(0.05)

(0.31)

Total

from

investment

operations

........

(0.80)

(0.09)

(0.01)

0.65

0.25

(0.01)

Less

distributions

from:

Net

investment

income

..............

(0.08)

(0.16)

(0.21)

(0.27)

(0.30)

(0.32)

Net

asset

value,

end

of

period

..........

$8.89

$9.77

$10.02

$10.24

$9.86

$9.91

Total

return

d

.......................

(8.18)%

(0.95)%

(0.08)%

6.64%

2.56%

(0.15)%

Ratios

to

average

net

assets

e

Expenses

.........................

1.21%

f

1.21%

f

1.21%

f

1.22%

f

1.23%

f

1.21%

Net

investment

income

...............

1.81%

1.60%

2.21%

2.58%

3.00%

2.94%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$49,686

$63,426

$104,823

$146,042

$173,240

$245,520

Portfolio

turnover

rate

................

14.19%

36.04%

28.44%

13.61%

6.40%

13.33%

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,

2022

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2018

b

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.66

$9.90

$10.12

$9.75

$9.80

$10.06

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.12

0.23

0.28

0.32

0.36

0.21

Net

realized

and

unrealized

gains

(losses)

(0.89)

(0.24)

(0.22)

0.38

(0.04)

(0.25)

Total

from

investment

operations

........

(0.77)

(0.01)

0.06

0.70

0.32

(0.04)

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.23)

(0.28)

(0.33)

(0.37)

(0.22)

Net

asset

value,

end

of

period

..........

$8.78

$9.66

$9.90

$10.12

$9.75

$9.80

Total

return

e

.......................

(7.95)%

(0.17)%

0.61%

7.32%

3.30%

(0.43)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.55%

0.56%

0.55%

0.55%

0.57%

0.57%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.53%

g

0.52%

g

0.53%

g

0.53%

g

0.54%

g

0.52%

Net

investment

income

...............

2.54%

2.29%

2.86%

3.27%

3.69%

3.63%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$4,575

$5,802

$4,300

$2,905

$2,282

$2,085

Portfolio

turnover

rate

................

14.19%

36.04%

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

130

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

2021

2020

a

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.66

$9.90

$10.12

$9.75

$9.80

$10.13

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.23

0.28

0.32

0.36

0.36

Net

realized

and

unrealized

gains

(losses)

(0.88)

(0.24)

(0.23)

0.38

(0.05)

(0.31)

Total

from

investment

operations

........

(0.77)

(0.01)

0.05

0.70

0.31

0.05

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.23)

(0.27)

(0.33)

(0.36)

(0.38)

Net

asset

value,

end

of

period

..........

$8.78

$9.66

$9.90

$10.12

$9.75

$9.80

Total

return

d

.......................

(7.97)%

(0.21)%

0.57%

7.28%

3.27%

0.51%

Ratios

to

average

net

assets

e

Expenses

.........................

0.57%

f

0.56%

f

0.56%

f

0.57%

f

0.58%

f

0.56%

Net

investment

income

...............

2.49%

2.26%

2.85%

3.23%

3.65%

3.59%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$88,729

$106,979

$105,603

$98,190

$81,595

$79,153

Portfolio

turnover

rate

................

14.19%

36.04%

28.44%

13.61%

6.40%

13.33%

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

Schedule

of

Investments

(unaudited),

August

31,

2022

Franklin

Pennsylvania

Tax-Free

Income

Fund

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

94.9%

Florida

0.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

$

5,688,000

$

5,001,117

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

1,000,000

707,400

5,708,517

Illinois

0.7%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

2022

A,

Refunding,

4%,

12/15/42

..............................

2,750,000

2,512,145

Revenue,

2022

A,

Refunding,

4%,

6/15/52

...............................

2,000,000

1,739,141

State

of

Illinois

,

GO,

2021

A,

5%,

3/01/32

............................................

1,500,000

1,622,878

GO,

2021

A,

4%,

3/01/39

............................................

500,000

467,755

6,341,919

New

Jersey

0.7%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/46

...

1,000,000

917,112

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

4%,

6/15/37

.......................................

1,000,000

972,857

Revenue,

2021

A,

Refunding,

5%,

6/15/31

...............................

4,030,000

4,476,152

6,366,121

New

York

1.4%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/44

.....................................

6,700,000

6,057,447

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

6,050,000

5,414,065

11,471,512

Pennsylvania

87.9%

Allegheny

County

Airport

Authority

,

Revenue,

2021

A,

5%,

1/01/33

........................................

10,290,000

11,201,181

Revenue,

2021

A,

5%,

1/01/51

........................................

8,500,000

8,754,543

Revenue,

2021

B,

5%,

1/01/36

........................................

2,735,000

2,990,413

Allegheny

County

Higher

Education

Building

Authority

,

Chatham

University,

Revenue,

2022,

Refunding,

5.25%,

9/01/33

..............

700,000

714,963

Chatham

University,

Revenue,

2022,

Refunding,

5.25%,

9/01/34

..............

1,090,000

1,103,329

Duquesne

University

of

the

Holy

Spirit,

Revenue,

2021

A,

Refunding,

4%,

3/01/40

.

2,115,000

1,977,656

Duquesne

University

of

the

Holy

Spirit,

Revenue,

2021

A,

Refunding,

4%,

3/01/41

.

3,000,000

2,777,190

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/37

.....................

1,000,000

1,004,486

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/47

.....................

1,300,000

1,240,452

Allegheny

County

Sanitary

Authority

,

Revenue

,

2018

,

5

%

,

6/01/43

...............

7,000,000

7,482,765

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

2022,

Refunding,

5%,

5/01/32

.................................

760,000

827,791

Revenue,

2022,

Refunding,

5%,

5/01/33

.................................

800,000

864,411

Revenue,

2022,

Refunding,

5%,

5/01/34

.................................

1,050,000

1,129,329

Revenue,

2022,

Refunding,

5%,

5/01/35

.................................

1,400,000

1,500,319

Revenue,

2022,

Refunding,

5%,

5/01/36

.................................

1,500,000

1,603,329

Revenue,

2022,

Refunding,

5%,

5/01/42

.................................

8,875,000

9,238,689

Berks

County

Industrial

Development

Authority

,

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/42

........................................................

1,000,000

1,016,675

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/47

........................................................

600,000

606,465

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

C,

5%,

5/15/37

......

1,245,000

1,279,003

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

5/15/38

1,030,000

1,054,611

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

5/15/48

1,000,000

1,010,356

Franklin

Tax-Free

Trust

Schedule

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.

132

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

$

1,057,352

GO,

2021

B,

AGMC

Insured,

4%,

8/01/35

................................

1,000,000

1,031,987

Bristol

Township

School

District

,

GO

,

2021

C

,

BAM

Insured

,

3

%

,

6/01/37

..........

1,250,000

1,129,363

Bucks

County

Industrial

Development

Authority

,

Delaware

Valley

University,

Revenue,

2022

B,

Refunding,

5%,

11/01/37

.........

1,000,000

987,523

Delaware

Valley

University,

Revenue,

2022

B,

Refunding,

5%,

11/01/42

.........

1,080,000

1,039,782

Delaware

Valley

University,

Revenue,

2022

B,

Refunding,

5%,

11/01/52

.........

2,500,000

2,312,216

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2019,

4%,

8/15/44

.............

1,500,000

1,390,155

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2021,

3%,

8/15/53

.............

12,000,000

8,506,903

Butler

County

Hospital

Authority

,

Butler

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

7/01/39

.......................................

1,625,000

1,642,145

Canon

Mcmillan

School

District

,

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/44

..........................

6,075,000

5,635,590

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/50

..........................

6,000,000

5,489,676

Central

Bradford

Progress

Authority

,

Guthrie

Clinic

(The)

,

Revenue

,

2021

B

,

4

%

,

12/01/51

........................................................

5,000,000

4,566,929

Centre

County

Hospital

Authority

,

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/42

.......................................................

1,215,000

1,254,064

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

4%,

11/15/47

.......................................................

1,840,000

1,698,900

Chester

County

Industrial

Development

Authority

,

University

Student

Housing

LLC,

Revenue,

2013

A,

5%,

8/01/35

...............

500,000

500,907

University

Student

Housing

LLC,

Revenue,

2013

A,

5%,

8/01/45

...............

1,500,000

1,475,769

City

of

Erie

Higher

Education

Building

Authority

,

Gannon

University,

Revenue,

2021

TT-1,

4%,

5/01/36

......................

400,000

379,824

Gannon

University,

Revenue,

2021

TT-1,

4%,

5/01/41

......................

1,000,000

924,799

Gannon

University,

Revenue,

2021

TT-1,

5%,

5/01/47

......................

480,000

491,061

City

of

Philadelphia

,

GO,

2019

B,

5%,

2/01/36

............................................

3,300,000

3,607,966

GO,

2019

B,

5%,

2/01/37

............................................

4,950,000

5,386,902

GO,

2019

B,

5%,

2/01/38

............................................

2,500,000

2,705,844

GO,

2019

B,

5%,

2/01/39

............................................

2,500,000

2,698,834

GO,

2021

A,

4%,

5/01/37

............................................

5,000,000

5,021,665

GO,

2021

A,

4%,

5/01/38

............................................

5,000,000

4,998,347

Airport,

Revenue,

2017

B,

Refunding,

5%,

7/01/42

.........................

10,000,000

10,265,697

Airport,

Revenue,

2020

C,

Refunding,

4%,

7/01/45

.........................

5,225,000

4,890,692

Airport,

Revenue,

2021,

Refunding,

5%,

7/01/51

...........................

