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: 8/31/23

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

Franklin

Tax-Free

Trust

August

31,

2023

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

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

.

The

Securities

and

Exchange

Commission

has

adopted

new

regulations

that

will

result

in

changes

to

the

design

and

delivery

of

annual

and

semiannual

shareholder

reports

beginning

in

July

2024.

If

you

have

previously

elected

to

receive

shareholder

reports

electronically,

you

will

continue

to

do

so

and

need

not

take

any

action.

Otherwise,

paper

copies

of

the

Fund’s

shareholder

reports

will

be

mailed

to

you

beginning

in

July

2024.

If

you

would

like

to

receive

shareholder

reports

and

other

communications

from

the

Fund

electronically

instead

of

by

mail,

you

may

make

that

request

at

any

time

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank)

or,

if

you

are

a

direct

investor,

enrolling

at

franklintempleton.com.

You

may

access

franklintempleton.com

by

scanning

the

code

below.

franklintempleton.com

Semiannual

Report

1

Contents

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

2

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

6

Franklin

High

Yield

Tax-Free

Income

Fund

10

Franklin

Massachusetts

Tax-Free

Income

Fund

14

Franklin

New

Jersey

Tax-Free

Income

Fund

18

Financial

Highlights

and

Schedules

of

Investments

22

Financial

Statements

143

Notes

to

Financial

Statements

152

Shareholder

Information

172

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

2

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,

2023.

Fund

Overview

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 $11.02

on

February

28,

2023,

to $10.99

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling 14.5665

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page 3

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 the

2.4842

cents

per

share

August dividend

and

the

maximum

offering

price

of

$11.24

on

August

31,

2023.

An

investor

in

the 2023 maximum

federal

income

tax

bracket

of

40.80% (including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of 4.48%

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

.

Thank

you

for

your

continued

participation

in

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Health

Care

17.36%

Utilities

16.90%

Industrial

Dev.

Revenue

and

Pollution

Control

13.89%

Transportation

10.81%

Housing

8.55%

Education

8.32%

State

General

Obligation

7.03%

Local

6.59%

Special

Tax

4.79%

Lease

4.54%

Other

Revenue

Bonds

0.62%

Refunded

0.60%

*

Does

not

include

cash

and

cash

equivalents.

1.

Dividends

are

generally

subject

to

state

and

local

taxes,

if

any.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distribu-

tions

of

capital

gains

are

generally

taxable.

To

avoid

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrual

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

27

.

Performance

Summary

as

of

August

31,

2023

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

3

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

8/31/23

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

+1.04%

-1.23%

1-Year

+1.86%

-0.43%

5-Year

+3.28%

+0.19%

10-Year

+18.52%

+1.48%

Advisor

6-Month

+1.08%

+1.08%

1-Year

+2.02%

+2.02%

5-Year

+4.48%

+0.88%

10-Year

+20.46%

+1.88%

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

2.65%

4.48%

3.27%

3.17%

5.52%

5.35%

Advisor

2.96%

5.00%

3.59%

3.49%

6.06%

5.90%

See

page

4

for

Performance

Summary

footnotes.

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Performance

Summary

4

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

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.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

be

terminated

prior

to

6/30/24

without

Board

consent.

Additional

amounts

may

be

voluntarily

waived

and/or

reimbursed

and

may

be

modified

or

discontinued

at

any

time

without

notice.

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

8/31/23.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

2023

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

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.145665

A1

$0.154054

C

$0.123209

R6

$0.162957

Advisor

$0.159623

Total

Annual

Operating

Expenses

8

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.71%

0.79%

Advisor

0.46%

0.54%

Your

Fund’s

Expenses

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

5

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,010.40

$3.58

$1,021.57

$3.60

0.71%

A1

$1,000

$1,010.30

$2.83

$1,022.32

$2.84

0.56%

C

$1,000

$1,007.50

$5.59

$1,019.57

$5.62

1.11%

R6

$1,000

$1,011.10

$2.02

$1,023.13

$2.03

0.40%

Advisor

$1,000

$1,010.80

$2.32

$1,022.83

$2.33

0.46%

6

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,

2023

.

Fund

Overview

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

The

Fund

maintains

a

dollar-weighted

average

portfolio

maturity

(the

time

in

which

the

debt

must

be

repaid)

of

five

years

or

less.

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$10.03

on

February

28,

2023,

to

$10.04

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling

11.2057

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

2.23%

based

on

an

annualization

of

the

1.9076

cents

per

share

August

dividend

and

the

maximum

offering

price

of

$10.27

on

August

31,

2023.

An

investor

in

the

2023

maximum

federal

income

tax

bracket

of

40.80%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

3.77%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Thank

you

for

your

continued

participation

in

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Industrial

Dev.

Revenue

and

Pollution

Control

28.88%

Housing

12.72%

Local

10.69%

Health

Care

9.65%

Education

9.02%

Lease

8.21%

Utilities

6.39%

State

General

Obligation

5.52%

Transportation

4.77%

Special

Tax

3.29%

Other

Revenue

Bonds

0.84%

Refunded

0.02%

*

Does

not

include

cash

and

cash

equivalents.

1.

Dividends

are

generally

subject

to

state

and

local

taxes,

if

any.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distribu-

tions

of

capital

gains

are

generally

taxable.

To

avoid

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrual

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

52

.

Performance

Summary

as

of

August

31,

2023

Franklin

Federal

Limited-Term

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

8/31/23

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

+1.22%

-1.06%

1-Year

+1.82%

-0.47%

5-Year

+3.98%

+0.33%

10-Year

+7.43%

+0.49%

Advisor

6-Month

+1.34%

+1.34%

1-Year

+1.97%

+1.97%

5-Year

+5.38%

+1.05%

10-Year

+9.71%

+0.93%

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

(with

fee

waiver)

(without

fee

waiver)

(with

fee

waiver)

(without

fee

waiver)

A

2.23%

3.77%

3.30%

3.13%

5.57%

5.29%

Advisor

2.53%

4.27%

3.63%

3.45%

6.13%

5.83%

See

page

8

for

Performance

Summary

footnotes.

Franklin

Federal

Limited-Term

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

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.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

be

terminated

prior

to

6/30/24

without

Board

consent.

Additional

amounts

may

be

voluntarily

waived

and/or

reimbursed

and

may

be

modified

or

discontinued

at

any

time

without

notice.

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

8/31/23.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

2023

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

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.112057

A1

$0.117123

R6

$0.126266

Advisor

$0.124744

Total

Annual

Operating

Expenses

8

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.65%

0.82%

Advisor

0.40%

0.55%

Your

Fund’s

Expenses

Franklin

Federal

Limited-Term

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,012.20

$3.29

$1,021.87

$3.30

0.65%

A1

$1,000

$1,012.70

$2.78

$1,022.37

$2.79

0.55%

R6

$1,000

$1,013.60

$1.87

$1,023.28

$1.88

0.37%

Advisor

$1,000

$1,013.40

$2.03

$1,023.12

$2.04

0.40%

10

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,

2023

.

Fund

Overview

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

$8.68

on

February

28,

2023,

to

$8.57

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling

19.8831

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page

11

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

4.49%,

based

on

an

annualization

of

the

3.3287

cents

per

share

August

dividend

and

the

maximum

offering

price

of

$8.90

on

August

31,

2023.

An

investor

in

the

2023

maximum

federal

income

tax

bracket

of

40.80%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

7.58%

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

.

Thank

you

for

your

continued

participation

in

Franklin

High

Yield

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Special

Tax

26.88%

Housing

13.45%

Industrial

Dev.

Revenue

and

Pollution

Control

12.33%

Health

Care

10.26%

Transportation

9.18%

Local

6.36%

Refunded

5.25%

Utilities

4.96%

Education

4.67%

Other

Revenue

Bonds

2.76%

State

General

Obligation

1.96%

Lease

1.16%

Exchange

Traded

Fund

0.78%

*

Does

not

include

cash

and

cash

equivalents.

1.

Dividends

are

generally

subject

to

state

and

local

taxes,

if

any.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distribu-

tions

of

capital

gains

are

generally

taxable.

To

avoid

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrual

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

69

.

Performance

Summary

as

of

August

31,

2023

Franklin

High

Yield

Tax-Free

Income

Fund

11

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

8/31/23

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

+1.01%

-2.78%

1-Year

-1.04%

-4.75%

5-Year

+4.20%

+0.06%

10-Year

+34.14%

+2.59%

Advisor

6-Month

+1.13%

+1.13%

1-Year

-0.79%

-0.79%

5-Year

+5.40%

+1.06%

10-Year

+36.33%

+3.15%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

4.49%

7.58%

4.50%

7.60%

Advisor

4.90%

8.28%

4.91%

8.29%

See

page

12

for

Performance

Summary

footnotes.

Franklin

High

Yield

Tax-Free

Income

Fund

Performance

Summary

12

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

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.

Low-rated,

high-yield

bonds

are

subject

to

greater

price

volatility,

illiquidity

and

possibility

of

default.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

The

total

annual

operating

expenses

are

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

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

8/31/23.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

2023

maximum

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

8.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

9.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.198831

A1

$0.205389

C

$0.180665

R6

$0.211653

Advisor

$0.209808

Total

Annual

Operating

Expenses

9

Share

Class

A

0.80%

Advisor

0.54%

Your

Fund’s

Expenses

Franklin

High

Yield

Tax-Free

Income

Fund

13

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,010.10

$4.11

$1,021.05

$4.13

0.81%

A1

$1,000

$1,012.10

$3.35

$1,021.81

$3.37

0.66

%

C

$1,000

$1,007.90

$6.07

$1,019.10

$6.10

1.20%

R6

$1,000

$1,012.70

$2.62

$1,022.54

$2.63

0.52%

Advisor

$1,000

$1,011.30

$2.83

$1,022.32

$2.85

0.56%

14

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,

2023

.

Fund

Overview

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 $10.41

on

February

28,

2023,

to $10.35

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling 13.0862

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page

15

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 the

2.31

47

cents

per

share

August

dividend

and

the

maximum

offering

price

of

$10.75

on

August

31,

2023.

An

investor

in

the 2023 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 4.76%

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

.

Thank

you

for

your

continued

participation

in

Franklin

Massachusetts

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Education

30.01%

Health

Care

16.91%

Transportation

11.03%

Local

8.92%

Housing

8.69%

Special

Tax

7.86%

Utilities

4.73%

State

General

Obligation

4.34%

Refunded

4.01%

Other

Revenue

Bonds

2.39%

Lease

0.96%

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.

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

126

.

Performance

Summary

as

of

August

31,

2023

Franklin

Massachusetts

Tax-Free

Income

Fund

15

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

8/31/23

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

+0.67%

-3.11%

1-Year

+0.85%

-2.93%

5-Year

+1.71%

-0.43%

10-Year

+25.50%

+1.91%

Advisor

6-Month

+0.80%

+0.80%

1-Year

+1.11%

+1.11%

5-Year

+2.99%

+0.59%

10-Year

+27.70%

+2.48%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

2.58%

4.76%

3.10%

5.72%

Advisor

2.94%

5.42%

3.47%

6.40%

See

page

16

for

Performance

Summary

footnotes.

Franklin

Massachusetts

Tax-Free

Income

Fund

Performance

Summary

16

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Portfolios

focused

on

a

single

state

are

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.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Net

expenses

are

capped

under

a

contrac-

tual

agreement,

which

cannot

be

terminated

prior

to

6/30/24

without

Board

consent.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

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)

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

8/31/23.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

12/20/22

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.

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

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.130862

A1

$0.138780

C

$0.109279

R6

$0.146343

Advisor

$0.144065

Total

Annual

Operating

Expenses

9

Share

Class

A

0.88%

Advisor

0.63%

Your

Fund’s

Expenses

Franklin

Massachusetts

Tax-Free

Income

Fund

17

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,006.70

$4.47

$1,020.68

$4.50

0.89%

A1

$1,000

$1,007.50

$3.71

$1,021.44

$3.74

0.74%

C

$1,000

$1,004.60

$6.44

$1,018.71

$6.49

1.28%

R6

$1,000

$1,008.20

$2.99

$1,022.16

$3.01

0.59%

Advisor

$1,000

$1,008.00

$3.22

$1,021.93

$3.24

0.64%

18

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,

2023

.

Fund

Overview

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

$10.11

on

February

28,

2023,

to

$10.07

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling

15.0597

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

2.91%,

based

on

an

annualization

of

the

2.5351

cents

per

share

August

dividend

and

the

maximum

offering

price

of

$10.46

on

August

31,

2023.

An

investor

in

the

2023

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

6.01%

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

.

Thank

you

for

your

continued

participation

in

Franklin

New

Jersey

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Transportation

26.76%

Education

21.35%

Health

Care

15.58%

Lease

9.50%

Housing

8.98%

Local

5.90%

Industrial

Dev.

Revenue

and

Pollution

Control

4.60%

Special

Tax

2.42%

Utilities

2.07%

Refunded

1.39%

State

General

Obligation

1.09%

Other

Revenue

Bonds

0.36%

*

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.

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

136

.

Performance

Summary

as

of

August

31,

2023

Franklin

New

Jersey

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

8/31/23

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

+1.08%

-2.71%

1-Year

+1.38%

-2.42%

5-Year

+3.37%

-0.10%

10-Year

+21.69%

+1.59%

Advisor

6-Month

+1.21%

+1.21%

1-Year

+1.73%

+1.73%

5-Year

+4.58%

+0.90%

10-Year

+23.71%

+2.15%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

2.91%

6.01%

3.38%

6.98%

Advisor

3.28%

6.77%

3.76%

7.76%

See

page

20

for

Performance

Summary

footnotes.

Franklin

New

Jersey

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Portfolios

focused

on

a

single

state

are

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.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Net

expenses

are

capped

under

a

contrac-

tual

agreement,

which

cannot

be

terminated

prior

to

6/30/24

without

Board

consent.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

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

8/31/23.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

12/20/22

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.

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

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.150597

A1

$0.158291

C

$0.129589

R6

$0.165740

Advisor

$0.163415

Total

Annual

Operating

Expenses

9

Share

Class

A

0.82%

Advisor

0.58%

Your

Fund’s

Expenses

Franklin

New

Jersey

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.

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,010.80

$4.17

$1,020.99

$4.19

0.83%

A1

$1,000

$1,011.60

$3.42

$1,021.74

$3.43

0.68%

C

$1,000

$1,009.60

$6.16

$1,019.01

$6.18

1.22%

R6

$1,000

$1,012.30

$2.68

$1,022.47

$2.70

0.53%

Advisor

$1,000

$1,012.10

$2.91

$1,022.24

$2.93

0.58%

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.02

$11.82

$12.22

$12.39

$11.98

$11.87

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.15

0.26

0.23

0.26

0.27

0.15

Net

realized

and

unrealized

gains

(losses)

(0.03)

(0.82)

(0.40)

(0.17)

0.43

0.11

Total

from

investment

operations

........

0.12

(0.56)

(0.17)

0.09

0.70

0.26

Less

distributions

from:

Net

investment

income

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

(0.15)

(0.24)

(0.23)

(0.26)

(0.29)

(0.15)

Net

asset

value,

end

of

period

..........

$10.99

$11.02

$11.82

$12.22

$12.39

$11.98

Total

return

e

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

1.04%

(4.70)%

(1.42)%

0.72%

5.92%

2.20%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

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

0.81%

0.83%

0.80%

0.80%

0.81%

0.80%

Expenses

net

of

waiver

and

payments

by

affiliates

g

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

0.71%

0.71%

0.70%

0.70%

0.71%

0.71%

Net

investment

income

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

2.62%

2.31%

1.89%

2.09%

2.28%

2.56%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$667,844

$707,816

$754,463

$629,566

$407,125

$182,330

Portfolio

turnover

rate

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

6.26%

24.76%

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

23

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.01

$11.81

$12.21

$12.38

$11.96

$11.94

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.15

0.27

0.25

0.28

0.30

0.32

Net

realized

and

unrealized

gains

(losses)

(0.04)

(0.81)

(0.40)

(0.17)

0.43

0.02

Total

from

investment

operations

........

0.11

(0.54)

(0.15)

0.11

0.73

0.34

Less

distributions

from:

Net

investment

income

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

(0.15)

(0.26)

(0.25)

(0.28)

(0.31)

(0.32)

Net

asset

value,

end

of

period

..........

$10.97

$11.01

$11.81

$12.21

$12.38

$11.96

Total

return

d

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

1.03%

(4.56)%

(1.27)%

0.87%

6.17%

2.91%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

0.66%

0.68%

0.65%

0.65%

0.66%

0.65%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.56%

0.56%

0.55%

0.55%

0.56%

0.56%

Net

investment

income

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

2.77%

2.45%

2.05%

2.26%

2.43%

2.71%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$799,301

$864,508

$1,265,052

$1,403,417

$1,516,009

$1,575,494

Portfolio

turnover

rate

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

6.26%

24.76%

22.05%

18.84%

14.78%

2.57%

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.

24

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.05

$11.85

$12.24

$12.42

$12.00

$11.98

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.12

0.21

0.18

0.21

0.23

0.26

Net

realized

and

unrealized

gains

(losses)

(0.04)

(0.81)

(0.39)

(0.18)

0.43

0.02

Total

from

investment

operations

........

0.08

(0.60)

(0.21)

0.03

0.66

0.28

Less

distributions

from:

Net

investment

income

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

(0.12)

(0.20)

(0.18)

(0.21)

(0.24)

(0.26)

Net

asset

value,

end

of

period

..........

$11.01

$11.05

$11.85

$12.24

$12.42

$12.00

Total

return

d

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

0.75%

(5.07)%

(1.73)%

0.24%

5.58%

2.34%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

1.21%

1.23%

1.20%

1.20%

1.21%

1.20%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.11%

1.11%

1.10%

1.10%

1.11%

1.11%

Net

investment

income

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

2.21%

1.88%

1.50%

1.72%

1.88%

2.16%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$35,223

$42,983

$67,008

$121,312

$203,994

$262,612

Portfolio

turnover

rate

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

6.26%

24.76%

22.05%

18.84%

14.78%

2.57%

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

25

In

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.04

$11.84

$12.24

$12.41

$11.99

$11.97

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.16

0.29

0.27

0.30

0.32

0.34

Net

realized

and

unrealized

gains

(losses)

(0.04)

(0.81)

(0.40)

(0.18)

0.43

0.02

Total

from

investment

operations

........

0.12

(0.52)

(0.13)

0.12

0.75

0.36

Less

distributions

from:

Net

investment

income

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

(0.16)

(0.28)

(0.27)

(0.29)

(0.33)

(0.34)

Net

asset

value,

end

of

period

..........

$11.00

$11.04

$11.84

$12.24

$12.41

$11.99

Total

return

d

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

1.11%

(4.40)%

(1.12)%

1.03%

6.33%

3.06%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

0.51%

0.53%

0.50%

0.50%

0.50%

0.49%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.40%

0.40%

0.40%

0.40%

0.40%

0.39%

Net

investment

income

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

2.92%

2.60%

2.19%

2.41%

2.59%

2.88%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$130,376

$135,524

$257,641

$414,751

$410,541

$417,612

Portfolio

turnover

rate

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

6.26%

24.76%

22.05%

18.84%

14.78%

2.57%

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

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.04

$11.84

$12.24

$12.41

$11.99

$11.97

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.16

0.28

0.26

0.29

0.31

0.33

Net

realized

and

unrealized

gains

(losses)

(0.04)

(0.81)

(0.40)

(0.17)

0.43

0.02

Total

from

investment

operations

........

0.12

(0.53)

(0.14)

0.12

0.74

0.35

Less

distributions

from:

Net

investment

income

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

(0.16)

(0.27)

(0.26)

(0.29)

(0.32)

(0.33)

Net

asset

value,

end

of

period

..........

$11.00

$11.04

$11.84

$12.24

$12.41

$11.99

Total

return

d

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

1.08%

(4.45)%

(1.17)%

0.97%

6.27%

3.00%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

0.56%

0.58%

0.55%

0.55%

0.56%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.46%

f

0.46%

0.45%

f

0.45%

f

0.46%

f

0.46%

f

Net

investment

income

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

2.87%

2.53%

2.14%

2.36%

2.53%

2.81%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$642,655

$633,982

$1,126,152

$1,153,049

$1,277,185

$1,103,570

Portfolio

turnover

rate

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

6.26%

24.76%

22.05%

18.84%

14.78%

2.57%

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,

2023

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

a

Shares

a

Value

a

Management

Investment

Companies

2.2%

Capital

Markets

2.2%

a

Franklin

Municipal

Green

Bond

ETF

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

2,115,000

$

49,216,050

Total

Management

Investment

Companies

(Cost

$57,603,313)

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

49,216,050

Principal

Amount

a

a

a

a

Municipal

Bonds

96.8%

Alabama

5.0%

b

Black

Belt

Energy

Gas

District

,

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/29

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

$

7,000,000

6,723,516

Revenue,

2022

C-1,

Mandatory

Put,

5.25%,

6/01/29

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

8,570,000

8,889,264

Revenue,

2022

E,

Mandatory

Put,

5%,

6/01/28

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

7,000,000

7,183,332

Revenue,

2022

F,

Mandatory

Put,

5.5%,

12/01/28

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

6,970,000

7,264,207

Revenue,

2023

B-2,

Mandatory

Put,

5.25%,

12/01/30

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

4,000,000

4,218,595

Chatom

Industrial

Development

Board

,

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/28

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

500,000

531,269

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/29

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

485,000

519,917

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/30

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

425,000

461,913

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

2,092,035

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

5,036,826

Infirmary

Health

System

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/28

.......

5,000,000

5,127,221

Madison

City

Board

of

Education

,

Special

Tax,

2019,

4%,

2/01/33

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

2,855,000

2,942,083

Special

Tax,

2019,

4%,

2/01/34

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

2,970,000

3,053,765

Special

Tax,

2019,

4%,

2/01/35

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

3,095,000

3,154,831

Special

Tax,

2019,

4%,

2/01/37

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

3,350,000

3,344,274

b

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue,

2022

A-1,

Mandatory

Put,

5.5%,

12/01/29

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

4,585,000

4,809,623

Revenue,

2022

B-2,

Mandatory

Put,

5.341%,

8/01/28

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

15,000,000

14,961,639

Revenue,

2023

A,

Mandatory

Put,

5.25%,

7/01/29

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

32,500,000

33,699,848

114,014,158

Alaska

0.1%

Alaska

Municipal

Bond

Bank

Authority

,

Revenue,

2020,

Refunding,

4%,

12/01/35

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

1,710,000

1,729,302

Revenue,

2020,

Refunding,

4%,

12/01/37

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

1,305,000

1,284,885

3,014,187

Arizona

4.2%

Arizona

Department

of

Transportation

,

State

Highway

Fund

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/29

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

10,920,000

11,049,610

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/29

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

1,100,000

1,169,663

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/30

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

600,000

637,570

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/31

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

630,000

667,918

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/32

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

1,000,000

1,057,436

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/35

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

1,115,000

1,170,141

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.

28

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Arizona

Industrial

Development

Authority,

(continued)

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/36

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

$

1,250,000

$

1,298,102

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/37

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

1,050,000

1,084,099

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/37

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

1,105,000

1,050,912

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/38

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

600,000

565,060

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

A,

4%,

11/01/41

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

6,000,000

5,478,020

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

5%,

7/01/27

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

55,000

56,610

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

5%,

7/01/28

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

60,000

62,329

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

5%,

7/01/29

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

60,000

62,818

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

5%,

7/01/30

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

65,000

68,485

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

5%,

7/01/31

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

70,000

74,152

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

B,

5%,

7/01/27

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

160,000

163,956

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

B,

5%,

7/01/28

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

170,000

174,699

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

B,

5%,

7/01/29

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

160,000

164,719

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

B,

5%,

7/01/30

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

185,000

190,426

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

B,

5%,

7/01/31

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

195,000

200,643

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/35

.....

500,000

546,853

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/36

.....

750,000

813,671

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/37

.....

600,000

646,063

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/38

.....

1,000,000

1,065,897

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

3%,

2/01/39

.....

1,200,000

972,110

City

of

Mesa

,

Utility

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/29

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

2,500,000

2,619,587

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

5%,

7/01/30

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

10,000,000

10,664,406

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/35

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

7,500,000

7,908,709

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/36

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

6,225,000

6,517,169

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/35

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

3,340,000

3,567,373

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/36

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

6,380,000

6,765,921

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/39

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

6,365,000

6,644,945

Glendale

Industrial

Development

Authority

,

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/30

......

525,000

579,772

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/31

......

425,000

468,375

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/32

......

525,000

576,954

c

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

B-3

,

5.125

%

,

11/15/29

......

3,000,000

2,952,165

Maricopa

County

Industrial

Development

Authority

,

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/30

.......

850,000

907,175

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/31

.......

1,000,000

1,067,995

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/32

.......

1,000,000

1,067,086

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/33

.......

800,000

852,272

Pima

County

Regional

Transportation

Authority

,

Excise

Tax,

Revenue,

2014,

5%,

6/01/24

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

3,385,000

3,389,127

Excise

Tax,

Revenue,

2014,

5%,

6/01/26

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

7,180,000

7,187,757

Scottsdale

Municipal

Property

Corp.

,

City

of

Scottsdale

Excise

Tax

,

Revenue

,

2015

,

Pre-Refunded

,

5

%

,

7/01/28

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

2,325,000

2,398,353

96,627,103

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

29

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arkansas

0.5%

Arkansas

Development

Finance

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/35

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

$

4,630,000

$

4,805,138

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/36

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

3,625,000

3,726,363

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/37

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

1,250,000

1,276,079

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/38

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

1,000,000

1,016,200

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/39

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

1,000,000

1,012,344

11,836,124

California

4.9%

Bay

Area

Toll

Authority

,

Revenue,

2017

S-7,

Refunding,

4%,

4/01/31

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

7,000,000

7,211,795

Revenue,

2017

S-7,

Refunding,

4%,

4/01/33

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

5,000,000

5,129,940

b

California

Community

Choice

Financing

Authority

,

Revenue,

2021

A,

Mandatory

Put,

4%,

12/01/27

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

2,000,000

1,977,816

Revenue,

2023

C,

Mandatory

Put,

5.25%,

10/01/31

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

11,000,000

11,409,315

c

California

Community

Housing

Agency

,

Aster

Apartments,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

2/01/43

..........

6,800,000

5,674,444

Fountains

at

Emerald

Park,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

8/01/46

...

4,985,000

3,991,599

b

California

Infrastructure

&

Economic

Development

Bank

,

California

Academy

of

Sciences

,

Revenue

,

2018

B

,

Refunding

,

Mandatory

Put

,

4.41

%

,

(

SIFMA

Municipal

Swap

Index

+

0.35

%

),

8/01/24

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

2,000,000

1,981,158

California

Statewide

Communities

Development

Authority

,

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

5%,

4/01/35

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

1,300,000

1,390,070

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/37

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

700,000

678,192

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/38

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

1,350,000

1,271,966

Southern

California

Edison

Co.,

Revenue,

2010

A,

Refunding,

1.75%,

9/01/29

....

7,000,000

5,817,882

City

of

Riverside

,

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/34

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

10,605,000

11,020,978

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/35

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

11,000,000

11,376,633

c

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/47

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

6,035,000

4,893,928

c

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

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

5,400,000

4,403,980

c

CSCDA

Community

Improvement

Authority

,

Waterscape

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

9/01/46

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

4,825,000

3,889,896

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

B-1

,

Refunding

,

3.85

%

,

6/01/50

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

4,515,000

4,129,834

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2017

B,

Refunding,

5%,

7/01/31

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

8,220,000

8,800,352

Power

System,

Revenue,

2017

C,

5%,

7/01/32

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

4,615,000

4,984,439

Power

System,

Revenue,

2017

C,

5%,

7/01/33

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

3,960,000

4,275,910

Power

System,

Revenue,

2017

C,

5%,

7/01/34

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

4,080,000

4,399,614

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility

,

Revenue

,

2020

A

,

4

%

,

8/01/37

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

1,250,000

1,262,397

d

Southern

California

Public

Power

Authority

,

Revenue

,

FRN

,

2007

B

,

5.244

%

,

(

3-month

TSOF

+

1.645

%

),

11/01/38

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

3,000,000

2,642,524

112,614,662

Colorado

4.1%

City

&

County

of

Denver

,

Airport

System,

Revenue,

2022

D,

Refunding,

5.75%,

11/15/41

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

5,325,000

5,940,949

Airport

System,

Revenue,

B,

5.25%,

11/15/26

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

5,000,000

5,013,900

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.

30

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

City

&

County

of

Denver,

(continued)

Airport

System,

Revenue,

B,

5.25%,

11/15/27

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

$

4,250,000

$

4,262,660

Colorado

Health

Facilities

Authority

,

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/29

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

650,000

694,037

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/30

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

700,000

753,596

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/32

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

750,000

806,503

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/33

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

1,000,000

1,074,739

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/34

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

1,100,000

1,178,614

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/33

2,000,000

2,124,114

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/36

8,500,000

8,877,199

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/37

2,250,000

2,149,222

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/39

1,250,000

1,166,497

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

2,000,000

2,128,242

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/33

3,000,000

3,186,172

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/35

4,500,000

4,731,418

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/38

2,000,000

2,063,967

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/39

5,500,000

5,656,641

CommonSpirit

Health

Obligated

Group,

Revenue,

2022

A,

5%,

11/01/40

.........

3,000,000

3,060,671

c

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5

%

,

12/01/32

..

1,000,000

1,005,615

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

13,700,000

14,910,806

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

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

4,200,000

4,926,170

Regional

Transportation

District

,

COP,

2013

A,

Refunding,

5%,

6/01/26

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

14,000,000

14,009,352

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/33

........

1,000,000

1,017,288

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/35

........

1,400,000

1,407,223

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

3.375

%

,

12/01/30

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

500,000

447,466

92,593,061

Connecticut

1.6%

City

of

Stamford

,

GO,

2019,

3%,

6/01/35

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

3,025,000

2,804,983

GO,

2019,

3%,

6/01/36

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

3,025,000

2,724,836

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/38

..........

2,500,000

2,398,727

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/33

.....

5,000,000

5,191,974

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/35

.....

250,000

237,912

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/36

.....

4,750,000

4,469,433

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/32

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

700,000

762,595

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/33

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

625,000

680,533

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/34

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

725,000

787,670

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/26

...

200,000

205,240

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/27

...

250,000

259,378

State

of

Connecticut

,

GO,

2020

C,

4%,

6/01/34

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

1,500,000

1,565,957

GO,

2021

A,

3%,

1/15/33

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

3,500,000

3,311,835

Special

Tax,

2020

A,

4%,

5/01/36

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

3,500,000

3,579,043

University

of

Connecticut

,

Revenue,

2016

A,

5%,

3/15/30

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

3,075,000

3,194,231

Revenue,

2016

A,

5%,

3/15/31

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

5,025,000

5,217,368

37,391,715

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

31

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

7.1%

Alachua

County

Health

Facilities

Authority

,

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/31

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

$

5,000,000

$

5,286,117

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/32

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

1,600,000

1,686,475

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/33

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

3,445,000

3,626,063

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/35

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

2,350,000

2,445,643

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F,

Revenue,

2020

A-1,

Refunding,

5%,

10/01/30

......

1,000,000

1,038,558

Provident

Group

-

Continuum

Properties

LLC,

Revenue,

Senior

Lien,

2023

A-1,

5%,

11/01/48

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

2,500,000

2,482,139

c

Capital

Trust

Agency,

Inc.

,

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

5,345,000

4,348,789

Revenue,

144A,

2021

A-2,

5.1%,

12/01/31

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

1,725,000

1,445,903

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1

T,

5.05%,

7/01/34

..........

855,000

720,624

Centre

Lake

Community

Development

District

,

Special

Assessments

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/30

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

255,000

227,800

City

of

Clearwater

,

Water

&

Sewer

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/33

......

5,520,000

5,790,531

City

of

Gainesville

,

Utilities

System

,

Revenue

,

2017

A

,

5

%

,

10/01/30

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

1,500,000

1,608,850

City

of

Jacksonville

,

Genesis

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/01/39

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

1,650,000

1,505,087

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

9/01/40

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

2,500,000

2,072,418

John

Knox

Village

of

Florida,

Inc.

Obligated

Group,

Revenue,

2021

B-1,

2%,

1/01/29

4,300,000

3,688,982

City

of

Port

St.

Lucie

,

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/30

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

1,500,000

1,506,370

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/31

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

1,635,000

1,641,279

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

8/15/33

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

6,000,000

6,026,593

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/38

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

700,000

657,401

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/39

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

500,000

462,005

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

5%,

7/01/40

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

1,000,000

1,027,955

Escambia

County

Health

Facilities

Authority

,

Baptist

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/34

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

1,000,000

1,042,938

Greater

Orlando

Aviation

Authority

,

Revenue,

2019

A,

5%,

10/01/33

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

10,500,000

11,222,748

Revenue,

2019

A,

4%,

10/01/37

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

8,430,000

8,293,038

Herons

Glen

Recreation

District

,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/32

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

185,000

175,821

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/33

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

300,000

282,369

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/34

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

245,000

225,390

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/35

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

255,000

231,173

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/36

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

260,000

229,116

JEA

Water

&

Sewer

System

,

Revenue,

2014

A,

5%,

10/01/26

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

1,455,000

1,467,376

Revenue,

2014

A,

5%,

10/01/27

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

5,130,000

5,172,179

Revenue,

2014

A,

5%,

10/01/29

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

1,205,000

1,215,318

Revenue,

2017

A,

Refunding,

5%,

10/01/31

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

17,435,000

18,772,374

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.

32

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Lee

Memorial

Health

System

,

Lee

Memorial

Health

System

Obligated

Group,

Revenue,

A-1,

Refunding,

4%,

4/01/37

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

$

5,000,000

$

4,874,354

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

4/01/49

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

12,000,000

10,840,384

c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

5/01/57

6,965,000

5,868,013

Middleton

Community

Development

District

A

,

Special

Assessment

,

2022

,

5.45

%

,

5/01/32

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

1,000,000

1,037,098

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/28

.....

1,000,000

1,051,253

Orlando

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/30

.....

2,875,000

3,019,329

Orlando

Utilities

Commission

,

Revenue

,

2018

A

,

5

%

,

10/01/33

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

1,755,000

1,881,314

Palm

Beach

County

School

District

,

COP

,

2014

B

,

5

%

,

8/01/25

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

4,000,000

4,115,110

Poitras

East

Community

Development

District

,

Special

Assessment,

2023,

4.2%,

5/01/33

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

800,000

781,944

Special

Assessment,

2023,

5%,

5/01/43

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

2,000,000

1,934,253

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/31

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

500,000

439,929

State

of

Florida

,

GO,

2015

E,

Refunding,

4%,

6/01/33

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

11,855,000

11,962,712

GO,

2017

C,

Refunding,

4%,

6/01/32

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

7,855,000

8,101,184

GO,

2017

C,

Refunding,

4%,

6/01/33

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

5,000,000

5,147,788

Tohopekaliga

Water

Authority

,

Revenue

,

2016

,

Refunding

,

4

%

,

10/01/32

..........

2,855,000

2,894,796

c

Village

Community

Development

District

No.

15

,

Special

Assessment

,

144A,

2023

,

4.85

%

,

5/01/38

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

1,000,000

1,003,746

162,578,629

Georgia

5.2%

City

of

Atlanta

,

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/27

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

7,000,000

7,028,105

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/28

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

5,100,000

5,122,065

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/33

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

6,750,000

7,236,324

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/34

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

3,000,000

3,208,781

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/32

900,000

913,036

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/33

565,000

571,858

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/34

450,000

454,708

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/35

865,000

869,451

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/36

1,400,000

1,396,287

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/32

250,000

253,476

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/33

250,000

253,034

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/34

275,000

277,877

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/35

275,000

276,415

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/36

275,000

274,271

Development

Authority

for

Fulton

County

,

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/28

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

3,785,000

3,869,337

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/29

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

4,385,000

4,479,734

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/30

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

4,805,000

4,907,993

b

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

1

%

,

8/21/26

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

2,375,000

2,105,298

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/27

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

1,750,000

1,825,653

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/28

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

2,100,000

2,196,926

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)

Georgia

(continued)

Gainesville

&

Hall

County

Hospital

Authority,

(continued)

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/29

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

$

2,000,000

$

2,093,462

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/30

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

1,000,000

1,047,262

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2021

C,

4%,

12/01/25

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

1,000,000

991,243

b

Revenue,

2021

C,

Mandatory

Put,

4%,

12/01/28

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

5,000,000

4,871,085

b

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/29

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

10,000,000

9,673,219

b,c

Revenue,

144A,

2022

C,

Mandatory

Put,

4%,

11/01/27

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

12,000,000

11,485,680

b

Revenue,

2023

A,

Mandatory

Put,

5%,

6/01/30

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

10,000,000

10,257,737

b

Revenue,

2023

B,

Mandatory

Put,

5%,

3/01/30

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

11,495,000

11,926,331

b

Revenue,

2023

C,

Mandatory

Put,

5%,

9/01/30

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

10,000,000

10,386,782

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

A,

5%,

1/01/30

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

1,000,000

1,058,330

Revenue,

2019

A,

5%,

1/01/31

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

600,000

635,414

Revenue,

2019

A,

5%,

1/01/32

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

500,000

529,599

Revenue,

2019

A,

5%,

1/01/33

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

1,000,000

1,058,511

Revenue,

2019

B,

5%,

1/01/29

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

500,000

523,075

Revenue,

2019

B,

5%,

1/01/30

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

480,000

501,305

Revenue,

2019

B,

5%,

1/01/31

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

700,000

731,548

Revenue,

2019

B,

5%,

1/01/32

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

750,000

783,931

Revenue,

2019

B,

5%,

1/01/33

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

1,045,000

1,091,570

Revenue,

2019

B,

5%,

1/01/34

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

700,000

730,586

117,897,299

Hawaii

1.2%

State

of

Hawaii

,

GO,

EO,

5%,

8/01/28

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

21,695,000

22,010,918

Airports

System,

Revenue,

2020

A,

4%,

7/01/35

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

4,420,000

4,374,627

26,385,545

Illinois

6.5%

Chicago

Board

of

Education

,

Dedicated

Capital

Improvement

Tax

,

Revenue

,

2023

,

5.25

%

,

4/01/40

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

3,720,000

3,958,781

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien,

2020

C,

Refunding,

4%,

1/01/35

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

4,000,000

4,073,504

Revenue,

Senior

Lien,

2020

E,

Refunding,

4%,

1/01/35

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

1,560,000

1,588,666

Chicago

Park

District

,

GO,

2020

F-2,

Refunding,

5%,

1/01/32

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

1,500,000

1,609,924

GO,

2020

F-2,

Refunding,

5%,

1/01/33

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

3,000,000

3,217,200

GO,

2020

F-2,

Refunding,

4%,

1/01/34

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

1,100,000

1,095,021

GO,

2020

F-2,

Refunding,

5%,

1/01/35

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

2,375,000

2,533,588

Chicago

Transit

Authority

Capital

Grant

Receipts

,

Revenue

,

2021

,

Refunding

,

5

%

,

6/01/28

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

1,750,000

1,858,176

City

of

Berwyn

,

GO

,

2022

B

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/41

...........

6,000,000

5,882,465

City

of

Chicago

,

GO,

1999,

NATL

Insured,

Zero

Cpn.,

1/01/31

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

4,000,000

2,907,844

GO,

2003

B,

Refunding,

5%,

1/01/26

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

1,795,000

1,816,059

GO,

2021

A,

Refunding,

5%,

1/01/33

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

9,500,000

10,109,554

GO,

2021

A,

Refunding,

5%,

1/01/34

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

6,655,000

7,071,928

GO,

2021

B,

Refunding,

4%,

1/01/35

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

4,295,000

4,206,665

GO,

2021

B,

Refunding,

4%,

1/01/38

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

5,150,000

4,833,514

GO,

2023

A,

5%,

1/01/35

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

10,000,000

10,679,547

City

of

Galesburg

,

Knox

College,

Revenue,

2021

A,

Refunding,

4%,

10/01/36

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

1,125,000

1,041,404

Knox

College,

Revenue,

2021

A,

Refunding,

4%,

10/01/41

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

1,475,000

1,286,718

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)

Illinois

(continued)

County

of

Cook

,

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

11/15/40

...........

$

5,250,000

$

5,091,829

Illinois

Finance

Authority

,

Carle

Foundation

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

8/15/40

12,645,000

12,037,963

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/28

.........

1,065,000

481,913

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/29

.........

1,100,000

497,750

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/30

.........

1,310,000

592,775

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/31

.........

1,095,000

495,487

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/15/35

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

500,000

445,587

Northwestern

University,

Revenue,

2015,

5%,

12/01/28

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

1,675,000

1,831,177

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

3

%

,

6/15/25

..

1,000,000

978,863

Northern

Illinois

University

,

Revenue,

2021,

BAM

Insured,

4%,

10/01/41

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

400,000

368,486

Revenue,

2021,

BAM

Insured,

4%,

10/01/43

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

2,075,000

1,875,210

State

of

Illinois

,

GO,

2014,

AGMC

Insured,

5%,

2/01/26

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

5,650,000

5,678,106

GO,

2016,

Refunding,

5%,

2/01/26

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

1,000,000

1,029,690

GO,

2016,

Refunding,

5%,

2/01/29

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

2,250,000

2,344,819

GO,

2017

D,

3.25%,

11/01/26

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

750,000

731,904

GO,

2018

A,

Refunding,

5%,

10/01/29

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

1,125,000

1,197,665

GO,

2018

B,

Refunding,

5%,

10/01/31

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

1,500,000

1,594,003

GO,

2019

B,

5%,

11/01/30

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

1,125,000

1,213,746

GO,

2019

B,

4%,

11/01/38

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

1,030,000

982,761

GO,

2020

C,

4%,

10/01/37

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

8,170,000

7,901,639

GO,

2021

A,

5%,

3/01/46

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

2,000,000

2,053,067

GO,

2021

B,

4%,

12/01/39

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

2,500,000

2,360,579

GO,

2022

A,

5%,

3/01/29

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

6,385,000

6,833,504

GO,

2022

B,

5%,

10/01/30

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

10,000,000

10,893,854

GO,

2022

C,

5.5%,

10/01/40

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

3,700,000

4,034,639

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

......

6,127,701

5,233,447

148,551,021

Indiana

1.7%

c

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

B

,

4.75

%

,

8/01/24

1,560,000

1,500,265

Indiana

Finance

Authority

,

CHF

-

Tippecanoe

LLC,

Revenue,

2023

A,

5%,

6/01/32

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

650,000

696,015

CHF

-

Tippecanoe

LLC,

Revenue,

2023

A,

5%,

6/01/33

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

830,000

891,503

CHF

-

Tippecanoe

LLC,

Revenue,

2023

A,

5%,

6/01/38

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

1,600,000

1,640,825

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/26

..

1,065,000

1,015,116

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/27

..

1,150,000

1,079,117

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/28

..

1,235,000

1,140,612

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/29

..

1,330,000

1,208,748

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/30

..

1,425,000

1,274,210

Indianapolis

Power

&

Light

Co.,

Revenue,

2021

A,

Refunding,

1.4%,

8/01/29

.....

3,000,000

2,562,737

State

Revolving

Fund,

Revenue,

2018

A,

5%,

2/01/35

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

9,795,000

10,481,143

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

4

%

,

6/01/37

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

15,000,000

14,999,298

38,489,589

Iowa

1.2%

Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2016

A,

5%,

5/15/32

....

680,000

626,156

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2016

A,

5%,

5/15/36

....

650,000

570,629

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2016

A,

5%,

5/15/41

....

350,000

285,384

b

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2021

B,

Refunding,

Mandatory

Put,

4.26%,

5/15/26

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

3,250,000

2,972,248

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)

Iowa

(continued)

Iowa

Higher

Education

Loan

Authority

,

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/31

.

$

1,800,000

$

1,905,999

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/32

.

1,920,000

2,027,233

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/33

.

2,030,000

2,138,256

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/34

.

2,135,000

2,239,139

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/35

.

1,250,000

1,299,899

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/36

.

2,470,000

2,547,005

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/37

.

2,595,000

2,654,867

Iowa

Tobacco

Settlement

Authority

,

Revenue,

2021

A-2,

1,

Refunding,

4%,

6/01/49

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

8,500,000

7,651,574

Revenue,

2021

B-1,

2,

Refunding,

4%,

6/01/49

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

1,220,000

1,189,275

28,107,664

Kansas

0.4%

State

of

Kansas

,

Department

of

Transportation

,

Revenue

,

2014

A

,

5

%

,

9/01/28

.....

8,000,000

8,124,164

Kentucky

1.6%

Eastern

Kentucky

University

,

Revenue,

2021

A,

Refunding,

4%,

10/01/29

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

1,355,000

1,393,102

Revenue,

2021

A,

Refunding,

4%,

10/01/30

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

1,410,000

1,456,780

Revenue,

2021

A,

Refunding,

4%,

10/01/31

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

1,470,000

1,527,133

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/34

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

1,000,000

1,059,276

Kentucky

Municipal

Power

Agency

,

Revenue,

2016

A,

Refunding,

NATL

Insured,

5%,

9/01/34

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

6,500,000

6,629,487

Revenue,

2019

A,

Refunding,

5%,

9/01/31

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

1,500,000

1,569,815

Revenue,

2019

A,

Refunding,

5%,

9/01/32

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

1,600,000

1,675,264

Revenue,

2019

A,

Refunding,

5%,

9/01/33

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

1,000,000

1,048,559

Kentucky

State

Property

&

Building

Commission

,

Kentucky

Finance

and

Administration

Cabinet

,

Revenue

,

BAM

Insured

,

5

%

,

5/01/32

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

2,000,000

2,148,032

Kentucky

Turnpike

Authority

,

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/26

.........

2,570,000

2,681,284

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/28

.........

3,000,000

3,207,192

Paducah

Electric

Plant

Board

,

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

10/01/29

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

5,500,000

5,730,435

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

10/01/31

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

5,500,000

5,701,224

35,827,583

Louisiana

3.7%

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2019

A,

Refunding,

4%,

2/01/35

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

1,310,000

1,325,776

Revenue,

2019

A,

Refunding,

4%,

2/01/36

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

2,000,000

2,005,358

Jefferson

Sales

Tax

District

,

Revenue

,

2019

B

,

AGMC

Insured

,

4

%

,

12/01/36

.......

6,000,000

6,034,047

Lafayette

Consolidated

Government

,

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/25

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

2,400,000

2,473,269

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/27

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

3,500,000

3,601,339

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/29

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

4,685,000

4,809,867

c

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

City

of

New

Orleans,

Revenue,

144A,

2021,

4%,

11/01/46

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

9,900,000

8,562,708

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

3.5%,

12/01/32

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

1,960,000

1,647,030

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

3.75%,

10/01/38

4,592,712

3,553,685

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

B,

5.25%,

10/01/32

5,350,000

4,523,449

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/29

.......

1,240,000

1,277,481

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)

Louisiana

(continued)

Louisiana

Public

Facilities

Authority,

(continued)

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/29

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

$

10,000

$

10,421

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/30

.......

995,000

1,024,717

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/30

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

5,000

5,210

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/32

.......

1,485,000

1,528,329

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/32

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

15,000

15,631

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/28

1,000,000

1,041,017

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/29

2,000,000

2,081,615

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/30

2,250,000

2,340,261

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/31

1,745,000

1,815,945

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/32

1,750,000

1,818,751

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/33

2,000,000

2,075,044

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/36

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

4,750,000

5,099,520

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/37

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

2,000,000

2,128,662

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/38

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

3,120,000

3,294,494

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

2,366,935

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2020

E,

5%,

4/01/35

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

1,000,000

1,027,665

Revenue,

2020

E,

5%,

4/01/36

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

1,495,000

1,534,775

Revenue,

2020

E,

5%,

4/01/37

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

1,065,000

1,086,401

Revenue,

2020

E,

5%,

4/01/38

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

1,000,000

1,012,665

Revenue,

2020

E,

5%,

4/01/39

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

2,750,000

2,781,016

State

of

Louisiana

,

GO

,

2014

C

,

Refunding

,

5

%

,

8/01/25

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

10,000,000

10,147,865

84,050,948

Maine

0.3%

Maine

Health

&

Higher

Educational

Facilities

Authority

,

MaineHealth

Obligated

Group,

Revenue,

2020

A,

5%,

7/01/35

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

1,000,000

1,070,290

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/36

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

1,000,000

1,002,920

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/37

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

1,150,000

1,130,475

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/38

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

2,690,000

2,612,962

5,816,647

Maryland

3.6%

City

of

Baltimore

,

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

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

1,000,000

1,059,678

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

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

2,940,000

3,112,976

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/31

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

2,085,000

2,208,720

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/32

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

3,240,000

3,425,578

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/30

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

6,450,000

6,839,957

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/32

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

5,905,000

6,248,961

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/28

......

2,790,000

2,846,990

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/29

......

5,835,000

5,948,022

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

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

1,320,000

1,397,063

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

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

1,785,000

1,890,021

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/31

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

3,765,000

3,988,408

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/32

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

4,000,000

4,229,109

County

of

Anne

Arundel

,

GO

,

2015

,

5

%

,

4/01/29

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

7,495,000

7,695,837

Maryland

Community

Development

Administration

,

Residential

,

Revenue

,

2019

B

,

Refunding

,

3

%

,

9/01/34

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

5,000,000

4,520,003

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

3.25%,

7/01/39

500,000

392,510

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/40

..

300,000

285,223

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)

Maryland

(continued)

Maryland

Health

&

Higher

Educational

Facilities

Authority,

(continued)

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/30

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

$

8,520,000

$

8,946,456

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/31

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

7,415,000

7,790,341

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/28

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

1,000,000

1,030,045

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/29

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

1,340,000

1,388,257

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/30

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

2,810,000

2,921,057

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/31

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

1,480,000

1,542,824

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/32

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

1,550,000

1,611,577

81,319,613

Massachusetts

2.0%

Commonwealth

of

Massachusetts

,

GO,

A,

Refunding,

5%,

7/01/28

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

7,500,000

7,732,316

GO,

A,

Refunding,

5%,

7/01/29

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

6,000,000

6,187,870

Massachusetts

Development

Finance

Agency

,

Tufts

Medicine

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/30

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

150,000

164,214

Tufts

Medicine

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/31

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

475,000

512,365

Tufts

Medicine

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/32

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

450,000

483,952

Tufts

Medicine

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/33

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

525,000

564,325

Tufts

Medicine

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/34

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

450,000

483,025

Massachusetts

Port

Authority

,

Revenue,

2019

C,

5%,

7/01/32

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

4,220,000

4,544,032

Revenue,

2019

C,

5%,

7/01/33

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

4,430,000

4,767,988

Massachusetts

Water

Resources

Authority

,

Revenue

,

C

,

Refunding

,

5

%

,

8/01/32

....

13,920,000

14,954,307

University

of

Massachusetts

Building

Authority

,

Revenue

,

2017-3

,

Refunding

,

5

%

,

11/01/32

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

5,000,000

5,374,350

45,768,744

Michigan

1.7%

Lansing

Board

of

Water

&

Light

,

Revenue

,

2019

A

,

5

%

,

7/01/36

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

4,645,000

5,028,422

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/30

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

1,860,000

1,940,104

GO,

2016

I,

5%,

5/01/31

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

2,010,000

2,095,002

GO,

2016

I,

5%,

5/01/32

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

2,310,000

2,404,702

Michigan

Finance

Authority

,

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/35

...

1,000,000

1,004,380

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Refunding,

5%,

12/01/34

8,200,000

8,509,114

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/33

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

5,100,000

5,166,863

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2008

C,

Refunding,

5%,

12/01/31

.

2,700,000

2,869,079

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2008

C,

5%,

12/01/32

..........

1,115,000

1,181,266

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2008

C,

Pre-Refunded,

5%,

12/01/32

135,000

145,523

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

3

%

,

10/01/39

..

3,500,000

2,821,380

b

Michigan

Strategic

Fund

,

Consumers

Energy

Co.

,

Revenue

,

2005

,

Mandatory

Put

,

0.875

%

,

10/08/26

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

5,000,000

4,377,040

37,542,875

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)

Mississippi

0.4%

c

Mississippi

Development

Bank

,

County

of

Hancock

,

Revenue

,

144A,

2019

,

4.55

%

,

11/01/39

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

$

2,035,000

$

1,993,831

Mississippi

Home

Corp.

,

c

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

4%,

6/01/46

..

8,143,623

5,812,798

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

3.65%,

6/01/33

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

101,412

84,270

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

4.15%,

6/01/46

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

400,000

292,699

c

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

144A,

2021

E-8,

5.5%,

6/01/36

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

2,540,000

2,011,627

10,195,225

Missouri

1.6%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Mercy

Health

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

6/01/31

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

12,500,000

13,334,941

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Plum

Point

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/27

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

3,250,000

3,302,736

Plum

Point

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/28

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

4,500,000

4,559,648

Plum

Point

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/29

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

4,045,000

4,101,225

Southeast

Missouri

State

University

,

Revenue,

2020,

Refunding,

4%,

4/01/33

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

2,745,000

2,771,945

Revenue,

2020,

Refunding,

4%,

4/01/34

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

2,180,000

2,197,759

Revenue,

2020,

Refunding,

4%,

4/01/35

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

1,575,000

1,578,573

Revenue,

2020,

Refunding,

4%,

4/01/36

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

3,205,000

3,174,660

Revenue,

2020,

Refunding,

4%,

4/01/37

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

2,000,000

1,951,759

36,973,246

Nebraska

0.2%

b

Central

Plains

Energy

Project

,

Revenue

,

2022-1

,

Mandatory

Put

,

5

%

,

10/01/29

.....

5,000,000

5,099,331

New

Jersey

2.5%

Hudson

County

Improvement

Authority

,

County

of

Hudson

,

Revenue

,

2010

,

Refunding

,

AGMC

Insured

,

5.375

%

,

10/01/24

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

2,050,000

2,092,997

New

Jersey

Economic

Development

Authority

,

New

Jersey

Transit

Corp.,

Revenue,

2022

A,

5%,

11/01/39

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

16,000,000

17,124,718

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2019

LLL,

5%,

6/15/39

1,000,000

1,051,623

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/34

....

5,000,000

5,185,320

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey,

Revenue,

2016

B,

5%,

9/01/36

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

5,000,000

5,124,127

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2020

A,

5%,

7/01/33

.

680,000

716,578

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2020

A,

5%,

7/01/34

.

545,000

573,714

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2020

A,

5%,

7/01/35

.

565,000

591,461

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/30

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

900,000

937,533

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/31

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

1,080,000

1,125,644

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

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

3,030,000

2,851,868

Revenue,

Senior

Lien,

2020

B,

3.5%,

12/01/39

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

1,410,000

1,335,258

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2021

A,

Refunding,

4%,

6/15/36

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

6,200,000

6,257,925

Revenue,

2022

A,

4%,

6/15/41

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

7,500,000

7,254,527

New

Jersey

Turnpike

Authority

,

Revenue

,

2021

A

,

4

%

,

1/01/42

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

1,800,000

1,774,836

Newark

Board

of

Education

,

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/26

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

275,000

286,577

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/27

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

330,000

349,217

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/28

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

325,000

348,854

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/29

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

320,000

347,800

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)

New

Jersey

(continued)

Newark

Board

of

Education,

(continued)

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/31

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

$

400,000

$

445,140

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/32

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

430,000

478,054

56,253,771

New

Mexico

0.5%

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2016

A

,

Refunding

,

2.15

%

,

4/01/33

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

13,500,000

10,429,336

New

York

6.9%

City

of

New

York

,

GO,

2015

C,

Refunding,

5%,

8/01/25

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

2,000,000

2,050,276

GO,

2015

C,

Refunding,

5%,

8/01/27

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

7,500,000

7,665,107

GO,

2019

E,

Refunding,

5%,

8/01/34

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

3,500,000

3,792,378

GO,

2021

C,

4%,

8/01/37

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

5,000,000

5,004,191

GO,

2023

A-1,

4%,

9/01/46

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

5,000,000

4,773,189

GO,

A-1

2017

A,

5%,

8/01/29

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

10,000,000

10,420,647

Metropolitan

Transportation

Authority

,

b

Revenue,

2015

A-2,

Mandatory

Put,

5%,

5/15/30

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

7,000,000

7,435,765

Revenue,

2016

A-2,

Refunding,

5%,

11/15/25

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

21,090,000

21,660,681

Revenue,

2016

B,

Refunding,

5%,

11/15/34

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

3,265,000

3,358,017

Revenue,

2017

B,

Refunding,

5%,

11/15/26

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

2,140,000

2,223,593

Revenue,

2017

C-1,

Refunding,

5%,

11/15/31

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

1,870,000

1,976,491

Revenue,

2017

C-1,

Refunding,

4%,

11/15/37

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

2,500,000

2,408,598

Revenue,

2020

A-1,

AGMC

Insured,

4%,

11/15/41

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

5,545,000

5,364,666

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/27

1,000,000

1,046,096

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/28

1,000,000

1,062,127

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

3%,

1/01/46

7,000,000

5,174,508

Yankee

Stadium

LLC,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

3%,

3/01/36

..

2,500,000

2,182,235

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/27

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

8,740,000

8,788,222

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/28

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

5,000,000

5,027,184

Future

Tax

Secured,

Revenue,

2020

C,

4%,

5/01/37

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

1,400,000

1,408,524

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

2,340,000

2,022,160

New

York

State

Dormitory

Authority

,

Revenue,

2009

A,

AGMC

Insured,

5%,

10/01/24

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

155,000

155,190

Northwell

Health

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/01/29

....

10,000,000

10,220,007

State

of

New

York

Personal

Income

Tax,

Revenue,

2014

E,

5%,

2/15/30

.........

4,980,000

5,085,102

State

of

New

York

Personal

Income

Tax,

Revenue,

2014

E,

Pre-Refunded,

5%,

2/15/30

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

20,000

20,481

State

of

New

York

Personal

Income

Tax,

Revenue,

2015

A,

Refunding,

5%,

3/15/28

7,185,000

7,345,840

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

5%,

3/15/32

.........

9,995,000

10,842,258

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

Pre-Refunded,

5%,

3/15/32

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

5,000

5,485

New

York

Transportation

Development

Corp.

,

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/34

...

450,000

475,435

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/35

...

400,000

418,964

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/36

...

200,000

207,693

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

2018,

5%,

11/01/39

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

3,000,000

3,104,152

Revenue,

221,

4%,

7/15/36

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

2,180,000

2,147,960

Revenue,

234,

Refunding,

5.25%,

8/01/42

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

2,500,000

2,691,348

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/28

......

1,300,000

1,386,017

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/30

......

2,900,000

3,154,878

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)

New

York

(continued)

Troy

Capital

Resource

Corp.,

(continued)

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/34

......

$

4,425,000

$

4,750,081

156,855,546

North

Carolina

0.1%

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/25

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

125,000

127,289

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/26

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

300,000

309,035

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/27

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

450,000

469,414

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/28

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

500,000

527,114

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/29

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

350,000

372,100

Revenue,

Senior

Lien,

2020

A,

3.125%,

6/01/39

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

280,000

261,541

2,066,493

North

Dakota

0.4%

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/29

..

1,600,000

1,641,297

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/30

..

1,600,000

1,642,478

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/31

..

1,300,000

1,339,073

City

of

Horace

,

GO

,

2023

B

,

Refunding

,

5.125

%

,

7/01/25

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

4,250,000

4,231,761

8,854,609

Ohio

1.6%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

A-2

,

1

,

Refunding

,

4

%

,

6/01/48

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

11,765,000

10,425,548

County

of

Franklin

,

Ohio

Living

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5

%

,

7/01/31

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

5,000,000

5,120,253

c

Ohio

Housing

Finance

Agency

,

Revenue

,

144A,

2023

B

,

6

%

,

2/01/26

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

4,100,000

4,094,289

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue

,

1998

A

,

Refunding

,

NATL

Insured

,

5.5

%

,

2/15/24

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

3,510,000

3,544,882

Ohio

Water

Development

Authority

,

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2017

A

,

5

%

,

12/01/31

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

10,000,000

10,658,732

State

of

Ohio

,

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

11/15/35

1,000,000

1,025,691

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/36

905,000

837,501

35,706,896

Oregon

2.6%

City

of

Portland

,

Water

System

,

Revenue,

Second

Lien

,

2013

A

,

Refunding

,

5

%

,

10/01/25

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

5,000,000

5,003,748

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO

,

B

,

5

%

,

6/15/32

....

3,725,000

3,967,070

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/35

...

5,240,000

5,378,523

Hillsboro

School

District

No.

1J

,

GO,

2020,

4%,

6/15/36

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

2,605,000

2,639,665

GO,

2020,

4%,

6/15/38

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

4,575,000

4,561,193

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/34

1,100,000

1,188,939

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/35

800,000

856,607

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/36

1,300,000

1,378,819

Oregon

State

Facilities

Authority

,

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/25

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

425,000

431,693

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/26

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

150,000

153,623

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/28

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

325,000

338,556

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)

Oregon

(continued)

Oregon

State

Facilities

Authority,

(continued)

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/29

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

$

600,000

$

629,675

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/35

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

275,000

287,854

Willamette

University,

Revenue,

2021

A,

Refunding,

4%,

10/01/51

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

2,000,000

1,615,975

Salem

Hospital

Facility

Authority

,

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/33

.......

9,440,000

10,090,449

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/34

.......

3,780,000

4,033,753

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/35

.......

9,010,000

9,559,207

Salem-Keizer

School

District

No.

24J

,

GO

,

2020

C

,

4

%

,

6/15/37

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

5,620,000

5,664,215

c

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-1

,

5.5

%

,

12/01/39

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

2,405,000

2,344,324

60,123,888

Pennsylvania

4.0%

Allegheny

County

Hospital

Development

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/15/34

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

5,000,000

5,382,090

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

2022,

Refunding,

5%,

5/01/28

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

600,000

621,733

Revenue,

2022,

Refunding,

5%,

5/01/29

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

600,000

623,729

Revenue,

2022,

Refunding,

5%,

5/01/30

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

700,000

729,995

Revenue,

2022,

Refunding,

5%,

5/01/31

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

675,000

706,962

City

of

Philadelphia

,

Water

&

Wastewater,

Revenue,

2017

B,

Refunding,

5%,

11/01/31

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

5,750,000

6,135,474

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/37

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

1,500,000

1,594,552

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/38

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

2,000,000

2,111,264

Water

&

Wastewater,

Revenue,

2022

C,

5%,

6/01/39

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

1,860,000

1,969,687

Water

&

Wastewater,

Revenue,

2022

C,

5%,

6/01/40

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

3,260,000

3,445,047

Commonwealth

of

Pennsylvania

,

GO,

Second

Series

,

2013

,

5

%

,

10/15/26

.........

13,375,000

13,399,728

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/33

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

2,100,000

2,286,353

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/34

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

1,750,000

1,899,871

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/35

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

1,450,000

1,565,325

UPMC

Obligated

Group,

Revenue,

2023

B,

Refunding,

4%,

5/15/40

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

2,525,000

2,376,705

UPMC

Obligated

Group,

Revenue,

2023

B,

Refunding,

4%,

5/15/41

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

2,375,000

2,224,560

UPMC

Obligated

Group,

Revenue,

2023

B,

Refunding,

4%,

5/15/42

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

2,815,000

2,623,028

b

Waste

Management

Obligated

Group,

Revenue,

2009,

Mandatory

Put,

0.95%,

12/01/26

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

3,000,000

2,695,734

b

Waste

Management,

Inc.,

Revenue,

2017

A,

Mandatory

Put,

0.58%,

8/01/24

.....

5,500,000

5,266,857

b

Waste

Management,

Inc.,

Revenue,

2021

B,

Refunding,

Mandatory

Put,

1.1%,

11/02/26

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

6,750,000

6,110,881

Pennsylvania

Higher

Educational

Facilities

Authority

,

Drexel

University,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

5%,

5/01/39

.....

6,950,000

7,373,710

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

4%,

8/15/34

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

5,895,000

5,985,115

Pennsylvania

State

University

(The)

,

Revenue

,

A

,

5

%

,

9/01/30

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

4,000,000

4,272,550

Philadelphia

Authority

for

Industrial

Development

,

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

5

%

,

8/01/40

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

300,000

292,054

Philadelphia

Gas

Works

Co.

,

Revenue,

15th,

Refunding,

5%,

8/01/30

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

2,000,000

2,112,542

Revenue,

15th,

Refunding,

5%,

8/01/31

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

4,030,000

4,259,117

Redevelopment

Authority

of

the

City

of

Philadelphia

,

Revenue

,

2021

A

,

BAM

Insured

,

2.799

%

,

9/01/33

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

2,425,000

1,975,809

90,040,472

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)

Rhode

Island

0.1%

State

of

Rhode

Island

,

GO,

2019

C,

4%,

1/15/34

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

$

1,520,000

$

1,554,349

GO,

2019

C,

4%,

1/15/35

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

600,000

611,169

2,165,518

South

Carolina

2.2%

c

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.625

%

,

11/01/31

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

1,000,000

842,182

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

6,500,000

5,122,742

c

Revenue,

144A,

2021

A-2,

5.3%,

12/01/29

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

1,805,000

1,557,281

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

7,400,000

5,814,725

c

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

11,000,000

7,250,828

Prisma

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

5/01/33

......

6,000,000

6,240,245

South

Carolina

Public

Service

Authority

,

Revenue,

2020

A,

Refunding,

5%,

12/01/31

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

2,355,000

2,541,946

Revenue,

2020

A,

Refunding,

5%,

12/01/43

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

15,000,000

15,396,979

Revenue,

2021

A,

Refunding,

5%,

12/01/25

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

1,000,000

1,028,011

Revenue,

2021

A,

Refunding,

5%,

12/01/26

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

750,000

780,736

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/24

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

3,300,000

3,197,735

49,773,410

South

Dakota

0.0%

†

South

Dakota

Health

&

Educational

Facilities

Authority

,

Presbyterian

Retirement

Village

of

Rapid

City,

Inc.

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/41

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

1,150,000

837,213

Tennessee

4.0%

Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/31

1,500,000

1,600,803

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/34

1,000,000

1,059,275

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/35

1,250,000

1,314,283

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/36

1,000,000

971,032

State

of

Tennessee

,

GO

,

2023

A

,

5

%

,

5/01/31

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

15,565,000

17,739,490

b

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5

%

,

12/01/30

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

21,895,000

22,822,354

b

Tennessee

Energy

Acquisition

Corp.

,

Revenue,

2018,

Mandatory

Put,

4%,

11/01/25

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

25,935,000

25,640,438

Revenue,

2021

A,

Mandatory

Put,

5%,

11/01/31

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

4,795,000

4,960,985

Revenue,

2023

A-1,

Refunding,

Mandatory

Put,

5%,

5/01/28

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

5,250,000

5,352,131

Tennessee

State

School

Bond

Authority

,

Revenue

,

2015

B

,

5

%

,

11/01/28

.........

8,180,000

8,452,935

89,913,726

Texas

5.1%

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

901,197

City

of

Austin

,

Water

&

Wastewater

System

,

Revenue

,

2012

,

5

%

,

11/15/27

........

805,000

806,036

City

of

Dallas

,

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/30

........

1,500,000

1,603,076

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/31

........

2,500,000

2,670,159

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/32

........

1,000,000

1,066,165

City

of

El

Paso

,

GO,

2020

A,

Refunding,

4%,

8/15/35

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

1,000,000

1,014,839

GO,

2020

A,

Refunding,

4%,

8/15/36

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

1,000,000

1,005,678

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)

Texas

(continued)

City

of

Houston

,

Combined

Utility

System

,

Revenue,

First

Lien

,

2016

B

,

Refunding

,

5

%

,

11/15/36

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

$

7,800,000

$

8,100,662

City

of

San

Antonio

,

Electric

&

Gas

Systems

,

Revenue

,

2015

,

Refunding

,

5

%

,

2/01/27

10,415,000

10,838,543

Clifton

Higher

Education

Finance

Corp.

,

Southwestern

University

,

Revenue

,

2022

,

4

%

,

8/15/42

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

10,535,000

9,644,124

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel,

Revenue,

First

Lien,

2021

A,

2.5%,

10/01/31

....

500,000

415,312

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/30

....

100,000

110,333

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/31

....

60,000

66,752

County

of

Harris

,

Toll

Road,

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/32

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

2,500,000

2,682,805

Toll

Road,

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/33

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

2,500,000

2,676,696

Dallas

Fort

Worth

International

Airport

,

Revenue,

2013

D,

Refunding,

5.25%,

11/01/27

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

5,000,000

5,013,791

Revenue,

2013

D,

Refunding,

5.25%,

11/01/28

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

2,100,000

2,105,792

Ector

County

Hospital

District

,

GO,

2020,

Refunding,

5%,

9/15/29

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

800,000

830,202

GO,

2020,

Refunding,

5%,

9/15/30

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

745,000

777,834

GO,

2020,

Refunding,

5%,

9/15/31

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

450,000

468,558

GO,

2020,

Refunding,

5%,

9/15/32

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

600,000

624,421

GO,

2020,

Refunding,

5%,

9/15/33

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

650,000

676,112

GO,

2020,

Refunding,

4%,

9/15/34

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

650,000

619,207

GO,

2020,

Refunding,

4%,

9/15/35

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

700,000

653,889

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO,

2021,

2%,

9/01/28

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

155,000

133,317

GO,

2021,

2%,

9/01/29

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

155,000

130,269

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/34

200,000

171,336

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/35

225,000

209,395

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/36

250,000

227,247

c

Lakeside

Place

PFC

,

Torrey

Chase

Apartments

LP

,

Revenue

,

144A,

2021

,

3.48

%

,

12/15/39

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

3,975,000

2,911,930

Lower

Colorado

River

Authority

,

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/27

.....

2,000,000

2,112,575

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/29

.....

2,000,000

2,169,098

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

First

Tier

,

A

,

Refunding

,

4

%

,

1/01/33

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

5,000,000

5,053,434

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-1

,

4.5

%

,

12/01/37

...........

12,000,000

9,562,588

San

Antonio

Education

Facilities

Corp.

,

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/37

......

635,000

581,804

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/39

......

2,435,000

2,161,513

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/40

......

2,000,000

1,754,250

San

Antonio

Water

System

,

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/24

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

1,500,000

1,504,782

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/26

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

2,200,000

2,206,555

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/28

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

2,000,000

2,006,352

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/29

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

1,000,000

1,003,156

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue,

2021,

Refunding,

5%,

12/15/27

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

1,000,000

1,016,363

Revenue,

2021,

Refunding,

5%,

12/15/30

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

10,000,000

10,235,988

Texas

Water

Development

Board

,

State

Water

Implementation

Revenue

Fund

for

Texas

,

Revenue

,

2017

A

,

5

%

,

10/15/31

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

12,585,000

13,453,939

c

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

9/01/31

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

281,000

232,672

Westside

211

Special

Improvement

District

,

GO,

Sub.

Lien,

2021,

2%,

8/15/29

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

290,000

251,179

GO,

Sub.

Lien,

2021,

2.25%,

8/15/31

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

300,000

253,066

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)

Texas

(continued)

Westside

211

Special

Improvement

District,

(continued)

GO,

Sub.

Lien,

2021,

3%,

8/15/33

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

$

315,000

$

276,902

GO,

Sub.

Lien,

2021,

3%,

8/15/35

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

335,000

284,587

GO,

Sub.

Lien,

2021,

3%,

8/15/37

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

355,000

282,618

115,559,098

Utah

0.1%

City

of

Lehi

,

Franchise

&

Sales

Tax

,

Revenue

,

2021

,

AGMC

Insured

,

4

%

,

2/01/48

...

3,000,000

2,668,766

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

4

%

,

10/15/35

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

400,000

363,846

3,032,612

Virginia

1.7%

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/15/32

........

10,000,000

10,381,419

Virginia

Public

Building

Authority

,

Revenue,

B,

4%,

8/01/29

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

9,605,000

9,797,886

Revenue,

B,

Pre-Refunded,

4%,

8/01/29

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

3,530,000

3,611,176

Virginia

Public

School

Authority

,

Revenue

,

2014

C

,

5

%

,

8/01/27

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

4,460,000

4,529,343

Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/32

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

2,500,000

2,461,806

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

7/01/32

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

2,000,000

1,966,535

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

1/01/35

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

3,000,000

3,140,744

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/36

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

3,000,000

2,847,259

38,736,168

Washington

3.7%

City

of

Seattle

,

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/26

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

2,995,000

3,024,504

Municipal

Light

&

Power,

Revenue,

2017

C,

Refunding,

4%,

9/01/34

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

5,300,000

5,413,020

County

of

King

,

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/25

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

1,200,000

1,215,564

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/26

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

1,200,000

1,215,414

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/27

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

1,900,000

1,922,397

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/28

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

3,050,000

3,085,457

Energy

Northwest

,

Bonneville

Power

Administration,

Revenue,

2019

A,

Refunding,

5%,

7/01/35

......

7,000,000

7,667,823

Bonneville

Power

Administration,

Revenue,

A,

Refunding,

5%,

7/01/24

..........

1,250,000

1,267,176

Everett

Housing

Authority

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/37

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

9,420,000

8,689,358

Port

of

Seattle

,

Revenue

,

2018

A

,

5

%

,

5/01/38

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

5,000,000

5,128,858

Seattle

Housing

Authority

,

Yesler

Block

7.3

LLLP

,

Revenue

,

2021

,

1

%

,

6/01/25

.....

7,225,000

6,871,604

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/35

1,370,000

1,440,454

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/30

2,800,000

2,988,849

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/31

3,700,000

3,948,647

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

1,500,000

1,596,182

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/33

1,395,000

1,481,570

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/34

1,225,000

1,297,613

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/35

1,250,000

1,314,283

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/36

5,125,000

5,352,429

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/38

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

1,000,000

1,044,002

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/39

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

1,000,000

1,040,022

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)

Washington

(continued)

Washington

Health

Care

Facilities

Authority,

(continued)

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/40

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

$

1,000,000

$

1,038,335

c

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

144A,

2021,

3%,

12/01/35

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

440,000

379,496

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/30

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

1,000,000

998,187

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/31

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

1,925,000

1,923,017

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/31

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

2,250,000

2,323,578

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/32

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

1,605,000

1,650,546

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/35

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

2,400,000

2,429,896

Washington

State

Housing

Finance

Commission

,

Revenue,

2021-1,

A,

3.5%,

12/20/35

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

6,769,504

6,133,778

c

Madison

at

Rivers

Edge

Apartments

LLC,

Revenue,

144A,

2021

B,

5.3%,

1/01/30

.

1,300,000

1,111,342

84,993,401

Wisconsin

2.2%

City

of

Milwaukee

,

Sewerage

System

,

Revenue

,

2021

S-2

,

Refunding

,

3

%

,

6/01/46

..

4,600,000

3,270,985

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

3.5%,

12/01/32

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

1,405,000

1,180,652

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

11/15/37

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

600,000

526,114

Appalachian

Regional

Healthcare

System

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/46

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

1,100,000

869,600

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/29

..........

285,000

273,180

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/30

..........

200,000

190,321

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/31

..........

200,000

188,845

EMU

Campus

Living

LLC,

Revenue,

2022

A-1,

BAM

Insured,

5.375%,

7/01/47

....

7,000,000

7,516,769

c

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

13,400,000

13,406,834

c

Hope

Housing

Foundation

Obligated

Group,

Revenue,

144A,

2022

A,

3.8%,

12/01/37

5,600,000

4,403,734

c

Hope

Housing

Foundation

Obligated

Group,

Revenue,

144A,

2022

B,

5.75%,

12/01/27

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

1,600,000

1,511,512

Renown

Regional

Medical

Center

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

6/01/35

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

2,100,000

2,007,749

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/27

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

195,000

189,356

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/28

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

250,000

240,647

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/29

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

320,000

305,183

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/30

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

265,000

250,274

b,c

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-1,

Mandatory

Put,

3.5%,

12/01/35

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

9,700,000

7,725,837

Wisconsin

Health

&

Educational

Facilities

Authority

,

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/34

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

600,000

600,715

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/35

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

1,000,000

991,959

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/36

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

600,000

591,832

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/37

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

600,000

583,119

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

See

Abbreviations

on

page

171

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

Wisconsin

Health

&

Educational

Facilities

Authority,

(continued)

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/28

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

$

375,000

$

352,909

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/29

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

390,000

361,087

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/30

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

405,000

369,254

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/37

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

1,460,000

1,185,321

Wisconsin

Masonic

Home

Obligated

Group,

Revenue,

2021

A,

4%,

8/15/41

......

1,650,000

1,353,510

50,447,298

U.S.

Territories

0.3%

District

of

Columbia

0.3%

Washington

Metropolitan

Area

Transit

Authority

,

Revenue

,

2017

B

,

5

%

,

7/01/32

.....

5,750,000

6,073,305

Puerto

Rico

0.0%

†

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/27

..

450,000

466,718

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/30

..

550,000

586,228

1,052,946

Total

U.S.

Territories

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

7,126,251

Total

Municipal

Bonds

(Cost

$2,313,470,843)

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

2,203,734,839

Total

Long

Term

Investments

(Cost

$2,371,074,156)

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

2,252,950,889

a

a

a

a

a

Short

Term

Investments

0.1%

Municipal

Bonds

0.1%

Minnesota

0.1%

e

City

of

Minneapolis

,

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

C

,

Refunding

,

LOC

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

3.8

%

,

11/15/48

.....

1,900,000

1,900,000

Total

Municipal

Bonds

(Cost

$1,900,000)

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

1,900,000

Total

Short

Term

Investments

(Cost

$1,900,000

)

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

1,900,000

a

Total

Investments

(Cost

$2,372,974,156)

99.1%

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

$2,254,850,889

Other

Assets,

less

Liabilities

0.9%

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

20,548,534

Net

Assets

10

0.0

%

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

$2,275,399,423

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

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

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,

2023,

the

aggregate

value

of

these

securities

was

$152,178,548,

representing

6.7%

of

net

assets.

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

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

Federal

Limited-Term

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

48

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.03

$10.34

$10.56

$10.59

$10.35

$10.27

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.11

0.15

0.07

0.11

0.15

0.07

Net

realized

and

unrealized

gains

(losses)

0.01

(0.33)

(0.22)

(0.03)

0.25

0.08

Total

from

investment

operations

........

0.12

(0.18)

(0.15)

0.08

0.40

0.15

Less

distributions

from:

Net

investment

income

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

(0.11)

(0.13)

(0.07)

(0.11)

(0.16)

(0.07)

Net

asset

value,

end

of

period

..........

$10.04

$10.03

$10.34

$10.56

$10.59

$10.35

Total

return

e

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

1.22%

(1.75)%

(1.39)%

0.75%

3.88%

1.49%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

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

0.83%

0.86%

0.80%

0.81%

0.81%

0.83%

Expenses

net

of

waiver

and

payments

by

affiliates

g

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

0.65%

0.65%

0.65%

0.64%

0.64%

0.65%

Net

investment

income

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

2.23%

1.51%

0.70%

1.01%

1.42%

1.23%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$347,572

$385,372

$345,670

$294,622

$158,939

$103,864

Portfolio

turnover

rate

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

9.18%

29.88%

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

49

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.04

$10.35

$10.57

$10.60

$10.36

$10.29

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.12

0.16

0.09

0.12

0.16

0.14

Net

realized

and

unrealized

gains

(losses)

0.01

(0.33)

(0.22)

(0.03)

0.25

0.08

Total

from

investment

operations

........

0.13

(0.17)

(0.13)

0.09

0.41

0.22

Less

distributions

from:

Net

investment

income

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

(0.12)

(0.14)

(0.09)

(0.12)

(0.17)

(0.15)

Net

asset

value,

end

of

period

..........

$10.05

$10.04

$10.35

$10.57

$10.60

$10.36

Total

return

d

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

1.27%

(1.65)%

(1.29)%

0.85%

3.99%

2.11%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

0.73%

0.75%

0.70%

0.71%

0.71%

0.73%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.55%

0.55%

0.55%

0.55%

0.54%

0.55%

Net

investment

income

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

2.33%

1.55%

0.81%

1.14%

1.52%

1.33%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$274,444

$305,208

$413,869

$468,057

$518,898

$582,767

Portfolio

turnover

rate

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

9.18%

29.88%

33.22%

19.85%

10.10%

64.94%

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.

50

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.03

$10.34

$10.56

$10.59

$10.35

$10.28

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.13

0.18

0.10

0.14

0.18

0.16

Net

realized

and

unrealized

gains

(losses)

0.01

(0.33)

(0.22)

(0.03)

0.25

0.07

Total

from

investment

operations

........

0.14

(0.15)

(0.12)

0.11

0.43

0.23

Less

distributions

from:

Net

investment

income

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

(0.13)

(0.16)

(0.10)

(0.14)

(0.19)

(0.16)

Net

asset

value,

end

of

period

..........

$10.04

$10.03

$10.34

$10.56

$10.59

$10.35

Total

return

d

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

1.36%

(1.48)%

(1.12)%

1.03%

4.18%

2.29%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

0.55%

0.58%

0.53%

0.54%

0.54%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.37%

0.37%

0.37%

0.37%

0.36%

0.36%

Net

investment

income

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

2.51%

1.74%

0.98%

1.30%

1.70%

1.52%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$60,442

$68,248

$86,417

$70,227

$51,952

$47,182

Portfolio

turnover

rate

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

9.18%

29.88%

33.22%

19.85%

10.10%

64.94%

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

Federal

Limited-Term

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,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.03

$10.35

$10.57

$10.60

$10.35

$10.29

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.13

0.16

0.10

0.13

0.17

0.15

Net

realized

and

unrealized

gains

(losses)

(—)

d

(0.33)

(0.22)

(0.02)

0.27

0.07

Total

from

investment

operations

........

0.13

(0.17)

(0.12)

0.11

0.44

0.22

Less

distributions

from:

Net

investment

income

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

(0.12)

(0.15)

(0.10)

(0.14)

(0.19)

(0.16)

Net

asset

value,

end

of

period

..........

$10.04

$10.03

$10.35

$10.57

$10.60

$10.35

Total

return

e

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

1.34

%

(1.60)%

(1.05)%

1.00%

4.14%

2.16%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

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

0.58%

0.59%

0.55%

0.56%

0.56%

0.58%

Expenses

net

of

waiver

and

payments

by

affiliates

g

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

0.40%

0.40%

0.40%

0.40%

0.39%

0.40%

Net

investment

income

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

2.48%

1.63%

0.95%

1.26%

1.67%

1.48%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$260,098

$220,088

$542,557

$517,221

$291,452

$274,316

Portfolio

turnover

rate

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

9.18%

29.88%

33.22%

19.85%

10.10%

64.94%

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%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2023

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

52

a

a

Shares

a

Value

a

Management

Investment

Companies

3.8%

Capital

Markets

3.8%

a

Franklin

Municipal

Green

Bond

ETF

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

1,550,000

$

36,068,500

Total

Management

Investment

Companies

(Cost

$39,888,825)

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

36,068,500

Principal

Amount

a

a

a

a

b

Senior

Floating

Rate

Interests

4.6%

Real

Estate

Management

&

Development

3.3%

c

Baytown

Leased

Housing

Associates

II

LP

,

Project

Term

Loan

,

7.569

%

,

(

1-month

USD

LIBOR

+

2.251

%

),

8/01/40

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

$

25,110,000

25,805,944

c,d

TBG

Hillcrest

Senior

II

LP

,

Delayed

Draw

Term

Loan

,

6.616

%

,

(

1-month

USD

LIBOR

+

1.55

%

),

1/01/38

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

4,875,774

4,981,443

30,787,387

a

a

a

a

a

Residential

REITs

1.3%

c,d

Centennial

Gardens

LP

,

Delayed

Draw

Term

Loan

,

7.07

%

,

(

1-month

USD

LIBOR

+

2

%

),

1/08/24

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

12,166,852

12,374,510

Total

Senior

Floating

Rate

Interests

(Cost

$42,152,625)

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

43,161,897

Municipal

Bonds

90.1%

Alabama

8.3%

Black

Belt

Energy

Gas

District

,

e

Revenue,

2019

A-1,

Mandatory

Put,

4%,

12/01/25

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

11,675,000

11,581,514

Revenue,

2021

A,

Refunding,

4%,

6/01/24

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

400,000

399,436

e

Revenue,

2021

B,

Mandatory

Put,

4%,

12/01/26

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

10,000,000

9,777,408

e

Revenue,

2022

C-1,

Mandatory

Put,

5.25%,

6/01/29

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

4,285,000

4,444,632

e

Revenue,

2022

E,

Mandatory

Put,

5%,

6/01/28

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

4,000,000

4,104,761

e

Revenue,

2023

B-2,

Mandatory

Put,

5.25%,

12/01/30

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

2,000,000

2,109,297

e

Revenue,

2023

D-3,

Refunding,

Mandatory

Put,

Zero

Cpn

.,

2/01/29

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

5,000,000

4,988,174

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

3,795,147

Alabama

Power

Co.,

Revenue,

2008,

Mandatory

Put,

2.9%,

12/12/23

...........

7,550,000

7,527,225

e

Southeast

Alabama

Gas

Supply

District

(The)

,

Revenue

,

2018

A

,

Mandatory

Put

,

4

%

,

6/01/24

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

10,895,000

10,848,452

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue,

2021

A,

4%,

10/01/23

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

450,000

449,956

Revenue,

2021

A,

4%,

10/01/24

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

725,000

723,895

e

Revenue,

2022

B-1,

Mandatory

Put,

5%,

8/01/28

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

14,560,000

14,857,140

Special

Care

Facilities

Financing

Authority

of

the

City

of

Pell

City

Alabama

,

Noland

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

12/01/24

...........

1,500,000

1,516,187

Noland

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

12/01/26

...........

1,030,000

1,065,839

78,189,063

Alaska

1.1%

Borough

of

Matanuska-Susitna

,

State

of

Alaska

Department

of

Administration

,

Revenue

,

2015

,

Refunding

,

5.25

%

,

9/01/29

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

10,000,000

10,288,862

Arizona

2.1%

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/24

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

1,000,000

1,001,320

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/25

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

1,000,000

1,003,553

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

C,

1.8%,

7/01/24

...........

450,000

431,751

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

53

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

,

4.86

%

,

(

SIFMA

Municipal

Swap

Index

+

0.8

%

),

9/01/24

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

$

17,000,000

$

16,972,766

19,409,390

California

4.5%

California

Community

Choice

Financing

Authority

,

Revenue,

2021

B-1,

4%,

8/01/25

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

535,000

535,127

Revenue,

2021

B-1,

4%,

2/01/26

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

850,000

850,207

Revenue,

2021

B-1,

4%,

8/01/26

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

325,000

325,392

Revenue,

2021

B-1,

4%,

8/01/27

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

400,000

400,953

Revenue,

2021

B-1,

4%,

2/01/28

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

375,000

375,838

Revenue,

2021

B-1,

4%,

8/01/28

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

470,000

470,875

e

Revenue,

2023

C,

Mandatory

Put,

5.25%,

10/01/31

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

4,245,000

4,402,958

f

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

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

3,090,000

2,578,534

California

Educational

Facilities

Authority

,

University

of

San

Diego

,

Revenue

,

1999

,

AMBAC

Insured

,

Zero

Cpn

.,

10/01/23

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

1,120,000

1,117,003

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

12,835,585

e,f

California

Municipal

Finance

Authority

,

Farmdale

NOHO

LP

,

Revenue

,

144A,

2022

A

,

Mandatory

Put

,

5

%

,

12/01/23

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

13,060,000

13,056,115

e,f

California

Pollution

Control

Financing

Authority

,

Republic

Services,

Inc.

,

Revenue

,

144A,

2010

B

,

Refunding

,

Mandatory

Put

,

3.75

%

,

11/01/23

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

2,000,000

1,999,940

California

Statewide

Communities

Development

Authority

,

e

Southern

California

Edison

Co.,

Revenue,

D,

Refunding,

Mandatory

Put,

2.625%,

12/01/23

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

3,000,000

2,995,287

Viamonte

Senior

Living

1,

Inc.,

Revenue,

2018

B-3,

California

Mortgage

Insured,

3%,

7/01/27

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

520,000

520,372

42,464,186

Colorado

0.9%

Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

11/01/29

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

900,000

962,275

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

5,900,000

6,421,442

Regional

Transportation

District

,

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/15/24

........

400,000

400,805

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

7/15/24

........

300,000

301,500

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/15/25

........

325,000

327,686

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

7/15/25

........

400,000

407,674

8,821,382

Connecticut

0.0%

†

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/24

...

175,000

176,142

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/25

...

170,000

172,647

348,789

Delaware

0.5%

e

Delaware

State

Economic

Development

Authority

,

NRG

Energy,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

Mandatory

Put

,

1.25

%

,

10/01/25

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

5,000,000

4,574,725

Florida

1.4%

Centre

Lake

Community

Development

District

,

Special

Assessments

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/24

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

215,000

212,480

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2021

B-2

,

1.45

%

,

1/01/27

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

2,000,000

1,787,357

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.

54

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Florida

Municipal

Power

Agency

,

All-Requirements

Power

Supply

Project

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/25

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

$

1,000,000

$

1,030,576

Jacksonville

Transportation

Authority

,

Revenue,

Senior

Lien,

2020,

5%,

8/01/24

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

1,805,000

1,829,931

Revenue,

Senior

Lien,

2020,

5%,

8/01/25

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

1,800,000

1,853,815

Revenue,

Senior

Lien,

2020,

5%,

8/01/26

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

1,940,000

2,038,603

e,f

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A-2

,

Mandatory

Put

,

6.5

%

,

5/01/25

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

2,750,000

2,642,854

Middleton

Community

Development

District

A

,

Special

Assessment

,

2022

,

5.2

%

,

5/01/27

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

500,000

505,699

Poitras

East

Community

Development

District

,

Special

Assessment

,

2023

,

4

%

,

5/01/28

300,000

295,852

River

Hall

Community

Development

District

,

Assessment

Area,

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/24

.......

230,000

227,782

Assessment

Area,

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/25

.......

180,000

175,631

Assessment

Area,

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/26

.......

220,000

211,548

12,812,128

Georgia

5.0%

City

of

Atlanta

,

Department

of

Aviation,

Revenue,

2020

A,

Refunding,

5%,

7/01/24

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

2,500,000

2,531,909

Department

of

Aviation,

Revenue,

2020

A,

Refunding,

5%,

7/01/25

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

1,500,000

1,544,100

e

Development

Authority

of

Burke

County

(The)

,

Georgia

Power

Co.

,

Revenue

,

4th

1995

,

Mandatory

Put

,

3.8

%

,

5/21/26

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

3,000,000

2,963,893

e

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.,

Revenue,

First

Series,

2009,

Refunding,

Mandatory

Put,

1%,

8/21/26

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

2,000,000

1,772,883

Georgia

Power

Co.,

Revenue,

Second

Series,

2006,

Refunding,

Mandatory

Put,

3.875%,

3/06/26

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

3,500,000

3,467,233

Main

Street

Natural

Gas,

Inc.

,

e

Revenue,

2021

A,

Mandatory

Put,

4%,

9/01/27

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

3,250,000

3,223,096

Revenue,

2021

C,

4%,

12/01/23

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

725,000

724,573

Revenue,

2021

C,

4%,

12/01/24

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

735,000

731,693

e

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/29

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

4,500,000

4,352,948

e,f

Revenue,

144A,

2022

C,

Mandatory

Put,

4%,

11/01/27

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

15,000,000

14,357,100

e

Revenue,

2023

C,

Mandatory

Put,

5%,

9/01/30

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

10,000,000

10,386,782

Private

Colleges

&

Universities

Authority

,

Mercer

University,

Revenue,

2021,

Refunding,

5%,

10/01/23

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

300,000

300,273

Mercer

University,

Revenue,

2021,

Refunding,

5%,

10/01/24

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

400,000

405,556

Mercer

University,

Revenue,

2021,

Refunding,

5%,

10/01/25

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

425,000

436,366

47,198,405

Hawaii

1.8%

University

of

Hawaii

,

Revenue,

2020

B,

Refunding,

5%,

10/01/24

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

3,440,000

3,496,136

Revenue,

2020

B,

Refunding,

5%,

10/01/25

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

3,440,000

3,552,843

Revenue,

2020

B,

Refunding,

5%,

10/01/26

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

2,865,000

3,014,406

Revenue,

2020

D,

Refunding,

5%,

10/01/24

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

600,000

609,791

Revenue,

2020

D,

Refunding,

5%,

10/01/25

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

1,725,000

1,781,586

Revenue,

2020

D,

Refunding,

5%,

10/01/26

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

4,360,000

4,587,368

17,042,130

Illinois

8.4%

Chicago

Board

of

Education

,

GO

,

2018

A

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/23

.

1,000,000

1,002,470

Chicago

Park

District

,

GO,

2020

F-2,

Refunding,

5%,

1/01/25

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

350,000

355,861

GO,

2020

F-2,

Refunding,

5%,

1/01/26

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

500,000

512,739

GO,

2020

F-2,

Refunding,

5%,

1/01/27

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

550,000

571,152

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

55

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

(continued)

Chicago

Transit

Authority

Capital

Grant

Receipts

,

Revenue

,

2021

,

Refunding

,

5

%

,

6/01/24

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

$

1,425,000

$

1,436,445

City

of

Chicago

,

GO,

2015

C,

Refunding,

5%,

1/01/25

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

1,900,000

1,923,500

GO,

2020

A,

Refunding,

5%,

1/01/28

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

3,100,000

3,244,070

City

of

Moline

,

GO,

2021

C,

AGMC

Insured,

0.702%,

12/01/23

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

1,175,000

1,161,141

GO,

2021

C,

AGMC

Insured,

1.151%,

12/01/24

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

580,000

548,647

GO,

2021

C,

AGMC

Insured,

1.439%,

12/01/25

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

925,000

844,836

County

of

Cook

,

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

11/15/29

...........

845,000

925,839

Illinois

Finance

Authority

,

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/27

.........

2,810,000

1,271,525

e

Field

Museum

of

Natural

History,

Revenue,

2019,

Refunding,

Mandatory

Put,

4.91%,

9/01/25

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

3,695,000

3,686,331

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/15/27

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

590,000

565,386

e

OSF

Healthcare

System

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

Mandatory

Put,

5%,

11/15/24

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

1,250,000

1,258,410

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

3

%

,

6/15/24

..

2,500,000

2,473,815

State

of

Illinois

,

GO,

2010-4,

AGMC

Insured,

6.875%,

7/01/25

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

500,000

505,573

GO,

2016,

Refunding,

5%,

2/01/25

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

10,000,000

10,171,729

GO,

2016,

Refunding,

5%,

2/01/29

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

750,000

781,606

GO,

2017

C,

5%,

11/01/29

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

2,000,000

2,102,018

GO,

2017

D,

5%,

11/01/27

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

5,025,000

5,289,953

GO,

2018

A,

6%,

5/01/25

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

6,000,000

6,216,757

GO,

2018

A,

Refunding,

5%,

10/01/29

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

375,000

399,222

GO,

2018

B,

Refunding,

5%,

10/01/31

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

625,000

664,168

GO,

2019

B,

5%,

11/01/30

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

375,000

404,582

GO,

2021

A,

5%,

3/01/25

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

5,300,000

5,396,591

GO,

2022

B,

Refunding,

5%,

3/01/24

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

2,500,000

2,514,833

Sales

Tax,

Revenue,

2021

A,

4%,

6/15/24

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

5,000,000

5,011,933

Sales

Tax,

Revenue,

2021

A,

4%,

6/15/27

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

1,500,000

1,516,190

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/24

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

3,300,000

3,332,915

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/25

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

2,000,000

2,046,999

University

of

Illinois

,

Auxiliary

Facilities

System

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

4/01/25

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

11,660,000

11,472,891

79,610,127

Indiana

1.4%

f

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

B

,

4.75

%

,

8/01/24

1,560,000

1,500,265

Indiana

Finance

Authority

,

Greencroft

Goshen

Obligated

Group,

Revenue,

2021

B,

Refunding,

3.25%,

11/15/23

195,000

193,191

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/23

..

1,000,000

997,043

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/24

..

1,000,000

982,596

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/25

..

1,000,000

967,921

Indianapolis

Power

&

Light

Co.,

Revenue,

2021

B,

Refunding,

0.65%,

8/01/25

....

4,500,000

4,121,381

e

Southern

Indiana

Gas

&

Electric

Co.,

Revenue,

2013

E,

Refunding,

Mandatory

Put,

3.55%,

8/01/28

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

5,000,000

4,916,457

13,678,854

Iowa

1.1%

Des

Moines

Independent

Community

School

District

,

Sales

Services

&

Use

Tax

,

Revenue

,

2018

,

AGMC

Insured

,

3

%

,

6/01/29

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

9,300,000

9,049,097

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.

56

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Iowa

(continued)

e

Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

4.26

%

,

(

SOFR

+

0.55

%

),

5/15/26

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

$

1,500,000

$

1,371,807

10,420,904

Kansas

0.2%

Reno

County

Unified

School

District

No.

308

Hutchinson

,

GO

,

2019

,

Refunding

,

5

%

,

9/01/27

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

1,575,000

1,676,494

Kentucky

3.7%

County

of

Trimble

,

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2001

A

,

Refunding

,

0.625

%

,

9/01/26

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

3,375,000

3,011,867

Eastern

Kentucky

University

,

Revenue,

2021

A,

Refunding,

3.25%,

10/01/23

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

1,080,000

1,079,478

Revenue,

2021

A,

Refunding,

3.5%,

10/01/24

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

1,120,000

1,117,710

Revenue,

2021

A,

Refunding,

3.5%,

10/01/25

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

1,155,000

1,139,276

Revenue,

2021

A,

Refunding,

4%,

10/01/26

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

1,205,000

1,220,861

Revenue,

2021

A,

Refunding,

4%,

10/01/27

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

1,255,000

1,281,575

Revenue,

2021

A,

Refunding,

4%,

10/01/28

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

1,305,000

1,336,239

e

Kentucky

Public

Energy

Authority

,

Revenue,

2020

A,

Mandatory

Put,

4%,

6/01/26

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

10,000,000

9,914,691

Revenue,

2022

A-2,

Mandatory

Put,

4.751%,

8/01/30

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

14,125,000

13,506,941

f

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

B

,

6.75

%

,

5/01/25

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

1,360,000

1,308,726

34,917,364

Louisiana

4.2%

City

of

New

Orleans

,

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/26

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

450,000

467,352

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/27

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

600,000

633,390

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/28

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

550,000

589,201

e

Lake

Charles

Harbor

&

Terminal

District

,

Big

Lake

Fuels

LLC

,

Revenue

,

2021

,

Mandatory

Put

,

1

%

,

12/01/24

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

10,000,000

9,506,437

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

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

560,000

538,067

Louisiana

Public

Facilities

Authority

,

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

5%,

10/01/25

.......

250,000

255,082

e

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2020

B,

Refunding,

Mandatory

Put,

5%,

5/15/25

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

7,500,000

7,616,316

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

16,802,224

e

State

of

Louisiana

,

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2022

A

,

Refunding

,

Mandatory

Put

,

4.21

%

,

(

SOFR

+

0.5

%

),

5/01/26

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

2,950,000

2,891,738

39,299,807

Maryland

2.5%

City

of

Baltimore

,

GO

,

2017

B

,

Refunding

,

5

%

,

10/15/25

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

5,000,000

5,181,003

City

of

Cumberland

,

GO,

2021,

Refunding,

AGMC

Insured,

5%,

6/01/24

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

395,000

399,701

GO,

2021,

Refunding,

AGMC

Insured,

5%,

6/01/25

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

455,000

466,958

Maryland

Economic

Development

Corp.

,

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

A

,

5

%

,

11/12/28

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

10,000,000

10,212,530

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

5,337,390

State

of

Maryland

,

GO

,

2017

B

,

Refunding

,

5

%

,

8/01/26

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

30,000

31,636

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/26

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

1,035,000

1,049,587

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

57

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%,

3/01/27

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

$

1,215,000

$

1,242,355

23,921,160

Massachusetts

1.7%

e

Massachusetts

Development

Finance

Agency

,

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-4,

Refunding,

Mandatory

Put,

5%,

1/25/24

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

5,000,000

5,025,631

President

&

Trustees

of

Williams

College,

Revenue,

2011

N,

Mandatory

Put,

0.45%,

7/01/25

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

1,000,000

924,769

Massachusetts

Housing

Finance

Agency

,

Revenue

,

2022

C-3

,

FHA

Insured

,

4

%

,

6/01/26

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

10,000,000

10,080,830

16,031,230

Michigan

1.6%

Michigan

Finance

Authority

,

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/27

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

2,000,000

2,069,796

e

Michigan

Strategic

Fund

,

Consumers

Energy

Co.,

Revenue,

2005,

Mandatory

Put,

0.875%,

10/08/26

......

5,915,000

5,178,039

Waste

Management

of

Michigan,

Inc.,

Revenue,

2001,

Mandatory

Put,

0.58%,

8/01/24

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

3,300,000

3,195,200

f

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

144A,

2017

E

,

Refunding

,

4

%

,

12/01/26

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

5,000,000

5,036,772

15,479,807

Minnesota

2.9%

e

City

of

Columbia

Heights

,

42

Central

LP

,

Revenue

,

2022

A

,

Mandatory

Put

,

2.7

%

,

7/01/24

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

1,000,000

988,392

Dakota

County

Community

Development

Agency

,

Eagan

AH

I

LLLP

,

Revenue

,

2020

,

4.125

%

,

6/01/24

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

1,680,000

1,679,053

Farmington

Independent

School

District

No.

192

,

GO

,

2015

C

,

Refunding

,

5

%

,

2/01/24

6,065,000

6,103,365

Minnesota

Higher

Education

Facilities

Authority

,

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/26

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

1,000,000

1,042,914

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/27

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

1,000,000

1,060,040

e

Minnesota

Municipal

Gas

Agency

,

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/27

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

8,785,000

8,677,510

Revenue,

2022

B,

Mandatory

Put,

4.551%,

12/01/27

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

8,000,000

7,871,143

27,422,417

Mississippi

0.6%

e

County

of

Jackson

,

Chevron

Corp.

,

GO

,

1994

,

Refunding

,

Mandatory

Put

,

3.75

%

,

2/01/24

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

2,900,000

2,900,000

e

Mississippi

Business

Finance

Corp.

,

Waste

Management,

Inc.

,

Revenue

,

2004

,

Mandatory

Put

,

0.7

%

,

9/01/26

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

2,500,000

2,247,468

Mississippi

Home

Corp.

,

f

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

2.75%,

6/01/26

235,267

223,030

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

2.9%,

6/01/26

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

68,681

65,373

5,435,871

Missouri

0.6%

Missouri

Development

Finance

Board

,

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/24

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

300,000

301,520

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/25

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

500,000

503,166

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/26

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

405,000

409,281

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/27

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

660,000

671,223

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.

58

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

e

St.

Charles

County

Industrial

Development

Authority

,

Hidden

Valley

Housing

Partners

LP

,

Revenue

,

2021

,

Mandatory

Put

,

0.27

%

,

10/01/23

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

$

3,500,000

$

3,488,306

5,373,496

Nebraska

0.7%

e

Central

Plains

Energy

Project

,

Revenue

,

2018

A

,

Mandatory

Put

,

5

%

,

1/01/24

......

4,250,000

4,260,830

Nebraska

Public

Power

District

,

Revenue

,

2021

C

,

Refunding

,

5

%

,

1/01/24

........

2,500,000

2,512,474

6,773,304

Nevada

0.5%

Las

Vegas

Valley

Water

District

,

GO,

2020

D,

Refunding,

5%,

6/01/24

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

1,745,000

1,766,409

GO,

2020

D,

Refunding,

5%,

6/01/25

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

2,750,000

2,831,195

4,597,604

New

Hampshire

0.5%

e

New

Hampshire

Business

Finance

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2018

A

,

Refunding

,

Mandatory

Put

,

4.435

%

,

(

SIFMA

Municipal

Swap

Index

+

0.375

%

),

7/01/24

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

5,000,000

4,919,575

New

Jersey

8.1%

City

of

Newark

,

GO,

2020

A,

Refunding,

AGMC

Insured,

5%,

10/01/23

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

1,000,000

1,000,985

GO,

2020

A,

Refunding,

AGMC

Insured,

5%,

10/01/24

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

1,000,000

1,015,262

County

of

Atlantic

,

GO,

2020,

0.375%,

6/01/24

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

1,765,000

1,712,401

GO,

2020,

0.375%,

6/01/25

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

1,800,000

1,674,494

County

of

Morris

,

GO

,

2021

,

2

%

,

2/01/26

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

4,215,000

4,007,564

County

of

Union

,

GO

,

2020

,

0.5

%

,

3/01/24

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

5,290,000

5,189,481

Garden

State

Preservation

Trust

,

Revenue

,

2005

A

,

AGMC

Insured

,

5.75

%

,

11/01/28

25,000,000

26,691,505

New

Jersey

Economic

Development

Authority

,

f

Revenue,

144A,

2019,

Refunding,

5.25%,

9/01/27

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

6,000,000

6,422,835

New

Jersey

Transit

Corp.,

Revenue,

2022

A,

5%,

11/01/25

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

1,000,000

1,030,109

e

New

Jersey-American

Water

Co.,

Inc.,

Revenue,

2019

B,

Refunding,

Mandatory

Put,

2.05%,

12/03/29

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

7,500,000

6,377,677

New

Jersey

Educational

Facilities

Authority

,

Revenue

,

2014

,

5

%

,

6/01/24

.........

280,000

282,718

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

C,

AMBAC

Insured,

Zero

Cpn

.,

12/15/26

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

10,000,000

8,856,064

Revenue,

2006

C,

BHAC

Insured,

Zero

Cpn

.,

12/15/27

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

11,110,000

9,512,250

Newark

Board

of

Education

,

GO

,

2021

,

Refunding

,

5

%

,

7/15/24

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

400,000

404,636

State

of

New

Jersey

,

GO

,

3

%

,

6/01/25

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

2,000,000

1,980,561

76,158,542

New

Mexico

0.7%

e

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico,

Revenue,

2010

A,

Refunding,

Mandatory

Put,

0.875%,

10/01/26

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

4,250,000

3,759,358

Public

Service

Co.

of

New

Mexico,

Revenue,

2010

D,

Refunding,

Mandatory

Put,

3.9%,

6/01/28

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

3,000,000

2,978,161

6,737,519

New

York

4.1%

County

of

Suffolk

,

GO

,

2018

B

,

AGMC

Insured

,

4

%

,

10/15/28

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

4,205,000

4,294,001

Metropolitan

Transportation

Authority

,

Revenue

,

2017

A-2

,

Refunding

,

5

%

,

11/15/25

.

3,980,000

4,087,696

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/24

1,000,000

1,004,699

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/25

1,000,000

1,018,952

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)

New

York

(continued)

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

$

780,000

$

674,053

New

York

State

Dormitory

Authority

,

Cornell

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/26

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

5,000,000

5,274,473

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

2,878,780

e

Rochester

Gas

and

Electric

Corp.,

Revenue,

1997

A,

Refunding,

Mandatory

Put,

3%,

7/01/25

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

10,000,000

9,875,479

New

York

State

Housing

Finance

Agency

,

Revenue,

2020

F,

1.1%,

11/01/26

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

2,860,000

2,592,244

e

Revenue,

2022

A-2,

Mandatory

Put,

2.5%,

5/01/27

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

3,000,000

2,843,394

New

York

Transportation

Development

Corp.

,

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/25

...

500,000

510,765

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/25

...

2,200,000

2,264,011

State

of

New

York

Mortgage

Agency

,

Homeowner

Mortgage

,

Revenue

,

212

,

2.95

%

,

4/01/25

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

895,000

879,747

38,198,294

North

Carolina

0.8%

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/24

..........

1,200,000

1,208,868

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/25

..........

1,000,000

1,014,161

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/26

..........

850,000

870,039

North

Carolina

State

University

at

Raleigh

,

Revenue,

2018,

Refunding,

5%,

10/01/26

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

3,000,000

3,164,545

Revenue,

2018,

Refunding,

5%,

10/01/27

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

1,500,000

1,613,699

7,871,312

North

Dakota

1.8%

Cass

County

Joint

Water

Resource

District

,

GO

,

2021

A

,

Refunding

,

0.48

%

,

5/01/24

.

5,000,000

4,840,897

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/27

..

2,325,000

2,361,569

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/28

..

1,680,000

1,714,829

City

of

Horace

,

GO,

2022

A,

Refunding,

3.25%,

8/01/24

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

3,000,000

2,953,099

GO,

2023

B,

Refunding,

5.125%,

7/01/25

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

5,000,000

4,978,543

16,848,937

Ohio

1.5%

e

Ohio

Air

Quality

Development

Authority

,

Duke

Energy

Corp.

,

Revenue

,

2022

A

,

Refunding

,

Mandatory

Put

,

4.25

%

,

6/01/27

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

7,500,000

7,458,396

f

Ohio

Housing

Finance

Agency

,

Revenue

,

144A,

2023

B

,

6

%

,

2/01/26

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

1,700,000

1,697,632

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/23

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

2,560,000

2,564,006

Youngstown

State

University

,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/24

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

645,000

649,292

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/25

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

580,000

587,586

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/26

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

850,000

865,901

13,822,813

Oklahoma

0.2%

Oklahoma

State

University

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

9/01/23

...........

705,000

705,000

Tulsa

County

Industrial

Authority

,

Tulsa

County

Independent

School

District

No.

11

Owasso

,

Revenue

,

2018

,

5

%

,

9/01/23

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

1,170,000

1,170,000

1,875,000

Oregon

0.9%

Deschutes

&

Jefferson

Counties

School

District

No.

2J

Redmond

,

GO

,

2021

,

3

%

,

6/15/25

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

850,000

844,005

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)

Oregon

(continued)

Salem-Keizer

School

District

No.

24J

,

GO

,

2018

,

5

%

,

6/15/25

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

$

2,000,000

$

2,058,692

State

of

Oregon

,

GO

,

2015

B

,

Refunding

,

5

%

,

8/01/27

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

2,785,000

2,873,115

f

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-1

,

5.5

%

,

12/01/25

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

2,270,000

2,248,185

8,023,997

Pennsylvania

5.4%

Allegheny

County

Hospital

Development

Authority

,

Allegheny

Health

Network

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

4/01/24

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

4,000,000

4,027,229

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

2022,

Refunding,

5%,

5/01/24

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

150,000

150,779

Revenue,

2022,

Refunding,

5%,

5/01/25

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

500,000

505,164

Revenue,

2022,

Refunding,

5%,

5/01/26

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

500,000

510,162

Revenue,

2022,

Refunding,

5%,

5/01/27

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

590,000

606,414

e

Bethlehem

Area

School

District

Authority

,

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

3.901

%

,

(

SOFR

+

0.35

%

),

11/01/25

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

1,990,000

1,947,131

e

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group

,

Revenue

,

2014

B

,

Refunding

,

Mandatory

Put

,

4.716

%

,

(

1-month

TSOF

+

1.184

%

),

6/01/24

.........

10,000,000

10,021,125

Lehigh

County

Industrial

Development

Authority

,

PPL

Electric

Utilities

Corp.

,

Revenue

,

2016

B

,

Refunding

,

2.625

%

,

2/15/27

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

8,500,000

8,106,143

e

Montgomery

County

Industrial

Development

Authority

,

Constellation

Energy

Generation

LLC

,

Revenue

,

2023

A

,

Refunding

,

Mandatory

Put

,

4.1

%

,

4/03/28

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

5,000,000

5,047,694

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/29

...........

1,230,000

1,306,946

e

Waste

Management,

Inc.,

Revenue,

2021

A,

Mandatory

Put,

4.46%,

6/03/24

.....

6,000,000

6,000,378

e

Waste

Management,

Inc.,

Revenue,

2021

B,

Refunding,

Mandatory

Put,

1.1%,

11/02/26

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

4,000,000

3,621,263

Philadelphia

Gas

Works

Co.

,

Revenue,

16th

A,

AGMC

Insured,

5%,

8/01/25

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

500,000

514,389

Revenue,

16th

A,

AGMC

Insured,

5%,

8/01/26

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

600,000

627,437

g

University

of

Pittsburgh-of

the

Commonwealth

System

of

Higher

Education

,

Revenue

,

FRN

,

2019

,

4.42

%

,

(

SIFMA

Municipal

Swap

Index

+

0.36

%

),

2/15/24

...........

7,750,000

7,750,234

50,742,488

Rhode

Island

0.2%

City

of

Providence

,

GO,

2021

A,

Refunding,

5%,

1/15/24

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

500,000

502,066

GO,

2021

A,

Refunding,

5%,

1/15/25

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

500,000

508,770

GO,

2021

A,

Refunding,

5%,

1/15/26

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

500,000

515,295

1,526,131

South

Carolina

1.3%

e

Columbia

Housing

Authority

,

Columbia

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2022

,

Mandatory

Put

,

2.25

%

,

10/01/25

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

9,000,000

8,705,782

f

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3

%

,

11/01/26

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

710,000

656,123

South

Carolina

Public

Service

Authority

,

Revenue

,

2021

B

,

5

%

,

12/01/24

..........

1,750,000

1,776,723

f

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/24

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

1,500,000

1,453,516

12,592,144

South

Dakota

0.1%

South

Dakota

Health

&

Educational

Facilities

Authority

,

Sanford

Obligated

Group,

Revenue,

2021,

Refunding,

0.744%,

11/01/23

........

710,000

704,497

Sanford

Obligated

Group,

Revenue,

2021,

Refunding,

1.225%,

11/01/24

........

450,000

427,779

1,132,276

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)

Tennessee

3.3%

City

of

Memphis

,

GO,

2018,

5%,

6/01/24

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

$

6,915,000

$

7,000,343

GO,

2018,

5%,

6/01/25

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

7,260,000

7,474,355

State

of

Tennessee

,

GO

,

2023

A

,

5

%

,

5/01/31

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

6,670,000

7,601,824

e

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5

%

,

12/01/30

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

8,010,000

8,349,260

Tennessee

Energy

Acquisition

Corp.

,

Revenue,

2021

A,

5%,

11/01/23

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

250,000

250,318

Revenue,

2021

A,

5%,

11/01/24

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

250,000

252,140

Revenue,

2021

A,

5%,

11/01/25

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

350,000

355,371

31,283,611

Texas

2.6%

Central

Texas

Turnpike

System

,

Revenue,

First

Tier

,

2002

A

,

BHAC,

AMBAC

Insured

,

Zero

Cpn

.,

8/15/27

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

3,280,000

2,869,520

City

of

Dallas

,

Waterworks

&

Sewer

System

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

10/01/26

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

5,000,000

5,144,450

City

of

Houston

,

Combined

Utility

System

,

Revenue,

First

Lien

,

2018

D

,

Refunding

,

5

%

,

11/15/26

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

1,000,000

1,053,898

City

of

Lubbock

,

GO

,

2018

,

Refunding

,

5

%

,

2/15/25

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

5,150,000

5,271,853

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO,

2021,

2%,

9/01/24

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

140,000

135,186

GO,

2021,

2%,

9/01/25

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

145,000

135,393

GO,

2021,

2%,

9/01/26

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

150,000

135,982

GO,

2021,

2%,

9/01/27

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

155,000

136,911

e

Mission

Economic

Development

Corp.

