Franklin Tax Free Trust NPORT-P Franklin Arizona Tax-Free Income Fund (May 2023 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FTFT-Q1PH

1

Schedules

of

Investments

(unaudited)

Franklin

Alabama

Tax-Free

Income

Fund

2

Franklin

Arizona

Tax-Free

Income

Fund

6

Franklin

Colorado

Tax-Free

Income

Fund

12

Franklin

Connecticut

Tax-Free

Income

Fund

18

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

21

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

42

Franklin

Georgia

Tax-Free

Income

Fund

55

Franklin

High

Yield

Tax-Free

Income

Fund

60

Franklin

Louisiana

Tax-Free

Income

Fund

112

Franklin

Maryland

Tax-Free

Income

Fund

117

Franklin

Massachusetts

Tax-Free

Income

Fund

121

Franklin

Michigan

Tax-Free

Income

Fund

126

Franklin

Minnesota

Tax-Free

Income

Fund

134

Franklin

Missouri

Tax-Free

Income

Fund

141

Franklin

New

Jersey

Tax-Free

Income

Fund

147

Franklin

North

Carolina

Tax-Free

Income

Fund

154

Franklin

Ohio

Tax-Free

Income

Fund

161

Franklin

Oregon

Tax-Free

Income

Fund

170

Franklin

Pennsylvania

Tax-Free

Income

Fund

176

Franklin

Virginia

Tax-Free

Income

Fund

184

Notes

to

Schedules

of

Investments

190

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

Alabama

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

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

$

500,000

$

497,400

Total

Corporate

Bonds

(Cost

$500,000)

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

497,400

Municipal

Bonds

97.6%

Alabama

89.8%

Alabama

Community

College

System

,

Bishop

State

Community

College

,

Revenue

,

2019

,

BAM

Insured

,

4

%

,

1/01/49

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

2,000,000

1,874,446

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Ascension

Health

Credit

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/46

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

3,000,000

3,047,239

Alabama

State

University

,

Revenue,

2022,

Refunding,

BAM

Insured,

5%,

9/01/36

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

1,500,000

1,640,677

Revenue,

2022,

Refunding,

BAM

Insured,

5%,

9/01/40

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

1,500,000

1,606,927

Alabaster

Board

of

Education

,

Special

Tax,

2022,

BAM

Insured,

5%,

9/01/47

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

1,500,000

1,601,944

Special

Tax,

2022,

BAM

Insured,

5%,

9/01/52

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

1,500,000

1,591,547

Alexander

City

Board

of

Education

,

Special

Tax

,

2022

,

BAM

Insured

,

4

%

,

2/01/52

...

3,000,000

2,816,608

Auburn

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

6/01/33

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

2,500,000

2,563,799

Bessemer

Governmental

Utility

Services

Corp.

,

Water

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

6/01/39

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

6,000,000

6,270,817

Birmingham

Airport

Authority

,

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/32

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

300,000

336,306

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/33

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

325,000

364,011

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/34

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

400,000

445,810

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/35

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

350,000

358,958

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/36

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

500,000

507,313

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/37

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

545,000

547,353

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/38

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

400,000

399,126

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/39

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

2,540,000

2,508,435

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/40

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

705,000

696,870

Birmingham-Jefferson

Civic

Center

Authority

,

Special

Tax

,

2018

A

,

5

%

,

7/01/33

.....

1,605,000

1,719,324

b

Black

Belt

Energy

Gas

District

,

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/29

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

1,000,000

968,484

Revenue,

2022

C-1,

Mandatory

Put,

5.25%,

6/01/29

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

1,000,000

1,044,927

Revenue,

2023

B-2,

Mandatory

Put,

5.25%,

12/01/30

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

3,000,000

3,224,603

Calhoun

County

Board

of

Education

,

Special

Tax

,

2016

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

2/01/46

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

3,000,000

3,147,459

City

of

Bessemer

,

Water

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/47

...

2,590,000

2,659,136

City

of

Birmingham

,

GO

,

2021

A

,

4

%

,

6/01/50

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

2,500,000

2,367,025

City

of

Boaz

,

Water

&

Sewer,

Revenue,

2021,

AGMC

Insured,

4%,

9/01/46

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

1,000,000

938,600

Water

&

Sewer,

Revenue,

2021,

AGMC

Insured,

4%,

9/01/50

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

1,500,000

1,417,453

City

of

Decatur

,

Water

&

Sewer

,

Revenue

,

2021

A

,

4

%

,

8/15/50

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

3,000,000

2,839,637

City

of

Huntsville

,

GO

,

2018

B

,

5

%

,

5/01/38

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

4,775,000

5,065,601

City

of

Lincoln

,

GO

,

2020

,

BAM

Insured

,

4

%

,

6/01/50

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

2,500,000

2,529,509

City

of

Madison

,

GO

,

2015

A

,

Pre-Refunded

,

5

%

,

4/01/37

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

2,590,000

2,674,978

City

of

Trussville

,

GO

,

2018

A

,

4

%

,

8/01/41

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

3,000,000

2,962,249

City

of

Tuscaloosa

,

GO

,

2020

A

,

4

%

,

10/01/50

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

4,580,000

4,434,445

County

of

Mobile

,

GO,

2020

A,

Refunding,

4%,

8/01/38

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

1,000,000

1,013,703

c

Revenue,

144A,

2020,

4%,

11/01/45

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

2,400,000

2,081,513

DCH

Healthcare

Authority

,

Revenue,

2015,

Refunding,

5%,

6/01/36

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

2,000,000

2,027,198

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Alabama

(continued)

DCH

Healthcare

Authority,

(continued)

Revenue,

2021

A,

4%,

6/01/46

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

$

2,310,000

$

2,061,909

East

Alabama

Health

Care

Authority

(The)

,

Revenue,

2018

A,

4%,

9/01/30

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

1,000,000

1,002,922

Revenue,

2018

A,

5%,

9/01/41

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

3,000,000

3,063,454

Florence

City

Board

of

Education

,

Special

Tax

,

2022

,

4

%

,

3/01/46

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

3,000,000

2,876,617

Florence

Public

Building

Authority

,

City

of

Florence

,

Revenue

,

2021

,

4

%

,

9/01/35

....

500,000

505,303

Health

Care

Authority

for

Baptist

Health

(The)

,

Revenue,

2023

A,

Refunding,

5%,

11/15/36

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

1,000,000

1,074,956

Revenue,

2023

A,

Refunding,

5%,

11/15/37

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

875,000

931,677

Health

Care

Authority

of

the

City

of

Huntsville

(The)

,

Health

Care

Authority

of

City

of

Huntsville

(The)

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

6/01/45

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

10,000,000

9,263,953

Homewood

Educational

Building

Authority

,

Samford

University,

Revenue,

2019

A,

Refunding,

4%,

12/01/49

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

2,500,000

2,191,392

Samford

University,

Revenue,

2021

A,

4%,

12/01/51

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

1,470,000

1,274,259

Infirmary

Health

System

Special

Care

Facilities

Financing

Authority

of

Mobile

,

Infirmary

Health

System

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/41

.......

3,000,000

3,031,933

Infirmary

Health

System

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

2/01/46

3,000,000

2,683,896

Jacksonville

State

University

,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/36

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

5,000,000

5,369,202

Revenue,

2020,

Refunding,

4%,

12/01/50

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

5,000,000

4,485,696

Limestone

County

Water

&

Sewer

Authority

,

Revenue

,

2015

B

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

12/01/43

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

5,920,000

6,003,458

b

Lower

Alabama

Gas

District

(The)

,

Revenue

,

2020

,

Mandatory

Put

,

4

%

,

12/01/25

...

2,000,000

1,990,784

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

4

%

,

2/01/44

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

3,000,000

2,915,461

Madison

Water

&

Wastewater

Board

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/41

.....

4,610,000

4,797,449

Marshall

County

Board

of

Education

,

Special

Tax

,

2016

,

AGMC

Insured

,

4

%

,

3/01/41

1,000,000

969,186

Mobile

County

Board

of

School

Commissioners

,

Special

Tax

,

2022

B

,

BAM

Insured

,

4.25

%

,

3/01/52

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

2,000,000

1,958,881

Opelika

Utilities

Board

,

Revenue

,

2017

,

Refunding

,

4

%

,

6/01/41

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

2,000,000

1,945,260

Oxford

City

Board

of

Education

,

Special

Tax

,

2020

A

,

Refunding

,

4

%

,

5/01/50

......

2,500,000

2,367,170

b

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue,

2021

A,

Mandatory

Put,

4%,

10/01/28

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

5,000,000

4,926,112

Revenue,

2022

A-1,

Mandatory

Put,

5.5%,

12/01/29

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

2,000,000

2,132,929

Special

Care

Facilities

Financing

Authority

of

the

City

of

Pell

City

Alabama

,

Noland

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/01/39

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

4,000,000

3,757,242

Talladega

County

Board

of

Education

,

Special

Tax

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

11/01/39

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

2,000,000

2,083,048

Troy

Public

Educational

Building

Authority

,

Troy

City

Board

of

Education

,

Revenue

,

2011

,

AGMC

Insured

,

5.25

%

,

12/01/40

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

295,000

295,274

Tuscaloosa

City

Board

of

Education

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

8/01/41

...

4,000,000

4,234,097

UAB

Medicine

Finance

Authority

,

UAB

Medicine

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

9/01/29

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

5,000,000

5,281,948

University

of

Alabama

(The)

,

Revenue,

2013

D-2,

Pre-Refunded,

5%,

10/01/37

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

2,000,000

2,009,182

Revenue,

2018

B2,

5%,

9/01/48

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

5,000,000

5,324,138

University

of

Montevallo

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/42

....

2,500,000

2,645,410

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

5

%

,

4/01/49

........

2,000,000

2,078,760

Water

Works

Board

of

the

City

of

Birmingham

(The)

,

Revenue

,

2016

B

,

Pre-Refunded

,

5

%

,

1/01/43

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

5,000,000

5,354,850

175,181,838

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

$

700,000

$

580,099

Florida

0.6%

c

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

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

500,000

334,792

c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn

.,

5/01/57

1,150,000

940,125

1,274,917

Illinois

0.5%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

1,000,000

931,751

Kentucky

0.5%

c

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn

.,

5/01/52

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

1,500,000

987,549

New

York

1.4%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/46

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

275,000

254,322

Revenue,

2021

A-2,

4%,

11/15/42

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

2,700,000

2,540,861

2,795,183

South

Carolina

1.2%

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

500,000

398,713

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

500,000

397,509

c

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn

.,

6/01/37

1,485,000

980,393

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

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

750,000

570,079

2,346,694

Texas

0.5%

c

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

600,000

437,100

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

800,000

593,597

1,030,697

Washington

0.2%

c

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

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

500,000

398,687

Wisconsin

0.9%

c

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

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

500,000

394,133

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

1,300,000

1,298,159

1,692,292

U.S.

Territories

1.7%

Guam

0.5%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,000,000

1,004,323

Puerto

Rico

1.2%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

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

500,000

494,170

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

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

1,000,000

988,235

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

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

49,844

47,912

Revenue,

2022

B,

Zero

Cpn

.,

7/01/32

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

32,392

20,635

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Highway

&

Transportation

Authority,

(continued)

Revenue,

2022

C,

Zero

Cpn

.,

7/01/53

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

$

55,410

$

33,800

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

750,000

718,461

2,303,213

Total

U.S.

Territories

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

3,307,536

Total

Municipal

Bonds

(Cost

$203,945,607)

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

190,527,243

Total

Long

Term

Investments

(Cost

$204,445,607)

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

191,024,643

a

a

a

a

a

a

Total

Investments

(Cost

$204,445,607)

97.9%

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

$191,024,643

Other

Assets,

less

Liabilities

2.1%

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

4,135,868

Net

Assets

100.0%

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

$195,160,511

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$9,414,840,

representing

4.8%

of

net

assets.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

Arizona

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.4%

Arizona

90.4%

Arizona

Board

of

Regents

,

Arizona

State

University

,

Revenue

,

2023

B

,

4

%

,

7/01/53

..