3,100,000

3,197,382

Water

&

Wastewater,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/40

............

10,000,000

10,470,131

Water

&

Wastewater,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/45

............

5,000,000

5,235,066

Water

&

Wastewater,

Revenue,

2017

A,

5%,

10/01/47

......................

5,000,000

5,335,951

Water

&

Wastewater,

Revenue,

2019

B,

5%,

11/01/49

......................

5,000,000

5,381,851

Water

&

Wastewater,

Revenue,

2021

C,

5%,

10/01/46

......................

5,000,000

5,416,695

Water

&

Wastewater,

Revenue,

2022

C,

5.5%,

6/01/47

......................

5,000,000

5,650,738

Colonial

School

District

,

GO

,

2021

A

,

3

%

,

2/15/40

...........................

1,650,000

1,443,101

Commonwealth

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development

,

Revenue

,

2015

A

,

5

%

,

6/01/34

..........

10,000,000

10,565,350

Commonwealth

of

Pennsylvania

,

GO

,

2019

,

Refunding

,

5

%

,

7/15/29

.............

10,000,000

11,448,398

Conestoga

Valley

School

District

,

GO,

2021

A,

4%,

2/01/36

............................................

1,100,000

1,128,207

Revenue,

2021

B,

4%,

2/01/36

........................................

1,020,000

1,046,156

County

of

Beaver

,

GO

,

2017

,

BAM

Insured

,

4

%

,

4/15/29

......................

1,660,000

1,780,241

County

of

Jefferson

,

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/35

........................

650,000

596,683

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/37

........................

770,000

684,837

Franklin

Tax-Free

Trust

Schedule

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)

County

of

Jefferson,

(continued)

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/39

........................

$

520,000

$

444,603

County

of

Montgomery

,

GO

,

2021

A

,

5

%

,

1/01/38

...........................

6,825,000

7,684,088

County

of

York

,

GO

,

2020

B

,

4

%

,

6/01/38

.................................

860,000

857,399

Cumberland

County

Municipal

Authority

,

Dickinson

College

,

Revenue

,

2012

,

Refunding

,

5

%

,

11/01/42

............................................

4,500,000

4,519,594

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

5/01/37

......................................................

2,500,000

2,479,670

Delaware

County

Authority

,

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/27

..............

2,475,000

2,510,292

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/32

..............

1,620,000

1,606,324

Villanova

University,

Revenue,

2015,

4%,

8/01/45

..........................

2,120,000

2,040,976

Delaware

County

Regional

Water

Quality

Control

Authority

,

Revenue

,

2016

,

4

%

,

11/01/36

........................................................

2,005,000

2,023,470

Delaware

County

Vocational

&

Technical

School

Authority

,

Delaware

County

Intermediate

Unit

,

Revenue

,

2013

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

11/01/38

....

1,250,000

1,287,366

DuBois

Hospital

Authority

,

Penn

Highlands

Healthcare

Obligated

Group,

Revenue,

2020,

4%,

7/15/50

......

3,500,000

3,150,826

Penn

Highlands

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/15/41

........................................................

1,000,000

940,545

Penn

Highlands

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/15/51

........................................................

4,000,000

3,589,762

East

Hempfield

Township

Industrial

Development

Authority

,

Student

Services,

Inc.,

Revenue,

2013,

Pre-Refunded,

5%,

7/01/45

............

3,250,000

3,316,262

Student

Services,

Inc.,

Revenue,

2015,

Pre-Refunded,

5%,

7/01/47

............

3,750,000

4,007,157

Easton

Area

School

District

,

GO

,

2021

,

4

%

,

4/01/32

.........................

1,450,000

1,539,170

Erie

City

Water

Authority

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

12/01/43

...........

6,000,000

6,626,580

Fairview

School

District

,

GO,

2021,

BAM

Insured,

3%,

9/15/37

...................................

1,195,000

1,061,916

GO,

2021,

BAM

Insured,

3%,

9/15/38

...................................

1,000,000

869,279

GO,

2021,

BAM

Insured,

3%,

9/15/39

...................................

1,000,000

855,214

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group

,

Revenue

,

2017

A-1

,

Refunding

,

5

%

,

2/15/45

.............................................

19,055,000

19,684,425

General

Authority

of

Southcentral

Pennsylvania

,

WellSpan

Health

Obligated

Group

,

Revenue

,

2014

A

,

Pre-Refunded

,

5

%

,

6/01/44

............................

11,955,000

12,482,255

Governor

Mifflin

School

District

,

GO,

2020

A,

4%,

4/01/40

............................................

680,000

678,826

GO,

2021,

3%,

4/01/35

.............................................

810,000

756,235

GO,

2021,

3%,

4/01/36

.............................................

625,000

575,920

GO,

2021,

3%,

4/01/37

.............................................

1,000,000

904,606

GO,

2021,

3%,

4/01/38

.............................................

1,000,000

889,474

GO,

2021,

3%,

4/01/39

.............................................

1,015,000

883,193

Greater

Johnstown

Water

Authority

,

Sewer,

Revenue,

2020,

AGMC

Insured,

4%,

8/15/38

.......................

1,740,000

1,754,280

Sewer,

Revenue,

2020,

AGMC

Insured,

4%,

8/15/41

.......................

2,650,000

2,655,658

Huntingdon

County

General

Authority

,

Juniata

College

,

Revenue

,

2021

TT-3

,

Refunding

,

5

%

,

10/01/51

............................................

2,520,000

2,552,398

Lancaster

County

Hospital

Authority

,

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

8/15/46

.............

4,165,000

4,324,931

Lancaster

Higher

Education

Authority

,

Elizabethtown

College,

Revenue,

2022

A,

Refunding,

5%,

10/01/46

............

5,000,000

4,971,495

Elizabethtown

College,

Revenue,

2022

A,

Refunding,

5%,

10/01/51

............

5,000,000

4,929,687

Lancaster

Industrial

Development

Authority

,

Landis

Homes

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/51

........

2,780,000

2,313,293

Landis

Homes

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/56

........

520,000

423,221

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/44

......

1,850,000

1,953,752

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/49

......

2,300,000

2,419,057

Franklin

Tax-Free

Trust

Schedule

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)

Lancaster

School

District

,

GO,

2020,

AGMC

Insured,

4%,

6/01/34

.................................

$

1,000,000

$

1,036,898

GO,

2020,

AGMC

Insured,

4%,

6/01/35

.................................

1,850,000

1,904,848

Latrobe

Industrial

Development

Authority

,

Seton

Hill

University,

Revenue,

2021,

Refunding,

4%,

3/01/46

................

750,000

614,539

Seton

Hill

University,

Revenue,

2021,

Refunding,

4%,

3/01/51

................

800,000

635,776

St.

Vincent

College

Corp.,

Revenue,

2013,

Pre-Refunded,

5%,

5/01/43

.........

4,120,000

4,186,497

Lehigh

County

Authority

,

Revenue,

2013

A,

5%,

12/01/43

.......................................

2,435,000

2,504,292

Revenue,

2013

A,

Pre-Refunded,

5%,

12/01/43

...........................

2,805,000

2,896,377

Lehigh

County

General

Purpose

Authority

,

Good

Shepherd

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

11/01/41

4,345,000

4,053,444

Lehigh

Valley

Academy

Regional

Charter

School,

Revenue,

2022,

4%,

6/01/42

....

14,390,000

13,115,633

Lehigh

Valley

Academy

Regional

Charter

School,

Revenue,

2022,

4%,

6/01/57

....

5,000,000

4,205,990

Lycoming

County

Authority

,

Lycoming

College,

Revenue,

2013

MM-1,

5.25%,

11/01/38

...................

1,400,000

1,444,696

Lycoming

College,

Revenue,

2013

MM-1,

5.25%,

11/01/43

...................

1,495,000

1,541,333

Montgomery

County

Higher

Education

and

Health

Authority

,

Gwynedd

Mercy

University,

Revenue,

2022,

Refunding,

5.25%,

5/01/37

.........

2,665,000

2,734,154

Gwynedd

Mercy

University,

Revenue,

2022,

Refunding,

5%,

5/01/42

...........

3,700,000

3,581,716

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

9/01/43

........................................................

3,000,000

3,137,809

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

9/01/44

........................................................

10,000,000

9,458,504

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2022

B,

Refunding,

4%,

5/01/52

........................................................

4,000,000

3,678,612

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2022

B,

Refunding,

5%,

5/01/52

........................................................

5,000,000

5,208,523

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

4%,

11/15/43

.......................................................

600,000

553,074

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

5%,

11/15/45

.......................................................

1,985,000

2,088,479

Meadowood

Corp.

Obligated

Group

(The),

Revenue,

2018

A,

Refunding,

5%,

12/01/38

.......................................................

2,500,000

2,581,260

Public

School

of

Germantown

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/51

..

2,450,000

2,052,460

Waverly

Heights

Ltd.

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

12/01/49

..

2,000,000

2,095,654

New

Kensington

Municipal

Sanitary

Authority

,

Revenue

,

2021

A

,

AGMC

Insured

,

3

%

,

12/01/38

........................................................

500,000

439,407

Northampton

County

General

Purpose

Authority

,

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

8/15/46

...

10,000,000

10,185,930

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

8/15/43

...

2,285,000

2,363,627

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

8/15/48

...

2,500,000

2,573,425

Northeastern

Pennsylvania

Hospital

and

Education

Authority

,

King's

College

,

Revenue

,

2019

,

5

%

,

5/01/44

.................................................

1,000,000

1,000,706

Northeastern

School

District

,

GO,

2021

A,

BAM

Insured,

3%,

3/01/38

.................................