,

Waste

Management,

Inc.

,

Revenue

,

2023

A

,

Mandatory

Put

,

4.25

%

,

6/03/24

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

3,250,000

3,252,481

e

Texas

Department

of

Housing

&

Community

Affairs

,

FishPond

Living

at

Corpus

Christi

LP

,

Revenue

,

2020

,

Mandatory

Put

,

4

%

,

12/01/23

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

2,000,000

2,000,102

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

3,422,866

f

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

9/01/26

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

140,000

127,537

Westside

211

Special

Improvement

District

,

GO,

Sub.

Lien,

2021,

2%,

8/15/25

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

265,000

250,259

GO,

Sub.

Lien,

2021,

2%,

8/15/27

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

280,000

252,614

24,189,052

Utah

0.0%

†

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

3

%

,

10/15/23

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

475,000

474,022

Virginia

0.3%

Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/29

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

180,000

177,964

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

7/01/29

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

1,750,000

1,728,937

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/23

...

300,000

298,819

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/24

...

220,000

215,333

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/25

...

230,000

221,159

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/26

...

235,000

222,170

2,864,382

Washington

1.0%

Auburn

School

District

No.

408

of

King

&

Pierce

Counties

,

GO

,

2018

,

5

%

,

12/01/27

..

1,700,000

1,831,108

Spokane

County

School

District

No.

354

Mead

,

GO,

2018,

4%,

12/01/32

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

1,150,000

1,169,419

GO,

2018,

5%,

12/01/33

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

1,500,000

1,595,863

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)

Washington

(continued)

State

of

Washington

,

GO

,

R-2015

D

,

Refunding

,

5

%

,

7/01/28

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

$

3,985,000

$

4,068,126

f

Washington

Health

Care

Facilities

Authority

,

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

5

%

,

12/01/31

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

280,000

302,041

8,966,557

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

911,791

Wisconsin

0.3%

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

2.75%,

12/01/25

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

387,062

371,904

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/26

..........

150,000

146,409

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/25

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

285,000

281,151

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/26

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

300,000

293,713

f

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

B,

4.25%,

6/01/25

1,312,000

1,259,434

Wisconsin

Health

&

Educational

Facilities

Authority

,

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/24

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

160,000

159,398

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/26

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

345,000

335,666

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/27

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

360,000

345,364

3,193,039

Wyoming

0.1%

County

of

Laramie

,

Cheyenne

Regional

Medical

Center

,

Revenue

,

2021

,

Refunding

,

4

%

,

5/01/27

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

550,000

560,667

U.S.

Territories

1.1%

District

of

Columbia

1.0%

District

of

Columbia

,

Income

Tax

,

Revenue

,

2022

C

,

Refunding

,

5

%

,

12/01/27

......

9,150,000

9,904,902

Puerto

Rico

0.1%

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/25

..

195,000

198,276

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/27

..

450,000

466,719

664,995

Total

U.S.

Territories

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

10,569,897

Total

Municipal

Bonds

(Cost

$878,640,358)

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

849,249,545

Total

Long

Term

Investments

(Cost

$960,681,808)

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

928,479,942

a

a

a

a

a

Short

Term

Investments

0.9%

Municipal

Bonds

0.9%

Michigan

0.2%

h

University

of

Michigan

,

Revenue

,

2012

D-1

,

Daily

VRDN

and

Put

,

3.75

%

,

12/01/24

..

1,500,000

1,500,000

New

York

0.7%

h

City

of

New

York

,

GO

,

2020

B-3

,

Daily

VRDN

and

Put

,

4.26

%

,

10/01/46

...........

6,400,000

6,400,000

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

See

Abbreviations

on

page

171

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

New

York

(continued)

h

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2022

DD

,

Refunding

,

Daily

VRDN

and

Put

,

4.26

%

,

6/15/33

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

$

300,000

$

300,000

6,700,000

Total

Municipal

Bonds

(Cost

$8,200,000)

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

8,200,000

Total

Short

Term

Investments

(Cost

$8,200,000

)

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

8,200,000

a

Total

Investments

(Cost

$968,881,808)

99.4%

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

$936,679,942

Other

Assets,

less

Liabilities

0.6%

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

5,875,511

Net

Assets

100.0%

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

$942,555,453

†

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

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

regarding

fair

value

measurements.

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,

2023,

the

aggregate

value

of

these

securities

was

$57,408,706,

representing

6.1%

of

net

assets.

g

The

coupon

rate

shown

represents

the

rate

at

period

end.

h

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

High

Yield

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

64

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.68

$10.05

$10.29

$10.46

$9.93

$9.97

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.20

0.38

0.36

0.40

0.39

0.20

Net

realized

and

unrealized

gains

(losses)

(0.11)

(1.40)

(0.24)

(0.19)

0.56

(0.04)

Total

from

investment

operations

........

0.09

(1.02)

0.12

0.21

0.95

0.16

Less

distributions

from:

Net

investment

income

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

(0.20)

(0.35)

(0.36)

(0.38)

(0.42)

(0.20)

Net

asset

value,

end

of

period

..........

$8.57

$8.68

$10.05

$10.29

$10.46

$9.93

Total

return

e

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

1.01%

(10.15)%

1.07%

2.15%

9.73%

1.68%

Ratios

to

average

net

assets

f

Expenses

g

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

0.81%

h

0.91%

h

0.80%

h

0.79%

0.79%

0.81%

Net

investment

income

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

4.53%

4.20%

3.49%

3.97%

3.82%

4.23%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$1,405,995

$1,390,633

$1,559,216

$1,177,730

$900,342

$343,683

Portfolio

turnover

rate

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

9.58%

23.04%

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

65

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.67

$10.04

$10.28

$10.45

$9.92

$9.94

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.21

0.39

0.38

0.42

0.40

0.43

Net

realized

and

unrealized

gains

(losses)

(0.10)

(1.39)

(0.24)

(0.20)

0.56

(0.01)

Total

from

investment

operations

........

0.11

(1.00)

0.14

0.22

0.96

0.42

Less

distributions

from:

Net

investment

income

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

(0.21)

(0.37)

(0.38)

(0.39)

(0.43)

(0.44)

Net

asset

value,

end

of

period

..........

$8.57

$8.67

$10.04

$10.28

$10.45

$9.92

Total

return

d

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

1.21%

(10.02)%

1.22%

2.30%

9.90%

4.33%

Ratios

to

average

net

assets

e

Expenses

f

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

0.66

%

g

0.75%

g

0.65%

g

0.65%

0.64%

0.66%

Net

investment

income

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

4.68%

4.35%

3.65%

4.14%

3.97%

4.38%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$2,437,746

$2,577,670

$3,518,033

$3,756,501

$4,196,856

$4,174,968

Portfolio

turnover

rate

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

9.58%

23.04%

18.70%

38.24%

11.98%

6.16%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

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.

66

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.84

$10.24

$10.49

$10.66

$10.12

$10.13

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.18

0.34

0.32

0.36

0.36

0.39

Net

realized

and

unrealized

gains

(losses)

(0.10)

(1.42)

(0.25)

(0.19)

0.56

(0.01)

Total

from

investment

operations

........

0.08

(1.08)

0.07

0.17

0.92

0.38

Less

distributions

from:

Net

investment

income

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

(0.18)

(0.32)

(0.32)

(0.34)

(0.38)

(0.39)

Net

asset

value,

end

of

period

..........

$8.74

$8.84

$10.24

$10.49

$10.66

$10.12

Total

return

d

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

0.79%

(10.52)%

0.54%

1.71%

9.27%

3.77%

Ratios

to

average

net

assets

e

Expenses

f

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

1.20%

g

1.29%

g

1.19%

g

1.19%

1.19%

1.21%

Net

investment

income

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

4.03%

3.71%

3.03%

3.53%

3.42%

3.83%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$153,108

$175,131

$262,313

$359,050

$488,258

$558,728

Portfolio

turnover

rate

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

9.58%

23.04%

18.70%

38.24%

11.98%

6.16%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

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)

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The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

67

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.71

$10.09

$10.33

$10.50

$9.97

$9.98

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.21

0.40

0.40

0.43

0.42

0.45

Net

realized

and

unrealized

gains

(losses)

(0.10)

(1.40)

(0.25)

(0.19)

0.56

(0.01)

Total

from

investment

operations

........

0.11

(1.00)

0.15

0.24

0.98

0.44

Less

distributions

from:

Net

investment

income

..............

(0.21)

(0.38)

(0.39)

(0.41)

(0.45)

(0.45)

Net

asset

value,

end

of

period

..........

$8.61

$8.71

$10.09

$10.33

$10.50

$9.97

Total

return

d

.......................

1.27%

(9.94)%

1.36%

2.43%

10.01%

4.55%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.52%

0.62%

0.51%

0.51%

0.51%

0.52%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.52%

g

0.61%

g

0.51%

g

0.50%

0.50%

0.52%

Net

investment

income

...............

4.80%

4.48%

3.77%

4.25%

4.11%

4.52%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$181,857

$181,286

$228,725

$157,328

$127,806

$90,752

Portfolio

turnover

rate

................

9.58%

23.04%

18.70%

38.24%

11.98%

6.16%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

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.

68

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.71

$10.08

$10.33

$10.50

$9.97

$9.98

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.21

0.40

0.39

0.43

0.42

0.45

Net

realized

and

unrealized

gains

(losses)

(0.11)

(1.39)

(0.25)

(0.20)

0.55

(0.01)

Total

from

investment

operations

........

0.10

(0.99)

0.14

0.23

0.97

0.44

Less

distributions

from:

Net

investment

income

..............

(0.21)

(0.38)

(0.39)

(0.40)

(0.44)

(0.45)

Net

asset

value,

end

of

period

..........

$8.60

$8.71

$10.08

$10.33

$10.50

$9.97

Total

return

d

.......................

1.13%

(9.89)%

1.22%

2.39%

9.97%

4.52%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.56%

g

0.65%

g

0.55%

g

0.54%

0.54%

0.56%

Net

investment

income

...............

4.76%

4.42%

3.73%

4.22%

4.07%

4.48%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$826,690

$846,496

$1,284,270

$1,229,100

$1,166,057

$994,336

Portfolio

turnover

rate

................

9.58%

23.04%

18.70%

38.24%

11.98%

6.16%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2023

Franklin

High

Yield

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

69

a

a

Shares

a

Value

a

Management

Investment

Companies

1.6%

Capital

Markets

1.6%

a

Franklin

Dynamic

Municipal

Bond

ETF

...................................

1,755,000

$

41,435,550

Vanguard

Tax-Exempt

Bond

Index

ETF

...................................

800,000

39,584,000

81,019,550

Total

Management

Investment

Companies

(Cost

$85,101,485)

....................

81,019,550

Principal

Amount

a

a

a

a

Corporate

Bonds

2.6%

Commercial

Services

&

Supplies

0.6%

b,c,d

CalPlant

I

LLC

,

21A,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

...........................

$

1,920,000

1,920,000

21B,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

...........................

7,205,000

7,205,000

22A,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

...........................

3,975,000

3,975,000

22B,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

...........................

345,000

345,000

22C,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

...........................

2,610,000

2,610,000

22X,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

...........................

3,910,000

3,910,000

23A,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

...........................

1,380,000

1,380,000

23B,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

...........................

1,225,000

1,225,000

23C,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

...........................

1,955,000

1,955,000

23D,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

...........................

1,700,000

1,700,000

23E,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

...........................

1,915,000

1,915,000

28,140,000

Diversified

Consumer

Services

1.7%

Grand

Canyon

University

,

Secured

Note

,

5.125

%

,

10/01/28

....................

93,710,000

84,695,098

Electric

Utilities

0.3%

d

Mission

Rock

Utilities,

Inc.

,

144A,

7

%

,

7/01/27

..............................

15,000,000

14,346,426

Oil,

Gas

&

Consumable

Fuels

0.0%

†

b,d

Red

River

Biorefinery

LLC

,

23A

,

Senior

Secured

Note

,

144A,

15

%

,

12/31/23

.......

1,280,000

1,280,000

Total

Corporate

Bonds

(Cost

$137,966,665)

.....................................

128,461,524

Municipal

Bonds

95.9%

Alabama

3.1%

County

of

Jefferson

,

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/31

....................

24,845,000

14,125,627

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/32

....................

30,825,000

16,160,589

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/33

....................

35,700,000

17,278,868

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/34

....................

28,020,000

12,492,476

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/35

....................

15,000,000

6,165,240

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/36

....................

12,425,000

4,693,540

Sewer,

Revenue,

Sub.

Lien,

2013

F,

Zero

Cpn.,

10/01/39

....................

75,000,000

78,527,677

MidCity

Improvement

District

,

Assessment

Area,

Special

Assessment,

2022,

3.875%,

11/01/27

..............

300,000

276,382

Assessment

Area,

Special

Assessment,

2022,

4.25%,

11/01/32

...............

600,000

526,040

Assessment

Area,

Special

Assessment,

2022,

4.5%,

11/01/42

................

1,090,000

885,032

Assessment

Area,

Special

Assessment,

2022,

4.75%,

11/01/49

...............

2,400,000

1,910,397

153,041,868

Arizona

1.8%

Arizona

Industrial

Development

Authority

,

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue,

Second

Tier

,

2019

B

,

5.125

%

,

1/01/54

..........................

3,005,000

1,509,411

d

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2019,

Refunding,

5%,

6/15/49

1,235,000

1,096,035

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2022,

Refunding,

4%,

6/15/57

8,500,000

6,050,702

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.

70

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

d

Industrial

Development

Authority

of

the

County

of

Pima

(The),

(continued)

La

Posada

at

Park

Centre,

Inc.

Obligated

Group,

Revenue,

144A,

2022

A,

7%,

11/15/57

.......................................................

$

5,000,000

$

5,002,634

La

Posada

at

Park

Centre,

Inc.

Obligated

Group,

Revenue,

144A,

2022

B-1,

6.625%,

5/15/31

........................................................

4,000,000

3,955,718

d

Maricopa

County

Industrial

Development

Authority

,

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018

A,

6%,

7/01/38

........................................................

5,000,000

5,183,330

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018

A,

6%,

7/01/52

........................................................

10,000,000

10,115,592

Salt

Verde

Financial

Corp.

,

Revenue

,

2007-1

,

5.5

%

,

12/01/29

..................

11,105,000

11,727,562

d

Sierra

Vista

Industrial

Development

Authority

,

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2023,

5.75%,

6/15/58

......

5,000,000

4,817,788

Georgetown

Community

Development

Authority,

Revenue,

144A,

2021

A,

Zero

Cpn.,

10/01/56

.......................................................

18,880,000

13,363,976

Georgetown

Community

Development

Authority,

Revenue,

144A,

2021

B,

6.25%,

10/01/36

.......................................................

3,945,000

3,182,963

Georgetown

Community

Development

Authority,

Revenue,

144A,

2022

A,

Zero

Cpn.,

10/01/56

.......................................................

2,327,000

2,035,956

Georgetown

Community

Development

Authority,

Revenue,

144A,

2022

B,

9%,

10/01/37

.......................................................

250,000

234,508

Tempe

Industrial

Development

Authority

,

d

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6%,

10/01/37

................

1,900,000

1,334,558

d

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6.125%,

10/01/47

.............

4,850,000

3,006,473

d

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6.125%,

10/01/52

.............

2,800,000

1,682,813

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/50

........

4,300,000

3,659,980

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

........

8,000,000

6,709,507

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/01/46

.......................................................

500,000

370,432

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2021

B,

4%,

12/01/56

.......

4,260,000

2,906,698

87,946,636

Arkansas

0.6%

Arkansas

Development

Finance

Authority

,

d

Hybar

LLC,

Revenue,

144A,

2023

B,

12%,

7/01/48

.........................

12,500,000

13,184,610

United

States

Steel

Corp.,

Revenue,

2022,

5.45%,

9/01/52

...................

11,000,000

10,733,900

United

States

Steel

Corp.,

Revenue,

2023,

5.7%,

5/01/53

....................

4,575,000

4,594,308

28,512,818

California

19.8%

Alvord

Unified

School

District

,

GO

,

2011

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/41

.....

30,750,000

13,046,376

d

California

Community

College

Financing

Authority

,

NCCD-Napa

Valley

Properties

LLC,

Revenue,

144A,

2022

A,

4.25%,

7/01/32

.....

500,000

475,195

NCCD-Napa

Valley

Properties

LLC,

Revenue,

144A,

2022

A,

5.75%,

7/01/60

.....

17,500,000

17,234,987

NCCD-Napa

Valley

Properties

LLC,

Revenue,

144A,

2022

C,

6.75%,

7/01/60

.....

7,000,000

6,813,916

d

California

Community

Housing

Agency

,

Annadel

Apartments,

Revenue,

144A,

2019

A,

5%,

4/01/49

..................

10,800,000

8,918,715

Arbors

Apartments,

Revenue,

144A,

2020

A,

5%,

8/01/50

....................

11,775,000

10,678,558

Aster

Apartments,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

2/01/43

..........

13,895,000

11,595,058

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

144A,

2021

A-2,

4%,

8/01/47

16,500,000

12,869,418

Fountains

at

Emerald

Park,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

8/01/46

...

19,660,000

15,742,194

K

Street

Flats,

Revenue,

144A,

2021

A-2,

4%,

8/01/50

......................

17,830,000

12,799,162

Mira

Vista

Hills

Apartments,

Revenue,

144A,

2021

A,

4%,

2/01/56

.............

33,000,000

22,496,707

Twin

Creek

Apartments,

Revenue,

Junior

Lien,

144A,

2022

B,

5.5%,

2/01/40

.....

4,400,000

3,915,055

Verdant

at

Green

Valley

Apartments,

Revenue,

144A,

2019

A,

5%,

8/01/49

.......

19,190,000

17,604,482

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

71

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

County

Tobacco

Securitization

Agency

,

Alameda

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2002

,

5.875

%

,

6/01/35

......................

$

830,000

$

842,223

d

California

Municipal

Finance

Authority

,

California

Baptist

University,

Revenue,

144A,

2015

A,

5.5%,

11/01/45

...........

17,400,000

17,479,212

California

Baptist

University,

Revenue,

144A,

2016

A,

5%,

11/01/46

............

6,800,000

6,442,478

Capital

Christian

Center,

Revenue,

144A,

2021

A,

5%,

10/01/51

...............

8,425,000

6,952,684

c,d

California

Pollution

Control

Financing

Authority

,

CalPlant

I

LLC,

Revenue,

144A,

2017,

7.5%,

7/01/32

.......................

24,500,000

1,225,000

CalPlant

I

LLC,

Revenue,

144A,

2017,

8%,

7/01/39

........................

10,000,000

500,000

CalPlant

I

LLC,

Revenue,

144A,

2020,

7.5%,

7/01/32

.......................

10,000,000

1,300,000

Rialto

Bioenergy

Facility

LLC,

Revenue,

144A,

2018,

6.75%,

12/01/28

..........

1,690,000

1,014,000

Rialto

Bioenergy

Facility

LLC,

Revenue,

144A,

2018,

7.5%,

12/01/40

...........

5,300,000

3,179,953

d

California

Public

Finance

Authority

,

Crossroads

Christian

Schools

Obligated

Group,

Revenue,

144A,

2020,

5%,

1/01/56

4,015,000

3,196,285

Kendal

at

Sonoma

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

5%,

11/15/46

.......................................................

1,250,000

1,118,864

California

Statewide

Communities

Development

Authority

,

Special

Tax,

2023

C-1,

5%,

9/02/43

....................................

4,000,000

3,670,510

d

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2016

A,

Refunding,

5%,

6/01/36

7,210,000

7,004,393

d

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/39

.............

1,275,000

1,237,572

d

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/49

.............

3,725,000

3,504,288

d

City

&

County

of

San

Francisco

,

District

No.

2020-1

,

Special

Tax

,

144A,

2021

B

,

5.25

%

,

9/01/49

.........................................................

5,000,000

3,660,290

City

of

San

Francisco

,

5.25

%

,

9/01/49

....................................

10,000,000

7,320,580

d

CMFA

Special

Finance

Agency

,

Solana

at

Grand,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

8/01/45

...........

35,000,000

27,718,817

Solana

at

Grand,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

8/01/56

..........

1,700,000

1,389,247

d

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Junior

Lien

,

144A,

2022

A-2

,

4.5

%

,

8/01/51

.........................................................

38,000,000

27,996,591

d

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/47

..............................................

34,395,000

27,891,741

d

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

.........................................

10,800,000

8,807,959

d

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue

,

144A,

2022

A-2

,

4.375

%

,

8/01/49

...................................................

20,415,000

15,469,166

d

CSCDA

Community

Improvement

Authority

,

Cameo/Garrison

Apartments,

Revenue,

144A,

2021

B,

4%,

3/01/57

............

15,000,000

10,510,103

Crescent

(The),

Revenue,

144A,

2022

B,

5.5%,

7/01/59

.....................

15,935,000

13,201,026

Dublin,

Revenue,

144A,

2021

B,

4%,

2/01/57

.............................

7,500,000

5,256,490

Escondido

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

6/01/48

........

10,000,000

6,641,551

Park

Crossing

Apartments,

Revenue,

144A,

2021

B,

4%,

12/01/48

.............

14,235,000

10,095,081

Renaissance

at

City

Center,

Revenue,

144A,

2020

A,

5%,

7/01/51

.............

22,325,000

20,342,051

Waterscape

Apartments,

Revenue,

144A,

2021

B,

4%,

9/01/46

................

5,775,000

4,655,782

Wood

Creek

Apartments,

Revenue,

Sub.

Lien,

144A,

2021

B,

4%,

12/01/59

......

19,800,000

12,386,173

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/30

..............

10,000,000

11,145,990

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/31

..............

7,295,000

8,295,155

M-S-R

Energy

Authority

,

Revenue,

2009

B,

6.125%,

11/01/29

...................................

27,160,000

28,873,367

Revenue,

2009

B,

7%,

11/01/34

.......................................

20,000,000

24,410,920

Revenue,

2009

C,

6.5%,

11/01/39

.....................................

20,000,000

23,764,950

Palmdale

Elementary

School

District

,

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/28

...................................................

1,500,000

1,264,507

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/30

...................................................

1,250,000

974,575

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.

72

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Palmdale

Elementary

School

District,

(continued)

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/31

...................................................

$

1,250,000

$

937,220

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/34

...................................................

2,500,000

2,555,225

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/32

.........................

4,000,000

2,775,291

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/33

.........................

5,500,000

3,656,206

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/41

.........................

5,000,000

2,079,176

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/42

.........................

7,000,000

2,734,312

San

Diego

Unified

School

District

,

GO,

2012

E,

Zero

Cpn.,

7/01/42

.......................................

44,565,000

31,221,388

GO,

2012

E,

Zero

Cpn.,

7/01/47

.......................................

33,305,000

23,258,547

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

6%,

1/15/45

...............................

35,834,000

43,857,705

Revenue,

1997

A,

Refunding,

6%,

1/15/46

...............................

35,834,000

43,921,082

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/26

...........................

110,000,000

101,971,749

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/27

...........................

139,100,000

125,192,184

San

Mateo

Foster

City

School

District

,

GO

,

A

,

Zero

Cpn.,

8/01/42

...............

40,000,000

39,685,072

San

Mateo

Union

High

School

District

,

GO

,

2011

A

,

Zero

Cpn.,

9/01/41

...........

20,000,000

18,973,924

San

Ysidro

School

District

,

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/42

...................

10,000,000

3,760,614

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/43

...................

12,500,000

4,449,819

Silicon

Valley

Tobacco

Securitization

Authority

,

Revenue,

2007

A,

Zero

Cpn.,

6/01/36

...................................

15,000,000

7,267,553

Revenue,

2007

C,

Zero

Cpn.,

6/01/56

..................................

60,000,000

5,472,012

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2006

B,

Zero

Cpn.,

6/01/46

........................................................

50,000,000

9,622,590

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

B-2,

2,

Refunding,

Zero

Cpn.,

6/01/54

......................................

18,000,000

3,342,566

991,663,632

Colorado

5.8%

3rd

and

Havana

Metropolitan

District

,

GO

,

2020

A

,

5.25

%

,

12/01/49

.............

3,775,000

3,147,048

9th

Avenue

Metropolitan

District

No.

2

,

GO

,

2018

,

5

%

,

12/01/48

................

7,417,000

6,560,747

Aerotropolis

Regional

Transportation

Authority

,

Revenue

,

2019

,

5

%

,

12/01/51

......

5,415,000

4,721,671

Allison

Valley

Metropolitan

District

No.

1

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/47

......

5,250,000

4,601,479

Allison

Valley

Metropolitan

District

No.

2

,

GO

,

2020

,

Refunding

,

4.7

%

,

12/01/47

.....

4,750,000

3,836,548

Aurora

Crossroads

Metropolitan

District

No.

2

,

GO,

Senior

Lien,

2020

A,

5%,

12/01/40

.................................

1,500,000

1,385,568

GO,

Senior

Lien,

2020

A,

5%,

12/01/50

.................................

1,500,000

1,305,233

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

1

,

GO

,

2018

A

,

5.375

%

,

12/01/48

........................................................

2,245,000

2,133,018

Baseline

Metropolitan

District

No.

1

,

GO,

2021

A,

5%,

12/01/51

...........................................

1,500,000

1,309,824

GO,

2021

B,

7.5%,

12/15/51

.........................................

2,190,000

1,969,416

d

Bent

Grass

Metropolitan

District

,

GO

,

144A,

2020

,

Refunding

,

5.25

%

,

12/01/49

.....

1,685,000

1,547,975

Bradburn

Metropolitan

District

No.

2

,

GO,

2018

A,

Refunding,

5%,

12/01/38

..................................

600,000

577,124

GO,

2018

A,

Refunding,

5%,

12/01/47

..................................

2,400,000

2,209,788

Brighton

Crossing

Metropolitan

District

No.

4

,

GO,

2017

A,

5%,

12/01/37

...........................................

525,000

510,270

GO,

2017

A,

5%,

12/01/47

...........................................

2,440,000

2,250,911

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

73

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Brighton

Crossing

Metropolitan

District

No.

6

,

GO

,

2020

A-3

,

5

%

,

12/01/50

........

$

2,000,000

$

1,695,330

d

Broadway

Park

North

Metropolitan

District

No.

2

,

GO,

144A,

2020,

Refunding,

5%,

12/01/40

...............................

1,325,000

1,240,492

GO,

144A,

2020,

Refunding,

5%,

12/01/49

...............................

1,575,000

1,423,725

d

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-2

,

Refunding

,

5

%

,

12/01/49

........................................................

740,000

667,996

Centerra

Metropolitan

District

No.

1

,

GO

,

2020

A

,

Refunding

,

5

%

,

12/01/51

........

4,000,000

3,468,264

Clear

Creek

Transit

Metropolitan

District

No.

2

,

GO,

2021

A,

5%,

12/01/41

...........................................

580,000

523,806

GO,

2021

A,

5%,

12/01/50

...........................................

1,000,000

852,234

Colliers

Hill

Metropolitan

District

No.

2

,

GO

,

2022

B-1

,

Refunding

,

5.75

%

,

12/15/47

..

2,850,000

2,646,696

Colorado

Health

Facilities

Authority

,

Aberdeen

Ridge,

Inc.

Obligated

Group,

Revenue,

2021

A,

5%,

5/15/49

..........

2,235,000

1,644,209

Aberdeen

Ridge,

Inc.

Obligated

Group,

Revenue,

2021

A,

5%,

5/15/58

..........

4,750,000

3,310,875

Frasier

Meadows

Manor,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/47

........................................................

6,500,000

6,121,760

Conestoga

Metropolitan

District

No.

2

,

GO

,

2021

A-3

,

Refunding

,

5.25

%

,

12/01/51

..

1,625,000

1,410,885

Constitution

Heights

Metropolitan

District

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/49

.....

1,760,000

1,586,543

Copperleaf

Metropolitan

District

No.

6

,

GO

,

2022

B

,

6

%

,

12/15/41

...............

1,225,000

1,163,841

Cornerstar

Metropolitan

District

,

GO,

A,

Refunding,

5.125%,

12/01/37

...................................

2,000,000

1,945,951

GO,

A,

Refunding,

5.25%,

12/01/47

....................................

5,200,000

4,893,470

Cottonwood

Highlands

Metropolitan

District

No.

1

,

GO

,

2019

A

,

5

%

,

12/01/49

......

900,000

802,255

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

B

,

6

%

,

12/01/48

........................................................

6,590,000

6,532,891

d

DIATC

Metropolitan

District

,

GO

,

144A,

2019

,

Refunding

,

5

%

,

12/01/49

...........

2,000,000

1,815,463

E-470

Public

Highway

Authority

,

Revenue

,

2004

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

9/01/28

.....................................................

15,000,000

12,449,185

Eagle

Brook

Meadows

Metropolitan

District

No.

3

,

GO

,

2021-3

,

5

%

,

12/01/51

......

1,600,000

1,354,156

Evan's

Place

Metropolitan

District

,

GO,

2020

A-3,

5%,

12/01/40

.........................................

550,000

513,190

GO,

2020

A-3,

5%,

12/01/50

.........................................

1,575,000

1,381,972

First

Creek

Village

Metropolitan

District

,

GO,

2019

A,

5%,

12/01/39

...........................................

595,000

579,253

GO,

2019

A,

5%,

8/01/49

............................................

540,000

495,829

Greenways

Metropolitan

District

No.

1

,

GO

,

2021

A-3

,

4.625

%

,

12/01/51

..........

1,580,000

1,099,318

d

Hidden

Creek

Metropolitan

District

,

GO

,

144A,

2021

A-3

,

4.625

%

,

12/01/45

........

1,140,000

888,218

d

Horizon

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-3

,

4.5

%

,

12/01/51

..........

1,675,000

1,153,154

d

Jacoby

Farm

Metropolitan

District

,

GO

,

144A,

2021

,

Refunding

,

5

%

,

12/15/46

......

5,000,000

4,340,236

Jay

Grove

Metropolitan

District

,

GO

,

2021

,

4.25

%

,

12/01/51

...................

1,225,000

898,370

Jefferson

Center

Metropolitan

District

No.

1

,

Revenue,

2020

A-2,

4.125%,

12/01/40

..................................

575,000

478,367

Revenue,

2020

A-2,

4.375%,

12/01/47

..................................

1,125,000

903,811

Johnstown

Farms

East

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

............

1,500,000

1,238,420

Johnstown

Plaza

Metropolitan

District

,

GO

,

2022

,

Refunding

,

4.25

%

,

12/01/46

.....

8,500,000

6,747,694

d

Karl's

Farm

Metropolitan

District

No.

2

,

GO,

144A,

2020

A-3,

5.375%,

12/01/40

.................................

645,000

600,883

GO,

144A,

2020

A-3,

5.625%,

12/01/50

.................................

1,900,000

1,733,606

Liberty

Ranch

Metropolitan

District

,

GO

,

2021

A

,

Refunding

,

5.25

%

,

12/01/51

......

6,590,000

5,461,764

Meadowlark

Metropolitan

District

,

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020

A,

4.875%,

12/01/40

....

520,000

450,689

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020

A,

5.125%,

12/01/50

....

750,000

655,172

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.

74

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Morgan

Hill

Metropolitan

District

No.

3

,

GO

,

2021

B

,

Refunding

,

6.375

%

,

12/15/51

...

$

1,465,000

$

1,325,646

Murphy

Creek

Metropolitan

District

No.

4

,

GO

,

2021

,

5

%

,

12/01/51

..............

8,000,000

6,595,922

Nexus

North

at

DIA

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

...............

565,000

481,702

Palisade

Park

West

Metropolitan

District

,

GO

,

2019

A

,

5.125

%

,

12/01/49

..........

1,500,000

1,364,238

d

Plaza

Metropolitan

District

No.

1

,

Tax

Allocation

,

144A,

2013

,

Refunding

,

5

%

,

12/01/40

3,000,000

2,821,002

Prairie

Center

Metropolitan

District

No.

7

,

GO,

2020,

4.125%,

12/15/36

.........................................

500,000

437,158

GO,

2020,

4.875%,

12/15/44

.........................................

725,000

616,279

GO,

2021,

6.375%,

6/15/46

..........................................

1,330,000

1,197,377

Pronghorn

Valley

Metropolitan

District

,

GO,

2021

A,

3.75%,

12/01/41

.........................................

515,000

394,844

GO,

2021

A,

4%,

12/01/51

...........................................

650,000

477,606

Ptarmigan

West

Metropolitan

District

No.

2

,

GO

,

2021-3

,

4.125

%

,

12/01/51

........

1,475,000

1,017,270

Public

Authority

for

Colorado

Energy

,

Revenue,

2008,

6.125%,

11/15/23

.....................................

585,000

587,204

Revenue,

2008,

6.25%,

11/15/28

......................................

12,500,000

13,273,111

Revenue,

2008,

6.5%,

11/15/38

.......................................

60,100,000

70,491,146

Raindance

Metropolitan

District

No.

1

,

Non-Potable

Water

System,

Revenue,

2020,

5%,

12/01/40

...................

625,000

574,745

Non-Potable

Water

System,

Revenue,

2020,

5.25%,

12/01/50

................

4,250,000

3,772,570

Rampart

Range

Metropolitan

District

No.

5

,

Revenue,

2021,

4%,

12/01/41

........................................

2,730,000

2,096,563

Revenue,

2021,

4%,

12/01/51

........................................

6,670,000

4,690,627

Reunion

Metropolitan

District

,

Water

Activity

Enterprise

,

Revenue

,

2021

A

,

3.625

%

,

12/01/44

........................................................

6,132,527

4,452,714

Ritoro

Metropolitan

District

,

GO

,

2019

A

,

5

%

,

12/01/49

.......................

2,000,000

1,817,993

RRC

Metropolitan

District

No.

2

,

GO

,

2021

,

5.25

%

,

12/01/51

...................

5,625,000

4,661,976

Severance

Shores

Metropolitan

District

No.

4

,

GO

,

2020

A

,

5

%

,

12/01/49

.........

2,900,000

2,650,195

South

Aurora

Regional

Improvement

Authority

,

Revenue

,

2018

,

6.25

%

,

12/01/57

....

2,815,000

2,631,234

Southglenn

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/30

....................................

3,470,000

3,444,406

GO,

2016,

Refunding,

5%,

12/01/36

....................................

810,000

779,567

GO,

2016,

Refunding,

5%,

12/01/46

....................................

4,200,000

3,828,592

STC

Metropolitan

District

No.

2

,

GO,

2019

A,

Refunding,

5%,

12/01/38

..................................

2,000,000

1,842,789

GO,

2019

A,

Refunding,

5%,

12/01/49

..................................

1,000,000

885,480

Timberleaf

Metropolitan

District

,

GO

,

2020

A

,

5.75

%

,

12/01/50

..................

1,730,000

1,650,323

Village

at

Dry

Creek

Metropolitan

District

No.

2

(The)

,

GO

,

2019

,

4.375

%

,

12/01/44

..

819,000

677,460

Village

Metropolitan

District

(The)

,

GO,

2020,

Refunding,

5%,

12/01/40

....................................

1,100,000

1,045,736

GO,

2020,

Refunding,

5%,

12/01/49

....................................

1,750,000

1,613,380

Villages

at

Castle

Rock

Metropolitan

District

No.

4

,

1989

,

11.12

%

,

6/01/31

.........

3,000,000

2,610,000

Waterfront

at

Foster

Lake

Metropolitan

District

No.

2

,

GO,

2022

A3-1,

5%,

12/01/42

.........................................

3,705,000

3,228,940

GO,

2022

A3-1,

5%,

12/01/51

.........................................

4,085,000

3,258,176

GO,

2022

A3-2,

Zero

Cpn.,

12/01/51

...................................

5,130,000

3,047,401

Water

Tap

Fee,

Revenue,

2022,

4.625%,

12/01/28

.........................

6,000,000

5,530,508

d

West

Meadow

Metropolitan

District

,

GO,

Senior

Lien

,

144A,

2023

A

,

Refunding

,

6.5

%

,

12/01/50

........................................................

2,750,000

2,811,152

Wild

Plum

Metropolitan

District

,

GO

,

2019

A

,

Pre-Refunded

,

5

%

,

12/01/49

.........

595,000

621,065

Willow

Bend

Metropolitan

District

,

GO,

Senior

Lien

,

2019

A

,

5

%

,

12/01/49

.........

1,000,000

884,007

291,424,697

Connecticut

0.5%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

d

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

2016

A,

5%,

9/01/46

..

1,000,000

809,027

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

75

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Connecticut

(continued)

Connecticut

State

Health

&

Educational

Facilities

Authority,

(continued)

d

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

A,

5%,

9/01/53

......

$

7,850,000

$

6,109,235

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/43

........

13,000,000

12,617,186

d

McLean

Affiliates

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/45

........

1,000,000

853,755

d

McLean

Affiliates

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/55

........

5,695,000

4,614,375

d

Steel

Point

Infrastructure

Improvement

District

,

Tax

Allocation,

144A,

2021,

4%,

4/01/36

.................................

605,000

542,209

Tax

Allocation,

144A,

2021,

4%,

4/01/41

.................................

575,000

491,965

26,037,752

Florida

16.7%

Abbott

Square

Community

Development

District

,

Special

Assessment,

2022,

5.375%,

6/15/42

.............................

915,000

907,244

Special

Assessment,

2022,

5.5%,

6/15/52

...............................

1,500,000

1,476,377

Anabelle

Island

Community

Development

District

,

Special

Assessment,

2022,

2.7%,

5/01/27

...............................

530,000

494,655

Special

Assessment,

2022,

3.1%,

5/01/32

...............................

750,000

649,918

Special

Assessment,

2022,

3.5%,

5/01/42

...............................

1,945,000

1,490,871

Arbors

Community

Development

District

,

2023

Project

Area,

Special

Assessment,

2023,

4.5%,

5/01/30

.................

720,000

719,551

2023

Project

Area,

Special

Assessment,

2023,

5.4%,

5/01/43

.................

1,705,000

1,712,510

2023

Project

Area,

Special

Assessment,

2023,

5.625%,

5/01/53

...............

2,235,000

2,253,032

Artisan

Lakes

East

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021-1,

2.3%,

5/01/26

..............

115,000

108,342

Assessment

Area

2,

Special

Assessment,

2021-1,

2.75%,

5/01/31

.............

250,000

214,830

Assessment

Area

2,

Special

Assessment,

2021-1,

3.125%,

5/01/41

............

470,000

345,704

d

Assessment

Area

2,

Special

Assessment,

144A,

2021-2,

2.75%,

5/01/31

........

275,000

235,984

d

Assessment

Area

2,

Special

Assessment,

144A,

2021-2,

3.125%,

5/01/41

.......

515,000

378,391

Astonia

Community

Development

District

,

d

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

540,000

488,510

d

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,370,000

1,138,974

d

Assessment

Area

2,

Special

Assessment,

144A,

2021,

2.5%,

5/01/26

...........

150,000

142,885

d

Assessment

Area

2,

Special

Assessment,

144A,

2021,

3%,

5/01/31

............

500,000

443,819

d

Assessment

Area

2,

Special

Assessment,

144A,

2021,

3.2%,

5/01/41

...........

750,000

569,549

Assessment

Area

3,

Special

Assessment,

2023,

5.125%,

6/15/43

..............

325,000

317,666

Assessment

Area

3,

Special

Assessment,

2023,

5.375%,

6/15/53

..............

680,000

664,634

d

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

2.5%,

5/01/26

..

150,000

142,885

d

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

3%,

5/01/31

....

320,000

284,045

d

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

3.2%,

5/01/41

..

750,000

569,370

Avalon

Groves

Community

Development

District

,

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

360,000

266,033

Special

Assessment,

2021,

4%,

5/01/51

.................................

500,000

385,563

Assessment

Area

3,

Special

Assessment,

2021,

3%,

5/01/32

.................

200,000

173,384

Assessment

Area

3,

Special

Assessment,

2021,

3.375%,

5/01/41

..............

495,000

381,807

Avalon

Park

West

Community

Development

District

,

2020

Project

Area,

Special

Assessment,

2020,

Refunding,

3.25%,

5/01/30

.......

215,000

201,096

2020

Project

Area,

Special

Assessment,

2020,

Refunding,

3.75%,

5/01/40

.......

580,000

501,225

2020

Project

Area,

Special

Assessment,

2020,

Refunding,

4%,

5/01/51

.........

880,000

716,269

2022

Project

Area,

Special

Assessment,

2022,

5.5%,

5/01/42

.................

500,000

506,035

2022

Project

Area,

Special

Assessment,

2022,

5.625%,

5/01/52

...............

875,000

879,375

Ave

Maria

Stewardship

Community

District

,

Maple

Ridge

Phase

5

Project

Area,

Special

Assessment,

2022,

4%,

5/01/52

......

2,640,000

2,041,918

d

Phase

4

Master

Improvement

Project

Area,

Special

Assessment,

144A,

2023,

5.5%,

5/01/53

........................................................

2,790,000

2,714,248

Avenir

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021

A-1,

2.75%,

5/01/31

............

3,245,000

2,815,208

Assessment

Area

2,

Special

Assessment,

2021

A-1,

3.2%,

5/01/41

.............

4,995,000

3,782,480

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.

76

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Avenir

Community

Development

District,

(continued)

Assessment

Area

2,

Special

Assessment,

2021

A-1,

3.4%,

5/01/52

.............

$

4,995,000

$

3,562,443

Assessment

Area

3,

Special

Assessment,

2023,

4.5%,

5/01/30

................

420,000

414,987

Assessment

Area

3,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

3,755,000

3,650,423

Assessment

Area

3,

Special

Assessment,

2023,

5.625%,

5/01/54

..............

6,340,000

6,138,990

Aviary

at

Rutland

Ranch

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

3.1%,

11/01/31

...............

170,000

149,418

Assessment

Area

2,

Special

Assessment,

2021,

3.4%,

11/01/41

...............

410,000

315,047

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.875%,

5/01/31

..............

465,000

404,387

Assessment

Area

2,

Special

Assessment,

2021,

3.2%,

5/01/41

................

5,250,000

3,935,128

Assessment

Area

2,

Special

Assessment,

2021,

4%,

5/01/52

.................

1,910,000

1,468,049

Assessment

Area

2,

Special

Assessment,

2022,

5%,

5/01/42

.................

4,000,000

3,886,410

Assessment

Area

2,

Special

Assessment,

2022,

5%,

5/01/53

.................

5,000,000

4,581,530

Assessment

Area

2C,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

229,035

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/40

................

775,000

701,103

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/51

................

1,550,000

1,286,628

Assessment

Area

3A,

Special

Assessment,

2020,

2.5%,

5/01/25

...............

40,000

38,713

Assessment

Area

3A,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

229,011

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/40

................

385,000

346,727

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/51

................

890,000

737,101

Balm

Grove

Community

Development

District

,

Special

Assessment,

2022,

3.25%,

11/01/27

..............................

1,040,000

987,307

Special

Assessment,

2022,

3.625%,

11/01/32

.............................

1,290,000

1,154,690

Special

Assessment,

2022,

4%,

11/01/42

................................

2,500,000

2,070,546

Special

Assessment,

2022,

4.125%,

11/01/51

.............................

3,125,000

2,462,195

Bannon

Lakes

Community

Development

District

,

Phase

Three,

Special

Assessment,

2022,

3.3%,

5/01/32

.....................

365,000

322,467

Phase

Three,

Special

Assessment,

2022,

4%,

5/01/42

......................

1,385,000

1,160,172

d

Phase

Two,

Special

Assessment,

144A,

2021,

3.5%,

5/01/41

.................

700,000

545,969

Banyan

Cay

Community

Development

District

,

Special

Assessment

,

2020

NM

,

4

%

,

11/01/51

........................................................

3,000,000

2,295,821

Belmond

Reserve

Community

Development

District

,

2020

Project,

Special

Assessment,

2020,

4%,

5/01/40

......................

1,750,000

1,499,283

2020

Project,

Special

Assessment,

2020,

4%,

5/01/51

......................

2,000,000

1,552,064

Belmont

II

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

12/15/30

.............................

325,000

298,846

Special

Assessment,

2020,

3.625%,

12/15/40

.............................

1,390,000

1,183,493

Berry

Bay

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.625%,

5/01/26

..............

150,000

142,669

Assessment

Area

1,

Special

Assessment,

2021,

3.125%,

5/01/31

..............

400,000

355,112

Assessment

Area

1,

Special

Assessment,

2021,

3.625%,

5/01/41

..............

1,250,000

990,919

Assessment

Area

2,

Special

Assessment,

2023,

5.5%,

5/01/43

................

985,000

987,115

Assessment

Area

2,

Special

Assessment,

2023,

5.75%,

5/01/53

...............

1,675,000

1,684,715

Black

Creek

Community

Development

District

,

Special

Assessment,

2022,

5.125%,

6/15/32

.............................

150,000

150,514

Special

Assessment,

2022,

5.625%,

6/15/52

.............................

2,000,000

1,991,328

Boggy

Branch

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

295,000

279,237

Special

Assessment,

2021,

3%,

5/01/31

.................................

450,000

396,334

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,165,000

908,952

Bradbury

Community

Development

District

,

Special

Assessments,

Special

Assessment,

2023,

4.375%,

5/01/30

............

675,000

666,531

Special

Assessments,

Special

Assessment,

2023,

5.25%,

5/01/43

.............

2,000,000

1,947,258

Special

Assessments,

Special

Assessment,

2023,

5.5%,

5/01/53

..............

2,220,000

2,155,397

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

77

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Bridgewater

North

Community

Development

District

,

Special

Assessment,

2022,

3.125%,

5/01/27

.............................

$

165,000

$

156,751

Special

Assessment,

2022,

3.5%,

5/01/32

...............................

350,000

313,656

Special

Assessment,

2022,

4%,

5/01/42

.................................

1,000,000

837,669

Special

Assessment,

2022,

4%,

5/01/52

.................................

3,000,000

2,302,781

Brightwater

Community

Development

District

,

Special

Assessment,

2021,

2.85%,

5/01/31

..............................

300,000

260,247

Special

Assessment,

2021,

3.15%,

5/01/41

..............................

750,000

555,078

Brookstone

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2022,

4.75%,

5/01/32

...............

325,000

321,371

Assessment

Area

2,

Special

Assessment,

2022,

5.5%,

5/01/42

................

1,000,000

997,724

Assessment

Area

2,

Special

Assessment,

2022,

5.625%,

5/01/52

..............

1,750,000

1,725,590

Buckhead

Trails

Community

Development

District

,

Special

Assessment,

2022,

5.25%,

5/01/32

..............................

400,000

396,137

Special

Assessment,

2022,

5.625%,

5/01/42

.............................

1,000,000

985,868

Special

Assessment,

2022,

5.75%,

5/01/52

..............................

1,410,000

1,378,894

Buena

Lago

Community

Development

District

,

Special

Assessment,

2022,

5.25%,

5/01/42

..............................

665,000

654,850

Special

Assessment,

2022,

5.5%,

5/01/52

...............................

1,135,000

1,138,155

d

Cape

Coral

Health

Facilities

Authority

,

Gulf

Care,

Inc.

Obligated

Group

,

Revenue,

Senior

Lien

,

144A,

2015

,

Refunding

,

6

%

,

7/01/45

..........................

5,250,000

3,609,687

d

Capital

Trust

Agency,

Inc.

,

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

3%,

7/01/31

..........

100,000

86,413

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/41

..........

450,000

358,162

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/51

..........

540,000

387,865

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/56

..........

445,000

309,759

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A-2,

4%,

7/01/41

.........

750,000

596,936

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A-2,

4%,

7/01/51

.........

975,000

700,312

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A-2,

4%,

7/01/56

.........

750,000

522,066

Educational

Growth

Fund

LLC,

Revenue,

144A,

2021

B,

Zero

Cpn.,

7/01/31

......

9,625,000

5,782,975

Educational

Growth

Fund

LLC,

Revenue,

Senior

Lien,

144A,

2021

A-1,

5%,

7/01/56

1,000,000

883,902

Sarasota-Manatee

Jewish

Housing

Council

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

7/01/46

............................................

3,250,000

2,337,706

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-2,

4.43%,

1/01/57

...........

10,245,000

6,988,643

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/40

......

1,235,000

1,101,791

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/55

......

3,805,000

3,142,286

University

Bridge

LLC,

Revenue,

144A,

2018

A,

5.25%,

12/01/43

..............

31,755,000

29,795,253

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

3.3%,

1/01/31

..............

715,000

618,454

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

5%,

1/01/56

...............

1,050,000

806,183

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

5%,

1/01/55

.................

3,500,000

2,724,322

Celebration

Community

Development

District

,

Special

Assessment,

2021,

2.25%,

5/01/26

..............................

100,000

94,087

Special

Assessment,

2021,

2.75%,

5/01/31

..............................

240,000

205,894

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

590,000

433,496

Celebration

Pointe

Community

Development

District

No.

1

,

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

885,000

684,321

Special

Assessment,

2021,

4%,

5/01/53

.................................

1,335,000

1,045,287

CFM

Community

Development

District

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

...

185,000

174,746

Chaparral

Palm

Bay

Community

Development

District

,

Assessments,

Special

Assessment,

2020

A-1,

4%,

5/01/40

...................

1,220,000

1,041,131

Assessments,

Special

Assessment,

2020

A-1,

4%,

5/01/50

...................

1,985,000

1,543,710

d

Chapel

Creek

Community

Development

District

,

Special

Assessment,

144A,

2021,

3%,

5/01/31

............................

250,000

218,968

Special

Assessment,

144A,

2021,

3.375%,

5/01/41

.........................

830,000

637,635

d

Chapel

Crossings

Community

Development

District

,

Special

Assessment,

144A,

2020,

2.625%,

5/01/25

.........................

230,000

222,365

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)

Florida

(continued)

d

Chapel

Crossings

Community

Development

District,

(continued)

Special

Assessment,

144A,

2020,

3.2%,

5/01/30

..........................

$

645,000

$

580,607

Special

Assessment,

144A,

2020,

3.7%,

5/01/40

..........................

1,700,000

1,378,571

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

2,820,000

2,179,016

d

Charlotte

County

Industrial

Development

Authority

,

MSKP

Town

&

Country

Utility

LLC,

Revenue,

144A,

2021

A,

4%,

10/01/51

.......

5,500,000

4,310,121

MSKP

Town

&

Country

Utility

LLC,

Revenue,

144A,

2021

B,

5%,

10/01/36

.......

2,500,000

2,160,266

Coddington

Community

Development

District

,

Special

Assessment,

2022,

5.75%,

5/01/42

..............................

615,000

627,884

Special

Assessment,

2022,

5.75%,

5/01/52

..............................

1,000,000

1,008,327

Connerton

East

Community

Development

District

,

Special

Assessment,

2023,

5.25%,

6/15/43

..............................

1,395,000

1,398,057

Special

Assessment,

2023,

5.375%,

6/15/53

.............................

2,250,000

2,234,920

Coral

Bay

Lee

County

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2022,

5.5%,

5/01/42

................

250,000

250,566

Assessment

Area

1,

Special

Assessment,

2022,

5.625%,

5/01/52

..............

500,000

499,958

Cordoba

Ranch

Community

Development

District

,

Special

Assessment,

2021,

Refunding,

3%,

5/01/31

........................

835,000

756,636

Special

Assessment,

2021,

Refunding,

3%,

5/01/37

........................

825,000

665,939

Cordova

Palms

Community

Development

District

,

d

Special

Assessment,

144A,

2021,

2.4%,

5/01/26

..........................

250,000

236,442

d

Special

Assessment,

144A,

2021,

2.8%,

5/01/31

..........................

385,000

332,258

d

Special

Assessment,

144A,

2021,

3%,

5/01/41

............................

1,215,000

881,243

Special

Assessment,

2022-1,

5.7%,

5/01/42

..............................

330,000

333,121

Special

Assessment,

2022-1,

5.8%,

5/01/53

..............................

665,000

667,038

Special

Assessment,

2022-2,

4.5%,

5/01/27

..............................

215,000

213,773

Special

Assessment,

2022-2,

5.1%,

5/01/32

..............................

340,000

341,324

Special

Assessment,

2022-2,

5.4%,

5/01/42

..............................

1,020,000

1,013,995

Special

Assessment,

2022-2,

5.6%,

5/01/53

..............................

2,005,000

2,001,877

Corkscrew

Crossing

Community

Development

District

,

Special

Assessment,

2023,

5.1%,

5/01/43

...............................

600,000

583,985

Special

Assessment,

2023,

5.3%,

5/01/53

...............................

1,250,000

1,208,226

Creekview

Community

Development

District

,

Special

Assessment,

2022,

4.25%,

5/01/32

..............................

805,000

764,163

Special

Assessment,

2022,

4.625%,

5/01/42

.............................

2,455,000

2,210,097

Special

Assessment,

2022,

4.75%,

5/01/53

..............................

4,145,000

3,606,247

d

Crestview

II

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

249,173

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/37

...................

475,000

443,566

Cross

Creek

North

Community

Development

District

,

Special

Assessments,

Special

Assessment,

2022,

3.75%,

5/01/32

.............

460,000

441,212

Special

Assessments,

Special

Assessment,

2022,

4.25%,

5/01/42

.............

2,340,000

2,086,721

Special

Assessments,

Special

Assessment,

2022,

4.5%,

5/01/52

..............

1,750,000

1,528,470

Special

Assessments,

Special

Assessment,

2023,

5.125%,

5/01/43

............

1,000,000

969,217

Special

Assessments,

Special

Assessment,

2023,

5.375%,

5/01/53

............

1,255,000

1,207,254

Crystal

Cay

Community

Development

District

,

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

200,000

175,468

Special

Assessment,

2021,

3.05%,

5/01/41

..............................

850,000

679,439

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,000,000

831,368

d

Currents

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

4%,

5/01/40

..........................

3,100,000

2,645,497

Special

Assessment,

144A,

2020

A,

4%,

5/01/51

..........................

5,815,000

4,493,254

Cypress

Bay

West

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.25%,

5/01/43

...............

1,375,000

1,338,730

Assessment

Area

1,

Special

Assessment,

2023,

5.5%,

5/01/53

................

1,205,000

1,172,279

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)

Florida

(continued)

d

Cypress

Bluff

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

3.125%,

5/01/30

.......................

$

250,000

$

224,716

Special

Assessment,

144A,

2020

A,

3.625%,

5/01/40

.......................

800,000

639,207

Special

Assessment,

144A,

2020

A,

3.8%,

5/01/50

.........................

1,170,000

872,294

Cypress

Park

Estates

Community

Development

District

,

Assessment

Area,

Special

Assessment,

2022,

4.375%,

5/01/27

...............

125,000

123,169

Assessment

Area,

Special

Assessment,

2022,

4.75%,

5/01/32

................

410,000

402,844

Assessment

Area,

Special

Assessment,

2022,

5%,

5/01/42

...................

1,200,000

1,137,168

Assessment

Area,

Special

Assessment,

2022,

5.125%,

5/01/52

...............

1,250,000

1,165,615

d

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

..........

295,000

268,041

d

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.875%,

5/01/40

.........

1,170,000

984,112

d

Assessment

Area

1,

Special

Assessment,

144A,

2020,

4%,

5/01/51

............

1,210,000

938,487

Cypress

Ridge

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.625%,

5/01/43

..............

1,565,000

1,552,909

Assessment

Area

1,

Special

Assessment,

2023,

5.875%,

5/01/53

..............

1,340,000

1,333,341

Deerbrook

Community

Development

District

,

Special

Assessments,

Special

Assessment,

2023,

4.375%,

5/01/30

............

135,000

133,459

Special

Assessments,

Special

Assessment,

2023,

5.25%,

5/01/43

.............

655,000

639,267

Special

Assessments,

Special

Assessment,

2023,

5.5%,

5/01/53

..............

1,250,000

1,223,070

Del

Webb

Oak

Creek

Community

Development

District

,

Special

Assessment,

2023,

5%,

5/01/43

.................................

1,435,000

1,392,954

Special

Assessment,

2023,

5.25%,

5/01/53

..............................

2,000,000

1,944,216

DG

Farms

Community

Development

District

,

Special

Assessment,

2020,

2.75%,

5/01/25

..............................

35,000

33,915

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

200,000

180,829

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

280,000

227,753

DW

Bayview

Community

Development

District

,

d

Assessment

Area,

Special

Assessment,

144A,

2021,

2.375%,

5/01/26

..........

250,000

236,108

d

Assessment

Area,

Special

Assessment,

144A,

2021,

3%,

5/01/32

..............

430,000

370,454

d

Assessment

Area,

Special

Assessment,

144A,

2021,

3.375%,

5/01/41

..........

1,160,000

892,521

Assessment

Area,

Special

Assessment,

2022,

4.5%,

5/01/32

.................

185,000

179,480

Assessment

Area,

Special

Assessment,

2022,

5.125%,

5/01/42

...............

1,115,000

1,079,150

Assessment

Area,

Special

Assessment,

2022,

5.25%,

5/01/52

................

750,000

715,780

East

547

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.5%,

5/01/26

................

100,000

94,800

Assessment

Area

1,

Special

Assessment,

2021,

3%,

5/01/31

.................

135,000

118,479

Assessment

Area

1,

Special

Assessment,

2021,

3.3%,

5/01/41

................

575,000

437,008

East

Bonita

Beach

Road

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/32

.................

255,000

219,550

Assessment

Area

2,

Special

Assessment,

2021,

3.25%,

5/01/41

...............

750,000

565,268

East

Nassau

Stewardship

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

210,000

198,360

Special

Assessment,

2021,

3%,

5/01/31

.................................

500,000

436,769

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,260,000

978,751

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,515,000

1,170,642

Eden

Hills

Community

Development

District

,

Assessment

Area,

Special

Assessment,

2020,

3.25%,

5/01/30

................

110,000

103,008

Assessment

Area,

Special

Assessment,

2020,

4%,

5/01/40

...................

300,000

271,394

Assessment

Area,

Special

Assessment,

2022,

3.25%,

5/01/27

................

370,000

354,917

Assessment

Area,

Special

Assessment,

2022,

3.625%,

5/01/32

...............

610,000

557,661

Assessment

Area,

Special

Assessment,

2022,

4%,

5/01/42

...................

1,640,000

1,411,984

Assessment

Area,

Special

Assessment,

2022,

4.125%,

5/01/52

...............

1,585,000

1,260,854

Edgewater

East

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.5%,

5/01/26

................

320,000

301,614

Assessment

Area

1,

Special

Assessment,

2021,

3.1%,

5/01/31

................

700,000

615,003

Assessment

Area

1,

Special

Assessment,

2021,

3.6%,

5/01/41

................

2,625,000

2,083,735

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)

Florida

(continued)

Edgewater

East

Community

Development

District,

(continued)

Assessment

Area

1,

Special

Assessment,

2021,

4%,

5/01/51

.................

$

2,825,000

$

2,176,508

Assessment

Area

2,

Special

Assessment,

2022,

3.375%,

5/01/32

..............

1,985,000

1,750,249

Assessment

Area

2,

Special

Assessment,

2022,

4%,

5/01/42

.................

4,000,000

3,354,841

Assessment

Area

2,

Special

Assessment,

2022,

4%,

5/01/52

.................

6,200,000

4,755,815

d

Enbrook

Community

Development

District

,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

500,000

425,943

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,150,000

887,798

d

Entrada

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.125%,

5/01/26

.........................

100,000

93,615

Special

Assessment,

144A,

2021,

2.625%,

5/01/31

.........................

370,000

313,497

Special

Assessment,

144A,

2021,

3.125%,

5/01/41

.........................

935,000

689,576

Special

Assessment,

144A,

2021,

4%,

5/01/52

............................

2,300,000

1,763,879

Epperson

North

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.5%,

5/01/26

................

140,000

132,591

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

260,000

227,703

Assessment

Area

2,

Special

Assessment,

2021,

3.5%,

5/01/41

................

1,280,000

989,416

Assessment

Area

3,

Special

Assessment,

2021

A,

2.45%,

11/01/26

............

140,000

131,060

Assessment

Area

3,

Special

Assessment,

2021

A,

3.1%,

11/01/31

.............

400,000

350,065

Assessment

Area

3,

Special

Assessment,

2021

A,

4%,

11/01/51

...............

2,405,000

1,854,239

Epperson

Ranch

II

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

3.25%,

5/01/25

...............

225,000

220,388

Assessment

Area

2,

Special

Assessment,

2020,

3.625%,

5/01/30

..............

630,000

582,863

Assessment

Area

2,

Special

Assessment,

2020,

4.2%,

5/01/40

................

1,710,000

1,496,707

Assessment

Area

2,

Special

Assessment,

2020,

4.375%,

5/01/51

..............

2,975,000

2,454,243

Fallschase

Community

Development

District

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

.........................................................

1,000,000

767,509

d

Florida

Development

Finance

Corp.

,

e

Brightline

Florida

Holdings

LLC,

Revenue,

144A,

2023

A,

Refunding,

Mandatory

Put,

7.5%,

8/15/24

...................................................

6,000,000

5,907,515

e

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

A,

Refunding,

Mandatory

Put,

6.375%,

1/01/26

.................................................

2,000,000

1,935,776

e

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

A,

Refunding,

Mandatory

Put,

6.5%,

1/01/29

...................................................

4,000,000

3,849,870

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

B,

7.375%,

1/01/49

.........

31,150,000

31,213,157

e

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2022

A,

Refunding,

Mandatory

Put,

7.25%,

10/03/23

.................................................

15,500,000

15,818,007

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

6/01/31

........................................................

450,000

435,110

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

6/01/51

........................................................

5,500,000

4,463,482

Mayflower

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

6/01/50

........................................................

7,000,000

5,707,301

Mayflower

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

6/01/55

............................................

3,750,000

2,300,809

d

Forest

Lake

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

..........

350,000

327,174

Assessment

Area

1,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............

1,270,000

1,148,904

Assessment

Area

2,

Special

Assessment,

144A,

2022,

4.75%,

5/01/27

..........

35,000

35,056

Assessment

Area

2,

Special

Assessment,

144A,

2022,

5%,

5/01/32

............

75,000

75,208

Assessment

Area

2,

Special

Assessment,

144A,

2022,

5.375%,

5/01/42

.........

310,000

313,289

Assessment

Area

2,

Special

Assessment,

144A,

2022,

5.5%,

5/01/52

...........

275,000

276,482

Gracewater

Sarasota

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

190,000

179,469

Special

Assessment,

2021,

2.95%,

5/01/31

..............................

500,000

435,357

Special

Assessment,

2021,

3.35%,

5/01/41

..............................

3,170,000

2,409,097

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,535,000

1,178,256

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)

Florida

(continued)

Grand

Oaks

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

4.25%,

5/01/40

...............

$

1,100,000

$

968,745

Assessment

Area

2,

Special

Assessment,

2020,

4.5%,

5/01/52

................

3,500,000

2,933,656

Assessment

Area

3,

Special

Assessment,

2021,

3.2%,

11/01/31

...............

215,000

189,257

Assessment

Area

3,

Special

Assessment,

2021,

3.5%,

11/01/41

...............

555,000

426,379

Assessment

Area

3,

Special

Assessment,

2021,

4%,

11/01/51

................

1,205,000

929,047

Grande

Pines

Community

Development

District

,

Special

Assessment,

2021,

3.75%,

5/01/41

..............................

710,000

567,226

Special

Assessment,

2021,

4%,

5/01/51

.................................

750,000

577,843

Grove

Resort

Community

Development

District

,

Special

Assessment,

2022,

3.3%,

5/01/32

...............................

170,000

149,312

Special

Assessment,

2022,

3.55%,

5/01/42

..............................

435,000

334,512

Hammock

Oaks

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

4.875%,

5/01/30

..............

200,000

200,407

Assessment

Area

1,

Special

Assessment,

2023,

5.625%,

5/01/43

..............

645,000

648,047

Assessment

Area

1,

Special

Assessment,

2023,

5.75%,

5/01/53

...............

1,000,000

993,574

Hammock

Reserve

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2020,

4%,

5/01/40

.................

540,000

488,511

Assessment

Area

1,

Special

Assessment,

2020,

4%,

5/01/51

.................

860,000

713,871

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

200,000

176,606

Assessment

Area

2,

Special

Assessment,

2021,

3.375%,

5/01/41

..............

520,000

407,218

Assessment

Area

3,

Special

Assessment,

2022,

4.4%,

5/01/32

................

490,000

479,295

Assessment

Area

3,

Special

Assessment,

2022,

5%,

5/01/52

.................

2,230,000

2,081,640

Harmony

West

Community

Development

District

,

Special

Assessment,

2023,

5%,

5/01/43

.................................

275,000

267,930

Special

Assessment,

2023,

5.3%,

5/01/53

...............................

305,000

300,049

Hawkstone

Community

Development

District

,

Assessment

Area

3,

Special

Assessment,

2021,

2.6%,

5/01/26

................

120,000

114,029

Assessment

Area

3,

Special

Assessment,

2021,

3.2%,

5/01/31

................

440,000

391,928

Assessment

Area

3,

Special

Assessment,

2021,

3.45%,

5/01/41

...............

1,125,000

882,709

Assessment

Area

4,

Special

Assessment,

2023,

4.375%,

5/01/30

..............

290,000

287,099

Assessment

Area

4,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

1,180,000

1,172,831

Assessment

Area

4,

Special

Assessment,

2023,

5.5%,

5/01/53

................

1,390,000

1,369,890

Hills

of

Minneola

Community

Development

District

,

d

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

..........................

1,000,000

910,876

d

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

2,625,000

2,235,067

d

Special

Assessment,

144A,

2020,

4%,

5/01/50

............................

5,505,000

4,284,772

Special

Assessment,

2021,

2.375%,

5/01/26

.............................

75,000

70,850

Special

Assessment,

2021,

2.8%,

5/01/31

...............................

250,000

215,752

Special

Assessment,

2021,

3.2%,

5/01/41

...............................

500,000

372,235

Hilltop

Point

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2022-1,

5.375%,

5/01/52

............

700,000

667,057

Assessment

Area

2,

Special

Assessment,

2022-2,

5.6%,

5/01/53

..............

745,000

722,935

Holly

Hill

Road

East

Community

Development

District

,

Special

Assessment,

2020,

4.5%,

11/01/31

...............................

165,000

164,991

Special

Assessment,

2020,

5%,

11/01/41

................................

350,000

347,913

Special

Assessment,

2020,

5%,

11/01/50

................................

520,000

494,055

Hyde

Park

Community

Development

District

No.

1

,

Special

Assessment,

2022,

4%,

5/01/42

.................................

2,710,000

2,264,455

Special

Assessment,

2022,

4%,

5/01/52

.................................

2,545,000

1,953,525

Indigo

Community

Development

District

,

Special

Assessment,

1999

A,

7%,

5/01/31

...............................

435,000

435,492

c

Special

Assessment,

1999

C,

7%,

5/01/30

...............................

4,123,752

2,845,389

Phase

A1

Assessment

Area,

Special

Assessment,

2021,

2.2%,

5/01/26

.........

185,000

173,832

Phase

A1

Assessment

Area,

Special

Assessment,

2021,

2.7%,

5/01/31

.........

240,000

205,194

Phase

A1

Assessment

Area,

Special

Assessment,

2021,

3.125%,

5/01/41

.......

855,000

624,272

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)

Florida

(continued)

Indigo

Community

Development

District,

(continued)

Phase

A1

Assessment

Area,

Special

Assessment,

2021,

4%,

5/01/52

...........

$

1,375,000

$

1,055,441

Kindred

Community

Development

District

II

,

Special

Assessment,

2020,

3.5%,

5/01/40

...............................

395,000

315,330

Special

Assessment,

2020,

3.75%,

5/01/50

..............................

570,000

429,360

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

235,000

201,869

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

500,000

371,552

f

Special

Assessment,

2023,

5.875%,

5/01/54

.............................

1,100,000

1,103,923

Kingman

Gate

Community

Development

District

,

Special

Assessments,

Special

Assessment,

2020,

3.125%,

6/15/30

............

375,000

347,017

Special

Assessments,

Special

Assessment,

2020,

4%,

6/15/40

................

775,000

700,743

Special

Assessments,

Special

Assessment,

2020,

4%,

6/15/50

................

2,270,000

1,892,856

Special

Assessments,

Special

Assessment,

2021,

2.5%,

6/15/26

..............

60,000

57,123

Special

Assessments,

Special

Assessment,

2021,

3.125%,

6/15/31

............

250,000

229,031

Special

Assessments,

Special

Assessment,

2021,

3.6%,

6/15/41

..............

750,000

628,809

Lake

Ashton

Community

Development

District

,

Special

Assessment

,

2015

A-1

,

Refunding

,

5

%

,

5/01/32

.............................................

2,070,000

2,079,209

Lake

Deer

Community

Development

District

,

Special

Assessment,

2022,

5%,

5/01/32

.................................

500,000

486,617

Special

Assessment,

2022,

5.5%,

5/01/42

...............................

1,680,000

1,626,586

Special

Assessment,

2022,

5.625%,

5/01/53

.............................

3,000,000

2,861,996

d

Lake

Emma

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

144A,

2023,

5.25%,

5/01/43

..........

1,235,000

1,214,096

Assessment

Area

2,

Special

Assessment,

144A,

2023,

5.5%,

5/01/53

...........

810,000

797,126

Lake

Harris

Community

Development

District

,

Special

Assessment,

2023,

5.375%,

5/01/43

.............................

565,000

562,581

Special

Assessment,

2023,

5.625%,

5/01/53

.............................

585,000

584,113

Lakes

at

Bella

Lago

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023-1,

5.75%,

5/01/43

.............

810,000

809,929

Assessment

Area

1,

Special

Assessment,

2023-1,

6%,

5/01/53

................

1,905,000

1,904,819

Assessment

Area

2,

Special

Assessment,

2023-2,

5.75%,

5/01/43

.............

1,000,000

999,912

Assessment

Area

2,

Special

Assessment,

2023-2,

6%,

5/01/54

................

2,395,000

2,394,735

Lakes

of

Sarasota

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021

A-1,

3.4%,

5/01/31

.............

135,000

123,005

Assessment

Area

1,

Special

Assessment,

2021

A-1,

3.9%,

5/01/41

.............

285,000

239,789

Assessment

Area

1,

Special

Assessment,

2021

A-1,

4.1%,

5/01/51

.............

265,000

212,291

Assessment

Area

1,

Special

Assessment,

2021

A-2,

3.875%,

5/01/31

...........

480,000

456,007

Assessment

Area

2,

Special

Assessment,

2021

B-1,

3.625%,

5/01/31

...........

125,000

116,767

Assessment

Area

2,

Special

Assessment,

2021

B-1,

4.125%,

5/01/41

...........

200,000

173,534

Assessment

Area

2,

Special

Assessment,

2021

B-1,

4.3%,

5/01/51

.............

325,000

269,288

Assessment

Area

2,

Special

Assessment,

2021

B-2,

4.125%,

5/01/31

...........

1,000,000

959,792

Lakewood

Park

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

3.2%,

5/01/31

................

125,000

111,949

Assessment

Area

1,

Special

Assessment,

2021,

3.625%,

5/01/41

..............

325,000

257,011

Assessment

Area

1,

Special

Assessment,

2021,

4%,

5/01/52

.................

500,000

383,797

Assessment

Area

2,

Special

Assessment,

2023,

5.75%,

5/01/53

...............

910,000

915,278

Lakewood

Ranch

Stewardship

District

,

District

Azario

Project,

Special

Assessment,

2020

A,

3.75%,

5/01/40

............

525,000

428,995

Lakewood

Ranch

Stewardship

District

Azario

Project,

Special

Assessment,

2020

A,

3.9%,

5/01/50

...................................................

770,000

588,789

d

Lakewood

Ranch

Stewardship

District

Lorraine

Lakes

Project,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.......................................

250,000

224,777

d

Lakewood

Ranch

Stewardship

District

Lorraine

Lakes

Project,

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.......................................

1,075,000

866,376

d

Lakewood

Ranch

Stewardship

District

Lorraine

Lakes

Project,

Special

Assessment,

144A,

2020,

3.875%,

5/01/51

.......................................

2,640,000

1,988,180

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

83

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Lakewood

Ranch

Stewardship

District,

(continued)

d

Northeast

Sector

Project

Phase

2B,

Special

Assessment,

144A,

2020,

Refunding,

3.2%,

5/01/30

...................................................

$

440,000

$

397,460

d

Northeast

Sector

Project

Phase

2B,

Special

Assessment,

144A,

2020,

Refunding,

3.75%,

5/01/40

..................................................

2,100,000

1,727,096

Northeast

Sector

Project

Phase

2C,

Special

Assessment,

2020,

3%,

5/01/30

.....

470,000

418,407

Northeast

Sector

Project

Phase

2C,

Special

Assessment,

2020,

3.5%,

5/01/40

....

750,000

590,369

Star

Farms

at

Lakewood

Ranch

Project,

Special

Assessment,

2021,

2.3%,

5/01/26

.

140,000

132,267

Star

Farms

at

Lakewood

Ranch

Project,

Special

Assessment,

2021,

2.7%,

5/01/31

.

105,000

89,954

Star

Farms

at

Lakewood

Ranch

Project,

Special

Assessment,

2021,

3%,

5/01/41

..

430,000

314,952

Star

Farms

at

Lakewood

Ranch

Project,

Special

Assessment,

2021,

4%,

5/01/52

..

685,000

527,841

Laurel

Road

Community

Development

District

,

Special

Assessment,

2021

A-1,

2.6%,

5/01/26

............................

220,000

208,416

Special

Assessment,

2021

A-1,

3%,

5/01/31

..............................

350,000

305,650

Special

Assessment,

2021

A-1,

3.25%,

5/01/41

...........................

1,195,000

901,486

Special

Assessment,

2021

A-1,

4%,

5/01/52

..............................

1,450,000

1,113,011

Special

Assessment,

2021

A-2,

3.125%,

5/01/31

..........................

1,935,000

1,704,216

Lawson

Dunes

Community

Development

District

,

Special

Assessment,

2022,

4.375%,

5/01/27

.............................

175,000

173,225

Special

Assessment,

2022,

4.75%,

5/01/32

..............................

550,000

543,570

Special

Assessment,

2022,

5.125%,

5/01/52

.............................

1,320,000

1,235,660

Leomas

Landing

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

185,000

174,746

Special

Assessment,

2021,

2.95%,

5/01/31

..............................

310,000

269,921

Special

Assessment,

2021,

2.95%,

5/01/31

..............................

100,000

87,246

Special

Assessment,

2021,

3.35%,

5/01/41

..............................

795,000

600,445

Special

Assessment,

2021,

3.35%,

5/01/41

..............................

325,000

246,684

Special

Assessment,

2021,

4%,

5/01/52

.................................

530,000

406,825

d

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

8,000,000

6,570,000

Live

Oak

Lake

Community

Development

District

,

Special

Assessment,

2020,

4.4%,

5/01/40

...............................

1,600,000

1,435,571

Special

Assessment,

2020,

4.6%,

5/01/51

...............................

2,845,000

2,436,198

LT

Ranch

Community

Development

District

,

Phase

I

Assessment

Area,

Special

Assessment,

2022-1,

5.3%,

5/01/32

.........

120,000

121,281

Phase

I

Assessment

Area,

Special

Assessment,

2022-1,

5.75%,

5/01/42

........

380,000

384,355

Phase

I

Assessment

Area,

Special

Assessment,

2022-1,

5.9%,

5/01/53

.........

500,000

502,307

Phase

IIA

Assessment

Area,

Special

Assessment,

2022-2,

5%,

5/01/32

.........

1,245,000

1,254,846

Phase

IIA

Assessment

Area,

Special

Assessment,

2022-2,

5.5%,

5/01/42

........

3,160,000

3,181,373

Phase

IIA

Assessment

Area,

Special

Assessment,

2022-2,

5.7%,

5/01/53

........

5,685,000

5,715,354

LTC

Ranch

West

Residential

Community

Development

District

,

Special

Assessment,

2021

B,

3.25%,

5/01/31

.............................

4,000,000

3,557,080

Assessment

Area

1,

Special

Assessment,

2021

A,

3.125%,

5/01/31

............

700,000

616,982

Assessment

Area

1,

Special

Assessment,

2021

A,

3.45%,

5/01/41

.............

1,250,000

967,264

d

Magnolia

Park

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

249,499

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/39

...................

688,000

627,866

d

Mandarin

Grove

Community

Development

District

,

Special

Assessment

,

144A,

2022

,

6.625

%

,

5/01/53

...................................................

2,500,000

2,587,069

Mangrove

Point

&

Mangrove

Manor

,

Community

Development

District,

Special

Assessment,

2022,

4%,

5/01/32

.......

345,000

328,099

Community

Development

District,

Special

Assessment,

2022,

4.25%,

5/01/42

.....

1,130,000

983,634

Marshall

Creek

Community

Development

District

,

Special

Assessment

,

2015

A

,

Refunding

,

5

%

,

5/01/32

.............................................

1,585,000

1,589,007

Meadow

View

at

Twin

Creeks

Community

Development

District

,

Phase

3B,

Special

Assessment,

2021,

2.4%,

5/01/26

.......................

120,000

113,349

Phase

3B,

Special

Assessment,

2021,

3%,

5/01/31

........................

205,000

179,075

Phase

3B,

Special

Assessment,

2021,

3.25%,

5/01/41

......................

790,000

587,844

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)

Meadow

View

at

Twin

Creeks

Community

Development

District,

(continued)

Phase

3B,

Special

Assessment,

2021,

3.75%,

5/01/52

......................

$

625,000

$

451,238

Phase

4,

Special

Assessment,

2021,

2.4%,

5/01/26

........................

140,000

132,240

Phase

4,

Special

Assessment,

2021,

3%,

5/01/31

..........................

225,000

196,546

Phase

4,

Special

Assessment,

2021,

3.25%,

5/01/41

.......................

1,155,000

859,443

Phase

4,

Special

Assessment,

2021,

4%,

5/01/52

..........................

1,000,000

767,594

Merrick

Square

Community

Development

District

,

Special

Assessment,

2023,

4.5%,

5/01/30

...............................

235,000

233,919

Special

Assessment,

2023,

5.4%,

5/01/43

...............................

725,000

724,073

Special

Assessment,

2023,

5.625%,

5/01/53

.............................

1,000,000

1,002,871

Middleton

Community

Development

District

A

,

Special

Assessment

,

2022

,

6.2

%

,

5/01/53

.........................................................

3,250,000

3,342,867

Mirada

Community

Development

District

,

Assessment

Area

4

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/32

...............................................

2,700,000

2,386,914

Mirada

II

Community

Development

District

,

2021

Project

Area,

Special

Assessment,

2021,

2.5%,

5/01/26

.................

305,000

289,287

2021

Project

Area,

Special

Assessment,

2021,

3.125%,

5/01/31

...............

650,000

576,565

2021

Project

Area,

Special

Assessment,

2021,

3.5%,

5/01/41

.................

2,100,000

1,644,144

2021

Project

Area,

Special

Assessment,

2021,

4%,

5/01/51

..................

2,375,000

1,831,781

2022

Project

Area,

Special

Assessment,

2022,

5.125%,

5/01/32

...............

360,000

363,931

2022

Project

Area,

Special

Assessment,

2022,

5.6%,

5/01/42

.................

1,090,000

1,099,579

2022

Project

Area,

Special

Assessment,

2022,

5.75%,

5/01/53

................

2,000,000

2,009,547

New

Port

Tampa

Bay

Community

Development

District

,

Special

Assessment,

2021,

2.875%,

5/01/26

.............................

265,000

252,308

Special

Assessment,

2021,

3.5%,

5/01/31

...............................

500,000

452,457

Special

Assessment,

2021,

3.875%,

5/01/41

.............................

1,250,000

1,017,276

Special

Assessment,

2021,

4.125%,

5/01/52

.............................

2,250,000

1,764,825

North

AR-1

Pasco

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/26

.............................

105,000

99,764

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

275,000

243,354

Assessment

Area

2,

Special

Assessment,

2021

A,

2.625%,

5/01/26

............

135,000

128,268

Assessment

Area

2,

Special

Assessment,

2021

A,

3.25%,

5/01/31

.............

170,000

151,777

Assessment

Area

2,

Special

Assessment,

2021

A,

3.55%,

5/01/41

.............

775,000

606,355

Assessment

Area

3,

Special

Assessment,

2023,

5.75%,

5/01/43

...............

790,000

784,528

Assessment

Area

3,

Special

Assessment,

2023,

6%,

5/01/54

.................

1,115,000

1,105,826

North

Park

Isle

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.45%,

11/01/26

..............

210,000

195,741

Assessment

Area

2,

Special

Assessment,

2021,

3%,

11/01/31

................

500,000

433,505

Assessment

Area

2,

Special

Assessment,

2021,

3.375%,

11/01/41

.............

1,500,000

1,143,633

Assessment

Area

2,

Special

Assessment,

2021,

4%,

11/01/51

................

2,500,000

1,927,483

North

Powerline

Road

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

5/01/30

.............................

490,000

440,371

Special

Assessment,

2020,

3.625%,

5/01/40

.............................

1,000,000

802,778

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,495,000

1,155,188

d

Special

Assessment,

144A,

2022,

5.25%,

5/01/32

.........................

250,000

246,567

d

Special

Assessment,

144A,

2022,

5.625%,

5/01/52

.........................

1,710,000

1,653,228

North

River

Ranch

Community

Development

District

,

Special

Assessment,

2020

A-1,

3%,

5/01/25

..............................

305,000

297,547

Special

Assessment,

2020

A-1,

3.5%,

5/01/30

............................

855,000

785,126

Special

Assessment,

2020

A-1,

4%,

5/01/40

..............................

1,150,000

981,365

Special

Assessment,

2020

A-1,

4.25%,

5/01/51

...........................

1,960,000

1,582,773

Special

Assessment,

2020

A-2,

4.2%,

5/01/35

............................

1,070,000

986,989

North

River

Ranch

Improvement

Stewardship

District

,

Special

Assessment

,

2023

A-1

,

6

%

,

5/01/54

......................................................

4,980,000

4,890,494

Orange

Blossom

Groves

Community

Development

District

,

Special

Assessment,

2023,

4.25%,

6/15/30

..............................

435,000

433,962

Special

Assessment,

2023,

5.25%,

6/15/43

..............................

1,000,000

1,002,191

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)

Orange

Blossom

Groves

Community

Development

District,

(continued)

Special

Assessment,

2023,

5.375%,

6/15/53

.............................

$

1,375,000

$

1,365,784

d

Osceola

Village

Center

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.875%,

5/01/31

.........................

180,000

156,192

Special

Assessment,

144A,

2021,

3.3%,

5/01/41

..........................

370,000

279,114

Palermo

Community

Development

District

,

Special

Assessment,

2023,

5%,

6/15/43

.................................

1,945,000

1,885,459

Special

Assessment,

2023,

5.25%,

6/15/53

..............................

1,500,000

1,455,924

Palm

Coast

Park

Community

Development

District

,

Special

Assessment,

2022,

5%,

5/01/42

.................................

1,000,000

955,667

Special

Assessment,

2022,

5.125%,

5/01/51

.............................

1,500,000

1,402,271

Special

Assessment,

2023,

5.6%,

5/01/53

...............................

1,000,000

981,648

Spring

Lake

-

Tracts

2

&

3,

Special

Assessment,

2021,

2.8%,

5/01/31

...........

350,000

301,445

Spring

Lake

-

Tracts

2

&

3,

Special

Assessment,

2021,

3.125%,

5/01/41

.........

730,000

533,673

Spring

Lake

-

Tracts

2

&

3,

Special

Assessment,

2021,

4%,

5/01/52

............

1,210,000

928,788

Park

East

Community

Development

District

,

Special

Assessment

,

2021

,

3.15

%

,

11/01/41

........................................................

750,000

545,204

Parkview

at

Long

Lake

Ranch

Community

Development

District

,

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

955,000

776,889

Special

Assessment,

2020,

4%,

5/01/51

.................................

800,000

618,161

Parrish

Lakes

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.125%,

5/01/43

..............

1,500,000

1,438,035

Assessment

Area

1,

Special

Assessment,

2023,

5.4%,

5/01/53

................

1,605,000

1,525,359

Assessment

Area

2,

Special

Assessment,

2023

A,

5.375%,

5/01/43

............

1,080,000

1,051,179

Assessment

Area

2,

Special

Assessment,

2023

A,

5.625%,

5/01/53

............

1,535,000

1,496,257

Parrish

Plantation

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.5%,

5/01/26

................

195,000

185,203

Assessment

Area

1,

Special

Assessment,

2021,

3.125%,

5/01/31

..............

235,000

208,472

Assessment

Area

1,

Special

Assessment,

2021,

3.5%,

5/01/41

................

790,000

619,717

Assessment

Area

2,

Special

Assessment,

2022,

4.75%,

5/01/32

...............

195,000

191,843

Assessment

Area

2,

Special

Assessment,

2022,

5.375%,

5/01/42

..............

710,000

702,120

Assessment

Area

2,

Special

Assessment,

2022,

5.5%,

5/01/52

................

1,130,000

1,112,369

Peace

Creek

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

4.25%,

6/15/30

...............

350,000

347,945

Assessment

Area

1,

Special

Assessment,

2023,

5.125%,

6/15/43

..............

1,450,000

1,436,545

Assessment

Area

1,

Special

Assessment,

2023,

5.375%,

6/15/53

..............

1,595,000

1,588,986

d

Pine

Isle

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

12/15/26

........................

80,000

75,172

Special

Assessment,

144A,

2021,

3%,

12/15/31

...........................

225,000

202,460

Special

Assessment,

144A,

2021,

3.25%,

12/15/41

.........................

1,000,000

784,732

Special

Assessment,

144A,

2021,

4%,

12/15/51

...........................

1,200,000

995,586

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment

,

2020

A-2

,

Refunding

,

3.75

%

,

5/01/37

.......................................

700,000

592,268

Preserve

at

South

Branch

Community

Development

District

,

Phase

3,

Special

Assessment,

2021,

3%,

5/01/31

..........................

150,000

135,831

Phase

3,

Special

Assessment,

2021,

3.5%,

5/01/41

........................

750,000

618,276

Quail

Roost

Community

Development

District

,

Expansion

Area,

Special

Assessment,

2021,

2.2%,

12/15/26

.................

160,000

149,035

Expansion

Area,

Special

Assessment,

2021,

2.7%,

12/15/31

.................

200,000

174,077

Expansion

Area,

Special

Assessment,

2021,

3.125%,

12/15/41

................

990,000

758,294

Expansion

Area,

Special

Assessment,

2021,

4%,

12/15/51

...................

2,360,000

1,957,986

Ranches

at

Lake

Mcleod

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.5

%

,

6/15/53

...............................

730,000

722,542

Reserve

at

Van

Oaks

Community

Development

District

,

Special

Assessments,

Special

Assessment,

2023,

5.125%,

5/01/43

............

200,000

196,702

Special

Assessments,

Special

Assessment,

2023,

5.375%,

5/01/53

............

965,000

950,156

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)

Reunion

East

Community

Development

District

,

Special

Assessments,

Special

Assessment,

2021,

2.4%,

5/01/26

..............

$

310,000

$

293,941

Special

Assessments,

Special

Assessment,

2021,

2.85%,

5/01/31

.............

400,000

350,717

Special

Assessments,

Special

Assessment,

2021,

3.15%,

5/01/41

.............

1,455,000

1,114,474

Rhodine

Road

North

Community

Development

District

,

Assessment

Area,

Special

Assessment,

2022,

2.6%,

5/01/27

.................

100,000

94,725

Assessment

Area,

Special

Assessment,

2022,

3%,

5/01/32

...................

190,000

170,635

Assessment

Area,

Special

Assessment,

2022,

3.3%,

5/01/42

.................

490,000

384,125

Ridge

at

Apopka

Community

Development

District

,

Parcel

2,

Special

Assessment,

2023,

5.5%,

5/01/43

........................

310,000

307,037

Parcel

2,

Special

Assessment,

2023,

5.75%,

5/01/53

.......................

545,000

538,834

Special

Assessments,

Special

Assessment,

2022,

5.375%,

5/01/42

............

850,000

840,566

Special

Assessments,

Special

Assessment,

2022,

5.5%,

5/01/52

..............

2,150,000

2,095,376

River

Glen

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

350,000

305,738

Assessment

Area

2,

Special

Assessment,

2021,

3.375%,

5/01/41

..............

1,000,000

765,385

Assessment

Area

2,

Special

Assessment,

2021,

4%,

5/01/51

.................

995,000

768,837

River

Hall

Community

Development

District

,

Assessment

Area,

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/24

.......

250,000

247,589

Assessment

Area,

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/25

.......

150,000

146,359

Assessment

Area,

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/31

.......

1,000,000

879,858

Assessment

Area,

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/36

.......

1,000,000

790,258

Assessment

Area

3,

Special

Assessment,

2020

A,

3.625%,

5/01/40

............

1,030,000

823,947

Assessment

Area

3,

Special

Assessment,

2020

A,

3.875%,

5/01/51

............

2,690,000

2,031,887

River

Landing

Community

Development

District

,

Assessments,

Special

Assessment,

2020

A,

3%,

5/01/25

....................

170,000

165,898

Assessments,

Special

Assessment,

2020

A,

3.6%,

5/01/30

...................

475,000

438,991

Assessments,

Special

Assessment,

2020

A,

4.125%,

5/01/40

.................

850,000

738,652

Assessments,

Special

Assessment,

2020

A,

4.35%,

5/01/51

..................

1,100,000

905,014

Assessments,

Special

Assessment,

2020

B,

4.25%,

11/01/35

.................

800,000

726,719

Assessments,

Special

Assessment,

2023

A,

5.5%,

5/01/43

...................

750,000

751,611

Assessments,

Special

Assessment,

2023

A,

5.75%,

5/01/53

..................

1,000,000

1,004,324

River

Place

on

the

St.

Lucie

Community

Development

District

,

Special

Assessment,

2001

A,

7.625%,

5/01/30

............................

910,000

830,075

c

Special

Assessment,

2001

B,

7.25%,

5/01/10

.............................

35,000

1,750

Rivers

Edge

II

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

205,000

179,075

Special

Assessment,

2021,

4%,

5/01/51

.................................

910,000

703,158

d

Rivers

Edge

III

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.4%,

5/01/26

..........................

100,000

94,433

Special

Assessment,

144A,

2021,

3%,

5/01/31

............................

300,000

262,815

Special

Assessment,

144A,

2021,

3.5%,

5/01/41

..........................

775,000

597,886

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

905,000

699,294

Rivington

Community

Development

District

,

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

1,685,000

1,375,559

Special

Assessment,

2022,

3.625%,

5/01/32

.............................

430,000

387,746

Special

Assessment,

2022,

4%,

5/01/52

.................................

3,000,000

2,306,911

Rolling

Hills

Community

Development

District

,

Special

Assessment,

2022

A-1,

4%,

5/01/52

..............................

945,000

725,376

Special

Assessment,

2022

A-2,

Refunding,

3.65%,

5/01/32

...................

1,000,000

901,453

d

Rolling

Oaks

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

6.5

%

,

5/01/53

...........................................

1,500,000

1,532,169

Rustic

Oaks

Community

Development

District

,

Special

Assessment,

2022,

3.2%,

5/01/32

...............................

1,000,000

872,866

Special

Assessment,

2022,

3.45%,

5/01/42

..............................

2,000,000

1,539,522

Special

Assessment,

2022,

4%,

5/01/52

.................................

3,950,000

3,031,994

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)

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2020,

3%,

6/15/30

.................

$

250,000

$

222,826

Assessment

Area

1,

Special

Assessment,

2020,

4%,

6/15/40

.................

610,000

522,015

Assessment

Area

2,

Special

Assessment,

2022,

3.1%,

12/15/32

...............

300,000

257,207

Assessment

Area

2,

Special

Assessment,

2022,

3.35%,

12/15/41

..............

485,000

367,457

Sanctuary

Cove

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/31

.............................

190,000

161,549

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

400,000

292,057

Special

Assessment,

2021,

4%,

5/01/52

.................................

770,000

591,047

Sandmine

Road

Community

Development

District

,

d

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.........

300,000

277,307

d

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.........

1,040,000

885,921

d

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.75%,

5/01/50

..........

2,020,000

1,602,454

Assessment

Area

2,

Special

Assessment,

2021,

2.3%,

11/01/26

...............

200,000

187,531

Assessment

Area

2,

Special

Assessment,

2021,

3%,

11/01/31

................

450,000

397,247

Assessment

Area

2,

Special

Assessment,

2021,

3.3%,

11/01/41

...............

1,180,000

909,234

Sandridge

Community

Development

District

,

Special

Assessment,

2021

A-1,

2.875%,

5/01/26

..........................

290,000

277,418

Special

Assessment,

2021

A-1,

3.4%,

5/01/31

............................

750,000

678,039

Special

Assessment,

2021

A-1,

3.875%,

5/01/41

..........................

730,000

599,742

Special

Assessment,

2021

A-1,

4%,

5/01/51

..............................

735,000

564,595

Sarasota

National

Community

Development

District

,

Special

Assessment,

2020,

Refunding,

3.5%,

5/01/31

.......................

1,490,000

1,358,990

Special

Assessment,

2020,

Refunding,

4%,

5/01/39

........................

2,210,000

1,936,834

d

Savanna

Lakes

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

144A,

2023,

5.125%,

6/15/43

.........

395,000

388,460

Assessment

Area

1,

Special

Assessment,

144A,

2023,

5.375%,

6/15/53

.........

1,065,000

1,045,511

Sawgrass

Village

Community

Development

District

,

Special

Assessment,

2023,

4.875%,

5/01/30

.............................

480,000

477,306

Special

Assessment,

2023,

5.5%,

5/01/43

...............................

1,500,000

1,464,668

Special

Assessment,

2023,

5.75%,

5/01/53

..............................

1,565,000

1,523,616

Sawyers

Landing

Community

Development

District

,

Special

Assessment,

2021,

3.75%,

5/01/31

..............................

1,400,000

1,264,817

Special

Assessment,

2021,

4.125%,

5/01/41

.............................

3,055,000

2,572,588

Special

Assessment,

2021,

4.25%,

5/01/53

..............................

6,015,000

4,702,116

Scenic

Highway

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

470,000

425,639

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

1,230,000

999,428

d,f

Scenic

Terrace

North

Community

Development

District

,

2023

Assessment

Area,

Special

Assessment,

144A,

2023,

5.875%,

5/01/43

......

2,155,000

2,151,090

2023

Assessment

Area,

Special

Assessment,

144A,

2023,

6.125%,

5/01/54

......

1,810,000

1,814,404

Scenic

Terrace

South

Community

Development

District

,

Special

Assessment,

2022,

3.75%,

5/01/27

..............................

470,000

456,122

Special

Assessment,

2022,

4.125%,

5/01/32

.............................

705,000

668,464

Special

Assessment,

2022,

4.5%,

5/01/42

...............................

3,120,000

2,779,478

Special

Assessment,

2022,

4.625%,

5/01/53

.............................

3,195,000

2,722,643

d

Seaton

Creek

Reserve

Community

Development

District

,

Assessment

Area

One

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

6/15/53

..........................

980,000

969,987

Sedona

Point

Community

Development

District

,

Special

Assessments,

Special

Assessment,

2023,

4.125%,

6/15/30

............

75,000

74,036

Special

Assessments,

Special

Assessment,

2023,

5%,

6/15/43

................

705,000

690,210

Special

Assessments,

Special

Assessment,

2023,

5%,

6/15/53

................

1,185,000

1,115,085

d

Seminole

County

Industrial

Development

Authority

,

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/36

.....

310,000

268,475

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/41

.....

425,000

342,837

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/51

.....

830,000

604,169

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)

d

Seminole

County

Industrial

Development

Authority,

(continued)

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/56

.....

$

705,000

$

496,104

Seminole

Palms

Community

Development

District

,

Special

Assessment,

2023,

4.75%,

5/01/30

..............................

330,000

327,567

Special

Assessment,

2023,

5.5%,

5/01/43

...............................

990,000

982,873

Special

Assessment,

2023,

5.7%,

5/01/53

...............................

1,000,000

987,221

Sherwood

Manor

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2023,

5.5%,

5/01/43

................

1,695,000

1,698,640

Assessment

Area

2,

Special

Assessment,

2023,

5.625%,

5/01/53

..............

1,570,000

1,559,781

Shingle

Creek

at

Bronson

Community

Development

District

,

Special

Assessment,

2021,

3.1%,

6/15/31

...............................

375,000

331,953

Special

Assessment,

2021,

3.5%,

6/15/41

...............................

1,000,000

775,238

Silver

Palms

West

Community

Development

District

,

Special

Assessment,

2022,

2.6%,

6/15/27

...............................

330,000

302,865

Special

Assessment,

2022,

3%,

6/15/32

.................................

765,000

654,868

Special

Assessment,

2022,

3.25%,

6/15/42

..............................

1,750,000

1,318,715

Silverlake

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

245,000

246,356

Assessment

Area

1,

Special

Assessment,

2023,

5.5%,

5/01/53

................

985,000

986,384

Six

Mile

Creek

Community

Development

District

,

Special

Assessment,

2023,

Refunding,

4.75%,

5/01/30

......................

495,000

491,350

Special

Assessment,

2023,

Refunding,

5.5%,

5/01/43

.......................

1,200,000

1,191,361

Special

Assessment,

2023,

Refunding,

5.7%,

5/01/54

.......................

1,500,000

1,480,606

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.125%,

11/01/25

....

220,000

213,603

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.625%,

11/01/31

....

500,000

454,217

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.125%,

11/01/40

....

1,375,000

1,189,270

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.25%,

11/01/50

.....

2,290,000

1,856,154

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

2.5%,

5/01/26

.......

175,000

165,192

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

3.1%,

5/01/31

.......

250,000

219,958

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

3.4%,

5/01/41

.......

750,000

570,647

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

4%,

5/01/52

........

2,050,000

1,571,839

Assessment

Area

3,

Special

Assessment,

2021,

2.5%,

5/01/26

................

215,000

203,053

Assessment

Area

3,

Special

Assessment,

2021,

3%,

5/01/31

.................

520,000

455,149

Assessment

Area

3,

Special

Assessment,

2021,

3.4%,

5/01/41

................

805,000

612,494

Assessment

Area

3,

Special

Assessment,

2021,

3.5%,

5/01/41

................

1,585,000

1,224,758

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/51

.................

1,200,000

927,241

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/52

.................

655,000

502,222

Somerset

Community

Development

District

,

Special

Assessment,

2022,

Refunding,

4%,

5/01/32

........................

750,000

705,613

Special

Assessment,

2022,

Refunding,

4.2%,

5/01/37

.......................

1,000,000

907,598

Sorrento

Pines

Community

Development

District

,

Assessment

Area

1,

Revenue,

2023,

5.25%,

5/01/43

.......................

415,000

407,979

Assessment

Area

1,

Revenue,

2023,

5.5%,

5/01/53

........................

500,000

493,479

South

Creek

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.875%,

6/15/31

..............

175,000

156,184

Assessment

Area

1,

Special

Assessment,

2021,

3.25%,

6/15/41

...............

500,000

393,688

Southern

Groves

Community

Development

District

No.

5

,

Special

Assessment,

2022-1,

6%,

5/01/49

...............................

1,000,000

1,012,690

Assessment

Area,

Special

Assessment,

2021,

2.4%,

5/01/26

.................

220,000

207,806

Assessment

Area,

Special

Assessment,

2021,

2.8%,

5/01/31

.................

400,000

344,509

Assessment

Area,

Special

Assessment,

2021,

3.125%,

5/01/41

...............

1,100,000

803,157

Assessment

Area,

Special

Assessment,

2021,

4%,

5/01/48

...................

620,000

489,198

d

Southshore

Bay

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/33

..................................

530,000

445,892

Stellar

North

Community

Development

District

,

Special

Assessment,

2021,

2.45%,

5/01/26

..............................

130,000

122,492

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)

Stellar

North

Community

Development

District,

(continued)

Special

Assessment,

2021,

3%,

5/01/31

.................................

$

250,000

$

218,384

Special

Assessment,

2021,

3.2%,

5/01/41

...............................

885,000

650,591

d

Stillwater

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

6/15/26

.........................

230,000

216,715

Special

Assessment,

144A,

2021,

3%,

6/15/31

............................

325,000

284,117

Special

Assessment,

144A,

2021,

3.5%,

6/15/41

..........................

1,290,000

1,004,573

d

Stonewater

Community

Development

District

,

Special

Assessment,

144A,

2021,

3%,

11/01/32

...........................

250,000

213,449

Special

Assessment,

144A,

2021,

3.3%,

11/01/41

..........................

635,000

480,052

Stoneybrook

North

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2022

,

Refunding

,

6.375

%

,

11/01/52

..........................

1,835,000

1,902,975

Stoneybrook

South

at

Championsgate

Community

Development

District

,

Assessment

Area,

Special

Assessment,

2023,

4.5%,

6/15/30

.................

110,000

110,038

Assessment

Area,

Special

Assessment,

2023,

5.375%,

6/15/43

...............

395,000

396,904

Assessment

Area,

Special

Assessment,

2023,

5.5%,

6/15/53

.................

390,000

390,256

d

Fox

South

Assessment

Area,

Special

Assessment,

144A,

2020,

3%,

12/15/30

....

500,000

453,870

d

Fox

South

Assessment

Area,

Special

Assessment,

144A,

2020,

3.5%,

12/15/40

...

1,000,000

830,817

d

Fox

South

Assessment

Area,

Special

Assessment,

144A,

2020,

3.75%,

12/15/50

..

1,500,000

1,186,597

Storey

Creek

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2022,

5%,

6/15/32

.................

240,000

242,360

Assessment

Area

2,

Special

Assessment,

2022,

5.2%,

6/15/42

................

615,000

602,050

Assessment

Area

2,

Special

Assessment,

2022,

5.375%,

6/15/52

..............

1,000,000

966,506

Storey

Drive

Community

Development

District

,

Special

Assessment,

2022,

2.55%,

6/15/27

..............................

165,000

153,332

Special

Assessment,

2022,

3%,

6/15/32

.................................

375,000

324,281

Special

Assessment,

2022,

3.25%,

6/15/42

..............................

900,000

678,647

d

Storey

Park

Community

Development

District

,

Assessment

Area

4,

Special

Assessment,

144A,

2021,

2.875%,

6/15/31

.........

230,000

205,271

Assessment

Area

4,

Special

Assessment,

144A,

2021,

3.3%,

6/15/41

...........

620,000

474,136

Summer

Woods

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

150,000

132,071

Assessment

Area

2,

Special

Assessment,

2021,

3.4%,

5/01/41

................

395,000

304,030

Assessment

Area

3,

Special

Assessment,

2021,

2.5%,

5/01/26

................

150,000

142,236

Assessment

Area

3,

Special

Assessment,

2021,

3.15%,

5/01/31

...............

200,000

177,400

Assessment

Area

3,

Special

Assessment,

2021,

3.45%,

5/01/41

...............

725,000

559,106

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/52

.................

1,000,000

770,571

Summerstone

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

165,000

154,239

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

700,000

609,761

Special

Assessment,

2020,

4%,

5/01/51

.................................

910,000

755,375

d

Special

Assessment,

144A,

2021,

2.75%,

5/01/31

.........................

175,000

154,197

d

Special

Assessment,

144A,

2021,

3.15%,

5/01/41

.........................

700,000

540,267

d

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

1,750,000

1,450,402

Sunbridge

Stewardship

District

,

Del

Webb

Project

Assessment,

Special

Assessment,

2022,

5%,

5/01/32

.........

350,000

352,367

Del

Webb

Project

Assessment,

Special

Assessment,

2022,

5.4%,

5/01/42

.......

925,000

923,850

Del

Webb

Project

Assessment,

Special

Assessment,

2022,

5.5%,

5/01/52

.......

1,725,000

1,697,902

Weslyn

Park

Project

Assessment,

Special

Assessment,

2022,

4.2%,

5/01/27

.....

340,000

333,886

Weslyn

Park

Project

Assessment,

Special

Assessment,

2022,

4.6%,

5/01/32

.....

460,000

447,487

Weslyn

Park

Project

Assessment,

Special

Assessment,

2022,

5.2%,

5/01/42

.....

1,000,000

962,944

Weslyn

Park

Project

Assessment,

Special

Assessment,

2022,

5.35%,

5/01/52

....

2,000,000

1,893,480

Tamarindo

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

185,000

162,008

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

820,000

630,188

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)

Tern

Bay

Community

Development

District

,

Special

Assessment,

2022,

3.4%,

6/15/32

...............................

$

1,650,000

$

1,467,307

Special

Assessment,

2022,

4%,

6/15/42

.................................

3,600,000

3,006,319

Special

Assessment,

2022,

4%,

6/15/52

.................................

5,000,000

3,844,027

Terreno

Community

Development

District

,

Special

Assessment

,

2023

,

5.25

%

,

5/01/53

1,020,000

977,088

Three

Rivers

Community

Development

District

,

Special

Assessment

,

2023

,

Refunding

,

5.75

%

,

5/01/53

...................................................

4,190,000

4,090,596

Timber

Creek

Southwest

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.35%,

12/15/26

..............

325,000

303,085

Assessment

Area

2,

Special

Assessment,

2021,

3%,

12/15/31

................

750,000

649,784

Assessment

Area

2,

Special

Assessment,

2021,

3.3%,

12/15/41

...............

2,175,000

1,635,402

Tohoqua

Community

Development

District

,

Special

Assessment,

2021,

2.875%,

5/01/31

.............................

215,000

186,976

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

810,000

623,226

Tolomato

Community

Development

District

,

Assessment

Area,

Special

Assessment,

2022

B,

Refunding,

3%,

5/01/32

........

1,500,000

1,310,292

Assessment

Area,

Special

Assessment,

2022

C,

Refunding,

3.2%,

5/01/32

.......

1,500,000

1,327,743

Assessment

Area

1,

Special

Assessment,

2022-1,

3.3%,

5/01/32

..............

515,000

459,465

Assessment

Area

1,

Special

Assessment,

2022-1,

4%,

5/01/52

................

1,970,000

1,512,382

Assessment

Area

2,

Special

Assessment,

2022-2,

3.3%,

5/01/32

..............

195,000

173,972

Assessment

Area

2,

Special

Assessment,

2022-2,

4%,

5/01/51

................

665,000

514,286

d

Towne

Park

Community

Development

District

,

Assessment

Area

3D,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

........

410,000

378,986

Assessment

Area

3D,

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

........

1,075,000

914,642

Assessment

Area

3D,

Special

Assessment,

144A,

2020,

4%,

5/01/51

...........

1,000,000

828,801

Tradition

Community

Development

District

No.

9

,

Special

Assessment,

2021,

2.3%,

5/01/26

...............................

295,000

278,778

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

445,000

381,569

d

Trevesta

Community

Development

District

,

Assessment

Area

Two,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

........

235,000

212,848

Assessment

Area

Two,

Special

Assessment,

144A,

2020,

3.75%,

5/01/40

........

880,000

718,309

Triple

Creek

Community

Development

District

,

Assessment

Area,

Special

Assessment,

2021,

3%,

11/01/31

..................

250,000

217,317

Assessment

Area,

Special

Assessment,

2021,

3.5%,

11/01/41

................

740,000

577,059

d

Villages

Q

&

R

Assessment

Area,

Special

Assessment,

144A,

2021,

2.375%,

11/01/26

.......................................................

145,000

135,024

d

Villages

Q

&

R

Assessment

Area,

Special

Assessment,

144A,

2021,

2.875%,

11/01/31

.......................................................

450,000

387,508

d

Villages

Q

&

R

Assessment

Area,

Special

Assessment,

144A,

2021,

3.125%,

11/01/41

.......................................................

1,190,000

876,700

Tuckers

Pointe

Community

Development

District

,

Master

Infrastructure

Project,

Special

Assessment,

2022,

3.625%,

5/01/32

.......

4,500,000

4,039,948

Phase

1

Project,

Special

Assessment,

2022,

3%,

5/01/27

....................

255,000

239,686

Phase

1

Project,

Special

Assessment,

2022,

3.375%,

5/01/32

................

565,000

498,942

Phase

1

Project,

Special

Assessment,

2022,

4%,

5/01/42

....................

1,505,000

1,255,229

Phase

1

Project,

Special

Assessment,

2022,

4%,

5/01/52

....................

1,500,000

1,150,426

Twisted

Oaks

Pointe

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

740,000

730,663

Assessment

Area

1,

Special

Assessment,

2023,

5.625%,

5/01/53

..............

500,000

493,564

Two

Rivers

East

Community

Development

District

,

Special

Assessment,

2023,

4.875%,

5/01/30

.............................

200,000

199,145

Special

Assessment,

2023,

5.75%,

5/01/43

..............................

2,000,000

1,997,497

Special

Assessment,

2023,

5.875%,

5/01/53

.............................

3,465,000

3,414,433

Two

Rivers

North

Community

Development

District

,

Special

Assessment,

2022,

4.625%,

5/01/27

.............................

80,000

79,228

Special

Assessment,

2022,

4.875%,

5/01/32

.............................

380,000

374,523

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)

Two

Rivers

North

Community

Development

District,

(continued)

Special

Assessment,

2022,

5.125%,

5/01/42

.............................

$

1,540,000

$

1,484,349

Special

Assessment,

2022,

5.25%,

5/01/52

..............................

2,000,000

1,895,070

Two

Rivers

West

Community

Development

District

,

Special

Assessment,

2022,

6%,

5/01/43

.................................

1,025,000

1,036,125

Special

Assessment,

2022,

6.25%,

5/01/53

..............................

1,000,000

1,009,998

d

Union

Park

East

Community

Development

District

,

Assessment

Area

3,

Special

Assessment,

144A,

2021,

2.95%,

5/01/31

..........

95,000

82,734

Assessment

Area

3,

Special

Assessment,

144A,

2021,

3.35%,

5/01/41

..........

255,000

192,834

Varrea

South

Community

Development

District

,

Special

Assessment,

2023,

5.125%,

5/01/43

.............................

1,075,000

1,058,570

Special

Assessment,

2023,

5.4%,

5/01/53

...............................

1,320,000

1,306,414

V-Dana

Community

Development

District

,

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

400,000

356,092

Special

Assessment,

2021,

3.625%,

5/01/41

.............................

1,250,000

1,002,822

d

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

...........

375,000

342,703

d

Assessment

Area

1,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............

1,775,000

1,532,339

Assessment

Area

2,

Special

Assessment,

2023,

4.3%,

5/01/30

................

900,000

896,865

Assessment

Area

2,

Special

Assessment,

2023,

5.25%,

5/01/43

...............

1,815,000

1,801,678

Assessment

Area

2,

Special

Assessment,

2023,

5.5%,

5/01/54

................

2,505,000

2,482,797

d

Veranda

Community

Development

District

II

,

Special

Assessment,

144A,

2021,

Refunding,

2.5%,

5/01/26

..................

230,000

217,820

Special

Assessment,

144A,

2021,

Refunding,

3.1%,

5/01/31

..................

360,000

316,739

Special

Assessment,

144A,

2021,

Refunding,

3.6%,

5/01/41

..................

880,000

688,380

Special

Assessment,

144A,

2021,

Refunding,

4%,

5/01/51

...................

1,290,000

990,921

Verano

No.

3

Community

Development

District

,

Phase

1

Assessment

Area,

Special

Assessment,

2021,

3.375%,

5/01/41

.........

750,000

578,057

Phase

2

Assessment

Area,

Special

Assessment,

2022,

6.45%,

11/01/42

.........

1,000,000

1,036,948

Phase

2

Assessment

Area,

Special

Assessment,

2022,

6.625%,

11/01/52

........

1,475,000

1,533,275

Verano

No.

4

Community

Development

District

,

Astor

Creek

Phase

1

Assessment

Area,

Special

Assessment,

2023,

5.375%,

5/01/43

1,020,000

1,018,081

Astor

Creek

Phase

1

Assessment

Area,

Special

Assessment,

2023,

5.625%,

5/01/53

250,000

251,088

Viera

Stewardship

District

,

Assessments,

Special

Assessment,

2021,

2.3%,

5/01/26

....................

500,000

471,052

Assessments,

Special

Assessment,

2021,

2.8%,

5/01/31

....................

800,000

691,006

Assessments,

Special

Assessment,

2021,

3.125%,

5/01/41

..................

1,750,000

1,291,856

Assessments,

Special

Assessment,

2021,

4%,

5/01/53

......................

1,715,000

1,310,102

Assessments,

Special

Assessment,

2023,

5.5%,

5/01/54

....................

2,500,000

2,427,735

Village

Community

Development

District

No.

13

,

d

Special

Assessments,

Special

Assessment,

144A,

2020,

3.5%,

5/01/51

.........

13,560,000

9,952,526

Special

Assessments,

Special

Assessment,

2021,

2.85%,

5/01/36

.............

1,645,000

1,342,955

Special

Assessments,

Special

Assessment,

2021,

3%,

5/01/41

................

2,440,000

1,830,367

Special

Assessments,

Special

Assessment,

2021,

3.25%,

5/01/52

.............

5,400,000

3,734,863

Village

Community

Development

District

No.

14

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/53

.........................................................

14,000,000

14,303,590

Villages

of

Glen

Creek

Community

Development

District

,

Assessment

Area

3,

Special

Assessment,

2022,

Refunding,

2.7%,

5/01/27

.......

30,000

27,948

Assessment

Area

3,

Special

Assessment,

2022,

Refunding,

3.15%,

5/01/32

......

210,000

182,965

Assessment

Area

3,

Special

Assessment,

2022,

Refunding,

3.45%,

5/01/42

......

550,000

414,697

Assessment

Area

3,

Special

Assessment,

2022,

Refunding,

4%,

5/01/52

........

1,205,000

924,950

Assessment

Area

4,

Special

Assessment,

2022

A,

4.625%,

5/01/27

............

100,000

99,298

Assessment

Area

4,

Special

Assessment,

2022

A,

4.875%,

5/01/32

............

250,000

247,723

Assessment

Area

4,

Special

Assessment,

2022

A,

5.125%,

5/01/42

............

710,000

683,943

Assessment

Area

4,

Special

Assessment,

2022

A,

5.25%,

5/01/53

.............

1,250,000

1,185,192

Villamar

Community

Development

District

,

Special

Assessment,

2020,

3.2%,

5/01/30

...............................

240,000

216,576

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)

Villamar

Community

Development

District,

(continued)

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

$

655,000

$

534,087

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,000,000

772,701

Assessment

Area

5,

Special

Assessment,

2023,

5.625%,

5/01/43

..............

440,000

439,993

Assessment

Area

5,

Special

Assessment,

2023,

5.75%,

5/01/53

...............

1,310,000

1,289,724

Phase

4

Project,

Special

Assessment,

2022,

3.25%,

5/01/27

.................

140,000

133,583

Phase

4

Project,

Special

Assessment,

2022,

3.625%,

5/01/32

................

250,000

225,828

Phase

4

Project,

Special

Assessment,

2022,

4%,

5/01/42

....................

670,000

560,818

Waterford

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

395,000

388,616

Assessment

Area

1,

Special

Assessment,

2023,

5.6%,

5/01/53

................

750,000

736,107

Waterset

South

Community

Development

District

,

Special

Assessment

,

2022

,

6.1

%

,

5/01/53

.........................................................

665,000

673,212

Wellness

Ridge

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.125%,

6/15/43

..............

