Franklin Tax Free Trust NCSRS Certified semi-annual shareholder report (management investment company)

Franklin Tax Free Trust N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORMN-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-04149

FranklinTax-Free Trust

(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: 2/28

Date of reporting period: 08/31/19

Item 1. Reports to Stockholders.

LOGO

Internet Delivery of Fund Reports Unless You Request Paper Copies:Effective January 1, 2021, as permitted by the SEC, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request them from the Fund or your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you have not signed up for electronic delivery, we would encourage you to join fellow shareholders who have. You may elect to receive shareholder reports and other communications electronically from the Fund by calling (800)632-2301 or by contacting your financial intermediary.

You may elect to continue to receive paper copies of all your future shareholder reports free of charge by contacting your financial intermediary or, if you invest directly with a Fund, calling (800)632-2301 to let the Fund know of your request. Your election to receive reports in paper will apply to all funds held in your account.

FRANKLIN TEMPLETON

Successful investing begins with ambition. And achievement only comes when you reach for it. That’s why we continually strive to deliver better outcomes for investors. No matter what your goals are, our deep, global investment expertise allows us to offer solutions that can help.

During our more than 70 years of experience, we’ve managed through all kinds of markets—up, down and those in between. We’re always preparing for what may come next. It’s because of this, combined with our strength as one of the world’s largest asset managers that we’ve earned the trust of millions of investors around the world.

Dear Shareholder:

During the six months ended August 31, 2019, the U.S. economy continued to grow amid positive economic data and corporate earnings, but financial markets experienced volatility due to trade concerns and geopolitical issues. The U.S. Federal Reserve (Fed) left the federal funds rate unchanged for most of the period but implemented a much anticipated 25 basis-point reduction at its July meeting, in an effort to support ongoing economic growth, bringing the rate from 2.50% at the start of the period to 2.25% byperiod-end.

After the reporting period, the Fed reduced its key rate to 2.00% at its September meeting, citing weakened business investment and exports and muted inflation pressures, although the job market remained strong and economic activity continued to rise.

During thesix-month period, the municipal bond market posted solid positive performance that outperformed the U.S. stock market but underperformed the U.S. Treasury and corporate bond markets, with generally higher returns for longer-term and lower-rated municipal bonds. Factors contributing to this positive investment environment for

municipals included relatively low inflation, interest rate declines, steady employment and the strength of the U.S. economy.

FranklinTax-Free Trust’s semiannual report includes more detail about municipal bond market conditions and a discussion from the portfolio managers. In addition, on our website,franklintempleton.com,you can find updated commentary by our municipal bond experts. Municipal bonds providetax-free income and diversification from equities. Despite periods of volatility, municipal bonds historically have had a solid long-term record of performance, driven mostly by their compounding income component. Please remember all securities markets fluctuate, as do mutual fund share prices.

As always, we recommend investors consult their financial advisors to help them make the best decisions for the long term. In a constantly changing market environment, we remain committed to our disciplined strategy as we manage the Funds, keeping in mind the trust you have placed in us. We appreciate your confidence and encourage you to

Not FDIC Insured | May Lose Value | No Bank Guarantee

franklintempleton.com

Not part of the semiannual report

Sincerely,

LOGO

Rupert H. Johnson, Jr.

Chairman

FranklinTax-Free Trust

LOGO

Sheila Amoroso

Senior Vice President and Director

Franklin Municipal Bond Department

This letter reflects our analysis and opinions as of August 31, 2019, unless otherwise indicated. The information is not a complete analysis of every aspect of any market, state, industry, security or fund. Statements of fact are from sources considered reliable.

Contents


Semiannual Report

Municipal Bond Market Overview			3

Investment Strategy and Manager’s Discussion			4

Franklin Federal Intermediate-TermTax-Free Income Fund			5

Franklin Federal Limited-TermTax-Free Income Fund			10

Franklin High YieldTax-Free Income Fund			15

Franklin MassachusettsTax-Free Income Fund			20

Franklin New JerseyTax-Free Income Fund			25

Financial Highlights and Statements of Investments			30

Financial Statements			116

Notes to Financial Statements			125

Shareholder Information			142

Visitfranklintempleton.comfor fund updates, to access your account, or to find helpful financial planning tools.

Not part of the semiannual report

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SEMIANNUAL REPORT

Municipal Bond Market Overview

The financial markets experienced volatility during the six months ended August 31, 2019. Continuing trade concerns, uncertainties about the prospects for global economic growth and speculations on major central banks’ future policy decisions led to volatility in domestic fixed income and equity securities. U.S. equities rose during the period, while fixed income assets such as municipal bonds and U.S. Treasuries rallied as interest rates moved in a downward trajectory. Municipal bonds performed well as favorable supply and demand dynamics, combined with interest-rate declines, led to an outperformance compared with the U.S. equity market, but an underperformance compared with the U.S. Treasury and corporate bond markets.

Investment-grade municipal bonds, as measured by the Bloomberg Barclays Municipal Bond Index, posted a +6.24% total return for the period, while U.S. Treasuries, as measured by the Bloomberg Barclays U.S. Treasury Index, posted a +8.42% total return, and investment-grade corporate bonds, as measured by the Bloomberg Barclays U.S. Corporate Bond Index, posted a +11.08% total return.¹ U.S. stocks, as represented by the Standard & Poor’s^® 500 Index, underperformed the fixed income markets with a +6.15% total return.¹

Municipal bonds with longer maturities generally outperformed bonds with shorter maturities during thesix-month period. High-yield municipal bonds generally outperformed investment-grade municipal bonds, with the Bloomberg Barclays High Yield Municipal Bond Index posting a +8.59% total return, compared with a +6.24% total return for the Bloomberg Barclays Municipal Bond Index.¹

Municipal bond issuance during thesix-month reporting period totaled approximately $188 billion, which represented a slight increase from the prior-year’ssix-month period.² Calendar-year 2019 municipal bond issuance through August was approximately $240 billion, which represented a 5% increase from the prior-year period.²

The U.S. Federal Reserve (Fed) lowered its target range for the federal funds rate by 0.25% at its July meeting, to 2.00%–2.25%, after leaving it unchanged during the first half of 2019. Although Fed Chair Jerome Powell said the first interest rate cut since December 2008 was intended

to “insure against downside risks,” he did not indicate the beginning of a prolonged easing cycle. The Fed cited lingering uncertainties surrounding the economic and inflation outlook, and left the door open for modest additional easing.

Atperiod-end, we maintained our positive view of the municipal bond market. We believe municipal bonds continue to be an attractive asset class among fixed income securities, and we intend to follow our solid discipline of investing to maximize income, while seeking value in the municipal bond market.

The foregoing information reflects our analysis, opinions and portfolio holdings as of August 31, 2019, the end of the reporting period. The way we implement our main investment strategies and the resulting portfolio holdings may change depending on factors such as market and economic conditions. These opinions may not be relied upon as investment advice or an offer for a particular security. The information is not a complete analysis of every aspect of any market, state, industry, security or fund. Statements of fact are from sources considered reliable, but the investment manager makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

1. Source: Morningstar. Treasuries, if held to maturity, offer a fixed rate of return and fixed principal value; their interest payments and principal are guaranteed.

2. Source: The Bond Buyer, Thomson Reuters.

See www.franklintempletondatasources.com for additional data provider information.

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Semiannual Report

FRANKLIN TAX-FREE TRUST

Investment Strategy and Manager’s Discussion

Investment Strategy

We use a consistent, disciplined strategy with the objective of maximizingtax-free income and capital preservation by focusing on credit selection. We seek to maintain exposure to securities that produce hightax-free income, while balancing risk and return within each Fund’s range of allowable investments. We do not purchase high-yield securities in our investment-grade funds, however if a security is downgraded we are not required to sell it. Our security selection process includes purchasing securities that we believe are undervalued in the market and which have met our credit selection criteria. We do not use leverage or derivatives, which could add volatility and contribute to underperformance in adverse markets.

Manager’s Discussion

Due to the positive sloping municipal yield curve, we found value in higher quality securities in the 15–30 year maturity range for the long-term funds, 10 to 15 years for the intermediate-term fund, and five years or less for the limited-term fund, which allowed us to achieve our objective of maximizing income for our investors. Typically, when interest rates fall, our turnover declines as we maintain exposure to securities that are producing income that exceeds their replacement value in the market. This excess income supports higher distribution rates and reinvestment rates for those investors taking advantage oftax-free compounding. Our turnover increases when rates rise, as opportunities to purchase securities that have the potential to increase income in the portfolios become available. We believe our consistent, disciplined strategy can help our investors achieve high,tax-free income over the long term.

We invite you to read your Fund report for more detailed performance and portfolio information. Thank you for your participation in FranklinTax-Free Trust. We look forward to serving your future investment needs.

Semiannual Report

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Franklin Federal Intermediate-TermTax-Free Income Fund

This semiannual report for Franklin Federal Intermediate-TermTax-Free Income Fund covers the period ended August 31, 2019.

Your Fund’s Goal and Main Investments

The Fund seeks to provide as high a level of income exempt from federal income taxes as is consistent with prudent investment management and preservation of capital by 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.

Credit Quality Composition*

8/31/19


		% of Total
Ratings		Investments
AAA		20.18%
AA		57.22%
A		13.48%
BBB		2.68%
Refunded		5.49%
Not Rated		0.95%

*Securities, except for those labeled Not Rated, are assigned ratings by one or more Nationally Recognized Statistical Credit Rating Organizations (NRSROs), such as Standard & Poor’s, Moody’s and Fitch, that can be considered by the investment manager as part of its independent securities analysis. When ratings from multiple agencies are available, the highest is used, consistent with the portfolio investment process. Ratings reflect an NRSRO’s opinion of an issuer’s creditworthiness and typically range from AAA (highest) to D (lowest). The Below Investment Grade category consists of bonds rated belowBBB-. The Refunded category generally consists of refunded bonds secured by U.S. government or other high-quality securities and not rerated by an NRSRO. The Not Rated category consists of ratable securities that have not been rated by an NRSRO. Cash and equivalents are excluded from this composition.

Performance Overview

The Fund’s Class A share price, as measured by net asset value, increased from $11.98 on February 28, 2019, to $12.27 on August 31, 2019. The Fund’s Class A shares paid dividends totaling 15.9712 cents per share for the reporting period.² The Performance Summary beginning on page 7

Dividend Distributions*

3/1/19–8/31/19


	Dividend per Share (cents)
Month	Class A		Class A1		Class C		Class R6		Advisor Class
March		2.6100		2.7600		2.2100		2.9200		2.8600
April**		3.8100		3.9600		3.4100		4.1200		4.0600
May		2.5422		2.6888		2.1310		2.8585		2.7978
June		2.2510		2.3864		1.8775		2.5380		2.4859
July		2.5379		2.6990		2.1038		2.8766		2.8156
August		2.2201		2.3678		1.8215		2.5301		2.4742
Total		15.9712		16.8620		13.5538		17.8432		17.4935

*The distribution amount is the sum of all estimatedtax-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.

**Includes a 1.20 cent per share supplemental distribution.

shows that at the end of this reporting period the Fund’s Class A shares’ distribution rate was 2.12%, based on an annualization of the 2.2201 cents per share August dividend and the maximum offering price of $12.55 on August 31, 2019. An investor in the 2019 maximum federal income tax bracket of 40.80% (including 3.80% Medicare tax) would need to earn a distribution rate of 3.58% from a taxable investment to match the Fund’s Class Atax-free distribution rate. For other performance data, please see the Performance Summary. Dividend distributions were affected by low interest rates during the period. This and other factors resulted in reduced income for the portfolio and caused dividends to be lower at the end of the period.

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 recentmonth-end performance, go tofranklintempleton.comor call(800)342-5236.

1. Dividends are generally subject to state and local taxes, if any. For investors subject to alternative minimum tax, a small portion of Fund dividends may be taxable. Distributions of capital gains are generally taxable. To avoid imposition of 28% backup withholding on all Fund distributions and redemption proceeds, U.S. investors must be properly certified on FormW-9 andnon-U.S. investors on FormW-8BEN.

2. The distribution amount is the sum of all estimatedtax-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.

The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund’s Statement of Investments (SOI). The SOI begins on page 35.

franklintempleton.com

Semiannual Report

FRANKLIN FEDERAL INTERMEDIATE-TERMTAX-FREE INCOME FUND

Manager’s Discussion

We used various investment strategies during the six months under review as we sought to maximizetax-free income for shareholders. Please read the Investment Strategy and Manager’s Discussion on page 4 for more information.

Portfolio Composition

8/31/19


		% of Total Investments*
Utilities		24.12%
General Obligation		19.10%
Transportation		13.24%
Refunded**		10.26%
Subject to Government Appropriations		9.92%
Hospital & Health Care		8.94%
Tax-Supported		8.76%
Higher Education		4.15%
Other Revenue		1.26%
Housing		0.25%

*Does not include cash and cash equivalents.

**Includes all refunded bonds; the percentage may differ from that in the Credit Quality Composition.

Thank you for your continued participation in Franklin Federal Intermediate-TermTax-Free Income Fund. We believe our conservative,buy-and-hold investment strategy can help us achieve high, current,tax-free income for shareholders.

The foregoing information reflects our analysis, opinions and portfolio holdings as of August 31, 2019, the end of the reporting period. The way we implement our main investment strategies and the resulting portfolio holdings may change depending on factors such as market and economic conditions. These opinions may not be relied upon as investment advice or an offer for a particular security. The information is not a complete analysis of every aspect of any market, state, industry, security or the Fund. Statements of fact are from sources considered reliable, but the investment manager makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

Semiannual Report

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FRANKLIN FEDERAL INTERMEDIATE-TERMTAX-FREE INCOME FUND

Performance Summary as of August 31, 2019

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 8/31/19¹

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, visitfranklintempleton.com.


	Cumulative		Average Annual
Share Class	Total Return	²	Total Return	³

A⁴
6-Month	+3.78%		+1.44%

1-Year	+5.85%		+3.46%

5-Year	+12.28%		+1.88%

10-Year	+43.78%		+3.46%


Advisor
6-Month	+3.90%		+3.90%

1-Year	+6.01%		+6.01%

5-Year	+12.81%		+2.44%

10-Year	+45.27%		+3.81%


									Taxable Equivalent
Share	Distribution		Taxable Equivalent		30-Day Standardized Yield⁷				30-Day Standardized Yield⁶
Class	Rate⁵		Distribution Rate⁶		(with fee waiver)		(without fee waiver)		(with fee waiver)		(without fee waiver)
A		2.12%		3.58%		0.68%		0.60%		1.15%		1.01%
Advisor		2.42%		4.09%		0.94%		0.86%		1.59%		1.45%

See page 8 for Performance Summary footnotes.

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Semiannual Report

FRANKLIN FEDERAL INTERMEDIATE-TERMTAX-FREE INCOME FUND

PERFORMANCE SUMMARY

Distributions(3/1/19–8/31/19)


Share Class		Net Investment Income
A		$0.159712
A1		$0.168620
C		$0.135538
R6		$0.178432
Advisor		$0.174935

Total Annual Operating Expenses⁸


Share Class	With Fee Waiver		Without Fee Waiver
A		0.71%		0.80%
Advisor		0.46%		0.55%

Each class of shares is available to certain eligible investors and has different annual fees and expenses, as described in the prospectus.

All investments involve risks, including possible loss of principal. Because municipal bonds are sensitive to interest rate movements, the Fund’s yield and share price will fluctuate with market conditions. Bond prices generally move in the opposite direction of interest rates. Thus, as prices of bonds in the Fund adjust to a rise in interest rates, the Fund’s share price may decline. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond’s issuer, insurer or guarantor, may affect the bond’s value. The Fund may invest a significant part of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project would likely affect all similar projects, thereby increasing market risk. The Fund is actively managed but there is no guarantee that the manager’s investment decisions will produce the desired results. The Fund’s prospectus also includes a description of the main investment risks.

1. The Fund has an expense reduction contractually guaranteed through 6/30/20. Fund investment results reflect the expense reduction; without this reduction, the results would have been lower.

2. Cumulative total return represents the change in value of an investment over the periods indicated.

3. Average annual total return represents the average annual change in value of an investment over the periods indicated. Return for less than one year, if any, has not been annualized.

4. Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available. Class A performance shown has been calculated as follows: (a) for periods prior to 9/10/18, a restated figure is used based on the Fund’s Class A1 performance that includes any Rule12b-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 8/31/19.

6. Taxable equivalent distribution rate and yield assume the 2019 maximum federal income tax rate of 37.00% plus 3.80% Medicare tax.

7. The Fund’s30-day standardized yield is calculated over a trailing30-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.

Semiannual Report

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FRANKLIN FEDERAL INTERMEDIATE-TERMTAX-FREE INCOME FUND

Your Fund’s Expenses

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 (ofcourse, your account value and expenses will differ from those in this illustration):Divide your account value by $1,000 (ifyour 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” (ifActual 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.


		Actual (actual return after expenses)		Hypothetical (5% annual return before expenses)
Share Class	Beginning Account Value 3/1/19	Ending Account Value 8/31/19	Expenses Paid During Period 3/1/19–8/31/19^1,²	Ending Account Value 8/31/19	Expenses Paid During Period 3/1/19–8/31/19^1,²	Net Annualized Expense Ratio²

A	$1,000	$1,037.80	$3.64	$1,021.57	$3.61	0.71%
A1	$1,000	$1,038.60	$2.87	$1,022.32	$2.85	0.56%
C	$1,000	$1,035.70	$5.68	$1,019.56	$5.63	1.11%
R6	$1,000	$1,039.30	$2.05	$1,023.13	$2.03	0.40%
Advisor	$1,000	$1,039.00	$2.36	$1,022.82	$2.34	0.46%

1. Expenses are equal to the annualized expense ratio for thesix-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 theone-half year period.

2. Reflects expenses after fee waivers and expense reimbursements.

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Semiannual Report

Franklin Federal Limited-TermTax-Free Income Fund

This semiannual report for Franklin Federal Limited-TermTax-Free Income Fund covers the period ended August 31, 2019.

Your Fund’s Goal and Main Investments

Credit Quality Composition*

8/31/19


		% of Total
Ratings		Investments
AAA		31.94%
AA		50.28%
A		13.84%
Refunded		2.27%
Not Rated		1.67%

*Securities, except for those labeled Not Rated, are assigned ratings by one or more Nationally Recognized Statistical Credit Rating Organizations (NRSROs), such as Standard & Poor’s, Moody’s and Fitch, that can be considered by the investment manager as part of its independent securities analysis. When ratings from multiple agencies are available, the highest is used, consistent with the portfolio investment process. Ratings reflect an NRSRO’s opinion of an issuer’s creditworthiness and typically range fromSP-1 (highest) toSP-3 (lowest) for short-term bonds and from AAA (highest) to D (lowest) for long-term bonds. The Below Investment Grade category consists of bonds rated belowBBB-. The Refunded category generally consists of refunded bonds secured by U.S. government or other high-quality securities and not rerated by an NRSRO. The Not Rated category consists of ratable securities that have not been rated by an NRSRO. Cash and equivalents are excluded from this breakdown.

Performance Overview

The Fund’s Class A share price, as measured by net asset value, increased from $10.35 on February 28, 2019, to $10.54 on August 31, 2019. The Fund’s Class A shares paid dividends totaling 8.5867 cents per share for the reporting period.² The Performance Summary beginning on page 12

Dividend Distributions*

3/1/19–8/31/19


	Dividend per Share (cents)
Month	Class A		Class A1		Class R6		Advisor Class
March		1.3800		1.4700		1.6200		1.5900
April^**		2.2900		2.3800		2.5300		2.5000
May		1.2556		1.3449		1.5022		1.4765
June		1.1254		1.2074		1.3512		1.3276
July		1.3316		1.4277		1.6052		1.5688
August		1.2041		1.2917		1.4548		1.4207
Total		8.5867		9.1217		10.0634		9.8836

**Includes a 0.91 cent per share supplemental distribution.

shows that at the end of this reporting period the Fund’s Class A shares’ distribution rate was 1.34%, based on an annualization of the 1.2041 cents per share August dividend and the maximum offering price of $10.78 on August 31, 2019. An investor in the 2019 maximum federal income tax bracket of 40.80% (including 3.80% Medicare tax) would need to earn a distribution rate of 2.26% from a taxable investment to match the Fund’s Class Atax-free distribution rate. For other performance data, please see the Performance Summary. Dividend distributions were affected by low interest rates during the period. This and other factors resulted in reduced income for the portfolio and caused dividends to be lower at the end of the period.

The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund’s Statement of Investments (SOI). The SOI begins on page 58.

Semiannual Report

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FRANKLIN FEDERAL LIMITED-TERMTAX-FREE INCOME FUND

Manager’s Discussion

Portfolio Composition

8/31/19


	% of Total Investments*
General Obligation		47.65%
Utilities		15.99%
Refunded**		9.72%
Transportation		6.82%
Subject to Government Appropriations		5.19%
Higher Education		4.94%
Tax-Supported		3.68%
Hospital & Health Care		2.34%
Other Revenue		2.07%
Housing		1.60%

*Does not include cash and cash equivalents.

**Includes all refunded bonds; the percentage may differ from that in the Credit Quality Composition.

Thank you for your continued participation in Franklin Federal Limited-TermTax-Free Income Fund. We believe our conservative,buy-and-hold investment strategy can help us achieve high, current,tax-free income for shareholders.

The foregoing information reflects our analysis, opinions and portfolio holdings as of August 31, 2019, the end of the reporting period. The way we implement our main investment strategies and the resulting portfolio holdings may change depending on factors such as market and economic conditions. These opinions may not be relied upon as investment advice or an offer for a particular security. The information is not a complete analysis of every aspect of any market, state, industry, security or the Fund. Statements of fact are from sources considered reliable, but the investment manager makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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FRANKLIN FEDERAL LIMITED-TERMTAX-FREE INCOME FUND

Performance Summary as of August 31, 2019

Performance as of 8/31/19¹


	Cumulative		Average Annual
Share Class	Total Return	²	Total Return	³

A⁴
6-Month	+2.68%		+0.37%

1-Year	+4.04%		+1.69%

5-Year	+5.56%		+0.63%

10-Year	+18.23%		+1.46%


Advisor⁵
6-Month	+2.90%		+2.90%

1-Year	+4.49%		+4.49%

5-Year	+6.68%		+1.30%

10-Year	+19.93%		+1.83%


									Taxable Equivalent
Share	Distribution		Taxable Equivalent		30-Day Standardized Yield⁸				30-Day Standardized Yield⁷
Class	Rate⁶		Distribution Rate⁷		(with fee waiver)		(without fee waiver)		(with fee waiver)		(without fee waiver)
A		1.34%		2.26%		0.92%		0.75%		1.55%		1.27%
Advisor		1.62%		2.74%		1.19%		1.02%		2.01%		1.72%

See page 13 for Performance Summary footnotes.

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FRANKLIN FEDERAL LIMITED-TERM TAX-FREE INCOME FUND

PERFORMANCE SUMMARY

Distributions(3/1/19–8/31/19)


Share Class		Net Investment Income
A		$0.085867
A1		$0.091217
R6		$0.100634
Advisor		$0.098836

Total Annual Operating Expenses⁶


Share Class	With Fee Waiver		Without Fee Waiver
A		0.65%		0.83%
Advisor		0.40%		0.58%

Each class of shares is available to certain eligible investors and has different annual fees and expenses, as described in the prospectus.

1. The Fund has an expense reduction contractually guaranteed through 6/30/20. Fund investment results reflect the expense reduction; without this reduction, the results would have been lower.

2. Cumulative total return represents the change in value of an investment over the periods indicated.

3. Average annual total return represents the average annual change in value of an investment over the periods indicated. Return for less than one year, if any, has not been annualized.

4. Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available. Class A performance shown has been calculated as follows: (a) for periods prior to 9/10/18, a restated figure is used based on the Fund’s Class A1 performance that includes any Rule 12b-1 rate differential that exists between Class A1 and Class A; and (b) for periods after 9/10/18, actual Class A performance is used, reflecting all charges and fees applicable to that class.

5. Effective 2/1/11, the Fund began offering Advisor Class shares, which do not have sales charges or a Rule 12b-1 plan. Performance quotations for this class reflect the following methods of calculation: (a) For periods prior to 2/1/11, a restated figure is used based upon the Fund’s Class A performance, excluding the effect of Class A’s maximum initial sales charge, but reflecting the effect of the Class A Rule 12b-1 fees; and (b) for periods after 2/1/11, actual Advisor Class performance is used reflecting all charges and fees applicable to that class.

6. Distribution rate is based on an annualization of the respective class’s August dividend and the maximum offering price (NAV for Advisor Class) per share on 8/31/19.

7. Taxable equivalent distribution rate and yield assume the 2019 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.

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FRANKLIN FEDERAL LIMITED-TERMTAX-FREE INCOME FUND

Your Fund’s Expenses

Actual Fund Expenses

Hypothetical Example for Comparison with Other Funds


		Actual (actual return after expenses)		Hypothetical (5% annual return before expenses)
Share Class	Beginning Account Value 3/1/19	Ending Account Value 8/31/19	Expenses Paid During Period 3/1/19–8/31/19^1,²	Ending Account Value 8/31/19	Expenses Paid During Period 3/1/19–8/31/19^1,²	Net Annualized Expense Ratio²

A	$1,000	$1,026.80	$3.31	$1,021.87	$3.30	0.65%
A1	$1,000	$1,027.30	$2.80	$1,022.37	$2.80	0.55%
R6	$1,000	$1,028.20	$1.84	$1,023.33	$1.83	0.36%
Advisor	$1,000	$1,029.00	$2.04	$1,023.13	$2.03	0.40%

2. Reflects expenses after fee waivers and expense reimbursements. Does not include acquired fund fees and expenses.

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Franklin High YieldTax-Free Income Fund

This semiannual report for Franklin High YieldTax-Free Income Fund covers the period ended August 31, 2019.

Your Fund’s Goal and Main Investments

The Fund seeks to provide a high current yield exempt from federal income taxes by 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.

Credit Quality Composition*

8/31/19


		% of Total
Ratings		Investments
AAA		7.25%
AA		17.54%
A		23.51%
BBB		18.11%
Below Investment Grade		12.23%
Refunded		9.19%
Not Rated		12.17%

Performance Overview

The Fund’s Class A share price, as measured by net asset value, increased from $9.93 on February 28, 2019, to $10.34 on August 31, 2019. The Fund’s Class A shares paid dividends totaling 23.0093 cents per share for the reporting period.² The Performance Summary beginning on page 17 shows that at the end of this reporting period the Fund’s

Dividend Distributions*

3/1/19–8/31/19


	Dividend per Share (cents)
Month	Class A		Class A1		Class C		Class R6		Advisor Class
March		3.5600		3.6900		3.2200		3.8000		3.7700
April**		6.4700		6.6000		6.1300		6.7100		6.6800
May		3.3753		3.5012		3.0918		3.6425		3.6034
June		3.0103		3.1233		2.7455		3.2481		3.2166
July		3.4856		3.6208		3.1806		3.7677		3.7296
August		3.1081		3.2337		2.8260		3.3680		3.3330
Total		23.0093		23.7690		21.1939		24.5363		24.3326

**Includes a 2.91 cent per share supplemental distribution.

Class A shares’ distribution rate was 3.47%, based on an annualization of the 3.1081 cents per share August dividend and the maximum offering price of $10.74 on August 31, 2019. An investor in the 2019 maximum federal income tax bracket of 40.80% (including 3.80% Medicare tax) would need to earn a distribution rate of 5.86% from a taxable investment to match the Fund’s Class Atax-free distribution rate. For other performance data, please see the Performance Summary. Dividend distributions were affected by low interest rates during the period. This and other factors resulted in reduced income for the portfolio and caused dividends to be lower at the end of the period.

The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund’s Statement of Investments (SOI). The SOI begins on page 72.

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FRANKLIN HIGH YIELDTAX-FREE INCOME FUND

Manager’s Discussion

The Fund continued to seek high, current,tax-free income for its shareholders during the reporting period. Consistent with our strategy, the Fund did not use leverage or credit derivatives to boost short-term returns, and we were careful to not overexpose the portfolio to any one credit sector.

Thank you for your continued participation in Franklin High YieldTax-Free Income Fund. We believe our conservative,buy-and-hold investment strategy can help us achieve high, current,tax-free income for shareholders.

The foregoing information reflects our analysis, opinions and portfolio holdings as of August 31, 2019, the end of the reporting period. The way we implement our main investment strategies and the resulting portfolio holdings may change depending on factors such as market and economic conditions. These opinions may not be relied upon as investment advice or an offer for a particular security. The information is not a complete analysis of every aspect of any market, state, industry, security or the Fund. Statements of fact are from sources considered reliable, but the investment manager makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

Portfolio Composition

8/31/19


		% of Total Investments*
Utilities		19.92%
Refunded**		16.11%
Transportation		16.26%
Hospital & Health Care		14.76%
General Obligation		7.90%
Tax-Supported		6.47%
Other Revenue		6.25%
Corporate-Backed		4.14%
Housing		3.20%
Subject to Government Appropriations		2.72%
Higher Education		2.27%

*Does not include cash and cash equivalents.

**Includes all refunded bonds; the percentage may differ from that in the Credit Quality Composition.

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FRANKLIN HIGH YIELDTAX-FREE INCOME FUND

Performance Summary as of August 31, 2019

Performance as of 8/31/19¹

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, visitfranklintempleton.com.


	Cumulative		Average Annual
Share Class	Total Return	¹	Total Return	²

A^3,4
6-Month	+6.51%		+2.52%

1-Year	+7.97%		+3.92%

5-Year	+21.90%		+3.25%

10-Year	+72.77%		+5.22%


Advisor
6-Month	+6.62%		+6.62%

1-Year	+8.21%		+8.21%

5-Year	+22.62%		+4.16%

10-Year	+74.63%		+5.73%

Distribution

Taxable Equivalent

Share Class

Rate

⁵

Distribution Rate

⁶

30-Day Standardized Yield

⁷

30-Day Standardized Yield

⁶

3.47%

5.86%

1.69%

2.85%

Advisor

3.85%

6.50%

2.01%

3.40%

See page 18 for Performance Summary footnotes.

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FRANKLIN HIGH YIELDTAX-FREE INCOME FUND

PERFORMANCE SUMMARY

Distributions(3/1/19–8/31/19)


Share Class		Net Investment Income
A		$0.230093
A1		$0.237690
C		$0.211939
R6		$0.245363
Advisor		$0.243326

Total Annual Operating Expenses⁸


Share Class
A			0.81%
Advisor			0.56%

Each class of shares is available to certain eligible investors and has different annual fees and expenses, as described in the prospectus.

All investments involve risks, including possible loss of principal. Because municipal bonds are sensitive to interest rate movements, the Fund’s yield and share price will fluctuate with market conditions. Bond prices generally move in the opposite direction of interest rates. Thus, as prices of bonds in the Fund adjust to a rise in interest rates, the Fund’s share price may decline. Investments in lower rated bonds include higher risk of default and loss of principal. Puerto Rico municipal bonds have been impacted by recent adverse economic and market changes, which may cause the Fund’s share price to decline. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond’s issuer, insurer or guarantor, may affect the bond’s value. The Fund may invest a significant part of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project would likely affect all similar projects, thereby increasing market risk. The Fund is actively managed but there is no guarantee that the manager’s investment decisions will produce the desired results. The Fund’s prospectus also includes a description of the main investment risks.

1. Cumulative total return represents the change in value of an investment over the periods indicated.

2. Average annual total return represents the average annual change in value of an investment over the periods indicated. Return for less than one year, if any, has not been annualized.

3. Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available. Class A performance shown has been calculated as follows: (a) for periods prior to 9/10/18, a restated figure is used based on the Fund’s Class A1 performance that includes any Rule12b-1 rate differential that exists between Class A1 and Class A; and (b) for periods after 9/10/18, actual Class A performance is used, reflecting all charges and fees applicable to that class.

4. Prior to 3/1/19, these shares were offered at a higher initial sales charge of 4.25%, thus actual returns (with sales charges) would have differed. Average annual total returns (with sales charges) have been restated to reflect the current maximum initial sales charge of 3.75%.

5. Distribution rate is based on an annualization of the respective class’s August dividend and the maximum offering price (NAV for Advisor Class) per share on 8/31/19.

6. Taxable equivalent distribution rate and yield assume the 2019 maximum federal income tax rate of 37.00% plus 3.80% Medicare tax.

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FRANKLIN HIGH YIELDTAX-FREE INCOME FUND

Your Fund’s Expenses

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


		Actual (actual return after expenses)		Hypothetical (5% annual return before expenses)
Share Class	Beginning Account Value 3/1/19	Ending Account Value 8/31/19	Expenses Paid During Period 3/1/19–8/31/19^1,²	Ending Account Value 8/31/19	Expenses Paid During Period 3/1/19–8/31/19^1,²	Net Annualized Expense Ratio²

A	$1,000	$1,065.10	$4.20	$1,021.06	$4.12	0.81%
A1	$1,000	$1,066.00	$3.43	$1,021.82	$3.35	0.66%
C	$1,000	$1,063.00	$6.27	$1,019.05	$6.14	1.21%
R6	$1,000	$1,066.40	$2.70	$1,022.52	$2.64	0.52%
Advisor	$1,000	$1,066.20	$2.91	$1,022.32	$2.85	0.56%

2. Reflects expenses after fee waivers and expense reimbursements, for Class R6.

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Semiannual Report

Franklin MassachusettsTax-Free Income Fund

This semiannual report for Franklin MassachusettsTax-Free Income Fund covers the period ended August 31, 2019.

Your Fund’s Goal and Main Investments

The Fund seeks to provide as high a level of income exempt from federal and Massachusetts personal income taxes as is consistent with prudent investment management and preservation of capital by investing at least 80% of its total assets in securities that pay interest free from such taxes.¹

Credit Quality Composition*

8/31/19


		% of Total
Ratings		Investments
AAA		7.55%
AA		59.43%
A		19.14%
BBB		1.26%
Refunded		12.62%

Performance Overview

The Fund’s Class A share price, as measured by net asset value, increased from $11.47 on February 28, 2019, to $12.01 on August 31, 2019. The Fund’s Class A shares paid dividends totaling 17.2340 cents per share for the reporting period.² The Performance Summary beginning on page 22 shows that at the end of this reporting period the Fund’s Class A shares’ distribution rate was 2.46%, based on an annualization of the 2.5598 cents per share August dividend and the maximum offering price of $12.48 on August 31,

Dividend Distributions*

3/1/19–8/31/19


	Dividend per Share (cents)
Month	Class A		Class A1		Class C		Class R6		Advisor Class
March		2.8700		3.0200		2.4800		3.1500		3.1100
April**		3.7000		3.8500		3.3100		3.9800		3.9400
May		2.8032		2.9498		2.4353		3.0736		3.0487
June		2.4740		2.6074		2.1332		2.7378		2.6983
July		2.8270		2.9847		2.4298		3.1391		3.0915
August		2.5598		2.7052		2.1931		2.8471		2.8037
Total		17.2340		18.1171		14.9814		18.9276		18.6922

**Includes a 0.83 cent per share supplemental distribution.

2019. An investor in the 2019 maximum combined effective federal and Massachusetts personal income tax bracket of 45.85% (including 3.80% Medicare tax) would need to earn a distribution rate of 4.54% from a taxable investment to match the Fund’s Class Atax-free distribution rate. For other performance data, please see the Performance Summary. Dividend distributions were affected by low interest rates during the period. This and other factors resulted in reduced income for the portfolio and caused dividends to be lower at the end of the period.

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 FormW-9 andnon-U.S. investors on FormW-8BEN.

The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund’s Statement of Investments (SOI). The SOI begins on page 103.

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FRANKLIN MASSACHUSETTSTAX-FREE INCOME FUND

Commonwealth Update

Massachusetts’ economy continued to expand during the six months under review. This uptick was spurred by Massachusetts’ economic fundamentals and key anchors, which center on higher education, technology and health care. The commonwealth’s unemployment rate decreased from 3.0% in February 2019 to 2.9% atperiod-end, and was lower than the 3.7% national average.³ These positive economic developments supported home prices.

Portfolio Composition

8/31/19


		% of Total Investments*
Higher Education		20.86%
Transportation		15.15%
Refunded**		14.02%
Tax-Supported		12.35%
General Obligation		10.88%
Hospital & Health Care		10.44%
Housing		7.43%
Utilities		7.07%
Other Revenue		1.80%

*Does not include cash and cash equivalents.

**Includes all refunded bonds; the percentage may differ from that in the Credit Quality Composition.

Massachusetts posted better-than-budgeted operating revenues over the past three years, led by better-than-budgeted tax revenue. The state’s revenues for the fiscal year (FY) 2019 (ended June 30, 2019) were also above expectations due tonon-withheld income, corporate taxes and other taxes. In July 2019, the governor signed the FY 2020 budget into law. The highlights included highest ever state level funding for public schools, new drug pricing measures, tax relief to working families and small businesses, reduction in health care costs and increased funding for mental health services, child and family welfare, substance abuse treatment, health and human services, public utilities, criminal justice, public safety, transportation, workforce development and housing. The budget also included a projected deposit increase in the budget stabilization fund (BSF).

Massachusetts’ debt levels ranked among the nation’s highest, with nettax-supported debt at 9.1% of personal

income and $6,113 per capita, compared with the 2.2% and $1,068 national medians, respectively.⁴ Independent credit rating agency Moody’s Investors Service (Moody’s) rated Massachusetts’ general obligation debt at Aa1 with a stable outlook.⁵ The rating reflected Moody’s view of the commonwealth’s continually growing economy, close monitoring of expenditure and revenues, authority to makemid-year cuts and strong year-over-year revenue growth, which along with prudent planning have afforded the commonwealth as an opportunity to build up reserves. According to Moody’s, the state’s challenges included protracted budget imbalance, reserves or liquidity that fall below adequate levels, and growth in leverage. The outlook reflected Moody’s expectations that the commonwealth should continue its trend of strong financial management, taking proactive measures to close budget gaps as they emerge.

Manager’s Discussion

Thank you for your continued participation in Franklin MassachusettsTax-Free Income Fund. We believe our conservative,buy-and-hold investment strategy can help us achieve high, current,tax-free income for shareholders.

The foregoing information reflects our analysis, opinions and portfolio holdings as of August 31, 2019, the end of the reporting period. The way we implement our main investment strategies and the resulting portfolio holdings may change depending on factors such as market and economic conditions. These opinions may not be relied upon as investment advice or an offer for a particular security. The information is not a complete analysis of every aspect of any market, state, industry, security or the Fund. Statements of fact are from sources considered reliable, but the investment manager makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

3. Source: Bureau of Labor Statistics.

4. Source: Moody’s Investors Service,“State government – US: Medians – Flat debt total signals cautious borrowing, despite infrastructure needs,”6/3/19. 5. This does not indicate Moody’s rating of the Fund.

See www.franklintempletondatasources.com for additional data provider information.

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FRANKLIN MASSACHUSETTSTAX-FREE INCOME FUND

Performance Summary as of August 31, 2019

Performance as of 8/31/19¹

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, visitfranklintempleton.com.


	Cumulative		Average Annual
Share Class	Total Return	¹	Total Return	²

A^3,4
6-Month	+6.25%		+2.27%

1-Year	+8.09%		+4.04%

5-Year	+18.83%		+2.72%

10-Year	+49.61%		+3.71%


Advisor
6-Month	+6.39%		+6.39%

1-Year	+8.27%		+8.27%

5-Year	+19.52%		+3.63%

10-Year	+51.25%		+4.22%


	Distribution			Taxable Equivalent				Taxable Equivalent
Share Class		Rate	⁵		Distribution Rate	⁶	30-Day Standardized Yield⁷		30-Day Standardized Yield⁶
A		2.46%			4.54%		1.13%		2.09%
Advisor		2.80%			5.17%		1.43%		2.64%

See page 23 for Performance Summary footnotes.

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FRANKLIN MASSACHUSETTSTAX-FREE INCOME FUND

PERFORMANCE SUMMARY

Distributions(3/1/19–8/31/19)


Share Class		Net Investment Income
A		$0.172340
A1		$0.181171
C		$0.149814
R6		$0.189276
Advisor		$0.186922

Total Annual Operating Expenses⁸


Share Class
A			0.86%
Advisor			0.61%

Each class of shares is available to certain eligible investors and has different annual fees and expenses, as described in the prospectus.

All investments involve risks, including possible loss of principal. Because municipal bonds are sensitive to interest rate movements, the Fund’s yield and share price will fluctuate with market conditions. Bond prices generally move in the opposite direction of interest rates. Thus, as prices of bonds in the Fund adjust to a rise in interest rates, the Fund’s share price may decline. Because the Fund invests principally in a single state, it is subject to greater risk of adverse economic and regulatory changes in that state than a geographically diversified fund. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond’s issuer, insurer or guarantor, may affect the bond’s value. The Fund may invest a significant part of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project would likely affect all similar projects, thereby increasing market risk. The Fund is actively managed but there is no guarantee that the manager’s investment decisions will produce the desired results. The Fund’s prospectus also includes a description of the main investment risks.

1. Cumulative total return represents the change in value of an investment over the periods indicated.

2. Average annual total return represents the average annual change in value of an investment over the periods indicated. Return for less than one year, if any, has not been annualized.

4. Prior to 3/1/19, these shares were offered at a higher initial sales charge of 4.25%, thus actual returns (with sales charges) would have differed. Average annual total returns (with sales charges) Total returns with sales charges have been restated to reflect the current maximum initial sales charge of 3.75%.

5. Distribution rate is based on an annualization of the respective class’s August dividend and the maximum offering price (NAV for Advisor Class) per share on 8/31/19.

6. Taxable equivalent distribution rate and yield assume the published rates as of 7/16/19 for the maximum combined effective federal and Massachusetts personal income tax rate of 45.85%, based on the federal income tax rate of 37.00% plus 3.80% Medicare tax.

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FRANKLIN MASSACHUSETTSTAX-FREE INCOME FUND

Your Fund’s Expenses

Actual Fund Expenses

Hypothetical Example for Comparison with Other Funds


		Actual (actual return after expenses)		Hypothetical (5% annual return before expenses)
Share Class	Beginning Account Value 3/1/19	Ending Account Value 8/31/19	Expenses Paid During Period 3/1/19–8/31/19^1,²	Ending Account Value 8/31/19	Expenses Paid During Period 3/1/19–8/31/19^1,²	Net Annualized Expense Ratio²

A	$1,000	$1,062.50	$4.46	$1,020.81	$4.37	0.86%
A1	$1,000	$1,063.40	$3.68	$1,021.57	$3.61	0.71%
C	$1,000	$1,060.70	$6.53	$1,018.80	$6.39	1.26%
R6	$1,000	$1,065.00	$2.96	$1,022.27	$2.90	0.57%
Advisor	$1,000	$1,063.90	$3.16	$1,022.07	$3.10	0.61%

2. Reflects expenses after fee waivers and expense reimbursements, for Class R6.

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Franklin New JerseyTax-Free Income Fund

This semiannual report for Franklin New JerseyTax-Free Income Fund covers the period ended August 31, 2019.