850,000

746,118

GO,

2021

A,

BAM

Insured,

3%,

3/01/41

.................................

775,000

642,206

Northern

Lebanon

School

District

,

GO

,

2021

,

BAM

Insured

,

3

%

,

9/01/36

..........

1,895,000

1,730,097

Pennsylvania

Economic

Development

Financing

Authority

,

City

of

Philadelphia

Water

&

Wastewater,

Revenue,

2020,

Refunding,

4%,

1/01/29

.

500,000

508,822

City

of

Philadelphia

Water

&

Wastewater,

Revenue,

2020,

Refunding,

4%,

1/01/32

.

1,300,000

1,298,858

UPMC

Obligated

Group,

Revenue,

2014

A,

5%,

2/01/45

.....................

5,000,000

5,117,133

UPMC

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

11/15/42

...........

5,000,000

4,758,130

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/45

.....................

8,835,000

8,248,918

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/39

...........

1,325,000

1,293,489

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/40

...........

1,200,000

1,162,185

Franklin

Tax-Free

Trust

Schedule

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)

Pennsylvania

Economic

Development

Financing

Authority,

(continued)

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/41

...........

$

1,300,000

$

1,248,724

Pennsylvania

Higher

Educational

Facilities

Authority

,

Bryn

Mawr

College,

Revenue,

2014,

Refunding,

5%,

12/01/44

................

6,365,000

6,551,312

Shippensburg

University

Student

Services,

Inc.,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/35

.......................................................

1,400,000

1,403,066

Shippensburg

University

Student

Services,

Inc.,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/44

.......................................................

2,000,000

2,004,380

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

9/01/45

........................................................

7,465,000

7,628,485

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017

A,

5%,

8/15/36

..

2,750,000

2,976,797

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017

A,

5%,

8/15/46

..

14,000,000

14,995,333

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2018

A,

5%,

2/15/48

..

5,000,000

5,366,001

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2015,

Refunding,

5%,

8/15/40

............................................

6,475,000

6,724,671

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

4%,

8/15/42

....................................................

5,000,000

4,811,822

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

5%,

8/15/42

....................................................

9,000,000

9,519,755

University

of

Sciences,

Revenue,

2012,

5%,

11/01/42

.......................

5,000,000

5,008,736

Widener

University,

Revenue,

2021

A,

Refunding,

4%,

7/15/51

................

11,030,000

9,515,165

Pennsylvania

Housing

Finance

Agency

,

Revenue,

2019-129,

3.4%,

10/01/49

...................................

6,000,000

4,913,464

Revenue,

2020-132

A,

2.55%,

10/01/41

.................................

11,280,000

8,623,212

Pennsylvania

State

University

(The)

,

Revenue,

2015

A,

Refunding,

5%,

9/01/40

...............................

10,490,000

11,131,358

Revenue,

2016

A,

Refunding,

5%,

9/01/41

...............................

10,000,000

10,773,246

Revenue,

2017

A,

5%,

9/01/42

........................................

15,750,000

17,010,153

Revenue,

2017

A,

5%,

9/01/47

........................................

10,000,000

10,742,652

Revenue,

2018,

5%,

9/01/48

.........................................

5,955,000

6,416,820

Pennsylvania

Turnpike

Commission

,

Revenue,

2013

C,

5%,

12/01/43

.......................................

2,405,000

2,443,293

Revenue,

2013

C,

Pre-Refunded,

5%,

12/01/43

...........................

7,595,000

7,837,666

Revenue,

2021

A,

Refunding,

4%,

12/01/39

..............................

2,655,000

2,670,102

Revenue,

2021

B,

4%,

12/01/37

.......................................

1,500,000

1,514,221

Revenue,

2021

B,

4%,

12/01/46

.......................................

10,950,000

10,197,428

Philadelphia

Authority

for

Industrial

Development

,

Beech

International

LLC,

Revenue,

2010

A,

5.625%,

6/15/42

.................

4,000,000

4,001,538

Children's

Hospital

of

Philadelphia

Obligated

Group,

Revenue,

2014

A,

Pre-

Refunded,

5%,

7/01/42

............................................

5,000,000

5,230,476

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/30

............

200,000

207,726

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/40

............

300,000

304,277

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/50

............

2,515,000

2,515,968

Temple

University-of

The

Commonwealth

System

of

Higher

Education,

Revenue,

First

Series,

2015,

Refunding,

5%,

4/01/40

.............................

5,000,000

5,190,564

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

9/01/47

........................................................

11,150,000

11,506,263

Philadelphia

Gas

Works

Co.

,

Revenue,

14th,

Refunding,

5%,

10/01/32

................................

1,000,000

1,068,062

Revenue,

15th,

Refunding,

5%,

8/01/42

.................................

5,000,000

5,211,300

Revenue,

15th,

Refunding,

5%,

8/01/47

.................................

6,000,000

6,186,014

Pocono

Mountains

Industrial

Park

Authority

,

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2015

A

,

5

%

,

8/15/40

........................................

5,000,000

5,086,267

Radnor

Township

School

District

,

GO,

2021,

3%,

8/15/35

.............................................

1,400,000

1,302,354

GO,

2021,

4%,

8/15/36

.............................................

1,600,000

1,629,475

GO,

2021,

4%,

8/15/37

.............................................

3,445,000

3,505,968

Franklin

Tax-Free

Trust

Schedule

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)

Radnor

Township

School

District,

(continued)

GO,

2021,

4%,

8/15/38

.............................................

$

1,430,000

$

1,449,788

School

District

of

Philadelphia

(The)

,

GO

,

2021

A

,

4

%

,

9/01/37

.................

4,000,000

4,005,770

Scranton

School

District

,

GO,

2020,

4%,

12/01/40

.............................................

1,535,000

1,538,408

GO,

2020,

4%,

12/01/42

.............................................

2,835,000

2,791,609

GO,

2020,

4%,

12/01/45

.............................................

3,670,000

3,518,051

Scranton-Lackawanna

Health

and

Welfare

Authority

,

University

of

Scranton

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/37

.......................................

4,000,000

4,143,321

State

College

Area

School

District

,

GO,

2015,

5%,

3/15/40

.............................................

16,400,000

17,067,800

GO,

2018,

5%,

5/15/37

.............................................

1,075,000

1,189,929

GO,

2018,

5%,

5/15/44

.............................................

3,500,000

3,826,584

State

Public

School

Building

Authority

,

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

6/01/32

....................................................

7,095,000

7,601,493

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

6/01/33

....................................................

3,000,000

3,205,549

Swarthmore

Borough

Authority

,

Swarthmore

College

,

Revenue

,

2013

,

5

%

,

9/15/43

..

1,000,000

1,020,323

Township

of

Northampton

,

GO

,

2021

,

4

%

,

5/15/39

...........................

1,495,000

1,497,557

Township

of

Upper

St.

Clair

,

GO,

2021,

4%,

5/15/37

.............................................

535,000

544,152

GO,

2021,

4%,

5/15/39

.............................................

1,000,000

1,007,223

Upper

Merion

Area

School

District

,

GO,

2021

A,

3%,

1/15/39

............................................

1,000,000

890,726

GO,

2021

A,

3%,

1/15/40

............................................

1,500,000

1,312,387

GO,

2021

A,

3%,

1/15/41

............................................

1,275,000

1,089,991

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

7/01/29

......

725,000

788,017

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

7/01/30

......

1,270,000

1,387,892

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/37

......

2,400,000

2,204,590

Wilkes-Barre

Finance

Authority

,

Wilkes

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/42

.........................................................

2,500,000

2,104,616

Wilson

School

District

,

GO,

2021

C,

4%,

5/15/30

............................................

2,500,000

2,701,944

GO,

2021

C,

4%,

5/15/31

............................................

2,100,000

2,230,680

GO,

2021

C,

4%,

5/15/32

............................................

1,850,000

1,960,675

739,845,642

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

2,000,000

1,620,504

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

2,000,000

1,618,797

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

795,298

4,034,599

Texas

0.6%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,600,000

2,057,998

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,300,000

2,651,807

4,709,805

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

2,000,000

1,619,061

Franklin

Tax-Free

Trust

Schedule

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

s

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

0.8%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

$

1,900,000

$

1,588,333

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

5,100,000

5,065,658

6,653,991

U.S.

Territories

1.4%

Puerto

Rico

1.4%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,100,000

1,117,143

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

1,011,313

b

Revenue,

XX,

5.25%,

7/01/40

........................................

5,175,000

4,204,687

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.5%,

7/01/29

.................

2,500,000

2,604,582

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

950,000

964,236

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/28

....................

755,000

787,764

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,290,000

1,293,852

11,983,577

Total

U.S.

Territories

....................................................................

11,983,577

Total

Municipal

Bonds

(Cost

$861,034,013)

.....................................

798,734,744

a

a

a

a

Short

Term

Investments

4.2%

Municipal

Bonds

4.2%

Pennsylvania

4.2%

c

Allegheny

County

Higher

Education

Building

Authority

,

Carnegie

Mellon

University

,

Revenue

,

2008

A

,

Refunding

,

SPA

Bank

of

New

York

Mellon

(The)

,

Daily

VRDN

and

Put

,

1.15

%

,

12/01/37

...............................................

13,600,000

13,600,000

c

Delaware

County

Industrial

Development

Authority

,

United

Parcel

Service,

Inc.

,

Revenue

,

2015

,

Refunding

,

Daily

VRDN

and

Put

,

1.22

%

,

9/01/45

..............

22,000,000

22,000,000

35,600,000

Total

Municipal

Bonds

(Cost

$35,600,000)

......................................