1,410,000

1,393,485

Assessment

Area

1,

Special

Assessment,

2023,

5.375%,

6/15/53

..............

1,340,000

1,331,019

West

Hillcrest

Community

Development

District

,

Special

Assessments,

Special

Assessment,

2023,

5.25%,

6/15/43

.............

825,000

808,112

Special

Assessments,

Special

Assessment,

2023,

5.5%,

6/15/53

..............

1,250,000

1,219,642

West

Port

Community

Development

District

,

d

Special

Assessment,

144A,

2020,

3.25%,

5/01/31

.........................

410,000

364,208

d

Special

Assessment,

144A,

2020,

3.625%,

5/01/41

.........................

1,085,000

852,296

Assessment

Area

1

2021

Project

Area,

Special

Assessment,

2021,

2.4%,

5/01/26

..

150,000

141,722

Assessment

Area

1

2021

Project

Area,

Special

Assessment,

2021,

3%,

5/01/31

...

570,000

499,246

Assessment

Area

1

2021

Project

Area,

Special

Assessment,

2021,

3.4%,

5/01/41

..

1,470,000

1,122,617

Assessment

Area

3,

Special

Assessment,

2022,

5.125%,

5/01/42

..............

360,000

344,955

Assessment

Area

3,

Special

Assessment,

2022,

5.25%,

5/01/52

...............

585,000

550,350

West

Villages

Improvement

District

,

Unit

of

Development

No.

7,

Special

Assessment,

2021,

2.5%,

5/01/26

..........

155,000

146,829

Unit

of

Development

No.

7,

Special

Assessment,

2021,

3.125%,

5/01/31

........

200,000

177,338

Unit

of

Development

No.

7,

Special

Assessment,

2021,

3.5%,

5/01/41

..........

800,000

626,803

Unit

of

Development

No.

8,

Special

Assessment,

2021,

2.5%,

5/01/26

..........

120,000

113,675

Unit

of

Development

No.

8,

Special

Assessment,

2021,

3.125%,

5/01/31

........

525,000

463,352

Unit

of

Development

No.

8,

Special

Assessment,

2021,

3.5%,

5/01/41

..........

1,000,000

777,742

Unit

of

Development

No.

8,

Special

Assessment,

2022,

5.5%,

5/01/53

..........

1,880,000

1,850,762

Unit

of

Development

No.

9,

Special

Assessment,

2023,

4.625%,

5/01/30

........

275,000

274,673

Unit

of

Development

No.

9,

Special

Assessment,

2023,

5.375%,

5/01/43

........

1,500,000

1,491,783

Unit

of

Development

No.

9,

Special

Assessment,

2023,

5.625%,

5/01/53

........

2,005,000

2,009,273

Westside

Haines

City

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

190,000

180,500

Special

Assessment,

2021,

3%,

5/01/31

.................................

350,000

308,575

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

1,000,000

758,007

Westview

North

Community

Development

District

,

Special

Assessment,

2022,

5.75%,

6/15/42

..............................

1,000,000

1,010,883

Special

Assessment,

2022,

6%,

6/15/52

.................................

1,250,000

1,262,597

Westview

South

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

4.875%,

5/01/28

..............

700,000

697,717

Assessment

Area

1,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

2,415,000

2,353,444

Assessment

Area

1,

Special

Assessment,

2023,

5.6%,

5/01/53

................

4,185,000

4,064,143

Assessment

Area

2,

Special

Assessment,

2023,

4.75%,

5/01/28

...............

225,000

223,595

Assessment

Area

2,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

1,250,000

1,225,384

Assessment

Area

2,

Special

Assessment,

2023,

5.625%,

5/01/53

..............

1,000,000

982,225

Westwood

of

Pasco

Community

Development

District

,

Assessments,

Special

Assessment,

2023,

5.4%,

5/01/43

....................

500,000

492,819

Assessments,

Special

Assessment,

2023,

5.625%,

5/01/53

..................

145,000

142,422

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)

Whispering

Pines

Community

Development

District

,

Special

Assessment,

2023,

5.375%,

5/01/43

.............................

$

500,000

$

500,895

Special

Assessment,

2023,

5.5%,

5/01/53

...............................

930,000

923,199

Willows

Community

Development

District

,

Assessment

Area

Two,

Special

Assessment,

2022,

4.7%,

5/01/29

..............

335,000

335,932

Assessment

Area

Two,

Special

Assessment,

2022,

5.625%,

5/01/42

............

1,440,000

1,459,568

Assessment

Area

Two,

Special

Assessment,

2022,

5.75%,

5/01/52

.............

1,200,000

1,211,272

Wind

Meadows

South

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.4%,

5/01/26

................

170,000

160,618

Assessment

Area

1,

Special

Assessment,

2021,

2.95%,

5/01/31

...............

250,000

217,678

Assessment

Area

1,

Special

Assessment,

2021,

3.35%,

5/01/41

...............

940,000

715,256

Assessment

Area

2,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

920,000

910,574

Assessment

Area

2,

Special

Assessment,

2023,

5.625%,

5/01/53

..............

895,000

887,270

Windward

Community

Development

District

,

Special

Assessment,

2020

A-1,

3.65%,

5/01/30

...........................

130,000

120,456

Special

Assessment,

2020

A-1,

4.25%,

5/01/40

...........................

630,000

552,924

Special

Assessment,

2020

A-1,

4.5%,

5/01/51

............................

495,000

415,795

Special

Assessment,

2020

A-2,

4.4%,

11/01/35

...........................

800,000

747,219

Wiregrass

II

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2020,

3.125%,

5/01/30

..............

645,000

580,525

Assessment

Area

1,

Special

Assessment,

2020,

3.7%,

5/01/40

................

1,680,000

1,369,493

Assessment

Area

1,

Special

Assessment,

2020,

3.875%,

5/01/50

..............

1,960,000

1,471,011

Assessment

Area

2,

Special

Assessment,

2022,

5.25%,

5/01/52

...............

1,000,000

943,351

Zephyr

Lakes

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.5%,

5/01/26

................

135,000

127,851

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

155,000

135,398

Assessment

Area

2,

Special

Assessment,

2021,

3.375%,

5/01/41

..............

660,000

503,429

Assessment

Area

2,

Special

Assessment,

2021,

4%,

5/01/51

.................

935,000

722,475

834,617,836

Georgia

0.9%

d

Development

Authority

of

Cobb

County

(The)

,

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/39

1,825,000

1,492,373

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/49

10,760,000

7,934,856

d

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

B

,

4.5

%

,

12/01/36

................................

10,835,000

8,681,289

Forsyth

County

Hospital

Authority

,

Georgia

Baptist

Healthcare

System

Obligated

Group

,

Revenue

,

1998

,

ETM,

6.375

%

,

10/01/28

...........................

5,375,000

5,818,495

d

George

L

Smith

II

Congress

Center

Authority

,

Signia

Hotel

Management

LLC,

Revenue,

Second

Tier,

144A,

2021

B,

5%,

1/01/36

2,500,000

2,322,601

Signia

Hotel

Management

LLC,

Revenue,

Second

Tier,

144A,

2021

B,

5%,

1/01/54

10,000,000

8,169,185

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/25

......................................

2,500,000

2,543,868

Revenue,

2007

A,

5.5%,

9/15/27

......................................

4,000,000

4,154,635

Revenue,

2007

A,

5.5%,

9/15/28

......................................

5,000,000

5,252,267

46,369,569

Idaho

0.3%

Idaho

Housing

&

Finance

Association

,

Revenue

,

2010

A

,

7

%

,

2/01/36

............

13,305,000

13,326,414

Illinois

1.3%

Illinois

Finance

Authority

,

d

DePaul

College

Prep,

Revenue,

144A,

2023

A,

Refunding,

5.5%,

8/01/43

........

500,000

504,533

d

DePaul

College

Prep,

Revenue,

144A,

2023

A,

Refunding,

5.625%,

8/01/53

......

2,055,000

2,057,173

d

McKinley

Foundation

at

University

of

Illinois

(The),

Revenue,

144A,

2021

A,

Refunding,

5.125%,

11/01/55

.......................................

13,560,000

11,044,709

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)

Illinois

(continued)

Illinois

Finance

Authority,

(continued)

d

McKinley

Foundation

at

University

of

Illinois

(The),

Revenue,

144A,

2021

B,

7%,

11/01/37

.......................................................

$

4,190,000

$

4,029,787

Plymouth

Place

Obligated

Group,

Revenue,

2022

A,

6.75%,

5/15/58

...........

3,000,000

3,036,440

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

5/01/48

........................................................

4,030,000

3,081,602

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

5/01/48

........................................................

10,000,000

7,987,011

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.5%,

5/01/53

........................................................

10,810,000

8,736,749

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

1996,

ETM,

7%,

7/01/26

.....................................

3,020,000

3,189,947

Revenue,

2010

B-1,

Refunding,

AGMC

Insured,

Zero

Cpn.,

6/15/45

............

18,100,000

6,489,913

State

of

Illinois

,

GO

,

2022

C

,

5.5

%

,

10/01/44

...............................

4,645,000

5,023,783

d

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group

,

Revenue

,

144A,

2020

C

,

Refunding

,

5

%

,

12/01/50

.......

10,750,000

8,464,348

d

Village

of

Lincolnwood

,

North

Lincoln

Redevelopment

Project

Area

,

COP

,

144A,

2021

A

,

4.82

%

,

1/01/41

.................................................

1,535,000

1,382,051

Village

of

Villa

Park

,

Garden

Station

Redevelopment

Area

,

Tax

Allocation

,

2021

,

Zero

Cpn.,

12/31/38

....................................................

1,815,000

1,374,880

66,402,926

Indiana

0.5%

d

City

of

Anderson

,

Sweet

Galilee

at

the

Wigwam

LLC

,

Revenue

,

144A,

2020

A

,

5.375

%

,

1/01/40

.........................................................

2,740,000

2,161,973

d

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

A

,

5

%

,

8/01/41

..

4,065,000

3,221,066

d

City

of

Jeffersonville

,

Vivera

Senior

Living

of

Columbus

LLC

,

Revenue

,

144A,

2020

A

,

5.25

%

,

11/01/40

...................................................

4,500,000

3,516,734

d

City

of

Valparaiso

,

Green

Oaks

of

Valparaiso

LLC

,

Revenue

,

144A,

2021

,

5.375

%

,

12/01/41

........................................................

3,650,000

2,787,084

Indiana

Finance

Authority

,

Greencroft

Goshen

Obligated

Group,

Revenue,

2013

A,

Refunding,

7%,

11/15/43

..

5,000,000

5,025,681

University

of

Evansville,

Revenue,

2022

B,

7%,

9/01/32

.....................

4,000,000

3,732,512

d

Indiana

Housing

&

Community

Development

Authority

,

Vita

of

Marion

LLC

,

Revenue

,

144A,

2021

A

,

5.25

%

,

4/01/41

........................................

4,750,000

3,715,408

24,160,458

Iowa

0.1%

Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2018

A,

5%,

5/15/48

....

1,970,000

1,511,754

Northcrest

Obligated

Group,

Revenue,

2018

A,

5%,

3/01/48

..................

7,500,000

6,291,140

7,802,894

Kansas

0.0%

†

Wyandotte

County-Kansas

City

Unified

Government

,

Revenue

,

2018

,

4.5

%

,

6/01/40

.

1,490,000

1,364,588

Kentucky

0.6%

Kentucky

Public

Transportation

Infrastructure

Authority

,

Revenue,

First

Tier,

2013

C,

6.6%,

7/01/39

...............................

10,000,000

11,344,019

Revenue,

First

Tier,

2013

C,

6.75%,

7/01/43

..............................

5,000,000

5,666,936

d

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

19,650,000

12,806,756

29,817,711

Louisiana

1.5%

Juban

Trails

Community

Development

District

,

Special

Assessment,

2022,

3.375%,

6/01/27

.............................

100,000

94,139

Special

Assessment,

2022,

4.25%,

6/01/51

..............................

1,235,000

1,010,496

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)

Louisiana

(continued)

Lakeshore

Villages

Master

Community

Development

District

,

Special

Assessment,

2021,

2.375%,

6/01/26

.............................

$

280,000

$

262,965

Special

Assessment,

2021,

2.875%,

6/01/31

.............................

695,000

597,191

Special

Assessment,

2021,

3.2%,

6/01/41

...............................

2,730,000

2,129,394

Special

Assessment,

2021,

4%,

6/01/51

.................................

2,035,000

1,609,160

Special

Assessment,

2022,

5.375%,

6/01/42

.............................

730,000

726,949

Special

Assessment,

2022,

5.5%,

6/01/52

...............................

1,425,000

1,412,668

d

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

GOMESA,

Revenue,

144A,

2018,

5.375%,

11/01/38

........................

2,230,000

2,306,265

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4%,

12/01/40

...........................................

2,970,000

2,343,763

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4.25%,

12/01/50

........................................

5,665,000

4,243,994

Parish

of

Jefferson,

Revenue,

144A,

2019,

4%,

11/01/44

....................

2,650,000

2,341,112

Parish

of

Lafourche,

Revenue,

144A,

2019,

3.95%,

11/01/43

.................

4,316,730

3,764,926

Parish

of

St.

John

the

Baptist,

Revenue,

144A,

2019,

3.9%,

11/01/44

...........

2,260,000

1,940,233

Parish

of

St.

Martin,

Revenue,

144A,

2019,

4.4%,

11/01/44

...................

5,910,000

5,530,562

Parish

of

Vermilion,

Revenue,

144A,

2019,

4.625%,

11/01/38

.................

1,820,000

1,823,621

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

C,

5.5%,

10/01/61

.

6,300,000

4,876,327

Provident

Group

-

ULM

Properties

LLC,

Revenue,

144A,

2019

A,

5%,

7/01/54

....

4,000,000

2,993,839

Terrebonne

Parish

Consolidated

Government,

Revenue,

144A,

2018,

5.5%,

11/01/39

1,685,000

1,751,441

d

Louisiana

Public

Facilities

Authority

,

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.375%,

1/01/40

5,000,000

4,767,134

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

4,500,000

4,136,958

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-2,

7%,

1/01/57

...

10,000,000

9,252,181

Parish

of

Beauregard

,

OfficeMax,

Inc.

,

Revenue

,

2002

,

Refunding

,

6.8

%

,

2/01/27

...

13,990,000

14,015,791

St.

Tammany

Parish

Finance

Authority

,

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/29

.......

1,200,000

1,180,011

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/37

.......

1,650,000

1,531,226

76,642,346

Maryland

0.1%

City

of

Baltimore

,

Harbor

Point

Special

Taxing

District

,

Revenue

,

2016

,

Refunding

,

5.125

%

,

6/01/43

...................................................

2,500,000

2,449,635

County

of

Frederick

,

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.25%,

7/01/29

........................................................

750,000

697,803

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.75%,

7/01/39

........................................................

1,410,000

1,217,903

Urbana

Community

Development

Authority,

Special

Tax,

2020

B,

Refunding,

4%,

7/01/40

........................................................

335,000

303,207

4,668,548

Massachusetts

0.0%

†

d

Massachusetts

Development

Finance

Agency

,

North

Hill

Communities,

Inc.

Obligated

Group

,

Revenue

,

144A,

2013

A

,

Pre-Refunded

,

6.25

%

,

11/15/28

..............

1,284,000

1,290,461

Michigan

0.4%

City

of

Detroit

,

Great

Lakes

Water

Authority

Sewage

Disposal

System

,

Revenue,

Second

Lien

,

2006

B

,

NATL

Insured

,

5

%

,

7/01/36

..........................

15,000

15,018

City

of

Ecorse

,

GO

,

2011

,

6.5

%

,

11/01/35

.................................

1,815,000

1,818,113

Kalamazoo

Economic

Development

Corp.

,

d

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/31

....................................................

800,000

751,926

d

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/51

....................................................

3,015,000

2,324,589

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/43

1,120,000

958,033

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)

Michigan

(continued)

Kalamazoo

Economic

Development

Corp.,

(continued)

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/55

$

8,860,000

$

7,014,792

d

Michigan

Finance

Authority

,

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

Refunding,

6%,

7/01/24

...

700,000

696,173

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

6.75%,

7/01/44

..........

3,805,000

3,513,600

d

Michigan

Strategic

Fund

,

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/31

....................................................

690,000

648,536

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/41

....................................................

895,000

749,796

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/51

....................................................

1,380,000

1,063,991

Michigan

Tobacco

Settlement

Finance

Authority

,

Michigan

Finance

Authority

Tobacco

Settlement

,

Revenue

,

2007

B

,

Zero

Cpn.,

6/01/52

.........................

26,990,000

3,043,595

22,598,162

Minnesota

0.1%

City

of

Minneapolis

,

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.25%,

11/01/45

..............

2,800,000

2,439,127

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.375%,

11/01/50

..............

1,000,000

872,163

d

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue

,

144A,

2022

B

,

6.25

%

,

8/01/37

.............................................

1,300,000

1,168,911

4,480,201

Mississippi

0.5%

d

Mississippi

Development

Bank

,

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/34

900,000

811,480

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/35

800,000

711,123

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/36

850,000

741,967

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/41

3,000,000

2,408,569

Mississippi

Home

Corp.

,

d

Revenue,

144A,

2023

A-2,

12%,

12/01/33

...............................

875,000

841,452

d

Revenue,

144A,

2023

B-2,

8%,

12/01/38

................................

4,390,000

4,171,099

d

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

4.5%,

6/01/62

.

7,000,000

4,954,016

d

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

C-5,

5.1%,

6/01/62

8,000,000

5,819,235

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

4.65%,

6/01/62

..................................................

5,515,000

4,018,746

24,477,687

Missouri

0.3%

Cape

Girardeau

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group,

Revenue,

2016

A,

Refunding,

6%,

3/01/33

...

3,885,000

4,005,486

SoutheastHEALTH

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

3/01/29

...

250,000

254,824

City

of

Maryland

Heights

,

Tax

Allocation

,

2020

,

4.125

%

,

11/01/38

...............

2,500,000

2,147,781

Kirkwood

Industrial

Development

Authority

,

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/42

...................................

1,000,000

798,623

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/50

...................................

3,500,000

2,619,161

Stoddard

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

6

%

,

3/01/37

.........................

3,600,000

3,712,942

13,538,817

Nevada

1.2%

City

of

Henderson

,

Local

Improvement

District

No.

T-16,

Special

Assessment,

2005,

5.125%,

3/01/25

.

615,000

574,356

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)

Nevada

(continued)

City

of

Henderson,

(continued)

Local

Improvement

District

No.

T-18,

Special

Assessment,

2016,

Refunding,

4%,

9/01/32

........................................................

$

1,740,000

$

1,626,720

City

of

Las

Vegas

,

Special

Improvement

District

No.

610,

Special

Assessment,

2018,

5%,

6/01/48

....

7,700,000

7,601,391

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/33

....

185,000

171,098

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/34

....

185,000

169,182

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/35

....

185,000

167,331

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/40

....

445,000

386,832

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4.125%,

6/01/50

1,140,000

938,301

Special

Improvement

District

No.

612

Skye

Hills,

Special

Assessment,

2020,

3.5%,

6/01/35

........................................................

205,000

168,521

Special

Improvement

District

No.

612

Skye

Hills,

Special

Assessment,

2020,

4%,

6/01/50

........................................................

990,000

766,921

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/27

...

1,340,000

1,354,311

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/30

...

1,545,000

1,555,696

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/35

...

980,000

983,122

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/39

....

435,000

386,408

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/44

....

705,000

593,612

Special

Improvement

District

No.

815,

Special

Assessment,

2020,

4.75%,

12/01/40

990,000

939,807

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

2.75%,

6/01/33

.

520,000

418,294

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

2.75%,

6/01/36

.

830,000

625,604

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

3%,

6/01/41

....

645,000

462,828

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

3.125%,

6/01/51

1,420,000

898,705

d

City

of

North

Las

Vegas

,

Special

Improvement

District

No.

66,

Special

Assessment,

144A,

2022,

5.75%,

6/01/47

........................................................

1,600,000

1,555,461

Special

Improvement

District

No.

66,

Special

Assessment,

144A,

2022,

6%,

6/01/52

1,800,000

1,792,468

d

City

of

Reno

,

Sales

Tax

,

Revenue

,

144A,

2018

C

,

Refunding

,

Zero

Cpn.,

7/01/58

....

14,500,000

1,786,461

County

of

Clark

,

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5%,

2/01/26

790,000

792,274

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5.05%,

2/01/31

........................................................

980,000

981,691

Special

Improvement

District

No.

159,

Special

Assessment,

2015,

5%,

8/01/35

....

2,030,000

2,040,066

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

239,304

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch,

Special

Assessment,

2022,

3.5%,

9/01/45

..............................

750,000

538,331

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch,

Special

Assessment,

2022,

4%,

9/01/51

...............................

500,000

384,680

Local

Improvement

District

No.

T-22,

Special

Assessment,

2023,

5%,

3/01/38

.....

775,000

761,677

Local

Improvement

District

No.

T-22,

Special

Assessment,

2023,

5%,

3/01/43

.....

1,000,000

957,947

Local

Improvement

District

No.

T-22,

Special

Assessment,

2023,

5.25%,

3/01/48

..

1,000,000

966,567

Local

Improvement

District

No.

T-22,

Special

Assessment,

2023,

5.25%,

3/01/53

..

300,000

287,008

d

State

of

Nevada

Department

of

Business

&

Industry

,

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

5.875%,

12/15/27

..........

8,179,605

8,310,025

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

6.25%,

12/15/37

...........

9,000,000

8,161,905

Tahoe-Douglas

Visitors

Authority

,

Revenue,

2020,

5%,

7/01/40

.........................................

3,475,000

3,353,029

Revenue,

2020,

5%,

7/01/51

.........................................

6,250,000

5,844,406

59,542,340

New

Hampshire

0.2%

New

Hampshire

Business

Finance

Authority

,

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

3.75%,

8/15/30

...............

100,000

91,199

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.125%,

8/15/40

..............

2,545,000

2,113,037

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)

New

Hampshire

(continued)

New

Hampshire

Business

Finance

Authority,

(continued)

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.25%,

8/15/46

...............

$

2,860,000

$

2,292,178

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.5%,

8/15/55

................

5,940,000

4,728,880

9,225,294

New

Jersey

1.4%

New

Jersey

Economic

Development

Authority

,

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/37

..........

2,150,000

2,107,773

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

2,200,000

2,036,060

United

Airlines,

Inc.,

Revenue,

2003,

5.5%,

6/01/33

........................

8,480,000

8,570,580

d

White

Horse

HMT

Urban

Renewal

LLC,

Revenue,

144A,

2020,

5%,

1/01/40

......

3,000,000

2,106,488

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2008

A

,

Zero

Cpn.,

12/15/38

........................................................

46,750,000

23,283,697

Tobacco

Settlement

Financing

Corp.

,

Revenue,

2018

A,

Refunding,

5.25%,

6/01/46

.............................

7,000,000

7,230,361

Revenue,

2018

B,

Refunding,

5%,

6/01/46

...............................

23,300,000

22,925,056

68,260,015

New

Mexico

0.1%

Lower

Petroglyphs

Public

Improvement

District

,

Special

Tax,

2018,

Refunding,

5%,

10/01/33

..............................

500,000

482,339

Special

Tax,

2018,

Refunding,

5%,

10/01/38

..............................

450,000

420,887

Special

Tax,

2018,

Refunding,

5%,

10/01/48

..............................

1,205,000

1,084,867

d

Winrock

Town

Center

Tax

Increment

Development

District

No.

1

,

Tax

Allocation,

Senior

Lien,

144A,

2022,

Refunding,

4%,

5/01/33

..............

1,000,000

878,354

Tax

Allocation,

Senior

Lien,

144A,

2022,

Refunding,

4.25%,

5/01/40

............

2,750,000

2,281,449

5,147,896

New

York

4.6%

Metropolitan

Transportation

Authority

,

Revenue,

2016

A-1,

5.25%,

11/15/56

...................................

4,765,000

4,799,093

Revenue,

2020

A-1,

5%,

11/15/48

.....................................

7,000,000

7,092,933

Revenue,

2020

C-1,

4.75%,

11/15/45

...................................

13,220,000

13,219,874

Revenue,

2020

C-1,

5%,

11/15/50

.....................................

21,150,000

21,400,338

Revenue,

2020

C-1,

5.25%,

11/15/55

...................................

39,500,000

40,640,527

Revenue,

2020

D,

4%,

11/15/50

.......................................

25,000,000

22,316,202

New

York

Liberty

Development

Corp.

,

d

3

World

Trade

Center

LLC,

Revenue,

144A,

2014,

2,

Refunding,

5.375%,

11/15/40

.

15,000,000

14,890,705

Goldman

Sachs

Headquarters

LLC,

Revenue,

2005,

Refunding,

5.25%,

10/01/35

..

31,225,000

35,002,704

New

York

Transportation

Development

Corp.

,

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.25%,

8/01/31

............

9,450,000

9,771,786

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.375%,

8/01/36

...........

10,000,000

10,192,713

Laguardia

Gateway

Partners

LLC,

Revenue,

2016

A,

5%,

7/01/46

.............

36,785,000

36,668,362

d

Rockland

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

144A,

2005

A

,

Zero

Cpn.,

8/15/45

.........................................................

57,000,000

15,996,012

231,991,249

North

Dakota

0.3%

County

of

Burleigh

,

University

of

Mary,

Revenue,

2016,

5.1%,

4/15/36

.........................

3,550,000

3,409,375

University

of

Mary,

Revenue,

2016,

5.2%,

4/15/46

.........................

3,130,000

2,841,599

c,d

County

of

Grand

Forks

,

Red

River

Biorefinery

LLC,

Revenue,

144A,

2021

A,

6.625%,

12/15/31

..........

2,875,000

1,437,500

Red

River

Biorefinery

LLC,

Revenue,

144A,

2021

A,

7%,

12/15/43

.............

14,000,000

7,000,000

14,688,474

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)

Ohio

3.1%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

B-2

,

2

,

Refunding

,

5

%

,

6/01/55

.............................................

$

36,290,000

$

33,222,624

City

of

Centerville

,

Graceworks

Lutheran

Services

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/01/50

..........................................

5,000,000

4,240,875

Cleveland-Cuyahoga

County

Port

Authority

,

d

Flats

East

Bank

TIF

District,

Tax

Allocation,

144A,

2021

B,

Refunding,

4.5%,

12/01/55

1,500,000

1,292,714

d

Flats

East

Bank

TIF

District,

Tax

Allocation,

Senior

Lien,

144A,

2021

A,

Refunding,

4%,

12/01/55

...................................................

1,250,000

1,040,355

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.25%,

12/01/38

.....

700,000

700,258

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.5%,

12/01/43

......

700,000

700,250

County

of

Fairfield

,

Fairfield

Medical

Center

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

5

%

,

6/15/43

.............................................

10,000,000

8,515,133

County

of

Franklin

,

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/40

2,910,000

2,668,843

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/55

8,800,000

7,478,462

County

of

Washington

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

6.625%,

12/01/42

................................................

10,000,000

10,002,131

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

6.75%,

12/01/52

.......................................................

17,000,000

17,046,709

Ohio

Higher

Educational

Facility

Commission

,

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,360,000

1,237,671

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,205,000

1,075,625

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,570,000

2,242,517

Ohio

Housing

Finance

Agency

,

Revenue

,

2023

C

,

8

%

,

8/01/34

.................

1,000,000

992,726

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

Junior

Lien

,

2013

A-4

,

5.75

%

,

2/15/35

.........................................................

35,000,000

41,087,931

Southeastern

Ohio

Port

Authority

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/35

.......................................................

1,000,000

892,362

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/43

.......................................................

1,000,000

804,013

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5.5%,

12/01/43

.......................................................

1,300,000

1,139,383

d

State

of

Ohio

,

Aultman

Health

Foundation

Obligated

Group,

Revenue,

144A,

2018,

Refunding,

5%,

12/01/38

.......................................................

5,000,000

4,505,156

Aultman

Health

Foundation

Obligated

Group,

Revenue,

144A,

2018,

Refunding,

5%,

12/01/48

.......................................................

15,195,000

12,988,171

153,873,909

Oklahoma

0.1%

Tulsa

County

Industrial

Authority

,

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/37

.......

1,000,000

1,001,037

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/45

.......

6,500,000

6,276,459

7,277,496

Oregon

0.4%

Clackamas

County

Hospital

Facility

Authority

,

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.125%,

11/15/40

.

500,000

469,752

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.25%,

11/15/50

..

1,250,000

1,135,801

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.375%,

11/15/55

.

1,500,000

1,366,902

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)

Oregon

(continued)

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Mirabella

at

South

Waterfront

,

Revenue

,

2014

A

,

Pre-Refunded

,

5.5

%

,

10/01/49

.................

$

5,500,000

$

5,618,446

Polk

County

Hospital

Facility

Authority

,

Dallas

Mennonite

Retirement

Community

Obligated

Group

,

Revenue

,

2020

A

,

5.125

%

,

7/01/55

.......................

3,500,000

2,725,320

Yamhill

County

Hospital

Authority

,

Friendsview

Manor

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

11/15/51

..

4,325,000

3,287,872

Friendsview

Manor

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

11/15/56

..

6,115,000

4,478,138

19,082,231

Pennsylvania

1.6%

d

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

144A,

2018,

5%,

5/01/42

....................................

3,245,000

3,202,178

Revenue,

144A,

2018,

5.375%,

5/01/42

.................................

5,000,000

5,018,839

Revenue,

144A,

2022,

5.25%,

5/01/42

..................................

6,175,000

6,131,018

d

Chester

County

Industrial

Development

Authority

,

Borough

of

Phoenixville

Steelpointe

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2020,

4.75%,

3/01/50

..............................

4,245,000

3,477,610

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5%,

3/01/38

...........................................

325,000

313,610

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5.125%,

3/01/48

.......................................

1,000,000

918,909

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2019

,

Refunding

,

5

%

,

5/01/48

......................................................

4,000,000

3,611,871

Franklin

County

Industrial

Development

Authority

,

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/38

...

1,000,000

867,545

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/43

...

1,200,000

980,204

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/48

...

4,600,000

3,593,293

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/53

...

3,050,000

2,317,801

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

............

1,000,000

756,590

Lancaster

County

Hospital

Authority

,

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.125%,

7/01/37

...

1,000,000

913,225

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

7/01/41

....

3,500,000

3,168,497

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School,

Revenue,

2021

A,

4%,

5/01/31

............

680,000

632,633

Seven

Generations

Charter

School,

Revenue,

2021

A,

4%,

5/01/51

............

2,385,000

1,714,640

Pennsylvania

Turnpike

Commission

,

Revenue,

B-2,

Zero

Cpn.,

12/01/37

....................................

20,000,000

18,258,932

Revenue,

B-2,

Zero

Cpn.,

12/01/40

....................................

25,075,000

22,497,578

Philadelphia

Authority

for

Industrial

Development

,

Evangelical

Services

for

the

Aging

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

7/01/49

......................

3,000,000

2,366,475

80,741,448

South

Carolina

1.2%

d

Greenville

Housing

Authority

,

Revenue

,

144A,

2023

B

,

8.375

%

,

5/01/47

..........

10,600,000

10,087,313

South

Carolina

Jobs-Economic

Development

Authority

,

d

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

14,400,000

9,491,993

d

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn.,

6/01/52

25,550,000

15,965,109

d

FAH

Pelham

LLC,

Revenue,

144A,

2023

B,

II,

7.5%,

8/01/47

.................

9,565,000

9,086,956

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2017,

5%,

4/01/52

........................................................

1,750,000

1,416,773

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

4/01/48

............................................

3,500,000

2,897,035

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

4/01/53

.........................................

11,000,000

9,228,197

58,173,376

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)

South

Dakota

0.2%

City

of

Sioux

Falls

,

Dow

Rummel

Village,

Revenue,

2016,

Refunding,

5%,

11/01/46

...............

$

7,110,000

$

6,014,058

Dow

Rummel

Village,

Revenue,

2017,

5%,

11/01/42

........................

3,000,000

2,614,583

8,628,641

Tennessee

1.3%

d

Cleveland

Housing

Authority

,

Cleveland

Forward

Phase

One

LLC,

Revenue,

144A,

2022

B,

6.25%,

4/01/41

....

1,000,000

933,498

Cleveland

Forward

Phase

Two

LLC,

Revenue,

144A,

2022

B,

6.25%,

4/01/41

....

1,000,000

933,499

Johnson

City

Health

&

Educational

Facilities

Board

,

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/27

...................................................

19,365,000

16,612,343

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/28

...................................................

19,400,000

16,009,601

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/29

...................................................

19,365,000

15,329,313

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/30

...................................................

19,370,000

14,694,595

64,512,849

Texas

10.2%

Cedar

Bayou

Navigation

District

,

Special

Assessment

,

2020

,

6

%

,

9/15/51

.........

7,500,000

6,036,943

Central

Texas

Regional

Mobility

Authority

,

Revenue,

2010,

Zero

Cpn.,

1/01/35

....................................

3,000,000

1,890,373

Revenue,

2010,

Zero

Cpn.,

1/01/37

....................................

2,500,000

1,372,039

Revenue,

2010,

Zero

Cpn.,

1/01/38

....................................

2,405,000

1,226,905

Revenue,

2010,

Zero

Cpn.,

1/01/39

....................................

2,545,000

1,221,250

d

City

of

Anna

,

Hurricane

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.75%,

9/01/42

..................................................

972,000

966,442

Hurricane

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6%,

9/01/52

........................................................

1,907,000

1,888,875

Sherley

Tract

Public

Improvement

District

No.

2

Area

No.

1,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

........................................

300,000

257,701

Sherley

Tract

Public

Improvement

District

No.

2

Area

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/15/41

...........................................

867,000

731,525

Sherley

Tract

Public

Improvement

District

No.

2

Area

No.

1,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

........................................

1,406,000

1,166,746

Sherley

Tract

Public

Improvement

District

No.

2

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.5%,

9/15/31

...............................

157,000

144,852

Sherley

Tract

Public

Improvement

District

No.

2

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

5%,

9/15/51

................................

503,000

454,003

d

City

of

Aubrey

,

f

Aubrey

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2023,

5.875%,

9/01/43

........................................................

1,075,000

1,079,013

f

Aubrey

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2023,

6%,

9/01/53

........................................................

1,600,000

1,600,930

Jackson

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.25%,

9/01/32

..................................................

852,000

858,624

Jackson

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6%,

9/01/45

........................................................

1,803,000

1,828,411

City

of

Celina

,

d

Celina

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.875%,

9/01/42

........................................................

804,000

748,442

d

Celina

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5%,

9/01/51

........................................................

1,120,000

1,009,533

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)

Texas

(continued)

City

of

Celina,

(continued)

d

Chalk

Hill

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2023,

5.75%,

9/01/43

..................................................

$

767,000

$

758,913

d

Chalk

Hill

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2023,

6%,

9/01/53

........................................................

1,664,000

1,643,461

d

Creeks

of

Legacy

Public

Improvement

District

Phase

No.

3,

Special

Assessment,

144A,

2020,

4.25%,

9/01/40

........................................

230,000

203,650

d

Cross

Creek

Meadows

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2023,

4.5%,

9/01/30

.........................................

586,000

580,115

d

Cross

Creek

Meadows

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2023,

5.375%,

9/01/43

.......................................

1,624,000

1,610,415

d

Cross

Creek

Meadows

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2023,

5.5%,

9/01/53

.........................................

1,741,000

1,698,537

d

Cross

Creek

Meadows

Public

Improvement

District

Major

Improvement

Area

Project,

Special

Assessment,

144A,

2023,

5%,

9/01/30

..........................

431,000

426,744

d

Cross

Creek

Meadows

Public

Improvement

District

Major

Improvement

Area

Project,

Special

Assessment,

144A,

2023,

6.125%,

9/01/53

.......................

1,549,000

1,534,538

d

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/31

..................................................

215,000

201,524

d

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/01/41

..................................................

370,000

355,899

d

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.5%,

9/01/50

...................................................

500,000

483,698

d

Edgewood

Creek

Public

Improvement

District

Phase

No.

1,

Special

Assessment,

144A,

2021,

4.25%,

9/01/41

........................................

500,000

427,135

d

Hillside

Village

Public

Improvement

District,

Special

Assessment,

144A,

2022,

2.75%,

9/01/27

........................................................

290,000

258,584

d

Hillside

Village

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.125%,

9/01/32

.................................................

231,000

189,051

d

Hillside

Village

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.375%,

9/01/42

.................................................

866,000

637,390

d

Mosaic

Public

Improvement

District,

Special

Assessment,

144A,

2023,

4.375%,

9/01/30

........................................................

405,000

399,485

d

Mosaic

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.125%,

9/01/43

........................................................

1,225,000

1,179,763

d

Mosaic

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.5%,

9/01/53

1,851,000

1,790,338

North

Sky

Public

Improvement

District,

Special

Assessment,

2023,

4.375%,

9/01/30

440,000

436,601

d

North

Sky

Public

Improvement

District,

Special

Assessment,

144A,

2023,

4.875%,

9/01/30

........................................................

228,000

226,269

North

Sky

Public

Improvement

District,

Special

Assessment,

2023,

5.375%,

9/01/43

812,000

799,294

North

Sky

Public

Improvement

District,

Special

Assessment,

2023,

5.625%,

9/01/52

1,005,000

986,672

d

North

Sky

Public

Improvement

District,

Special

Assessment,

144A,

2023,

6.125%,

9/01/52

........................................................

999,000

981,709

d

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

3.5%,

9/01/26

..........

245,000

234,062

d

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4%,

9/01/31

...........

473,000

439,911

d

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.25%,

9/01/41

.........

2,015,000

1,765,828

d

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.5%,

9/01/51

..........

2,501,000

2,125,899

d

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

1,

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

..............................

145,000

136,122

d

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

1,

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

..............................

150,000

132,702

d

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

1,

Special

Assessment,

144A,

2021,

3.5%,

9/01/41

...............................

1,205,000

979,745

d

Pravin

Public

Improvement

District,

Special

Assessment,

144A,

2023,

6.5%,

9/01/43

1,500,000

1,486,782

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)

Texas

(continued)

City

of

Celina,

(continued)

d

Pravin

Public

Improvement

District,

Special

Assessment,

144A,

2023,

6.75%,

9/01/53

$

2,000,000

$

1,979,806

d

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.25%,

9/01/27

..................................................

227,000

207,178

d

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.625%,

9/01/32

.................................................

336,000

290,407

d

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/43

....................................................

1,009,000

840,246

d

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/01/51

.................................................

1,033,000

834,828

d

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Area

No.

4,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.............................

1,795,000

1,447,585

d

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Area

No.

5,

Special

Assessment,

144A,

2022,

2.875%,

9/01/27

.............................

115,000

103,394

d

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Area

No.

5,

Special

Assessment,

144A,

2022,

3.25%,

9/01/32

..............................

250,000

207,565

d

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Area

No.

5,

Special

Assessment,

144A,

2022,

3.5%,

9/01/42

...............................

1,175,000

879,875

d

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Area

No.

5,

Special

Assessment,

144A,

2022,

4%,

9/01/51

................................

7,000,000

5,559,534

d

Ten

Mile

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2023,

4.75%,

9/01/30

..................................................

491,000

490,131

d

Ten

Mile

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.5%,

9/01/30

........................................................

234,000

233,596

d

Ten

Mile

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.5%,

9/01/42

........................................................

1,169,000

1,164,900

d

Ten

Mile

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2023,

6.25%,

9/01/42

..................................................

801,000

798,348

d

Ten

Mile

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.75%,

9/01/52

..................................................

1,494,000

1,487,719

d

Ten

Mile

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2023,

6.5%,

9/01/52

........................................................

1,300,000

1,294,940

d

Wells

North

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

........................................................

425,000

346,884

d

Wells

North

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

498,000

398,934

d

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

........................................................

150,000

134,320

d

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

350,000

303,969

d

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

965,000

777,056

d

Wells

South

Public

Improvement

District

Neighborhood

Area

No.

4,

Special

Assessment,

144A,

2021,

3%,

9/01/31

................................

158,000

135,979

d

Wells

South

Public

Improvement

District

Neighborhood

Area

No.

4,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

.............................

379,000

297,303

d

Wells

South

Public

Improvement

District

Neighborhood

Area

No.

5,

Special

Assessment,

144A,

2022,

5.5%,

9/01/42

...............................

490,000

488,155

d

Wells

South

Public

Improvement

District

Neighborhood

Area

No.

5,

Special

Assessment,

144A,

2022,

5.625%,

9/01/52

.............................

1,314,000

1,296,402

d

City

of

Crandall

,

Cartwright

Ranch

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/15/31

...........................................

409,000

365,789

Cartwright

Ranch

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2021,

4.25%,

9/15/41

........................................

1,000,000

840,496

Cartwright

Ranch

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2021,

4.5%,

9/15/51

.........................................

2,000,000

1,572,293

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)

Texas

(continued)

d

City

of

Crandall,

(continued)

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.75%,

9/15/31

..............................

$

161,000

$

146,921

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

5%,

9/15/41

................................

1,144,000

1,032,880

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

5.25%,

9/15/51

..............................

750,000

668,547

River

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

9/15/32

........................................................

528,000

536,992

River

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/15/32

........................................................

306,000

310,173

River

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/15/52

........................................................

5,000,000

5,083,002

River

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.75%,

9/15/52

........................................................

1,750,000

1,799,912

d

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue

,

144A,

2022

B

,

Zero

Cpn.,

12/01/62

....................................................

173,445,000

12,117,613

d

City

of

Dayton

,

Westpointe

Public

Improvement

District,

Special

Assessment,

Junior

Lien,

144A,

2022

B,

5.75%,

9/01/52

............................................

1,464,000

1,431,677

Westpointe

Public

Improvement

District,

Special

Assessment,

Senior

Lien,

144A,

2022

A,

4.875%,

9/01/32

...........................................

269,000

261,937

Westpointe

Public

Improvement

District,

Special

Assessment,

Senior

Lien,

144A,

2022

A,

5.125%,

9/01/42

...........................................

764,000

732,280

Westpointe

Public

Improvement

District,

Special

Assessment,

Senior

Lien,

144A,

2022

A,

5.25%,

9/01/52

............................................

1,000,000

943,274

d

City

of

DeSoto

,

Danieldale

Homestead

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/15/50

................................

1,430,000

1,360,561

d

City

of

Dripping

Springs

,

Heritage

Public

Improvement

District,

Special

Assessment,

144A,

2023,

4.5%,

9/01/30

........................................................

395,000

393,827

Heritage

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.375%,

9/01/43

........................................................

1,295,000

1,287,148

Heritage

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.5%,

9/01/53

........................................................

1,219,000

1,192,714

d

City

of

Elmendorf

,

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/31

.................................................

398,000

328,231

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/01/41

........................................................

1,205,000

923,288

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

1,172,000

914,409

d

City

of

Fate

,

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.75%,

8/15/26

........................................................

300,000

278,514

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

8/15/31

........................................................

711,000

618,638

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

8/15/41

........................................................

1,871,000

1,530,318

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

8/15/51

1,765,000

1,405,648

Williamsburg

East

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2020,

3.375%,

8/15/30

.......................................

125,000

109,968

Williamsburg

East

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2020,

3.875%,

8/15/40

.......................................

691,000

562,957

Williamsburg

East

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2020,

4.125%,

8/15/50

.......................................

994,000

809,586

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)

Texas

(continued)

d

City

of

Fate,

(continued)

Williamsburg

East

Public

Improvement

District

Area

No.

2,

Special

Assessment,

144A,

2022,

5.875%,

8/15/42

.......................................

$

1,617,000

$

1,600,033

Williamsburg

East

Public

Improvement

District

Area

No.

2,

Special

Assessment,

144A,

2022,

6%,

8/15/52

...........................................

2,500,000

2,515,050

Williamsburg

East

Public

Improvement

District

Major

Improvement

Area,

Revenue,

144A,

2020,

4.125%,

8/15/30

.......................................

591,000

547,664

Williamsburg

East

Public

Improvement

District

Major

Improvement

Area,

Revenue,

144A,

2020,

4.625%,

8/15/40

.......................................

1,163,000

1,036,810

Williamsburg

East

Public

Improvement

District

Major

Improvement

Area,

Revenue,

144A,

2020,

4.875%,

8/15/50

.......................................

1,772,000

1,555,474

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.25%,

8/15/42

..................................................

1,204,000

1,065,835

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.375%,

8/15/52

.................................................

1,100,000

937,700

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2023,

4.25%,

8/15/30

..................................................

275,000

272,548

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2023,

5.125%,

8/15/43

.................................................

272,000

265,520

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2023,

5.375%,

8/15/53

.................................................

1,287,000

1,256,085

d

City

of

Ferris

,

Woodstone

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

3.375%,

9/01/32

.................................................

926,000

766,554

Woodstone

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

3.75%,

9/01/42

..................................................

1,259,000

970,109

Woodstone

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

4%,

9/01/51

........................................................

1,577,000

1,241,098

d

City

of

Fort

Worth

,

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5%,

9/01/27

................................

1,465,000

1,448,162

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5%,

9/01/32

................................

1,270,000

1,236,831

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5.125%,

9/01/37

.............................

1,650,000

1,583,184

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/27

................................

1,185,000

1,171,381

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/32

................................

1,530,000

1,486,394

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/37

................................

1,975,000

1,862,204

d

City

of

Georgetown

,

Parks

at

Westhaven

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.875%,

9/15/32

.................................................

409,000

370,748

Parks

at

Westhaven

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/15/42

.................................................

1,060,000

922,777

Parks

at

Westhaven

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.25%,

9/15/47

..................................................

716,000

611,901

d

City

of

Haslet

,

Public

Improvement

District

No.

5

Improvement

Area

No.

2,

Special

Assessment,

144A,

2021,

2.625%,

9/01/26

.......................................

279,000

256,783

Public

Improvement

District

No.

5

Improvement

Area

No.

2,

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

........................................

150,000

126,810

Public

Improvement

District

No.

5

Improvement

Area

No.

2,

Special

Assessment,

144A,

2021,

3.625%,

9/01/41

.......................................

1,271,000

982,443

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)

Texas

(continued)

City

of

Horseshoe

Bay

,

Escondido

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3%,

10/01/30

.......................................................

$

500,000

$

433,556

Escondido

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

10/01/33

.................................................

435,000

368,603

d

City

of

Hutto

,

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/01/26

...................................................

239,000

219,510

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/01/31

.................................................

260,000

221,797

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/41

...................................................

1,038,000

807,671

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

..................................................

171,000

158,237

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/31

........................................................

392,000

339,721

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/01/41

.................................................

1,000,000

808,359

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/56

........................................................

3,479,000

2,700,550

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

..................................................

206,000

176,027

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/01/41

.................................................

519,000

409,791

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/56

........................................................

1,146,000

889,654

Emory

Crossing

Public

Improvement

District

Impt

Area

No.

2,

Special

Assessment,

144A,

2023,

5.25%,

9/01/43

........................................

859,000

846,460

Emory

Crossing

Public

Improvement

District

Impt

Area

No.

2,

Special

Assessment,

144A,

2023,

5.625%,

9/01/58

.......................................

2,000,000

1,971,389

d

City

of

Justin

,

Timberbrook

Public

Improvement

District

No.

1

Area

No.

2,

Special

Assessment,

144A,

2021,

3%,

9/01/31

...........................................

475,000

410,875

Timberbrook

Public

Improvement

District

No.

1

Area

No.

2,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

.......................................

2,709,000

2,109,025

d

City

of

Kaufman

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

........................................................

230,000

193,727

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.625%,

9/15/41

........................................................

570,000

442,335

City

of

Kyle

,

d

6

Creeks

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2020,

3.5%,

9/01/44

.........................................

1,380,000

1,008,305

d

6

Creeks

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

.......................................

400,000

341,387

d

6

Creeks

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2020,

3.625%,

9/01/40

.......................................

1,310,000

1,020,614

d

6

Creeks

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2020,

4%,

9/01/46

...........................................

375,000

286,349

d

6

Creeks

Public

Improvement

District

Improvement

Area

No.

2B,

Special

Assessment,

144A,

2023,

5.125%,

9/01/46

.............................

1,179,000

1,151,758

d

6

Creeks

Public

Improvement

District

Improvement

Area

No.

3,

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

........................................

224,000

204,524

d

6

Creeks

Public

Improvement

District

Improvement

Area

No.

3,

Special

Assessment,

144A,

2021,

3.375%,

9/01/31

.......................................

530,000

452,484

d

6

Creeks

Public

Improvement

District

Improvement

Area

No.

3,

Special

Assessment,

144A,

2021,

3.75%,

9/01/41

........................................

1,428,000

1,120,248

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)

Texas

(continued)

City

of

Kyle,

(continued)

d

6

Creeks

Public

Improvement

District

Improvement

Area

No.

3,

Special

Assessment,

144A,

2021,

4%,

9/01/46

...........................................

$

1,000,000

$

808,977

d

6

Creeks

Public

Improvement

District

Improvement

Area

No.

4,

Special

Assessment,

144A,

2023,

5.25%,

9/01/43

........................................

2,250,000

2,184,938

d

6

Creeks

Public

Improvement

District

Improvement

Area

No.

4,

Special

Assessment,

144A,

2023,

5.5%,

9/01/47

.........................................

1,396,000

1,361,507

Kyle

57

Public

Improvement

District,

Special

Assessment,

2022,

4.75%,

9/01/32

..

400,000

389,722

Kyle

57

Public

Improvement

District,

Special

Assessment,

2022,

5%,

9/01/42

.....

2,105,000

1,999,097

d

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

4.75%,

9/01/33

..............................

176,000

174,489

d

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

5.5%,

9/01/43

...............................

678,000

669,165

d

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

5.75%,

9/01/53

..............................

1,250,000

1,230,832

d

Plum

Creek

North

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2022,

3.875%,

9/01/32

.......................................

500,000

455,118

d

Plum

Creek

North

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2022,

4.125%,

9/01/41

.......................................

1,185,000

1,045,054

d

Plum

Creek

North

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2022,

4.625%,

9/01/41

.............................

501,000

460,454

d

Porter

Country

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

5.75%,

9/01/43

..............................

1,229,000

1,204,692

d

Porter

Country

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

6%,

9/01/53

................................

3,000,000

2,930,650

City

of

Lago

Vista

,

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.125%,

9/01/30

........................................

300,000

270,295

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.75%,

9/01/42

.........................................

1,045,000

850,459

d

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5.125%,

9/01/35

..................................

2,070,000

1,742,098

d

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5.5%,

9/01/40

....................................

2,715,000

2,206,604

d

City

of

Lavon

,

Elevon

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

3.5%,

9/15/27

.........................................

600,000

561,484

Elevon

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

3.875%,

9/15/32

.......................................

1,000,000

884,242

Elevon

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

4%,

9/15/42

...........................................

2,259,000

1,895,292

Elevon

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

4.125%,

9/15/52

.......................................

5,295,000

4,225,772

Elevon

Public

Improvement

District

Zone

1

Remainder

Area,

Special

Assessment,

144A,

2022,

3.75%,

9/15/27

........................................

305,000

279,777

Elevon

Public

Improvement

District

Zone

1

Remainder

Area,

Special

Assessment,

144A,

2022,

4.125%,

9/15/32

.......................................

455,000

408,838

Elevon

Public

Improvement

District

Zone

1

Remainder

Area,

Special

Assessment,

144A,

2022,

4.375%,

9/15/42

.......................................

1,000,000

852,697

Elevon

Public

Improvement

District

Zone

1

Remainder

Area,

Special

Assessment,

144A,

2022,

4.5%,

9/15/52

.........................................

1,495,000

1,233,481

Lakepointe

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/15/52

........................................................

1,000,000

1,012,412

City

of

Leander

,

Oak

Creek

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25

%

,

9/01/32

...........................................

530,000

462,455

d

City

of

Liberty

Hill

,

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

2.625%,

9/01/27

........................................................

550,000

506,498

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)

Texas

(continued)

d

City

of

Liberty

Hill,

(continued)

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.125%,

9/01/32

........................................................

$

750,000

$

648,453

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.375%,

9/01/42

........................................................

1,771,000

1,325,800

Butler

Farms

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2022,

3.5%,

9/01/27

...............................

225,000

209,622

Butler

Farms

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2022,

3.875%,

9/01/32

.............................

275,000

242,839

Butler

Farms

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2022,

4.125%,

9/01/42

.............................

1,097,000

908,560

Butler

Farms

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2022,

4.375%,

9/01/52

.............................

1,705,000

1,368,368

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

.................................................

250,000

217,576

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

845,000

725,600

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/54

........................................................

1,890,000

1,444,489

d

City

of

Manor

,

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/15/26

........................................................

110,000

99,385

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

.................................................

250,000

208,125

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/15/41

........................................................

700,000

530,118

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

........................................................

1,000,000

797,126

Manor

Heights

Public

Improvement

District

Area

No.

3,

Special

Assessment,

144A,

2023,

4.5%,

9/15/30

..............................................

250,000

247,475

Manor

Heights

Public

Improvement

District

Area

No.

3,

Special

Assessment,

144A,

2023,

5.25%,

9/15/43

.............................................

328,000

320,055

Manor

Heights

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

3.125%,

9/15/26

.............................

210,000

190,773

Manor

Heights

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

..............................

310,000

263,310

Manor

Heights

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.125%,

9/15/41

.............................

830,000

703,045

Manor

Heights

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.375%,

9/15/51

.............................

1,225,000

1,004,759

d

City

of

Marble

Falls

,

Thunder

Rock

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2021,

3.875%,

9/01/31

............................................

350,000

310,911

Thunder

Rock

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2021,

4.125%,

9/01/41

............................................

1,000,000

854,938

Thunder

Rock

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2021,

4.375%,

9/01/51

............................................

1,470,000

1,216,064

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.625%,

9/01/31

.............................

150,000

136,712

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.875%,

9/01/41

.............................

450,000

394,079

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

5.125%,

9/01/51

.............................

620,000

563,015

d

City

of

Mclendon-Chisholm

,

Sonoma

Public

Improvement

District

Area

No.

3,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

.................................................

155,000

142,298

Sonoma

Public

Improvement

District

Area

No.

3,

Special

Assessment,

144A,

2021,

3.625%,

9/15/41

.................................................

620,000

482,153

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

109

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

d

City

of

Mclendon-Chisholm,

(continued)

Sonoma

Public

Improvement

District

Area

No.

3,

Special

Assessment,

144A,

2021,

4%,

9/15/51

....................................................

$

865,000

$

686,886

Sonoma

Public

Improvement

District

Area

No.

4,

Special

Assessment,

144A,

2022,

5.375%,

9/15/32

.................................................

250,000

248,321

Sonoma

Public

Improvement

District

Area

No.

4,

Special

Assessment,

144A,

2022,

5.75%,

9/15/52

..................................................

2,700,000

2,611,262

d

City

of

Mesquite

,

Solterra

Public

Improvement

District

Improvement

Area

A-1,

Special

Assessment,

144A,

2023,

4.75%,

9/01/30

........................................

647,000

639,428

Solterra

Public

Improvement

District

Improvement

Area

A-1,

Special

Assessment,

144A,

2023,

5.5%,

9/01/43

.........................................

3,021,000

2,949,459

Solterra

Public

Improvement

District

Improvement

Area

A-1,

Special

Assessment,

144A,

2023,

5.75%,

9/01/53

........................................

4,965,000

4,861,264

Solterra

Public

Improvement

District

Improvement

Area

C-1,

Special

Assessment,

144A,

2023,

5.375%,

9/01/43

.......................................

750,000

736,552

Solterra

Public

Improvement

District

Improvement

Area

C-1,

Special

Assessment,

144A,

2023,

5.625%,

9/01/53

.......................................

1,210,000

1,184,369

Solterra

Public

Improvement

District

Improvement

Area

C-2,

Special

Assessment,

144A,

2023,

5.625%,

9/01/53

.......................................

1,017,000

989,007

d

City

of

Midlothian

,

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/15/31

........................................................

410,000

355,196

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/15/41

.................................................

1,105,000

896,018

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/51

.................................................

1,635,000

1,324,532

Redden

Farms

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.125%,

9/15/31

.............................

230,000

210,745

Redden

Farms

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.5%,

9/15/41

...............................

420,000

367,974

Redden

Farms

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.75%,

9/15/51

..............................

610,000

520,305

Westside

Preserve

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2022,

4.75%,

9/15/32

........................................

625,000

602,314

Westside

Preserve

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2022,

5.25%,

9/15/42

........................................

1,516,000

1,437,363

Westside

Preserve

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2022,

5.375%,

9/15/52

.......................................

2,509,000

2,358,397

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2022,

5.5%,

9/15/32

...............................

309,000

300,438

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2022,

6%,

9/15/42

................................

750,000

740,776

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2022,

6.125%,

9/15/52

.............................

1,410,000

1,397,682

d

City

of

New

Braunfels

,

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/01/26

.................................................

220,000

206,999

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/01/31

..................................................

320,000

292,226

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/41

........................................................

882,000

757,283

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/51

..................................................

1,454,000

1,224,201

d

City

of

Oak

Point

,

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

..................................................

300,000

266,076

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)

Texas

(continued)

d

City

of

Oak

Point,

(continued)

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

..................................................

$

1,170,000

$

970,460

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

1,060,000

849,159

Wildridge

Public

Improvement

District

No.

1

Area

No.

4,

Special

Assessment,

144A,

2021,

2.75%,

9/01/31

.............................................

160,000

133,553

Wildridge

Public

Improvement

District

No.

1

Area

No.

4,

Special

Assessment,

144A,

2021,

3.125%,

9/01/41

............................................

643,000

477,052

Wildridge

Public

Improvement

District

No.

1

Area

No.

4,

Special

Assessment,

144A,

2021,

4%,

9/01/51

................................................

987,000

793,186

d

City

of

Pilot

Point

,

Creekview

Public

Improvement

District

Zone

A

Area

No.

1,

Special

Assessment,

144A,

2022,

5.25%,

9/15/32

........................................

200,000

199,462

Creekview

Public

Improvement

District

Zone

A

Area

No.

1,

Special

Assessment,

144A,

2022,

5.5%,

9/15/42

.........................................

800,000

782,456

Creekview

Public

Improvement

District

Zone

A

Area

No.

1,

Special

Assessment,

144A,

2022,

5.625%,

9/15/52

.......................................

1,450,000

1,413,548

Creekview

Public

Improvement

District

Zone

A

Remainder

Area,

Special

Assessment,

144A,

2022,

5.75%,

9/15/32

........................................

200,000

199,023

Creekview

Public

Improvement

District

Zone

A

Remainder

Area,

Special

Assessment,

144A,

2022,

6.125%,

9/15/52

.......................................

2,078,000

2,094,163

Creekview

Public

Improvement

District

Zone

B

Area

No.

1,

Special

Assessment,

144A,

2022,

5.25%,

9/15/32

........................................

300,000

299,193

Creekview

Public

Improvement

District

Zone

B

Area

No.

1,

Special

Assessment,

144A,

2022,

5.5%,

9/15/42

.........................................

750,000

733,552

Creekview

Public

Improvement

District

Zone

B

Area

No.

1,

Special

Assessment,

144A,

2022,

5.625%,

9/15/52

.......................................

1,303,000

1,270,243

Mobberly

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

5.125%,

9/15/32

.......................................

500,000

497,494

Mobberly

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

5.5%,

9/15/48

.........................................

4,026,000

3,945,538

Mobberly

Public

Improvement

District

Improvement

Area

No.

1B,

Special

Assessment,

144A,

2023,

5.625%,

9/15/48

.............................

926,000

925,363

Mobberly

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2022,

5.625%,

9/15/32

.......................................

810,000

816,089

Mobberly

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2022,

6%,

9/15/52

...........................................

4,001,000

4,025,337

Mobberly

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2022,

6.5%,

9/15/52

.........................................

1,600,000

1,622,643

d

City

of

Plano

,

Collin

Creek

East

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/15/51

.................................................

7,750,000

6,188,527

Collin

Creek

West

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

....................................................

2,343,000

1,832,465

d

City

of

Princeton

,

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

2.875%,

9/01/25

.................................................

97,000

93,316

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/01/30

.................................................

180,000

162,226

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

9/01/40

.................................................

650,000

542,888

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.................................................

930,000

761,638

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/01/27

........................................................

201,000

192,897

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/32

........................................................

280,000

263,944

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)

d

City

of

Princeton,

(continued)

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.375%,

9/01/52

.................................................

$

1,139,000

$

962,443

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/01/26

........................................................

84,000

77,457

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3%,

9/01/31

........................................................

126,000

108,493

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

........................................................

325,000

248,705

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

431,000

344,143

Eastridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

........................................................

382,000

380,241

Eastridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.125%,

9/01/42

........................................................

850,000

824,407

Eastridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.25%,

9/01/52

........................................................

1,376,000

1,309,655

Eastridge

Public

Improvement

District

Improvement

Area

No.

2

Project,

Special

Assessment,

144A,

2023,

5.25%,

9/01/43

..............................

1,155,000

1,129,932

Eastridge

Public

Improvement

District

Improvement

Area

No.

2

Project,

Special

Assessment,

144A,

2023,

5.5%,

9/01/53

...............................

1,150,000

1,120,385

Whitewing

Trails

Public

Improvement

District

No.

2

Phase

2,

Special

Assessment,

144A,

2023,

4.25%,

9/01/30

........................................

250,000

247,319

Whitewing

Trails

Public

Improvement

District

No.

2

Phase

2,

Special

Assessment,

144A,

2023,

5.125%,

9/01/43

.......................................

1,100,000

1,071,149

Whitewing

Trails

Public

Improvement

District

No.

2

Phase

2,

Special

Assessment,

144A,

2023,

5.375%,

9/01/53

.......................................

2,041,000

1,987,637

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

........................................................

200,000

178,561

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

........................................................

470,000

384,785

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

675,000

539,607

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.875%,

9/01/31

........................................................

110,000

93,686

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.25%,

9/01/41

........................................................

518,000

385,091

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

616,000

489,388

Winchester

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

..................................................

461,000

456,348

Winchester

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

5.125%,

9/01/42

.................................................

1,011,000

978,610

Winchester

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

5.25%,

9/01/52

..................................................

2,220,000

2,117,921

d

City

of

Red

Oak

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

........................................................

150,000

137,279

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

........................................................

354,000

296,182

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.375%,

9/15/41

........................................................

500,000

377,051

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/15/51

.

665,000

531,522

d

City

of

Rowlett

,

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

............................................

200,000

177,737

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

.............................................

300,000

274,589

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)

d

City

of

Rowlett,

(continued)

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/41

.............................................

$

820,000

$

674,822

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/41

............................................

600,000

519,442

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

................................................

1,172,000

936,757

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

.............................................

1,000,000

827,955

d

City

of

Royse

City

,

Creekshaw

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2020,

3.625%,

9/15/30

.............................

225,000

202,349

Creekshaw

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2020,

4.125%,

9/15/40

.............................

590,000

513,774

Creekshaw

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2020,

4.375%,

9/15/50

.............................

715,000

603,866

Creekshaw

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2022,

5.875%,

9/15/42

.............................

589,000

587,650

Creekshaw

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2022,

6%,

9/15/52

................................

1,267,000

1,274,861

Creekshaw

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2020,

4.375%,

9/15/30

.............................

210,000

199,827

Creekshaw

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2020,

4.875%,

9/15/40

.............................

375,000

346,924

Creekshaw

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2020,

5.125%,

9/15/50

.............................

575,000

528,279

Creekside

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2020,

3.375%,

9/15/30

.................................................

450,000

406,486

Creekside

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2020,

3.875%,

9/15/40

.................................................

1,190,000

997,436

Creekside

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2020,

4.125%,

9/15/50

.................................................

1,780,000

1,445,669

Waterscape

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2019,

4.75%,

9/15/49

..............................

1,495,000

1,356,111

d

City

of

Sachse

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

405,000

354,943

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

1,070,000

858,162

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.375%,

9/15/40

........................................................

1,920,000

1,848,613

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

4%,

9/15/50

.

1,485,000

1,192,979

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.625%,

9/15/50

........................................................

2,235,000

2,146,883

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

7%,

9/15/52

.

750,000

763,513

City

of

San

Marcos

,

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

4.375%,

9/01/25

.

260,000

259,744

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

4.875%,

9/01/30

.

305,000

298,692

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

5.375%,

9/01/40

.

1,300,000

1,276,712

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

5.625%,

9/01/50

.

1,300,000

1,275,054

d

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/01/27

..................................................

300,000

284,710

d

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/32

........................................................

425,000

391,884

d

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.25%,

9/01/42

..................................................

1,221,000

1,042,405

d

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.5%,

9/01/51

........................................................

1,621,000

1,356,443

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)

d

City

of

Santa

Fe

,

Mulberry

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.875%,

9/01/42

.................................................

$

508,000

$

470,590

Mulberry

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5%,

9/01/52

........................................................

858,000

783,350

d

City

of

Sinton

,

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.375%,

9/01/27

.................................................

381,000

363,942

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

..................................................

660,000

615,927

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.125%,

9/01/42

.................................................

1,000,000

941,882

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.25%,

9/01/51

..................................................

1,250,000

1,154,084

d

City

of

Tomball

,

f

Raburn

Reserve

Public

Improvement

District

Area

No.

2,

Special

Assessment,

144A,

2023,

5.75%,

9/15/52

.............................................

1,000,000

993,004

f

Raburn

Reserve

Public

Improvement

District

Area

No.

3,

Special

Assessment,

144A,

2023,

6%,

9/15/53

................................................

1,307,000

1,306,862

Raburn

Reserve

Public

Improvement

District

improvement

Area

No.

1,

Special

Assessment,

144A,

2020,

3.375%,

9/15/30

.............................

330,000

297,453

d

City

of

Uhland

,

Watermill

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

6.625

%

,

9/01/52

..............................................

3,000,000

3,112,970

d

City

of

Venus

,

Brahman

Ranch

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

6.25%,

9/15/42

..................................................

1,000,000

995,572

Brahman

Ranch

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

6.5%,

9/15/52

...................................................

1,009,000

1,011,018

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

.................................................

234,000

215,770

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

.................................................

250,000

214,931

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/15/41

.................................................

1,105,000

858,132

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

........................................................

2,024,000

1,639,582

d

City

of

Waxahachie

,

North

Grove

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.125%,

8/15/32

........................................................

302,000

301,990

North

Grove

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

8/15/52

........................................................

2,395,000

2,330,700

d

Club

Municipal

Management

District

No.

1

,

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

2.5%,

9/01/26

.........

157,000

144,576

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

3%,

9/01/31

...........

271,000

229,684

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

3.25%,

9/01/41

........

1,006,000

759,385

d

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel,

Revenue,

Second

Lien,

144A,

2021

B,

3.5%,

10/01/31

.......................................................

450,000

377,700

Conroe

Convention

Center

Hotel,

Revenue,

Second

Lien,

144A,

2021

B,

5%,

10/01/50

.......................................................

1,200,000

948,896

d

County

of

Hays

,

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

........................................................

100,000

86,972

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

........................................................

800,000

638,013

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/15/50

1,200,000

929,340

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)

d

County

of

Hays,

(continued)

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.75%,

9/15/52

........................................................

$

3,375,000

$

3,346,684

d

County

of

Medina

,

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/26

........................................................

135,000

124,061

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/01/31

........................................................

400,000

360,781

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.875%,

9/01/31

........................................................

815,000

736,774

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/41

........................................................

1,085,000

922,921

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/01/41

........................................................

780,000

718,037

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/50

........................................................

870,000

735,450

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.5%,

9/01/50

........................................................

1,160,000

1,074,278

d

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

8,965,000

6,332,021

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2013

B

,

Zero

Cpn.,

10/01/45

......

10,000,000

10,586,005

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/48

...................

5,000,000

4,001,462

d

Joshua

Farms

Municipal

Management

District

No.

1

,

Special

Assessment,

144A,

2023,

4.375%,

9/01/30

.........................

395,000

389,621

Special

Assessment,

144A,

2023,

5.25%,

9/01/43

.........................

1,618,000

1,557,729

Special

Assessment,

144A,

2023,

5.5%,

9/01/53

..........................

3,393,000

3,249,996

c

Mesquite

Health

Facilities

Development

Corp.

,

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

2/15/36

........................................................

1,000,000

30,000

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2014,

Refunding,

5.125%,

2/15/42

........................................................

3,750,000

112,500

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

2/15/35

........................................................

5,175,000

155,250

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

c

Cardinal

Bay,

Inc.,

Revenue,

D,

6%,

7/01/26

.............................

110,000

44,000

c

Cardinal

Bay,

Inc.,

Revenue,

D,

7%,

7/01/51

.............................

5,110,000

2,044,000

CHF-Collegiate

Housing

College

Station

I

LLC,

Revenue,

2014

A,

5%,

4/01/46

....

1,500,000

1,344,748

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/42

......

5,000,000

4,473,925

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/47

......

4,595,000

3,995,747

Morningside

Ministries

Obligated

Group,

Revenue,

2020

A,

5%,

1/01/55

.........

4,100,000

3,217,850

NCCD-College

Station

Properties

LLC,

Revenue,

A,

5%,

7/01/47

..............

30,000,000

27,225,000

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

10/01/39

.......................................................

2,750,000

2,322,803

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5.25%,

10/01/49

.......................................................

12,600,000

9,998,401

Presbyterian

Village

North

Obligated

Group,

Revenue,

2020

A,

5.25%,

10/01/55

...

2,500,000

1,928,171

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

2019

A-1,

5%,

12/01/39

.......................................................

425,000

397,999

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

2019

A-1,

5%,

12/01/49

.......................................................

1,180,000

1,029,123

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Second

Tier,

2019

B,

5.5%,

12/01/54

................................................

15,450,000

14,181,370

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Third

Tier,

2019

C,

6%,

12/01/54

...................................................

6,375,000

5,886,660

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/43

............

3,200,000

2,593,868

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/49

............

1,000,000

772,696

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/50

.....

1,180,000

834,906

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)

New

Hope

Cultural

Education

Facilities

Finance

Corp.,

(continued)

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/55

.....

$

4,400,000

$

3,024,336

d

North

Parkway

Municipal

Management

District

No.

1

,

Special

Assessment,

144A,

2021,

3.625%,

9/15/26

.........................

1,000,000

960,327

Special

Assessment,

144A,

2021,

4.25%,

9/15/31

.........................

1,500,000

1,432,146

Special

Assessment,

144A,

2021,

4.75%,

9/15/41

.........................

5,000,000

4,622,723

Special

Assessment,

144A,

2021,

5%,

9/15/51

............................

4,250,000

3,827,581

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/15/31

............................................

250,000

222,339

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/41

................................................

1,000,000

854,390

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

.............................................

1,160,000

963,618

North

Texas

Tollway

Authority

,

Special

Projects

System,

Revenue,

2011

B,

Pre-Refunded,

Zero

Cpn.,

9/01/37

....

7,500,000

3,643,179

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

Zero

Cpn.,

9/01/43

....

10,000,000

12,411,016

d

Northwood

Municipal

Utility

District

No.

1

,

GO,

144A,

2020,

Refunding,

3.5%,

8/01/25

..............................

585,000

568,570

GO,

144A,

2020,

Refunding,

4%,

8/01/31

................................

1,070,000

1,041,189

d

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

B

,

6

%

,

12/01/52

..............

5,075,000

3,824,758

c

Red

River

Health

Facilities

Development

Corp.

,

Eden

Home,

Inc.

Obligated

Group

,

Revenue

,

2012

,

7.25

%

,

12/15/42

......................................

11,000,000

6,600,000

Texas

Transportation

Commission

,

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/46

......

3,000,000

900,593

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/47

......

5,750,000

1,632,380

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/51

......

3,500,000

790,058

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/52

......

4,000,000

848,334

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/53

......

400,000

79,870

d

Town

of

Flower

Mound

,

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

2.625%,

9/01/26

........................................

675,000

622,884

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

3.25%,

9/01/31

.........................................

750,000

640,303

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

3.5%,

9/01/36

..........................................

800,000

654,158

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

4%,

9/01/43

............................................

2,450,000

2,044,250

d

Town

of

Lakewood

Village

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.75%,

9/15/32

445,000

429,157

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.25%,

9/15/42

1,400,000

1,328,937

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.375%,

9/15/52

........................................................

2,400,000

2,259,140

d

Town

of

Little

Elm

,

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.25%,

9/01/27

........................................................

139,000

129,198

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.5%,

9/01/32

........................................................

205,000

175,262

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/01/42

........................................................

529,000

412,149

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/51

........................................................

509,000

399,311

Valencia

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/01/32

........................................................

712,000

734,253

Valencia

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.875%,

9/01/52

........................................................

2,700,000

2,800,607

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)

d

Travis

County

Development

Authority

,

County

of

Travis

Turner's

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

........................................

$

302,000

$

298,736

County

of

Travis

Turner's

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.375%,

9/01/42

.......................................

868,000

856,816

County

of

Travis

Turner's

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

9/01/52

.........................................

1,244,000

1,215,797

Viridian

Municipal

Management

District

,

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

2.875%,

12/01/30

.

258,000

219,288

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.125%,

12/01/35

.

415,000

333,510

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.375%,

12/01/40

.

486,000

372,597

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.5%,

12/01/47

..

835,000

610,066

509,682,635

Utah

0.5%

Military

Installation

Development

Authority

,

Revenue,

2021

A-1,

4%,

6/01/52

......................................

3,000,000

2,205,466

Revenue,

2021

A-2,

4%,

6/01/36

......................................

2,250,000

1,883,231

Revenue,

2021

A-2,

4%,

6/01/41

......................................

7,215,000

5,630,920

Revenue,

2021

A-2,

4%,

6/01/52

......................................

21,745,000

15,773,812

d

Utah

Charter

School

Finance

Authority

,

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/39

..

475,000

446,774

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/49

..

825,000

733,171

26,673,374

Virginia

0.4%

Henrico

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

6/01/44

........................................................

3,550,000

3,131,633

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

6/01/49

........................................................

4,065,000

3,501,811

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

487,320

Virginia

United

Methodist

Homes

of

Williamsburg,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/47

.....................................

1,000,000

723,447

d

Virginia

Small

Business

Financing

Authority

,

P3

VB

Holdings

LLC

,

Revenue,

Senior

Lien

,

144A,

2023

A

,

8.5

%

,

12/01/52

....................................

11,000,000

10,347,143

18,191,354

Washington

1.0%

Ocean

Shores

Local

Improvement

District

,

Special

Assessment

,

2011

,

7.25

%

,

2/01/31

835,000

911,044

e

Washington

Economic

Development

Finance

Authority

,

Propeller

Airports

Paine

Field

LLC

,

Revenue

,

A

,

Mandatory

Put

,

6.5

%

,

3/01/24

..........................

23,750,000

23,637,501

d

Washington

State

Housing

Finance

Commission

,

eliseo

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

1/01/51

........

15,070,000

10,457,958

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

1/01/55

..............................................

4,700,000

3,479,579

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/46

.........................................

2,250,000

1,762,235

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/51

.........................................

1,700,000

1,284,920

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2019,

5%,

1/01/55

........................................................

9,020,000

6,427,418

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)

Washington

(continued)

d

Washington

State

Housing

Finance

Commission,

(continued)

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/51

........................................................

$

6,000,000

$

4,364,469

52,325,124

West

Virginia

0.1%

d

County

of

Monongalia

,

Monongalia

County

Building

Commission

Development

District

No.

4,

Tax

Allocation,

144A,

2023

A,

Refunding,

5.75%,

6/01/43

..............................

1,000,000

1,044,631

Monongalia

County

Building

Commission

Development

District

No.

4,

Tax

Allocation,

144A,

2023

A,

Refunding,

6%,

6/01/53

................................

2,000,000

2,117,730

d

Monongalia

County

Commission

Excise

Tax

District

,

Revenue

,

144A,

2021

B

,

4.875

%

,

6/01/43

.........................................................

1,635,000

1,571,732

4,734,093

Wisconsin

2.6%

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

4%,

12/01/40

.....................

1,070,000

844,386

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

4.25%,

12/01/50

...................

7,225,000

5,412,684

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/49

.............

7,900,000

7,379,456

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/45

..........

2,805,000

2,684,286

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/53

..........

4,345,000

4,051,801

d

Coral

Academy

of

Science

Reno,

Revenue,

144A,

2022

A,

6%,

6/01/62

.........

1,565,000

1,505,788

d

Eno

River

Academy,

Revenue,

144A,

2020

A,

5%,

6/15/40

...................

815,000

770,655

d

Eno

River

Academy,

Revenue,

144A,

2020

A,

5%,

6/15/54

...................

1,380,000

1,215,137

d

Estancia

Valley

Classical

Academy,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/41

1,000,000

746,078

d

Estancia

Valley

Classical

Academy,

Revenue,

144A,

2021

A,

Refunding,

4.25%,

7/01/51

........................................................

4,000,000

2,813,211

d

FAH

Tree

House

LLC,

Revenue,

144A,

2023

B,

6.625%,

2/01/46

..............

11,095,000

10,081,594

d

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/39

..

1,230,000

1,130,747

d

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/49

..

7,600,000

6,490,661

d

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/54

..

1,920,000

1,608,981

d

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

13,200,000

13,206,732

d

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/36

....

300,000

276,281

d

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/51

....

1,000,000

838,476

d

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/61

....

1,275,000

1,034,021

d

Hope

Housing

Foundation

Obligated

Group,

Revenue,

144A,

2022

C,

4.6%,

12/01/37

5,460,000

4,349,153

d

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/37

............................................

625,000

571,539

d

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/52

............................................

4,100,000

3,315,755

d

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

3/01/45

..................................................

1,665,000

1,455,356

d

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

3/01/55

..................................................

11,310,000

9,412,045

d

Ocean

Academy

Charter

School,

Revenue,

144A,

2021,

4%,

10/15/31

..........

185,000

163,796

d

Ocean

Academy

Charter

School,

Revenue,

144A,

2021,

5%,

10/15/41

..........

570,000

501,226

d

Ocean

Academy

Charter

School,

Revenue,

144A,

2021,

5%,

10/15/51

..........

1,130,000

941,396

d

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022,

Zero

Cpn.,

12/01/45

...

11,680,000

6,968,491

d

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/31

.................

600,000

570,599

d

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/51

.................

2,250,000

1,858,222

d

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/56

.................

2,465,000

1,999,633

d

UHF

RISE

Student

Housing

LLC,

Revenue,

144A,

2021

A-2,

5.35%,

7/01/40

.....

3,000,000

2,413,093

d

UHF

RISE

Student

Housing

LLC,

Revenue,

144A,

2021

B,

5.25%,

7/01/61

.......

2,000,000

1,591,444

d

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/39

.........

8,500,000

8,067,380

d

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

5%,

1/01/56

...............

1,865,000

1,431,934

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)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

d,e

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-1,

Mandatory

Put,

3.5%,

12/01/35

..................................................

$

2,000,000

$

1,592,956

d,e

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-2,

Mandatory

Put,

4%,

12/01/35

...................................................

18,000,000

14,842,582

Wisconsin

Health

&

Educational

Facilities

Authority

,

Chiara

Communities,

Inc.,

Revenue,

2018

C,

6%,

7/01/28

...................

175,000

151,587

Chiara

Communities,

Inc.,

Revenue,

2018

C,

6.5%,

7/01/33

..................

300,000

240,499

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7%,

7/01/43

...................

1,000,000

718,625

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7.5%,

7/01/53

..................

6,620,000

4,802,925

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

4%,

12/01/41

........

850,000

642,005

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

4%,

12/01/51

........

1,000,000

679,444

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

4%,

12/01/56

........

1,000,000

654,372

132,027,032

U.S.

Territories

10.5%

District

of

Columbia

0.8%

District

of

Columbia

,

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2006

A

,

Zero

Cpn.,

6/15/46

.....................................................

175,000,000

39,874,030

Pacific

Islands

0.1%

Northern

Mariana

Island

Ports

Authority

,

Revenue

,

1998

A

,

6.6

%

,

3/15/28

.........

6,830,000

6,571,112

Puerto

Rico

9.6%

Children's

Trust

Fund

,

Revenue,

2002,

5.5%,

5/15/39

........................................

6,585,000

6,585,769

Revenue,

2002,

5.625%,

5/15/43

......................................

2,500,000

2,512,552

Commonwealth

of

Puerto

Rico

,

g

GO,

FRN,

Zero

Cpn.,

11/01/43

........................................

1

—

GO,

2022

A-1,

5.375%,

7/01/25

.......................................

1

1

GO,

2022

A-1,

5.75%,

7/01/31

........................................

2,166,031

2,342,747

GO,

2022

A-1,

4%,

7/01/33

..........................................

3,562,950

3,336,281

GO,

2022

A-1,

4%,

7/01/35

..........................................

15,191,884

13,962,232

GO,

2022

A-1,

4%,

7/01/37

..........................................

31,512,915

28,352,311

GO,

2022

A-1,

4%,

7/01/41

..........................................

28,684,144

24,804,806

GO,

2022

A-1,

4%,

7/01/46

..........................................

21,788,775

18,138,626

GO,

2022

A-1,

Zero

Cpn.,

7/01/24

.....................................

253,356

244,155

GO,

2022

A-1,

Zero

Cpn.,

7/01/33

.....................................

2,011,366

1,225,537

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5

%

,

8/20/40

...................

43,983,894

35,956,833

HTA

CL

6

Trust

,

Revenue

,

L-2028

,

5.25

%

,

7/01/38

..........................

1,239,120

1,239,528

HTA

TRRB

Custodial

Trust

,

Revenue

,

2007

N

,

5.25

%

,

7/01/36

..................

700,000

705,452

d

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

,

Revenue,

144A,

2021

B,

Refunding,

5%,

7/01/37

..........................

22,500,000

22,506,201

Revenue,

144A,

2021

B,

Refunding,

4%,

7/01/42

..........................

2,500,000

2,145,150

Revenue,

Senior

Lien,

144A,

2020

A,

Refunding,

5%,

7/01/47

................

31,750,000

30,508,848

Puerto

Rico

Electric

Power

Authority

,

b,f

Revenue,

6%,

7/01/41

..............................................

13,844,543

13,844,543

b,f

Revenue,

7.125%,

7/01/59

...........................................

67,236,779

67,236,779

c

Revenue,

1,

10%,

1/01/21

...........................................

6,000,000

1,635,000

c

Revenue,

2013

A,

7.25%,

7/01/30

.....................................

25,000,000

6,875,000

c

Revenue,

2013

A,

6.75%,

7/01/36

.....................................

29,750,000

8,181,250

c

Revenue,

2013

A,

7%,

7/01/43

........................................

5,000,000

1,375,000

c

Revenue,

2016

A-4,

10%,

7/01/19

.....................................

5,500,000

1,498,750

c

Revenue,

2016

B-4,

10%,

7/01/19

.....................................

5,500,000

1,498,750

c

Revenue,

E-2,

10%,

7/01/21

.........................................

6,000,000

1,635,000

c

Revenue,

E-3,

10%,

1/01/22

.........................................

1,989,500

542,139

c

Revenue,

E-4,

10%,

7/01/22

.........................................

1,989,499

542,138

c

Revenue,

XX,

5.75%,

7/01/36

........................................

23,620,000

6,495,500

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

119

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Electric

Power

Authority,

(continued)

c

Revenue,

XX,

5.25%,

7/01/40

........................................

$

10,895,000

$

2,996,125

c

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

AES

Puerto

Rico

LP

,

Revenue

,

2000

A

,

6.625

%

,

6/01/26

.....

15,240,000

10,668,000

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.55%,

7/01/40

................................

393,000

383,185

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

80,515,000

78,132,199

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/46

.............................

25,400,000

7,074,616

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/51

.............................

241,837,000

49,984,685

Sales

Tax,

Revenue,

A-2,

4.329%,

7/01/40

...............................

18,000,000

17,092,901

Sales

Tax,

Revenue,

A-2,

4.784%,

7/01/58

...............................

7,495,000

7,025,739

479,284,328

Total

U.S.

Territories

....................................................................

525,729,470

Total

Municipal

Bonds

(Cost

$5,156,706,252)

...................................

4,800,694,321

Shares

Escrows

and

Litigation

Trusts

0.1%

b,h

Puerto

Rico

Electric

Power

Authority

.....................................

6,159,207

4,927,366

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

4,927,366

Total

Long

Term

Investments

(Cost

$5,379,774,402)

.............................

5,015,102,761

a

a

a

a

a

Short

Term

Investments

0.8%

Principal

Amount

Municipal

Bonds

0.8%

California

0.1%

i

California

Health

Facilities

Financing

Authority

,

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2009

B

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.45

%

,

9/01/38

.........................................................

6,000,000

6,000,000

Georgia

0.1%

i

Development

Authority

of

Monroe

County

(The)

,

Florida

Power

&

Light

Co.

,

Revenue

,

2002

,

Refunding

,

Daily

VRDN

and

Put

,

4.15

%

,

9/01/37

.....................

3,600,000

3,600,000

Missouri

0.0%

†

i

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

St.

Louis

University

,

Revenue

,

2008

B-1

,

LOC

Barclays

Bank

plc

,

Daily

VRDN

and

Put

,

3.95

%

,

10/01/35

855,000

855,000

New

York

0.2%

i

City

of

New

York

,

GO

,

2020

B-3

,

Daily

VRDN

and

Put

,

4.26

%

,

10/01/46

...........

5,665,000

5,665,000

i

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System,

Revenue,

2022

DD,

Refunding,

Daily

VRDN

and

Put,

4.26%,

6/15/33

........................................................

4,920,000

4,920,000

Water

&

Sewer

System,

Revenue,

BB-1A,

SPA

State

Street

Bank

&

Trust

Co.,

Daily

VRDN

and

Put,

3.9%,

6/15/49

.......................................

1,900,000

1,900,000

i

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2013

C-4

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

11/01/36

...........

200,000

200,000

12,685,000

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

s

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

North

Carolina

0.1%

i

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2007

C

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

1/15/37

......................................................

$

3,700,000

$

3,700,000

Oregon

0.2%

i

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group,

Revenue,

2018

A,

Refunding,

LOC

US

Bank

NA,

Daily

VRDN

and

Put,

4.2%,

8/01/34

..................................

5,000,000

5,000,000

PeaceHealth

Obligated

Group,

Revenue,

2018

B,

Refunding,

LOC

TD

Bank

NA,

Daily

VRDN

and

Put,

3.93%,

8/01/34

.................................

2,500,000

2,500,000

7,500,000

Pennsylvania

0.1%

i

Delaware

County

Industrial

Development

Authority

,

United

Parcel

Service,

Inc.

,

Revenue

,

2015

,

Refunding

,

Daily

VRDN

and

Put

,

4.1

%

,

9/01/45

...............

3,300,000

3,300,000

Total

Municipal

Bonds

(Cost

$37,640,000)

......................................

37,640,000

Total

Short

Term

Investments

(Cost

$37,640,000

)

................................

37,640,000

a

Total

Investments

(Cost

$5,417,414,402)

101.0%

................................

$5,052,742,761

Other

Assets,

less

Liabilities

(1.0)%

...........................................

(47,346,920)

Net

Assets

100.0%

...........................................................

$5,005,395,841

See

Abbreviations

on

page

171

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

regarding

fair

value

measurements.

c

See

Note

7

regarding

credit

risk

and

defaulted

securities.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2023,

the

aggregate

value

of

these

securities

was

$1,670,380,149,

representing

33.4%

of

net

assets.

e

The

maturity

date

shown

represents

the

mandatory

put

date.

f

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

g

The

coupon

rate

shown

represents

the

rate

at

period

end.

h

Non-income

producing.

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

121

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.41

$11.48

$11.84

$12.20

$11.47

$11.39

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.13

0.23

0.22

0.28

0.31

0.16

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.07)

(0.36)

(0.37)

0.74

0.08

Total

from

investment

operations

........

0.07

(0.84)

(0.14)

(0.09)

1.05

0.24

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.23)

(0.22)

(0.27)

(0.32)

(0.16)

Net

asset

value,

end

of

period

..........

$10.35

$10.41

$11.48

$11.84

$12.20

$11.47

Total

return

e

.......................

0.67%

(7.32)%

(1.24)%

(0.71)%

9.29%

2.12%

Ratios

to

average

net

assets

f

Expenses

g

........................

0.89%

0.89%

0.88%

0.86%

0.87%

0.86%

Net

investment

income

...............

2.48%

2.20%

1.83%

2.31%

2.64%

2.88%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$53,713

$54,360

$64,555

$58,926

$44,347

$20,086

Portfolio

turnover

rate

................

3.73%

11.16%

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)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

122

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.41

$11.47

$11.83

$12.20

$11.46

$11.47

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.25

0.24

0.30

0.33

0.35

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.06)

(0.36)

(0.38)

0.75

(0.01)

Total

from

investment

operations

........

0.08

(0.81)

(0.12)

(0.08)

1.08

0.34

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.25)

(0.24)

(0.29)

(0.34)

(0.35)

Net

asset

value,

end

of

period

..........

$10.35

$10.41

$11.47

$11.83

$12.20

$11.46

Total

return

d

.......................

0.75%

(7.10)%

(1.09)%

(0.64)%

9.55%

2.98%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.74%

0.74%

0.73%

0.72%

0.72%

0.71%

Net

investment

income

...............

2.62%

2.35%

2.00%

2.48%

2.79%

3.03%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$155,887

$166,958

$218,895

$245,351

$307,452

$314,235

Portfolio

turnover

rate

................

3.73%

11.16%

21.84%

18.21%

12.59%

6.58%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

123

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.53

$11.62

$11.98

$12.35

$11.60

$11.61

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.19

0.17

0.23

0.27

0.28

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.09)

(0.36)

(0.38)

0.76

(0.01)

Total

from

investment

operations

........

0.05

(0.90)

(0.19)

(0.15)

1.03

0.27

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.19)

(0.17)

(0.22)

(0.28)

(0.28)

Net

asset

value,

end

of

period

..........

$10.47

$10.53

$11.62

$11.98

$12.35

$11.60

Total

return

d

.......................

0.46%

(7.78)%

(1.54)%

(1.26)%

8.95%

2.37%

Ratios

to

average

net

assets

e

Expenses

f

.........................

1.28%

1.28%

1.27%

1.26%

1.27%

1.26%

Net

investment

income

...............

2.03%

1.76%

1.44%

1.90%

2.24%

2.48%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$10,561

$11,612

$17,988

$27,111

$31,713

$33,253

Portfolio

turnover

rate

................

3.73%

11.16%

21.84%

18.21%

12.59%

6.58%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

124

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.42

$11.48

$11.84

$12.20

$11.46

$11.48

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15

0.26

0.25

0.31

0.34

0.36

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.06)

(0.35)

(0.36)

0.76

(0.02)

Total

from

investment

operations

........

0.09

(0.80)

(0.10)

(0.05)

1.10

0.34

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.26)

(0.26)

(0.31)

(0.36)

(0.36)

Net

asset

value,

end

of

period

..........

$10.36

$10.42

$11.48

$11.84

$12.20

$11.46

Total

return

d

.......................

0.82%

(6.96)%

(0.86)%

(0.50)%

9.69%

3.01%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.59%

0.61%

0.59%

0.58%

0.60%

0.59%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.59%

0.60%

0.58%

0.57%

0.58%

0.57%

Net

investment

income

...............

2.76%

2.49%

2.13%

2.60%

2.93%

3.17%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$23,315

$23,528

$20,888

$16,909

$12,458

$1,284

Portfolio

turnover

rate

................

3.73%

11.16%

21.84%

18.21%

12.59%

6.58%

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

Massachusetts

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

125

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.41

$11.47

$11.83

$12.20

$11.46

$11.48

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.26

0.25

0.30

0.34

0.36

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.06)

(0.36)

(0.37)

0.75

(0.02)

Total

from

investment

operations

........

0.08

(0.80)

(0.11)

(0.07)

1.09

0.34

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.26)

(0.25)

(0.30)

(0.35)

(0.36)

Net

asset

value,

end

of

period

..........

$10.35

$10.41

$11.47

$11.83

$12.20

$11.46

Total

return

d

.......................

0.80%

(7.01)%

(0.99)%

(0.54)%

9.65%

2.98%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.64%

0.64%

0.63%

0.61%

0.62%

0.61%

Net

investment

income

...............

2.75%

2.45%

2.10%

2.55%

2.89%

3.13%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$120,564

$107,830

$109,947

$106,533

$60,927

$50,814

Portfolio

turnover

rate

................

3.73%

11.16%

21.84%

18.21%

12.59%

6.58%

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,

2023

Franklin

Massachusetts

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

126

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

900,000

$

877,136

Total

Corporate

Bonds

(Cost

$900,000)

........................................

877,136

b

Senior

Floating

Rate

Interests

0.3%

Residential

REITs

0.3%

a,c

Centennial

Gardens

LP

,

Delayed

Draw

Term

Loan,

1

,

6.62

%

,

(

1-month

SOFR

+

1.55

%

),

1/08/24

...................................................

1,000,000

1,017,068

Total

Senior

Floating

Rate

Interests

(Cost

$1,000,000)

...........................

1,017,068

Municipal

Bonds

93.9%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

1,200,000

981,688

Florida

0.6%

d

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

750,000

491,049

d

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

2,000,000

1,642,500

2,133,549

Illinois

0.8%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

1,750,000

1,608,234

State

of

Illinois

,

GO,

2017

D,

5%,

11/01/27

...........................................

140,000

147,382

GO,

2020

B,

5%,

10/01/29

...........................................

1,000,000

1,077,706

2,833,322

Massachusetts

86.8%

Acton

&

Boxborough

Regional

School

District

,

GO,

5%,

3/01/33

..................................................

2,095,000

2,322,902

GO,

3%,

3/01/34

..................................................

1,485,000

1,427,590

GO,

3%,

3/01/35

..................................................

2,130,000

2,005,579

Boston

Water

&

Sewer

Commission

,

Revenue,

Senior

Lien

,

2014

A

,

Pre-Refunded

,

4

%

,

11/01/28

.....................................................

4,400,000

4,442,048

City

of

Lowell

,

GO,

2020,

Refunding,

4%,

9/01/31

.....................................

2,000,000

2,108,606

GO,

2020,

Refunding,

4%,

9/01/33

.....................................

2,025,000

2,121,790

City

of

Quincy

,

GO

,

2014

,

4

%

,

6/01/32

....................................

2,565,000

2,568,268

City

of

Worcester

,

GO

,

2020

A

,

3

%

,

2/01/42

................................

1,685,000

1,368,699

Commonwealth

of

Massachusetts

,

GO,

2018

A,

5%,

1/01/47

............................................

5,000,000

5,184,884

GO,

2022

E,

5%,

11/01/52

...........................................

3,000,000

3,197,711

GO,

A,

5.25%,

4/01/42

..............................................

5,000,000

5,229,711

Revenue,

2005,

Refunding,

AGMC,

NATL

Insured,

5.5%,

1/01/34

..............

11,900,000

13,929,217

Transportation

Fund,

Revenue,

2016

B,

4%,

6/01/45

.......................

7,175,000

6,975,800

Transportation

Fund,

Revenue,

2017

A,

Refunding,

5%,

6/01/43

...............

4,805,000

5,010,267

Transportation

Fund,

Revenue,

2018

A,

5%,

6/01/48

.......................

5,000,000

5,198,310

Transportation

Fund,

Revenue,

2019

A,

5%,

6/01/49

.......................

1,925,000

2,014,000

Massachusetts

Bay

Transportation

Authority

,

Sales

Tax,

Revenue,

A,

5%,

7/01/40

....................................

5,000,000

5,094,897

Sales

Tax,

Revenue,

A-1,

Refunding,

5.25%,

7/01/30

.......................

4,000,000

4,617,901

Sales

Tax,

Revenue,

Senior

Lien,

B,

Refunding,

5%,

7/01/33

.................

2,500,000

2,577,246

Massachusetts

Clean

Water

Trust

(The)

,

Revenue

,

1999

A

,

5.75

%

,

8/01/29

........

250,000

250,411

Massachusetts

Development

Finance

Agency

,

Babson

College,

Revenue,

2022,

Refunding,

4%,

10/01/44

...................

700,000

648,691

Bentley

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/37

................

1,000,000

984,055

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/32

2,975,000

3,061,526

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

127

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Development

Finance

Agency,

(continued)

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/34

$

5,000,000

$

5,135,892

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2016

I,

Refunding,

5%,

7/01/34

1,500,000

1,549,660

Boston

Medical

Center

Corp.

Obligated

Group,

Revenue,

2023

G,

Refunding,

5.25%,

7/01/52

........................................................

2,500,000

2,560,031

Brandeis

University,

Revenue,

2019

S-1,

Refunding,

5%,

10/01/38

.............

2,410,000

2,555,209

Broad

Institute,

Inc.

(The),

Revenue,

2017,

Refunding,

4%,

4/01/41

............

5,000,000

4,884,200

Dana-Farber

Cancer

Institute

Obligated

Group,

Revenue,

2016

N,

5%,

12/01/46

..

6,890,000

6,998,695

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2021

C,

4%,

11/01/46

.......................................................

1,250,000

1,110,589

Loomis

Obligated

Group,

Revenue,

2021,

4%,

1/01/41

......................

435,000

377,645

Loomis

Obligated

Group,

Revenue,

2021,

4%,

1/01/51

......................

300,000

238,893

d

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/26

........

940,000

925,025

d

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/31

........

870,000

838,338

d

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/41

........

485,000

421,052

d

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/51

........

520,000

414,081

Mass

General

Brigham,

Inc.,

Revenue,

2016

Q,

Refunding,

5%,

7/01/34

.........

5,000,000

5,204,551

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

5%,

7/01/33

.......

1,880,000

2,017,528

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

4%,

7/01/41

.......

7,500,000

7,087,384

Mass

General

Brigham,

Inc.,

Revenue,

2020

A-2,

Refunding,

4%,

7/01/41

.......

1,000,000

944,985

Merrimack

College,

Revenue,

2021

B,

4%,

7/01/42

........................

475,000

408,096

Merrimack

College,

Revenue,

2021

B,

4%,

7/01/50

........................

3,650,000

2,938,243

Merrimack

College,

Revenue,

2022,

5%,

7/01/52

..........................

1,000,000

954,779

d

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2018,

5%,

11/15/38

.......................................................

3,000,000

3,003,174

d

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2018,

5.125%,

11/15/46

.......................................................

5,000,000

5,020,425

Northeastern

University,

Revenue,

2014

A,

5%,

3/01/44

.....................

5,000,000

5,020,271

Northeastern

University,

Revenue,

2022,

Refunding,

5%,

10/01/44

.............

2,375,000

2,568,111

President

&

Trustees

of

Williams

College,

Revenue,

2017

S,

4%,

7/01/46

........

7,000,000

6,619,740

President

and

Fellows

of

Harvard

College,

Revenue,

2016

A,

Refunding,

5%,

7/15/33

5,000,000

5,289,532

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/34

.

735,000

699,729

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/39

.

750,000

670,388

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/41

.

500,000

438,964

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/48

.

1,750,000

1,453,834

Simmons

University,

Revenue,

2023

N,

Refunding,

5%,

10/01/43

..............

1,750,000

1,676,073

Southcoast

Health

System

Obligated

Group,

Revenue,

2021

G,

Refunding,

4%,

7/01/46

........................................................

5,795,000

5,190,890

Southcoast

Health

System

Obligated

Group,

Revenue,

2021

G,

Refunding,

5%,

7/01/50

........................................................

6,590,000

6,601,553

Springfield

College,

Revenue,

2021

B,

Refunding,

4%,

6/01/50

................

2,695,000

2,090,869

Suffolk

University,

Revenue,

2021,

4%,

7/01/46

...........................

4,150,000

3,477,600

Suffolk

University,

Revenue,

2021,

4%,

7/01/51

...........................

5,000,000

4,049,772

Trustees

of

Boston

College,

Revenue,

2017

T,

Refunding,

5%,

7/01/42

..........

3,750,000

3,900,173

Trustees

of

Boston

University,

Revenue,

BB-1,

4%,

10/01/46

.................

5,000,000

4,721,599

Wellesley

College,

Revenue,

2018

L,

Refunding,

4%,

7/01/44

.................

6,160,000

5,885,350

Wheaton

College,

Revenue,

2021

I,

5%,

1/01/53

..........................

3,000,000

2,786,557

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/35

..

1,200,000

1,279,104

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/36

..

1,000,000

1,058,181

Worcester

Polytechnic

Institute,

Revenue,

2017,

Refunding,

5%,

9/01/42

........

1,090,000

1,134,710

Worcester

Polytechnic

Institute,

Revenue,

2019,

4%,

9/01/44

.................

1,350,000

1,261,874

Massachusetts

Educational

Financing

Authority

,

Revenue,

2017

B,

Refunding,

4.25%,

7/01/46

.............................

2,500,000

2,261,132

Revenue,

2021

C,

3%,

7/01/51

........................................

3,000,000

1,964,333

Revenue,

2023

C,

5%,

7/01/53

........................................

4,375,000

4,122,676

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.

128

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Health

&

Educational

Facilities

Authority

,

Trustees

of

Boston

College

,

Revenue

,

M2

,

5.5

%

,

6/01/35

.........................................

$

8,600,000

$

10,188,144

Massachusetts

Housing

Finance

Agency

,

Revenue,

2009

C,

5.125%,

12/01/39

...................................

1,045,000

1,045,521

Revenue,

2009

C,

5.35%,

12/01/49

....................................

2,770,000

2,771,562

Revenue,

2012

F,

3.15%,

12/01/32

.....................................

105,000

98,364

Revenue,

2012

F,

3.45%,

12/01/37

.....................................

45,000

40,217

Revenue,

214,

GNMA

Insured,

2.55%,

12/01/34

...........................

1,000,000

855,050

Revenue,

214,

GNMA

Insured,

2.8%,

12/01/39

............................

2,860,000

2,358,996

Revenue,

A,

3.25%,

12/01/27

.........................................

4,000,000

3,915,129

Revenue,

A,

3.5%,

12/01/31

..........................................

5,805,000

5,671,582

Massachusetts

Port

Authority

,

Revenue,

2019

B,

5%,

7/01/44

........................................

5,000,000

5,269,669

Revenue,

2021

B,

Refunding,

5%,

7/01/39

...............................

1,175,000

1,238,658

Massachusetts

School

Building

Authority

,

Revenue,

2018

B,

5.25%,

2/15/48

.....................................

2,315,000

2,425,001

Revenue,

2019

A,

5%,

2/15/44

........................................

1,000,000

1,057,347

Revenue,

Senior

Lien,

2016

C,

Refunding,

5%,

11/15/34

....................

5,000,000

5,267,411

Massachusetts

State

College

Building

Authority

,

Revenue

,

2017

D

,

Refunding

,

4

%

,

5/01/38

.........................................................

4,350,000

4,247,949

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System,

Revenue,

2019

B-1,

Refunding,

5%,

1/01/37

......

1,015,000

1,095,727

Metropolitan

Highway

System,

Revenue,

Senior

Lien,

2019

A,

Refunding,

5%,

1/01/37

........................................................

2,750,000

2,947,931

Massachusetts

Water

Resources

Authority

,

Revenue,

2016

C,

Pre-Refunded,

5%,

8/01/40

............................

5,000,000

5,275,491

Revenue,

2018

B,

5%,

8/01/43

........................................

4,000,000

4,195,427

Revenue,

B,

Refunding,

AGMC

Insured,

5.25%,

8/01/28

.....................

5,490,000

6,116,436

Revenue,

B,

5%,

8/01/40

............................................

1,140,000

1,190,964

Revenue,

B,

5%,

8/01/42

............................................

3,145,000

3,272,572

Springfield

Water

&

Sewer

Commission

,

Revenue

,

2017

C

,

5

%

,

4/15/37

..........

1,260,000

1,321,576

Town

of

Belmont

,

GO

,

2019

,

4

%

,

3/15/45

.................................

3,020,000

2,966,210

Town

of

Braintree

,

GO,

Refunding,

5%,

5/15/27

.........................................

2,000,000

2,150,015

GO,

2019,

3%,

6/01/35

.............................................

1,765,000

1,642,353

Town

of

Natick

,

GO

,

2018

,

4

%

,

7/15/35

...................................

4,970,000

5,068,214

Town

of

Plymouth

,

GO

,

2017

,

4

%

,

5/01/47

.................................

5,000,000

4,838,210

University

of

Massachusetts

Building

Authority

,

Revenue,

2022-1,

4%,

11/01/46

.......................................

4,000,000

3,826,601

Revenue,

Senior

Lien,

1,

Pre-Refunded,

5%,

11/01/44

......................

3,240,000

3,298,909

Revenue,

Senior

Lien,

1,

Pre-Refunded,

5%,

11/01/44

......................

760,000

774,252

Revenue,

Senior

Lien,

2017-1,

5.25%,

11/01/42

...........................

5,000,000

5,282,725

315,865,812

New

Jersey

0.5%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2018

A,

Refunding,

5%,

12/15/32

..............................

1,000,000

1,069,959

Revenue,

2020

AA,

4%,

6/15/35

.......................................

250,000

254,226

Revenue,

2020

AA,

3%,

6/15/50

.......................................

500,000

364,921

1,689,106

New

York

0.6%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/40

.....................................

750,000

706,064

Revenue,

2020

A-1,

4%,

11/15/53

.....................................

1,900,000

1,675,076

2,381,140

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

129

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

d

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

$

800,000

$

630,491

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

800,000

628,619

d

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

749,870

2,008,980

Tennessee

0.1%

e

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

500,000

517,308

Texas

0.6%

d

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,100,000

776,935

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/37

.................................

300,000

234,797

d

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,400,000

1,034,189

2,045,921

Washington

0.2%

d

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

800,000

630,422

Wisconsin

1.0%

d

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

800,000

619,202

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

2,100,000

2,101,071

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

12/01/52

.....

1,000,000

964,445

3,684,718

U.S.

Territories

1.9%

Puerto

Rico

1.9%

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

250,000

249,236

Revenue,

2007

N,

5.25%,

7/01/34

.....................................

5,000,000

5,034,690

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

253,926

250,434

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

165,017

106,230

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

282,277

178,893

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

473,105

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/39

..

200,000

178,705

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

660,000

640,468

7,111,761

Total

U.S.

Territories

....................................................................

7,111,761

Total

Municipal

Bonds

(Cost

$364,767,079)

.....................................

341,883,727

Total

Long

Term

Investments

(Cost

$366,667,079)

...............................

343,777,931

a

a

a

a

a

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.

130

See

Abbreviations

on

page

171

.

Short

Term

Investments

2.9%

a

a

Principal

Amount

a

Value

Municipal

Bonds

2.9%

Massachusetts

2.9%

f

Massachusetts

Health

&

Educational

Facilities

Authority

,

President

and

Fellows

of

Harvard

College

,

Revenue

,

R

,

Daily

VRDN

and

Put

,

2.9

%

,

11/01/49

............

$

10,400,000

$

10,400,000

Total

Municipal

Bonds

(Cost

$10,400,000)

......................................

10,400,000

Total

Short

Term

Investments

(Cost

$10,400,000

)

................................

10,400,000

a

Total

Investments

(Cost

$377,067,079)

97.3%

...................................

$354,177,931

Other

Assets,

less

Liabilities

2.7%

.............................................

9,862,309

Net

Assets

10

0.0

%

...........................................................

$364,040,240

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

regarding

fair

value

measurements.

b

See

Note

1(c)

regarding

senior

floating

rate

interests.

c

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2023,

the

aggregate

value

of

these

securities

was

$20,262,269,

representing

5.6%

of

net

assets.

e

The

maturity

date

shown

represents

the

mandatory

put

date.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

New

Jersey

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

131

0

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.11

$11.18

$11.46

$11.77

$11.14

$11.10

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.15

0.28

0.27

0.29

0.30

0.17

Net

realized

and

unrealized

gains

(losses)

(0.04)

(1.08)

(0.28)

(0.32)

0.65

0.04

Total

from

investment

operations

........

0.11

(0.80)

(0.01)

(0.03)

0.95

0.21

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.27)

(0.27)

(0.28)

(0.32)

(0.17)

Net

asset

value,

end

of

period

..........

$10.07

$10.11

$11.18

$11.46

$11.77

$11.14

Total

return

e

.......................

1.08%

(7.13)%

(0.18)%

(0.18)%

8.61%

1.97%

Ratios

to

average

net

assets

f

Expenses

g

........................

0.83%

0.83%

0.82%

0.82%

0.82%

0.83%

Net

investment

income

...............

2.94%

2.68%

2.30%

2.50%

2.67%

3.28%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$123,380

$120,101

$141,419

$118,815

$109,130

$55,866

Portfolio

turnover

rate

................

4.45%

12.46%

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)

franklintempleton.com

Semiannual

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The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

132

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.10

$11.16

$11.45

$11.76

$11.13

$11.11

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16

0.29

0.28

0.30

0.32

0.38

Net

realized

and

unrealized

gains

(losses)

(0.04)

(1.06)

(0.29)

(0.31)

0.64

0.03

Total

from

investment

operations

........

0.12

(0.77)

(0.01)

(0.01)

0.96

0.41

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.29)

(0.28)

(0.30)

(0.33)

(0.39)

Net

asset

value,

end

of

period

..........

$10.06

$10.10

$11.16

$11.45

$11.76

$11.13

Total

return

d

.......................

1.16%

(6.91)%

(0.11)%

(0.03)%

8.78%

3.78%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.68%

0.68%

0.67%

0.67%

0.67%

0.68%

Net

investment

income

...............

3.09%

2.83%

2.45%

2.67%

2.82%

3.43%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$354,279

$372,268

$464,256

$516,756

$584,519

$596,817

Portfolio

turnover

rate

................

4.45%

12.46%

7.69%

15.41%

17.99%

13.26%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

133

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.23

$11.31

$11.60

$11.92

$11.28

$11.26

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.23

0.22

0.24

0.26

0.32

Net

realized

and

unrealized

gains

(losses)

(0.03)

(1.08)

(0.29)

(0.32)

0.65

0.03

Total

from

investment

operations

........

0.10

(0.85)

(0.07)

(0.08)

0.91

0.35

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.23)

(0.22)

(0.24)

(0.27)

(0.33)

Net

asset

value,

end

of

period

..........

$10.20

$10.23

$11.31

$11.60

$11.92

$11.28

Total

return

d

.......................

0.96%

(7.51)%

(0.66)%

(0.66)%

8.19%

3.15%

Ratios

to

average

net

assets

e

Expenses

f

.........................

1.22%

1.23%

1.22%

1.22%

1.22%

1.23%

Net

investment

income

...............

2.49%

2.23%

1.87%

2.10%

2.27%

2.88%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$36,123

$40,433

$58,632

$87,934

$117,600

$125,982

Portfolio

turnover

rate

................

4.45%

12.46%

7.69%

15.41%

17.99%

13.26%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

134

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.11

$11.17

$11.46

$11.77

$11.14

$11.12

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17

0.31

0.30

0.32

0.34

0.40

Net

realized

and

unrealized

gains

(losses)

(0.04)

(1.07)

(0.29)

(0.31)

0.64

0.03

Total

from

investment

operations

........

0.13

(0.76)

0.01

0.01

0.98

0.43

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.30)

(0.30)

(0.32)

(0.35)

(0.41)

Net

asset

value,

end

of

period

..........

$10.07

$10.11

$11.17

$11.46

$11.77

$11.14

Total

return

d

.......................

1.23%

(6.77)%

0.03%

0.11%

8.92%

3.91%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.53%

0.54%

0.53%

0.53%

0.53%

0.54%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.53%

0.54%

0.53%

0.53%

g

0.53%

g

0.54%

Net

investment

income

...............

3.24%

2.98%

2.59%

2.80%

2.96%

3.57%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$39,365

$37,543

$35,920

$32,012

$33,376

$20,459

Portfolio

turnover

rate

................

4.45%

12.46%

7.69%

15.41%

17.99%

13.26%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

135

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.11

$11.17

$11.46

$11.77

$11.14

$11.12

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16

0.30

0.30

0.31

0.33

0.39

Net

realized

and

unrealized

gains

(losses)

(0.04)

(1.06)

(0.29)

(0.31)

0.64

0.03

Total

from

investment

operations

........

0.12

(0.76)

0.01

—

0.97

0.42

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.30)

(0.31)

(0.34)

(0.40)

Net

asset

value,

end

of

period

..........

$10.07

$10.11

$11.17

$11.46

$11.77

$11.14

Total

return

d

.......................

1.21

%

(6.81)%

(0.01)%

0.07%

8.88%

3.87%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.58%

0.59%

0.57%

0.57%

0.57%

0.58%

Net

investment

income

...............

3.19%

2.97%

2.55%

2.76%

2.92%

3.53%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$200,987

$191,534

$103,449

$94,236

$81,747

$75,607

Portfolio

turnover

rate

................

4.45%

12.46%

7.69%

15.41%

17.99%

13.26%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2023

Franklin

New

Jersey

Tax-Free

Income

Fund

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

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

1,600,000

$

1,559,353

Total

Corporate

Bonds

(Cost

$1,600,000)

.......................................

1,559,353

Municipal

Bonds

95.9%

California

0.1%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

1,300,000

1,063,495

Delaware

1.7%

Delaware

River

&

Bay

Authority

,

Revenue,

2019,

Refunding,

4%,

1/01/44

.................................

12,500,000

11,760,288

Revenue,

2021,

4%,

1/01/46

.........................................

1,000,000

937,389

12,697,677

Florida

1.0%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

4,536,000

3,713,904

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

850,000

556,522

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

3,650,000

2,997,563

7,267,989

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

2,091,935

New

Jersey

76.5%

Atlantic

County

Improvement

Authority

(The)

,

Stockton

University

,

Revenue

,

2021

A

,

AGMC

Insured

,

4

%

,

7/01/47

..........................................

1,000,000

946,475

Bergen

County

Improvement

Authority

(The)

,

Borough

of

Ridgefield,

Revenue,

2020,

4%,

10/15/42

.......................

5,205,000

5,107,123

County

of

Bergen,

Revenue,

2019,

4%,

10/15/37

..........................

3,600,000

3,637,290

County

of

Bergen,

Revenue,

2019,

4%,

10/15/38

..........................

3,745,000

3,760,106

County

of

Bergen,

Revenue,

2019,

4%,

10/15/39

..........................

3,000,000

3,001,749

Camden

County

Improvement

Authority

(The)

,

b

Camden

Prep,

Inc.,

Revenue,

144A,

2022,

5%,

7/15/52

.....................

3,000,000

2,809,703

KIPP

Cooper

Norcross

Obligated

Group,

Revenue,

2022,

6%,

6/15/47

..........

1,700,000

1,775,388

KIPP

Cooper

Norcross

Obligated

Group,

Revenue,

2022,

6%,

6/15/52

..........

2,100,000

2,182,786

City

of

Newark

,

Mass

Transit

Access

Tax,

Revenue,

2022,

AGMC

Insured,

5%,

11/15/42

.........

1,000,000

1,072,273

Mass

Transit

Access

Tax,

Revenue,

2022,

AGMC

Insured,

5.375%,

11/15/52

.....

1,500,000

1,639,461

Mass

Transit

Access

Tax,

Revenue,

2022,

AGMC

Insured,

6%,

11/15/62

.........

1,000,000

1,124,647

County

of

Middlesex

,

COP

,

1998

,

NATL

Insured

,

Zero

Cpn.,

6/15/24

.............