The Fund seeks to provide as high a level of income exempt from federal and New Jersey personal income taxes as is consistent with prudent investment management and preservation of capital by investing at least 80% of its net assets in securities that pay interest free from such taxes.¹

Credit Quality Composition*

8/31/19


		% of Total
Ratings		Investments
AAA		10.59%
AA		43.34%
A		33.34%
BBB		3.24%
Below Investment Grade		2.34%
Refunded		7.15%

Performance Overview

The Fund’s Class A share price, as measured by net asset value, increased from $11.14 on February 28, 2019, to $11.60 on August 31, 2019. The Fund’s Class A shares paid dividends totaling 17.2537 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 2.48%, based on an annualization of the 2.4915 cents per share August dividend and the maximum offering price of $12.05 on August 31, 2019. An investor in the 2019 maximum combined effective

Dividend Distributions*

3/1/19–8/31/19


	Dividend per Share (cents)
Month	Class A		Class A1		Class C		Class R6		Advisor Class
March		2.8800		3.0200		2.5000		3.1400		3.1100
April**		3.9300		4.0700		3.5500		4.1900		4.1600
May		2.8098		2.9525		2.4591		3.0918		3.0511
June		2.4701		2.5966		2.1427		2.7212		2.6866
July		2.6723		2.8251		2.2912		2.9703		2.9302
August		2.4915		2.6304		2.1394		2.7645		2.7273
Total		17.2537		18.0946		15.0824		18.8778		18.6652

**Includes a 1.05 cent per share supplemental distribution.

federal and New Jersey personal income tax bracket of 51.55% (including 3.80% Medicare tax) would need to earn a distribution rate of 5.12% from a taxable investment to match the Fund’s Class Atax-free distribution rate. For other performance data, please see the Performance Summary. Dividend distributions were affected by low interest rates during the period. This and other factors resulted in reduced income for the portfolio and caused dividends to be lower at the end of the period.

State Update

During the six months under review, New Jersey’s economy grew at a slower pace than the nation’s. The state’s

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 FormW-9 andnon-U.S. investors on FormW-8BEN.

The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund’s Statement of Investments (SOI). The SOI begins on page 111.

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FRANKLIN NEW JERSEYTAX-FREE INCOME FUND

unemployment rate declined from 4.0% in February 2019 to 3.2% atperiod-end, which was lower than the 3.7% national average.³ Despite a slight increase in homebuilding and higher home prices, the housing market continued to be a challenge to the state, as the foreclosure rate remained among the nation’s highest, despite a decline during the period.

Portfolio Composition

8/31/19


		% of Total Investments^*
Transportation		24.49%
Higher Education		20.92%
Hospital & Health Care		15.31%
Utilities		9.65%
Subject to Government Appropriations		9.51%
Refunded**		9.26%
Housing		5.70%
Other Revenue		2.73%
General Obligation		2.43%

*Does not include cash and cash equivalents.

**Includes all refunded bonds; the percentage may differ from that in the Credit Quality Composition.

Through May 2019, the state’syear-to-date revenue growth for the fiscal year (FY) 2019 (ended June 30, 2019) was higher than the prior year, mainly due to higher income, sales tax and corporate business tax collections. The enacted fiscal year (FY) 2020 budget included increased spending for public pension,pre-K toK-12 education, and mass transportation. While the budget does not raise taxes, it also does not include tax fairness by way of imposing additional taxes and fees on millionaires, opioid manufacturers and gun buyers. The budget, although, sets aside funds to be included in the state’srainy-day fund, which has not had a cash infusion in over a decade.

New Jersey’s debt levels ranked among the nation’s highest, with nettax-supported debt at 6.4% of personal income and $4,154 per capita, compared with the 2.2% and $1.068 national medians, respectively.⁴ Independent credit rating agency Moody’s Investors Service (Moody’s) assigned New Jersey’s general obligation debt rating at A3 with a stable outlook, based on its view of the state’s significant pension underfunding, large and rising long-term liabilities, structural

budget imbalance, and weak fund balances.⁵ These challenges were somewhat offset by New Jersey’s diverse economy and high wealth levels, as well as the governor’s broad powers to reduce expenditures.

Manager’s Discussion

Thank you for your continued participation in Franklin New JerseyTax-Free Income Fund. We believe our conservative,buy-and-hold investment strategy can help us achieve high, current,tax-free income for shareholders.

The foregoing information reflects our analysis, opinions and portfolio holdings as of August 31, 2019, the end of the reporting period. The way we implement our main investment strategies and the resulting portfolio holdings may change depending on factors such as market and economic conditions. These opinions may not be relied upon as investment advice or an offer for a particular security. The information is not a complete analysis of every aspect of any market, state, industry, security or the Fund. Statements of fact are from sources considered reliable, but the investment manager makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

3. Source: Bureau of Labor Statistics.

See www.franklintempletondatasources.com for additional data provider information.

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FRANKLIN NEW JERSEYTAX-FREE INCOME FUND

Performance Summary as of August 31, 2019

Performance as of 8/31/19¹

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, visitfranklintempleton.com.


	Cumulative		Average Annual
Share Class	Total Return	¹	Total Return	²

A^3,4
6-Month	+5.72%		+1.75%

1-Year	+7.59%		+3.56%

5-Year	+16.22%		+2.27%

10-Year	+44.78%		+3.37%


Advisor
6-Month	+5.76%		+5.76%

1-Year	+7.67%		+7.67%

5-Year	+16.88%		+3.17%

10-Year	+46.23%		+3.87%

Distribution

Taxable Equivalent

Share Class

Rate

⁵

Distribution Rate

⁶

30-Day Standardized Yield⁷

30-Day Standardized Yield

⁶

2.48%

5.12%

1.09%

2.25%

Advisor

2.82%

5.82%

1.38%

2.85%

See page 28 for Performance Summary footnotes.

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FRANKLIN NEW JERSEYTAX-FREE INCOME FUND

PERFORMANCE SUMMARY

Distributions(3/1/19–8/31/19)


Share Class		Net Investment Income
A		$0.172537
A1		$0.180946
C		$0.150824
R6		$0.188778
Advisor		$0.186652

Total Annual Operating Expenses⁸


Share Class
A			0.83%
Advisor			0.58%

Each class of shares is available to certain eligible investors and has different annual fees and expenses, as described in the prospectus.

All investments involve risks, including possible loss of principal. Because municipal bonds are sensitive to interest rate movements, the Fund’s yield and share price will fluctuate with market conditions. Bond prices generally move in the opposite direction of interest rates. Thus, as prices of bonds in the Fund adjust to a rise in interest rates, the Fund’s share price may decline. Because the Fund invests principally in a single state, it is subject to greater risk of adverse economic and regulatory changes in that state than a geographically diversified fund. The Fund holds a very small portion of its assets in Puerto Rico municipal bonds that have been impacted by recent adverse economic and market changes, which may cause the Fund’s share price to decline. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond’s issuer, insurer or guarantor, may affect the bond’s value. The Fund may invest a significant part of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project would likely affect all similar projects, thereby increasing market risk. The Fund is actively managed but there is no guarantee that the manager’s investment decisions will produce the desired results. The Fund’s prospectus also includes a description of the main investment risks.

1. Cumulative total return represents the change in value of an investment over the periods indicated.

2. Average annual total return represents the average annual change in value of an investment over the periods indicated. Return for less than one year, if any, has not been annualized.

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 8/31/19.

6. Taxable equivalent distribution rate and yield assume the published rates as of 7/16/19 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.

Semiannual Report

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FRANKLIN NEW JERSEYTAX-FREE INCOME FUND

Your Fund’s Expenses

Actual Fund Expenses

Hypothetical Example for Comparison with Other Funds


		Actual (actual return after expenses)		Hypothetical (5% annual return before expenses)
Share Class	Beginning Account Value 3/1/19	Ending Account Value 8/31/19	Expenses Paid During Period 3/1/19–8/31/19^1,²	Ending Account Value 8/31/19	Expenses Paid During Period 3/1/19–8/31/19^1,²	Net Annualized Expense Ratio²

A	$1,000	$1,057.20	$4.24	$1,021.01	$4.17	0.82%
A1	$1,000	$1,057.10	$3.46	$1,021.77	$3.40	0.67%
C	$1,000	$1,054.50	$6.30	$1,019.00	$6.19	1.22%
R6	$1,000	$1,057.80	$2.74	$1,022.47	$2.69	0.53%
Advisor	$1,000	$1,057.60	$2.95	$1,022.27	$2.90	0.57%

2. Reflects expenses after fee waivers and expense reimbursements, for Class R6.

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FRANKLIN TAX-FREE TRUST

Financial Highlights

Franklin Federal Intermediate-TermTax-Free Income Fund


	Six Months Ended August 31, 2019 (unaudited)			Year Ended February 28, 2019^a

Class A

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$11.98			$11.87

Income from investment operations^b:

Net investment income^c		0.15			0.15

Net realized and unrealized gains (losses)		0.30			0.11

Total from investment operations		0.45			0.26

Less distributions from:

Net investment income		(0.16	)		(0.15	)

Net asset value, end of period		$12.27			$11.98

Total return^d		3.78%			2.20%

Ratios to average net assets^e

Expenses before waiver and payments by affiliates		0.81%			0.80%

Expenses net of waiver and payments by affiliates^f		0.71%			0.71%

Net investment income		2.40%			2.56%

Supplemental data

Net assets, end of period (000’s)		$274,283			$182,330

Portfolio turnover rate		6.33%			2.57%

^aFor the period September 10, 2018 (effective date) to February 28, 2019.

^bThe amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund’s shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

^cBased on average daily shares outstanding.

^dTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

Semiannual Report | The accompanying notes are an integral part of these financial statements.

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FRANKLIN TAX-FREE TRUST

FINANCIAL HIGHLIGHTS

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Six Months Ended August 31, 2019			Year Ended February 28,
	(unaudited)			2019			2018			2017			2016^a			2015

Class A1

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$11.96			$11.94			$12.11			$12.50			$12.44			$12.21

Income from investment operations^b:

Net investment income^c		0.16			0.32			0.31			0.31			0.31			0.32

Net realized and unrealized gains (losses)		0.30			0.02			(0.17	)		(0.40	)		0.06			0.23

Total from investment operations		0.46			0.34			0.14			(0.09	)		0.37			0.55

Less distributions from:

Net investment income		(0.17	)		(0.32	)		(0.31	)		(0.30	)		(0.31	)		(0.32	)

Net asset value, end of period		$12.25			$11.96			$11.94			$12.11			$12.50			$12.44

Total return^d		3.86%			2.91%			1.14%			(0.70	)%		3.03%			4.58%

Ratios to average net assets^e

Expenses before waiver and payments by affiliates		0.66%			0.65%			0.66%			0.66%			0.66%			0.68%

Expenses net of waiver and payments by affiliates		0.56%	^f		0.56%	^f		0.65%			0.66%			0.66%			0.68%

Net investment income		2.55%			2.71%			2.56%			2.48%			2.54%			2.59%

Supplemental data

Net assets, end of period (000’s)		$1,546,860			$1,575,494			$1,850,075			$1,929,083			$2,017,642			$1,828,050

Portfolio turnover rate		6.33%			2.57%			10.72%			8.98%			6.62%			4.10%

^aFor the year ended February 29.

^cBased on average daily shares outstanding.

^dTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

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FRANKLIN TAX-FREE TRUST

FINANCIAL HIGHLIGHTS

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Six Months Ended August 31, 2019			Year Ended February 28,
	(unaudited)			2019			2018			2017			2016^a			2015

Class C

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$12.00			$11.98			$12.14			$12.53			$12.47			$12.24

Income from investment operations^b:

Net investment income^c		0.12			0.26			0.25			0.24			0.25			0.25

Net realized and unrealized gains (losses)		0.31			0.02			(0.17	)		(0.39	)		0.05			0.24

Total from investment operations		0.43			0.28			0.08			(0.15	)		0.30			0.49

Less distributions from:

Net investment income		(0.14	)		(0.26	)		(0.24	)		(0.24	)		(0.24	)		(0.26	)

Net asset value, end of period		$12.29			$12.00			$11.98			$12.14			$12.53			$12.47

Total return^d		3.57%			2.34%			0.67%			(1.26)%			2.47%			4.00%

Ratios to average net assets^e

Expenses before waiver and payments by affiliates		1.21%			1.20%			1.20%			1.21%			1.21%			1.23%

Expenses net of waiver and payments by affiliates		1.11%	^f		1.11%	^f		1.19%			1.21%			1.21%			1.23%

Net investment income		2.00%			2.16%			2.02%			1.93%			1.99%			2.04%

Supplemental data

Net assets, end of period (000’s)		$238,445			$262,612			$358,228			$425,649			$469,355			$456,698

Portfolio turnover rate		6.33%			2.57%			10.72%			8.98%			6.62%			4.10%

^aFor the year ended February 29.

^cBased on average daily shares outstanding.

^dTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

Semiannual Report | The accompanying notes are an integral part of these financial statements.

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FRANKLIN TAX-FREE TRUST

FINANCIAL HIGHLIGHTS

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Six Months Ended August 31, 2019			Year Ended February 28,
	(unaudited)			2019			2018^a

Class R6

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$11.99			$11.97			$12.28

Income from investment operations^b:

Net investment income^c		0.17			0.34			0.20

Net realized and unrealized gains (losses)		0.30			0.02			(0.32	)

Total from investment operations		0.47			0.36			(0.12	)

Less distributions from:

Net investment income		(0.18	)		(0.34	)		(0.19	)

Net asset value, end of period		$12.28			$11.99			$11.97

Total return^d		3.93%			3.06%			(0.97)%

Ratios to average net assets^e

Expenses before waiver and payments by affiliates		0.50%			0.49%			0.49%

Expenses net of waiver and payments by affiliates		0.40%	^f		0.39%	^f		0.48%

Net investment income		2.71%			2.88%			2.73%

Supplemental data

Net assets, end of period (000’s)		$405,266			$417,612			$672,199

Portfolio turnover rate		6.33%			2.57%			10.72%

^aFor the period August 1, 2017 (effective date) to February 28, 2018.

^cBased on average daily shares outstanding.

^dTotal return is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

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FRANKLIN TAX-FREE TRUST

FINANCIAL HIGHLIGHTS

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Six Months Ended August 31, 2019			Year Ended February 28,
	(unaudited)			2019			2018			2017			2016^a			2015

Advisor Class

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$11.99			$11.97			$12.13			$12.52			$12.47			$12.24

Income from investment operations^b:

Net investment income^c		0.16			0.33			0.32			0.32			0.33			0.33

Net realized and unrealized gains (losses)		0.30			0.02			(0.16	)		(0.39	)		0.04			0.24

Total from investment operations		0.46			0.35			0.16			(0.07	)		0.37			0.57

Less distributions from:

Net investment income		(0.17	)		(0.33	)		(0.32	)		(0.32	)		(0.32	)		(0.34	)

Net asset value, end of period		$12.28			$11.99			$11.97			$12.13			$12.52			$12.47

Total return^d		3.90%			3.00%			1.32%			(0.61)%			3.05%			4.67%

Ratios to average net assets^e

Expenses before waiver and payments by affiliates		0.56%			0.55%			0.56%			0.56%			0.56%			0.58%

Expenses net of waiver and payments by affiliates		0.46%	^f		0.46%	^f		0.55%			0.56%			0.56%			0.58%

Net investment income		2.65%			2.81%			2.66%			2.58%			2.64%			2.69%

Supplemental data

Net assets, end of period (000’s)		$1,164,572			$1,103,570			$1,196,627			$1,986,241			$2,019,784			$2,285,627

Portfolio turnover rate		6.33%			2.57%			10.72%			8.98%			6.62%			4.10%

^aFor the year ended February 29.

^cBased on average daily shares outstanding.

^dTotal return is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

Semiannual Report | The accompanying notes are an integral part of these financial statements.

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FRANKLIN TAX-FREE TRUST

Statement of Investments, August 31, 2019 (unaudited)

Franklin Federal Intermediate-TermTax-Free Income Fund


	Principal Amount		Value

Municipal Bonds 95.7%
Alabama 2.1%
Alabama State Public School and College Authority Revenue, Capital Improvement, Refunding, Series B, 5.00%, 1/01/27	$	25,000,000	$	29,461,500
Chatom IDB Gulf Opportunity Zone Revenue,
PowerSouth Energy Cooperative, Refunding, Series A, Assured Guaranty, 5.00%, 8/01/20		3,535,000		3,657,276
PowerSouth Energy Cooperative, Refunding, Series A, Assured Guaranty, 5.00%, 8/01/21		3,535,000		3,653,352
PowerSouth Energy Cooperative, Refunding, Series A, Assured Guaranty, 5.00%, 8/01/22		3,535,000		3,652,998
Infirmary Health System Special Care Facilities Financing Authority of Mobile Revenue,
Infirmary Health System Inc., Series A, 5.00%, 2/01/27		4,920,000		5,841,860
Infirmary Health System Inc., Series A, 5.00%, 2/01/28		5,000,000		5,919,250
Shelby County Board of Education Revenue,
Capital Outlay School wts., 5.00%, 2/01/22		5,250,000		5,540,272
Capital Outlay School wts., 5.00%, 2/01/23		5,520,000		5,822,772
Capital Outlay School wts., 5.00%, 2/01/24		5,055,000		5,330,093
Capital Outlay School wts., 5.00%, 2/01/25		5,920,000		6,239,562


				75,118,935


Alaska 0.1%
Matanuska-Susitna Borough Lease Revenue, Goose Creek Correctional Center Project, Assured Guaranty, 5.00%, 9/01/19		3,650,000		3,650,000


Arizona 5.1%
Arizona Health Facilities Authority Hospital Revenue, Phoenix Children’s Hospital, Refunding, Series A, 5.00%, 2/01/27		6,000,000		6,533,220
Arizona IDA National Charter School Revolving Loan Fund Revenue,
Equitable School Revolving Fund, Series A, 5.00%, 11/01/29		1,100,000		1,395,218
Equitable School Revolving Fund, Series A, 5.00%, 11/01/30		600,000		756,708
Equitable School Revolving Fund, Series A, 5.00%, 11/01/31		630,000		790,656
Equitable School Revolving Fund, Series A, 5.00%, 11/01/32		1,000,000		1,251,630
Equitable School Revolving Fund, Series A, 5.00%, 11/01/35		1,115,000		1,383,314
Equitable School Revolving Fund, Series A, 5.00%, 11/01/36		1,250,000		1,546,325
Equitable School Revolving Fund, Series A, 5.00%, 11/01/37		1,050,000		1,294,724
Arizona School Facilities Board COP, Refunding, SeriesA-3, AGMC Insured, 5.00%, 9/01/19		16,185,000		16,185,000
Arizona State COP,
Department of Administration, Series A, AGMC Insured, 5.00%, 10/01/19		5,650,000		5,666,554
Department of Administration, Series A, AGMC Insured, 5.25%, 10/01/21		10,000,000		10,031,200
Department of Administration, Series A, AGMC Insured, 5.25%, 10/01/22		40,910,000		41,037,639
Department of Administration, Series B, AGMC Insured, 5.00%, 10/01/20		14,860,000		15,193,756
Arizona Transportation Board Highway Revenue,
Refunding, 5.00%, 7/01/29		10,920,000		12,879,922
Subordinated, Refunding, Series A, 5.00%, 7/01/24		5,000,000		5,358,850
Subordinated, Refunding, Series A, 5.00%, 7/01/25		5,000,000		5,355,100
Maricopa County IDA Hospital Revenue,
HonorHealth, Refunding, Series A, 5.00%, 9/01/30		850,000		1,068,450
HonorHealth, Refunding, Series A, 5.00%, 9/01/31		1,000,000		1,246,690
HonorHealth, Refunding, Series A, 5.00%, 9/01/32		1,000,000		1,241,430
HonorHealth, Refunding, Series A, 5.00%, 9/01/33		800,000		991,624
Mesa Utility Systems Revenue, Refunding, 5.00%, 7/01/29		2,500,000		3,103,375

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FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Arizona(continued)
Phoenix Civic Improvement Corp. Airport Revenue,
junior lien, Refunding, Series D, 5.00%, 7/01/30	$	10,000,000	$	12,585,400
junior lien, Series A, 5.00%, 7/01/20		1,300,000		1,342,159
junior lien, Series A,Pre-Refunded, 5.00%, 7/01/21		4,200,000		4,335,492
Pima County Regional Transportation Authority Excise Tax Revenue,
Pima County Regional Transportation Fund, 5.00%, 6/01/24		3,385,000		3,867,464
Pima County Regional Transportation Fund, 5.00%, 6/01/26		7,180,000		8,180,677
Pima County Sewer System Revenue,
Series B,Pre-Refunded, 5.00%, 7/01/24		6,030,000		6,452,522
Series B,Pre-Refunded, 5.00%, 7/01/25		4,500,000		4,815,315
Scottsdale Municipal Property Corp. Excise Tax Revenue,
Refunding, 5.00%, 7/01/26		2,580,000		3,153,766
Refunding, 5.00%, 7/01/27		2,000,000		2,431,640
Refunding, 5.00%, 7/01/28		3,325,000		4,033,125


				185,508,945


Arkansas 0.2%
Fort Smith Sales and Use Tax Revenue, Refunding and Improvement, 5.00%, 5/01/23		5,000,000		5,497,550


California 8.9%
Bay Area Toll Authority Toll Bridge Revenue,
San Francisco Bay Area, Subordinate, Refunding, SeriesS-7, 4.00%, 4/01/31		7,000,000		8,303,120
San Francisco Bay Area, Subordinate, Refunding, SeriesS-7, 4.00%, 4/01/33		5,000,000		5,823,950
California Health Facilities Financing Authority Revenue,
Sutter Health, Series B,Pre-Refunded, 5.00%, 8/15/22		4,000,000		4,153,160
Sutter Health, Series B,Pre-Refunded, 5.25%, 8/15/23		13,000,000		13,528,320
California State GO,
Various Purpose, 5.25%, 10/01/23		25,050,000		27,283,709
Various Purpose, 5.25%, 10/01/24		9,780,000		10,647,877
Various Purpose, 5.25%, 10/01/25		5,000,000		5,440,450
Various Purpose, Refunding, 5.25%, 9/01/25		15,000,000		16,269,150
Various Purpose, Refunding, 5.00%, 10/01/25		15,000,000		17,090,400
Various Purpose, Refunding, 5.00%, 8/01/30		25,000,000		31,122,750
Various Purpose, Refunding, 5.00%, 8/01/30		10,000,000		12,125,400
California State Public Works Board Lease Revenue,
Various Capital Projects, Series A, 5.00%, 10/01/20		2,000,000		2,086,640
Various Capital Projects, Series A, 5.25%, 10/01/22		3,300,000		3,592,842
Various Capital Projects, Series A, 5.25%, 10/01/23		5,365,000		5,830,682
Various Capital Projects, Series A, 5.25%, 10/01/24		3,000,000		3,259,740
Various Capital Projects, Series A, 5.25%, 10/01/25		3,000,000		3,259,080
Various Capital Projects, Series G, SubseriesG-1, ETM, 5.25%, 10/01/19		10,000,000		10,032,800
Various Capital Projects, Series G, SubseriesG-1,Pre-Refunded, 5.00%, 10/01/21		15,055,000		15,101,520
Various Capital Projects, Series I,Pre-Refunded, 5.25%, 11/01/20		5,000,000		5,034,600
California Statewide CDA Revenue,
Enloe Medical Center, Series A, California Mortgage Insured, 5.375%, 8/15/20		1,650,000		1,655,396
Sutter Health, Series A,Pre-Refunded, 5.25%, 8/15/24		4,000,000		4,164,520

Semiannual Report

franklintempleton.com

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
California(continued)
Livermore-Amador Valley Water Management Agency Sewer Revenue,
Refunding, 5.00%, 8/01/24	$	5,660,000	$	6,095,763
Refunding, 5.00%, 8/01/25		4,765,000		5,130,904
Los Angeles Department of Water and Power Revenue,
Power System, Refunding, Series A, 5.00%, 7/01/26		11,025,000		12,506,540
Power System, Refunding, Series B, 5.00%, 7/01/31		8,220,000		10,424,768
Power System, Series C, 5.00%, 7/01/32		4,615,000		5,916,799
Power System, Series C, 5.00%, 7/01/33		3,960,000		5,066,345
Power System, Series C, 5.00%, 7/01/34		4,080,000		5,205,101
Los Angeles USD, GO, Election of 2008, SeriesB-1, 5.00%, 7/01/32		8,000,000		10,197,440
Riverside Sewer Revenue,
Refunding, Series A, 5.00%, 8/01/34		10,605,000		12,790,584
Refunding, Series A, 5.00%, 8/01/35		11,000,000		13,225,080
San Diego Community College District GO, Refunding, 5.00%, 8/01/25		21,370,000		23,913,885
San Francisco City and County COP,
Multiple Capital Improvement Projects, Series A, 5.00%, 4/01/25		4,000,000		4,011,840
Multiple Capital Improvement Projects, Series A, 5.25%, 4/01/26		2,500,000		2,507,850


				322,799,005


Colorado 2.0%
Colorado Health Facilities Authority Revenue,
CommonSpirit Health, Refunding, SeriesA-1, 5.00%, 8/01/32		2,000,000		2,527,880
CommonSpirit Health, Refunding, SeriesA-1, 5.00%, 8/01/33		2,000,000		2,521,540
CommonSpirit Health, Refunding, SeriesA-1, 5.00%, 8/01/36		8,500,000		10,612,165
CommonSpirit Health, Refunding, SeriesA-1, 4.00%, 8/01/37		2,250,000		2,534,153
CommonSpirit Health, Refunding, SeriesA-2, 5.00%, 8/01/32		1,000,000		1,263,940
CommonSpirit Health, Refunding, SeriesA-2, 5.00%, 8/01/33		2,000,000		2,521,540
CommonSpirit Health, Refunding, SeriesA-2, 5.00%, 8/01/34		3,500,000		4,400,760
CommonSpirit Health, Refunding, SeriesA-2, 5.00%, 8/01/35		4,500,000		5,639,625
CommonSpirit Health, Refunding, SeriesA-2, 5.00%, 8/01/37		3,000,000		3,714,150
Denver City and County Airport System Revenue,
Department of Aviation, Refunding, Subordinate, Series B, 5.25%, 11/15/26		5,000,000		5,830,350
Department of Aviation, Refunding, Subordinate, Series B, 5.25%, 11/15/27		4,250,000		4,944,407
Denver City and County Excise Tax Revenue, Series A, AGMC Insured, ETM, 5.00%, 9/01/20		10,090,000		10,486,234
Regional Transportation District COP, Refunding, Series A, 5.00%, 6/01/26		14,000,000		15,868,580


				72,865,324


Connecticut 2.2%
Connecticut State GO,
Series E, 5.00%, 8/15/25		11,295,000		12,913,686
Series E, 5.00%, 8/15/26		18,585,000		21,233,177
Connecticut State Health and Educational Facilities Authority Revenue,
Nuvance Health Issue, Series A, 5.00%, 7/01/32		5,900,000		7,525,627
Nuvance Health Issue, Series A, 5.00%, 7/01/33		5,000,000		6,366,600
Nuvance Health Issue, Series A, 4.00%, 7/01/35		5,000,000		5,755,350
Connecticut State Special Tax Obligation Revenue, Transportation Infrastructure Purposes, Series A, 5.00%, 1/01/28		10,000,000		11,220,300

franklintempleton.com

Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Connecticut(continued)
Stamford GO,
3.00%, 6/01/35	$	3,025,000	$	3,211,461
3.00%, 6/01/36		3,025,000		3,200,904
University of Connecticut GO,
Series A, 5.00%, 3/15/30		3,075,000		3,717,614
Series A, 5.00%, 3/15/31		5,025,000		6,049,999


				81,194,718


District of Columbia 0.4%
Washington Metropolitan Area Transit Authority Gross Revenue,
Series B, 5.00%, 7/01/31		5,000,000		6,288,050
Series B, 5.00%, 7/01/32		5,750,000		7,206,130


				13,494,180


Florida 7.0%
Broward County Water and Sewer Utility Revenue,
Refunding, Series B, 5.00%, 10/01/24		6,000,000		6,698,160
Refunding, Series B, 5.00%, 10/01/25		6,325,000		7,058,953
Clearwater City Water and Sewer Revenue, Refunding, 5.00%, 12/01/33		5,520,000		6,850,265
Florida State Board of Education GO,
Full Faith and Credit, Public Education Capital Outlay, Refunding, Series C, 4.00%, 6/01/32		12,855,000		15,136,248
Full Faith and Credit, Public Education Capital Outlay, Refunding, Series C, 4.00%, 6/01/33		5,000,000		5,862,650
Full Faith and Credit, Public Education Capital Outlay, Refunding, Series E, 4.00%, 6/01/33		11,855,000		13,444,874
Gainesville Utilities System Revenue, Series A, 5.00%, 10/01/30		1,500,000		1,911,465
Jacksonville Sales Tax Revenue, Better Jacksonville, Refunding, Series A, 5.00%, 10/01/28		6,000,000		6,664,020
JEA Water and Sewer System Revenue,
Refunding, Series A, 5.00%, 10/01/26		1,455,000		1,700,895
Refunding, Series A, 5.00%, 10/01/27		5,130,000		5,984,504
Refunding, Series A, 5.00%, 10/01/31		17,435,000		21,754,172
Series A, 5.00%, 10/01/29		1,205,000		1,408,790
Series A,Pre-Refunded, 5.00%, 10/01/26		1,530,000		1,793,267
Series A,Pre-Refunded, 5.00%, 10/01/27		5,375,000		6,299,876
Series A,Pre-Refunded, 5.00%, 10/01/29		1,265,000		1,482,669
Lee Memorial Health System Hospital Revenue, Refunding, SeriesA-1, 4.00%, 4/01/37		5,000,000		5,683,150
Leon County School District Sales Tax Revenue, 5.00%, 9/01/25		6,040,000		6,941,651
Miami-Dade County Aviation Revenue,
Miami International Airport, Refunding, Series A, 4.50%, 10/01/19		4,805,000		4,816,916
Miami International Airport, Refunding, Series A, 5.00%, 10/01/21		5,000,000		5,216,550
Miami International Airport, Refunding, Series A, 5.00%, 10/01/22		5,890,000		6,144,448
Miami International Airport, Refunding, Series A, 5.25%, 10/01/23		4,875,000		5,101,834
Miami-Dade County Transit System Sales Surtax Revenue,
5.00%, 7/01/24		2,250,000		2,482,335
5.00%, 7/01/25		3,000,000		3,306,270
5.00%, 7/01/26		4,000,000		4,406,000
5.00%, 7/01/27		4,000,000		4,401,320
Refunding, 4.00%, 7/01/35		13,890,000		16,336,029
Miami-Dade County Water and Sewer System Revenue, Refunding, Series B, 5.00%, 10/01/27		15,000,000		17,233,050

Semiannual Report

franklintempleton.com

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Florida(continued)
Orange County Health Facilities Authority Revenue,
Hospital, Orlando Health Obligated Group, Refunding, Series A, 5.00%, 10/01/28	$	1,000,000	$	1,233,680
Hospital, Orlando Health Obligated Group, Refunding, Series A, 5.00%, 10/01/30		2,875,000		3,516,499
Orlando Utilities Commission Utility System Revenue,
Refunding, Series A, 5.00%, 10/01/24		2,405,000		2,868,804
Refunding, Series A, 5.00%, 10/01/25		2,000,000		2,458,720
Series A, 5.00%, 10/01/33		1,755,000		2,215,775
Orlando-Orange County Expressway Authority Revenue, Refunding, Series B, AGMC Insured, 5.00%, 7/01/24		14,650,000		16,753,740
Palm Beach County School Board COP, Master Lease Purchase Agreement, Refunding, Series B, 5.00%, 8/01/25		4,000,000		4,883,320
Palm Beach County Solid Waste Authority Revenue, Refunding, 5.00%, 10/01/23		17,290,000		18,687,205
Palm Beach County Water and Sewer Revenue, Refunding, 5.00%, 10/01/28		1,240,000		1,431,543
Port St. Lucie Utility System Revenue,
Refunding, 4.00%, 9/01/30		1,500,000		1,717,995
Refunding, 4.00%, 9/01/31		1,635,000		1,864,538
South Miami Health Facilities Authority Hospital Revenue, Baptist Health South Florida Obligated Group, Refunding, 4.00%, 8/15/33		6,000,000		6,818,220
Tohopekaliga Water Authority Utility System Revenue, Refunding, 4.00%, 10/01/32		2,855,000		3,270,631


				253,841,031


Georgia 2.3%
Atlanta Airport Passenger Facility Charge Revenue,
General, sub. lien, Refunding, Series A, 5.00%, 1/01/27		7,000,000		8,129,730
General, sub. lien, Refunding, Series A, 5.00%, 1/01/28		5,100,000		5,909,064
Atlanta Water and Wastewater Revenue,
Refunding, 5.00%, 11/01/26		5,165,000		6,245,880
Refunding, Series B, AGMC Insured, 5.00%, 11/01/20		2,875,000		2,892,911
Refunding, Series B, AGMC Insured, 5.00%, 11/01/21		3,100,000		3,119,313
Refunding, Series C, 5.00%, 11/01/33		6,750,000		8,531,257
Refunding, Series C, 5.00%, 11/01/34		3,000,000		3,780,180
Series B, AGMC Insured,Pre-Refunded, 5.00%, 11/01/20		5,700,000		5,735,511
Series B, AGMC Insured,Pre-Refunded, 5.00%, 11/01/21		6,130,000		6,168,190
Fulton County Development Authority Revenue,
Spelman College, Refunding, 5.00%, 6/01/28		3,785,000		4,500,630
Spelman College, Refunding, 5.00%, 6/01/29		4,385,000		5,216,045
Spelman College, Refunding, 5.00%, 6/01/30		4,805,000		5,714,779
Gainesville and Hall County Hospital Authority Revenue,
Anticipation Certificates, Northeast Georgia Health System Inc. Project, Refunding, Series A, 5.00%, 2/15/27		1,750,000		2,155,790
Anticipation Certificates, Northeast Georgia Health System Inc. Project, Refunding, Series A, 5.00%, 2/15/28		2,100,000		2,575,041
Anticipation Certificates, Northeast Georgia Health System Inc. Project, Refunding, Series A, 5.00%, 2/15/29		2,000,000		2,450,460
Anticipation Certificates, Northeast Georgia Health System Inc. Project, Refunding, Series A, 5.00%, 2/15/30		1,000,000		1,219,030
Georgia Municipal Electric Authority Revenue, Project One, Subordinated, Series B, 5.00%, 1/01/20		10,000,000		10,121,400


				84,465,211

franklintempleton.com

Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)

Hawaii 0.8%
Hawaii State GO, Series EO, 5.00%, 8/01/28	$	25,000,000	$	29,677,000


Illinois 1.5%
Chicago O’Hare International Airport Revenue, General Airport, third lien, Series C, Assured Guaranty, 5.25%, 1/01/22		5,215,000		5,288,897
Chicago Transit Authority Capital Grant Receipts Revenue, Federal Transit Administration Section 5307, Refunding, AGMC Insured, 5.25%, 6/01/25		6,125,000		6,529,679
Cook County GO, Refunding, Series A, MAC Insured, 5.25%, 11/15/22		12,395,000		13,514,516
Illinois State Finance Authority Revenue, Northwestern University, 5.00%, 12/01/28		1,675,000		2,222,222
Illinois State GO,
MAC Insured, 5.00%, 2/01/26		5,650,000		6,401,337
Series A, AGMC Insured, 5.00%, 4/01/25		18,000,000		20,015,100
Metropolitan Pier and Exposition Authority Revenue, McCormick Place Expansion Project, Series B,Pre-Refunded, 5.00%, 6/15/23		600,000		662,850


				54,634,601


Indiana 0.3%
Indiana Finance Authority Revenue, State Revolving Fund Program, Green Bonds, Series A, 5.00%, 2/01/35		9,795,000		12,415,358


Kansas 0.3%
Kansas State Department of Transportation Highway Revenue, Refunding, Series A, 5.00%, 9/01/28		8,000,000		9,498,480


Kentucky 1.2%
Kentucky Asset/Liability Commission Agency Fund Revenue, Project Notes, Federal Highway Trust, First Series A, 5.00%, 9/01/20		6,000,000		6,226,500
Kentucky Economic Development Finance Authority Revenue, CommonSpirit Health, Refunding, SeriesA-2, 5.00%, 8/01/30		2,000,000		2,548,440
^aKentucky State Municipal Power Agency Power System Revenue,
Prairie State Project, Refunding, Series A, 5.00%, 9/01/31		1,500,000		1,849,875
Prairie State Project, Refunding, Series A, 5.00%, 9/01/32		1,600,000		1,963,440
Prairie State Project, Refunding, Series A, 5.00%, 9/01/33		1,000,000		1,223,460
Kentucky State Property and Buildings Commission Revenue, Project No. 119, BAM Insured, 5.00%, 5/01/32		2,000,000		2,495,600
Kentucky State Turnpike Authority Economic Development Road Revenue,
Revitalization Projects, Refunding, Series B, 5.00%, 7/01/26		2,570,000		3,150,769
Revitalization Projects, Refunding, Series B, 5.00%, 7/01/28		3,000,000		3,746,580
Louisville and Jefferson County Metropolitan Sewer District Revenue, Sewer and Drainage System, Refunding, Series A, 5.00%, 5/15/24		7,000,000		7,590,450
Paducah Electric Plant Board Revenue,
Refunding, Series A, AGMC Insured, 5.00%, 10/01/29		5,500,000		6,704,775
Refunding, Series A, AGMC Insured, 5.00%, 10/01/31		5,500,000		6,626,455


				44,126,344


Louisiana 1.6%
Jefferson Sales Tax District Special Sales Tax Revenue, Parish of Jefferson, Refunding, Series B, Assured Guaranty, 5.00%, 12/01/21		15,000,000		15,139,050
Lafayette Communications System Revenue,
Refunding, AGMC Insured, 5.00%, 11/01/25		2,400,000		2,920,728
Refunding, AGMC Insured, 5.00%, 11/01/27		3,500,000		4,212,320
Refunding, AGMC Insured, 5.00%, 11/01/29		4,685,000		5,622,562

Semiannual Report

franklintempleton.com

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Louisiana(continued)
Louisiana Public Facilities Authority Revenue,
Ochsner Clinic Foundation Project,Pre-Refunded, 5.00%, 5/15/29	$	10,000	$	12,344
Ochsner Clinic Foundation Project,Pre-Refunded, 5.00%, 5/15/30		5,000		6,172
Ochsner Clinic Foundation Project,Pre-Refunded, 5.00%, 5/15/32		15,000		18,516
Ochsner Clinic Foundation Project, Refunding, 5.00%, 5/15/28		1,000,000		1,233,250
Ochsner Clinic Foundation Project, Refunding, 5.00%, 5/15/29		2,000,000		2,453,940
Ochsner Clinic Foundation Project, Refunding, 5.00%, 5/15/29		1,240,000		1,491,398
Ochsner Clinic Foundation Project, Refunding, 5.00%, 5/15/30		2,250,000		2,743,987
Ochsner Clinic Foundation Project, Refunding, 5.00%, 5/15/30		995,000		1,190,309
Ochsner Clinic Foundation Project, Refunding, 5.00%, 5/15/31		1,745,000		2,115,359
Ochsner Clinic Foundation Project, Refunding, 5.00%, 5/15/32		1,750,000		2,112,232
Ochsner Clinic Foundation Project, Refunding, 5.00%, 5/15/32		1,485,000		1,760,245
Ochsner Clinic Foundation Project, Refunding, 5.00%, 5/15/33		2,000,000		2,405,740
Louisiana State GO, Refunding, Series C, 5.00%, 8/01/25		10,000,000		11,823,700


				57,261,852


Maryland 2.3%
Anne Arundel County GO, Consolidated General Improvements, Refunding, 5.00%, 4/01/29		7,495,000		9,022,931
Baltimore Revenue,
Mayor and City Council of Baltimore, Wastewater Projects, Refunding, Series C, 5.00%, 7/01/30		6,450,000		8,082,817
Mayor and City Council of Baltimore, Wastewater Projects, Refunding, Series C, 5.00%, 7/01/32		5,905,000		7,323,971
Mayor and City Council of Baltimore, Wastewater Projects, Refunding, Series D, 5.00%, 7/01/28		2,790,000		3,336,366
Mayor and City Council of Baltimore, Wastewater Projects, Refunding, Series D, 5.00%, 7/01/29		5,835,000		6,974,167
Mayor and City Council of Baltimore, Wastewater Projects, Subordinate, Series A, 5.00%, 7/01/29		1,000,000		1,253,450
Mayor and City Council of Baltimore, Wastewater Projects, Subordinate, Series A, 5.00%, 7/01/30		2,940,000		3,668,003
Mayor and City Council of Baltimore, Wastewater Projects, Subordinate, Series A, 5.00%, 7/01/31		2,085,000		2,589,633
Mayor and City Council of Baltimore, Wastewater Projects, Subordinate, Series A, 5.00%, 7/01/32		3,240,000		4,013,518
Mayor and City Council of Baltimore, Water Projects, Subordinate, Series A, 5.00%, 7/01/29		1,320,000		1,648,297
Mayor and City Council of Baltimore, Water Projects, Subordinate, Series A, 5.00%, 7/01/30		1,785,000		2,214,382
Mayor and City Council of Baltimore, Water Projects, Subordinate, Series A, 5.00%, 7/01/31		3,765,000		4,641,002
Mayor and City Council of Baltimore, Water Projects, Subordinate, Series A, 5.00%, 7/01/32		4,000,000		4,917,600
Maryland State Community Development Administration Department of Housing and CDR, Residential, Series B, 3.00%, 9/01/34		5,000,000		5,207,650
Maryland State Health and Higher Educational Facilities Authority Revenue,
University of Maryland Medical System Issue, Refunding, Series B, 5.00%, 7/01/30		8,520,000		10,573,490
University of Maryland Medical System Issue, Refunding, Series B, 5.00%, 7/01/31		7,415,000		9,128,236


				84,595,513


Massachusetts 3.9%
Massachusetts State Department of Transportation Metropolitan Highway System Revenue, Commonwealth Contract Assistance Secured, Subordinated, Series B, 5.00%, 1/01/20		5,000,000		5,065,500
Massachusetts State GO,
Refunding, Series A, 5.00%, 7/01/28		7,500,000		9,111,375
Refunding, Series A, 5.00%, 7/01/29		6,000,000		7,266,300

franklintempleton.com

Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


		Principal Amount		Value

Municipal Bonds(continued)
Massachusetts(continued)
Massachusetts State Port Authority Revenue,
Refunding, Series C, 5.00%, 7/01/32		$	4,220,000	$	5,417,594
Series C, 5.00%, 7/01/33			4,430,000		5,672,748
Series C, 5.00%, 7/01/34			9,280,000		11,842,858
Massachusetts State School Building Authority Dedicated Sales Tax Revenue,
Senior, Refunding, Series A, 5.00%, 8/15/25			10,975,000		12,223,845
Senior, Refunding, Series A, 5.00%, 8/15/26			7,000,000		7,790,020
Senior, Refunding, Series B, 5.00%, 8/15/27			6,000,000		6,669,780
Massachusetts State Water Pollution Abatement Trust Revenue,
State Revolving Fund, Refunding, 5.00%, 8/01/26			10,650,000		13,441,898
State Revolving Fund, Series 17, Sub Series 17A, 5.00%, 2/01/24			9,380,000		10,641,047
State Revolving Fund, Series 17, Sub Series 17A, 5.00%, 2/01/25			9,750,000		11,053,770
Massachusetts Water Resources Authority Revenue, General, Green Bonds, Refunding, Series C, 5.00%, 8/01/32			13,920,000		17,595,158
University of Massachusetts Building Authority Revenue,
Refunding, Senior Series 3, 5.00%, 11/01/31	��		10,035,000		12,769,939
Senior Series 3, 5.00%, 11/01/32			5,000,000		6,347,000