$

5,000,000

$

4,716,743

Arizona

Department

of

Transportation

,

State

Highway

Fund

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/36

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

8,680,000

9,094,742

Arizona

Health

Facilities

Authority

,

HonorHealth

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

12/01/39

......

2,820,000

2,859,516

HonorHealth

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

12/01/42

......

6,715,000

6,773,778

Arizona

Industrial

Development

Authority

,

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

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

2,045,000

2,067,501

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/51

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

1,080,000

1,083,817

Arizona

Agribusiness

and

Equine

Center,

Inc.,

Revenue,

2017

A,

5%,

3/01/48

....

1,555,000

1,598,520

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

2.65%,

7/01/26

740,000

701,961

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/31

...

550,000

548,535

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/41

...

2,000,000

1,766,212

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/51

...

2,340,000

1,945,054

BASIS

Schools,

Inc.

Obligated

Group,

Revenue,

2017

F,

Refunding,

5%,

7/01/47

..

3,350,000

3,413,140

Children's

National

Medical

Center

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/40

865,000

811,142

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/34

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

1,000,000

1,054,552

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/36

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

1,235,000

1,287,038

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/39

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

1,000,000

1,032,667

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/44

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

6,645,000

6,794,770

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/45

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

2,200,000

1,971,497

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/50

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

7,055,000

6,125,418

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2021

A,

4%,

11/01/51

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

1,400,000

1,209,283

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

A,

4%,

11/01/42

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

1,650,000

1,507,967

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

A,

5%,

11/01/47

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

7,900,000

8,127,762

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

A,

4.25%,

11/01/52

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

3,500,000

3,144,346

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019

A,

5%,

1/01/38

.....

1,175,000

787,472

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019

A,

5%,

1/01/54

.....

1,250,000

726,893

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5%,

1/01/36

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

1,105,000

679,829

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5%,

1/01/49

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

3,500,000

1,814,824

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5.125%,

1/01/54

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

2,000,000

1,001,572

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/31

..........

315,000

304,035

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/41

..........

405,000

351,971

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/52

..........

840,000

680,428

KIPP

Nashville

Obligated

Group,

Revenue,

2022

A,

5%,

7/01/47

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

1,400,000

1,367,682

KIPP

Nashville

Obligated

Group,

Revenue,

2022

A,

5%,

7/01/62

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

2,400,000

2,255,809

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

5%,

7/01/32

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

660,000

698,440

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

4%,

7/01/34

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

660,000

636,439

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

4%,

7/01/36

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

315,000

295,612

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

4%,

7/01/41

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

2,800,000

2,478,818

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

4%,

7/01/51

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

8,000,000

6,557,420

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

4%,

7/01/61

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

15,580,000

12,218,693

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Arizona

Industrial

Development

Authority,

(continued)

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

C,

3.25%,

7/01/31

..........

$

1,550,000

$

1,358,030

Leman

Academy

of

Excellence

Obligated

Group,

Revenue,

2022

A,

Refunding,

4.5%,

7/01/54

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

3,000,000

2,620,177

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

4%,

2/01/50

.....

2,540,000

2,301,563

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

2/01/41

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

885,000

704,520

Provident

Group-NCCU

Properties

LLC,

Revenue,

2019

A,

BAM

Insured,

5%,

6/01/58

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

6,250,000

6,635,480

Arizona

State

University

,

Revenue,

2015

B,

Refunding,

5%,

7/01/41

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

14,070,000

14,406,906

Revenue,

2015

D,

5%,

7/01/46

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

5,000,000

5,099,640

Revenue,

2016

C,

5%,

7/01/46

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

10,000,000

10,242,071

Revenue,

2017

B,

Refunding,

5%,

7/01/43

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

4,005,000

4,194,173

Revenue,

2019

A,

5%,

7/01/40

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

1,000,000

1,080,676

Carefree

Utilities

Community

Facilities

District

,

Town

of

Carefree

Water

System

,

Revenue

,

2021

,

4

%

,

7/01/51

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

2,000,000

1,814,480

Central

Arizona

Water

Conservation

District

,

Revenue

,

2016

,

5

%

,

1/01/34

.........

1,000,000

1,035,542

City

of

Bullhead

,

Excise

Taxes

,

Revenue

,

2022

,

4

%

,

7/01/52

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

2,885,000

2,712,494

City

of

Goodyear

,

Water

&

Sewer

,

Revenue,

Sub.

Lien,

Second

Series

,

2020

,

AGMC

Insured

,

4

%

,

7/01/45

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

3,500,000

3,405,167

City

of

Lake

Havasu

City

,

Wastewater

System,

Revenue,

2015

B,

Refunding,

AGMC

Insured,

5%,

7/01/40

...

15,000,000

15,316,965

Wastewater

System,

Revenue,

2015

B,

Refunding,

AGMC

Insured,

5%,

7/01/43

...

9,155,000

9,306,326

City

of

Mesa

,

Utility

System,

Revenue,

2018,

4%,

7/01/38

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

1,425,000

1,434,224

Utility

System,

Revenue,

2018,

4%,

7/01/39

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

6,135,000

6,157,467

Utility

System,

Revenue,

2018,

5%,

7/01/42

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

6,700,000

7,100,024

Utility

System,

Revenue,

2022

C,

Refunding,

5%,

7/01/36

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

5,000,000

5,785,982

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

2017

A,

5%,

7/01/42

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

2,155,000

2,206,825

Airport,

Revenue,

2017

A,

5%,

7/01/47

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

12,935,000

13,178,795

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

4%,

7/01/40

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

16,570,000

16,199,501

Airport,

Revenue,

Junior

Lien,

2019

A,

4%,

7/01/44

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

4,000,000

3,885,933

Airport,

Revenue,

Junior

Lien,

2019

A,

5%,

7/01/44

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

8,500,000

8,970,888

Airport,

Revenue,

Senior

Lien,

2018,

5%,

7/01/48

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

5,000,000

5,116,612

Excise

Tax,

Revenue,

2022,

5%,

7/01/46

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

8,300,000

9,115,833

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/34

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

2,500,000

2,715,073

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/37

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

1,500,000

1,599,450

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/38

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

8,420,000

8,949,988

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

4%,

7/01/45

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

7,500,000

6,927,089

Wastewater,

Revenue,

Junior

Lien,

2018

A,

5%,

7/01/37

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

1,000,000

1,082,340

Wastewater,

Revenue,

Junior

Lien,

2018

A,

4%,

7/01/39

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

5,000,000

5,025,181

Water

System,

Revenue,

Junior

Lien,

2016,

Refunding,

5%,

7/01/39

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

5,000,000

5,170,734

Water

System,

Revenue,

Junior

Lien,

2020

B,

5%,

7/01/44

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

7,500,000

8,148,419

County

of

Yuma

,

Sales

Tax

,

Revenue

,

2022

,

BAM

Insured

,

4.25

%

,

7/15/42

........

3,250,000

3,267,016

Gilbert

Water

Resource

Municipal

Property

Corp.

,

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

4

%

,

7/15/39

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

10,000,000

10,155,590

Glendale

Industrial

Development

Authority

,

People

of

Faith,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

5/15/31

...........

400,000

361,278

People

of

Faith,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/41

...........

1,000,000

906,276

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Glendale

Industrial

Development

Authority,

(continued)

People

of

Faith,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/56

...........

$

4,500,000

$

3,739,911

Glendale

Municipal

Property

Corp.

,

City

of

Glendale

Excise

Tax,

Revenue,

2012

C,

Refunding,

5%,

7/01/38

.........

18,530,000

18,544,990

Industrial

Development

Authority

of

the

City

of

Phoenix

Arizona

(The)

,

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/44

......

1,000,000

1,001,516

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/49

......

1,995,000

1,966,316

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/54

......

2,665,000

2,599,857

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/59

......

2,000,000

1,938,223

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/25

1,015,000

1,028,355

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/27

425,000

438,740

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/30

700,000

728,933

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/32

250,000

259,056

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/33

600,000

620,348

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/37

2,750,000

2,786,795

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/42

11,550,000

11,595,768

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/36

.

4,065,000

4,090,157

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/41

.

1,225,000

1,222,267

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

.

1,335,000

1,303,783

Vista

College

Preparatory

Obligated

Group,

Revenue,

2018

A,

5%,

7/01/48

......

1,000,000

1,032,494

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017

A,

Pre-Refunded,

5%,

12/15/32

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

1,765,000

1,834,786

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017

A,

Pre-Refunded,

5%,

6/15/37

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

2,240,000

2,328,567

a

La

Posada

at

Park

Centre,

Inc.

Obligated

Group,

Revenue,

144A,

2022

B-3,

5.125%,

11/15/29

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

3,000,000

2,958,669

TMC

HealthCare

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

4/01/40

....

1,040,000

977,358

TMC

HealthCare

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

4/01/41

....

1,360,000

1,271,048

TMC

HealthCare

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

4/01/51

....

12,000,000

8,376,575

Industrial

Development

Authority

of

the

County

of

Yavapai

(The)

,

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/34

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

4,250,000

4,422,223

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/36

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

1,310,000

1,352,335

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/38

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

1,510,000

1,459,974

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/43

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

3,000,000

2,735,085

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/38

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

1,000,000

1,002,866

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/48

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

1,000,000

961,423

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/25

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

90,000

90,331

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/26

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

95,000

96,441

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/27

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

75,000

76,764

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/28

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

80,000

82,078

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/29

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

110,000

113,610

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/30

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

100,000

103,749

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/41

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

430,000

370,799

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/46

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

345,000

282,824

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/51

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

580,000

458,196

Maricopa

County

High

School

District

No.

214

Tolleson

Union

High

School

,

GO

,

2018

A

,

5

%

,

7/01/37

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

1,000,000

1,057,178

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group,

Revenue,

2019

F,

3%,

1/01/49

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

5,000,000

3,759,889

Banner

Health

Obligated

Group,

Revenue,

A,

4%,

1/01/41

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

9,630,000

9,323,769

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Maricopa

County

Industrial

Development

Authority,

(continued)

Banner

Health

Obligated

Group,

Revenue,

A,

5%,

1/01/41

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

$

37,590,000

$

38,990,825

Creighton

University,

Revenue,

2020,

5%,

7/01/47

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

13,000,000

13,631,448

Creighton

University,

Revenue,

2020,

4%,

7/01/50

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

8,450,000

7,679,402

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

.

1,000,000

1,031,984

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/52

.

1,000,000

1,013,724

Highland

Prep

Obligated

Group,

Revenue,

2019,

5%,

1/01/43

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

2,275,000

2,356,084

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/36

.......

2,100,000

2,222,569

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/37

.......

3,175,000

3,340,618

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/42

.......

2,750,000

2,807,067

HonorHealth

Obligated

Group,

Revenue,

2021

A,

3%,

9/01/51

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

5,600,000

4,008,957

Legacy

Traditional

School

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/49

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

3,920,000

3,979,419

Reid

Traditional

Schools

Obligated

Group,

Revenue,

2016,

5%,

7/01/36

.........

1,120,000

1,135,824

Reid

Traditional

Schools

Obligated

Group,

Revenue,

2016,

5%,

7/01/47

.........

3,325,000

3,334,420

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.,

Revenue,

2009

B,

Refunding,

3.6%,

4/01/40

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

13,500,000

11,807,949

El

Paso

Electric

Co.,

Revenue,

2012

A,

Refunding,

4.5%,

8/01/42

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

10,000,000

9,590,584

b

Public

Service

Co.

of

New

Mexico,

Revenue,

2010

A,

Refunding,

Mandatory

Put,

0.875%,

10/01/26

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

4,500,000

3,953,860

b

Public

Service

Co.

of

New

Mexico,

Revenue,

2010

B,

Refunding,

Mandatory

Put,

0.875%,

10/01/26

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

2,150,000

1,889,066

Southern

California

Edison

Co.,

Revenue,

2000

A,

Refunding,

2.4%,

6/01/35

.....