1,000,000

972,202

Cumberland

County

Improvement

Authority

(The)

,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

9/01/39

.................

2,000,000

2,033,974

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/36

............

955,000

1,013,500

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/37

............

1,000,000

1,055,980

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/38

............

1,020,000

1,070,135

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/39

............

1,070,000

1,119,816

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/44

............

5,725,000

5,937,952

Essex

County

Improvement

Authority

,

Friends

of

TEAM

Academy

Charter

School

Obligated

Group,

Revenue,

2021,

4%,

6/15/38

........................................................

1,645,000

1,522,388

Friends

of

TEAM

Academy

Charter

School

Obligated

Group,

Revenue,

2021,

4%,

6/15/51

........................................................

2,700,000

2,259,308

Friends

of

TEAM

Academy

Charter

School

Obligated

Group,

Revenue,

2021,

4%,

6/15/56

........................................................

4,925,000

4,032,390

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

137

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

Gloucester

County

Improvement

Authority

(The)

,

Rowan

University,

Revenue,

2015

C,

AGMC

Insured,

4%,

7/01/42

.............

$

2,500,000

$

2,381,578

Rowan

University,

Revenue,

2015

C,

5%,

7/01/44

.........................

3,500,000

3,541,168

Rowan

University,

Revenue,

2019,

4%,

7/01/37

...........................

750,000

749,783

Rowan

University,

Revenue,

2019,

4%,

7/01/38

...........................

700,000

689,914

Rowan

University,

Revenue,

2019,

4%,

7/01/39

...........................

600,000

587,038

Rowan

University,

Revenue,

2019,

5%,

7/01/44

...........................

4,925,000

5,194,852

Rowan

University,

Revenue,

2019,

4%,

7/01/48

...........................

5,250,000

4,914,808

Hudson

County

Improvement

Authority

,

Revenue,

2019,

Refunding,

4%,

1/01/40

.................................

1,000,000

993,308

County

of

Hudson,

Revenue,

2016,

5.25%,

5/01/51

........................

6,000,000

6,147,172

Mercer

County

Improvement

Authority

(The)

,

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/31

...................

1,545,000

1,634,435

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/33

...................

1,500,000

1,575,365

Monmouth

County

Improvement

Authority

(The)

,

Revenue,

2019

A,

4%,

8/01/32

........................................

300,000

315,851

Revenue,

2019

A,

4%,

8/01/33

........................................

350,000

366,408

Revenue,

2019

A,

4%,

8/01/34

........................................

525,000

546,387

Revenue,

2019

A,

4%,

8/01/35

........................................

525,000

540,812

Revenue,

2019

A,

4%,

8/01/36

........................................

500,000

509,602

Revenue,

2019

A,

4%,

8/01/37

........................................

275,000

277,531

Revenue,

2019

A,

4%,

8/01/38

........................................

225,000

225,370

Revenue,

2019

A,

4%,

8/01/39

........................................

400,000

398,871

Revenue,

2019

B,

4%,

12/01/34

.......................................

750,000

780,359

Revenue,

2019

B,

4%,

12/01/36

.......................................

750,000

762,888

Revenue,

2019

B,

4%,

12/01/37

.......................................

500,000

504,129

Revenue,

2019

B,

4%,

12/01/38

.......................................

750,000

751,033

Revenue,

2019

B,

4%,

12/01/39

.......................................

600,000

598,048

New

Brunswick

Parking

Authority

,

Revenue

,

2016

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/39

.........................................................

5,000,000

5,112,626

New

Jersey

Economic

Development

Authority

,

Revenue,

2021

QQQ,

4%,

6/15/39

.....................................

2,500,000

2,471,306

Revenue,

2021

QQQ,

4%,

6/15/46

.....................................

1,250,000

1,190,329

Revenue,

2021

QQQ,

4%,

6/15/50

.....................................

1,250,000

1,173,411

Middlesex

Water

Co.,

Revenue,

2019,

4%,

8/01/59

........................

6,200,000

5,296,654

Middlesex

Water

Co.,

Revenue,

2019,

5%,

8/01/59

........................

7,245,000

7,377,927

New

Jersey

Transit

Corp.,

Revenue,

2022

A,

5%,

11/01/52

...................

5,000,000

5,228,772

Port

Newark

Container

Terminal

LLC,

Revenue,

2017,

Refunding,

5%,

10/01/47

...

13,625,000

13,709,201

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/32

..........

640,000

640,536

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/37

..........

600,000

588,216

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

1,500,000

1,388,223

Provident

Group-Montclair

Properties

LLC,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

6/01/42

..............................................

6,000,000

6,079,121

Provident

Group-Rowan

Properties

LLC,

Revenue,

A,

5%,

1/01/48

.............

7,000,000

6,316,367

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2005

N-1,

Refunding,

NATL

Insured,

5.5%,

9/01/27

........................................

8,660,000

9,350,507

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2015

WW,

Pre-Refunded,

5%,

6/15/37

....................................................

4,760,000

4,914,444

New

Jersey

Educational

Facilities

Authority

,

Kean

University,

Revenue,

2015

H,

Refunding,

AGMC

Insured,

5%,

7/01/34

......

2,205,000

2,283,575

Kean

University,

Revenue,

2015

H,

Refunding,

AGMC

Insured,

5%,

7/01/35

......

5,000,000

5,167,679

Kean

University,

Revenue,

2017

D,

Refunding,

BAM

Insured,

4%,

9/01/38

.......

1,150,000

1,115,231

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/39

................

5,000,000

5,030,091

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/44

................

16,380,000

16,438,724

Montclair

State

University,

Inc.,

Revenue,

2015

D,

Refunding,

5%,

7/01/35

.......

2,245,000

2,293,574

Montclair

State

University,

Inc.,

Revenue,

2015

D,

Refunding,

5%,

7/01/36

.......

1,210,000

1,232,914

Montclair

State

University,

Inc.,

Revenue,

2016

B,

Refunding,

5%,

7/01/34

.......

1,325,000

1,374,985

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.

138

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Educational

Facilities

Authority,

(continued)

Ramapo

College

of

New

Jersey,

Revenue,

2017

A,

Refunding,

AGMC

Insured,

5%,

7/01/35

........................................................

$

3,955,000

$

4,172,483

Seton

Hall

University,

Revenue,

2015

C,

Refunding,

5%,

7/01/34

..............

400,000

408,029

Seton

Hall

University,

Revenue,

2015

C,

Refunding,

5%,

7/01/37

..............

1,300,000

1,316,755

Seton

Hall

University,

Revenue,

2017

D,

Refunding,

5%,

7/01/42

..............

3,945,000

4,005,018

Seton

Hall

University,

Revenue,

2020

C,

AGMC

Insured,

3.25%,

7/01/49

........

1,150,000

877,262

Seton

Hall

University,

Revenue,

2020

C,

AGMC

Insured,

4%,

7/01/50

...........

1,850,000

1,675,088

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

1998-1,

ETM,

5%,

7/01/28

........................................................

405,000

422,944

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2017

A,

Refunding,

5%,

7/01/36

........................................................

1,600,000

1,638,715

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

........................................................

9,310,000

9,367,261

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2017

A,

Refunding,

5%,

7/01/47

........................................................

4,085,000

4,090,734

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2020

A,

5%,

7/01/45

.

4,000,000

4,021,401

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2020

A,

4%,

7/01/50

.

11,640,000

9,761,770

Trustees

of

Princeton

University

(The),

Revenue,

2014

A,

5%,

7/01/44

..........

15,000,000

15,105,180

New

Jersey

Health

Care

Facilities

Financing

Authority

,

AHS

Hospital

Corp.,

Revenue,

2008

A,

5%,

7/01/27

........................

180,000

180,090

AHS

Hospital

Corp.,

Revenue,

2016,

Refunding,

4%,

7/01/41

.................

10,000,000

9,484,872

AtlantiCare

Health

System

Obligated

Group,

Revenue,

2021,

4%,

7/01/37

.......

750,000

741,150

AtlantiCare

Health

System

Obligated

Group,

Revenue,

2021,

3%,

7/01/46

.......

1,000,000

712,582

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

........................................................

3,000,000

3,127,450

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/38

........................................................

3,000,000

3,114,655

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/39

........................................................

5,000,000

5,171,852

Hunterdon

Medical

Center

Obligated

Group,

Revenue,

2014

A,

Pre-Refunded,

5%,

7/01/45

........................................................

2,650,000

2,684,039

Inspira

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

......

18,500,000

18,649,473

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/42

...............

7,000,000

7,101,617

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

4%,

7/01/47

...............

8,700,000

7,816,978

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2013

A,

5.5%,

7/01/43

.......

4,000,000

4,002,318

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/43

.........

3,650,000

3,663,888

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

7/01/44

15,530,000

15,614,364

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/43

10,000,000

10,167,294

St.

Joseph's

Healthcare

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

7/01/41

........................................................

5,850,000

5,656,477

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/35

...........

1,000,000

983,689

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/37

...........

3,950,000

3,838,395

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/38

...........

2,200,000

2,096,834

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/44

...........

12,000,000

10,948,091

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

2019

B,

Refunding,

3.25%,

12/01/39

............................

6,260,000

5,846,693

Revenue,

2020

C,

Refunding,

4.25%,

12/01/50

...........................

1,750,000

1,515,645

Revenue,

2021

B,

Refunding,

5%,

12/01/29

..............................

2,830,000

2,980,038

Revenue,

2023

C,

5%,

12/01/53

.......................................

3,125,000

2,904,221

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

...................

4,935,000

4,644,873

New

Jersey

Housing

&

Mortgage

Finance

Agency

,

Revenue,

2018

A,

Refunding,

3.95%,

11/01/43

............................

1,100,000

962,993

Revenue,

2019

A,

Refunding,

3%,

11/01/44

..............................

510,000

385,656

Revenue,

2019

C,

Refunding,

3.95%,

10/01/44

...........................

3,955,000

3,573,291

Revenue,

2020

E,

Refunding,

2.05%,

10/01/35

............................

4,005,000

3,203,350

Revenue,

2020

E,

Refunding,

2.25%,

10/01/40

............................

8,020,000

5,856,230

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

139

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Housing

&

Mortgage

Finance

Agency,

(continued)

Revenue,

2020

E,

Refunding,

2.4%,

10/01/45

.............................

$

3,205,000

$

2,359,753

Revenue,

2020

E,

Refunding,

2.45%,

10/01/50

............................

2,400,000

1,743,898

New

Jersey

Institute

of

Technology

,

Revenue

,

2015

A

,

5

%

,

7/01/45

..............

6,000,000

6,072,350

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

C,

AGMC

Insured,

Zero

Cpn.,

12/15/33

.....................

10,000,000

6,675,123

Revenue,

2009

A,

Zero

Cpn.,

12/15/32

..................................

10,000,000

6,910,043

Revenue,

2009

A,

Zero

Cpn.,

12/15/36

..................................

500,000

279,855

Revenue,

2010

A,

Zero

Cpn.,

12/15/29

..................................

5,000,000

3,945,534

Revenue,

2010

A,

Zero

Cpn.,

12/15/40

..................................

4,750,000

2,104,488

Revenue,

2019

BB,

4%,

6/15/44

.......................................

6,000,000

5,689,343

Revenue,

2020

AA,

4%,

6/15/50

.......................................

3,670,000

3,379,969

Revenue,

2022

A,

4%,

6/15/41

........................................

2,000,000

1,934,541

Revenue,

2022

BB,

4%,

6/15/42

.......................................

2,400,000

2,302,947

Revenue,

2022

BB,

4%,

6/15/46

.......................................

7,325,000

6,874,266

Revenue,

2022

CC,

5.5%,

6/15/50

.....................................

1,250,000

1,362,577

State

of

New

Jersey,

Revenue,

2023

A,

Refunding,

5%,

6/15/38

...............

4,000,000

4,325,876

State

of

New

Jersey,

Revenue,

2023

A,

Refunding,

5.25%,

6/15/41

............

2,500,000

2,716,071

New

Jersey

Turnpike

Authority

,

Revenue,

2017

A,

5%,

1/01/34

........................................

6,505,000

6,837,353

Revenue,

2017

A,

5%,

1/01/35

........................................

3,495,000

3,668,626

Revenue,

2017

B,

Refunding,

5%,

1/01/40

...............................

15,245,000

15,918,016

Revenue,

2017

G,

Refunding,

4%,

1/01/43

...............................

5,000,000

4,830,718

Revenue,

2019

A,

5%,

1/01/48

........................................

15,500,000

16,209,260

Revenue,

2021

A,

4%,

1/01/51

........................................

3,000,000

2,857,742

Revenue,

2022

B,

4.5%,

1/01/48

......................................

5,000,000

5,116,473

Newark

Board

of

Education

,

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/39

..........................

700,000

559,718

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/40

..........................

750,000

590,408

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/41

..........................

750,000

580,907

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/42

..........................

700,000

534,384

Newark

Housing

Authority

,

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

2017

,

Refunding

,

4

%

,

1/01/37

.............................................

20,745,000

20,745,407

Passaic

County

Improvement

Authority

(The)

,

Paterson

Arts

&

Science

Charter

School,

Revenue,

2023,

5.25%,

7/01/43

........

670,000

663,000

Paterson

Arts

&

Science

Charter

School,

Revenue,

2023,

5.375%,

7/01/53

.......

1,000,000

975,915

Paterson

Arts

&

Science

Charter

School,

Revenue,

2023,

5.5%,

7/01/58

.........

1,000,000

978,611

Salem

County

Pollution

Control

Financing

Authority

,

Constellation

Energy

Generation

LLC

,

Revenue

,

1993

A

,

Refunding

,

4.45

%

,

3/01/25

.........................

1,825,000

1,820,575

South

Jersey

Transportation

Authority

,

Revenue,

2020

A,

5%,

11/01/45

.......................................

5,750,000

5,851,494

Revenue,

2022

A,

4.625%,

11/01/47

....................................

5,000,000

4,926,578

Revenue,

2022

A,

5.25%,

11/01/52

.....................................

5,540,000

5,719,447

State

of

New

Jersey

,

GO,

2020

A,

4%,

6/01/31

............................................

4,500,000

4,714,579

GO,

2020

A,

3%,

6/01/32

............................................

3,400,000

3,161,268

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

6/01/46

..

17,000,000

17,559,448

576,824,068

New

York

4.0%

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

179,

5%,

12/01/38

.........................................

15,000,000

15,039,939

Revenue,

240,

Refunding,

5%,

7/15/53

.................................

2,500,000

2,657,841

Revenue,

First

Series,

171st,

5%,

7/15/30

...............................

12,200,000

12,215,248

29,913,028

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.

140

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

0.3%

b

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-1

,

5.5

%

,

12/01/39

............................

$

2,000,000

$

1,949,542

Pennsylvania

7.4%

Delaware

River

Joint

Toll

Bridge

Commission

,

Revenue,

2017,

5%,

7/01/42

.........................................

19,500,000

20,169,887

Revenue,

2019

A,

5%,

7/01/33

........................................

100,000

109,585

Revenue,

2019

A,

5%,

7/01/34

........................................

150,000

163,892

Revenue,

2019

A,

5%,

7/01/35

........................................

150,000

162,912

Revenue,

2019

A,

5%,

7/01/36

........................................

150,000

161,424

Revenue,

2019

A,

5%,

7/01/37

........................................

150,000

160,198

Revenue,

2019

A,

5%,

7/01/38

........................................

150,000

159,136

Revenue,

2019

A,

5%,

7/01/39

........................................

150,000

157,627

Revenue,

2019

A,

5%,

7/01/44

........................................

760,000

789,944

Revenue,

2019

B,

Refunding,

5%,

7/01/31

...............................

850,000

926,874

Revenue,

2019

B,

Refunding,

5%,

7/01/32

...............................

1,000,000

1,100,817

Delaware

River

Port

Authority

,

Revenue,

2013,

5%,

1/01/37

.........................................

10,000,000

10,032,459

Revenue,

2018

A,

5%,

1/01/37

........................................

3,285,000

3,525,278

Revenue,

2018

A,

5%,

1/01/38

........................................

5,050,000

5,376,069

Revenue,

2018

A,

5%,

1/01/39

........................................

2,300,000

2,434,754

Revenue,

2018

A,

5%,

1/01/40

........................................

9,565,000

10,103,740

55,534,596

South

Carolina

0.4%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,500,000

1,182,171

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,500,000

1,178,660

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

749,870

3,110,701

Texas

0.7%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

2,000,000

2,015,798

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,100,000

1,483,240

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,700,000

1,994,508

5,493,546

Washington

0.1%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,500,000

1,182,040

Wisconsin

0.9%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,500,000

1,161,003

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

4,100,000

4,102,091

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

12/01/52

.....

2,000,000

1,928,890

7,191,984

U.S.

Territories

2.5%

Puerto

Rico

2.5%

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

2,700,000

2,691,752

Revenue,

2007

N,

5.25%,

7/01/36

.....................................

300,000

302,337

Puerto

Rico

Electric

Power

Authority

,

a,c

Revenue,

6%,

7/01/41

..............................................

444,374

444,374

a,c

Revenue,

7.125%,

7/01/59

...........................................

2,158,134

2,158,134

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

141

See

Abbreviations

on

page

171

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Electric

Power

Authority,

(continued)

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

$

1,200,000

$

1,179,646

d

Revenue,

WW,

5.5%,

7/01/38

.........................................

3,950,000

1,086,250

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

94,046

92,753

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

61,117

39,344

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

104,547

66,256

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

10,850,000

10,528,900

18,589,746

Total

U.S.

Territories

....................................................................

18,589,746

Total

Municipal

Bonds

(Cost

$760,441,740)

.....................................

722,910,347

Shares

Escrows

and

Litigation

Trusts

0.0%

†

a,e

Puerto

Rico

Electric

Power

Authority

.....................................

200,660

160,528

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

160,528

Total

Long

Term

Investments

(Cost

$762,041,740)

...............................

724,630,228

a

a

a

a

a

Short

Term

Investments

3.5%

Principal

Amount

Municipal

Bonds

3.5%

New

Jersey

3.5%

f

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group,

Revenue,

2009

B,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

3.7%,

7/01/43

..................................

10,800,000

10,800,000

Virtua

Health

Obligated

Group,

Revenue,

2009

C,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

3.65%,

7/01/43

.................................

15,800,000

15,800,000

26,600,000

Total

Municipal

Bonds

(Cost

$26,600,000)

......................................

26,600,000

Total

Short

Term

Investments

(Cost

$26,600,000

)

................................

26,600,000

a

Total

Investments

(Cost

$788,641,740)

99.6%

...................................

$751,230,228

Other

Assets,

less

Liabilities

0.4%

.............................................

2,903,053

Net

Assets

100.0%

...........................................................

$754,133,281

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.

142

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

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,

2023,

the

aggregate

value

of

these

securities

was

$24,189,078,

representing

3.2%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

d

See

Note

7

regarding

defaulted

securities.

e

Non-income

producing.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

August

31,

2023

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

143

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

.................................

$2,315,370,843

$928,992,983

$5,372,056,665

Cost

-

Controlled

affiliates

(Note

3f)

..........................

57,603,313

39,888,825

45,357,737

Value

-

Unaffiliated

issuers

................................

$2,205,634,839

$900,611,442

$5,011,307,211

Value

-

Controlled

affiliates

(Note

3f)

.........................

49,216,050

36,068,500

41,435,550

Cash

..................................................

2,252,204

3,746,300

—

Receivables:

Investment

securities

sold

.................................

—

—

6,909,779

Capital

shares

sold

......................................

782,798

472,846

3,461,711

Interest

...............................................

24,493,060

8,798,632

60,018,155

Total

assets

........................................

2,282,378,951

949,697,720

5,123,132,406

Liabilities:

Payables:

Investment

securities

purchased

............................

—

5,000,000

93,832,866

Capital

shares

redeemed

.................................

4,817,290

1,167,599

12,880,206

Management

fees

.......................................

688,852

241,398

1,912,863

Distribution

fees

........................................

230,533

109,591

591,675

Transfer

agent

fees

......................................

404,745

101,099

699,114

Trustees'

fees

and

expenses

...............................

2,121

2,323

3,367

Distributions

to

shareholders

...............................

673,413

418,428

2,062,373

Funds

advanced

by

custodian

...............................

—

—

4,922,220

Accrued

expenses

and

other

liabilities

.........................

162,574

101,829

831,881

Total

liabilities

.......................................

6,979,528

7,142,267

117,736,565

Net

assets,

at

value

...............................

$2,275,399,423

$942,555,453

$5,005,395,841

Net

assets

consist

of:

Paid-in

capital

...........................................

$2,521,404,074

$991,900,437

$6,274,816,082

Total

distributable

earnings

(losses)

...........................

(246,004,651)

(49,344,984)

(1,269,420,241)

Net

assets,

at

value

...............................

$2,275,399,423

$942,555,453

$5,005,395,841

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2023

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

144

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

.....................................

$667,843,506

$347,571,610

$1,405,995,355

Shares

outstanding

......................................

60,791,202

34,629,225

164,012,995

Net

asset

value

per

share

a

................................

$10.99

$10.04

$8.57

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

97

.

75

%

,

97

.

75

%

and

96

.

25

%

,

respectively)

..........................

$11.24

$10.27

$8.90

Class

A1:

Net

assets,

at

value

.....................................

$799,301,274

$274,443,788

$2,437,745,591

Shares

outstanding

......................................

72,853,235

27,317,448

284,600,550

Net

asset

value

per

share

a

................................

$10.97

$10.05

$8.57

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

97

.

75

%

,

97

.

75

%

and

96

.

25

%

,

respectively)

..........................

$11.22

$10.28

$8.90

Class

C:

Net

assets,

at

value

.....................................

$35,223,104

$—

$153,108,309

Shares

outstanding

......................................

3,200,103

—

17,517,159

Net

asset

value

and

maximum

offering

price

per

share

a

...........

$11.01

$—

$8.74

Class

R6:

Net

assets,

at

value

.....................................

$130,376,479

$60,441,696

$181,857,062

Shares

outstanding

......................................

11,852,382

6,021,208

21,127,341

Net

asset

value

and

maximum

offering

price

per

share

...........

$11.00

$10.04

$8.61

Advisor

Class:

Net

assets,

at

value

.....................................

$642,655,060

$260,098,359

$826,689,524

Shares

outstanding

......................................

58,427,710

25,901,610

96,079,983

Net

asset

value

and

maximum

offering

price

per

share

...........

$11.00

$10.04

$8.60

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,

2023

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

145

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

..................................................

$377,067,079

$788,641,740

Value

-

Unaffiliated

issuers

.................................................

$354,177,931

$751,230,228

Cash

...................................................................

6,767,572

78,654

Receivables:

Investment

securities

sold

..................................................

5,153,100

—

Capital

shares

sold

.......................................................

219,090

195,398

Interest

................................................................

3,821,571

7,002,553

Total

assets

.........................................................

370,139,264

758,506,833

Liabilities:

Payables:

Investment

securities

purchased

.............................................

5,002,197

2,496,412

Capital

shares

redeemed

..................................................

548,617

1,158,113

Management

fees

........................................................

155,313

303,973

Distribution

fees

.........................................................

30,658

76,390

Transfer

agent

fees

.......................................................

50,565

79,510

Trustees'

fees

and

expenses

................................................

1,319

875

Distributions

to

shareholders

................................................

149,938

215,135

Accrued

expenses

and

other

liabilities

..........................................

160,417

43,144

Total

liabilities

........................................................

6,099,024

4,373,552

Net

assets,

at

value

................................................

$364,040,240

$754,133,281

Net

assets

consist

of:

Paid-in

capital

............................................................

$410,324,417

$894,436,734

Total

distributable

earnings

(losses)

............................................

(46,284,177)

(140,303,453)

Net

assets,

at

value

................................................

$364,040,240

$754,133,281

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2023

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

146

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Class

A:

Net

assets,

at

value

......................................................

$53,713,226

$123,380,367

Shares

outstanding

.......................................................

5,187,199

12,248,239

Net

asset

value

per

share

a

.................................................

$10.35

$10.07

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

...............

$10.75

$10.46

Class

A1:

Net

assets,

at

value

......................................................

$155,887,301

$354,278,704

Shares

outstanding

.......................................................

15,064,196

35,217,821

Net

asset

value

per

share

a

.................................................

$10.35

$10.06

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

...............

$10.75

$10.45

Class

C:

Net

assets,

at

value

......................................................

$10,561,468

$36,122,819

Shares

outstanding

.......................................................

1,008,295

3,542,580

Net

asset

value

and

maximum

offering

price

per

share

a

............................

$10.47

$10.20

Class

R6:

Net

assets,

at

value

......................................................

$23,314,665

$39,364,626

Shares

outstanding

.......................................................

2,251,349

3,908,709

Net

asset

value

and

maximum

offering

price

per

share

............................

$10.36

$10.07

Advisor

Class:

Net

assets,

at

value

......................................................

$120,563,580

$200,986,765

Shares

outstanding

.......................................................

11,649,952

19,960,392

Net

asset

value

and

maximum

offering

price

per

share

............................

$10.35

$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

Operations

for

the

six

months

ended

August

31,

2023

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

147

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

......................................

$—

$—

$364,798

Controlled

affiliates

(Not

e

3f)

...............................

877,000

642,718

787,637

Interest:

Unaffiliated

issuers

......................................

38,683,923

13,541,673

137,364,439

Total

investment

income

.................................

39,560,923

14,184,391

138,516,874

Expenses:

Management

fees

(Note

3

a

)

.................................

5,412,945

2,343,349

11,658,464

Distribution

fees:

(Note

3c

)

    Class

A

..............................................

874,682

463,746

1,774,053

    Class

A1

.............................................

423,082

218,968

1,272,824

    Class

C

..............................................

126,086

—

541,519

Transfer

agent

fees:

(Note

3e

)

    Class

A

..............................................

276,323

112,421

487,489

    Class

A1

.............................................

334,115

88,491

874,639

    Class

C

..............................................

15,311

—

57,267

    Class

R6

.............................................

17,636

9,106

24,072

    Advisor

Class

..........................................

260,034

77,841

299,276

Custodian

fees

(Note

4

)

....................................

7,793

3,355

16,015

Reports

to

shareholders

fees

................................

64,348

31,906

151,642

Registration

and

filing

fees

..................................

105,252

74,408

171,897

Professional

fees

.........................................

34,539

29,366

527,969

Trustees'

fees

and

expenses

................................

13,703

5,862

30,428

Other

..................................................

109,201

61,044

320,315

Total

expenses

.......................................

8,075,050

3,519,863

18,207,869

Expense

reductions

(Note

4

)

.............................

(7,774)

(3,317)

(15,829)

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

............

(1,225,121)

(872,341)

(63,111)

Net

expenses

.......................................

6,842,155

2,644,205

18,128,929

Net

investment

income

..............................

32,718,768

11,540,186

120,387,945

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

....................................

(7,782,721)

(1,722,295)

(23,298,399)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

(40,602)

2,412,178

(37,108,747)

Controlled

affiliates

(Note

3

f

)

.............................

(253,800)

(186,000)

96,525

Net

change

in

unrealized

appreciation

(depreciation)

..........

(294,402)

2,226,178

(37,012,222)

Net

realized

and

unrealized

gain

(loss)

..........................

(8,077,123)

503,883

(60,310,621)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$24,641,645

$12,044,069

$60,077,324

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

August

31,

2023

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

148

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

.......................................................

$6,139,620

$14,454,293

Expenses:

Management

fees

(Note

3

a

)

..................................................

937,641

1,837,954

Distribution

fees:

(Note

3c

)

    Class

A

...............................................................

68,659

154,378

    Class

A1

..............................................................

82,076

184,694

    Class

C

...............................................................

36,745

125,863

Transfer

agent

fees:

(Note

3e

)

    Class

A

...............................................................

19,608

41,845

    Class

A1

..............................................................

58,580

125,056

    Class

C

...............................................................

4,034

13,106

    Class

R6

..............................................................

3,126

4,181

    Advisor

Class

...........................................................

40,070

67,520

Custodian

fees

(Note

4

)

.....................................................

1,001

1,931

Reports

to

shareholders

fees

.................................................

9,396

16,577

Registration

and

filing

fees

...................................................

33,162

26,901

Professional

fees

..........................................................

27,818

36,988

Trustees'

fees

and

expenses

.................................................

1,667

4,056

Other

...................................................................

20,519

27,012

Total

expenses

........................................................

1,344,102

2,668,062

Expense

reductions

(Note

4

)

..............................................

(1,003)

(1,923)

Net

expenses

........................................................

1,343,099

2,666,139

Net

investment

income

...............................................

4,796,521

11,788,154

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

.....................................................

(1,534,833)

(2,319,782)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

.....................................................

(340,844)

(407,846)

Net

realized

and

unrealized

gain

(loss)

...........................................

(1,875,677)

(2,727,628)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.........................

$2,920,844

$9,060,526

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

149

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$32,718,768

$67,637,543

$11,540,186

$18,821,896

Net

realized

gain

(loss)

............

(7,782,721)

(61,138,474)

(1,722,295)

(9,673,204)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(294,402)

(170,236,826)

2,226,178

(35,108,528)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

24,641,645

(163,737,757)

12,044,069

(25,959,836)

Distributions

to

shareholders:

Class

A

........................

(9,122,421)

(15,455,518)

(4,097,560)

(4,898,693)

Class

A1

.......................

(11,681,235)

(23,870,190)

(3,366,914)

(4,774,927)

Class

C

........................

(426,435)

(924,352)

—

—

Class

R6

.......................

(1,973,275)

(3,978,869)

(811,948)

(1,167,694)

Advisor

Class

...................

(9,397,766)

(20,019,329)

(3,167,683)

(5,472,208)

Total

distributions

to

shareholders

.....

(32,601,132)

(64,248,258)

(11,444,105)

(16,313,522)

Capital

share

transactions:

(Note

2

)

Class

A

........................

(37,897,349)

3,804,671

(38,283,289)

49,912,022

Class

A1

.......................

(62,861,934)

(316,478,194)

(31,198,888)

(96,232,518)

Class

C

........................

(7,709,190)

(19,714,123)

—

—

Class

R6

.......................

(4,707,382)

(108,182,716)

(7,903,258)

(15,539,410)

Advisor

Class

...................

11,721,874

(416,947,060)

40,424,482

(305,462,793)

Total

capital

share

transactions

.......

(101,453,981)

(857,517,422)

(36,960,953)

(367,322,699)

Net

increase

(decrease)

in

net

assets

.....................

(109,413,468)

(1,085,503,437)

(36,360,989)

(409,596,057)

Net

assets:

Beginning

of

period

................

2,384,812,891

3,470,316,328

978,916,442

1,388,512,499

End

of

period

.....................

$2,275,399,423

$2,384,812,891

$942,555,453

$978,916,442

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.

150

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$120,387,945

$245,157,058

$4,796,521

$8,851,905

Net

realized

gain

(loss)

............

(23,298,399)

(81,836,082)

(1,534,833)

(5,446,681)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(37,012,222)

(842,797,917)

(340,844)

(34,362,758)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

60,077,324

(679,476,941)

2,920,844

(30,957,534)

Distributions

to

shareholders:

Class

A

........................

(32,218,943)

(54,433,321)

(680,851)

(1,218,887)

Class

A1

.......................

(59,733,572)

(119,261,988)

(2,156,945)

(4,338,400)

Class

C

........................

(3,369,305)

(7,084,517)

(115,511)

(241,213)

Class

R6

.......................

(4,535,011)

(7,914,901)

(309,351)

(378,978)

Advisor

Class

...................

(20,807,443)

(41,048,288)

(1,533,887)

(2,555,075)

Total

distributions

to

shareholders

.....

(120,664,274)

(229,743,015)

(4,796,545)

(8,732,553)

Capital

share

transactions:

(Note

2

)

Class

A

........................

32,397,452

44,680,026

(336,305)

(4,220,447)

Class

A1

.......................

(111,233,315)

(475,194,951)

(10,269,891)

(31,869,155)

Class

C

........................

(20,298,313)

(53,414,204)

(998,296)

(4,759,711)

Class

R6

.......................

2,804,851

(16,693,898)

(114,788)

4,317,688

Advisor

Class

...................

(8,904,855)

(271,497,829)

13,347,325

8,235,684

Total

capital

share

transactions

.......

(105,234,180)

(772,120,856)

1,628,045

(28,295,941)

Net

increase

(decrease)

in

net

assets

.....................

(165,821,130)

(1,681,340,812)

(247,656)

(67,986,028)

Net

assets:

Beginning

of

period

................

5,171,216,971

6,852,557,783

364,287,896

432,273,924

End

of

period

.....................

$5,005,395,841

$5,171,216,971

$364,040,240

$364,287,896

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

151

Franklin

New

Jersey

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$11,788,154

$20,643,346

Net

realized

gain

(loss)

.................................................

(2,319,782)

(6,611,717)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(407,846)

(66,000,785)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

9,060,526

(51,969,156)

Distributions

to

shareholders:

Class

A

.............................................................

(1,813,178)

(3,327,157)

Class

A1

............................................................

(5,703,585)

(11,321,141)

Class

C

.............................................................

(482,769)

(1,030,778)

Class

R6

............................................................

(603,268)

(1,004,144)

Advisor

Class

........................................................

(3,175,347)

(3,767,360)

Total

distributions

to

shareholders

..........................................

(11,778,147)

(20,450,580)

Capital

share

transactions:

(Note

2

)

Class

A

.............................................................

3,778,575

(7,864,736)

Class

A1

............................................................

(16,827,288)

(48,501,670)

Class

C

.............................................................

(4,217,110)

(12,869,263)

Class

R6

............................................................

1,936,149

5,036,814

Advisor

Class

........................................................

10,301,311

94,822,376

Total

capital

share

transactions

............................................

(5,028,363)

30,623,521

Net

increase

(decrease)

in

net

assets

...................................

(7,745,984)

(41,796,215)

Net

assets:

Beginning

of

period

.....................................................

761,879,265

803,675,480

End

of

period

..........................................................

$754,133,281

$761,879,265

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

152

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),

five

of

which

are

included

in

this

report.

The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

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

Board

has

designated

the

Funds’

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

and

exchange

traded

funds

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Funds'

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

153

franklintempleton.com

Semiannual

Report

b.

Securities

Purchased

on

a

When-Issued

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.

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),

or

the

Secured

Overnight

Financing

Rate

(SOFR).

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.

The

federal

and

state

income

taxes

on

the

Statements

of

Operations

represents

taxes

on

taxable

income

earned

by

the

Funds

not

distributed

to

shareholders,

and

therefore

are

paid

on

their

behalf

by

the

Funds.

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,

2023, 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.

1.

Organization

and

Significant

Accounting

Policies

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

154

franklintempleton.com

Semiannual

Report

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.

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,

2023,

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,

2023

Shares

sold

a

...................................

4,729,004

$52,520,702

3,503,174

$35,373,231

Shares

issued

in

reinvestment

of

distributions

..........

781,342

8,675,246

390,350

3,937,293

Shares

redeemed

...............................

(8,923,217)

(99,093,297)

(7,693,285)

(77,593,813)

Net

increase

(decrease)

..........................

(3,412,871)

$(37,897,349)

(3,799,761)

$(38,283,289)

Year

ended

February

28,

2023

Shares

sold

a

...................................

36,594,592

$404,630,584

35,080,891

$352,301,305

Shares

issued

in

reinvestment

of

distributions

..........

1,321,861

14,627,575

473,154

4,753,306

Shares

redeemed

...............................

(37,514,828)

(415,453,488)

(30,543,271)

(307,142,589)

Net

increase

(decrease)

..........................

401,625

$3,804,671

5,010,774

$49,912,022

Class

A1

1.

Organization

and

Significant

Accounting

Policies

(continued)

f.

Insurance

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

155

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

A1

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

596,043

$6,616,205

208,411

$2,108,678

Shares

issued

in

reinvestment

of

distributions

..........

986,375

10,939,090

310,652

3,136,011

Shares

redeemed

...............................

(7,249,471)

(80,417,229)

(3,608,118)

(36,443,577)

Net

increase

(decrease)

..........................

(5,667,053)

$(62,861,934)

(3,089,055)

$(31,198,888)

Year

ended

February

28,

2023

Shares

sold

...................................

4,609,682

$50,963,548

3,274,121

$32,922,625

Shares

issued

in

reinvestment

of

distributions

..........

2,029,331

22,448,351

442,971

4,456,171

Shares

redeemed

...............................

(35,241,087)

(389,890,093)

(13,285,535)

(133,611,314)

Net

increase

(decrease)

..........................

(28,602,074)

$(316,478,194)

(9,568,443)

$(96,232,518)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

155,590

$1,726,533

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

36,575

407,021

—

—

Shares

redeemed

a

..............................

(883,593)

(9,842,744)

—

—

Net

increase

(decrease)

..........................

(691,428)

$(7,709,190)

—

$—

Six

Months

ended

February

28,

2023

Shares

sold

...................................

959,653

$10,580,587

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

79,051

877,216

—

—

Shares

redeemed

a

..............................

(2,803,170)

(31,171,926)

—

—

Net

increase

(decrease)

..........................

(1,764,466)

$(19,714,123)

—

$—

Class

R6

Class

R6

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

1,751,048

$19,483,504

663,428

$6,696,684

Shares

issued

in

reinvestment

of

distributions

..........

145,937

1,622,769

76,795

774,623

Shares

redeemed

...............................

(2,321,659)

(25,813,655)

(1,523,911)

(15,374,565)

Net

increase

(decrease)

..........................

(424,674)

$(4,707,382)

(783,688)

$(7,903,258)

Year

ended

February

28,

2023

Shares

sold

...................................

7,152,223

$80,142,295

3,545,271

$35,719,966

Shares

issued

in

reinvestment

of

distributions

..........

304,818

3,382,550

107,940

1,084,763

Shares

redeemed

...............................

(16,940,725)

(191,707,561)

(5,202,128)

(52,344,139)

Net

increase

(decrease)

..........................

(9,483,684)

$(108,182,716)

(1,548,917)

$(15,539,410)

Advisor

Class

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

156

franklintempleton.com

Semiannual

Report

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Advisor

Class

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

9,987,574

$111,687,646

7,153,440

$72,548,765

Shares

issued

in

reinvestment

of

distributions

..........

637,341

7,086,832

123,221

1,243,258

Shares

redeemed

...............................

(9,634,227)

(107,052,604)

(3,310,948)

(33,367,541)

Net

increase

(decrease)

..........................

990,688

$11,721,874

3,965,713

$40,424,482

Year

ended

February

28,

2023

Shares

sold

...................................

29,337,773

$325,456,153

11,756,901

$118,330,489

Shares

issued

in

reinvestment

of

distributions

..........

1,242,438

13,779,291

168,527

1,694,730

Shares

redeemed

...............................

(68,263,812)

(756,182,504)

(42,420,533)

(425,488,012)

Net

increase

(decrease)

..........................

(37,683,601)

$(416,947,060)

(30,495,105)

$(305,462,793)

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,

2023

Shares

sold

a

...................................

17,016,244

$148,297,493

301,038

$3,165,941

Shares

issued

in

reinvestment

of

distributions

..........

3,446,552

29,981,891

57,823

606,821

Shares

redeemed

...............................

(16,751,092)

(145,881,932)

(391,298)

(4,109,067)

Net

increase

(decrease)

..........................

3,711,704

$32,397,452

(32,437)

$(336,305)

Year

ended

February

28,

2023

Shares

sold

a

...................................

60,885,592

$545,770,238

1,202,292

$12,678,132

Shares

issued

in

reinvestment

of

distributions

..........

5,647,444

50,430,337

104,046

1,093,804

Shares

redeemed

...............................

(61,453,190)

(551,520,549)

(1,709,342)

(17,992,383)

Net

increase

(decrease)

..........................

5,079,846

$44,680,026

(403,004)

$(4,220,447)

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

3,309,154

$28,795,000

68,529

$720,841

Shares

issued

in

reinvestment

of

distributions

..........

6,137,747

53,358,923

161,266

1,692,057

Shares

redeemed

...............................

(22,222,761)

(193,387,238)

(1,207,623)

(12,682,789)

Net

increase

(decrease)

..........................

(12,775,860)

$(111,233,315)

(977,828)

$(10,269,891)

Year

ended

February

28,

2023

Shares

sold

...................................

13,891,717

$124,305,855

348,578

$3,693,825

Shares

issued

in

reinvestment

of

distributions

..........

11,969,115

106,937,542

325,729

3,423,385

Shares

redeemed

...............................

(78,989,140)

(706,438,348)

(3,710,752)

(38,986,365)

Net

increase

(decrease)

..........................

(53,128,308)

$(475,194,951)

(3,036,445)

$(31,869,155)

Class

C

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

157

franklintempleton.com

Semiannual

Report

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Shares

Amount

Shares

Amount

Class

C

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

942,443

$8,376,464

27,980

$296,795

Shares

issued

in

reinvestment

of

distributions

..........

361,615

3,208,608

9,566

101,586

Shares

redeemed

a

..............................

(3,587,026)

(31,883,385)

(131,482)

(1,396,677)

Net

increase

(decrease)

..........................

(2,282,968)

$(20,298,313)

(93,936)

$(998,296)

Year

ended

February

28,

2023

Shares

sold

...................................

2,804,819

$25,641,040

60,259

$641,293

Shares

issued

in

reinvestment

of

distributions

..........

738,226

6,735,684

20,195

214,938

Shares

redeemed

a

..............................

(9,353,689)

(85,790,928)

(526,639)

(5,615,942)

Net

increase

(decrease)

..........................

(5,810,644)

$(53,414,204)

(446,185)

$(4,759,711)

Class

R6

Class

R6

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

3,656,959

$32,024,975

418,290

$4,377,112

Shares

issued

in

reinvestment

of

distributions

..........

397,749

3,474,192

3,942

41,371

Shares

redeemed

...............................

(3,739,452)

(32,694,316)

(429,906)

(4,533,271)

Net

increase

(decrease)

..........................

315,256

$2,804,851

(7,674)

$(114,788)

Year

ended

February

28,

2023

Shares

sold

...................................

14,300,916

$129,119,267

1,931,172

$20,294,929

Shares

issued

in

reinvestment

of

distributions

..........

711,718

6,392,027

8,217

86,442

Shares

redeemed

...............................

(16,876,267)

(152,205,192)

(1,499,677)

(16,063,683)

Net

increase

(decrease)

..........................

(1,863,633)

$(16,693,898)

439,712

$4,317,688

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

19,377,937

$169,451,900

2,597,966

$27,041,034

Shares

issued

in

reinvestment

of

distributions

..........

2,070,238

18,073,746

142,499

1,495,049

Shares

redeemed

...............................

(22,579,279)

(196,430,501)

(1,450,561)

(15,188,758)

Net

increase

(decrease)

..........................

(1,131,104)

$(8,904,855)

1,289,904

$13,347,325

Year

ended

February

28,

2023

Shares

sold

...................................

66,171,700

$595,000,714

19,406,147

$203,904,283

Shares

issued

in

reinvestment

of

distributions

..........

3,842,508

34,486,468

236,826

2,486,691

Shares

redeemed

...............................

(100,166,341)

(900,985,011)

(18,865,131)

(198,155,290)

Net

increase

(decrease)

..........................

(30,152,133)

$(271,497,829)

777,842

$8,235,684

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

158

franklintempleton.com

Semiannual

Report

Franklin

New

Jersey

Tax-Free

Income

Fund

Shares

Amount

Class

A

Class

A

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

a

...................................

1,220,779

$12,478,787

Shares

issued

in

reinvestment

of

distributions

..........

159,682

1,629,023

Shares

redeemed

...............................

(1,011,376)

(10,329,235)

Net

increase

(decrease)

..........................

369,085

$3,778,575

Year

ended

February

28,

2023

Shares

sold

a

...................................

2,414,680

$24,903,884

Shares

issued

in

reinvestment

of

distributions

..........

290,072

2,967,899

Shares

redeemed

...............................

(3,478,816)

(35,736,519)

Net

increase

(decrease)

..........................

(774,064)

$(7,864,736)

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

191,863

$1,957,877

Shares

issued

in

reinvestment

of

distributions

..........

464,111

4,728,502

Shares

redeemed

...............................

(2,308,724)

(23,513,667)

Net

increase

(decrease)

..........................

(1,652,750)

$(16,827,288)

Year

ended

February

28,

2023

Shares

sold

...................................

439,595

$4,536,775

Shares

issued

in

reinvestment

of

distributions

..........

918,290

9,388,034

Shares

redeemed

...............................

(6,079,503)

(62,426,479)

Net

increase

(decrease)

..........................

(4,721,618)

$(48,501,670)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

63,594

$655,527

Shares

issued

in

reinvestment

of

distributions

..........

42,659

440,626

Shares

redeemed

a

..............................

(514,443)

(5,313,263)

Net

increase

(decrease)

..........................

(408,190)

$(4,217,110)

Year

ended

February

28,

2023

Shares

sold

...................................

231,359

$2,415,473

Shares

issued

in

reinvestment

of

distributions

..........

90,021

933,273

Shares

redeemed

a

..............................

(1,552,847)

(16,218,009)

Net

increase

(decrease)

..........................

(1,231,467)

$(12,869,263)

Class

R6

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

159

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

New

Jersey

Tax-Free

Income

Fund

Shares

Amount

Class

R6

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

539,259

$5,453,454

Shares

issued

in

reinvestment

of

distributions

..........

59,140

603,268

Shares

redeemed

...............................

(404,064)

(4,120,573)

Net

increase

(decrease)

..........................

194,335

$1,936,149

Year

ended

February

28,

2023

Shares

sold

...................................

1,628,682

$16,616,260

Shares

issued

in

reinvestment

of

distributions

..........

95,969

981,338

Shares

redeemed

...............................

(1,224,938)

(12,560,784)

Net

increase

(decrease)

..........................

499,713

$5,036,814

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

2,981,424

$30,348,474

Shares

issued

in

reinvestment

of

distributions

..........

300,636

3,065,450

Shares

redeemed

...............................

(2,273,649)

(23,112,613)

Net

increase

(decrease)

..........................

1,008,411

$10,301,311

Year

ended

February

28,

2023

Shares

sold

...................................

22,292,441

$223,919,373

Shares

issued

in

reinvestment

of

distributions

..........

349,614

3,563,666

Shares

redeemed

...............................

(12,949,337)

(132,660,663)

Net

increase

(decrease)

..........................

9,692,718

$94,822,376

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)

160

franklintempleton.com

Semiannual

Report

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:

For

the

period

ended

August

31,

2023,

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.

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

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

........

0.456%

0.475%

0.450%

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.514%

0.479%

3.

Transactions

with

Affiliates

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

161

franklintempleton.com

Semiannual

Report

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.

Effective

October

1,

2022,

the

fees

are

based

on

an

annualized

asset

based

fee

of

0.016%

plus

a

reduced

transaction

based

fee.

Prior

to

October

1,

2022,

the

fees

were

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.

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

Class

A

...............................

0.25%

0.25%

0.25%

0.25%

Class

A1

..............................

0.10%

0.15%

0.10%

0.10%

Class

C

...............................

0.65%

—%

0.65%

0.65%

Franklin

New

Jersey

Tax-Free

Income

Fund

Class

A

...............................

0.25%

Class

A1

..............................

0.10%

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

..................

$8,311

$6,743

$22,597

$538

CDSC

retained

...........................

$19,390

$20,761

$52,522

$1,440

Franklin

New

Jersey

Tax-Free

Income

Fund

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$2,824

CDSC

retained

...........................

$705

3.

Transactions

with

Affiliates

(continued)

c.

Distribution

Fees

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

162

franklintempleton.com

Semiannual

Report

For

the

period

ended

August

31,

2023,

the

Funds

paid

transfer

agent

fees

as

noted

in

the

Statements

of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

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,

2023,

investments

in

affiliated

management

investment

companies

were

as

follows:

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Transfer

agent

fees

........................

$257,533

$104,528

$606,754

$45,758

Franklin

New

Jersey

Tax-Free

Income

Fund

Transfer

agent

fees

........................

$99,341

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Municipal

Green

Bond

ETF

...................

$49,469,850

$—

$—

$—

$(253,800)

$49,216,050

2,115,000

$877,000

Total

Affiliated

Securities

...

$49,469,850

$—

$—

$—

$(253,800)

$49,216,050

$877,000

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Municipal

Green

Bond

ETF

...................

$36,254,500

$—

$—

$—

$(186,000)

$36,068,500

1,550,000

$642,718

Total

Affiliated

Securities

...

$36,254,500

$—

$—

$—

$(186,000)

$36,068,500

$642,718

3.

Transactions

with

Affiliates

(continued)

e.

Transfer

Agent

Fees

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

163

franklintempleton.com

Semiannual

Report

g.

Waiver

and

Expense

Reimbursements

Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

so

that

the

operating expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

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,

2024.

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

interest

expense,

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,

2024.

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

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,

2024.

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,

2024.

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,

2024.

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,

2023,

were

as

follows:

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

Franklin

High

Yield

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Dynamic

Municipal

Bond

ETF

...................

$41,339,025

$—

$—

$—

$96,525

$41,435,550

1,755,000

$787,637

Total

Affiliated

Securities

...

$41,339,025

$—

$—

$—

$96,525

$41,435,550

$787,637

3.

Transactions

with

Affiliates

(continued)

f.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

164

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,

2023,

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,

2023,

the

capital

loss

carryforwards

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

..............................

$85,940,937

$47,865,000

$178,405,001

$2,700,000

Sales

..................................

$82,305,000

$44,360,000

$166,268,636

$6,400,000

Net

Realized

Gains

(Losses)

.................

—

—

$490,527

—

Franklin

New

Jersey

Tax-Free

Income

Fund

Purchases

..............................

$11,100,000

Sales

..................................

$18,800,000

Net

Realized

Gains

(Losses)

.................

—

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

.............................

$

78,379,424

$

6,292,471

$

234,084,908

$

13,158,899

Long

term

.............................

42,437,973

10,627,473

665,244,110

8,715,982

Total

capital

loss

carryforwards

............

$120,817,397

$16,919,944

$899,329,018

$21,874,881

Franklin

New

Jersey

Tax-Free

Income

Fund

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

16,209,334

Long

term

.............................

84,916,731

Total

capital

loss

carryforwards

............

$101,126,065

3.

Transactions

with

Affiliates

(continued)

h.

Interfund

Transactions

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

165

franklintempleton.com

Semiannual

Report

At

August

31,

2023,

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

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,

2023,

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

a

a

a

a

a

Cost

of

investments

.......................

$2,372,908,245

$968,543,617

$5,426,530,801

$377,055,530

Unrealized

appreciation

.....................

$8,341,769

$1,977,137

$212,468,425

$1,603,330

Unrealized

depreciation

.....................

(126,399,125)

(33,840,812)

(586,256,465)

(24,480,929)

Net

unrealized

appreciation

(depreciation)

.......

$(118,057,356)

$(31,863,675)

$(373,788,040)

$(22,877,599)

Franklin

New

Jersey

Tax-Free

Income

Fund

a

a

Cost

of

investments

.......................

$788,885,518

Unrealized

appreciation

.....................

$6,217,659

Unrealized

depreciation

.....................

(43,872,949)

Net

unrealized

appreciation

(depreciation)

.......

$(37,655,290)

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

..............................

$145,736,423

$86,237,081

$486,796,171

$16,280,402

Sales

..................................

$207,701,420

$117,351,004

$566,748,377

$12,914,170

Franklin

New

Jersey

Tax-Free

Income

Fund

Purchases

..............................

$32,924,554

Sales

..................................

$39,754,491

5.

Income

Taxes

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

166

franklintempleton.com

Semiannual

Report

7.

Credit Risk

and

Defaulted

Securities

At

August

31,

2023,

Franklin

High

Yield

Tax-Free

Fund

had

52.6%

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,

2023,

the

aggregate

value

of

these

securities

for

Franklin

High

Yield

Tax-Free

Income

Fund

and

Franklin

New

Jersey

Tax-Free

Income

Fund

was

$99,571,994

and

$1,086,250,

representing

2.0%

and

0.1%,

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.

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.

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

2,

2024.

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,

2023,

the

Funds

did

not

use

the

Global

Credit

Facility.

10.

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)

167

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,

2023,

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

.........

$

49,216,050

$

—

$

—

$

49,216,050

Municipal

Bonds

.........................

—

2,203,734,839

—

2,203,734,839

Short

Term

Investments

...................

—

1,900,000

—

1,900,000

Total

Investments

in

Securities

...........

$49,216,050

$2,205,634,839

$—

$2,254,850,889

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

36,068,500

—

—

36,068,500

Senior

Floating

Rate

Interests

...............

—

25,805,944

17,355,953

43,161,897

Municipal

Bonds

.........................

—

849,249,545

—

849,249,545

Short

Term

Investments

...................

—

8,200,000

—

8,200,000

Total

Investments

in

Securities

...........

$36,068,500

$883,255,489

$17,355,953

$936,679,942

Franklin

High

Yield

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

81,019,550

—

—

81,019,550

Corporate

Bonds

:

Commercial

Services

&

Supplies

...........

—

—

28,140,000

28,140,000

Diversified

Consumer

Services

............

—

84,695,098

—

84,695,098

Electric

Utilities

........................

—

14,346,426

—

14,346,426

Oil,

Gas

&

Consumable

Fuels

.............

—

—

1,280,000

1,280,000

Municipal

Bonds

:

—

Alabama

.............................

—

153,041,868

—

153,041,868

Arizona

..............................

—

87,946,636

—

87,946,636

Arkansas

.............................

—

28,512,818

—

28,512,818

California

.............................

—

991,663,632

—

991,663,632

Colorado

.............................

—

291,424,697

—

291,424,697

Connecticut

...........................

—

26,037,752

—

26,037,752

Florida

...............................

—

834,617,836

—

834,617,836

Georgia

..............................

—

46,369,569

—

46,369,569

Idaho

................................

—

13,326,414

—

13,326,414

Illinois

...............................

—

66,402,926

—

66,402,926

Indiana

..............................

—

24,160,458

—

24,160,458

Iowa

................................

—

7,802,894

—

7,802,894

Kansas

..............................

—

1,364,588

—

1,364,588

Kentucky

.............................

—

29,817,711

—

29,817,711

Louisiana

.............................

—

76,642,346

—

76,642,346

Maryland

.............................

—

4,668,548

—

4,668,548

Massachusetts

........................

—

1,290,461

—

1,290,461

Michigan

.............................

—

22,598,162

—

22,598,162

Minnesota

............................

—

4,480,201

—

4,480,201

Mississippi

............................

—

24,477,687

—

24,477,687

Missouri

..............................

—

13,538,817

—

13,538,817

Nevada

..............................

—

59,542,340

—

59,542,340

New

Hampshire

........................

—

9,225,294

—

9,225,294

New

Jersey

...........................

—

68,260,015

—

68,260,015

New

Mexico

...........................

—

5,147,896

—

5,147,896

New

York

.............................

—

231,991,249

—

231,991,249

North

Dakota

..........................

—

14,688,474

—

14,688,474

10.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

168

franklintempleton.com

Semiannual

Report

Level

1

Level

2

Level

3

Total

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Assets:

(continued)

Municipal

Bonds:

Ohio

................................

$

—

$

153,873,909

$

—

$

153,873,909

Oklahoma

............................

—

7,277,496

—

7,277,496

Oregon

..............................

—

19,082,231

—

19,082,231

Pennsylvania

..........................

—

80,741,448

—

80,741,448

South

Carolina

.........................

—

58,173,376

—

58,173,376

South

Dakota

..........................

—

8,628,641

—

8,628,641

Tennessee

............................

—

64,512,849

—

64,512,849

Texas

...............................

—

509,682,635

—

509,682,635

Utah

................................

—

26,673,374

—

26,673,374

Virginia

..............................

—

18,191,354

—

18,191,354

Washington

...........................

—

52,325,124

—

52,325,124

West

Virginia

..........................

—

4,734,093

—

4,734,093

Wisconsin

............................

—

132,027,032

—

132,027,032

U.S.

Territories

..........................

District

of

Columbia

.....................

—

39,874,030

—

39,874,030

Pacific

Islands

.........................

—

6,571,112

—

6,571,112

Puerto

Rico

...........................

—

398,203,006

81,081,322

479,284,328

Escrows

and

Litigation

Trusts

...............

—

—

4,927,366

4,927,366

Short

Term

Investments

...................

—

37,640,000

—

37,640,000

Total

Investments

in

Securities

...........

$81,019,550

$4,856,294,523

$115,428,688

$5,052,742,761

Franklin

Massachusetts

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

877,136

877,136

Senior

Floating

Rate

Interests

...............

—

—

1,017,068

1,017,068

Municipal

Bonds

.........................

—

341,883,727

—

341,883,727

Short

Term

Investments

...................

—

10,400,000

—

10,400,000

Total

Investments

in

Securities

...........

$—

$352,283,727

$1,894,204

$354,177,931

Franklin

New

Jersey

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,559,353

1,559,353

Municipal

Bonds

:

—

California

.............................

—

1,063,495

—

1,063,495

Delaware

.............................

—

12,697,677

—

12,697,677

Florida

...............................

—

7,267,989

—

7,267,989

Georgia

..............................

—

2,091,935

—

2,091,935

New

Jersey

...........................

—

576,824,068

—

576,824,068

New

York

.............................

—

29,913,028

—

29,913,028

Oregon

..............................

—

1,949,542

—

1,949,542

Pennsylvania

..........................

—

55,534,596

—

55,534,596

South

Carolina

.........................

—

3,110,701

—

3,110,701

Texas

...............................

—

5,493,546

—

5,493,546

Washington

...........................

—

1,182,040

—

1,182,040

Wisconsin

............................

—

7,191,984

—

7,191,984

U.S.

Territories

..........................

Puerto

Rico

...........................

—

15,987,238

2,602,508

18,589,746

Escrows

and

Litigation

Trusts

...............

—

—

160,528

160,528

Short

Term

Investments

...................

—

26,600,000

—

26,600,000

Total

Investments

in

Securities

...........

$—

$746,907,839

$4,322,389

$751,230,228

10.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

169

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,

2023,

the

reconciliation is

as follows:

Balance

at

Beginning

of

Period

Purchases

a

Sales

Transfer

Into

Level

3

b

Transfer

Out

of

Level

3

Net

Accretion

(

Amortiza

-

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Senior

Floating

Rate

Interests

:

United

States

.

$

15,315,752

$

2,175,700

$

—

$

—

$

—

$

—

$

—

$

(135,499)

$

17,355,953

$

(135,499)

Total

Investments

in

Securities

.......

$15,315,752

$2,175,700

$—

$—

$—

$—

$—

$(135,499)

$17,355,953

$(135,499)

Franklin

High

Yield

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

:

United

States

.

4,335,000

6,850,000

—

18,342,633

—

—

—

(107,633)

29,420,000

(107,633)

Municipal

Bonds

:

United

States

.

—

77,775,848

—

—

—

—

—

3,305,474

81,081,322

3,305,474

Escrows

and

Litigation

Trusts

—

—

c

—

—

—

—

—

4,927,366

4,927,366

4,927,366

Total

Investments

in

Securities

.......

$4,335,000

$84,625,848

$—

$18,342,633

$—

$—

$—

$8,125,207

$115,428,688

$8,125,207

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Transferred

into

Level

3

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

or

as

a

result

of

the

unreliability

of

the

foreign

exchange

rate

and

other

significant

observable

valuation

inputs.

May

include

amounts

related

to

a

corporate

action.

c

Includes

financial

instruments

determined

to

have

no

value.

10.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

170

franklintempleton.com

Semiannual

Report

Significant

unobservable

valuation

inputs

for

material

Level

3 assets

and/or

liabilities and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

August

31

,

2023,

are

as

follows:

11.

New

Accounting

Pronouncements

In

March

2020,

the

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

and

December

2022,

the

FASB

issued

ASU

No.

2021-01

and

ASU

No.

2022-06,

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

for

certain

LIBOR

settings

and

2023

for

the

remainder.

The

ASUs

are

effective

for

certain

reference

rate-related

contract

modifications

that

occur

during

the

period

March

12,

2020

through

December

31,

2024.

Management

has

reviewed

the

requirements

and

believes

the

adoption

of

these

ASUs

will

not

have

a

material

impact

on

the

financial

statements. 

12.

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.

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

Impact

to

Fair

Value

if

Input

Increases

a

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Senior

Floating

Rate

Interests:

Real

Estate

Management

&

Development

................

$4,981,443

Discounted

cash

flow

Yield

5.4%

Decrease

Residential

REITs

............

12,374,510

Discounted

cash

flow

Yield

6.0%

Decrease

All

other

Investments

...........

—

Total

.......................

$17,335,953

a

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

financial

instruments

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

10.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

171

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.

BHAC

Berkshire

Hathaway

Assurance

Corp.

COP

Certificate

of

Participation

ETF

Exchange-Traded

Fund

ETM

Escrowed

to

Maturity

FHA

Federal

Housing

Administration

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LIBOR

London

Interbank

Offered

Rate

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

SIFMA

Securities

Industry

and

Financial

Markets

Association

SOFR

Secured

Overnight

Financing

Rate

SPA

Standby

Purchase

Agreement

12.

Subsequent

Events

(continued)

Franklin

Tax-Free

Trust

Shareholder

Information

172

franklintempleton.com

Semiannual

Report

Board

Approval

of

Investment

Management

Agreements

FRANKLIN

TAX-FREE

TRUST

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

(each

a

Fund)

At

an

in-person

meeting

held

on

April

18,

2023

(Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

Tax-Free

Trust

(Trust),

including

a

majority

of

the

trustees

who

are

not

“interested

persons”

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

on

behalf

of

each

Fund

(each

a

Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

in

considering

whether

to

approve

the

continuation

of

each

Management

Agreement.

Although

the

Management

Agreements

for

the

Funds

were

considered

at

the

same

Board

meeting,

the

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

In

considering

the

continuation

of

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters;

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

reviewed

and

considered

prior

to

and

at

the

Meeting.

The

Board

reviewed

and

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

each

Management

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii)

the

investment

performance

of

each

Fund;

(iii)

the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

each

Fund;

(iv)

the

extent

to

which

economies

of

scale

are

realized

as

each

Fund

grows;

and

(v)

whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

each

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board’s

determination.

Nature,

Extent

and

Quality

of

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

each

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management’s

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Funds

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-

party

servicing

arrangements.

The

Board

acknowledged

management’s

continued

development

of

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

including

various

regulatory

initiatives

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager’s

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

reassessment

of

the

fund

offerings

in

Franklin

Tax-Free

Trust

Shareholder

Information

173

franklintempleton.com

Semiannual

Report

response

to

the

market

environment

and

project

initiatives

and

capital

investments

relating

to

the

services

provided

to

the

Funds

by

the

FT

organization.

The

Board

specifically

noted

FT’s

commitment

to

technological

innovation

and

advancement

and

investments

to

promote

alternative

investing.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

of

each

Fund

over

various

time

periods

ended

December

31,

2022.

The

Board

considered

the

performance

returns

for

each

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

each

Fund’s

performance

results

is

below.

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

intermediate

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

and

in

the

second

quintile

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one,

three-,

five-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

short

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

and

in

the

second

quintile

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe,

but

for

the

five-year

period

was

above

the

median

of

its

Performance

Universe.

The

Board

further

noted

that

the

Fund’

annualized

total

return

for

the

10-year

period

was

only

three

basis

points

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

management’s

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

High

Yield

Tax-Free

Income

Fund

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

high

yield

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

three-

and

five-year

periods

was

above

the

median

of

its

Performance

Universe,

but

for

the

one-year

period

was

equal

to

the

median

of

its

Performance

Universe,

and

for

the

10-year

period

was

below

the

median

of

its

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Massachusetts

Tax-Free

Income

Fund

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

Massachusetts

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

three-,

five-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe,

but

for

the

one-

year

period

was

only

one

basis

point

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe,

but

for

the

10-year

period

was

above

the

median

of

its

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Tax-Free

Trust

Shareholder

Information

174

franklintempleton.com

Semiannual

Report

Franklin

New

Jersey

Tax-Free

Income

Fund

-

The

Performance

Universe

for

the

Franklin

New

Jersey

Tax-Free

Income

Fund

included

the

Fund

and

all

retail

and

institutional

New

Jersey

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

five-

and

10-

year

periods

was

above

the

median

of

its

Performance

Universe,

and

for

the

one-

and

three-year

periods

was

equal

to

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

each

Fund’s

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-

management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

each

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund’s

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A1

for

each

Fund,

and

for

Class

A

shares

for

each

other

fund

in

the

applicable

Expense

Group,

except

that

Class

V

shares

were

also

shown

for

the

Expense

Group

for

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund,

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

and

Franklin

Massachusetts

Tax-Free

Income

Fund

-

The

Expense

Group

for

the

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

included

the

Fund

and

13

other

intermediate

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

included

the

Fund

and

11

other

short

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Massachusetts

Tax-Free

Income

Fund

included

the

Fund

and

seven

other

Massachusetts

municipal

debt

funds.

The

Board

noted

that

the

Management

Rates

for

the

Funds

were

above

the

medians

of

their

respective

Expense

Groups,

but

their

actual

total

expense

ratios

were

below

the

medians

of

their

respective

Expense

Groups.

The

Board

also

noted

that

the

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund’s

and

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund’s

actual

total

expense

ratios

reflected

fee

waivers

from

management.

The

Board

concluded

that

the

Management

Rates

charged

to

the

Funds

are

reasonable.

Franklin

High

Yield

Tax-Free

Income

Fund

and

Franklin

New

Jersey

Tax-Free

Income

Fund

-

The

Expense

Group

for

the

Franklin

High

Yield

Tax-Free

Income

Fund

included

the

Fund

and

14

other

high

yield

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

New

Jersey

Tax-Free

Income

Fund

included

the

Fund

and

nine

other

New

Jersey

municipal

debt

funds.

The

Board

noted

that

the

Management

Rates

and

total

expense

ratios

for

the

Funds

were

below

the

medians

of

their

respective

Expense

Groups.

The

Board

concluded

that

the

Management

Rates

charged

to

the

Funds

are

reasonable.

Profitability

The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

each

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT’s

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2022,

being

the

most

recent

fiscal

year-

end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Funds’

profitability

Franklin

Tax-Free

Trust

Shareholder

Information

175

franklintempleton.com

Semiannual

Report

report

presentations

from

prior

years.

The

Board

also

noted

that

PricewaterhouseCoopers

LLP,

auditor

to

FRI

and

certain

FT

funds,

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Funds’

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management’s

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

each

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management’s

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up

front

expenditures

by

the

Manager

but,

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management’s

expenditures

in

improving

shareholder

services

provided

to

the

Funds,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

each

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

each

Fund.

Economies

of

Scale

The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

each

Fund

grows

larger

and

whether

each

Fund’s

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

a

Fund’s

shareholders

by

reducing

the

Fund’s

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Manager’s

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

noted

that

the

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund,

Franklin

Massachusetts

Tax-Free

Income

Fund

and

Franklin

New

Jersey

Tax-Free

Income

Fund

had

experienced

a

decrease

in

assets

and

would

not

be

expected

to

demonstrate

additional

economies

of

scale

in

the

near

term.

The

Board

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

the

Manager

and

its

affiliates,

each

Fund’s

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

Conclusion

Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

of

each

Management

Agreement

for

an

additional

one-year

period.

Liquidity

Risk

Management

Program

Each

of

the

Franklin

Templeton

and

Legg

Mason

Funds

has

adopted

and

implemented

a

written

Liquidity

Risk

Management

Program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940

(the

“Liquidity

Rule”).

The

LRMP

is

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

which

is

defined

as

the

risk

that

the

Fund

could

not

meet

requests

to

redeem

shares

issued

by

the

Fund

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

In

accordance

with

the

Liquidity

Rule,

the

LRMP

includes

policies

and

procedures

that

provide

for:

(1)

assessment,

management,

and

review

(no

less

frequently

than

annually)

of

each

Fund’s

liquidity

risk;

(2)

classification

of

each

Fund’s

portfolio

holdings

into

one

of

four

liquidity

categories

(Highly

Liquid,

Moderately

Liquid,

Less

Liquid,

and

Illiquid);

(3)

for

Funds

that

do

not

primarily

hold

assets

that

are

Highly

Liquid,

establishing

and

maintaining

a

minimum

percentage

of

the

Fund’s

net

assets

in

Highly

Liquid

investments

(called

a

“Highly

Liquid

Investment

Minimum”

or

“HLIM”);

and

(4)

prohibiting

the

Fund’s

acquisition

of

Illiquid

investments

that

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

Illiquid

assets.

The

LRMP

also

requires

reporting

to

the

Securities

and

Exchange

Commission

(“SEC”)

(on

a

non-public

basis)

and

to

the

Board

if

the

Fund’s

holdings

of

Illiquid

assets

exceed

15%

of

the

Fund’s

net

assets.

Funds

with

HLIMs

must

have

procedures

for

addressing

HLIM

shortfalls,

including

reporting

to

the

Board

and,

with

respect

to

HLIM

shortfalls

lasting

more

than

seven

consecutive

calendar

days,

reporting

to

the

SEC

(on

a

non-public

basis).

The

Director

of

Liquidity

Risk

within

the

Investment

Risk

Management

Group

(the

“IRMG”)

is

the

appointed

Administrator

of

the

LRMP.

The

IRMG

maintains

the

Investment

Liquidity

Committee

(the

“ILC”)

to

provide

Franklin

Tax-Free

Trust

Shareholder

Information

176

franklintempleton.com

Semiannual

Report

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

2023,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2022.

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.

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

10/23

©

2023

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

Franklin

Tax-Free

Trust

Investment

Manager

Distributor

Shareholder

Services

Franklin

Advisers,

Inc.

Franklin

Distributors,

LLC

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Semiannual

Report

Franklin

Tax-Free

Trust

August

31,

2023

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

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

Fund

Franklin

Virginia

Tax-Free

Income

Fund

.

The

Securities

and

Exchange

Commission

has

adopted

new

regulations

that

will

result

in

changes

to

the

design

and

delivery

of

annual

and

semiannual

shareholder

reports

beginning

in

July

2024.

If

you

have

previously

elected

to

receive

shareholder

reports

electronically,

you

will

continue

to

do

so

and

need

not

take

any

action.

Otherwise,

paper

copies

of

the

Fund’s

shareholder

reports

will

be

mailed

to

you

beginning

in

July

2024.

If

you

would

like

to

receive

shareholder

reports

and

other

communications

from

the

Fund

electronically

instead

of

by

mail,

you

may

make

that

request

at

any

time

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank)

or,

if

you

are

a

direct

investor,

enrolling

at

franklintempleton.com.

You

may

access

franklintempleton.com

by

scanning

the

code

below.

franklintempleton.com

Semiannual

Report

1

Contents

Franklin

Alabama

Tax-Free

Income

Fund

2

Franklin

Georgia

Tax-Free

Income

Fund

6

Franklin

Louisiana

Tax-Free

Income

Fund

10

Franklin

Maryland

Tax-Free

Income

Fund

14

Franklin

Missouri

Tax-Free

Income

Fund

18

Franklin

North

Carolina

Tax-Free

Income

Fund

22

Franklin

Virginia

Tax-Free

Income

Fund

26

Financial

Highlights

and

Schedules

of

Investments

30

Financial

Statements

102

Notes

to

Financial

Statements

112

Shareholder

Information

130

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

2

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,

2023

.

Fund

Overview

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

$9.92

on

February

28,

2023,

to

$9.84

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling

12.3102

cents

per

share

for

the

same

period.

2

The

Performance

Summary

beginning

on

page

3

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.47%,

based

on

an

annualization

of

August's

2.1034

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$10.22

on

August

31,

2023.

An

investor

in

the

2023

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

4.56%

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

.

Thank

you

for

your

continued

participation

in

Franklin

Alabama

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Education

26.07%

Health

Care

19.79%

Utilities

15.61%

Local

9.15%

Refunded

8.25%

Industrial

Dev.

Revenue

and

Pollution

Control

8.21%

Transportation

4.85%

Housing

4.71%

Lease

2.05%

Special

Tax

1.31%

*

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.

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

35

.

Performance

Summary

as

of

August

31,

2023

Franklin

Alabama

Tax-Free

Income

Fund

3

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

8/31/23

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

+0.42%

-3.35%

1-Year

+0.41%

-3.36%

5-Year

+2.62%

-0.25%

10-Year

+22.30%

+1.64%

Advisor

6

6-Month

+0.54%

+0.54%

1-Year

+0.76%

+0.76%

5-Year

+3.81%

+0.75%

10-Year

+23.96%

+2.17%

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

2.47%

4.56%

3.34%

3.32%

6.16%

6.13%

Advisor

2.82%

5.20%

3.73%

3.71%

6.88%

6.85%

See

page

4

for

Performance

Summary

footnotes.

Franklin

Alabama

Tax-Free

Income

Fund

Performance

Summary

4

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Portfolios

focused

on

a

single

state

are

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.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

be

terminated

prior

to

6/30/24

without

Board

consent.

Additional

amounts

may

be

voluntarily

waived

and/or

reimbursed

and

may

be

modified

or

discontinued

at

any

time

without

notice.

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

8/31/23.

8.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/22/23

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

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.123102

A1

$0.130681

C

$0.102416

R6

$0.137233

Advisor

$0.135723

Total

Annual

Operating

Expenses

10

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.90%

0.92%

Advisor

0.65%

0.67%

Your

Fund’s

Expenses

Franklin

Alabama

Tax-Free

Income

Fund

5

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,004.20

$4.53

$1,020.61

$4.57

0.90%

A1

$1,000

$1,004.90

$3.78

$1,021.36

$3.81

0.75%

C

$1,000

$1,001.10

$6.50

$1,018.64

$6.55

1.29%

R6

$1,000

$1,005.60

$3.13

$1,022.02

$3.15

0.62%

Advisor

$1,000

$1,005.40

$3.28

$1,021.87

$3.31

0.65%

6

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,

2023.

Fund

Overview

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

$10.40

on

February

28,

2023,

to

$10.32

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling

14.3791

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

2.82%,

based

on

an

annualization

of

August's

2.522

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$10.72

on

August

31,

2023.

An

investor

in

the

2023

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

5.28%

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

.

Thank

you

for

your

continued

participation

in

Franklin

Georgia

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Health

Care

20.00%

Housing

15.12%

Utilities

14.76%

Education

9.33%

Industrial

Dev.

Revenue

and

Pollution

Control

8.83%

Local

8.59%

Transportation

8.47%

Special

Tax

6.97%

Refunded

4.29%

Lease

2.20%

State

General

Obligation

0.98%

Other

Revenue

Bonds

0.46%

*

Does

not

include

cash

an

d

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.

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

44

.

Performance

Summary

as

of

August

31,

2023

Franklin

Georgia

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

8/31/23

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

+0.60%

-3.18%

1-Year

+0.55%

-3.22%

5-Year

+1.26%

-0.51%

10-Year

+21.54%

+1.58%

Advisor

6

6-Month

+0.72%

+0.72%

1-Year

+0.80%

+0.80%

5-Year

+2.53%

+0.50%

10-Year

+23.29%

+2.12%

Share

Class

Distribution

Rate

7

Taxable

Equivalent

Distribution

Rate

8

30-Day

Standardized

Yield

9

Taxable

Equivalent

30-Day

Standardized

Yield

8

A

2.82%

5.28%

3.43%

6.42%

Advisor

3.19%

5.94%

3.81%

7.09%

See

page

8

for

Performance

Summary

footnotes.

Franklin

Georgia

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Portfolios

focused

on

a

single

state

are

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.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Net

expenses

are

capped

under

a

contrac-

tual

agreement,

which

cannot

be

terminated

prior

to

6/30/24

without

Board

consent.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

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

8/31/23.

8.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/22/23

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.

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

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.143791

A1

$0.151712

C

$0.122044

R6

$0.159206

Advisor

$0.156988

Total

Annual

Operating

Expenses

10

Share

Class

A

0.86%

Advisor

0.61%

Your

Fund’s

Expenses

Franklin

Georgia

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,006.00

$4.45

$1,020.70

$4.48

0.88%

A1

$1,000

$1,006.70

$3.69

$1,021.46

$3.72

0.73%

C

$1,000

$1,003.80

$6.41

$1,018.74

$6.46

1.27%

R6

$1,000

$1,007.40

$2.98

$1,022.17

$3.00

0.59%

Advisor

$1,000

$1,007.20

$3.19

$1,021.96

$3.21

0.63%

10

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,

2023.

Fund

Overview

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

$9.96

on

February

28,

2023,

to

$9.90

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling

13.4280

cents

per

share

for

the

same

period.

2

The

Performance

Summary

beginning

on

page

11

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.67%,

based

on

an

annualization

of

August’s

2.2861

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$10.29

on

August

31,

2023.

An

investor

in

the

2023

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

4.86%

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

.

Thank

you

for

your

continued

participation

in

Franklin

Louisiana

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Health

Care

18.81%

Transportation

15.41%

Special

Tax

12.26%

Education

11.52%

Housing

10.86%

Utilities

9.62%

Local

8.86%

Refunded

5.27%

Lease

3.68%

State

General

Obligation

2.36%

Other

Revenue

Bonds

1.35%

*

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.

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

.

Performance

Summary

as

of

August

31,

2023

Franklin

Louisiana

Tax-Free

Income

Fund

11

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

8/31/23

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

+0.73%

-3.04%

1-Year

+0.79%

-2.99%

5-Year

+3.01%

-0.17%

10-Year

+23.09%

+1.71%

Advisor

6

6-Month

+0.86%

+0.86%

1-Year

+1.14%

+1.14%

5-Year

+4.30%

+0.85%

10-Year

+24.87%

+2.25%

Share

Class

Distribution

Rate

7

Taxable

Equivalent

Distribution

Rate

8

30-Day

Standardized

Yield

9

Taxable

Equivalent

30-Day

Standardized

Yield

8

A

2.67%

4.86%

3.56%

6.48%

Advisor

3.03%

5.51%

3.95%

7.19%

See

page

12

for

Performance

Summary

footnotes.

Franklin

Louisiana

Tax-Free

Income

Fund

Performance

Summary

12

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Portfolios

focused

on

a

single

state

are

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.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Net

expenses

are

capped

under

a

contrac-

tual

agreement,

which

cannot

be

terminated

prior

to

6/30/24

without

Board

consent.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

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

8/31/23.

8.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/22/23

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.

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

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.134280

A1

$0.141854

C

$0.113442

R6

$0.148885

Advisor

$0.146903

Total

Annual

Operating

Expenses

10

Share

Class

A

0.88%

Advisor

0.64%

Your

Fund’s

Expenses

Franklin

Louisiana

Tax-Free

Income

Fund

13

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,007.30

$4.52

$1,020.63

$4.55

0.90%

A1

$1,000

$1,008.10

$3.77

$1,021.38

$3.79

0.75%

C

$1,000

$1,005.20

$6.48

$1,018.67

$6.53

1.29%

R6

$1,000

$1,007.80

$3.07

$1,022.08

$3.09

0.61%

Advisor

$1,000

$1,008.60

$3.26

$1,021.89

$3.29

0.65%

14

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,

2023.

Fund

Overview

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

$9.75

on

February

28,

2023,

to

$9.70

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling

15.2902

cents

per

share

for

the

same

period.

2

The

Performance

Summary

beginning

on

page

15

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

3.17%,

based

on

an

annualization

of

August’s

2.6610

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$10.08

on

August

31,

2023.

An

investor

in

the

2023

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

6.31%

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

.

Thank

you

for

your

continued

participation

in

Franklin

Maryland

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Health

Care

20.09%

Housing

18.27%

Transportation

13.08%

Education

12.59%

Lease

12.10%

Local

10.67%

State

General

Obligation

3.62%

Refunded

3.36%

Special

Tax

3.28%

Utilities

2.52%

Other

Revenue

Bonds

0.42%

*

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.

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

.

Performance

Summary

as

of

August

31,

2023

Franklin

Maryland

Tax-Free

Income

Fund

15

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

8/31/23

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

+1.04%

-2.75%

1-Year

+1.30%

-2.50%

5-Year

+2.43%

-0.28%

10-Year

+21.92%

+1.61%

Advisor

6-Month

+1.27%

+1.27%

1-Year

+1.65%

+1.65%

5-Year

+3.81%

+0.75%

10-Year

+24.28%

+2.20%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

3.17%

6.31%

3.30%

6.57%

Advisor

3.54%

7.04%

3.67%

7.30%

See

page

16

for

Performance

Summary

footnotes.

Franklin

Maryland

Tax-Free

Income

Fund

Performance

Summary

16

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Portfolios

focused

on

a

single

state

are

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.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Net

expenses

are

capped

under

a

contrac-

tual

agreement,

which

cannot

be

terminated

prior

to

6/30/24

without

Board

consent.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

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

8/31/23.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/22/23

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.

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

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.152902

A1

$0.160324

C

$0.132304

R6

$0.167658

Advisor

$0.165273

Total

Annual

Operating

Expenses

9

Share

Class

A

0.88%

Advisor

0.63%

Your

Fund’s

Expenses

Franklin

Maryland

Tax-Free

Income

Fund

17

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,010.40

$4.54

$1,020.62

$4.56

0.90%

A1

$1,000

$1,011.20

$3.78

$1,021.38

$3.80

0.75%

C

$1,000

$1,009.20

$6.49

$1,018.68

$6.52

1.28%

R6

$1,000

$1,011.90

$3.03

$1,022.13

$3.04

0.60%

Advisor

$1,000

$1,012.70

$3.27

$1,021.89

$3.29

0.65%

18

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,

2023.

Fund

Overview

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

$10.27

on

February

28,

2023,

to

$10.20

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling

16.6874

cents

per

share

for

the

same

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

3.30%,

based

on

an

annualization

of

August’s

2.9149

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$10.60

on

August

31,

2023.

An

investor

in

the

2023

maximum

combined

effective

federal

and

Missouri

personal

income

tax

bracket

of

46.10%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

6.12%

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

.

Thank

you

for

your

continued

participation

in

Franklin

Missouri

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Health

Care

26.38%

Lease

21.79%

Utilities

15.50%

Education

9.27%

Local

8.21%

Housing

7.81%

Transportation

5.43%

Special

Tax

3.08%

Industrial

Dev.

Revenue

and

Pollution

Control

2.09%

Other

Revenue

Bonds

0.44%

*

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.

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

.

Performance

Summary

as

of

August

31,

2023

Franklin

Missouri

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

8/31/23

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

+0.93%

-2.85%

1-Year

+0.52%

-3.25%

5-Year

+1.91%

-0.38%

10-Year

+20.17%

+1.47%

Advisor

6-Month

+1.06%

+1.06%

1-Year

+0.77%

+0.77%

5-Year

+3.10%

+0.61%

10-Year

+22.27%

+2.03%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

3.30%

6.12%

3.56%

6.60%

Advisor

3.68%

6.83%

3.95%

7.33%

See

page

20

for

Performance

Summary

footnotes.

Franklin

Missouri

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Portfolios

focused

on

a

single

state

are

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.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Net

expenses

are

capped

under

a

contrac-

tual

agreement,

which

cannot

be

terminated

prior

to

6/30/24

without

Board

consent.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

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

8/31/23.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/22/23

for

the

maximum

combined

effective

federal

and

Missouri

personal

income

tax

rate

of

46.10%,

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

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.166874

A1

$0.174683

C

$0.145646

R6

$0.181536

Advisor

$0.179887

Total

Annual

Operating

Expenses

9

Share

Class

A

0.81%

Advisor

0.56%

Your

Fund’s

Expenses

Franklin

Missouri

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,009.30

$4.15

$1,021.01

$4.18

0.82%

A1

$1,000

$1,009.10

$3.39

$1,021.76

$3.41

0.67%

C

$1,000

$1,007.20

$6.13

$1,019.02

$6.17

1.22%

R6

$1,000

$1,009.80

$2.73

$1,022.42

$2.74

0.54%

Advisor

$1,000

$1,010.60

$2.89

$1,022.26

$2.91

0.57%

22

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,

2023.

Fund

Overview

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

$10.25

on

February

28,

2023,

to

$10.21

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling

13.0200

cents

per

share

for

the

same

period.

2

The

Performance

Summary

beginning

on

page

23

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.52%,

based

on

an

annualization

of

August’s

2.2243

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$10.61

on

August

31,

2023.

An

investor

in

the

2023

maximum

combined

effective

federal

and

North

Carolina

personal

income

tax

bracket

of

45.55%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

4.63%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Thank

you

for

your

continued

participation

in

Franklin

North

Carolina

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Health

Care

20.62%

Education

19.69%

Transportation

12.38%

Housing

11.00%

Utilities

10.74%

Lease

9.48%

Refunded

6.74%

Local

4.82%

Special

Tax

2.51%

State

General

Obligation

1.56%

Other

Revenue

Bonds

0.46%

*

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.

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

84

.

Performance

Summary

as

of

August

31,

2023

Franklin

North

Carolina

Tax-Free

Income

Fund

23

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

8/31/23

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

+0.87%

-2.91%

1-Year

+0.87%

-2.91%

5-Year

+1.44%

-0.48%

10-Year

+16.90%

+1.19%

Advisor

6-Month

+1.00%

+1.00%

1-Year

+1.22%

+1.22%

5-Year

+2.72%

+0.54%

10-Year

+18.96%

+1.75%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

2.52%

4.63%

3.31%

6.08%

Advisor

2.87%

5.27%

3.69%

6.78%

See

page

24

for

Performance

Summary

footnotes.

Franklin

North

Carolina

Tax-Free

Income

Fund

Performance

Summary

24

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Portfolios

focused

on

a

single

state

are

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.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Net

expenses

are

capped

under

a

contrac-

tual

agreement,

which

cannot

be

terminated

prior

to

6/30/24

without

Board

consent.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

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

8/31/23.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/22/23

for

the

maximum

combined

effective

federal

and

North

Carolina

personal

income

tax

rate

of

45.55%,

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

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.130200

A1

$0.138009

C

$0.108725

R6

$0.145216

Advisor

$0.143217

Total

Annual

Operating

Expenses

9

Share

Class

A

0.83%

Advisor

0.58%

Your

Fund’s

Expenses

Franklin

North

Carolina

Tax-Free

Income

Fund

25

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,008.70

$4.22

$1,020.94

$4.25

0.84%

A1

$1,000

$1,008.50

$3.46

$1,021.69

$3.48

0.69%

C

$1,000

$1,005.50

$6.18

$1,018.97

$6.23

1.23%

R6

$1,000

$1,010.20

$2.77

$1,022.39

$2.78

0.55%

Advisor

$1,000

$1,010.00

$2.96

$1,022.19

$2.98

0.59%

26

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,

2023

.

Fund

Overview

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

$9.72

on

February

28,

2023,

to

$9.67

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling

12.7938

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

2.62%,

based

on

an

annualization

of

August’s

2.1951

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$10.05

on

August

31,

2023.

An

investor

in

the

2023

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

4.90%

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.

Thank

you

for

your

continued

participation

in

Franklin

Virginia

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Health

Care

22.79%

Transportation

15.38%

Lease

13.75%

Utilities

12.38%

Education

8.04%

Refunded

7.76%

Housing

6.61%

Special

Tax

6.60%

Other

Revenue

Bonds

2.74%

State

General

Obligation

1.54%

Industrial

Dev.

Revenue

and

Pollution

Control

1.21%

Local

1.20%

*

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.

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

96

.

Performance

Summary

as

of

August

31,

2023

Franklin

Virginia

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

8/31/23

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

+0.79%

-2.99%

1-Year

+0.47%

-3.30%

5-Year

-0.67%

-0.89%

10-Year

+16.45%

+1.15%

Advisor

6-Month

+0.92%

+0.92%

1-Year

+0.72%

+0.72%

5-Year

+0.59%

+0.12%

10-Year

+18.60%

+1.72%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

2.62%

4.90%

3.35%

6.27%

Advisor

2.98%

5.58%

3.72%

6.96%

See

page

28

for

Performance

Summary

footnotes.

Franklin

Virginia

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Portfolios

focused

on

a

single

state

are

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.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Net

expenses

are

capped

under

a

contrac-

tual

agreement,

which

cannot

be

terminated

prior

to

6/30/24

without

Board

consent.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

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

8/31/23.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/22/23

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.

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

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.127938

A1

$0.135334

C

$0.107545

R6

$0.142563

Advisor

$0.140261

Total

Annual

Operating

Expenses

9

Share

Class

A

0.85%

Advisor

0.60%

Your

Fund’s

Expenses

Franklin

Virginia

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,007.90

$4.36

$1,020.79

$4.39

0.86%

A1

$1,000

$1,008.70

$3.60

$1,021.55

$3.63

0.71%

C

$1,000

$1,005.70

$6.32

$1,018.83

$6.36

1.25%

R6

$1,000

$1,009.40

$2.87

$1,022.28

$2.89

0.57%

Advisor

$1,000

$1,009.20

$3.10

$1,022.05

$3.12

0.61%

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.

30

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.92

$10.97

$11.18

$11.40

$10.85

$10.79

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.12

0.24

0.22

0.28

0.30

0.15

Net

realized

and

unrealized

gains

(losses)

(0.08)

(1.06)

(0.21)

(0.23)

0.57

0.06

Total

from

investment

operations

........

0.04

(0.82)

0.01

0.05

0.87

0.21

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.23)

(0.22)

(0.27)

(0.32)

(0.15)

Net

asset

value,

end

of

period

..........

$9.84

$9.92

$10.97

$11.18

$11.40

$10.85

Total

return

e

.......................

0.42%

(7.45)%

0.02%

0.49%

8.08%

1.98%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.94%

0.93%

0.91%

0.91%

0.91%

0.92%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.90%

0.90%

0.91%

0.91%

0.91%

0.92%

Net

investment

income

...............

2.45%

2.34%

1.91%

2.46%

2.70%

2.91%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$42,428

$42,244

$46,633

$30,415

$16,423

$7,334

Portfolio

turnover

rate

................

2.26%

19.06%

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

31

74

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.91

$10.95

$11.16

$11.38

$10.84

$10.88

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.25

0.23

0.30

0.32

0.33

Net

realized

and

unrealized

gains

(losses)

(0.08)

(1.04)

(0.20)

(0.23)

0.55

(0.04)

Total

from

investment

operations

........

0.05

(0.79)

0.03

0.07

0.87

0.29

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.25)

(0.24)

(0.29)

(0.33)

(0.33)

Net

asset

value,

end

of

period

..........

$9.83

$9.91

$10.95

$11.16

$11.38

$10.84

Total

return

d

.......................

0.49%

(7.24)%

0.17%

0.64%

8.16%

2.76%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.79%

0.78%

0.76%

0.77%

0.76%

0.77%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.75%

0.75%

0.76%

0.77%

0.76%

0.77%

Net

investment

income

...............

2.60%

2.49%

2.07%

2.66%

2.85%

3.06%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$119,610

$125,644

$163,571

$174,802

$186,486

$188,290

Portfolio

turnover

rate

................

2.26%

19.06%

20.50%

24.03%

4.87%

8.57%

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.

32

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.05

$11.10

$11.32

$11.54

$10.98

$11.02

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.10

0.19

0.17

0.24

0.26

0.27

Net

realized

and

unrealized

gains

(losses)

(0.09)

(1.05)

(0.22)

(0.23)

0.57

(0.04)

Total

from

investment

operations

........

0.01

(0.86)

(0.05)

0.01

0.83

0.23

Less

distributions

from:

Net

investment

income

..............

(0.10)

(0.19)

(0.17)

(0.23)

(0.27)

(0.27)

Net

asset

value,

end

of

period

..........

$9.96

$10.05

$11.10

$11.32

$11.54

$10.98

Total

return

d

.......................

0.11%

(7.74)%

(0.38)%

(0.01)%

7.68%

2.15%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

1.33%

1.32%

1.30%

1.31%

1.31%

1.32%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

1.29%

1.29%

1.30%

1.31%

1.31%

1.32%

Net

investment

income

...............

2.00%

1.89%

1.51%

2.10%

2.30%

2.51%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$6,573

$8,264

$13,416

$23,374

$31,175

$30,641

Portfolio

turnover

rate

................

2.26%

19.06%

20.50%

24.03%

4.87%

8.57%

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

33

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.91

$10.95

$11.17

$11.39

$10.84

$10.88

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.26

0.25

0.31

0.33

0.35

Net

realized

and

unrealized

gains

(losses)

(0.08)

(1.04)

(0.22)

(0.22)

0.57

(0.04)

Total

from

investment

operations

........

0.06

(0.78)

0.03

0.09

0.90

0.31

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.26)

(0.25)

(0.31)

(0.35)

(0.35)

Net

asset

value,

end

of

period

..........

$9.83

$9.91

$10.95

$11.17

$11.39

$10.84

Total

return

d

.......................

0.56%

(7.11)%

0.22%

0.77%

8.39%

2.78%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.67%

0.66%

0.65%

0.65%

0.65%

0.65%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.62%

0.62%

0.63%

0.63%

0.63%

0.63%

Net

investment

income

...............

2.73%

2.62%

2.19%

2.78%

2.98%

3.20%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$1,653

$1,786

$2,308

$1,756

$1,664

$824

Portfolio

turnover

rate

................

2.26%

19.06%

20.50%

24.03%

4.87%

8.57%

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

Alabama

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

34

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.91

$10.95

$11.17

$11.39

$10.84

$10.88

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.26

0.25

0.31

0.33

0.34

Net

realized

and

unrealized

gains

(losses)

(0.08)

(1.04)

(0.22)

(0.23)

0.56

(0.04)

Total

from

investment

operations

........

0.06

(0.78)

0.03

0.08

0.89

0.30

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.26)

(0.25)

(0.30)

(0.34)

(0.34)

Net

asset

value,

end

of

period

..........

$9.83

$9.91

$10.95

$11.17

$11.39

$10.84

Total

return

d

.......................

0.54%

(7.14)%

0.18%

0.74%

8.36%

2.86%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.69%

0.68%

0.66%

0.67%

0.66%

0.67%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.65%

0.65%

0.66%

0.67%

0.66%

0.67%

Net

investment

income

...............

2.70%

2.59%

2.16%

2.74%

2.95%

3.16%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$19,647

$18,309

$19,796

$15,036

$11,709

$8,335

Portfolio

turnover

rate

................

2.26%

19.06%

20.50%

24.03%

4.87%

8.57%

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,

2023

Franklin

Alabama

Tax-Free

Income

Fund

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

Corporate

Bonds

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

500,000

$

487,298

Total

Corporate

Bonds

(Cost

$500,000)

........................................

487,298

Municipal

Bonds

97.9%

Alabama

89.9%

Alabama

Community

College

System

,

Bishop

State

Community

College

,

Revenue

,

2019

,

BAM

Insured

,

4

%

,

1/01/49

......................................

2,000,000

1,822,742

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Ascension

Health

Credit

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/46

...................

3,000,000

3,023,222

Alabama

State

University

,

Revenue,

2022,

Refunding,

BAM

Insured,

5%,

9/01/36

......................

1,500,000

1,613,917

Revenue,

2022,

Refunding,

BAM

Insured,

5%,

9/01/40

......................

1,500,000

1,574,253

Alabaster

Board

of

Education

,

Special

Tax,

2022,

BAM

Insured,

5%,

9/01/47

.............................

1,500,000

1,568,802

Special

Tax,

2022,

BAM

Insured,

5%,

9/01/52

.............................

1,500,000

1,559,711

Alexander

City

Board

of

Education

,

Special

Tax

,

2022

,

BAM

Insured

,

4

%

,

2/01/52

...

3,000,000

2,740,610

Auburn

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

6/01/33

..................

2,500,000

2,554,648

Bessemer

Governmental

Utility

Services

Corp.

,

Water

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

6/01/39

...........................................

6,000,000

6,139,769

Birmingham

Airport

Authority

,

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/32

......................

300,000

332,101

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/33

......................

325,000

358,750

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/34

......................

400,000

440,559

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/35

......................

350,000

355,372

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/36

......................

500,000

503,398

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/37

......................

545,000

543,029

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/38

......................

400,000

394,477

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/39

......................

2,540,000

2,493,122

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/40

......................

705,000

686,616

Birmingham-Jefferson

Civic

Center

Authority

,

Special

Tax

,

2018

A

,

5

%

,

7/01/33

.....

1,605,000

1,697,930

b

Black

Belt

Energy

Gas

District

,

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/29

...........................

1,000,000

960,502

Revenue,

2022

C-1,

Mandatory

Put,

5.25%,

6/01/29

........................

1,000,000

1,037,254

Revenue,

2023

B-2,

Mandatory

Put,

5.25%,

12/01/30

.......................

3,000,000

3,163,946

Calhoun

County

Board

of

Education

,

Special

Tax

,

2016

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

2/01/46

......................................................

3,000,000

3,124,834

City

of

Bessemer

,

Water

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/47

...

2,590,000

2,612,901

City

of

Birmingham

,

GO

,

2021

A

,

4

%

,

6/01/50

..............................

2,500,000

2,269,857

City

of

Boaz

,

Water

&

Sewer,

Revenue,

2021,

AGMC

Insured,

4%,

9/01/46

.................

1,000,000

939,068

Water

&

Sewer,

Revenue,

2021,

AGMC

Insured,

4%,

9/01/50

.................

1,500,000

1,379,116

City

of

Decatur

,

Water

&

Sewer

,

Revenue

,

2021

A

,

4

%

,

8/15/50

.................

3,000,000

2,691,118

City

of

Huntsville

,

GO

,

2018

B

,

5

%

,

5/01/38

................................

4,775,000

5,005,277

City

of

Lincoln

,

GO

,

2020

,

BAM

Insured

,

4

%

,

6/01/50

........................

2,500,000

2,472,352

City

of

Madison

,

GO

,

2015

A

,

Pre-Refunded

,

5

%

,

4/01/37

.....................

2,590,000

2,660,109

City

of

Trussville

,

GO

,

2018

A

,

4

%

,

8/01/41

................................

3,000,000

2,907,183

City

of

Tuscaloosa

,

GO

,

2020

A

,

4

%

,

10/01/50

..............................

4,580,000

4,210,357

b

Columbia

Industrial

Development

Board

,

Alabama

Power

Co.

,

Revenue

,

2014

D

,

Refunding

,

Mandatory

Put

,

3.81

%

,

6/01/28

...............................

2,000,000

2,000,000

c

County

of

Mobile

,

Revenue

,

144A,

2020

,

4

%

,

11/01/45

.......................

2,400,000

2,060,406

DCH

Healthcare

Authority

,

Revenue,

2015,

Refunding,

5%,

6/01/36

.................................

2,000,000

2,018,221

Revenue,

2021

A,

4%,

6/01/46

........................................

2,310,000

2,016,301

East

Alabama

Health

Care

Authority

(The)

,

Revenue,

2018

A,

4%,

9/01/30

........................................

1,000,000

992,887

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.

36

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Alabama

(continued)

East

Alabama

Health

Care

Authority

(The),

(continued)

Revenue,

2018

A,

5%,

9/01/41

........................................

$

3,000,000

$

3,030,173

Florence

City

Board

of

Education

,

Special

Tax

,

2022

,

4

%

,

3/01/46

...............

3,000,000

2,734,210

Florence

Public

Building

Authority

,

City

of

Florence

,

Revenue

,

2021

,

4

%

,

9/01/35

....

500,000

499,712

Health

Care

Authority

for

Baptist

Health

(The)

,

Revenue,

2023

A,

Refunding,

5%,

11/15/36

..............................

1,000,000

1,059,850

Revenue,

2023

A,

Refunding,

5%,

11/15/37

..............................

875,000

918,807

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

8,903,549

Homewood

Educational

Building

Authority

,

Samford

University,

Revenue,

2019

A,

Refunding,

4%,

12/01/49

...............

2,500,000

2,094,506

Samford

University,

Revenue,

2021

A,

4%,

12/01/51

.......................

1,470,000

1,219,738

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

3,012,069

Infirmary

Health

System

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

2/01/46

3,000,000

2,599,386

Jacksonville

State

University

,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/36

...................

5,000,000

5,308,354

Revenue,

2020,

Refunding,

4%,

12/01/50

................................

5,000,000

4,282,882

Limestone

County

Water

&

Sewer

Authority

,

Revenue

,

2015

B

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

12/01/43

..............................................

5,920,000

5,963,012

b

Lower

Alabama

Gas

District

(The)

,

Revenue

,

2020

,

Mandatory

Put

,

4

%

,

12/01/25

...

2,000,000

1,973,313

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

4

%

,

2/01/44

...............

3,000,000

2,780,173

Madison

Water

&

Wastewater

Board

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/41

.....

4,610,000

4,762,871

Mobile

County

Board

of

School

Commissioners

,

Special

Tax

,

2022

B

,

BAM

Insured

,

4.25

%

,

3/01/52

...................................................

2,000,000

1,924,012

Opelika

Utilities

Board

,

Revenue

,

2017

,

Refunding

,

4

%

,

6/01/41

................

2,000,000

1,864,322

Oxford

City

Board

of

Education

,

Special

Tax

,

2020

A

,

Refunding

,

4

%

,

5/01/50

......

2,500,000

2,243,550

b

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue,

2021

A,

Mandatory

Put,

4%,

10/01/28

...........................

5,000,000

4,857,688

Revenue,

2022

A-1,

Mandatory

Put,

5.5%,

12/01/29

........................

2,000,000

2,097,982

Revenue,

2023

B,

Mandatory

Put,

5%,

6/01/30

............................

1,000,000

1,037,453

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

3,658,633

Talladega

County

Board

of

Education

,

Special

Tax

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

11/01/39

........................................................

2,000,000

2,061,111

Troy

Public

Educational

Building

Authority

,

Troy

City

Board

of

Education

,

Revenue

,

2011

,

AGMC

Insured

,

5.25

%

,

12/01/40

..................................

295,000

295,193

Tuscaloosa

City

Board

of

Education

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

8/01/41

...

4,000,000

4,202,170

UAB

Medicine

Finance

Authority

,

UAB

Medicine

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

9/01/29

.............................................

5,000,000

5,216,385

University

of

Alabama

(The)

,

Revenue

,

2018

B-2

,

5

%

,

9/01/48

..................

5,000,000

5,212,634

University

of

Montevallo

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/42

....

2,500,000

2,611,543

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

5

%

,

4/01/49

........

2,000,000

2,045,790

Water

Works

Board

of

the

City

of

Birmingham

(The)

,

Revenue

,

2016

B

,

Pre-Refunded

,

5

%

,

1/01/43

......................................................

5,000,000

5,302,997

170,698,785

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

700,000

572,651

Florida

0.7%

c

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

500,000

327,366

c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

1,150,000

944,437

1,271,803

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

37

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

0.5%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

$

1,000,000

$

918,991

Kentucky

0.5%

c

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

1,500,000

977,615

New

York

1.5%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

275,000

250,258

Revenue,

2021

A-2,

4%,

11/15/42

.....................................

2,700,000

2,509,525

2,759,783

South

Carolina

1.2%

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

500,000

394,057

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

500,000

392,887

c

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

1,485,000

978,862

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

750,000

562,402

2,328,208

Texas

0.5%

c

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

600,000

423,783

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

800,000

590,965

1,014,748

Washington

0.2%

c

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

500,000

394,013

Wisconsin

0.9%

c

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

500,000

387,001

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

1,300,000

1,300,663

1,687,664

U.S.

Territories

1.7%

Guam

0.5%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,000,000

995,350

Puerto

Rico

1.2%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

500,000

491,519

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

981,968

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

49,844

49,159

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

32,392

20,852

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

55,410

35,116

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.

38

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

$

750,000

$

727,804

2,306,418

Total

U.S.

Territories

....................................................................

3,301,768

Total

Municipal

Bonds

(Cost

$202,298,608)

.....................................

185,926,029

Total

Long

Term

Investments

(Cost

$202,798,608)

...............................

186,413,327

a

a

a

a

a

a

Total

Investments

(Cost

$202,798,608)

98.2%

...................................

$186,413,327

Other

Assets,

less

Liabilities

1.8%

.............................................

3,497,251

Net

Assets

100.0%

...........................................................

$189,910,578

See

Abbreviations

on

page

129

.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

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,

2023,

the

aggregate

value

of

these

securities

was

$9,341,570,

representing

4.9%

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

39

A

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.40

$11.57

$11.91

$12.19

$11.59

$11.57

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.15

0.28

0.26

0.30

0.32

0.17

Net

realized

and

unrealized

gains

(losses)

(0.09)

(1.17)

(0.34)

(0.29)

0.63

0.02

Total

from

investment

operations

........

0.06

(0.89)

(0.08)

0.01

0.95

0.19

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.28)

(0.26)

(0.29)

(0.35)

(0.17)

Net

asset

value,

end

of

period

..........

$10.32

$10.40

$11.57

$11.91

$12.19

$11.59

Total

return

e

.......................

0.60%

(7.71)%

(0.71)%

0.14%

8.27%

1.70%

Ratios

to

average

net

assets

f

Expenses

g

........................

0.88%

0.88%

0.86%

0.85%

0.86%

0.87%

Net

investment

income

...............

2.75%

2.65%

2.20%

2.48%

2.76%

3.10%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$73,197

$76,312

$92,129

$77,256

$54,945

$19,705

Portfolio

turnover

rate

................

4.55%

15.85%

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.

40

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.40

$11.57

$11.91

$12.19

$11.59

$11.65

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15

0.30

0.28

0.32

0.35

0.38

Net

realized

and

unrealized

gains

(losses)

(0.08)

(1.18)

(0.34)

(0.29)

0.61

(0.06)

Total

from

investment

operations

........

0.07

(0.88)

(0.06)

0.03

0.96

0.32

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.29)

(0.28)

(0.31)

(0.36)

(0.38)

Net

asset

value,

end

of

period

..........

$10.32

$10.40

$11.57

$11.91

$12.19

$11.59

Total

return

d

.......................

0.67%

(7.57)%

(0.56)%

0.29%

8.44%

2.83%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.73%

0.73%

0.71%

0.71%

0.71%

0.72%

Net

investment

income

...............

2.89%

2.79%

2.36%

2.66%

2.91%

3.25%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$179,020

$189,496

$249,763

$274,232

$309,436

$313,940

Portfolio

turnover

rate

................

4.55%

15.85%

22.60%

16.89%

13.23%

11.78%

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%.

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

41

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.56

$11.75

$12.09

$12.38

$11.77

$11.83

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.12

0.24

0.22

0.25

0.29

0.32

Net

realized

and

unrealized

gains

(losses)

(0.08)

(1.20)

(0.35)

(0.29)

0.62

(0.06)

Total

from

investment

operations

........

0.04

(0.96)

(0.13)

(0.04)

0.91

0.26

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.23)

(0.21)

(0.25)

(0.30)

(0.32)

Net

asset

value,

end

of

period

..........

$10.48

$10.56

$11.75

$12.09

$12.38

$11.77

Total

return

d

.......................

0.38%

(8.14)%

(1.10)%

(0.34)%

7.84%

2.22%

Ratios

to

average

net

assets

e

Expenses

f

.........................

1.27%

1.27%

1.25%

1.25%

1.26%

1.27%

Net

investment

income

...............

2.26%

2.19%

1.79%

2.08%

2.36%

2.70%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$15,964

$19,610

$28,904

$45,512

$62,426

$72,542

Portfolio

turnover

rate

................

4.55%

15.85%

22.60%

16.89%

13.23%

11.78%

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%.

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.

42

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.40

$11.57

$11.91

$12.20

$11.59

$11.66

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16

0.31

0.30

0.33

0.36

0.39

Net

realized

and

unrealized

gains

(losses)

(0.08)

(1.17)

(0.34)

(0.29)

0.63

(0.06)

Total

from

investment

operations

........

0.08

(0.86)

(0.04)

0.04

0.99

0.33

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.31)

(0.30)

(0.33)

(0.38)

(0.40)

Net

asset

value,

end

of

period

..........

$10.32

$10.40

$11.57

$11.91

$12.20

$11.59

Total

return

d

.......................

0.74%

(7.44)%

(0.42)%

0.35%

8.67%

2.86%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.59%

0.59%

0.57%

0.58%

0.59%

0.59%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.59%

g

0.59%

g

0.57%

g

0.56%

0.57%

0.57%

Net

investment

income

...............

3.02%

2.92%

2.49%

2.73%

3.05%

3.40%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$10,957

$10,366

$17,047

$13,813

$4,981

$3,786

Portfolio

turnover

rate

................

4.55%

15.85%

22.60%

16.89%

13.23%

11.78%

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

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

43

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.40

$11.57

$11.92

$12.20

$11.59

$11.66

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16

0.31

0.29

0.33

0.36

0.39

Net

realized

and

unrealized

gains

(losses)

(0.08)

(1.18)

(0.35)

(0.29)

0.63

(0.07)

Total

from

investment

operations

........

0.08

(0.87)

(0.06)

0.04

0.99

0.32

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.29)

(0.32)

(0.38)

(0.39)

Net

asset

value,

end

of

period

..........

$10.32

$10.40

$11.57

$11.92

$12.20

$11.59

Total

return

d

.......................

0.72%

(7.48)%

(0.46)%

0.31%

8.63%

2.83%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.63%

0.63%

0.61%

0.61%

0.61%

0.62%

Net

investment

income

...............

3.00%

2.88%

2.46%

2.74%

3.01%

3.35%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$48,097

$48,473

$72,069

$68,009

$53,789

$40,142

Portfolio

turnover

rate

................

4.55%

15.85%

22.60%

16.89%

13.23%

11.78%

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

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,

2023

Franklin

Georgia

Tax-Free

Income

Fund

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

Corporate

Bonds

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

900,000

$

877,136

Total

Corporate

Bonds

(Cost

$900,000)

........................................

877,136

Municipal

Bonds

97.8%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

1,300,000

1,063,495

Florida

1.3%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

2,592,000

2,122,231

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

750,000

491,049

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

2,030,000

1,667,137

4,280,417

Georgia

87.9%

Athens

Housing

Authority

,

UGAREF

East

Campus

Housing

Phase

II

LLC

,

Revenue

,

2017

,

Refunding

,

4

%

,

6/15/40

........................................

5,000,000

4,777,124

Atlanta

Development

Authority

(The)

,

City

of

Atlanta

Hotel

Motel

Tax,

Revenue,

2015

A-1,

5.25%,

7/01/40

............

7,750,000

7,884,358

City

of

Atlanta

Hotel

Motel

Tax,

Revenue,

2015

A-1,

5.25%,

7/01/44

............

3,000,000

3,040,695

Tuff

Yamacraw

LLC,

Revenue,

2005

A,

Refunding,

AMBAC

Insured,

5%,

1/01/26

..

2,555,000

2,590,011

Auburn

Urban

Redevelopment

Agency

,

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/45

..................

1,000,000

949,877

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/50

..................

1,000,000

919,292

Bainbridge

Public

Facilities

Authority

,

County

of

Decatur

,

Revenue

,

2018

,

AGMC

Insured

,

4

%

,

3/01/43

...............................................

3,000,000

2,887,632

Bleckley

County

School

District

,

GO

,

2020

,

5

%

,

10/01/42

.....................

2,055,000

2,198,739

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

7/01/49

........................................

3,000,000

2,783,395

Carroll

City-County

Hospital

Authority

,

Tanner

Medical

Center

Obligated

Group,

Revenue,

2015,

5%,

7/01/41

..........

2,000,000

2,015,848

Tanner

Medical

Center

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/50

.

2,950,000

2,717,475

City

of

Atlanta

,

GO,

2022

A-1,

5%,

12/01/38

.........................................

5,000,000

5,568,624

Airport

Passenger

Facility

Charge,

Revenue,

2023

E,

5.25%,

7/01/43

...........

3,000,000

3,192,685

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2019

D,

4%,

7/01/36

.....

4,500,000

4,484,185

BeltLineTAD,

Tax

Allocation,

2016

B,

Refunding,

5%,

1/01/31

.................

1,780,000

1,861,105

Department

of

Aviation,

Revenue,

2021

C,

Refunding,

5%,

7/01/37

.............

1,500,000

1,587,011

Water

&

Wastewater,

Revenue,

2001

A,

AGMC,

NATL

RE

Insured,

5.5%,

11/01/27

.

5,000,000

5,173,498

Water

&

Wastewater,

Revenue,

2018

B,

Refunding,

5%,

11/01/47

..............

5,000,000

5,166,748

City

of

Baldwin

,

Water

&

Sewerage

,

Revenue

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

6/01/46

.........................................................

1,835,000

1,420,979

City

of

Buford

,

GO

,

2017

C

,

Pre-Refunded

,

4

%

,

1/01/43

......................

5,000,000

5,146,249

City

of

Cartersville

,

Water

&

Sewer

,

Revenue

,

2018

,

Refunding

,

5

%

,

6/01/48

.......

4,000,000

4,139,467

City

of

Dalton

,

GO

,

2018

,

5

%

,

2/01/48

....................................

3,000,000

3,111,400

City

of

Monroe

,

Combined

Utility

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

12/01/50

....

1,500,000

1,378,612

City

of

Warner

Robins

,

Water

&

Sewerage

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/45

.

1,000,000

956,994

Clayton

County

Development

Authority

,

USG

Real

Estate

Foundation

XIII

LLC,

Revenue,

2022

A,

5%,

6/15/32

..........

1,295,000

1,474,463

USG

Real

Estate

Foundation

XIII

LLC,

Revenue,

2022

A,

5%,

6/15/33

..........

1,210,000

1,390,775

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/38

375,000

391,349

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/39

425,000

408,691

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/40

400,000

413,469

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/41

375,000

356,886

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

45

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Cobb

County

Kennestone

Hospital

Authority,

(continued)

WellStar

Health

System

Obligated

Group,

Revenue,

2022

A,

4%,

4/01/52

........

$

3,100,000

$

2,763,958

County

of

DeKalb

,

Water

&

Sewerage

,

Revenue

,

2006

B

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/35

.....................................................

4,000,000

4,181,785

County

of

Fulton

,

Water

&

Sewerage

,

Revenue

,

2020

A

,

3

%

,

1/01/45

.............

5,000,000

3,892,875

County

of

Rockdale

,

Stormwater

System

,

Revenue

,

2021

,

4

%

,

7/01/41

...........

500,000

493,807

Coweta

County

Water

&

Sewage

Authority

,

Revenue,

2021

B,

3%,

6/01/43

........................................

820,000

651,287

Revenue,

2021

B,

3%,

6/01/46

........................................

1,000,000

767,062

Dalton

Whitfield

County

Joint

Development

Authority

,

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2017

,

4

%

,

8/15/41

............................

3,000,000

2,907,824

DeKalb

Newton

&

Gwinnett

Counties

Joint

Development

Authority

,

GGCF

Athletic

Fields

LLC

,

Revenue

,

2012

A

,

AGMC

Insured

,

5

%

,

7/01/39

..................

2,500,000

2,501,297

Development

Authority

for

Fulton

County

,

Georgia

Tech

Facilities,

Inc.,

Revenue,

2018,

4%,

3/01/43

...................

2,000,000

1,958,754

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

........................................................

5,840,000

5,905,646

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2019

A,

4%,

7/01/49

......

5,000,000

4,518,252

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/29

.............

1,000,000

1,088,684

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/30

.............

1,030,000

1,132,557

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/31

.............

1,235,000

1,374,734

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/32

.............

1,350,000

1,517,005

WellStar

Health

System

Obligated

Group,

Revenue,

2017,

5%,

4/01/47

.........

1,000,000

1,010,799

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/50

........

3,000,000

2,697,648

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.