					142,908,832


Michigan 2.0%
Lansing Board of Water and Light Utility System Revenue, Refunding, Series A, 5.00%, 7/01/36			4,645,000		5,938,307
Lansing School District GO,
Counties of Ingham, Eaton and Clinton, School Building and Site, Series I, 5.00%, 5/01/30			1,860,000		2,267,749
Counties of Ingham, Eaton and Clinton, School Building and Site, Series I, 5.00%, 5/01/31			2,010,000		2,437,587
Counties of Ingham, Eaton and Clinton, School Building and Site, Series I, 5.00%, 5/01/32			2,310,000		2,790,434
Michigan Finance Authority Revenue,
Hospital, Trinity Health Credit Group, Refunding, Series MI, 5.00%, 12/01/34			8,200,000		9,892,316
State Revolving Fund, Clean Water,Pre-Refunded, 5.00%, 10/01/24			5,000,000		5,592,800
State Revolving Fund, Clean Water, Subordinate, Refunding, 5.00%, 10/01/24			7,000,000		7,832,580
Michigan State HDA Rental Housing Revenue, SeriesA-1, 3.00%, 10/01/39			3,500,000		3,620,680
Michigan State Hospital Finance Authority Revenue,
Ascension Health Credit Group, SeriesB-3, 4.00%, 11/15/31			5,100,000		5,920,284
Trinity Health Credit Group, Refunding, Series C, 5.00%, 12/01/31			2,700,000		3,396,816
Trinity Health Credit Group, Refunding, Series C, 5.00%, 12/01/32			1,250,000		1,566,575
Trinity Health Credit Group, Refunding, Series MI, 5.00%, 12/01/24			8,000,000		8,797,680
Wayne State University Revenue,
General, Refunding, Series A, 5.00%, 11/15/19			3,905,000		3,935,069
General, Refunding, Series A, 5.00%, 11/15/20			3,935,000		3,964,749
General, Series A, ETM, 5.00%, 11/15/19			1,305,000		1,314,944
General, Series A,Pre-Refunded, 5.00%, 11/15/20			1,320,000		1,330,058


					70,598,628

Semiannual Report

franklintempleton.com

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Minnesota 0.4%
Minnesota Agricultural and Economic Development Board Revenue,
Health Care Facilities, Essentia Health Obligated Group, SeriesC-1, Assured Guaranty, 5.00%, 2/15/21	$	4,165,000	$	4,237,054
Health Care Facilities, Essentia Health Obligated Group, SeriesC-1, Assured Guaranty, 5.00%, 2/15/22		5,570,000		5,667,364
Health Care Facilities, Essentia Health Obligated Group, SeriesC-1, Assured Guaranty, 5.25%, 2/15/23		5,000,000		5,096,350


				15,000,768


Missouri 0.8%
Missouri State Health and Educational Facilities Authority Health Facilities Revenue, Mercy Health, Refunding, Series A, 5.00%, 6/01/31		12,500,000		16,084,500
Missouri State Joint Municipal Electric Utility Commission Power Project Revenue,
Plum Point Project, Refunding, Series A, 5.00%, 1/01/27		3,250,000		3,863,502
Plum Point Project, Refunding, Series A, 5.00%, 1/01/28		4,500,000		5,325,390
Plum Point Project, Refunding, Series A, 5.00%, 1/01/29		4,045,000		4,775,608


				30,049,000


Nevada 0.2%
Washoe County School District GO, Refunding, Series A, 5.00%, 6/01/25		6,130,000		6,751,705


New Hampshire 0.2%
Manchester GARB, Series A, AGMC Insured, 5.00%, 1/01/25		7,930,000		8,551,553


New Jersey 5.1%
Hudson County Improvement Authority Facility Lease Revenue,
Hudson County Lease Project, Refunding, AGMC Insured, 5.375%, 10/01/22		5,220,000		5,883,044
Hudson County Lease Project, Refunding, AGMC Insured, 5.375%, 10/01/23		5,375,000		6,273,646
Hudson County Lease Project, Refunding, AGMC Insured, 5.375%, 10/01/24		2,050,000		2,474,186
New Jersey EDA Revenue,
School Facilities Construction, Refunding, Series EE, 5.25%, 9/01/24		12,210,000		12,907,069
School Facilities Construction, Series AAA, 5.00%, 6/15/34		5,000,000		5,844,400
New Jersey Health Care Facilities Financing Authority Revenue,
Barnabas Health Issue, Series A, ETM, 5.00%, 7/01/20		10,000,000		10,318,400
Barnabas Health Issue, Series A, ETM, 5.00%, 7/01/21		20,535,000		21,973,887
Inspira Health Obligated Group Issue, Series A, 5.00%, 7/01/30		900,000		1,114,686
Inspira Health Obligated Group Issue, Series A, 5.00%, 7/01/31		1,080,000		1,330,420
New Jersey State Educational Facilities Authority Revenue,
Higher Education Capital Improvement Fund Issue, Series B, 5.00%, 9/01/36		5,000,000		5,790,800
Kean University Issue, Series A,Pre-Refunded, 5.00%, 9/01/21		6,000,000		6,000,000
New Jersey State Higher Education Assistance Authority Student Loan Revenue, Refunding, Series 1A, 5.25%, 12/01/19		2,500,000		2,525,175
New Jersey State Transportation Trust Fund Authority Revenue,
Transportation Program, Series AA, AGMC Insured, 5.00%, 6/15/26		26,650,000		29,163,095
Transportation System, Refunding, Series A, 5.50%, 12/15/22		25,000,000		28,284,250
Transportation System, Refunding, Series A, Assured Guaranty, 5.50%, 12/15/22		11,465,000		12,998,788
New Jersey State Turnpike Authority Revenue, Turnpike, Refunding, Series H, 5.00%, 1/01/20		6,540,000		6,558,312

franklintempleton.com

Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
New Jersey(continued)
Rutgers State University GO,
Refunding, Series J, 5.00%, 5/01/26	$	5,000,000	$	5,683,650
Refunding, Series J, 5.00%, 5/01/27		10,830,000		12,285,769
Series L, 5.00%, 5/01/27		5,270,000		5,978,393


				183,387,970


New York 9.5%
Erie County IDA School Facility Revenue,
City School District of the City of Buffalo Project, Refunding, Series A, 5.00%, 5/01/23		6,235,000		6,879,637
City School District of the City of Buffalo Project, Refunding, Series A, 5.00%, 5/01/24		8,000,000		8,824,880
Long Island Power Authority Electric System Revenue, General, Refunding, Series B, 5.00%, 9/01/26		5,000,000		5,577,500
MTA Revenue,
Transportation, Refunding, Series F, 5.00%, 11/15/26		25,000,000		27,937,500
Transportation, Series A, AGMC Insured, 5.50%, 11/15/20		4,365,000		4,592,198
Transportation, Series A,Pre-Refunded, 5.00%, 11/15/27		3,500,000		4,024,755
Nassau County Local Economic Assistance and FICO Revenue, Catholic Health Services of Long Island Obligated Group Project, Refunding, 5.00%, 7/01/21		9,000,000		9,581,670
New York City GO,
Fiscal 2013, Refunding, Series D, 5.00%, 8/01/27		10,000,000		11,276,100
Fiscal 2013, Series I, 5.00%, 8/01/24		10,200,000		11,721,126
Fiscal 2014, Refunding, Series G, 5.00%, 8/01/22		8,000,000		8,900,960
Fiscal 2014, Refunding, Series G, 5.00%, 8/01/23		6,860,000		7,885,913
Fiscal 2015, Refunding, Series C, 5.00%, 8/01/25		2,000,000		2,412,400
Fiscal 2015, Refunding, Series C, 5.00%, 8/01/26		10,000,000		12,021,700
Fiscal 2015, Refunding, Series C, 5.00%, 8/01/27		7,500,000		9,012,975
Fiscal 2017, SubseriesA-1, 5.00%, 8/01/29		10,000,000		12,460,200
Fiscal 2019, Refunding, Series E, 5.00%, 8/01/32		2,000,000		2,601,120
Fiscal 2019, Refunding, Series E, 5.00%, 8/01/34		3,500,000		4,515,000
New York City Transitional Finance Authority Revenue,
Future Tax Secured, Subordinate, Fiscal 2003, Refunding, SubseriesA-1, 5.00%, 11/01/23		11,500,000		12,476,350
Future Tax Secured, Subordinate, Fiscal 2011, Series C, 5.00%, 11/01/23		12,805,000		13,393,005
Future Tax Secured, Subordinate, Fiscal 2012, Series C, 5.00%, 11/01/24		7,620,000		8,265,262
Future Tax Secured, Subordinate, Fiscal 2014, Series D, SubseriesD-1, 5.00%, 2/01/27		8,740,000		10,152,559
Future Tax Secured, Subordinate, Fiscal 2014, Series D, SubseriesD-1, 5.00%, 2/01/28		5,000,000		5,798,750
New York State Dormitory Authority Revenues,
Non-State Supported Debt, North Shore-Long Island Jewish Obligated Group, Refunding, Series A, 5.00%, 5/01/29		10,000,000		11,992,100
Non-State Supported Debt, School Districts, Financing Program, Series A, Assured Guaranty, 5.00%, 10/01/24		350,000		350,994
Non-State Supported Debt, School Districts, Financing Program, Series A, Assured Guaranty,Pre-Refunded, 5.00%, 10/01/24		4,650,000		4,664,136
State Supported Debt, City University System, Consolidated Fifth General Resolution, Series A, NATL Insured, 5.50%, 7/01/23		7,915,000		9,238,150
Third General Resolution, State University Educational Facilities Issue, Refunding, Series A, 5.00%, 5/15/24		7,000,000		7,745,990
New York State Dormitory Authority Sales Tax Revenue, Refunding, Series E, 5.00%, 3/15/32		10,000,000		12,936,000

Semiannual Report

franklintempleton.com

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
New York(continued)
New York State Dormitory Authority State Personal Income Tax Revenue,
General Purpose, Refunding, Series A, 5.00%, 12/15/27	$	10,000,000	$	11,263,800
General Purpose, Refunding, Series A, 5.00%, 3/15/28		7,185,000		8,667,122
General Purpose, Refunding, Series E, 5.00%, 2/15/30		5,000,000		5,987,500
General Purpose, Series A, 5.00%, 3/15/32		10,000,000		12,926,200
New York State Local Government Assistance Corp. Revenue, sub. lien, Refunding, Series B, 5.00%, 4/01/21		12,000,000		12,283,560
New York State Thruway Authority General Revenue, Series I, Assured Guaranty, 5.00%, 1/01/26		10,000,000		10,908,800
New York State Urban Development Corp. Revenue,
Empire State Development Corp., Service Contract, Refunding, Series C, 5.00%, 1/01/20		6,500,000		6,585,995
State Personal Income Tax, General Purpose, Series D, 5.00%, 3/15/24		10,000,000		11,365,500
Port Authority of New York and New Jersey Revenue,
Consolidated, Refunding, Two Hundred Fourteenth Series, 5.00%, 9/01/34		2,500,000		3,222,825
Consolidated, Refunding, Two Hundred Fourteenth Series, 5.00%, 9/01/35		3,075,000		3,951,098
Suffolk County EDC Revenue, Catholic Health Services of Long Island Obligated Group Project, Refunding, 5.00%, 7/01/22		10,000,000		10,654,300


				345,055,630


North Carolina 0.8%
Buncombe County Limited Obligation Revenue, Series A, 5.00%, 6/01/28		5,000,000		5,857,150
Charlotte Water and Sewer System Revenue, Refunding, 5.00%, 7/01/27		10,000,000		12,208,700
North Carolina Eastern Municipal Power Agency Power System Revenue, Series A, ETM, 5.00%, 1/01/21		10,000,000		10,510,100


				28,575,950


Ohio 6.5%
Akron Income Tax Revenue,
Community Learning Centers, Refunding, Series A, 5.00%, 12/01/24		5,265,000		5,815,508
Community Learning Centers, Refunding, Series A, 5.00%, 12/01/25		6,645,000		7,336,013
Community Learning Centers, Refunding, Series A, 5.00%, 12/01/26		8,240,000		9,089,791
Cincinnati GO,
Various Purpose, Improvement, Series A,Pre-Refunded, 5.00%, 12/01/24		1,270,000		1,406,665
Various Purpose, Improvement, Series A,Pre-Refunded, 5.00%, 12/01/25		2,000,000		2,215,220
Various Purpose, Improvement, Series A,Pre-Refunded, 5.00%, 12/01/27		2,000,000		2,215,220
Various Purpose, Improvement, Series A,Pre-Refunded, 5.00%, 12/01/28		2,350,000		2,602,883
Cleveland Airport System Revenue,
Refunding, Series A, AGMC Insured, 5.00%, 1/01/25		5,000,000		5,442,300
Refunding, Series A, AGMC Insured, 5.00%, 1/01/26		5,000,000		5,432,650
Cleveland Water Revenue,
second lien, Series A,Pre-Refunded, 5.00%, 1/01/25		2,500,000		2,728,600
second lien, Series A,Pre-Refunded, 5.00%, 1/01/26		2,000,000		2,182,880
Cuyahoga County EDR,
Recovery Zone Facility, Medical Mart/Convention Center Project, Series F, 5.00%, 12/01/20		7,000,000		7,336,560
Recovery Zone Facility, Medical Mart/Convention Center Project, Series F, 5.00%, 12/01/21		7,300,000		7,652,517

franklintempleton.com

Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Ohio(continued)
Hamilton County Sewer System Revenue,
The Metropolitan Sewer District of Greater Cincinnati, Improvement and Refunding, Series A, 5.00%, 12/01/24	$	2,500,000	$	2,899,275
The Metropolitan Sewer District of Greater Cincinnati, Improvement and Refunding, Series A, 5.00%, 12/01/25		2,400,000		2,782,224
The Metropolitan Sewer District of Greater Cincinnati, Improvement and Refunding, Series A, 5.00%, 12/01/26		4,000,000		4,631,640
The Metropolitan Sewer District of Greater Cincinnati, Improvement and Refunding, Series A, 5.00%, 12/01/27		5,000,000		5,780,600
The Metropolitan Sewer District of Greater Cincinnati, Improvement and Refunding, Series A, 5.00%, 12/01/28		3,000,000		3,462,960
Kent State University Revenues,
General Receipts, Series A, 5.00%, 5/01/23		1,200,000		1,320,408
General Receipts, Series A, 5.00%, 5/01/24		1,500,000		1,650,090
General Receipts, Series A, 5.00%, 5/01/25		1,500,000		1,649,265
General Receipts, Series A, 5.00%, 5/01/26		1,600,000		1,757,888
^aNortheast Regional Sewer District Revenue, Wastewater Improvement, Refunding, 4.00%, 11/15/36		4,250,000		5,034,550
Ohio State Building Authority Revenue, State Facilities, Administrative Building Fund Projects, Refunding, Series C, 5.00%, 10/01/22		5,780,000		6,021,373
Ohio State GO,
Higher Education, Series A,Pre-Refunded, 5.00%, 2/01/24		8,585,000		9,230,764
Higher Education, Series A,Pre-Refunded, 5.00%, 2/01/25		7,000,000		7,526,540
Highway Capital Improvements, Full Faith and Credit, Highway User Receipts, Series R, Pre- Refunded, 5.00%, 5/01/26		11,000,000		12,981,100
Highway Capital Improvements, Full Faith and Credit, Highway User Receipts, Series R, Pre- Refunded, 5.00%, 5/01/27		5,000,000		5,900,500
Highway Capital Improvements, Full Faith and Credit, Highway User Receipts, Series R, Pre- Refunded, 5.00%, 5/01/28		9,100,000		10,738,910
Ohio State Turnpike Commission Revenue, Turnpike, Refunding, Series A, NATL Insured, 5.50%, 2/15/24		10,000,000		11,472,700
Ohio State Water Development Authority Water PCR, Loan Fund, Series A, 5.00%, 12/01/31		10,000,000		12,607,900
Toledo City School District GO,
School Facilities Improvement, Refunding, Series B, 5.00%, 12/01/24		2,920,000		3,271,831
School Facilities Improvement, Refunding, Series B, 5.00%, 12/01/25		4,125,000		4,620,619
School Facilities Improvement, Refunding, Series B, 5.00%, 12/01/26		4,340,000		4,854,073
School Facilities Improvement, Refunding, Series B, 5.00%, 12/01/27		4,565,000		5,101,114
Toledo Water System Revenue,
Improvement and Refunding, 5.00%, 11/15/25		4,000,000		4,529,280
Improvement and Refunding, 5.00%, 11/15/26		6,140,000		6,945,322
Improvement and Refunding, 5.00%, 11/15/27		6,450,000		7,288,500
Improvement and Refunding, 5.00%, 11/15/28		6,570,000		7,416,479
University of Cincinnati General Receipts Revenue,
Series C, AGMC Insured, 5.00%, 6/01/21		11,705,000		11,814,676
Series C, AGMC Insured, 5.00%, 6/01/22		11,575,000		11,684,847
Series C,Pre-Refunded, AGMC Insured, 5.00%, 6/01/21		105,000		105,981
Series C,Pre-Refunded, AGMC Insured, 5.00%, 6/01/22		100,000		100,934


				236,639,150

Semiannual Report

franklintempleton.com

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Oregon 1.4%
Clackamas County School District No. 12 North Clackamas GO, Series B, 5.00%, 6/15/32	$	3,725,000	$	4,676,179
Oregon State Department of Transportation Highway User Tax Revenue,
senior lien, Refunding, Series A, 5.00%, 11/15/25		10,000,000		11,242,400
senior lien, Refunding, Series A, 5.00%, 11/15/27		3,000,000		3,596,700
senior lien, Refunding, Series A, 5.00%, 11/15/28		3,500,000		4,192,825
Portland Water System Revenue, second lien, Refunding, Series A, 5.00%, 10/01/25		5,000,000		5,685,450
Washington Counties School District No. 48J Beaverton GO,
5.00%, 6/15/27		5,000,000		5,909,450
5.00%, 6/15/28		5,000,000		5,892,500
5.00%, 6/15/29		7,500,000		8,835,075


				50,030,579


Pennsylvania 3.5%
Allegheny County Hospital Development Authority Revenue,
University of Pittsburgh Medical Center, Refunding, Series A, 5.00%, 7/15/34		5,000,000		6,421,200
University of Pittsburgh Medical Center, Series A, 5.00%, 5/15/20		7,500,000		7,702,500
Commonwealth Financing Authority Revenue,
SeriesC-1, AGMC Insured, 5.00%, 6/01/22		4,130,000		4,242,336
SeriesC-1, AGMC Insured, 5.00%, 6/01/23		4,345,000		4,461,881
Lancaster County Solid Waste Management Authority Solid Waste Disposal System Revenue,
Series A, 5.25%, 12/15/25		5,345,000		6,160,326
Series A, 5.25%, 12/15/26		5,835,000		6,708,791
Pennsylvania State GO, Second Series, 5.00%, 10/15/26		13,375,000		15,425,254
Pennsylvania State Higher Educational Facilities Authority Revenue, University of Pennsylvania Health System, Series A, 4.00%, 8/15/34		5,895,000		6,734,094
Pennsylvania State Turnpike Commission Turnpike Revenue,
Series B, 5.00%, 12/01/19		32,230,000		32,537,474
Series E,Pre-Refunded, 5.00%, 12/01/24		5,000,000		5,441,000
Series E,Pre-Refunded, 5.00%, 12/01/25		10,000,000		10,882,000
Pennsylvania State University Revenue, Series A, 5.00%, 9/01/30		4,000,000		5,106,000
Philadelphia Gas Works Revenue,
1998 General Ordinance, Refunding, Fifteenth Series, 5.00%, 8/01/30		2,000,000		2,479,120
1998 General Ordinance, Refunding, Fifteenth Series, 5.00%, 8/01/31		4,030,000		4,968,426
Philadelphia Water and Wastewater Revenue, Refunding, Series B, 5.00%, 11/01/31		5,750,000		7,196,528


				126,466,930


South Carolina 1.5%
Anderson Water and Sewer System Revenue,
Refunding, AGMC Insured, 5.00%, 7/01/22		2,555,000		2,827,108
Refunding, AGMC Insured, 5.00%, 7/01/23		2,695,000		2,974,876
Refunding, AGMC Insured, 5.00%, 7/01/24		2,825,000		3,109,252
Refunding, AGMC Insured, 5.00%, 7/01/25		2,965,000		3,259,009
Berkeley County Utility Revenue,
Combined Utility System, Refunding, 5.00%, 6/01/25		3,665,000		4,196,058
Combined Utility System, Refunding, 5.00%, 6/01/26		1,700,000		1,944,307
South CarolinaJobs-EDA Hospital Revenue, Prisma Health Obligated Group, Refunding, Series A, 5.00%, 5/01/33		6,000,000		7,458,360

franklintempleton.com

Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
South Carolina(continued)
South Carolina State Transportation Infrastructure Bank Revenue,
Series B, AGMC Insured,Pre-Refunded, 5.00%, 10/01/25	$	12,935,000	$	14,468,574
Series B, AGMC Insured,Pre-Refunded, 5.00%, 10/01/26		13,440,000		15,033,446


				55,270,990


Tennessee 1.3%
Chattanooga Health Educational and Housing Facility Board Revenue,
CommonSpirit Health, Refunding, SeriesA-1, 5.00%, 8/01/30		2,020,000		2,573,924
CommonSpirit Health, Refunding, SeriesA-1, 5.00%, 8/01/31		1,500,000		1,903,500
CommonSpirit Health, Refunding, SeriesA-1, 5.00%, 8/01/33		1,000,000		1,260,770
CommonSpirit Health, Refunding, SeriesA-1, 5.00%, 8/01/34		1,000,000		1,257,360
CommonSpirit Health, Refunding, SeriesA-1, 5.00%, 8/01/35		1,250,000		1,566,562
CommonSpirit Health, Refunding, SeriesA-1, 4.00%, 8/01/36		1,000,000		1,129,460
CommonSpirit Health, Refunding, SeriesA-1, 4.00%, 8/01/37		1,250,000		1,407,863
Memphis GO, General Improvement, Refunding, Series A, 5.00%, 4/01/22		15,805,000		17,397,354
Metropolitan Government of Nashville and Davidson County GO, Improvement, Series A,Pre-Refunded, 5.00%, 1/01/26		5,000,000		5,631,350
Metropolitan Government of Nashville and Davidson County Water and Sewer Revenue,
Refunding, 5.00%, 7/01/26		1,675,000		1,921,627
Refunding, 5.00%, 7/01/27		1,800,000		2,062,116
Tennessee State School Bond Authority Revenue, Higher Educational Facilities Second Program, Refunding, Series B, 5.00%, 11/01/28		8,180,000		9,998,169


				48,110,055


Texas 10.9%
Austin Water and Wastewater System Revenue,
Travis Williamson and Hays Counties, Refunding, 5.00%, 11/15/26		4,835,000		5,414,620
Travis Williamson and Hays Counties, Refunding, 5.00%, 11/15/27		4,000,000		4,475,480
Travis Williamson and Hays Counties, Refunding, Series A, 5.00%, 11/15/28		5,000,000		5,677,100
Clear Creek ISD,
GO, Refunding, Series A, 5.00%, 2/15/25		11,370,000		12,427,751
GO, Refunding, Series A, 5.00%, 2/15/26		12,060,000		13,172,776
Dallas Waterworks and Sewer System Revenue,
Denton Collin Kaufman and Rockwall Counties, Refunding, 5.00%, 10/01/30		1,500,000		1,907,535
Denton Collin Kaufman and Rockwall Counties, Refunding, 5.00%, 10/01/31		2,500,000		3,160,225
Denton Collin Kaufman and Rockwall Counties, Refunding, 5.00%, 10/01/32		1,000,000		1,259,240
Dallas/Fort Worth International Airport Revenue,
Joint Refunding, Series D, 5.25%, 11/01/27		5,000,000		5,840,600
Joint Refunding, Series D, 5.25%, 11/01/28		2,100,000		2,446,521
El Paso ISD,
GO, Refunding, PSF Guarantee, 5.00%, 8/15/27		5,460,000		6,478,181
GO, Refunding, PSF Guarantee, 5.00%, 8/15/28		2,500,000		2,959,150
Fort Worth GO,
Tarrant Denton Parker and Wise Counties, General Purpose, Refunding and Improvement, 5.00%, 3/01/25		6,000,000		6,561,960
Tarrant Denton Parker and Wise Counties, General Purpose, Refunding and Improvement, 5.00%, 3/01/26		6,790,000		7,403,137

Semiannual Report

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FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Texas(continued)
Harris County MTA Revenue,
Sales and Use Tax, Contractual Obligations, 5.00%, 11/01/28	$	2,000,000	$	2,374,140
Sales and Use Tax, Contractual Obligations,Pre-Refunded, 5.00%, 11/01/26		2,000,000		2,390,080
Sales and Use Tax, Contractual Obligations,Pre-Refunded, 5.00%, 11/01/27		2,000,000		2,390,080
Harris County Toll Road Revenue,
senior lien, Refunding, Series A, 5.00%, 8/15/32		2,500,000		3,167,925
senior lien, Refunding, Series A, 5.00%, 8/15/33		2,500,000		3,161,000
Houston GO,
Public Improvement, Refunding, Series A, 5.00%, 3/01/22		3,855,000		3,929,286
Public Improvement, Series A,Pre-Refunded, 5.00%, 3/01/22		6,145,000		6,261,878
Houston Utility System Revenue,
Combined, first lien, Refunding, Series B, 5.00%, 11/15/34		3,250,000		4,075,760
Combined, first lien, Refunding, Series B, 5.00%, 11/15/35		4,500,000		5,627,970
Combined, first lien, Refunding, Series C, 5.00%, 5/15/24		5,000,000		5,884,400
Combined, first lien, Refunding, Series C, 5.00%, 5/15/26		19,690,000		23,155,440
Lower Colorado River Authority Transmission Contract Revenue,
LCRA Transmission Services Corp. Project, Refunding, Series A, 5.00%, 5/15/24		6,000,000		6,384,120
LCRA Transmission Services Corp. Project, Refunding, Series B, 5.00%, 5/15/24		10,620,000		11,299,892
North Texas Tollway Authority Revenue,
Special Projects System, Series D,Pre-Refunded, 5.00%, 9/01/24		12,000,000		12,917,040
System, first tier, Refunding, Series A, 4.00%, 1/01/33		5,000,000		5,719,600
Northwest ISD,
GO, Refunding, Series A, PSF Guarantee, 5.00%, 2/15/28		4,815,000		5,780,600
GO, Refunding, Series A, PSF Guarantee, 5.00%, 2/15/29		7,015,000		8,404,321
San Angelo ISD, GO, Refunding, Series A, PSF Guarantee, 5.00%, 2/15/28		5,220,000		6,072,269
San Antonio Electric and Gas Systems Revenue,
Refunding, 5.25%, 2/01/25		27,000,000		32,875,470
Refunding, 5.00%, 2/01/27		10,415,000		12,876,377
San Antonio Water System Revenue,
junior lien, Refunding, Series A, 5.00%, 5/15/24		1,500,000		1,737,135
junior lien, Refunding, Series A, 5.00%, 5/15/26		2,200,000		2,543,860
junior lien, Refunding, Series A, 5.00%, 5/15/28		2,000,000		2,305,500
junior lien, Refunding, Series A, 5.00%, 5/15/29		1,000,000		1,151,870
Texas State Water Development Board Revenue,
State Water Implementation Fund, Master Trust, Series A, 5.00%, 10/15/31		12,585,000		15,987,984
State Water Implementation Fund, Master Trust, Series A, 4.00%, 10/15/34		5,800,000		6,760,132
State Water Implementation Fund, Master Trust, Series B, 4.00%, 10/15/36		10,000,000		11,663,900
Texas Transportation Commission State Highway Fund Revenue,
first tier, Refunding, Series A, 5.00%, 4/01/23		20,000,000		22,757,000
first tier, Refunding, Series A, 5.00%, 4/01/24		20,000,000		23,497,000
first tier, Refunding, Series A, 5.00%, 4/01/25		20,000,000		23,485,200
University of Houston Revenue,
Consolidated, Series A,Pre-Refunded, 5.00%, 2/15/27		4,745,000		5,009,249
Consolidated, Series A,Pre-Refunded, 5.00%, 2/15/27		255,000		268,821
University of Texas System Revenue, Board of Regents, Permanent University Fund, Series B, 5.00%, 7/01/27		10,000,000		11,779,400

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Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Texas(continued)
Williamson County GO,
Refunding, 5.00%, 2/15/23	$	6,235,000	$	6,830,941
Refunding, 5.00%, 2/15/25		13,780,000		15,093,510


				394,803,426


Utah 0.5%
Utah State Board of Regents Student Loan Revenue,
Refunding, SeriesEE-2, 5.00%, 11/01/20		9,000,000		9,400,410
Refunding, SeriesEE-2, 5.00%, 11/01/21		9,000,000		9,401,400


				18,801,810


Virginia 3.9%
Norfolk Water Revenue,
Pre-Refunded, 5.00%, 11/01/24		6,050,000		6,681,499
Pre-Refunded, 5.00%, 11/01/25		5,910,000		6,526,886
Refunding, 5.00%, 11/01/24		95,000		104,822
Refunding, 5.00%, 11/01/25		90,000		99,255
Richmond Public Utility Revenue, Refunding, Series A, 5.00%, 1/15/32		10,000,000		12,175,100
Virginia Beach Development Authority Public Facility Revenue, Refunding, Series B, 5.00%, 8/01/20		13,450,000		13,937,697
Virginia College Building Authority Educational Facilities Revenue,
21st Century College and Equipment Programs, Series A,Pre-Refunded, 5.00%, 2/01/25		13,080,000		15,312,233
21st Century College and Equipment Programs, Series D, 5.00%, 2/01/25		7,405,000		8,928,134
Virginia Commonwealth Transportation Board of Transportation Revenue, Capital Projects, 3.00%, 5/15/36		9,460,000		10,076,697
Virginia State PBA Public Facilities Revenue,
Refunding, Series B, 4.00%, 8/01/29		12,060,000		14,118,642
Series B,Pre-Refunded, 4.00%, 8/01/29		1,075,000		1,275,541
Virginia State Public School Authority Revenue, School Financing, 1997 Resolution, Series C, 5.00%, 8/01/27		4,460,000		5,278,588
Virginia State Resources Authority Clean Water Revenue,
Revolving Fund, Refunding, 5.00%, 10/01/28		11,950,000		14,698,739
Revolving Fund, Refunding, Series B, 5.00%, 10/01/26		26,155,000		31,457,142


				140,670,975


Washington 4.5%
Energy Northwest Electric Revenue,
Columbia Generating Station, Refunding, Series A, 5.00%, 7/01/22		3,250,000		3,608,605
Columbia Generating Station, Refunding, Series A, 5.00%, 7/01/23		3,500,000		4,016,775
Columbia Generating Station, Refunding, Series A, 5.00%, 7/01/24		1,250,000		1,481,463
Columbia Generating Station, Refunding, Series A, 5.00%, 7/01/36		7,000,000		9,080,050
King County Sewer Revenue,
Refunding, Series B, 5.00%, 7/01/25		1,200,000		1,420,812
Refunding, Series B, 5.00%, 7/01/26		1,200,000		1,419,720
Refunding, Series B, 5.00%, 7/01/27		1,900,000		2,241,601
Refunding, Series B, 5.00%, 7/01/28		3,050,000		3,591,222
Refunding, Series B, 5.00%, 7/01/29		2,600,000		3,058,640

Semiannual Report

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FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Washington(continued)
Seattle Drain and Wastewater Revenue,
Refunding, 5.00%, 5/01/24	$	5,230,000	$	6,163,240
Refunding, 5.00%, 5/01/25		5,500,000		6,480,815
Refunding, 5.00%, 5/01/26		2,995,000		3,526,942
Refunding, 5.00%, 5/01/27		3,150,000		3,705,156
Seattle Municipal Light and Power Revenue,
Improvement and Refunding, Series B, 5.00%, 2/01/20		7,000,000		7,113,470
Improvement and Refunding, Series C, 4.00%, 9/01/34		5,300,000		6,137,877
Washington Health Care Facilities Authority Revenue,
Overlake Hospital Medical Center, Refunding, Series B, 5.00%, 7/01/30		1,000,000		1,260,670
Overlake Hospital Medical Center, Refunding, Series B, 5.00%, 7/01/31		1,925,000		2,409,619
Virginia Mason Medical Center, Refunding, 5.00%, 8/15/31		2,250,000		2,684,025
Virginia Mason Medical Center, Refunding, 5.00%, 8/15/32		4,005,000		4,762,225
Washington State GO,
Motor Vehicle Fuel Tax, Refunding, Series B, 5.00%, 7/01/25		29,370,000		34,759,395
Various Purpose, Series D, 5.00%, 2/01/31		5,480,000		6,850,822
Various Purpose, Series D, 5.00%, 2/01/32		10,000,000		12,456,900
Various Purpose, Series D,Pre-Refunded, 5.00%, 2/01/25		13,955,000		15,276,399
Washington State Health Care Facilities Authority Revenue,
CommonSpirit Health, Refunding, SeriesA-1, 5.00%, 8/01/35		1,370,000		1,715,569
CommonSpirit Health, Refunding, SeriesA-2, 5.00%, 8/01/30		2,800,000		3,567,816
CommonSpirit Health, Refunding, SeriesA-2, 5.00%, 8/01/31		1,700,000		2,157,300
CommonSpirit Health, Refunding, SeriesA-2, 5.00%, 8/01/32		1,500,000		1,895,910
CommonSpirit Health, Refunding, SeriesA-2, 5.00%, 8/01/33		1,395,000		1,758,774
CommonSpirit Health, Refunding, SeriesA-2, 5.00%, 8/01/34		1,225,000		1,540,266
CommonSpirit Health, Refunding, SeriesA-2, 5.00%, 8/01/35		1,250,000		1,565,300
CommonSpirit Health, Refunding, SeriesA-2, 5.00%, 8/01/36		2,125,000		2,653,041
CommonSpirit Health, Refunding, SeriesA-2, 5.00%, 8/01/37		2,000,000		2,476,100


				162,836,519


Wisconsin 0.5%
Wisconsin State Transportation Revenue,
Refunding, Series 1, 5.00%, 7/01/24		6,560,000		7,283,831
Refunding, Series 2, 5.00%, 7/01/31		5,000,000		6,309,100
Series 1,Pre-Refunded, 5.00%, 7/01/24		3,440,000		3,821,255


				17,414,186


U.S. Territories 0.0%^†
Guam 0.0%^†
Guam Government Limited Obligation Revenue, Section 30, Series A, ETM, 5.50%, 12/01/19		1,025,000		1,036,132


Total Municipal Bonds before Short Term Investments (Cost $3,267,032,142)				3,473,604,835

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Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Short Term Investments 3.7%

Municipal Bonds 3.7%
Alabama 0.0%^†
^bMobile IDB, PCR, Alabama Power Co. Barry Plant Project, First Series, Daily VRDN and Put, 1.43%, 6/01/34	$	100,000	$	100,000


Arizona 0.8%
^bArizona IDA Hospital Revenue, Phoenix Children’s Hospital, Refunding, Series A, LOC JPMorgan Chase Bank, Daily VRDN and Put, 1.37%, 2/01/48		29,380,000		29,380,000


Colorado 0.4%
^bDenver City and County COP, Wellington E. Webb Municipal Office Building, Refunding, Series A3, SPA JPMorgan Chase Bank, Daily VRDN and Put, 1.39%, 12/01/31		12,800,000		12,800,000


Florida 0.7%
^bMartin County PCR, Florida Power and Light Co. Project, Refunding, Daily VRDN and Put, 1.43%, 7/15/22		22,600,000		22,600,000
^bSt. Lucie County PCR, Florida Power and Light Co. Project, Refunding, Daily VRDN and Put, 1.38%, 9/01/28		4,500,000		4,500,000


				27,100,000


Kentucky 0.1%
^bLouisville/Jefferson County Metro Government Health System Revenue, Norton Healthcare Inc., Series B, LOC PNC Bank, Daily VRDN and Put, 1.39%, 10/01/39		5,000,000		5,000,000


Michigan 0.1%
^bMichigan State Strategic Fund Limited Obligation Revenue, Henry Ford Museum and Greenfield Village Project, LOC Comerica Bank, Daily VRDN and Put, 1.41%, 12/01/33		1,350,000		1,350,000
^bUniversity of Michigan Revenue, Regents, General, Series A, SPA Wells Fargo Bank, Daily VRDN and Put, 1.36%, 4/01/38		2,000,000		2,000,000


				3,350,000


Missouri 0.0%^†
^bMissouri State Health and Educational Facilities Authority Educational Facilities Revenue, The Washington University, Series B, SPA JPMorgan Chase Bank, Daily VRDN and Put, 1.36%, 3/01/40		1,100,000		1,100,000


New York 0.3%
^bNew York City GO, Fiscal 2006, Series I, SubseriesI-8, SPA State Street Bank & Trust Co., Daily VRDN and Put, 1.42%, 4/01/36		2,015,000		2,015,000
^bNew York City Transitional Finance Authority Revenue,
Future Tax Secured, Fiscal 2013, Series A, SubseriesA-4, SPA JPMorgan Chase Bank, Daily VRDN and Put, 1.39%, 8/01/39		1,700,000		1,700,000
Future Tax Secured, Senior, Multi-Modal, Fiscal 2003, Refunding, Series A, SubseriesA-4, SPA Toronto Dominion Bank, Daily VRDN and Put, 1.39%, 11/01/29		3,700,000		3,700,000
^bTriborough Bridge and Tunnel Authority Revenue, General, MTA Bridges and Tunnels, Refunding, SubseriesB-2, LOC Citibank, Daily VRDN and Put, 1.30%, 1/01/32		4,200,000		4,200,000


				11,615,000


North Carolina 0.5%
^bThe Charlotte-Mecklenburg Hospital Authority Revenue,
Carolinas HealthCare System, Refunding, Series B, SPA JPMorgan Chase Bank, Daily VRDN and Put, 1.36%, 1/15/38		1,700,000		1,700,000
Carolinas HealthCare System, Series E, LOC TD Bank National Association, Daily VRDN and Put, 1.39%, 1/15/44		16,090,000		16,090,000


				17,790,000

Semiannual Report

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FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Short Term Investments(continued)

Municipal Bonds(continued)
Oregon 0.1%
^bOregon State Facilities Authority Revenue, PeaceHealth, Refunding, Series B, LOC TD Bank National Association, Daily VRDN and Put, 1.39%, 8/01/34	$	2,300,000	$	2,300,000


Utah 0.1%
^bWeber County Hospital Revenue, IHC Health Services Inc., Series C, SPA Bank of New York Mellon, Daily VRDN and Put, 1.39%, 2/15/35		2,860,000		2,860,000


Virginia 0.6%
^bAlbemarle County EDA Hospital Facilities Revenue, Sentara Martha Jefferson Hospital, Refunding, Series B, SPA TD Bank National Association, Daily VRDN and Put, 1.41%, 10/01/48		19,800,000		19,800,000
^bVirginia College Building Authority Educational Facilities Revenue, University of Richmond Project, SPA Wells Fargo Bank, Daily VRDN and Put, 1.38%, 11/01/36		1,375,000		1,375,000


				21,175,000


Total Short Term Investments (Cost $134,570,000)				134,570,000


Total Investments (Cost $3,401,602,142) 99.4%				3,608,174,835

Other Assets, less Liabilities 0.6%				21,251,368


Net Assets 100.0%			$	3,629,426,203

See Abbreviations on page 141.

^†Rounds to less than 0.1% of net assets.

^aSecurity purchased on a when-issued basis. See Note 1(b).

^bVariable 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.

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FRANKLIN TAX-FREE TRUST

Financial Highlights

Franklin Federal Limited-TermTax-Free Income Fund


	Six Months Ended August 31, 2019 (unaudited)			Year Ended February 28, 2019^a

Class A

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$10.35			$10.27

Income from investment operations^b:

Net investment income^c		0.07			0.07

Net realized and unrealized gains (losses)		0.21			0.08

Total from investment operations		0.28			0.15

Less distributions from:

Net investment income		(0.09	)		(0.07	)

Net asset value, end of period		$10.54			$10.35

Total return^d		2.68%			1.49%

Ratios to average net assets^e

Expenses before waiver and payments by affiliates		0.82%			0.83%

Expenses net of waiver and payments by affiliates^f		0.65%			0.65%

Net investment income		1.41%			1.23%

Supplemental data

Net assets, end of period (000’s)		$116,963			$103,864

Portfolio turnover rate		8.67%			64.94%

^aFor the period September 10, 2018 (effective date) to February 28, 2019.

^cBased on average daily shares outstanding.

^dTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

Semiannual Report | The accompanying notes are an integral part of these financial statements.

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FRANKLIN TAX-FREE TRUST

FINANCIAL HIGHLIGHTS

Franklin Federal Limited-TermTax-Free Income Fund(continued)


	Six Months Ended August 31, 2019			Year Ended February 28,
	(unaudited)			2019			2018			2017			2016^a			2015

Class A1

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$10.36			$10.29			$10.37			$10.45			$10.47			$10.51

Income from investment operations^b:

Net investment income^c		0.08			0.14			0.09			0.09			0.10			0.11

Net realized and unrealized gains (losses)		0.20			0.08			(0.09	)		(0.09	)		(0.03	)		(0.05	)

Total from investment operations		0.28			0.22			—			—			0.07			0.06

Less distributions from:

Net investment income		(0.09	)		(0.15	)		(0.08	)		(0.08	)		(0.09	)		(0.10	)

Net asset value, end of period		$10.55			$10.36			$10.29			$10.37			$10.45			$10.47

Total return^d		2.73%			2.11%			0.01%			0.04%			0.70%			0.60%

Ratios to average net assets^e

Expenses before waiver and payments by affiliates		0.72%			0.73%			0.71%			0.70%			0.69%			0.70%

Expenses net of waiver and payments by affiliates		0.55%	^f		0.55%	^f		0.63%			0.63%			0.63%			0.62%

Net investment income		1.51%			1.33%			0.84%			0.83%			0.95%			1.05%

Supplemental data

Net assets, end of period (000’s)		$541,313			$582,767			$687,197			$810,811			$886,784			$890,556

Portfolio turnover rate		8.67%			64.94%			40.13%			18.54%			22.58%			19.64%

^aFor the year ended February 29.

^cBased on average daily shares outstanding.

^dTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

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The accompanying notes are an integral part of these financial statements. | Semiannual Report

FRANKLIN TAX-FREE TRUST

FINANCIAL HIGHLIGHTS

Franklin Federal Limited-TermTax-Free Income Fund(continued)


	Six Months Ended August 31, 2019			Year Ended February 28,
	(unaudited)			2019			2018^a

Class R6

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$10.35			$10.28			$10.37

Income from investment operations^b:

Net investment income^c		0.09			0.16			0.07

Net realized and unrealized gains (losses)		0.20			0.07			(0.10	)

Total from investment operations		0.29			0.23			(0.03	)

Less distributions from:

Net investment income		(0.10	)		(0.16	)		(0.06	)

Net asset value, end of period		$10.54			$10.35			$10.28

Total return^d		2.82%			2.29%			(0.32)%

Ratios to average net assets^e

Expenses before waiver and payments by affiliates		0.54%			0.55%			0.54%

Expenses net of waiver and payments by affiliates		0.36%	^f		0.36%	^f		0.44%

Net investment income		1.70%			1.52%			1.03%

Supplemental data

Net assets, end of period (000’s)		$50,511			$47,182			$51,656

Portfolio turnover rate		8.67%			64.94%			40.13%

^aFor the period August 1, 2017 (effective date) to February 28, 2018.

^cBased on average daily shares outstanding.

^dTotal return is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

Semiannual Report | The accompanying notes are an integral part of these financial statements.

franklintempleton.com

FRANKLIN TAX-FREE TRUST

FINANCIAL HIGHLIGHTS

Franklin Federal Limited-TermTax-Free Income Fund(continued)


	Six Months Ended August 31, 2019			Year Ended February 28,
	(unaudited)			2019			2018			2017			2016^a			2015

Advisor Class

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$10.35			$10.29			$10.37			$10.44			$10.46			$10.50

Income from investment operations^b:

Net investment income^c		0.09			0.15			0.10			0.10			0.11			0.12

Net realized and unrealized gains (losses)		0.21			0.07			(0.08	)		(0.07	)		(0.02	)		(0.04	)

Total from investment operations		0.30			0.22			0.02			0.03			0.09			0.08

Less distributions from:

Net investment income		(0.10	)		(0.16	)		(0.10	)		(0.10	)		(0.11	)		(0.12	)

Net asset value, end of period		$10.55			$10.35			$10.29			$10.37			$10.44			$10.46

Total return^d		2.90%			2.16%			0.16%			0.28%			0.86%			0.75%

Ratios to average net assets^e

Expenses before waiver and payments by affiliates		0.57%			0.58%			0.56%			0.55%			0.54%			0.55%

Expenses net of waiver and payments by affiliates		0.40%	^f		0.40%	^f		0.48%			0.48%			0.48%			0.47%

Net investment income		1.66%			1.48%			0.99%			0.98%			1.10%			1.20%

Supplemental data

Net assets, end of period (000’s)		$297,797			$274,316			$247,708			$296,298			$239,537			$231,428

Portfolio turnover rate		8.67%			64.94%			40.13%			18.54%			22.58%			19.64%

^aFor the year ended February 29.