10,000,000

7,731,773

Maricopa

County

Unified

School

District

No.

11-Peoria

,

GO

,

2013

,

5

%

,

7/01/31

.....

5,100,000

5,105,234

McAllister

Academic

Village

LLC

,

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/33

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

2,000,000

2,098,253

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/38

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

2,000,000

2,075,029

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/39

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

1,000,000

1,034,659

Mohave

County

Union

High

School

District

No.

2

Colorado

River

,

GO

,

2017

,

5

%

,

7/01/35

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

1,000,000

1,059,521

Northern

Arizona

University

,

Revenue

,

2013

,

5

%

,

8/01/26

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

2,380,000

2,386,917

Pima

County

Unified

School

District

No.

20

Vail

,

GO

,

2016

,

Refunding

,

BAM

Insured

,

5

%

,

7/01/36

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

3,305,000

3,434,426

Pima

County

Unified

School

District

No.

30

Sahuarita

,

GO,

2017,

BAM

Insured,

5%,

7/01/33

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

2,665,000

2,828,839

GO,

2017,

BAM

Insured,

5%,

7/01/34

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

2,800,000

2,962,283

Pima

County

Unified

School

District

No.

6

Marana

,

GO,

2017

C,

BAM

Insured,

5%,

7/01/36

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

2,385,000

2,524,161

GO,

2018

D,

AGMC

Insured,

5%,

7/01/38

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

2,500,000

2,632,245

Pinal

County

Community

College

District

,

Revenue

,

2017

,

BAM

Insured

,

5

%

,

7/01/34

1,065,000

1,110,494

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue,

2016

A,

Refunding,

5%,

1/01/38

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

9,745,000

10,216,490

Revenue,

2017

A,

Refunding,

5%,

1/01/37

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

10,000,000

10,772,876

Revenue,

2017

A,

Refunding,

5%,

1/01/38

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

5,435,000

5,827,242

Revenue,

2017

A,

Refunding,

5%,

1/01/39

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

2,105,000

2,251,658

Revenue,

2019

A,

5%,

1/01/47

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

5,000,000

5,364,841

Revenue,

2023

A,

5%,

1/01/50

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

5,000,000

5,500,579

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5%,

12/01/32

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

10,000,000

10,438,905

Revenue,

2007-1,

5%,

12/01/37

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

5,000,000

5,084,461

State

of

Arizona

,

Distribution,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/27

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

3,945,000

4,334,734

Distribution,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/28

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

2,000,000

2,247,326

Distribution,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/29

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

2,000,000

2,299,809

Distribution,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/36

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

5,000,000

6,093,811

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

State

of

Arizona,

(continued)

Distribution,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/37

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

$

7,000,000

$

8,476,819

Student

&

Academic

Services

LLC

,

Revenue,

2014,

BAM

Insured,

5%,

6/01/33

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

1,000,000

1,011,448

Revenue,

2014,

BAM

Insured,

5%,

6/01/39

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

1,400,000

1,414,112

Revenue,

2014,

BAM

Insured,

5%,

6/01/44

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

3,155,000

3,180,347

Town

of

Gilbert

,

Pledged

,

Revenue,

Sub.

Lien

,

2015

,

5

%

,

7/01/45

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

10,000,000

10,241,464

Town

of

Queen

Creek

,

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/42

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

2,500,000

2,672,046

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/47

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

5,000,000

5,312,809

University

of

Arizona

(The)

,

Revenue,

2014,

5%,

8/01/39

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

10,000,000

10,066,415

Revenue,

2016,

Refunding,

5%,

6/01/39

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

2,750,000

2,841,649

Revenue,

2016

B,

Refunding,

5%,

6/01/42

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

2,000,000

2,049,560

Revenue,

2018

A,

5%,

6/01/43

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

5,000,000

5,315,124

Revenue,

2019

A,

5%,

6/01/42

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

1,000,000

1,074,385

692,427,216

Florida

0.1%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

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

800,000

535,666

Georgia

0.3%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

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

3,290,000

2,628,233

Oregon

0.2%

a

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-1

,

5.5

%

,

12/01/39

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

1,400,000

1,386,534

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

1,900,000

1,515,110

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,900,000

1,510,534

a

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn

.,

6/01/52

3,275,000

2,065,910

5,091,554

Texas

0.8%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

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

2,000,000

2,045,559

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,600,000

1,894,098

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

3,300,000

2,448,589

6,388,246

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

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

1,900,000

1,515,011

Wisconsin

1.6%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

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

1,900,000

1,497,703

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

3,300,000

2,632,227

FAH

Tree

House

LLC,

Revenue,

144A,

2023

A,

6.5%,

8/01/53

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

1,500,000

1,486,118

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

5,000,000

4,992,921

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

12/01/52

.....

1,500,000

1,474,879

12,083,848

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

11

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

4.1%

Guam

1.6%

Guam

Power

Authority

,

Revenue,

2014

A,

AGMC

Insured,

5%,

10/01/39

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

$

6,490,000

$

6,627,404

Revenue,

2014

A,

AGMC

Insured,

5%,

10/01/44

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

5,325,000

5,432,924

12,060,328

Puerto

Rico

2.5%

HTA

HRRB

Custodial

Trust

,

Revenue,

2007

CC,

5.5%,

7/01/31

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

2,790,000

2,872,310

Revenue,

2007

CC,

5.25%,

7/01/32

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

1,970,000

1,994,022

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

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

2,290,000

2,312,334

Revenue,

2007

N,

5.5%,

7/01/29

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

770,000

795,174

Revenue,

2007

N,

5.25%,

7/01/36

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

750,000

756,585

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

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

3,700,000

3,656,861

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

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

474,935

456,531

Revenue,

2022

B,

Zero

Cpn

.,

7/01/32

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

308,644

196,618

Revenue,

2022

C,

Zero

Cpn

.,

7/01/53

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

527,963

322,056

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

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

1,550,000

1,437,252

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

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

4,906,000

4,699,691

19,499,434

Total

U.S.

Territories

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

31,559,762

Total

Municipal

Bonds

(Cost

$791,456,495)

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

753,616,070

a

a

a

a

a

Total

Investments

(Cost

$791,456,495)

98.4%

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

$753,616,070

Other

Assets,

less

Liabilities

1.6%

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

12,220,426

Net

Assets

100.0%

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

$765,836,496

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$29,031,668,

representing

3.8%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

Colorado

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

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

$

1,400,000

$

1,392,721

Total

Corporate

Bonds

(Cost

$1,400,000)

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

1,392,721

Municipal

Bonds

97.4%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

2,000,000

1,657,427

Colorado

90.3%

Adams

State

University

,

Revenue,

2012,

5%,

5/15/37

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

630,000

630,047

Revenue,

2019

A,

Refunding,

4%,

5/15/42

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

1,515,000

1,465,540

Anthem

West

Metropolitan

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/35

3,000,000

3,101,052

Arapahoe

County

School

District

No.

1

Englewood

,

GO

,

2017

,

5

%

,

12/01/42

.......

7,000,000

7,256,997

Arapahoe

County

School

District

No.

6

Littleton

,

GO

,

2019

A

,

5.5

%

,

12/01/43

......

12,980,000

14,288,239

Arapahoe

County

Water

&

Wastewater

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/37

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

1,000,000

1,013,971

Board

of

Governors

of

Colorado

State

University

System

,

Revenue,

2013

A,

Refunding,

5%,

3/01/43

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

5,000,000

5,712,576

Revenue,

2015

A,

Pre-Refunded,

5%,

3/01/40

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

3,990,000

4,114,193

Revenue,

2017

E,

Refunding,

4%,

3/01/43

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

4,500,000

4,364,666

Revenue,

2019

A,

Refunding,

5%,

3/01/49

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

4,000,000

4,263,558

Revenue,

A,

Refunding,

4%,

3/01/40

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

5,000,000

4,878,024

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017

A

,

5

%

,

9/15/47

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

10,000,000

10,472,754

b

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-1

,

Refunding

,

5

%

,

12/01/49

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

4,331,000

3,860,104

Castle

Oaks

Metropolitan

District

No.

3

,

GO

,

2020

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/45

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

1,140,000

1,083,429

Centennial

Water

&

Sanitation

District

,

Revenue,

2019,

5%,

12/01/43

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

3,000,000

3,226,327

Revenue,

2019,

5.25%,

12/01/48

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

6,760,000

7,294,056

Cherokee

Metropolitan

District

,

Revenue,

2020,

BAM

Insured,

4%,

8/01/45

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

2,250,000

2,167,085

Revenue,

2020,

BAM

Insured,

4%,

8/01/50

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

1,400,000

1,322,103

City

&

County

of

Denver

,

Airport

System,

Revenue,

2013

B,

5%,

11/15/43

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

5,000,000

5,012,636

Airport

System,

Revenue,

2018

B,

Refunding,

5%,

12/01/43

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

5,000,000

5,262,126

Airport

System,

Revenue,

2018

B,

Refunding,

5%,

12/01/48

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

4,440,000

4,632,499

Airport

System,

Revenue,

2019

C,

Refunding,

5%,

11/15/35

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

3,000,000

3,320,975

Airport

System,

Revenue,

2022

A,

5%,

11/15/37

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

4,250,000

4,570,003

Airport

System,

Revenue,

2022

D,

Refunding,

5%,

11/15/53

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

5,000,000

5,198,919

Pledged

Excise

Tax,

Revenue,

2016

A,

Refunding,

4%,

8/01/46

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

3,500,000

3,388,317

Pledged

Excise

Tax,

Revenue,

2018

A-1,

5%,

8/01/48

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

5,000,000

5,086,774

Pledged

Excise

Tax,

Revenue,

2021

A,

4%,

8/01/34

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

1,000,000

1,059,265

City

of

Colorado

Springs

,

Utilities

System,

Revenue,

2013

B-1,

5%,

11/15/38

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

4,000,000

4,018,566

Utilities

System,

Revenue,

2015

A,

Refunding,

5%,

11/15/45

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

2,665,000

2,716,372

Utilities

System,

Revenue,

2017

A-2,

Refunding,

5%,

11/15/47

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

6,000,000

6,233,366

Utilities

System,

Revenue,

2018

A-4,

5%,

11/15/48

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

5,000,000

5,328,187

Utilities

System,

Revenue,

2020

C,

5%,

11/15/50

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

3,000,000

3,224,392

City

of

Fort

Collins

,

Electric

Utility

Enterprise

,

Revenue

,

2018

A

,

5

%

,

12/01/42

......

13,500,000

14,389,488

City

of

Grand

Junction

,

COP,

2021,

4%,

12/01/45

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

2,005,000

1,958,478

Sales

&

Use

Tax,

Revenue,

2020

B,

4%,

3/01/49

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

3,775,000

3,637,028

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Colorado

Educational

&

Cultural

Facilities

Authority

,

Alexander

Dawson

School

LLC

(The),

Revenue,

2010,

5%,

2/15/40

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

$

5,280,000

$

5,282,992

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/36

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

425,000

392,860

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/41

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

150,000

129,993

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/51

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

370,000

297,448

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/61

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

550,000

422,071

Denver

School

of

Science

&

Technology,

Inc.,

Revenue,

2021,

3%,

8/01/41

......

1,460,000

1,129,014

Denver

School

of

Science

&

Technology,

Inc.,

Revenue,

2021,

3%,

8/01/51

......

3,635,000

2,495,362

Eagle

Ridge

Academy,

Revenue,

2022

A,

Refunding,

5%,

11/01/37

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

1,000,000

1,051,230

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/26

.......