,

Revenue

,

2017

D

,

Refunding

,

4.125

%

,

11/01/45

..................................

6,000,000

5,167,248

Development

Authority

of

Cobb

County

(The)

,

Georgia

Tech

Cobb

Research

Campus

LLC,

Revenue,

2017

A,

4%,

6/01/42

......

1,600,000

1,566,847

Kennesaw

State

University

Real

Estate

Obligated

Group

2015

ABC,

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

7/15/38

.................................

2,000,000

2,027,001

KSU

2020

Housing

Real

Estate

Foundation

LLC,

Revenue,

2020,

4%,

7/15/52

....

5,720,000

5,056,310

KSU

University

II

Real

Estate

Foundation

LLC,

Revenue,

2021,

Refunding,

4%,

7/15/34

........................................................

1,000,000

1,012,257

University

System

of

Georgia,

Revenue,

2020

C,

4%,

7/15/52

................

2,000,000

1,790,186

Development

Authority

of

Gwinnett

County

,

Gwinnett

County

School

District

,

COP

,

2006

,

NATL

Insured

,

5.25

%

,

1/01/24

...................................

2,000,000

2,011,240

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

4,825,000

3,808,901

Etowah

Water

&

Sewer

Authority

,

Revenue

,

2019

,

Refunding

,

BAM

Insured

,

3

%

,

3/01/44

.........................................................

1,250,000

954,412

Floyd

County

Hospital

Authority

,

Floyd

Obligated

Group

,

Revenue

,

2016

,

Pre-

Refunded

,

4

%

,

7/01/43

.............................................

3,000,000

3,074,222

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/42

..........

6,000,000

5,590,596

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/15/42

....................................................

7,000,000

7,117,741

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

2/15/45

....................................................

5,000,000

4,525,162

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2021

A,

4%,

2/15/51

5,000,000

4,443,500

Gainesville

School

District

,

GO

,

2020

,

4

%

,

11/01/42

.........................

1,000,000

989,406

Georgia

Higher

Education

Facilities

Authority

,

USG

Real

Estate

Foundation

III

LLC

,

Revenue

,

2020

,

Refunding

,

4

%

,

6/15/41

.................................

2,305,000

2,177,229

Georgia

Housing

&

Finance

Authority

,

Revenue,

2013

A,

3.8%,

12/01/37

.....................................

1,655,000

1,636,515

Revenue,

2018

A,

3.85%,

12/01/38

....................................

1,170,000

1,119,337

Revenue,

2018

A,

3.95%,

12/01/43

....................................

1,210,000

1,180,798

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.

46

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Georgia

Housing

&

Finance

Authority,

(continued)

Revenue,

2019

A,

Refunding,

3.7%,

6/01/49

..............................

$

4,565,000

$

3,990,770

Georgia

Ports

Authority

,

Revenue,

2021,

4%,

7/01/51

.........................................

4,395,000

4,191,982

Revenue,

2022,

5%,

7/01/47

.........................................

2,500,000

2,688,555

Revenue,

2022,

5.25%,

7/01/52

.......................................

2,000,000

2,175,261

Glynn-Brunswick

Memorial

Hospital

Authority

,

Southeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

,

5

%

,

8/01/47

............................

5,000,000

4,511,431

Henry

County

School

District

,

GO

,

2016

,

Pre-Refunded

,

4

%

,

8/01/33

.............

5,000,000

5,121,972

Hogansville

Ga

Combined

Public

Utility

System

,

Revenue

,

1993

,

AGMC

Insured

,

ETM,

6

%

,

10/01/23

.....................................................

505,000

505,919

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/25

......................................

2,500,000

2,543,868

Revenue,

2007

A,

5.5%,

9/15/27

......................................

5,000,000

5,193,294

Revenue,

2019

A,

5%,

5/15/37

........................................

1,975,000

1,985,281

Revenue,

2019

A,

5%,

5/15/38

........................................

1,000,000

1,003,545

c

Revenue,

2022

B,

Mandatory

Put,

5%,

6/01/29

............................

5,000,000

5,115,326

b,c

Revenue,

144A,

2022

C,

Mandatory

Put,

4%,

11/01/27

......................

8,000,000

7,657,120

c

Revenue,

2023

B,

Mandatory

Put,

5%,

3/01/30

............................

2,000,000

2,075,047

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2015

B

,

5

%

,

7/01/45

........

5,000,000

5,123,108

Monroe

County

Public

Facilities

Authority

,

County

of

Monroe

,

Revenue

,

2020

,

4

%

,

6/01/42

.........................................................

1,000,000

917,502

Moultrie-Colquitt

Counties

Development

Authority

,

Philadelphia

College

of

Osteopathic

Medicine

Obligated

Group

,

Revenue

,

2018

,

5

%

,

12/01/43

...................

4,815,000

5,081,637

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

A,

AGMC

Insured,

4%,

1/01/44

............................

5,000,000

4,685,626

Revenue,

2020

A,

Refunding,

5%,

1/01/50

...............................

3,500,000

3,583,443

Revenue,

2021

A,

Refunding,

4%,

1/01/46

...............................

330,000

299,861

Revenue,

2021

A,

Refunding,

4%,

1/01/51

...............................

425,000

376,760

Revenue,

2021

A,

Refunding,

5%,

1/01/56

...............................

750,000

749,901

Revenue,

2023

A,

5.5%,

7/01/64

......................................

2,000,000

2,073,578

Private

Colleges

&

Universities

Authority

,

Emory

University,

Revenue,

2013

A,

5%,

10/01/43

.........................

5,000,000

4,897,224

Emory

University,

Revenue,

2019

B,

Refunding,

5%,

9/01/48

.................

4,000,000

4,202,473

Mercer

University,

Revenue,

2021,

Refunding,

4%,

10/01/50

.................

5,400,000

4,816,646

Mercer

University,

Revenue,

2022,

Refunding,

5.25%,

10/01/51

...............

4,500,000

4,726,199

Pulaski

County

School

District

,

GO

,

2020

,

4

%

,

10/01/42

......................

1,000,000

989,455

Richmond

County

Hospital

Authority

,

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

4

%

,

1/01/35

.................................

5,000,000

4,979,816

Savannah

Hospital

Authority

,

St.

Joseph's/Candler

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/43

...............................

10,000,000

9,162,149

Sinclair

Water

Authority

,

Revenue

,

2019

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/48

...

2,000,000

2,085,779

Worth

County

School

District

,

GO

,

2017

,

5

%

,

12/01/42

.......................

5,000,000

5,187,589

287,698,635

Illinois

1.0%

State

of

Illinois

,

GO,

2021

A,

5%,

3/01/32

............................................

250,000

272,597

GO,

2021

B,

4%,

12/01/38

...........................................

3,000,000

2,860,028

3,132,625

New

Jersey

0.4%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/15/35

........................................................

1,200,000

1,271,572

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

47

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

0.8%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/53

.....................................

$

100,000

$

88,162

Revenue,

2020

D,

4%,

11/15/47

.......................................

600,000

542,812

Revenue,

2021

A-2,

4%,

11/15/42

.....................................

2,300,000

2,137,743

2,768,717

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

900,000

709,303

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

900,000

707,196

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

500,000

374,935

1,791,434

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,200,000

847,566

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,500,000

1,108,060

1,955,626

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

709,224

Wisconsin

1.3%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

900,000

696,601

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

1,500,000

1,182,256

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

2,300,000

2,301,173

4,180,030

U.S.

Territories

3.4%

Puerto

Rico

3.4%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/32

................

4,800,000

4,819,784

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

..................

1,100,000

1,096,640

Puerto

Rico

Electric

Power

Authority

,

a,d

Revenue,

6%,

7/01/41

..............................................

255,064

255,064

a,d

Revenue,

7.125%,

7/01/59

...........................................

1,238,735

1,238,735

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

560,000

550,502

e

Revenue,

XX,

5.25%,

7/01/40

........................................

2,270,000

624,250

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

136,367

134,492

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

88,620

57,049

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

151,593

96,072

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

2,480,000

2,406,605

11,279,193

Total

U.S.

Territories

....................................................................

11,279,193

Total

Municipal

Bonds

(Cost

$349,146,762)

.....................................

320,130,968

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.

48

a

a

Shares

a

Value

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

†

a,f

Puerto

Rico

Electric

Power

Authority

.....................................

115,316

$

92,253

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

92,253

Total

Long

Term

Investments

(Cost

$350,046,762)

...............................

321,100,357

a

a

a

a

a

Short

Term

Investments

0.3%

Principal

Amount

Municipal

Bonds

0.3%

Georgia

0.3%

g

Development

Authority

of

Monroe

County

(The)

,

Florida

Power

&

Light

Co.

,

Revenue

,

2002

,

Refunding

,

Daily

VRDN

and

Put

,

4.15

%

,

9/01/37

.....................

$

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

$351,046,762)

98.4%

...................................

$322,100,357

Other

Assets,

less

Liabilities

1.6%

.............................................

5,134,515

Net

Assets

100.0%

...........................................................

$327,234,872

See

Abbreviations

on

page

129

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

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,

2023,

the

aggregate

value

of

these

securities

was

$21,553,325,

representing

6.6%

of

net

assets.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

e

See

Note

7

regarding

defaulted

securities.

f

Non-income

producing.

g

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Louisiana

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,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.96

$11.03

$11.28

$11.55

$10.93

$10.85

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.13

0.25

0.24

0.28

0.30

0.16

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.08)

(0.25)

(0.27)

0.64

0.08

Total

from

investment

operations

........

0.07

(0.83)

(0.01)

0.01

0.94

0.24

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.24)

(0.24)

(0.28)

(0.32)

(0.16)

Net

asset

value,

end

of

period

..........

$9.90

$9.96

$11.03

$11.28

$11.55

$10.93

Total

return

e

.......................

0.73%

(7.49)%

(0.17)%

0.09%

8.68%

2.22%

Ratios

to

average

net

assets

f

Expenses

g

........................

0.90%

0.89%

0.87%

0.87%

0.86%

0.88%

Net

investment

income

...............

2.66%

2.42%

2.07%

2.49%

2.70%

3.06%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$60,758

$60,153

$69,773

$56,810

$48,032

$18,110

Portfolio

turnover

rate

................

2.44%

11.69%

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.

50

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.95

$11.03

$11.28

$11.55

$10.92

$10.90

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.26

0.25

0.30

0.32

0.35

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.08)

(0.25)

(0.28)

0.64

0.02

Total

from

investment

operations

........

0.08

(0.82)

—

0.02

0.96

0.37

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.26)

(0.25)

(0.29)

(0.33)

(0.35)

Net

asset

value,

end

of

period

..........

$9.89

$9.95

$11.03

$11.28

$11.55

$10.92

Total

return

d

.......................

0.81%

(7.45)%

(0.02)%

0.24%

8.94%

3.45%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.75%

0.74%

0.72%

0.72%

0.71%

0.73%

Net

investment

income

...............

2.81%

2.57%

2.22%

2.66%

2.85%

3.21%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$163,878

$175,906

$234,499

$250,576

$289,744

$284,259

Portfolio

turnover

rate

................

2.44%

11.69%

16.61%

22.66%

4.83%

9.46%

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

Louisiana

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,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.12

$11.21

$11.46

$11.74

$11.10

$11.07

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.20

0.19

0.24

0.26

0.29

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.09)

(0.25)

(0.29)

0.65

0.03

Total

from

investment

operations

........

0.05

(0.89)

(0.06)

(0.05)

0.91

0.32

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.20)

(0.19)

(0.23)

(0.27)

(0.29)

Net

asset

value,

end

of

period

..........

$10.06

$10.12

$11.21

$11.46

$11.74

$11.10

Total

return

d

.......................

0.52%

(7.92)%

(0.57)%

(0.39)%

8.34%

2.92%

Ratios

to

average

net

assets

e

Expenses

f

.........................

1.29%

1.28%

1.26%

1.26%

1.26%

1.28%

Net

investment

income

...............

2.21%

1.97%

1.64%

2.08%

2.30%

2.66%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$10,802

$12,724

$19,991

$29,441

$38,066

$42,188

Portfolio

turnover

rate

................

2.44%

11.69%

16.61%

22.66%

4.83%

9.46%

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

Louisiana

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,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.96

$11.03

$11.28

$11.55

$10.93

$10.90

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15

0.28

0.27

0.31

0.33

0.36

Net

realized

and

unrealized

gains

(losses)

(0.07)

(1.08)

(0.25)

(0.27)

0.64

0.03

Total

from

investment

operations

........

0.08

(0.80)

0.02

0.04

0.97

0.39

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.27)

(0.27)

(0.31)

(0.35)

(0.36)

Net

asset

value,

end

of

period

..........

$9.89

$9.96

$11.03

$11.28

$11.55

$10.93

Total

return

d

.......................

0.78%

(7.22)%

0.12%

0.38%

8.99%

3.67%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.61%

0.61%

0.59%

0.60%

0.60%

0.61%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.61%

g

0.60%

0.58%

0.58%

0.58%

0.59%

Net

investment

income

...............

2.95%

2.72%

2.36%

2.78%

2.98%

3.35%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$6,032

$6,306

$8,031

$6,076

$5,383

$3,865

Portfolio

turnover

rate

................

2.44%

11.69%

16.61%

22.66%

4.83%

9.46%

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%.

g

Benefit

of

waiver

and

payments

by

affiliates

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

53

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.96

$11.03

$11.28

$11.55

$10.93

$10.90

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15

0.27

0.26

0.31

0.33

0.36

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.07)

(0.24)

(0.28)

0.63

0.03

Total

from

investment

operations

........

0.09

(0.80)

0.02

0.03

0.96

0.39

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.27)

(0.27)

(0.30)

(0.34)

(0.36)

Net

asset

value,

end

of

period

..........

$9.90

$9.96

$11.03

$11.28

$11.55

$10.93

Total

return

d

.......................

0.86%

(7.26)%

0.08%

0.34%

8.95%

3.65%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.65%

0.65%

0.62%

0.62%

0.61%

0.63%

Net

investment

income

...............

2.91%

2.67%

2.32%

2.73%

2.95%

3.31%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$36,510

$36,351

$42,264

$37,329

$27,945

$19,580

Portfolio

turnover

rate

................

2.44%

11.69%

16.61%

22.66%

4.83%

9.46%

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,

2023

Franklin

Louisiana

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

Municipal

Bonds

97.8%

Florida

0.1%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

$

500,000

$

327,366

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

967,027

Louisiana

92.2%

Ascension

Parish

School

Board

,

GO

,

2020

,

4

%

,

3/01/40

......................

1,000,000

977,653

Caddo

Parish

Parishwide

School

District

,

GO

,

2021

,

AGMC

Insured

,

3

%

,

3/01/36

...

505,000

451,169

Calcasieu

Parish

School

District

No.

23

,

GO

,

2019

,

BAM

Insured

,

4

%

,

9/01/36

.....

670,000

675,016

Calcasieu

Parish

School

District

No.

31

,

GO,

2018,

BAM

Insured,

5%,

3/01/36

...................................

1,000,000

1,075,036

GO,

2018,

BAM

Insured,

5%,

3/01/38

...................................

1,000,000

1,059,844

GO,

2019,

BAM

Insured,

4%,

3/01/37

...................................

1,000,000

1,003,771

Central

Community

School

System

,

GO,

2020,

4%,

3/01/39

.............................................

1,125,000

1,106,777

GO,

2020,

4%,

3/01/40

.............................................

1,190,000

1,163,406

City

of

Bossier

City

,

Utilities

,

Revenue

,

2014

,

Pre-Refunded

,

5

%

,

10/01/37

........

1,280,000

1,303,599

City

of

Lafayette

,

Sales

&

Use

Tax,

Revenue,

2019

A,

5%,

5/01/44

..........................

4,350,000

4,610,826

Sales

&

Use

Tax,

Revenue,

2020

B,

4%,

3/01/45

..........................

5,000,000

4,791,453

City

of

New

Orleans

,

GO,

2021

A,

5%,

12/01/39

...........................................

6,000,000

6,361,130

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/45

.........................

1,700,000

1,753,064

Sewerage

Service,

Revenue,

2020

B,

4%,

6/01/50

.........................

1,300,000

1,125,664

City

of

Ruston

,

Sales

Tax

,

Revenue

,

2016

,

AGMC

Insured

,

5

%

,

6/01/35

...........

1,085,000

1,120,455

City

of

Shreveport

,

Water

&

Sewer,

Revenue,

2016

B,

5%,

12/01/41

..........................

4,000,000

4,062,356

Water

&

Sewer,

Revenue,

2020

B,

Refunding,

3%,

12/01/50

..................

5,070,000

3,502,797

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

2,205,874

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2014

B,

Pre-Refunded,

5%,

2/01/39

............................

5,000,000

5,120,457

Revenue,

2019

A,

Refunding,

4%,

2/01/45

...............................

5,000,000

4,700,166

Revenue,

2020

A,

Refunding,

5%,

2/01/31

...............................

750,000

837,081

Greater

New

Orleans

Expressway

Commission

,

Revenue

,

2017

,

AGMC

Insured

,

5

%

,

11/01/47

........................................................

4,000,000

4,044,526

Jefferson

Parish

Consolidated

Sewerage

District

No.

1

,

Revenue

,

2022

,

BAM

Insured

,

4

%

,

2/01/38

......................................................

1,000,000

991,997

Jefferson

Parish

Consolidated

Waterworks

District

No.

2

,

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

4

%

,

2/01/40

...........................................

5,000,000

4,877,307

Jefferson

Sales

Tax

District

,

Revenue

,

2017

B

,

AGMC

Insured

,

5

%

,

12/01/42

.......

2,250,000

2,309,513

Lafayette

Consolidated

Government

,

GO,

2020,

Refunding,

3%,

3/01/34

.....................................

250,000

232,432

GO,

2020,

Refunding,

3%,

3/01/35

.....................................

200,000

182,219

Lafayette

Parish

School

Board

,

Sales

Tax

,

Revenue

,

2023

,

4

%

,

4/01/53

..........

2,500,000

2,333,413

Livingston

Parish

School

Board

,

Sales

&

Use

Tax,

Revenue,

2021

A,

Refunding,

4%,

5/01/30

.................

500,000

520,653

Sales

&

Use

Tax,

Revenue,

2021

A,

Refunding,

4%,

5/01/31

.................

1,300,000

1,354,138

Louisiana

Correctional

Facilities

Corp.

,

State

of

Louisiana

Office

of

Juvenile

Justice,

Revenue,

2021,

4%,

10/01/37

......

875,000

828,658

State

of

Louisiana

Office

of

Juvenile

Justice,

Revenue,

2021,

4%,

10/01/40

......

1,305,000

1,200,360

Louisiana

Housing

Corp.

,

Revenue,

2021

B,

GNMA

Insured,

2.05%,

6/01/36

.........................

615,000

466,415

Revenue,

2021

B,

GNMA

Insured,

2.2%,

6/01/41

..........................

1,965,000

1,446,509

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

55

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

a

City

of

New

Orleans,

Revenue,

144A,

2021,

4%,

11/01/46

...................

$

2,000,000

$

1,729,840

East

Ascension

Parish

Gravity

Drainage

District

No.

1,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/40

........................................

2,925,000

2,994,428

Entergy

Louisiana

LLC,

Revenue,

2021

A,

Refunding,

2%,

6/01/30

.............

1,500,000

1,291,840

Entergy

Louisiana

LLC,

Revenue,

2021

B,

Refunding,

2.5%,

4/01/36

...........

3,000,000

2,386,336

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/33

.

800,000

804,984

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/34

.

620,000

622,562

a

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4.25%,

12/01/50

........................................

8,000,000

5,993,283

a

Parish

of

Assumption,

Revenue,

144A,

2021,

3.875%,

11/01/45

...............

1,000,000

841,980

a

Parish

of

St.

Bernard,

Revenue,

144A,

2021,

4%,

11/01/45

...................

1,225,000

1,066,422

a

Parish

of

St.

Charles,

Revenue,

144A,

2022,

4.5%,

11/01/47

.................

2,000,000

1,860,547

a

Parish

of

St.

Tammany

LA

GOMESA,

Revenue,

144A,

2020,

3.875%,

11/01/45

....

2,900,000

2,441,743

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

10/01/43

...

250,000

185,285

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4.25%,

10/01/48

221,200

159,272

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4.5%,

10/01/53

.

309,471

223,035

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

5%,

10/01/61

...

249,529

189,824

Ragin

Cajun

Facilities,

Inc.,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

10/01/39

.......................................................

2,680,000

2,735,767

University

of

Louisiana

at

Lafayette,

Revenue,

2018,

AGMC

Insured,

5%,

10/01/48

3,500,000

3,528,085

University

of

Louisiana

System,

Revenue,

2019,

Refunding,

AGMC

Insured,

4%,

8/01/34

........................................................

1,000,000

1,006,287

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/39

.......................................

1,060,000

1,000,452

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/41

.......................................

500,000

471,690

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/43

.......................................

500,000

461,062

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/30

....................................................

1,020,000

1,039,496

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/31

....................................................

1,065,000

1,085,551

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/32

....................................................

1,100,000

1,106,063

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/33

....................................................

1,155,000

1,160,528

Woman's

Hospital

Foundation,

Revenue,

2017

A,

Refunding,

5%,

10/01/44

......

5,000,000

5,031,702

Louisiana

Public

Facilities

Authority

,

CHRISTUS

Health

Obligated

Group,

Revenue,

2018

E,

5%,

7/01/48

...........

5,000,000

5,120,142

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015

A,

5%,

7/01/35

..............................................

4,965,000

5,012,210

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/35

..................................

35,000

36,073

Louisiana

Children's

Medical

Center

Obligated

Group,

Revenue,

2015

A-1,

5%,

6/01/45

........................................................

10,000,000

10,079,991

Louisiana

Children's

Medical

Center

Obligated

Group,

Revenue,

2020

A,

4%,

6/01/50

5,000,000

4,442,706

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2016

A,

5%,

7/01/46

..............................................

6,500,000

6,515,985

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2017,

5%,

7/01/52

................................................

2,310,000

2,303,684

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/37

.......

2,020,000

1,916,827

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/39

.......

3,460,000

3,214,715

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/41

.......

2,850,000

2,596,362

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/34

........................................................

30,000

31,263

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.

56

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,

2016,

Pre-Refunded,

5%,

5/15/47

........................................................

$

20,000

$

20,842

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/46

12,000,000

12,065,400

a

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

2,000,000

1,838,648

Roman

Catholic

Church

of

the

Archdiocese

of

New

Orleans,

Revenue,

2017,

Refunding,

5%,

7/01/37

............................................

3,750,000

3,112,500

Tulane

University,

Revenue,

2016

A,

Refunding,

5%,

12/15/41

................

3,000,000

3,083,380

Tulane

University,

Revenue,

2017

A,

4%,

12/15/50

.........................

1,940,000

1,756,505

Tulane

University,

Revenue,

2017

A,

Pre-Refunded,

4%,

12/15/50

.............

60,000

62,083

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/45

.................

1,000,000

1,037,240

Louisiana

Stadium

&

Exposition

District

,

Revenue,

Senior

Lien

,

2023

A

,

Refunding

,

5.25

%

,

7/01/53

...................................................

1,750,000

1,869,172

Louisiana

State

University

&

Agricultural

&

Mechanical

College

,

Auxiliary

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

7/01/40

....................................

4,500,000

4,725,825

Natchitoches

Parish

School

District

No.

9

,

GO

,

2018

,

AGMC

Insured

,

5

%

,

3/01/38

...

1,440,000

1,533,243

New

Orleans

Aviation

Board

,

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017

A

,

5

%

,

1/01/48

........................................

10,000,000

10,139,799

Parish

of

East

Baton

Rouge

Capital

Improvements

District

,

MovEBR

Sales

Tax,

Revenue,

2019,

4%,

8/01/44

..........................

2,055,000

1,976,020

MovEBR

Sales

Tax,

Revenue,

2019,

5%,

8/01/48

..........................

2,500,000

2,581,365

Parish

of

Terrebonne

,

Sales

&

Use

Tax,

Revenue,

2020

A,

4%,

3/01/35

..........................

1,015,000

1,012,702

Sales

&

Use

Tax,

Revenue,

2020

A,

4%,

3/01/41

..........................

2,660,000

2,515,867

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2018

A,

AGMC

Insured,

5%,

4/01/48

............................

2,750,000

2,800,420

Revenue,

2018

B,

Refunding,

AGMC

Insured,

5%,

4/01/43

...................

2,000,000

2,021,022

Revenue,

2020

D,

5%,

4/01/50

........................................

6,000,000

6,108,882

Rapides

Parish

Consolidated

School

District

No.

62

,

GO

,

2022

,

AGMC

Insured

,

5

%

,

3/01/42

.........................................................

1,100,000

1,159,937

Rapides

Parish

School

District

No.

11

Rigolette

,

GO

,

2023

,

AGMC

Insured

,

4

%

,

3/01/41

.........................................................

1,000,000

971,401

St.

John

the

Baptist

,

Parish

School

District

No.

1

,

GO

,

2023

,

5.25

%

,

3/01/43

.......

3,300,000

3,353,549

St.

Tammany

Parish

Hospital

Service

District

No.

1

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/48

.........................................................

5,500,000

5,433,254

State

of

Louisiana

,

GO,

2016

A,

5%,

9/01/36

............................................

3,000,000

3,122,102

GO,

2019

A,

5%,

3/01/37

............................................

3,000,000

3,231,041

Gasoline

&

Fuels

Tax,

Revenue,

First

Lien,

2015

A,

Pre-Refunded,

5%,

5/01/41

...

3,000,000

3,075,870

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/40

...

5,000,000

5,191,644

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/45

...

10,000,000

10,284,413

Tangipahoa

Parish

Hospital

Service

District

No.

1

,

Revenue,

2021,

Refunding,

4%,

2/01/35

.................................

2,250,000

2,218,944

Revenue,

2021,

Refunding,

4%,

2/01/38

.................................

2,000,000

1,857,522

Terrebonne

Levee

&

Conservation

District

,

Sales

Tax

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

6/01/41

......................................................

1,000,000

928,402

West

Feliciana

Parish

Parishwide

Consolidated

School

District

No.

1

,

GO

,

2020

,

4

%

,

3/01/50

.........................................................

3,000,000

2,659,457

256,232,207

South

Carolina

0.4%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

600,000

472,868

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

700,000

550,042

1,022,910

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

57

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

0.7%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

$

450,000

$

453,555

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

900,000

635,674

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,250,000

923,383

2,012,612

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

551,619

Wisconsin

1.4%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

800,000

619,201

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

1,225,000

965,509

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

1,800,000

1,800,918

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

12/01/52

.....

500,000

482,223

3,867,851

U.S.

Territories

2.5%

Puerto

Rico

2.5%

Puerto

Rico

Electric

Power

Authority

,

b,c

Revenue,

6%,

7/01/41

..............................................

96,071

96,071

b,c

Revenue,

7.125%,

7/01/59

...........................................

466,572

466,572

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

500,000

491,519

d

Revenue,

WW,

5.25%,

7/01/33

........................................

855,000

235,125

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

585,911

577,855

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

380,763

245,116

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

651,329

412,780

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

................................

3,500,000

3,281,179

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

1,196,000

1,160,605

6,966,822

Total

U.S.

Territories

....................................................................

6,966,822

Total

Municipal

Bonds

(Cost

$296,073,062)

.....................................

271,948,414

Shares

Escrows

and

Litigation

Trusts

0.0%

†

b,e

Puerto

Rico

Electric

Power

Authority

.....................................

43,434

34,747

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

34,747

Total

Long

Term

Investments

(Cost

$296,073,062)

...............................

271,983,161

a

a

a

a

a

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.

58

See

Abbreviations

on

page

129

.

Short

Term

Investments

1.4%

a

a

Principal

Amount

a

Value

Municipal

Bonds

1.4%

Louisiana

1.4%

f

State

of

Louisiana

,

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2023

A-1

,

Refunding

,

LOC

Toronto

Dominion

Bank

(The)

,

Daily

VRDN

and

Put

,

3.93

%

,

5/01/43

$

3,900,000

$

3,900,000

Total

Municipal

Bonds

(Cost

$3,900,000)

.......................................

3,900,000

Total

Short

Term

Investments

(Cost

$3,900,000

)

.................................

3,900,000

a

Total

Investments

(Cost

$299,973,062)

99.2%

...................................

$275,883,161

Other

Assets,

less

Liabilities

0.8%

.............................................

2,097,053

Net

Assets

100.0%

...........................................................

$277,980,214

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2023,

the

aggregate

value

of

these

securities

was

$24,275,667,

representing

8.7%

of

net

assets.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

regarding

fair

value

measurements.

c

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

d

See

Note

7

regarding

defaulted

securities.

e

Non-income

producing.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Maryland

Tax-Free

Income

Fund

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The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

59

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.75

$10.71

$10.97

$11.35

$10.80

$10.76

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.15

0.26

0.23

0.28

0.29

0.15

Net

realized

and

unrealized

gains

(losses)

(0.05)

(0.96)

(0.26)

(0.38)

0.57

0.04

Total

from

investment

operations

........

0.10

(0.70)

(0.03)

(0.10)

0.86

0.19

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.26)

(0.23)

(0.28)

(0.31)

(0.15)

Net

asset

value,

end

of

period

..........

$9.70

$9.75

$10.71

$10.97

$11.35

$10.80

Total

return

e

.......................

1.04%

(6.56)%

(0.30)%

(0.84)%

8.11%

1.84%

Ratios

to

average

net

assets

f

Expenses

g

........................

0.90%

0.89%

0.87%

0.87%

0.88%

0.88%

Net

investment

income

...............

3.11%

2.62%

2.10%

2.55%

2.65%

2.95%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$85,969

$80,313

$90,950

$78,374

$60,104

$26,572

Portfolio

turnover

rate

................

7.69%

37.44%

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

60

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.75

$10.71

$10.97

$11.36

$10.80

$10.76

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16

0.27

0.25

0.30

0.31

0.33

Net

realized

and

unrealized

gains

(losses)

(0.05)

(0.96)

(0.26)

(0.39)

0.58

0.05

Total

from

investment

operations

........

0.11

(0.69)

(0.01)

(0.09)

0.89

0.38

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.27)

(0.25)

(0.30)

(0.33)

(0.34)

Net

asset

value,

end

of

period

..........

$9.70

$9.75

$10.71

$10.97

$11.36

$10.80

Total

return

d

.......................

1.12%

(6.42)%

(0.15)%

(0.69)%

8.27%

3.59%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.75%

0.74%

0.72%

0.72%

0.73%

0.73%

Net

investment

income

...............

3.24%

2.76%

2.25%

2.72%

2.80%

3.10%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$154,795

$162,447

$214,264

$240,637

$270,309

$279,750

Portfolio

turnover

rate

................

7.69%

37.44%

15.00%

28.27%

7.50%

5.33%

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

Maryland

Tax-Free

Income

Fund

(continued)

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The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

61

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.95

$10.94

$11.20

$11.59

$11.02

$10.98

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.22

0.19

0.24

0.25

0.28

Net

realized

and

unrealized

gains

(losses)

(0.04)

(0.99)

(0.26)

(0.39)

0.59

0.04

Total

from

investment

operations

........

0.09

(0.77)

(0.07)

(0.15)

0.84

0.32

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.22)

(0.19)

(0.24)

(0.27)

(0.28)

Net

asset

value,

end

of

period

..........

$9.91

$9.95

$10.94

$11.20

$11.59

$11.02

Total

return

d

.......................

0.92%

(7.08)%

(0.70)%

(1.30)%

7.75%

2.94%

Ratios

to

average

net

assets

e

Expenses

f

.........................

1.29%

1.28%

1.26%

1.26%

1.28%

1.28%

Net

investment

income

...............

2.60%

2.15%

1.65%

2.13%

2.25%

2.55%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$15,363

$17,531

$24,227

$34,896

$45,502

$56,323

Portfolio

turnover

rate

................

7.69%

37.44%

15.00%

28.27%

7.50%

5.33%

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

Maryland

Tax-Free

Income

Fund

(continued)

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Semiannual

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The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

62

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.77

$10.73

$10.99

$11.37

$10.82

$10.78

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17

0.29

0.26

0.31

0.32

0.35

Net

realized

and

unrealized

gains

(losses)

(0.05)

(0.96)

(0.25)

(0.37)

0.58

0.04

Total

from

investment

operations

........

0.12

(0.67)

0.01

(0.06)

0.90

0.39

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.29)

(0.27)

(0.32)

(0.35)

(0.35)

Net

asset

value,

end

of

period

..........

$9.72

$9.77

$10.73

$10.99

$11.37

$10.82

Total

return

d

.......................

1.19%

(6.27)%

—%

e

(0.55)%

8.41%

3.71%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.60%

0.60%

0.57%

0.59%

0.60%

0.61%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.60%

0.60%

0.57%

h

0.57%

0.58%

0.58%

Net

investment

income

...............

3.40%

2.91%

2.39%

2.81%

2.95%

3.25%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$13,135

$11,709

$13,771

$8,033

$3,642

$1,753

Portfolio

turnover

rate

................

7.69%

37.44%

15.00%

28.27%

7.50%

5.33%

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

Rounds

to

less

than

0.01%.

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

Maryland

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,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.76

$10.73

$10.98

$11.37

$10.81

$10.77

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17

0.28

0.26

0.31

0.32

0.34

Net

realized

and

unrealized

gains

(losses)

(0.04)

(0.97)

(0.25)

(0.39)

0.58

0.05

Total

from

investment

operations

........

0.13

(0.69)

0.01

(0.08)

0.90

0.39

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.28)

(0.26)

(0.31)

(0.34)

(0.35)

Net

asset

value,

end

of

period

..........

$9.72

$9.76

$10.73

$10.98

$11.37

$10.81

Total

return

d

.......................

1.27%

(6.41)%

0.04%

(0.68)%

8.47%

3.68%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.65%

0.64%

0.62%

0.62%

0.63%

0.63%

Net

investment

income

...............

3.34%

2.87%

2.35%

2.81%

2.90%

3.20%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$45,727

$45,667

$55,284

$57,854

$54,079

$44,264

Portfolio

turnover

rate

................

7.69%

37.44%

15.00%

28.27%

7.50%

5.33%

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,

2023

Franklin

Maryland

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

98.5%

Georgia

0.4%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

$

1,325,000

$

1,045,968

Maryland

86.5%

City

of

Baltimore

,

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5.125%,

6/01/43

.

3,000,000

2,939,562

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/46

.....................

2,000,000

2,052,575

Wastewater

Utility

Fund,

Revenue,

2022

A,

5%,

7/01/38

.....................

1,415,000

1,565,217

Wastewater

Utility

Fund,

Revenue,

2022

A,

5%,

7/01/39

.....................

1,495,000

1,641,261

City

of

Gaithersburg

,

Asbury

Maryland

Obligated

Group

,

Revenue

,

2022

,

4.5

%

,

1/01/42

1,500,000

1,274,086

b

County

of

Anne

Arundel

,

Glenview

Housing

LP

,

Revenue

,

2009

,

Mandatory

Put

,

5

%

,

1/01/27

.........................................................

1,800,000

1,801,981

County

of

Baltimore

,

GO

,

2023

,

5

%

,

3/01/53

...............................

6,000,000

6,469,680

a

County

of

Frederick

,

Urbana

Community

Development

Authority

,

Special

Tax

,

144A,

2020

C

,

4

%

,

7/01/50

...............................................

3,995,000

3,445,785

County

of

Harford

,

Beechtree

Estates

Development

District,

Tax

Allocation,

2021,

Refunding,

4%,

7/01/31

........................................................

150,000

154,925

Beechtree

Estates

Development

District,

Tax

Allocation,

2021,

Refunding,

4%,

7/01/36

........................................................

750,000

749,599

Beechtree

Estates

Development

District,

Tax

Allocation,

2021,

Refunding,

4%,

7/01/40

........................................................

675,000

624,237

County

of

Prince

George's

,

GO,

2018

A,

4%,

7/15/35

............................................

5,000,000

5,108,889

GO,

2020

A,

5%,

7/15/40

............................................

900,000

947,582

Howard

County

Housing

Commission

,

Revenue,

2013,

5%,

10/01/28

........................................

10,000,000

10,010,925

Revenue,

2016,

4%,

6/01/46

.........................................

2,000,000

1,775,794

Revenue,

2017,

5%,

12/01/46

........................................

5,000,000

5,122,474

Maryland

Community

Development

Administration

,

Housing,

Revenue,

2019

D,

3%,

7/01/39

................................

1,500,000

1,241,803

Housing,

Revenue,

2019

D,

3.2%,

7/01/44

...............................

1,000,000

816,397

Maryland

Community

Development

Administration

Local

Government

Infrastructure

,

Revenue,

2017

A-1,

4%,

6/01/47

......................................

2,300,000

2,215,373

Revenue,

2018

A-1,

5%,

6/01/48

......................................

1,310,000

1,359,098

Revenue,

Senior

Lien,

2019

B-1,

4%,

6/01/49

.............................

3,000,000

2,866,498

Maryland

Economic

Development

Corp.

,

Annapolis

Parking

System,

Revenue,

Senior

Lien,

2022

A,

5.25%,

6/30/53

.......

5,000,000

5,105,645

Frostburg

State

University

Project,

Revenue,

Senior

Lien,

2013,

Refunding,

5%,

10/01/33

.......................................................

5,000,000

4,956,920

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

2020,

4%,

7/01/40

.

1,000,000

942,502

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

2020,

5%,

7/01/50

.

1,250,000

1,271,589

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

2022

A,

6%,

7/01/58

4,620,000

5,059,795

Purple

Line

Transit

Partners

LLC,

Revenue,

2022

B,

5.25%,

6/30/47

...........

5,000,000

5,053,350

Purple

Line

Transit

Partners

LLC,

Revenue,

2022

B,

5.25%,

6/30/52

...........

5,000,000

5,021,480

University

of

Maryland

College

Park,

Revenue,

2016,

Refunding,

AGMC

Insured,

5%,

6/01/35

........................................................

4,225,000

4,363,196

University

of

Maryland

College

Park,

Revenue,

2016,

Refunding,

AGMC

Insured,

5%,

6/01/43

........................................................

3,305,000

3,348,150

University

Park

Phase

I

&

II

at

Salisbury

University,

Revenue,

2013,

Refunding,

5%,

6/01/34

........................................................

2,040,000

2,009,881

University

Village

at

Sheppard

Pratt,

Revenue,

2012,

Refunding,

5%,

7/01/27

.....

1,500,000

1,500,249

University

Village

at

Sheppard

Pratt,

Revenue,

2012,

Refunding,

5%,

7/01/33

.....

2,495,000

2,491,410

West

Village

&

Millennium

Hall

Student

Housing

at

Towson

University,

Revenue,

Senior

Lien,

2012,

5%,

7/01/27

......................................

940,000

940,439

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Adventist

Healthcare

Obligated

Group,

Revenue,

2016

A,

5.5%,

1/01/46

.........

9,750,000

9,824,711

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

65

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

$

763,279

Adventist

Healthcare

Obligated

Group,

Revenue,

2021

B,

4%,

1/01/51

..........

2,000,000

1,625,648

Charlestown

Community,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

1/01/45

........

4,170,000

4,199,628

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/50

..

1,715,000

1,515,872

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2023,

Refunding,

5.25%,

7/01/53

1,500,000

1,560,567

Goucher

College,

Revenue,

2017

A,

Refunding,

5%,

7/01/44

.................

7,470,000

7,564,592

Johns

Hopkins

Medical

Institutions

Parking

System,

Revenue,

2001,

AMBAC

Insured,

5%,

7/01/27

..............................................

655,000

659,263

Johns

Hopkins

Medical

Institutions

Parking

System,

Revenue,

2004,

AMBAC

Insured,

5%,

7/01/34

..............................................

5,000,000

5,032,838

LifeBridge

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

7/01/47

.....

4,000,000

4,032,871

LifeBridge

Health

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

7/01/44

.....

2,000,000

2,018,665

Loyola

University

Maryland,

Inc.,

Revenue,

2014,

Refunding,

5%,

10/01/45

......

2,250,000

2,266,073

Loyola

University

Maryland,

Inc.,

Revenue,

2019

A,

Refunding,

5%,

10/01/49

.....

2,000,000

2,060,255

Maryland

Institute

College

of

Art,

Revenue,

2012,

5%,

6/01/29

................

1,000,000

1,000,592

Maryland

Institute

College

of

Art,

Revenue,

2016,

Refunding,

4%,

6/01/42

.......

5,325,000

4,771,682

MedStar

Health

Obligated

Group,

Revenue,

1997,

AMBAC

Insured,

ETM,

5%,

7/01/27

........................................................

5,935,000

6,148,881

MedStar

Health

Obligated

Group,

Revenue,

2013

A,

5%,

8/15/38

..............

5,000,000

5,001,433

MedStar

Health

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

8/15/38

.......

2,100,000

2,124,376

MedStar

Health

Obligated

Group,

Revenue,

2017

A,

5%,

5/15/45

..............

5,000,000

5,081,161

Meritus

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/01/40

.

8,535,000

8,590,859

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/28

..........

630,000

664,164

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/30

..........

1,125,000

1,205,795

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/32

..........

800,000

861,744

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/34

..........

350,000

349,619

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/36

..........

1,125,000

1,096,085

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/40

..........

1,850,000

1,713,615

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/46

..........

1,000,000

880,738

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/55

..........

3,250,000

2,730,673

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/39

............................................

10,000,000

10,222,141

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

D,

4%,

7/01/48

........................................................

5,000,000

4,588,929

Maryland

Industrial

Development

Financing

Authority

,

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/43

..............

1,100,000

1,018,208

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/48

..............

610,000

546,358

Maryland

Stadium

Authority

,

Baltimore

City

Public

School

Construction

Financing

Fund,

Revenue,

2016,

Pre-

Refunded,

5%,

5/01/46

............................................

4,085,000

4,275,782

Baltimore

City

Public

School

Construction

Financing

Fund,

Revenue,

2020

A,

5%,

5/01/50

........................................................

12,225,000

13,085,472

Built

to

Learn,

Revenue,

2021,

4%,

6/01/35

..............................

1,590,000

1,618,515

Built

to

Learn,

Revenue,

2022

A,

4%,

6/01/47

.............................

5,000,000

4,772,793

Maryland

State

Transportation

Authority

,

Revenue,

2020,

4%,

7/01/45

.........................................

4,000,000

3,888,704

Revenue,

2021

A,

Refunding,

5%,

7/01/46

...............................

4,900,000

5,214,903

State

of

Maryland

,

GO

,

2022

A

,

5

%

,

6/01/37

...............................

10,000,000

11,230,570

State

of

Maryland

Department

of

Transportation

,

Maryland

Aviation

Administration,

Revenue,

2021

B,

5%,

8/01/46

..............

3,000,000

3,084,064

Maryland

Aviation

Administration,

Revenue,

2021

B,

4%,

8/01/51

..............

3,500,000

3,073,997

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

4%,

3/01/36

...............

2,700,000

2,504,275

Washington

College,

Revenue,

2021

A,

Refunding,

4%,

3/01/37

...............

3,095,000

2,817,293

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.

66

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

University

System

of

Maryland

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/51

........

$

5,260,000

$

4,860,228

Washington

Suburban

Sanitary

Commission

,

Revenue,

2023,

4%,

6/01/49

.........................................

9,500,000

9,192,440

Revenue,

Second

Series,

2016,

4%,

6/01/43

.............................

5,000,000

4,915,645

272,504,343

New

Jersey

0.8%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2022

BB

,

4

%

,

6/15/39

...

2,500,000

2,457,040

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

700,000

551,680

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

700,000

550,041

a

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn.,

6/01/52

1,350,000

843,558

1,945,279

Texas

0.7%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

550,000

554,344

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,000,000

706,305

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,300,000

960,319

2,220,968

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

551,619

Wisconsin

1.0%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

800,000

619,201

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

2,000,000

2,001,020

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

12/01/52

.....

500,000

482,223

3,102,444

U.S.

Territories

8.3%

District

of

Columbia

4.0%

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated,

Revenue,

2020

A,

5%,

7/15/45

...............................

2,500,000

2,651,437

Dedicated,

Revenue,

2021

A,

4%,

7/15/43

...............................

1,750,000

1,702,578

Dedicated,

Revenue,

2021

A,

5%,

7/15/46

...............................

3,000,000

3,179,817

Dedicated,

Revenue,

2023

A,

5%,

7/15/43

...............................

2,500,000

2,719,934

Dedicated,

Revenue,

2023

A,

4.125%,

7/15/47

............................

2,500,000

2,404,594

12,658,360

Puerto

Rico

4.3%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/33

................

1,805,000

1,809,257

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

2,550,000

2,542,211

Puerto

Rico

Electric

Power

Authority

,

c,d

Revenue,

6%,

7/01/41

..............................................

222,188

222,188

c,d

Revenue,

7.125%,

7/01/59

...........................................

1,079,067

1,079,067

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

2,000,000

1,966,077

e

Revenue,

WW,

5.5%,

7/01/38

.........................................

1,975,000

543,125

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

94,046

92,753

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

61,117

39,344

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

104,547

66,257

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

67

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.

,

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

................................

$

3,600,000

$

3,374,927

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

1,900,000

1,843,770

13,578,976

Total

U.S.

Territories

....................................................................

26,237,336

Total

Municipal

Bonds

(Cost

$328,767,434)

.....................................

310,064,997

Shares

Escrows

and

Litigation

Trusts

0.0%

†

c,f

Puerto

Rico

Electric

Power

Authority

.....................................

100,330

80,264

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

80,264

Total

Long

Term

Investments

(Cost

$328,767,434)

...............................

310,145,261

a

a

a

a

a

Short

Term

Investments

1.1%

Principal

Amount

Municipal

Bonds

1.1%

Maryland

1.1%

g

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

4.05

%

,

11/01/37

........................................................

2,300,000

2,300,000

g

Montgomery

County

Housing

Opportunities

Commission

,

Revenue

,

2023

A

,

Refunding

,

FHA,

FNMA

Insured

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.93

%

,

1/01/63

....

1,030,000

1,030,000

3,330,000

Total

Municipal

Bonds

(Cost

$3,330,000)

.......................................

3,330,000

Total

Short

Term

Investments

(Cost

$3,330,000

)

.................................

3,330,000

a

Total

Investments

(Cost

$332,097,434)

99.6%

...................................

$313,475,261

Other

Assets,

less

Liabilities

0.4%

.............................................

1,514,892

Net

Assets

100.0%

...........................................................

$314,990,153

See

Abbreviations

on

page

129

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2023,

the

aggregate

value

of

these

securities

was

$11,207,678,

representing

3.6%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

regarding

fair

value

measurements.

d

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

e

See

Note

7

regarding

defaulted

securities.

f

Non-income

producing.

g

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Missouri

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,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.27

$11.48

$11.85

$12.09

$11.47

$11.41

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.17

0.31

0.28

0.29

0.31

0.16

Net

realized

and

unrealized

gains

(losses)

(0.07)

(1.22)

(0.37)

(0.24)

0.63

0.06

Total

from

investment

operations

........

0.10

(0.91)

(0.09)

0.05

0.94

0.22

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.30)

(0.28)

(0.29)

(0.32)

(0.16)

Net

asset

value,

end

of

period

..........

$10.20

$10.27

$11.48

$11.85

$12.09

$11.47

Total

return

e

.......................

0.93%

(7.92)%

(0.84)%

0.41%

8.32%

1.98%

Ratios

to

average

net

assets

f

Expenses

g

........................

0.82%

0.82%

0.81%

0.81%

0.81%

0.84%

Net

investment

income

...............

3.24%

2.90%

2.33%

2.42%

2.62%

2.96%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$172,493

$166,355

$208,059

$169,677

$122,845

$63,400

Portfolio

turnover

rate

................

6.09%

26.78%

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

69

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.27

$11.48

$11.84

$12.09

$11.46

$11.38

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.18

0.32

0.30

0.31

0.33

0.35

Net

realized

and

unrealized

gains

(losses)

(0.09)

(1.21)

(0.36)

(0.26)

0.64

0.09

Total

from

investment

operations

........

0.09

(0.89)

(0.06)

0.05

0.97

0.44

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.32)

(0.30)

(0.30)

(0.34)

(0.36)

Net

asset

value,

end

of

period

..........

$10.19

$10.27

$11.48

$11.84

$12.09

$11.46

Total

return

d

.......................

0.91%

(7.78)%

(0.60)%

0.48%

8.58%

3.90%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.67%

0.67%

0.66%

0.66%

0.66%

0.69%

Net

investment

income

...............

3.39%

3.05%

2.49%

2.58%

2.77%

3.11%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$414,549

$439,718

$588,698

$647,517

$708,399

$700,839

Portfolio

turnover

rate

................

6.09%

26.78%

21.64%

18.20%

14.83%

9.79%

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.

70

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.37

$11.60

$11.97

$12.21

$11.58

$11.49

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15

0.26

0.23

0.24

0.26

0.29

Net

realized

and

unrealized

gains

(losses)

(0.07)

(1.23)

(0.37)

(0.24)

0.65

0.09

Total

from

investment

operations

........

0.08

(0.97)

(0.14)

—

0.91

0.38

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.26)

(0.23)

(0.24)

(0.28)

(0.29)

Net

asset

value,

end

of

period

..........

$10.30

$10.37

$11.60

$11.97

$12.21

$11.58

Total

return

d

.......................

0.72%

(8.38)%

(1.23)%

0.01%

7.92%

3.37%

Ratios

to

average

net

assets

e

Expenses

f

.........................

1.22%

1.22%

1.20%

1.21%

1.21%

1.24%

Net

investment

income

...............

2.76%

2.45%

1.91%

2.01%

2.22%

2.56%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$27,309

$33,334

$52,654

$74,779

$104,721

$108,739

Portfolio

turnover

rate

................

6.09%

26.78%

21.64%

18.20%

14.83%

9.79%

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

71

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.28

$11.49

$11.85

$12.10

$11.47

$11.38

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.18

0.34

0.31

0.32

0.34

0.37

Net

realized

and

unrealized

gains

(losses)

(0.08)

(1.22)

(0.36)

(0.25)

0.65

0.09

Total

from

investment

operations

........

0.10

(0.88)

(0.05)

0.07

0.99

0.46

Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.33)

(0.31)

(0.32)

(0.36)

(0.37)

Net

asset

value,

end

of

period

..........

$10.20

$10.28

$11.49

$11.85

$12.10

$11.47

Total

return

d

.......................

0.98%

(7.65)%

(0.47)%

0.61%

8.71%

4.12%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.55%

0.54%

0.53%

0.53%

0.54%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.54%

0.54%

g

0.52%

0.53%

g

0.53%

0.54%

Net

investment

income

...............

3.52%

3.17%

2.61%

2.70%

2.90%

3.26%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$22,174

$20,620

$33,747

$30,329

$23,700

$18,929

Portfolio

turnover

rate

................

6.09%

26.78%

21.64%

18.20%

14.83%

9.79%

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

Financial

Highlights

Franklin

Missouri

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,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.27

$11.49

$11.85

$12.09

$11.47

$11.38

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.18

0.33

0.31

0.32

0.34

0.37

Net

realized

and

unrealized

gains

(losses)

(0.07)

(1.22)

(0.36)

(0.24)

0.63

0.09

Total

from

investment

operations

........

0.11

(0.89)

(0.05)

0.08

0.97

0.46

Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.33)

(0.31)

(0.32)

(0.35)

(0.37)

Net

asset

value,

end

of

period

..........

$10.20

$10.27

$11.49

$11.85

$12.09

$11.47

Total

return

d

.......................

1.06%

(7.77)%

(0.50)%

0.66%

8.59%

4.09%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.57%

0.57%

0.56%

0.56%

0.56%

0.59%

Net

investment

income

...............

3.48%

3.15%

2.59%

2.68%

2.87%

3.21%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$68,819

$70,684

$86,643

$85,456

$82,970

$60,117

Portfolio

turnover

rate

................

6.09%

26.78%

21.64%

18.20%

14.83%

9.79%

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

the

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,

2023

Franklin

Missouri

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

98.9%

California

0.1%

Santa

Barbara

Secondary

High

School

District

,

GO

,

2011

A

,

Zero

Cpn.,

8/01/40

....

$

1,790,000

$

813,466

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

4,539,216

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

850,000

556,522

5,095,738

Georgia

0.4%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

3,250,000

2,565,581

Missouri

89.3%

Affton

School

District

No.

101

,

GO,

2017

A,

Refunding,

5%,

3/01/32

...................................

1,500,000

1,592,678

GO,

2017

A,

Refunding,

5%,

3/01/33

...................................

1,595,000

1,693,108

GO,

2017

A,

Refunding,

5%,

3/01/34

...................................

1,700,000

1,805,392

GO,

2017

A,

Refunding,

5%,

3/01/35

...................................

1,810,000

1,916,143

GO,

2017

A,

Refunding,

5%,

3/01/36

...................................

1,920,000

2,024,629

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

10/01/44

......................................

6,000,000

5,771,660

Cape

Girardeau

County

Industrial

Development

Authority

,

Procter

&

Gamble

Co.

(The),

Revenue,

1998,

5.3%,

5/15/28

..................

6,875,000

6,885,616

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

4%,

3/01/41

.............

3,010,000

2,652,717

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

3%,

3/01/46

.............

3,000,000

2,111,091

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

4%,

3/01/46

.............

8,730,000

7,492,465

St.

Francis

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

6/01/39

..........

7,110,000

7,166,630

Cape

Girardeau

County

School

District

No.

R-2

,

GO

,

2018

,

5

%

,

3/01/38

..........

2,195,000

2,336,670

City

of

Bridgeton

,

Sales

Tax,

Revenue,

2021

A,

Refunding,

2%,

12/01/32

......................

500,000

408,154

Sales

Tax,

Revenue,

2021

A,

Refunding,

2.125%,

12/01/33

..................

1,170,000

952,799

City

of

Harrisonville

,

COP,

2023

A,

Refunding,

4.375%,

3/01/43

...............................

1,000,000

956,012

COP,

2023

A,

Refunding,

4.5%,

3/01/48

.................................

2,000,000

1,900,688

COP,

2023

A,

Refunding,

4.625%,

3/01/53

...............................

2,000,000

1,907,471

City

of

Kansas

City

,

Sanitary

Sewer

System,

Revenue,

2018

A,

4%,

1/01/35

.....................

1,500,000

1,526,306

Sanitary

Sewer

System,

Revenue,

2023

A,

4%,

1/01/48

.....................

5,000,000

4,764,119

Water,

Revenue,

2017

A,

4%,

12/01/41

.................................

4,970,000

4,836,977

Water,

Revenue,

2023

A,

4%,

12/01/47

.................................

2,120,000

2,014,627

City

of

Marshfield

,

Waterworks

&

Sewer

System

,

Revenue

,

2020

B

,

AGMC

Insured

,

5

%

,

2/01/47

......................................................

1,775,000

1,836,025

City

of

Republic

,

Revenue,

2022,

3%,

5/01/47

.........................................

5,000,000

3,501,475

Revenue,

2023,

4.5%,

5/01/41

........................................

1,000,000

976,737

Revenue,

2023,

4.5%,

5/01/44

........................................

1,000,000

965,937

City

of

Springfield

,

Revenue

,

2023

,

4.375

%

,

11/01/42

........................

500,000

503,681

City

of

St.

Charles

,

COP,

2020

B,

Refunding,

3%,

2/01/38

..................................

1,200,000

1,017,730

COP,

2020

B,

Refunding,

3%,

2/01/39

..................................

1,500,000

1,257,845

City

of

St.

Louis

,

Airport,

Revenue,

2005,

Refunding,

NATL

Insured,

5.5%,

7/01/29

..............

13,070,000

14,680,900

Airport,

Revenue,

2017

A,

Refunding,

AGMC

Insured,

5%,

7/01/25

.............

5,000,000

5,136,282

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/35

.............

1,000,000

1,035,699

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/36

.............

2,125,000

2,190,014

Airport,

Revenue,

2019

C,

Refunding,

5%,

7/01/27

.........................

1,705,000

1,810,613

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.

74

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Clay

County

Reorganized

School

District

No.

R-1

,

GO,

2017,

3%,

3/01/36

.............................................

$

1,540,000

$

1,395,206

GO,

2017,

3.125%,

3/01/37

..........................................

1,855,000

1,646,850

Community

College

District

of

Central

Southwest

Missouri

,

COP,

2021,

3%,

3/01/40

.............................................

575,000

473,972

COP,

2021,

3%,

3/01/41

.............................................

400,000

323,965

County

of

Jackson

,

Revenue,

2023

A,

4.25%,

12/01/53

....................................

2,660,000

2,471,554

Revenue,

2023

A,

5.25%,

12/01/58

....................................

2,500,000

2,620,832

Ferguson

Reorganized

School

District

No.

R-2

,

GO,

2018,

4%,

5/01/32

.............................................

1,000,000

1,012,566

GO,

2018,

5%,

5/01/38

.............................................

2,250,000

2,359,318

Hannibal

Board

of

Public

Works

,

COP,

2022,

3.625%,

4/01/44

.........................................

1,000,000

798,705

COP,

2022,

3.75%,

4/01/47

..........................................

1,000,000

799,353

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/40

......

1,650,000

1,556,390

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/45

......

1,300,000

1,177,844

BJC

Healthcare

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

7/01/51

.....

13,000,000

9,136,136

CoxHealth

Obligated

Group,

Revenue,

2013

A,

5%,

11/15/44

.................

2,760,000

2,759,833

CoxHealth

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/15/34

........

3,200,000

3,257,010

CoxHealth

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/15/39

........

6,690,000

6,736,468

CoxHealth

Obligated

Group,

Revenue,

2019

A,

4%,

11/15/44

.................

5,000,000

4,654,214

Kansas

City

University,

Revenue,

2017

A,

5%,

6/01/42

......................

2,800,000

2,937,366

Kansas

City

University,

Revenue,

2017

A,

5%,

6/01/47

......................

4,875,000

5,093,917

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/40

........................................................

2,060,000

1,475,596

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/41

........................................................

2,120,000

1,496,876

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/46

........................................................

5,590,000

3,644,066

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/46

.......

4,000,000

3,719,657

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

B,

Refunding,

5%,

2/01/46

........................................................

11,575,000

10,763,757

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/34

.......

2,000,000

2,004,606

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/42

.......

1,750,000

1,672,829

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

C,

Refunding,

4%,

2/01/33

........................................................

1,730,000

1,602,608

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

C,

Refunding,

4%,

2/01/48

........................................................

485,000

379,702

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2021,

4%,

2/01/30

........

2,035,000

1,938,499

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2021,

4%,

2/01/42

........

9,900,000

8,264,970

Maryville

University

of

St.

Louis,

Revenue,

2015,

5%,

6/15/44

.................

5,000,000

4,884,157

Maryville

University

of

St.

Louis,

Revenue,

2019

A,

5%,

6/15/45

...............

4,000,000

3,893,306

Maryville

University

of

St.

Louis,

Revenue,

2020

A,

Refunding,

4%,

6/15/34

......

4,345,000

4,134,450

Maryville

University

of

St.

Louis,

Revenue,

2020

A,

Refunding,

4%,

6/15/38

......

4,885,000

4,324,653

Maryville

University

of

St.

Louis,

Revenue,

2022

A,

Refunding,

3.125%,

6/15/38

...

2,300,000

1,788,711

Maryville

University

of

St.

Louis,

Revenue,

2022

A,

Refunding,

3.375%,

6/15/45

...

1,000,000

720,395

Mercy

Health,

Revenue,

2012,

4%,

11/15/42

.............................

8,000,000

7,518,555

Mercy

Health,

Revenue,

2014

F,

5%,

11/15/45

............................

25,000,000

25,098,433

Mercy

Health,

Revenue,

2015

B,

Refunding,

5%,

2/01/45

....................

6,870,000

6,915,986

Mercy

Health,

Revenue,

2017

C,

Refunding,

5%,

11/15/42

...................

9,720,000

9,867,875

Mercy

Health,

Revenue,

2017

C,

Refunding,

4%,

11/15/47

...................

10,000,000

9,112,826

Mercy

Health,

Revenue,

2020,

4%,

6/01/53

..............................

2,000,000

1,777,649

Mosaic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

2/15/54

4,000,000

3,519,367

SSM

Health

Care

Obligated

Group,

Revenue,

2018

A,

5%,

6/01/48

............

13,500,000

13,638,321

St.

Louis

University,

Revenue,

2015

A,

5%,

10/01/38

.......................

5,500,000

5,626,916

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

75

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

(continued)

St.

Louis

University,

Revenue,

2017

A,

5%,

10/01/42

.......................

$

9,200,000

$

9,499,138

St.

Louis

University,

Revenue,

2017

A,

5%,

10/01/47

.......................

5,800,000

5,960,165

St.

Louis

University,

Revenue,

2019

A,

5%,

10/01/46

.......................

5,775,000

6,029,668

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/35

3,950,000

4,056,622

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/43

.......................................................

2,000,000

2,039,120

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/50

2,500,000

2,238,253

University

of

Central

Missouri,

Revenue,

2013

C-2,

5%,

10/01/34

..............

5,000,000

5,002,090

Howard

Bend

Levee

District

,

Special

Tax,

2021,

2.75%,

3/01/31

.....................................

400,000

343,897

Special

Tax,

2021,

3%,

3/01/36

.......................................

500,000

405,498

Special

Tax,

2021,

3.125%,

3/01/41

....................................

1,000,000

764,240

Special

Tax,

2022,

3.375%,

3/01/32

....................................

75,000

66,151

Special

Tax,

2022,

3.5%,

3/01/37

......................................

175,000

146,262

Special

Tax,

2022,

3.625%,

3/01/42

....................................

200,000

159,506

Jefferson

City

School

District

,

GO

,

2018

,

5

%

,

3/01/38

........................

2,070,000

2,154,147

Jefferson

County

School

District

No.

R-VI

,

Festus,

COP,

2021

B,

3%,

4/01/42

.....................................

500,000

381,448

Festus,

COP,

2021

B,

3%,

4/01/44

.....................................

1,500,000

1,103,794

Festus,

COP,

2021

B,

2.375%,

4/01/46

..................................

2,000,000

1,328,758

Kansas

City

Industrial

Development

Authority

,

Revenue,

2011

A,

Refunding,

5.5%,

9/01/29

..............................

5,000,000

5,007,989

Revenue,

2011

A,

Refunding,

5.5%,

9/01/30

..............................

12,000,000

12,019,705

Revenue,

2011

A,

Refunding,

5%,

9/01/32

...............................

3,000,000

3,004,125

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/46

...................

9,000,000

9,149,710

City

of

Kansas

City

Airport,

Revenue,

2019

B,

AGMC

Insured,

5%,

3/01/49

.......

3,000,000

3,043,545

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/54

...................

31,770,000

32,133,738

City

of

Kansas

City

Airport,

Revenue,

2020

A,

AGMC

Insured,

4%,

3/01/57

.......

10,900,000

9,535,556

City

of

Kansas

City

Airport,

Revenue,

2020

A,

AGMC

Insured,

5%,

3/01/57

.......

100,000

101,379

Liberty

Public

School

District

No.

53

,

GO

,

2018

,

4

%

,

3/01/37

...................

4,500,000

4,508,667

Metropolitan

St.

Louis

Sewer

District

,

Revenue,

2016

C,

Refunding,

5%,

5/01/46

...............................

24,700,000

25,503,088

Revenue,

2017

A,

Refunding,

5%,

5/01/47

...............................

15,000,000

15,549,858

Missouri

Development

Finance

Board

,

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/30

...............

930,000

957,202

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/36

...............

1,140,000

1,067,575

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/37

...............

500,000

456,523

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/41

...............

515,000

446,813

City

of

Independence,

Revenue,

2021,

Refunding,

3%,

3/01/46

...............

2,640,000

1,791,035

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/51

...............

9,445,000

7,636,784

Procter

&

Gamble

Co.

(The),

Revenue,

1999,

5.2%,

3/15/29

..................

3,000,000

3,279,989

Zoological

Subdistrict

of

the

Metropolitan

Zoo

Park

&

Museum

District

of

St.

Louis,

Revenue,

2022,

5.25%,

5/01/55

.....................................

2,500,000

2,632,970

Missouri

Housing

Development

Commission

,

Revenue,

2018

B,

GNMA

Insured,

4%,

11/01/38

...........................

820,000

809,919

Revenue,

2019

C,

GNMA

Insured,

3%,

11/01/44

...........................

3,045,000

2,605,211

Revenue,

2020

C,

GNMA

Insured,

2.4%,

11/01/45

.........................

2,010,000

1,497,525

Revenue,

2020

D,

GNMA

Insured,

2.55%,

11/01/50

........................

2,715,000

2,082,371

Revenue,

2021

B,

GNMA

Insured,

2.2%,

11/01/46

.........................

1,160,000

839,644

Revenue,

2021

B,

GNMA

Insured,

2.3%,

11/01/51

.........................

7,220,000

5,239,355

Revenue,

2022

A,

GNMA

Insured,

3%,

11/01/37

...........................

1,295,000

1,123,249

Revenue,

2022

A,

GNMA

Insured,

3.125%,

11/01/42

.......................

3,425,000

2,780,156

Revenue,

2022

C,

GNMA

Insured,

4.3%,

11/01/47

.........................

1,995,000

1,905,066

Revenue,

2022

C,

GNMA

Insured,

4.35%,

11/01/52

........................

2,490,000

2,293,090

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Iatan

2

Project,

Revenue,

2015

A,

Refunding,

5%,

12/01/35

..................

7,335,000

7,453,834

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.

76

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Missouri

Joint

Municipal

Electric

Utility

Commission,

(continued)

MoPEP

1

Pool

Fund,

Revenue,

2018,

5%,

12/01/43

........................

$

2,000,000

$

2,036,519

Plum

Point

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/33

................

5,500,000

5,564,403

Prairie

State

Project,

Revenue,

2016

A,

Refunding,

5%,

12/01/40

..............

27,950,000

28,283,519

Monarch-Chesterfield

Levee

District

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

3/01/40

....

4,395,000

4,423,634

Move

Rolla

Transportation

Development

District

,

Revenue

,

2017

,

4.75

%

,

6/01/47

...

5,050,000

4,521,847

Normandy

Schools

Collaborative

,

GO,

2021

B,

2%,

3/01/40

............................................

2,050,000

1,430,808

GO,

2021

B,

2%,

3/01/41

............................................

1,700,000

1,152,239

Poplar

Bluff

Regional

Transportation

Development

District

,

Sales

Tax,

Revenue,

2023

B,

Refunding,

3.375%,

12/01/31

..................

2,000,000

1,894,741

Sales

Tax,

Revenue,

2023

B,

Refunding,

4%,

12/01/37

......................

2,600,000

2,437,591

Republic

School

District

No.

R-3

,

GO

,

2023

,

4

%

,

3/01/43

......................

1,470,000

1,421,107

Riverside-Quindaro

Bend

Levee

District

of

Platte

County

,

Special

Assessment

,

2017

,

Refunding

,

5

%

,

3/01/29

.............................................

2,585,000

2,633,257

Southeast

Missouri

State

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/40

......

5,075,000

4,720,159

Springfield

School

District

No.

R-12

,

GO

,

2023

,

4

%

,

3/01/43

...................

2,000,000

1,930,905

St.

Charles

County

Public

Water

Supply

District

No.

2

,

COP

,

2022

,

4

%

,

12/01/44

....

5,000,000

4,784,764

St.

Charles

County

School

District

No.

R-IV

Wentzville

,

GO

,

2018

,

Refunding

,

4

%

,

3/01/38

.........................................................

15,400,000

15,364,560

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2013

A,

5.875%,

9/01/43

..

7,000,000

7,000,212

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

9/01/48

........................................................

7,095,000

6,076,323

St.

Louis

Land

Clearance

for

Redevelopment

Authority

,

Revenue,

2021,

2.125%,

7/15/39

......................................

3,680,000

2,528,282

Revenue,

2021,

2.25%,

7/15/41

.......................................

3,845,000

2,611,453

Revenue,

2021

A,

Refunding,

2.125%,

4/01/39

............................

6,385,000

4,394,600

City

of

St.

Louis,

Revenue,

2022

C,

5%,

6/01/36

...........................

2,025,000

2,078,061

City

of

St.

Louis,

Revenue,

2022

C,

5%,

6/01/41

...........................

2,000,000

1,988,624

City

of

St.

Louis,

Revenue,

2022

C,

5.125%,

6/01/46

.......................

2,600,000

2,590,112

St.

Louis

Municipal

Finance

Corp.

,

City

of

St.

Louis,

Revenue,

2020,

AGMC

Insured,

5%,

10/01/45

...............

2,685,000

2,767,440

City

of

St.

Louis,

Revenue,

2020,

AGMC

Insured,

5%,

10/01/49

...............

5,175,000

5,267,915

St.

Louis

Municipal

Library

District

,

COP

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

3/15/48

2,800,000

2,617,075

St.

Louis

School

District

,

GO

,

2023

,

AGMC

Insured

,

4

%

,

4/01/43

................

7,000,000

6,719,484

Strafford

Reorganized

School

District

No.

R-VI

,

GO

,

2023

,

4

%

,

3/01/43

...........

4,000,000

3,815,888

Washington

Industrial

Development

Authority

,

Revenue

,

2021

,

Refunding

,

2.5

%

,

11/01/29

........................................................

300,000

273,829

630,088,934

Oregon

0.2%

a

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-1

,

5.5

%

,

12/01/39

............................

1,400,000

1,364,679

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,900,000

1,497,417

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,900,000

1,492,970

a

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn.,

6/01/52

3,200,000

1,999,544

4,989,931

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

77

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

1.0%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

$

2,000,000

$

2,015,798

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,500,000

1,765,762

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

2.5%,

9/01/41

........................................................

525,000

349,388

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/44

700,000

480,799

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,200,000

2,363,861

6,975,608

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

1,497,251

Wisconsin

1.7%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,900,000

1,470,603

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

3,250,000

2,561,555

FAH

Tree

House

LLC,

Revenue,

144A,

2023

A,

6.5%,

8/01/53

................

1,500,000

1,457,573

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

4,900,000

4,902,499

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

12/01/52

.....

1,500,000

1,446,668

11,838,898

U.S.

Territories

4.6%

Guam

0.8%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

5,790,000

5,763,073

Puerto

Rico

3.8%

HTA

HRRB

Custodial

Trust

,

Revenue,

2007

CC,

5.25%,

7/01/33

....................................

1,000,000

1,002,359

Revenue,

2007

CC,

5.25%,

7/01/36

....................................

6,200,000

6,248,284

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

5,205,000

5,189,100

Revenue,

2007

N,

5.25%,

7/01/36

.....................................

500,000

503,894

Puerto

Rico

Electric

Power

Authority

,

b,c

Revenue,

6%,

7/01/41

..............................................

527,626

527,626

b,c

Revenue,

7.125%,

7/01/59

...........................................

2,562,442

2,562,442

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,750,000

1,720,318

d

Revenue,

WW,

5.5%,

7/01/38

.........................................

4,690,000

1,289,750

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

165,992

163,710

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

107,872

69,442

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

184,525

116,943

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

................................

1,404,000

1,316,221

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

6,000,000

5,822,433

26,532,522

Total

U.S.

Territories

....................................................................

32,295,595

Total

Municipal

Bonds

(Cost

$750,774,369)

.....................................

697,525,681

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.

78

a

a

Shares

a

Value

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

†

b,e

Puerto

Rico

Electric

Power

Authority

.....................................

238,252

$

190,602

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

190,602

Total

Long

Term

Investments

(Cost

$750,774,369)

...............................

697,716,283

a

a

a

a

a

Short

Term

Investments

0.3%

Principal

Amount

Municipal

Bonds

0.3%

Missouri

0.3%

f

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Washington

University

(The)

,

Revenue

,

2000

B

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

3/01/40

.........................................................

$

1,900,000

1,900,000

Total

Municipal

Bonds

(Cost

$1,900,000)

.......................................

1,900,000

Total

Short

Term

Investments

(Cost

$1,900,000

)

.................................

1,900,000

a

Total

Investments

(Cost

$752,674,369)

99.2%

...................................

$699,616,283

Other

Assets,

less

Liabilities

0.8%

.............................................

5,727,236

Net

Assets

100.0%

...........................................................

$705,343,519

See

Abbreviations

on

page

129

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2023,

the

aggregate

value

of

these

securities

was

$25,449,515,

representing

3.6%

of

net

assets.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

regarding

fair

value

measurements.

c

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

d

See

Note

7

regarding

defaulted

securities.

e

Non-income

producing.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

North

Carolina

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

79

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.25

$11.31

$11.62

$11.84

$11.30

$11.26

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.13

0.24

0.21

0.27

0.28

0.15

Net

realized

and

unrealized

gains

(losses)

(0.04)

(1.07)

(0.31)

(0.23)

0.56

0.04

Total

from

investment

operations

........

0.09

(0.83)

(0.10)

0.04

0.84

0.19

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.23)

(0.21)

(0.26)

(0.30)

(0.15)

Net

asset

value,

end

of

period

..........

$10.21

$10.25

$11.31

$11.62

$11.84

$11.30

Total

return

e

.......................

0.87%

(7.31)%

(0.89)%

0.38%

7.50%

1.77%

Ratios

to

average

net

assets

f

Expenses

g

........................

0.84%

0.84%

0.82%

0.81%

0.82%

0.83%

Net

investment

income

...............

2.52%

2.26%

1.81%

2.27%

2.48%

2.86%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$133,094

$133,789

$167,474

$145,847

$101,981

$49,192

Portfolio

turnover

rate

................

7.02%

16.87%

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

80

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.25

$11.31

$11.62

$11.84

$11.30

$11.28

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.25

0.23

0.29

0.30

0.34

Net

realized

and

unrealized

gains

(losses)

(0.05)

(1.06)

(0.31)

(0.23)

0.56

0.03

Total

from

investment

operations

........

0.09

(0.81)

(0.08)

0.06

0.86

0.37

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.25)

(0.23)

(0.28)

(0.32)

(0.35)

Net

asset

value,

end

of

period

..........

$10.20

$10.25

$11.31

$11.62

$11.84

$11.30

Total

return

d

.......................

0.85%

(7.17)%

(0.65)%

0.44%

7.66%

3.32%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.69%

0.69%

0.67%

0.67%

0.67%

0.68%

Net

investment

income

...............

2.66%

2.41%

1.97%

2.44%

2.63%

3.01%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$312,748

$339,756

$462,916

$521,406

$567,825

$577,052

Portfolio

turnover

rate

................

7.02%

16.87%

23.40%

15.09%

15.22%

11.61%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

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

81

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.42

$11.49

$11.81

$12.04

$11.49

$11.46

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.19

0.17

0.22

0.24

0.28

Net

realized

and

unrealized

gains

(losses)

(0.05)

(1.07)

(0.33)

(0.23)

0.56

0.03

Total

from

investment

operations

........

0.06

(0.88)

(0.16)

(0.01)

0.80

0.31

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.19)

(0.16)

(0.22)

(0.25)

(0.28)

Net

asset

value,

end

of

period

..........

$10.37

$10.42

$11.49

$11.81

$12.04

$11.49

Total

return

d

.......................

0.55%

(7.66)%

(1.36)%

(0.11)%

7.07%

2.78%

Ratios

to

average

net

assets

e

Expenses

f

.........................

1.23%

1.23%

1.21%

1.21%

1.22%

1.23%

Net

investment

income

...............

2.06%

1.81%

1.40%

1.87%

2.08%

2.46%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$23,697

$27,303

$42,794

$63,485

$90,244

$105,371

Portfolio

turnover

rate

................

7.02%

16.87%

23.40%

15.09%

15.22%

11.61%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

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.

82

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.24

$11.30

$11.61

$11.84

$11.29

$11.27

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15

0.27

0.25

0.30

0.32

0.35

Net

realized

and

unrealized

gains

(losses)

(0.04)

(1.07)

(0.31)

(0.23)

0.56

0.03

Total

from

investment

operations

........

0.11

(0.80)

(0.06)

0.07

0.88

0.38

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.26)

(0.25)

(0.30)

(0.33)

(0.36)

Net

asset

value,

end

of

period

..........

$10.20

$10.24

$11.30

$11.61

$11.84

$11.29

Total

return

d

.......................

1.02%

(7.05)%

(0.60)%

0.57%

7.90%

3.45%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.55%

0.56%

0.54%

0.54%

0.55%

0.56%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.55%

g

0.55%

0.53%

0.53%

0.54%

0.54%

Net

investment

income

...............

2.81%

2.56%

2.10%

2.56%

2.76%

3.15%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$19,484

$20,233

$23,000

$17,426

$10,948

$7,776

Portfolio

turnover

rate

................

7.02%

16.87%

23.40%

15.09%

15.22%

11.61%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

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

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

83

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.25

$11.31

$11.62

$11.84

$11.30

$11.28

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.26

0.24

0.30

0.31

0.35

Net

realized

and

unrealized

gains

(losses)

(0.04)

(1.06)

(0.31)

(0.23)

0.56

0.03

Total

from

investment

operations

........

0.10

(0.80)

(0.07)

0.07

0.87

0.38

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.26)

(0.24)

(0.29)

(0.33)

(0.36)

Net

asset

value,

end

of

period

..........

$10.21

$10.25

$11.31

$11.62

$11.84

$11.30

Total

return

d

.......................

1.00%

(7.08)%

(0.64)%

0.63%

7.77%

3.42%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.59%

0.59%

0.57%

0.57%

0.57%

0.58%

Net

investment

income

...............

2.77%

2.52%

2.06%

2.53%

2.73%

3.11%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$111,045

$115,439

$132,919

$121,041

$105,851

$84,506

Portfolio

turnover

rate

................

7.02%

16.87%

23.40%

15.09%

15.22%

11.61%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

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,

2023

Franklin

North

Carolina

Tax-Free

Income

Fund

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

Corporate

Bonds

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

1,600,000

$

1,559,353

Total

Corporate

Bonds

(Cost

$1,600,000)

.......................................

1,559,353

Municipal

Bonds

97.6%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

2,300,000

1,881,569

Florida

1.3%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

4,680,000

3,831,806

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

1,500,000

982,097

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

3,750,000

3,079,688

7,893,591

Illinois

0.6%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

500,000

501,523

State

of

Illinois

,

GO,

2016,

5%,

11/01/34

.............................................

1,100,000

1,120,055

GO,

2021

A,

5%,

3/01/33

............................................

2,000,000

2,169,887

3,791,465

Kentucky

0.6%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

5,600,000

3,649,762

New

Jersey

1.1%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/41

...

1,000,000

973,354

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

5%,

6/15/44

.......................................

2,900,000

2,990,368

Revenue,

2020

AA,

3%,

6/15/50

.......................................

500,000

364,921

Revenue,

2020

AA,

5%,

6/15/50

.......................................

1,290,000

1,336,729

Revenue,

2022

BB,

4%,

6/15/46

.......................................

1,000,000

938,466

6,603,838

New

York

1.5%

Metropolitan

Transportation

Authority

,

Revenue,

2020

E,

Refunding,

4%,

11/15/45

..............................

1,595,000

1,460,630

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

5,325,000

4,790,070

Revenue,

2021

A-2,

4%,

11/15/41

.....................................

3,000,000

2,806,420

9,057,120

North

Carolina

84.8%

Cape

Fear

Public

Utility

Authority

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

8/01/44

.......

3,070,000

3,021,653

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/15/40

.......

20,000,000

20,309,348

Atrium

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

1/15/36

.......

5,000,000

5,307,470

Atrium

Health

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

1/15/43

.......

2,000,000

1,911,591

City

of

Charlotte

,

COP,

2019

A,

Refunding,

5%,

6/01/44

..................................

8,250,000

8,680,572

Airport,

Revenue,

2019

A,

5%,

7/01/49

..................................

4,460,000

4,629,080

Airport,

Revenue,

2019

B,

4%,

7/01/44

..................................

5,515,000

5,163,826

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/36

.........................

1,790,000

1,809,730

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/39

.........................

6,000,000

5,944,190

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/40

.........................

9,030,000

8,880,049

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

.........................

2,410,000

2,353,312

Water

&

Sewer

System,

Revenue,

2018,

Refunding,

4%,

7/01/38

..............

4,150,000

4,152,515

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

85

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

City

of

Charlotte,

(continued)

Water

&

Sewer

System,

Revenue,

2020,

Refunding,

2%,

7/01/41

..............

$

500,000

$

339,024

City

of

Fayetteville

,

Public

Works

Commission

,

Revenue

,

2018

,

Refunding

,

4

%

,

3/01/41

4,015,000

3,966,076

City

of

Greensboro

,

Combined

Water

&

Sewer

System

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/45

......................................................

4,500,000

4,419,180

City

of

Raleigh

,

GO,

2023

A,

Refunding,

5%,

4/01/41

...................................

1,775,000

1,974,930

Combined

Enterprise

System,

Revenue,

2016

A,

4%,

3/01/46

.................

3,000,000

2,946,245

Combined

Enterprise

System,

Revenue,

2016

B,

Refunding,

4%,

3/01/34

........

1,000,000

1,019,548

Combined

Enterprise

System,

Revenue,

2023,

Refunding,

4%,

9/01/53

.........

9,305,000

8,942,614

City

of

Salisbury

,

Combined

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/45

.........................................................

1,000,000

1,055,658

City

of

Winston-Salem

,

Water

&

Sewer

System,

Revenue,

2016

A,

Refunding,

4%,

6/01/34

............

1,350,000

1,367,002

Water

&

Sewer

System,

Revenue,

2017,

4%,

6/01/47

.......................

10,000,000

9,734,258

County

of

Brunswick

,

GO

,

2022

,

4

%

,

8/01/39

..............................

1,550,000

1,551,109

County

of

Catawba

,

Revenue

,

2023

,

4

%

,

4/01/43

...........................

400,000

391,719

County

of

Dare

,

Revenue,

2021

A,

3%,

6/01/38

........................................

375,000

320,944

Revenue,

2021

A,

3%,

6/01/39

........................................

585,000

492,638

Revenue,

2021

A,

3%,

6/01/40

........................................

250,000

207,315

Revenue,

2021

A,

3%,

6/01/41

........................................

450,000

367,795

County

of

Durham

,

GO,

2019,

4%,

6/01/36

.............................................

500,000

512,796

GO,

2019,

4%,

6/01/37

.............................................

450,000

457,778

GO,

2019,

4%,

6/01/39

.............................................

700,000

700,323

GO,

2021,

Refunding,

5%,

6/01/31

.....................................

750,000

862,579

GO,

2021,

Refunding,

5%,

6/01/32

.....................................

625,000

718,316

County

of

Forsyth

,

GO

,

2023

A

,

4

%

,

6/01/42

...............................

1,000,000

996,042

County

of

Guilford

,

GO

,

2017

B

,

4

%

,

5/01/33

...............................

5,000,000

5,106,211

County

of

Johnston

,

Water

&

Sewer

System

,

Revenue

,

2023

,

4

%

,

4/01/53

.........

1,150,000

1,088,782

County

of

Lincoln

,

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/38

..................

400,000

341,475

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/41

..................

480,000

391,276

County

of

Mecklenburg

,

GO

,

2017

A

,

4

%

,

4/01/30

...........................

5,000,000

5,155,369

County

of

New

Hanover

,

GO,

2021

A,

Refunding,

4%,

8/01/29

...................................

760,000

805,745

GO,

2021

A,

Refunding,

4%,

8/01/30

...................................

605,000

647,568

Revenue,

2021,

Refunding,

5%,

8/01/30

.................................

3,375,000

3,802,245

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Pre-Refunded,

5%,

10/01/42

.......................................................

5,000,000

5,373,040

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Pre-Refunded,

5%,

10/01/47

.......................................................

13,565,000

14,577,058

County

of

Union

,

Enterprise

System

,

Revenue

,

2021

,

4

%

,

6/01/32

...............

1,050,000

1,113,281

County

of

Wake

,

GO,

2019

A,

5%,

3/01/32

............................................

7,870,000

8,702,150

Revenue,

2021,

3%,

3/01/35

.........................................

5,535,000

5,115,149

Revenue,

2021,

3%,

3/01/36

.........................................

6,000,000

5,416,581

Greater

Asheville

Regional

Airport

Authority

,

Revenue

,

2023

,

AGMC

Insured

,

5.25

%

,

7/01/53

.........................................................

2,500,000

2,606,934

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/25

..........

1,700,000

1,724,073

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/27

..........

400,000

413,246

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/28

..........

500,000

520,855

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/29

..........

550,000

576,599

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/30

..........

500,000

526,847

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.

86

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

North

Carolina

Capital

Facilities

Finance

Agency,

(continued)

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/31

..........

$

1,855,000

$

1,964,238

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/32

..........

1,000,000

1,055,500

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/33

..........

1,670,000

1,756,820

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

10/01/34

..........

740,000

715,185

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

10/01/35

..........

360,000

342,463

Duke

University,

Revenue,

2015

B,

Pre-Refunded,

5%,

10/01/41

..............

13,585,000

14,063,745

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/40

.................

2,500,000

2,602,525

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

7/01/42

..................

7,500,000

7,783,226

Duke

University,

Revenue,

2016

B,

Refunding,

4%,

10/01/44

.................

5,085,000

4,961,125

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/44

.................

11,000,000

11,395,978

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/32

................

2,000,000

2,030,884

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/33

................

1,000,000

1,012,714

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/34

................

2,270,000

2,291,051

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/35

..............

5,000,000

5,053,780

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/38

..............

5,500,000

5,405,722

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/39

..............

5,250,000

5,139,629

Wake

Forest

University,

Revenue,

2018,

4%,

1/01/48

.......................

10,000,000

9,284,164

Wake

Forest

University,

Revenue,

2018,

5%,

1/01/48

.......................

13,500,000

14,049,373

North

Carolina

Central

University

,

Revenue,

2019,

AGMC

Insured,

5%,

4/01/44

.............................

1,575,000

1,644,344

Revenue,

2019,

4%,

4/01/49

.........................................

1,000,000

866,366

North

Carolina

Housing

Finance

Agency

,

Revenue,

41,

GNMA

Insured,

3.55%,

7/01/44

.............................

4,195,000

3,857,888

Revenue,

41,

GNMA

Insured,

3.625%,

7/01/49

............................

6,435,000

5,967,046

Revenue,

42,

GNMA

Insured,

2.45%,

7/01/34

.............................

750,000

600,345

Revenue,

42,

GNMA

Insured,

2.625%,

7/01/39

............................

3,035,000

2,410,561

Revenue,

42,

GNMA

Insured,

2.85%,

1/01/43

.............................

2,660,000

2,101,650

Revenue,

43,

GNMA

Insured,

2.8%,

1/01/40

..............................

4,715,000

3,938,558

Revenue,

43,

GNMA

Insured,

2.95%,

7/01/43

.............................

2,170,000

1,687,114

Revenue,

44,

3%,

7/01/46

...........................................

2,740,000

2,083,023

Revenue,

45,

Refunding,

GNMA

Insured,

2.2%,

7/01/40

.....................

1,805,000

1,256,224

Revenue,

46-A,

GNMA

Insured,

1.55%,

1/01/30

...........................

2,100,000

1,799,267

Revenue,

46-A,

GNMA

Insured,

1.75%,

1/01/31

...........................

975,000

827,811

North

Carolina

Medical

Care

Commission

,

Caromont

Health

Obligated

Group,

Revenue,

2021

A,

4%,

2/01/36

.............

1,675,000

1,680,489

Duke

University

Health

System,

Inc.,

Revenue,

2016

D,

Refunding,

4%,

6/01/42

...

7,000,000

6,592,533

EveryAge

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

9/01/47

..........

2,935,000

2,277,369

EveryAge

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

9/01/51

..........

960,000

723,274

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/33

............

180,000

170,597

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/34

............

185,000

173,832

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/41

............

920,000

773,878

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/46

............

1,665,000

1,333,932

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/51

............

1,670,000

1,288,703

Friends

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

..............

3,000,000

2,190,083

Novant

Health

Obligated

Group,

Revenue,

2013

A,

Refunding,

5%,

11/01/46

.....

20,000,000

20,003,796

Novant

Health

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/49

..............

6,115,000

5,764,739

Novant

Health

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/52

..............

6,640,000

6,166,555

Pines

at

Davidson,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

1/01/34

........

2,050,000

2,060,134

Pines

at

Davidson,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

1/01/49

........

5,000,000

4,615,233

Plantation

Village,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

1/01/41

1,020,000

818,083

Plantation

Village,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

1/01/52

3,510,000

2,518,054

Presbyterian

Homes

Obligated

Group,

Revenue,

2016

C,

Refunding,

5%,

10/01/31

5,000,000

5,075,118

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/45

.........

1,000,000

821,806

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/45

.........

4,220,000

4,115,201

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/50

.........

1,350,000

1,066,523

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/50

.........

1,400,000

1,339,927

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

87

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

$

3,568,441

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Pre-Refunded,

5%,

10/01/37

........................................

200,000

206,212

Vidant

Health

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

6/01/40

........

5,000,000

4,999,958

Wake

Forest

Baptist

Obligated

Group,

Revenue,

2019

A,

5%,

12/01/33

.........

1,000,000

1,068,467

North

Carolina

Municipal

Power

Agency

No.

1

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/32

.........................................................

4,200,000

4,319,374

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/25

..............................

125,000

127,289

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/26

..............................

300,000

309,035

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/27

..............................

450,000

469,414

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/28

..............................

500,000

527,114

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/29

..............................

350,000

372,100

Revenue,

Senior

Lien,

2020

A,

3.125%,

6/01/39

...........................

835,000

779,953

North

Carolina

Turnpike

Authority

,

Revenue,

2016

A,

Refunding,

5%,

7/01/47

...............................

2,500,000

2,518,969

Revenue,

2018

A,

Refunding,

4%,

1/01/36

...............................

9,875,000

10,006,272

Revenue,

2018

A,

Refunding,

4%,

1/01/39

...............................

9,815,000

9,725,775

Revenue,

2021,

Refunding,

5%,

7/01/35

.................................

1,300,000

1,464,357

Revenue,

2021,

Refunding,

5%,

7/01/36

.................................

1,750,000

1,952,923

Revenue,

2021,

Refunding,

5%,

7/01/37

.................................

1,770,000

1,957,370

Revenue,

2021,

Refunding,

5%,

7/01/38

.................................

1,250,000

1,373,235

Revenue,

2021,

Refunding,

5%,

7/01/39

.................................

1,500,000

1,640,917

Revenue,

2021,

Refunding,

5%,

7/01/40

.................................

1,270,000

1,384,102

Revenue,

2021,

Refunding,

5%,

7/01/41

.................................

2,000,000

2,172,511

Revenue,

Senior

Lien,

2017,

Refunding,

AGMC

Insured,

5%,

1/01/31

...........

1,000,000

1,051,012

Revenue,

Senior

Lien,

2019,

AGMC

Insured,

5%,

1/01/49

...................

15,430,000

15,801,008

Revenue,

Senior

Lien,

2019,

4%,

1/01/55

................................

5,000,000

4,496,555

Raleigh

Durham

Airport

Authority

,

Revenue,

2015

A,

Refunding,

5%,

5/01/27

...............................

350,000

358,926

Revenue,

2015

A,

Refunding,

5%,

5/01/30

...............................

550,000

564,714

Revenue,

2020

A,

Refunding,

5%,

5/01/36

...............................

2,580,000

2,733,783

State

of

North

Carolina

,

GO,

2019

B,

5%,

6/01/29

............................................

2,500,000

2,784,677

GO,

2020

A,

5%,

6/01/31

............................................

2,500,000

2,834,503

Highway

Trust

Fund,

Revenue,

2020

B,

4%,

5/01/35

.......................

2,750,000

2,849,353

Town

of

Cary

,

Combined

Utility

Systems

,

Revenue

,

2017

B

,

Refunding

,

4

%

,

12/01/42

8,000,000

7,914,950

Town

of

Oak

Island

,

Enterprise

System

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/33

......................................................

1,000,000

1,061,930

University

of

North

Carolina

at

Chapel

Hill

,

Revenue,

2021

B,

Refunding,

5%,

12/01/34

..............................

1,225,000

1,403,912

Revenue,

2021

B,

Refunding,

5%,

12/01/37

..............................

2,180,000

2,429,279

Hospitals

at

Chapel

Hill,

Revenue,

2016,

5%,

2/01/46

.......................

4,265,000

4,334,251

Hospitals

at

Chapel

Hill,

Revenue,

2019,

5%,

2/01/49

.......................

2,850,000

3,061,246

University

of

North

Carolina

Hospitals

at

Chapel

Hill,

Revenue,

2019,

5%,

2/01/45

.

4,010,000

4,343,838

University

of

North

Carolina

at

Charlotte

(The)

,

Revenue,

2014,

Pre-Refunded,

5%,

4/01/43

..............................

5,000,000

5,049,056

Revenue,

2017,

5%,

10/01/47

........................................

7,500,000

7,770,730

Revenue,

2017

A,

Refunding,

4%,

10/01/40

..............................

2,250,000

2,232,895

Revenue,

2020

A,

Refunding,

4%,

10/01/40

..............................

290,000

287,795

University

of

North

Carolina

at

Greensboro

,

Revenue,

2017,

Refunding,

4%,

4/01/35

.................................

1,205,000

1,216,598

Revenue,

2017,

Refunding,

4%,

4/01/36

.................................

1,000,000

1,004,919

Revenue,

2018,

5%,

4/01/43

.........................................

2,500,000

2,623,610

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.

88

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

University

of

North

Carolina

at

Wilmington

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/37

.

$

3,000,000

$

3,041,539

University

of

North

Carolina

System

,

Appalachian

State

University

,

Revenue

,

2008

A

,

AGMC

Insured

,

5

%

,

10/01/33

.........................................

160,000

160,027

Western

Carolina

University

,

Revenue,

2020

B,

3%,

4/01/36

........................................

1,000,000

902,062

Revenue,

2020

B,

4%,

4/01/50

........................................

5,000,000

4,729,202

509,016,045

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,600,000

1,260,983

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,600,000

1,257,238

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

2,500,000

1,874,674

4,392,895

Texas

0.7%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,100,000

1,483,240

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/32

200,000

189,665

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/33

200,000

188,653

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,800,000

2,068,379

3,929,937

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,600,000

1,260,843

Wisconsin

0.9%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,600,000

1,238,403

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

4,200,000

4,202,142

5,440,545

U.S.

Territories

4.9%

Guam

0.8%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue,

2023

A,

Refunding,

5.25%,

10/01/30

............................

750,000

758,947

Revenue,

2023

A,

Refunding,

5.125%,

10/01/34

...........................

390,000

387,052

Revenue,

2023

A,

Refunding,

5.25%,

10/01/35

............................

265,000

262,238

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

3,205,000

3,190,095

4,598,332

Puerto

Rico

4.1%

Commonwealth

of

Puerto

Rico

,

c

GO,

FRN,

Zero

Cpn.,

11/01/43

........................................

110,346

56,966

GO,

2022

A-1,

5.625%,

7/01/27

.......................................

25,850

26,960

GO,

2022

A-1,

5.625%,

7/01/29

.......................................

25,431

26,907

GO,

2022

A-1,

5.75%,

7/01/31

........................................

24,701

26,716

GO,

2022

A-1,

4%,

7/01/33

..........................................

23,423

21,933

GO,

2022

A-1,

4%,

7/01/35

..........................................

21,054

19,350

GO,

2022

A-1,

4%,

7/01/37

..........................................

18,070

16,258

GO,

2022

A-1,

4%,

7/01/41

..........................................

24,568

21,245

GO,

2022

A-1,

4%,

7/01/46

..........................................

25,551

21,271

GO,

2022

A-1,

Zero

Cpn.,

7/01/24

.....................................

3,797

3,659

GO,

2022

A-1,

Zero

Cpn.,

7/01/33

.....................................

30,143

18,366

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

89

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

$

2,000,000

$

1,993,891

Revenue,

2007

N,

5.25%,

7/01/36

.....................................

300,000

302,336

Puerto

Rico

Electric

Power

Authority

,

a,d

Revenue,

6%,

7/01/41

..............................................

462,937

462,937

a,d

Revenue,

7.125%,

7/01/59

...........................................

2,248,276

2,248,276

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,500,000

1,474,558

e

Revenue,

XX,

5.25%,

7/01/40

........................................

4,120,000

1,133,000

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

596,256

588,058

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

387,485

249,443

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

662,828

420,067

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

471,493

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/41

..

220,000

193,802

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

12,890,000

12,508,527

Sales

Tax,

Revenue,

A-2,

4.329%,

7/01/40

...............................

2,000,000

1,899,211

24,205,230

Total

U.S.

Territories

....................................................................

28,803,562

Total

Municipal

Bonds

(Cost

$629,964,232)

.....................................

585,721,172

Shares

Escrows

and

Litigation

Trusts

0.0%

†

a,f

Puerto

Rico

Electric

Power

Authority

.....................................

209,296

167,437

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

167,437

Total

Long

Term

Investments

(Cost

$631,564,232)

...............................

587,447,962

a

a

a

a

a

Short

Term

Investments

1.0%

Principal

Amount

Municipal

Bonds

1.0%

North

Carolina

1.0%

g

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group,

Revenue,

2007

C,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

4%,

1/15/37

............................

800,000

800,000

Atrium

Health

Obligated

Group,

Revenue,

2018

H,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

4%,

1/15/48

....................................

5,400,000

5,400,000

6,200,000

Total

Municipal

Bonds

(Cost

$6,200,000)

.......................................

6,200,000

Total

Short

Term

Investments

(Cost

$6,200,000

)

.................................

6,200,000

a

Total

Investments

(Cost

$637,764,232)

98.9%

...................................

$593,647,962

Other

Assets,

less

Liabilities

1.1%

.............................................

6,419,118

Net

Assets

100.0%

...........................................................

$600,067,080

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.

90

See

Abbreviations

on

page

129

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

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,

2023,

the

aggregate

value

of

these

securities

was

$21,100,211,

representing

3.5%

of

net

assets.

c

The

coupon

rate

shown

represents

the

rate

at

period

end.

d

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

e

See

Note

7

regarding

defaulted

securities.

f

Non-income

producing.

g

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Virginia

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

91

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.72

$10.79

$11.13

$11.42

$10.92

$10.87

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.13

0.23

0.19

0.22

0.28

0.15

Net

realized

and

unrealized

gains

(losses)

(0.05)

(1.08)

(0.34)

(0.29)

0.52

0.05

Total

from

investment

operations

........

0.08

(0.85)

(0.15)

(0.07)

0.80

0.20

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.22)

(0.19)

(0.22)

(0.30)

(0.15)

Net

asset

value,

end

of

period

..........

$9.67

$9.72

$10.79

$11.13

$11.42

$10.92

Total

return

e

.......................

0.79%

(7.85)%

(1.38)%

(0.58)%

7.40%

1.90%

Ratios

to

average

net

assets

f

Expenses

g

........................

0.86%

0.86%

0.84%

0.84%

0.84%

0.84%

Net

investment

income

...............

2.59%

2.28%

1.71%

1.97%

2.54%

3.01%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$83,408

$87,137

$108,135

$107,395

$77,058

$39,565

Portfolio

turnover

rate

................

6.63%

22.24%

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

92

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.72

$10.79

$11.12

$11.42

$10.91

$10.91

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.24

0.21

0.24

0.30

0.34

Net

realized

and

unrealized

gains

(losses)

(0.05)

(1.07)

(0.33)

(0.30)

0.52

—

d

Total

from

investment

operations

........

0.09

(0.83)

(0.12)

(0.06)

0.82

0.34

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.24)

(0.21)

(0.24)

(0.31)

(0.34)

Net

asset

value,

end

of

period

..........

$9.67

$9.72

$10.79

$11.12

$11.42

$10.91

Total

return

e

.......................

0.87%

(7.71)%

(1.15)%

(0.52)%

7.66%

3.22%

Ratios

to

average

net

assets

f

Expenses

g

........................

0.71%

0.71%

0.69%

0.69%

0.69%

0.69%

Net

investment

income

...............

2.74%

2.42%

1.86%

2.15%

2.69%

3.16%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$221,182

$235,354

$316,275

$353,874

$398,547

$402,739

Portfolio

turnover

rate

................

6.63%

22.24%

34.49%

31.54%

14.44%

9.60%

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

Virginia

Tax-Free

Income

Fund

(continued)

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The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

93

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.89

$10.98

$11.32

$11.62

$11.10

$11.09

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.18

0.15

0.18

0.24

0.29

Net

realized

and

unrealized

gains

(losses)

(0.05)

(1.09)

(0.34)

(0.30)

0.54

—

d

Total

from

investment

operations

........

0.06

(0.91)

(0.19)

(0.12)

0.78

0.29

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.18)

(0.15)

(0.18)

(0.26)

(0.28)

Net

asset

value,

end

of

period

..........

$9.84

$9.89

$10.98

$11.32

$11.62

$11.10

Total

return

e

.......................

0.57%

(8.27)%

(1.76)%

(1.05)%

7.07%

2.68%

Ratios

to

average

net

assets

f

Expenses

g

........................

1.25%

1.25%

1.23%

1.24%

1.24%

1.24%

Net

investment

income

...............

2.13%

1.80%

1.27%

1.58%

2.14%

2.61%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$10,541

$12,400

$20,687

$38,151

$52,357

$62,041

Portfolio

turnover

rate

................

6.63%

22.24%

34.49%

31.54%

14.44%

9.60%

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

Virginia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

94

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.72

$10.80

$11.13

$11.43

$10.92

$10.91

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.26

0.22

0.25

0.32

0.36

Net

realized

and

unrealized

gains

(losses)

(0.05)

(1.09)

(0.32)

(0.29)

0.52

0.01

Total

from

investment

operations

........

0.09

(0.83)

(0.10)

(0.04)

0.84

0.37

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.25)

(0.23)

(0.26)

(0.33)

(0.36)

Net

asset

value,

end

of

period

..........

$9.67

$9.72

$10.80

$11.13

$11.43

$10.92

Total

return

d

.......................

0.94%

(7.66)%

(1.00)%

(0.38)%

7.80%

3.44%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.57%

0.58%

0.56%

0.57%

0.56%

0.57%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.57%

g

0.56%

0.55%

0.55%

0.55%

0.55%

Net

investment

income

...............

2.88%

2.61%

2.00%

2.27%

2.83%

3.30%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$9,450

$6,243

$7,778

$6,812

$5,829

$4,947

Portfolio

turnover

rate

................

6.63%

22.24%

34.49%

31.54%

14.44%

9.60%

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

Financial

Highlights

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

95

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.73

$10.80

$11.13

$11.43

$10.92

$10.92

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.25

0.22

0.25

0.31

0.35

Net

realized

and

unrealized

gains

(losses)

(0.05)

(1.07)

(0.33)

(0.30)

0.53

0.01

Total

from

investment

operations

........

0.09

(0.82)

(0.11)

(0.05)

0.84

0.36

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.25)

(0.22)

(0.25)

(0.33)

(0.36)

Net

asset

value,

end

of

period

..........

$9.68

$9.73

$10.80

$11.13

$11.43

$10.92

Total

return

d

.......................

0.92%

(7.61)%

(1.05)%

(0.42)%

7.76%

3.32%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.61%

0.61%

0.59%

0.59%

0.59%

0.59%

Net

investment

income

...............

2.84%

2.54%

1.96%

2.23%

2.79%

3.26%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$109,146

$111,733

$138,033

$128,837

$109,844

$84,880

Portfolio

turnover

rate

................

6.63%

22.24%

34.49%

31.54%

14.44%

9.60%

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,

2023

Franklin

Virginia

Tax-Free

Income

Fund

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

98.1%

California

0.2%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

$

1,000,000

$

818,073

Florida

0.8%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

3,456,000

2,829,641

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

1,100,000

720,205

3,549,846

Illinois

0.6%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

1,500,000

1,504,568

State

of

Illinois

,

GO

,

2017

D

,

5

%

,

11/01/26

................................

1,000,000

1,039,504

2,544,072

New

Jersey

1.1%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2018

A,

Refunding,

5%,

12/15/32

..............................

3,460,000

3,702,060

Revenue,

2022

A,

4%,

6/15/41

........................................

1,000,000

967,270

4,669,330

New

York

0.3%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/46

..........

1,350,000

1,228,539

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,200,000

945,737

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,200,000

942,928

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

2,000,000

1,499,740

3,388,405

Texas

0.7%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,600,000

1,130,088

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/28

225,000

228,356

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/29

250,000

253,573

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,100,000

1,551,284

3,163,301

Virginia

81.1%

Albemarle

County

Economic

Development

Authority

,

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/30

............................................

1,120,000

1,098,537

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/31

............................................

1,165,000

1,137,638

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/32

............................................

1,105,000

1,074,722

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/33

............................................

1,260,000

1,221,329

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/42

............................................

2,725,000

2,404,954

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/49

............................................

2,800,000

2,339,987

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

B,

Refunding,

4%,

6/01/54

............................................

5,215,000

4,218,674

Alexandria

Industrial

Development

Authority

,

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2015,

Pre-Refunded,

5%,

10/01/45

975,000

1,008,369

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

97

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

$

2,247,477

Arlington

County

Industrial

Development

Authority

,

Virginia

Hospital

Center

Arlington

Health

System,

Revenue,

2020,

Refunding,

4%,

7/01/45

........................................................

2,000,000

1,840,852

Virginia

Hospital

Center

Arlington

Health

System,

Revenue,

2020,

Refunding,

3.75%,

7/01/50

........................................................

10,350,000

8,917,028

Chesapeake

Hospital

Authority

,

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/39

........................................................

1,000,000

932,964

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/43

........................................................

4,000,000

3,654,665

City

of

Hopewell

,

Sewer

System

,

Revenue

,

2011

A

,

Refunding

,

5

%

,

7/15/42

.......

4,850,000

4,705,686

City

of

Norfolk

,

Water,

Revenue,

2018,

5%,

11/01/43

...................................

6,920,000

7,238,335

Water,

Revenue,

2018,

5%,

11/01/47

...................................

6,925,000

7,208,604

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/15/33

........

10,000,000

10,369,888

Commonwealth

of

Virginia

,

GO,

2020

A,

4%,

6/01/31

............................................

2,710,000

2,882,404

GO,

2022

A,

5%,

6/01/52

............................................

2,445,000

2,652,857

County

of

Arlington

,

GO

,

2019

,

4

%

,

6/15/34

................................

2,000,000

2,090,633

County

of

Fairfax

,

GO,

2023

A,

4%,

10/01/40

...........................................

3,000,000

2,991,525

Sewer,

Revenue,

2017,

5%,

7/15/37

....................................

2,760,000

2,922,564

Sewer,

Revenue,

2021

A,

5%,

7/15/46

..................................

2,500,000

2,702,181

Fairfax

County

Economic

Development

Authority

,

Revenue,

2017,

5%,

4/01/42

.........................................

5,085,000

5,254,518

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2016

A,

Pre-Refunded,

5%,

10/01/36

.......................................................

4,865,000

5,025,120

Fairfax

County

Industrial

Development

Authority

,

Inova

Health

System

Obligated

Group

,

Revenue

,

2014

A

,

5

%

,

5/15/44

..................................

2,500,000

2,511,813

Fairfax

County

Water

Authority

,

Revenue,

2017,

Refunding,

5%,

4/01/43

.................................

3,510,000

3,655,437

Revenue,

2017,

Refunding,

5%,

4/01/46

.................................

5,000,000

5,184,706

Farmville

Industrial

Development

Authority

,

Elwood

Place

LLC,

Revenue,

2021,

AGMC

Insured,

5.375%,

7/01/53

...........

5,000,000

5,191,779

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/48

...

5,000,000

4,505,650

Hampton

Roads

Sanitation

District

,

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/33

............................

5,115,000

5,380,793

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/43

............................

11,840,000

12,455,248

Hampton

Roads

Transportation

Accountability

Commission

,

Revenue,

Senior

Lien,

2018

A,

5%,

7/01/48

..............................

9,495,000

9,888,553

Revenue,

Senior

Lien,

2018

A,

Pre-Refunded,

5%,

7/01/48

...................

5,505,000

5,955,038

Revenue,

Senior

Lien,

2020

A,

5%,

7/01/50

..............................

4,000,000

4,236,750

Revenue,

Senior

Lien,

2020

A,

5%,

7/01/60

..............................

4,885,000

5,146,921

Henrico

County

Economic

Development

Authority

,

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/40

.......................................................

500,000

449,537

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/45

.......................................................

725,000

629,115

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/50

.......................................................

1,500,000

1,260,813

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2022

A,

5%,

10/01/42

..

1,125,000

1,141,358

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2022

A,

5%,

10/01/52

..

5,000,000

4,971,290

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.

98

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Lexington

Industrial

Development

Authority

,

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

1/01/38

........................................................

$

685,000

$

595,746

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

1/01/42

........................................................

1,120,000

921,859

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

1/01/48

........................................................

2,315,000

1,795,318

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/35

....

1,105,000

1,187,220

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/48

....

1,500,000

1,556,212

Lynchburg

Economic

Development

Authority

,

Centra

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

1/01/47

......

4,500,000

4,521,928

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/47

........

2,350,000

2,073,553

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

1/01/51

........

2,000,000

1,337,461

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/55

........

6,305,000

5,311,795

Montgomery

County

Economic

Development

Authority

,

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/36

................

1,200,000

1,217,284

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/37

................

500,000

502,015

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/39

................

1,750,000

1,725,479

Norfolk

Airport

Authority

,

Revenue,

2019,

5%,

7/01/39

.........................................

800,000

837,757

Revenue,

2019,

5%,

7/01/43

.........................................

5,600,000

5,815,635

Northern

Virginia

Transportation

Commission

,

Commuter

Rail

Operating

&

Capital

Fund

,

Revenue

,

2022

,

5

%

,

6/01/47

....................................

1,750,000

1,882,067

Prince

Edward

County

Industrial

Development

Authority

,

President

and

Trustees

of

Hampden-Sydney

College

,

Revenue

,

2018

,

5

%

,

9/01/48

....................

2,050,000

2,071,621

Riverside

Regional

Jail

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/31

.........

6,215,000

6,373,305

Salem

Economic

Development

Authority

,

Roanoke

College

,

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/49

......................................................

925,000

898,094

Stafford

County

&

Staunton

Industrial

Development

Authority

,

Revenue

,

2007

E

,

AGMC

Insured

,

5

%

,

8/01/37

...............................................

960,000

960,373

Upper

Occoquan

Sewage

Authority

,

Revenue

,

2016

B

,

Refunding

,

4

%

,

7/01/35

.....

6,165,000

6,257,029

Virginia

Beach

Development

Authority

,

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/40

............................................

1,750,000

1,607,078

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/44

............................................

2,215,000

1,974,367

Virginia

College

Building

Authority

,

Revenue,

2016

A,

5%,

9/01/27

........................................

3,925,000

4,130,286

Revenue,

2016

A,

Pre-Refunded,

5%,

9/01/27

............................

75,000

78,923

Revenue,

2016

A,

Refunding,

4%,

2/01/30

...............................

7,000,000

7,143,790

Revenue,

2023

B,

Refunding,

5%,

2/01/32

...............................

6,000,000

6,890,099

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/39

...........

795,000

631,698

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

2.25%,

1/15/40

........

450,000

305,772

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/41

...........

500,000

384,167

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/46

...........

1,100,000

772,787

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/51

...........

1,750,000

1,167,678

Regent

University,

Revenue,

2021,

Refunding,

4%,

6/01/36

..................

2,750,000

2,581,225

Regent

University,

Revenue,

2021,

Refunding,

3%,

6/01/41

..................

4,800,000

3,559,269

Regent

University,

Revenue,

2021,

Refunding,

4%,

6/01/46

..................

3,725,000

3,105,186

Virginia

Commonwealth

Transportation

Board

,

Revenue,

2016,

5%,

9/15/30

.........................................

2,260,000

2,375,146

Revenue,

2016,

5%,

9/15/31

.........................................

4,000,000

4,193,192

Revenue,

2022,

Refunding,

4%,

5/15/36

.................................

5,000,000

5,144,876

Virginia

Housing

Development

Authority

,

Revenue

,

2018

D

,

3.8

%

,

10/01/43

........

3,805,000

3,323,194

Virginia

Public

Building

Authority

,

Revenue

,

2019

A

,

4

%

,

8/01/35

................

1,250,000

1,279,527

Virginia

Public

School

Authority

,

Revenue,

2018

B,

5%,

8/01/30

........................................

5,280,000

5,759,046

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

99

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Virginia

Public

School

Authority,

(continued)

County

of

Prince

William,

Revenue,

2018,

4%,

3/01/33

......................

$

5,795,000

$

6,024,221

Virginia

Resources

Authority

,

Revenue,

Pre-Refunded,

5%,

11/01/38

..................................

3,195,000

3,309,362

Revenue,

2015

B,

Refunding,

5%,

11/01/45

..............................

2,255,000

2,286,042

Revenue,

2018

C,

Refunding,

5%,

11/01/48

..............................

7,655,000

8,072,720

Virginia

Small

Business

Financing

Authority

,

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/48

.....

7,000,000

6,056,417

Bon

Secours

Mercy

Health,

Inc.,

Revenue,

2020

A,

Refunding,

4%,

12/01/49

.....

5,000,000

4,509,637

Capital

Beltway

Express

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

5%,

12/31/57

6,000,000

6,021,596

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/40

........................................................

7,500,000

6,804,057

I-66

Express

Mobility

Partners

LLC,

Revenue,

Senior

Lien,

2017,

5%,

12/31/47

...

5,000,000

5,013,424

I-66

Express

Mobility

Partners

LLC,

Revenue,

Senior

Lien,

2017,

5%,

12/31/52

...

4,600,000

4,585,630

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/36

...

2,210,000

2,038,108

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/41

...

2,500,000

2,165,094

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/51

...

7,500,000

5,977,715

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/37

....................................................

2,750,000

2,564,786

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/51

....................................................

2,250,000

1,848,265

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/37

...

4,000,000

3,973,494

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/38

...

6,000,000

5,914,034

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/39

...

2,730,000

2,668,455

Williamsburg

Economic

Development

Authority

,

Provident

Group

-

Williamsburg

Properties

LLC

,

Revenue

,

2023

A

,

AGMC

Insured

,

4.125

%

,

7/01/58

............

2,000,000

1,878,516

Winchester

Economic

Development

Authority

,

Valley

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

1/01/44

.................................

5,000,000

5,033,989

351,700,931

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

945,632

Wisconsin

1.2%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,200,000

928,802

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

3,100,000

3,101,581

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

12/01/52

.....

1,000,000

964,445

4,994,828

U.S.

Territories

11.1%

District

of

Columbia

8.0%

Metropolitan

Washington

Airports

Authority

,

Aviation,

Revenue,

2021

A,

Refunding,

5%,

10/01/46

.......................

5,000,000

5,142,599

Aviation,

Revenue,

2023

A,

Refunding,

5.25%,

10/01/48

.....................

4,000,000

4,197,043

Dulles

Toll

Road,

Revenue,

Senior

Lien,

2022

A,

Refunding,

AGMC

Insured,

4%,

10/01/52

.......................................................

10,000,000

9,180,141

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated,

Revenue,

2020

A,

5%,

7/15/45

...............................

3,145,000

3,335,508

Dedicated,

Revenue,

2021

A,

5%,

7/15/41

...............................

7,530,000

8,133,037

Dedicated,

Revenue,

2021

A,

5%,

7/15/46

...............................