35,600,000

Total

Short

Term

Investments

(Cost

$35,600,000

)

................................

35,600,000

a

Total

Investments

(Cost

$896,634,013)

99.1%

...................................

$834,334,744

Other

Assets,

less

Liabilities

0.9%

.............................................

7,610,744

Net

Assets

100.0%

...........................................................

$841,945,488

See

Abbreviations

on

page

164

.

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,

2022,

the

aggregate

value

of

these

securities

was

$16,106,059,

representing

1.9%

of

net

assets.

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

Statements

Statements

of

Assets

and

Liabilities

August

31,

2022

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

138

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

................

$856,182,759

$619,573,785

$165,379,497

$827,013,529

Value

-

Unaffiliated

issuers

...............

$819,023,695

$590,152,401

$152,707,458

$787,870,854

Cash

.................................

5,717,187

3,181,388

160,101

18,792,434

Receivables:

Investment

securities

sold

................

4,080,096

—

—

—

Capital

shares

sold

.....................

1,760,789

187,131

62,259

378,755

Interest

..............................

7,400,537

7,658,670

1,453,148

10,827,513

Other

assets

...........................

—

51,909

7,323

34,005

Total

assets

.......................

837,982,304

601,231,499

154,390,289

817,903,561

Liabilities:

Payables:

Investment

securities

purchased

...........

4,099,090

2,604,074

—

14,145,360

Capital

shares

redeemed

................

1,200,340

1,376,569

155,122

1,041,104

Management

fees

......................

333,224

246,768

35,212

319,683

Distribution

fees

.......................

101,909

70,147

18,586

93,136

Transfer

agent

fees

.....................

118,294

102,945

33,621

114,821

Reports

to

shareholders

fees

.............

43,248

64,947

20,904

94,079

Professional

fees

......................

24,111

32,244

52,995

32,666

Trustees'

fees

and

expenses

..............

1,025

640

1,349

590

Distributions

to

shareholders

..............

214,308

70,088

58,993

192,730

Accrued

expenses

and

other

liabilities

........

95,634

1,907

1,693

9,138

Total

liabilities

......................

6,231,183

4,570,329

378,475

16,043,307

Net

assets,

at

value

..............

$831,751,121

$596,661,170

$154,011,814

$801,860,254

Net

assets

consist

of:

Paid-in

capital

..........................

$939,847,590

$678,893,373

$202,445,016

$911,749,756

Total

distributable

earnings

(losses)

..........

(108,096,469)

(82,232,203)

(48,433,202)

(109,889,502)

Net

assets,

at

value

..............

$831,751,121

$596,661,170

$154,011,814

$801,860,254

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2022

(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

Class

A:

Net

assets,

at

value

....................

$196,503,481

$123,752,812

$29,464,241

$120,543,099

Shares

outstanding

.....................

20,172,822

11,872,693

3,297,156

11,524,003

Net

asset

value

per

share

a

...............

$9.74

$10.42

$8.94

$10.46

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

96.25%,

96.25%

and

96.25%,

respectively)

...................

$10.12

$10.83

$9.29

$10.87

Class

A1:

Net

assets,

at

value

....................

$439,620,510

$320,905,900

$101,586,372

$539,943,972

Shares

outstanding

.....................

45,211,458

30,803,089

11,380,515

51,684,264

Net

asset

value

per

share

a

...............

$9.72

$10.42

$8.93

$10.45

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

96.25%,

96.25%

and

96.25%,

respectively)

...................

$10.10

$10.83

$9.28

$10.86

Class

C:

Net

assets,

at

value

....................

$38,309,180

$27,471,578

$5,831,502

$35,687,540

Shares

outstanding

.....................

3,872,121

2,604,384

647,987

3,360,603

Net

asset

value

and

maximum

offering

price

per

share

a

...............................

$9.89

$10.55

$9.00

$10.62

Class

R6:

Net

assets,

at

value

....................

$21,140,934

$18,307,008

$1,930,945

$9,989,667

Shares

outstanding

.....................

2,167,294

1,755,848

216,331

952,338

Net

asset

value

and

maximum

offering

price

per

share

...............................

$9.75

$10.43

$8.93

$10.49

Advisor

Class:

Net

assets,

at

value

....................

$136,177,016

$106,223,872

$15,198,754

$95,695,976

Shares

outstanding

.....................

13,962,841

10,195,894

1,703,748

9,129,981

Net

asset

value

and

maximum

offering

price

per

share

...............................

$9.75

$10.42

$8.92

$10.48

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,

2022

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

140

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

................

$927,900,517

$1,386,896,824

$1,069,500,297

$896,634,013

Value

-

Unaffiliated

issuers

...............

$876,667,262

$1,329,636,770

$1,037,509,001

$834,334,744

Cash

.................................

7,029,837

729,675

1,129,757

121,181

Receivables:

Investment

securities

sold

................

—

—

9,933,220

—

Capital

shares

sold

.....................

795,071

1,132,008

703,565

160,252

Interest

..............................

7,053,065

13,986,387

11,842,544

9,478,896

Other

assets

...........................

37,257

—

—

—

Total

assets

.......................

891,582,492

1,345,484,840

1,061,118,087

844,095,073

Liabilities:

Payables:

Investment

securities

purchased

...........

2,962,555

8,284,420

—

—

Capital

shares

redeemed

................

1,463,346

2,348,721

1,980,071

1,258,615

Management

fees

......................

357,467

531,377

423,669

341,289

Distribution

fees

.......................

110,767

175,741

129,885

109,900

Transfer

agent

fees

.....................

190,628

192,718

131,904

113,483

Reports

to

shareholders

fees

.............

114,272

152,944

103,362

125,671

Trustees'

fees

and

expenses

..............

733

656

1,145

1,276

Distributions

to

shareholders

..............

90,861

206,415

133,701

186,477

Accrued

expenses

and

other

liabilities

........

36,955

2,252

53,020

12,874

Total

liabilities

......................

5,327,584

11,895,244

2,956,757

2,149,585

Net

assets,

at

value

..............

$886,254,908

$1,333,589,596

$1,058,161,330

$841,945,488

Net

assets

consist

of:

Paid-in

capital

..........................

$962,790,673

$1,458,357,416

$1,191,908,034

$1,001,943,461

Total

distributable

earnings

(losses)

..........

(76,535,765)

(124,767,820)

(133,746,704)

(159,997,973)

Net

assets,

at

value

..............

$886,254,908

$1,333,589,596

$1,058,161,330

$841,945,488

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2022

(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

Class

A:

Net

assets,

at

value

....................

$172,016,590

$271,573,031

$214,007,384

$157,402,347

Shares

outstanding

.....................

15,457,908

23,751,798

20,368,651

17,945,339

Net

asset

value

per

share

a

...............

$11.13

$11.43

$10.51

$8.77

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

96.25%,

96.25%

and

96.25%,

respectively)

...................

$11.56

$11.88

$10.92

$9.11

Class

A1:

Net

assets,

at

value

....................

$424,671,957

$709,677,841

$617,039,316

$541,553,082

Shares

outstanding

.....................

38,167,883

62,106,387

58,779,391

61,762,972

Net

asset

value

per

share

a

...............

$11.13

$11.43

$10.50

$8.77

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%,

96.25%,

96.25%

and

96.25%,

respectively)

...................

$11.56

$11.88

$10.91

$9.11

Class

C:

Net

assets,

at

value

....................

$63,676,658

$96,394,181

$53,027,662

$49,686,232

Shares

outstanding

.....................

5,657,632

8,319,003

4,971,406

5,592,100

Net

asset

value

and

maximum

offering

price

per

share

a

...............................

$11.25

$11.59

$10.67

$8.89

Class

R6:

Net

assets,

at

value

....................

$13,516,978

$16,025,837

$22,059,430

$4,575,078

Shares

outstanding

.....................

1,212,807

1,400,561

2,099,710

521,022

Net

asset

value

and

maximum

offering

price

per

share

...............................

$11.15

$11.44

$10.51

$8.78

Advisor

Class:

Net

assets,

at

value

....................

$212,372,725

$239,918,706

$152,027,538

$88,728,749

Shares

outstanding

.....................

19,064,786

20,971,831

14,461,570

10,104,859

Net

asset

value

and

maximum

offering

price

per

share

...............................

$11.14

$11.44

$10.51

$8.78

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,

2022

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

142

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

.....................

$15,345,721

$10,678,395

$2,676,583

$14,137,457

Expenses:

Management

fees

(Note

3

a

)

................

2,067,522

1,538,750

470,974

1,970,270

Distribution

fees:

(Note

3c

)

    Class

A

.............................

247,880

159,389

39,483

156,265

    Class

A1

............................

236,001

173,401

54,745

287,863

    Class

C

.............................

138,796

101,349

20,750

126,452

Transfer

agent

fees:

(Note

3e

)

    Class

A

.............................

69,507

50,629

14,420

47,001

    Class

A1

............................

165,168

137,642

50,038

216,265

    Class

C

.............................

14,928

12,356

2,931

14,602

    Class

R6

............................

4,985

3,978

399

2,144

    Advisor

Class

.........................

51,486

46,149

7,854

32,060

Custodian

fees

(Note

4

)

...................

2,841

2,099

563

2,725

Reports

to

shareholders

fees

...............

20,407

16,703

8,894

25,000

Registration

and

filing

fees

.................

22,910

14,587

10,456

28,461

Professional

fees

........................

29,826

30,862

43,343

31,232

Trustees'

fees

and

expenses

...............

5,144

4,154

1,107

5,127

Other

.................................

25,813

18,941

7,924

33,195

Total

expenses

......................

3,103,214

2,310,989

733,881

2,978,662

Expense

reductions

(Note

4

)

............