195,000

191,271

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/32

.......

280,000

270,380

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/52

.......

1,355,000

1,079,262

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/62

.......

1,600,000

1,219,674

James

Irwin

Educational

Foundation

Obligated

Group,

Revenue,

2022,

5%,

9/01/52

750,000

723,587

James

Irwin

Educational

Foundation

Obligated

Group,

Revenue,

2022,

5%,

9/01/57

1,765,000

1,671,272

Lighthouse

Building

Corp.,

Revenue,

2021,

4%,

10/01/46

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

345,000

282,749

Lighthouse

Building

Corp.,

Revenue,

2021,

4%,

10/01/56

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

1,000,000

773,314

Lighthouse

Building

Corp.,

Revenue,

2021,

4%,

10/01/61

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

2,210,000

1,657,543

Pinnacle

Charter

School,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

12/01/50

.......

5,820,000

5,206,181

Union

Colony

Schools,

Revenue,

2018,

Refunding,

5%,

4/01/48

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

715,000

723,487

University

of

Denver,

Revenue,

2017,

5%,

3/01/47

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

3,950,000

4,119,716

West

Ridge

Academy

Charter

School,

Revenue,

2019

A,

Refunding,

5%,

6/01/49

..

400,000

401,620

Westgate

Community

School,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

........

2,370,000

2,247,294

Windsor

Charter

Academy

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

9/01/50

2,400,000

2,094,449

Colorado

Health

Facilities

Authority

,

AdventHealth

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

11/15/41

......

3,000,000

2,954,288

AdventHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/15/37

......

5,000,000

5,419,612

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/35

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

1,575,000

1,585,041

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/37

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

850,000

832,192

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/38

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

705,000

683,002

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/39

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

835,000

804,255

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/40

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

725,000

687,755

BSLC

Obligated

Group,

Revenue,

2018

A-1,

Refunding,

5%,

9/15/48

...........

3,000,000

2,705,445

BSLC

Obligated

Group,

Revenue,

2018

A-1,

Refunding,

4.75%,

9/15/53

.........

1,500,000

1,223,462

Children's

Hospital

Colorado

Obligated

Group,

Revenue,

2016

A,

5%,

12/01/44

...

5,000,000

5,068,649

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/38

3,000,000

3,122,496

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/39

2,000,000

2,075,412

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

7,000,000

7,207,003

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

4%,

8/01/49

9,990,000

8,998,994

CommonSpirit

Health

Obligated

Group,

Revenue,

2022

A,

5.25%,

11/01/52

......

3,000,000

3,120,520

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2013

A,

Pre-

Refunded,

5.75%,

12/01/36

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

5,000,000

5,058,925

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

12/01/35

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

7,150,000

7,191,859

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2018

A,

5%,

12/01/48

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

5,000,000

4,859,094

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

12/01/50

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

5,700,000

4,545,517

Craig

Hospital

Obligated

Group,

Revenue,

2022

A,

5%,

12/01/52

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

3,535,000

3,641,155

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

6/01/40

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

4,000,000

4,141,118

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Colorado

Health

Facilities

Authority,

(continued)

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

6/01/45

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

$

2,750,000

$

2,847,019

Intermountain

Healthcare

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

1/01/38

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

3,660,000

3,644,202

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2016,

5%,

9/01/46

.....

5,000,000

5,049,662

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

...

6,275,000

5,476,110

Sanford

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/01/44

..........

3,495,000

3,582,460

Sanford

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/01/49

..........

8,050,000

8,124,520

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/40

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

2,000,000

2,011,604

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/45

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

1,000,000

1,004,985

Colorado

High

Performance

Transportation

Enterprise

,

C-470

Express

Lanes

System

,

Revenue

,

2017

,

5

%

,

12/31/47

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

2,555,000

2,555,661

Colorado

Housing

and

Finance

Authority

,

Revenue,

2019

B-1,

I,

3.15%,

10/01/44

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

1,000,000

815,462

Revenue,

2019

B-1,

I,

3.25%,

10/01/49

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

1,000,000

797,747

Colorado

Mesa

University

,

Revenue,

2019

B,

5%,

5/15/44

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

1,000,000

1,065,288

Revenue,

2019

B,

5%,

5/15/49

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

1,565,000

1,656,517

Colorado

School

of

Mines

,

Revenue,

2017

A,

5%,

12/01/42

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

2,450,000

2,587,134

Revenue,

2017

A,

5%,

12/01/47

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

3,000,000

3,151,542

Crystal

Valley

Metropolitan

District

No.

2

,

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

3

%

,

12/01/49

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

3,000,000

2,252,797

Denver

City

&

County

School

District

No.

1

,

COP,

2020

A,

5%,

12/01/42

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

2,000,000

2,196,402

GO,

2017,

5%,

12/01/41

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

12,440,000

12,904,965

Denver

Convention

Center

Hotel

Authority

,

Revenue,

Senior

Lien

,

2016

,

Refunding

,

5

%

,

12/01/40

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

9,775,000

9,547,441

Denver

Health

&

Hospital

Authority

,

COP,

2018,

5%,

12/01/48

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

5,255,000

5,121,391

Revenue,

2014

A,

5.25%,

12/01/45

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

9,250,000

9,279,270

Revenue,

2019

A,

Refunding,

5%,

12/01/30

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

1,000,000

1,060,854

Revenue,

2019

A,

Refunding,

5%,

12/01/32

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

1,330,000

1,406,307

Revenue,

2019

A,

Refunding,

5%,

12/01/33

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

3,300,000

3,466,519

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

A

,

4

%

,

12/01/48

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

350,000

300,739

Eagle

River

Water

&

Sanitation

District

,

GO

,

2016

,

5

%

,

12/01/45

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

1,360,000

1,406,332

East

Cherry

Creek

Valley

Water

and

Sanitation

District

,

Revenue

,

2019

A

,

4

%

,

11/15/39

1,200,000

1,205,024

Erie

Farm

Metropolitan

District

,

GO,

2021,

Refunding,

AGMC

Insured,

5%,

12/01/41

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

575,000

621,733

GO,

2021,

Refunding,

AGMC

Insured,

5%,

12/01/46

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

700,000

752,909

GO,

2021,

Refunding,

AGMC

Insured,

4%,

12/01/51

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

1,200,000

1,065,596

b

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5.55

%

,

12/01/47

3,500,000

3,516,291

Flying

Horse

Metropolitan

District

No.

2

,

GO,

2020

A,

Refunding,

AGMC

Insured,

4%,

12/01/44

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

520,000

497,898

GO,

2020

A,

Refunding,

AGMC

Insured,

4%,

12/01/50

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

875,000

794,632

Gunnison

Watershed

School

District

No.

Re

1J

,

GO

,

2023

,

5

%

,

12/01/47

..........

3,250,000

3,575,265

Larimer

County

School

District

No.

R-1

Poudre

,

GO

,

2018

,

5

%

,

12/15/40

..........

5,000,000

5,360,306

North

Pine

Vistas

Metropolitan

District

No.

2

,

GO

,

2022

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/52

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

1,125,000

1,188,026

Park

70

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/36

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

1,000,000

1,018,829

GO,

2016,

Refunding,

5%,

12/01/46

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

1,500,000

1,508,860

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Park

Creek

Metropolitan

District

,

Westerly

Creek

District

Service

Area,

Revenue,

2017

A,

5%,

12/01/41

..........

$

3,000,000

$

3,020,415

Westerly

Creek

District

Service

Area,

Revenue,

2017

A,

5%,

12/01/46

..........

2,500,000

2,506,509

Westerly

Creek

District

Service

Area,

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

12/01/45

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

7,000,000

7,021,485

Westerly

Creek

District

Service

Area,

Revenue,

Senior

Lien,

2018

A,

5%,

12/01/46

.

2,875,000

3,002,000

Parker

Water

&

Sanitation

District

,

Revenue

,

2018

,

5

%

,

11/01/42

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

6,475,000

6,798,394

Patriot

Park

Metropolitan

District

No.

2

,

GO

,

2021

,

4.3

%

,

12/01/50

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

539,000

411,598

Prairiestar

Metropolitan

District

No.

2

,

GO,

2021

A,

Refunding,

BAM

Insured,

5%,

12/01/36

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

500,000

550,353

GO,

2021

A,

Refunding,

BAM

Insured,

5%,

12/01/41

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

500,000

540,637

GO,

2021

A,

Refunding,

BAM

Insured,

5%,

12/01/46

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

500,000

537,792

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

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

9,900,000

11,591,481

Regional

Transportation

District

,

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

1/15/33

........

550,000

561,573

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/35

........

1,000,000

1,010,967

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/36

........

750,000

751,574

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/38

........

700,000

687,558

Sales

Tax,

Revenue,

2016

A,

5%,

11/01/41

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

10,000,000

10,355,640

Sales

Tax,

Revenue,

2016

A,

5%,

11/01/46

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

11,000,000

11,299,077

Sand

Creek

Metropolitan

District

,

GO

,

2020

B

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/40

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

2,665,000

2,646,876

Silver

Peaks

Metropolitan

District

No.

3

,

GO,

Senior

Lien

,

2020

A

,

5

%

,

12/01/50

....

1,000,000

863,051

South

Timnath

Metropolitan

District

No.

2

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/42

.....

5,690,000

5,748,206

State

of

Colorado

,

COP,

2013

I,

Pre-Refunded,

5%,

3/15/36

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

3,000,000

3,036,665

COP,

2017

J,

5.25%,

3/15/42

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

5,000,000

5,198,478

COP,

2020,

Refunding,

4%,

6/15/40

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

1,315,000

1,311,489

COP,

2020

A,

4%,

12/15/38

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

3,555,000

3,578,114

COP,

2020

R,

4%,

3/15/45

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

5,000,000

4,829,668

Sterling

Hills

West

Metropolitan

District

,

GO

,

2017

,

Refunding

,

5

%

,

12/01/39

.......

1,125,000

1,174,363

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

3.75%,

12/01/40

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

500,000

400,879

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

4.25%,

12/01/50

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

1,250,000

973,899

Thompson

Crossing

Metropolitan

District

No.

2

,

GO

,

2016

B

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/46

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

4,500,000

4,648,850

Town

of

Monument

,

COP

,

2020

,

AGMC

Insured

,

4

%

,

12/01/45

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

2,000,000

1,950,737

University

of

Colorado

,

Revenue

,

2019

B

,

5

%

,

6/01/44

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

1,930,000

2,065,436

Vauxmont

Metropolitan

District

,

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/15/27

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

380,000

400,441

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/15/32

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

480,000

505,373

Whispering

Pines

Metropolitan

District

No.

1

,

GO

,

2023

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/52

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

900,000

923,543

Winter

Farm

Metropolitan

District

No.

2

,

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/01/39

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

630,000

666,985

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/01/44

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

500,000

524,129

485,853,209

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

16

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

1.2%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

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

$

4,104,000

$

3,401,843

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

800,000

535,666

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

3,215,000

2,628,263

6,565,772

Georgia

0.4%

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

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

2,400,000

1,917,252

Illinois

0.8%

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

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

3,000,000

2,968,847

GO,

2021

A,

5%,

3/01/33

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

500,000

549,681

GO,

2021

A,

5%,

3/01/37

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

250,000

267,839

GO,

2021

A,

4%,

3/01/39

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

500,000

484,496

4,270,863

New

York

0.2%

Metropolitan

Transportation

Authority

,

Revenue

,

2020

D

,

4

%

,

11/15/47

...........

900,000

827,748

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

1,400,000

1,116,396

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,400,000

1,113,025

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

2,100,000

1,386,415

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

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

750,000

570,079

4,185,915

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,800,000

1,311,298

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

2,400,000

1,780,792

3,092,090

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

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

1,400,000

1,116,324

Wisconsin

1.2%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

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

1,400,000

1,103,571

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

2,400,000

1,914,347

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

3,700,000

3,694,761

6,712,679

U.S.