2,000,000

2,119,878

Dedicated,

Revenue,

2023

A,

5%,

7/15/43

...............................

2,500,000

2,719,934

34,828,140

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.

100

s

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

3.1%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

..................

$

1,600,000

$

1,595,112

Puerto

Rico

Electric

Power

Authority

,

b,c

Revenue,

6%,

7/01/41

..............................................

330,490

330,490

b,c

Revenue,

7.125%,

7/01/59

...........................................

1,605,043

1,605,043

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,700,000

1,671,166

d

Revenue,

WW,

5.5%,

7/01/38

.........................................

1,040,000

286,000

d

Revenue,

XX,

5.25%,

7/01/40

........................................

1,900,000

522,500

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

103,451

102,028

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

67,229

43,279

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

115,001

72,882

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

449,469

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/37

..

200,000

181,619

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

................................

6,400,000

5,999,869

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

500,000

485,203

13,344,660

Total

U.S.

Territories

....................................................................

48,172,800

Total

Municipal

Bonds

(Cost

$463,363,377)

.....................................

425,175,757

Shares

Escrows

and

Litigation

Trusts

0.0%

†

b,e

Puerto

Rico

Electric

Power

Authority

.....................................

149,352

119,482

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

119,482

Total

Long

Term

Investments

(Cost

$463,363,377)

...............................

425,295,239

a

a

a

a

a

Short

Term

Investments

0.2%

Principal

Amount

Municipal

Bonds

0.2%

Virginia

0.2%

f

Albemarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.93

%

,

10/01/48

........................................................

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

$464,363,377)

98.3%

...................................

$426,295,239

Other

Assets,

less

Liabilities

1.7%

.............................................

7,432,191

Net

Assets

100.0%

...........................................................

$433,727,430

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

101

See

Abbreviations

on

page

129

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2023,

the

aggregate

value

of

these

securities

was

$11,787,514,

representing

2.7%

of

net

assets.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

regarding

fair

value

measurements.

c

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

d

See

Note

7

regarding

defaulted

securities.

e

Non-income

producing.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

August

31,

2023

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

102

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

................

$202,798,608

$351,046,762

$299,973,062

$332,097,434

Value

-

Unaffiliated

issuers

...............

$186,413,327

$322,100,357

$275,883,161

$313,475,261

Cash

.................................

1,604,269

3,895,861

2,193

447,308

Receivables:

Capital

shares

sold

.....................

36,772

23,477

18,739

121,390

Interest

..............................

2,367,127

3,465,564

3,560,580

3,322,318

Total

assets

.......................

190,421,495

329,485,259

279,464,673

317,366,277

Liabilities:

Payables:

Investment

securities

purchased

...........

—

1,432,901

539,705

1,248,206

Capital

shares

redeemed

................

308,720

455,827

676,897

754,342

Management

fees

......................

69,300

144,853

126,068

138,859

Distribution

fees

.......................

22,986

40,088

33,028

39,896

Transfer

agent

fees

.....................

24,700

49,860

39,305

48,691

Professional

fees

......................

25,878

18,146

22,862

19,154

Trustees'

fees

and

expenses

..............

1,505

1,436

1,411

1,389

Distributions

to

shareholders

..............

37,713

93,736

31,971

99,522

Accrued

expenses

and

other

liabilities

........

20,115

13,540

13,212

26,065

Total

liabilities

......................

510,917

2,250,387

1,484,459

2,376,124

Net

assets,

at

value

..............

$189,910,578

$327,234,872

$277,980,214

$314,990,153

Net

assets

consist

of:

Paid-in

capital

..........................

$222,036,304

$390,292,309

$330,189,110

$385,896,871

Total

distributable

earnings

(losses)

..........

(32,125,726)

(63,057,437)

(52,208,896)

(70,906,718)

Net

assets,

at

value

..............

$189,910,578

$327,234,872

$277,980,214

$314,990,153

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2023

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

103

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Class

A:

Net

assets,

at

value

....................

$42,428,352

$73,196,738

$60,758,373

$85,969,497

Shares

outstanding

.....................

4,311,710

7,092,755

6,139,007

8,861,381

Net

asset

value

per

share

a

...............

$9.84

$10.32

$9.90

$9.70

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

...............

$10.22

$10.72

$10.29

$10.08

Class

A1:

Net

assets,

at

value

....................

$119,609,663

$179,020,085

$163,877,882

$154,795,246

Shares

outstanding

.....................

12,169,710

17,347,930

16,567,225

15,951,513

Net

asset

value

per

share

a

...............

$9.83

$10.32

$9.89

$9.70

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

...............

$10.21

$10.72

$10.28

$10.08

Class

C:

Net

assets,

at

value

....................

$6,572,841

$15,964,358

$10,802,029

$15,363,293

Shares

outstanding

.....................

659,850

1,523,858

1,074,239

1,551,017

Net

asset

value

and

maximum

offering

price

per

share

a

...............................

$9.96

$10.48

$10.06

$9.91

Class

R6:

Net

assets,

at

value

....................

$1,653,145

$10,957,034

$6,031,986

$13,134,664

Shares

outstanding

.....................

168,168

1,061,630

609,674

1,351,373

Net

asset

value

and

maximum

offering

price

per

share

...............................

$9.83

$10.32

$9.89

$9.72

Advisor

Class:

Net

assets,

at

value

....................

$19,646,577

$48,096,657

$36,509,944

$45,727,453

Shares

outstanding

.....................

1,998,703

4,658,573

3,689,084

4,706,746

Net

asset

value

and

maximum

offering

price

per

share

...............................

$9.83

$10.32

$9.90

$9.72

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,

2023

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

104

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

.................................

$752,674,369

$637,764,232

$464,363,377

Value

-

Unaffiliated

issuers

................................

$699,616,283

$593,647,962

$426,295,239

Cash

..................................................

57,825

1,844,837

5,656,305

Receivables:

Investment

securities

sold

.................................

—

1,944,980

5,173,700

Capital

shares

sold

......................................

133,436

210,635

54,643

Interest

...............................................

10,317,039

6,982,337

4,865,833

Total

assets

........................................

710,124,583

604,630,751

442,045,720

Liabilities:

Payables:

Investment

securities

purchased

............................

2,964,094

2,600,684

7,040,427

Capital

shares

redeemed

.................................

1,154,307

1,403,516

614,166

Management

fees

.......................................

287,230

248,709

184,754

Distribution

fees

........................................

87,488

68,282

42,526

Transfer

agent

fees

......................................

74,153

78,575

60,779

Trustees'

fees

and

expenses

...............................

1,669

1,344

1,603

Distributions

to

shareholders

...............................

146,816

108,706

125,359

Accrued

expenses

and

other

liabilities

.........................

65,307

53,855

248,676

Total

liabilities

.......................................

4,781,064

4,563,671

8,318,290

Net

assets,

at

value

...............................

$705,343,519

$600,067,080

$433,727,430

Net

assets

consist

of:

Paid-in

capital

...........................................

$865,897,957

$756,835,538

$540,558,221

Total

distributable

earnings

(losses)

...........................

(160,554,438)

(156,768,458)

(106,830,791)

Net

assets,

at

value

...............................

$705,343,519

$600,067,080

$433,727,430

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2023

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

105

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Class

A:

Net

assets,

at

value

.....................................

$172,492,821

$133,093,939

$83,408,137

Shares

outstanding

......................................

16,917,054

13,039,090

8,624,559

Net

asset

value

per

share

a

................................

$10.20

$10.21

$9.67

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.2

5%)

..............................................

$10.60

$10.61

$10.05

Class

A1:

Net

assets,

at

value

.....................................

$414,548,566

$312,747,623

$221,182,084

Shares

outstanding

......................................

40,684,408

30,648,597

22,875,698

Net

asset

value

per

share

a

................................

$10.19

$10.20

$9.67

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

..............................................

$10.59

$10.60

$10.05

Class

C:

Net

assets,

at

value

.....................................

$27,309,242

$23,696,506

$10,540,945

Shares

outstanding

......................................

2,652,410

2,284,406

1,071,395

Net

asset

value

and

maximum

offering

price

per

share

a

...........

$10.30

$10.37

$9.84

Class

R6:

Net

assets,

at

value

.....................................

$22,173,868

$19,483,735

$9,450,402

Shares

outstanding

......................................

2,174,049

1,910,159

976,918

Net

asset

value

and

maximum

offering

price

per

share

...........

$10.20

$10.20

$9.67

Advisor

Class:

Net

assets,

at

value

.....................................

$68,819,022

$111,045,277

$109,145,862

Shares

outstanding

......................................

6,749,257

10,881,131

11,277,921

Net

asset

value

and

maximum

offering

price

per

share

...........

$10.20

$10.21

$9.68

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,

2023

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

106

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

.....................

$3,304,635

$6,207,335

$5,154,265

$6,413,907

Expenses:

Management

fees

(Note

3

a

)

................

551,306

887,458

768,976

842,847

Distribution

fees:

(Note

3c

)

    Class

A

.............................

54,048

96,304

77,142

104,945

    Class

A1

............................

62,778

94,037

86,218

80,708

    Class

C

.............................

24,091

59,111

38,873

54,981

Transfer

agent

fees:

(Note

3e

)

    Class

A

.............................

13,274

27,690

21,368

30,764

    Class

A1

............................

38,542

67,585

59,726

59,166

    Class

C

.............................

2,275

6,528

4,145

6,202

    Class

R6

............................

355

1,604

1,031

1,627

    Advisor

Class

.........................

5,990

17,658

12,949

17,117

Custodian

fees

(Note

4

)

...................

587

1,066

881

946

Reports

to

shareholders

fees

...............

7,766

10,214

10,053

10,750

Registration

and

filing

fees

.................

7,380

7,467

6,642

10,757

Professional

fees

........................

29,854

31,574

30,368

31,343

Trustees'

fees

and

expenses

...............

782

1,575

1,355

1,537

Other

.................................

25,445

21,006

18,508

25,491

Total

expenses

......................

824,473

1,330,877

1,138,235

1,279,181

Expense

reductions

(Note

4

)

............

(587)

(1,063)

(881)

(945)

Expenses

waived/paid

by

affiliates

(Note

3f)

.

(41,293)

(42)

(93)

—

Net

expenses

......................

782,593

1,329,772

1,137,261

1,278,236

Net

investment

income

.............

2,522,042

4,877,563

4,017,004

5,135,671

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

(527,304)

(1,847,477)

(219,772)

(3,053,635)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

(1,039,598)

(641,118)

(1,454,352)

1,470,366

Net

realized

and

unrealized

gain

(loss)

.........

(1,566,902)

(2,488,595)

(1,674,124)

(1,583,269)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$955,140

$2,388,968

$2,342,880

$3,552,402

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

August

31,

2023

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

107

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

......................................

$14,835,681

$10,599,186

$7,811,186

Expenses:

Management

fees

(Note

3

a

)

.................................

1,753,014

1,534,178

1,131,711

Distribution

fees:

(Note

3c

)

    Class

A

..............................................

215,101

170,833

108,417

    Class

A1

.............................................

217,581

167,122

116,346

    Class

C

..............................................

101,462

84,284

38,221

Transfer

agent

fees:

(Note

3e

)

    Class

A

..............................................

53,082

46,706

33,214

    Class

A1

.............................................

134,286

114,272

89,110

    Class

C

..............................................

9,641

8,868

4,503

    Class

R6

.............................................

3,846

3,386

1,333

    Advisor

Class

..........................................

22,001

38,927

43,260

Custodian

fees

(Note

4

)

....................................

2,240

1,956

1,429

Reports

to

shareholders

fees

................................

25,468

19,707

12,960

Registration

and

filing

fees

..................................

9,591

11,128

12,598

Professional

fees

.........................................

40,198

37,490

32,334

Trustees'

fees

and

expenses

................................

3,953

3,445

2,302

Other

..................................................

33,179

29,802

23,431

Total

expenses

.......................................

2,624,643

2,272,104

1,651,169

Expense

reductions

(Note

4

)

.............................

(2,216)

(1,954)

(1,429)

Expenses

waived/paid

by

affiliates

(Note

3f)

..................

(554)

(52)

(56)

Net

expenses

.......................................

2,621,873

2,270,098

1,649,684

Net

investment

income

..............................

12,213,808

8,329,088

6,161,502

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

....................................

(4,256,876)

(3,862,720)

(2,669,138)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

(1,086,557)

1,432,226

544,737

Net

realized

and

unrealized

gain

(loss)

..........................

(5,343,433)

(2,430,494)

(2,124,401)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$6,870,375

$5,898,594

$4,037,101

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.

108

28

Franklin

Alabama

Tax-Free

Income

Fund

Franklin

Georgia

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$2,522,042

$5,227,299

$4,877,563

$10,423,304

Net

realized

gain

(loss)

............

(527,304)

(550,238)

(1,847,477)

(7,422,368)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(1,039,598)

(22,789,068)

(641,118)

(37,586,160)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

955,140

(18,112,007)

2,388,968

(34,585,224)

Distributions

to

shareholders:

Class

A

........................

(527,386)

(1,036,037)

(1,048,599)

(2,112,564)

Class

A1

.......................

(1,627,153)

(3,431,367)

(2,699,142)

(5,828,544)

Class

C

........................

(74,079)

(188,374)

(206,432)

(502,522)

Class

R6

.......................

(24,547)

(49,965)

(160,419)

(363,765)

Advisor

Class

...................

(262,833)

(447,010)

(729,489)

(1,495,781)

Total

distributions

to

shareholders

.....

(2,515,998)

(5,152,753)

(4,844,081)

(10,303,176)

Capital

share

transactions:

(Note

2

)

Class

A

........................

548,915

111,663

(2,527,898)

(6,595,134)

Class

A1

.......................

(5,089,786)

(22,516,464)

(9,165,263)

(35,655,157)

Class

C

........................

(1,656,727)

(3,955,851)

(3,555,304)

(6,508,892)

Class

R6

.......................

(115,609)

(302,386)

672,882

(5,097,440)

Advisor

Class

...................

1,538,132

449,996

9,096

(16,910,087)

Total

capital

share

transactions

.......

(4,775,075)

(26,213,042)

(14,566,487)

(70,766,710)

Net

increase

(decrease)

in

net

assets

.....................

(6,335,933)

(49,477,802)

(17,021,600)

(115,655,110)

Net

assets:

Beginning

of

period

................

196,246,511

245,724,313

344,256,472

459,911,582

End

of

period

.....................

$189,910,578

$196,246,511

$327,234,872

$344,256,472

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

109

Franklin

Louisiana

Tax-Free

Income

Fund

Franklin

Maryland

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$4,017,004

$8,031,368

$5,135,671

$9,274,527

Net

realized

gain

(loss)

............

(219,772)

(3,580,288)

(3,053,635)

(7,975,275)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(1,454,352)

(32,395,123)

1,470,366

(27,068,319)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

2,342,880

(27,944,043)

3,552,402

(25,769,067)

Distributions

to

shareholders:

Class

A

........................

(820,689)

(1,519,013)

(1,297,024)

(2,099,584)

Class

A1

.......................

(2,422,299)

(5,014,939)

(2,610,090)

(5,014,256)

Class

C

........................

(131,999)

(301,203)

(220,932)

(432,089)

Class

R6

.......................

(92,207)

(181,380)

(217,940)

(332,637)

Advisor

Class

...................

(543,967)

(934,723)

(777,974)

(1,290,745)

Total

distributions

to

shareholders

.....

(4,011,161)

(7,951,258)

(5,123,960)

(9,169,311)

Capital

share

transactions:

(Note

2

)

Class

A

........................

995,613

(2,619,672)

6,163,200

(2,420,595)

Class

A1

.......................

(11,086,825)

(36,224,345)

(6,970,033)

(32,972,184)

Class

C

........................

(1,868,695)

(5,435,907)

(2,118,189)

(4,587,337)

Class

R6

.......................

(239,634)

(942,152)

1,512,384

(902,211)

Advisor

Class

...................

408,068

(1,999,978)

307,646

(5,007,484)

Total

capital

share

transactions

.......

(11,791,473)

(47,222,054)

(1,104,992)

(45,889,811)

Net

increase

(decrease)

in

net

assets

.....................

(13,459,754)

(83,117,355)

(2,676,550)

(80,828,189)

Net

assets:

Beginning

of

period

................

291,439,968

374,557,323

317,666,703

398,494,892

End

of

period

.....................

$277,980,214

$291,439,968

$314,990,153

$317,666,703

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.

110

Franklin

Missouri

Tax-Free

Income

Fund

Franklin

North

Carolina

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$12,213,808

$24,126,661

$8,329,088

$16,531,865

Net

realized

gain

(loss)

............

(4,256,876)

(21,361,631)

(3,862,720)

(14,027,331)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(1,086,557)

(77,792,805)

1,432,226

(62,079,218)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

6,870,375

(75,027,775)

5,898,594

(59,574,684)

Distributions

to

shareholders:

Class

A

........................

(2,760,262)

(4,880,341)

(1,708,629)

(3,170,425)

Class

A1

.......................

(7,304,075)

(14,833,742)

(4,427,218)

(9,153,724)

Class

C

........................

(431,391)

(989,784)

(265,984)

(602,606)

Class

R6

.......................

(383,609)

(803,127)

(309,957)

(499,873)

Advisor

Class

...................

(1,231,579)

(2,328,879)

(1,566,225)

(2,901,482)

Total

distributions

to

shareholders

.....

(12,110,916)

(23,835,873)

(8,278,013)

(16,328,110)

Capital

share

transactions:

(Note

2

)

Class

A

........................

7,496,111

(20,498,698)

(102,790)

(18,279,436)

Class

A1

.......................

(22,151,624)

(88,850,838)

(25,886,452)

(80,798,332)

Class

C

........................

(5,860,768)

(14,071,379)

(3,554,904)

(11,670,976)

Class

R6

.......................

1,755,726

(9,762,458)

(583,051)

(713,448)

Advisor

Class

...................

(1,367,683)

(7,042,482)

(3,946,877)

(5,217,857)

Total

capital

share

transactions

.......

(20,128,238)

(140,225,855)

(34,074,074)

(116,680,049)

Net

increase

(decrease)

in

net

assets

.....................

(25,368,779)

(239,089,503)

(36,453,493)

(192,582,843)

Net

assets:

Beginning

of

period

................

730,712,298

969,801,801

636,520,573

829,103,416

End

of

period

.....................

$705,343,519

$730,712,298

$600,067,080

$636,520,573

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

111

Franklin

Virginia

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$6,161,502

$11,886,948

Net

realized

gain

(loss)

.................................................

(2,669,138)

(9,377,978)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

544,737

(47,552,051)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

4,037,101

(45,043,081)

Distributions

to

shareholders:

Class

A

.............................................................

(1,124,582)

(2,065,728)

Class

A1

............................................................

(3,192,312)

(6,321,400)

Class

C

.............................................................

(125,849)

(279,197)

Class

R6

............................................................

(123,258)

(156,330)

Advisor

Class

........................................................

(1,605,144)

(2,900,585)

Total

distributions

to

shareholders

..........................................

(6,171,145)

(11,723,240)

Capital

share

transactions:

(Note

2

)

Class

A

.............................................................

(3,337,460)

(10,481,727)

Class

A1

............................................................

(13,135,828)

(50,259,582)

Class

C

.............................................................

(1,821,347)

(6,332,061)

Class

R6

............................................................

3,296,348

(839,600)

Advisor

Class

........................................................

(2,007,126)

(13,362,192)

Total

capital

share

transactions

............................................

(17,005,413)

(81,275,162)

Net

increase

(decrease)

in

net

assets

...................................

(19,139,457)

(138,041,483)

Net

assets:

Beginning

of

period

.....................................................

452,866,887

590,908,370

End

of

period

..........................................................

$433,727,430

$452,866,887

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

112

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),

seven

of

which

are

included

in

this

report.

The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

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

Board

has

designated

the

Funds’

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

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,

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.

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

113

franklintempleton.com

Semiannual

Report

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,

2023, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

d.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

e.

Insurance

The

scheduled

payments

of

interest

and

principal

for

each

insured

municipal

security

in

the

Trust

are

insured

by

either

a

new

issue

insurance

policy

or

a

secondary

insurance

policy.

Some

municipal

securities

in

the

Funds

are

secured

by

collateral

guaranteed

by

an

agency

of

the

U.S.

government.

Depending

on

the

type

of

coverage,

premiums

for

insurance

are

either

added

to

the

cost

basis

of

the

security

or

paid

by

a

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

to

be

of

very

high

quality,

with

the

majority

of

underlying

municipal

bonds

rated

A

or

better.

However,

an

event

involving

an

insurer

could

have

an

adverse

effect

on

the

value

of

the

securities

insured

by

that

insurance

company.

There

can

be

no

assurance

the

insurer

will

be

able

to

fulfill

its

obligations

under

the

terms

of

the

policy.

f.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g.

Guarantees

and

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Trust,

on

behalf

of

the

Funds,

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

Currently,

the

Trust

expects

the

risk

of

loss

to

be

remote.

1.

Organization

and

Significant

Accounting

Policies

(continued)

c.

Income

Taxes

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

114

franklintempleton.com

Semiannual

Report

2.

Shares

of

Beneficial

Interest

At

August

31,

2023,

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,

2023

Shares

sold

a

...................................

341,403

$3,423,777

587,918

$6,185,780

Shares

issued

in

reinvestment

of

distributions

..........

49,799

499,502

91,141

957,244

Shares

redeemed

...............................

(336,195)

(3,374,364)

(924,167)

(9,670,922)

Net

increase

(decrease)

..........................

55,007

$548,915

(245,108)

$(2,527,898)

Year

ended

February

28,

2023

Shares

sold

a

...................................

1,621,324

$16,265,061

1,748,490

$18,594,349

Shares

issued

in

reinvestment

of

distributions

..........

97,512

979,141

183,240

1,934,918

Shares

redeemed

...............................

(1,714,714)

(17,132,539)

(2,557,645)

(27,124,401)

Net

increase

(decrease)

..........................

4,122

$111,663

(625,915)

$(6,595,134)

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

305,764

$3,054,024

122,781

$1,297,001

Shares

issued

in

reinvestment

of

distributions

..........

145,671

1,459,908

227,128

2,385,701

Shares

redeemed

...............................

(957,286)

(9,603,718)

(1,224,091)

(12,847,965)

Net

increase

(decrease)

..........................

(505,851)

$(5,089,786)

(874,182)

$(9,165,263)

Year

ended

February

28,

2023

Shares

sold

...................................

312,555

$3,178,258

719,329

$7,631,801

Shares

issued

in

reinvestment

of

distributions

..........

306,041

3,075,398

485,622

5,131,175

Shares

redeemed

...............................

(2,876,995)

(28,770,120)

(4,572,010)

(48,418,133)

Net

increase

(decrease)

..........................

(2,258,399)

$(22,516,464)

(3,367,059)

$(35,655,157)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

33,237

$333,660

34,374

$369,653

Shares

issued

in

reinvestment

of

distributions

..........

6,738

68,453

18,652

198,961

Shares

redeemed

a

..............................

(202,685)

(2,058,840)

(386,682)

(4,123,918)

Net

increase

(decrease)

..........................

(162,710)

$(1,656,727)

(333,656)

$(3,555,304)

Year

ended

February

28,

2023

Shares

sold

...................................

97,683

$991,550

67,375

$718,553

Shares

issued

in

reinvestment

of

distributions

..........

17,476

178,192

44,511

477,570

Shares

redeemed

a

..............................

(501,116)

(5,125,593)

(714,709)

(7,705,015)

Net

increase

(decrease)

..........................

(385,957)

$(3,955,851)

(602,823)

$(6,508,892)

Class

R6

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

115

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,

2023

Shares

sold

...................................

22,493

$225,888

202,877

$2,127,625

Shares

issued

in

reinvestment

of

distributions

..........

2,409

24,139

7,175

75,336

Shares

redeemed

...............................

(36,841)

(365,636)

(145,093)

(1,530,079)

Net

increase

(decrease)

..........................

(11,939)

$(115,609)

64,959

$672,882

Year

ended

February

28,

2023

Shares

sold

...................................

62,185

$627,320

772,115

$8,210,516

Shares

issued

in

reinvestment

of

distributions

..........

4,971

49,965

15,117

159,927

Shares

redeemed

...............................

(97,776)

(979,671)

(1,264,007)

(13,467,883)

Net

increase

(decrease)

..........................

(30,620)

$(302,386)

(476,775)

$(5,097,440)

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

227,513

$2,294,165

517,628

$5,438,704

Shares

issued

in

reinvestment

of

distributions

..........

24,038

240,829

64,468

677,256

Shares

redeemed

...............................

(99,658)

(996,862)

(582,517)

(6,106,864)

Net

increase

(decrease)

..........................

151,893

$1,538,132

(421)

$9,096

Year

ended

February

28,

2023

Shares

sold

...................................

869,679

$8,755,022

1,698,941

$18,043,256

Shares

issued

in

reinvestment

of

distributions

..........

40,371

405,764

130,170

1,376,447

Shares

redeemed

...............................

(870,353)

(8,710,790)

(3,397,008)

(36,329,790)

Net

increase

(decrease)

..........................

39,697

$449,996

(1,567,897)

$(16,910,087)

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,

2023

Shares

sold

a

...................................

453,371

$4,551,050

1,099,828

$10,844,949

Shares

issued

in

reinvestment

of

distributions

..........

75,685

759,779

121,980

1,201,256

Shares

redeemed

...............................

(430,352)

(4,315,216)

(598,244)

(5,883,005)

Net

increase

(decrease)

..........................

98,704

$995,613

623,564

$6,163,200

Year

ended

February

28,

2023

Shares

sold

a

...................................

1,273,963

$12,969,760

1,689,537

$16,756,402

Shares

issued

in

reinvestment

of

distributions

..........

140,975

1,420,787

199,166

1,961,949

Shares

redeemed

...............................

(1,698,813)

(17,010,219)

(2,141,682)

(21,138,946)

Net

increase

(decrease)

..........................

(283,875)

$(2,619,672)

(252,979)

$(2,420,595)

Class

A1

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

116

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,

2023

Shares

sold

...................................

82,073

$823,461

61,097

$601,629

Shares

issued

in

reinvestment

of

distributions

..........

231,548

2,323,939

231,654

2,282,671

Shares

redeemed

...............................

(1,419,545)

(14,234,225)

(999,436)

(9,854,333)

Net

increase

(decrease)

..........................

(1,105,924)

$(11,086,825)

(706,685)

$(6,970,033)

Year

ended

February

28,

2023

Shares

sold

...................................

511,375

$5,157,176

351,520

$3,484,316

Shares

issued

in

reinvestment

of

distributions

..........

478,699

4,823,068

445,209

4,388,962

Shares

redeemed

...............................

(4,583,325)

(46,204,589)

(4,136,594)

(40,845,462)

Net

increase

(decrease)

..........................

(3,593,251)

$(36,224,345)

(3,339,865)

$(32,972,184)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

56,117

$572,150

29,623

$298,149

Shares

issued

in

reinvestment

of

distributions

..........

12,594

128,496

21,007

211,335

Shares

redeemed

a

..............................

(251,986)

(2,569,341)

(260,843)

(2,627,673)

Net

increase

(decrease)

..........................

(183,275)

$(1,868,695)

(210,213)

$(2,118,189)

Year

ended

February

28,

2023

Shares

sold

...................................

100,570

$1,023,842

226,293

$2,284,701

Shares

issued

in

reinvestment

of

distributions

..........

28,824

295,374

40,997

412,514

Shares

redeemed

a

..............................

(655,090)

(6,755,123)

(721,197)

(7,284,552)

Net

increase

(decrease)

..........................

(525,696)

$(5,435,907)

(453,907)

$(4,587,337)

Class

R6

Class

R6

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

66,502

$668,725

187,006

$1,852,297

Shares

issued

in

reinvestment

of

distributions

..........

9,106

91,407

13,320

131,408

Shares

redeemed

...............................

(99,371)

(999,766)

(47,673)

(471,321)

Net

increase

(decrease)

..........................

(23,763)

$(239,634)

152,653

$1,512,384

Year

ended

February

28,

2023

Shares

sold

...................................

149,286

$1,510,559

681,091

$6,663,440

Shares

issued

in

reinvestment

of

distributions

..........

17,697

178,368

21,007

207,693

Shares

redeemed

...............................

(261,711)

(2,631,079)

(786,537)

(7,773,344)

Net

increase

(decrease)

..........................

(94,728)

$(942,152)

(84,439)

$(902,211)

Advisor

Class

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

117

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,

2023

Shares

sold

...................................

351,728

$3,538,296

396,744

$3,921,258

Shares

issued

in

reinvestment

of

distributions

..........

51,407

516,063

72,942

719,541

Shares

redeemed

...............................

(364,371)

(3,646,291)

(440,385)

(4,333,153)

Net

increase

(decrease)

..........................

38,764

$408,068

29,301

$307,646

Year

ended

February

28,

2023

Shares

sold

...................................

1,064,682

$10,742,983

2,568,387

$25,471,601

Shares

issued

in

reinvestment

of

distributions

..........

86,626

872,889

118,105

1,163,994

Shares

redeemed

...............................

(1,331,934)

(13,615,850)

(3,162,831)

(31,643,079)

Net

increase

(decrease)

..........................

(180,626)

$(1,999,978)

(476,339)

$(5,007,484)

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,

2023

Shares

sold

a

...................................

1,860,138

$19,241,026

1,240,434

$12,886,469

Shares

issued

in

reinvestment

of

distributions

..........

257,661

2,665,661

155,539

1,610,699

Shares

redeemed

...............................

(1,393,489)

(14,410,576)

(1,408,040)

(14,599,958)

Net

increase

(decrease)

..........................

724,310

$7,496,111

(12,067)

$(102,790)

Year

ended

February

28,

2023

Shares

sold

a

...................................

5,855,721

$61,401,454

4,327,513

$44,876,566

Shares

issued

in

reinvestment

of

distributions

..........

450,106

4,710,839

284,857

2,952,870

Shares

redeemed

...............................

(8,228,845)

(86,610,991)

(6,367,988)

(66,108,872)

Net

increase

(decrease)

..........................

(1,923,018)

$(20,498,698)

(1,755,618)

$(18,279,436)

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

414,620

$4,296,533

359,788

$3,734,694

Shares

issued

in

reinvestment

of

distributions

..........

652,861

6,748,972

390,631

4,044,402

Shares

redeemed

...............................

(3,213,484)

(33,197,129)

(3,255,016)

(33,665,548)

Net

increase

(decrease)

..........................

(2,146,003)

$(22,151,624)

(2,504,597)

$(25,886,452)

Year

ended

February

28,

2023

Shares

sold

...................................

2,239,512

$23,487,893

2,128,039

$22,071,447

Shares

issued

in

reinvestment

of

distributions

..........

1,320,758

13,817,937

800,975

8,305,512

Shares

redeemed

...............................

(12,021,358)

(126,156,668)

(10,716,547)

(111,175,291)

Net

increase

(decrease)

..........................

(8,461,088)

$(88,850,838)

(7,787,533)

$(80,798,332)

Class

C

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

118

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,

2023

Shares

sold

...................................

92,499

$966,611

101,558

$1,070,624

Shares

issued

in

reinvestment

of

distributions

..........

40,239

420,503

23,936

251,933

Shares

redeemed

a

..............................

(693,560)

(7,247,882)

(461,892)

(4,877,461)

Net

increase

(decrease)

..........................

(560,822)

$(5,860,768)

(336,398)

$(3,554,904)

Year

ended

February

28,

2023

Shares

sold

...................................

294,589

$3,154,109

209,125

$2,203,737

Shares

issued

in

reinvestment

of

distributions

..........

90,952

961,917

54,916

578,976

Shares

redeemed

a

..............................

(1,712,296)

(18,187,405)

(1,366,078)

(14,453,689)

Net

increase

(decrease)

..........................

(1,326,755)

$(14,071,379)

(1,102,037)

$(11,670,976)

Class

R6

Class

R6

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

399,670

$4,159,988

643,743

$6,674,768

Shares

issued

in

reinvestment

of

distributions

..........

34,672

358,730

16,528

170,973

Shares

redeemed

...............................

(266,785)

(2,762,992)

(725,286)

(7,428,792)

Net

increase

(decrease)

..........................

167,557

$1,755,726

(65,015)

$(583,051)

Year

ended

February

28,

2023

Shares

sold

...................................

838,718

$8,827,824

1,393,866

$14,428,350

Shares

issued

in

reinvestment

of

distributions

..........

69,077

724,330

33,064

342,803

Shares

redeemed

...............................

(1,838,636)

(19,314,612)

(1,486,703)

(15,484,601)

Net

increase

(decrease)

..........................

(930,841)

$(9,762,458)

(59,773)

$(713,448)

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

849,451

$8,773,424

1,566,810

$16,221,344

Shares

issued

in

reinvestment

of

distributions

..........

102,581

1,061,401

146,013

1,511,856

Shares

redeemed

...............................

(1,082,915)

(11,202,508)

(2,094,875)

(21,680,077)

Net

increase

(decrease)

..........................

(130,883)

$(1,367,683)

(382,052)

$(3,946,877)

Year

ended

February

28,

2023

Shares

sold

...................................

3,284,148

$34,246,384

7,262,296

$74,897,973

Shares

issued

in

reinvestment

of

distributions

..........

183,654

1,920,437

269,486

2,792,496

Shares

redeemed

...............................

(4,131,561)

(43,209,303)

(8,022,802)

(82,908,326)

Net

increase

(decrease)

..........................

(663,759)

$(7,042,482)

(491,020)

$(5,217,857)

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

119

franklintempleton.com

Semiannual

Report

Franklin

Virginia

Tax-Free

Income

Fund

Shares

Amount

Class

A

Class

A

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

a

...................................

412,304

$4,044,924

Shares

issued

in

reinvestment

of

distributions

..........

97,611

957,190

Shares

redeemed

...............................

(849,659)

(8,339,574)

Net

increase

(decrease)

..........................

(339,744)

$(3,337,460)

Year

ended

February

28,

2023

Shares

sold

a

...................................

1,789,456

$17,690,250

Shares

issued

in

reinvestment

of

distributions

..........

179,625

1,771,113

Shares

redeemed

...............................

(3,024,345)

(29,943,090)

Net

increase

(decrease)

..........................

(1,055,264)

$(10,481,727)

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

286,925

$2,821,871

Shares

issued

in

reinvestment

of

distributions

..........

292,244

2,865,392

Shares

redeemed

...............................

(1,920,895)

(18,823,091)

Net

increase

(decrease)

..........................

(1,341,726)

$(13,135,828)

Year

ended

February

28,

2023

Shares

sold

...................................

597,867

$5,910,955

Shares

issued

in

reinvestment

of

distributions

..........

572,381

5,645,061

Shares

redeemed

...............................

(6,264,117)

(61,815,598)

Net

increase

(decrease)

..........................

(5,093,869)

$(50,259,582)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

49,859

$498,937

Shares

issued

in

reinvestment

of

distributions

..........

12,160

121,341

Shares

redeemed

a

..............................

(244,558)

(2,441,625)

Net

increase

(decrease)

..........................

(182,539)

$(1,821,347)

Year

ended

February

28,

2023

Shares

sold

...................................

112,143

$1,130,448

Shares

issued

in

reinvestment

of

distributions

..........

26,940

270,609

Shares

redeemed

a

..............................

(769,209)

(7,733,118)

Net

increase

(decrease)

..........................

(630,126)

$(6,332,061)

Class

R6

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

120

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,

2023

Shares

sold

...................................

496,563

$4,886,752

Shares

issued

in

reinvestment

of

distributions

..........

8,947

87,718

Shares

redeemed

...............................

(170,589)

(1,678,122)

Net

increase

(decrease)

..........................

334,921

$3,296,348

Year

ended

February

28,

2023

Shares

sold

...................................

388,577

$3,831,979

Shares

issued

in

reinvestment

of

distributions

..........

14,739

145,517

Shares

redeemed

...............................

(481,730)

(4,817,096)

Net

increase

(decrease)

..........................

(78,414)

$(839,600)

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

808,813

$7,940,767

Shares

issued

in

reinvestment

of

distributions

..........

143,927

1,412,493

Shares

redeemed

...............................

(1,161,252)

(11,360,386)

Net

increase

(decrease)

..........................

(208,512)

$(2,007,126)

Year

ended

February

28,

2023

Shares

sold

...................................

5,189,615

$51,441,715

Shares

issued

in

reinvestment

of

distributions

..........

263,131

2,596,173

Shares

redeemed

...............................

(6,746,936)

(67,400,080)

Net

increase

(decrease)

..........................

(1,294,190)

$(13,362,192)

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)

121

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,

2023,

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’

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

........

0.559%

0.518%

0.531%

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

........

0.524%

0.479%

0.485%

Franklin

Virginia

Tax-

Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.500%

3.

Transactions

with

Affiliates

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

122

franklintempleton.com

Semiannual

Report

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:

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Class

A

...............................

0.25%

0.25%

0.25%

0.25%

Class

A1

..............................

0.10%

0.10%

0.10%

0.10%

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

Class

A

...............................

0.25%

0.25%

0.25%

Class

A1

..............................

0.10%

0.10%

0.10%

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

..................

$1,597

$2,170

$1,374

$1,651

CDSC

retained

...........................

$—

$8,442

$2,367

$935

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

..................

$5,671

$3,652

$1,718

CDSC

retained

...........................

$4,323

$1,542

$585

3.

Transactions

with

Affiliates

(continued)

c.

Distribution

Fees

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

123

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.

Effective

October

1,

2022,

the

fees

are

based

on

an

annualized

asset

based

fee

of

0.016%

plus

a

reduced

transaction

based

fee.

Prior

to

October

1,

2022,

the

fees

were

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,

2023,

the

Funds

paid

transfer

agent

fees

as

noted

in

the

Statements

of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

f.

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

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,

2024.

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,

2024.

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,

2023,

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

........................

$24,127

$43,332

$33,446

$42,896

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Transfer

agent

fees

........................

$85,593

$73,333

$56,845

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

..............................

—

$13,146,321

$8,600,000

$13,800,000

Sales

..................................

—

$10,100,000

$3,900,000

$10,900,000

Net

Realized

Gains

(Losses)

.................

—

—

—

—

3.

Transactions

with

Affiliates

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

124

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,

2023,

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,

2023,

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

..............................

$2,800,000

$27,400,000

$3,500,000

Sales

..................................

$3,655,000

$29,000,000

$3,900,000

Net

Realized

Gains

(Losses)

.................

—

—

—

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

.............................

$

4,896,624

$

8,440,045

$

12,705,581

$

16,496,338

Long

term

.............................

10,367,405

24,252,472

15,491,997

33,130,661

Total

capital

loss

carryforwards

............

$15,264,029

$32,692,517

$28,197,578

$49,626,999

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

.............................

$

20,285,619

$

32,392,070

$

24,089,454

Long

term

.............................

83,239,664

77,827,319

42,504,920

Total

capital

loss

carryforwards

............

$103,525,283

$110,219,389

$66,594,374

3.

Transactions

with

Affiliates

(continued)

g.

Interfund

Transactions

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

125

franklintempleton.com

Semiannual

Report

At

August

31,

2023,

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,

2023,

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

.......................

$202,784,057

$351,022,773

$299,997,056

$332,143,315

Unrealized

appreciation

.....................

$464,511

$1,023,635

$650,117

$2,234,732

Unrealized

depreciation

.....................

(16,835,241)

(29,946,051)

(24,764,012)

(20,902,786)

Net

unrealized

appreciation

(depreciation)

.......

$(16,370,730)

$(28,922,416)

$(24,113,895)

$(18,668,054)

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

.......................

$754,079,675

$637,837,626

$464,365,015

Unrealized

appreciation

.....................

$3,646,827

$1,584,521

$1,702,562

Unrealized

depreciation

.....................

(58,110,219)

(45,774,185)

(39,772,338)

Net

unrealized

appreciation

(depreciation)

.......

$(54,463,392)

$(44,189,664)

$(38,069,776)

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

..............................

$4,302,160

$15,159,878

$6,899,885

$24,112,063

Sales

..................................

$7,013,810

$29,690,791

$17,496,015

$26,086,126

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Purchases

..............................

$43,595,101

$43,293,919

$29,218,122

Sales

..................................

$54,999,927

$77,659,324

$42,107,141

5.

Income

Taxes

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

126

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,

2023,

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.

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

2,

2024.

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,

2023,

the

Funds

did

not

use

the

Global

Credit

Facility.

10.

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.)

Value

Percentage

of

Net

Assets

Franklin

Georgia

Tax-Free

Income

Fund

..........................................

$

624,250

0.2%

Franklin

Louisiana

Tax-Free

Income

Fund

.........................................

235,125

0.1%

Franklin

Maryland

Tax-Free

Income

Fund

.........................................

543,125

0.2%

Franklin

Missouri

Tax-Free

Income

Fund

..........................................

1,289,750

0.2%

Franklin

North

Carolina

Tax-Free

Income

Fund

.....................................

1,133,000

0.2%

Franklin

Virginia

Tax-Free

Income

Fund

...........................................

808,500

0.2%

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

127

franklintempleton.com

Semiannual

Report

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,

2023,

in

valuing

the

Funds'

assets

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Alabama

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

$

—

$

—

$

487,298

$

487,298

Municipal

Bonds

.........................

—

185,926,029

—

185,926,029

Total

Investments

in

Securities

...........

$—

$185,926,029

$487,298

$186,413,327

Franklin

Georgia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

877,136

877,136

Municipal

Bonds

:

—

California

.............................

—

1,063,495

—

1,063,495

Florida

...............................

—

4,280,417

—

4,280,417

Georgia

..............................

—

287,698,635

—

287,698,635

Illinois

...............................

—

3,132,625

—

3,132,625

New

Jersey

...........................

—

1,271,572

—

1,271,572

New

York

.............................

—

2,768,717

—

2,768,717

South

Carolina

.........................

—

1,791,434

—

1,791,434

Texas

...............................

—

1,955,626

—

1,955,626

Washington

...........................

—

709,224

—

709,224

Wisconsin

............................

—

4,180,030

—

4,180,030

U.S.

Territories

..........................

Puerto

Rico

...........................

—

9,785,394

1,493,799

11,279,193

Escrows

and

Litigation

Trusts

...............

—

—

92,253

92,253

Short

Term

Investments

...................

—

1,000,000

—

1,000,000

Total

Investments

in

Securities

...........

$—

$319,637,169

$2,463,188

$322,100,357

Franklin

Louisiana

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

:

—

Florida

...............................

—

327,366

—

327,366

Georgia

..............................

—

967,027

—

967,027

Louisiana

.............................

—

256,232,207

—

256,232,207

South

Carolina

.........................

—

1,022,910

—

1,022,910

Texas

...............................

—

2,012,612

—

2,012,612

Washington

...........................

—

551,619

—

551,619

Wisconsin

............................

—

3,867,851

—

3,867,851

U.S.

Territories

..........................

Puerto

Rico

...........................

—

6,404,179

562,643

6,966,822

Escrows

and

Litigation

Trusts

...............

—

—

34,747

34,747

Short

Term

Investments

...................

—

3,900,000

—

3,900,000

Total

Investments

in

Securities

...........

$—

$275,285,771

$597,390

$275,883,161

Franklin

Maryland

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

:

—

Georgia

..............................

—

1,045,968

—

1,045,968

Maryland

.............................

—

272,504,343

—

272,504,343

10.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

128

franklintempleton.com

Semiannual

Report

Level

1

Level

2

Level

3

Total

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

Assets:

(continued)

Municipal

Bonds:

New

Jersey

...........................

$

—

$

2,457,040

$

—

$

2,457,040

South

Carolina

.........................

—

1,945,279

—

1,945,279

Texas

...............................

—

2,220,968

—

2,220,968

Washington

...........................

—

551,619

—

551,619

Wisconsin

............................

—

3,102,444

—

3,102,444

U.S.

Territories

..........................

District

of

Columbia

.....................

—

12,658,360

—

12,658,360

Puerto

Rico

...........................

—

12,277,721

1,301,255

13,578,976

Escrows

and

Litigation

Trusts

...............

—

—

80,264

80,264

Short

Term

Investments

...................

—

3,330,000

—

3,330,000

Total

Investments

in

Securities

...........

$—

$312,093,742

$1,381,519

$313,475,261

Franklin

Missouri

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

:

—

California

.............................

—

813,466

—

813,466

Florida

...............................

—

5,095,738

—

5,095,738

Georgia

..............................

—

2,565,581

—

2,565,581

Missouri

..............................

—

630,088,934

—

630,088,934

Oregon

..............................

—

1,364,679

—

1,364,679

South

Carolina

.........................

—

4,989,931

—

4,989,931

Texas

...............................

—

6,975,608

—

6,975,608

Washington

...........................

—

1,497,251

—

1,497,251

Wisconsin

............................

—

11,838,898

—

11,838,898

U.S.

Territories

..........................

Guam

...............................

—

5,763,073

—

5,763,073

Puerto

Rico

...........................

—

23,442,454

3,090,068

26,532,522

Escrows

and

Litigation

Trusts

...............

—

—

190,602

190,602

Short

Term

Investments

...................

—

1,900,000

—

1,900,000

Total

Investments

in

Securities

...........

$—

$696,335,613

$3,280,670

$699,616,283

Franklin

North

Carolina

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,559,353

1,559,353

Municipal

Bonds

:

—

California

.............................

—

1,881,569

—

1,881,569

Florida

...............................

—

7,893,591

—

7,893,591

Illinois

...............................

—

3,791,465

—

3,791,465

Kentucky

.............................

—

3,649,762

—

3,649,762

New

Jersey

...........................

—

6,603,838

—

6,603,838

New

York

.............................

—

9,057,120

—

9,057,120

North

Carolina

.........................

—

509,016,045

—

509,016,045

South

Carolina

.........................

—

4,392,895

—

4,392,895

Texas

...............................

—

3,929,937

—

3,929,937

Washington

...........................

—

1,260,843

—

1,260,843

Wisconsin

............................

—

5,440,545

—

5,440,545

U.S.

Territories

..........................

Guam

...............................

—

4,598,332

—

4,598,332

Puerto

Rico

...........................

—

21,494,017

2,711,213

24,205,230

Escrows

and

Litigation

Trusts

...............

—

—

167,437

167,437

Short

Term

Investments

...................

—

6,200,000

—

6,200,000

Total

Investments

in

Securities

...........

$—

$589,209,959

$4,438,003

$593,647,962

10.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

129

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.

11.

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

Virginia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

:

$

—

California

.............................

—

$

818,073

$

—

$

818,073

Florida

...............................

—

3,549,846

—

3,549,846

Illinois

...............................

—

2,544,072

—

2,544,072

New

Jersey

...........................

—

4,669,330

—

4,669,330

New

York

.............................

—

1,228,539

—

1,228,539

South

Carolina

.........................

—

3,388,405

—

3,388,405

Texas

...............................

—

3,163,301

—

3,163,301

Virginia

..............................

—

351,700,931

—

351,700,931

Washington

...........................

—

945,632

—

945,632

Wisconsin

............................

—

4,994,828

—

4,994,828

U.S.

Territories

..........................

District

of

Columbia

.....................

—

34,828,140

—

34,828,140

Puerto

Rico

...........................

—

11,409,127

1,935,533

13,344,660

Escrows

and

Litigation

Trusts

...............

—

—

119,482

119,482

Short

Term

Investments

...................

—

1,000,000

—

1,000,000

Total

Investments

in

Securities

...........

$—

$424,240,224

$2,055,015

$426,295,239

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

FHA

Federal

Housing

Administration

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

10.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Shareholder

Information

130

franklintempleton.com

Semiannual

Report

Board

Approval

of

Investment

Management

Agreements

FRANKLIN

TAX-FREE

TRUST

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

Fund

Franklin

Virginia

Tax-Free

Income

Fund

(each

a

Fund)

At

an

in-person

meeting

held

on

April

18,

2023

(Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

Tax-Free

Trust

(Trust),

including

a

majority

of

the

trustees

who

are

not

“interested

persons”

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

on

behalf

of

each

Fund

(each

a

Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

in

considering

whether

to

approve

the

continuation

of

each

Management

Agreement.

Although

the

Management

Agreements

for

the

Funds

were

considered

at

the

same

Board

meeting,

the

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

In

considering

the

continuation

of

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters;

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

reviewed

and

considered

prior

to

and

at

the

Meeting.

The

Board

reviewed

and

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

each

Management

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii)

the

investment

performance

of

each

Fund;

(iii)

the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

each

Fund;

(iv)

the

extent

to

which

economies

of

scale

are

realized

as

each

Fund

grows;

and

(v)

whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

each

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board’s

determination.

Nature,

Extent

and

Quality

of

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

each

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management’s

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Funds

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-

party

servicing

arrangements.

The

Board

acknowledged

management’s

continued

development

of

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

including

various

regulatory

initiatives

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager’s

parent,

and

its

commitment

to

the

mutual

fund

business

Franklin

Tax-Free

Trust

Shareholder

Information

131

franklintempleton.com

Semiannual

Report

as

evidenced

by

its

reassessment

of

the

fund

offerings

in

response

to

the

market

environment

and

project

initiatives

and

capital

investments

relating

to

the

services

provided

to

the

Funds

by

the

FT

organization.

The

Board

specifically

noted

FT’s

commitment

to

technological

innovation

and

advancement

and

investments

to

promote

alternative

investing.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

of

each

Fund

over

various

time

periods

ended

December

31,

2022.

The

Board

considered

the

performance

returns

for

each

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

each

Fund’s

performance

results

is

below.

Franklin

Alabama

Tax-Free

Income

Fund

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

“other

states”

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

and

in

the

second

quintile

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

three-year

period

was

above

the

median

of

its

Performance

Universe,

but

for

the

one-,

five-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Georgia

Tax-Free

Income

Fund,

Franklin

Louisiana

Tax-Free

Income

Fund,

Franklin

Missouri

Tax-Free

Income

Fund,

Franklin

North

Carolina

Tax-Free

Income

Fund

and

Franklin

Maryland

Tax-Free

Income

Fund

-

The

Performance

Universe

for

each

of

the

Franklin

Georgia

Tax-Free

Income

Fund,

Franklin

Louisiana

Tax-Free

Income

Fund,

Franklin

Missouri

Tax-Free

Income

Fund

and

Franklin

North

Carolina

Tax-Free

Income

Fund

included

the

Fund

and

all

retail

and

institutional

“other

states”

municipal

debt

funds.

The

Performance

Universe

for

the

Franklin

Maryland

Tax-Free

Income

Fund

included

the

Fund

and

all

retail

and

institutional

Maryland

municipal

debt

funds.

The

Board

noted

that

the

Funds’

annualized

income

returns

for

the

one-,

three-,

five-

and

10-year

periods

were

above

the

medians

of

their

respective

Performance

Universes.

The

Board

also

noted

that

the

Funds’

annualized

total

returns

for

the

one-,

three-,

five-

and

10-year

periods

were

below

the

medians

of

their

respective

Performance

Universes.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

of

each

Fund

(e.g.,

fund

investment

objective)

as

set

forth

in

each

Fund’s

registration

statement

and

that

the

evaluation

of

each

Fund’s

performance

relative

to

the

Fund’s

peers

on

an

income

return

basis

was

appropriate

given

its

attributes.

The

Board

concluded

that

the

Funds’

performance

was

satisfactory.

Franklin

Virginia

Tax-Free

Income

Fund

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

Virginia

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

10-year

period

was

above

the

median

of

its

Performance

Universe,

but

for

the

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

discussed

the

Fund’s

underperformance

with

management

and

management

explained

that

relative

to

its

Performance

Universe,

the

Fund

was

underweight

AA-rated

bonds

and

overweight

bonds

with

ten

or

more

year

maturities

which

detracted

from

performance.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

Management

further

explained

the

steps

that

it

was

taking

to

address

the

sources

of

the

underperformance,

including

maintaining

a

duration

overweight

relative

to

peers.

The

Board

concluded

that

the

Fund’s

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management’s

efforts

continue

to

be

closely

monitored.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

each

Fund’s

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

Franklin

Tax-Free

Trust

Shareholder

Information

132

franklintempleton.com

Semiannual

Report

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-

management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

each

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund’s

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A1

shares

for

each

Fund

and

for

Class

A

shares

for

each

other

fund

in

the

applicable

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

Franklin

Louisiana

Tax-Free

Income

Fund

and

Franklin

North

Carolina

Tax-Free

Income

Fund

-

The

Expense

Group

for

each

of

the

Franklin

Louisiana

Tax-Free

Income

Fund

and

the

Franklin

North

Carolina

Tax-Free

Income

Fund

included

the

respective

Fund

and

nine

other

“other

states”

municipal

debt

funds.

The

Board

noted

that

the

Management

Rates

for

the

Funds

were

equal

to

the

medians

of

their

respective

Expense

Groups,

but

their

actual

total

expense

ratios

were

below

the

medians

of

their

respective

Expense

Groups.

The

Board

concluded

that

the

Management

Rates

charged

to

the

Funds

are

reasonable.

Franklin

Alabama

Tax-Free

Income

Fund,

Franklin

Georgia

Tax-Free

Income

Fund,

Franklin

Maryland

Tax-Free

Income

Fund

and

Franklin

Virginia

Tax-Free

Income

Fund

-

The

Expense

Group

for

the

Franklin

Alabama

Tax-Free

Income

Fund

included

the

Fund

and

nine

other

“other

states”

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Georgia

Tax-Free

Income

Fund

included

the

Fund

and

10

other

“other

states”

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Maryland

Tax-Free

Income

Fund

included

the

Fund,

one

Virginia

municipal

debt

fund,

two

Massachusetts

municipal

debt

funds,

five

New

York

municipal

debt

funds,

two

California

municipal

debt

funds,

one

Pennsylvania

municipal

debt

fund,

two

New

Jersey

municipal

debt

funds

and

three

“other

states”

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Virginia

Tax-Free

Income

Fund

included

the

Fund,

two

other

Virginia

municipal

debt

funds,

one

Massachusetts

municipal

debt

fund,

one

Minnesota

municipal

debt

fund,

three

New

York

municipal

debt

funds,

one

California

municipal

debt

fund,

one

Pennsylvania

municipal

debt

fund,

three

New

Jersey

municipal

debt

funds,

and

three

“other

states”

municipal

debt

funds.

The

Board

noted

that

the

Management

Rates

for

the

Funds

were

less

than

one

basis

point

above

the

medians

of

their

respective

Expense

Groups,

except

for

the

Franklin

Maryland

Tax-Free

Income

Fund

which

had

a

Management

Rate

that

was

approximately

four

basis

points

above

the

median

of

its

Expense

Group.

The

Board

also

noted

that

the

actual

total

expense

ratios

for

the

Funds

were

below

the

medians

of

their

respective

Expense

Groups.

After

consideration

of

the

above,

the

Board

concluded

that

the

Management

Rates

charged

to

the

Funds

are

reasonable.

Franklin

Missouri

Tax-Free

Income

Fund

-

The

Expense

Group

for

the

Fund

included

the

Fund

and

nine

other

“other

states”

municipal

debt

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

was

below

the

median

of

its

Expense

Group.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

Profitability

The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

each

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT’s

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2022,

being

the

most

recent

fiscal

year-

end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Funds’

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

PricewaterhouseCoopers

LLP,

auditor

to

FRI

and

certain

FT

funds,

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Funds’

Board

with

respect

to

the

profitability

analysis.

Franklin

Tax-Free

Trust

Shareholder

Information

133

franklintempleton.com

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Report

The

Board

noted

management’s

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

each

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management’s

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager

but,

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management’s

expenditures

in

improving

shareholder

services

provided

to

the

Funds,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

each

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

each

Fund.

Economies

of

Scale

The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

each

Fund

grows

larger

and

whether

each

Fund’s

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

a

Fund’s

shareholders

by

reducing

the

Fund’s

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Manager’s

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

noted

that

each

Fund,

except

the

Franklin

Alabama

Tax-Free

Income

Fund,

had

experienced

a

decrease

in

assets

and

would

not

be

expected

to

demonstrate

additional

economies

of

scale

in

the

near

term.

The

Board

recognized

that

there

would

not

likely

be

any

economies

of

scale

for

the

Franklin

Alabama

Tax-Free

Income

Fund

until

the

Fund’s

assets

grow.

The

Board

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

the

Manager

and

its

affiliates,

each

Fund’s

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

Conclusion

Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

of

each

Management

Agreement

for

an

additional

one-year

period.

Liquidity

Risk

Management

Program

Each

of

the

Franklin

Templeton

and

Legg

Mason

Funds

has

adopted

and

implemented

a

written

Liquidity

Risk

Management

Program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940

(the

“Liquidity

Rule”).

The

LRMP

is

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

which

is

defined

as

the

risk

that

the

Fund

could

not

meet

requests

to

redeem

shares

issued

by

the

Fund

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

In

accordance

with

the

Liquidity

Rule,

the

LRMP

includes

policies

and

procedures

that

provide

for:

(1)

assessment,

management,

and

review

(no

less

frequently

than

annually)

of

each

Fund’s

liquidity

risk;

(2)

classification

of

each

Fund’s

portfolio

holdings

into

one

of

four

liquidity

categories

(Highly

Liquid,

Moderately

Liquid,

Less

Liquid,

and

Illiquid);

(3)

for

Funds

that

do

not

primarily

hold

assets

that

are

Highly

Liquid,

establishing

and

maintaining

a

minimum

percentage

of

the

Fund’s

net

assets

in

Highly

Liquid

investments

(called

a

“Highly

Liquid

Investment

Minimum”

or

“HLIM”);

and

(4)

prohibiting

the

Fund’s

acquisition

of

Illiquid

investments

that

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

Illiquid

assets.

The

LRMP

also

requires

reporting

to

the

Securities

and

Exchange

Commission

(“SEC”)

(on

a

non-public

basis)

and

to

the

Board

if

the

Fund’s

holdings

of

Illiquid

assets

exceed

15%

of

the

Fund’s

net

assets.

Funds

with

HLIMs

must

have

procedures

for

addressing

HLIM

shortfalls,

including

reporting

to

the

Board

and,

with

respect

to

HLIM

shortfalls

lasting

more

than

seven

consecutive

calendar

days,

reporting

to

the

SEC

(on

a

non-public

basis).

The

Director

of

Liquidity

Risk

within

the

Investment

Risk

Management

Group

(the

“IRMG”)

is

the

appointed

Administrator

of

the

LRMP.

The

IRMG

maintains

the

Investment

Liquidity

Committee

(the

“ILC”)

to

provide

oversight

and

administration

of

policies

and

procedures

governing

liquidity

risk

management

for

Franklin

Templeton

and

Legg

Mason

products

and

portfolios.

The

ILC

includes

Franklin

Tax-Free

Trust

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Information

134

franklintempleton.com

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Report

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

2023,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2022.

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.

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.

TF2

S

10/23

©

2023

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

Franklin

Tax-Free

Trust

Investment

Manager

Distributor

Shareholder

Services

Franklin

Advisers,

Inc.

Franklin

Distributors,

LLC

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Semiannual

Report

Franklin

Tax-Free

Trust

August

31,

2023

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

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

The

Securities

and

Exchange

Commission

has

adopted

new

regulations

that

will

result

in

changes

to

the

design

and

delivery

of

annual

and

semiannual

shareholder

reports

beginning

in

July

2024.

If

you

have

previously

elected

to

receive

shareholder

reports

electronically,

you

will

continue

to

do

so

and

need

not

take

any

action.

Otherwise,

paper

copies

of

the

Fund’s

shareholder

reports

will

be

mailed

to

you

beginning

in

July

2024.

If

you

would

like

to

receive

shareholder

reports

and

other

communications

from

the

Fund

electronically

instead

of

by

mail,

you

may

make

that

request

at

any

time

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank)

or,

if

you

are

a

direct

investor,

enrolling

at

franklintempleton.com.

You

may

access

franklintempleton.com

by

scanning

the

code

below.

franklintempleton.com

Semiannual

Report

1

Contents

Franklin

Arizona

Tax-Free

Income

Fund

2

Franklin

Colorado

Tax-Free

Income

Fund

6

Franklin

Connecticut

Tax-Free

Income

Fund

10

Franklin

Michigan

Tax-Free

Income

Fund

14

Franklin

Minnesota

Tax-Free

Income

Fund

18

Franklin

Ohio

Tax-Free

Income

Fund

22

Franklin

Oregon

Tax-Free

Income

Fund

26

Franklin

Pennsylvania

Tax-Free

Income

Fund

30

Financial

Highlights

and

Schedules

of

Investments

34

Financial

Statements

125

Notes

to

Financial

Statements

135

Shareholder

Information

152

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

2

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,

2023.

Fund

Overview

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 $9.60

on

February

28,

2023,

to $9.54

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling 14.8746

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page 

3

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

3.02%,

based

on

an

annualization

of the

August

's

2.4910 cents

per

share

 dividend

and

the

maximum

offering

price

of

$9.91

on

August

31,

2023.

An

investor

in

the 2023 maximum

combined

effective

federal

and Arizona

personal

income

tax

bracket

of

43.30% (including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of 5.33%

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

.

*

Does

not

include

cash

and

cash

equivalents.

Thank

you

for

your

continued

participation

in

Franklin

Arizona

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Education

25.41%

Utilities

18.81%

Health

Care

15.13%

Transportation

12.05%

Special

Tax

11.04%

Housing

8.36%

Industrial

Dev.

Revenue

and

Pollution

Control

5.26%

Local

2.94%

Refunded

0.57%

Lease

0.43%

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.

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

39

.

Performance

Summary

as

of

August

31,

2023

Franklin

Arizona

Tax-Free

Income

Fund

3

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

8/31/23

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

returns

include

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

4,5

6-Month

+0.91%

-2.87%

1-Year

+0.90%

-2.88%

5-Year

+3.23%

-0.13%

10-Year

+25.66%

+1.92%

Advisor

6-Month

+0.93%

+0.93%

1-Year

+1.15%

+1.15%

5-Year

+4.32%

+0.85%

10-Year

+27.67%

+2.47%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

3.02%

5.33%

3.56%

6.28%

Advisor

3.38%

5.96%

3.94%

6.95%

See

page

4

for

Performance

Summary

footnotes.

Franklin

Arizona

Tax-Free

Income

Fund

Performance

Summary

4

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Portfolios

focused

on

a

single

state

are

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.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Net

expenses

are

capped

under

a

contrac-

tual

agreement,

which

cannot

be

terminated

prior

to

6/30/24

without

Board

consent.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

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

8/31/23.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/22/23

for

the

maximum

combined

effective

federal

and

Arizona

personal

income

tax

rate

of

43.30%,

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

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.148746

A1

$0.156056

C

$0.128720

R6

$0.162286

Advisor

$0.160903

Total

Annual

Operating

Expenses

9

Share

Class

A

0.82%

Advisor

0.56%

Your

Fund’s

Expenses

Franklin

Arizona

Tax-Free

Income

Fund

5

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,009.10

$4.12

$1,021.03

$4.15

0.82%

A1

$1,000

$1,008.90

$3.37

$1,021.78

$3.39

0.67%

C

$1,000

$1,006.90

$6.09

$1,019.06

$6.13

1.21%

R6

$1,000

$1,009.50

$2.72

$1,022.43

$2.73

0.54%

Advisor

$1,000

$1,009.30

$2.86

$1,022.29

$2.88

0.57%

6

franklintempleton.com

Semiannual

Report

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Health

Care

21.66%

Local

19.17%

Utilities

13.53%

Education

12.83%

Special

Tax

7.00%

Transportation

6.75%

Housing

5.53%

Lease

5.11%

Industrial

Dev.

Revenue

and

Pollution

Control

4.78%

Refunded

2.80%

State

General

Obligation

0.84%

*

Does

not

include

cash

and

cash

equivalents.

Franklin

Colorado

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Colorado

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2023.

Fund

Overview

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 $10.26

on

February

28,

2023,

to $10.21

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling 14.6601

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

2.78%,

based

on

an

annualization

of the

August

's

2.4551 cents

per

share dividend

and

the

maximum

offering

price

of

$10.61

on

August

31,

2023.

An

investor

in

the 2023 maximum

combined

effective

federal

and Colorado

personal

income

tax

bracket

of

45.20% (including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of 5.07%

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

.

Thank

you

for

your

continued

participation

in

Franklin

Colorado

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

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.

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

.

Performance

Summary

as

of

August

31,

2023

Franklin

Colorado

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

8/31/23

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

+0.93%

-2.86%

1-Year

+0.74%

-3.04%

5-Year

+2.56%

-0.26%

10-Year

+24.35%

+1.81%

Advisor

6-Month

+0.96%

+0.96%

1-Year

+0.89%

+0.89%

5-Year

+3.75%

+0.74%

10-Year

+26.41%

+2.37%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

2.78%

5.07%

3.54%

6.46%

Advisor

3.14%

5.73%

3.93%

7.17%

See

page

8

for

Performance

Summary

footnotes.

Franklin

Colorado

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Portfolios

focused

on

a

single

state

are

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.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund’s

prospectus

available

at

the

time

of

publication.

Net

expenses

are

capped

under

a

con-

tractual

agreement,

which

cannot

be

terminated

prior

to

6/30/24

without

Board

consent.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

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

8/31/23.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/22/23

for

the

maximum

combined

effective

federal

and

Colorado

personal

income

tax

rate

of

45.20%,

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

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.146601

A1

$0.154418

C

$0.125264

R6

$0.161744

Advisor

$0.159629

Total

Annual

Operating

Expenses

9

Share

Class

A

0.83%

Advisor

0.58%

Your

Fund’s

Expenses

Franklin

Colorado

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,009.30

$4.27

$1,020.89

$4.29

0.85%

A1

$1,000

$1,009.10

$3.51

$1,021.64

$3.53

0.70%

C

$1,000

$1,006.20

$6.24

$1,018.91

$6.28

1.24%

R6

$1,000

$1,009.80

$2.80

$1,022.35

$2.82

0.56%

Advisor

$1,000

$1,009.60

$3.01

$1,022.14

$3.03

0.60%

10

franklintempleton.com

Semiannual

Report

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Education

34.95%

Health

Care

22.67%

Transportation

12.97%

Housing

8.38%

State

General

Obligation

6.37%

Local

6.13%

Special

Tax

3.42%

Refunded

2.69%

Utilities

2.00%

Lease

0.42%

*

Does

not

include

cash

and

cash

equivalents.

Franklin

Connecticut

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Connecticut

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2023

.

Fund

Overview

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 $8.86

on

February

28,

2023,

to $8.79

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling 12.0074

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page 

11

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.83%,

based

on

an

annualization

of the

August

's

2.1541 cents

per

share

dividend

and

the

maximum

offering

price

of

$9.13

on

August

31,

2023.

An

investor

in

the 2023 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 5.42%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Thank

you

for

your

continued

participation

in

Franklin

Connecticut

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

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.

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

61

.

Performance

Summary

as

of

August

31,

2023

Franklin

Connecticut

Tax-Free

Income

Fund

11

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

8/31/23

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

+0.55%

-3.22%

1-Year

+0.93%

-2.86%

5-Year

-0.51%

-0.86%

10-Year

+15.41%

+1.06%

Advisor

6-Month

+0.79%

+0.79%

1-Year

+1.30%

+1.30%

5-Year

+0.74%

+0.15%

10-Year

+17.45%

+1.62%

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

2.83%

5.42%

3.40%

3.31%

6.51%

6.34%

Advisor

3.20%

6.13%

3.79%

3.70%

7.26%

7.09%

See

page

12

for

Performance

Summary

footnotes.

Franklin

Connecticut

Tax-Free

Income

Fund

Performance

Summary

12

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Portfolios

focused

on

a

single

state

are

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.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

be

terminated

prior

to

6/30/24

without

Board

consent.

Additional

amounts

may

be

voluntarily

waived

and/or

reimbursed

and

may

be

modified

or

discontinued

at

any

time

without

notice.

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

8/31/23.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/22/23

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

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.120074

A1

$0.126837

C

$0.101837

R6

$0.132808

Advisor

$0.131336

Total

Annual

Operating

Expenses

9

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.90%

0.96%

Advisor

0.65%

0.72%

Your

Fund’s

Expenses

Franklin

Connecticut

Tax-Free

Income

Fund

13

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,005.50

$4.53

$1,020.62

$4.57

0.90%

A1

$1,000

$1,006.30

$3.78

$1,021.37

$3.81

0.75%

C

$1,000

$1,004.60

$6.53

$1,018.63

$6.57

1.30%

R6

$1,000

$1,008.10

$3.14

$1,022.01

$3.16

0.62%

Advisor

$1,000

$1,007.90

$3.29

$1,021.86

$3.31

0.65%

14

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,

2023.

Fund

Overview

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 $10.30

on

February

28,

2023,

to $10.24

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling 15.3430

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page 

15

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

3.04%,

based

on

an

annualization

of the

August

's

2.6919 cents

per

share

dividend

and

the

maximum

offering

price

of

$10.64

on

August

31,

2023.

An

investor

in

the 2023 maximum

combined

effective

federal

and Michigan

personal

income

tax

bracket

of

44.85% (including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of 5.51%

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

.

Thank

you

for

your

continued

participation

in

Franklin

Michigan

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Local

28.25%

Health

Care

15.45%

Education

15.30%

Housing

9.55%

Lease

6.78%

Utilities

6.50%

Transportation

6.32%

Refunded

4.60%

Special

Tax

4.46%

Industrial

Dev.

Revenue

and

Pollution

Control

2.54%

State

General

Obligation

0.25%

*

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.

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

69

.

Performance

Summary

as

of

August

31,

2023

Franklin

Michigan

Tax-Free

Income

Fund

15

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

8/31/23

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

+0.89%

-2.89%

1-Year

+0.76%

-3.02%

5-Year

+3.54%

-0.07%

10-Year

+23.00%

+1.70%

Advisor

6-Month

+1.02%

+1.02%

1-Year

+1.01%

+1.01%

5-Year

+4.65%

+0.91%

10-Year

+24.98%

+2.25%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

3.04%

5.51%

3.40%

6.17%

Advisor

3.40%

6.17%

3.77%

6.84%

See

page

16

for

Performance

Summary

footnotes.

Franklin

Michigan

Tax-Free

Income

Fund

Performance

Summary

16

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Portfolios

focused

on

a

single

state

are

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.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Net

expenses

are

capped

under

a

contrac-

tual

agreement,

which

cannot

be

terminated

prior

to

6/30/24

without

Board

consent.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

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

8/31/23.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/22/23

for

the

maximum

combined

effective

federal

and

Michigan

personal

income

tax

rate

of

44.85%,

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

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.153430

A1

$0.161282

C

$0.131895

R6

$0.168538

Advisor

$0.166483

Total

Annual

Operating

Expenses

9

Share

Class

A

0.82%

Advisor

0.57%

Your

Fund’s

Expenses

Franklin

Michigan

Tax-Free

Income

Fund

17

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,008.90

$4.20

$1,020.95

$4.23

0.83%

A1

$1,000

$1,009.70

$3.45

$1,021.71

$3.47

0.68%

C

$1,000

$1,006.80

$6.17

$1,018.99

$6.21

1.22%

R6

$1,000

$1,010.40

$2.74

$1,022.41

$2.76

0.54%

Advisor

$1,000

$1,010.20

$2.93

$1,022.22

$2.95

0.58%

18

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,

2023.

Fund

Overview

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 $11.03

on

February

28,

2023,

to $10.89

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling 15.2106

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

2.74%,

based

on

an

annualization

of the

August

's

2.5796 cents

per

share

dividend

and

the

maximum

offering

price

of

$11.31

on

August

31,

2023.

An

investor

in

the 2023 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 5.55%

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

.

*Does

not

include

cash

and

cash

equivalents.

Thank

you

for

your

continued

participation

in

Franklin

Minnesota

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Local

33.35%

Health

Care

17.48%

Housing

11.24%

Education

10.58%

Utilities

9.43%

Transportation

6.08%

Other

Revenue

Bonds

4.00%

Refunded

2.12%

Industrial

Dev.

Revenue

and

Pollution

Control

1.77%

Lease

1.57%

Special

Tax

1.49%

State

General

Obligation

0.89%

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.

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

.

Performance

Summary

as

of

August

31,

2023

Franklin

Minnesota

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

8/31/23

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

+0.09%

-3.66%

1-Year

+0.50%

-3.27%

5-Year

+1.51%

-0.46%

10-Year

+18.85%

+1.35%

Advisor

6-Month

+0.22%

+0.22%

1-Year

+0.75%

+0.75%

5-Year

+2.70%

+0.53%

10-Year

+20.92%

+1.92%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

2.74%

5.55%

3.31%

6.71%

Advisor

3.09%

6.26%

3.69%

7.48%

See

page

20

for

Performance

Summary

footnotes.

Franklin

Minnesota

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Portfolios

focused

on

a

single

state

are

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.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Net

expenses

are

capped

under

a

contrac-

tual

agreement,

which

cannot

be

terminated

prior

to

6/30/24

without

Board

consent.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

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

8/31/23.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/22/23

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.

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

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.152106

A1

$0.160474

C

$0.129255

R6

$0.168970

Advisor

$0.166051

Total

Annual

Operating

Expenses

9

Share

Class

A

0.83%

Advisor

0.58%

Your

Fund’s

Expenses

Franklin

Minnesota

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,000.90

$4.23

$1,020.91

$4.28

0.84%

A1

$1,000

$1,002.60

$3.48

$1,021.66

$3.51

0.69%

C

$1,000

$999.80

$6.21

$1,018.93

$6.27

1.24%

R6

$1,000

$1,003.30

$2.72

$1,022.42

$2.75

0.54%

Advisor

$1,000

$1,002.20

$2.97

$1,022.17

$3.00

0.59%

22

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,

2023

.

Fund

Overview

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 $11.29

on

February

28,

2023,

to $11.17

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling 16.5787

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page 

23

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.93%,

based

on

an

annualization

of the

August

's

2.8319 cents

per

share dividend

and

the

maximum

offering

price

of

$11.61

on

August

31,

2023.

An

investor

in

the 2023 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 5.31%

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

.

*

Does

not

include

cash

and

cash

equivalents.

Thank

you

for

your

continued

participation

in

Franklin

Ohio

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Local

27.46%

Health

Care

14.76%

Education

14.57%

Utilities

11.06%

Housing

8.28%

Refunded

7.74%

Transportation

6.28%

Industrial

Dev.

Revenue

and

Pollution

Control

3.13%

State

General

Obligation

2.43%

Special

Tax

2.13%

Lease

1.82%

Other

Revenue

Bonds

0.34%

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.

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

92

.

Performance

Summary

as

of

August

31,

2023

Franklin

Ohio

Tax-Free

Income

Fund

23

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

8/31/23

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

+0.39%

-3.38%

1-Year

+0.56%

-3.21%

5-Year

+1.82%

-0.40%

10-Year

+25.89%

+1.94%

Advisor

6-Month

+0.43%

+0.43%

1-Year

+0.72%

+0.72%

5-Year

+3.01%

+0.59%

10-Year

+28.06%

+2.50%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

2.93%

5.31%

3.42%

6.19%

Advisor

3.30%

5.98%

3.81%

6.90%

See

page

24

for

Performance

Summary

footnotes.

Franklin

Ohio

Tax-Free

Income

Fund

Performance

Summary

24

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Portfolios

focused

on

a

single

state

are

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.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Net

expenses

are

capped

under

a

contrac-

tual

agreement,

which

cannot

be

terminated

prior

to

6/30/24

without

Board

consent.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

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

8/31/23.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/22/23

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.

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

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.165787

A1

$0.174364

C

$0.142339

R6

$0.182419

Advisor

$0.180073

Total

Annual

Operating

Expenses

9

Share

Class

A

0.80%

Advisor

0.55%

Your

Fund’s

Expenses

Franklin

Ohio

Tax-Free

Income

Fund

25

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,003.90

$4.09

$1,021.06

$4.12

0.81%

A1

$1,000

$1,004.70

$3.34

$1,021.81

$3.36

0.66%

C

$1,000

$1,001.80

$6.06

$1,019.08

$6.11

1.20%

R6

$1,000

$1,004.50

$2.63

$1,022.51

$2.65

0.52%

Advisor

$1,000

$1,004.30

$2.83

$1,022.32

$2.85

0.56%

26

franklintempleton.com

Semiannual

Report

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Local

25.12%

Education

16.91%

Health

Care

16.57%

Transportation

12.67%

Housing

7.86%

Utilities

6.45%

Special

Tax

4.66%

State

General

Obligation

3.85%

Refunded

2.24%

Lease

2.19%

Other

Revenue

Bonds

0.82%

Industrial

Dev.

Revenue

and

Pollution

Control

0.66%

*

Does

not

include

cash

and

cash

equivalents.

Franklin

Oregon

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

Oregon

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2023

.

Fund

Overview

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 $10.35

on

February

28,

2023,

to $10.24

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling 15.1670

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

2.91%,

based

on

an

annualization

of the

August

's

2.5846 cents

per

share

dividend

and

the

maximum

offering

price

of

$10.64

on

August

31,

2023.

An

investor

in

the 2023 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 5.90%

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

.

Thank

you

for

your

continued

participation

in

Franklin

Oregon

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

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.

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

.

Performance

Summary

as

of

August

31,

2023

Franklin

Oregon

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

8/31/23

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

+0.39%

-3.38%

1-Year

+0.22%

-3.54%

5-Year

+2.13%

-0.34%

10-Year

+22.35%

+1.65%

Advisor

6-Month

+0.61%

+0.61%

1-Year

+0.57%

+0.57%

5-Year

+3.32%

+0.66%

10-Year

+24.47%

+2.21%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

2.91%

5.90%

3.41%

6.92%

Advisor

3.28%

6.65%

3.79%

7.69%

See

page

28

for

Performance

Summary

footnotes.

Franklin

Oregon

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Portfolios

focused

on

a

single

state

are

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.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Net

expenses

are

capped

under

a

contrac-

tual

agreement,

which

cannot

be

terminated

prior

to

6/30/24

without

Board

consent.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

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

8/31/23.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/22/23

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.

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

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.151670

A1

$0.159517

C

$0.130104

R6

$0.166305

Advisor

$0.164754

Total

Annual

Operating

Expenses

9

Share

Class

A

0.80%

Advisor

0.55%

Your

Fund’s

Expenses

Franklin

Oregon

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,003.90

$4.07

$1,021.08

$4.10

0.81%

A1

$1,000

$1,004.60

$3.31

$1,021.83

$3.34

0.66%

C

$1,000

$1,002.70

$6.03

$1,019.11

$6.08

1.20%

R6

$1,000

$1,005.30

$2.66

$1,022.48

$2.68

0.53%

Advisor

$1,000

$1,006.10

$2.81

$1,022.34

$2.83

0.56%

30

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,

2023

.

Fund

Overview

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 $8.64

on

February

28,

2023,

to $8.58

on

August

31,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling 12.6937

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page 

31

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.90%,

based

on

an

annualization

of the

August

's

2.1537 cents

per

share

dividend

and

the

maximum

offering

price

of

$8.91

on

August

31,

2023.

An

investor

in

the 2023 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 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

.

*

Does

not

include

cash

and

cash

equivalents.

Thank

you

for

your

continued

participation

in

Franklin

Pennsylvania

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Portfolio

Composition

8/31/23

%

of

Total

Investments*

Health

Care

23.52%

Education

23.42%

Local

12.30%

Transportation

9.89%

Utilities

8.25%

Refunded

7.23%

Housing

5.82%

Lease

3.45%

Special

Tax

3.42%

State

General

Obligation

1.74%

Other

Revenue

Bonds

0.96%

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.

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

117

.

Performance

Summary

as

of

August

31,

2023

Franklin

Pennsylvania

Tax-Free

Income

Fund

31

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

8/31/23

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

+0.76%

-3.02%

1-Year

+0.62%

-3.16%

5-Year

+0.14%

-0.73%

10-Year

+20.84%

+1.52%

Advisor

6-Month

+0.88%

+0.88%

1-Year

+0.87%

+0.87%

5-Year

+1.40%

+0.28%

10-Year

+22.93%

+2.09%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

2.90%

5.17%

3.66%

6.52%

Advisor

3.26%

5.81%

4.05%

7.22%

See

page

32

for

Performance

Summary

footnotes.

Franklin

Pennsylvania

Tax-Free

Income

Fund

Performance

Summary

32

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Portfolios

focused

on

a

single

state

are

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.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Net

expenses

are

capped

under

a

contrac-

tual

agreement,

which

cannot

be

terminated

prior

to

6/30/24

without

Board

consent.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

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

8/31/23.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/22/23

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.

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

(3/1/23–8/31/23)

Share

Class

Net

Investment

Income

A

$0.126937

A1

$0.133525

C

$0.108942

R6

$0.139574

Advisor

$0.137918

Total

Annual

Operating

Expenses

9

Share

Class

A

0.81%

Advisor

0.56%

Your

Fund’s

Expenses

Franklin

Pennsylvania

Tax-Free

Income

Fund

33

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

184/366

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

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period

3/1/23–8/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,007.60

$4.18

$1,020.97

$4.21

0.83%

A1

$1,000

$1,007.20

$3.42

$1,021.72

$3.45

0.68%

C

$1,000

$1,004.30

$6.15

$1,019.00

$6.20

1.22%

R6

$1,000

$1,007.90

$2.73

$1,022.42

$2.75

0.54%

Advisor

$1,000

$1,008.80

$2.92

$1,022.23

$2.94

0.58%

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Arizona

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

34

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.60

$10.64

$10.92

$11.24

$10.58

$10.52

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.15

0.27

0.25

0.27

0.29

0.16

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.04)

(0.28)

(0.32)

0.67

0.05

Total

from

investment

operations

........

0.09

(0.77)

(0.03)

(0.05)

0.96

0.21

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.27)

(0.25)

(0.27)

(0.30)

(0.15)

Net

asset

value,

end

of

period

..........

$9.54

$9.60

$10.64

$10.92

$11.24

$10.58

Total

return

e

.......................

0.91%

(7.24)%

(0.37)%

(0.43)%

9.24%

2.09%

Ratios

to

average

net

assets

f

Expenses

g

........................

0.82%

0.83%

0.81%

0.81%

0.81%

0.81%

Net

investment

income

...............

3.09%

2.79%

2.23%

2.46%

2.72%

3.12%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$209,935

$212,662

$210,355

$173,930

$132,026

$44,516

Portfolio

turnover

rate

................

2.73%

27.77%

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

35

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.59

$10.62

$10.90

$11.22

$10.56

$10.58

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16

0.29

0.26

0.29

0.31

0.34

Net

realized

and

unrealized

gains

(losses)

(0.07)

(1.04)

(0.28)

(0.32)

0.67

(0.01)

Total

from

investment

operations

........

0.09

(0.75)

(0.02)

(0.03)

0.98

0.33

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.28)

(0.26)

(0.29)

(0.32)

(0.35)

Net

asset

value,

end

of

period

..........

$9.52

$9.59

$10.62

$10.90

$11.22

$10.56

Total

return

d

.......................

0.89%

(7.02)%

(0.22)%

(0.28)%

9.42%

3.18%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.67%

0.68%

0.66%

0.66%

0.66%

0.66%

Net

investment

income

...............

3.24%

2.94%

2.39%

2.64%

2.87%

3.27%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$370,290

$396,929

$526,131

$582,701

$672,061

$661,250

Portfolio

turnover

rate

................

2.73%

27.77%

17.24%

13.66%

11.37%

18.13%

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

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

36

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.75

$10.81

$11.09

$11.42

$10.75

$10.75

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.23

0.20

0.23

0.26

0.29

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.06)

(0.28)

(0.33)

0.67

(—)

d

Total

from

investment

operations

........

0.07

(0.83)

(0.08)

(0.10)

0.93

0.29

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.23)

(0.20)

(0.23)

(0.26)

(0.29)

Net

asset

value,

end

of

period

..........

$9.69

$9.75

$10.81

$11.09

$11.42

$10.75

Total

return

e

.......................

0.69%

(7.69)%

(0.76)%

(0.81)%

8.70%

2.74%

Ratios

to

average

net

assets

f

Expenses

g

........................

1.21%

1.22%

1.20%

1.20%

1.21%

1.21%

Net

investment

income

...............

2.62%

2.33%

1.80%

2.05%

2.32%

2.72%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$27,858

$32,466

$48,833

$67,713

$80,562

$77,216

Portfolio

turnover

rate

................

2.73%

27.77%

17.24%

13.66%

11.37%

18.13%

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

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

37

In

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.62

$10.66

$10.94

$11.26

$10.60

$10.60

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16

0.30

0.28

0.30

0.33

0.36

Net

realized

and

unrealized

gains

(losses)

(0.07)

(1.04)

(0.28)

(0.32)

0.67

(—)

d

Total

from

investment

operations

........

0.09

(0.74)

—

(0.02)

1.00

0.36

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.28)

(0.30)

(0.34)

(0.36)

Net

asset

value,

end

of

period

..........

$9.55

$9.62

$10.66

$10.94

$11.26

$10.60

Total

return

e

.......................

0.95%

(6.96)%

(0.08)%

(0.15)%

9.53%

3.48%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.54%

0.55%

0.53%

0.53%

0.54%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.54%

h

0.54%

0.52%

0.53%

h

0.53%

0.53%

Net

investment

income

...............

3.38%

3.06%

2.51%

2.75%

3.00%

3.40%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$23,290

$19,946

$28,123

$21,450

$16,971

$12,562

Portfolio

turnover

rate

................

2.73%

27.77%

17.24%

13.66%

11.37%

18.13%

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

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

Financial

Highlights

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

38

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.62

$10.65

$10.94

$11.26

$10.60

$10.61

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16

0.30

0.27

0.30

0.32

0.36

Net

realized

and

unrealized

gains

(losses)

(0.07)

(1.04)

(0.29)

(0.32)

0.67

(0.01)

Total

from

investment

operations

........

0.09

(0.74)

(0.02)

(0.02)

0.99

0.35

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.29)

(0.27)

(0.30)

(0.33)

(0.36)

Net

asset

value,

end

of

period

..........

$9.55

$9.62

$10.65

$10.94

$11.26

$10.60

Total

return

d

.......................

0.93%

(6.91)%

(0.21)%

(0.18)%

9.50%

3.36%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.57%

0.57%

0.56%

0.56%

0.56%

0.56%

Net

investment

income

...............

3.34%

3.02%

2.48%

2.71%

2.97%

3.37%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$107,843

$114,323

$178,256

$174,264

$124,881

$90,140

Portfolio

turnover

rate

................

2.73%

27.77%

17.24%

13.66%

11.37%

18.13%

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,

2023

Franklin

Arizona

Tax-Free

Income

Fund

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

98.1%

Arizona

90.4%

Arizona

Board

of

Regents

,

Arizona

State

University

,

Revenue

,

2023

B

,

4

%

,

7/01/53

..

$

5,000,000

$

4,592,862

Arizona

Department

of

Transportation

,

State

Highway

Fund

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/36

.............................................

8,680,000

9,030,888

Arizona

Health

Facilities

Authority

,

HonorHealth

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

12/01/39

......

2,820,000

2,827,775

HonorHealth

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

12/01/42

......

6,715,000

6,714,774

Arizona

Industrial

Development

Authority

,

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

........................................................

2,045,000

2,047,680

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/51

........................................................

1,080,000

1,053,691

Arizona

Agribusiness

and

Equine

Center,

Inc.,

Revenue,

2017

A,

5%,

3/01/48

....

1,555,000

1,580,833

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

2.65%,

7/01/26

570,000

540,632

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/31

...

550,000

540,007

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/41

...

2,000,000

1,740,450

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/51

...

2,340,000

1,869,379

BASIS

Schools,

Inc.

Obligated

Group,

Revenue,

2017

F,

Refunding,

5%,

7/01/47

..

3,350,000

3,377,897

Children's

National

Medical

Center

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/40

865,000

804,249

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/34

.......................................................

1,000,000

1,051,965

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/36

.......................................................

1,235,000

1,282,525

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/39

.......................................................

1,000,000

1,026,423

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/44

.......................................................

6,645,000

6,746,228

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/45

.......................................................

2,200,000

1,940,694

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/50

.......................................................

7,055,000

6,020,541

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2021

A,

4%,

11/01/51

.......................................................

1,400,000

1,188,603

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

A,

4%,

11/01/42

.......................................................

1,650,000

1,489,623

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

A,

5%,

11/01/47

.......................................................

7,900,000

8,040,534

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

A,

4.25%,

11/01/52

.......................................................

3,500,000

3,090,622

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019

A,

5%,

1/01/38

.....

1,175,000

806,636

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019

A,

5%,

1/01/54

.....

1,250,000

746,127

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5%,

1/01/36

........................................................

1,105,000

685,161

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5%,

1/01/49

........................................................

3,500,000

1,821,874

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5.125%,

1/01/54

.................................................

2,000,000

1,004,599

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/31

..........

285,000

272,502

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/41

..........

405,000

346,071

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/52

..........

840,000

653,020

KIPP

Nashville

Obligated

Group,

Revenue,

2022

A,

5%,

7/01/47

..............

1,400,000

1,318,682

KIPP

Nashville

Obligated

Group,

Revenue,

2022

A,

5%,

7/01/62

..............

2,400,000

2,162,227

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

5%,

7/01/32

.............

660,000

697,173

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

4%,

7/01/34

.............

660,000

640,435

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

4%,

7/01/36

.............

315,000

296,977

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

4%,

7/01/41

.............

2,800,000

2,475,644

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

4%,

7/01/51

.............

8,000,000

6,529,619

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

4%,

7/01/61

.............

15,580,000

12,139,910

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.

40

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Arizona

Industrial

Development

Authority,

(continued)

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

C,

3.25%,

7/01/31

..........

$

1,550,000

$

1,318,909

Leman

Academy

of

Excellence

Obligated

Group,

Revenue,

2022

A,

Refunding,

4.5%,

7/01/54

........................................................

3,000,000

2,588,375

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

4%,

2/01/50

.....

2,540,000

2,285,691

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

2/01/41

........................................................

885,000

689,308

Provident

Group-NCCU

Properties

LLC,

Revenue,

2019

A,

BAM

Insured,

5%,

6/01/58

........................................................

6,250,000

6,421,869

Arizona

State

University

,

Revenue,

2015

B,

Refunding,

5%,

7/01/41

...............................

14,070,000

14,310,480

Revenue,

2016

C,

5%,

7/01/46

........................................

10,000,000

10,204,413

Revenue,

2017

B,

Refunding,

5%,

7/01/43

...............................

4,005,000

4,141,182

Revenue,

2019

A,

5%,

7/01/40

........................................

1,000,000

1,062,734

Carefree

Utilities

Community

Facilities

District

,

Town

of

Carefree

Water

System

,

Revenue

,

2021

,

4

%

,

7/01/51

.........................................

2,000,000

1,756,753

Central

Arizona

Water

Conservation

District

,

Revenue

,

2016

,

5

%

,

1/01/34

.........

1,000,000

1,029,290

City

of

Bullhead

,

Excise

Taxes

,

Revenue

,

2022

,

4

%

,

7/01/52

...................

2,885,000

2,611,410

City

of

Goodyear

,

Water

&

Sewer

,

Revenue,

Sub.

Lien,

Second

Series

,

2020

,

AGMC

Insured

,

4

%

,

7/01/45

...............................................

3,500,000

3,279,408

City

of

Lake

Havasu

City

,

Wastewater

System

,

Revenue

,

2015

B

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/40

...............................................

15,000,000

15,277,528

City

of

Mesa

,

Utility

System,

Revenue,

2018,

4%,

7/01/38

..............................

1,425,000

1,420,115

Utility

System,

Revenue,

2018,

4%,

7/01/39

..............................

6,135,000

6,072,489

Utility

System,

Revenue,

2018,

5%,

7/01/42

..............................

6,700,000

7,002,356

Utility

System,

Revenue,

2022

C,

Refunding,

5%,

7/01/36

...................

5,000,000

5,677,835

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

2017

A,

5%,

7/01/42

..................................

2,155,000

2,190,052

Airport,

Revenue,

2017

A,

5%,

7/01/47

..................................

12,935,000

13,087,773

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

4%,

7/01/40

...............

16,570,000

16,255,434

Airport,

Revenue,

Junior

Lien,

2019

A,

4%,

7/01/44

........................

4,000,000

3,818,412

Airport,

Revenue,

Junior

Lien,

2019

A,

5%,

7/01/44

........................

8,500,000

8,864,090

Airport,

Revenue,

Senior

Lien,

2018,

5%,

7/01/48

..........................

5,000,000

5,093,995

Excise

Tax,

Revenue,

2022,

5%,

7/01/46

................................

8,300,000

8,925,183

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/34

..................................................

2,500,000

2,687,571

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/37

..................................................

1,500,000

1,579,475

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/38

..................................................

8,420,000

8,820,855

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

4%,

7/01/45

..................................................

7,500,000

6,958,773

Wastewater,

Revenue,

Junior

Lien,

2018

A,

4%,

7/01/39

.....................

5,000,000

4,949,054

Water

System,

Revenue,

Junior

Lien,

2016,

Refunding,

5%,

7/01/39

............

5,000,000

5,168,326

Water

System,

Revenue,

Junior

Lien,

2020

B,

5%,

7/01/44

...................

7,500,000

8,022,842

County

of

Yuma

,

Sales

Tax

,

Revenue

,

2022

,

BAM

Insured

,

4.25

%

,

7/15/42

........

3,250,000

3,215,626

Gilbert

Water

Resource

Municipal

Property

Corp.

,

Town

of

Gilbert

Waterworks

&

Sewer

System,

Revenue,

Senior

Lien,

2022,

4%,

7/15/39

........................................................

10,000,000

10,006,482

Town

of

Gilbert

Waterworks

&

Sewer

System,

Revenue,

Senior

Lien,

2022,

4%,

7/15/47

........................................................

1,000,000

947,714

Glendale

Industrial

Development

Authority

,

People

of

Faith,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

5/15/31

...........

400,000

364,151

People

of

Faith,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/41

...........

1,000,000

915,241

People

of

Faith,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/56

...........

4,500,000

3,785,282

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

41

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Glendale

Municipal

Property

Corp.

,

City

of

Glendale

Excise

Tax,

Revenue,

2012

C,

Refunding,

5%,

7/01/38

.........

$

18,530,000

$

18,544,906

Industrial

Development

Authority

of

the

City

of

Phoenix

Arizona

(The)

,

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/44

......

1,000,000

1,001,368

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/49

......

1,995,000

1,966,395

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/54

......

2,665,000

2,599,358

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/59

......

2,000,000

1,932,010

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/25

1,015,000

1,027,619

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/27

425,000

438,381

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/30

700,000

730,073

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/32

250,000

259,740

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/33

600,000

620,987

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/37

2,950,000

2,992,679

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/42

11,550,000

11,593,355

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/36

.

4,065,000

4,071,378

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/41

.

1,225,000

1,187,224

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

.

1,335,000

1,256,485

Vista

College

Preparatory

Obligated

Group,

Revenue,

2018

A,

5%,

7/01/48

......

1,000,000

1,019,233

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017

A,

Pre-Refunded,

5%,

12/15/32

.......................................................

1,765,000

1,829,119

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017

A,

Pre-Refunded,

5%,

6/15/37

........................................................

2,240,000

2,321,374

a

La

Posada

at

Park

Centre,

Inc.

Obligated

Group,

Revenue,

144A,

2022

B-3,

5.125%,

11/15/29

.......................................................

3,000,000

2,952,165

TMC

HealthCare

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

4/01/40

....

1,040,000

963,837

TMC

HealthCare

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

4/01/41

....

1,360,000

1,248,256

TMC

HealthCare

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

4/01/51

....

12,000,000

8,023,476

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

4,391,620

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/36

............................................

1,310,000

1,342,861

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/38

............................................

1,510,000

1,403,403

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/43

............................................

3,000,000

2,628,916

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/38

....................

1,000,000

983,315

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/48

....................

1,000,000

926,886

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/25

....................

90,000

90,187

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/26

....................

95,000

96,038

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/27

....................

75,000

76,368

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/28

....................

80,000

81,559

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/29

....................

110,000

112,587

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/30

....................

100,000

102,564

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/41

....................

430,000

360,439

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/46

....................

345,000

272,979

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/51

....................

580,000

441,006

Maricopa

County

High

School

District

No.

214

Tolleson

Union

High

School

,

GO

,

2018

A

,

5

%

,

7/01/37

....................................................

1,000,000

1,048,791

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group,

Revenue,

2019

F,

3%,

1/01/49

...............

5,000,000

3,581,399

Banner

Health

Obligated

Group,

Revenue,

A,

4%,

1/01/41

...................

9,630,000

9,296,757

Banner

Health

Obligated

Group,

Revenue,

A,

5%,

1/01/41

...................

37,590,000

38,544,019

Creighton

University,

Revenue,

2020,

5%,

7/01/47

.........................

13,000,000

13,445,032

Creighton

University,

Revenue,

2020,

4%,

7/01/50

.........................

8,450,000

7,339,141

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.

42

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Maricopa

County

Industrial

Development

Authority,

(continued)

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

.

$

1,000,000

$

1,025,294

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/52

.

1,000,000

1,005,192

Highland

Prep

Obligated

Group,

Revenue,

2019,

5%,

1/01/43

................

2,275,000

2,319,859

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/36

.......

2,100,000

2,200,043

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/37

.......

3,175,000

3,303,187

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/42

.......

2,750,000

2,791,181

HonorHealth

Obligated

Group,

Revenue,

2021

A,

3%,

9/01/51

................

5,600,000

3,873,066

Legacy

Traditional

School

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/49

........................................................

3,920,000

3,924,273

Reid

Traditional

Schools

Obligated

Group,

Revenue,

2016,

5%,

7/01/36

.........

1,120,000

1,129,449

Reid

Traditional

Schools

Obligated

Group,

Revenue,

2016,

5%,

7/01/47

.........

3,325,000

3,249,079

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.,

Revenue,

2009

B,

Refunding,

3.6%,

4/01/40

.............

13,500,000

11,431,118

El

Paso

Electric

Co.,

Revenue,

2012

A,

Refunding,

4.5%,

8/01/42

.............

10,000,000

9,254,351

b

Public

Service

Co.

of

New

Mexico,

Revenue,

2010

A,

Refunding,

Mandatory

Put,

0.875%,

10/01/26

................................................

4,500,000

3,975,784

b

Public

Service

Co.

of

New

Mexico,

Revenue,

2010

B,

Refunding,

Mandatory

Put,

0.875%,

10/01/26

................................................

2,150,000

1,899,542

Southern

California

Edison

Co.,

Revenue,

2000

A,

Refunding,

2.4%,

6/01/35

.....

10,000,000

7,757,120

Maricopa

County

Unified

School

District

No.

11-Peoria

,

GO

,

2013

,

5

%

,

7/01/31

.....

5,100,000

5,105,097

Maricopa

County

Unified

School

District

No.

60

Higley

,

COP

,

2023

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/53

...............................................

3,000,000

3,152,062

McAllister

Academic

Village

LLC

,

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/33

............

2,000,000

2,075,627

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/38

............

2,000,000

2,046,057

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/39

............

1,000,000

1,021,292

Mohave

County

Union

High

School

District

No.

2

Colorado

River

,

GO

,

2017

,

5

%

,

7/01/35

.........................................................

1,000,000

1,051,525

Northern

Arizona

University

,

Revenue

,

2013

,

5

%

,

8/01/26

.....................

2,380,000

2,382,821

Pima

County

Unified

School

District

No.

20

Vail

,

GO

,

2016

,

Refunding

,

BAM

Insured

,

5

%

,

7/01/36

......................................................

3,305,000

3,413,430

Pima

County

Unified

School

District

No.

30

Sahuarita

,

GO,

2017,

BAM

Insured,

5%,

7/01/33

...................................

2,665,000

2,807,028

GO,

2017,

BAM

Insured,

5%,

7/01/34

...................................

2,800,000

2,940,013

Pima

County

Unified

School

District

No.

6

Marana

,

GO,

2017

C,

BAM

Insured,

5%,

7/01/36

.................................

2,385,000

2,505,131

GO,

2018

D,

AGMC

Insured,

5%,

7/01/38

................................

2,500,000

2,610,468

Pinal

County

Community

College

District

,

Revenue

,

2017

,

BAM

Insured

,

5

%

,

7/01/34

1,065,000

1,103,408

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue,

2016

A,

Refunding,

5%,

1/01/38

...............................

9,745,000

10,163,086

Revenue,

2017

A,

Refunding,

5%,

1/01/37

...............................

10,000,000

10,635,656

Revenue,

2017

A,

Refunding,

5%,

1/01/38

...............................

5,435,000

5,742,810

Revenue,

2017

A,

Refunding,

5%,

1/01/39

...............................

2,105,000

2,217,844

Revenue,

2019

A,

5%,

1/01/47

........................................

5,000,000

5,272,461

Revenue,

2023

A,

5%,

1/01/50

........................................

5,000,000

5,348,742

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5%,

12/01/32

.......................................

10,000,000

10,394,211

Revenue,

2007-1,

5%,

12/01/37

.......................................

5,000,000

5,124,560

State

of

Arizona

,

Distribution,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/27

.................

3,945,000

4,293,740

Distribution,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/28

.................

2,000,000

2,222,529

Distribution,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/29

.................

2,000,000

2,266,967

Distribution,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/36

.................

5,000,000

5,977,128

Distribution,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/37

.................

7,000,000

8,291,594

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

43

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Student

&

Academic

Services

LLC

,

Revenue,

2014,

BAM

Insured,

5%,

6/01/33

..............................

$

1,000,000

$

1,008,396

Revenue,

2014,

BAM

Insured,

5%,

6/01/39

..............................

1,400,000

1,410,327

Revenue,

2014,

BAM

Insured,

5%,

6/01/44

..............................

3,155,000

3,173,461

Town

of

Gilbert

,

Pledged

,

Revenue,

Sub.

Lien

,

2015

,

5

%

,

7/01/45

...............

10,000,000

10,192,977

Town

of

Queen

Creek

,

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/42

...............................

2,500,000

2,634,658

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/47

...............................

5,000,000

5,237,675

University

of

Arizona

(The)

,

Revenue,

2014,

5%,

8/01/39

.........................................

10,000,000

10,049,599

Revenue,

2016,

Refunding,

5%,

6/01/39

.................................

2,750,000

2,825,424

Revenue,

2016

B,

Refunding,

5%,

6/01/42

...............................

2,000,000

2,042,338

Revenue,

2019

A,

5%,

6/01/42

........................................

1,000,000

1,057,748

668,083,721

Florida

0.1%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

800,000

523,785

Georgia

0.4%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

3,290,000

2,597,158

Oregon

0.2%

a

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-1

,

5.5

%

,

12/01/39

............................

1,400,000

1,364,679

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,900,000

1,497,417

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,900,000

1,492,970

a

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn.,

6/01/52

3,275,000

2,046,408

5,036,795

Texas

0.8%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

2,000,000

2,015,798

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,600,000

1,836,392

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,300,000

2,437,732

6,289,922

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

1,497,251

Wisconsin

1.6%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,900,000

1,470,603

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

3,300,000

2,600,963

FAH

Tree

House

LLC,

Revenue,

144A,

2023

A,

6.5%,

8/01/53

................

1,500,000

1,457,573

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

5,000,000

5,002,550

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

12/01/52

.....

1,500,000

1,446,668

11,978,357

U.S.

Territories

3.7%

Guam

1.6%

Guam

Power

Authority

,

Revenue,

2014

A,

AGMC

Insured,

5%,

10/01/39

...........................

6,490,000

6,584,555

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.

44

See

Abbreviations

on

page

151

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Guam

(continued)

Guam

Power

Authority,

(continued)

Revenue,

2014

A,

AGMC

Insured,

5%,

10/01/44

...........................

$

5,325,000

$

5,397,372

11,981,927

Puerto

Rico

2.1%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/32

................

1,970,000

1,978,120

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

2,290,000

2,283,004

Revenue,

2007

N,

5.25%,

7/01/36

.....................................

750,000

755,841

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

.........................................................

3,700,000

3,637,243

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

474,935

468,405

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

308,644

198,689

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

527,963

334,597

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

................................

1,550,000

1,453,094

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

4,906,000

4,760,809

15,869,802

Total

U.S.

Territories

....................................................................

27,851,729

Total

Municipal

Bonds

(Cost

$769,220,638)

.....................................

725,223,397

a

a

a

a

Short

Term

Investments

0.7%

Municipal

Bonds

0.7%

Arizona

0.7%

c

Arizona

Health

Facilities

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2015

C

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

3.95

%

,

1/01/46

...............

5,415,000

5,415,000

Total

Municipal

Bonds

(Cost

$5,415,000)

.......................................

5,415,000

Total

Short

Term

Investments

(Cost

$5,415,000

)

.................................

5,415,000

a

Total

Investments

(Cost

$774,635,638)

98.8%

...................................

$730,638,397

Other

Assets,

less

Liabilities

1.2%

.............................................

8,578,077

Net

Assets

100.0%

...........................................................

$739,216,474

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,

2023,

the

aggregate

value

of

these

securities

was

$28,731,344,

representing

3.9%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Colorado

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,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.26

$11.40

$11.69

$11.96

$11.32

$11.28

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.15

0.28

0.25

0.28

0.31

0.17

Net

realized

and

unrealized

gains

(losses)

(0.05)

(1.15)

(0.29)

(0.27)

0.66

0.04

Total

from

investment

operations

........

0.10

(0.87)

(0.04)

0.01

0.97

0.21

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.27)

(0.25)

(0.28)

(0.33)

(0.17)

Net

asset

value,

end

of

period

..........

$10.21

$10.26

$11.40

$11.69

$11.96

$11.32

Total

return

e

.......................

0.93%

(7.63)%

(0.43)%

0.07%

8.69%

1.89%

Ratios

to

average

net

assets

f

Expenses

g

........................

0.85%

0.85%

0.83%

0.83%

0.84%

0.84%

Net

investment

income

...............

2.82%

2.62%

2.08%

2.40%

2.72%

3.14%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$114,164

$117,511

$142,935

$119,598

$87,684

$35,153

Portfolio

turnover

rate

................

2.41%

13.39%

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.

46

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.26

$11.40

$11.68

$11.96

$11.31

$11.32

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15

0.29

0.26

0.30

0.33

0.37

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.14)

(0.28)

(0.29)

0.67

(0.01)

Total

from

investment

operations

........

0.09

(0.85)

(0.02)

0.01

1.00

0.36

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.29)

(0.26)

(0.29)

(0.35)

(0.37)

Net

asset

value,

end

of

period

..........

$10.20

$10.26

$11.40

$11.68

$11.96

$11.31

Total

return

d

.......................

0.91%

(7.49)%

(0.19)%

0.13%

8.95%

3.28%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.70%

0.70%

0.68%

0.68%

0.69%

0.69%

Net

investment

income

...............

2.97%

2.77%

2.24%

2.57%

2.87%

3.29%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$265,377

$287,013

$386,962

$422,411

$477,155

$462,925

Portfolio

turnover

rate

................

2.41%

13.39%

14.21%

19.32%

15.00%

10.85%

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

Colorado

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,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.39

$11.54

$11.83

$12.11

$11.45

$11.46

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.23

0.20

0.24

0.27

0.31

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.15)

(0.29)

(0.29)

0.68

(0.01)

Total

from

investment

operations

........

0.07

(0.92)

(0.09)

(0.05)

0.95

0.30

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.23)

(0.20)

(0.23)

(0.29)

(0.31)

Net

asset

value,

end

of

period

..........

$10.33

$10.39

$11.54

$11.83

$12.11

$11.45

Total

return

d

.......................

0.62%

(8.00)%

(0.83)%

(0.41)%

8.36%

2.67%

Ratios

to

average

net

assets

e

Expenses

f

.........................

1.24%

1.24%

1.23%

1.22%

1.24%

1.24%

Net

investment

income

...............

2.37%

2.18%

1.66%

2.01%

2.32%

2.74%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$19,204

$23,346

$36,062

$50,968

$66,329

$69,045

Portfolio

turnover

rate

................

2.41%

13.39%

14.21%

19.32%

15.00%

10.85%

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

Colorado

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

48

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.27

$11.41

$11.69

$11.97

$11.32

$11.33

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16

0.31

0.28

0.32

0.35

0.39

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.15)

(0.28)

(0.29)

0.66

(0.01)

Total

from

investment

operations

........

0.10

(0.84)

—

0.03

1.01

0.38

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.28)

(0.31)

(0.36)

(0.39)

Net

asset

value,

end

of

period

..........

$10.21

$10.27

$11.41

$11.69

$11.97

$11.32

Total

return

d

.......................

0.98%

(7.35)%

(0.05)%

0.27%

9.09%

3.40%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.56%

0.56%

0.55%

0.56%

0.56%

0.58%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.56%

g

0.55%

0.54%

0.54%

0.55%

0.55%

Net

investment

income

...............

3.11%

2.91%

2.38%

2.68%

3.01%

3.43%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$16,488

$15,147

$23,615

$19,296

$14,297

$8,396

Portfolio

turnover

rate

................

2.41%

13.39%

14.21%

19.32%

15.00%

10.85%

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

Financial

Highlights

Franklin

Colorado

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,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.26

$11.40

$11.68

$11.96

$11.31

$11.32

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16

0.30

0.28

0.31

0.35

0.38

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.14)

(0.28)

(0.28)

0.66

(—)

d

Total

from

investment

operations

........

0.10

(0.84)

—

0.03

1.01

0.38

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.28)

(0.31)

(0.36)

(0.39)

Net

asset

value,

end

of

period

..........

$10.20

$10.26

$11.40

$11.68

$11.96

$11.31

Total

return

e

.......................

0.96%

(7.40)%

(0.10)%

0.23%

9.06%

3.38%

Ratios

to

average

net

assets

f

Expenses

g

........................

0.60%

0.60%

0.58%

0.58%

0.59%

0.59%

Net

investment

income

...............

3.08%

2.87%

2.33%

2.66%

2.97%

3.39%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$98,199

$97,723

$137,797

$132,696

$115,924

$92,530

Portfolio

turnover

rate

................

2.41%

13.39%

14.21%

19.32%

15.00%

10.85%

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%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2023

Franklin

Colorado

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

Corporate

Bonds

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

1,400,000

$

1,364,433

Total

Corporate

Bonds

(Cost

$1,400,000)

.......................................

1,364,433

Municipal

Bonds

97.5%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

2,000,000

1,636,147

Colorado

90.5%

Adams

State

University

,

Revenue,

2012,

5%,

5/15/37

.........................................

630,000

630,092

Revenue,

2019

A,

Refunding,

4%,

5/15/42

...............................

1,515,000

1,426,798

Anthem

West

Metropolitan

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/35

3,000,000

3,082,888

Arapahoe

County

School

District

No.

1

Englewood

,

GO

,

2017

,

5

%

,

12/01/42

.......

7,000,000

7,221,457

Arapahoe

County

School

District

No.

6

Littleton

,

GO

,

2019

A

,

5.5

%

,

12/01/43

......

12,980,000

13,989,813

Arapahoe

County

Water

&

Wastewater

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/37

........................................................

1,000,000

1,002,199

Board

of

Governors

of

Colorado

State

University

System

,

Revenue,

2013

A,

Refunding,

5%,

3/01/43

...............................

5,000,000

5,608,852

Revenue,

2015

A,

Pre-Refunded,

5%,

3/01/40

............................

3,990,000

4,092,147

Revenue,

2017

E,

Refunding,

4%,

3/01/43

...............................

4,500,000

4,332,988

Revenue,

2019

A,

Refunding,

5%,

3/01/49

...............................

4,000,000

4,205,982

Revenue,

A,

Refunding,

4%,

3/01/40

...................................

5,000,000

4,870,818

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017

A

,

5

%

,

9/15/47

.........................................................

10,000,000

10,401,991

b

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-1

,

Refunding

,

5

%

,

12/01/49

........................................................

4,331,000

3,909,582

Castle

Oaks

Metropolitan

District

No.

3

,

GO

,

2020

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/45

........................................................

1,140,000

1,034,444

Centennial

Water

&

Sanitation

District

,

Revenue,

2019,

5%,

12/01/43

........................................

3,000,000

3,157,395

Revenue,

2019,

5.25%,

12/01/48

......................................

6,760,000

7,160,602

Cherokee

Metropolitan

District

,

Revenue,

2020,

BAM

Insured,

4%,

8/01/45

..............................

2,250,000

2,083,071

Revenue,

2020,

BAM

Insured,

4%,

8/01/50

..............................

1,400,000

1,276,192

City

&

County

of

Denver

,

Airport

System,

Revenue,

2013

B,

5%,

11/15/43

...........................

5,000,000

5,004,300

Airport

System,

Revenue,

2018

A,

Refunding,

5%,

12/01/43

..................

5,000,000

5,090,563

Airport

System,

Revenue,

2018

B,

Refunding,

5%,

12/01/48

..................

4,440,000

4,567,366

Airport

System,

Revenue,

2019

C,

Refunding,

5%,

11/15/35

..................

3,000,000

3,244,033

Airport

System,

Revenue,

2022

A,

5%,

11/15/37

...........................

4,250,000

4,519,136

Airport

System,

Revenue,

2022

D,

Refunding,

5%,

11/15/53

..................

5,000,000

5,114,205

Pledged

Excise

Tax,

Revenue,

2016

A,

Refunding,

4%,

8/01/46

...............

3,500,000

3,252,574

Pledged

Excise

Tax,

Revenue,

2018

A-1,

5%,

8/01/48

......................

5,000,000

5,102,376

Pledged

Excise

Tax,

Revenue,

2021

A,

4%,

8/01/34

........................

1,000,000

1,043,535

City

of

Colorado

Springs

,

Utilities

System,

Revenue,

2015

A,

Refunding,

5%,

11/15/45

.................

2,665,000

2,704,343

Utilities

System,

Revenue,

2017

A-2,

Refunding,

5%,

11/15/47

................

6,000,000

6,223,860

Utilities

System,

Revenue,

2018

A-4,

5%,

11/15/48

.........................

5,000,000

5,200,395

Utilities

System,

Revenue,

2020

C,

5%,

11/15/50

..........................

3,000,000

3,154,260

City

of

Fort

Collins

,

Electric

Utility

Enterprise

,

Revenue

,

2018

A

,

5

%

,

12/01/42

......

13,500,000

14,184,447

City

of

Grand

Junction

,

COP,

2021,

4%,

12/01/45

............................................

2,005,000

1,904,839

Sales

&

Use

Tax,

Revenue,

2020

B,

4%,

3/01/49

..........................

3,775,000

3,524,746

Colorado

Educational

&

Cultural

Facilities

Authority

,

Alexander

Dawson

School

LLC

(The),

Revenue,

2010,

5%,

2/15/40

............

5,280,000

5,283,100

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/36

....................

425,000

389,553

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

51

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Colorado

Educational

&

Cultural

Facilities

Authority,

(continued)

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/41

....................

$

150,000

$

127,376

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/51

....................

370,000

286,976

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/61

....................

550,000

406,336

Denver

School

of

Science

&

Technology,

Inc.,

Revenue,

2021,

3%,

8/01/41

......

1,460,000

1,103,028

Denver

School

of

Science

&

Technology,

Inc.,

Revenue,

2021,

3%,

8/01/51

......

3,635,000

2,394,107

Eagle

Ridge

Academy,

Revenue,

2022

A,

Refunding,

5%,

11/01/37

............