(5,931)

(3,639)

(1,153)

(3,119)

Expenses

waived/paid

by

affiliates

(Not

e

3e

and

3f)

...........................

(1,561)

(1,163)

(59,823)

(801)

Net

expenses

......................

3,095,722

2,306,187

672,905

2,974,742

Net

investment

income

.............

12,249,999

8,372,208

2,003,678

11,162,715

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

(7,566,458)

(3,354,169)

(1,304,746)

(9,687,936)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

(73,650,546)

(56,775,432)

(15,390,121)

(67,002,447)

Net

realized

and

unrealized

gain

(loss)

.........

(81,217,004)

(60,129,601)

(16,694,867)

(76,690,383)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$(68,967,005)

$(51,757,393)

$(14,691,189)

$(65,527,668)

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

August

31,

2022

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

143

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

.....................

$14,860,662

$23,690,459

$18,027,276

$13,836,928

Expenses:

Management

fees

(Note

3

a

)

................

2,228,117

3,306,975

2,638,034

2,119,729

Distribution

fees:

(Note

3c

)

    Class

A

.............................

223,383

356,850

279,489

206,955

    Class

A1

............................

229,481

383,811

335,046

291,349

    Class

C

.............................

229,725

353,011

198,446

181,640

Transfer

agent

fees:

(Note

3e

)

    Class

A

.............................

84,019

107,499

72,152

59,176

    Class

A1

............................

215,441

288,850

216,401

207,933

    Class

C

.............................

33,136

40,806

19,659

19,917

    Class

R6

............................

2,983

4,227

4,166

1,303

    Advisor

Class

.........................

106,851

99,220

51,589

33,374

Custodian

fees

(Note

4

)

...................

3,071

4,799

3,742

3,080

Reports

to

shareholders

fees

...............

31,208

42,117

37,122

44,405

Registration

and

filing

fees

.................

25,817

28,256

11,151

14,688

Professional

fees

........................

31,407

32,589

32,622

31,786

Trustees'

fees

and

expenses

...............

5,943

8,520

6,484

5,217

Other

.................................

26,064

38,010

39,327

35,240

Total

expenses

......................

3,476,646

5,095,540

3,945,430

3,255,792

Expense

reductions

(Note

4

)

............

(7,192)

(9,603)

(5,763)

(4,933)

Expenses

waived/paid

by

affiliates

(Not

e

3e

and

3f)

...........................

(1,004)

(1,938)

(915)

(678)

Net

expenses

......................

3,468,450

5,083,999

3,938,752

3,250,181

Net

investment

income

.............

11,392,212

18,606,460

14,088,524

10,586,747

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

(13,465,221)

(31,221,512)

(22,377,896)

(13,668,875)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

(77,270,918)

(107,988,263)

(79,434,724)

(74,636,897)

Net

realized

and

unrealized

gain

(loss)

.........

(90,736,139)

(139,209,775)

(101,812,620)

(88,305,772)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$(79,343,927)

$(120,603,315)

$(87,724,096)

$(77,719,025)

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.

144

Franklin

Arizona

Tax-Free

Income

Fund

Franklin

Colorado

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$12,249,999

$24,415,247

$8,372,208

$16,685,026

Net

realized

gain

(loss)

............

(7,566,458)

(623,740)

(3,354,169)

609,347

Net

change

in

unrealized

appreciation

(depreciation)

.................

(73,650,546)

(26,359,653)

(56,775,432)

(19,206,183)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(68,967,005)

(2,568,146)

(51,757,393)

(1,911,810)

Distributions

to

shareholders:

Class

A

........................

(2,606,556)

(4,582,316)

(1,558,751)

(2,822,150)

Class

A1

.......................

(6,564,287)

(13,539,073)

(4,500,388)

(9,224,150)

Class

C

........................

(465,296)

(1,078,162)

(313,170)

(730,216)

Class

R6

.......................

(340,489)

(706,832)

(278,736)

(527,705)

Advisor

Class

...................

(2,113,752)

(4,446,484)

(1,567,492)

(3,326,783)

Total

distributions

to

shareholders

.....

(12,090,380)

(24,352,867)

(8,218,537)

(16,631,004)

Capital

share

transactions:

(Note

2

)

Class

A

........................

3,725,889

42,805,902

(7,264,822)

27,372,708

Class

A1

.......................

(43,442,939)

(42,867,742)

(33,926,978)

(26,007,260)

Class

C

........................

(6,572,533)

(17,781,992)

(5,639,964)

(14,240,207)

Class

R6

.......................

(4,716,836)

7,524,370

(3,364,533)

4,987,766

Advisor

Class

...................

(27,883,168)

8,881,011

(20,538,025)

8,831,540

Total

capital

share

transactions

.......

(78,889,587)

(1,438,451)

(70,734,322)

944,547

Net

increase

(decrease)

in

net

assets

.....................

(159,946,972)

(28,359,464)

(130,710,252)

(17,598,267)

Net

assets:

Beginning

of

period

................

991,698,093

1,020,057,557

727,371,422

744,969,689

End

of

period

.....................

$831,751,121

$991,698,093

$596,661,170

$727,371,422

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

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$2,003,678

$4,119,392

$11,162,715

$22,085,741

Net

realized

gain

(loss)

............

(1,304,746)

562,813

(9,687,936)

5,303,487

Net

change

in

unrealized

appreciation

(depreciation)

.................

(15,390,121)

(6,544,374)

(67,002,447)

(38,530,605)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(14,691,189)

(1,862,169)

(65,527,668)

(11,141,377)

Distributions

to

shareholders:

Class

A

........................

(358,438)

(660,235)

(1,582,827)

(2,707,857)

Class

A1

.......................

(1,325,853)

(2,777,742)

(7,728,789)

(15,578,131)

Class

C

........................

(58,981)

(162,619)

(406,147)

(910,264)

Class

R6

.......................

(23,804)

(41,198)

(146,556)

(236,286)

Advisor

Class

...................

(213,253)

(470,324)

(1,186,832)

(2,654,715)

Total

distributions

to

shareholders

.....

(1,980,329)

(4,112,118)

(11,051,151)

(22,087,253)

Capital

share

transactions:

(Note

2

)

Class

A

........................

(1,467,610)

6,803,733

(2,550,982)

31,989,312

Class

A1

.......................

(7,095,996)

(12,470,274)

(36,376,109)

(36,946,978)

Class

C

........................

(810,696)

(5,841,644)

(3,895,551)

(16,306,588)

Class

R6

.......................

289,531

493,143

(314,954)

5,469,674

Advisor

Class

...................

(3,388,705)

77,618

(3,609,428)

9,627,615

Total

capital

share

transactions

.......

(12,473,476)

(10,937,424)

(46,747,024)

(6,166,965)

Net

increase

(decrease)

in

net

assets

.....................

(29,144,994)

(16,911,711)

(123,325,843)

(39,395,595)

Net

assets:

Beginning

of

period

................

183,156,808

200,068,519

925,186,097

964,581,692

End

of

period

.....................

$154,011,814

$183,156,808

$801,860,254

$925,186,097

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

Minnesota

Tax-Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$11,392,212

$21,509,580

$18,606,460

$34,511,407

Net

realized

gain

(loss)

............

(13,465,221)

(2,597,651)

(31,221,512)

(5,657,860)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(77,270,918)

(34,947,318)

(107,988,263)

(41,375,401)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(79,343,927)

(16,035,389)

(120,603,315)

(12,521,854)

Distributions

to

shareholders:

Class

A

........................

(2,014,131)

(3,335,908)

(3,475,225)

(5,811,468)

Class

A1

.......................

(5,511,325)

(11,079,476)

(9,922,330)

(18,860,025)

Class

C

........................

(642,760)

(1,326,276)

(1,082,321)

(2,256,500)

Class

R6

.......................

(191,268)

(332,102)

(243,733)

(463,674)

Advisor

Class

...................

(2,839,074)

(5,334,715)

(3,537,016)

(6,715,827)

Total

distributions

to

shareholders

.....

(11,198,558)

(21,408,477)

(18,260,625)

(34,107,494)

Capital

share

transactions:

(Note

2

)

Class

A

........................

(4,378,012)

39,541,298

(16,661,954)

64,015,784

Class

A1

.......................

(38,490,843)

(58,866,762)

(67,586,863)

(54,936,135)

Class

C

........................

(10,602,434)

(25,716,187)

(18,512,518)

(40,696,186)

Class

R6

.......................

(1,630,061)

3,280,591

(3,645,542)

5,151,900

Advisor

Class

...................

(31,606,812)

31,551,412

(33,502,025)

12,096,471

Total

capital

share

transactions

.......

(86,708,162)

(10,209,648)

(139,908,902)

(14,368,166)

Net

increase

(decrease)

in

net

assets

.....................

(177,250,647)

(47,653,514)

(278,772,842)

(60,997,514)

Net

assets:

Beginning

of

period

................

1,063,505,555

1,111,159,069

1,612,362,438

1,673,359,952

End

of

period

.....................

$886,254,908

$1,063,505,555

$1,333,589,596

$1,612,362,438

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

Oregon

Tax-Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$14,088,524

$26,851,073

$10,586,747

$22,342,222

Net

realized

gain

(loss)

............

(22,377,896)

(1,568,161)

(13,668,875)

7,804,857

Net

change

in

unrealized

appreciation

(depreciation)

.................

(79,434,724)

(28,772,949)

(74,636,897)

(33,197,486)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(87,724,096)

(3,490,037)

(77,719,025)

(3,050,407)

Distributions

to

shareholders:

Class

A

........................