Territories

1.4%

Guam

0.3%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,500,000

1,506,485

Puerto

Rico

1.1%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.5

%

,

7/01/31

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

1,670,000

1,719,253

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

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

1,485,000

1,499,482

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

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

1,200,000

1,186,009

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

17

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Electric

Power

Authority,

(continued)

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

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

$

1,000,000

$

988,234

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

750,000

718,461

6,111,439

Total

U.S.

Territories

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

7,617,924

Total

Municipal

Bonds

(Cost

$556,546,269)

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

523,817,203

Total

Long

Term

Investments

(Cost

$557,946,269)

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

525,209,924

a

a

a

a

a

Short

Term

Investments

1.0%

Municipal

Bonds

1.0%

Colorado

1.0%

c

City

&

County

of

Denver

,

COP,

2008

A-1,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

4%,

12/01/29

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

4,000,000

4,000,000

COP,

2008

A-3,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

4%,

12/01/31

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

1,000,000

1,000,000

c

Colorado

Educational

&

Cultural

Facilities

Authority

,

Daughters

of

Israel,

Inc.

,

Revenue

,

B-4

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

12/01/35

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

400,000

400,000

5,400,000

Total

Municipal

Bonds

(Cost

$5,400,000)

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

5,400,000

Total

Short

Term

Investments

(Cost

$5,400,000

)

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

5,400,000

a

Total

Investments

(Cost

$563,346,269)

98.6%

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

$530,609,924

Other

Assets,

less

Liabilities

1.4%

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

7,247,798

Net

Assets

100.0%

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

$537,857,722

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$26,451,559,

representing

4.9%

of

net

assets.

c

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

Connecticut

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

18

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.2%

Connecticut

90.1%

City

of

Ansonia

,

GO

,

2021

A

,

AGMC

Insured

,

3

%

,

2/15/37

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

$

500,000

$

447,225

City

of

Bridgeport

,

GO,

2021

A,

4%,

8/01/40

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

765,000

740,181

GO,

2021

A,

4%,

8/01/46

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

375,000

347,400

GO,

2021

A,

4%,

8/01/51

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

575,000

517,746

City

of

New

Britain

,

GO

,

2017

C

,

AGMC

Insured

,

5

%

,

3/01/36

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

1,000,000

1,054,325

City

of

New

Haven

,

GO

,

2021

A

,

Refunding

,

4

%

,

8/01/41

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

2,000,000

1,856,933

City

of

Stamford

,

Water

Pollution

Control

System

&

Facility

,

Revenue

,

2013

A

,

5.25

%

,

8/15/43

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

1,000,000

1,001,863

City

of

West

Haven

,

GO

,

2021

,

4

%

,

9/15/41

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

565,000

530,674

Connecticut

Housing

Finance

Authority

,

Revenue,

2019

E-E1,

3.05%,

11/15/44

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

5,000,000

3,924,068

Revenue,

2019

E-E1,

3.1%,

11/15/49

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

2,000,000

1,498,602

Revenue,

2020

C-1,

Refunding,

2.05%,

5/15/37

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

1,000,000

783,029

Revenue,

2020

C-2,

Refunding,

2.2%,

11/15/34

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

960,000

777,036

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Avon

Old

Farms

School

Obligated

Group,

Revenue,

D-1,

Refunding,

4%,

7/01/46

..

1,000,000

919,197

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/36

480,000

490,792

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/37

600,000

608,059

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/38

315,000

316,771

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/39

380,000

376,907

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/42

860,000

848,876

Connecticut

Children's

Medical

Center

Obligated

Group,

Revenue,

E,

5.25%,

7/15/48

1,560,000

1,675,574

Connecticut

College,

Revenue,

L-1,

Refunding,

4%,

7/01/46

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

5,000,000

4,520,917

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2018

B,

5%,

12/01/40

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

4,000,000

3,965,800

Fairfield

University,

Revenue,

Q-1,

5%,

7/01/46

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

9,000,000

9,170,691

Hartford

HealthCare

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/46

..........

6,000,000

5,552,000

Jerome

Home,

Revenue,

2021

E,

Refunding,

4%,

7/01/41

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

735,000

602,767

Jerome

Home,

Revenue,

2021

E,

Refunding,

4%,

7/01/51

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

1,250,000

937,815

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/38

.....

1,000,000

899,931

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/41

.....

6,310,000

5,634,823

Quinnipiac

University,

Revenue,

L,

Refunding,

5%,

7/01/45

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

8,250,000

8,373,585

Sacred

Heart

University,

Inc.,

Revenue,

I-1,

Refunding,

5%,

7/01/42

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

4,375,000

4,504,940

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/35

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

550,000

600,713

Sacred

Heart

University,

Inc.,

Revenue,

K,

4%,

7/01/45

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

1,200,000

1,102,451

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

4%,

7/01/37

...

2,550,000

2,425,902

Taft

School

Corp.

(The),

Revenue,

L,

Refunding,

3%,

7/01/46

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

2,210,000

1,745,839

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016,

5%,

12/01/41

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

5,000,000

5,111,751

Trustees

of

Trinity

College

(The),

Revenue,

R,

Refunding,

4%,

6/01/45

..........

2,500,000

2,286,030

Trustees

of

Trinity

College

(The),

Revenue,

S,

Refunding,

4%,

6/01/51

..........

4,000,000

3,544,266

University

of

Hartford

(The),

Revenue,

2022

P,

5.375%,

7/01/52

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

2,000,000

1,931,209

Yale-New

Haven

Health

Obligated

Group,

Revenue,

N,

5%,

7/01/48

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

5,000,000

4,992,145

Connecticut

State

Higher

Education

Supplement

Loan

Authority

,

Revenue,

2020

B,

3.25%,

11/15/36

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

1,640,000

1,436,593

Revenue,

2020

D,

Pre-Refunded,

3%,

11/15/35

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

1,145,000

1,145,113

Revenue,

2021

B,

2.25%,

11/15/37

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

2,500,000

1,949,377

Hartford

County

Metropolitan

District

,

Clean

Water

Project

,

Revenue

,

2014

A

,

Pre-

Refunded

,

5

%

,

11/01/42

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

2,500,000

2,559,770

South

Central

Connecticut

Regional

Water

Authority

,

Revenue,

Second

Series

,

32nd

B

,

Refunding

,

5

%

,

8/01/38

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

1,720,000

1,795,548

State

of

Connecticut

,

GO,

2020

A,

4%,

1/15/38

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

7,250,000

7,342,936

GO,

2020

C,

4%,

6/01/39

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

600,000

603,236

Special

Tax,

2016

A,

5%,

9/01/33

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

1,000,000

1,055,808

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Connecticut

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Connecticut

(continued)

State

of

Connecticut,

(continued)

Special

Tax,

2018

A,

5%,

1/01/36

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

$

1,000,000

$

1,071,700

Special

Tax,

2020

A,

5%,

5/01/35

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

4,500,000

5,032,439

Special

Tax,

2020

A,

4%,

5/01/39

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

1,000,000

1,005,874

Special

Tax,

2020

A,

5%,

5/01/40

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

2,000,000

2,174,526

Special

Tax,

2021

A,

4%,

5/01/40

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

1,100,000

1,098,611

Special

Tax,

2021

A,

5%,

5/01/41

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

1,500,000

1,639,288

Bradley

International

Airport

CFC,

Revenue,

2019

A,

5%,

7/01/49

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

1,400,000

1,399,966

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2015

A,

5%,

3/01/34

.......

3,000,000

3,087,700

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2017

A,

5%,

5/01/37

.......

1,000,000

1,063,284

Town

of

Hamden

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

4

%

,

8/15/41

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

500,000

486,513

Town

of

Stafford

,

GO,

2021,

Refunding,

3%,

2/01/36

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

250,000

228,771

GO,

2021,

Refunding,

3%,

2/01/38

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

310,000

270,611

GO,

2021,

Refunding,

3%,

2/01/41

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

300,000

253,457

Town

of

Stratford

,

GO,

2017,

AGMC

Insured,

5%,

7/01/33

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

1,000,000

1,039,848

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/36

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

300,000

304,123

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/38

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

300,000

298,717

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/40

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

300,000

294,337

University

of

Connecticut

,

Revenue,

2013

A,

5%,

8/15/28

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

3,000,000

3,006,677

Revenue,

2017

A,

5%,

1/15/37

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

1,000,000

1,053,391

129,317,047

Florida

0.2%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

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

500,000

334,792

Georgia

0.3%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

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

625,000

499,284

Illinois

0.7%

State

of

Illinois

,

GO

,

2020

C

,

4

%

,

10/01/42

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

1,000,000

935,328

New

Jersey

0.4%

New

Jersey

Economic

Development

Authority

,

Revenue,

2021

QQQ,

4%,

6/15/35

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

300,000

304,253

Revenue,

2021

QQQ,

4%,

6/15/36

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

100,000

100,469

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2020

AA

,

3

%

,

6/15/50

...

230,000

171,244

575,966

South

Carolina

0.9%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

500,000

398,713

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

500,000

397,509

a

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

750,000

495,148

1,291,370

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Connecticut

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

20

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

0.9%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

$

500,000

$

364,250

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/47

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

780,000

535,997

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

615,000

456,328

1,356,575

Washington

0.3%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

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

500,000

398,687

Wisconsin

0.9%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

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

400,000

315,306

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

1,000,000

998,584

1,313,890

U.S.

Territories

2.5%

Puerto

Rico

2.5%

HTA

HRRB

Custodial

Trust

,

Revenue,

2007

CC,

5.5%,

7/01/31

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

1,480,000

1,523,663

Revenue,

2007

CC,

5.25%,

7/01/34

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

2,010,000

2,025,741

3,549,404

Total

U.S.

Territories

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

3,549,404

Total

Municipal

Bonds

(Cost

$151,568,536)

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

139,572,343

a

a

a

a

Short

Term

Investments

1.6%

Municipal

Bonds

1.6%

Connecticut

1.6%

b

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Yale

University

,

Revenue

,

2001

V-2

,

Daily

VRDN

and

Put

,

3.4

%

,

7/01/36

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

2,300,000

2,300,000

Total

Municipal

Bonds

(Cost

$2,300,000)

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

2,300,000

Total

Short

Term

Investments

(Cost

$2,300,000

)

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

2,300,000

a

Total

Investments

(Cost

$153,868,536)

98.8%

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

$141,872,343

Other

Assets,

less

Liabilities

1.2%

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

1,660,253

Net

Assets

100.0%

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

$143,532,596

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$4,261,092,

representing

3.0%

of

net

assets.

b

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Shares

a

Value

a

Management

Investment

Companies

2.1%

Capital

Markets

2.1%

a

Franklin

Municipal

Green

Bond

ETF

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

2,115,000

$

49,893,273

Total

Management

Investment

Companies

(Cost

$57,603,313)

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

49,893,273

Principal

Amount

a

a

a

a

Municipal

Bonds

96.7%

Alabama

4.9%

b

Black

Belt

Energy

Gas

District

,

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/29

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

$

7,000,000

6,779,387

Revenue,

2022

C-1,

Mandatory

Put,

5.25%,

6/01/29

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

8,570,000

8,955,023

Revenue,

2022

E,

Mandatory

Put,

5%,

6/01/28

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

7,000,000

7,321,051

Revenue,

2022

F,

Mandatory

Put,

5.5%,

12/01/28

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

6,970,000

7,390,896

Revenue,

2023

B-2,

Mandatory

Put,

5.25%,

12/01/30

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

4,000,000

4,299,471

Chatom

Industrial

Development

Board

,

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/28

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

500,000

536,087

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/29

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

485,000

526,416

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/30

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

425,000

465,597

Health

Care

Authority

of

the

City

of

Huntsville

(The)

,

Health

Care

Authority

of

City

of

Huntsville

(The)

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

6/01/39

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

2,250,000

2,160,886

Infirmary

Health

System

Special

Care

Facilities

Financing

Authority

of

Mobile

,

Infirmary

Health

System

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/27

.......