1,000,000

1,034,094

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/26

.......

195,000

191,013

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/32

.......

280,000

267,191

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/52

.......

1,355,000

1,033,430

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/62

.......

1,600,000

1,158,784

James

Irwin

Educational

Foundation

Obligated

Group,

Revenue,

2022,

5%,

9/01/52

750,000

705,503

James

Irwin

Educational

Foundation

Obligated

Group,

Revenue,

2022,

5%,

9/01/57

1,765,000

1,640,021

Lighthouse

Building

Corp.,

Revenue,

2021,

4%,

10/01/46

....................

345,000

272,735

Lighthouse

Building

Corp.,

Revenue,

2021,

4%,

10/01/56

....................

1,000,000

742,253

Lighthouse

Building

Corp.,

Revenue,

2021,

4%,

10/01/61

....................

2,210,000

1,588,739

Pinnacle

Charter

School,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

12/01/50

.......

5,820,000

4,996,297

Union

Colony

Schools,

Revenue,

2018,

Refunding,

5%,

4/01/48

...............

715,000

715,267

University

of

Denver,

Revenue,

2017

A,

5%,

3/01/47

.......................

3,950,000

4,070,265

West

Ridge

Academy

Charter

School,

Revenue,

2019

A,

Refunding,

5%,

6/01/49

..

400,000

400,410

Westgate

Community

School,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

........

2,370,000

2,179,674

Windsor

Charter

Academy

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

9/01/50

2,400,000

2,052,409

Colorado

Health

Facilities

Authority

,

AdventHealth

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

11/15/41

......

3,000,000

2,913,208

AdventHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/15/37

......

5,000,000

5,344,298

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/35

.......................................................

1,575,000

1,565,935

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/37

.......................................................

850,000

806,030

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/38

.......................................................

705,000

657,559

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/39

.......................................................

835,000

770,881

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/40

.......................................................

725,000

664,961

BSLC

Obligated

Group,

Revenue,

2018

A-1,

Refunding,

5%,

9/15/48

...........

3,000,000

2,631,366

BSLC

Obligated

Group,

Revenue,

2018

A-1,

Refunding,

4.75%,

9/15/53

.........

1,500,000

1,174,878

Children's

Hospital

Colorado

Obligated

Group,

Revenue,

2016

A,

5%,

12/01/44

...

5,000,000

5,028,696

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/38

3,000,000

3,095,950

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/39

2,000,000

2,056,960

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

7,000,000

7,150,109

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

4%,

8/01/49

9,990,000

8,657,938

CommonSpirit

Health

Obligated

Group,

Revenue,

2022

A,

5.25%,

11/01/52

......

3,000,000

3,058,825

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

12/01/35

...........................................

7,150,000

7,168,125

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2018

A,

5%,

12/01/48

.......................................................

5,000,000

4,706,175

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

12/01/50

...........................................

5,700,000

4,532,580

Craig

Hospital

Obligated

Group,

Revenue,

2022

A,

5%,

12/01/52

..............

3,535,000

3,568,387

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

6/01/40

............................................

4,000,000

4,116,733

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

6/01/45

............................................

2,750,000

2,830,254

Intermountain

Healthcare

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

1/01/38

........................................................

3,660,000

3,610,199

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2016,

5%,

9/01/46

.....

5,000,000

5,011,927

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.

52

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Colorado

Health

Facilities

Authority,

(continued)

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

...

$

6,275,000

$

5,267,916

Sanford

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/01/44

..........

3,495,000

3,530,102

Sanford

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/01/49

..........

8,050,000

8,049,761

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/40

................

2,000,000

2,001,983

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/45

................

1,000,000

999,990

Colorado

High

Performance

Transportation

Enterprise

,

C-470

Express

Lanes

System

,

Revenue

,

2017

,

5

%

,

12/31/47

........................................

2,555,000

2,540,583

Colorado

Housing

and

Finance

Authority

,

Revenue,

2019

B-1,

I,

3.15%,

10/01/44

.................................

1,000,000

779,872

Revenue,

2019

B-1,

I,

3.25%,

10/01/49

.................................

1,000,000

752,752

Colorado

Mesa

University

,

Revenue,

2019

B,

5%,

5/15/44

........................................

1,000,000

1,043,071

Revenue,

2019

B,

5%,

5/15/49

........................................

1,565,000

1,621,965

Colorado

School

of

Mines

,

Revenue,

2017

A,

5%,

12/01/42

.......................................

2,450,000

2,551,653

Revenue,

2017

A,

5%,

12/01/47

.......................................

3,000,000

3,108,274

Crystal

Valley

Metropolitan

District

No.

2

,

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

3

%

,

12/01/49

........................................................

3,000,000

2,226,559

Denver

City

&

County

School

District

No.

1

,

COP,

2020

A,

5%,

12/01/42

..........................................

2,000,000

2,155,926

GO,

2017,

5%,

12/01/41

.............................................

5,000,000

5,175,109

Denver

Convention

Center

Hotel

Authority

,

Revenue,

Senior

Lien

,

2016

,

Refunding

,

5

%

,

12/01/40

.....................................................

9,775,000

9,491,030

Denver

Health

&

Hospital

Authority

,

COP,

2018,

5%,

12/01/48

............................................

5,255,000

4,946,189

Revenue,

2014

A,

5.25%,

12/01/45

....................................

9,250,000

9,257,383

Revenue,

2019

A,

Refunding,

5%,

12/01/30

..............................

1,000,000

1,038,214

Revenue,

2019

A,

Refunding,

5%,

12/01/32

..............................

1,330,000

1,381,605

Revenue,

2019

A,

Refunding,

5%,

12/01/33

..............................

3,300,000

3,417,734

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

A

,

4

%

,

12/01/48

........................................................

350,000

290,037

Eagle

River

Water

&

Sanitation

District

,

GO

,

2016

,

5

%

,

12/01/45

................

1,360,000

1,398,025

East

Cherry

Creek

Valley

Water

and

Sanitation

District

,

Revenue

,

2019

A

,

4

%

,

11/15/39

1,200,000

1,182,160

Erie

Farm

Metropolitan

District

,

GO,

2021,

Refunding,

AGMC

Insured,

5%,

12/01/41

........................

575,000

610,266

GO,

2021,

Refunding,

AGMC

Insured,

5%,

12/01/46

........................

700,000

738,037

GO,

2021,

Refunding,

AGMC

Insured,

4%,

12/01/51

........................

1,200,000

1,059,738

b

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5.55

%

,

12/01/47

3,500,000

3,503,088

Flying

Horse

Metropolitan

District

No.

2

,

GO,

2020

A,

Refunding,

AGMC

Insured,

4%,

12/01/44

......................

520,000

479,766

GO,

2020

A,

Refunding,

AGMC

Insured,

4%,

12/01/50

......................

875,000

769,120

Gunnison

Watershed

School

District

No.

Re

1J

,

GO

,

2023

,

5

%

,

12/01/47

..........

3,250,000

3,498,017

Larimer

County

School

District

No.

R-1

Poudre

,

GO

,

2018

,

5

%

,

12/15/40

..........

5,000,000

5,265,780

Meridian

Metropolitan

District

,

GO

,

2023

,

AGMC

Insured

,

4.375

%

,

12/01/53

.......

2,000,000

1,942,565

North

Pine

Vistas

Metropolitan

District

No.

2

,

GO

,

2022

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/52

.....................................................

1,125,000

1,163,550

Park

70

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/36

....................................

1,000,000

1,012,041

GO,

2016,

Refunding,

5%,

12/01/46

....................................

1,500,000

1,483,023

Park

Creek

Metropolitan

District

,

Westerly

Creek

District

Service

Area,

Revenue,

2017

A,

5%,

12/01/41

..........

3,000,000

3,009,683

Westerly

Creek

District

Service

Area,

Revenue,

2017

A,

5%,

12/01/46

..........

2,500,000

2,483,125

Westerly

Creek

District

Service

Area,

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

12/01/45

.......................................................

7,000,000

6,997,133

Westerly

Creek

District

Service

Area,

Revenue,

Senior

Lien,

2018

A,

5%,

12/01/46

.

2,875,000

2,960,283

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

53

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Parker

Water

&

Sanitation

District

,

Revenue

,

2018

,

5

%

,

11/01/42

................

$

6,475,000

$

6,749,245

Patriot

Park

Metropolitan

District

No.

2

,

GO

,

2021

,

4.3

%

,

12/01/50

...............

539,000

408,536

Prairiestar

Metropolitan

District

No.

2

,

GO,

2021

A,

Refunding,

BAM

Insured,

5%,

12/01/36

.......................

500,000

542,229

GO,

2021

A,

Refunding,

BAM

Insured,

5%,

12/01/41

.......................

500,000

530,666

GO,

2021

A,

Refunding,

BAM

Insured,

5%,

12/01/46

.......................

500,000

527,170

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

............

9,900,000

11,611,686

Regional

Transportation

District

,

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

1/15/33

........

550,000

557,538

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/35

........

1,000,000

1,005,160

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/36

........

750,000

745,446

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/38

........

700,000

677,457

Sales

Tax,

Revenue,

2016

A,

5%,

11/01/41

...............................

10,000,000

10,302,353

Sales

Tax,

Revenue,

2016

A,

5%,

11/01/46

...............................

11,000,000

11,306,284

Sand

Creek

Metropolitan

District

,

GO

,

2020

B

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/40

........................................................

2,665,000

2,568,977

Silver

Peaks

Metropolitan

District

No.

3

,

GO,

Senior

Lien

,

2020

A

,

5

%

,

12/01/50

....

1,000,000

856,359

South

Timnath

Metropolitan

District

No.

2

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/42

.....

5,690,000

5,682,651

State

of

Colorado

,

COP,

2013

I,

Pre-Refunded,

5%,

3/15/36

................................

3,000,000

3,024,055

COP,

2017

J,

5.25%,

3/15/42

.........................................

5,000,000

5,205,357

COP,

2020,

Refunding,

4%,

6/15/40

....................................

1,315,000

1,295,696

COP,

2020

A,

4%,

12/15/38

..........................................

3,555,000

3,533,096

COP,

2020

R,

4%,

3/15/45

...........................................

5,000,000

4,756,541

Sterling

Hills

West

Metropolitan

District

,

GO

,

2017

,

Refunding

,

5

%

,

12/01/39

.......

1,125,000

1,160,867

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

3.75%,

12/01/40

.................................................

500,000

419,100

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

4.25%,

12/01/50

.................................................

1,250,000

1,023,027

Thompson

Crossing

Metropolitan

District

No.

2

,

GO

,

2016

B

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/46

..............................................

4,500,000

4,621,690

Town

of

Monument

,

COP

,

2020

,

AGMC

Insured

,

4

%

,

12/01/45

..................

2,000,000

1,883,032

University

of

Colorado

,

Revenue

,

2019

B

,

5

%

,

6/01/44

.......................

1,930,000

2,029,640

Vauxmont

Metropolitan

District

,

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/15/27

........................

380,000

398,626

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/15/32

........................

480,000

503,156

Whispering

Pines

Metropolitan

District

No.

1

,

GO

,

2023

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/52

.....................................................

900,000

924,222

Winter

Farm

Metropolitan

District

No.

2

,

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/01/39

........................

630,000

657,211

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/01/44

........................

500,000

516,149

464,689,154

Florida

1.3%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

4,104,000

3,360,199

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

800,000

523,785

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

3,215,000

2,640,319

6,524,303

Georgia

0.4%

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

2,400,000

1,894,583

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.

54

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

0.8%

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

$

3,000,000

$

2,913,881

GO,

2021

A,

5%,

3/01/33

............................................

500,000

542,472

GO,

2021

A,

5%,

3/01/37

............................................

250,000

263,593

GO,

2021

A,

4%,

3/01/39

............................................

500,000

475,507

4,195,453

New

York

0.2%

Metropolitan

Transportation

Authority

,

Revenue

,

2020

D

,

4

%

,

11/15/47

...........

900,000

814,218

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,400,000

1,103,360

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,400,000

1,100,083

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

2,100,000

1,384,249

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

750,000

562,402

4,150,094

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,800,000

1,271,348

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,400,000

1,772,896

3,044,244

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

1,103,238

Wisconsin

1.3%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,400,000

1,083,603

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

2,400,000

1,891,609

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

3,700,000

3,701,887

6,677,099

U.S.

Territories

1.1%

Guam

0.3%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,500,000

1,493,024

Puerto

Rico

0.8%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

..................

1,485,000

1,480,464

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,200,000

1,179,646

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

981,968

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

750,000

727,804

4,369,882

Total

U.S.

Territories

....................................................................

5,862,906

Total

Municipal

Bonds

(Cost

$537,959,117)

.....................................

500,591,439

Total

Long

Term

Investments

(Cost

$539,359,117)

...............................

501,955,872

a

a

a

a

a

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

55

See

Abbreviations

on

page

151

.

Short

Term

Investments

0.2%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.2%

Colorado

0.2%

c

Colorado

Educational

&

Cultural

Facilities

Authority

,

Daughters

of

Israel,

Inc.

,

Revenue

,

B-4

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

12/01/35

..................

$

1,060,000

$

1,060,000

Total

Municipal

Bonds

(Cost

$1,060,000)

.......................................

1,060,000

Total

Short

Term

Investments

(Cost

$1,060,000

)

.................................

1,060,000

a

Total

Investments

(Cost

$540,419,117)

98.0%

...................................

$503,015,872

Other

Assets,

less

Liabilities

2.0%

.............................................

10,416,217

Net

Assets

100.0%

...........................................................

$513,432,089

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

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,

2023,

the

aggregate

value

of

these

securities

was

$26,345,949,

representing

5.1%

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

Connecticut

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

56

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.86

$9.85

$10.17

$10.39

$10.05

$10.01

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.12

0.22

0.20

0.26

0.29

0.14

Net

realized

and

unrealized

gains

(losses)

(0.07)

(0.99)

(0.32)

(0.22)

0.36

0.04

Total

from

investment

operations

........

0.05

(0.77)

(0.12)

0.04

0.65

0.18

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.22)

(0.20)

(0.26)

(0.31)

(0.14)

Net

asset

value,

end

of

period

..........

$8.79

$8.86

$9.85

$10.17

$10.39

$10.05

Total

return

e

.......................

0.55%

(7.84)%

(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%

0.97%

0.98%

0.94%

0.93%

0.92%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

g

........

0.90%

0.91%

0.98%

0.94%

0.93%

0.92%

Net

investment

income

...............

2.69%

2.44%

1.95%

2.58%

2.83%

2.98%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$26,203

$27,698

$34,084

$28,498

$21,670

$13,765

Portfolio

turnover

rate

................

8.67%

14.70%

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)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

57

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.85

$9.84

$10.16

$10.38

$10.04

$10.08

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.23

0.22

0.28

0.30

0.31

Net

realized

and

unrealized

gains

(losses)

(0.07)

(0.99)

(0.32)

(0.22)

0.36

(0.03)

Total

from

investment

operations

........

0.06

(0.76)

(0.10)

0.06

0.66

0.28

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.23)

(0.22)

(0.28)

(0.32)

(0.32)

Net

asset

value,

end

of

period

..........

$8.78

$8.85

$9.84

$10.16

$10.38

$10.04

Total

return

d

.......................

0.63%

(7.71)%

(1.08)%

0.57%

6.70%

2.86%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

........

0.84%

0.83%

0.83%

0.79%

0.78%

0.77%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

f

........

0.75%

0.76%

0.83%

0.79%

0.78%

0.77%

Net

investment

income

...............

2.85%

2.59%

2.12%

2.76%

2.98%

3.13%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$89,682

$93,653

$119,599

$135,916

$150,081

$160,148

Portfolio

turnover

rate

................

8.67%

14.70%

23.52%

20.73%

11.63%

15.00%

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.

58

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.92

$9.92

$10.24

$10.46

$10.13

$10.16

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.10

0.18

0.16

0.23

0.25

0.26

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.00)

(0.32)

(0.23)

0.35

(0.02)

Total

from

investment

operations

........

0.04

(0.82)

(0.16)

—

0.60

0.24

Less

distributions

from:

Net

investment

income

..............

(0.10)

(0.18)

(0.16)

(0.22)

(0.27)

(0.27)

Net

asset

value,

end

of

period

..........

$8.86

$8.92

$9.92

$10.24

$10.46

$10.13

Total

return

d

.......................

0.46%

(8.26)%

(1.62)%

0.02%

5.98%

2.37%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

........

1.39%

1.37%

1.38%

1.34%

1.33%

1.32%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

f

........

1.30%

1.31%

1.38%

1.34%

1.33%

1.32%

Net

investment

income

...............

2.25%

2.01%

1.58%

2.21%

2.43%

2.58%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$4,488

$4,828

$7,281

$13,302

$20,421

$26,076

Portfolio

turnover

rate

................

8.67%

14.70%

23.52%

20.73%

11.63%

15.00%

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

59

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.85

$9.84

$10.16

$10.38

$10.04

$10.08

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.25

0.23

0.29

0.32

0.33

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.00)

(0.32)

(0.22)

0.36

(0.03)

Total

from

investment

operations

........

0.07

(0.75)

(0.09)

0.07

0.68

0.30

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.24)

(0.23)

(0.29)

(0.34)

(0.34)

Net

asset

value,

end

of

period

..........

$8.79

$8.85

$9.84

$10.16

$10.38

$10.04

Total

return

d

.......................

0.81%

(7.58)%

(0.91)%

0.71%

6.85%

2.99%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.71%

0.69%

0.68%

0.70%

0.70%

0.65%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.62%

0.63%

0.67%

0.66%

0.64%

0.63%

Net

investment

income

...............

2.97%

2.75%

2.27%

2.79%

3.12%

3.27%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$3,472

$2,952

$1,815

$1,385

$299

$147

Portfolio

turnover

rate

................

8.67%

14.70%

23.52%

20.73%

11.63%

15.00%

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

Connecticut

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,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.84

$9.83

$10.15

$10.37

$10.04

$10.08

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.24

0.23

0.29

0.31

0.32

Net

realized

and

unrealized

gains

(losses)

(0.06)

(0.99)

(0.32)

(0.22)

0.35

(0.03)

Total

from

investment

operations

........

0.07

(0.75)

(0.09)

0.07

0.66

0.29

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.24)

(0.23)

(0.29)

(0.33)

(0.33)

Net

asset

value,

end

of

period

..........

$8.78

$8.84

$9.83

$10.15

$10.37

$10.04

Total

return

d

.......................

0.79%

(7.63)%

(0.98)%

0.67%

6.71%

2.96%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

........

0.75%

0.73%

0.73%

0.69%

0.68%

0.67%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

f

........

0.65%

0.66%

0.73%

0.69%

0.68%

0.67%

Net

investment

income

...............

2.97%

2.69%

2.22%

2.85%

3.08%

3.23%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$16,026

$14,477

$20,378

$20,968

$20,024

$19,351

Portfolio

turnover

rate

................

8.67%

14.70%

23.52%

20.73%

11.63%

15.00%

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,

2023

Franklin

Connecticut

Tax-Free

Income

Fund

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

97.3%

Connecticut

91.1%

City

of

Ansonia

,

GO

,

2021

A

,

AGMC

Insured

,

3

%

,

2/15/37

.....................

$

500,000

$

433,224

City

of

Bridgeport

,

GO,

2021

A,

4%,

8/01/40

............................................

765,000

710,767

GO,

2021

A,

4%,

8/01/46

............................................

375,000

336,615

GO,

2021

A,

4%,

8/01/51

............................................

575,000

502,262

City

of

New

Britain

,

GO

,

2017

C

,

AGMC

Insured

,

5

%

,

3/01/36

..................

1,000,000

1,045,433

City

of

New

Haven

,

GO

,

2021

A

,

Refunding

,

4

%

,

8/01/41

......................

2,000,000

1,802,992

City

of

Stamford

,

Water

Pollution

Control

System

&

Facility

,

Revenue

,

2013

A

,

5.25

%

,

8/15/43

.........................................................

1,000,000

1,000,712

City

of

West

Haven

,

GO

,

2021

,

4

%

,

9/15/41

...............................

565,000

515,410

Connecticut

Housing

Finance

Authority

,

Revenue,

2019

E-E1,

3.05%,

11/15/44

..................................

5,000,000

3,860,864

Revenue,

2019

E-E1,

3.1%,

11/15/49

...................................

2,000,000

1,496,071

Revenue,

2020

C-1,

Refunding,

2.05%,

5/15/37

...........................

1,000,000

769,232

Revenue,

2020

C-2,

Refunding,

2.2%,

11/15/34

...........................

960,000

769,439

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Avon

Old

Farms

School

Obligated

Group,

Revenue,

D-1,

Refunding,

4%,

7/01/46

..

1,000,000

890,826

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/36

480,000

485,366

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/37

600,000

600,601

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/38

315,000

310,805

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/39

380,000

371,791

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/42

860,000

830,151

Connecticut

Children's

Medical

Center

Obligated

Group,

Revenue,

E,

5.25%,

7/15/48

1,560,000

1,640,331

Connecticut

College,

Revenue,

L-1,

Refunding,

4%,

7/01/46

..................

5,000,000

4,461,381

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2018

B,

5%,

12/01/40

.......................................................

4,000,000

3,861,814

Fairfield

University,

Revenue,

Q-1,

5%,

7/01/46

...........................

9,000,000

9,124,960

Hartford

HealthCare

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/46

..........

6,000,000

5,471,703

Jerome

Home,

Revenue,

2021

E,

Refunding,

4%,

7/01/41

...................

735,000

614,406

Jerome

Home,

Revenue,

2021

E,

Refunding,

4%,

7/01/51

...................

1,250,000

952,315

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/38

.....

1,000,000

903,440

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/41

.....

6,310,000

5,504,530

Quinnipiac

University,

Revenue,

L,

Refunding,

5%,

7/01/45

..................

8,250,000

8,320,846

Sacred

Heart

University,

Inc.,

Revenue,

I-1,

Refunding,

5%,

7/01/42

............

4,375,000

4,456,939

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/35

.....................

550,000

593,801

Sacred

Heart

University,

Inc.,

Revenue,

K,

4%,

7/01/45

.....................

1,200,000

1,078,026

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

4%,

7/01/37

...

2,550,000

2,423,751

Taft

School

Corp.

(The),

Revenue,

L,

Refunding,

3%,

7/01/46

.................

2,210,000

1,663,137

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

CT,

5%,

12/01/45

.........

5,000,000

5,050,245

Trustees

of

Trinity

College

(The),

Revenue,

R,

Refunding,

4%,

6/01/45

..........

2,500,000

2,254,475

Trustees

of

Trinity

College

(The),

Revenue,

S,

Refunding,

4%,

6/01/51

..........

4,000,000

3,508,577

University

of

Hartford

(The),

Revenue,

2022

P,

5.375%,

7/01/52

...............

2,000,000

1,804,173

Yale-New

Haven

Health

Obligated

Group,

Revenue,

N,

5%,

7/01/48

............

5,000,000

4,760,853

Connecticut

State

Higher

Education

Supplement

Loan

Authority

,

Revenue,

2020

B,

3.25%,

11/15/36

....................................

1,640,000

1,412,820

Revenue,

2020

D,

Pre-Refunded,

3%,

11/15/35

...........................

1,145,000

1,141,020

Revenue,

2021

B,

2.25%,

11/15/37

....................................

2,500,000

1,909,408

Hartford

County

Metropolitan

District

,

Clean

Water

Project

,

Revenue

,

2014

A

,

Pre-

Refunded

,

5

%

,

11/01/42

.............................................

2,500,000

2,548,307

South

Central

Connecticut

Regional

Water

Authority

,

Revenue,

Second

Series

,

32nd

B

,

Refunding

,

5

%

,

8/01/38

.............................................

1,720,000

1,772,930

State

of

Connecticut

,

GO,

2020

A,

4%,

1/15/38

............................................

7,250,000

7,269,969

GO,

2020

C,

4%,

6/01/39

............................................

600,000

596,404

Special

Tax,

2016

A,

5%,

9/01/33

......................................

1,000,000

1,044,271

Special

Tax,

2018

A,

5%,

1/01/36

......................................

1,000,000

1,062,649

Special

Tax,

2020

A,

5%,

5/01/35

......................................

4,500,000

4,974,763

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.

62

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Connecticut

(continued)

State

of

Connecticut,

(continued)

Special

Tax,

2020

A,

4%,

5/01/39

......................................

$

1,000,000

$

994,753

Special

Tax,

2020

A,

5%,

5/01/40

......................................

2,000,000

2,146,124

Special

Tax,

2021

A,

4%,

5/01/40

......................................

1,100,000

1,084,777

Special

Tax,

2021

A,

5%,

5/01/41

......................................

1,500,000

1,619,743

Bradley

International

Airport

CFC,

Revenue,

2019

A,

5%,

7/01/49

..............

1,400,000

1,347,502

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2015

A,

5%,

3/01/34

.......

3,000,000

3,073,062

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2017

A,

5%,

5/01/37

.......

1,000,000

1,056,251

Town

of

Hamden

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

4

%

,

8/15/41

..............

500,000

459,216

Town

of

Stafford

,

GO,

2021,

Refunding,

3%,

2/01/36

.....................................

250,000

222,056

GO,

2021,

Refunding,

3%,

2/01/38

.....................................

310,000

261,756

GO,

2021,

Refunding,

3%,

2/01/41

.....................................

300,000

244,807

Town

of

Stratford

,

GO,

2017,

AGMC

Insured,

5%,

7/01/33

.................................

1,000,000

1,032,004

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/36

........................

300,000

301,382

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/38

........................

300,000

294,372

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/40

........................

300,000

289,815

University

of

Connecticut

,

Revenue,

2013

A,

5%,

8/15/28

........................................

3,000,000

3,002,534

Revenue,

2017

A,

5%,

1/15/37

........................................

1,000,000

1,039,393

127,384,352

Florida

0.2%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

500,000

327,366

Georgia

0.4%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

625,000

493,381

Illinois

0.7%

State

of

Illinois

,

GO

,

2020

C

,

4

%

,

10/01/42

................................

1,000,000

924,910

New

Jersey

0.4%

New

Jersey

Economic

Development

Authority

,

Revenue,

2021

QQQ,

4%,

6/15/35

.....................................

300,000

305,263

Revenue,

2021

QQQ,

4%,

6/15/36

.....................................

100,000

101,199

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2020

AA

,

3

%

,

6/15/50

...

230,000

167,864

574,326

South

Carolina

0.9%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

500,000

394,057

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

500,000

392,887

a

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

750,000

494,374

1,281,318

Texas

0.9%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

500,000

353,152

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/47

.................................

780,000

515,886

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

615,000

454,305

1,323,343

Washington

0.3%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

500,000

394,013

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

63

See

Abbreviations

on

page

151

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

0.9%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

$

400,000

$

309,601

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

1,000,000

1,000,510

1,310,111

U.S.

Territories

1.5%

Puerto

Rico

1.5%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/34

................

2,010,000

2,023,945

Total

Municipal

Bonds

(Cost

$149,539,260)

.....................................

136,037,065

a

a

a

a

Short

Term

Investments

1.0%

Municipal

Bonds

1.0%

Connecticut

1.0%

b

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Yale

University

,

Revenue

,

2001

V-2

,

Daily

VRDN

and

Put

,

3.8

%

,

7/01/36

............................

1,400,000

1,400,000

Total

Municipal

Bonds

(Cost

$1,400,000)

.......................................

1,400,000

Total

Short

Term

Investments

(Cost

$1,400,000

)

.................................

1,400,000

a

Total

Investments

(Cost

$150,939,260)

98.3%

...................................

$137,437,065

Other

Assets,

less

Liabilities

1.7%

.............................................

2,434,152

Net

Assets

100.0%

...........................................................

$139,871,217

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,

2023,

the

aggregate

value

of

these

securities

was

$4,220,759,

representing

3.0%

of

net

assets.

b

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Michigan

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

64

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.30

$11.43

$11.84

$12.03

$11.31

$11.19

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.16

0.29

0.26

0.28

0.29

0.15

Net

realized

and

unrealized

gains

(losses)

(0.07)

(1.14)

(0.41)

(0.19)

0.74

0.12

Total

from

investment

operations

........

0.09

(0.85)

(0.15)

0.09

1.03

0.27

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.28)

(0.26)

(0.28)

(0.31)

(0.15)

Net

asset

value,

end

of

period

..........

$10.24

$10.30

$11.43

$11.84

$12.03

$11.31

Total

return

e

.......................

0.89%

(7.43)%

(1.35)%

0.75%

9.19%

2.46%

Ratios

to

average

net

assets

f

Expenses

g

........................

0.83%

0.83%

0.83%

0.82%

0.82%

0.83%

Net

investment

income

...............

3.02%

2.71%

2.16%

2.34%

2.51%

2.86%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$121,053

$120,384

$134,390

$107,468

$74,740

$33,739

Portfolio

turnover

rate

................

3.57%

27.70%

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

65

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.29

$11.42

$11.82

$12.02

$11.30

$11.25

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16

0.30

0.28

0.30

0.31

0.34

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.13)

(0.40)

(0.20)

0.73

0.06

Total

from

investment

operations

........

0.10

(0.83)

(0.12)

0.10

1.04

0.40

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.28)

(0.30)

(0.32)

(0.35)

Net

asset

value,

end

of

period

..........

$10.23

$10.29

$11.42

$11.82

$12.02

$11.30

Total

return

d

.......................

0.97%

(7.29)%

(1.12)%

0.82%

9.36%

3.59%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.68%

0.68%

0.68%

0.67%

0.67%

0.68%

Net

investment

income

...............

3.15%

2.85%

2.32%

2.51%

2.66%

3.01%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$473,224

$497,643

$628,769

$688,038

$731,568

$727,705

Portfolio

turnover

rate

................

3.57%

27.70%

22.05%

10.86%

4.08%

11.55%

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.

66

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.46

$11.61

$12.02

$12.21

$11.48

$11.43

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.24

0.21

0.23

0.25

0.28

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.15)

(0.41)

(0.19)

0.74

0.05

Total

from

investment

operations

........

0.07

(0.91)

(0.20)

0.04

0.99

0.33

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.24)

(0.21)

(0.23)

(0.26)

(0.28)

Net

asset

value,

end

of

period

..........

$10.40

$10.46

$11.61

$12.02

$12.21

$11.48

Total

return

d

.......................

0.68%

(7.86)%

(1.73)%

0.35%

8.74%

2.96%

Ratios

to

average

net

assets

e

Expenses

f

.........................

1.22%

1.22%

1.22%

1.22%

1.22%

1.23%

Net

investment

income

...............

2.51%

2.25%

1.73%

1.93%

2.11%

2.46%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$24,759

$30,730

$43,148

$60,847

$78,321

$80,062

Portfolio

turnover

rate

................

3.57%

27.70%

22.05%

10.86%

4.08%

11.55%

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

67

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.33

$11.46

$11.87

$12.07

$11.35

$11.29

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17

0.32

0.29

0.31

0.33

0.35

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.14)

(0.41)

(0.20)

0.73

0.07

Total

from

investment

operations

........

0.11

(0.82)

(0.12)

0.11

1.06

0.42

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.31)

(0.29)

(0.31)

(0.34)

(0.36)

Net

asset

value,

end

of

period

..........

$10.27

$10.33

$11.46

$11.87

$12.07

$11.35

Total

return

d

.......................

1.04%

(7.14)%

(1.06)%

0.96%

9.48%

3.79%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.54%

0.55%

0.55%

0.55%

0.55%

0.57%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.54%

g

0.54%

0.54%

0.53%

0.53%

0.54%

Net

investment

income

...............

3.30%

2.99%

2.44%

2.62%

2.80%

3.15%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$13,841

$9,690

$11,255

$6,228

$4,153

$3,042

Portfolio

turnover

rate

................

3.57%

27.70%

22.05%

10.86%

4.08%

11.55%

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

Financial

Highlights

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

68

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.32

$11.46

$11.86

$12.06

$11.34

$11.29

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17

0.31

0.29

0.31

0.32

0.35

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.14)

(0.40)

(0.20)

0.74

0.06

Total

from

investment

operations

........

0.11

(0.83)

(0.11)

0.11

1.06

0.41

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.31)

(0.29)

(0.31)

(0.34)

(0.36)

Net

asset

value,

end

of

period

..........

$10.26

$10.32

$11.46

$11.86

$12.06

$11.34

Total

return

d

.......................

1.02%

(7.26)%

(1.01)%

0.92%

9.44%

3.67%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.58%

0.58%

0.58%

0.57%

0.57%

0.58%

Net

investment

income

...............

3.22%

2.95%

2.41%

2.59%

2.76%

3.11%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$71,542

$80,068

$107,625

$102,001

$79,717

$63,190

Portfolio

turnover

rate

................

3.57%

27.70%

22.05%

10.86%

4.08%

11.55%

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,

2023

Franklin

Michigan

Tax-Free

Income

Fund

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

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

1,800,000

$

1,754,272

Total

Corporate

Bonds

(Cost

$1,800,000)

.......................................

1,754,272

Municipal

Bonds

99.2%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

2,650,000

2,167,895

Florida

1.2%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

5,256,000

4,303,413

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

900,000

589,258

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

4,100,000

3,367,125

8,259,796

Illinois

0.6%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/52

..

2,500,000

2,131,538

State

of

Illinois

,

GO

,

2021

B

,

4

%

,

12/01/39

................................

1,860,000

1,756,271

3,887,809

Kentucky

0.8%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

8,625,000

5,621,286

Michigan

88.0%

c

Bangor

Township

School

District

,

GO

,

2023

,

5

%

,

5/01/53

......................

2,000,000

2,067,919

Battle

Creek

School

District

,

GO

,

2022

,

4

%

,

5/01/45

.........................

3,000,000

2,871,929

Belding

Area

Schools

,

GO

,

2022

,

4.25

%

,

5/01/52

...........................

7,330,000

7,032,083

Byron

Center

Public

Schools

,

GO,

2017

I,

5%,

5/01/34

.............................................

1,000,000

1,065,086

GO,

2017

I,

5%,

5/01/35

.............................................

1,920,000

2,034,499

GO,

2017

I,

5%,

5/01/36

.............................................

650,000

685,259

GO,

2017

I,

5%,

5/01/37

.............................................

1,480,000

1,549,745

GO,

2017

I,

5%,

5/01/38

.............................................

1,330,000

1,382,587

GO,

2017

I,

5%,

5/01/39

.............................................

2,290,000

2,371,103

GO,

2017

I,

5%,

5/01/43

.............................................

2,250,000

2,306,939

GO,

2017

I,

5%,

5/01/47

.............................................

4,140,000

4,230,386

Caledonia

Community

Schools

,

GO

,

2023

I

,

5

%

,

5/01/53

......................

2,000,000

2,119,238

Central

Michigan

University

,

Revenue,

2014,

Refunding,

5%,

10/01/30

................................

1,910,000

1,932,811

Revenue,

2014,

Refunding,

5%,

10/01/31

................................

1,055,000

1,066,492

Revenue,

2014,

Refunding,

5%,

10/01/34

................................

1,600,000

1,615,752

Revenue,

2014,

Refunding,

5%,

10/01/39

................................

2,000,000

2,015,716

Revenue,

2021,

Refunding,

3%,

10/01/46

................................

1,325,000

972,697

Charter

Township

of

Bloomfield

,

GO

,

2016

,

Refunding

,

5

%

,

5/01/32

..............

1,000,000

1,043,411

Charter

Township

of

Commerce

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/38

............

3,250,000

3,329,771

City

of

Battle

Creek

,

Water

&

Wastewater

System

,

Revenue

,

2016

A

,

5

%

,

6/01/36

...

1,300,000

1,350,039

City

of

Detroit

,

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Second

Lien,

2003

B,

NATL

Insured,

5%,

7/01/34

.........................................

25,000

25,032

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Senior

Lien,

06A,

AGMC

Insured,

5%,

7/01/34

........................................

30,000

30,040

City

of

Grand

Rapids

,

Sanitary

Sewer

System,

Revenue,

2014,

Pre-Refunded,

5%,

1/01/39

...........

80,000

80,399

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/37

.......................

1,040,000

1,097,969

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/43

.......................

1,000,000

1,030,791

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.

70

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,

2020,

Refunding,

5%,

1/01/45

..............

$

2,000,000

$

2,111,347

Water

Supply

System,

Revenue,

2016,

Refunding,

5%,

1/01/41

...............

2,190,000

2,225,812

Water

Supply

System,

Revenue,

2016,

Refunding,

5%,

1/01/46

...............

2,525,000

2,565,173

Water

Supply

System,

Revenue,

2018,

Refunding,

5%,

1/01/43

...............

1,500,000

1,550,378

Water

Supply

System,

Revenue,

2018,

Refunding,

5%,

1/01/48

...............

2,000,000

2,061,344

Water

Supply

System,

Revenue,

2020,

5%,

1/01/40

........................

2,400,000

2,566,043

Water

Supply

System,

Revenue,

2020,

5%,

1/01/50

........................

3,000,000

3,163,942

City

of

Lansing

,

GO

,

2023

,

AGMC

Insured

,

4.25

%

,

6/01/53

....................

2,225,000

2,083,193

Comstock

Public

Schools

,

GO

,

2022

I

,

4

%

,

5/01/52

..........................

3,000,000

2,734,568

County

of

Kent

,

GO,

2016,

5%,

6/01/32

.............................................

1,305,000

1,361,216

GO,

2016,

5%,

6/01/33

.............................................

1,275,000

1,328,905

County

of

Muskegon

,

GO,

2015,

Refunding,

5%,

11/01/33

....................................

1,360,000

1,398,523

GO,

2015,

Refunding,

5%,

11/01/36

....................................

1,735,000

1,780,155

Detroit

City

School

District

,

GO

,

2001

A

,

AGMC

Insured

,

6

%

,

5/01/29

............

8,400,000

9,231,355

DeWitt

Public

Schools

,

GO,

2017,

5%,

5/01/30

.............................................

500,000

535,558

GO,

2017,

5%,

5/01/33

.............................................

815,000

872,179

GO,

2017,

5%,

5/01/34

.............................................

1,000,000

1,069,373

GO,

2017,

5%,

5/01/35

.............................................

1,000,000

1,064,963

GO,

2017,

5%,

5/01/36

.............................................

1,000,000

1,060,604

Downriver

Utility

Wastewater

Authority

,

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/34

....................

510,000

544,131

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/36

....................

1,600,000

1,683,610

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/38

....................

1,500,000

1,560,631

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/43

....................

3,000,000

3,091,165

East

Lansing

School

District

,

GO,

2017

I,

5%,

5/01/35

.............................................

1,500,000

1,587,329

GO,

2017

I,

5%,

5/01/37

.............................................

1,100,000

1,150,686

GO,

2017

I,

5%,

5/01/42

.............................................

3,500,000

3,634,304

Farmington

Public

School

District

,

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/27

.........................

1,000,000

1,025,342

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/28

.........................

2,000,000

2,050,035

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/32

.........................

4,035,000

4,126,785

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/33

.........................

2,900,000

2,965,498

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/34

.........................

3,000,000

3,069,214

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/35

.........................

1,000,000

1,022,586

GO,

2018,

BAM

Insured,

4.5%,

5/01/38

.................................

7,225,000

7,359,564

Flat

Rock

Community

School

District

,

GO

,

2022

I

,

4.5

%

,

5/01/52

................

2,100,000

1,985,604

Gerald

R

Ford

International

Airport

Authority

,

Revenue

,

2021

,

5

%

,

1/01/51

.........

2,000,000

2,060,877

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/44

...........

2,000,000

2,004,766

Munson

Healthcare

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/47

...........

2,500,000

2,504,670

Munson

Healthcare

Obligated

Group,

Revenue,

2019

A,

5%,

7/01/44

...........

1,110,000

1,124,227

Munson

Healthcare

Obligated

Group,

Revenue,

2019

B,

5%,

7/01/39

...........

1,625,000

1,676,756

Munson

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

7/01/51

....

10,000,000

6,576,299

Grand

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

12/01/32

..............................

4,295,000

4,440,158

Revenue,

2018,

5%,

12/01/38

........................................

900,000

945,625

Revenue,

2018,

5%,

12/01/43

........................................

1,800,000

1,877,954

Grandville

Public

Schools

,

GO,

II,

AGMC

Insured,

5%,

5/01/29

....................................

750,000

768,519

GO,

II,

AGMC

Insured,

5%,

5/01/30

....................................

1,000,000

1,023,071

GO,

II,

AGMC

Insured,

5%,

5/01/31

....................................

1,150,000

1,176,532

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

71

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

$

1,191,689

GO,

II,

AGMC

Insured,

5%,

5/01/34

....................................

1,315,000

1,345,552

GO,

II,

AGMC

Insured,

5%,

5/01/35

....................................

1,225,000

1,252,271

GO,

II,

AGMC

Insured,

5%,

5/01/37

....................................

2,915,000

2,968,601

GO,

II,

AGMC

Insured,

5%,

5/01/40

....................................

6,215,000

6,308,316

Great

Lakes

Water

Authority

,

Sewage

Disposal

System,

Revenue,

Second

Lien,

2022

B,

5.5%,

7/01/52

.......

1,500,000

1,615,418

Water

Supply

System,

Revenue,

Second

Lien,

2022

B,

5.5%,

7/01/52

..........

5,000,000

5,339,556

Gull

Lake

Community

School

District

,

GO,

2018

I,

5%,

5/01/45

.............................................

4,000,000

4,141,569

GO,

2018

I,

5%,

5/01/48

.............................................

1,000,000

1,032,502

Holly

Area

School

District

,

GO,

2014,

Refunding,

5%,

5/01/30

.....................................

1,045,000

1,055,498

GO,

2014,

Refunding,

5%,

5/01/32

.....................................

1,040,000

1,050,380

Hudsonville

Public

Schools

,

GO,

2017,

Refunding,

5%,

5/01/37

.....................................

1,550,000

1,627,924

GO,

2017,

Refunding,

5%,

5/01/39

.....................................

2,500,000

2,615,406

GO,

2017,

Refunding,

5%,

5/01/41

.....................................

2,500,000

2,612,817

Kent

Hospital

Finance

Authority

,

Mary

Free

Bed

Rehabilitation

Hospital

Obligated

Group

,

Revenue

,

2021

A

,

3

%

,

4/01/51

..................................

6,010,000

3,744,756

Kentwood

Economic

Development

Corp.

,

Holland

Home

Obligated

Group,

Revenue,

2021,

4%,

11/15/45

................

1,655,000

1,228,758

Holland

Home

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

11/15/31

.......

2,000,000

1,818,905

Holland

Home

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

11/15/43

.......

8,820,000

6,710,667

Kentwood

Public

Schools

,

GO,

2016,

5%,

5/01/35

.............................................

1,205,000

1,245,102

GO,

2016,

5%,

5/01/36

.............................................

1,205,000

1,240,791

GO,

2016,

5%,

5/01/38

.............................................

1,210,000

1,241,323

GO,

2016,

5%,

5/01/44

.............................................

2,920,000

2,971,986

Lansing

Board

of

Water

&

Light

,

Revenue

,

2021

A

,

5

%

,

7/01/51

.................

10,000,000

10,317,196

Lansing

Community

College

,

GO

,

2017

,

Refunding

,

5

%

,

5/01/32

................

2,000,000

2,154,133

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/39

.............................................

2,125,000

2,170,863

GO,

2016

I,

5%,

5/01/40

.............................................

2,200,000

2,246,926

Ludington

Area

School

District

,

GO

,

2022

II

,

BAM

Insured

,

4

%

,

5/01/51

...........

7,820,000

7,226,772

Melvindale

Northern

Allen

Park

Public

Schools

,

GO

,

2022

,

AGMC

Insured

,

4.375

%

,

5/01/47

...................................................

1,500,000

1,470,827

Meridian

Public

School

District

,

GO

,

2015

,

Refunding

,

5

%

,

5/01/31

..............

1,130,000

1,154,242

Michigan

Finance

Authority

,

Albion

College,

Revenue,

2022,

Refunding,

5%,

12/01/36

....................

3,270,000

3,315,330

Albion

College,

Revenue,

2022,

Refunding,

4%,

12/01/46

....................

5,365,000

4,302,321

Albion

College,

Revenue,

2022,

Refunding,

4%,

12/01/51

....................

3,415,000

2,637,958

Bronson

Health

Care

Group

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/54

........................................................

11,000,000

11,001,830

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

9/01/50

......

895,000

559,247

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/50

......

2,600,000

2,170,279

Clean

Water

Revolving

Fund,

Revenue,

2016

B,

Refunding,

4%,

10/01/30

.......

2,750,000

2,820,104

Clean

Water

Revolving

Fund,

Revenue,

2018

B,

Refunding,

5%,

10/01/38

.......

8,055,000

8,611,638

County

of

Wayne,

Revenue,

Second

Lien,

2020,

Refunding,

BAM

Insured,

4%,

11/01/55

.......................................................

4,000,000

3,648,718

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/41

.......................................................

19,015,000

19,265,960

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2019

A,

5%,

11/15/48

.....

10,000,000

10,172,411

Kalamazoo

College,

Revenue,

2018,

Refunding,

4%,

12/01/47

................

2,610,000

2,275,451

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/35

.................

400,000

390,088

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.

72

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

Finance

Authority,

(continued)

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/36

.................

$

565,000

$

540,748

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/37

.................

640,000

595,046

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/38

.................

675,000

615,941

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/39

.................

645,000

584,572

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/45

.................

3,780,000

3,301,147

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/50

.................

3,000,000

2,542,420

Lawrence

Technological

University

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

2/01/42

........................................................

745,000

595,208

Michigan

Finance

Authority

Clean

Water

Revolving

Fund,

Revenue,

2018

B,

Refunding,

5%,

10/01/39

...........................................

6,000,000

6,399,268

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A-2,

Refunding,

5%,

6/01/40

....

1,000,000

1,036,766

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/49

...

17,170,000

15,244,381

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-1,

2,

Refunding,

5%,

6/01/49

..

1,560,000

1,586,409

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

5%,

12/01/45

.........

19,710,000

19,908,068

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Pre-Refunded,

5%,

12/01/45

.......................................................

290,000

303,656

Michigan

State

Building

Authority

,

Revenue,

2013

1-A,

Refunding,

5%,

10/15/33

............................

5,000,000

5,007,602

Revenue,

2013

1-A,

Refunding,

5.25%,

10/15/47

..........................

5,000,000

5,008,967

Revenue,

2016

I,

Refunding,

5%,

4/15/41

................................

13,000,000

13,362,536

Revenue,

2016

I,

Refunding,

5%,

10/15/46

...............................

9,910,000

10,165,847

Revenue,

2016

I,

Refunding,

5%,

10/15/51

...............................

1,000,000

1,021,976

Revenue,

2019

I,

Refunding,

4%,

4/15/54

................................

2,000,000

1,831,724

Revenue,

2021

I,

3%,

10/15/51

.......................................

1,500,000

1,089,790

Revenue,

2022

I,

4%,

10/15/52

.......................................

4,250,000

3,953,048

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/33

.............

5,370,000

5,440,402

Ascension

Health

Credit

Group,

Revenue,

2010

F-7,

Refunding,

5%,

11/15/47

....

10,000,000

10,080,857

Ascension

Health

Credit

Group,

Revenue,

2010

F-8,

Refunding,

5%,

11/15/46

....

5,000,000

5,045,428

Michigan

State

Housing

Development

Authority

,

Revenue,

2019

B,

3.1%,

12/01/44

.....................................

15,000,000

11,429,279

Revenue,

2020

A,

2.8%,

12/01/45

.....................................

4,350,000

3,025,623

Revenue,

2020

A,

2.85%,

6/01/50

.....................................

5,150,000

3,462,123

Revenue,

2021

A,

2.5%,

6/01/52

......................................

3,000,000

1,866,813

Revenue,

2021

A,

2.7%,

10/01/56

.....................................

5,000,000

2,981,701

Revenue,

2021

A,

2.73%,

10/01/59

....................................

5,000,000

2,942,556

Revenue,

2022

A,

4.1%,

6/01/43

......................................

5,000,000

4,509,597

Michigan

State

University

,

Revenue

,

2015

A

,

5

%

,

8/15/40

.....................

8,500,000

8,653,990

Michigan

Strategic

Fund

,

State

of

Michigan

Department

of

Transportation,

Revenue,

2018,

5%,

6/30/33

....

2,200,000

2,299,305

State

of

Michigan

Department

of

Transportation,

Revenue,

2018,

5%,

6/30/48

....

7,000,000

7,012,526

Michigan

Technological

University

,

Revenue,

2015

A,

5%,

10/01/45

.......................................

2,400,000

2,434,891

Revenue,

2023

A,

AGMC

Insured,

5%,

10/01/47

...........................

3,000,000

3,119,199

Revenue,

2023

A,

AGMC

Insured,

5.25%,

10/01/52

........................

1,675,000

1,760,497

Oakland

University

,

Revenue,

2014,

Refunding,

5%,

3/01/32

.................................

1,000,000

1,004,536

Revenue,

2014,

Refunding,

5%,

3/01/33

.................................

1,285,000

1,290,766

Revenue,

2014,

Refunding,

5%,

3/01/34

.................................

1,000,000

1,004,343

Revenue,

2014,

Refunding,

5%,

3/01/39

.................................

3,000,000

3,004,528

Revenue,

2016,

5%,

3/01/41

.........................................

5,000,000

5,077,526

Revenue,

2019,

5%,

3/01/50

.........................................

2,230,000

2,278,873

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

73

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Plainwell

Community

Schools

,

GO

,

2022

II

,

4

%

,

5/01/52

......................

$

7,000,000

$

6,392,214

Rochester

Community

School

District

,

GO

,

2016

I

,

5

%

,

5/01/36

.................

2,800,000

2,875,326

Roseville

Community

Schools

,

GO,

2014,

Pre-Refunded,

5%,

5/01/30

..................................

1,620,000

1,664,923

GO,

2014,

Pre-Refunded,

5%,

5/01/31

..................................

1,585,000

1,628,953

Saginaw

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

7/01/30

...............................

1,750,000

1,821,122

Revenue,

2016

A,

Refunding,

5%,

7/01/31

...............................

2,170,000

2,255,951

Revenue,

2016

A,

Refunding,

5%,

7/01/33

...............................

1,240,000

1,284,355

Saline

Area

Schools

,

GO,

2016,

5%,

5/01/34

.............................................

2,750,000

2,854,937

GO,

2016,

5%,

5/01/36

.............................................

2,950,000

3,058,772

South

Haven

Public

Schools

,

GO,

2015

B,

AGMC

Insured,

5%,

5/01/33

................................

350,000

357,962

GO,

2015

B,

AGMC

Insured,

5%,

5/01/35

................................

1,575,000

1,610,572

Sparta

Area

Schools

,

GO

,

2019

II

,

5

%

,

5/01/48

.............................

5,750,000

6,061,097

c

State

of

Michigan

,

Trunk

Line

,

Revenue

,

2023

,

5.25

%

,

11/15/49

................

2,000,000

2,195,417

Trenton

Public

Schools

School

District

,

GO,

2018,

5%,

5/01/42

.............................................

4,920,000

5,196,856

GO,

2018,

5%,

5/01/45

.............................................

11,480,000

12,064,829

Universal

Academy

,

Revenue,

2021,

Refunding,

2%,

12/01/26

................................

405,000

377,406

Revenue,

2021,

Refunding,

4%,

12/01/31

................................

500,000

470,412

Revenue,

2021,

Refunding,

4%,

12/01/40

................................

1,100,000

941,853

University

of

Michigan

,

Revenue,

2015,

Pre-Refunded,

5%,

4/01/46

..............................

2,000,000

2,095,559

Revenue,

2017

A,

Pre-Refunded,

5%,

4/01/37

............................

2,700,000

2,882,616

Revenue,

2017

A,

Pre-Refunded,

5%,

4/01/42

............................

5,635,000

6,016,125

Revenue,

2017

A,

Pre-Refunded,

5%,

4/01/47

............................

5,000,000

5,338,177

Walled

Lake

Consolidated

School

District

,

GO,

2020,

5%,

5/01/45

.............................................

2,500,000

2,635,017

GO,

2022,

5%,

5/01/49

.............................................

1,500,000

1,570,587

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2018

A,

5%,

12/01/43

......

7,750,000

7,992,235

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2021

A,

5%,

12/01/40

......

3,330,000

3,550,110

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2021

A,

5%,

12/01/46

......

4,670,000

4,890,189

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2021

B,

5%,

12/01/39

......

1,675,000

1,744,893

Wayne

State

University

,

Revenue,

2015

A,

Refunding,

5%,

11/15/31

..............................

1,860,000

1,881,291

Revenue,

2018

A,

5%,

11/15/43

.......................................

4,500,000

4,637,932

Revenue,

2018

A,

4%,

11/15/48

.......................................

10,000,000

9,345,756

Wayne-Westland

Community

Schools

,

GO,

2022,

3%,

11/01/44

.............................................

2,830,000

2,123,150

GO,

2022,

3%,

11/01/46

.............................................

1,475,000

1,080,249

Western

Michigan

University

,

Revenue,

2015

A,

Refunding,

5%,

11/15/28

..............................

1,635,000

1,668,740

Revenue,

2015

A,

Refunding,

5%,

11/15/29

..............................

2,000,000

2,037,645

Revenue,

2015

A,

Refunding,

5%,

11/15/30

..............................

2,500,000

2,544,175

Revenue,

2015

A,

Refunding,

5%,

11/15/40

..............................

1,560,000

1,578,619

Revenue,

2015

A,

Refunding,

5%,

11/15/45

..............................

2,000,000

2,016,055

Revenue,

2019

A,

Refunding,

5%,

11/15/44

..............................

2,315,000

2,385,689

Revenue,

2021

A,

AGMC

Insured,

5%,

11/15/51

...........................

2,785,000

2,847,611

Western

School

District

,

GO

,

2022

,

5.25

%

,

5/01/52

..........................

2,000,000

2,168,547

Zeeland

Public

Schools

,

GO,

2015

A,

AGMC

Insured,

5%,

5/01/31

................................

1,530,000

1,563,565

GO,

2015

A,

AGMC

Insured,

5%,

5/01/33

................................

2,000,000

2,042,260

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.

74

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Zeeland

Public

Schools,

(continued)

GO,

2015

A,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/35

....................

$

2,000,000

$

2,055,461

619,606,032

New

Jersey

0.1%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

500,000

460,486

Revenue,

2020

AA,

3%,

6/15/50

.......................................

600,000

437,905

898,391

New

York

1.2%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/48

..........

9,300,000

8,365,756

South

Carolina

1.1%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,800,000

1,418,605

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,800,000

1,414,392

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn.,

6/01/52

6,200,000

3,874,117

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

749,870

7,456,984

Texas

0.7%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,400,000

1,695,131

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/39

325,000

242,749

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/40

300,000

219,839

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/47

550,000

363,766

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,500,000

2,585,473

5,106,958

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

1,418,448

Wisconsin

0.8%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,800,000

1,393,203

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

4,600,000

4,602,346

5,995,549

U.S.

Territories

4.2%

Guam

0.2%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,750,000

1,741,862

Puerto

Rico

4.0%

HTA

HRRB

Custodial

Trust

,

Revenue,

2007

CC,

5.25%,

7/01/32

....................................

2,100,000

2,108,656

Revenue,

2007

CC,

5.25%,

7/01/36

....................................

1,515,000

1,526,798

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

3,900,000

3,888,087

Revenue,

2007

N,

5.25%,

7/01/34

.....................................

7,420,000

7,471,480

Revenue,

2007

N,

5.25%,

7/01/36

.....................................

500,000

503,894

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

95,927

94,608

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

62,340

40,131

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

106,638

67,582

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

75

See

Abbreviations

on

page

151

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

$

12,900,000

$

12,518,231

28,219,467

Total

U.S.

Territories

....................................................................

29,961,329

Total

Municipal

Bonds

(Cost

$747,017,341)

.....................................

698,746,233

Total

Long

Term

Investments

(Cost

$748,817,341)

...............................

700,500,505

a

a

a

a

a

a

Total

Investments

(Cost

$748,817,341)

99.4%

...................................

$700,500,505

Other

Assets,

less

Liabilities

0.6%

.............................................

3,918,826

Net

Assets

100.0%

...........................................................

$704,419,331

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

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,

2023,

the

aggregate

value

of

these

securities

was

$27,314,862,

representing

3.9%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

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.

76

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

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

$12.20

$12.62

$12.82

$12.10

$11.97

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.15

0.28

0.23

0.25

0.30

0.16

Net

realized

and

unrealized

gains

(losses)

(0.14)

(1.18)

(0.42)

(0.20)

0.72

0.13

Total

from

investment

operations

........

0.01

(0.90)

(0.19)

0.05

1.02

0.29

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.27)

(0.23)

(0.25)

(0.30)

(0.16)

Net

asset

value,

end

of

period

..........

$10.89

$11.03

$12.20

$12.62

$12.82

$12.10

Total

return

e

.......................

0.09%

(7.35)%

(1.59)%

0.38%

8.56%

2.45%

Ratios

to

average

net

assets

f

Expenses

g

........................

0.84%

0.84%

0.83%

0.83%

0.83%

0.83%

Net

investment

income

...............

2.75%

2.48%

1.79%

1.96%

2.42%

2.81%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$172,253

$173,008

$193,021

$160,623

$96,802

$39,129

Portfolio

turnover

rate

................

10.21%

19.82%

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

77

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.02

$12.19

$12.61

$12.82

$12.09

$12.07

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16

0.29

0.25

0.27

0.32

0.35

Net

realized

and

unrealized

gains

(losses)

(0.13)

(1.17)

(0.42)

(0.21)

0.73

0.02

Total

from

investment

operations

........

0.03

(0.88)

(0.17)

0.06

1.05

0.37

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.29)

(0.25)

(0.27)

(0.32)

(0.35)

Net

asset

value,

end

of

period

..........

$10.89

$11.02

$12.19

$12.61

$12.82

$12.09

Total

return

d

.......................

0.26%

(7.21)%

(1.44)%

0.45%

8.82%

3.16%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.69%

0.69%

0.69%

0.68%

0.68%

0.68%

Net

investment

income

...............

2.90%

2.62%

1.94%

2.13%

2.57%

2.96%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$350,900

$376,659

$506,601

$583,105

$606,559

$588,878

Portfolio

turnover

rate

................

10.21%

19.82%

19.81%

9.45%

16.45%

13.97%

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.

78

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.15

$12.33

$12.76

$12.97

$12.23

$12.21

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.23

0.17

0.20

0.25

0.29

Net

realized

and

unrealized

gains

(losses)

(0.13)

(1.18)

(0.43)

(0.21)

0.75

0.02

Total

from

investment

operations

........

—

(0.95)

(0.26)

(0.01)

1.00

0.31

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.23)

(0.17)

(0.20)

(0.26)

(0.29)

Net

asset

value,

end

of

period

..........

$11.02

$11.15

$12.33

$12.76

$12.97

$12.23

Total

return

d

.......................

(0.02)%

(7.73)%

(2.05)%

(0.10)%

8.23%

2.56%

Ratios

to

average

net

assets

e

Expenses

f

.........................

1.24%

1.23%

1.23%

1.23%

1.23%

1.23%

Net

investment

income

...............

2.31%

2.03%

1.36%

1.57%

2.02%

2.41%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$43,614

$52,613

$81,058

$109,387

$138,417

$148,269

Portfolio

turnover

rate

................

10.21%

19.82%

19.81%

9.45%

16.45%

13.97%

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

79

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.04

$12.21

$12.64

$12.84

$12.11

$12.09

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17

0.31

0.27

0.29

0.34

0.37

Net

realized

and

unrealized

gains

(losses)

(0.13)

(1.17)

(0.43)

(0.20)

0.73

0.02

Total

from

investment

operations

........

0.04

(0.86)

(0.16)

0.09

1.07

0.39

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.31)

(0.27)

(0.29)

(0.34)

(0.37)

Net

asset

value,

end

of

period

..........

$10.91

$11.04

$12.21

$12.64

$12.84

$12.11

Total

return

d

.......................

0.33%

(7.06)%

(1.28)%

0.60%

8.97%

3.30%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.54%

0.54%

0.54%

0.55%

0.55%

0.56%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.54%

g

0.53%

0.53%

0.53%

0.53%

0.53%

Net

investment

income

...............

3.06%

2.77%

2.10%

2.26%

2.72%

3.11%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$17,336

$11,973

$16,571

$13,889

$9,693

$7,177

Portfolio

turnover

rate

................

10.21%

19.82%

19.81%

9.45%

16.45%

13.97%

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

Financial

Highlights

Franklin

Minnesota

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,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.04

$12.21

$12.63

$12.83

$12.11

$12.09

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17

0.31

0.26

0.28

0.33

0.37

Net

realized

and

unrealized

gains

(losses)

(0.14)

(1.18)

(0.42)

(0.20)

0.73

0.02

Total

from

investment

operations

........

0.03

(0.87)

(0.16)

0.08

1.06

0.39

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.30)

(0.26)

(0.28)

(0.34)

(0.37)

Net

asset

value,

end

of

period

..........

$10.90

$11.04

$12.21

$12.63

$12.83

$12.11

Total

return

d

.......................

0.22%

(7.11)%

(1.34)%

0.63%

8.83%

3.26%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.59%

0.59%

0.58%

0.58%

0.58%

0.58%

Net

investment

income

...............

3.00%

2.71%

2.04%

2.22%

2.67%

3.06%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$177,541

$197,029

$266,255

$244,156

$203,230

$156,683

Portfolio

turnover

rate

................

10.21%

19.82%

19.81%

9.45%

16.45%

13.97%

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,

2023

Franklin

Minnesota

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

81

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.5%

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

$

5,069,774

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

2,100,000

1,374,936

6,444,710

Minnesota

96.3%

Alexandria

Independent

School

District

No.

206

,

GO

,

2017

A

,

Refunding

,

3

%

,

2/01/37

29,905,000

26,259,886

Anoka-Hennepin

Independent

School

District

No.

11

,

GO,

2018

A,

3.25%,

2/01/37

..........................................

5,355,000

4,984,489

GO,

2018

A,

4%,

2/01/39

............................................

8,905,000

9,016,126

GO,

2018

A,

3.375%,

2/01/43

.........................................

4,020,000

3,506,156

Becker

Independent

School

District

No.

726

,

GO,

2022

A,

Zero

Cpn.,

2/01/41

.......................................

1,000,000

429,990

GO,

2022

A,

Zero

Cpn.,

2/01/42

.......................................

1,000,000

405,125

GO,

2022

A,

Zero

Cpn.,

2/01/43

.......................................

1,700,000

652,563

Blooming

Prairie

Independent

School

District

No.

756

,

GO

,

2022

A

,

Refunding

,

2.25

%

,

2/01/45

.........................................................

1,500,000

1,004,058

Brainerd

Independent

School

District

No.

181

,

GO,

2018

A,

4%,

2/01/32

............................................

3,065,000

3,156,286

GO,

2018

A,

4%,

2/01/39

............................................

10,600,000

10,483,715

GO,

2018

A,

4%,

2/01/43

............................................

1,900,000

1,849,703

Centennial

Independent

School

District

No.

12

,

GO,

2015

A,

Refunding,

Zero

Cpn.,

2/01/32

..............................

1,450,000

1,049,440

GO,

2015

A,

Refunding,

Zero

Cpn.,

2/01/34

..............................

1,600,000

1,060,933

GO,

2015

A,

Refunding,

Zero

Cpn.,

2/01/35

..............................

350,000

222,259

City

of

Center

City

,

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2019

,

Refunding

,

4

%

,

11/01/41

........................................................

1,000,000

882,629

City

of

Corcoran

,

GO

,

2023

A

,

BAM

Insured

,

4

%

,

2/01/53

.....................

3,605,000

3,310,371

City

of

Elk

River

,

Electric

,

Revenue

,

2021

B

,

2.25

%

,

8/01/47

...................

1,475,000

912,916

City

of

Fridley

,

GO,

2022

A,

4%,

2/01/36

............................................

350,000

352,490

GO,

2022

A,

4%,

2/01/37

............................................

735,000

738,702

GO,

2022

A,

4%,

2/01/38

............................................

800,000

801,314

Fridley

Leased

Housing

Associates

I

LLLP,

Revenue,

2018,

FNMA

Insured,

3.75%,

11/01/34

.......................................................

9,428,475

9,179,162

a

Roers

Fridley

Apartments

Owner

II

LLC,

Revenue,

144A,

2023

A,

5.75%,

6/01/41

..

16,000,000

15,001,331

City

of

Minneapolis

,

GO,

2018,

4%,

12/01/43

.............................................

5,000,000

4,941,704

GO,

2018,

4%,

12/01/46

.............................................

3,500,000

3,376,880

GO,

2019,

3%,

12/01/40

.............................................

3,000,000

2,503,546

14th

and

Central

LLLP,

Revenue,

2020,

FNMA

Insured,

2.35%,

2/01/38

.........

7,482,822

5,665,862

Allina

Health

Obligated

Group,

Revenue,

2021,

4%,

11/15/40

.................

6,750,000

6,396,426

Fairview

Health

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

AGMC

Insured,

5%,

11/15/44

.............................................

10,000,000

10,076,185

Fairview

Health

Services

Obligated

Group,

Revenue,

2018

A,

Refunding,

AGMC

Insured,

5%,

11/15/49

.............................................

6,000,000

6,112,170

City

of

Minneapolis

St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

11/15/27

.................

2,000,000

2,115,616

b

City

of

Mounds

View

,

Sherman

Forbes

Housing

Partners

LP

,

Revenue

,

2023

A

,

Mandatory

Put

,

4.05

%

,

11/01/24

.......................................

1,000,000

997,182

City

of

Rochester

,

Electric

Utility,

Revenue,

2013

B,

Pre-Refunded,

5%,

12/01/43

................

1,000,000

1,004,035

Electric

Utility,

Revenue,

2017

A,

Refunding,

5%,

12/01/47

...................

11,210,000

11,455,107

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/33

....................

4,425,000

5,168,350

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/34

....................

10,235,000

12,027,009

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/36

....................

8,400,000

9,782,460

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.

82

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

City

of

Rochester,

(continued)

Mayo

Clinic,

Revenue,

2018,

4%,

11/15/48

...............................

$

6,000,000

$

5,650,906

Mayo

Clinic,

Revenue,

2022,

Refunding,

3.25%,

11/15/41

...................

4,000,000

3,351,432

Mayo

Clinic,

Revenue,

2022,

Refunding,

5%,

11/15/57

......................

2,000,000

2,105,216

City

of

St.

Cloud

,

CentraCare

Health

System

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

5/01/37

........................................................

12,310,000

11,991,959

CentraCare

Health

System

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

5/01/46

........................................................

4,650,000

4,684,860

CentraCare

Health

System

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

5/01/48

........................................................

10,000,000

10,180,482

City

of

St.

Paul

,

Sales

&

Use

Tax,

Revenue,

2014

G,

5%,

11/01/31

.........................

1,000,000

1,014,881

Sales

&

Use

Tax,

Revenue,

2014

G,

5%,

11/01/32

.........................

1,000,000

1,013,861

Water,

Revenue,

2023

A,

4%,

12/01/46

.................................

13,340,000

13,005,642

Cloquet

Independent

School

District

No.

94

,

GO

,

2015

B

,

5

%

,

2/01/32

............

3,615,000

3,676,803

County

of

Norman

,

GO

,

2022

A

,

3.25

%

,

2/01/52

............................

3,115,000

2,426,212

County

of

Rice

,

GO

,

2022

A

,

4

%

,

2/01/48

.................................

5,200,000

4,915,322

Dakota

County

Community

Development

Agency

,

Revenue

,

2011

A

,

GNMA

Insured

,

4.875

%

,

12/01/33

..................................................

385,000

385,168

Dawson-Boyd

Independent

School

District

No.

378

,

GO

,

2019

A

,

3.125

%

,

2/01/40

...

2,965,000

2,621,473

Dilworth

Glyndon

Felton

Independent

School

District

No.

2164

,

GO

,

2020

A

,

3

%

,

2/01/39

.........................................................

1,000,000

857,118

Duluth

Economic

Development

Authority

,

Essentia

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

2/15/53

...

28,935,000

29,157,863

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/15/38

........................................................

150,000

131,798

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/15/39

........................................................

155,000

134,378

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

6/15/44

........................................................

850,000

568,087

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/29

........................................................

400,000

411,590

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/30

........................................................

425,000

439,497

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/31

........................................................

450,000

467,723

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/32

........................................................

500,000

521,329

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/33

........................................................

600,000

625,174

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/34

........................................................

520,000

495,655

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/35

........................................................

425,000

399,171

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/36

........................................................

400,000

368,271

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/37

........................................................

375,000

336,980

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/38

........................................................

400,000

351,461

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/39

........................................................

250,000

216,739

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

B,

5.25%,

6/15/52

..

8,000,000

7,827,813

Duluth

Independent

School

District

No.

709

,

GO,

2015

B,

Refunding,

2.5%,

2/01/26

..................................

2,840,000

2,744,689

GO,

2021

C,

Zero

Cpn.,

2/01/29

.......................................

1,870,000

1,511,377

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

83

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Duluth

Independent

School

District

No.

709,

(continued)

GO,

2021

C,

Zero

Cpn.,

2/01/30

.......................................

$

1,275,000

$

988,268

GO,

2021

C,

Zero

Cpn.,

2/01/31

.......................................

1,325,000

984,499

GO,

2021

C,

Zero

Cpn.,

2/01/32

.......................................

1,080,000

767,801

GO,

2021

C,

Zero

Cpn.,

2/01/33

.......................................

1,075,000

729,524

Edina

Independent

School

District

No.

273

,

GO

,

2019

A

,

3

%

,

2/01/36

............

1,630,000

1,514,064

Elk

River

Independent

School

District

No.

728

,

GO

,

2015

A

,

4

%

,

2/01/32

..........

1,630,000

1,635,861

Fridley

Independent

School

District

No.

14

,

GO

,

2016

A

,

4

%

,

2/01/29

............

2,220,000

2,264,210

Gibbon

Independent

School

District

No.

2365

,

GO,

2023

A,

5%,

2/01/48

............................................

1,850,000

1,943,687

GO,

2023

A,

4.125%,

2/01/52

.........................................

2,250,000

2,149,943

Hastings

Independent

School

District

No.

200

,

GO,

2018

A,

Zero

Cpn.,

2/01/38

.......................................

4,685,000

2,465,991

GO,

2018

A,

Zero

Cpn.,

2/01/39

.......................................

4,685,000

2,307,611

GO,

2018

A,

Zero

Cpn.,

2/01/40

.......................................

4,685,000

2,176,678

Hennepin

County

Regional

Railroad

Authority

,

County

of

Hennepin,

GO,

2019

A,

5%,

12/01/35

...........................

1,480,000

1,625,519

County

of

Hennepin,

GO,

2019

A,

5%,

12/01/36

...........................

5,220,000

5,687,186

County

of

Hennepin,

GO,

2019

A,

5%,

12/01/37

...........................

1,000,000

1,080,429

County

of

Hennepin,

GO,

2019

A,

5%,

12/01/38

...........................

2,000,000

2,145,186

Hermantown

Independent

School

District

No.

700

,

GO

,

2014

A

,

Refunding

,

4

%

,

2/01/29

.........................................................

2,310,000

2,314,658

Hopkins

Independent

School

District

No.

270

,

GO,

2019

A,

3%,

2/01/33

............................................

5,640,000

5,376,904

GO,

2019

A,

3%,

2/01/34

............................................

2,450,000

2,331,635

Jordan

Independent

School

District

No.

717

,

GO

,

2023

A

,

4

%

,

2/01/42

...........

1,300,000

1,269,450

Lakeview

Independent

School

District

No.

2167

,

GO

,

2021

A

,

2

%

,

2/01/38

.........

1,055,000

769,659

Lakeville

Independent

School

District

No.

194

,

GO

,

2021

B

,

2.125

%

,

2/01/42

.......

2,085,000

1,441,055

Mankato

Independent

School

District

No.

77

,

COP

,

2022

A

,

3

%

,

2/01/42

..........

2,730,000

2,077,829

Metropolitan

Council

,

GO,

2016

C,

Refunding,

3%,

3/01/30

...................................

3,305,000

3,142,218

GO,

2020

B,

2.125%,

3/01/36

.........................................

3,500,000

2,806,783

GO,

2020

B,

2.125%,

3/01/37

.........................................

4,000,000

3,110,108

GO,

2020

B,

2.125%,

3/01/38

.........................................

4,000,000

3,007,760

GO,

2022

C,

4%,

3/01/40

............................................

3,275,000

3,249,986

GO,

2022

C,

4%,

3/01/41

............................................

3,410,000

3,355,955

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

,

Revenue,

2022

A,

Refunding,

4.25%,

1/01/52

.............................

2,990,000

2,844,361

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/34

..............................

2,870,000

3,020,948

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/35

..............................

4,025,000

4,225,390

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/41

..............................

5,180,000

5,315,315

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/46

..............................

29,975,000

30,632,205

Minnesota

Higher

Education

Facilities

Authority

,

Macalester

College,

Revenue,

2017,

Refunding,

3%,

3/01/33

.................

3,010,000

2,891,626

Macalester

College,

Revenue,

2017,

Refunding,

4%,

3/01/42

.................

900,000

874,840

Macalester

College,

Revenue,

2021,

Refunding,

4%,

3/01/36

.................

125,000

127,824

Macalester

College,

Revenue,

2021,

Refunding,

3%,

3/01/40

.................

365,000

301,094

Macalester

College,

Revenue,

2021,

Refunding,

3%,

3/01/43

.................

330,000

257,375

St.

Catherine

University,

Revenue,

2023,

5%,

10/01/43

.....................

600,000

603,498

St.

Catherine

University,

Revenue,

2023,

5.125%,

10/01/48

..................

750,000

751,443

St.

Catherine

University,

Revenue,

2023,

5%,

10/01/52

.....................

3,000,000

2,924,669

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/32

...............

255,000

259,452

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/33

...............

240,000

242,562

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/34

...............

355,000

358,090

St.

John's

University,

Revenue,

2021,

Refunding,

3%,

10/01/37

...............

250,000

204,893

St.

John's

University,

Revenue,

2021,

Refunding,

3%,

10/01/38

...............

250,000

201,199

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.

84

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Minnesota

Higher

Education

Facilities

Authority,

(continued)

St.

Olaf

College,

Revenue,

2021,

3%,

10/01/41

...........................

$

2,600,000

$

1,978,263

St.

Olaf

College,

Revenue,

Eight

N,

Refunding,

4%,

10/01/35

.................

500,000

496,732

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

4%,

4/01/31

..........

4,200,000

4,241,870

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

5%,

4/01/35

..........

1,720,000

1,785,290

University

of

St.

Thomas,

Revenue,

2017

A,

Refunding,

4%,

10/01/36

..........

750,000

742,370

University

of

St.

Thomas,

Revenue,

2017

A,

Refunding,

4%,

10/01/37

..........

750,000

726,919

University

of

St.

Thomas,

Revenue,

2022

A,

5%,

10/01/52

...................

10,000,000

10,221,437

Minnesota

Housing

Finance

Agency

,

Revenue,

2009,

4%,

8/01/29

.........................................

1,675,000

1,684,015

Revenue,

2011,

5%,

8/01/31

.........................................

2,225,000

2,227,863

Revenue,

2020

B,

GNMA

Insured,

2.8%,

1/01/44

..........................

2,870,000

2,395,879

Revenue,

2020

D,

4%,

8/01/42

........................................

1,815,000

1,705,743

Revenue,

2020

E,

GNMA

Insured,

2.5%,

7/01/40

..........................

1,840,000

1,459,298

Revenue,

2020

E,

GNMA

Insured,

2.7%,

7/01/44

..........................

2,580,000

2,082,481

Revenue,

2020

G,

GNMA

Insured,

2.45%,

7/01/45

.........................

2,115,000

1,692,443

Revenue,

2021

B,

GNMA

Insured,

2.1%,

7/01/36

..........................

950,000

734,814

Revenue,

2021

B,

GNMA

Insured,

2.3%,

7/01/41

..........................

3,345,000

2,383,719

Revenue,

2021

B,

GNMA

Insured,

2.45%,

7/01/46

.........................

3,320,000

2,331,544

Revenue,

2021

H,

GNMA

Insured,

2.55%,

1/01/46

.........................

3,950,000

3,029,505

Revenue,

2022

A,

GNMA

Insured,

2.75%,

7/01/42

.........................

2,660,000

2,042,863

Revenue,

2022

A,

GNMA

Insured,

2.9%,

1/01/45

..........................

1,280,000

985,468

Revenue,

2022

C,

GNMA

Insured,

3%,

7/01/43

...........................

1,725,000

1,334,486

Revenue,

2023

D,

GNMA

Insured,

4.5%,

7/01/43

..........................

1,000,000

983,041

Revenue,

2023

D,

GNMA

Insured,

4.6%,

7/01/45

..........................

1,000,000

965,174

b

Minnesota

Municipal

Gas

Agency

,

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/27

..

13,550,000

13,384,208

Minnesota

Municipal

Power

Agency

,

Revenue,

2014

A,

Refunding,

4%,

10/01/31

..............................

1,265,000

1,275,470

Revenue,

2014

A,

Refunding,

4%,

10/01/32

..............................

1,200,000

1,208,703

Revenue,

2014

A,

Refunding,

4%,

10/01/33

..............................

1,000,000

1,006,839

Revenue,

2014

A,

Refunding,

5%,

10/01/34

..............................

1,000,000

1,014,066

Revenue,

2014

A,

Refunding,

5%,

10/01/35

..............................

1,005,000

1,018,818

Revenue,

2016,

5%,

10/01/47

........................................

4,650,000

4,775,242

Minnesota

Office

of

Higher

Education

,

Revenue,

Senior

Lien

,

2023

,

Refunding

,

4

%

,

11/01/42

........................................................

2,250,000

2,063,104

Minnesota

Public

Facilities

Authority

,

State

Revolving

Fund

,

Revenue

,

2010

A

,

5

%

,

3/01/24

.........................................................

9,010,000

9,086,607

Moorhead

Independent

School

District

No.

152

,

GO

,

2020

A

,

2.5

%

,

2/01/37

.......

9,295,000

7,511,344

Nashwauk

Keewatin

Independent

School

District

No.

319

,

GO

,

2022

A

,

Refunding

,

4

%

,

2/01/48

.........................................................

9,020,000

8,539,165

North

St.

Paul-Maplewood-Oakdale

Independent

School

District

No.

622

,

GO,

2019

A,

3%,

2/01/42

............................................

5,975,000

4,706,393

GO,

2019

A,

3%,

2/01/46

............................................

22,965,000

17,456,234

Northern

Municipal

Power

Agency

,

Revenue,

2013

A,

5%,

1/01/30

........................................

1,190,000

1,191,180

Revenue,

2017,

Refunding,

5%,

1/01/41

.................................

800,000

816,837

Norwood

Young

America

Independent

School

District

No.

108

,

GO

,

2022

A

,

2.25

%

,

2/01/45

.........................................................

1,700,000

1,133,856

Prior

Lake-Savage

Independent

School

District

No.

719

,

GO,

2018

B,

Zero

Cpn.,

2/01/27

.......................................

10,545,000

9,220,884

GO,

2018

B,

Zero

Cpn.,

2/01/28

.......................................

13,055,000

11,028,247

GO,

2018

B,

Zero

Cpn.,

2/01/30

.......................................

9,010,000

7,017,238

GO,

2018

B,

Zero

Cpn.,

2/01/31

.......................................

5,310,000

3,970,489

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

85

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Red

Rock

Central

Independent

School

District

No.

2884

,

GO

,

2022

A

,

2.375

%

,

2/01/47

$

3,000,000

$

2,003,936

c

Rosemount-Apple

Valley-Eagan

Independent

School

District

No.

196

,

GO

,

2023

A

,

4

%

,

2/01/44

.........................................................

2,000,000

1,947,895

Roseville

Independent

School

District

No.

623

,

GO,

2018

A,

5%,

2/01/30

............................................

3,700,000

3,926,752

GO,

2018

A,

4%,

2/01/35

............................................

4,900,000

5,009,320

GO,

2018

A,

4%,

2/01/37

............................................

5,000,000

5,056,946

Sartell-St.

Stephen

Independent

School

District

No.

748

,

GO,

2016

B,

Zero

Cpn.,

2/01/36

.......................................

3,000,000

1,745,090

GO,

2016

B,

Zero

Cpn.,

2/01/37

.......................................

2,820,000

1,539,534

GO,

2016

B,

Zero

Cpn.,

2/01/38

.......................................

5,220,000

2,663,785

GO,

2016

B,

Zero

Cpn.,

2/01/39

.......................................

3,020,000

1,449,937

a

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue,

Senior

Lien

,

144A,

2022

A

,

5.25

%

,

8/01/37

...............................

8,000,000

7,354,082

Southern

Minnesota

Municipal

Power

Agency

,

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn.,

1/01/26

.......................

5,395,000

4,941,136

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn.,

1/01/27

.......................

6,600,000

5,826,764

Revenue,

2015

A,

Refunding,

5%,

1/01/46

...............................

9,345,000

9,503,325

Revenue,

2017

A,

5%,

1/01/42

........................................

1,315,000

1,389,151

Revenue,

2019

A,

5%,

1/01/33

........................................

560,000

621,176

Revenue,

2019

A,

5%,

1/01/34

........................................

610,000

675,548

St.

Cloud

Independent

School

District

No.

742

,

COP,

2017

A,

4%,

2/01/38

...........................................

1,000,000

991,199

GO,

2015

A,

4%,

2/01/28

............................................

2,080,000

2,103,991

GO,

2017

B,

Refunding,

4%,

2/01/30

...................................

4,060,000

4,112,147

GO,

2017

B,

Refunding,

4%,

2/01/36

...................................

2,500,000

2,532,110

GO,

2017

B,

Refunding,

4%,

2/01/37

...................................

2,250,000

2,278,899

St.

Francis

Independent

School

District

No.

15

,

GO,

2018

A,

4%,

2/01/37

............................................

1,025,000

1,025,192

GO,

2018

A,

3.5%,

2/01/41

...........................................

3,350,000

2,952,860

St.

Paul

Port

Authority

,

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2021-1

,

Refunding

,

3

%

,

10/01/34

............................................

300,000

268,423

State

of

Minnesota

,

COP,

2014,

5%,

6/01/36

.............................................

1,615,000

1,628,206

GO,

2019

A,

5%,

8/01/34

............................................

1,900,000

2,118,421

GO,

2023

B,

4%,

8/01/43

............................................

4,745,000

4,660,086

Stearns

County

Housing

&

Redevelopment

Authority

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

2/01/61

......................................................

1,105,000

724,752

University

of

Minnesota

,

Revenue,

2014

B,

5%,

1/01/38

........................................

4,500,000

4,511,429

Revenue,

2014

B,

4%,

1/01/44

........................................

3,750,000

3,587,208

Revenue,

2015

A,

Refunding,

5%,

8/01/28

...............................

5,225,000

5,386,406

Revenue,

2016

A,

5%,

4/01/41

........................................

5,000,000

5,124,475

Revenue,

2017

A,

5%,

9/01/39

........................................

1,500,000

1,566,594

Revenue,

2017

A,

5%,

9/01/41

........................................

3,000,000

3,118,738

Revenue,

2017

B,

Refunding,

5%,

12/01/30

..............................

5,575,000

5,998,979

Revenue,

2019

A,

5%,

4/01/40

........................................

2,110,000

2,244,326

Revenue,

2019

A,

5%,

4/01/41

........................................

6,045,000

6,423,770

Revenue,

2019

A,

5%,

4/01/44

........................................

3,505,000

3,713,012

Revenue,

2020

A,

5%,

11/01/42

.......................................

5,230,000

5,624,503

Watertown-Mayer

Independent

School

District

No.

111

,

GO,

2020

A,

Zero

Cpn.,

2/01/33

.......................................

2,470,000

1,677,752

GO,

2020

A,

Zero

Cpn.,

2/01/34

.......................................

2,470,000

1,606,454

GO,

2020

A,

Zero

Cpn.,

2/01/36

.......................................

1,470,000

856,133

GO,

2020

A,

Zero

Cpn.,

2/01/37

.......................................

2,470,000

1,351,997

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.

86

s

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Waterville-Elysian-Morristown

Independent

School

District

No.

2143

,

GO

,

2019

A

,

3

%

,

2/01/32

.........................................................

$

1,995,000

$

1,948,490

West

St.

Paul-Mendota

Heights-Eagan

Independent

School

District

No.

197

,

GO

,

2018

A

,

4

%

,

2/01/34

....................................................

2,655,000

2,725,197

Western

Minnesota

Municipal

Power

Agency

,

Revenue,

2014

A,

Pre-Refunded,

5%,

1/01/40

............................

8,075,000

8,117,902

Revenue,

2014

A,

Pre-Refunded,

5%,

1/01/46

............................

6,870,000

6,906,500

Revenue,

2015

A,

Refunding,

5%,

1/01/35

...............................

3,000,000

3,087,196

Revenue,

2015

A,

Refunding,

5%,

1/01/36

...............................

2,035,000

2,085,479

Revenue,

2018

A,

5%,

1/01/49

........................................

5,000,000

5,191,361

Zumbro

Education

District

,

COP,

2021

A,

4%,

2/01/32

...........................................

200,000

196,206

COP,

2021

A,

4%,

2/01/33

...........................................

150,000

146,718

COP,

2021

A,

4%,

2/01/34

...........................................

125,000

122,110

COP,

2021

A,

2.125%,

2/01/35

........................................

325,000

251,197

COP,

2021

A,

4%,

2/01/38

...........................................

390,000

357,998

COP,

2021

A,

4%,

2/01/41

...........................................

635,000

563,216

733,428,497

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

2,100,000

1,655,040

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

2,100,000

1,650,124

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,500,000

2,624,544

5,929,708

Texas

0.4%

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

4,000,000

2,954,827

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

1,654,856

Wisconsin

1.0%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

2,100,000

1,625,404

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

5,600,000

5,602,856

7,228,260

Total

Municipal

Bonds

(Cost

$813,502,785)

.....................................

757,640,858

a

a

a

a

a

Total

Investments

(Cost

$813,502,785)

99.5%

...................................

$757,640,858

Other

Assets,

less

Liabilities

0.5%

.............................................

4,002,042

Net

Assets

100.0%

...........................................................

$761,642,900

See

Abbreviations

on

page

151

.

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,

2023,

the

aggregate

value

of

these

securities

was

$39,847,876,

representing

5.2%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Ohio

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

87

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.29

$12.54

$12.90

$13.20

$12.49

$12.38

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.17

0.31

0.25

0.30

0.35

0.17

Net

realized

and

unrealized

gains

(losses)

(0.12)

(1.26)

(0.36)

(0.30)

0.71

0.11

Total

from

investment

operations

........

0.05

(0.95)

(0.11)

—

1.06

0.28

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.30)

(0.25)

(0.30)

(0.35)

(0.17)

Net

asset

value,

end

of

period

..........

$11.17

$11.29

$12.54

$12.90

$13.20

$12.49

Total

return

e

.......................

0.39%

(7.57)%

(0.90)%

0.02%

8.60%

2.30%

Ratios

to

average

net

assets

f

Expenses

g

........................

0.81%

0.81%

0.81%

0.80%

0.81%

0.80%

Net

investment

income

...............

2.90%

2.66%

1.94%

2.31%

2.69%

2.88%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$261,373

$269,364

$315,516

$261,661

$160,174

$75,132

Portfolio

turnover

rate

................

3.21%

26.92%

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

88

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.28

$12.54

$12.90

$13.20

$12.49

$12.46

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17

0.32

0.27

0.33

0.37

0.38

Net

realized

and

unrealized

gains

(losses)

(0.12)

(1.26)

(0.36)

(0.31)

0.71

0.03

Total

from

investment

operations

........

0.05

(0.94)

(0.09)

0.02

1.08

0.41

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.32)

(0.27)

(0.32)

(0.37)

(0.38)

Net

asset

value,

end

of

period

..........

$11.16

$11.28

$12.54

$12.90

$13.20

$12.49

Total

return

d

.......................

0.47%

(7.51)%

(0.75)%

0.17%

8.76%

3.34%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.66%

0.66%

0.66%

0.65%

0.66%

0.65%

Net

investment

income

...............

3.05%

2.80%

2.10%

2.49%

2.84%

3.03%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$586,596

$628,747

$850,932

$929,798

$996,280

$985,590

Portfolio

turnover

rate

................

3.21%

26.92%

24.59%

20.64%

4.56%

13.09%

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

89

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.44

$12.71

$13.08

$13.38

$12.66

$12.63

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.26

0.20

0.25

0.30

0.31

Net

realized

and

unrealized

gains

(losses)

(0.12)

(1.28)

(0.37)

(0.30)

0.72

0.03

Total

from

investment

operations

........

0.02

(1.02)

(0.17)

(0.05)

1.02

0.34

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.25)

(0.20)

(0.25)

(0.30)

(0.31)

Net

asset

value,

end

of

period

..........

$11.32

$11.44

$12.71

$13.08

$13.38

$12.66

Total

return

d

.......................

0.18%

(8.00)%

(1.36)%

(0.37)%

8.16%

2.72%

Ratios

to

average

net

assets

e

Expenses

f

.........................

1.21%

1.20%

1.20%

1.20%

1.21%

1.20%

Net

investment

income

...............

2.45%

2.20%

1.52%

1.92%

2.29%

2.48%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$66,108

$78,486

$125,479

$169,258

$203,367

$215,045

Portfolio

turnover

rate

................

3.21%

26.92%

24.59%

20.64%

4.56%

13.09%

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.

90

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.30

$12.55

$12.91

$13.22

$12.50

$12.47

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.18

0.34

0.29

0.34

0.38

0.39

Net

realized

and

unrealized

gains

(losses)

(0.13)

(1.25)

(0.36)

(0.31)

0.73

0.03

Total

from

investment

operations

........

0.05

(0.91)

(0.07)

0.03

1.11

0.42

Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.34)

(0.29)

(0.34)

(0.39)

(0.39)

Net

asset

value,

end

of

period

..........

$11.17

$11.30

$12.55

$12.91

$13.22

$12.50

Total

return

d

.......................

0.45%

(7.29)%

(0.61)%

0.31%

8.90%

3.47%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.53%

0.54%

0.53%

0.54%

0.53%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.52%

0.52%

0.52%

0.51%

0.52%

0.51%

Net

investment

income

...............

3.20%

2.94%

2.23%

2.59%

2.98%

3.17%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$20,238

$14,734

$21,433

$16,977

$10,638

$6,942

Portfolio

turnover

rate

................

3.21%

26.92%

24.59%

20.64%

4.56%

13.09%

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

Ohio

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,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.30

$12.55

$12.91

$13.21

$12.50

$12.47

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.18

0.33

0.29

0.34

0.38

0.39

Net

realized

and

unrealized

gains

(losses)

(0.13)

(1.25)

(0.37)

(0.30)

0.71

0.03

Total

from

investment

operations

........

0.05

(0.92)

(0.08)

0.04

1.09

0.42

Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.33)

(0.28)

(0.34)

(0.38)

(0.39)

Net

asset

value,

end

of

period

..........

$11.17

$11.30

$12.55

$12.91

$13.21

$12.50

Total

return

d

.......................

0.43%

(7.33)%

(0.65)%

0.27%

8.86%

3.43%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.56%

0.56%

0.56%

0.55%

0.56%

0.55%

Net

investment

income

...............

3.15%

2.89%

2.20%

2.58%

2.94%

3.13%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$195,881

$209,487

$299,002

$295,666

$243,913

$179,427

Portfolio

turnover

rate

................

3.21%

26.92%

24.59%

20.64%

4.56%

13.09%

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,

2023

Franklin

Ohio

Tax-Free

Income

Fund

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

Corporate

Bonds

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

3,200,000

$

3,118,705

Total

Corporate

Bonds

(Cost

$3,200,000)

.......................................

3,118,705

Municipal

Bonds

96.4%

California

0.2%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

2,800,000

2,290,605

Florida

0.8%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

9,144,000

7,486,760

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

2,200,000

1,440,409

8,927,169

Illinois

0.1%

State

of

Illinois

,

GO

,

2021

A

,

5

%

,

3/01/32

.................................

1,250,000

1,362,983

Kentucky

0.9%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

15,210,000

9,913,016

New

Jersey

0.3%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

4%,

6/15/35

.......................................

1,500,000

1,525,358

Revenue,

2022

A,

4%,

6/15/38

........................................

2,000,000

1,982,230

3,507,588

New

York

0.6%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/40

.....................................

6,750,000

6,354,575

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

750,000

674,658

7,029,233

Ohio

89.1%

American

Municipal

Power,

Inc.

,

Combined

Hydroelectric,

Revenue,

2016

A,

Refunding,

4%,

2/15/35

............

1,000,000

1,002,665

Combined

Hydroelectric,

Revenue,

2016

A,

Refunding,

5%,

2/15/46

............

7,500,000

7,556,345

Greenup

Hydroelectric,

Revenue,

2016

A,

5%,

2/15/41

......................

5,000,000

5,058,282

Prairie

State

Energy

Campus,

Revenue,

2015

A,

Refunding,

5%,

2/15/28

........

5,000,000

5,027,269

Prairie

State

Energy

Campus,

Revenue,

2017

A,

Refunding,

5%,

2/15/37

........

3,700,000

3,875,020

Prairie

State

Energy

Campus,

Revenue,

2017

A,

Refunding,

5%,

2/15/38

........

3,500,000

3,637,816

Solar

Electricity

Prepayment,

Revenue,

2019

A,

5%,

2/15/44

.................

3,345,000

3,430,062

Anthony

Wayne

Local

School

District

,

GO

,

2017

A

,

4

%

,

12/01/39

................

3,000,000

2,911,824

Apollo

Joint

Vocational

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

12/01/39

........

6,530,000

6,422,666

Beachwood

City

School

District

,

GO

,

2023

,

4

%

,

12/01/53

.....................

7,575,000

7,010,532

Bethel

Local

School

District

,

COP

,

2020

,

BAM

Insured

,

2.75

%

,

12/01/49

..........

4,000,000

2,635,622

Big

Walnut

Local

School

District

,

GO

,

2019

,

5

%

,

12/01/53

.....................

9,155,000

9,545,940

Bloom-Carroll

Local

School

District

,

GO

,

2018

A

,

5

%

,

11/01/55

.................

7,025,000

7,399,036

Bowling

Green

State

University

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

6/01/42

........

3,250,000

3,354,258

Brooklyn

City

School

District

,

GO,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/38

........................

1,905,000

1,984,986

GO,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/49

........................

9,000,000

9,229,417

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

3%,

6/01/48

..................

8,215,000

6,057,869

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

4%,

6/01/48

..................

3,245,000

2,875,555

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

93

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Butler

County

Port

Authority

,

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/32

........................................................

$

120,000

$

119,071

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/33

........................................................

135,000

133,745

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/34

........................................................

185,000

183,876

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/35

........................................................

195,000

192,761

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/36

........................................................

205,000

200,062

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/37

........................................................

210,000

201,282

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/38

........................................................

220,000

207,237

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/39

........................................................

225,000

209,538

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/40

........................................................

240,000

222,075

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/41

........................................................

245,000

224,861

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/46

........................................................

900,000

803,018

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/51

........................................................

1,000,000

869,040

Canal

Winchester

Local

School

District

,

GO,

2005,

NATL

Insured,

Zero

Cpn.,

12/01/32

............................

3,955,000

2,825,461

GO,

2005,

NATL

Insured,

Zero

Cpn.,

12/01/33

............................

2,000,000

1,371,319

Chillicothe

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn.,

12/01/23

...................

1,905,000

1,887,526

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn.,

12/01/24

...................

1,905,000

1,816,154

Cincinnati

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/27

......................

14,900,000

16,258,140

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/28

......................

8,180,000

9,053,505

City

of

Chillicothe

,

Adena

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

12/01/37

.

2,890,000

2,942,050

Adena

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

12/01/47

.

2,110,000

2,110,402

City

of

Cincinnati

,

GO

,

2015

A

,

Pre-Refunded

,

5.25

%

,

12/01/40

.................

6,500,000

6,711,359

City

of

Cleveland

,

GO,

2012,

5%,

12/01/30

.............................................

35,000

35,040

GO,

2020

A,

2%,

12/01/36

...........................................

1,215,000

903,397

Water

Pollution

Control,

Revenue,

2016,

5%,

11/15/41

......................

2,000,000

2,021,588

City

of

Columbus

,

GO,

2016-3,

Refunding,

5%,

2/15/27

...................................

5,000,000

5,324,471

GO,

2018

A,

5%,

4/01/34

............................................

7,000,000

7,669,688

GO,

2019

A,

5%,

4/01/40

............................................

3,000,000

3,195,003

GO,

2021

A,

5%,

4/01/40

............................................

1,900,000

2,053,181

Sewerage,

Revenue,

2014,

Refunding,

4%,

6/01/31

........................

15,000,000

15,070,692

Sewerage,

Revenue,

2015,

Refunding,

5%,

6/01/30

........................

5,000,000

5,227,072

City

of

Marysville

,

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

4%,

12/01/40

.......................................................

3,015,000

2,955,758

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/47

.......................................................

5,035,000

5,080,225

Wastewater

Treatment

System,

Revenue,

2016,

Refunding,

BAM

Insured,

4%,

12/01/46

.......................................................

9,370,000

8,890,780

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.

94

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

City

of

Mount

Vernon

,

Mount

Vernon

Nazarene

University

,

Revenue

,

2022

,

Refunding

,

4

%

,

2/01/37

......................................................

$

995,000

$

898,940

City

of

St.

Bernard

,

Income

Tax

,

Revenue

,

2013

,

AGMC

Insured

,

5

%

,

12/01/43

.....

3,760,000

3,764,594

City

of

Westerville

,

Revenue

,

2014

,

5

%

,

12/01/30

...........................

2,765,000

2,793,660

Cleveland

Department

of

Public

Utilities

Division

of

Public

Power

,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

11/15/38

..................

600,000

581,941

Revenue,

B-2,

NATL

Insured,

Zero

Cpn.,

11/15/38

.........................

10,000,000

4,933,237

Cleveland

Department

of

Public

Utilities

Division

of

Water

,

Revenue

,

2020

FF

,

Refunding

,

5

%

,

1/01/33

.............................................

1,000,000

1,114,919

Cleveland-Cuyahoga

County

Port

Authority

,

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/37

.......

700,000

691,013

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/38

.......

100,000

97,012

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/39

.......

700,000

662,206

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/40

.......

100,000

92,980

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/46

.......

500,000

428,551

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/51

.......

2,000,000

1,679,687

Euclid

Avenue

Development

Corp.,

Revenue,

2022

A,

5.5%,

8/01/52

...........

9,000,000

9,327,918

Columbus-Franklin

County

Finance

Authority

,

Revenue,

2021

C,

2.5%,

11/15/41

.....................................

900,000

644,762

Revenue,

2021

C,

3%,

5/15/51

........................................

2,180,000

1,408,972

County

of

Butler

,

Cincinnati

Children's

Hospital

Medical

Center

Obligated

Group,

Revenue,

2016

X,

Refunding,

5%,

5/15/29

............................................

6,750,000

7,375,582

UC

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/45

..........

20,270,000

19,213,118

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/36

..........

4,140,000

3,729,369

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/37

..........

1,500,000

1,325,881

County

of

Cuyahoga

,

GO

,

2020

A

,

Refunding

,

4

%

,

12/01/34

...................

750,000

779,431

County

of

Franklin

,

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2016

C,

Refunding,

5%,

11/01/34

..

2,600,000

2,750,115

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2016

C,

Refunding,

4%,

11/01/40

..

5,000,000

4,762,861

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/33

..........

5,270,000

4,852,194

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/34

..........

2,240,000

2,041,557

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/35

..........

2,900,000

2,596,734

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/36

..........

2,640,000

2,305,127

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/40

..........

2,590,000

2,126,144

Ohio

Living

Obligated

Group,

Revenue,

2023,

Refunding,

5.25%,

7/01/41

........

5,000,000

4,787,564

OhioHealth

Obligated

Group,

Revenue,

2015,

5%,

5/15/33

...................

6,290,000

6,440,074

Sales

Tax,

Revenue,

2018,

5%,

6/01/48

.................................

6,000,000

6,247,315

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017,

5%,

12/01/46

............

3,515,000

3,568,380

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017

A-OH,

5%,

12/01/47

.......

11,800,000

11,982,289

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2019

A,

4%,

12/01/49

..........

6,030,000

5,481,163

County

of

Hamilton

,

Sewer

System,

Revenue,

2019

A,

Refunding,

5%,

12/01/33

..................

6,965,000

7,712,248

TriHealth

Obligated

Group,

Revenue,

2017

A,

5%,

8/15/42

...................

5,000,000

5,082,549

County

of

Lucas

,

GO

,

2022

,

4.75

%

,

12/01/52

..............................

3,000,000

3,019,742

County

of

Mahoning

,

Sewer

System,

Revenue,

2022,

Refunding,

5%,

12/01/46

....................

3,000,000

3,131,158

Western

Reserve

Care

System,

Revenue,

1995,

NATL

Insured,

ETM,

5.5%,

10/15/25

1,700,000

1,732,648

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

95

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

County

of

Miami

,

Kettering

Health

Network

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

8/01/45

.............................................

$

5,000,000

$

5,105,890

County

of

Montgomery

,

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

11/15/39

............................................

5,000,000

4,490,315

County

of

Ross

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/44

.....................................................

4,705,000

4,711,861

County

of

Union

,

GO

,

2018

,

5

%

,

12/01/47

.................................

5,000,000

5,146,619

Cuyahoga

Falls

City

School

District

,

GO

,

2021

,

BAM

Insured

,

4

%

,

12/01/51

.......

1,485,000

1,337,279

Dayton

City

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

11/01/30

................

5,000,000

5,583,057

Dayton-Montgomery

County

Port

Authority

,

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

2%,

11/15/31

..........

430,000

359,343

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

2.5%,

11/15/41

........

1,615,000

1,138,603

Deer

Park

Community

City

School

District

,

GO

,

2017

A

,

5.25

%

,

12/01/53

.........

3,000,000

3,046,691

Dublin

City

School

District

,

GO

,

2019

A

,

4

%

,

12/01/44

........................

10,000,000

9,556,109

Elyria

City

School

District

,

GO

,

2017

A

,

5

%

,

12/01/43

........................

5,500,000

5,665,564

Franklin

County

Convention

Facilities

Authority

,

Revenue

,

2014

,

Pre-Refunded

,

5

%

,

12/01/35

........................................................

20,000,000

20,390,680

Fremont

City

School

District

,

GO

,

2017

A

,

5

%

,

1/15/49

.......................

13,970,000

14,158,610

Grandview

Heights

City

School

District

,

GO

,

2019

,

5

%

,

12/01/53

................

2,150,000

2,225,637

Green

Local

School

District

,

COP

,

2022

,

AGMC

Insured

,

5

%

,

11/01/52

...........

2,000,000

2,050,671

Hilliard

School

District

,

GO

,

2017

,

4

%

,

12/01/46

............................

10,000,000

9,302,676

Hudson

City

School

District

,

GO

,

2018

,

4

%

,

12/01/45

........................

18,870,000

17,605,587

Indian

Creek

Local

School

District

,

GO,

2018

A,

5%,

11/01/55

...........................................

3,000,000

3,075,041

GO,

2018

B,

BAM

Insured,

5%,

11/01/55

................................

3,910,000

4,071,762

Lakota

Local

School

District

,

GO,

2005,

Refunding,

NATL

Insured,

5.25%,

12/01/26

......................

2,000,000

2,131,747

GO,

2014

C,

Pre-Refunded,

5%,

12/01/30

...............................

4,035,000

4,116,286

Licking

Heights

Local

School

District

,

GO

,

2022

,

4.5

%

,

10/01/51

................

1,800,000

1,792,393

Little

Miami

Local

School

District

,

GO,

2018,

5%,

11/01/43

.............................................

1,000,000

1,015,654

GO,

2018,

5%,

11/01/48

.............................................

2,460,000

2,490,411

Madeira

City

School

District

,

GO

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/32

.....

9,605,000

10,937,209

Miami

University

,

Revenue,

2014,

Refunding,

5%,

9/01/31

.................................

2,320,000

2,350,357

Revenue,

2014,

Refunding,

5%,

9/01/34

.................................

3,500,000

3,540,698

Revenue,

2017,

Refunding,

5%,

9/01/41

.................................

5,000,000

5,136,331

Revenue,

2022

A,

Refunding,

5%,

9/01/34

...............................

1,000,000

1,131,772

Miami

Valley

Career

Technology

Center

,

GO

,

2018

,

5

%

,

12/01/44

...............

20,000,000

20,888,558

Northeast

Ohio

Medical

University

,

Revenue,

2021

A,

Refunding,

3%,

12/01/23

..............................

75,000

74,850

Revenue,

2021

A,

Refunding,

5%,

12/01/25

..............................

125,000

126,701

Revenue,

2021

A,

Refunding,

5%,

12/01/27

..............................

100,000

103,088

Revenue,

2021

A,

Refunding,

5%,

12/01/29

..............................

110,000

114,722

Revenue,

2021

A,

Refunding,

3%,

12/01/40

..............................

500,000

372,567

Revenue,

2021

A,

Refunding,

4%,

12/01/45

..............................

450,000

375,342

Revenue,

2022,

BAM

Insured,

5%,

12/01/43

.............................

1,000,000

1,032,392

Northeast

Ohio

Regional

Sewer

District

,

Revenue

,

2019

,

Refunding

,

3

%

,

11/15/35

..

3,500,000

3,193,855

Northeastern

Local

School

District

,

GO,

2018,

AGMC

Insured,

5.25%,

12/01/45

..............................

5,420,000

5,749,510

GO,

2018,

AGMC

Insured,

4%,

12/01/55

................................

5,000,000

4,408,301

Norwood

City

School

District

,

GO,

2017

A,

Pre-Refunded,

5%,

11/01/46

...............................

5,000,000

5,233,515

GO,

2017

A,

Pre-Refunded,

5.25%,

11/01/51

.............................

7,645,000

8,050,352

c

Ohio

Air

Quality

Development

Authority

,

Ohio

Valley

Electric

Corp.,

Revenue,

2009

B,

Mandatory

Put,

1.375%,

11/01/24

...

1,875,000

1,788,131

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.

96

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

c

Ohio

Air

Quality

Development

Authority,

(continued)

Ohio

Valley

Electric

Corp.,

Revenue,

2009

C,

Mandatory

Put,

1.5%,

11/04/25

.....

$

2,000,000

$

1,831,462

Ohio

Center

Local

Government

Capital

Asset

Financing

Program

,

GO

,

2003

,

AGMC

Insured

,

5.25

%

,

12/01/23

............................................

120,000

120,185

Ohio

Higher

Educational

Facility

Commission

,

Ashtabula

County

Medical

Center

Obligated

Group,

Revenue,

2022,

5.25%,

1/01/52

4,895,000

4,905,225

Baldwin

Wallace

University,

Revenue,

2022,

6%,

12/01/52

...................

5,970,000

6,193,177

Capital

University,

Revenue,

2022,

Refunding,

6%,

9/01/42

..................

4,900,000

5,060,632

Capital

University,

Revenue,

2022,

Refunding,

6%,

9/01/47

..................

2,000,000

2,048,374

Capital

University,

Revenue,

2022,

Refunding,

6%,

9/01/52

..................

5,100,000

5,199,620

Case

Western

Reserve

University,

Revenue,

2016,

Refunding,

5%,

12/01/40

.....

6,000,000

6,156,758

Cleveland

Institute

of

Music

(The),

Revenue,

2022,

5%,

12/01/32

..............

300,000

309,990

Cleveland

Institute

of

Music

(The),

Revenue,

2022,

5.125%,

12/01/42

...........

3,390,000

3,318,735

Cleveland

Institute

of

Music

(The),

Revenue,

2022,

5.375%,

12/01/52

...........

3,100,000

3,031,522

John

Carroll

University,

Revenue,

2020,

4%,

10/01/45

......................

1,100,000

913,242

John

Carroll

University,

Revenue,

2020,

4%,

10/01/50

......................

3,500,000

2,797,817

John

Carroll

University,

Revenue,

2022,

Refunding,

4%,

10/01/47

..............

11,360,000

9,274,491

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,540,000

1,401,481

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,360,000

1,213,983

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,900,000

2,530,467

Kenyon

College,

Revenue,

2016,

Refunding,

5%,

7/01/42

...................

5,320,000

5,420,290

Kenyon

College,

Revenue,

2016,

Refunding,

4%,

7/01/44

...................

5,180,000

4,716,467

Kenyon

College,

Revenue,

2017,

5%,

7/01/42

............................

1,250,000

1,284,465

Kenyon

College,

Revenue,

2017,

4%,

7/01/47

............................

4,000,000

3,517,805

Otterbein

Homes

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/30

......

1,095,000

1,087,816

University

of

Dayton,

Revenue,

2018

A,

4%,

12/01/43

.......................

11,885,000

10,825,886

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/28

................

150,000

159,969

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/29

................

415,000

448,845

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/30

................

400,000

438,072

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/31

................

550,000

600,451

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/32

................

340,000

371,003

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/33

................

130,000

141,744

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/34

................

500,000

544,489

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/36

................

900,000

897,525

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/39

................

480,000

454,394

Ohio

Housing

Finance

Agency

,

Revenue,

2020

B,

GNMA

Insured,

2.1%,

9/01/35

..........................

485,000

384,703

b

Revenue,

144A,

2023

A,

5.625%,

8/01/41

...............................

17,000,000

16,758,600

Ohio

State

University

(The)

,

Revenue,

2014

A,

4%,

12/01/30

.......................................

4,325,000

4,337,422

Revenue,

2021

A,

4%,

12/01/48

.......................................

10,020,000

9,406,249

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

2018

A,

5%,

2/15/43

........................................

33,350,000

34,713,645

Revenue,

Junior

Lien,

2013

A-2,

BAM

Insured,

Zero

Cpn.,

2/15/38

.............

3,665,000

1,972,592

Revenue,

Junior

Lien,

2013

A-2,

Zero

Cpn.,

2/15/43

........................

10,485,000

4,244,418

Ohio

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/44

...................

7,000,000

7,183,306

Ohio

Water

Development

Authority

,

Revenue,

2019,

5%,

12/01/39

........................................

5,000,000

5,392,982

Revenue,

2019,

5%,

6/01/44

.........................................

5,650,000

6,014,722

Revenue,

2021,

5%,

6/01/46

.........................................

10,555,000

11,376,433

Water

Pollution

Control

Loan

Fund,

Revenue,

2019

B,

Refunding,

5%,

12/01/44

...

10,000,000

10,642,638

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

12/01/39

............

5,000,000

5,420,889

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

12/01/50

............

2,500,000

2,645,478

Olentangy

Local

School

District

,

GO

,

2016

,

4

%

,

12/01/46

.....................

7,660,000

7,346,756

Princeton

City

School

District

,

GO,

2014,

Pre-Refunded,

5%,

12/01/39

.................................

12,000,000

12,249,080

GO,

2014,

Refunding,

Zero

Cpn.,

12/01/40

...............................

6,000,000

2,877,895

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

97

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Princeton

City

School

District,

(continued)

GO,

2014,

Refunding,

Zero

Cpn.,

12/01/41

...............................

$

6,000,000

$

2,752,588

Reading

Community

City

School

District

,

GO

,

2016

A

,

5

%

,

11/01/46

.............

2,000,000

2,017,412

Russia

Local

School

District

,

GO

,

2023

,

5

%

,

12/01/52

........................

1,670,000

1,746,889

Springboro

Community

City

School

District

,

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

12/01/27

.....................

5,175,000

5,565,433

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

12/01/28

.....................

2,000,000

2,187,200

State

of

Ohio

,

GO,

2018

A,

5%,

6/15/38

............................................

10,000,000

10,292,324

GO,

2019

A,

5%,

6/15/38

............................................

6,500,000

6,995,511

GO,

2020

C,

5%,

3/01/38

............................................

2,300,000

2,521,415

GO,

V,

5%,

5/01/33

................................................

1,000,000

1,087,181

GO,

V,

5%,

5/01/34

................................................

4,000,000

4,343,532

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2017

A,

Refunding,

3.25%,

1/01/35

..................................................

10,000,000

9,152,472

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2021

B,

Refunding,

5%,

1/01/29

........................................................

4,850,000

5,296,578

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/39

..........

1,000,000

1,084,527

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/41

..........

750,000

804,986

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/37

1,000,000

907,399

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/39

875,000

772,368

University

Hospitals

Health

System,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

1/15/46

............................................

18,795,000

16,899,068

Summit

County

Development

Finance

Authority

,

City

of

Akron

,

Revenue

,

2022

,

4

%

,

5/15/46

......................................................

5,585,000

4,912,667

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/45

.............

6,000,000

5,700,266

Sylvania

City

School

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/36

....

9,700,000

9,892,331

Three

Rivers

Local

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

12/01/39

...........

5,885,000

5,959,166

Toledo-Lucas

County

Port

Authority

,

Revenue,

2021

A,

2%,

11/15/31

.......................................

430,000

362,941

ParkUToledo,

Inc.,

Revenue,

2021,

4%,

1/01/46

...........................

1,625,000

1,281,934

ParkUToledo,

Inc.,

Revenue,

2021,

4%,

1/01/51

...........................

2,840,000

2,134,056

ParkUToledo,

Inc.,

Revenue,

2021,

4%,

1/01/57

...........................

6,000,000

4,385,330

Triway

Local

School

District

,

COP

,

2021

,

BAM

Insured

,

4

%

,

12/01/39

............

2,200,000

2,140,983

University

of

Akron

(The)

,

Revenue,

2015

A,

Refunding,

5%,

1/01/31

...............................

4,365,000

4,430,747

Revenue,

2016

A,

Refunding,

BAM

Insured,

5%,

1/01/34

....................

6,000,000

6,138,686

Revenue,

2016

A,

Refunding,

5%,

1/01/36

...............................

11,065,000

11,303,487

Revenue,

2016

A,

Refunding,

5%,

1/01/38

...............................

13,225,000

13,429,056

Revenue,

2018

A,

Refunding,

5%,

1/01/42

...............................

5,725,000

5,877,702

University

of

Cincinnati

,

Revenue

,

2018

A

,

Refunding

,

4

%

,

6/01/48

..............

10,000,000

9,351,088

Upper

Arlington

City

School

District

,

GO

,

2018

A

,

Pre-Refunded

,

5

%

,

12/01/48

.....

13,000,000

14,067,143

Village

of

Bluffton

,

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/33

.......................................................

1,655,000

1,656,840

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/34

.......................................................

1,900,000

1,906,592

Warren

County

Port

Authority

,

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

C,

4%,

12/01/41

..........

2,075,000

1,717,586

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

C,

4%,

12/01/55

..........

3,500,000

2,626,241

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

D,

5%,

12/01/46

..........

3,895,000

3,231,188

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

H,

4%,

12/01/41

..........

570,000

472,971

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

H,

4%,

12/01/53

..........

1,375,000

1,041,313

Ohio

Communities

Accelerator

Fund,

Revenue,

2022

A,

5.5%,

12/01/50

.........

3,210,000

3,027,771

Ohio

Communities

Accelerator

Fund,

Revenue,

2022

B,

4.75%,

12/01/34

........

1,065,000

1,059,516

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.