^cBased on average daily shares outstanding.

^dTotal return is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

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The accompanying notes are an integral part of these financial statements. | Semiannual Report

FRANKLIN TAX-FREE TRUST

Statement of Investments, August 31, 2019 (unaudited)

Franklin Federal Limited-TermTax-Free Income Fund


	Shares		Value

Management Investment Companies (Cost $15,789,813) 1.6%
Financials 1.6%
^aFranklin Liberty Municipal Bond ETF		615,000	$	16,266,750


		Principal Amount

Municipal Bonds 86.9%
Alabama 1.0%
^bMobile IDB,
PCR, Alabama Power Co. Barry Plant Project, Mandatory Put, 2.90%, 12/12/23	$	7,550,000		7,949,621
PCR, Alabama Power Co. Barry Plant Project, Mandatory Put, Series A, 1.85%, 3/24/20		2,250,000		2,255,828


				10,205,449


Arkansas 1.6%
Arkansas State GO, Four-Lane Highway Construction and Improvement Bonds, 3.25%, 6/15/22		11,195,000		11,630,933
Little Rock School District GO, Pulaski County, Construction, 3.00%, 2/01/20		4,930,000		4,967,222


				16,598,155


California 6.6%
^bCalifornia Health Facilities Financing Authority Revenue,
Providence St. Joseph Health, Mandatory Put, SeriesB-3, 2.00%, 10/01/25		13,340,000		13,948,971
St. Joseph Health System, Mandatory Put, Refunding, Series D, 5.00%, 10/15/20		5,000,000		5,222,100
St. Joseph Health System, Mandatory Put, Series C, 5.00%, 10/15/19		3,250,000		3,264,755
^bCalifornia Infrastructure and Economic Development Bank Revenue, J Paul Getty Trust, Mandatory Put, Refunding, SeriesA-1, 1.891%, 4/01/22		15,000,000		14,990,100
^bCalifornia State Municipal Finance Authority Solid Waste Disposal Revenue, Waste Management Inc. Project, Mandatory Put, Series A, 2.00%, 2/03/20		4,500,000		4,511,610
^bCalifornia Statewide CDA, PCR, Southern California Edison Co., Mandatory Put, Refunding, Series D, 2.625%, 12/01/23		3,000,000		3,134,370
California Statewide CDA Revenue, Viamonte Senior Living1 Project, Series B, California Mortgage Insured, 3.00%, 7/01/27		3,500,000		3,577,525
Mount San Antonio Community College District GO, Capital Appreciation, BAN, zero cpn., 4/01/22		10,000,000		9,690,400
Salinas UHSD, GO, Monterey County, BAN, Capital Appreciation, zero cpn., 8/01/20		5,000,000		4,906,950
^bWestern Municipal Water District Facilities Authority Adjustable Rate Water Revenue, Mandatory Put, Refunding, Series A, 1.50%, 10/01/20		3,250,000		3,259,100


				66,505,881


Colorado 0.8%
Denver City and County School District No. 1 GO, Series B, 4.00%, 12/01/27		7,480,000		8,109,292


Connecticut 2.1%
^bConnecticut State Health and Educational Facilities Authority Revenue,
Yale University Issue, Mandatory Put, Refunding, Series A, 2.05%, 7/12/21		7,500,000		7,624,950
Yale University Issue, Mandatory Put, Series A, 1.30%, 2/03/20		10,000,000		10,007,800
Yale University Issue, Mandatory Put, SeriesX-2, 1.80%, 2/09/21		3,000,000		3,028,020


				20,660,770

Semiannual Report

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FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Limited-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Florida 1.8%
Escambia County PCR, Gulf Power Co. Project, Refunding, 2.60%, 6/01/23	$	5,000,000	$	5,208,450
Florida State Municipal Power Agency Revenue,All-Requirements Power Supply Project, Refunding, Series A, 5.00%, 10/01/25		1,000,000		1,226,060
Florida State Turnpike Authority Revenue, Department of Transportation, Refunding, Series A, 2.875%, 7/01/25		3,000,000		3,141,210
Lee County Transportation Facilities Revenue, Refunding, AGMC Insured, 5.00%, 10/01/19		2,385,000		2,391,940
^bMiami-Dade County IDA Solid Waste Disposal Revenue, Waste Management Inc. of Florida Project, Mandatory Put, 1.75%, 11/01/19		2,000,000		2,001,880
Orlando-Orange County Expressway Authority Revenue, Refunding, AGMC Insured, 5.00%, 7/01/24		4,000,000		4,427,160


				18,396,700


Georgia 3.5%
^bCobb County Development Authority Revenue, Georgia Waste Management Project, Mandatory Put, Series A, 1.875%, 10/01/19		2,500,000		2,501,475
Georgia State GO, Series A, 5.00%, 2/01/23		12,375,000		14,020,875
Metropolitan Atlanta Rapid Transit Authority Sales Tax Revenue, Refunding, Series A, 3.00%, 7/01/23		11,000,000		11,792,990
^bMonroe County Development Authority PCR,
Georgia Power Co. Plant Scherer Project, Mandatory Put, Refunding, First Series, 2.05%, 11/19/21		3,250,000		3,284,190
Gulf Power Co. Plant Scherer Project, Mandatory Put, First Series, 1.40%, 9/19/19		3,750,000		3,750,000


				35,349,530


Hawaii 1.1%
Hawaii State GO, Refunding, Series EF, 5.00%, 11/01/23		10,000,000		11,221,000


Illinois 0.9%
^bIllinois State Finance Authority Revenue, Field Museum of Natural History, Refunding, Mandatory Put, 2.016%, 9/01/22		8,700,000		8,700,174


Iowa 1.0%
Des Moines Independent Community School District Revenue, Polk and Warren Counties, School Infrastructure Sales, Services and Use Tax, AGMC Insured, 3.00%, 6/01/29		9,300,000		10,043,349


Kansas 0.8%
^cKansas State Department of Transportation Highway Revenue, Refunding, SeriesB-5, Monthly FRN, 1.894%,(1-month USD LIBOR + 0.40%), 9/01/19		5,700,000		5,700,000
Reno County USD No. 308 GO, Hutchinson, Refunding, 5.00%, 9/01/27		1,575,000		2,006,692


				7,706,692


Kentucky 2.2%
^bKentucky Public Energy Authority Gas Supply Revenue,
Mandatory Put, Series A, 4.00%, 4/01/24		10,000,000		11,011,600
Mandatory Put, Series B, 4.00%, 1/01/25		10,000,000		11,210,900


				22,222,500


Louisiana 3.1%
Louisiana State GO,
Seried A, 5.00%, 3/01/31		10,870,000		14,184,807
Series A, 4.00%, 5/15/31		15,225,000		16,531,609


				30,716,416

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Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Limited-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Maryland 5.2%
Baltimore City GO, Consolidated Public Improvement, Refunding, Series B, 5.00%, 10/15/25	$	5,000,000	$	6,153,600
Maryland State GO,
State and Local Facilities Loan of 2013, Second Series A,Pre-Refunded, 5.00%, 8/01/23		11,355,000		12,209,123
State and Local Facilities Loan of 2017, Refunding, Second Series B, 5.00%, 8/01/26		12,330,000		15,524,950
Washington Suburban Sanitary District GO,
Montgomery and Prince George’s Counties, Consolidated Public Improvement,Pre-Refunded, 4.00%, 6/01/28		5,500,000		6,100,160
Montgomery and Prince George’s Counties, Consolidated Public Improvement,Pre-Refunded, 4.00%, 6/01/30		5,500,000		6,100,160
Montgomery and Prince George’s Counties, Consolidated Public Improvement,Pre-Refunded, 4.00%, 6/01/31		5,500,000		6,100,160


				52,188,153


Massachusetts 0.6%
^bMassachusetts Development Finance Agency Revenue, Partners HealthCare System Issue, Mandatory Put, Refunding, SeriesS-4, 5.00%, 1/25/24		5,000,000		5,816,750


Michigan 1.4%
Grand Rapids Sanitary Sewer System Revenue, Improvement and Refunding, Series A, AGMC Insured, 5.50%, 1/01/22		3,145,000		3,318,164
Michigan Finance Authority Revenue, Unemployment Obligation Assessment, Refunding, Series B, 5.00%, 7/01/20		10,000,000		10,181,200
Michigan State HDA Rental Housing Revenue, SeriesA-1, 1.50%, 10/01/22		1,000,000		1,001,630


				14,500,994


Minnesota 1.6%
Farmington ISD No. 192 GO, School Building, Refunding, Series C, 5.00%, 2/01/24		6,065,000		7,062,207
^bMinneapolis MFHR, Riverside Homes Project, Mandatory Put, Series A, 2.40%, 5/01/20		1,250,000		1,251,975
Minnesota State Higher Education Facilities Authority Revenue,
University of St. Thomas, 5.00%, 10/01/26		1,000,000		1,242,280
University of St. Thomas, 5.00%, 10/01/27		1,000,000		1,268,610
Northern Municipal Power Agency Electric System Revenue, Refunding, 5.00%, 1/01/21		5,000,000		5,255,050


				16,080,122


Mississippi 0.5%
^bMississippi Business Finance Corp. Solid Waste Disposal Revenue, Waste Management Inc. Project, Mandatory Put, 1.35%, 9/01/20		5,000,000		5,000,850


Nevada 2.8%
Clark County School District GO, Refunding, Series D, 5.00%, 6/15/20		20,000,000		20,604,200
Nevada State Highway Improvement Revenue, Motor Vehicle Fuel Tax, Refunding, 5.00%, 12/01/20		7,000,000		7,342,790


				27,946,990

Semiannual Report

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FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Limited-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
New Jersey 4.6%
Garden State Preservation Trust Revenue, Open Space and Farmland Preservation, Forward Delivery, Series A, 5.75%, 11/01/28	$	25,000,000	$	32,175,250
^bNew Jersey State Housing and Mortgage Finance Agency MF Conduit Revenue, Garden Spires Project, Mandatory Put, Series A, 2.02%, 8/01/20		4,310,000		4,332,843
New Jersey State Transportation Trust Fund Authority Revenue, Transportation, Capital Appreciation, Series C, BHAC Insured, zero cpn., 12/15/27		11,110,000		9,484,163


				45,992,256


New Mexico 0.9%
^bFarmington PCR, Southern California Edison Co. Four Corners Project, Mandatory Put, Refunding, Series A, 1.875%, 4/01/20		9,000,000		9,024,300


New York 7.5%
^bChautauqua County Capital Resource Corp. Revenue, Multi-Mode, Jamestown Center City Development Corp. Project, Mandatory Put, Refunding, Subseries C, 2.00%, 11/01/21		4,750,000		4,780,780
New York City GO,
Fiscal 2010, Refunding, Series C, 5.00%, 8/01/24		6,000,000		6,017,160
Fiscal 2010, Series E, 5.00%, 8/01/27		8,075,000		8,098,095
Fiscal 2014, Refunding, Series G, 5.00%, 8/01/20		7,000,000		7,252,490
Fiscal 2019, Refunding, Series A, 5.00%, 8/01/22		5,000,000		5,563,100
New York State Dormitory Authority State Personal Income Tax Revenue, General Purpose, Refunding, Series A, 5.00%, 12/15/19		6,095,000		6,163,020
New York State Energy Research and Development Authority PCR,
New York State Electric and Gas Corp. Project, Refunding, Series D, 3.50%, 10/01/29		3,000,000		3,509,970
^bRochester Gas and Electric Corp. Project, Mandatory Put, Series A, 3.00%, 7/01/25		10,000,000		10,901,500
New York State HFAR, Affordable Housing, Climate Bond Certified/Green Bonds, Series K, GNMA Secured, 1.50%, 5/01/21		10,000,000		10,034,700
Suffolk County GO,
Public Improvements, Series B, AGMC Insured, 4.00%, 10/15/28		4,205,000		4,896,933
Refunding, Series D, 4.00%, 10/15/19		3,835,000		3,847,617
Refunding, Series D, 4.00%, 10/15/20		4,270,000		4,407,152


				75,472,517


North Carolina 1.3%
Charlotte COP, Transit Projects, Phase III, Series B, 3.00%, 6/01/22		7,500,000		7,510,950
North Carolina State University at Raleigh Revenue,
General, The Board of Governors of the University of North Carolina, Refunding, Series A, 5.00%, 10/01/27		1,500,000		1,945,275
General, The Board of Governors of the University of North Carolina, Refunding, Series B, 5.00%, 10/01/26		3,000,000		3,803,130


				13,259,355


North Dakota 0.5%
West Fargo GO, Cass County, Temporary, Refunding and Improvement, 2.15%, 5/01/21		5,000,000		5,003,300

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Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Limited-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Ohio 3.9%
American Municipal Power Inc. Revenue, Prairie State Energy Campus Project, Refunding, Series A, 5.00%, 2/15/20	$	7,000,000	$	7,121,730
Lucas County Hospital Revenue, Promedica Healthcare Obligated Group, Refunding, Series A, 6.50%, 11/15/37		10,000,000		11,164,200
Marysville Wastewater Treatment System Revenue, Refunding, BAM Insured, 5.00%, 12/01/19		1,000,000		1,009,120
Ohio State Water Development Authority PCR, Loan Fund, Series A, 5.00%, 6/01/29		8,500,000		11,301,345
Ohio State Water Development Authority Revenue, Fresh Water, 5.00%, 6/01/28		7,000,000		9,115,470


				39,711,865


Oklahoma 0.8%
Oklahoma County Finance Authority Educational Facilities Lease Revenue,
MidwestCity-Del City Public Schools Project, 5.00%, 10/01/19		510,000		511,474
MidwestCity-Del City Public Schools Project, 5.00%, 10/01/20		1,350,000		1,405,809
MidwestCity-Del City Public Schools Project, 5.00%, 10/01/22		1,000,000		1,112,190
Tulsa County Industrial Authority Educational Facilities Lease Revenue,
Owasso Public Schools Project, 5.00%, 9/01/21		2,010,000		2,158,981
Owasso Public Schools Project, 5.00%, 9/01/22		1,500,000		1,663,365
Owasso Public Schools Project, 5.00%, 9/01/23		1,170,000		1,336,292


				8,188,111


Oregon 1.9%
Oregon State Department of Transportation Highway User Tax Revenue,
senior lien, Refunding, Series A, 5.00%, 11/15/22		5,000,000		5,622,900
senior lien, Refunding, Series C, 5.00%, 11/15/19		7,860,000		7,921,622
Oregon State GO, Higher Education, Refunding, Series B, 5.00%, 8/01/27		2,785,000		3,397,032
Salem-Keizer School District No. 24J GO, Marion and Polk Counties, 5.00%, 6/15/25		2,000,000		2,441,200


				19,382,754


Pennsylvania 2.9%
^bLehigh County IDA, PCR, PPL Electric Utilities Corp. Project, Refunding, Mandatory Put, Series A, 1.80%, 9/01/22		10,000,000		10,085,200
Pennsylvania State GO, Refunding, Second Series, 5.00%, 1/15/20		10,000,000		10,142,600
Westmoreland County Municipal Authority Revenue, Municipal Service,Pre-Refunded, 5.00%, 8/15/37		7,895,000		9,091,014


				29,318,814


South Carolina 1.1%
^bPatriots Energy Group Financing Agency Gas Supply Revenue, Mandatory Put, Sub Series A, 4.00%, 2/01/24		10,000,000		11,040,200


Tennessee 3.2%
Memphis GO,
General Improvement, Refunding, 5.00%, 6/01/24		6,915,000		8,173,945
General Improvement, Refunding, 5.00%, 6/01/25		7,260,000		8,842,099
General Improvement, Refunding, 5.00%, 6/01/26		7,625,000		9,539,866
^bTennergy Corp. Gas Supply Revenue, Mandatory Put, Series A, 5.00%, 10/01/24		5,000,000		5,843,100


				32,399,010

Semiannual Report

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FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Limited-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Texas 9.1%
Clifton Higher Education Finance Corp. Revenue,
Education, IDEA Public Schools, Refunding, PSF Guarantee, 3.00%, 8/15/20	$	2,400,000	$	2,440,776
Education, IDEA Public Schools, Refunding, PSF Guarantee, 4.00%, 8/15/21		2,000,000		2,108,240
Education, IDEA Public Schools, Refunding, PSF Guarantee, 4.00%, 8/15/22		3,200,000		3,455,040
Comal ISD,
GO, School Building, PSF Guarantee, 5.00%, 2/01/21		2,280,000		2,406,221
GO, School Building, PSF Guarantee, 5.00%, 2/01/22		2,250,000		2,460,555
Cypress-Fairbanks ISD,
GO, Harris County, Refunding, PSF Guarantee, 5.00%, 2/15/22		7,320,000		8,021,476
^bGO, Harris County, School Building, SeriesA-1, PSF Guarantee, Mandatory Put, 2.125%, 8/16/21		6,315,000		6,419,892
Dallas Waterworks and Sewer System Revenue, Dallas Denton Collin and Rockwall Counties, Refunding, Series A, 5.00%, 10/01/26		5,000,000		6,138,850
Fort Worth GO, Tarrant Denton Parker Johnson and Wise Counties, General Purpose, Refunding and Improvement, Series A, 5.00%, 3/01/20		5,000,000		5,096,850
Houston Utility System Revenue, Combined, first lien, Refunding, Series D, 5.00%, 11/15/26		1,000,000		1,262,850
Lubbock GO, Refunding, 5.00%, 2/15/25		5,150,000		6,189,476
Northside ISD, GO, Refunding, PSF Guarantee, 4.00%, 8/15/20		5,940,000		6,106,439
San Antonio ISD, GO, Bexar County, School Building, Refunding, PSF Guarantee, 5.00%, 2/15/21		14,880,000		15,724,142
Texas State GO,
Water Financial Assistance, Water Infrastructure Fund, Refunding, Series B, SubseriesB-3, 5.00%, 8/01/24		4,750,000		5,636,825
Water Financial Assistance, Water Infrastructure Fund, Refunding, Series B, SubseriesB-3, 5.00%, 8/01/25		2,000,000		2,444,220
Water Financial Assistance, Water Infrastructure Fund, Refunding, Series B, SubseriesB-3, 5.00%, 8/01/26		2,000,000		2,510,660
Texas State Water Development Board Revenue, State Revolving Fund, 5.00%, 8/01/27		4,200,000		5,392,380
^bTexas Transportation Commission State Highway Fund Revenue, first tier, Mandatory Put, Refunding, Series B, 4.00%, 10/01/21		3,000,000		3,172,770
University of Texas System Revenue, Board of Regents, Financing System, Series J, 5.00%, 8/15/21		4,000,000		4,306,160


				91,293,822


Utah 0.1%
South Valley Water Reclamation Facility Sewer Revenue, AGMC Insured, 5.00%, 2/15/23		1,225,000		1,383,515


Virginia 2.8%
Virginia College Building Authority Educational Facilities Revenue,
21st Century College and Equipment Programs, Series A, 4.00%, 2/01/29		15,375,000		16,466,010
Public Higher Education Financing Program, Refunding, Series B, 5.00%, 9/01/20		11,760,000		12,219,463


				28,685,473


Washington 6.6%
Energy Northwest Electric Revenue, Columbia Generating Station, Refunding, Series A, 5.00%, 7/01/23		5,000,000		5,738,250
King and Pierce Counties School District No. 408 Auburn GO,
5.00%, 12/01/27		1,700,000		2,204,186
5.00%, 12/01/28		3,300,000		4,264,359
Pierce County Sumner School District No. 320 GO, Unlimited Tax, Refunding and Improvement, 4.00%, 12/01/20		7,250,000		7,516,728

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Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Limited-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Washington(continued)
Snoqualmie Valley School District No. 410 GO,
King County, Improvement and Refunding, 5.00%, 12/01/20	$	4,880,000	$	5,119,559
King County, Improvement and Refunding, 5.00%, 12/01/21		2,455,000		2,671,359
Spokane County School District No. 354 Mead GO,
4.00%, 12/01/32		1,150,000		1,341,590
5.00%, 12/01/33		1,500,000		1,892,505
Spokane County School District No. 356 Central Valley GO, 4.00%, 12/01/31		8,295,000		9,735,925
^bUniversity of Washington Revenue, General, Mandatory Put, Series A, 5.00%, 5/01/22		5,000,000		5,399,900
Washington State GO,
Motor Vehicle Fuel Tax, Refunding, 5.00%, 7/01/23		3,255,000		3,613,180
Motor Vehicle Fuel Tax, Refunding, SeriesR-2015D, 5.00%, 7/01/28		3,985,000		4,769,965
Motor Vehicle Fuel Tax, Refunding, SeriesR-D, 5.00%, 7/01/23		4,085,000		4,534,513
Variable Purpose, Series D, 5.00%, 2/01/34		6,545,000		7,164,746


				65,966,765


Wisconsin 1.1%
Fond Du Lac GO,
Fond Du Lac County, Refunding, Series B, 2.00%, 4/01/20		700,000		703,598
Fond Du Lac County, Refunding, Series B, 2.00%, 4/01/22		1,000,000		1,021,370
Wisconsin State GO, Series B, 3.00%, 5/01/33		9,000,000		9,141,930


				10,866,898


Total Municipal Bonds (Cost $847,789,835)				874,958,722


Total Investments before Short Term Investments (Cost $863,579,648)				891,225,472


Short Term Investments 10.9%

Municipal Bonds 10.9%
Alabama 0.1%
^dMobile IDB, PCR, Alabama Power Co. Barry Plant Project, First Series, Daily VRDN and Put, 1.43%, 6/01/34		600,000		600,000


Arizona 2.0%
^dArizona IDA Hospital Revenue, Phoenix Children’s Hospital, Refunding, Series A, LOC JPMorgan Chase Bank, Daily VRDN and Put, 1.37%, 2/01/48		2,830,000		2,830,000
^dMaricopa County IDA Hospital Revenue, Honor Health, Refunding, Series C, Weekly VRDN and Put, 2.15%, 9/01/24		17,000,000		17,056,950


				19,886,950


Colorado 1.0%
^dDenver City and County COP, Wellington E. Webb Municipal Office Building, Refunding, Series A2, SPA JPMorgan Chase Bank, Daily VRDN and Put, 1.39%, 12/01/29		10,100,000		10,100,000

Semiannual Report

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FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Limited-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Short Term Investments(continued)

Municipal Bonds(continued)
Florida 2.5%
^dMartin County PCR, Florida Power and Light Co. Project, Refunding, Daily VRDN and Put, 1.43%, 7/15/22	$	3,800,000	$	3,800,000
^dSt. Lucie County PCR, Florida Power and Light Co. Project, Refunding, Daily VRDN and Put, 1.38%, 9/01/28		21,300,000		21,300,000


				25,100,000


Kentucky 0.4%
^dLouisville/Jefferson County Metro Government Health System Revenue, Norton Healthcare Inc., Series B, LOC PNC Bank, Daily VRDN and Put, 1.39%, 10/01/39		4,000,000		4,000,000


Maryland 1.6%
^dMontgomery County GO, Consolidated Public Improvement, Series E, SPA US Bank National Association, Daily VRDN and Put, 1.36%, 11/01/37		16,600,000		16,600,000


Michigan 0.1%
^dUniversity of Michigan Revenue, Regents, General, Series A, SPA Wells Fargo Bank, Daily VRDN and Put, 1.36%, 4/01/38		600,000		600,000


New York 0.4%
^dNew York City Municipal Water Finance Authority Water and Sewer System Revenue, Second General Resolution, Fiscal 2007, Series CC,Sub-SeriesCC-2, SPA Bank of Montreal, Daily VRDN and Put, 1.35%, 6/15/38		1,975,000		1,975,000
^dNew York City Transitional Finance Authority Revenue, Future Tax Secured, Subordinate, Fiscal 2013, Series C, SubseriesC-4, SPA JPMorgan Chase Bank, Daily VRDN and Put, 1.39%, 11/01/36		500,000		500,000
^dTriborough Bridge and Tunnel Authority Revenue, General, MTA Bridges and Tunnels, Refunding, Series F, LOC Citibank, Daily VRDN and Put, 1.30%, 11/01/32		1,950,000		1,950,000


				4,425,000


North Carolina 0.5%
^dThe Charlotte-Mecklenburg Hospital Authority Revenue,
Carolinas HealthCare System, Refunding, Series B, SPA JPMorgan Chase Bank, Daily VRDN and Put, 1.36%, 1/15/38		3,500,000		3,500,000
Carolinas HealthCare System, Refunding, Series C, SPA JPMorgan Chase Bank, Daily VRDN and Put, 1.36%, 1/15/37		200,000		200,000
Carolinas HealthCare System, Series E, LOC TD Bank National Association, Daily VRDN and Put, 1.39%, 1/15/44		1,800,000		1,800,000


				5,500,000


Ohio 0.6%
Dublin City School District GO, Franklin Delaware and Union Counties, School Facilities Construction and Improvement, Series A, 3.00%, 12/01/19		2,415,000		2,426,592
^dOhio State Hospital Revenue, Cleveland Clinic Health System Obligated Group, Refunding, Series B, SPA Wells Fargo Bank, Daily VRDN and Put, 1.35%, 1/01/39		3,175,000		3,175,000


				5,601,592

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Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Federal Limited-TermTax-Free Income Fund(continued)


	Principal Amount		Value

Short Term Investments(continued)

Municipal Bonds(continued)
Pennsylvania 0.8%
^d Pennsylvania State Turnpike Commission Turnpike Revenue, Refunding, Series A-2, Weekly VRDN and Put, 2.05%, (MUNIPSA + 0.70%), 12/01/19	$	3,000,000	$	3,001,770
^d University of Pittsburgh of the Commonwealth System of Higher Education Revenue, Pitt Asset Notes, Higher Education, Weekly VRDN and Put, 1.59%, 9/15/21		5,000,000		4,992,950


				7,994,720


Utah 0.6%
^d Utah County Hospital Revenue, IHC Health Services Inc., Series C, SPA TD Bank National Association, Daily VRDN and Put, 1.35%, 5/15/58		600,000		600,000
^d Weber County Hospital Revenue, IHC Health Services Inc., Series C, SPA Bank of New York Mellon, Daily VRDN and Put, 1.39%, 2/15/35		5,340,000		5,340,000


				5,940,000


Virginia 0.3%
^d Albemarle County EDA Hospital Facilities Revenue, Sentara Martha Jefferson Hospital, Refunding, Series B, SPA TD Bank National Association, Daily VRDN and Put, 1.41%, 10/01/48		2,900,000		2,900,000


Total Short Term Investments (Cost $109,193,502)				109,248,262


Total Investments (Cost $972,773,150) 99.4%				1,000,473,734
Other Assets, less Liabilities 0.6%				6,110,716


Net Assets 100.0%			$	1,006,584,450

See Abbreviations on page 141.

^aSee Note 3(f) regarding investments in affiliated management investment companies.

^bThe maturity date shown represents the mandatory put date.

^cThe coupon rate shown represents the rate at period end.

^dVariable 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.

Semiannual Report | The accompanying notes are an integral part of these financial statements.

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FRANKLIN TAX-FREE TRUST

Financial Highlights

Franklin High YieldTax-Free Income Fund


	Six Months Ended August 31, 2019 (unaudited)			Year Ended February 28, 2019^a

Class A

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$ 9.93			$ 9.97

Income from investment operations^b:

Net investment income^c		0.20			0.20

Net realized and unrealized gains (losses)		0.44			(0.04	)

Total from investment operations		0.64			0.16

Less distributions from:

Net investment income		(0.23	)		(0.20	)

Net asset value, end of period		$10.34			$ 9.93

Total return^d		6.51%			1.68%

Ratios to average net assets^e

Expenses^f		0.81%			0.81%

Net investment income		3.94%			4.23%

Supplemental data

Net assets, end of period (000’s)		$603,488			$343,683

Portfolio turnover rate		4.26%			6.16%

^aFor the period September 10, 2018 (effective date) to February 28, 2019.

^cBased on average daily shares outstanding.

^dTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

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FRANKLIN TAX-FREE TRUST

FINANCIAL HIGHLIGHTS

Franklin High YieldTax-Free Income Fund(continued)


	Six Months Ended August 31, 2019			Year Ended February 28,
	(unaudited)			2019			2018			2017			2016^a			2015

Class A1

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$ 9.92			$ 9.94			$10.25			$10.57			$10.68			$10.15

Income from investment operations^b:

Net investment income^c		0.21			0.43			0.43			0.46			0.45			0.46

Net realized and unrealized gains (losses)		0.44			(0.01	)		(0.30	)		(0.33	)		(0.11	)		0.54

Total from investment operations		0.65			0.42			0.13			0.13			0.34			1.00

Less distributions from:

Net investment income		(0.24	)		(0.44	)		(0.44	)		(0.45	)		(0.45	)		(0.47	)

Net asset value, end of period		$10.33			$ 9.92			$ 9.94			$10.25			$10.57			$10.68

Total return^d		6.60%			4.33%			1.30%			1.21%			3.30%			9.99%

Ratios to average net assets^e

Expenses		0.66%	^f		0.66%	^f		0.66%			0.64%			0.67%			0.65%

Net investment income		4.09%			4.38%			4.22%			4.36%			4.32%			4.39%

Supplemental data

Net assets, end of period (000’s)		$4,249,110			$4,174,968			$4,608,917			$5,030,901			$5,117,876			$5,244,428

Portfolio turnover rate		4.26%			6.16%			6.98%			12.26%			11.81%			8.29%

^aFor the year ended February 29.

^cBased on average daily shares outstanding.

^dTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

Semiannual Report | The accompanying notes are an integral part of these financial statements.

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FRANKLIN TAX-FREE TRUST

FINANCIAL HIGHLIGHTS

Franklin High YieldTax-Free Income Fund(continued)


	Six Months Ended August 31, 2019			Year Ended February 28,
	(unaudited)			2019			2018			2017			2016^a			2015

Class C

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$10.12			$10.13			$10.44			$10.76			$10.86			$10.31

Income from investment operations^b:

Net investment income^c		0.18			0.39			0.38			0.41			0.40			0.41

Net realized and unrealized gains (losses)		0.45			(0.01	)		(0.30	)		(0.34	)		(0.11	)		0.55

Total from investment operations		0.63			0.38			0.08			0.07			0.29			0.96

Less distributions from:

Net investment income		(0.21	)		(0.39	)		(0.39	)		(0.39	)		(0.39	)		(0.41	)

Net asset value, end of period		$10.54			$10.12			$10.13			$10.44			$10.76			$10.86

Total return^d		6.30%			3.77%			0.71%			0.62%			2.78%			9.43%

Ratios to average net assets^e

Expenses		1.21%	^f		1.21%	^f		1.21%			1.19%			1.22%			1.20%

Net investment income		3.54%			3.83%			3.67%			3.81%			3.77%			3.84%

Supplemental data

Net assets, end of period (000’s)		$534,262			$558,728			$870,227			$1,025,186			$1,062,643			$1,100,883

Portfolio turnover rate		4.26%			6.16%			6.98%			12.26%			11.81%			8.29%

^aFor the year ended February 29.

^cBased on average daily shares outstanding.

^dTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

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FRANKLIN TAX-FREE TRUST

FINANCIAL HIGHLIGHTS

Franklin High YieldTax-Free Income Fund(continued)


	Six Months Ended August 31, 2019			Year Ended February 28,
	(unaudited)			2019			2018^a

Class R6

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$ 9.97			$ 9.98			$10.31

Income from investment operations^b:

Net investment income^c		0.22			0.45			0.27

Net realized and unrealized gains (losses)		0.44			(0.01	)		(0.34	)

Total from investment operations		0.66			0.44			(0.07	)

Less distributions from:

Net investment income		(0.25	)		(0.45	)		(0.26	)

Net asset value, end of period		$10.38			$ 9.97			$ 9.98

Total return^d		6.64%			4.55%			(0.68)%

Ratios to average net assets^e

Expenses before waiver and payments by affiliates		0.53%			0.52%			0.52%

Expenses net of waiver and payments by affiliates		0.52%	^f		0.52%	^g		0.51%

Net investment income		4.23%			4.52%			4.37%

Supplemental data

Net assets, end of period (000’s)		$111,054			$90,752			$152,255

Portfolio turnover rate		4.26%			6.16%			6.98%

^aFor the period August 1, 2017 (effective date) to February 28, 2018.

^cBased on average daily shares outstanding.

^dTotal return is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

^gBenefit of waiver and payments by affiliates and expense reduction rounds to less than 0.01%.

Semiannual Report | The accompanying notes are an integral part of these financial statements.

franklintempleton.com

FRANKLIN TAX-FREE TRUST

FINANCIAL HIGHLIGHTS

Franklin High YieldTax-Free Income Fund(continued)


	Six Months Ended August 31, 2019			Year Ended February 28,
	(unaudited)			2019			2018			2017			2016^a			2015

Advisor Class

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$ 9.97			$ 9.98			$10.30			$10.61			$10.72			$10.18

Income from investment operations^b:

Net investment income^c		0.21			0.45			0.44			0.47			0.46			0.47

Net realized and unrealized gains (losses)		0.44			(0.01	)		(0.31	)		(0.32	)		(0.11	)		0.55

Total from investment operations		0.65			0.44			0.13			0.15			0.35			1.02

Less distributions from:

Net investment income		(0.24	)		(0.45	)		(0.45	)		(0.46	)		(0.46	)		(0.48	)

Net asset value, end of period		$10.38			$ 9.97			$ 9.98			$10.30			$10.61			$10.72

Total return^d		6.62%			4.52%			1.29%			1.39%			3.39%			10.16%

Ratios to average net assets^e

Expenses		0.56%	^f		0.56%	^f		0.56%			0.54%			0.57%			0.55%

Net investment income		4.19%			4.48%			4.32%			4.46%			4.42%			4.49%

Supplemental data

Net assets, end of period (000’s)		$1,135,645			$994,336			$1,070,254			$1,898,648			$2,167,363			$2,194,757

Portfolio turnover rate		4.26%			6.16%			6.98%			12.26%			11.81%			8.29%

^aFor the year ended February 29.

^cBased on average daily shares outstanding.

^dTotal return is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

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FRANKLIN TAX-FREE TRUST

Statement of Investments, August 31, 2019 (unaudited)

Franklin High YieldTax-Free Income Fund


	Principal Amount		Value

Municipal Bonds 93.9%
Alabama 2.6%
Alabama State Port Authority Docks Facilities Revenue,Pre-Refunded, 6.00%, 10/01/40	$	6,000,000	$	6,319,260
Cullman County Health Care Authority Revenue, Regional Medical Center, Series A, 7.00%, 2/01/36		5,000		5,010
Jefferson County Sewer Revenue,
Capital Appreciation, wts., sub. lien, Refunding, Series E, zero cpn., 10/01/28		7,350,000		4,967,497
Capital Appreciation, wts., sub. lien, Refunding, Series E, zero cpn., 10/01/29		13,465,000		8,376,711
Capital Appreciation, wts., sub. lien, Refunding, Series E, zero cpn., 10/01/30		19,050,000		10,892,409
Capital Appreciation, wts., sub. lien, Refunding, Series E, zero cpn., 10/01/31		24,845,000		13,019,774
Capital Appreciation, wts., sub. lien, Refunding, Series E, zero cpn., 10/01/32		30,825,000		14,865,356
Capital Appreciation, wts., sub. lien, Refunding, Series E, zero cpn., 10/01/33		35,700,000		15,875,433
Capital Appreciation, wts., sub. lien, Refunding, Series E, zero cpn., 10/01/34		28,020,000		11,454,296
Capital Appreciation, wts., sub. lien, Refunding, Series E, zero cpn., 10/01/35		15,000,000		5,642,550
Capital Appreciation, wts., sub. lien, Refunding, Series E, zero cpn., 10/01/36		12,425,000		4,289,980
Capital Appreciation, wts., sub. lien, Refunding, Series F, zero cpn. to 9/30/23, 7.50% thereafter, 10/01/39		75,000,000		72,905,250
Selma IDBR,
Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.80%, 5/01/34		3,000,000		3,087,600
Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.375%, 12/01/35		3,250,000		3,531,710


				175,232,836


Arizona 1.6%
Arizona Health Facilities Authority Revenue, Catholic Healthcare West, Series B, Sub SeriesB-1, 5.25%, 3/01/39		10,000,000		10,544,100
La Paz County IDA Education Facility Lease Revenue,
Charter School Solutions-Harmony Public Schools Project, Series A, 5.00%, 2/15/38		1,000,000		1,177,770
Charter School Solutions-Harmony Public Schools Project, Series A, 5.00%, 2/15/48		1,000,000		1,156,360
Maricopa County IDA Education Revenue,
Benjamin Franklin Charter School Projects, Series A, 6.00%, 7/01/38		5,000,000		5,854,700
Benjamin Franklin Charter School Projects, Series A, 6.00%, 7/01/52		10,000,000		11,516,900
Maricopa County PCC, PCR, Public Service Co. of New Mexico Palo Verde Project, Refunding, Series A, 6.25%, 1/01/38		15,000,000		15,387,000
Pima County IDAR, Tucson Electric Power Co. Project, Series A, 5.25%, 10/01/40		15,405,000		15,974,831
Salt Verde Financial Corp. Senior Gas Revenue,
5.25%, 12/01/25		6,000,000		7,259,520
5.50%, 12/01/29		11,105,000		14,756,768
Tempe IDAR,
Mirabella at ASU Project, Series A, 6.00%, 10/01/37		1,200,000		1,395,648
Mirabella at ASU Project, Series A, 6.125%, 10/01/47		1,400,000		1,613,962
Mirabella at ASU Project, Series A, 6.125%, 10/01/52		1,400,000		1,608,726
Yuma County IDA Water and Sewer Exempt Facility Revenue, Far West Water and Sewer Inc. Project, Refunding, Series A, 6.375%, 12/01/37		15,095,000		14,988,882


				103,235,167


Arkansas 0.2%
Arkansas State Development Finance Authority IDR, Big River Steel Project, 4.50%, 9/01/49		10,000,000		10,872,200

Semiannual Report

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FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
California 22.5%
Alvord USD, GO, Riverside County, Capital Appreciation, Election of 2007, Refunding, Series B, AGMC Insured, zero cpn., 8/01/41	$	30,750,000	$	15,605,010
Azusa Special Tax, CFDNo. 2005-1, Rosedale, Improvement Area No. 1, 5.00%, 9/01/37		3,615,000		3,615,000
California County Tobacco Securitization Agency Tobacco Settlement Revenue, Asset-Backed, Alameda County Tobacco Asset Securitization Corp., 5.875%, 6/01/35		3,700,000		3,735,187
California Health Facilities Financing Authority Revenue,
Children’s Hospital of Orange County, Series A, 6.50%, 11/01/24		5,000,000		5,043,950
Children’s Hospital of Orange County, Series A, 6.50%, 11/01/38		8,000,000		8,070,320
California State GO,
Various Purpose, 5.25%, 11/01/40		47,000,000		49,192,550
Various Purpose, Refunding, 5.25%, 3/01/30		70,000,000		71,448,300
Various Purpose, Refunding, 5.50%, 3/01/40		60,000,000		61,308,600
Various Purpose, Refunding, 5.00%, 10/01/41		10,000,000		10,778,100
California State Municipal Finance Authority Revenue,
California Baptist University, Series A, 5.50%, 11/01/45		17,400,000		20,285,964
California Baptist University, Series A, 5.00%, 11/01/46		6,800,000		7,797,288
Harbor Regional Center Project,Pre-Refunded, 8.50%, 11/01/39		5,000,000		5,058,700
California State PCFA Solid Waste Disposal Revenue,
CalPlant I Project, Green Bonds, 7.50%, 7/01/32		24,500,000		25,664,485
CalPlant I Project, Green Bonds, 8.00%, 7/01/39		10,000,000		10,952,200
California State PCFA Water Facilities Revenue, American Water Capital Corp. Project, 5.25%, 8/01/40		6,000,000		6,233,280
California State Public Works Board Lease Revenue,
Trustees of the California State University, J. Paul Leonard and Sutro Library, Series J, Pre-Refunded, 6.00%, 11/01/29		7,365,000		7,424,656
Trustees of the California State University, J. Paul Leonard and Sutro Library, Series J, Pre-Refunded, 6.00%, 11/01/34		17,560,000		17,702,236
Various Capital Projects, Series A, 5.00%, 4/01/30		17,785,000		19,500,541
California Statewide CDA Revenue,
American Baptist Homes of the West, Refunding, 6.00%, 10/01/29		3,125,000		3,136,750
American Baptist Homes of the West, Refunding, 6.25%, 10/01/39		5,000,000		5,019,750
Lancer Educational Student Housing Project, Refunding, Series A, 5.00%, 6/01/36		7,210,000		8,206,494
Loma Linda University Medical Center, Refunding, Series A, 5.25%, 12/01/44		13,000,000		14,622,140
Loma Linda University Medical Center, Series A, 5.25%, 12/01/56		3,000,000		3,430,800
Centinela Valley UHSD, GO, Los Angeles County, Capital Appreciation, Election of 2010, Refunding, Series B, AGMC Insured, zero cpn., 8/01/37		8,400,000		3,400,236
Compton Community College District GO,
Capital Appreciation, Election of 2002, Series D, BAM Insured, zero cpn., 8/01/30		3,425,000		2,074,899
Capital Appreciation, Election of 2002, Series D, BAM Insured, zero cpn., 8/01/32		4,000,000		2,102,280
Capital Appreciation, Election of 2002, Series D, BAM Insured, zero cpn., 8/01/34		4,560,000		2,066,957
Capital Appreciation, Election of 2002, Series D, BAM Insured, zero cpn., 8/01/36		5,250,000		2,057,003
Capital Appreciation, Election of 2002, Series D, BAM Insured, zero cpn., 8/01/37		3,065,000		1,116,396
Capital Appreciation, Election of 2002, Series D, BAM Insured, zero cpn., 8/01/38		6,000,000		2,033,040
Foothill/Eastern Transportation Corridor Agency Toll Road Revenue,
Capital Appreciation, Refunding, Series A, AGMC Insured, zero cpn. to 1/15/24, 5.40% thereafter, 1/15/30		10,000,000		10,867,700
Capital Appreciation, Refunding, Series A, AGMC Insured, zero cpn. to 1/15/24, 5.50% thereafter, 1/15/31		7,295,000		8,095,918
junior lien, Refunding, Series C, 6.25%, 1/15/33		17,580,000		20,899,104