(2,614,679)

(4,723,321)

(1,834,500)

(3,388,452)

Class

A1

.......................

(8,351,880)

(16,341,609)

(6,888,547)

(14,903,892)

Class

C

........................

(578,267)

(1,296,037)

(496,889)

(1,344,483)

Class

R6

.......................

(306,612)

(566,038)

(63,560)

(117,193)

Advisor

Class

...................

(2,067,432)

(3,891,758)

(1,151,072)

(2,448,830)

Total

distributions

to

shareholders

.....

(13,918,870)

(26,818,763)

(10,434,568)

(22,202,850)

Capital

share

transactions:

(Note

2

)

Class

A

........................

(16,694,804)

39,620,156

(2,621,886)

35,069,329

Class

A1

.......................

(55,630,099)

(56,963,758)

(45,824,582)

(49,109,140)

Class

C

........................

(13,592,859)

(24,448,091)

(8,192,201)

(40,451,026)

Class

R6

.......................

(2,082,222)

4,010,834

(718,424)

1,670,118

Advisor

Class

...................

(14,602,833)

14,473,672

(8,955,835)

4,186,212

Total

capital

share

transactions

.......

(102,602,817)

(23,307,187)

(66,312,928)

(48,634,507)

Net

increase

(decrease)

in

net

assets

.....................

(204,245,783)

(53,615,987)

(154,466,521)

(73,887,764)

Net

assets:

Beginning

of

period

................

1,262,407,113

1,316,023,100

996,412,009

1,070,299,773

End

of

period

.....................

$1,058,161,330

$1,262,407,113

$841,945,488

$996,412,009

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

148

franklintempleton.com

Semiannual

Report

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

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.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

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

based

on

its

technical

merits.

As

of

August

31,

2022, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

149

franklintempleton.com

Semiannual

Report

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)

150

franklintempleton.com

Semiannual

Report

2.

Shares

of

Beneficial

Interest

At

August

31,

2022,

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,

2022

Shares

sold

a

...................................

4,264,901

$42,407,621

1,924,089

$20,499,794

Shares

issued

in

reinvestment

of

distributions

..........

239,971

2,388,237

141,337

1,508,058

Shares

redeemed

...............................

(4,101,638)

(41,069,969)

(2,725,877)

(29,272,674)

Net

increase

(decrease)

..........................

403,234

$3,725,889

(660,451)

$(7,264,822)

Year

ended

February

28,

2022

Shares

sold

a

...................................

7,714,335

$85,144,924

4,472,637

$52,999,381

Shares

issued

in

reinvestment

of

distributions

..........

386,374

4,246,461

233,099

2,744,987

Shares

redeemed

...............................

(4,254,239)

(46,585,483)

(2,403,990)

(28,371,660)

Net

increase

(decrease)

..........................

3,846,470

$42,805,902

2,301,746

$27,372,708

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

848,105

$8,487,456

270,970

$2,906,760

Shares

issued

in

reinvestment

of

distributions

..........

572,186

5,686,216

393,110

4,192,856

Shares

redeemed

...............................

(5,744,707)

(57,616,611)

(3,808,822)

(41,026,594)

Net

increase

(decrease)

..........................

(4,324,416)

$(43,442,939)

(3,144,742)

$(33,926,978)

Year

ended

February

28,

2022

Shares

sold

...................................

1,829,516

$20,152,752

1,506,967

$17,802,515

Shares

issued

in

reinvestment

of

distributions

..........

1,073,064

11,780,446

731,178

8,613,676

Shares

redeemed

...............................

(6,809,090)

(74,800,940)

(4,445,453)

(52,423,451)

Net

increase

(decrease)

..........................

(3,906,510)

$(42,867,742)

(2,207,308)

$(26,007,260)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

131,008

$1,318,473

34,733

$379,686

Shares

issued

in

reinvestment

of

distributions

..........

44,682

451,920

28,461

307,438

Shares

redeemed

a

..............................

(822,226)

(8,342,926)

(583,417)

(6,327,088)

Net

increase

(decrease)

..........................

(646,536)

$(6,572,533)

(520,223)

$(5,639,964)

Year

ended

February

28,

2022

Shares

sold

...................................

458,085

$5,137,582

332,384

$3,979,825

Shares

issued

in

reinvestment

of

distributions

..........

94,044

1,051,174

60,714

724,639

Shares

redeemed

a

..............................

(2,137,405)

(23,970,748)

(1,577,266)

(18,944,671)

Net

increase

(decrease)

..........................

(1,585,276)

$(17,781,992)

(1,184,168)

$(14,240,207)

Class

R6

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

151

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,

2022

Shares

sold

...................................

339,035

$3,375,212

299,851

$3,200,101

Shares

issued

in

reinvestment

of

distributions

..........

34,045

339,693

25,477

272,078

Shares

redeemed

...............................

(845,155)

(8,431,741)

(639,560)

(6,836,712)

Net

increase

(decrease)

..........................

(472,075)

$(4,716,836)

(314,232)

$(3,364,533)

Year

ended

February

28,

2022

Shares

sold

...................................

1,307,226

$14,448,374

680,019

$8,045,020

Shares

issued

in

reinvestment

of

distributions

..........

63,277

696,512

43,985

518,148

Shares

redeemed

...............................

(692,123)

(7,620,516)

(304,230)

(3,575,402)

Net

increase

(decrease)

..........................

678,380

$7,524,370

419,774

$4,987,766

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

2,530,340

$25,179,345

2,451,065

$26,037,633

Shares

issued

in

reinvestment

of

distributions

..........

191,688

1,912,273

141,645

1,511,439

Shares

redeemed

...............................

(5,491,807)

(54,974,786)

(4,485,100)

(48,087,097)

Net

increase

(decrease)

..........................

(2,769,779)

$(27,883,168)

(1,892,390)

$(20,538,025)

Year

ended

February

28,

2022

Shares

sold

...................................

4,941,909

$54,567,705

3,284,834

$38,820,175

Shares

issued

in

reinvestment

of

distributions

..........

364,516

4,011,963

272,138

3,205,093

Shares

redeemed

...............................

(4,505,159)

(49,698,657)

(2,825,782)

(33,193,728)

Net

increase

(decrease)

..........................

801,266

$8,881,011

731,190

$8,831,540

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,

2022

Shares

sold

a

...................................

422,523

$3,975,266

1,247,030

$13,388,715

Shares

issued

in

reinvestment

of

distributions

..........

34,537

316,693

134,068

1,435,481

Shares

redeemed

...............................

(620,006)

(5,759,569)

(1,612,889)

(17,375,178)

Net

increase

(decrease)

..........................

(162,946)

$(1,467,610)

(231,791)

$(2,550,982)

Year

ended

February

28,

2022

Shares

sold

a

...................................

1,252,852

$12,867,370

4,266,306

$50,807,252

Shares

issued

in

reinvestment

of

distributions

..........

57,395

585,152

209,746

2,482,351

Shares

redeemed

...............................

(652,099)

(6,648,789)

(1,797,465)

(21,300,291)

Net

increase

(decrease)

..........................

658,148

$6,803,733

2,678,587

$31,989,312

Class

A1

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

152

franklintempleton.com

Semiannual

Report

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

A1

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

98,423

$915,521

506,770

$5,458,017

Shares

issued

in

reinvestment

of

distributions

..........

118,200

1,082,689

636,162

6,803,545

Shares

redeemed

...............................

(990,814)

(9,094,206)

(4,529,501)

(48,637,671)

Net

increase

(decrease)

..........................

(774,191)

$(7,095,996)

(3,386,569)

$(36,376,109)

Year

ended

February

28,

2022

Shares

sold

...................................

254,596

$2,607,607

1,492,625

$17,717,018

Shares

issued

in

reinvestment

of

distributions

..........

222,855

2,271,328

1,156,044

13,680,530

Shares

redeemed

...............................

(1,701,245)

(17,349,209)

(5,765,739)

(68,344,526)

Net

increase

(decrease)

..........................

(1,223,794)

$(12,470,274)

(3,117,070)

$(36,946,978)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

15,929

$146,811

178,664

$1,949,661

Shares

issued

in

reinvestment

of

distributions

..........

6,026

55,649

35,866

389,927

Shares

redeemed

a

..............................

(107,921)

(1,013,156)

(571,948)

(6,235,139)

Net

increase

(decrease)

..........................

(85,966)

$(810,696)

(357,418)

$(3,895,551)

Year

ended

February

28,

2022

Shares

sold

...................................

63,756

$658,339

671,228

$8,097,214

Shares

issued

in

reinvestment

of

distributions

..........

14,935

153,739

72,047

867,553

Shares

redeemed

a

..............................

(643,185)

(6,653,722)

(2,088,172)

(25,271,355)

Net

increase

(decrease)

..........................

(564,494)

$(5,841,644)

(1,344,897)

$(16,306,588)

Class

R6

Class

R6

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

60,240

$549,480

168,307

$1,809,396

Shares

issued

in

reinvestment

of

distributions

..........

1,104

10,111

12,615

135,482

Shares

redeemed

...............................

(29,512)

(270,060)

(210,308)

(2,259,832)

Net

increase

(decrease)

..........................

31,832

$289,531

(29,386)

$(314,954)

Year

ended

February

28,

2022

Shares

sold

...................................

54,704

$560,112

547,473

$6,540,638

Shares

issued

in

reinvestment

of

distributions

..........

1,623

16,520

18,487

219,263

Shares

redeemed

...............................

(8,167)

(83,489)

(108,752)

(1,290,227)

Net

increase

(decrease)

..........................