98

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Warren

County

Port

Authority,

(continued)

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

3%,

12/01/30

.......................................

$

525,000

$

468,832

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

4%,

12/01/40

.......................................

1,390,000

1,161,285

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

4%,

12/01/52

.......................................

1,930,000

1,466,080

Warrensville

Heights

City

School

District

,

GO,

2019

A,

BAM

Insured,

5%,

12/01/44

................................

190,000

191,981

GO,

2019

A,

Pre-Refunded,

BAM

Insured,

5.25%,

12/01/55

..................

1,740,000

1,781,352

Westerville

City

School

District

,

GO

,

2006

,

Refunding

,

XLCA

Insured

,

5

%

,

12/01/27

..

3,820,000

4,068,717

Westlake

City

School

District

,

GO

,

2021

A

,

Refunding

,

4

%

,

12/01/49

.............

3,965,000

3,625,432

Willoughby-Eastlake

City

School

District

,

GO

,

2016

,

Pre-Refunded

,

5

%

,

12/01/46

...

10,000,000

10,384,894

Winton

Woods

City

School

District

,

GO,

2017,

Refunding,

4%,

11/01/43

....................................

7,000,000

6,762,734

GO,

2022,

Refunding,

BAM

Insured,

4%,

11/01/53

.........................

2,000,000

1,819,092

Wright

State

University

,

Revenue

,

2021

A

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/30

...

1,285,000

1,411,864

Xenia

Community

School

District

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

12/01/40

.........

7,285,000

7,431,757

1,006,617,607

South

Carolina

1.0%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

3,200,000

2,521,965

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

3,200,000

2,514,475

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

5,250,000

3,460,623

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,200,000

2,399,583

10,896,646

Tennessee

0.1%

c

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

1,500,000

1,551,924

Texas

0.7%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

4,300,000

3,037,110

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/38

300,000

228,335

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/47

1,000,000

661,392

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

6,000,000

4,432,240

8,359,077

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

3,200,000

2,521,686

Wisconsin

1.2%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

3,100,000

2,399,405

FAH

Tree

House

LLC,

Revenue,

144A,

2023

A,

6.5%,

8/01/53

................

2,800,000

2,720,803

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

8,200,000

8,204,182

13,324,390

U.S.

Territories

1.2%

Puerto

Rico

1.2%

HTA

HRRB

Custodial

Trust

,

Revenue,

2007

CC,

5.25%,

7/01/32

....................................

2,890,000

2,901,912

Revenue,

2007

CC,

5.25%,

7/01/34

....................................

800,000

805,550

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

99

See

A

bbreviations

on

page

151

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

$

4,515,000

$

4,501,208

Revenue,

2007

N,

5.25%,

7/01/36

.....................................

1,575,000

1,587,266

Revenue,

2007

N,

5.25%,

7/01/39

.....................................

295,353

298,004

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,000,000

983,039

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

981,968

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

471,493

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/35

..

235,000

249,143

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

1,100,000

1,067,446

13,847,029

Total

U.S.

Territories

....................................................................

13,847,029

Total

Municipal

Bonds

(Cost

$1,144,741,699)

...................................

1,090,148,953

Total

Long

Term

Investments

(Cost

$1,147,941,699)

.............................

1,093,267,658

a

a

a

a

a

Short

Term

Investments

1.3%

Municipal

Bonds

1.3%

Ohio

1.3%

d

County

of

Allen

Hospital

Facilities

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010

C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

4

%

,

6/01/34

...................

3,800,000

3,800,000

d

Ohio

Higher

Educational

Facility

Commission

,

Cleveland

Clinic

Health

System

Obligated

Group

,

Revenue

,

2013

B-3

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

4.15

%

,

1/01/39

...................................................

2,325,000

2,325,000

d

State

of

Ohio

,

Cleveland

Clinic

Health

System

Obligated

Group

,

Revenue

,

2019

F

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

4.15

%

,

1/01/52

........................

8,850,000

8,850,000

14,975,000

Total

Municipal

Bonds

(Cost

$14,975,000)

......................................

14,975,000

Total

Short

Term

Investments

(Cost

$14,975,000

)

................................

14,975,000

a

Total

Investments

(Cost

$1,162,916,699)

98.0%

..................................

$1,108,242,658

Other

Assets,

less

Liabilities

2.0%

.............................................

21,953,841

Net

Assets

100.0%

...........................................................

$1,130,196,499

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

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,

2023,

the

aggregate

value

of

these

securities

was

$59,809,622,

representing

5.3%

of

net

assets.

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.

100

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.35

$11.45

$11.73

$12.00

$11.37

$11.30

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.16

0.27

0.23

0.26

0.30

0.16

Net

realized

and

unrealized

gains

(losses)

(0.12)

(1.10)

(0.28)

(0.27)

0.64

0.07

Total

from

investment

operations

........

0.04

(0.83)

(0.05)

(0.01)

0.94

0.23

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.27)

(0.23)

(0.26)

(0.31)

(0.16)

Net

asset

value,

end

of

period

..........

$10.24

$10.35

$11.45

$11.73

$12.00

$11.37

Total

return

e

.......................

0.39%

(7.27)%

(0.48)%

(0.07)%

8.39%

2.09%

Ratios

to

average

net

assets

f

Expenses

g

........................

0.81%

0.81%

0.80%

0.80%

0.80%

0.80%

Net

investment

income

...............

3.02%

2.56%

1.93%

2.20%

2.58%

3.05%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$200,787

$208,460

$251,006

$218,010

$162,664

$62,119

Portfolio

turnover

rate

................

3.94%

32.94%

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

101

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.34

$11.44

$11.72

$11.99

$11.36

$11.37

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17

0.29

0.25

0.28

0.32

0.36

Net

realized

and

unrealized

gains

(losses)

(0.12)

(1.11)

(0.28)

(0.27)

0.64

(0.01)

Total

from

investment

operations

........

0.05

(0.82)

(0.03)

0.01

0.96

0.35

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.28)

(0.25)

(0.28)

(0.33)

(0.36)

Net

asset

value,

end

of

period

..........

$10.23

$10.34

$11.44

$11.72

$11.99

$11.36

Total

return

d

.......................

0.46%

(7.14)%

(0.33)%

0.08%

8.56%

3.13%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.66%

0.66%

0.65%

0.65%

0.65%

0.65%

Net

investment

income

...............

3.17%

2.71%

2.08%

2.37%

2.73%

3.20%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$533,521

$562,620

$731,732

$805,688

$866,593

$843,042

Portfolio

turnover

rate

................

3.94%

32.94%

19.83%

18.23%

15.49%

9.09%

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.

102

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.50

$11.63

$11.91

$12.19

$11.54

$11.55

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.23

0.18

0.22

0.26

0.30

Net

realized

and

unrealized

gains

(losses)

(0.11)

(1.14)

(0.28)

(0.29)

0.66

(0.01)

Total

from

investment

operations

........

0.03

(0.91)

(0.10)

(0.07)

0.92

0.29

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.22)

(0.18)

(0.21)

(0.27)

(0.30)

Net

asset

value,

end

of

period

..........

$10.40

$10.50

$11.63

$11.91

$12.19

$11.54

Total

return

d

.......................

0.27%

(7.79)%

(0.79)%

(0.63)%

8.05%

2.51%

Ratios

to

average

net

assets

e

Expenses

f

.........................

1.20%

1.20%

1.19%

1.19%

1.20%

1.20%

Net

investment

income

...............

2.56%

2.10%

1.50%

1.80%

2.18%

2.65%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$34,621

$43,030

$72,237

$98,075

$127,898

$128,133

Portfolio

turnover

rate

................

3.94%

32.94%

19.83%

18.23%

15.49%

9.09%

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

103

In

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.35

$11.45

$11.73

$12.00

$11.37

$11.38

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17

0.30

0.26

0.29

0.33

0.38

Net

realized

and

unrealized

gains

(losses)

(0.11)

(1.10)

(0.28)

(0.27)

0.64

(0.02)

Total

from

investment

operations

........

0.06

(0.80)

(0.02)

0.02

0.97

0.36

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.30)

(0.26)

(0.29)

(0.34)

(0.37)

Net

asset

value,

end

of

period

..........

$10.24

$10.35

$11.45

$11.73

$12.00

$11.37

Total

return

d

.......................

0.53%

(7.01)%

(0.12)%

0.12%

8.69%

3.24%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.53%

0.53%

0.52%

0.52%

0.53%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.53%

g

0.52%

0.52%

g

0.52%

g

0.52%

0.52%

Net

investment

income

...............

3.31%

2.85%

2.21%

2.49%

2.86%

3.33%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$23,412

$21,344

$26,269

$22,928

$19,823

$13,308

Portfolio

turnover

rate

................

3.94%

32.94%

19.83%

18.23%

15.49%

9.09%

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

Financial

Highlights

Franklin

Oregon

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,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.35

$11.46

$11.73

$12.01

$11.37

$11.38

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17

0.30

0.26

0.29

0.33

0.37

Net

realized

and

unrealized

gains

(losses)

(0.11)

(1.12)

(0.27)

(0.28)

0.65

(0.01)

Total

from

investment

operations

........

0.06

(0.82)

(0.01)

0.01

0.98

0.36

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.29)

(0.26)

(0.29)

(0.34)

(0.37)

Net

asset

value,

end

of

period

..........

$10.25

$10.35

$11.46

$11.73

$12.01

$11.37

Total

return

d

.......................

0.61%

(7.12)%

(0.15)%

0.09%

8.75%

3.22%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.56%

0.56%

0.55%

0.55%

0.55%

0.55%

Net

investment

income

...............

3.27%

2.80%

2.18%

2.45%

2.83%

3.30%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$133,189

$134,222

$181,163

$171,322

$145,073

$107,253

Portfolio

turnover

rate

................

3.94%

32.94%

19.83%

18.23%

15.49%

9.09%

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,

2023

Franklin

Oregon

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

Corporate

Bonds

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

2,500,000

$

2,436,488

Total

Corporate

Bonds

(Cost

$2,500,000)

.......................................

2,436,488

Municipal

Bonds

98.7%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

3,500,000

2,863,257

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

982,097

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

5,600,000

4,599,000

5,581,097

Illinois

0.5%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

5,000,000

4,594,955

Kentucky

0.6%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

8,300,000

5,409,470

New

Jersey

0.9%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

5%,

6/15/44

.......................................

2,250,000

2,320,113

Revenue,

2020

AA,

3%,

6/15/50

.......................................

1,000,000

729,841

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

1,000,000

1,009,343

Revenue,

2022

A,

4%,

6/15/38

........................................

2,165,000

2,145,764

Revenue,

2022

BB,

4%,

6/15/46

.......................................

2,000,000

1,876,933

8,081,994

New

York

0.5%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/47

..........

5,500,000

4,975,775

Oregon

88.2%

Astoria

Hospital

Facilities

Authority

,

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

5%,

8/01/41

......

4,250,000

4,269,842

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

4%,

8/01/46

......

1,750,000

1,477,804

Benton

&

Polk

School

District

No.

17J

,

GO

,

2010

B

,

Zero

Cpn.,

6/15/31

...........

1,000,000

731,218

Central

Lincoln

People's

Utility

District

JATC,

Inc.

,

Revenue

,

2016

,

5

%

,

12/01/45

....

2,900,000

2,951,377

City

of

Beaverton

,

Water,

Revenue,

2020,

5%,

4/01/36

....................................

1,760,000

1,941,442

Water,

Revenue,

2020,

5%,

4/01/37

....................................

1,850,000

2,021,910

Water,

Revenue,

2020,

5%,

4/01/38

....................................

1,940,000

2,099,704

Water,

Revenue,

2020,

5%,

4/01/39

....................................

2,040,000

2,197,967

Water,

Revenue,

2020,

5%,

4/01/40

....................................

2,140,000

2,297,866

City

of

Eugene

,

Electric

Utility

System

,

Revenue

,

2017

,

5

%

,

8/01/47

.............

3,580,000

3,701,540

City

of

Forest

Grove

,

Pacific

University,

Revenue,

2015

A,

Refunding,

5%,

5/01/36

.................

6,575,000

6,624,289

Pacific

University,

Revenue,

2017,

Refunding,

4%,

3/01/37

...................

3,500,000

3,240,728

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/26

.................

335,000

340,376

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/27

.................

1,195,000

1,224,173

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/29

.................

1,315,000

1,366,334

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/30

.................

1,385,000

1,445,980

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/31

.................

1,450,000

1,519,623

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/32

.................

1,525,000

1,594,395

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/33

.................

1,600,000

1,668,455

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/35

.................

490,000

464,593

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/37

.................

1,905,000

1,744,404

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/38

.................

3,960,000

3,561,389

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.

106

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%,

5/01/39

.................

$

1,750,000

$

1,554,458

City

of

Keizer

,

Special

Assessment

,

2008

,

5.2

%

,

6/01/31

......................

1,175,000

1,177,104

City

of

Tigard

,

Water

,

Revenue

,

2015

,

5

%

,

8/01/45

..........................

23,545,000

23,901,921

Clackamas

Community

College

District

,

GO,

2017

A,

5%,

6/15/38

............................................

760,000

795,581

GO,

2017

A,

5%,

6/15/39

............................................

1,000,000

1,044,662

GO,

2017

A,

5%,

6/15/40

............................................

1,250,000

1,302,693

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO,

2017

A,

Zero

Cpn.,

6/15/40

.......................................

10,000,000

4,404,326

GO,

2017

A,

Zero

Cpn.,

6/15/41

.......................................

17,030,000

7,080,333

GO,

2017

A,

Zero

Cpn.,

6/15/42

.......................................

16,625,000

6,505,118

GO,

2017

B,

5%,

6/15/34

............................................

8,000,000

8,464,301

GO,

2017

B,

5%,

6/15/37

............................................

10,000,000

10,475,371

GO,

2018,

5%,

6/15/42

.............................................

1,750,000

1,836,240

Clackamas

County

School

District

No.

46

Oregon

Trail

,

GO,

Zero

Cpn.,

6/15/37

.............................................

12,130,000

6,670,021

GO,

Zero

Cpn.,

6/15/38

.............................................

12,495,000

6,450,022

Clackamas

County

School

District

No.

7J

Lake

Oswego

,

GO

,

2005

,

Refunding

,

AGMC

Insured

,

5.25

%

,

6/01/25

.............................................

3,075,000

3,178,681

Clackamas

County

School

District

No.

86

Canby

,

GO

,

2020

A

,

Refunding

,

4

%

,

6/15/40

3,470,000

3,410,804

Clackamas

River

Water

,

Revenue

,

2016

,

5

%

,

11/01/43

.......................

1,970,000

1,997,685

Coos

County

School

District

No.

9

Coos

Bay

,

GO

,

2018

,

5

%

,

6/15/43

............

5,005,000

5,260,832

County

of

Benton

,

GO

,

2023

,

4.125

%

,

6/01/53

.............................

2,035,000

1,911,330

County

of

Yamhill

,

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/24

..............

750,000

751,560

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/29

..............

910,000

925,587

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/31

..............

990,000

1,006,844

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/36

..............

2,585,000

2,521,021

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/46

..............

3,830,000

3,358,700

Linfield

University,

Revenue,

2020

A,

Refunding,

5%,

10/01/40

................

7,010,000

6,948,102

Linfield

University,

Revenue,

2020

A,

Refunding,

5%,

10/01/45

................

9,285,000

8,988,573

Deschutes

County

Administrative

School

District

No.

1

Bend-La

Pine

,

GO

,

2023

,

4

%

,

6/15/45

.........................................................

2,485,000

2,363,642

Deschutes

County

Hospital

Facilities

Authority

,

St.

Charles

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/48

.........................

8,440,000

8,444,017

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Terwilliger

Plaza,

Inc.

Obligated

Group

,

Revenue

,

2012

,

Refunding

,

5

%

,

12/01/29

..................

3,690,000

3,606,667

Jackson

County

School

District

No.

5

Ashland

,

GO,

2019,

5%,

6/15/42

.............................................

5,970,000

6,319,333

GO,

2019,

5%,

6/15/43

.............................................

6,495,000

6,865,124

GO,

2019,

5%,

6/15/44

.............................................

6,000,000

6,330,156

Jackson

County

School

District

No.

6

Central

Point

,

GO,

2019

B,

Zero

Cpn.,

6/15/40

.......................................

705,000

314,085

GO,

2019

B,

Zero

Cpn.,

6/15/41

.......................................

710,000

298,793

GO,

2019

B,

Zero

Cpn.,

6/15/42

.......................................

610,000

241,764

GO,

2019

B,

Zero

Cpn.,

6/15/43

.......................................

820,000

307,847

GO,

2019

B,

Zero

Cpn.,

6/15/44

.......................................

1,115,000

395,358

GO,

2019

B,

Zero

Cpn.,

6/15/45

.......................................

985,000

329,958

GO,

2019

B,

Zero

Cpn.,

6/15/46

.......................................

1,190,000

376,804

GO,

2019

B,

Zero

Cpn.,

6/15/47

.......................................

1,170,000

350,258

GO,

2019

B,

Zero

Cpn.,

6/15/48

.......................................

1,320,000

373,573

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

107

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Klamath

Falls

Intercommunity

Hospital

Authority

,

Sky

Lakes

Medical

Center,

Inc.

,

Revenue

,

2016

,

Refunding

,

5

%

,

9/01/46

.................................

$

1,000,000

$

1,005,970

Lane

&

Douglas

Counties

School

District

No.

28J

Fern

Ridge

,

GO

,

2014

A

,

5

%

,

6/15/30

695,000

728,593

Marion

&

Linn

Counties

School

District

No.

14J

Jefferson

,

GO

,

2017

B

,

5

%

,

6/15/41

.

1,360,000

1,407,639

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

8/15/45

..............................................

5,620,000

5,168,541

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/45

8,245,000

8,436,844

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

8/15/50

5,685,000

5,111,630

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/50

4,500,000

4,576,146

Rogue

Valley

Manor,

Revenue,

2013

A,

Refunding,

5%,

10/01/33

..............

1,500,000

1,501,698

Rogue

Valley

Manor,

Revenue,

2013

A,

Refunding,

5%,

10/01/42

..............

9,420,000

9,430,663

Metro

,

County

of

Multnomah

Transient

Lodging

Tax,

Revenue,

2017,

5%,

6/15/42

.......

7,500,000

7,784,040

County

of

Multnomah

Transient

Lodging

Tax,

Revenue,

2017,

5%,

6/15/47

.......

10,950,000

11,302,532

Multnomah

&

Clackamas

Counties

School

District

No.

10JT

Gresham-Barlow

,

GO,

2017

A,

5%,

6/15/37

............................................

7,885,000

8,197,670

GO,

2019

A,

Zero

Cpn.,

6/15/39

.......................................

9,500,000

4,426,035

Multnomah

County

School

District

No.

40

,

GO,

2012

B,

Zero

Cpn.,

6/15/24

.......................................

1,640,000

1,592,344

GO,

2012

B,

Zero

Cpn.,

6/15/25

.......................................

1,325,000

1,238,924

GO,

2012

B,

Zero

Cpn.,

6/15/26

.......................................

2,585,000

2,332,617

GO,

2012

B,

Zero

Cpn.,

6/15/27

.......................................

2,655,000

2,310,209

GO,

2012

B,

Zero

Cpn.,

6/15/28

.......................................

2,495,000

2,090,545

GO,

2012

B,

Zero

Cpn.,

6/15/29

.......................................

2,595,000

2,091,926

GO,

2012

B,

Zero

Cpn.,

6/15/30

.......................................

1,885,000

1,460,407

GO,

2012

B,

Zero

Cpn.,

6/15/31

.......................................

2,030,000

1,510,641

GO,

2012

B,

Zero

Cpn.,

6/15/32

.......................................

2,000,000

1,425,186

Multnomah-Clackamas

Counties

Centennial

School

District

No.

28JT

,

GO

,

2020

,

Refunding

,

5

%

,

6/15/45

.............................................

13,000,000

13,836,720

Oregon

City

School

District

No.

62

,

GO

,

2018

B

,

Refunding

,

5

%

,

6/15/49

..........

17,000,000

17,736,690

Oregon

Health

&

Science

University

,

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

7/01/44

.................

4,125,000

3,941,083

Oregon

Health

&

Science

University

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/42

10,000,000

10,275,134

Oregon

State

Facilities

Authority

,

b

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

4%,

10/01/26

.................

1,170,000

1,131,212

b

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/36

.................

1,670,000

1,548,671

b

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/48

.................

4,000,000

3,536,416

Legacy

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

6/01/46

......

31,395,000

31,643,221

Legacy

Health

Obligated

Group,

Revenue,

2022

A,

4.125%,

6/01/52

...........

3,000,000

2,731,754

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2015

C,

5%,

10/01/45

..

4,000,000

4,000,008

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/41

.......................................................

7,800,000

7,826,502

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

5%,

10/01/46

.

3,280,000

3,247,542

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Pre-Refunded,

5%,

10/01/46

...................................................

220,000

231,209

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/40

.......................................................

11,025,000

11,249,853

Willamette

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/40

.............

1,950,000

1,960,526

Willamette

University,

Revenue,

2021

A,

Refunding,

4%,

10/01/51

.............

47,505,000

38,383,456

Oregon

State

University

,

Revenue

,

2015

A

,

5

%

,

4/01/45

......................

12,500,000

12,655,466

Port

of

Portland

,

Airport,

Revenue,

24

A,

5%,

7/01/47

....................................

4,700,000

4,792,220

Airport,

Revenue,

24

B,

5%,

7/01/42

....................................

7,645,000

7,735,399

Airport,

Revenue,

24

B,

5%,

7/01/47

....................................

1,750,000

1,762,798

Airport,

Revenue,

25

A,

5%,

7/01/49

....................................

7,825,000

8,084,960

Airport,

Revenue,

25

B,

5%,

7/01/44

....................................

4,830,000

4,939,076

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.

108

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Port

of

Portland,

(continued)

Airport,

Revenue,

25

B,

5%,

7/01/49

....................................

$

6,300,000

$

6,402,323

Airport,

Revenue,

27

A,

5%,

7/01/30

....................................

1,585,000

1,703,159

Airport,

Revenue,

27

A,

5%,

7/01/31

....................................

3,880,000

4,168,159

Airport,

Revenue,

27

A,

5%,

7/01/32

....................................

3,170,000

3,402,750

Airport,

Revenue,

27

A,

5%,

7/01/45

....................................

15,670,000

16,064,215

Airport,

Revenue,

28,

4%,

7/01/47

.....................................

5,000,000

4,590,555

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/33

.............

545,000

548,584

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/38

.............

500,000

484,472

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/43

.............

2,250,000

2,101,272

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/48

.............

3,700,000

3,357,483

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/24

....

110,000

110,111

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/25

....

130,000

130,325

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/26

....

135,000

135,200

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/27

....

260,000

260,837

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/28

....

310,000

312,298

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/29

....

515,000

492,485

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/30

....

385,000

365,922

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/31

....

400,000

377,871

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/32

....

370,000

345,801

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/40

....

1,540,000

1,270,598

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/57

....

2,750,000

1,962,942

Salem

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

5/15/46

.......

17,105,000

17,277,535

Salem-Keizer

School

District

No.

24J

,

GO,

2009

B,

Zero

Cpn.,

6/15/30

.......................................

8,500,000

6,660,306

GO,

2020

C,

4%,

6/15/38

............................................

6,000,000

5,981,892

Santiam

Canyon

School

District

129J

,

GO

,

2019

,

5

%

,

6/15/44

..................

2,330,000

2,470,573

Seaside

School

District

No.

10

,

GO,

2017

B,

5%,

6/15/35

............................................

2,000,000

2,114,619

GO,

2017

B,

5%,

6/15/36

............................................

2,500,000

2,634,193

State

of

Oregon

,

GO,

2007

A,

4.7%,

8/01/42

...........................................

3,050,000

2,875,957

GO,

2017

A,

5%,

5/01/42

............................................

2,500,000

2,597,041

GO,

2017

H,

5%,

8/01/42

............................................

15,000,000

15,613,733

GO,

2019

A,

5%,

5/01/44

............................................

5,000,000

5,289,368

GO,

2019

G,

5%,

8/01/44

............................................

5,370,000

5,690,401

GO,

L,

Refunding,

5%,

8/01/42

........................................

3,270,000

3,400,185

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/37

12,500,000

13,598,456

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/39

23,175,000

25,038,228

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/42

6,825,000

7,308,910

b

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-1

,

5.5

%

,

12/01/39

............................

20,000,000

19,495,416

Tillamook

&

Yamhill

Counties

School

District

No.

101

Nestucca

Valley

,

GO,

2018

B,

5%,

6/15/36

............................................

2,850,000

3,071,950

GO,

2018

B,

5%,

6/15/37

............................................

2,520,000

2,696,506

Tri-County

Metropolitan

Transportation

District

of

Oregon

,

Revenue,

2018

A,

5%,

10/01/31

.......................................

5,025,000

5,372,198

Revenue,

2018

A,

5%,

10/01/32

.......................................

1,865,000

1,992,374

Revenue,

Senior

Lien,

2017

A,

Pre-Refunded,

5%,

9/01/41

...................

8,650,000

9,148,052

Tualatin

Valley

Water

District

,

Revenue

,

2023

,

5

%

,

6/01/48

....................

10,805,000

11,641,863

Umatilla

Hospital

District

No.

1

,

GO

,

2023

,

5

%

,

6/01/53

.......................

750,000

752,225

Union

County

Hospital

Facility

Authority

,

Grande

Ronde

Hospital,

Inc.

Obligated

Group,

Revenue,

2022,

5%,

7/01/47

......

2,250,000

2,142,386

Grande

Ronde

Hospital,

Inc.

Obligated

Group,

Revenue,

2022,

5%,

7/01/52

......

3,375,000

3,128,919

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

109

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

University

of

Oregon

,

Revenue,

2015

A,

5%,

4/01/45

........................................

$

20,000,000

$

20,291,364

Revenue,

2016

A,

5%,

4/01/46

........................................

11,690,000

11,960,912

Revenue,

2020

A,

5%,

4/01/50

........................................

20,000,000

20,973,836

b

Warm

Springs

Reservation

Confederated

Tribe

,

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/33

.........................

250,000

270,930

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/34

.........................

300,000

325,450

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/39

.........................

2,200,000

2,318,255

Washington

&

Clackamas

Counties

School

District

No.

23J

Tigard-Tualatin

,

GO,

2017,

5%,

6/15/36

.............................................

9,400,000

9,863,783

GO,

2017,

5%,

6/15/37

.............................................

6,000,000

6,267,973

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO,

2017

D,

5%,

6/15/35

............................................

10,000,000

10,584,019

GO,

2017

D,

5%,

6/15/36

............................................

10,000,000

10,522,288

Washington

Clackamas

&

Yamhill

Counties

School

District

No.

88J

,

GO,

2018

A,

Zero

Cpn.,

6/15/38

.......................................

2,350,000

1,195,689

GO,

2018

A,

Zero

Cpn.,

6/15/39

.......................................

3,275,000

1,568,725

Washington

County

School

District

No.

15

Forest

Grove

,

GO,

2012

B,

Zero

Cpn.,

6/15/29

.......................................

2,545,000

2,072,678

GO,

2012

B,

Zero

Cpn.,

6/15/30

.......................................

2,490,000

1,952,377

GO,

2012

B,

Zero

Cpn.,

6/15/31

.......................................

3,140,000

2,368,990

Yachats

Rural

Fire

Protection

District

,

GO

,

2017

,

AGMC

Insured

,

5

%

,

6/15/47

......

1,600,000

1,646,032

816,469,323

South

Carolina

1.2%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

2,500,000

1,970,285

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

2,500,000

1,964,434

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

7,650,000

5,042,622

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,000,000

2,249,609

11,226,950

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

3,300,000

2,330,805

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/30

250,000

254,155

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/31

250,000

254,905

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

4,200,000

3,102,568

5,942,433

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

2,500,000

1,970,067

Wisconsin

0.9%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

2,400,000

1,857,604

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

6,300,000

6,303,213

8,160,817

U.S.

Territories

4.2%

Puerto

Rico

4.2%

Children's

Trust

Fund

,

Revenue

,

2002

,

5.625

%

,

5/15/43

......................

6,000,000

6,030,125

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

400,000

398,778

Revenue,

2007

N,

5.25%,

7/01/36

.....................................

1,100,000

1,108,567

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.

110

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Electric

Power

Authority

,

a,c

Revenue,

6%,

7/01/41

..............................................

$

791,038

$

791,038

a,c

Revenue,

7.125%,

7/01/59

...........................................

3,841,715

3,841,715

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,300,000

1,277,950

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

981,968

d

Revenue,

WW,

5.25%,

7/01/33

........................................

7,040,000

1,936,000

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

94,046

92,753

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

61,117

39,344

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

104,547

66,257

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

19,745,000

19,160,656

Sales

Tax,

Revenue,

A-2,

4.329%,

7/01/40

...............................

3,000,000

2,848,817

38,573,968

Total

U.S.

Territories

....................................................................

38,573,968

Total

Municipal

Bonds

(Cost

$962,006,987)

.....................................

913,850,106

Shares

Escrows

and

Litigation

Trusts

0.0%

†

a,e

Puerto

Rico

Electric

Power

Authority

.....................................

357,633

286,106

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

286,106

Total

Long

Term

Investments

(Cost

$964,506,987)

...............................

916,572,700

a

a

a

a

a

Short

Term

Investments

0.1%

Principal

Amount

Municipal

Bonds

0.1%

Oregon

0.1%

f

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.93

%

,

8/01/34

............

700,000

700,000

Total

Municipal

Bonds

(Cost

$700,000)

.........................................

700,000

Total

Short

Term

Investments

(Cost

$700,000

)

..................................

700,000

a

Total

Investments

(Cost

$965,206,987)

99.1%

...................................

$917,272,700

Other

Assets,

less

Liabilities

0.9%

.............................................

8,258,410

Net

Assets

100.0%

...........................................................

$925,531,110

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

111

See

Abbreviations

on

page

151

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

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,

2023,

the

aggregate

value

of

these

securities

was

$64,443,690,

representing

7.0%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

d

See

Note

7

regarding

defaulted

securities.

e

Non-income

producing.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Pennsylvania

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

112

A

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2019

b

2023

2022

2021

2020

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.64

$9.64

$9.89

$10.11

$9.73

$9.74

Income

from

investment

operations

c

:

Net

investment

income

d

.............

0.13

0.22

0.20

0.26

0.29

0.16

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.00)

(0.25)

(0.23)

0.39

(0.01)

Total

from

investment

operations

........

0.07

(0.78)

(0.05)

0.03

0.68

0.15

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.22)

(0.20)

(0.25)

(0.30)

(0.16)

Net

asset

value,

end

of

period

..........

$8.58

$8.64

$9.64

$9.89

$10.11

$9.73

Total

return

e

.......................

0.76%

(8.13)%

(0.56)%

0.32%

7.14%

1.59%

Ratios

to

average

net

assets

f

Expenses

g

........................

0.83%

0.82%

0.81%

0.81%

0.82%

0.83%

Net

investment

income

...............

2.90%

2.48%

2.00%

2.59%

2.98%

3.40%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$149,457

$150,381

$175,896

$146,124

$105,032

$52,673

Portfolio

turnover

rate

................

4.44%

30.73%

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

113

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.64

$9.64

$9.89

$10.11

$9.73

$9.78

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13

0.23

0.22

0.27

0.31

0.34

Net

realized

and

unrealized

gains

(losses)

(0.07)

(1.00)

(0.25)

(0.23)

0.39

(0.04)

Total

from

investment

operations

........

0.06

(0.77)

(0.03)

0.04

0.70

0.30

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.23)

(0.22)

(0.26)

(0.32)

(0.35)

Net

asset

value,

end

of

period

..........

$8.57

$8.64

$9.64

$9.89

$10.11

$9.73

Total

return

d

.......................

0.72%

(7.99)%

(0.41)%

0.47%

7.29%

3.17%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.68%

0.67%

0.66%

0.67%

0.67%

0.68%

Net

investment

income

...............

3.05%

2.63%

2.16%

2.77%

3.13%

3.55%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$465,260

$494,179

$644,308

$709,450

$772,506

$784,367

Portfolio

turnover

rate

................

4.44%

30.73%

36.04%

28.44%

13.61%

6.40%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

114

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.76

$9.77

$10.02

$10.24

$9.86

$9.91

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.11

0.18

0.16

0.22

0.26

0.30

Net

realized

and

unrealized

gains

(losses)

(0.07)

(1.01)

(0.25)

(0.23)

0.39

(0.05)

Total

from

investment

operations

........

0.04

(0.83)

(0.09)

(0.01)

0.65

0.25

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.18)

(0.16)

(0.21)

(0.27)

(0.30)

Net

asset

value,

end

of

period

..........

$8.69

$8.76

$9.77

$10.02

$10.24

$9.86

Total

return

d

.......................

0.43%

(8.49)%

(0.95)%

(0.08)%

6.64%

2.56%

Ratios

to

average

net

assets

e

Expenses

f

.........................

1.22%

1.22%

1.21%

1.21%

1.22%

1.23%

Net

investment

income

...............

2.44%

2.03%

1.60%

2.21%

2.58%

3.00%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$34,688

$41,736

$63,426

$104,823

$146,042

$173,240

Portfolio

turnover

rate

................

4.44%

30.73%

36.04%

28.44%

13.61%

6.40%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Pennsylvania

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,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.65

$9.66

$9.90

$10.12

$9.75

$9.80

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.25

0.23

0.28

0.32

0.36

Net

realized

and

unrealized

gains

(losses)

(0.07)

(1.02)

(0.24)

(0.22)

0.38

(0.04)

Total

from

investment

operations

........

0.07

(0.77)

(0.01)

0.06

0.70

0.32

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.24)

(0.23)

(0.28)

(0.33)

(0.37)

Net

asset

value,

end

of

period

..........

$8.58

$8.65

$9.66

$9.90

$10.12

$9.75

Total

return

d

.......................

0.79%

(7.95)%

(0.17)%

0.61%

7.32%

3.30%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.54%

0.55%

0.56%

0.55%

0.55%

0.57%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.54%

g

0.54%

0.52%

0.53%

0.53%

0.54%

Net

investment

income

...............

3.19%

2.84%

2.29%

2.86%

3.27%

3.69%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$9,533

$8,556

$5,802

$4,300

$2,905

$2,282

Portfolio

turnover

rate

................

4.44%

30.73%

36.04%

28.44%

13.61%

6.40%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

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.

116

a

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

2022

2021

2020

a

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.65

$9.66

$9.90

$10.12

$9.75

$9.80

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14

0.24

0.23

0.28

0.32

0.36

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.01)

(0.24)

(0.23)

0.38

(0.05)

Total

from

investment

operations

........

0.08

(0.77)

(0.01)

0.05

0.70

0.31

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.24)

(0.23)

(0.27)

(0.33)

(0.36)

Net

asset

value,

end

of

period

..........

$8.59

$8.65

$9.66

$9.90

$10.12

$9.75

Total

return

d

.......................

0.88%

(7.99)%

(0.21)%

0.57%

7.28%

3.27%

Ratios

to

average

net

assets

e

Expenses

f

.........................

0.58%

0.57%

0.56%

0.56%

0.57%

0.58%

Net

investment

income

...............

3.15%

2.71%

2.26%

2.85%

3.23%

3.65%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$71,138

$71,451

$106,979

$105,603

$98,190

$81,595

Portfolio

turnover

rate

................

4.44%

30.73%

36.04%

28.44%

13.61%

6.40%

a

For

the

year

ended

February

29.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2023

Franklin

Pennsylvania

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

117

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

2,000,000

$

1,949,191

Total

Corporate

Bonds

(Cost

$2,000,000)

.......................................

1,949,191

Municipal

Bonds

98.2%

Florida

0.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

5,688,000

4,657,118

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

1,000,000

654,732

5,311,850

Illinois

0.8%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

2022

A,

Refunding,

4%,

12/15/42

..............................

2,750,000

2,527,225

Revenue,

2022

A,

Refunding,

4%,

6/15/52

...............................

2,000,000

1,705,230

State

of

Illinois

,

GO

,

2017

C

,

5

%

,

11/01/29

................................

1,500,000

1,576,514

5,808,969

New

Jersey

0.3%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/46

...

1,000,000

952,264

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2020

AA

,

4

%

,

6/15/37

...

1,000,000

1,000,987

1,953,251

New

York

1.6%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/44

.....................................

6,700,000

6,172,767

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

6,050,000

5,505,675

11,678,442

Pennsylvania

90.8%

Allegheny

County

Airport

Authority

,

Revenue,

2021

A,

5%,

1/01/32

........................................

4,345,000

4,672,757

Revenue,

2021

A,

5%,

1/01/35

........................................

5,755,000

6,165,558

Revenue,

2021

A,

5%,

1/01/51

........................................

3,500,000

3,547,837

Revenue,

2021

B,

5%,

1/01/36

........................................

2,735,000

2,989,786

Allegheny

County

Higher

Education

Building

Authority

,

Chatham

University,

Revenue,

2022,

Refunding,

5.25%,

9/01/33

..............

700,000

707,327

Chatham

University,

Revenue,

2022,

Refunding,

5.25%,

9/01/34

..............

1,090,000

1,097,529

Duquesne

University

of

the

Holy

Spirit,

Revenue,

2021

A,

Refunding,

4%,

3/01/40

.

2,115,000

1,969,827

Duquesne

University

of

the

Holy

Spirit,

Revenue,

2021

A,

Refunding,

4%,

3/01/41

.

3,000,000

2,765,796

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/37

.....................

1,000,000

972,666

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/47

.....................

1,300,000

1,178,733

Allegheny

County

Sanitary

Authority

,

Revenue

,

2018

,

5

%

,

6/01/43

...............

5,000,000

5,216,532

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

2022,

Refunding,

5%,

5/01/32

.................................

1,560,000

1,639,830

Revenue,

2022,

Refunding,

5%,

5/01/33

.................................

1,800,000

1,890,645

Revenue,

2022,

Refunding,

5%,

5/01/34

.................................

1,550,000

1,624,407

Revenue,

2022,

Refunding,

5%,

5/01/35

.................................

1,400,000

1,454,887

Revenue,

2022,

Refunding,

5%,

5/01/42

.................................

8,875,000

8,757,977

Berks

County

Industrial

Development

Authority

,

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/42

........................................................

1,000,000

922,216

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/47

........................................................

600,000

535,711

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

C,

5%,

5/15/37

......

1,245,000

1,204,152

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.

118

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Berks

County

Industrial

Development

Authority,

(continued)

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Pre-Refunded,

5%,

5/15/38

........................................................

$

1,030,000

$

1,076,091

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Pre-Refunded,

5%,

5/15/48

........................................................

1,000,000

1,044,749

Blue

Mountain

School

District

,

GO,

2021

B,

AGMC

Insured,

4%,

8/01/32

................................

1,000,000

1,034,077

GO,

2021

B,

AGMC

Insured,

4%,

8/01/35

................................

1,000,000

1,025,231

Bristol

Township

School

District

,

GO

,

2021

C

,

BAM

Insured

,

3

%

,

6/01/37

..........

1,250,000

1,071,770

Bucks

County

Industrial

Development

Authority

,

Delaware

Valley

University,

Revenue,

2022

B,

Refunding,

5%,

11/01/37

.........

1,000,000

970,328

Delaware

Valley

University,

Revenue,

2022

B,

Refunding,

5%,

11/01/42

.........

1,080,000

1,017,696

Delaware

Valley

University,

Revenue,

2022

B,

Refunding,

5%,

11/01/52

.........

2,500,000

2,256,498

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2019,

4%,

8/15/44

.............

1,500,000

1,351,488

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2021,

3%,

8/15/53

.............

12,000,000

7,541,559

Butler

County

Hospital

Authority

,

Butler

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

7/01/35

.......................................

1,885,000

1,784,537

Canon

Mcmillan

School

District

,

GO

,

2019

,

Refunding

,

BAM

Insured

,

4

%

,

6/01/44

...

4,075,000

3,900,812

Central

Bradford

Progress

Authority

,

Guthrie

Clinic

(The)

,

Revenue

,

2021

B

,

4

%

,

12/01/51

........................................................

5,000,000

4,478,206

Centre

County

Hospital

Authority

,

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/42

.......................................................

1,215,000

1,224,723

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

4%,

11/15/47

.......................................................

1,840,000

1,676,760

Chester

County

Industrial

Development

Authority

,

University

Student

Housing

LLC,

Revenue,

2013

A,

5%,

8/01/35

...............

500,000

487,286

University

Student

Housing

LLC,

Revenue,

2013

A,

5%,

8/01/45

...............

1,500,000

1,390,665

City

of

Erie

Higher

Education

Building

Authority

,

Gannon

University,

Revenue,

2021

TT-1,

4%,

5/01/36

......................

400,000

359,970

Gannon

University,

Revenue,

2021

TT-1,

4%,

5/01/41

......................

1,000,000

830,042

Gannon

University,

Revenue,

2021

TT-1,

5%,

5/01/47

......................

2,430,000

2,228,882

City

of

Philadelphia

,

GO,

2019

B,

5%,

2/01/36

............................................

3,300,000

3,534,992

GO,

2019

B,

5%,

2/01/38

............................................

4,055,000

4,268,552

GO,

2019

B,

5%,

2/01/39

............................................

6,050,000

6,356,090

GO,

2021

A,

4%,

5/01/37

............................................

9,435,000

9,271,182

Airport,

Revenue,

2017

B,

Refunding,

5%,

7/01/47

.........................

10,000,000

10,076,325

Airport,

Revenue,

2020

C,

Refunding,

4%,

7/01/45

.........................

5,225,000

4,698,806

Airport,

Revenue,

2021,

Refunding,

5%,

7/01/51

...........................

8,100,000

8,216,993

Water

&

Wastewater,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/40

............

5,000,000

5,066,260

Water

&

Wastewater,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/45

............

5,000,000

5,066,260

Water

&

Wastewater,

Revenue,

2017

A,

5%,

10/01/47

......................

5,000,000

5,127,594

Water

&

Wastewater,

Revenue,

2019

B,

5%,

11/01/49

......................

5,000,000

5,160,140

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/45

..............

6,300,000

6,560,847

Water

&

Wastewater,

Revenue,

2022

C,

5.5%,

6/01/47

......................

5,000,000

5,428,638

Colonial

School

District

,

GO

,

2021

A

,

3

%

,

2/15/40

...........................

1,650,000

1,364,130

Commonwealth

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development

,

Revenue

,

2015

A

,

5

%

,

6/01/34

..........

10,000,000

10,173,796

Commonwealth

of

Pennsylvania

,

GO,

2022,

5%,

10/01/40

.............................................

5,000,000

5,499,827

GO,

First

Series,

2018,

5%,

3/01/28

....................................

5,000,000

5,421,968

Conestoga

Valley

School

District

,

GO,

2021

A,

4%,

2/01/36

............................................

1,100,000

1,127,676

Revenue,

2021

B,

4%,

2/01/36

........................................

1,020,000

1,029,387

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

119

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

County

of

Beaver

,

GO

,

2017

,

BAM

Insured

,

4

%

,

4/15/29

......................

$

1,660,000

$

1,704,443

County

of

Jefferson

,

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/35

........................

650,000

580,891

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/37

........................

770,000

654,097

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/39

........................

520,000

425,650

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

5/01/37

......................................................

2,500,000

2,448,766

Delaware

County

Authority

,

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/27

..............

2,030,000

2,004,018

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/32

..............

1,620,000

1,555,570

Villanova

University,

Revenue,

2015,

4%,

8/01/45

..........................

2,120,000

2,014,734

Delaware

County

Regional

Water

Quality

Control

Authority

,

Revenue

,

2016

,

4

%

,

11/01/36

........................................................

2,005,000

2,012,488

Delaware

County

Vocational

&

Technical

School

Authority

,

Delaware

County

Intermediate

Unit

,

Revenue

,

2013

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

11/01/38

....

1,250,000

1,253,167

DuBois

Hospital

Authority

,

Penn

Highlands

Healthcare

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

7/15/43

........................................................

3,410,000

3,445,401

Penn

Highlands

Healthcare

Obligated

Group,

Revenue,

2020,

4%,

7/15/50

......

3,500,000

2,981,120

Penn

Highlands

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/15/41

........................................................

1,000,000

932,822

Penn

Highlands

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/15/51

........................................................

4,000,000

3,525,622

East

Hempfield

Township

Industrial

Development

Authority

,

Student

Services,

Inc.

,

Revenue

,

2015

,

Pre-Refunded

,

5

%

,

7/01/47

..............................

3,750,000

3,858,239

Easton

Area

School

District

,

GO

,

2021

,

4

%

,

4/01/32

.........................

1,450,000

1,505,777

Erie

City

Water

Authority

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

12/01/43

...........

6,000,000

6,353,168

Fairview

School

District

,

GO,

2021,

BAM

Insured,

3%,

9/15/37

...................................

1,195,000

1,015,705

GO,

2021,

BAM

Insured,

3%,

9/15/38

...................................

1,000,000

827,325

GO,

2021,

BAM

Insured,

3%,

9/15/39

...................................

1,000,000

819,194

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group,

Revenue,

2017

A-1,

Refunding,

5%,

2/15/45

........................................................

5,555,000

5,607,622

Geisinger

Health

System

Obligated

Group,

Revenue,

2017

A-2,

Refunding,

5%,

2/15/39

........................................................

13,155,000

13,414,845

General

Authority

of

Southcentral

Pennsylvania

,

WellSpan

Health

Obligated

Group

,

Revenue

,

2014

A

,

Pre-Refunded

,

5

%

,

6/01/44

............................

11,955,000

12,092,909

Governor

Mifflin

School

District

,

GO,

2021,

3%,

4/01/35

.............................................

810,000

739,811

GO,

2021,

3%,

4/01/36

.............................................

625,000

558,004

GO,

2021,

3%,

4/01/37

.............................................

1,000,000

863,116

GO,

2021,

3%,

4/01/38

.............................................

1,000,000

844,937

GO,

2021,

3%,

4/01/39

.............................................

1,015,000

846,430

Huntingdon

County

General

Authority

,

Juniata

College

,

Revenue

,

2021

TT-3

,

Refunding

,

5

%

,

10/01/51

............................................

2,520,000

2,318,675

Lancaster

County

Hospital

Authority

,

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

8/15/46

.............

4,165,000

4,205,495

Lancaster

Higher

Education

Authority

,

Elizabethtown

College,

Revenue,

2022

A,

Refunding,

5%,

10/01/46

............

5,000,000

4,679,588

Elizabethtown

College,

Revenue,

2022

A,

Refunding,

5%,

10/01/51

............

5,000,000

4,587,294

Lancaster

Industrial

Development

Authority

,

Landis

Homes

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/51

........

2,780,000

2,026,103

Landis

Homes

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/56

........

520,000

367,545

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/44

......

1,850,000

1,858,928

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/49

......

2,300,000

2,294,220

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.

120

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

$

1,025,289

GO,

2020,

AGMC

Insured,

4%,

6/01/35

.................................

1,850,000

1,893,363

Latrobe

Industrial

Development

Authority

,

Seton

Hill

University,

Revenue,

2021,

Refunding,

4%,

3/01/46

................

750,000

578,994

Seton

Hill

University,

Revenue,

2021,

Refunding,

4%,

3/01/51

................

800,000

592,247

Lehigh

County

Authority

,

City

Division

Fund,

Revenue,

2013

A,

5%,

12/01/43

........................

2,435,000

2,439,085

City

Division

Fund,

Revenue,

2013

A,

Pre-Refunded,

5%,

12/01/43

............

2,805,000

2,816,318

Lehigh

County

General

Purpose

Authority

,

Good

Shepherd

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

11/01/41

4,345,000

3,810,400

Lehigh

Valley

Academy

Regional

Charter

School,

Revenue,

2022,

4%,

6/01/42

....

14,390,000

12,291,144

Lehigh

Valley

Academy

Regional

Charter

School,

Revenue,

2022,

4%,

6/01/57

....

5,000,000

3,835,664

Lycoming

County

Authority

,

Lycoming

College,

Revenue,

2013

MM-1,

5.25%,

11/01/38

...................

1,400,000

1,403,950

Lycoming

College,

Revenue,

2013

MM-1,

5.25%,

11/01/43

...................

1,495,000

1,499,336

Montgomery

County

Higher

Education

and

Health

Authority

,

Gwynedd

Mercy

University,

Revenue,

2022

UU-2,

Refunding,

5.25%,

5/01/37

....

2,665,000

2,661,999

Gwynedd

Mercy

University,

Revenue,

2022

UU-2,

Refunding,

5%,

5/01/42

.......

3,700,000

3,424,636

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

9/01/48

........................................................

8,250,000

8,300,623

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

9/01/44

........................................................

10,000,000

9,206,756

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2022

B,

Refunding,

4%,

5/01/52

........................................................

4,000,000

3,485,499

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2022

B,

Refunding,

5%,

5/01/52

........................................................

5,000,000

5,057,967

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

4%,

11/15/43

.......................................................

600,000

490,394

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

5%,

11/15/45

.......................................................

1,985,000

1,865,771

Meadowood

Corp.

Obligated

Group

(The),

Revenue,

2018

A,

Refunding,

5%,

12/01/38

.......................................................

2,500,000

2,429,687

Public

School

of

Germantown

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/51

..

2,450,000

1,857,357

Waverly

Heights

Ltd.

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

12/01/49

..

2,000,000

1,992,081

New

Kensington

Municipal

Sanitary

Authority

,

Revenue

,

2021

A

,

AGMC

Insured

,

3

%

,

12/01/38

........................................................

500,000

417,864

Northampton

County

General

Purpose

Authority

,

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

8/15/46

...

7,500,000

7,501,424

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

8/15/48

...

2,500,000

2,517,450

Northeastern

Pennsylvania

Hospital

and

Education

Authority

,

King's

College

,

Revenue

,

2019

,

5

%

,

5/01/44

.................................................

1,000,000

918,673

Northeastern

School

District

,

GO,

2021

A,

BAM

Insured,

3%,

3/01/38

.................................

850,000

710,494

GO,

2021

A,

BAM

Insured,

3%,

3/01/41

.................................

775,000

619,036

Northern

Lebanon

School

District

,

GO

,

2021

,

BAM

Insured

,

3

%

,

9/01/36

..........

1,895,000

1,665,303

Pennsylvania

Economic

Development

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Transportation,

Revenue,

2022,

5.25%,

6/30/53

..................................................

8,500,000

8,641,032

Philadelphia

Water

Department,

Revenue,

2020,

Refunding,

4%,

1/01/29

........

500,000

491,307

Philadelphia

Water

Department,

Revenue,

2020,

Refunding,

4%,

1/01/32

........

1,300,000

1,261,474

Presbyterian

Homes

Obligated

Group,

Revenue,

2023

B-2,

Refunding,

5%,

7/01/42

2,365,000

2,325,194

UPMC

Obligated

Group,

Revenue,

2014

A,

5%,

2/01/45

.....................

5,000,000

5,015,276

UPMC

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

11/15/42

...........

5,000,000

4,653,044

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/45

.....................

8,835,000

8,121,072

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/39

...........

1,325,000

1,255,705

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

121

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Pennsylvania

Economic

Development

Financing

Authority,

(continued)

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/40

...........

$

1,200,000

$

1,128,509

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/41

...........

1,300,000

1,216,226

Pennsylvania

Higher

Educational

Facilities

Authority

,

Bryn

Mawr

College,

Revenue,

2014,

Refunding,

5%,

12/01/44

................

6,365,000

6,414,515

St.

Joseph's

University,

Revenue,

2012,

5%,

11/01/42

......................

5,000,000

4,711,558

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2015

A,

Refunding,

5.25%,

9/01/50

........................................................

7,465,000

7,476,402

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017

A,

5%,

8/15/36

..

2,750,000

2,895,290

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017

A,

5%,

8/15/46

..

14,000,000

14,472,451

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2018

A,

5%,

2/15/48

..

5,000,000

5,200,048

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2015,

Refunding,

5%,

8/15/40

............................................

6,475,000

6,571,160

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

5%,

8/15/42

....................................................

9,000,000

9,197,342

Widener

University,

Revenue,

2021

A,

Refunding,

4%,

7/15/51

................

11,030,000

8,743,526

Pennsylvania

Housing

Finance

Agency

,

Revenue,

2019-129,

3.4%,

10/01/49

...................................

6,000,000

4,647,536

Revenue,

2020-132

A,

2.55%,

10/01/41

.................................

11,280,000

8,215,676

Pennsylvania

State

University

(The)

,

Revenue,

2015

A,

Refunding,

5%,

9/01/40

...............................

10,490,000

10,668,652

Revenue,

2016

A,

Refunding,

5%,

9/01/41

...............................

10,000,000

10,312,458

Revenue,

2018,

5%,

9/01/48

.........................................

5,955,000

6,189,158

Revenue,

2023,

5.25%,

9/01/53

.......................................

3,000,000

3,270,062

Pennsylvania

Turnpike

Commission

,

Revenue,

2013

C,

5%,

12/01/43

.......................................

2,405,000

2,410,247

Revenue,

2013

C,

Pre-Refunded,

5%,

12/01/43

...........................

7,595,000

7,621,985

Revenue,

2021

B,

4%,

12/01/37

.......................................

1,500,000

1,486,434

Revenue,

2021

B,

4%,

12/01/46

.......................................

10,950,000

10,190,755

Philadelphia

Authority

for

Industrial

Development

,

Beech

International

LLC,

Revenue,

2010

A,

5.625%,

6/15/42

.................

4,000,000

3,667,672

Children's

Hospital

of

Philadelphia

Obligated

Group,

Revenue,

2014

A,

Pre-

Refunded,

5%,

7/01/42

............................................

5,000,000

5,060,158

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/30

............

200,000

203,707

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/40

............

300,000

292,054

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/50

............

2,515,000

2,338,814

St.

Joseph's

University,

Revenue,

2022,

5.5%,

11/01/60

.....................

8,410,000

8,841,208

Temple

University-of

The

Commonwealth

System

of

Higher

Education,

Revenue,

First

Series,

2015,

Refunding,

5%,

4/01/40

.............................

5,000,000

5,058,389

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

9/01/42

........................................................

3,500,000

3,532,287

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

9/01/47

........................................................

2,400,000

2,410,094

Philadelphia

Gas

Works

Co.

,

Revenue,

14th,

Refunding,

5%,

10/01/32

................................

1,000,000

1,032,210

Revenue,

15th,

Refunding,

5%,

8/01/47

.................................

11,000,000

11,153,126

Pittsburgh

Water

&

Sewer

Authority

,

Revenue,

First

Lien,

2022

A,

5.25%,

9/01/39

.............................

1,490,000

1,641,271

Revenue,

First

Lien,

2022

A,

5.25%,

9/01/40

.............................

1,365,000

1,491,929

Revenue,

First

Lien,

2022

A,

5.25%,

9/01/41

.............................

1,650,000

1,808,559

Revenue,

First

Lien,

2022

A,

5.25%,

9/01/42

.............................

1,685,000

1,837,401

Revenue,

First

Lien,

2022

A,

5%,

9/01/52

................................

2,640,000

2,753,033

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.

122

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Pocono

Mountains

Industrial

Park

Authority

,

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2015

A

,

5

%

,

8/15/40

........................................

$

5,000,000

$

5,000,144

Radnor

Township

School

District

,

GO

,

2021

,

3

%

,

8/15/35

.....................

1,400,000

1,297,024

School

District

of

Philadelphia

(The)

,

GO

,

2021

A

,

4

%

,

9/01/36

.................

3,845,000

3,769,087

Scranton

School

District

,

GO,

2020,

4%,

12/01/40

.............................................

1,535,000

1,438,168

GO,

2020,

4%,

12/01/42

.............................................

2,835,000

2,627,465

GO,

2020,

4%,

12/01/45

.............................................

3,670,000

3,361,478

Scranton-Lackawanna

Health

and

Welfare

Authority

,

University

of

Scranton

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/37

.......................................

4,000,000

4,078,400

Southeastern

Pennsylvania

Transportation

Authority

,

Revenue

,

2022

,

5.25

%

,

6/01/52

5,000,000

5,409,043

State

College

Area

School

District

,

GO,

2015,

5%,

3/15/40

.............................................

16,400,000

16,625,036

GO,

2018,

5%,

5/15/37

.............................................

1,075,000

1,142,927

GO,

2018,

5%,

5/15/44

.............................................

3,500,000

3,654,046

State

Public

School

Building

Authority

,

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

6/01/32

....................................................

7,095,000

7,378,582

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

6/01/33

....................................................

3,000,000

3,115,260

Swarthmore

Borough

Authority

,

Swarthmore

College

,

Revenue

,

2013

,

Refunding

,

5

%

,

9/15/43

.........................................................

1,000,000

1,000,434

Township

of

Northampton

,

GO

,

2021

,

4

%

,

5/15/39

...........................

1,495,000

1,479,982

Upper

Merion

Area

School

District

,

GO,

2021

A,

3%,

1/15/39

............................................

1,000,000

857,080

GO,

2021

A,

3%,

1/15/40

............................................

1,500,000

1,268,375

GO,

2021

A,

3%,

1/15/41

............................................

1,275,000

1,062,386

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

7/01/29

......

725,000

751,437

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

7/01/30

......

1,270,000

1,316,649

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/37

......

2,400,000

2,139,405

Wilkes-Barre

Finance

Authority

,

Wilkes

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/42

.........................................................

2,500,000

2,037,997

662,783,940

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

2,000,000

1,576,228

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

2,000,000

1,571,547

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

749,870

3,897,645

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,600,000

1,836,392

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,300,000

2,437,732

4,274,124

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

2,000,000

1,576,054

Wisconsin

0.9%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,900,000

1,470,603

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

123

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

b

Public

Finance

Authority,

(continued)

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

$

5,100,000

$

5,102,601

6,573,204

U.S.

Territories

1.8%

Puerto

Rico

1.8%

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

1,290,000

1,286,060

Revenue,

2007

N,

5.25%,

7/01/36

.....................................

950,000

957,398

Puerto

Rico

Electric

Power

Authority

,

a,c

Revenue,

6%,

7/01/41

..............................................

581,479

581,479

a,c

Revenue,

7.125%,

7/01/59

...........................................

2,823,988

2,823,988

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,100,000

1,081,342

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

981,968

d

Revenue,

XX,

5.25%,

7/01/40

........................................

5,175,000

1,423,125

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

4,000,000

3,881,622

13,016,982

Total

U.S.

Territories

....................................................................

13,016,982

Total

Municipal

Bonds

(Cost

$781,619,421)

.....................................

716,874,461

Shares

Escrows

and

Litigation

Trusts

0.0%

†

a,e

Puerto

Rico

Electric

Power

Authority

.....................................

262,891

210,312

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

210,312

Total

Long

Term

Investments

(Cost

$783,619,421)

...............................

719,033,964

a

a

a

a

a

Short

Term

Investments

0.5%

Principal

Amount

Municipal

Bonds

0.5%

Pennsylvania

0.5%

f

Allegheny

County

Higher

Education

Building

Authority

,

Carnegie

Mellon

University

,

Revenue

,

2008

A

,

Refunding

,

SPA

Bank

of

New

York

Mellon

(The)

,

Daily

VRDN

and

Put

,

4

%

,

12/01/37

.................................................

1,000,000

1,000,000

f

Delaware

County

Industrial

Development

Authority

,

United

Parcel

Service,

Inc.

,

Revenue

,

2015

,

Refunding

,

Daily

VRDN

and

Put

,

4.1

%

,

9/01/45

...............

2,900,000

2,900,000

3,900,000

Total

Municipal

Bonds

(Cost

$3,900,000)

.......................................

3,900,000

Total

Short

Term

Investments

(Cost

$3,900,000

)

.................................

3,900,000

a

Total

Investments

(Cost

$787,519,421)

99.0%

...................................

$722,933,964

Other

Assets,

less

Liabilities

1.0%

.............................................

7,142,693

Net

Assets

100.0%

...........................................................

$730,076,657

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.

124

See

A

bbreviations

on

page

151

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

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,

2023,

the

aggregate

value

of

these

securities

was

$15,404,212,

representing

2.1%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

d

See

Note

7

regarding

defaulted

securities.

e

Non-income

producing.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

August

31,

2023

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

125

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

................

$774,635,638

$540,419,117

$150,939,260

$748,817,341

Value

-

Unaffiliated

issuers

...............

$730,638,397

$503,015,872

$137,437,065

$700,500,505

Cash

.................................

4,088,145

4,693,606

1,525,655

227,657

Receivables:

Capital

shares

sold

.....................

828,884

835,635

12,005

135,640

Interest

..............................

6,855,916

6,828,546

1,341,446

9,734,924

Total

assets

.......................

742,411,342

515,373,659

140,316,171

710,598,726

Liabilities:

Payables:

Investment

securities

purchased

...........

—

—

—

4,241,680

Capital

shares

redeemed

................

2,428,794

1,486,594

279,008

1,222,433

Management

fees

......................

300,354

215,193

20,575

286,817

Distribution

fees

.......................

91,875

57,996

15,803

80,094

Transfer

agent

fees

.....................

92,811

74,953

23,429

96,774

Professional

fees

......................

23,856

23,385

22,402

23,725

Trustees'

fees

and

expenses

..............

1,305

1,451

1,414

1,423

Distributions

to

shareholders

..............

224,277

64,856

65,226

200,580

Accrued

expenses

and

other

liabilities

........

31,596

17,142

17,097

25,869

Total

liabilities

......................

3,194,868

1,941,570

444,954

6,179,395

Net

assets,

at

value

..............

$739,216,474

$513,432,089

$139,871,217

$704,419,331

Net

assets

consist

of:

Paid-in

capital

..........................

$864,596,607

$608,371,043

$190,732,561

$830,965,313

Total

distributable

earnings

(losses)

..........

(125,380,133)

(94,938,954)

(50,861,344)

(126,545,982)

Net

assets,

at

value

..............

$739,216,474

$513,432,089

$139,871,217

$704,419,331

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2023

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

126

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

....................

$209,935,327

$114,164,107

$26,203,126

$121,053,139

Shares

outstanding

.....................

22,011,909

11,184,218

2,979,454

11,818,057

Net

asset

value

per

share

a

...............

$9.54

$10.21

$8.79

$10.24

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

...............

$9.91

$10.61

$9.13

$10.64

Class

A1:

Net

assets,

at

value

....................

$370,289,877

$265,376,969

$89,681,908

$473,223,654

Shares

outstanding

.....................

38,894,076

26,011,588

10,208,822

46,258,665

Net

asset

value

per

share

a

...............

$9.52

$10.20

$8.78

$10.23

Maximum

offering

price

per

s

hare

(net

asset

value

per

share

÷

96.25%)

...............

$9.89

$10.60

$9.12

$10.63

Class

C:

Net

assets,

at

value

....................

$27,857,785

$19,204,040

$4,488,095

$24,758,921

Shares

outstanding

.....................

2,875,881

1,859,098

506,742

2,380,892

Net

asset

value

and

maximum

offering

price

per

share

a

...............................

$9.69

$10.33

$8.86

$10.40

Class

R6:

Net

assets,

at

value

....................

$23,290,372

$16,487,564

$3,472,059

$13,841,166

Shares

outstanding

.....................

2,438,486

1,614,933

395,172

1,347,562

Net

asset

value

and

maximum

offering

price

per

share

...............................

$9.55

$10.21

$8.79

$10.27

Advisor

Class:

Net

assets,

at

value

....................

$107,843,113

$98,199,409

$16,026,029

$71,542,451

Shares

outstanding

.....................

11,293,658

9,625,039

1,825,385

6,970,447

Net

asset

value

and

maximum

offering

price

per

share

...............................

$9.55

$10.20

$8.78

$10.26

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,

2023

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

127

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

................

$813,502,785

$1,162,916,699

$965,206,987

$787,519,421

Value

-

Unaffiliated

issuers

...............

$757,640,858

$1,108,242,658

$917,272,700

$722,933,964

Cash

.................................

1,083,545

12,874,580

4,804,805

3,002,221

Receivables:

Capital

shares

sold

.....................

299,278

378,278

157,856

143,080

Interest

..............................

6,218,132

11,717,570

10,489,918

8,981,267

Total

assets

.......................

765,241,813

1,133,213,086

932,725,279

735,060,532

Liabilities:

Payables:

Investment

securities

purchased

...........

1,911,160

—

4,443,887

3,266,635

Capital

shares

redeemed

................

1,004,964

1,961,572

1,965,608

947,851

Management

fees

......................

310,197

447,539

370,721

297,330

Distribution

fees

.......................

91,123

142,355

107,931

91,069

Transfer

agent

fees

.....................

133,353

176,633

97,166

98,915

Trustees'

fees

and

expenses

..............

1,439

1,562

1,776

1,737

Distributions

to

shareholders

..............

83,181

205,255

141,455

211,913

Accrued

expenses

and

other

liabilities

........

63,496

81,671

65,625

68,425

Total

liabilities

......................

3,598,913

3,016,587

7,194,169

4,983,875

Net

assets,

at

value

..............

$761,642,900

$1,130,196,499

$925,531,110

$730,076,657

Net

assets

consist

of:

Paid-in

capital

..........................

$856,867,360

$1,284,952,759

$1,086,302,386

$908,417,728

Total

distributable

earnings

(losses)

..........

(95,224,460)

(154,756,260)

(160,771,276)

(178,341,071)

Net

assets,

at

value

..............

$761,642,900

$1,130,196,499

$925,531,110

$730,076,657

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2023

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

128

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

....................

$172,252,569

$261,373,063

$200,787,304

$149,457,465

Shares

outstanding

.....................

15,812,228

23,405,011

19,608,984

17,427,780

Net

asset

value

per

share

a

...............

$10.89

$11.17

$10.24

$8.58

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

...............

$11.31

$11.61

$10.64

$8.91

Class

A1:

Net

assets,

at

value

....................

$350,899,736

$586,596,373

$533,521,121

$465,260,128

Shares

outstanding

.....................

32,216,981

52,560,216

52,150,079

54,270,812

Net

asset

value

per

share

a

...............

$10.89

$11.16

$10.23

$8.57

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

...............

$11.31

$11.59

$10.63

$8.90

Class

C:

Net

assets,

at

value

....................

$43,613,887

$66,107,893

$34,621,178

$34,688,439

Shares

outstanding

.....................

3,958,620

5,841,705

3,330,508

3,992,935

Net

asset

value

and

maximum

offering

price

per

share

a

...............................

$11.02

$11.32

$10.40

$8.69

Class

R6:

Net

assets,

at

value

....................

$17,336,146

$20,237,851

$23,412,156

$9,532,793

Shares

outstanding

.....................

1,589,001

1,811,013

2,286,656

1,110,540

Net

asset

value

and

maximum

offering

price

per

share

...............................

$10.91

$11.17

$10.24

$8.58

Advisor

Class:

Net

assets,

at

value

....................

$177,540,562

$195,881,319

$133,189,351

$71,137,832

Shares

outstanding

.....................

16,281,148

17,531,395

13,000,100

8,286,180

Net

asset

value

and

maximum

offering

price

per

share

...............................

$10.90

$11.17

$10.25

$8.59

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,

2023

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

129

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

.....................

$15,085,435

$9,896,467

$2,614,121

$14,056,351

Expenses:

Management

fees

(Note

3

a

)

................

1,842,822

1,324,617

421,756

1,756,050

Distribution

fees:

(Note

3c

)

    Class

A

.............................

269,780

149,300

34,660

154,320

    Class

A1

............................

195,372

141,306

46,966

247,175

    Class

C

.............................

99,232

71,284

15,706

90,920

Transfer

agent

fees:

(Note

3e

)

    Class

A

.............................

62,978

42,193

9,670

42,718

    Class

A1

............................

114,137

99,834

32,749

170,989

    Class

C

.............................

8,930

7,748

1,685

9,669

    Class

R6

............................

3,590

2,737

484

1,902

    Advisor

Class

.........................

32,505

34,889

5,441

26,350

Custodian

fees

(Note

4

)

...................

2,320

1,671

435

2,233

Reports

to

shareholders

fees

...............

16,428

11,224

6,401

15,249

Registration

and

filing

fees

.................

36,999

18,421

10,886

40,351

Professional

fees

........................

28,851

28,388

27,389

28,759

Trustees'

fees

and

expenses

...............

4,272

2,743

467

3,898

Other

.................................

31,733

30,589

22,234

36,968

Total

expenses

......................

2,749,949

1,966,944

636,929

2,627,551

Expense

reductions

(Note

4

)

............

(2,319)

(1,661)

(433)

(2,179)

Expenses

waived/paid

by

affiliates

(Note

3

e

and

3f)

...........................

(27)

(165)

(67,317)

(85)

Net

expenses

......................

2,747,603

1,965,118

569,179

2,625,287

Net

investment

income

.............

12,337,832

7,931,349

2,044,942

11,431,064

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

(3,313,540)

(1,292,767)

(1,031,815)

(3,939,056)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

(1,843,618)

(1,279,634)

3,874

(61,949)

Net

realized

and

unrealized

gain

(loss)

.........

(5,157,158)

(2,572,401)

(1,027,941)

(4,001,005)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$7,180,674

$5,358,948

$1,017,001

$7,430,059

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

August

31,

2023

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

130

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

.....................

$14,435,329

$21,977,359

$18,461,969

$14,246,825

Expenses:

Management

fees

(Note

3

a

)

................

1,910,819

2,754,936

2,270,376

1,824,462

Distribution

fees:

(Note

3c

)

    Class

A

.............................

220,585

334,341

261,638

191,882

    Class

A1

............................

185,055

309,833

279,094

245,483

    Class

C

.............................

159,473

238,969

128,473

125,747

Transfer

agent

fees:

(Note

3e

)

    Class

A

.............................

72,442

94,885

61,770

51,961

    Class

A1

............................

151,970

219,823

164,731

166,171

    Class

C

.............................

20,156

26,083

11,682

13,092

    Class

R6

............................

2,711

3,591

3,370

1,495

    Advisor

Class

.........................

78,840

73,196

39,886

24,470

Custodian

fees

(Note

4

)

...................

2,484

3,778

2,977

2,355

Reports

to

shareholders

fees

...............

21,530

26,714

23,233

25,189

Registration

and

filing

fees

.................

39,842

41,896

13,278

19,892

Professional

fees

........................

28,908

30,032

51,320

43,422

Trustees'

fees

and

expenses

...............

4,282

6,595

5,408

4,233

Other

.................................

40,971

43,939

38,669

35,834

Total

expenses

......................

2,940,068

4,208,611

3,355,905

2,775,688

Expense

reductions

(Note

4

)

............

(2,471)

(3,778)

(2,935)

(2,355)

Expenses

waived/paid

by

affiliates

(Note

3e

and

3f)

...........................

(175)

(1,017)

—

(96)

Net

expenses

......................

2,937,422

4,203,816

3,352,970

2,773,237

Net

investment

income

.............

11,497,907

17,773,543

15,108,999

11,473,588

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

(4,336,329)

(16,254,284)

(1,666,087)

(4,828,170)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

(4,791,013)

4,251,589

(8,489,352)

(865,932)

Net

realized

and

unrealized

gain

(loss)

.........

(9,127,342)

(12,002,695)

(10,155,439)

(5,694,102)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$2,370,565

$5,770,848

$4,953,560

$5,779,486

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

131

Franklin

Arizona

Tax-Free

Income

Fund

Franklin

Colorado

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$12,337,832

$24,118,044

$7,931,349

$16,362,248

Net

realized

gain

(loss)

............

(3,313,540)

(14,773,739)

(1,292,767)

(6,656,220)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(1,843,618)

(78,645,105)

(1,279,634)

(63,477,659)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

7,180,674

(69,300,800)

5,358,948

(53,771,631)

Distributions

to

shareholders:

Class

A

........................

(3,299,905)

(5,477,572)

(1,680,263)

(3,151,192)

Class

A1

.......................

(6,277,150)

(12,795,799)

(4,189,066)

(8,775,734)

Class

C

........................

(397,357)

(891,517)

(260,178)

(598,454)

Class

R6

.......................

(395,892)

(646,146)

(266,834)

(523,311)

Advisor

Class

...................

(1,840,166)

(4,004,463)

(1,514,565)

(3,027,642)

Total

distributions

to

shareholders

.....

(12,210,470)

(23,815,497)

(7,910,906)

(16,076,333)

Capital

share

transactions:

(Note

2

)

Class

A

........................

(1,238,493)

22,738,565

(2,751,025)

(11,380,098)

Class

A1

.......................

(24,241,520)

(79,938,374)

(20,385,747)

(62,616,015)

Class

C

........................

(4,443,286)

(11,887,394)

(4,071,884)

(9,344,142)

Class

R6

.......................

3,559,201

(5,537,191)

1,443,295

(6,193,718)

Advisor

Class

...................

(5,716,195)

(47,630,839)

1,009,250

(27,249,327)

Total

capital

share

transactions

.......

(32,080,293)

(122,255,233)

(24,756,111)

(116,783,300)

Net

increase

(decrease)

in

net

assets

.....................

(37,110,089)

(215,371,530)

(27,308,069)

(186,631,264)

Net

assets:

Beginning

of

period

................

776,326,563

991,698,093

540,740,158

727,371,422

End

of

period

.....................

$739,216,474

$776,326,563

$513,432,089

$540,740,158

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.

132

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$2,044,942

$3,989,597

$11,431,064

$22,389,940

Net

realized

gain

(loss)

............

(1,031,815)

(1,876,056)

(3,939,056)

(13,370,909)

Net

change

in

unrealized

appreciation

(depreciation)

.................

3,874

(16,224,151)

(61,949)

(76,114,659)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

1,017,001

(14,110,610)

7,430,059

(67,095,628)

Distributions

to

shareholders:

Class

A

........................

(369,591)

(725,655)

(1,812,931)

(3,242,606)

Class

A1

.......................

(1,324,760)

(2,628,233)

(7,635,546)

(15,321,103)

Class

C

........................

(54,221)

(114,944)

(346,812)

(793,077)

Class

R6

.......................

(47,950)

(55,038)

(195,336)

(295,506)

Advisor

Class

...................

(228,726)

(415,945)

(1,210,422)

(2,523,867)

Total

distributions

to

shareholders

.....

(2,025,248)

(3,939,815)

(11,201,047)

(22,176,159)

Capital

share

transactions:

(Note

2

)

Class

A

........................

(1,312,632)

(2,990,614)

1,387,784

(761,378)

Class

A1

.......................

(3,336,497)

(14,118,596)

(21,897,894)

(70,249,858)

Class

C

........................

(307,011)

(1,756,700)

(5,884,598)

(8,286,111)

Class

R6

.......................

554,702

1,346,972

4,261,846

(458,498)

Advisor

Class

...................

1,672,804

(3,979,347)

(8,192,936)

(17,642,348)

Total

capital

share

transactions

.......

(2,728,634)

(21,498,285)

(30,325,798)

(97,398,193)

Net

increase

(decrease)

in

net

assets

.....................

(3,736,881)

(39,548,710)

(34,096,786)

(186,669,980)

Net

assets:

Beginning

of

period

................

143,608,098

183,156,808

738,516,117

925,186,097

End

of

period

.....................

$139,871,217

$143,608,098

$704,419,331

$738,516,117

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

133

Franklin

Minnesota

Tax-Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$11,497,907

$22,834,440

$17,773,543

$36,725,602

Net

realized

gain

(loss)

............

(4,336,329)

(23,294,235)

(16,254,284)

(47,400,274)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(4,791,013)

(77,108,577)

4,251,589

(109,653,839)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

2,370,565

(77,568,372)

5,770,848

(120,328,511)

Distributions

to

shareholders:

Class

A

........................

(2,404,120)

(4,194,889)

(3,878,631)

(7,114,808)

Class

A1

.......................

(5,317,068)

(10,944,425)

(9,453,076)

(19,593,108)

Class

C

........................

(560,495)

(1,266,484)

(902,297)

(2,089,195)

Class

R6

.......................

(256,037)

(366,207)

(276,859)

(474,379)

Advisor

Class

...................

(2,849,091)

(5,666,332)

(3,246,778)

(6,877,427)

Total

distributions

to

shareholders

.....

(11,386,811)

(22,438,337)

(17,757,641)

(36,148,917)

Capital

share

transactions:

(Note

2

)

Class

A

........................

1,368,077

(1,591,623)

(5,307,663)

(15,102,253)

Class

A1

.......................

(21,707,887)

(82,148,635)

(35,885,164)

(139,269,124)

Class

C

........................

(8,542,799)

(21,017,857)

(11,713,961)

(35,092,654)

Class

R6

.......................

5,641,090

(2,992,124)

5,741,434

(4,714,873)

Advisor

Class

...................

(17,380,406)

(44,467,536)

(11,470,021)

(60,887,439)

Total

capital

share

transactions

.......

(40,621,925)

(152,217,775)

(58,635,375)

(255,066,343)

Net

increase

(decrease)

in

net

assets

.....................

(49,638,171)

(252,224,484)

(70,622,168)

(411,543,771)

Net

assets:

Beginning

of

period

................

811,281,071

1,063,505,555

1,200,818,667

1,612,362,438

End

of

period

.....................

$761,642,900

$811,281,071

$1,130,196,499

$1,200,818,667

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.

134

Franklin

Oregon

Tax-Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Six

Months

Ended

August

31,

2023

(unaudited)

Year

Ended

February

28,

2023

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$15,108,999

$28,350,311

$11,473,588

$21,765,107

Net

realized

gain

(loss)

............

(1,666,087)

(32,286,476)

(4,828,170)

(24,814,596)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(8,489,352)

(86,888,363)

(865,932)

(76,057,153)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

4,953,560

(90,824,528)

5,779,486

(79,106,642)

Distributions

to

shareholders:

Class

A

........................

(3,030,987)

(5,411,247)

(2,219,477)

(3,883,253)

Class

A1

.......................

(8,507,452)

(16,785,975)

(7,466,339)

(14,157,572)

Class

C

........................

(482,626)

(1,116,100)

(473,136)

(1,002,470)

Class

R6

.......................

(362,682)

(624,514)

(148,228)

(170,041)

Advisor

Class

...................

(2,126,070)

(4,085,135)

(1,134,644)

(2,284,606)

Total

distributions

to

shareholders

.....

(14,509,817)

(28,022,971)

(11,441,824)

(21,497,942)

Capital

share

transactions:

(Note

2

)

Class

A

........................

(5,551,454)

(18,665,930)

317,339

(7,348,797)

Class

A1

.......................

(23,639,566)

(100,347,561)

(25,349,531)

(85,237,509)

Class

C

........................

(8,109,102)

(22,723,065)

(6,853,489)

(15,405,013)

Class

R6

.......................

2,336,426

(2,431,842)

1,065,242

3,197,395

Advisor

Class

...................

376,212

(29,716,365)

255,854

(24,709,921)

Total

capital

share

transactions

.......

(34,587,484)

(173,884,763)

(30,564,585)

(129,503,845)

Net

increase

(decrease)

in

net

assets

.....................

(44,143,741)

(292,732,262)

(36,226,923)

(230,108,429)

Net

assets:

Beginning

of

period

................

969,674,851

1,262,407,113

766,303,580

996,412,009

End

of

period

.....................

$925,531,110

$969,674,851

$730,076,657

$766,303,580

Franklin

Tax-Free

Trust

135

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

(Funds), eight

of

which

are

included

in

this

report.

The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

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

Board

has

designated

the

Funds’

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

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,

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.

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

136

franklintempleton.com

Semiannual

Report

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,

2023, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

d.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

e.

Insurance

The

scheduled

payments

of

interest

and

principal

for

each

insured

municipal

security

in

the

Trust

are

insured

by

either

a

new

issue

insurance

policy

or

a

secondary

insurance

policy.

Some

municipal

securities

in

the

Funds

are

secured

by

collateral

guaranteed

by

an

agency

of

the

U.S.

government.

Depending

on

the

type

of

coverage,

premiums

for

insurance

are

either

added

to

the

cost

basis

of

the

security

or

paid

by

a

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

to

be

of

very

high

quality,

with

the

majority

of

underlying

municipal

bonds

rated

A

or

better.

However,

an

event

involving

an

insurer

could

have

an

adverse

effect

on

the

value

of

the

securities

insured

by

that

insurance

company.

There

can

be

no

assurance

the

insurer

will

be

able

to

fulfill

its

obligations

under

the

terms

of

the

policy.

f.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g.

Guarantees

and

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Trust,

on

behalf

of

the

Funds,

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

Currently,

the

Trust

expects

the

risk

of

loss

to

be

remote.

1.

Organization

and

Significant

Accounting

Policies

(continued)

c.

Income

Taxes

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

137

franklintempleton.com

Semiannual

Report

2.

Shares

of

Beneficial

Interest

At

August

31,

2023,

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,

2023

Shares

sold

a

...................................

2,196,938

$21,259,882

1,256,673

$13,022,948

Shares

issued

in

reinvestment

of

distributions

..........

307,276

2,972,280

157,609

1,632,631

Shares

redeemed

...............................

(2,634,143)

(25,470,655)

(1,680,080)

(17,406,604)

Net

increase

(decrease)

..........................

(129,929)

$(1,238,493)

(265,798)

$(2,751,025)

Year

ended

February

28,

2023

Shares

sold

a

...................................

9,374,499

$91,424,207

3,591,579

$37,605,914

Shares

issued

in

reinvestment

of

distributions

..........

511,803

4,980,827

291,934

3,043,400

Shares

redeemed

...............................

(7,514,052)

(73,666,469)

(4,966,641)

(52,029,412)

Net

increase

(decrease)

..........................

2,372,250

$22,738,565

(1,083,128)

$(11,380,098)

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

244,787

$2,361,954

288,988

$3,005,642

Shares

issued

in

reinvestment

of

distributions

..........

562,970

5,434,882

376,585

3,899,241

Shares

redeemed

...............................

(3,314,140)

(32,038,356)

(2,634,185)

(27,290,630)

Net

increase

(decrease)

..........................

(2,506,383)

$(24,241,520)

(1,968,612)

$(20,385,747)

Year

ended

February

28,

2023

Shares

sold

...................................

1,629,993

$15,929,340

878,800

$9,157,665

Shares

issued

in

reinvestment

of

distributions

..........

1,138,784

11,078,993

783,575

8,171,625

Shares

redeemed

...............................

(10,904,192)

(106,946,707)

(7,630,006)

(79,945,305)

Net

increase

(decrease)

..........................

(8,135,415)

$(79,938,374)

(5,967,631)

$(62,616,015)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

91,230

$891,273

50,244

$527,109

Shares

issued

in

reinvestment

of

distributions

..........

39,241

385,546

24,142

253,201

Shares

redeemed

a

..............................

(582,731)

(5,720,105)

(463,136)

(4,852,194)

Net

increase

(decrease)

..........................

(452,260)

$(4,443,286)

(388,750)

$(4,071,884)

Year

ended

February

28,

2023

Shares

sold

...................................

273,736

$2,707,580

107,162

$1,136,320

Shares

issued

in

reinvestment

of

distributions

..........

87,516

866,653

55,461

585,908

Shares

redeemed

a

..............................

(1,551,768)

(15,461,627)

(1,039,382)

(11,066,370)

Net

increase

(decrease)

..........................

(1,190,516)

$(11,887,394)

(876,759)

$(9,344,142)

Class

R6

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

138

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,

2023

Shares

sold

...................................

714,536

$6,931,224

487,801

$5,060,757

Shares

issued

in

reinvestment

of

distributions

..........

40,600

393,179

25,600

265,228

Shares

redeemed

...............................

(390,401)

(3,765,202)

(373,982)

(3,882,690)

Net

increase

(decrease)

..........................

364,735

$3,559,201

139,419

$1,443,295

Year

ended

February

28,

2023

Shares

sold

...................................

808,219

$7,910,303

563,602

$5,898,270

Shares

issued

in

reinvestment

of

distributions

..........

65,832

643,180

49,068

512,498

Shares

redeemed

...............................

(1,439,669)

(14,090,674)

(1,207,236)

(12,604,486)

Net

increase

(decrease)

..........................

(565,618)

$(5,537,191)

(594,566)

$(6,193,718)

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

1,201,392

$11,641,618

1,519,160

$15,728,580

Shares

issued

in

reinvestment

of

distributions

..........

170,276

1,648,801

141,578

1,465,933

Shares

redeemed

...............................

(1,966,432)

(19,006,614)

(1,562,171)

(16,185,263)

Net

increase

(decrease)

..........................

(594,764)

$(5,716,195)

98,567

$1,009,250

Year

ended

February

28,

2023

Shares

sold

...................................

4,894,392

$47,866,730

4,960,908

$51,676,263

Shares

issued

in

reinvestment

of

distributions

..........

370,534

3,618,011

280,410

2,925,499

Shares

redeemed

...............................

(10,109,124)

(99,115,580)

(7,803,130)

(81,851,089)

Net

increase

(decrease)

..........................

(4,844,198)

$(47,630,839)

(2,561,812)

$(27,249,327)

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,

2023

Shares

sold

a

...................................

134,821

$1,212,147

923,675

$9,612,050

Shares

issued

in

reinvestment

of

distributions

..........

37,528

335,687

160,012

1,662,459

Shares

redeemed

...............................

(319,288)

(2,860,466)

(951,568)

(9,886,725)

Net

increase

(decrease)

..........................

(146,939)

$(1,312,632)

132,119

$1,387,784

Year

ended

February

28,

2023

Shares

sold

a

...................................

935,144

$8,496,911

2,832,004

$29,765,785

Shares

issued

in

reinvestment

of

distributions

..........

71,587

641,655

281,317

2,944,415

Shares

redeemed

...............................

(1,340,440)

(12,129,180)

(3,183,177)

(33,471,578)

Net

increase

(decrease)

..........................

(333,709)

$(2,990,614)

(69,856)

$(761,378)

Class

A1

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

139

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,

2023

Shares

sold

...................................

211,467

$1,888,585

362,773

$3,761,163

Shares

issued

in

reinvestment

of

distributions

..........

121,818

1,088,434

647,925

6,721,538

Shares

redeemed

...............................

(707,558)

(6,313,516)

(3,121,212)

(32,380,595)

Net

increase

(decrease)

..........................

(374,273)

$(3,336,497)

(2,110,514)

$(21,897,894)

Year

ended

February

28,

2023

Shares

sold

...................................

154,602

$1,406,066

1,127,992

$11,757,194

Shares

issued

in

reinvestment

of

distributions

..........

239,766

2,147,619

1,289,219

13,483,937

Shares

redeemed

...............................

(1,965,979)

(17,672,281)

(9,118,865)

(95,490,989)

Net

increase

(decrease)

..........................

(1,571,611)

$(14,118,596)

(6,701,654)

$(70,249,858)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

18,753

$171,306

46,474

$490,235

Shares

issued

in

reinvestment

of

distributions

..........

5,547

49,980

31,560

332,909

Shares

redeemed

a

..............................

(58,716)

(528,297)

(635,487)

(6,707,742)

Net

increase

(decrease)

..........................

(34,416)

$(307,011)

(557,453)

$(5,884,598)

Year

ended

February

28,

2023

Shares

sold

...................................

49,455

$443,862

247,063

$2,666,503

Shares

issued

in

reinvestment

of

distributions

..........

11,960

108,011

71,603

761,498

Shares

redeemed

a

..............................

(254,210)

(2,308,573)

(1,098,342)

(11,714,112)

Net

increase

(decrease)

..........................

(192,795)

$(1,756,700)

(779,676)

$(8,286,111)

Class

R6

Class

R6

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

102,650

$919,525

466,681

$4,859,786

Shares

issued

in

reinvestment

of

distributions

..........

1,731

15,467

17,606

183,289

Shares

redeemed

...............................

(42,676)

(380,290)

(74,769)

(781,229)

Net

increase

(decrease)

..........................

61,705

$554,702

409,518

$4,261,846

Year

ended

February

28,

2023

Shares

sold

...................................

195,598

$1,764,683

301,480

$3,186,374

Shares

issued

in

reinvestment

of

distributions

..........

2,471

22,116

26,026

273,265

Shares

redeemed

...............................

(49,101)

(439,827)

(371,186)

(3,918,137)

Net

increase

(decrease)

..........................

148,968

$1,346,972

(43,680)

$(458,498)

Advisor

Class

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

140

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,

2023

Shares

sold

...................................

336,690

$3,001,539

608,308

$6,345,365

Shares

issued

in

reinvestment

of

distributions

..........

20,337

181,552

108,983

1,134,702

Shares

redeemed

...............................

(168,611)

(1,510,287)

(1,503,593)

(15,673,003)

Net

increase

(decrease)

..........................

188,416

$1,672,804

(786,302)

$(8,192,936)

Year

ended

February

28,

2023

Shares

sold

...................................

515,861

$4,585,340

5,309,708

$55,701,740

Shares

issued

in

reinvestment

of

distributions

..........

36,068

323,194

229,524

2,404,227

Shares

redeemed

...............................

(987,251)

(8,887,881)

(7,177,566)

(75,748,315)

Net

increase

(decrease)

..........................

(435,322)

$(3,979,347)

(1,638,334)

$(17,642,348)

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,

2023

Shares

sold

a

...................................

1,927,854

$21,460,622

2,214,888

$25,093,525

Shares

issued

in

reinvestment

of

distributions

..........

208,890

2,317,527

321,297

3,650,782

Shares

redeemed

...............................

(2,016,792)

(22,410,072)

(2,988,183)

(34,051,970)

Net

increase

(decrease)

..........................

119,952

$1,368,077

(451,998)

$(5,307,663)

Year

ended

February

28,

2023

Shares

sold

a

...................................

5,034,594

$56,237,705

6,505,354

$74,668,190

Shares

issued

in

reinvestment

of

distributions

..........

359,759

4,010,448

588,406

6,733,288

Shares

redeemed

...............................

(5,529,268)

(61,839,776)

(8,388,304)

(96,503,731)

Net

increase

(decrease)

..........................

(134,915)

$(1,591,623)

(1,294,544)

$(15,102,253)

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

439,210

$4,878,361

427,462

$4,865,760

Shares

issued

in

reinvestment

of

distributions

..........

447,021

4,958,868

761,766

8,651,080

Shares

redeemed

...............................

(2,838,720)

(31,545,116)

(4,351,288)

(49,402,004)

Net

increase

(decrease)

..........................

(1,952,489)

$(21,707,887)

(3,162,060)

$(35,885,164)

Year

ended

February

28,

2023

Shares

sold

...................................

1,445,453

$16,204,565

1,430,332

$16,450,822

Shares

issued

in

reinvestment

of

distributions

..........

912,784

10,180,689

1,571,717

17,982,364

Shares

redeemed

...............................

(9,734,340)

(108,533,889)

(15,153,083)

(173,702,310)

Net

increase

(decrease)

..........................

(7,376,103)

$(82,148,635)

(12,151,034)

$(139,269,124)

Class

C

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

141

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,

2023

Shares

sold

...................................

153,643

$1,731,381

119,686

$1,382,281

Shares

issued

in

reinvestment

of

distributions

..........

49,312

553,518

75,795

872,802

Shares

redeemed

a

..............................

(962,774)

(10,827,698)

(1,213,614)

(13,969,044)

Net

increase

(decrease)

..........................

(759,819)

$(8,542,799)

(1,018,133)

$(11,713,961)

Year

ended

February

28,

2023

Shares

sold

...................................

390,621

$4,459,801

372,844

$4,363,324

Shares

issued

in

reinvestment

of

distributions

..........

110,387

1,245,323

173,404

2,012,668

Shares

redeemed

a

..............................

(2,354,001)

(26,722,981)

(3,556,523)

(41,468,646)

Net

increase

(decrease)

..........................

(1,852,993)

$(21,017,857)

(3,010,275)

$(35,092,654)

Class

R6

Class

R6

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

723,793

$8,071,868

673,884

$7,645,481

Shares

issued

in

reinvestment

of

distributions

..........

21,737

241,387

23,785

270,206

Shares

redeemed

...............................

(240,859)

(2,672,165)

(190,689)

(2,174,253)

Net

increase

(decrease)

..........................

504,671

$5,641,090

506,980

$5,741,434

Year

ended

February

28,

2023

Shares

sold

...................................

621,377

$6,962,652

697,316

$7,998,654

Shares

issued

in

reinvestment

of

distributions

..........

31,799

355,522

40,112

459,700

Shares

redeemed

...............................

(925,522)

(10,310,298)

(1,140,659)

(13,173,227)

Net

increase

(decrease)

..........................

(272,346)

$(2,992,124)

(403,231)

$(4,714,873)

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

1,780,202

$19,796,423

2,002,577

$22,769,549

Shares

issued

in

reinvestment

of

distributions

..........

252,817

2,807,973

271,220

3,082,809

Shares

redeemed

...............................

(3,604,732)

(39,984,802)

(3,286,768)

(37,322,379)

Net

increase

(decrease)

..........................

(1,571,713)

$(17,380,406)

(1,012,971)

$(11,470,021)

Year

ended

February

28,

2023

Shares

sold

...................................

13,699,756

$153,016,527

13,481,072

$154,039,965

Shares

issued

in

reinvestment

of

distributions

..........

500,493

5,589,520

571,588

6,548,993

Shares

redeemed

...............................

(18,155,634)

(203,073,583)

(19,330,337)

(221,476,397)

Net

increase

(decrease)

..........................

(3,955,385)

$(44,467,536)

(5,277,677)

$(60,887,439)

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

142

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,

2023

Shares

sold

a

...................................

1,681,351

$17,541,526

1,173,959

$10,279,626

Shares

issued

in

reinvestment

of

distributions

..........

277,801

2,889,420

234,378

2,045,048

Shares

redeemed

...............................

(2,498,378)

(25,982,400)

(1,375,911)

(12,007,335)

Net

increase

(decrease)

..........................

(539,226)

$(5,551,454)

32,426

$317,339

Year

ended

February

28,

2023

Shares

sold

a

...................................

7,344,243

$77,486,033

3,647,689

$32,168,851

Shares

issued

in

reinvestment

of

distributions

..........

492,068

5,167,719

407,912

3,576,644

Shares

redeemed

...............................

(9,604,558)

(101,319,682)

(4,897,944)

(43,094,292)

Net

increase

(decrease)

..........................

(1,768,247)

$(18,665,930)

(842,343)

$(7,348,797)

Class

A1

Class

A1

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

631,109

$6,576,644

556,133

$4,874,298

Shares

issued

in

reinvestment

of

distributions

..........

760,211

7,903,235

745,584

6,503,983

Shares

redeemed

...............................

(3,668,197)

(38,119,445)

(4,213,861)

(36,727,812)

Net

increase

(decrease)

..........................

(2,276,877)

$(23,639,566)

(2,912,144)

$(25,349,531)

Year

ended

February

28,

2023

Shares

sold

...................................

3,316,281

$34,841,354

1,095,758

$9,656,086

Shares

issued

in

reinvestment

of

distributions

..........

1,490,817

15,649,561

1,422,539

12,482,181

Shares

redeemed

...............................

(14,327,222)

(150,838,476)

(12,161,938)

(107,375,776)

Net

increase

(decrease)

..........................

(9,520,124)

$(100,347,561)

(9,643,641)

$(85,237,509)

Class

C

Class

C

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

81,401

$857,483

82,096

$729,347

Shares

issued

in

reinvestment

of

distributions

..........

44,715

472,417

51,656

456,855

Shares

redeemed

a

..............................

(892,279)

(9,439,002)

(906,762)

(8,039,691)

Net

increase

(decrease)

..........................

(766,163)

$(8,109,102)

(773,010)

$(6,853,489)

Year

ended

February

28,

2023

Shares

sold

...................................

292,384

$3,126,145

223,633

$2,007,182

Shares

issued

in

reinvestment

of

distributions

..........

102,202

1,090,936

108,423

963,940

Shares

redeemed

a

..............................

(2,510,748)

(26,940,146)

(2,058,075)

(18,376,135)

Net

increase

(decrease)

..........................

(2,116,162)

$(22,723,065)

(1,726,019)

$(15,405,013)

Class

R6

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

143

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,

2023

Shares

sold

...................................

560,016

$5,833,125

211,432

$1,847,543

Shares

issued

in

reinvestment

of

distributions

..........

34,806

361,852

16,976

148,220

Shares

redeemed

...............................

(371,293)

(3,858,551)

(106,618)

(930,521)

Net

increase

(decrease)

..........................

223,529

$2,336,426

121,790

$1,065,242

Year

ended

February

28,

2023

Shares

sold

...................................

971,841

$10,214,924

762,722

$6,515,973

Shares

issued

in

reinvestment

of

distributions

..........

59,356

623,488

19,296

169,246

Shares

redeemed

...............................

(1,261,944)

(13,270,254)

(394,184)

(3,487,824)

Net

increase

(decrease)

..........................

(230,747)

$(2,431,842)

387,834

$3,197,395

Advisor

Class

Advisor

Class

Shares:

Six

Months

ended

August

31,

2023

Shares

sold

...................................

1,646,392

$17,160,445

969,869

$8,469,068

Shares

issued

in

reinvestment

of

distributions

..........

195,084

2,030,507

116,765

1,020,091

Shares

redeemed

...............................

(1,807,062)

(18,814,740)

(1,056,421)

(9,233,305)

Net

increase

(decrease)

..........................

34,414

$376,212

30,213

$255,854

Year

ended

February

28,

2023

Shares

sold

...................................

6,134,144

$65,019,517

2,264,894

$19,942,552

Shares

issued

in

reinvestment

of

distributions

..........

370,875

3,899,134

235,367

2,067,950

Shares

redeemed

...............................

(9,348,635)

(98,635,016)

(5,324,210)

(46,720,423)

Net

increase

(decrease)

..........................

(2,843,616)

$(29,716,365)

(2,823,949)

$(24,709,921)

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)

144

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,

2023,

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

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.478%

0.491%

0.581%

Franklin

Michigan

Tax-

Free

Income

Fund

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.479%

0.476%

0.466%

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.471%

0.478%

3.

Transactions

with

Affiliates

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

145

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:

e.

Transfer

Agent

Fees

Each

class

of

shares

pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

Effective

October

1,

2022,

the

fees

are

based

on

an

annualized

asset

based

fee

of

0.016%

plus

a

reduced

transaction

based

fee.

Prior

to

October

1,

2022,

the

fees

were

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,

2023,

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

..................

$4,273

$6,236

$416

$4,025

CDSC

retained

...........................

$15,760

$13,131

$8

$6,858

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

..................

$3,225

$6,242

$4,680

$3,429

CDSC

retained

...........................

$5,984

$104,744

$20,679

$3,968

3.

Transactions

with

Affiliates

(continued)

c.

Distribution

Fees

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

146

franklintempleton.com

Semiannual

Report

f.

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

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,

2024.

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,

2024.

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,

2023,

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

........................

$85,222

$66,637

$21,789

$106,003

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

........................

$104,545

$144,939

$107,372

$110,317

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

..............................

$10,400,000

$8,500,000

$600,000

$7,500,000

Sales

..................................

$13,200,000

$10,825,000

$2,600,000

$8,700,000

Net

Realized

Gains

(Losses)

.................

—

—

—

—

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

..............................

$21,050,000

$17,300,000

$12,300,000

$4,200,000

Sales

..................................

$45,050,000

$33,000,000

$15,850,000

$10,900,001

Net

Realized

Gains

(Losses)

.................

$1,701,357

—

—

$1

3.

Transactions

with

Affiliates

(continued)

e.

Transfer

Agent

Fees

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

147

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

3

,

 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,

2023,

the

capital

loss

carryforwards

were

as

follows:

At

August

31,

2023,

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

.............................

$

24,507,296

$

22,110,279

$

8,531,620

$

21,015,231

Long

term

.............................

53,332,925

34,674,729

27,864,937

52,995,366

Total

capital

loss

carryforwards

............

$77,840,221

$56,785,008

$36,396,557

$74,010,597

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

.............................

$

14,512,345

$

39,572,501

$

36,236,045

$

25,053,372

Long

term

.............................

21,275,148

44,409,231

75,492,346

85,078,417

Total

capital

loss

carryforwards

............

$35,787,493

$83,981,732

$111,728,391

$110,131,789

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

.......................

$774,785,212

$540,340,805

$150,912,821

$749,289,134

Unrealized

appreciation

.....................

$4,170,721

$3,110,750

$595,975

$3,050,836

Unrealized

depreciation

.....................

(48,317,536)

(40,435,683)

(14,071,731)

(51,839,465)

Net

unrealized

appreciation

(depreciation)

.......

$(44,146,815)

$(37,324,933)

$(13,475,756)

$(48,788,629)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

148

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

wash

sales

and

bond

discounts

and

premiums.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

August

31,

2023,

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

3

,

the

aggregate

value

of

these

securities

was

as

follows:

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

.......................

$812,496,888

$1,162,583,281

$965,018,834

$787,553,517

Unrealized

appreciation

.....................

$2,149,242

$7,448,571

$6,326,259

$3,004,374

Unrealized

depreciation

.....................

(57,005,272)

(61,789,194)

(54,072,393)

(67,623,927)

Net

unrealized

appreciation

(depreciation)

.......

$(54,856,030)

$(54,340,623)

$(47,746,134)

$(64,619,553)

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

..............................

$20,652,113

$12,681,318

$12,186,467

$25,721,001

Sales

..................................

$56,614,248

$35,319,877

$16,109,894

$47,995,063

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

..............................

$85,811,260

$36,944,018

$37,234,833

$33,053,350

Sales

..................................

$79,624,826

$82,413,707

$66,377,626

$54,499,457

Value

Percentage

of

Net

Assets

Franklin

Oregon

Tax-Free

Income

Fund

...........................................

$

1,936,000

0.2%

Franklin

Pennsylvania

Tax-Free

Income

Fund

......................................

1,423,125

0.2%

5.

Income

Taxes

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

149

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.

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

2,

2024.

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,

2023,

the

Funds

did

not

use

the

Global

Credit

Facility.

10.

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,

2023,

in

valuing

the

Funds'

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

.........................

$

—

$

725,223,397

$

—

$

725,223,397

Short

Term

Investments

...................

—

5,415,000

—

5,415,000

Total

Investments

in

Securities

...........

$—

$730,638,397

$—

$730,638,397

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

150

franklintempleton.com

Semiannual

Report

Level

1

Level

2

Level

3

Total

Franklin

Colorado

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

$

—

$

—

$

1,364,433

$

1,364,433

Municipal

Bonds

.........................

—

500,591,439

—

500,591,439

Short

Term

Investments

...................

—

1,060,000

—

1,060,000

Total

Investments

in

Securities

...........

$—

$501,651,439

$1,364,433

$503,015,872

Franklin

Connecticut

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

136,037,065

—

136,037,065

Short

Term

Investments

...................

—

1,400,000

—

1,400,000

Total

Investments

in

Securities

...........

$—

$137,437,065

$—

$137,437,065

Franklin

Michigan

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,754,272

1,754,272

Municipal

Bonds

.........................

—

698,746,233

—

698,746,233

Total

Investments

in

Securities

...........

$—

$698,746,233

$1,754,272

$700,500,505

Franklin

Minnesota

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

757,640,858

—

757,640,858

Total

Investments

in

Securities

...........

$—

$757,640,858

$—

$757,640,858

Franklin

Ohio

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

3,118,705

3,118,705

Municipal

Bonds

.........................

—

1,090,148,953

—

1,090,148,953

Short

Term

Investments

...................

—

14,975,000

—

14,975,000

Total

Investments

in

Securities

...........

$—

$1,105,123,953

$3,118,705

$1,108,242,658

Franklin

Oregon

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

2,436,488

2,436,488

Municipal

Bonds

:

—

California

.............................

—

2,863,257

—

2,863,257

Florida

...............................

—

5,581,097

—

5,581,097

Illinois

...............................

—

4,594,955

—

4,594,955

Kentucky

.............................

—

5,409,470

—

5,409,470

New

Jersey

...........................

—

8,081,994

—

8,081,994

New

York

.............................

—

4,975,775

—

4,975,775

Oregon

..............................

—

816,469,323

—

816,469,323

South

Carolina

.........................

—

11,226,950

—

11,226,950

Texas

...............................

—

5,942,433

—

5,942,433

Washington

...........................

—

1,970,067

—

1,970,067

Wisconsin

............................

—

8,160,817

—

8,160,817

U.S.

Territories

..........................

Puerto

Rico

...........................

—

33,941,215

4,632,753

38,573,968

Escrows

and

Litigation

Trusts

...............

—

—

286,106

286,106

Short

Term

Investments

...................

—

700,000

—

700,000

Total

Investments

in

Securities

...........

$—

$909,917,353

$7,355,347

$917,272,700

10.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

151

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.

11.

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

Pennsylvania

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

$

—

$

—

$

1,949,191

$

1,949,191

Municipal

Bonds

:

—

Florida

...............................

—

5,311,850

—

5,311,850

Illinois

...............................

—

5,808,969

—

5,808,969

New

Jersey

...........................

—

1,953,251

—

1,953,251

New

York

.............................

—

11,678,442

—

11,678,442

Pennsylvania

..........................

—

662,783,940

—

662,783,940

South

Carolina

.........................

—

3,897,645

—

3,897,645

Texas

...............................

—

4,274,124

—

4,274,124

Washington

...........................

—

1,576,054

—

1,576,054

Wisconsin

............................

—

6,573,204

—

6,573,204

U.S.

Territories

..........................

Puerto

Rico

...........................

—

9,611,515

3,405,467

13,016,982

Escrows

and

Litigation

Trusts

...............

—

—

210,312

210,312

Short

Term

Investments

...................

—

3,900,000

—

3,900,000

Total

Investments

in

Securities

...........

$—

$717,368,994

$5,564,970

$722,933,964

Selected

Portfolio

AGMC

Assured

Guaranty

Municipal

Corp.

BAM

Build

America

Mutual

Assurance

Co.

COP

Certificate

of

Participation

ETM

Escrowed

to

Maturity

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.

10.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Shareholder

Information

152

franklintempleton.com

Semiannual

Report

Board

Approval

of

Investment

Management

Agreements

FRANKLIN

TAX-FREE

TRUST

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

(each

a

Fund)

At

an

in-person

meeting

held

on

April

18,

2023

(Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

Tax-Free

Trust

(Trust),

including

a

majority

of

the

trustees

who

are

not

“interested

persons”

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

on

behalf

of

each

Fund

(each

a

Management

Agreement),

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

in

considering

whether

to

approve

the

continuation

of

each

Management

Agreement.

Although

the

Management

Agreements

for

the

Funds

were

considered

at

the

same

Board

meeting,

the

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

In

considering

the

continuation

of

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters;

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

reviewed

and

considered

prior

to

and

at

the

Meeting.

The

Board

reviewed

and

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

each

Management

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii)

the

investment

performance

of

each

Fund;

(iii)

the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

each

Fund;

(iv)

the

extent

to

which

economies

of

scale

are

realized

as

each

Fund

grows;

and

(v)

whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

each

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board’s

determination.

Nature,

Extent

and

Quality

of

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

each

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management’s

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Funds

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-

party

servicing

arrangements.

The

Board

acknowledged

management’s

continued

development

of

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

including

various

regulatory

initiatives

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager’s

Franklin

Tax-Free

Trust

Shareholder

Information

153

franklintempleton.com

Semiannual

Report

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

reassessment

of

the

fund

offerings

in

response

to

the

market

environment

and

project

initiatives

and

capital

investments

relating

to

the

services

provided

to

the

Funds

by

the

FT

organization.

The

Board

specifically

noted

FT’s

commitment

to

technological

innovation

and

advancement

and

investments

to

promote

alternative

investing.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

of

each

Fund

over

various

time

periods

ended

December

31,

2022.

The

Board

considered

the

performance

returns

for

each

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

each

Fund’s

performance

results

is

below.

Franklin

Arizona

Tax-Free

Income

Fund

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

“other

states”

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe,

but

for

the

10-year

period

was

above

the

median

of

its

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Colorado

Tax-Free

Income

Fund,

Franklin

Connecticut

Tax-Free

Income

Fund,

Franklin

Minnesota

Tax-

Free

Income

Fund

and

Franklin

Oregon

Tax-Free

Income

Fund

-

The

Performance

Universe

for

each

of

the

Franklin

Colorado

Tax-Free

Income

Fund,

Franklin

Connecticut

Tax-

Free

Income

Fund

and

Franklin

Oregon

Tax-Free

Income

Fund

included

the

Fund

and

all

retail

and

institutional

“other

states”

municipal

debt

funds.

The

Performance

Universe

for

the

Franklin

Minnesota

Tax-Free

Income

Fund

included

the

Fund

and

all

retail

and

institutional

Minnesota

municipal

debt

funds.

The

Board

noted

that

the

Funds’

annualized

income

returns

for

the

one-,

three-,

five-

and

10-year

periods

were

above

the

medians

of

their

respective

Performance

Universes.

The

Board

also

noted

that

the

Funds’

annualized

total

returns

for

the

one-,

three-,

five-

and

10-year

periods

were

below

the

medians

of

their

respective

Performance

Universes.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

of

each

Fund

(e.g.,

fund

investment

objective)

as

set

forth

in

each

Fund’s

registration

statement

and

that

the

evaluation

of

each

Fund’s

performance

relative

to

the

Fund’s

peers

on

an

income

return

basis

was

appropriate

given

its

attributes.

The

Board

concluded

that

the

Funds’

performance

was

satisfactory.

Franklin

Michigan

Tax-Free

Income

Fund

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

“other

states”

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-

and

10-

year

periods

was

below

the

median

of

its

Performance

Universe,

but

for

the

five-year

period

was

above

the

median

of

its

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Ohio

Tax-Free

Income

Fund

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

Ohio

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one

-,

three-

and

five-

year

periods

was

below

the

median

of

its

Performance

Universe,

but

for

the

10-year

period

was

equal

to

the

median

of

its

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

Franklin

Tax-Free

Trust

Shareholder

Information

154

franklintempleton.com

Semiannual

Report

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Pennsylvania

Tax-Free

Income

Fund

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

Pennsylvania

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

five-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe,

but

for

the

one-

and

three-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

discussed

the

Fund’s

underperformance

with

management

and

management

explained

that,

relative

to

its

Performance

Universe,

the

Fund

was

underweight

AA-

and

AAA-rated

bonds

and

overweight

bonds

with

ten

or

more

year

maturities

which

detracted

from

performance.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

Management

further

explained

the

steps

that

it

was

taking

to

address

the

sources

of

the

underperformance,

including

maintaining

a

duration

overweight

relative

to

peers.

The

Board

concluded

that

the

Fund’s

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management’s

efforts

continue

to

be

closely

monitored.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

each

Fund’s

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-

management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

each

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund’s

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A1

shares

for

each

Fund

and

for

Class

A

shares

for

each

other

fund

in

the

applicable

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

Franklin

Arizona

Tax-Free

Income

Fund,

Franklin

Michigan

Tax-Free

Income

Fund

and

Franklin

Oregon

Tax-Free

Income

Fund

-

The

Expense

Group

for

each

Fund,

included

the

respective

Fund

and

10

other

“other

states”

municipal

debt

funds.

The

Board

noted

that

the

Management

Rates

and

actual

total

expense

ratios

for

the

Funds

were

below

the

medians

of

their

respective

Expense

Groups.

The

Board

concluded

that

the

Management

Rates

charged

to

the

Funds

are

reasonable.

Franklin

Colorado

Tax-Free

Income

Fund,

Franklin

Connecticut

Tax-Free

Income

Fund

and

Franklin

Ohio

Tax-

Free

Income

Fund

-

The

Expense

Group

for

the

Franklin

Colorado

Tax-Free

Income

Fund

included

the

Fund

and

10

other

“other

states”

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Connecticut

Tax-Free

Income

Fund

included

the

Fund

and

nine

other

“other

states”

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Ohio

Tax-

Free

Income

Fund

included

the

Fund

and

six

other

Ohio

municipal

debt

funds.

The

Board

noted

that

the

Management

Rates

for

the

Funds

were

one

basis

point

or

less

above

the

medians

of

their

respective

Expense

Groups,

except

for

the

Franklin

Connecticut

Tax-Free

Income

Fund

which

was

approximately

three

basis

points

above

the

median

of

its

Expense

Group.

The

Board

further

noted

that

the

actual

total

expense

ratios

for

the

Funds

were

below

the

medians

of

their

respective

Expense

Groups.

The

Board

concluded

that

the

Management

Rates

charged

to

the

Funds

are

reasonable.

Franklin

Minnesota

Tax-Free

Income

Fund

and

Franklin

Pennsylvania

Tax-Free

Income

Fund

-

The

Expense

Group

for

the

Franklin

Minnesota

Tax-Free

Income

Fund

included

the

Fund

and

seven

other

Minnesota

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Pennsylvania

Tax-Free

Income

Fund

included

the

Fund

and

11

other

Pennsylvania

municipal

debt

funds.

The

Board

noted

that

the

Management

Rates

for

the

Funds

were

equal

to

the

medians

of

their

Franklin

Tax-Free

Trust

Shareholder

Information

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Report

respective

Expense

Groups,

and

the

actual

total

expense

ratios

for

the

Funds

were

below

the

medians

of

their

respective

Expense

Groups.

The

Board

concluded

that

the

Management

Rates

charged

to

the

Funds

are

reasonable.

Profitability

The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

each

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT’s

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2022,

being

the

most

recent

fiscal

year-

end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Funds’

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

PricewaterhouseCoopers

LLP,

auditor

to

FRI

and

certain

FT

funds,

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Funds’

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management’s

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

each

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management’s

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager

but,

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management’s

expenditures

in

improving

shareholder

services

provided

to

the

Funds,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

each

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

each

Fund.

Economies

of

Scale

The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

each

Fund

grows

larger

and

whether

each

Fund’s

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

a

Fund’s

shareholders

by

reducing

the

Fund’s

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Manager’s

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

noted

the

Franklin

Connecticut

Tax-Free

Income

Fund

does

not

have

an

asset

size

that

would

likely

enable

the

Fund

to

achieve

economies

of

scale.

The

Board

further

noted

that

given

the

decline

in

assets

over

the

past

three

calendar

years

for

each

of

the

Franklin

Colorado

Tax-Free

Income

Fund,

Franklin

Michigan

Tax-Free

Income

Fund

and

Franklin

Pennsylvania

Tax-Free

Income

Funds,

these

Funds

are

not

expected

to

experience

additional

economies

of

scale

in

the

foreseeable

future.

The

Board

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

the

Manager

and

its

affiliates,

each

Fund’s

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

Conclusion

Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

of

each

Management

Agreement

for

an

additional

one-year

period.

Liquidity

Risk

Management

Program

Each

of

the

Franklin

Templeton

and

Legg

Mason

Funds

has

adopted

and

implemented

a

written

Liquidity

Risk

Management

Program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940

(the

“Liquidity

Rule”).

The

LRMP

is

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

which

is

defined

as

the

risk

that

the

Fund

could

not

meet

requests

to

redeem

shares

issued

by

the

Fund

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

In

accordance

with

the

Liquidity

Rule,

the

LRMP

includes

policies

and

procedures

Franklin

Tax-Free

Trust

Shareholder

Information

156

franklintempleton.com

Semiannual

Report

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

2023,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2022.

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.

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.

Franklin

Tax-Free

Trust

Shareholder

Information

157

franklintempleton.com

Semiannual

Report

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.

TF3

S

10/23

©

2023

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

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 30, 2023

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 30, 2023

By S\CHRISTOPHER KINGS______________________

      Christopher Kings

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date  October 30, 2023