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Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
California(continued)
Foothill/Eastern Transportation Corridor Agency Toll Road Revenue, (continued)
junior lien, Refunding, Series C, 6.50%, 1/15/43	$	28,790,000	$	34,475,449
Golden State Tobacco Securitization Corp. Tobacco Settlement Revenue,
Asset-Backed, Capital Appreciation, First Subordinate, Series B, zero cpn., 6/01/47		50,000,000		8,588,000
Asset-Backed, Refunding, SeriesA-2, 5.00%, 6/01/47		20,000,000		20,513,200
Los Angeles Department of Airports Revenue, Los Angeles International Airport, Senior, Series D, 5.00%, 5/15/40		52,685,000		54,114,871
Los Angeles USD, GO, Series KRY, 5.25%, 7/01/34		36,625,000		37,857,065
M-S-R Energy Authority Gas Revenue,
Series B, 6.125%, 11/01/29		30,505,000		39,537,530
Series B, 7.00%, 11/01/34		20,000,000		31,168,600
Series C, 6.50%, 11/01/39		20,000,000		31,989,600
Novato RDA Tax Allocation, Hamilton Field Redevelopment Project, 6.75%, 9/01/40		3,750,000		4,130,138
Palmdale Elementary School District Special Tax,
CFDNo. 90-1, Capital Appreciation, Series A, AGMC Insured, zero cpn., 8/01/28		1,500,000		1,266,720
CFDNo. 90-1, Capital Appreciation, Series A, AGMC Insured, zero cpn., 8/01/30		1,250,000		987,388
CFDNo. 90-1, Capital Appreciation, Series A, AGMC Insured, zero cpn., 8/01/31		1,250,000		945,938
CFDNo. 90-1, Capital Appreciation, Series A, AGMC Insured, zero cpn. to 8/01/25, 5.625% thereafter, 8/01/34		2,500,000		2,510,175
Riverside County Transportation Commission Toll Revenue,
Capital Appreciation, senior lien, Series B, zero cpn., 6/01/32		4,000,000		2,853,800
Capital Appreciation, senior lien, Series B, zero cpn., 6/01/33		5,500,000		3,784,275
Capital Appreciation, senior lien, Series B, zero cpn., 6/01/41		5,000,000		2,519,150
Capital Appreciation, senior lien, Series B, zero cpn., 6/01/42		7,000,000		3,399,620
senior lien, Series A, 5.75%, 6/01/44		6,065,000		6,789,222
San Buenaventura Revenue,
Community Memorial Health System, 8.00%, 12/01/31		10,000,000		11,318,000
Community Memorial Health System, 7.50%, 12/01/41		15,000,000		16,792,200
San Diego USD,
GO, Dedicated Unlimited Ad Valorem Property Tax, Capital Appreciation, Election of 2008, Series E, zero cpn. to 7/01/32, 5.25% thereafter, 7/01/42		44,565,000		38,429,736
GO, Dedicated Unlimited Ad Valorem Property Tax, Capital Appreciation, Election of 2008, Series E, zero cpn. to 7/01/32, 5.375% thereafter, 7/01/47		33,305,000		29,183,839
GO, Dedicated Unlimited Ad Valorem Property Tax, Capital Appreciation, Election of 2008, Series G, zero cpn., 7/01/34		5,000,000		2,645,250
GO, Dedicated Unlimited Ad Valorem Property Tax, Capital Appreciation, Election of 2008, Series G, zero cpn., 7/01/35		10,000,000		4,978,200
^aSan Francisco City and County Airport Commission International Airport Revenue, Second Series, Series E, 5.00%, 5/01/50		40,000,000		48,926,800
San Francisco City and County COP, Multiple Capital Improvement Projects, Series A, 5.00%, 4/01/29		10,000,000		10,029,200
San Joaquin Hills Transportation Corridor Agency Toll Road Revenue,
Capital Appreciation, Refunding, Series A, zero cpn. to 7/15/21, 5.75% thereafter, 1/15/41		35,256,000		43,496,737
Capital Appreciation, Refunding, Series A, zero cpn. to 7/15/21, 5.75% thereafter, 1/15/42		35,256,000		43,779,843
junior lien, Capital Appreciation, ETM, zero cpn., 1/01/24		52,700,000		50,409,658
junior lien, Capital Appreciation, ETM, zero cpn., 1/01/25		45,200,000		42,748,352
junior lien, Capital Appreciation, ETM, zero cpn., 1/01/26		131,900,000		123,058,743
junior lien, Capital Appreciation, ETM, zero cpn., 1/01/27		139,100,000		127,243,116
junior lien, Refunding, Series B, 5.25%, 1/15/44		20,000,000		22,887,600

Semiannual Report

franklintempleton.com

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
California(continued)
San Joaquin Hills Transportation Corridor Agency Toll Road Revenue, (continued)
junior lien, Refunding, Series B, 5.25%, 1/15/49	$	25,000,000	$	28,516,500
San Jose Special Hotel Tax Revenue, Convention Center Expansion and Renovation Project, 6.50%, 5/01/42		10,000,000		10,860,900
San Mateo UHSD, GO, Capital Appreciation, Election of 2010, Refunding, Series A, zero cpn. to 9/01/28, 6.70% thereafter, 9/01/41		20,000,000		21,248,600
San Mateo-Foster City School District GO, Capital Appreciation, Election of 2008, Series A, zero cpn. to 8/01/26, 6.625% thereafter, 8/01/42		40,000,000		40,887,200
San Ysidro School District GO,
Capital Appreciation, Refunding, AGMC Insured, zero cpn., 8/01/42		10,000,000		3,528,700
Capital Appreciation, Refunding, AGMC Insured, zero cpn., 8/01/43		12,500,000		4,173,875
Silicon Valley Tobacco Securitization Authority Tobacco Settlement Revenue,
Santa Clara County Tobacco Securitization Corp., Asset-Backed, Turbo Capital Appreciation, Series A, zero cpn., 6/01/36		15,000,000		5,926,350
Santa Clara County Tobacco Securitization Corp., Asset-Backed, Turbo Capital Appreciation, Series C, zero cpn., 6/01/56		60,000,000		5,802,600
South Bayside Waste Management Authority Solid Waste Enterprise Revenue, Shoreway Environmental Center, Series A, 6.00%, 9/01/36		7,740,000		7,740,000
Southern California Public Power Authority Gas Project Revenue, Project No. 1, Series A, 5.25%, 11/01/27		9,855,000		12,360,240
Tobacco Securitization Authority Southern California Tobacco Settlement Revenue, First Subordinate Capital Appreciation, Series B, zero cpn., 6/01/46		50,000,000		9,136,000


				1,492,084,814


Colorado 4.6%
9th Avenue Metropolitan District No. 2 GO, In the City and County of Denver, Limited Tax, 5.00%, 12/01/48		2,475,000		2,629,118
Aerotropolis Regional Transportation Authority Special Revenue, 5.00%, 12/01/51		5,500,000		5,723,135
Banning Lewis Ranch Regional Metropolitan District GO, In the City of Colorado Springs, El Paso County, Limited Tax, Series A, 5.375%, 12/01/48		2,245,000		2,395,550
Bradburn Metropolitan District No. 2 GO,
Westminster Adams County, Refunding and Improvement, Series A, 5.00%, 12/01/38		600,000		653,196
Westminster Adams County, Refunding and Improvement, Series A, 5.00%, 12/01/47		2,400,000		2,588,376
Brighton Crossing Metropolitan District No. 4 GO,
Adams County, Limited Tax, Series A, 5.00%, 12/01/37		525,000		557,786
Adams County, Limited Tax, Series A, 5.00%, 12/01/47		1,220,000		1,292,712
Colorado Health Facilities Authority Revenue,
CommonSpirit Health, Refunding, SeriesA-1, 4.00%, 8/01/44		6,080,000		6,737,370
CommonSpirit Health, Refunding, SeriesA-2, 5.00%, 8/01/44		17,500,000		21,342,475
The Evangelical Lutheran Good Samaritan Society Project, Series A,Pre-Refunded, 5.00%, 6/01/45		14,000,000		16,942,940
Frasier Meadows Retirement Community Project, Refunding and Improvement, Series A, 5.25%, 5/15/47		4,250,000		4,827,618
Copperleaf Metropolitan District No. 2 GO, Refunding, 5.75%, 12/01/45		2,000,000		2,102,740
Copperleaf Metropolitan District No. 6 GO, Arapahoe County, Limited Tax, Series A, 5.25%, 12/01/48		3,850,000		4,058,131
Cornerstar Metropolitan District GO,
City of Aurora, Arapahoe County, Limited Tax, Refunding, Series A, 5.125%, 12/01/37		1,000,000		1,064,960
City of Aurora, Arapahoe County, Limited Tax, Refunding, Series A, 5.25%, 12/01/47		2,600,000		2,766,322
Cottonwood Highlands Metropolitan District No.1 GO, In the Town of Parker, Limited Tax, Series A, 5.00%, 12/01/49		900,000		964,503

franklintempleton.com

Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Colorado(continued)
Denver Health and Hospital Authority Healthcare Revenue,
Refunding, Series A, 4.00%, 12/01/35	$	5,000,000	$	5,519,650
Refunding, Series A, 4.00%, 12/01/36		5,000,000		5,504,550
Denver International Business Center Metropolitan District No. 1 GO, In the County of Denver, Limited Tax, Subordinate, Series B, 6.00%, 12/01/48		2,000,000		2,114,180
E-470 Public Highway Authority Revenue,
Current Interest, Senior, Series C, 5.375%, 9/01/26		5,000,000		5,202,300
senior bond, Capital Appreciation, Series A, NATL Insured, zero cpn., 9/01/28		15,000,000		12,542,100
senior bond, Capital Appreciation, Series B, NATL Insured, zero cpn., 9/01/29		10,000,000		5,920,700
senior bond, Capital Appreciation, Series B, NATL Insured, zero cpn., 9/01/30		17,300,000		9,666,375
senior bond, Capital Appreciation, Series B, NATL Insured, zero cpn., 9/01/31		10,000,000		5,272,400
First Creek Village Metropolitan District GO,
City and County of Denver, Limited Tax, Series A, 5.00%, 12/01/39		595,000		662,806
City and County of Denver, Limited Tax, Series A, 5.00%, 8/01/49		540,000		595,949
Hunters Overlook Metropolitan District No. 5 GO,
In the Town of Severance, Weld County, Limited Tax, Series A, 5.00%, 12/01/39		750,000		809,933
In the Town of Severance, Weld County, Limited Tax, Series A, 5.00%, 12/01/49		1,000,000		1,067,820
Leyden Rock Metropolitan District No. 10 GO, Refunding and Improvement, Series A, 5.00%, 12/01/45		1,250,000		1,316,650
Palisade Park West Metropolitan District GO, City and County of Broomfield, Limited Tax, Series A, 5.125%, 12/01/49		1,500,000		1,540,365
The Plaza Metropolitan District No. 1 Revenue, Refunding, 5.00%, 12/01/40		3,000,000		3,157,440
Public Authority for Colorado Energy Natural Gas Purchase Revenue,
6.125%, 11/15/23		2,465,000		2,731,984
6.25%, 11/15/28		12,500,000		16,272,875
6.50%, 11/15/38		80,100,000		124,935,975
Regional Transportation District COP, Refunding, Series A, 5.00%, 6/01/25		1,115,000		1,145,417
Ritoro Metropolitan District GO, In the Town of Elizabeth, Elbert County, Limited Tax, Series A, 5.00%, 12/01/49		2,000,000		2,055,400
Sierra Ridge Metropolitan District No. 2 GO, Douglas County, Limited Tax, Senior, Series A, 5.50%, 12/01/46		1,500,000		1,581,870
South Aurora Regional Improvement Authority Special Revenue, In the City of Aurora, 6.25%, 12/01/57		2,815,000		2,980,184
Southglenn Metropolitan District Special Revenue,
In the City of Centennial Colorado, Refunding, 5.00%, 12/01/30		3,470,000		3,706,342
In the City of Centennial Colorado, Refunding, 5.00%, 12/01/36		810,000		856,421
In the City of Centennial Colorado, Refunding, 5.00%, 12/01/46		4,200,000		4,420,080
Village at Dry Creek Metropolitan District No. 2 GO, In the City of Thorton, Adams County, Limited Tax, 4.375%, 12/01/44		1,370,000		1,406,812
^bVillages Castle Rock Metropolitan District No. 4 Revenue, Refunding, 6/01/31		3,000,000		2,400,000
Willow Bend Metropolitan District GO, Adams County, In the City of Thornton, Limited Tax, Series A, 5.00%, 12/01/49		1,000,000		1,060,100


				303,093,610


Connecticut 0.4%
Connecticut State Health and Educational Facilities Authority Revenue,
Church Home of Hartford Inc. Project, Series A, 5.00%, 9/01/46		1,490,000		1,635,290
Church Home of Hartford Inc. Project, Series A, 5.00%, 9/01/53		4,650,000		5,082,264
Masonicare Issue, Refunding, Series F, 5.00%, 7/01/37		5,500,000		6,250,420

Semiannual Report

franklintempleton.com

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Connecticut(continued)
Connecticut State Health and Educational Facilities Authority Revenue, (continued)
Masonicare Issue, Refunding, Series F, 5.00%, 7/01/43	$	13,000,000	$	14,584,830


				27,552,804


District of Columbia 2.9%
District of Columbia Revenue,
American Society of Hematology Issue, 5.00%, 7/01/36		1,500,000		1,631,730
American Society of Hematology Issue, 5.00%, 7/01/42		9,515,000		10,312,262
Assn. of American Medical Colleges Issue, Series B, 5.25%, 10/01/36		12,425,000		13,277,728
Assn. of American Medical Colleges Issue, Series B, 5.00%, 10/01/41		5,010,000		5,309,498
Center for Strategic and International Studies Inc. Issue,Pre-Refunded, 6.375%, 3/01/31		4,710,000		5,071,445
Center for Strategic and International Studies Inc. Issue,Pre-Refunded, 6.625%, 3/01/41		5,500,000		5,946,655
Deed Tax, Series A, 5.00%, 6/01/40		13,000,000		13,320,320
The Methodist Home of the District of Columbia Issue, Series A, 5.125%, 1/01/35		1,565,000		1,605,549
The Methodist Home of the District of Columbia Issue, Series A, 5.25%, 1/01/39		1,015,000		1,041,918
District of Columbia Tobacco Settlement FICO Revenue,
Asset-Backed, Refunding, 6.50%, 5/15/33		13,440,000		15,478,713
Capital Appreciation, Asset-Backed, Series A, zero cpn., 6/15/46		175,000,000		32,019,750
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Dulles Metrorail and Capital Improvement Projects, Convertible Capital Appreciation, second senior lien, Series C, Assured Guaranty, 6.50%, 10/01/41		60,145,000		79,238,632
Washington Convention and Sports Authority Dedicated Tax Revenue, Convention Center Hotel Project, senior lien, Series A, 5.00%, 10/01/40		10,000,000		10,357,400


				194,611,600


Florida 5.4%
Brooks of Bonita Springs CDD Capital Improvement Revenue, Lee County, 6.85%, 5/01/31		840,000		841,411
Cape Coral Health Facilities Authority Revenue, Senior Housing, Gulf Care Inc. Project, Refunding, 6.00%, 7/01/45		5,250,000		5,804,820
^aCapital Trust Agency Educational Facilities Revenue,
Odyssey Charter School Inc., 5.00%, 7/01/49		1,280,000		1,417,626
Odyssey Charter School Inc., 5.00%, 7/01/54		2,390,000		2,639,277
Capital Trust Agency Retirement Facility Revenue, Sarasota-Manatee Jewish Housing Council Inc. Project ACCD Investments, Refunding, 5.00%, 7/01/46		3,250,000		3,488,908
Capital Trust Agency Revenue, Provision Cares Proton Therapy Center Orlando Project, senior, 7.50%, 6/01/48		10,000,000		11,075,800
Capital Trust Agency Student Housing Revenue, University Bridge LLC Student Housing Project, Series A, 5.25%, 12/01/43		31,755,000		34,335,411
Collier County Educational Facilities Authority Revenue,
Ave Maria University Inc. Project, Refunding, Series A, 6.00%, 6/01/33		5,500,000		6,016,450
Ave Maria University Inc. Project, Refunding, Series A, 6.00%, 6/01/38		12,000,000		13,061,280
Hodges University Inc. Project, 6.125%, 11/01/43		10,035,000		11,171,263
Florida State Board of Education GO, Public Education Capital Outlay, Refunding, Series D, 6.00%, 6/01/23		5,000,000		5,909,550
Greenway ID Special Assessment Revenue, 5.125%, 5/01/43		37,445,000		38,618,901
Indian Trace Development District Special Assessment, Isles at Weston Project, 5.50%, 5/01/33		2,100,000		2,105,187

franklintempleton.com

Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Florida(continued)
Indigo CDD Capital Improvement Revenue,
Refunding, Series A, 7.00%, 5/01/31	$	630,000	$	630,794
Refunding, Series C, 7.00%, 5/01/30		4,123,752		2,886,626
Lakeshore Ranch CDD Capital Improvement Revenue, Pasco County, 5.25%, 5/01/35		7,500,000		7,501,575
Martin County Health Facilities Authority Hospital Revenue,
Martin Memorial Medical Center,Pre-Refunded, 5.50%, 11/15/42		3,800,000		4,161,038
Martin Memorial Medical Center,Pre-Refunded, 5.00%, 11/15/45		7,500,000		8,931,675
Miami World Center CDD Special Assessment,
5.125%, 11/01/39		2,000,000		2,209,320
5.25%, 11/01/49		2,500,000		2,765,050
Miami-Dade County Aviation Revenue, Miami International Airport, Series A,Pre-Refunded, 5.50%, 10/01/41		20,850,000		21,848,298
Miami-Dade County Educational Facilities Authority Revenue, University of Miami Issue, Refunding, Series B, AMBAC Insured, 5.25%, 4/01/27		10,995,000		13,853,920
Miami-Dade County Expressway Authority Toll System Revenue, Series A, 5.00%, 7/01/40		44,360,000		45,718,303
Miami-Dade County School Board COP, Master Lease Purchase Agreement, Refunding, Series A, 5.00%, 5/01/31		7,985,000		8,986,159
North Sumter County Utility Dependent District Utility Revenue,
sub. bond, 6.00%, 10/01/30		3,780,000		3,971,041
sub. bond, 6.25%, 10/01/43		6,865,000		7,230,973
Northern Palm Beach County ID Special Assessment,
Water Control and Improvement, Unit of Development No. 2C, 5.00%, 8/01/34		2,700,000		2,906,334
Water Control and Improvement, Unit of Development No. 2C, 5.00%, 8/01/37		750,000		820,605
Water Control and Improvement, Unit of Development No. 2C, 5.00%, 8/01/46		3,000,000		3,258,750
Water Control and Improvement, Unit of Development No. 2C, 5.20%, 8/01/46		6,000,000		6,425,400
Orange County Health Facilities Authority Revenue,
Presbyterian Retirement Communities Project, 5.00%, 8/01/41		1,800,000		2,008,926
Presbyterian Retirement Communities Project, 5.00%, 8/01/47		6,285,000		6,982,509
Palm Beach County Health Facilities Authority Revenue, Retirement Communities, ACTS Retirement-Life Communities Inc., Obligated Group, Refunding, 5.00%, 11/15/32		8,180,000		9,766,920
Pelican Marsh CDD Special Assessment Revenue,
Refunding, 4.875%, 5/01/22		480,000		490,219
Refunding, 5.375%, 5/01/31		1,275,000		1,348,670
Pinellas County IDAR,
Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding Inc. Project, 5.00%, 7/01/29		1,000,000		1,208,630
Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding Inc. Project, 5.00%, 7/01/39		2,000,000		2,358,620
River Place St. Lucie CDD Special Assessment Revenue,
Series A, 7.625%, 5/01/21		600,000		462,162
Series A, 7.625%, 5/01/30		1,590,000		1,225,954
Somerset CDD Revenue, Capital Improvement, 5.30%, 5/01/37		6,125,000		6,128,124
Village CDD No. 10 Special Assessment Revenue,
5.75%, 5/01/31		1,800,000		2,029,482
5.00%, 5/01/32		5,280,000		5,702,242
5.125%, 5/01/43		8,300,000		9,019,776
6.00%, 5/01/44		7,500,000		8,561,550
Village CDD No. 6 Special Assessment Revenue, Refunding, 4.00%, 5/01/35		3,610,000		3,749,418

Semiannual Report

franklintempleton.com

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Florida(continued)
Village CDD No. 9 Special Assessment Revenue,
6.75%, 5/01/31	$	6,745,000	$	7,265,916
7.00%, 5/01/41		5,985,000		6,545,854
Refunding, 5.00%, 5/01/22		595,000		621,751
Refunding, 5.25%, 5/01/31		1,870,000		1,990,783
Refunding, 5.50%, 5/01/42		1,870,000		1,994,449
Westchase East CDD Capital Improvement Revenue, 7.10%, 5/01/21		205,000		205,908


				360,259,608


Georgia 1.6%
Atlanta Water and Wastewater Revenue,
Refunding, Series B, AGMC Insured, 5.25%, 11/01/34		10,600,000		10,670,278
Series A,Pre-Refunded, 6.25%, 11/01/34		30,000,000		30,246,000
^cBaldwin County Hospital Authority Revenue, Oconee Regional Medical Center, 5.375%, 12/01/28		1,470,000		15
Forsyth County Hospital Authority Revenue, Anticipation Certificates, Georgia Baptist Health Care System Project, ETM, 6.375%, 10/01/28		8,000,000		10,007,600
Main Street Natural Gas Inc. Gas Supply Revenue, Series A, 5.00%, 5/15/49		11,500,000		16,499,855
Main Street Natural Gas Inc. Revenue,
Gas Project, Series A, 5.50%, 9/15/25		5,000,000		6,114,400
Gas Project, Series A, 5.50%, 9/15/27		4,000,000		5,109,040
Gas Project, Series A, 5.50%, 9/15/28		10,000,000		13,058,600
Richmond County Development Authority Environmental Improvement Revenue, International Paper Co. Project, Series A, 6.25%, 11/01/33		7,000,000		7,055,090
Savannah EDA Revenue, Recovery Zone Facility, International Paper Co. Project, Series A, 6.25%, 11/01/33		4,865,000		4,903,287


				103,664,165


Idaho 0.2%
Idaho State Housing and Finance Assn. EDR, TDF Facilities Project, Series A, 7.00%, 2/01/36		13,305,000		14,232,225


Illinois 4.8%
Bolingbrook GO, Will and DuPage Counties, Capital Appreciation, Refunding, Series A, zero cpn., 1/01/35		19,800,000		9,812,880
Bourbonnais Industrial Project Revenue, Olivet Nazarene University Project,Pre-Refunded, 5.50%, 11/01/40		3,570,000		3,749,821
Bryant PCR, Central Illinois Light Co. Project, Refunding, NATL Insured, 5.90%, 8/01/23		5,000		5,021
Bureau County Township High School District No. 502 GO, Hall, School Building, Series A, BAM Insured,Pre-Refunded, 6.625%, 10/01/43		5,250,000		6,448,732
Chicago O’Hare International Airport Revenue,
Passenger Facility Charge, Series B, 5.00%, 1/01/35		12,555,000		12,697,876
Passenger Facility Charge, Series B, 5.00%, 1/01/40		20,430,000		20,654,934
Chicago Transit Authority Sales Tax Receipts Revenue, 5.25%, 12/01/36		11,000,000		11,747,120
Cook County GO, Refunding, Series C, 5.00%, 11/15/29		34,555,000		37,671,861
Illinois State Finance Authority Education Revenue,
Illinois Charter Schools Project - Noble Network of Charter Schools, Refunding, 5.00%, 9/01/25		2,750,000		3,029,675
Illinois Charter Schools Project - Noble Network of Charter Schools, Refunding, 5.00%, 9/01/32		3,750,000		4,132,462

franklintempleton.com

Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Illinois(continued)
Illinois State Finance Authority MFHR,
Better Housing Foundation Blue Station Project, SeriesA-1, 5.00%, 12/01/43	$	3,000,000	$	3,010,800
Better Housing Foundation Blue Station Project, SeriesA-1, 5.00%, 12/01/53		3,075,000		3,049,847
^cBetter Housing Foundation ERNST Portfolio Project, SeriesA-1, 5.10%, 12/01/43		1,600,000		560,000
^cBetter Housing Foundation ERNST Portfolio Project, SeriesA-1, 5.25%, 12/01/53		2,600,000		910,000
Windy City Portfolio Project, SeriesA-1, 4.375%, 12/01/42		2,815,000		2,032,177
Illinois State Finance Authority Revenue,
OSF Healthcare System, Series A, 5.00%, 11/15/45		15,750,000		17,939,722
Plymouth Place Inc., Refunding, 5.00%, 5/15/37		2,500,000		2,689,375
Plymouth Place Inc., Refunding, 5.25%, 5/15/45		1,100,000		1,183,875
Riverside Health System,Pre-Refunded, 6.25%, 11/15/35		3,035,000		3,065,562
Riverside Health System, Refunding, 6.25%, 11/15/35		1,965,000		1,985,357
Roosevelt University Project,Pre-Refunded, 6.50%, 4/01/39		12,000,000		12,048,120
Rosalind Franklin University, Refunding, Series A, 5.00%, 8/01/47		1,525,000		1,751,020
Rosalind Franklin University Research Building Project, Series C, 5.00%, 8/01/46		1,900,000		2,182,359
Westminster Village, Refunding, Series A, 5.00%, 5/01/48		4,030,000		4,279,820
Westminster Village, Refunding, Series A, 5.50%, 5/01/53		8,310,000		9,116,569
Illinois State Finance Authority Student Housing Revenue,
CHF-Cook LLC, Northeastern Illinois University Project, Series A, 5.00%, 7/01/35		5,335,000		5,500,332
CHF-Cook LLC, Northeastern Illinois University Project, Series A, 5.00%, 7/01/47		10,000,000		10,212,000
CHF-DeKalb II LLC, Northern Illinois University Project, 6.875%, 10/01/43		15,000,000		15,997,800
CHF-Normal LLC, Illinois State University Project,Pre-Refunded, 7.00%, 4/01/43		7,500,000		8,181,525
Illinois State Finance Authority Water Facility Revenue,
American Water Capital Corp. Project, 5.25%, 10/01/39		15,350,000		15,383,463
American Water Capital Corp. Project, 5.25%, 5/01/40		10,415,000		10,641,943
Illinois State Financing Authority Revenue, Westminster Village, Refunding, Series A, 5.25%, 5/01/48		10,000,000		10,845,300
Metropolitan Pier and Exposition Authority Dedicated State Tax Revenue,
McCormick Place Expansion Project, Capital Appreciation, Refunding, SeriesB-1, AGMC Insured, zero cpn., 6/15/45		18,100,000		7,762,728
McCormick Place Expansion Project, Capital Appreciation, Series A, NATL Insured, zero cpn., 6/15/35		10,000,000		6,266,700
Metropolitan Pier and Exposition Authority Hospitality Facilities Revenue, McCormick Place Convention Center, ETM, 7.00%, 7/01/26		6,205,000		7,635,873
Railsplitter Tobacco Settlement Authority Revenue,Pre-Refunded, 6.00%, 6/01/28		24,650,000		26,723,065
Upper Illinois River Valley Development Authority MFHR,
Prairie View and Timber Oaks Apartments, Series A1, 5.00%, 12/01/54		11,000,000		11,544,390
Prairie View and Timber Oaks Apartments, Sub Series B, 6.00%, 12/01/54		5,520,000		5,806,819
Village of Hillside Revenue, Tax Increment, Cook County, Refunding, 5.00%, 1/01/30		2,690,000		2,896,350


				321,153,273


Indiana 0.8%
Indiana Finance Authority Midwestern Disaster Relief Revenue, Ohio Valley Electric Corp. Project, Series A, 5.00%, 6/01/32		10,000,000		10,527,600
Indiana Finance Authority Revenue,
Baptist Homes of Indiana Senior Living, 5.75%, 11/15/41		5,000,000		5,369,750
Educational Facilities, Marian University Project, 6.375%, 9/15/41		12,500,000		13,579,000
Greencroft Obligated Group, Series A, 7.00%, 11/15/43		5,000,000		5,736,150

Semiannual Report

franklintempleton.com

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Indiana(continued)
Indiana Finance Authority Revenue, (continued)
Private Activity, Ohio River Bridges East End Crossing Project, Series A, 5.00%, 7/01/40	$	12,500,000	$	13,798,375
Indiana State Finance Authority Exempt Facility Revenue, Green Bonds, Res Polyflow Indiana Project, 7.00%, 3/01/39		2,500,000		2,585,700
Indiana State Housing and CDA MFHR, Lake Meadows Assisted Living Project, Series A, 5.00%, 1/01/39		2,000,000		2,065,740


				53,662,315


Iowa 0.8%
Iowa Higher Education Loan Authority Revenue, Private College Facility, Upper Iowa University Project,Pre-Refunded, 6.00%, 9/01/39		11,000,000		11,528,990
Iowa State Finance Authority Senior Housing Revenue,
Northcrest Inc. Project, Series A, 5.00%, 3/01/38		1,000,000		1,102,540
Northcrest Inc. Project, Series A, 5.00%, 3/01/48		1,750,000		1,912,383
Tobacco Settlement Authority Tobacco Settlement Revenue, Capital Appreciation, Asset-Backed, Refunding, Series B, 5.60%, 6/01/34		35,850,000		35,896,246


				50,440,159


Kansas 0.1%
Kansas State Development Finance Authority Hospital Revenue, Adventist Health System/Sunbelt Obligated Group, Series C,Pre-Refunded, 5.75%, 11/15/38		6,250,000		6,307,382
Wyandotte County/Kansas City Unified Government Revenue, Kansas Community ID Sales Tax, Legends Apartments Garage and West Lawn Project, 4.50%, 6/01/40		1,960,000		2,063,801


				8,371,183


Kentucky 1.3%
Kentucky Economic Development Finance Authority Revenue,
Hospital, Owensboro Health Inc., Refunding, Series A, 5.25%, 6/01/41		10,000,000		11,764,200
Hospital, Owensboro Medical Health System Inc., Series A,Pre-Refunded, 6.50%, 3/01/45		18,330,000		19,041,937
Kentucky State Public Transportation Infrastructure Authority First Tier Toll Revenue,
Downtown Crossing Project, Capital Appreciation, zero cpn. to 6/30/23, 6.60% thereafter, 7/01/39		10,000,000		10,900,200
Downtown Crossing Project, Capital Appreciation, zero cpn. to 6/30/23, 6.75% thereafter, 7/01/43		5,000,000		5,451,900
Louisville/Jefferson County Metro Government Revenue,
College Improvement, Bellarmine University Inc. Project, 5.625%, 5/01/29		430,000		432,021
College Improvement, Bellarmine University Inc. Project,Pre-Refunded, 5.625%, 5/01/29		5,125,000		5,161,798
College Improvement, Bellarmine University Inc. Project,Pre-Refunded, 6.125%, 5/01/39		5,000,000		5,039,450
Ohio County PCR, Big Rivers Electric Corp. Project, Refunding, Series A, 6.00%, 7/15/31		10,500,000		10,756,935
Owen County Waterworks System Revenue,
American Water Co. Project, Series A, 6.25%, 6/01/39		8,000,000		8,028,160
American Water Co. Project, Series A, 5.375%, 6/01/40		10,000,000		10,291,300


				86,867,901

franklintempleton.com

Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Louisiana 1.3%
Beauregard Parish Revenue, Boise Cascade Corp. Project, Refunding, 6.80%, 2/01/27	$	13,990,000	$	14,179,564
^aCalcasieu Parish Memorial Hospital Service District Hospital Revenue, Lake Charles Memorial Hospital Project, Refunding, 5.00%, 12/01/39		2,055,000		2,451,656
Louisiana Local Government Environmental Facilities and CDA Revenue,
Green Bonds, Vermilion Parish Louisiana Gomesa Project, 4.625%, 11/01/38		2,080,000		2,160,163
St. Martin Parish Gomesa Project, 4.40%, 11/01/44		3,250,000		3,341,878
Tangipahoa Parish Gomesa Project, Green Bonds, 5.375%, 11/01/38		2,575,000		2,820,346
Terrebonne Parish Gomesa Project, 5.50%, 11/01/39		2,270,000		2,463,154
Westlake Chemical Corp. Projects, Series A, 6.50%, 8/01/29		9,000,000		9,428,760
Westlake Chemical Corp. Projects, SeriesA-2, 6.50%, 11/01/35		8,000,000		8,459,520
Louisiana Public Facilities Authority Hospital Revenue,
Lafayette General Health System Project, Refunding, Series A, 5.00%, 11/01/41		2,000,000		2,245,120
Lafayette General Health System Project, Refunding, Series A, 5.00%, 11/01/45		7,405,000		8,290,046
Louisiana Public Facilities Authority Revenue,
Ochsner Clinic Foundation Project,Pre-Refunded, 6.50%, 5/15/37		5,000,000		5,450,900
Ochsner Clinic Foundation Project,Pre-Refunded, 6.75%, 5/15/41		15,500,000		16,962,735
Ochsner Clinic Foundation Project,Pre-Refunded, 5.00%, 5/15/47		60,000		74,064
Louisiana State Local Government Environmental Facilities and CDA Revenue, Student Housing, Provident Group - ULM Properties LLC - University of Louisiana at M, onroe Project, Series A, 5.00%, 7/01/54		4,000,000		4,350,960
St. Tammany Public Trust Financing Authority Revenue,
Christwood Project, Refunding, 5.25%, 11/15/29		1,200,000		1,322,304
Christwood Project, Refunding, 5.25%, 11/15/37		1,650,000		1,791,752
Tobacco Settlement FICO Revenue, Tobacco Settlement, Asset-Backed, Refunding, Series A, 5.25%, 5/15/35		1,000,000		1,104,360


				86,897,282


Maine 0.3%
Maine State Health and Higher Educational Facilities Authority Revenue,
Maine General Medical Center Issue, 6.75%, 7/01/36		4,250,000		4,612,865
Maine General Medical Center Issue, 7.00%, 7/01/41		10,000,000		10,878,100
Rumford PCR, Boise Cascade Corp. Project, Refunding, 6.625%, 7/01/20		4,800,000		4,865,040


				20,356,005


Maryland 0.6%
Baltimore Special Obligation Revenue,
Mayor and City Council of Baltimore, Harbor Point Project, Refunding, 5.00%, 6/01/36		1,250,000		1,339,938
Mayor and City Council of Baltimore, Harbor Point Project, Refunding, 5.125%, 6/01/43		2,500,000		2,689,075
Harford County Special Obligation Tax Allocation, Beachtree Estates Project, 7.50%, 7/01/40		6,845,000		6,996,685
Maryland EDC Revenue, Economic Development, Transportation Facilities Project, Series A, Pre- Refunded, 5.75%, 6/01/35		13,070,000		13,516,471
Maryland State Community Development Administration Department of Housing and CDR, Residential, Refunding, Series B, 3.20%, 9/01/39		10,000,000		10,422,300
Prince George’s County Special Obligation,
Westphalia Town Center Project, 5.125%, 7/01/39		1,500,000		1,679,445
Westphalia Town Center Project, 5.25%, 7/01/48		2,125,000		2,377,471


				39,021,385

Semiannual Report

franklintempleton.com

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds (continued)
Massachusetts 1.3%
Massachusetts Bay Transportation Authority Revenue, General Transportation System, Series A, 7.00%, 3/01/21	$	495,000	$	524,621
Massachusetts Development Finance Agency Revenue,
North Hill Communities Issue, Series A,Pre-Refunded, 6.25%, 11/15/28		2,067,000		2,417,956
North Hill Communities Issue, Series A,Pre-Refunded, 6.25%, 11/15/33		2,000,000		2,414,000
North Hill Communities Issue, Series A,Pre-Refunded, 6.50%, 11/15/43		4,125,000		5,017,196
Massachusetts State Development Finance Agency Revenue,
Linden Ponds Inc. Facility, 5.00%, 11/15/38		3,000,000		3,426,480
Linden Ponds Inc. Facility, 5.125%, 11/15/46		5,000,000		5,699,800
Massachusetts State Educational Financing Authority Education Loan Revenue, Issue K, Refunding, 5.25%, 7/01/29		5,060,000		5,449,468
Massachusetts State Port Authority Special Facilities Revenue, ConRAC Project, Series A, 5.125%, 7/01/41		10,340,000		11,023,681
Massachusetts State Special Obligation Dedicated Tax Revenue, Refunding, NATL Insured, 5.50%, 1/01/34		35,000,000		49,535,500


				85,508,702


Michigan 4.1%
Detroit City School District GO, School Building and Site Improvement, Series A, AGMC Insured, 6.00%, 5/01/29		15,900,000		20,293,011
Detroit Sewage Disposal System Revenue,
second lien, Series B, NATL Insured, 5.50%, 7/01/29		5,000,000		6,397,900
second lien, Series B, NATL Insured, 5.00%, 7/01/36		15,000		15,039
Detroit Water and Sewerage Department Sewage Disposal System Revenue, senior lien, Refunding, Series A, 5.25%, 7/01/39		12,000,000		13,151,280
Ecorse City GO, Financial Recovery, Dedicated Tax, 6.50%, 11/01/35		4,215,000		4,629,335
Michigan Finance Authority Revenue,
Higher Education, Limited Obligation, Thomas M. Cooley Law School Project, Refunding, 6.00%, 7/01/24		3,000,000		3,121,140
Higher Education, Limited Obligation, Thomas M. Cooley Law School Project, Refunding, 6.75%, 7/01/44		5,505,000		5,825,997
^aHospital, Bronson Healthcare Group Inc., Refunding, Series A, 5.00%, 5/15/54		32,380,000		37,319,893
Hospital, Trinity Health Credit Group, Refunding, Series MI, 5.00%, 12/01/39		27,525,000		29,568,731
Hospital, Trinity Health Credit Group, Series MI,Pre-Refunded, 5.00%, 12/01/39		75,000		81,440
Local Government Loan Program, Public Lighting Authority, Local Project, Refunding, Series B, 5.00%, 7/01/39		5,600,000		6,266,680
Local Government Loan Program, Public Lighting Authority, Local Project, Refunding, Series B, 5.00%, 7/01/44		5,000,000		5,563,550
Local Government Loan Program, senior lien, Refunding, SeriesC-1, 5.00%, 7/01/44		10,000,000		10,829,900
Local Government Loan Program, senior lien, Refunding, SeriesC-3, AGMC Insured, 5.00%, 7/01/32		10,000,000		11,607,500
Local Government Loan Program, senior lien, Refunding, SeriesC-3, AGMC Insured, 5.00%, 7/01/33		3,000,000		3,469,920
Local Government Loan Program, senior lien, Refunding, SeriesD-1, AGMC Insured, 5.00%, 7/01/37		5,000,000		5,724,750
Local Government Loan Program, senior lien, Refunding, SeriesD-4, 5.00%, 7/01/29		11,000,000		12,923,460
Local Government Loan Program, senior lien, Refunding, SeriesD-4, 5.00%, 7/01/30		9,000,000		10,539,720
Local Government Loan Program, senior lien, Refunding, SeriesD-4, 5.00%, 7/01/34		10,000,000		11,530,100
Local Government Loan Program, senior lien, SeriesC-6, 5.00%, 7/01/33		10,000,000		11,506,200

franklintempleton.com

Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Michigan(continued)
Michigan Hospital Finance Authority Revenue,
Trinity Health Credit Group, Refunding, Series C, 5.00%, 12/01/34	$	26,810,000	$	29,285,635
Trinity Health Credit Group, Series C,Pre-Refunded, 5.00%, 12/01/34		2,050,000		2,264,717
Michigan State Building Authority Revenue, Facilities Program, Refunding, SeriesII-A, 5.375%, 10/15/41		10,000,000		10,836,600
Michigan Tobacco Settlement Finance Authority Revenue,
First Subordinate, Capital Appreciation, Series B, zero cpn., 6/01/52		150,000,000		8,775,000
Tobacco Settlement Asset-Backed, Senior, Series A, 6.00%, 6/01/34		2,500,000		2,512,550
Tobacco Settlement Asset-Backed, Senior, Series A, 6.00%, 6/01/48		5,000,000		5,025,100


				269,065,148


Minnesota 0.2%
Apple Valley Senior Housing Revenue, PHS Apple Valley Senior Housing Inc. - Orchard Path Project, Refunding, 5.00%, 9/01/58		6,000,000		6,483,840
Minneapolis Senior Housing and Healthcare Revenue,
Ecumen - Abiitan Mill City Project, 5.25%, 11/01/45		2,800,000		2,951,984
Ecumen - Abiitan Mill City Project, 5.375%, 11/01/50		1,000,000		1,001,220
^aMinnesota Higher Education Facilities Authority Revenue, College of St. Scholastica Inc., Refunding, 4.00%, 12/01/40		1,000,000		1,122,560
Wayzata Senior Housing Revenue,
Folkestone Senior Living Community, Refunding, 5.00%, 8/01/49		1,000,000		1,106,450
Folkestone Senior Living Community, Refunding, 5.00%, 8/01/54		1,000,000		1,104,030


				13,770,084


Mississippi 1.2%
Lowndes County Solid Waste Disposal and PCR, Weyerhaeuser Co. Project, Refunding, Series B, 6.70%, 4/01/22		18,875,000		20,936,905
Mississippi Development Bank Special Obligation Revenue, Hancock County Gomesa Project, Green Bonds, 4.55%, 11/01/39		2,250,000		2,323,080
Mississippi Hospital Equipment and Facilities Authority Revenue, Baptist Memorial Health Care, Series A, 5.00%, 9/01/41		40,000,000		45,816,000
Warren County Gulf Opportunity Zone Revenue, International Paper Co. Project, Series A, 5.80%, 5/01/34		7,000,000		7,204,400


				76,280,385


Missouri 0.4%
Cape Girardeau County IDA Health Facilities Revenue, Southeast Health, Refunding, Series A, 6.00%, 3/01/33		4,920,000		5,694,162
Kansas City IDA Airport Special Obligation Revenue, Kansas City International Airport Terminal Modernization Project, Series B, 5.00%, 3/01/54		5,000,000		6,049,350
Kirkwood IDA Retirement Community Revenue,
Aberdeen Heights, Refunding, Series A, 5.25%, 5/15/42		1,000,000		1,135,180
Aberdeen Heights, Refunding, Series A, 5.25%, 5/15/50		3,500,000		3,935,085
St. Louis County IDA Senior Living Facilities Revenue, Friendship Village Chesterfield,Pre-Refunded, 5.00%, 9/01/42		7,000,000		7,785,960
Stoddard County IDA Health Facilities Revenue, Southeast Health, Refunding, Series B, 6.00%, 3/01/37		4,075,000		4,692,322


				29,292,059

Semiannual Report

franklintempleton.com

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Montana 0.1%
Montana State Facility Finance Authority Health Care Facilities Revenue, Kalispell Regional Medical Center Obligated Group, Series B, 5.00%, 7/01/48	$	5,765,000	$	6,722,797


Nevada 0.8%
Clark County ID Special Assessment,
Local ID No. 128, The Summerlin Centre, Series A, 5.00%, 2/01/26		1,295,000		1,306,564
Local ID No. 128, The Summerlin Centre, Series A, 5.05%, 2/01/31		1,010,000		1,018,403
Local ID No. 142, Mountain’s Edge, Refunding, 5.00%, 8/01/21		1,110,000		1,176,089
Local ID No. 159, Summerlin Village 16A, 5.00%, 8/01/35		2,400,000		2,638,944
Director of the State of Nevada Department of Business and Industry Charter School Lease Revenue,
Somerset Academy, Series A, 5.00%, 12/15/38		1,000,000		1,085,630
Somerset Academy, Series A, 5.00%, 12/15/48		1,500,000		1,608,315
Director of the State of Nevada Department of Business and Industry Environmental Improvement Revenue,
Green Fulcrum Sierra Biofuels LLC Project, 5.875%, 12/15/27		11,885,000		13,321,540
Green Fulcrum Sierra Biofuels LLC Project, 6.25%, 12/15/37		9,000,000		10,565,190
Henderson Local ID Special Assessment,
No.T-16, Limited Obligation Improvement, The Falls at Lake Las Vegas, 5.10%, 3/01/22		1,065,000		1,048,045
No.T-16, Limited Obligation Improvement, The Falls at Lake Las Vegas, 5.125%, 3/01/25		1,120,000		1,080,654
No.T-18, Limited Obligation Improvement, Inspirada, Discount Term, Refunding, 4.00%, 9/01/32		1,750,000		1,812,633
No.T-18, Limited Obligation Improvement, Inspirada, Discount Term, Refunding, 4.00%, 9/01/35		2,500,000		2,567,175
Las Vegas Special ID No. 610, Local Improvement, Skye Canyon, 5.00%, 6/01/48		8,185,000		8,797,074
Las Vegas Special ID No. 812 Special Assessment,
Local Improvement, Summerlin Village 24, 5.00%, 12/01/27		1,490,000		1,675,550
Local Improvement, Summerlin Village 24, 5.00%, 12/01/30		1,725,000		1,921,288
Local Improvement, Summerlin Village 24, 5.00%, 12/01/35		1,090,000		1,200,156
Reno Sales Tax Revenue, Capital Appreciation, ReTRAC-Reno Transportation Rail Access Corridor Project, Subordinate, Refunding, Series C, zero cpn., 7/01/58		19,500,000		2,833,545