4,920,000

5,063,077

Infirmary

Health

System

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/28

.......

5,000,000

5,156,086

Madison

City

Board

of

Education

,

Special

Tax,

2019,

4%,

2/01/33

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

2,855,000

2,973,506

Special

Tax,

2019,

4%,

2/01/34

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

2,970,000

3,084,208

Special

Tax,

2019,

4%,

2/01/35

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

3,095,000

3,182,723

Special

Tax,

2019,

4%,

2/01/37

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

3,350,000

3,380,262

b

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue,

2022

A-1,

Mandatory

Put,

5.5%,

12/01/29

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

4,585,000

4,889,740

Revenue,

2022

B-2,

Mandatory

Put,

5.18%,

8/01/28

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

15,000,000

14,909,560

Revenue,

2023

A,

Mandatory

Put,

5.25%,

7/01/29

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

32,500,000

34,123,502

115,197,478

Alaska

0.1%

Alaska

Municipal

Bond

Bank

Authority

,

Revenue,

2020,

Refunding,

4%,

12/01/35

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

1,710,000

1,751,837

Revenue,

2020,

Refunding,

4%,

12/01/37

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

1,305,000

1,313,301

3,065,138

Arizona

4.3%

Arizona

Department

of

Transportation

,

State

Highway

Fund

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/29

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

10,920,000

11,112,146

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/29

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

1,100,000

1,174,875

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/30

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

600,000

640,359

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/31

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

630,000

670,662

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/32

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

1,000,000

1,061,816

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/35

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

1,115,000

1,174,361

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

22

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Arizona

Industrial

Development

Authority,

(continued)

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/36

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

$

1,250,000

$

1,302,670

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/37

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

1,050,000

1,089,179

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/37

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

1,105,000

1,055,760

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/38

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

600,000

570,145

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

A,

4%,

11/01/41

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

6,000,000

5,542,868

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

5%,

7/01/27

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

55,000

56,728

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

5%,

7/01/28

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

60,000

62,462

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

5%,

7/01/29

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

60,000

63,006

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

5%,

7/01/30

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

65,000

68,678

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

A,

5%,

7/01/31

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

70,000

74,351

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

B,

5%,

7/01/27

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

160,000

164,337

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

B,

5%,

7/01/28

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

170,000

175,142

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

B,

5%,

7/01/29

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

160,000

165,240

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

B,

5%,

7/01/30

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

185,000

191,001

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

B,

5%,

7/01/31

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

195,000

201,229

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/35

.....

500,000

554,101

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/36

.....

750,000

825,192

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/37

.....

600,000

654,422

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/38

.....

1,000,000

1,077,992

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

3%,

2/01/39

.....

1,200,000

996,352

City

of

Mesa

,

Utility

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/29

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

2,500,000

2,638,960

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

5%,

7/01/30

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

10,000,000

10,690,463

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/35

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

7,500,000

7,998,114

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/36

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

6,225,000

6,594,952

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/35

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

3,340,000

3,605,133

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/36

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

6,380,000

6,844,843

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/39

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

6,365,000

6,745,482

Glendale

Industrial

Development

Authority

,

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/30

......

525,000

589,294

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/31

......

425,000

475,224

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/32

......

525,000

585,828

c

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

B-3

,

5.125

%

,

11/15/29

......

3,000,000

2,958,669

Maricopa

County

Industrial

Development

Authority

,

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/30

.......

850,000

917,747

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/31

.......

1,000,000

1,079,683

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/32

.......

1,000,000

1,078,948

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/33

.......

800,000

861,159

Pima

County

Regional

Transportation

Authority

,

Excise

Tax,

Revenue,

2014,

5%,

6/01/24

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

3,385,000

3,389,632

Excise

Tax,

Revenue,

2014,

5%,

6/01/26

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

7,180,000

7,187,958

Scottsdale

Municipal

Property

Corp.

,

City

of

Scottsdale

Excise

Tax,

Revenue,

2015,

Refunding,

5%,

7/01/26

..........

2,580,000

2,673,182

City

of

Scottsdale

Excise

Tax,

Revenue,

2015,

Pre-Refunded,

5%,

7/01/28

.......

3,325,000

3,451,213

101,091,558

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

23

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arkansas

0.5%

Arkansas

Development

Finance

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/35

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

$

4,630,000

$

4,836,119

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/36

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

3,625,000

3,751,054

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/37

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

1,250,000

1,285,079

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/38

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

1,000,000

1,025,014

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/39

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

1,000,000

1,021,494

11,918,760

California

4.7%

Bay

Area

Toll

Authority

,

Revenue,

2017

S-7,

Refunding,

4%,

4/01/31

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

7,000,000

7,250,603

Revenue,

2017

S-7,

Refunding,

4%,

4/01/33

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

5,000,000

5,164,903

b

California

Community

Choice

Financing

Authority

,

Revenue,

2021

A,

Mandatory

Put,

4%,

12/01/27

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

2,000,000

2,001,138

Revenue,

2023

C,

Mandatory

Put,

5.25%,

10/01/31

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

11,000,000

11,505,626

c

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

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

6,800,000

5,561,836

b

California

Infrastructure

&

Economic

Development

Bank

,

California

Academy

of

Sciences,

Revenue,

2018

B,

Refunding,

Mandatory

Put,

3.76%,

8/01/24

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

2,000,000

1,975,304

c

DesertXpress

Enterprises

LLC,

Revenue,

144A,

2020

A,

Mandatory

Put,

3.65%,

1/31/24

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

5,000,000

4,982,692

California

Statewide

Communities

Development

Authority

,

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

5%,

4/01/35

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

1,300,000

1,404,744

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/37

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

700,000

691,648

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/38

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

1,350,000

1,320,472

Southern

California

Edison

Co.,

Revenue,

2010

A,

Refunding,

1.75%,

9/01/29

....

7,000,000

5,880,260

City

of

Riverside

,

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/34

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

10,605,000

11,104,613

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/35

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

11,000,000

11,457,743

c

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

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

5,500,000

4,293,198

c

CSCDA

Community

Improvement

Authority

,

Waterscape

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

9/01/46

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

4,825,000

3,854,575

Golden

State

Tobacco

Securitization

Corp.

,

Revenue,

2021

B-1,

Refunding,

1.85%,

6/01/31

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

705,000

705,000

Revenue,

2021

B-1,

Refunding,

3.85%,

6/01/50

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

5,000,000

4,533,510

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2017

B,

Refunding,

5%,

7/01/31

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

8,220,000

8,867,204

Power

System,

Revenue,

2017

C,

5%,

7/01/32

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

4,615,000

5,014,245

Power

System,

Revenue,

2017

C,

5%,

7/01/33

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

3,960,000

4,297,067

Power

System,

Revenue,

2017

C,

5%,

7/01/34

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

4,080,000

4,425,332

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility

,

Revenue

,

2020

A

,

4

%

,

8/01/37

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

1,250,000

1,293,229

d

Southern

California

Public

Power

Authority

,

Revenue

,

FRN

,

2007

B

,

5.02

%

,

(

3-month

USD

LIBOR

+

1.47

%

),

11/01/38

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

3,000,000

2,673,809

110,258,751

Colorado

4.7%

City

&

County

of

Denver

,

Airport

System,

Revenue,

2022

D,

Refunding,

5.75%,

11/15/41

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

5,325,000

6,035,105

Airport

System,

Revenue,

B,

5.25%,

11/15/26

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

5,000,000

5,035,835

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

24

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

City

&

County

of

Denver,

(continued)

Airport

System,

Revenue,

B,

5.25%,

11/15/27

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

$

4,250,000

$

4,282,481

Colorado

Health

Facilities

Authority

,

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/29

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

650,000

702,760

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/30

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

700,000

764,011

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/32

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

750,000

813,222

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/33

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

1,000,000

1,081,434

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/34

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

1,100,000

1,188,672

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/33

2,000,000

2,134,957

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/36

8,500,000

8,925,481

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/37

2,250,000

2,182,421

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/39

1,250,000

1,193,079

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

2,000,000

2,136,925

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/33

3,000,000

3,202,436

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/35

4,500,000

4,756,647

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/38

2,000,000

2,081,664

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/39

5,500,000

5,707,384

CommonSpirit

Health

Obligated

Group,

Revenue,

2022

A,

5%,

11/01/40

.........

3,000,000

3,117,633

c

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5

%

,

12/01/32

..

1,000,000

1,009,187

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

30,225,000

33,125,391

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

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

4,200,000

4,917,598

Regional

Transportation

District

,

COP,

2013

A,

Refunding,

5%,

6/01/26

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

14,000,000

14,009,197

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/33

........

1,000,000

1,025,920

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/35

........

1,400,000

1,415,353

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

3.375

%

,

12/01/30

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

500,000

439,381

111,284,174

Connecticut

1.6%

City

of

Stamford

,

GO,

2019,

3%,

6/01/35

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

3,025,000

2,860,672

GO,

2019,

3%,

6/01/36

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

3,025,000

2,784,298

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/38

..........

2,500,000

2,396,086

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/33

.....

5,000,000

5,070,811

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/35

.....

250,000

231,162

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/36

.....

4,750,000

4,361,218

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/32

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

700,000

771,604

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/33

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

625,000

687,502

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/34

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

725,000

796,455

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/26

...

200,000

206,301

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/27

...

250,000

260,908

State

of

Connecticut

,

GO,

2020

C,

4%,

6/01/34

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

1,500,000

1,581,844

GO,

2021

A,

3%,

1/15/33

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

3,500,000

3,352,972

Special

Tax,

2020

A,

4%,

5/01/36

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

3,500,000

3,617,466

University

of

Connecticut

,

Revenue,

2016

A,

5%,

3/15/30

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

3,075,000

3,216,737

Revenue,

2016

A,

5%,

3/15/31

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

5,025,000

5,253,888

37,449,924

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

25

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

7.1%

Alachua

County

Health

Facilities

Authority

,

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/31

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

$

5,000,000

$

5,346,992

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/32

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

1,600,000

1,709,734

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/33

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

3,445,000

3,675,473

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/35

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

2,350,000

2,484,747

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

A-1

,

Refunding

,

5

%

,

10/01/30

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

1,000,000

1,046,116

c

Capital

Trust

Agency,

Inc.

,

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

5,345,000

4,402,568

Revenue,

144A,

2021

A-2,

5.1%,

12/01/31

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

1,850,000

1,595,062

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1

T,

5.05%,

7/01/34

..........

855,000

739,339

Centre

Lake

Community

Development

District

,

Special

Assessments

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/30

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

255,000

226,347

City

of

Clearwater

,

Water

&

Sewer

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/33

......

5,520,000

5,831,770

City

of

Gainesville

,

Utilities

System

,

Revenue

,

2017

A

,

5

%

,

10/01/30

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

1,500,000

1,627,245

City

of

Jacksonville

,

Genesis

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/01/39

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

1,650,000

1,538,638

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

9/01/40

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

2,500,000

1,978,534

John

Knox

Village

of

Florida,

Inc.

Obligated

Group,

Revenue,

2021

B-1,

2%,

1/01/29

4,300,000

3,601,675

City

of

Port

St.