48,160

$493,143

457,208

$5,469,674

Advisor

Class

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

Advisor

Class

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

182,379

$1,662,515

3,076,931

$32,599,249

Shares

issued

in

reinvestment

of

distributions

..........

18,166

166,402

105,383

1,131,567

Shares

redeemed

...............................

(569,088)

(5,217,622)

(3,447,416)

(37,340,244)

Net

increase

(decrease)

..........................

(368,543)

$(3,388,705)

(265,102)

$(3,609,428)

Year

ended

February

28,

2022

Shares

sold

...................................

377,343

$3,853,072

2,274,240

$27,097,532

Shares

issued

in

reinvestment

of

distributions

..........

36,349

370,117

215,684

2,559,916

Shares

redeemed

...............................

(406,716)

(4,145,571)

(1,692,535)

(20,029,833)

Net

increase

(decrease)

..........................

6,976

$77,618

797,389

$9,627,615

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,

2022

Shares

sold

a

...................................

2,133,136

$24,267,554

2,534,635

$29,786,140

Shares

issued

in

reinvestment

of

distributions

..........

168,540

1,921,719

282,746

3,309,812

Shares

redeemed

...............................

(2,670,959)

(30,567,285)

(4,217,136)

(49,757,906)

Net

increase

(decrease)

..........................

(369,283)

$(4,378,012)

(1,399,755)

$(16,661,954)

Year

ended

February

28,

2022

Shares

sold

a

...................................

5,412,784

$68,834,002

8,369,403

$109,334,446

Shares

issued

in

reinvestment

of

distributions

..........

254,022

3,208,128

431,089

5,592,924

Shares

redeemed

...............................

(2,571,325)

(32,500,832)

(3,925,901)

(50,911,586)

Net

increase

(decrease)

..........................

3,095,481

$39,541,298

4,874,591

$64,015,784

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

585,319

$6,662,683

691,006

$8,091,445

Shares

issued

in

reinvestment

of

distributions

..........

449,031

5,120,533

779,525

9,121,046

Shares

redeemed

...............................

(4,412,040)

(50,274,059)

(7,237,454)

(84,799,354)

Net

increase

(decrease)

..........................

(3,377,690)

$(38,490,843)

(5,766,923)

$(67,586,863)

Year

ended

February

28,

2022

Shares

sold

...................................

2,282,890

$28,976,867

2,167,949

$28,223,453

Shares

issued

in

reinvestment

of

distributions

..........

779,659

9,852,776

1,342,913

17,428,392

Shares

redeemed

...............................

(7,743,718)

(97,696,405)

(7,732,518)

(100,587,980)

Net

increase

(decrease)

..........................

(4,681,169)

$(58,866,762)

(4,221,656)

$(54,936,135)

Class

C

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

154

franklintempleton.com

Semiannual

Report

Franklin

Minnesota

Tax-Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

C

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

226,880

$2,630,101

221,297

$2,626,733

Shares

issued

in

reinvestment

of

distributions

..........

54,637

630,286

87,785

1,041,808

Shares

redeemed

a

..............................

(1,195,317)

(13,862,821)

(1,860,192)

(22,181,059)

Net

increase

(decrease)

..........................

(913,800)

$(10,602,434)

(1,551,110)

$(18,512,518)

Year

ended

February

28,

2022

Shares

sold

...................................

757,701

$9,750,442

1,134,750

$15,005,993

Shares

issued

in

reinvestment

of

distributions

..........

101,351

1,296,546

166,589

2,193,708

Shares

redeemed

a

..............................

(2,860,260)

(36,763,175)

(4,374,124)

(57,895,887)

Net

increase

(decrease)

..........................

(2,001,208)

$(25,716,187)

(3,072,785)

$(40,696,186)

Class

R6

Class

R6

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

227,094

$2,614,048

351,415

$4,116,968

Shares

issued

in

reinvestment

of

distributions

..........

16,406

187,413

20,197

236,687

Shares

redeemed

...............................

(387,369)

(4,431,522)

(678,315)

(7,999,197)

Net

increase

(decrease)

..........................

(143,869)

$(1,630,061)

(306,703)

$(3,645,542)

Year

ended

February

28,

2022

Shares

sold

...................................

404,767

$5,140,952

626,630

$8,163,716

Shares

issued

in

reinvestment

of

distributions

..........

25,867

327,194

33,911

440,361

Shares

redeemed

...............................

(173,165)

(2,187,555)

(267,841)

(3,452,177)

Net

increase

(decrease)

..........................

257,469

$3,280,591

392,700

$5,151,900

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

7,290,234

$82,836,584

6,820,078

$79,977,822

Shares

issued

in

reinvestment

of

distributions

..........

245,104

2,799,498

287,232

3,364,349

Shares

redeemed

...............................

(10,278,798)

(117,242,894)

(9,957,522)

(116,844,196)

Net

increase

(decrease)

..........................

(2,743,460)

$(31,606,812)

(2,850,212)

$(33,502,025)

Year

ended

February

28,

2022

Shares

sold

...................................

5,575,188

$70,700,419

4,909,297

$63,808,968

Shares

issued

in

reinvestment

of

distributions

..........

417,122

5,275,050

492,823

6,401,759

Shares

redeemed

...............................

(3,515,972)

(44,424,057)

(4,479,469)

(58,114,256)

Net

increase

(decrease)

..........................

2,476,338

$31,551,412

922,651

$12,096,471

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

155

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,

2022

Shares

sold

a

...................................

3,539,722

$38,074,229

1,601,411

$14,509,549

Shares

issued

in

reinvestment

of

distributions

..........

232,986

2,502,721

188,069

1,690,762

Shares

redeemed

...............................

(5,320,513)

(57,271,754)

(2,081,838)

(18,822,197)

Net

increase

(decrease)

..........................

(1,547,805)

$(16,694,804)

(292,358)

$(2,621,886)

Year

ended

February

28,

2022

Shares

sold

a

...................................

5,979,219

$71,057,962

6,089,792

$61,181,720

Shares

issued

in

reinvestment

of

distributions

..........

384,848

4,547,566

313,724

3,128,557

Shares

redeemed

...............................

(3,038,964)

(35,985,372)

(2,939,249)

(29,240,948)

Net

increase

(decrease)

..........................

3,325,103

$39,620,156

3,464,267

$35,069,329

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

1,129,238

$12,151,810

466,041

$4,216,606

Shares

issued

in

reinvestment

of

distributions

..........

725,076

7,783,428

679,483

6,109,700

Shares

redeemed

...............................

(7,022,003)

(75,565,337)

(6,209,149)

(56,150,888)

Net

increase

(decrease)

..........................

(5,167,689)

$(55,630,099)

(5,063,625)

$(45,824,582)

Year

ended

February

28,

2022

Shares

sold

...................................

2,223,756

$26,399,387

1,544,083

$15,457,057

Shares

issued

in

reinvestment

of

distributions

..........

1,298,835

15,343,656

1,359,150

13,561,421

Shares

redeemed

...............................

(8,341,594)

(98,706,801)

(7,822,420)

(78,127,618)

Net

increase

(decrease)

..........................

(4,819,003)

$(56,963,758)

(4,919,187)

$(49,109,140)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

101,323

$1,106,021

116,591

$1,070,419

Shares

issued

in

reinvestment

of

distributions

..........

51,771

564,846

52,299

476,522

Shares

redeemed

a

..............................

(1,394,520)

(15,263,726)

(1,068,754)

(9,739,142)

Net

increase

(decrease)

..........................

(1,241,426)

$(13,592,859)

(899,864)

$(8,192,201)

Year

ended

February

28,

2022

Shares

sold

...................................

648,203

$7,791,214

585,346

$5,932,881

Shares

issued

in

reinvestment

of

distributions

..........

106,566

1,279,921

127,482

1,290,837

Shares

redeemed

a

..............................

(2,779,969)

(33,519,226)

(4,681,145)

(47,674,744)

Net

increase

(decrease)

..........................

(2,025,200)

$(24,448,091)

(3,968,317)

$(40,451,026)

Class

R6

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

156

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,

2022

Shares

sold

...................................

442,408

$4,752,655

114,023

$1,029,260

Shares

issued

in

reinvestment

of

distributions

..........

28,508

306,246

6,988

62,935

Shares

redeemed

...............................

(665,079)

(7,141,123)

(200,905)

(1,810,619)

Net

increase

(decrease)

..........................

(194,163)

$(2,082,222)

(79,894)

$(718,424)

Year

ended

February

28,

2022

Shares

sold

...................................

740,248

$8,770,401

245,271

$2,462,160

Shares

issued

in

reinvestment

of

distributions

..........

48,100

568,471

11,345

113,246

Shares

redeemed

...............................

(449,877)

(5,328,038)

(89,946)

(905,288)

Net

increase

(decrease)

..........................

338,471

$4,010,834

166,670

$1,670,118

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2022

Shares

sold

...................................

3,398,769

$36,634,773

1,018,753

$9,152,851

Shares

issued

in

reinvestment

of

distributions

..........

183,792

1,975,207

115,685

1,041,710

Shares

redeemed

...............................

(4,930,293)

(53,212,813)

(2,109,494)

(19,150,396)

Net

increase

(decrease)

..........................

(1,347,732)

$(14,602,833)

(975,056)

$(8,955,835)

Year

ended

February

28,

2022

Shares

sold

...................................

4,918,456

$58,342,910

2,414,071

$24,190,653

Shares

issued

in

reinvestment

of

distributions

..........

315,822

3,734,248

224,312

2,241,168

Shares

redeemed

...............................

(4,026,619)

(47,603,486)

(2,222,791)

(22,245,609)

Net

increase

(decrease)

..........................