				55,656,795


New Hampshire 0.1%
New Hampshire State Business Finance Authority Revenue, Elliot Hospital Obligated Group, Series A,Pre-Refunded, 6.125%, 10/01/39		5,000,000		5,018,700


New Jersey 3.4%
Hudson County Improvement Authority Solid Waste System Revenue, Refunding, Series A, 5.75%, 1/01/40		5,000,000		5,074,300
New Jersey EDA Revenue,
Montclair State University Student Housing Project, Provident Group, Montclair Properties LLC, Series A,Pre-Refunded, 5.875%, 6/01/42		5,000,000		5,179,200
School Facilities Construction, Series AAA, 5.00%, 6/15/35		3,450,000		4,024,874
School Facilities Construction, Series AAA, 5.00%, 6/15/41		4,550,000		5,260,437
New Jersey EDA Special Facility Revenue,
Continental Airlines Inc. Project, 4.875%, 9/15/19		3,845,000		3,848,422
Continental Airlines Inc. Project, 5.125%, 9/15/23		19,800,000		21,463,398
Continental Airlines Inc. Project, 5.25%, 9/15/29		41,900,000		46,271,008
New Jersey State Higher Education Assistance Authority Student Loan Revenue, Senior, Series B, 3.00%, 12/01/32		8,000,000		8,233,200

franklintempleton.com

Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
New Jersey(continued)
New Jersey State Transportation Trust Fund Authority Revenue,
Transportation Program, Series AA, 5.00%, 6/15/38	$	4,810,000	$	5,353,241
Transportation Program, Series AA, 5.25%, 6/15/41		2,500,000		2,842,000
Transportation Program, Series AA, 5.00%, 6/15/44		9,335,000		10,298,559
Transportation System, Capital Appreciation, Series A, zero cpn., 12/15/38		46,750,000		25,855,555
Transportation System, Series B, 5.25%, 6/15/36		17,500,000		18,555,775
Tobacco Settlement FICO Revenue,
Senior, Refunding, Series A, 5.00%, 6/01/46		16,500,000		18,951,900
Senior, Refunding, Series A, 5.25%, 6/01/46		11,000,000		12,890,240
Subordinate, Refunding, Series B, 5.00%, 6/01/46		25,000,000		28,001,500


				222,103,609


New Mexico 2.2%
Farmington PCR,
Public Service Co. of New Mexico, San Juan Project, Refunding, Series B, 5.90%, 6/01/40		58,000,000		59,944,160
Public Service Co. of New Mexico, San Juan Project, Refunding, Series C, 5.90%, 6/01/40		18,435,000		19,052,941
Public Service Co. of New Mexico, San Juan Project, Refunding, Series D, 5.90%, 6/01/40		53,520,000		55,313,991
Lower Petroglyphs Public ID Special Levy Revenue,
Albuquerque, Refunding, 5.00%, 10/01/33		500,000		548,660
Albuquerque, Refunding, 5.00%, 10/01/38		450,000		486,324
Albuquerque, Refunding, 5.00%, 10/01/48		1,205,000		1,291,374
New Mexico Mortgage Finance Authority Revenue, SFM Program, Class I, Series D, GNMA Secured, 3.00%, 7/01/39		2,000,000		2,083,820
New Mexico State Hospital Equipment Loan Council First Mortgage Revenue, Haverland Carter Lifestyle Group, 5.00%, 7/01/42		5,000,000		5,291,950


				144,013,220


New York 3.8%
MAC for City of Troy Revenue,
Capital Appreciation, Series C, NATL Insured, zero cpn., 7/15/21		428,010		417,100
Capital Appreciation, Series C, NATL Insured, zero cpn., 1/15/22		649,658		628,375
MTA Revenue,
Transportation, Refunding, Series D, 5.00%, 11/15/38		8,790,000		9,962,762
Transportation, Series A,Pre-Refunded, 5.00%, 11/15/41		15,500,000		16,893,605
Transportation, Series D,Pre-Refunded, 5.25%, 11/15/40		10,000,000		10,519,200
Transportation, Series E, 5.00%, 11/15/33		10,000,000		11,398,000
New York City GO,
Series F, 7.50%, 2/01/21		5,000		5,023
Series G, 7.50%, 2/01/22		5,000		5,025
New York City HDC, MFMR, 8 Spruce Street, Class F, 4.50%, 2/15/48		7,500,000		7,970,475
New York City IDA Civic Facility Revenue, Amboy Properties Corp. Project, Refunding, 6.75%, 6/01/20		1,465,000		1,465,601
New York Liberty Development Corp. Revenue,
3 World Trade Center Project, Class 2, Refunding, 5.375%, 11/15/40		10,000,000		11,314,500
Goldman Sachs Headquarters Issue, Second Tranche, 5.25%, 10/01/35		65,000,000		90,485,850
^aSecond Priority Liberty, Bank of America Tower at One Bryant Park Project, Class 2, Refunding, 2.625%, 9/15/69		3,250,000		3,364,855
Second Priority Liberty, Bank of America Tower at One Bryant Park Project, Class 3,Pre-Refunded, 6.375%, 7/15/49		18,500,000		18,868,150

Semiannual Report

franklintempleton.com

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
New York(continued)
New York Liberty Development Corp. Revenue, (continued)
^aSecond Priority Liberty, Bank of America Tower at One Bryant Park Project, Class 3, Refunding, 2.80%, 9/15/69	$	8,000,000	$	8,324,960
New York Transportation Development Corp. Special Facilities Revenue, Laguardia Airport Terminal B Redevelopment Project, Series A, 5.25%, 1/01/50		41,785,000		47,116,766
Rockland Tobacco Asset Securitization Corp. Settlement Revenue, Asset-Backed, First Subordinate, Series A, zero cpn., 8/15/45		61,000,000		11,807,160


				250,547,407


North Carolina 0.6%
Columbus County Industrial Facilities and PCFA Revenue,
Environmental Improvement, International Paper Co. Projects, Series A, 6.25%, 11/01/33		1,300,000		1,310,231
Recovery Zone Facility, International Paper Co. Projects, Series B, 6.25%, 11/01/33		4,000,000		4,031,480
North Carolina State Medical Care Commission Health Care Facilities Revenue,
Duke University Health System, Series A, 5.00%, 6/01/42		15,000,000		16,351,200
Pennybyrn at Maryfield, first mortgage, Refunding, 5.00%, 10/01/30		2,790,000		3,060,435
Pennybyrn at Maryfield, first mortgage, Refunding, 5.00%, 10/01/35		1,000,000		1,074,460
North Carolina State Medical Care Commission Retirement Facilities Revenue,
Galloway Ridge Project, first mortgage, Refunding, Series A, 5.25%, 1/01/41		2,720,000		2,874,686
United Church Homes and Services, first mortgage, Refunding, Series A, 5.00%, 9/01/37		2,100,000		2,265,060
United Church Homes and Services, first mortgage, Refunding, Series C, 5.00%, 9/01/41		2,120,000		2,294,540
United Church Homes and Services, first mortgage, Refunding, Series C, 5.00%, 9/01/46		3,160,000		3,407,807


				36,669,899


North Dakota 0.2%
Burleigh County Education Facilities Revenue,
University of Mary Project, 5.10%, 4/15/36		2,800,000		2,984,016
University of Mary Project, 5.20%, 4/15/46		5,430,000		5,734,080
North Dakota State HFAR, Housing Finance Program, Home Mortgage Finance Program, Series C, 3.20%, 7/01/39		4,000,000		4,193,480


				12,911,576


Ohio 2.2%
Bowling Green Student Housing Revenue, CFP I LLC, State University Project,Pre-Refunded, 6.00%, 6/01/45		12,500,000		12,954,750
Butler County Hospital Facilities Revenue, UC Health,Pre-Refunded, 5.50%, 11/01/40		10,000,000		10,515,600
Centerville Health Care Revenue,
Graceworks Lutheran Services, Improvement and Refunding, 5.25%, 11/01/47		2,700,000		2,982,258
Graceworks Lutheran Services, Improvement and Refunding, 5.25%, 11/01/50		2,500,000		2,755,800
Cleveland-Cuyahoga County Port Authority Cultural Facility Revenue,
Playhouse Square Foundation Project, Refunding, 5.25%, 12/01/38		700,000		821,947
Playhouse Square Foundation Project, Refunding, 5.50%, 12/01/43		700,000		827,274
Fairfield County Hospital Revenue, Fairfield Medical Center Project, Refunding and Improvement, 5.00%, 6/15/43		10,000,000		10,578,500
Hamilton County Healthcare Revenue,
Life Enriching Communities Project, Series A,Pre-Refunded, 6.50%, 1/01/41		4,970,000		5,320,584
Life Enriching Communities Project, Series A,Pre-Refunded, 6.625%, 1/01/46		2,500,000		2,680,450
Lake County Hospital Facilities Revenue, Lake Hospital System Inc., Refunding, 5.00%, 8/15/45		6,000,000		6,773,220

franklintempleton.com

Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Ohio(continued)
Little Miami Local School District GO,
School Improvement,Pre-Refunded, 6.875%, 12/01/34	$	5,100,000	$	5,604,696
School Improvement, Refunding, 6.875%, 12/01/34		345,000		357,247
Ohio State Air Quality Development Authority Revenue, Environmental Improvement, Buckeye Power Inc. Project, 6.00%, 12/01/40		15,000,000		15,862,650
Ohio State Hospital Revenue, University Hospitals Health System Inc., Refunding, Series A, 5.00%, 1/15/46		6,000,000		6,968,220
Ohio State Turnpike and Infrastructure Commission Revenue, Infrastructure Projects, Capital Appreciation, junior lien, SeriesA-3, zero cpn. to 2/14/23, 5.75% thereafter, 2/15/35		35,000,000		40,255,250
Southeastern Port Authority Hospital Facilities Revenue,
Memorial Health System Obligated Group Project, Refunding, 5.00%, 12/01/35		1,000,000		1,102,880
Memorial Health System Obligated Group Project, Refunding, 5.00%, 12/01/43		1,000,000		1,063,560
Memorial Health System Obligated Group Project, Refunding, 5.50%, 12/01/43		1,300,000		1,423,747
Memorial Health System Obligated Group Project, Refunding and Improvement, 6.00%, 12/01/42		14,000,000		15,258,880


				144,107,513


Oklahoma 0.1%
Tulsa County Industrial Authority Senior Living Community Revenue,
Montereau Inc. Project, Refunding, 5.25%, 11/15/37		1,250,000		1,445,675
Montereau Inc. Project, Refunding, 5.25%, 11/15/45		5,250,000		5,997,337


				7,443,012


Oregon 0.3%
Multnomah County Hospital Facilities Authority Revenue,
Mirabella South Waterfront Project, Refunding, Series A, 5.40%, 10/01/44		3,000,000		3,295,020
Mirabella South Waterfront Project, Refunding, Series A, 5.50%, 10/01/49		5,500,000		6,052,915
Salem Hospital Facility Authority Revenue,
Capital Manor Inc., Refunding, 5.00%, 5/15/22		625,000		682,250
Capital Manor Inc., Refunding, 5.75%, 5/15/27		1,000,000		1,108,540
Capital Manor Inc., Refunding, 5.625%, 5/15/32		1,000,000		1,090,550
Capital Manor Inc., Refunding, 6.00%, 5/15/42		3,100,000		3,381,170
Capital Manor Inc., Refunding, 6.00%, 5/15/47		2,000,000		2,178,120
Yamhill County Hospital Authority, Friendsview Retirement Community, Refunding, Series A, 5.00%, 11/15/51		3,045,000		3,384,974


				21,173,539


Pennsylvania 2.0%
Allegheny County Higher Education Building Authority University Revenue,
Carlow University Project,Pre-Refunded, 6.75%, 11/01/31		1,215,000		1,359,050
Carlow University Project,Pre-Refunded, 7.00%, 11/01/40		2,000,000		2,245,920
Allentown Neighborhood Improvement Zone Development Authority Tax Revenue, City Center Project, Subordinate, 5.375%, 5/01/42		5,000,000		5,654,900
Chester County IDA Revenue,
Renaissance Academy Charter School Project, 5.00%, 10/01/34		1,500,000		1,673,490
Renaissance Academy Charter School Project, 5.00%, 10/01/39		1,725,000		1,908,385
Renaissance Academy Charter School Project, 5.00%, 10/01/44		1,160,000		1,277,125

Semiannual Report

franklintempleton.com

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Pennsylvania(continued)
Chester County IDA Special Obligation Revenue,
Woodlands at Greystone Project, 5.00%, 3/01/38	$	525,000	$	564,832
Woodlands at Greystone Project, 5.125%, 3/01/48		1,000,000		1,074,360
Commonwealth Financing Authority Revenue, Series B, 5.00%, 6/01/42		12,000,000		13,055,640
Dallas Area Municipal Authority University Revenue,
Misericordia University Project, Refunding, 5.00%, 5/01/39		1,100,000		1,272,469
Misericordia University Project, Refunding, 5.00%, 5/01/48		4,000,000		4,564,280
Franklin County IDAR,
^aMenno-Haven Inc. Project, 5.00%, 12/01/49		510,000		563,637
^aMenno-Haven Inc. Project, 5.00%, 12/01/54		1,000,000		1,102,190
Menno-Haven Inc. Project, Refunding, 5.00%, 12/01/38		1,000,000		1,120,200
Menno-Haven Inc. Project, Refunding, 5.00%, 12/01/43		1,200,000		1,330,500
Menno-Haven Inc. Project, Refunding, 5.00%, 12/01/48		3,300,000		3,649,008
Menno-Haven Inc. Project, Refunding, 5.00%, 12/01/53		1,900,000		2,095,282
Lancaster County Hospital Authority Revenue,
Brethren Village Project, Refunding, 5.125%, 7/01/37		1,000,000		1,101,710
Brethren Village Project, Refunding, 5.25%, 7/01/41		1,000,000		1,106,570
^dPennsylvania State Economic Development Financing Authority Exempt Facilities Revenue, PPL Energy Supply LLC Project, Mandatory Put, Series B, 5.00%, 9/01/20		25,000,000		25,558,750
Pennsylvania State HFA,
SFMR, 3.15%, 10/01/39		3,000,000		3,152,100
^aSFMR, Series 130A, 2.70%, 10/01/39		5,315,000		5,318,614
Pennsylvania State Turnpike Commission Turnpike Revenue,
Motor License Fund Enhanced Turnpike, Capital Appreciation, Subordinate Special, Series B, Sub SeriesB-2, zero cpn. to 11/30/28, 5.75% thereafter, 12/01/37		20,000,000		19,336,800
Motor License Fund Enhanced Turnpike, Capital Appreciation, Subordinate Special, Series B, Sub SeriesB-2, zero cpn. to 12/01/28, 5.875% thereafter, 12/01/40		25,075,000		24,056,704
Subordinate, Convertible Capital Appreciation, Series C, AGMC Insured, 6.25%, 6/01/33		5,000,000		6,450,700
Philadelphia IDAR, Senior Living Facilities, Wesley Enhanced Living Obligated Group, Refunding, Series A, 5.00%, 7/01/49		3,000,000		3,333,750


				133,926,966


Rhode Island 0.1%
Rhode Island State Health and Educational Building Corp. Revenue, Hospital Financing, Care New England Issue, Series A,Pre-Refunded, 6.00%, 9/01/33		7,320,000		8,707,506


South Carolina 1.3%
South Carolina Jobs EDA Residential Care Facilities Revenue,
South Carolina Episcopal Home at Still Hopes, 5.00%, 4/01/47		2,000,000		2,186,860
South Carolina Episcopal Home at Still Hopes, 5.00%, 4/01/52		1,750,000		1,908,830
South Carolina Episcopal Home at Still Hopes, Refunding, Series A, 5.00%, 4/01/48		3,500,000		3,819,060
South Carolina Episcopal Home at Still Hopes, Refunding, Series A, 5.25%, 4/01/53		9,000,000		9,894,690
South CarolinaJobs-EDA Student Housing Revenue, Coastal Housing Foundation LLC Project, Series A,Pre-Refunded, 6.50%, 4/01/42		10,000,000		10,310,300
South Carolina State Public Service Authority Revenue, Series B, Refunding, 5.125%, 12/01/43		52,890,000		59,336,233


				87,455,973

franklintempleton.com

Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
South Dakota 0.2%
Sioux Falls Health Facilities Revenue,
Dow Rummel Village Project, 5.00%, 11/01/42	$	3,000,000	$	3,192,660
Dow Rummel Village Project, Refunding, 5.00%, 11/01/46		11,110,000		11,780,822


				14,973,482


Tennessee 1.3%
Chattanooga Health Educational and Housing Facility Board Revenue, CommonSpirit Health, Refunding, SeriesA-1, 4.00%, 8/01/44		2,000,000		2,216,240
Johnson City Health and Educational Facilities Board Hospital Revenue,
Mountain States Health Alliance, Capital Appreciation, first mortgage, Refunding, Series A, NATL Insured, zero cpn., 7/01/27		19,365,000		16,182,556
Mountain States Health Alliance, Capital Appreciation, first mortgage, Refunding, Series A, NATL Insured, zero cpn., 7/01/28		19,400,000		15,726,416
Mountain States Health Alliance, Capital Appreciation, first mortgage, Refunding, Series A, NATL Insured, zero cpn., 7/01/29		19,365,000		15,254,004
Mountain States Health Alliance, Capital Appreciation, first mortgage, Refunding, Series A, NATL Insured, zero cpn., 7/01/30		19,370,000		14,695,825
Memphis-Shelby County Airport Authority Airport Revenue,
Refunding, Series B, 5.75%, 7/01/23		5,000,000		5,188,200
Refunding, Series B, 5.75%, 7/01/24		3,500,000		3,631,460
Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board Revenue, Vanderbilt University Medical Center, Series A, 5.00%, 7/01/40		10,000,000		11,823,800
Nashville Metropolitan Development and Housing Agency Tax Increment Revenue, Fifth + Broadway Development Project, 5.125%, 6/01/36		900,000		1,003,536


				85,722,037


Texas 7.9%
Capital Area Cultural Education Facilities Finance Corp. Revenue, The Roman Catholic Diocese of Austin, Series B, 6.125%, 4/01/45		10,000,000		10,257,400
Central Texas Regional Mobility Authority Revenue,
Capital Appreciation, senior lien, Refunding, zero cpn., 1/01/35		3,000,000		1,981,410
Capital Appreciation, senior lien, Refunding, zero cpn., 1/01/37		2,500,000		1,530,250
Capital Appreciation, senior lien, Refunding, zero cpn., 1/01/38		2,405,000		1,417,916
Capital Appreciation, senior lien, Refunding, zero cpn., 1/01/39		2,545,000		1,451,464
senior lien,Pre-Refunded, 5.75%, 1/01/25		2,350,000		2,385,227
senior lien,Pre-Refunded, 5.75%, 1/01/31		2,500,000		2,650,400
senior lien,Pre-Refunded, 6.00%, 1/01/41		7,925,000		8,427,762
senior lien,Pre-Refunded, 6.25%, 1/01/46		24,340,000		25,963,721
Clifton Higher Education Finance Corp. Revenue, Education, Uplift Education, Series A, 5.00%, 12/01/45		3,855,000		4,250,176
Dallas/Fort Worth International Airport Revenue,
Joint Improvement, Series A,Pre-Refunded, 5.00%, 11/01/42		12,000,000		12,542,760
Joint Improvement, Series A,Pre-Refunded, 5.00%, 11/01/45		50,000,000		52,261,500
Joint Improvement, Series B, 5.00%, 11/01/44		11,385,000		12,532,153
El Paso Downtown Development Corp. Special Revenue, Downtown Ballpark Venue Project, Series A, 7.25%, 8/15/38		15,000,000		18,445,950
Fort Worth Special Assessment Revenue,
Fort Worth Public ID No. 17, Rock Creek Ranch Major Improvement Project, 5.00%, 9/01/27		1,965,000		2,119,174
Fort Worth Public ID No. 17, Rock Creek Ranch Major Improvement Project, 5.00%, 9/01/32		1,270,000		1,342,784
Fort Worth Public ID No. 17, Rock Creek Ranch Major Improvement Project, 5.125%, 9/01/37		1,650,000		1,733,259

Semiannual Report

franklintempleton.com

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Texas(continued)
Fort Worth Special Assessment Revenue, (continued)
Tarrant Denton Parker Johnson and Wise Counties, Fort Worth Public ID No. 17, Rock Creek Ranch Roadway Improvement Project, 5.00%, 9/01/27	$	1,605,000	$	1,693,339
Tarrant Denton Parker Johnson and Wise Counties, Fort Worth Public ID No. 17, Rock Creek Ranch Roadway Improvement Project, 5.00%, 9/01/32		1,550,000		1,647,495
Tarrant Denton Parker Johnson and Wise Counties, Fort Worth Public ID No. 17, Rock Creek Ranch Roadway Improvement Project, 5.00%, 9/01/37		2,000,000		2,095,220
Grand Parkway Transportation Corp. System Toll Revenue,
Capital Appreciation, Series B, zero cpn. to 9/30/23, 5.80% thereafter, 10/01/45		10,000,000		10,774,000
First Tier Toll, Series A, 5.125%, 10/01/43		2,850,000		3,184,647
Harris County Cultural Education Facilities Finance Corp. Revenue,
Brazos Presbyterian Homes Inc. Project, first mortgage, Refunding, 5.00%, 1/01/48		5,000,000		5,482,850
Brazos Presbyterian Homes Inc. Project, first mortgage, Series B,Pre-Refunded, 7.00%, 1/01/43		3,000,000		3,563,250
Brazos Presbyterian Homes Inc. Project, first mortgage, Series B,Pre-Refunded, 7.00%, 1/01/48		5,250,000		6,235,687
Houston Airport System Revenue, Special Facilities, United Airlines Terminal E Project, Refunding, 4.75%, 7/01/24		10,000,000		10,964,500
Mesquite Health Facilities Development Corp. Retirement Facility Revenue,
Christian Care Centers Inc. Project, Refunding, 5.00%, 2/15/35		5,175,000		5,203,152
Christian Care Centers Inc. Project, Refunding, 5.00%, 2/15/36		1,000,000		1,002,340
Christian Care Centers Inc. Project, Refunding, 5.125%, 2/15/42		3,750,000		3,732,562
New Hope Cultural Education Facilities Finance Corp. Education Revenue,
Cityscape Schools Inc., Series A, 5.00%, 8/15/39		500,000		563,830
Cityscape Schools Inc., Series A, 5.00%, 8/15/51		1,570,000		1,745,934
New Hope Cultural Education Facilities Finance Corp. First Mortgage Revenue, Morningside Ministries Project, 6.50%, 1/01/43		4,350,000		4,797,702
New Hope Cultural Education Facilities Finance Corp. Retirement Facility Revenue,
Longhorn Village Project, Refunding, 5.00%, 1/01/42		2,000,000		2,194,820
Longhorn Village Project, Refunding, 5.00%, 1/01/47		8,435,000		9,231,433
MRC Crestview Project, Refunding, 5.00%, 11/15/36		1,020,000		1,120,388
MRC Crestview Project, Refunding, 5.00%, 11/15/46		4,100,000		4,435,749
Presbyterian Village North Project, Refunding, 5.00%, 10/01/39		2,750,000		3,047,165
Presbyterian Village North Project, Refunding, 5.25%, 10/01/49		12,300,000		13,716,960
Wesleyan Homes Inc. Project, Refunding, 5.50%, 1/01/43		3,200,000		3,485,600
New Hope Cultural Education Facilities Finance Corp. Senior Living Revenue,
Cardinal Bay Inc., Village on the Park/Carriage Inn Project, Fourth Tier, Series D, 6.00%, 7/01/26		145,000		149,047
Cardinal Bay Inc., Village on the Park/Carriage Inn Project, Fourth Tier, Series D, 7.00%, 7/01/51		5,110,000		5,348,535
New Hope Cultural Education Facilities Finance Corp. Student Housing Revenue,
CHF - Collegiate Housing Stephenville III LLC, Tarleton State University Project, Series A, 5.00%, 4/01/47		6,420,000		7,027,974
CHF-Collegiate Housing Island Campus LLC, Series A, 5.00%, 4/01/42		3,500,000		3,667,160
CHF-Stephenville LLC, Tarleton State University Project, Series A, 6.00%, 4/01/45		3,000,000		3,324,630
NCCD-College Station Properties LLC, Texas A&M University Project, Series A, 5.00%, 7/01/47		30,000,000		29,012,700
North Texas Tollway Authority Revenue,
Special Projects System, Capital Appreciation, first tier, Refunding, Series I, 6.50%, 1/01/43		25,000,000		31,439,000
Special Projects System, Capital Appreciation, Series B,Pre-Refunded, zero cpn., 9/01/37		7,500,000		3,841,500
Special Projects System, Capital Appreciation, Series C,Pre-Refunded, zero cpn. to 9/01/21, 6.75% thereafter, 9/01/45		25,000,000		34,733,000

franklintempleton.com

Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Texas(continued)
North Texas Tollway Authority Revenue, (continued)
Special Projects System, Capital Appreciation, Series C,Pre-Refunded, zero cpn. to 9/01/23, 7.00% thereafter, 9/01/43	$	10,000,000	$	12,794,200
System, first tier, Refunding, Series B, 5.00%, 1/01/38		10,000,000		10,485,100
Red River Education FICO Higher Education Revenue, Houston Baptist University Project, Refunding, 5.50%, 10/01/46		4,250,000		4,923,412
Red River Health Facilities Development Corp. First Mortgage Revenue,
^cEden Home Project, 7.25%, 12/15/42		11,000,000		7,287,500
Wichita Falls Retirement Foundation Project, Refunding, 5.50%, 1/01/32		1,500,000		1,591,875
Wichita Falls Retirement Foundation Project, Refunding, 5.125%, 1/01/41		2,000,000		2,082,320
Tarrant County Cultural Education Facilities Finance Corp. Revenue,
Texas Health Resources System, Refunding, 5.00%, 11/15/40		15,225,000		15,835,675
Trinity Terrace Project, The Cumberland Rest Inc., Refunding, SeriesA-1, 5.00%, 10/01/44		2,500,000		2,744,975
Trinity Terrace Project, The Cumberland Rest Inc., Refunding, SeriesA-1, 5.00%, 10/01/49		2,625,000		2,868,049
Texas State Municipal Gas Acquisition and Supply Corp. III Gas Supply Revenue,
5.00%, 12/15/30		25,000,000		27,595,250
5.00%, 12/15/31		24,500,000		26,993,610
5.00%, 12/15/32		10,000,000		11,002,800
Texas State Transportation Commission Revenue,
State Highway 249 System, First Tier Toll, Capital Appreciation, Series A, zero cpn., 8/01/46		3,000,000		937,860
State Highway 249 System, First Tier Toll, Capital Appreciation, Series A, zero cpn., 8/01/47		5,750,000		1,706,313
State Highway 249 System, First Tier Toll, Capital Appreciation, Series A, zero cpn., 8/01/51		3,500,000		828,870
State Highway 249 System, First Tier Toll, Capital Appreciation, Series A, zero cpn., 8/01/52		4,000,000		893,360
State Highway 249 System, First Tier Toll, Capital Appreciation, Series A, zero cpn., 8/01/53		400,000		84,480
Texas State Transportation Commission Turnpike System Revenue, first tier, Refunding, Series A, 5.00%, 8/15/41		5,000,000		5,434,250
Wood County Central Hospital District Hospital Revenue, East Texas Medical Center Quitman Project,Pre-Refunded, 6.00%, 11/01/41		9,350,000		10,259,007


				526,104,381


Virginia 1.4%
Henrico County EDA Residential Care Facilities Revenue,
LifeSpire of Virginia, Refunding, Series C, 5.00%, 12/01/37		765,000		874,150
LifeSpire of Virginia, Refunding, Series C, 5.00%, 12/01/47		2,200,000		2,467,850
Pinnacle Living, Series A, 5.00%, 6/01/44		3,550,000		3,975,326
Pinnacle Living, Series A, 5.00%, 6/01/49		4,065,000		4,540,564
Norfolk EDA Health Care Facilities Revenue, Sentara Healthcare, Refunding, Series B, 5.00%, 11/01/43		17,575,000		19,209,651
Peninsula Town Center CDA Special Obligation Revenue, Refunding, 5.00%, 9/01/45		2,300,000		2,566,938
Virginia Small Business Financing Authority Revenue,
Elizabeth River Crossings OPCO LLC Project, senior lien, 6.00%, 1/01/37		6,485,000		7,223,447
Elizabeth River Crossings OPCO LLC Project, senior lien, 5.50%, 1/01/42		35,790,000		39,140,660
senior lien, 95 Express Lanes LLC Project, 5.00%, 1/01/44		8,000,000		8,553,680
Virginia State Small Business Financing Authority Residential Care Facility Revenue, Pinnacle Living, Series C, 5.00%, 6/01/52		6,000,000		6,524,160


				95,076,426

Semiannual Report

franklintempleton.com

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Washington 1.3%
Greater Wenatchee Regional Events Center Public Facilities District Revenue, Refunding, Series A, 5.50%, 9/01/42	$	3,150,000	$	3,254,139
Ocean Shores Local ID No. 1 Tax Allocation, 7.25%, 2/01/31		4,050,000		5,067,117
Skagit County Public Hospital District No. 1 Revenue, Skagit Valley Hospital, 5.75%, 12/01/35		5,355,000		5,596,403
Washington Health Care Facilities Authority Revenue, Providence Health and Services, Refunding, Series A, 5.00%, 10/01/42		19,725,000		21,636,944
^cWashington State Economic Development Finance Authority Environmental Facilities Revenue,
Coalview Centralia LLC Project, 8.25%, 8/01/25		3,800,000		2,660,000
Coalview Centralia LLC Project, 9.50%, 8/01/25		12,855,000		8,998,500
^dWashington State Economic Development Finance Authority Revenue, Propeller Airports Paine Field LLC Project, Mandatory Put, Series A, 6.50%, 3/01/24		25,000,000		26,486,500
Washington State Health Care Facilities Authority Revenue, CommonSpirit Health, Refunding, SeriesA-1, 4.00%, 8/01/44		2,500,000		2,770,300
Washington State Higher Education Facilities Authority Revenue, Whitworth University Project, Pre- Refunded, 5.625%, 10/01/40		5,235,000		5,252,433
Washington State Housing Finance Commission Revenue, Nonprofit Housing, Presbyterian Retirement Communities Northwest Project, Refunding, Series A, 5.00%, 1/01/31		2,000,000		2,277,420


				83,999,756


West Virginia 0.1%
Kanawha County Commission Student Housing Revenue, The West Virginia State University Foundation Project, 6.75%, 7/01/45		6,650,000		7,260,138


Wisconsin 0.7%
PFA Education Revenue,
Coral Academy of Science Las Vegas, Series A, 5.00%, 7/01/45		2,805,000		3,199,523
Coral Academy of Science Las Vegas, Series A, 5.00%, 7/01/53		4,345,000		4,932,097
PFA Retirement Facilities Revenue,
Whitestone Retirement Facilities, first mortgage, Refunding, 5.00%, 3/01/37		625,000		702,631
Whitestone Retirement Facilities, first mortgage, Refunding, 5.00%, 3/01/52		1,800,000		1,981,584
Wisconsin Health and Educational Facilities Authority Revenue,
Beaver Dam Community Hospitals Inc., Refunding, Series A, 5.25%, 8/15/34		5,000,000		5,476,250
St. Johns Communities Inc., Refunding, Series B, 5.00%, 9/15/45		1,500,000		1,564,140
St. Johns Communities Inc. Project, Series A, 5.00%, 9/15/50		4,000,000		4,216,000
Thedacare Inc., Series A, 5.50%, 12/15/38		5,000,000		5,049,650
Wisconsin Health and Educational Facilities Authority Senior Living Revenue,
Covenant Communities Inc. Project, Third Tier, Series C, 7.00%, 7/01/43		1,000,000		1,001,820
Covenant Communities Inc. Project, Third Tier, Series C, 7.50%, 7/01/53		2,750,000		2,756,215
^aWisconsin Housing and EDA Home Ownership Revenue, Series C, FNMA Insured, 2.75%, 9/01/39		3,000,000		3,014,580
Wisconsin PFA Exempt Facilities Revenue, Celanese Project, Refunding, Series C, 4.30%, 11/01/30		4,000,000		4,286,640
Wisconsin State Public Finance Authority Revenue, Adams-Columbia Electric Cooperative, Series A, NATL Insured, 5.50%, 12/01/40		6,755,000		7,101,194


				45,282,324

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Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount			Value

Municipal Bonds(continued)
Wyoming 0.1%
West Park Hospital District Revenue, West Park Hospital Project, Series A, 7.00%, 6/01/40	$	5,500,000		$	5,903,040
Wyoming CDA Student Housing Revenue,
CHF-Wyoming LLC, University of Wyoming Project, 6.25%, 7/01/31		600,000			636,348
CHF-Wyoming LLC, University of Wyoming Project, 6.50%, 7/01/43		1,600,000			1,691,104


					8,230,492


U.S. Territories 4.5%

Guam 1.1%
Government of Guam GO,
Series A, 6.00%, 11/15/19		1,790,000			1,805,626
Series A,Pre-Refunded, 6.75%, 11/15/29		10,000,000			10,113,000
Series A,Pre-Refunded, 7.00%, 11/15/39		15,000,000			15,175,650
Guam Government Hotel Occupancy Tax Revenue, Refunding, Series A, 6.50%, 11/01/40		10,380,000			11,144,072
Guam Government Limited Obligation Revenue,
Section 30, Series A,Pre-Refunded, 5.625%, 12/01/29		3,850,000			3,892,966
Section 30, Series A,Pre-Refunded, 5.75%, 12/01/34		8,430,000			8,526,692
Guam Government Waterworks Authority Water and Wastewater System Revenue,Pre-Refunded, 5.625%, 7/01/40		4,000,000			4,150,560
Guam International Airport Authority Revenue,
General, Refunding, Series B, AGMC Insured, 5.50%, 10/01/33		2,000,000			2,322,740
General, Refunding, Series B, AGMC Insured, 5.75%, 10/01/43		3,000,000			3,503,070
Guam Power Authority Revenue, Series A,Pre-Refunded, 5.50%, 10/01/40		10,000,000			10,471,000


					71,105,376


Northern Mariana Islands 0.1%
Northern Mariana Islands Commonwealth Ports Authority Seaport Revenue, Senior Series A, 6.60%, 3/15/28		10,965,000			11,028,378


Puerto Rico 3.3%
Children’s Trust Fund Tobacco Settlement Revenue,
Asset-Backed, Refunding, 5.50%, 5/15/39		9,500,000			9,662,450
Asset-Backed, Refunding, 5.625%, 5/15/43		2,500,000			2,542,750
^cPuerto Rico Electric Power Authority Power Revenue,
SeriesA-4-RSA-1, zero cpn., 7/01/19		5,500,000	��		4,709,375
SeriesA-RSA-1, 7.25%, 7/01/30		25,000,000			20,750,000
SeriesA-RSA-1, 6.75%, 7/01/36		29,750,000			24,432,188
SeriesA-RSA-1, 5.00%, 7/01/42		26,990,000			21,592,000
SeriesA-RSA-1, 7.00%, 7/01/43		5,000,000			4,118,750
SeriesB-4-RSA-1, zero cpn., 7/01/19		5,500,000			4,709,375
SeriesE-1-RSA-1, zero cpn., 1/01/21		6,000,000			5,317,500
SeriesE-2-RSA-1, zero cpn., 7/01/21		6,000,000			5,317,500
SeriesE-3-RSA-1, zero cpn., 1/01/22		1,989,500			1,763,194
SeriesE-4-RSA-1, zero cpn., 7/01/22		1,989,499			1,763,193
SeriesWW-RSA-1, 5.50%, 7/01/38		16,355,000			13,124,888
SeriesXX-RSA-1, 5.75%, 7/01/36		23,620,000			19,073,150
SeriesXX-RSA-1, 5.25%, 7/01/40		71,780,000			57,603,450
Puerto Rico HFAR, Capital Fund Modernization Program, Puerto Rico Public Housing Projects, Refunding, 5.125%, 12/01/27		3,000,000			3,164,160

Semiannual Report

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FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
U.S. Territories(continued)
Puerto Rico(continued)
Puerto Rico Industrial Tourist Educational Medical and Environmental Control Facilities Financing Authority Revenue, Cogeneration Facility, AES Puerto Rico Project, 6.625%, 6/01/26	$	16,835,000	$	17,276,919


				216,920,842


Total U.S. Territories				299,054,596


Total Municipal Bonds before Short Term Investments (Cost $5,408,803,447)				6,227,687,054


Short Term Investments 7.1%

Municipal Bonds 7.1%
Arizona 0.2%
^eArizona IDA Hospital Revenue, Phoenix Children’s Hospital, Refunding, Series A, LOC JPMorgan Chase Bank, Daily VRDN and Put, 1.37%, 2/01/48		2,000,000		2,000,000
^ePhoenix IDA Health Care Facilities Revenue, Mayo Clinic, Series B, SPA Wells Fargo Bank, Daily VRDN and Put, 1.35%, 11/15/52		14,240,000		14,240,000


				16,240,000

Florida 1.8%
^eMartin County PCR, Florida Power and Light Co. Project, Refunding, Daily VRDN and Put, 1.43%, 7/15/22		10,700,000		10,700,000
^eSt. Lucie County PCR, Florida Power and Light Co. Project, Refunding, Daily VRDN and Put, 1.38%, 9/01/28		108,575,000		108,575,000


				119,275,000

Georgia 0.1%
^cBaldwin County Hospital Authority Revenue, Oconee Regional Medical Center, 6.50%, 4/30/17		1,260,628		252,126
^eFulton County Development Authority Revenue, Children’s Healthcare of Atlanta Inc. Project, Refunding, SPA PNC Bank, Weekly VRDN and Put, 1.36%, 7/01/42		4,900,000		4,900,000


				5,152,126

Louisiana 0.1%
^eEast Baton Rouge Parish PCR, Exxon Project, Refunding, Daily VRDN and Put, 1.30%, 11/01/19		5,875,000		5,875,000


Minnesota 0.2%
^eMinneapolis and St. Paul Housing and RDA Health Care System Revenue, Allina Health System, Refunding, SeriesB-1, LOC JPMorgan Chase Bank, Daily VRDN and Put, 1.37%, 11/15/35		14,840,000		14,840,000


Mississippi 0.4%
^eMississippi Business Finance Corp. Gulf Opportunity Zone IDR,
Chevron USA Inc. Project, Series B, Daily VRDN and Put, 1.35%, 12/01/30		13,100,000		13,100,000
Chevron USA Inc. Project, Series B, Daily VRDN and Put, 1.35%, 11/01/35		12,020,000		12,020,000


				25,120,000

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Semiannual Report

FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Short Term Investments(continued)

Municipal Bonds(continued)
Missouri 0.2%
^eMissouri State Development Finance Board Revenue, Infrastructure Facilities, St. Louis Convention Center, Series C, LOC US Bank National Association, Daily VRDN and Put, 1.40%, 12/01/20	$	400,000	$	400,000
^eMissouri State Health and Educational Facilities Authority Educational Facilities Revenue,
The Washington University, Series B, SPA JPMorgan Chase Bank, Daily VRDN and Put, 1.36%, 3/01/40		3,490,000		3,490,000
The Washington University, Series B, SPA US Bank National Association, Daily VRDN and Put, 1.18%, 2/15/33		7,800,000		7,800,000


				11,690,000


New Mexico 0.5%
^eNew Mexico Hospital Equipment Loan Council Hospital System Revenue, Presbyterian Healthcare Services, Series C, SPA Wells Fargo Bank, Daily VRDN and Put, 1.37%, 8/01/34		31,300,000		31,300,000


New York 1.7%
^eMTA Dedicated Tax Fund Revenue, Refunding, SubseriesA-1, LOC Toronto Dominion Bank, Daily VRDN and Put, 1.39%, 11/01/31		11,050,000		11,050,000
^eNew York City GO, Fiscal 2014, Series D, SubseriesD-4, LOC TD Bank National Association, Daily VRDN and Put, 1.39%, 8/01/40		6,000,000		6,000,000
^eNew York City Municipal Water Finance Authority Water and Sewer System Revenue,
Second General Resolution, Fiscal 2007, Series CC,Sub-SeriesCC-2, SPA Bank of Montreal, Daily VRDN and Put, 1.35%, 6/15/38		26,460,000		26,460,000
Second General Resolution, Fiscal 2014, Refunding, Series AA, SubseriesAA-1, SPA JPMorgan Chase Bank, Daily VRDN and Put, 1.39%, 6/15/50		12,655,000		12,655,000
Second General Resolution, Fiscal 2014, Refunding, Series AA, SubseriesAA-3, SPA Toronto Dominion Bank, Daily VRDN and Put, 1.39%, 6/15/49		6,500,000		6,500,000
Second General Resolution, Fiscal 2016, Refunding, Series AA, SubseriesAA-2, SPA PNC Bank, Daily VRDN and Put, 1.48%, 6/15/48		10,100,000		10,100,000
^eNew York City Transitional Finance Authority Revenue, Future Tax Secured, Subordinate, Fiscal 2013, Series C, SubseriesC-4, SPA JPMorgan Chase Bank, Daily VRDN and Put, 1.39%, 11/01/36		18,800,000		18,800,000
^eTriborough Bridge and Tunnel Authority Revenue,
General, MTA Bridges and Tunnels, Refunding, Series C, LOC State Street Bank B&T Co., Daily VRDN and Put, 1.32%, 1/01/32		9,000,000		9,000,000
General, MTA Bridges and Tunnels, Refunding, SubseriesB-2, LOC Citibank, Daily VRDN and Put, 1.30%, 1/01/32		9,035,000		9,035,000


				109,600,000



North Carolina 0.3%
^eThe Charlotte-Mecklenburg Hospital Authority Revenue,
Carolinas HealthCare System, Refunding, Series B, SPA JPMorgan Chase Bank, Daily VRDN and Put, 1.36%, 1/15/38		12,485,000		12,485,000
Carolinas HealthCare System, Refunding, Series C, SPA JPMorgan Chase Bank, Daily VRDN and Put, 1.36%, 1/15/37		7,000,000		7,000,000


				19,485,000



Oregon 0.7%
^eOregon State Facilities Authority Revenue, PeaceHealth, Refunding, Series B, LOC TD Bank National Association, Daily VRDN and Put, 1.39%, 8/01/34		45,200,000		45,200,000

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FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High YieldTax-Free Income Fund(continued)


	Principal Amount		Value

Short Term Investments(continued)

Municipal Bonds(continued)
Pennsylvania 0.3%
^eGeisinger Authority Revenue, Geisinger Health System, Montour County, Series A, SPA TD Bank National Association, Daily VRDN and Put, 1.37%, 10/01/43		$ 22,150,000	$	22,150,000


Tennessee 0.3%
^eShelby County Health Educational and Housing Facility Board Revenue, Methodist Le Bonheur Healthcare, Refunding, Series A, AGMC Insured, SPA US Bank National Association, Daily VRDN and Put, 1.38%, 6/01/42		22,915,000		22,915,000


Utah 0.3%
^eWeber County Hospital Revenue, IHC Health Services Inc., Series C, SPA Bank of New York Mellon, Daily VRDN and Put, 1.39%, 2/15/35		22,680,000		22,680,000


Total Short Term Investments (Cost $472,530,629)				471,522,126


Total Investments (Cost $5,881,334,076) 101.0%				6,699,209,180
Other Assets, less Liabilities (1.0)%				(65,650,759	)


Net Assets 100.0%			$	6,633,558,421

See Abbreviations on page 141.