Lucie

,

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/30

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

1,500,000

1,539,001

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/31

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

1,635,000

1,673,886

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

8/15/33

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

6,000,000

6,065,924

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/38

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

700,000

682,224

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/39

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

500,000

481,795

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

5%,

7/01/40

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

1,000,000

1,025,464

Escambia

County

Health

Facilities

Authority

,

Baptist

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/34

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

1,000,000

1,045,892

Greater

Orlando

Aviation

Authority

,

Revenue,

2019

A,

5%,

10/01/33

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

10,500,000

11,282,148

Revenue,

2019

A,

4%,

10/01/37

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

8,430,000

8,262,286

Herons

Glen

Recreation

District

,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/32

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

185,000

179,240

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/33

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

300,000

287,729

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/34

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

245,000

229,691

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/35

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

255,000

236,234

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/36

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

260,000

233,980

JEA

Water

&

Sewer

System

,

Revenue,

2014

A,

5%,

10/01/26

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

1,455,000

1,473,820

Revenue,

2014

A,

5%,

10/01/27

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

5,130,000

5,194,249

Revenue,

2014

A,

5%,

10/01/29

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

1,205,000

1,219,498

Revenue,

2017

A,

Refunding,

5%,

10/01/31

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

17,435,000

18,986,579

Lee

Memorial

Health

System

,

Lee

Memorial

Health

System

Obligated

Group,

Revenue,

A-1,

Refunding,

4%,

4/01/37

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

5,000,000

4,929,962

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

4/01/49

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

12,000,000

10,805,687

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

26

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

5/01/57

$

6,965,000

$

5,868,012

Leon

County

School

District

,

Revenue

,

2014

,

5

%

,

9/01/25

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

6,040,000

6,063,662

Middleton

Community

Development

District

A

,

Special

Assessment

,

2022

,

5.45

%

,

5/01/32

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

1,000,000

1,021,024

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/28

.....

1,000,000

1,056,100

Orlando

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/30

.....

2,875,000

3,033,373

Orlando

Utilities

Commission

,

Revenue,

2012

A,

Refunding,

5%,

10/01/25

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

2,000,000

2,081,377

Revenue,

2018

A,

5%,

10/01/33

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

1,755,000

1,904,670

Palm

Beach

County

School

District

,

COP

,

2014

B

,

5

%

,

8/01/25

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

4,000,000

4,152,764

Poitras

East

Community

Development

District

,

Special

Assessment,

2023,

4.2%,

5/01/33

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

800,000

785,969

Special

Assessment,

2023,

5%,

5/01/43

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

2,000,000

1,938,603

River

Hall

Community

Development

District

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/31

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

500,000

439,478

State

of

Florida

,

GO,

2015

E,

Refunding,

4%,

6/01/33

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

11,855,000

11,971,846

GO,

2017

C,

Refunding,

4%,

6/01/32

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

7,855,000

8,190,075

GO,

2017

C,

Refunding,

4%,

6/01/33

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

5,000,000

5,199,501

Tohopekaliga

Water

Authority

,

Revenue

,

2016

,

Refunding

,

4

%

,

10/01/32

..........

2,855,000

2,915,915

168,261,898

Georgia

4.8%

City

of

Atlanta

,

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/27

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

7,000,000

7,060,899

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/28

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

5,100,000

5,144,498

Water

&

Wastewater,

Revenue,

2015,

Refunding,

5%,

11/01/26

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

5,165,000

5,352,033

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/33

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

6,750,000

7,297,242

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/34

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

3,000,000

3,231,746

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/32

900,000

916,654

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/33

565,000

573,325

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/34

450,000

456,376

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/35

865,000

877,082

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/36

1,400,000

1,405,652

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/32

250,000

254,626

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/33

250,000

253,684

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/34

275,000

278,897

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/35

275,000

278,841

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/36

275,000

276,110

Development

Authority

for

Fulton

County

,

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/28

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

3,785,000

3,888,944

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/29

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

4,385,000

4,502,012

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/30

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

4,805,000

4,932,286

b

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

1

%

,

8/21/26

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

2,375,000

2,096,443

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/27

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

1,750,000

1,838,215

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/28

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

2,100,000

2,218,776

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/29

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

2,000,000

2,118,729

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

27

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Gainesville

&

Hall

County

Hospital

Authority,

(continued)

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/30

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

$

1,000,000

$

1,060,613

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2021

C,

4%,

12/01/25

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

1,000,000

996,290

b

Revenue,

2021

C,

Mandatory

Put,

4%,

12/01/28

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

5,000,000

4,962,004

b

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/29

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

10,000,000

9,883,917

b,c

Revenue,

144A,

2022

C,

Mandatory

Put,

4%,

11/01/27

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

12,000,000

11,568,156

b

Revenue,

2023

A,

Mandatory

Put,

5%,

6/01/30

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

10,000,000

10,407,576

b

Revenue,

2023

B,

Mandatory

Put,

5%,

3/01/30

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

11,495,000

12,127,254

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

A,

5%,

1/01/30

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

1,000,000

1,067,284

Revenue,

2019

A,

5%,

1/01/31

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

600,000

640,701

Revenue,

2019

A,

5%,

1/01/32

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

500,000

533,744

Revenue,

2019

A,

5%,

1/01/33

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

1,000,000

1,066,846

Revenue,

2019

B,

5%,

1/01/29

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

500,000

527,902

Revenue,

2019

B,

5%,

1/01/30

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

480,000

504,318

Revenue,

2019

B,

5%,

1/01/31

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

700,000

734,196

Revenue,

2019

B,

5%,

1/01/32

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

750,000

784,626

Revenue,

2019

B,

5%,

1/01/33

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

1,045,000

1,090,637

Revenue,

2019

B,

5%,

1/01/34

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

700,000

730,534

113,939,668

Hawaii

1.1%

State

of

Hawaii

,

GO,

EO,

5%,

8/01/28

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

21,695,000

22,108,524

Airports

System,

Revenue,

2020

A,

4%,

7/01/35

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

4,420,000

4,428,789

26,537,313

Illinois

7.5%

Chicago

Board

of

Education

,

Dedicated

Capital

Improvement

Tax

,

Revenue

,

2023

,

5.25

%

,

4/01/40

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

3,720,000

3,950,563

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien,

2020

C,

Refunding,

4%,

1/01/35

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

4,000,000

4,149,017

Revenue,

Senior

Lien,

2020

E,

Refunding,

4%,

1/01/35

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

1,560,000

1,618,117

Chicago

Park

District

,

GO,

2020

F-2,

Refunding,

5%,

1/01/32

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

1,500,000

1,626,011

GO,

2020

F-2,

Refunding,

5%,

1/01/33

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

3,000,000

3,242,262

GO,

2020

F-2,

Refunding,

4%,

1/01/34

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

1,100,000

1,103,705

GO,

2020

F-2,

Refunding,

5%,

1/01/35

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

2,375,000

2,556,129

Chicago

Transit

Authority

Capital

Grant

Receipts

,

Revenue

,

2021

,

Refunding

,

5

%

,

6/01/28

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

1,750,000

1,875,003

City

of

Berwyn

,

GO

,

2022

B

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/41

...........

6,000,000

5,893,235

City

of

Chicago

,

GO,

1999,

NATL

Insured,

Zero

Cpn.,

1/01/31

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

4,000,000

2,914,748

GO,

2003

B,

Refunding,

5%,

1/01/26

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

1,795,000

1,824,854

GO,

2021

A,

Refunding,

5%,

1/01/33

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

9,500,000

10,244,464

GO,

2021

A,

Refunding,

5%,

1/01/34

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

6,655,000

7,167,431

GO,

2021

B,

Refunding,

4%,

1/01/35

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

4,295,000

4,211,296

GO,

2021

B,

Refunding,

4%,

1/01/38

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

5,150,000

4,768,520

GO,

2023

A,

5%,

1/01/35

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

10,000,000

10,760,410

City

of

Galesburg

,

Knox

College,

Revenue,

2021

A,

Refunding,

4%,

10/01/36

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

1,125,000

1,057,938

Knox

College,

Revenue,

2021

A,

Refunding,

4%,

10/01/41

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

1,475,000

1,314,141

County

of

Cook

,

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

11/15/40

...........

5,250,000

5,110,253

Illinois

Finance

Authority

,

Carle

Foundation

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

8/15/40

12,645,000

12,061,596

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

28

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

(continued)

Illinois

Finance

Authority,

(continued)

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/28

.........

$

1,065,000

$

958,767

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/29

.........

1,100,000

969,478

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/30

.........

1,310,000

1,130,405

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/31

.........

1,095,000

925,221

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/15/35

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

500,000

426,045

Northwestern

University,

Revenue,

2015,

5%,

12/01/28

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

1,675,000

1,853,673

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

3

%

,

6/15/25

..

1,000,000

979,916

Northern

Illinois

University

,

Revenue,

2021,

BAM

Insured,

4%,

10/01/41

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

400,000

367,978

Revenue,

2021,

BAM

Insured,

4%,

10/01/43

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

2,075,000

1,888,123

Railsplitter

Tobacco

Settlement

Authority

,

Revenue

,

2017

,

5

%

,

6/01/26

...........

3,500,000

3,661,070

State

of

Illinois

,

5%,

4/01/25

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

18,000,000

18,047,914

GO,

2014,

AGMC

Insured,

5%,

2/01/26

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

5,650,000

5,707,029

GO,

2016,

Refunding,

5%,

2/01/26

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

1,000,000

1,036,708

GO,

2016,

Refunding,

5%,

2/01/29

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

2,250,000

2,372,503

GO,

2017

D,

3.25%,

11/01/26

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

750,000

735,956

GO,

2018

A,

Refunding,

5%,

10/01/29

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

1,125,000

1,213,685

GO,

2018

B,

Refunding,

5%,

10/01/31

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

1,500,000

1,607,009

GO,

2018

B,

Refunding,

5%,

10/01/32

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

1,120,000

1,193,917

GO,

2019

B,

5%,

11/01/30

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

1,125,000

1,230,809

GO,

2019

B,

4%,

11/01/38

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

1,030,000

1,001,111

GO,

2020

C,

4%,

10/01/37

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

8,170,000

8,020,768

GO,

2021

A,

5%,

3/01/46

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

2,000,000

2,074,334

GO,

2021

B,

4%,

12/01/39

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

2,500,000

2,404,866

GO,

2022

A,

5%,

3/01/29

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

6,385,000

6,943,562

GO,

2022

B,

5%,

10/01/30

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

10,000,000

11,061,913

GO,

2022

C,

5.5%,

10/01/40

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

3,700,000

4,120,440

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/26

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

2,500,000

2,600,038

c

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group

,

Revenue

,

144A,

2020

A

,

Refunding

,

3.5

%

,

12/01/32

......

6,265,768

5,395,565

177,378,496

Indiana

1.5%

c

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

B

,

4.75

%

,

8/01/24

1,560,000

1,488,694

Indiana

Finance

Authority

,

e

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/26

..

1,065,000

1,015,614

e

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/27

..

1,150,000

1,080,017

e

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/28

..

1,235,000

1,141,941

e

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/29

..

1,330,000

1,210,538

e

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/30

..

1,425,000

1,276,482

Indianapolis

Power

&

Light

Co.,

Revenue,

2021

A,

Refunding,

1.4%,

8/01/29

.....

3,000,000

2,589,757

State

Revolving

Fund,

Revenue,

2018

A,

5%,

2/01/35

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

9,795,000

10,661,629

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

4

%

,

6/01/37

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

15,000,000

15,007,326

35,471,998

Iowa

1.2%

Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2016

A,

5%,

5/15/32

....

680,000

603,501

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2016

A,

5%,

5/15/36

....

650,000

542,876

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2016

A,

5%,

5/15/41

....

190,000

147,605

b

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2021

B,

Refunding,

Mandatory

Put,

4.092%,

5/15/26

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

3,250,000

2,941,152

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

29

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Iowa

(continued)

Iowa

Higher

Education

Loan

Authority

,

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/31

.

$

1,800,000

$

1,923,614

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/32

.

1,920,000

2,046,262

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/33

.

2,030,000

2,156,479

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/34

.

2,135,000

2,257,962

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/35

.

1,250,000

1,313,391

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/36

.