1,207,659

$14,473,672

415,592

$4,186,212

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)

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)

157

franklintempleton.com

Semiannual

Report

a.

Management

Fees

The

Funds

pay

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

month-end

net

assets

of

each

of

the

Funds

as

follows:

For

the

period

ended

August

31,

2022,

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

........

0.469%

0.480%

0.567%

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%

0.469%

0.459%

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.470%

0.470%

3.

Transactions

with

Affiliates

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

158

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,

2022,

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

..................

$4,757

$3,214

$809

$5,900

CDSC

retained

...........................

$16,112

$35,089

$1,741

$13,303

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

..................

$3,837

$7,772

$4,951

$4,441

CDSC

retained

...........................

$15,933

$34,991

$18,130

$7,210

3.

Transactions

with

Affiliates

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

159

franklintempleton.com

Semiannual

Report

f.

Waiver

and

Expense

Reimbursements

Effective

April

1,

2022,

Advisers

have

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Funds

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

0.65%,

based

on

the

average

net

assets

of

each

class

until

June

30,

2023.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Funds’

fiscal

year

end.

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,

2023.

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,

sales

and

the

related

net

realized

gains

(losses),

if

any,

for

the

period

ended

August

31,

2022,

were

as

follows:

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

........................

$124,301

$96,543

$30,095

$151,660

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

........................

$155,890

$216,984

$157,505

$158,005

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

..............................

$29,775,824

$16,440,604

$1,000,000

$35,776,539

Sales

..................................

$7,800,000

$6,896,388

$1,000,000

$26,665,048

Net

Realized

Gains

(Losses)

.................

—

$(210,455)

—

$(1,575,905)

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

..............................

$47,745,997

$19,098,796

$73,052,900

$46,632,211

Sales

..................................

$9,670,173

$35,016,026

$60,818,201

$38,856,798

Net

Realized

Gains

(Losses)

.................

$(891,225)

$(999,213)

$(2,164,644)

$(3,170,226)

3.

Transactions

with

Affiliates

(continued)

e.

Transfer

Agent

Fees

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

160

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

,

202

2

,

 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,

2022,

the

capital

loss

carryforwards

were

as

follows:

At

August

31,

2022,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

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

.............................

$

19,013,037

$

20,228,256

$

8,410,732

$

14,834,456

Long

term

.............................

44,087,182

29,901,318

26,110,261

46,326,789

Total

capital

loss

carryforwards

............

$63,100,219

$50,129,574

$34,520,993

$61,161,245

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

.............................

$

10,170,551

$

26,414,063

$

26,212,780

$

14,371,716

Long

term

.............................

2,345,898

10,417,101

53,483,619

70,960,599

Total

capital

loss

carryforwards

............

$12,516,449

$36,831,164

$79,696,399

$85,332,315

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

.......................

$856,426,679

$619,486,290

$165,370,969

$827,088,934

Unrealized

appreciation

.....................

$6,124,955

$4,847,259

$518,382

$5,908,411

Unrealized

depreciation

.....................

(43,527,939)

(34,181,148)

(13,181,893)

(45,126,491)

Net

unrealized

appreciation

(depreciation)

.......

$(37,402,984)

$(29,333,889)

$(12,663,511)

$(39,218,080)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

161

franklintempleton.com

Semiannual

Report

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

August

31,

2022,

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

identifi

ed

in

the

accompanying

Schedule

s

of

Investments.

At

August

31

,

202

2

,

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.

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.

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

.......................

$927,308,907

$1,386,454,432

$1,069,718,694

$896,749,644

Unrealized

appreciation

.....................

$4,235,508

$13,277,929

$10,179,117

$3,267,074

Unrealized

depreciation

.....................

(54,877,153)

(70,095,591)

(42,388,810)

(65,681,974)

Net

unrealized

appreciation

(depreciation)

.......

$(50,641,645)

$(56,817,662)

$(32,209,693)

$(62,414,900)

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

..............................

$111,938,708

$40,156,450

$7,487,180

$134,806,597

Sales

..................................

$176,106,571

$100,249,883

$19,462,311

$189,880,265

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

..............................

$111,160,664

$201,268,705

$217,924,823

$120,548,166

Sales

..................................

$164,870,198

$297,487,223

$315,027,081

$180,867,156

Value

Percentage

of

Net

Assets

Franklin

Oregon

Tax-Free

Income

Fund

...........................................

$

5,720,000

0.5%

Franklin

Pennsylvania

Tax-Free

Income

Fund

......................................

4,204,687

0.5%

5.

Income

Taxes

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

162

franklintempleton.com

Semiannual

Report

9.

Geopolitical

Risk 

On

February

24,

2022,

Russia

engaged

in

military

actions

in

the

sovereign

territory

of

Ukraine.

The

current

political

and

financial

uncertainty

surrounding

Russia

and

Ukraine

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

these

countries

and

may

also

cause

uncertainty

for

the

global

economy

and

broader

financial

markets.

The

ultimate

fallout

and

long-term

impact

from

these

events

are

not

known.

The

Funds

will

continue

to

assess

the

impact

on

valuations

and

liquidity

and

will

take

any

potential

actions

needed

in

accordance

with

procedures

approved

by

the

Board.

10.

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.

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

3,

2023.

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,

2022,

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.

A

summary

of

inputs

used

as

of

August

31,

2022,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Arizona

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

$

—

$

816,223,695

$

—

$

816,223,695

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

163

franklintempleton.com

Semiannual

Report

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

Level

1

Level

2

Level

3

Total

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Short

Term

Investments

...................

$

—

$

2,800,000

$

—

$

2,800,000

Total

Investments

in

Securities

...........

$—

$819,023,695

$—

$819,023,695

Franklin

Colorado

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

600,000

600,000

Municipal

Bonds

.........................

—

586,052,401

—

586,052,401

Short

Term

Investments

...................

—

3,500,000

—

3,500,000

Total

Investments

in

Securities

...........

$—

$589,552,401

$600,000

$590,152,401

Franklin

Connecticut

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

151,007,458

—

151,007,458

Short

Term

Investments

...................

—

1,700,000

—

1,700,000

Total

Investments

in

Securities

...........

$—

$152,707,458

$—

$152,707,458

Franklin

Michigan

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,800,000

1,800,000

Municipal

Bonds

.........................

—

781,870,854

—

781,870,854

Short

Term

Investments

...................

—

4,200,000

—

4,200,000

Total

Investments

in

Securities

...........

$—

$786,070,854

$1,800,000

$787,870,854

Franklin

Minnesota

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

875,667,262

—

875,667,262

Short

Term

Investments

...................

—

1,000,000

—

1,000,000

Total

Investments

in

Securities

...........

$—

$876,667,262

$—

$876,667,262

Franklin

Ohio

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

1,325,336,770

—

1,325,336,770

Short

Term

Investments

...................

—

4,300,000

—

4,300,000

Total

Investments

in

Securities

...........

$—

$1,329,636,770

$—

$1,329,636,770

Franklin

Oregon

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

2,500,000

2,500,000

Municipal

Bonds

.........................

—

1,033,009,001

—

1,033,009,001

Short

Term

Investments

...................

—

2,000,000

—

2,000,000

Total

Investments

in

Securities

...........

$—

$1,035,009,001

$2,500,000

$1,037,509,001

Franklin

Pennsylvania

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

798,734,744

—

798,734,744

Short

Term

Investments

...................

—

35,600,000

—

35,600,000

Total

Investments

in

Securities

...........

$—

$834,334,744

$—

$834,334,744

12.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

164

franklintempleton.com

Semiannual

Report

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.

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

165

franklintempleton.com

Semiannual

Report

Special

Joint

Meeting

of

Shareholders

April

16,

2021,

and

reconvened

on

May

14,

2021

(unaudited)

A

Special

Joint

Meeting

of

Shareholders

of

Franklin

Connecticut

Tax-Free

Income,

a

series

of

Franklin

Tax-Free

Trust,

was

held

virtually

on

April

16,

2021

and

reconvened

on

May

14,

2021.

The

purpose

of

the

meeting

was

to

approve

(1)

a

change

in

the

Franklin

Connecticut

Tax-Free

Income

Fund

classification

from

a

diversified

to

a

non-diversified

fund.

At

the

meeting

all

proposals

were

passed.

No

other

business

was

transacted

at

the

meeting

with

respect

to

the

Fund.

The

results

of

the

voting

at

the

meeting

are

as

follows:

1.

To

approve

a

change

in

the

Franklin

Connecticut

Tax-Free

Income

Fund

classification

from

a

diversified

to

a

non-diversified

fund:

For

%

Voted

FOR

%

FOR

of

Outstanding

Shares

7,918,786

75.86%

40.16%

Against

%

Voted

Against

%

Against

of

Outstanding

Shares

680,493

6.52%

3.45%

Abstain

%

Voted

Abstain

%

Abstain

of

Outstanding

Shares

1,839,089

17.62%

9.33%

Franklin

Tax-Free

Trust

Shareholder

Information

166

franklintempleton.com

Semiannual

Report

Liquidity

Risk

Management

Program

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

for

the

Franklin

Templeton

and

Legg

Mason

Funds

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

Franklin

Templeton

and

Legg

Mason

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Legal,

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

2022,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2021.

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

six-month

period

ended

June

30.

Franklin

Tax-Free

Trust

Shareholder

Information

167

franklintempleton.com

Semiannual

Report

Quarterly

Schedule

of

Investments

The

Trust

files

a

complete

schedule

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

10/22

©

2022

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 Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

section302

(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, 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, 2022

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, 2022

By S\CHRISTOPHER KINGS______________________

      Christopher Kings

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date  October 28, 2022