^aSecurity purchased on a when-issued basis. See Note 1(b).

^bThe bond pays interest and/or principal based upon the issuer’s ability to pay, which may be less than the stated interest rate or principal paydown.

^cSee Note 7 regarding defaulted securities.

^dThe maturity date shown represents the mandatory put date.

^eVariable 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.

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FRANKLIN TAX-FREE TRUST

Financial Highlights

Franklin MassachusettsTax-Free Income Fund


	Six Months Ended August 31, 2019 (unaudited)			Year Ended February 28, 2019^a

Class A

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$11.47			$11.39


Income from investment operations^b:

Net investment income^c		0.16			0.16

Net realized and unrealized gains (losses)		0.55			0.08


Total from investment operations		0.71			0.24


Less distributions from:

Net investment income		(0.17	)		(0.16	)


Net asset value, end of period		$12.01			$11.47


Total return^d		6.25%			2.12%

Ratios to average net assets^e

Expenses^f		0.86%			0.86%

Net investment income		2.76%			2.88%

Supplemental data

Net assets, end of period (000’s)		$31,538			$20,086

Portfolio turnover rate		5.01%			6.58%

^aFor the period September 10, 2018 (effective date) to February 28, 2019.

^cBased on average daily shares outstanding.

^dTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

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FRANKLIN TAX-FREE TRUST

FINANCIAL HIGHLIGHTS

Franklin MassachusettsTax-Free Income Fund(continued)


	Six Months Ended August 31, 2019			Year Ended February 28,
	(unaudited)			2019			2018			2017			2016^a			2015

Class A1

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$11.46			$11.47			$11.63			$11.94			$11.93			$11.42

Income from investment operations^b:

Net investment income^c		0.17			0.35			0.35			0.39			0.40			0.42

Net realized and unrealized gains (losses)		0.55			(0.01	)		(0.15	)		(0.31	)		0.01			0.51

Total from investment operations		0.72			0.34			0.20			0.08			0.41			0.93

Less distributions from:

Net investment income		(0.18	)		(0.35	)		(0.36	)		(0.39	)		(0.40	)		(0.42	)

Net asset value, end of period		$12.00			$11.46			$11.47			$11.63			$11.94			$11.93

Total return^d		6.34%			2.98%			1.66%			0.62%			3.50%			8.28%

Ratios to average net assets^e

Expenses		0.71%	^f		0.71%	^f		0.68%			0.67%			0.66%			0.67%

Net investment income		2.91%			3.03%			3.02%			3.23%			3.38%			3.56%

Supplemental data

Net assets, end of period (000’s)		$318,020			$314,235			$363,555			$375,435			$400,201			$439,041

Portfolio turnover rate		5.01%			6.58%			23.50%			7.16%			4.90%			6.51%

^aFor the year ended February 29.

^cBased on average daily shares outstanding.

^dTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

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FRANKLIN TAX-FREE TRUST

FINANCIAL HIGHLIGHTS

Franklin MassachusettsTax-Free Income Fund(continued)


	Six Months Ended August 31, 2019			Year Ended February 28,
	(unaudited)			2019			2018			2017			2016^a			2015

Class C

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$11.60			$11.61			$11.77			$12.07			$12.06			$11.53

Income from investment operations^b:

Net investment income^c		0.14			0.28			0.29			0.32			0.34			0.36

Net realized and unrealized gains (losses)		0.56			(0.01	)		(0.16	)		(0.30	)		—			0.53

Total from investment operations		0.70			0.27			0.13			0.02			0.34			0.89

Less distributions from:

Net investment income		(0.15	)		(0.28	)		(0.29	)		(0.32	)		(0.33	)		(0.36	)

Net asset value, end of period		$12.15			$11.60			$11.61			$11.77			$12.07			$12.06

Total return^d		6.07%			2.37%			1.08%			0.13%			2.89%			7.79%

Ratios to average net assets^e

Expenses		1.26%	^f		1.26%	^f		1.23%			1.22%			1.21%			1.22%

Net investment income		2.36%			2.48%			2.47%			2.68%			2.83%			3.01%

Supplemental data

Net assets, end of period (000’s)		$31,958			$33,253			$56,607			$60,441			$61,834			$62,878

Portfolio turnover rate		5.01%			6.58%			23.50%			7.16%			4.90%			6.51%

^aFor the year ended February 29.

^cBased on average daily shares outstanding.

^dTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

100

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FRANKLIN TAX-FREE TRUST

FINANCIAL HIGHLIGHTS

Franklin MassachusettsTax-Free Income Fund(continued)


	Six Months Ended August 31, 2019			Year Ended February 28,
	(unaudited)			2019			2018^a

Class R6

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$11.46			$11.48			$11.76


Income from investment operations^b:

Net investment income^c		0.18			0.36			0.21

Net realized and unrealized gains (losses)		0.56			(0.02	)		(0.28	)


Total from investment operations		0.74			0.34			(0.07	)


Less distributions from:

Net investment income		(0.19	)		(0.36	)		(0.21	)


Net asset value, end of period		$12.01			$11.46			$11.48


Total return^d		6.50%			3.01%			(0.65)%

Ratios to average net assets^e

Expenses before waiver and payments by affiliates		0.60%			0.59%			0.60%

Expenses net of waiver and payments by affiliates		0.57%	^f		0.57%	^f		0.55%

Net investment income		3.05%			3.17%			3.15%

Supplemental data

Net assets, end of period (000’s)		$11,768			$1,284			$1,688

Portfolio turnover rate		5.01%			6.58%			23.50%

^aFor the period August 1, 2017 (effective date) to February 28, 2018.

^cBased on average daily shares outstanding.

^dTotal return is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

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101

FRANKLIN TAX-FREE TRUST

FINANCIAL HIGHLIGHTS

Franklin MassachusettsTax-Free Income Fund(continued)


	Six Months Ended August 31, 2019			Year Ended February 28,
	(unaudited)			2019			2018			2017			2016^a			2015

Advisor Class

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$11.46			$11.48			$11.63			$11.94			$11.93			$11.41

Income from investment operations^b:

Net investment income^c		0.18			0.36			0.36			0.40			0.41			0.43

Net realized and unrealized gains (losses)		0.55			(0.02	)		(0.14	)		(0.31	)		0.01			0.53

Total from investment operations		0.73			0.34			0.22			0.09			0.42			0.96

Less distributions from:

Net investment income		(0.19	)		(0.36	)		(0.37	)		(0.40	)		(0.41	)		(0.44	)

Net asset value, end of period		$12.00			$11.46			$11.48			$11.63			$11.94			$11.93

Total return^d		6.39%			2.98%			1.84%			0.72%			3.60%			8.48%

Ratios to average net assets^e

Expenses		0.61%	^f		0.61%	^f		0.58%			0.57%			0.56%			0.57%

Net investment income		3.01%			3.13%			3.12%			3.33%			3.48%			3.66%

Supplemental data

Net assets, end of period (000’s)		$50,985			$50,814			$63,366			$34,909			$12,614			$10,274

Portfolio turnover rate		5.01%			6.58%			23.50%			7.16%			4.90%			6.51%

^aFor the year ended February 29.

^cBased on average daily shares outstanding.

^dTotal return is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

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Statement of Investments, August 31, 2019 (unaudited)

Franklin MassachusettsTax-Free Income Fund


	Principal Amount		Value

Municipal Bonds 98.7%
Massachusetts 98.7%
Belmont GO, Municipal Purpose Loan of 2019, 4.00%, 3/15/45	$	3,020,000	$	3,436,519
Boston Water and Sewer Commission Revenue, General, Refunding, Senior Series A, 4.00%, 11/01/28		4,400,000		5,037,912
Braintree GO,
Municipal Purpose Loan, Refunding, 3.00%, 6/01/35		1,765,000		1,885,143
Refunding, 5.00%, 5/15/27		2,000,000		2,582,680
City of Quincy GO, Muni Purpose Loan, Refunding, 4.00%, 6/01/32		2,565,000		2,870,184
Massachusetts Bay Transportation Authority Sales Tax Revenue,
Refunding, Senior Series A, 5.25%, 7/01/30		4,000,000		5,547,880
Refunding, Series B, 5.00%, 7/01/33		2,500,000		3,002,950
Series A, 5.00%, 7/01/40		5,000,000		5,924,800
Massachusetts Development Finance Agency Revenue,
Boston College Issue, Refunding, Series T, 5.00%, 7/01/42		3,750,000		4,593,562
Boston University Issue, Series BB1, 4.00%, 10/01/46		5,000,000		5,498,000
The Broad Institute Issue, Refunding, 4.00%, 4/01/41		5,000,000		5,660,800
The Broad Institute Issue, Series A,Pre-Refunded, 5.375%, 4/01/41		15,000,000		16,020,450
Dana-Farber Cancer Institute Issue, Series N, 5.00%, 12/01/46		6,890,000		8,184,907
Harvard University Issue, Refunding, Series A, 5.00%, 7/15/33		5,000,000		6,213,450
Lahey Clinic Obligated Group Issue, Refunding, Series F, 5.00%, 8/15/32		2,975,000		3,530,819
Lahey Health System Obligated Group Issue, Refunding, Series F, 5.00%, 8/15/34		5,000,000		5,910,950
Northeastern University Issue, Series A, 5.00%, 3/01/44		5,000,000		5,715,450
Partners HealthCare System Issue, Refunding, Series Q, 5.00%, 7/01/34		5,000,000		6,104,150
Partners HealthCare System Issue, Refunding, Series S, 5.00%, 7/01/33		1,880,000		2,387,713
Partners HealthCare System Issue, Refunding, Series S, 4.00%, 7/01/41		7,500,000		8,503,425
Partners HealthCare System Issue, Series L,Pre-Refunded, 5.00%, 7/01/41		5,000,000		5,355,050
Sterling and Francine Clark Art Institute Issue,Pre-Refunded, 5.00%, 7/01/41		12,900,000		13,816,029
Williams College Issue, Refunding, Series S, 4.00%, 7/01/46		9,550,000		10,770,012
Worcester Polytechnic Institute Issue, 4.00%, 9/01/49		4,825,000		5,039,857
Worcester Polytechnic Institute Issue, Refunding, 5.00%, 9/01/42		1,090,000		1,318,137
Massachusetts State College Building Authority Project Revenue,
Refunding, Series B, XLCA Insured, 5.50%, 5/01/39		5,000,000		7,472,950
Refunding, Series D, 4.00%, 5/01/38		4,350,000		4,958,565
Series B,Pre-Refunded, 5.00%, 5/01/40		4,625,000		4,745,712
Massachusetts State Department of Transportation Metropolitan Highway System Revenue,
Commonwealth Contract Assistance Secured, Subordinated, Series B, 5.00%, 1/01/35		16,165,000		16,361,728
Commonwealth Contract Assistance Secured, Subordinated, Series B, 5.00%, 1/01/37		1,015,000		1,300,327
Massachusetts State Development Finance Agency Revenue,
Brandeis University Issue, Refunding, SeriesS-1, 5.00%, 10/01/38		2,410,000		3,083,306
Wellesley College Issue, Refunding, Series L, 4.00%, 7/01/44		6,160,000		7,053,015
Woods Hole Oceanographic Institution Issue, Refunding, 5.00%, 6/01/35		1,200,000		1,517,952
Woods Hole Oceanographic Institution Issue, Refunding, 5.00%, 6/01/36		1,000,000		1,261,490
Massachusetts State Educational Financing Authority Education Loan Revenue,
Issue I, 6.00%, 1/01/28		2,025,000		2,050,333
Issue I, Refunding, Series A, 5.50%, 1/01/22		3,000,000		3,046,080

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STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin MassachusettsTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Massachusetts(continued)
Massachusetts State GO,
Consolidated Loan of 2014, Series F, 4.00%, 11/01/29	$	6,000,000	$	6,527,460
Consolidated Loan of 2017, Series A, 5.25%, 4/01/42		5,000,000		6,221,450
Consolidated Loan of 2018, Series A, 5.00%, 1/01/47		5,000,000		6,118,650
Massachusetts State Health and Educational Facilities Authority Revenue,
Boston College Issue, SeriesM-2, 5.50%, 6/01/35		8,600,000		12,416,852
Cape Cod Healthcare Obligated Group Issue, Assured Guaranty,Pre-Refunded, 5.125%, 11/15/35		3,150,000		3,175,105
Children’s Hospital Issue, Series M,Pre-Refunded, 5.25%, 12/01/39		7,000,000		7,069,580
Southcoast Health System Obligated Group Issue, Series D, 5.00%, 7/01/39		5,500,000		5,516,555
Sterling and Francine Clark Art Institute Issue, Series B,Pre-Refunded, 5.00%, 7/01/40		5,000,000		5,163,400
Massachusetts State HFA, MFHR, Section 8 Assisted, Series A, ETM, 7.00%, 4/01/21		315,000		336,030
Massachusetts State HFAR,
Housing, Refunding, Series A, 3.25%, 12/01/27		4,000,000		4,192,320
Housing, Refunding, Series A, 3.50%, 12/01/31		5,805,000		6,028,783
Housing, Series C, 5.125%, 12/01/39		1,700,000		1,701,768
Housing, Series C, 5.35%, 12/01/49		4,500,000		4,504,950
Housing, Series D, 5.05%, 6/01/40		3,120,000		3,122,496
Housing, Series F, 3.15%, 12/01/32		105,000		105,155
Housing, Series F, 3.45%, 12/01/37		45,000		45,074
SF Housing, Series 159, FNMA Insured, 4.05%, 12/01/32		1,670,000		1,706,857
SF Housing, Series 162, GNMA Secured, 3.15%, 12/01/32		10,905,000		11,180,570
Massachusetts State Port Authority Revenue, Series B, 5.00%, 7/01/49		5,000,000		6,314,400
Massachusetts State School Building Authority Dedicated Sales Tax Revenue,
Senior, Refunding, Series C, 5.00%, 11/15/34		5,000,000		6,174,150
Senior, Series B, 5.00%, 10/15/41		10,000,000		10,764,000
Massachusetts State Special Obligation Dedicated Tax Revenue,
Refunding, NATL Insured, 5.50%, 1/01/25		10,900,000		13,320,236
Refunding, NATL Insured, 5.50%, 1/01/34		16,900,000		23,918,570
Massachusetts State Transportation Fund Revenue,
Accelerated Bridge Program, Series A,Pre-Refunded, 4.00%, 6/01/31		5,555,000		5,840,972
Rail Enhancement and Accelerated Bridge Programs, Series A, 5.00%, 6/01/47		5,000,000		6,067,800
Rail Enhancement and Accelerated Bridge Programs, Series B, 4.00%, 6/01/45		7,175,000		7,975,084
Massachusetts State Water Pollution Abatement Trust Revenue,
Pooled Loan Program, Series 6, 5.50%, 8/01/30		195,000		195,636
Pooled Loan Program, Series 7, 5.125%, 2/01/31		260,000		260,778
Water Pollution Abatement, MWRA Program, Subordinate, Refunding, Series A, 5.75%, 8/01/29		250,000		250,860
Massachusetts Water Resources Authority Revenue,
General, Green Bonds, Refunding, Series C, 5.00%, 8/01/40		5,000,000		6,064,450
General, Green Bonds, Series B, 5.00%, 8/01/40		1,140,000		1,408,869
General, Green Bonds, Series B, 5.00%, 8/01/42		3,145,000		3,871,935
General, Refunding, Series B, AGMC Insured, 5.25%, 8/01/28		5,490,000		7,359,565
General, Series B, 5.00%, 8/01/43		4,000,000		5,004,480
Metropolitan Boston Transit Parking Corp. Systemwide Parking Revenue,
senior lien, 5.00%, 7/01/41		7,500,000		7,970,700
senior lien, Refunding, 5.25%, 7/01/36		5,585,000		5,985,724
Natick GO, Municipal Purpose Loan of 2018, 4.00%, 7/15/35		4,970,000		5,817,286

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FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin MassachusettsTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Massachusetts(continued)
Plymouth GO, Municipal Purpose Loan, Refunding, 4.00%, 5/01/47	$	5,000,000	$	5,595,050
Springfield Water and Sewer Commission Revenue, General, Series C, 5.00%, 4/15/37		1,260,000		1,556,113
University of Massachusetts Building Authority Project Revenue,
Refunding, Senior Series 1, 5.00%, 11/01/44		4,000,000		4,670,680
Senior Series 1, 5.25%, 11/01/42		5,000,000		6,311,450
Senior Series2019-1, Refunding, 5.00%, 5/01/39		5,000,000		6,403,400
Worcester GO,
Municipal Purpose Loan, 3.25%, 11/01/25		3,370,000		3,521,178
Municipal Purpose Loan, 3.50%, 11/01/26		3,000,000		3,144,780


Total Municipal Bonds before Short Term Investments (Cost $403,083,715)				438,663,488


Short Term Investments (Cost $1,575,000) 0.4%

Municipal Bonds 0.4%
Massachusetts 0.4%
^aMassachusetts State Health and Educational Facilities Authority Revenue, Harvard University Issue, Refunding, Series R, Daily VRDN and Put, 1.24%, 11/01/49		1,575,000		1,575,000


Total Investments (Cost $404,658,715) 99.1%				440,238,488

Other Assets, less Liabilities 0.9%				4,031,564


Net Assets 100.0%			$	444,270,052

See Abbreviations on page 141.

^aVariable 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.

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Financial Highlights

Franklin New JerseyTax-Free Income Fund


	Six Months Ended August 31, 2019 (unaudited)			Year Ended February 28, 2019^a

Class A

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$11.14			$11.10


Income from investment operations^b:

Net investment income^c		0.16			0.17

Net realized and unrealized gains (losses)		0.47			0.04


Total from investment operations		0.63			0.21


Less distributions from:

Net investment income		(0.17	)		(0.17	)


Net asset value, end of period		$11.60			$11.14


Total return^d		5.72%			1.97%

Ratios to average net assets^e

Expenses^f		0.82%			0.83%

Net investment income		2.83%			3.28%

Supplemental data

Net assets, end of period (000’s)		$82,568			$55,866

Portfolio turnover rate		7.74%			13.26%

^aFor the period September 10, 2018 (effective date) to February 28, 2019.

^cBased on average daily shares outstanding.

^dTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

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FINANCIAL HIGHLIGHTS

Franklin New JerseyTax-Free Income Fund(continued)


	Six Months Ended August 31, 2019			Year Ended February 28,
	(unaudited)			2019			2018			2017			2016^a			2015

Class A1

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$11.13			$11.11			$11.45			$11.73			$11.95			$11.76

Income from investment operations^b:

Net investment income^c		0.17			0.38			0.39			0.44			0.46			0.47

Net realized and unrealized gains (losses)		0.46			0.03			(0.31	)		(0.27	)		(0.23	)		0.20

Total from investment operations		0.63			0.41			0.08			0.17			0.23			0.67

Less distributions from:

Net investment income		(0.18	)		(0.39	)		(0.42	)		(0.45	)		(0.45	)		(0.48	)

Net asset value, end of period		$11.58			$11.13			$11.11			$11.45			$11.73			$11.95

Total return^d		5.71%			3.78%			0.68%			1.44%			1.99%			5.75%

Ratios to average net assets^e

Expenses		0.67%	^f		0.68%	^f		0.67%			0.65%			0.64%			0.64%

Net investment income		2.98%			3.43%			3.46%			3.79%			3.96%			3.98%

Supplemental data

Net assets, end of period (000’s)		$603,767			$596,817			$650,527			$742,824			$793,062			$893,018

Portfolio turnover rate		7.74%			13.26%			12.70%			9.20%			5.24%			4.81%

^aFor the year ended February 29.

^cBased on average daily shares outstanding.

^dTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

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FINANCIAL HIGHLIGHTS

Franklin New JerseyTax-Free Income Fund(continued)


	Six Months Ended August 31, 2019			Year Ended February 28,
	(unaudited)			2019			2018			2017			2016^a			2015

Class C

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$11.28			$11.26			$11.60			$11.87			$12.09			$11.89

Income from investment operations^b:

Net investment income^c		0.14			0.32			0.33			0.38			0.40			0.41

Net realized and unrealized gains (losses)		0.47			0.03			(0.32	)		(0.27	)		(0.24	)		0.20

Total from investment operations		0.61			0.35			0.01			0.11			0.16			0.61

Less distributions from:

Net investment income		(0.15	)		(0.33	)		(0.35	)		(0.38	)		(0.38	)		(0.41	)

Net asset value, end of period		$11.74			$11.28			$11.26			$11.60			$11.87			$12.09

Total return^d		5.45%			3.15%			0.11%			0.95%			1.42%			5.20%

Ratios to average net assets^e

Expenses		1.22%	^f		1.23%	^f		1.22%			1.20%			1.19%			1.19%

Net investment income		2.43%			2.88%			2.91%			3.24%			3.41%			3.43%

Supplemental data

Net assets, end of period (000’s)		$126,999			$125,982			$188,806			$217,952			$216,813			$231,740

Portfolio turnover rate		7.74%			13.26%			12.70%			9.20%			5.24%			4.81%

^aFor the year ended February 29.

^cBased on average daily shares outstanding.

^dTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

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FINANCIAL HIGHLIGHTS

Franklin New JerseyTax-Free Income Fund(continued)


	Six Months Ended August 31, 2019			Year Ended February 28,
	(unaudited)			2019			2018^a

Class R6

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$11.14			$11.12			$11.37

Income from investment operations^b:

Net investment income^c		0.18			0.40			0.25

Net realized and unrealized gains (losses)		0.46			0.03			(0.26	)

Total from investment operations		0.64			0.43			(0.01	)

Less distributions from:

Net investment income		(0.19	)		(0.41)			(0.24	)

Net asset value, end of period		$11.59			$11.14			$11.12

Total return^d		5.78%			3.91%			(0.11)%

Ratios to average net assets^e

Expenses before waiver and payments by affiliates		0.53%			0.54%			0.54%

Expenses net of waiver and payments by affiliates		0.53%	^f,g		0.54%	^f,g		0.53%

Net investment income		3.12%			3.57%			3.60%

Supplemental data

Net assets, end of period (000’s)		$26,489			$20,459			$19,936

Portfolio turnover rate		7.74%			13.26%			12.70%

^aFor the period August 1, 2017 (effective date) to February 28, 2018.

^cBased on average daily shares outstanding.

^dTotal return is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

^gBenefit of waiver and payments by affiliates rounds to less than 0.01%.

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109

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FINANCIAL HIGHLIGHTS

Franklin New JerseyTax-Free Income Fund(continued)


	Six Months Ended August 31, 2019			Year Ended February 28,
	(unaudited)			2019			2018			2017			2016^a			2015

Advisor Class

Per share operating performance
(for a share outstanding throughout the period)

Net asset value, beginning of period		$11.14			$11.12			$11.46			$11.74			$11.96			$11.77

Income from investment operations^b:

Net investment income^c		0.18			0.39			0.40			0.46			0.47			0.49

Net realized and unrealized gains (losses)		0.46			0.03			(0.31	)		(0.28	)		(0.23	)		0.19

Total from investment operations		0.64			0.42			0.09			0.18			0.24			0.68

Less distributions from:

Net investment income		(0.19	)		(0.40	)		(0.43	)		(0.46	)		(0.46	)		(0.49	)

Net asset value, end of period		$11.59			$11.14			$11.12			$11.46			$11.74			$11.96

Total return^d		5.76%			3.87%			0.77%			1.54%			2.10%			5.86%

Ratios to average net assets^e

Expenses		0.57%	^f		0.58%	^f		0.57%			0.55%			0.54%			0.54%

Net investment income		3.08%			3.53%			3.56%			3.89%			4.06%			4.08%

Supplemental data

Net assets, end of period (000’s)		$83,802			$75,607			$79,286			$107,087			$91,175			$92,059

Portfolio turnover rate		7.74%			13.26%			12.70%			9.20%			5.24%			4.81%

^aFor the year ended February 29.

^cBased on average daily shares outstanding.

^dTotal return is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

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Statement of Investments, August 31, 2019 (unaudited)

Franklin New JerseyTax-Free Income Fund


	Principal Amount		Value

Municipal Bonds 95.1%
Delaware 0.7%
Delaware River and Bay Authority Revenue, Series A, 5.00%, 1/01/42	$	6,000,000	$	6,578,280


New Jersey 75.3%
Cape May County Industrial PCFA, PCR, Atlantic City Electric Co. Project, Refunding, Series A, NATL Insured, 6.80%, 3/01/21		5,400,000		5,828,112
Cumberland County Improvement Authority Revenue,
Technical High School Project, AGMC Insured, 5.00%, 9/01/39		2,000,000		2,325,120
Technical High School Project, BAM Insured, 5.00%, 1/15/36		955,000		1,181,631
Technical High School Project, BAM Insured, 5.00%, 1/15/37		1,000,000		1,233,850
Technical High School Project, BAM Insured, 5.00%, 1/15/38		1,020,000		1,254,977
Technical High School Project, BAM Insured, 5.00%, 1/15/39		1,070,000		1,313,446
Technical High School Project, BAM Insured, 5.00%, 1/15/44		5,725,000		6,964,176
Gloucester County Improvement Authority Revenue,
County Guaranteed Loan, Rowan University Project, 4.00%, 7/01/37		750,000		884,228
County Guaranteed Loan, Rowan University Project, 4.00%, 7/01/38		700,000		822,892
County Guaranteed Loan, Rowan University Project, 4.00%, 7/01/39		600,000		703,434
County Guaranteed Loan, Rowan University Project, 5.00%, 7/01/44		4,925,000		6,234,557
County Guaranteed Loan, Rowan University Project, 4.00%, 7/01/48		5,250,000		6,012,667
Rowan University Business and Engineering School Projects, Series C, AGMC Insured, 4.00%, 7/01/42		2,500,000		2,732,800
Rowan University Business and Engineering School Projects, Series C, AGMC Insured, 5.00%, 7/01/44		3,500,000		4,046,490
Hudson County Improvement Authority Lease Revenue, County Secured, Hudson County Vocational-Technical Schools Project, 5.00%, 5/01/46		6,000,000		7,096,620
Mercer County Improvement Authority Revenue,
Mercer County Projects, Refunding, 4.00%, 4/01/31		1,545,000		1,874,332
Mercer County Projects, Refunding, 4.00%, 4/01/32		2,050,000		2,474,760
Mercer County Projects, Refunding, 4.00%, 4/01/33		1,500,000		1,804,470
Middlesex County COP, Capital Appreciation, NATL Insured, zero cpn., 6/15/24		1,000,000		929,570
Monmouth County Improvement Authority Revenue,
Governmental Pooled Loan, Refunding, Series A, 4.00%, 8/01/32		300,000		367,770
Governmental Pooled Loan, Refunding, Series A, 4.00%, 8/01/36		500,000		597,130
Governmental Pooled Loan, Refunding, Series A, 4.00%, 8/01/37		275,000		326,128
Governmental Pooled Loan, Refunding, Series A, 4.00%, 8/01/38		225,000		265,408
Governmental Pooled Loan, Refunding, Series A, 4.00%, 8/01/39		400,000		469,772
Governmental Pooled Loan, Series A, 4.00%, 8/01/33		350,000		426,517
Governmental Pooled Loan, Series A, 4.00%, 8/01/34		525,000		635,313
Governmental Pooled Loan, Series A, 4.00%, 8/01/35		525,000		631,045
New Brunswick Parking Authority Revenue, City Guaranteed, Refunding, Series A, BAM Insured, 5.00%, 9/01/39		5,000,000		5,985,500
New Jersey EDA,
GO Lease Revenue, Rutgers University, College Avenue Redevelopment Project, 5.00%, 6/15/38		5,000,000		5,618,950
GO Lease Revenue, Rutgers University, College Avenue Redevelopment Project, 5.00%, 6/15/46		7,500,000		8,390,325
New Jersey EDA Revenue,
Cigarette Tax, Refunding, 5.00%, 6/15/28		3,000,000		3,240,360
Cigarette Tax, Refunding, 5.00%, 6/15/29		1,000,000		1,077,870
Cigarette Tax, Refunding, Assured Guaranty, 5.00%, 6/15/22		10,000,000		10,944,700
Cranes Mill Project, Refunding, 5.00%, 1/01/34		1,500,000		1,740,915
Cranes Mill Project, Refunding, 5.00%, 1/01/39		1,250,000		1,435,288
Cranes Mill Project, Refunding, 5.00%, 1/01/49		3,000,000		3,411,150

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STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin New JerseyTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
New Jersey(continued)
New Jersey EDA Revenue, (continued)
Montclair State University Student Housing Project, Provident Group, Montclair Properties LLC, Series A,Pre-Refunded, 5.875%, 6/01/42	$	17,950,000	$	18,593,328
Provident Group-Kean Properties LLC, Kean University Student Housing Project, Series A, 5.00%, 7/01/32		640,000		735,814
Provident Group-Kean Properties LLC, Kean University Student Housing Project, Series A, 5.00%, 7/01/37		600,000		681,504
Provident Group-Kean Properties LLC, Kean University Student Housing Project, Series A, 5.00%, 7/01/47		1,500,000		1,678,275
Provident Group-Montclair Properties LLC, State University Student Housing Project, Refunding, AGMC Insured, 5.00%, 6/01/42		6,000,000		7,118,700
Provident Group-Rowan Properties LLC, Rowan University Student Housing Project, Series A, 5.00%, 1/01/48		7,000,000		7,609,560
School Facilities Construction, Refunding, Series K, NATL Insured, 5.25%, 12/15/21		10,000,000		10,860,200
School Facilities Construction, Refunding, SeriesN-1, NATL Insured, 5.50%, 9/01/27		8,660,000		10,868,213
School Facilities Construction, Series WW, 5.00%, 6/15/37		4,760,000		5,387,368
New Jersey EDA Water Facilities Revenue,
Middlesex Water Company Project, 4.00%, 8/01/59		6,200,000		6,836,120
Middlesex Water Company Project, 5.00%, 8/01/59		3,750,000		4,562,175
New Jersey-American Water Co. Inc. Project, Refunding, Series A, 5.70%, 10/01/39		10,000,000		10,033,100
New Jersey-American Water Co. Inc. Project, Refunding, Series B, 5.00%, 10/01/39		8,750,000		8,773,712
New Jersey Environmental Infrastructure Trust Revenue, Environmental Infrastructure, Refunding, SeriesA-R1, 5.00%, 9/01/21		8,915,000		9,618,037
New Jersey Health Care Facilities Financing Authority Revenue,
Atlantic Health System Hospital Corp. Issue,Pre-Refunded, 6.00%, 7/01/41		10,600,000		11,543,824
Atlantic Health System Hospital Corp. Issue, Refunding, 4.00%, 7/01/41		10,000,000		11,225,800
Atlantic Health System Hospital Corp. Issue, Refunding, Series A, 5.00%, 7/01/27		220,000		220,673
Barnabas Health Issue, Series A,Pre-Refunded, 5.625%, 7/01/32		5,500,000		5,947,315
Barnabas Health Obligated Group Issue, Refunding, Series A, 5.00%, 7/01/44		15,530,000		17,921,620
Hackensack Meridian Health Obligated Group Issue, Refunding, Series A, 5.00%, 7/01/37		3,000,000		3,674,220
Hackensack Meridian Health Obligated Group Issue, Refunding, Series A, 5.00%, 7/01/38		3,000,000		3,660,810
Hackensack Meridian Health Obligated Group Issue, Refunding, Series A, 5.00%, 7/01/39		5,000,000		6,080,050
Hunterdon Medical Center Obligated Group Issue, Refunding, Series A, 5.00%, 7/01/45		2,650,000		2,950,351
Inspira Health Obligated Group Issue, Refunding, Series A, 5.00%, 7/01/37		1,600,000		1,940,144
Inspira Health Obligated Group Issue, Refunding, Series A, 5.00%, 7/01/46		18,500,000		21,762,105
Inspira Health Obligated Group Issue, Series A, 5.00%, 7/01/42		8,000,000		9,619,040
Inspira Health Obligated Group Issue, Series A, 4.00%, 7/01/47		8,700,000		9,721,380
Meridian Health System Obligated Group Issue, Refunding, 5.00%, 7/01/27		2,500,000		2,753,025
Robert Wood Johnson University Hospital Issue, Series A, 5.00%, 7/01/43		3,650,000		4,217,101
Robert Wood Johnson University Hospital Issue, Series A, 5.50%, 7/01/43		4,000,000		4,563,480
RWJ Barnabas Health Obligated Group Issue, Refunding, Series A, 5.00%, 7/01/43		15,000,000		18,050,850
St. Luke’s Warren Hospital Obligated Group Issue, Refunding, 5.00%, 8/15/31		2,935,000		3,267,359
St. Luke’s Warren Hospital Obligated Group Issue, Refunding, 5.00%, 8/15/34		1,500,000		1,659,030
St. Peter’s University Hospital Obligated Group Issue, Refunding, 6.00%, 7/01/26		1,000,000		1,068,810
St. Peter’s University Hospital Obligated Group Issue, Refunding, 6.25%, 7/01/35		3,400,000		3,638,204
New Jersey Health Care Facilities Financing Authority State Contract Revenue, Hospital Asset Transformation Program, Series A,Pre-Refunded, 5.75%, 10/01/31		10,000,000		10,034,200
New Jersey Housing and Mortgage Finance Agency MFR, Refunding, Series A, 3.95%, 11/01/43		1,100,000		1,198,857

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FRANKLIN TAX-FREE TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin New JerseyTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
New Jersey(continued)
New Jersey Institute of Technology GO,
Series A, 5.00%, 7/01/42	$	4,860,000	$	5,271,399
Series A, 5.00%, 7/01/45		6,000,000		7,005,900
Series A,Pre-Refunded, 5.00%, 7/01/42		2,140,000		2,377,176
New Jersey State Educational Facilities Authority Revenue,
Kean University Issue, Refunding, Series D, BAM Insured, 4.00%, 9/01/38		1,150,000		1,294,107
Kean University Issue, Refunding, Series H, AGMC Insured, 5.00%, 7/01/34		2,205,000		2,583,599
Kean University Issue, Refunding, Series H, AGMC Insured, 5.00%, 7/01/35		5,000,000		5,846,200
Kean University Issue, Series A,Pre-Refunded, 5.50%, 9/01/36		8,500,000		8,500,000
Montclair State University Issue, Refunding, Series A, 5.00%, 7/01/44		16,380,000		18,633,397
Montclair State University Issue, Refunding, Series B, 5.00%, 7/01/34		1,325,000		1,603,290
Montclair State University Issue, Refunding, Series D, 5.00%, 7/01/35		2,245,000		2,646,631
Montclair State University Issue, Refunding, Series D, 5.00%, 7/01/36		1,210,000		1,423,734
Montclair State University Issue, Series A, 5.00%, 7/01/39		5,000,000		5,717,900
Princeton University, Refunding, Series B, 5.00%, 7/01/44		15,000,000		17,370,450
Princeton University, Refunding, Series I, 5.00%, 7/01/35		5,800,000		7,344,714
Princeton University, Series B, 5.00%, 7/01/39		15,000,000		16,006,050
Princeton University, Series B, 4.375%, 7/01/41		10,000,000		10,474,800
Ramapo College of New Jersey Issue, Series A, AGMC insured, 5.00%, 7/01/35		3,955,000		4,840,801
Ramapo College of New Jersey Issue, Series B, 5.00%, 7/01/37		1,000,000		1,087,820
Ramapo College of New Jersey Issue, Series B, 5.00%, 7/01/42		1,000,000		1,085,800
Seton Hall University Issue, Refunding, Series C, 5.00%, 7/01/34		400,000		466,996
Seton Hall University Issue, Refunding, Series C, 5.00%, 7/01/37		1,300,000		1,510,626
Seton Hall University Issue, Refunding, Series D, 5.00%, 7/01/42		3,945,000		4,715,182
Stevens Institute of Technology Issue, Refunding, Series A, 5.00%, 7/01/36		1,600,000		1,949,616
Stevens Institute of Technology Issue, Refunding, Series A, 5.00%, 7/01/42		9,310,000		11,201,606
Stevens Institute of Technology Issue, Refunding, Series A, 5.00%, 7/01/47		4,085,000		4,877,531
Stevens Institute of Technology Issue, Series I, ETM, 5.00%, 7/01/28		655,000		778,638
New Jersey State Higher Education Assistance Authority Student Loan Revenue,
Refunding, Series 1, 5.875%, 12/01/33		2,140,000		2,310,601
Refunding, Series 1A, 5.125%, 12/01/27		2,230,000		2,250,806
Refunding, Series 1A, 5.25%, 12/01/28		2,235,000		2,256,300
Senior, Series B, 3.25%, 12/01/39		10,000,000		10,349,100
Series 2, 5.00%, 12/01/26		185,000		192,296
Series 2, 5.00%, 12/01/27		135,000		140,230
Series 2, 5.00%, 12/01/28		140,000		145,338
Series 2, 5.00%, 12/01/30		1,500,000		1,570,065
Series 2, 5.00%, 12/01/36		1,000,000		1,045,540
New Jersey State Housing and Mortgage Finance Agency MFHR, Series I, 5.75%, 11/01/38		2,490,000		2,495,627
New Jersey State Housing and Mortgage Finance Agency SFHR, Refunding, Series C, 3.95%, 10/01/44		4,500,000		4,921,200
New Jersey State Transportation Trust Fund Authority Revenue,
Transportation Program, Series AA, 5.25%, 6/15/31		10,000,000		11,117,400
Transportation System, Capital Appreciation, Series A, zero cpn., 12/15/29		5,000,000		3,854,800
Transportation System, Capital Appreciation, Series A, zero cpn., 12/15/32		10,000,000		6,934,600
Transportation System, Capital Appreciation, Series C, AGMC Insured, zero cpn., 12/15/33		10,000,000		6,875,900
Transportation System, Series A, 5.50%, 6/15/41		5,000,000		5,308,150

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STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin New JerseyTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
New Jersey(continued)
New Jersey State Turnpike Authority Revenue,
Turnpike, Refunding, Series B, 5.00%, 1/01/40	$	15,245,000	$	18,802,421
Turnpike, Refunding, Series G, 4.00%, 1/01/43		5,000,000		5,674,900
Turnpike, Series A, 5.00%, 1/01/34		6,505,000		8,021,771
Turnpike, Series A, 5.00%, 1/01/35		3,495,000		4,292,839
Turnpike, Series A, 5.00%, 1/01/48		15,500,000		19,277,660
Turnpike, Series I,Pre-Refunded, 5.00%, 1/01/35		5,000,000		5,064,500
Newark Housing Authority Port Authority Revenue, Newark Marine Terminal, City of Newark Redevelopment Projects, Refunding, 4.00%, 1/01/37		20,745,000		23,617,768
North Hudson Sewerage Authority Gross Revenue,
Lease Certificates, Refunding, senior lien, Series A, 5.00%, 6/01/42		1,005,000		1,113,148
Lease Certificates, senior lien, Series A, 5.00%, 6/01/42		16,795,000		18,286,732
Passaic County Improvement Authority County Guaranteed Parking Revenue, 200 Hospital Plaza Corp. Project,Pre-Refunded, 5.00%, 5/01/42		3,200,000		3,283,520
Rutgers State University GO, Series L, 5.00%, 5/01/43		12,000,000		13,425,480
Salem County PCFA, PCR, Atlantic City Electric Co. Project, Refunding, Series A, 4.875%, 6/01/29		5,000,000		5,086,350


				695,685,632


New York 8.8%
Port Authority of New York and New Jersey Revenue,
Consolidated, One Hundred Sixty-First Series, 5.00%, 10/15/33		10,000,000		10,045,600
Consolidated, Refunding, One Hundred Seventy-First Series, 5.00%, 7/15/30		12,200,000		13,296,902
Consolidated, Refunding, One Hundred Seventy-Ninth Series, 5.00%, 12/01/38		15,000,000		17,259,900
Consolidated, Refunding, One Hundred Sixtieth Series, 5.00%, 9/15/36		15,000,000		15,020,100
Consolidated, Refunding, One Hundred Sixty-Sixth Series, 5.25%, 7/15/36		5,000,000		5,281,200
Consolidated, Refunding, Two Hundred Fourteenth Series, 4.00%, 9/01/43		3,000,000		3,446,730
Consolidated, Refunding, Two Hundred Sixteenth Series, 4.00%, 9/01/45		2,500,000		2,905,425
Consolidated, Refunding, Two Hundred Sixteenth Series, 4.00%, 9/01/49		6,000,000		6,953,940
Port Authority of New York and New Jersey Special Project Revenue, JFK International Air Terminal LLC Project, NATL Insured, 5.75%, 12/01/22		6,575,000		6,858,645


				81,068,442


Pennsylvania 8.6%
Delaware River Joint Toll Bridge Commission Revenue,
Bridge System, Refunding, Series B, 5.00%, 7/01/31		850,000		1,119,135
Bridge System, 5.00%, 7/01/42		19,500,000		23,886,525
Bridge System, Refunding, Series B, 5.00%, 7/01/32		1,000,000		1,312,140
Bridge System, Series A, 5.00%, 7/01/33		100,000		130,880
Bridge System, Series A, 5.00%, 7/01/34		150,000		195,332
Bridge System, Series A, 5.00%, 7/01/35		150,000		194,373
Bridge System, Series A, 5.00%, 7/01/36		150,000		193,475
Bridge System, Series A, 5.00%, 7/01/37		150,000		192,489
Bridge System, Series A, 5.00%, 7/01/38		150,000		191,946
Bridge System, Series A, 5.00%, 7/01/39		150,000		191,442
Bridge System, Series A, 5.00%, 7/01/44		760,000		958,216

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STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin New JerseyTax-Free Income Fund(continued)


	Principal Amount		Value

Municipal Bonds(continued)
Pennsylvania(continued)
Delaware River Port Authority Revenue,
5.00%, 1/01/37	$	10,000,000	$	11,409,000
Series A, 5.00%, 1/01/37		3,285,000		4,176,023
Series A, 5.00%, 1/01/38		5,050,000		6,399,612
Series A, 5.00%, 1/01/39		2,300,000		2,905,038
Series A, 5.00%, 1/01/40		9,565,000		12,041,665
Series E,Pre-Refunded, 5.00%, 1/01/35		14,000,000		14,178,220


				79,675,511


U.S. Territories 1.7%
Puerto Rico 1.7%
^aPuerto Rico Electric Power Authority Power Revenue,
SeriesWW-RSA-1, 5.50%, 7/01/38		16,620,000		13,337,550
SeriesXX-RSA-1, 5.25%, 7/01/40		3,125,000		2,507,813


				15,845,363


Total Municipal Bonds before Short Term Investments (Cost $820,192,714)				878,853,228


Short Term Investments 4.1%

Municipal Bonds 4.1%
New Jersey 4.1%
^bNew Jersey EDA, EDR, Lawrenceville School Project, SPA JPMorgan Chase Bank, Daily VRDN and Put, 0.64%, 7/01/31		5,950,000		5,950,000
^bNew Jersey Health Care Facilities Financing Authority Revenue,
Virtua Health Issue, Series B, LOC JPMorgan Chase Bank, Daily VRDN and Put, 0.60%, 7/01/43		11,200,000		11,200,000
Virtua Health Issue, Series C, LOC JPMorgan Chase Bank, Daily VRDN and Put, 0.64%, 7/01/43		13,400,000		13,400,000
^bUnion County PCFA Revenue, Exxon Project, Refunding, Daily VRDN and Put, 0.67%, 10/01/24		7,000,000		7,000,000


Total Short Term Investments (Cost $37,550,000)				37,550,000


Total Investments (Cost $857,742,714) 99.2%				916,403,228

Other Assets, less Liabilities 0.8%				7,222,475


Net Assets 100.0%			$	923,625,703

See Abbreviations on page 141.

^aSee Note 7 regarding defaulted securities.

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FINANCIAL STATEMENTS

Statements of Assets and Liabilities

August 31, 2019 (unaudited)


	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


Assets:
Investments in securities:
Cost - Unaffiliated issuers		$3,401,602,142		$956,983,337		$5,881,334,076			$404,658,715
Cost - Controlled affiliates (Note 3f)		—		15,789,813		—			—


Value - Unaffiliated issuers		$3,608,174,835		$984,206,984		$6,699,209,180			$440,238,488
Value - Controlled affiliates (Note 3f)		—		16,266,750		—			—
Cash		1,851		128,107		38,621			681,652
Receivables:
Capital shares sold		3,491,095		640,599		7,779,965			58,395
Dividends and interest		36,834,881		7,200,969		67,851,101			4,252,214
Other assets		1,803		516		3,101			213


Total assets		3,648,504,465		1,008,443,925		6,774,881,968			445,230,962

Liabilities:
Payables:
Investment securities purchased		10,036,038		—		120,939,978			—
Capital shares redeemed		5,832,423		994,737		12,730,830			472,921
Management fees		1,104,250		256,837		2,503,829			187,282
Distribution fees		319,348		93,434		775,132			51,102
Transfer agent fees		457,146		88,317		840,174			49,999
Trustees’ fees and expenses		2,404		239		3,191			282
Distributions to shareholders		1,020,147		336,791		2,293,054			168,055
Accrued expenses and other liabilities		306,506		89,120		1,237,359			31,269


Total liabilities		19,078,262		1,859,475		141,323,547			960,910


Net assets, at value		$3,629,426,203		$1,006,584,450		$6,633,558,421			$444,270,052

Net assets consist of:
Paid-in capital		$3,494,163,568		$984,020,342		$6,694,121,387			$428,810,806
Total distributable earnings (loss)		135,262,635		22,564,108		(60,562,966	)		15,459,246


Net assets, at value		$3,629,426,203		$1,006,584,450		$6,633,558,421			$444,270,052

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FINANCIAL STATEMENTS

Statements of Assets and Liabilities(continued)

August 31, 2019 (unaudited)


	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:
Net assets, at value		$ 274,283,158		$116,962,925		$ 603,487,702		$ 31,538,110

Shares outstanding		22,362,789		11,093,026		58,379,951		2,626,260

Net asset value per share^a		$12.27		$10.54		$10.34		$12.01

Maximum offering price per share (net asset value per share ÷ 97.75%, 97.75%, 96.25% and 96.25%, respectively)		$12.55		$10.78		$10.74		$12.48

Class A1:
Net assets, at value		$1,546,860,287		$541,313,357		$4,249,109,571		$318,020,153

Shares outstanding		126,283,040		51,292,920		411,367,129		26,499,832

Net asset value per share^a		$12.25		$10.55		$10.33		$12.00

Maximum offering price per share (net asset value per share ÷ 97.75%, 97.75%, 96.25% and 96.25%, respectively)		$12.53		$10.79		$10.73		$12.47

Class C:
Net assets, at value		$ 238,444,862				$ 534,262,137		$ 31,958,131

Shares outstanding		19,406,853				50,689,661		2,630,180

Net asset value and maximum offering price per share^a		$12.29				$10.54		$12.15

Class R6:
Net assets, at value		$ 405,266,291		$ 50,511,039		$ 111,053,935		$ 11,768,241

Shares outstanding		32,995,696		4,790,231		10,698,191		979,995

Net asset value and maximum offering price per share		$12.28		$10.54		$10.38		$12.01

Advisor Class:
Net assets, at value		$1,164,571,605		$297,797,129		$1,135,645,076		$ 50,985,417

Shares outstanding		94,835,889		28,231,272		109,438,451		4,247,543

Net asset value and maximum offering price per share		$12.28		$10.55		$10.38		$12.00

^aRedemption price is equal to net asset value less contingent deferred sales charges, if applicable.

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117

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FINANCIAL STATEMENTS

Statements of Assets and Liabilities(continued)

August 31, 2019 (unaudited)


	Franklin New Jersey Tax-Free Income Fund

Assets:
Investments in securities:
Cost - Unaffiliated issuers		$857,742,714

Value - Unaffiliated issuers		$916,403,228
Cash		83,521
Receivables:
Capital shares sold		792,229
Interest		8,255,953
Other assets		443


Total assets		925,535,374

Liabilities:
Payables:
Capital shares redeemed		929,974
Management fees		366,722
Distribution fees		137,842
Transfer agent fees		102,796
Trustees’ fees and expenses		423
Distributions to shareholders		289,859
Accrued expenses and other liabilities		82,055


Total liabilities		1,909,671


Net assets, at value		$923,625,703

Net assets consist of:
Paid-in capital		$956,154,816
Total distributable earnings (loss)		(32,529,113	)


Net assets, at value		$923,625,703

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FINANCIAL STATEMENTS

Statements of Assets and Liabilities(continued)

August 31, 2019 (unaudited)


	Franklin New Jersey Tax-Free Income Fund

Class A:
Net assets, at value		$ 82,568,472

Shares outstanding		7,120,652

Net asset value per share^a		$11.60

Maximum offering price per share (net asset value per share ÷ 96.25%)		$12.05

Class A1:
Net assets, at value		$603,767,350

Shares outstanding		52,135,731

Net asset value per share^a		$11.58

Maximum offering price per share (net asset value per share ÷ 96.25%)		$12.03

Class C:
Net assets, at value		$126,998,945

Shares outstanding		10,818,032

Net asset value and maximum offering price per share^a		$11.74

Class R6:
Net assets, at value		$ 26,489,265

Shares outstanding		2,285,086

Net asset value and maximum offering price per share		$11.59

Advisor Class:
Net assets, at value		$ 83,801,671

Shares outstanding		7,229,862

Net asset value and maximum offering price per share		$11.59

^aRedemption price is equal to net asset value less contingent deferred sales charges, if applicable.

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FRANKLIN TAX-FREE TRUST

FINANCIAL STATEMENTS

Statements of Operations

for the six months ended August 31, 2019 (unaudited)


	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

Investment income:
Dividends:
Controlled affiliates (Note 3f)		$ —			$ 91,663			$ —			$ —
Interest:
Unaffiliated issuers		55,647,951			10,381,414			152,113,558			7,847,129

Total investment income		55,647,951			10,473,077			152,113,558			7,847,129

Expenses:
Management fees (Note 3a)		8,144,244			2,407,388			14,526,240			1,098,682
Distribution fees: (Note 3c)
Class A		279,282			135,488			592,658			32,079
Class A1		782,908			422,575			2,120,487			158,733
Class C		811,022			—			1,772,015			106,892
Transfer agent fees: (Note 3e)
Class A		86,544			36,169			172,481			9,056
Class A1		603,270			187,689			1,539,515			111,846
Class C		96,226			—			197,870			11,569
Class R6		49,528			9,226			18,027			2,478
Advisor Class		435,474			97,800			383,489			17,028
Custodian fees (Note 4)		14,948			4,295			27,005			1,771
Reports to shareholders		108,357			22,865			147,492			9,941
Registration and filing fees		118,294			75,552			124,114			25,743
Professional fees		33,255			25,105			346,304			22,451
Trustees’ fees and expenses		14,013			3,560			23,662			1,672
Other		96,259			32,901			370,326			15,363

Total expenses		11,673,624			3,460,613			22,361,685			1,625,304
Expense reductions (Note 4)		(7,616	)		(2,731	)		(16,789	)		(1,138	)
Expenses waived/paid by affiliates (Note 3f and 3g)		(1,747,610	)		(880,104	)		(3,499	)		(1,142	)

Net expenses		9,918,398			2,577,778			22,341,397			1,623,024

Net investment income		45,729,553			7,895,299			129,772,161			6,224,105

Realized and unrealized gains (losses): Net realized gain (loss) from:
Investments:
Unaffiliated issuers		41,195			—			4,652,163			247,795

Net change in unrealized appreciation (depreciation) on:
Investments:
Unaffiliated issuers		88,763,621			19,543,380			268,894,937			20,079,243
Controlled affiliates (Note 3f)		—			431,075			—			—

Net change in unrealized appreciation (depreciation)		88,763,621			19,974,455			268,894,937			20,079,243

Net realized and unrealized gain (loss)		88,804,816			19,974,455			273,547,100			20,327,038

Net increase (decrease) in net assets resulting from operations		$134,534,369			$27,869,754			$403,319,261			$26,551,143

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FRANKLIN TAX-FREE TRUST

FINANCIAL STATEMENTS

Statements of Operations(continued)

for the six months ended August 31, 2019 (unaudited)


	Franklin New Jersey Tax-Free Income Fund

Investment income:
Interest:
Unaffiliated issuers		$16,435,297

Expenses:
Management fees (Note 3a)		2,147,847
Distribution fees: (Note 3c)
Class A		86,406
Class A1		301,003
Class C		415,004
Transfer agent fees: (Note 3e)
Class A		24,237
Class A1		210,600
Class C		44,663
Class R6		3,439
Advisor Class		27,955
Custodian fees (Note 4)		3,754
Reports to shareholders		19,809
Registration and filing fees		18,126
Professional fees		50,741
Trustees’ fees and expenses		3,319
Other		21,389

Total expenses		3,378,292
Expense reductions (Note 4)		(2,380	)
Expenses waived/paid by affiliates (Note 3f and 3g)		(5	)

Net expenses		3,375,907


Net investment income		13,059,390

Realized and unrealized gains (losses):
Net realized gain (loss) from:
Investments:
Unaffiliated issuers		315,474

Net change in unrealized appreciation (depreciation) on:
Investments:
Unaffiliated issuers		36,342,340


Net realized and unrealized gain (loss)		36,657,814


Net increase (decrease) in net assets resulting from operations		$49,717,204

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FINANCIAL STATEMENTS

Statements of Changes in Net Assets


	Franklin Federal Intermediate-Term Tax-Free Income Fund						Franklin Federal Limited-Term Tax-Free Income Fund

	Six Months Ended August 31, 2019 (unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (unaudited)			Year Ended February 28, 2019

Increase (decrease) in net assets:
Operations:
Net investment income		$ 45,729,553			$ 101,793,705			$ 7,895,299			$ 13,599,918
Net realized gain (loss)		41,195			(7,866,971	)		—			(4,039,322	)
Net change in unrealized appreciation (depreciation)		88,763,621			10,300,480			19,974,455			11,632,111

Net increase (decrease) in net assets resulting from operations		134,534,369			104,227,214			27,869,754			21,192,707

Distributions to shareholders:
Class A		(2,889,838	)		(1,195,834	)		(883,241	)		(415,474	)
Class A1		(21,738,824	)		(46,661,434	)		(4,907,555	)		(9,040,361	)
Class C		(2,789,447	)		(6,642,538	)		—			—
Class R6		(6,017,431	)		(14,772,127	)		(471,638	)		(831,859	)
Advisor Class		(16,196,215	)		(32,117,513	)		(2,746,675	)		(4,053,890	)


Total distributions to shareholders		(49,631,755	)		(101,389,446	)		(9,009,109	)		(14,341,584	)

Capital share transactions: (Note 2)
Class A		86,501,136			180,237,196			11,065,311			102,821,026
Class A1		(65,644,212	)		(274,837,014	)		(51,845,684	)		(108,070,320	)
Class C		(30,039,497	)		(95,227,436	)		—			—
Class R6		(22,068,820	)		(254,549,665	)		2,409,267			(4,751,739	)
Advisor Class		34,156,400			(93,971,284	)		17,965,192			24,719,067


Total capital share transactions		2,905,007			(538,348,203	)		(20,405,914	)		14,718,034

Net increase (decrease) in net assets		87,807,621			(535,510,435	)		(1,545,269	)		21,569,157
Net assets:
Beginning of period		3,541,618,582			4,077,129,017			1,008,129,719			986,560,562


End of period		$3,629,426,203			$3,541,618,582			$1,006,584,450			$1,008,129,719

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FRANKLIN TAX-FREE TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets(continued)


	Franklin High Yield Tax-Free Income Fund						Franklin Massachusetts Tax-Free Income Fund
	Six Months Ended August 31, 2019 (unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (unaudited)			Year Ended February 28, 2019

Increase (decrease) in net assets:
Operations:
Net investment income		$ 129,772,161			$ 277,262,543			$ 6,224,105			$ 13,225,917
Net realized gain (loss)		4,652,163			7,195,456			247,795			(2,083,059	)
Net change in unrealized appreciation (depreciation)		268,894,937			(13,849,219	)		20,079,243			997,960

Net increase (decrease) in net assets resulting from operations		403,319,261			270,608,780			26,551,143			12,140,818

Distributions to shareholders:
Class A		(10,404,502	)		(4,162,107	)		(370,179	)		(179,571	)
Class A1		(98,985,297	)		(196,136,581	)		(4,885,222	)		(10,172,702	)
Class M		—			(61	)		—			—
Class C		(11,146,682	)		(27,975,963	)		(413,598	)		(1,121,146	)
Class R6		(2,306,561	)		(6,373,267	)		(137,711	)		(46,754	)
Advisor Class		(24,993,760	)		(46,910,011	)		(766,679	)		(1,672,382	)


Total distributions to shareholders		(147,836,802	)		(281,557,990	)		(6,573,389	)		(13,192,555	)

Capital share transactions: (Note 2)
Class A		240,941,618			340,273,456			10,248,711			19,716,428
Class A1		(94,687,667	)		(425,607,848	)		(10,836,163	)		(48,476,099	)
Class M		—			(4,952	)		—			—
Class C		(46,246,012	)		(308,390,096	)		(2,799,786	)		(22,931,621	)
Class R6		16,361,989			(60,918,383	)		10,065,553			(399,472	)
Advisor Class		99,238,958			(73,593,745	)		(2,057,288	)		(12,401,375	)


Total capital share transactions		215,608,886			(528,241,568	)		4,621,027			(64,492,139	)

Net increase (decrease) in net assets		471,091,345			(539,190,778	)		24,598,781			(65,543,876	)
Net assets:
Beginning of period		6,162,467,076			6,701,657,854			419,671,271			485,215,147
	��

End of period		$6,633,558,421			$6,162,467,076			$444,270,052			$419,671,271

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FINANCIAL STATEMENTS

Statements of Changes in Net Assets(continued)


	Franklin New Jersey Tax-Free Income Fund
	Six Months Ended August 31, 2019 (unaudited)			Year Ended February 28, 2019

Increase (decrease) in net assets:
Operations:
Net investment income		$ 13,059,390			$ 29,866,878
Net realized gain (loss)		315,474			251,468
Net change in unrealized appreciation (depreciation)		36,342,340			1,832,576


Net increase (decrease) in net assets resulting from operations		49,717,204			31,950,922

Distributions to shareholders:
Class A		(1,029,519	)		(573,568	)
Class A1		(9,554,056	)		(21,814,597	)
Class C		(1,665,638	)		(4,753,130	)
Class R6		(374,817	)		(748,704	)
Advisor Class		(1,302,098	)		(2,858,909	)


Total distributions to shareholders		(13,926,128	)		(30,748,908	)

Capital share transactions: (Note 2)
Class A		23,926,932			55,165,517
Class A1		(16,908,274	)		(54,445,581	)
Class C		(4,048,468	)		(62,485,819	)
Class R6		5,110,819			491,986
Advisor Class		5,022,789			(3,752,301	)


Total capital share transactions		13,103,798			(65,026,198	)

Net increase (decrease) in net assets		48,894,874			(63,824,184	)
Net assets:
Beginning of period		874,730,829			938,555,013


End of period		$923,625,703			$874,730,829

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FRANKLIN TAX-FREE TRUST

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

FranklinTax-Free Trust (Trust) is registered under the Investment Company Act of 1940 (1940 Act) as anopen-end management investment company, consisting oftwenty-two separate funds, five of which are included in this report (Funds) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP). The classes of shares offered within each of the Funds are indicated below. Class C shares automatically convert to Class A shares after they have been held for 10 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-TermTax-Free Income Fund

Class A, Class A1, Class C, Class R6 & Advisor Class

Franklin Federal Intermediate-TermTax-Free Income Fund

Franklin High YieldTax-Free Income Fund

Franklin MassachusettsTax-Free Income Fund

Franklin New JerseyTax-Free Income Fund

The following summarizes the Funds’ significant accounting policies.

a. Financial Instrument Valuation

The Funds’ investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds calculate the net asset value (NAV) per share each business day as of 4 p.m. Eastern time or the regularly scheduled close of the New York Stock Exchange (NYSE), whichever is earlier. Under compliance policies and procedures approved by the Trust’s Board of Trustees (the Board), the Funds’ administrator has responsibility for oversight of valuation, including leading the cross-functional Valuation Committee (VC). The Funds may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

Equity securities and exchange traded funds listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively.Over-the-counter (OTC) securities are valued within the range of the most recent quoted bid and ask prices. Securities that trade in multiple markets or on multiple exchanges are valued according to the broadest and most representative market. Certain equity securities are valued based upon fundamental characteristics or relationships to similar securities.

Debt securities generally trade in the OTC market rather than on a securities exchange. The Funds’ pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value.

The Funds have procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the Funds primarily employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

b. Securities Purchased on a When-Issued 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

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. Organization and Significant Accounting Policies (continued)

b. Securities Purchased on a When-Issued Basis (continued)

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. Sufficient assets have been segregated for these securities.

c. Income Taxes

It is each Fund’s policy to qualify as a regulated investment company under the Internal Revenue Code. Each Fund intends to distribute to shareholders substantially all of its income and net realized gains to relieve it from federal income and excise taxes. As a result, no provision for U.S. federal income taxes is required.

Each Fund may recognize an income tax liability related to its uncertain tax positions under U.S. GAAP when the uncertain tax position has a less than 50% probability that it will be sustained upon examination by the tax authorities based on its technical merits. As of August 31, 2019, each Fund has determined that no tax liability is required in its financial statements related to uncertain tax positions for any open tax years (or expected to be taken in future tax years). Open tax years are those that remain subject to examination and are based on the statute of limitations in each jurisdiction in which the Fund invests.

d. Security Transactions, Investment Income, Expenses and Distributions

Security transactions are accounted for on trade date. Realized gains and losses on security transactions are determined on a specific identification basis. Interest income and estimated expenses are accrued daily. Amortization of premium and accretion of discount on debt securities are included in interest income. Dividend income is recorded on theex-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 theex-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.

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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.

2. Shares of Beneficial Interest

At August 31, 2019, 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 Shares:

Six Months ended August 31, 2019

Shares sold^a		9,909,449		$	120,051,071			2,882,779		$	30,080,423

Shares issued in reinvestment of distributions		225,121			2,729,218			80,991			845,833

Shares redeemed		(2,996,472	)		(36,279,153	)		(1,907,167	)		(19,860,945)


Net increase (decrease)		7,138,098		$	86,501,136			1,056,603		$	11,065,311


Year ended February 28, 2019^b

Shares sold^a		18,695,296		$	221,590,750			14,838,105		$	152,313,670

Shares issued in reinvestment of distributions		95,475			1,138,941			37,675			388,733

Shares redeemed		(3,566,080	)		(42,492,495	)		(4,839,357	)		(49,881,377)


Net increase (decrease)		15,224,691		$	180,237,196			10,036,423		$	102,821,026


Class A1 Shares:

Six Months ended August 31, 2019

Shares sold		2,943,802		$	35,592,555			745,205		$	7,783,842

Shares issued in reinvestment of distributions		1,671,432			20,222,037			432,195			4,516,170

Shares redeemed		(10,056,281	)		(121,458,804	)		(6,145,848	)		(64,145,696)


Net increase (decrease)		(5,441,047	)	$	(65,644,212	)		(4,968,448	)	$	(51,845,684)


Year ended February 28, 2019

Shares sold		16,145,574		$	191,825,715			9,177,907		$	94,350,857

Shares issued in reinvestment of distributions		3,644,140			43,305,585			810,123			8,329,826

Shares redeemed		(42,969,539	)		(509,968,314	)		(20,503,684	)		(210,751,003)


Net increase (decrease)		(23,179,825	)	$	(274,837,014	)		(10,515,654	)	$	(108,070,320)

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

2. Shares of Beneficial Interest(continued)


	Franklin Federal Intermediate-Term Tax-Free Income Fund					Franklin Federal Limited-Term Tax-Free Income Fund


	Shares			Amount		Shares			Amount


Class C Shares:

Six Months ended August 31, 2019

Shares sold		833,074		$	10,107,150

Shares issued in reinvestment of distributions		198,060			2,402,698

Shares redeemed^a		(3,513,686	)		(42,549,345)


Net increase (decrease)		(2,482,552	)	$	(30,039,497)


Year ended February 28, 2019

Shares sold		2,464,597		$	29,327,071

Shares issued in reinvestment of distributions		484,028			5,769,668

Shares redeemed^a		(10,965,325	)		(130,324,175)


Net increase (decrease)		(8,016,700	)	$	(95,227,436)


Class R6 Shares:

Six Months ended August 31, 2019

Shares sold		2,122,262		$	25,713,354		787,363		$	8,204,396

Shares issued in reinvestment of distributions		480,334			5,827,382		34,574			361,117

Shares redeemed		(4,428,899	)		(53,609,556)		(590,648	)		(6,156,246)


Net increase (decrease)		(1,826,303	)	$	(22,068,820)		231,289		$	2,409,267


Year ended February 28, 2019

Shares sold		8,058,907		$	96,049,640		2,080,556		$	21,354,983

Shares issued in reinvestment of distributions		1,189,850			14,180,870		47,598			489,100

Shares redeemed		(30,562,535	)		(364,780,175)		(2,593,712	)		(26,595,822)


Net increase (decrease)		(21,313,778	)	$	(254,549,665)		(465,558	)	$	(4,751,739)


Advisor Class Shares:

Six Months ended August 31, 2019

Shares sold		12,147,955		$	147,357,348		6,123,634		$	63,916,676

Shares issued in reinvestment of distributions		932,559			11,312,236		96,187			1,004,928

Shares redeemed		(10,283,316	)		(124,513,184)		(4,484,682	)		(46,956,412)


Net increase (decrease)		2,797,198		$	34,156,400		1,735,139		$	17,965,192


Year ended February 28, 2019

Shares sold		31,003,810		$	369,256,123		9,733,756		$	100,002,106

Shares issued in reinvestment of distributions		1,907,676			22,723,711		134,487			1,382,777

Shares redeemed		(40,831,100	)		(485,951,118)		(7,456,408	)		(76,665,816)


Net increase (decrease)		(7,919,614	)	$	(93,971,284)		2,411,835		$	24,719,067

^aMay include a portion of Class C shares that were automatically converted to Class A.

^bFor the period September 10, 2018 (effective date) to February 28, 2019.

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


	Franklin High Yield					Franklin Massachusetts
	Tax-Free Income Fund					Tax-Free Income Fund


	Shares			Amount		Shares			Amount


Class A Shares:

Six Months ended August 31, 2019

Shares sold^a		26,182,460		$	265,387,694		992,111		$	11,638,033

Shares issued in reinvestment of distributions		981,253			9,972,290		29,496			347,398

Shares redeemed		(3,393,502	)		(34,418,366)		(147,160	)		(1,736,720)


Net increase (decrease)		23,770,211		$	240,941,618		874,447		$	10,248,711


Year ended February 28, 2019^b

Shares sold^a		37,079,588		$	364,606,611		1,835,401		$	20,664,972

Shares issued in reinvestment of distributions		404,112			3,992,363		14,780			168,539

Shares redeemed		(2,873,960	)		(28,325,518)		(98,368	)		(1,117,083)


Net increase (decrease)		34,609,740		$	340,273,456		1,751,813		$	19,716,428


Class A1 Shares:

Six Months ended August 31, 2019

Shares sold		9,047,909		$	91,615,639		380,719		$	4,462,492

Shares issued in reinvestment of distributions		8,723,961			88,475,130		341,863			4,018,597

Shares redeemed		(27,127,217	)		(274,778,436)		(1,647,157	)		(19,317,252)


Net increase (decrease)		(9,355,347	)	$	(94,687,667)		(924,575	)	$	(10,836,163)


Year ended February 28, 2019

Shares sold		35,230,233		$	349,736,472		2,611,911		$	29,674,775

Shares issued in reinvestment of distributions		17,672,707			175,324,214		740,775			8,456,657

Shares redeemed		(95,977,924	)		(950,668,534)		(7,611,089	)		(86,607,531)


Net increase (decrease)		(43,074,984	)	$	(425,607,848)		(4,258,403	)	$	(48,476,099)


Class M Shares:

Year ended February 28, 2019^c

Shares redeemed		(497	)		(4,952)


Class C Shares:

Six Months ended August 31, 2019

Shares sold		3,359,695		$	34,767,107		171,588		$	2,045,146

Shares issued in reinvestment of distributions		978,334			10,123,387		30,828			366,668

Shares redeemed^a		(8,837,023	)		(91,136,506)		(438,767	)		(5,211,600)


Net increase (decrease)		(4,498,994	)	$	(46,246,012)		(236,351	)	$	(2,799,786)


Year ended February 28, 2019

Shares sold		5,562,265		$	56,161,498		224,792		$	2,594,075

Shares issued in reinvestment of distributions		2,518,306			25,490,384		86,953			1,004,970

Shares redeemed^a		(38,802,909	)		(390,041,978)		(2,320,131	)		(26,530,666)


Net increase (decrease)		(30,722,338	)	$	(308,390,096)		(2,008,386	)	$	(22,931,621)

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2. Shares of Beneficial Interest(continued)


	Franklin High Yield						Franklin Massachusetts
	Tax-Free Income Fund						Tax-Free Income Fund


	Shares			Amount			Shares			Amount


Class R6 Shares:

Six Months ended August 31, 2019

Shares sold		2,902,374		$	29,601,673			888,853		$	10,310,901

Shares issued in reinvestment of distributions		202,774			2,067,913			2,440			28,737

Shares redeemed		(1,508,054	)		(15,307,597	)		(23,292	)		(274,085)


Net increase (decrease)		1,597,094		$	16,361,989			868,001		$	10,065,553


Year ended February 28, 2019

Shares sold		3,309,971		$	32,942,882			15,199		$	173,281

Shares issued in reinvestment of distributions		568,862			5,670,062			4,093			46,754

Shares redeemed		(10,027,661	)		(99,531,327	)		(54,316	)		(619,507)


Net increase (decrease)		(6,148,828	)	$	(60,918,383	)		(35,024	)	$	(399,472)


Advisor Class Shares:

Six Months ended August 31, 2019

Shares sold		19,213,933		$	196,072,952			937,363		$	10,999,801

Shares issued in reinvestment of distributions		1,994,626			20,332,027			56,876			669,095

Shares redeemed		(11,515,722	)		(117,166,021	)		(1,180,173	)		(13,726,184)


Net increase (decrease)		9,692,837		$	99,238,958			(185,934	)	$	(2,057,288)


Year ended February 28, 2019

Shares sold		40,141,615		$	399,650,685			1,931,172		$	22,042,690

Shares issued in reinvestment of distributions		3,825,713			38,115,783			111,964			1,278,920

Shares redeemed		(51,456,921	)		(511,360,213	)		(3,130,471	)		(35,722,985)


Net increase (decrease)		(7,489,593	)	$	(73,593,745	)		(1,087,335	)	$	(12,401,375)

^aMay include a portion of Class C shares that were automatically converted to Class A.

^bFor the period September 10, 2018 (effective date) to February 28, 2019.

^cClass M was closed to investors on June 8, 2018.


	Franklin New Jersey
	Tax-Free Income Fund


	Shares			Amount


Class A Shares:

Six Months ended August 31, 2019

Shares sold^a		2,483,577		$	28,210,324

Shares issued in reinvestment of distributions		82,906			944,546

Shares redeemed		(459,851	)		(5,227,938)


Net increase (decrease)		2,106,632		$	23,926,932


Year ended February 28, 2019^b

Shares sold^a		5,478,097		$	60,293,699

Shares issued in reinvestment of distributions		48,111			533,238

Shares redeemed		(512,188	)		(5,661,420)


Net increase (decrease)		5,014,020		$	55,165,517

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	Franklin New Jersey
	Tax-Free Income Fund


	Shares			Amount


Class A1 Shares:

Six Months ended August 31, 2019

Shares sold		746,092		$	8,482,931

Shares issued in reinvestment of distributions		698,476			7,938,403

Shares redeemed		(2,941,649	)		(33,329,608)


Net increase (decrease)		(1,497,081	)	$	(16,908,274)


Year ended February 28, 2019

Shares sold		4,130,688		$	45,736,303

Shares issued in reinvestment of distributions		1,640,102			18,178,385

Shares redeemed		(10,684,868	)		(118,360,269)


Net increase (decrease)		(4,914,078	)	$	(54,445,581)


Class C Shares:

Six Months ended August 31, 2019

Shares sold		1,172,342		$	13,453,866

Shares issued in reinvestment of distributions		129,577			1,493,030

Shares redeemed^a		(1,652,827	)		(18,995,364)


Net increase (decrease)		(350,908	)	$	(4,048,468)


Year ended February 28, 2019

Shares sold		1,268,387		$	14,241,210

Shares issued in reinvestment of distributions		377,259			4,238,350

Shares redeemed^a		(7,246,609	)		(80,965,379)


Net increase (decrease)		(5,600,963	)	$	(62,485,819)


Class R6 Shares:

Six Months ended August 31, 2019

Shares sold		644,566		$	7,313,024

Shares issued in reinvestment of distributions		32,677			372,088

Shares redeemed		(228,946	)		(2,574,293)


Net increase (decrease)		448,297		$	5,110,819


Year ended February 28, 2019

Shares sold		545,519		$	6,044,872

Shares issued in reinvestment of distributions		67,439			748,117

Shares redeemed		(568,879	)		(6,301,003)


Net increase (decrease)		44,079		$	491,986

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2. Shares of Beneficial Interest(continued)


	Franklin New Jersey
	Tax-Free Income Fund


	Shares			Amount


Advisor Class Shares:

Six Months ended August 31, 2019

Shares sold		899,782		$	10,216,830

Shares issued in reinvestment of distributions		102,549			1,166,870

Shares redeemed		(560,884	)		(6,360,911)


Net increase (decrease)		441,447		$	5,022,789


Year ended February 28, 2019

Shares sold		2,082,953		$	23,082,205

Shares issued in reinvestment of distributions		229,139			2,541,764

Shares redeemed		(2,653,685	)		(29,376,270)


Net increase (decrease)		(341,593	)	$	(3,752,301)

^aMay include a portion of Class C shares that were automatically converted to Class A.

^bFor the period September 10, 2018 (effective date) to February 28, 2019.

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:


Subsidiary		Affiliation
Franklin Advisers, Inc. (Advisers)		Investment manager
Franklin Templeton Services, LLC (FT Services)		Administrative manager
Franklin Templeton Distributors, Inc. (Distributors)		Principal underwriter
Franklin Templeton Investor Services, LLC (Investor Services)		Transfer agent

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a. Management Fees

The Funds, except Franklin Federal Limited-TermTax-Free Income Fund, pay an investment management fee to Advisers based on themonth-end net assets of each of the Funds and Franklin Federal Limited-TermTax-Free Income Fund pays an investment management fee to Advisers based on the average daily net assets of the fund as follows:


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

For the period ended August 31, 2019, each Fund’s annualized gross effective investment management fee rate based on average daily net assets was 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

	0.455%		0.475%		0.453%

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 Rule12b-1 under the 1940 Act. Under the Funds’ Class A and A1 reimbursement distribution plans, the Funds reimburse Distributors for costs incurred in connection with the servicing, sale and distribution of each Fund’s shares up to the maximum annual plan rate for each class. Under the Class A and Class A1 reimbursement distribution plans, costs exceeding the maximum for the current plan year cannot be reimbursed in subsequent periods. In addition, under the Funds’ Class C compensation distribution plans, the Funds pay Distributors for costs incurred in connection with the servicing, sale and distribution of each Fund’s shares up to the maximum annual plan rate. The plan year, for purposes of monitoring compliance with the maximum annual plan rates, is February 1 through January 31 for each Fund.

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3. Transactions with Affiliates(continued)

c. Distribution Fees(continued)

The maximum annual plan rates, based on the average daily net assets, for each class, are as follows:


	Franklin Federal Intermediate-Term Tax-Free Income Fund		Franklin Federal Limited-Term Tax-Free Income Fund		Franklin High Yield Tax-Free Income Fund


Reimbursement Plans:
Class A		0.25%		0.25%		0.25%
Class A1		0.10%		0.15%		0.10%
Compensation Plans:
Class C		0.65%		—		0.65%

			Franklin Massachusetts Tax-Free Income Fund		Franklin New Jersey Tax-Free Income Fund


Reimbursement Plans:
Class A				0.25%		0.25%
Class A1				0.10%		0.10%
Compensation Plans:
Class C				0.65%		0.65%

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 Federal Intermediate-Term Tax-Free Income Fund		Franklin Federal Limited-Term Tax-Free Income Fund		Franklin High Yield Tax-Free Income Fund

Sales charges retained net of commissions paid to unaffiliated brokers/dealers		$10,618		$3,583		$83,302
CDSC retained		$ 3,985		$2,748		$24,720

	Franklin Massachusetts Tax-Free Income Fund		Franklin New Jersey Tax-Free Income Fund

Sales charges retained net of commissions paid to unaffiliated brokers/dealers		$ 3,402		$9,816
CDSC retained		$(1,975)		$3,227

Effective March 1, 2019, certainfront-end sales charges on Class A and A1 shares, if any, were lowered. Further details are disclosed in the Funds’ Prospectus.

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e. Transfer Agent Fees

Each class of shares pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. The fees are based on an annualized asset based fee of 0.02% plus a transaction based fee. In addition, each class reimburses Investor Services for out of pocket expenses incurred and, except for Class R6, reimburses shareholder servicing fees paid to third parties. These fees are allocated daily based upon their relative proportion of such classes’ aggregate net assets. Class R6 pays Investor Services transfer agent fees specific to that class.

For the period ended August 31, 2019, the Funds paid transfer agent fees as noted in the Statements of Operations of which the following amounts were retained by Investor Services:


	Franklin Federal Intermediate-Term Tax-Free Income Fund		Franklin Federal Limited-Term Tax-Free Income Fund		Franklin High Yield Tax-Free Income Fund


Transfer agent fees		$460,472		$143,804		$932,111

	Franklin Massachusetts Tax-Free Income Fund		Franklin New Jersey Tax-Free Income Fund


Transfer agent fees		$71,311		$153,469

f. Investments in Affiliated Management Investment Companies

Certain or all Funds invest in one or more affiliated management investment companies for purposes other than 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, 2019, investments in affiliated management investment companies were as follows:


		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		Dividend Income

Franklin Federal Limited-TermTax-Free Income Fund Controlled Affiliates	��
Franklin Liberty Municipal Bond ETF			$3,348,675		$12,487,000		$ —		$ —		$431,075		$16,266,750		615,000		$91,663

g. Waiver and Expense Reimbursements

Advisers and Investor Services have contractually agreed in advance to waive or limit their fees and to assume as its own expense certain expenses otherwise payable by Franklin Federal Intermediate-TermTax-Free Income Fund and Franklin Federal Limited-TermTax-Free Income Fund so that the expenses (excluding distribution fees, acquired fund fees and expenses and certainnon-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 Funds do not exceed 0.46% and 0.40%, respectively and for Class R6 does not exceed 0.40% and 0.36%, respectively, based on the average net assets of each class until June 30, 2020. Total expenses waived or paid are not subject to recapture subsequent to the Funds’ fiscal year end.

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3. Transactions with Affiliates(continued)

g. Waiver and Expense Reimbursements(continued)

For Franklin High YieldTax-Free Income Fund, Franklin MassachusettsTax-Free Income Fund and Franklin New JerseyTax-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, 2020.

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 and sales for the period ended August 31, 2019, 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


Purchases		$47,850,000		$26,610,000		$190,345,000
Sales		$97,690,000		$72,665,000		$143,500,000

	Franklin Massachusetts Tax-Free Income Fund		Franklin New Jersey Tax-Free Income Fund


Purchases		$ 850,000		$ —
Sales		$2,200,000		$400,000

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, 2019, 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.

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At February 28, 2019, 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		Franklin New Jersey Tax-Free Income Fund


Capital loss carryforwards not subject to expiration:
Short term		$43,632,556		$1,912,757		$181,622,448			$ 9,151,607		$11,541,709
Long term		27,979,635		3,525,609		699,325,236			11,298,233		79,410,887


Total capital loss carryforwards		$71,612,191		$5,438,366		$880,947,684	^a		$20,449,840		$90,952,596

^aIncludes $97,859,993 from the merged Franklin DoubleTax-Free Income Fund, which may be carried over to offset future capital gains, subject to certain limitations.

At August 31, 2019, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:


	Franklin Federal Intermediate-Term Tax-Free Income Fund			Franklin Federal Limited-Term Tax-Free Income Fund		Franklin High Yield Tax-Free Income Fund


Cost of investments	$	3,401,908,653		$	972,731,287	$	5,899,894,058


Unrealized appreciation	$	206,573,345		$	27,759,750	$	876,413,909

Unrealized depreciation		(307,163	)		(17,303)		(77,098,787)


Net unrealized appreciation (depreciation)	$	206,266,182		$	27,742,447	$	799,315,122


	Franklin Massachusetts Tax-Free Income Fund			Franklin New Jersey Tax-Free Income Fund


Cost of investments	$	404,655,695		$	859,137,891


Unrealized appreciation	$	35,582,793		$	62,530,283

Unrealized depreciation		—			(5,264,946)


Net unrealized appreciation (depreciation)	$	35,582,793		$	57,265,337

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, pass-through entity income, bond discounts andnon-deductible expenses.

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6. Investment Transactions

Purchases and sales of investments (excluding short term securities) for the period ended August 31, 2019, were as follows:

Franklin Federal

Franklin

Intermediate-Term

Limited-Term

High Yield

Tax-Free

Income Fund

Purchases

$217,630,508

$67,757,784

$258,092,967

Sales

$243,270,000

$78,320,000

$305,702,645

Franklin

Massachusetts

New Jersey

Tax-Free

Income Fund

Purchases

$24,607,655

$72,010,780

Sales

$21,443,324

$65,950,000

7. Credit Risk and Defaulted Securities

At August 31, 2019, Franklin High YieldTax-Free Income Fund had 23.5% of its portfolio invested in high yield securities or other securities rated below investment grade and unrated securities, if any. 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, 2019, the aggregate value of these securities for Franklin High YieldTax-Free Income Fund and Franklin New JerseyTax-Free Income Fund was $204,942,704 and $15,845,363, representing 3.1% and 1.7%, 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 Statement 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. Investing in Puerto Rico securities may expose the Funds to heightened risks due to recent adverse economic and market changes, credit downgrades and ongoing restructuring discussions. In addition, investments in these securities are sensitive to interest rate changes and credit risk of the issuer and may subject the Funds to increased market volatility. The market for these investments may be limited, which may make them difficult to buy or sell.

9. 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 billion (Global Credit Facility) which matures on February 7, 2020. 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.

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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, 2019, 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, 2019, in valuing the Funds’ assets carried at fair value, is as follows:


	Level 1		Level 2		Level 3		Total


Franklin Federal Intermediate-TermTax-Free Income Fund

Assets:

Investments in Securities:^a

Municipal Bonds	$	—	$	3,473,604,835	$	—	$	3,473,604,835

Short Term Investments		—		134,570,000		—		134,570,000


Total Investments in Securities	$	—	$	3,608,174,835	$	—	$	3,608,174,835


Franklin Federal Limited-TermTax-Free Income Fund

Assets:

Investments in Securities:^a

Equity Investments^b	$	16,266,750	$	—	$	—	$	16,266,750

Municipal Bonds		—		874,958,722		—		874,958,722

Short Term Investments		—		109,248,262		—		109,248,262


Total Investments in Securities	$	16,266,750	$	984,206,984	$	—	$	1,000,473,734


Franklin High YieldTax-Free Income Fund

Assets:

Investments in Securities:^a

Municipal Bonds	$	—	$	6,227,687,054	$	—	$	6,227,687,054

Short Term Investments		—		471,522,126		—		471,522,126


Total Investments in Securities	$	—	$	6,699,209,180	$	—	$	6,699,209,180

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10. Fair Value Measurements(continued)


	Level 1		Level 2		Level 3		Total


Franklin MassachusettsTax-Free Income Fund

Assets:

Investments in Securities:^a

Municipal Bonds	$	—	$	438,663,488	$	—	$	438,663,488

Short Term Investments		—		1,575,000		—		1,575,000


Total Investments in Securities	$	—	$	440,238,488	$	—	$	440,238,488


Franklin New JerseyTax-Free Income Fund

Assets:

Investments in Securities:^a

Municipal Bonds	$	—	$	878,853,228	$	—	$	878,853,228

Short Term Investments		—		37,550,000		—		37,550,000


Total Investments in Securities	$	—	$	916,403,228	$	—	$	916,403,228

^aFor detailed categories, see the accompanying Statement of Investments.

^bIncludes management investment companies.

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.

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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.

BAN		Bond Anticipation Note

BHAC		Berkshire Hathaway Assurance Corp.

CDA		Community Development Authority/Agency

CDD		Community Development District

CDR		Community Development Revenue

CFD		Community Facilities District

COP		Certificate of Participation

EDA		Economic Development Authority

EDC		Economic Development Corp.

EDR		Economic Development Revenue

ETF		Exchange Traded Fund

ETM		Escrow to Maturity

FICO		Financing Corp.

FNMA		Federal National Mortgage Association

FRN		Floating Rate Note

GARB		General Airport Revenue Bonds

GNMA		Government National Mortgage Association

GO		General Obligation

HDA		Housing Development Authority/Agency

HDC		Housing Development Corp.

HFA		Housing Finance Authority/Agency

HFAR		Housing Finance Authority Revenue

ID		Improvement District

IDA		Industrial Development Authority/Agency

IDAR		Industrial Development Authority Revenue

IDB		Industrial Development Bond/Board


IDBR		Industrial Development Board Revenue

IDR		Industrial Development Revenue

ISD		Independent School District

LIBOR		London InterBank Offered Rate

LOC		Letter of Credit

MAC		Municipal Assurance Corp.

MF		Multi-Family

MFHR		Multi-Family Housing Revenue

MFMR		Multi-Family Mortgage Revenue

MFR		Multi-Family Revenue

MTA		Metropolitan Transit Authority

MUNIPSA		SIFMA Municipal Swap Index

NATL		National Public Financial Guarantee Corp.

PBA		Public Building Authority

PCC		Pollution Control Corp.

PCFA		Pollution Control Financing Authority

PCR		Pollution Control Revenue

PFA		Public Financing Authority

PSF		Permanent School Fund

RDA		Redevelopment Agency/Authority

SF		Single Family

SFHR		Single Family Housing Revenue

SFM		Single Family Mortgage

SFMR		Single Family Mortgage Revenue

SPA		Standby Purchase Agreement

UHSD		Unified/Union High School District

USD		Unified/Union School District

XLCA		XL Capital Assurance

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Shareholder Information

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 recent12-month period ended June 30.

Quarterly Statement of Investments

The Trust files a complete statement of investments with the U.S. Securities and Exchange Commission for the first and third quarters for each fiscal year as an exhibit to its report on FormN-PORT. Shareholders may view the filed FormN-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.

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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.


© 2019 Franklin Templeton Investments. All rights reserved.		TF1 S 10/19

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.

(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 he 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 forClosed-End Management Investment Companies.			N/A

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.			N/A

Item 9. Purchases of Equity Securities byClosed-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 onForm 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

(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 Gaston Gardey, Chief Financial Officer and Chief Accounting Officer

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer – Finance and Administration, and Gaston Gardey, Chief Financial Officer and Chief Accounting Officer

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.

FRANKLINTAX-FREE TRUST


By		S\ MATTHEW T. HINKLE
		Matthew T. Hinkle
		Chief Executive Officer – Finance and Administration

Date October 31, 2019

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 31, 2019


By		S\ GASTON GARDEY
		Gaston Gardey
		Chief Financial Officer and Chief Accounting Officer

Date October 31, 2019

Franklin
Massachusetts
Tax-Free
Income Fund

Franklin
New Jersey
Tax-Free
Income Fund