2,470,000

2,575,571

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/37

.

2,595,000

2,688,940

Iowa

Tobacco

Settlement

Authority

,

Revenue,

2021

A-2,

1,

Refunding,

4%,

6/01/49

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

8,500,000

7,577,249

Revenue,

2021

B-1,

2,

Refunding,

4%,

6/01/49

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

1,415,000

1,385,626

28,160,228

Kansas

0.3%

State

of

Kansas

,

Department

of

Transportation

,

Revenue

,

2014

A

,

5

%

,

9/01/28

.....

8,000,000

8,174,297

Kentucky

1.5%

Eastern

Kentucky

University

,

Revenue,

2021

A,

Refunding,

4%,

10/01/29

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

1,355,000

1,410,790

Revenue,

2021

A,

Refunding,

4%,

10/01/30

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

1,410,000

1,477,824

Revenue,

2021

A,

Refunding,

4%,

10/01/31

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

1,470,000

1,550,147

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/34

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

1,000,000

1,064,156

Kentucky

Municipal

Power

Agency

,

Revenue,

2016

A,

Refunding,

NATL

Insured,

5%,

9/01/34

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

6,500,000

6,660,839

Revenue,

2019

A,

Refunding,

5%,

9/01/31

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

1,500,000

1,584,729

Revenue,

2019

A,

Refunding,

5%,

9/01/32

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

1,600,000

1,690,789

Revenue,

2019

A,

Refunding,

5%,

9/01/33

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

1,000,000

1,057,714

Kentucky

State

Property

&

Building

Commission

,

Kentucky

Finance

and

Administration

Cabinet

,

Revenue

,

BAM

Insured

,

5

%

,

5/01/32

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

2,000,000

2,167,962

Kentucky

Turnpike

Authority

,

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/26

.........

2,570,000

2,700,489

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/28

.........

3,000,000

3,236,357

Paducah

Electric

Plant

Board

,

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

10/01/29

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

5,500,000

5,712,068

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

10/01/31

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

5,500,000

5,701,598

36,015,462

Louisiana

3.6%

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2019

A,

Refunding,

4%,

2/01/35

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

1,310,000

1,336,431

Revenue,

2019

A,

Refunding,

4%,

2/01/36

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

2,000,000

2,023,826

Jefferson

Sales

Tax

District

,

Revenue

,

2019

B

,

AGMC

Insured

,

4

%

,

12/01/36

.......

6,000,000

6,049,926

Lafayette

Consolidated

Government

,

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/25

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

2,400,000

2,488,740

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/27

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

3,500,000

3,623,655

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/29

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

4,685,000

4,838,441

c

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

City

of

New

Orleans,

Revenue,

144A,

2021,

4%,

11/01/46

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

9,900,000

8,591,967

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

3.5%,

12/01/32

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

1,960,000

1,659,983

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

3.75%,

10/01/38

4,592,712

3,601,962

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

B,

5.25%,

10/01/32

5,350,000

4,664,041

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/29

.......

1,240,000

1,289,050

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

30

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Public

Facilities

Authority,

(continued)

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/29

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

$

10,000

$

10,496

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/30

.......

995,000

1,033,875

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/30

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

5,000

5,248

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/32

.......

1,485,000

1,540,934

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/32

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

15,000

15,744

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/28

1,000,000

1,050,137

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/29

2,000,000

2,102,588

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/30

2,250,000

2,363,965

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/31

1,745,000

1,833,744

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/32

1,750,000

1,835,390

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/33

2,000,000

2,093,692

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/36

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

4,750,000

5,169,904

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/37

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

2,000,000

2,160,133

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/38

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

3,120,000

3,353,089

b

Parish

of

St.

John

the

Baptist

,

Marathon

Oil

Corp.

,

Revenue

,

2017

B-2

,

Refunding

,

Mandatory

Put

,

2.375

%

,

7/01/26

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

2,500,000

2,364,555

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2020

E,

5%,

4/01/35

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

1,000,000

1,038,266

Revenue,

2020

E,

5%,

4/01/36

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

1,495,000

1,549,899

Revenue,

2020

E,

5%,

4/01/37

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

1,065,000

1,098,254

Revenue,

2020

E,

5%,

4/01/38

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

1,000,000

1,026,741

Revenue,

2020

E,

5%,

4/01/39

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

2,750,000

2,820,794

State

of

Louisiana

,

GO

,

2014

C

,

Refunding

,

5

%

,

8/01/25

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

10,000,000

10,194,057

84,829,527

Maine

0.2%

Maine

Health

&

Higher

Educational

Facilities

Authority

,

MaineHealth

Obligated

Group,

Revenue,

2020

A,

5%,

7/01/35

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

1,000,000

1,082,430

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/36

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

1,000,000

1,002,278

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/37

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

1,150,000

1,130,612

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/38

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

2,690,000

2,615,838

5,831,158

Maryland

3.5%

City

of

Baltimore

,

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

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

1,000,000

1,070,517

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

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

2,940,000

3,145,203

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/31

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

2,085,000

2,230,750

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/32

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

3,240,000

3,459,052

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/30

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

6,450,000

6,911,537

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/32

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

5,905,000

6,304,229

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/28

......

2,790,000

2,868,187

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/29

......

5,835,000

5,995,368

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

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

1,320,000

1,411,226

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

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

1,785,000

1,909,588

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/31

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

3,765,000

4,028,189

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/32

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

4,000,000

4,270,434

County

of

Anne

Arundel

,

GO

,

2015

,

5

%

,

4/01/29

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

7,495,000

7,751,039

Maryland

Community

Development

Administration

,

Residential

,

Revenue

,

2019

B

,

Refunding

,

3

%

,

9/01/34

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

5,000,000

4,571,154

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

3.25%,

7/01/39

500,000

400,741

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/40

..

300,000

283,812

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

31

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Maryland

Health

&

Higher

Educational

Facilities

Authority,

(continued)

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/30

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

$

8,520,000

$

9,037,886

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/31

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

7,415,000

7,866,602

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/28

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

1,000,000

1,031,993

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/29

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

1,340,000

1,396,225

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/30

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

2,810,000

2,941,186

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/31

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

1,480,000

1,553,682

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/32

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

1,550,000

1,623,969

82,062,569

Massachusetts

2.0%

Commonwealth

of

Massachusetts

,

GO,

A,

Refunding,

5%,

7/01/28

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

7,500,000

7,805,342

GO,

A,

Refunding,

5%,

7/01/29

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

6,000,000

6,240,001

Massachusetts

Development

Finance

Agency

,

Tufts

Medicine

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/30

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

150,000

165,651

Tufts

Medicine

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/31

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

475,000

518,369

Tufts

Medicine

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/32

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

450,000

490,347

Tufts

Medicine

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/33

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

525,000

571,266

Tufts

Medicine

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/34

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

450,000

488,378

Massachusetts

Port

Authority

,

Revenue,

2019

C,

5%,

7/01/32

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

4,220,000

4,555,741

Revenue,

2019

C,

5%,

7/01/33

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

4,430,000

4,773,756

Massachusetts

Water

Resources

Authority

,

Revenue

,

C

,

Refunding

,

5

%

,

8/01/32

....

13,920,000

15,021,435

University

of

Massachusetts

Building

Authority

,

Revenue

,

2017-3

,

Refunding

,

5

%

,

11/01/32

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

5,000,000

5,438,916

46,069,202

Michigan

1.6%

Lansing

Board

of

Water

&

Light

,

Revenue

,

2019

A

,

5

%

,

7/01/36

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

4,645,000

5,092,161

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/30

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

1,860,000

1,954,234

GO,

2016

I,

5%,

5/01/31

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

2,010,000

2,110,118

GO,

2016

I,

5%,

5/01/32

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

2,310,000

2,421,778

Michigan

Finance

Authority

,

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/35

...

1,000,000

1,004,564

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Refunding,

5%,

12/01/34

8,200,000

8,572,480

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/33

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

5,100,000

5,211,388

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2008

C,

Refunding,

5%,

12/01/31

.

2,700,000

2,897,956

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2008

C,

5%,

12/01/32

..........

1,115,000

1,193,676

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2008

C,

Pre-Refunded,

5%,

12/01/32

135,000

146,859

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

3

%

,

10/01/39

..

3,500,000

2,916,640

b

Michigan

Strategic

Fund

,

Consumers

Energy

Co.

,

Revenue

,

2005

,

Mandatory

Put

,

0.875

%

,

10/08/26

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

5,000,000

4,445,628

37,967,482

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

32

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Mississippi

0.4%

c

Mississippi

Development

Bank

,

County

of

Hancock

,

Revenue

,

144A,

2019

,

4.55

%

,

11/01/39

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

$

2,035,000

$

2,011,741

Mississippi

Home

Corp.

,

c

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

4%,

6/01/46

..

8,143,623

5,918,938

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

3.65%,

6/01/33

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

101,412

84,970

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

4.15%,

6/01/46

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

400,000

298,045

c

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

144A,

2021

E-8,

5.5%,

6/01/36

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

2,540,000

2,080,382

10,394,076

Missouri

1.6%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Mercy

Health

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

6/01/31

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

12,500,000

13,490,415

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Plum

Point

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/27

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

3,250,000

3,316,790

Plum

Point

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/28

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

4,500,000

4,576,534

Plum

Point

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/29

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

4,045,000

4,116,905

Southeast

Missouri

State

University

,

Revenue,

2020,

Refunding,

4%,

4/01/33

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

2,745,000

2,804,516

Revenue,

2020,

Refunding,

4%,

4/01/34

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

2,180,000

2,218,393

Revenue,

2020,

Refunding,

4%,

4/01/35

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

1,575,000

1,584,592

Revenue,

2020,

Refunding,

4%,

4/01/36

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

3,205,000

3,164,855

Revenue,

2020,

Refunding,

4%,

4/01/37

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

2,000,000

1,958,273

37,231,273

Nebraska

0.2%

b

Central

Plains

Energy

Project

,

Revenue

,

2022-1

,

Mandatory

Put

,

5

%

,

10/01/29

.....

5,000,000

5,206,272

New

Jersey

2.4%

Hudson

County

Improvement

Authority

,

County

of

Hudson

,

Revenue

,

2010

,

Refunding

,

AGMC

Insured

,

5.375

%

,

10/01/24

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

2,050,000

2,104,371

New

Jersey

Economic

Development

Authority

,

New

Jersey

Transit

Corp.,

Revenue,

2022

A,

5%,

11/01/39

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

16,000,000

17,171,467

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2019

LLL,

5%,

6/15/39

1,000,000

1,053,116

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/34

....

5,000,000

5,231,231

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey,

Revenue,

2016

B,

5%,

9/01/36

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

5,000,000

5,170,157

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2020

A,

5%,

7/01/33

.

680,000

725,067

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2020

A,

5%,

7/01/34

.

545,000

580,014

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2020

A,

5%,

7/01/35

.

565,000

597,841

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/30

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

900,000

946,641

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/31

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

1,080,000

1,136,096

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

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

3,445,000

3,250,097

Revenue,

Senior

Lien,

2020

B,

3.5%,

12/01/39

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

1,600,000

1,519,252

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2021

A,

Refunding,

4%,

6/15/36

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

6,200,000

6,230,729

Revenue,

2022

A,

4%,

6/15/41

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

7,500,000

7,175,433

New

Jersey

Turnpike

Authority

,

Revenue

,

2021

A

,

4

%

,

1/01/42

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

1,800,000

1,785,267

Newark

Board

of

Education

,

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/26

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

275,000

288,582

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/27

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

330,000

351,302

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/28

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

325,000

350,759

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/29

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

320,000

350,833

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

33

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

Newark

Board

of

Education,

(continued)

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/31

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

$

400,000

$

449,007

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/32

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

430,000

481,861

56,949,123

New

Mexico

0.5%

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2016

A

,

Refunding

,

2.15

%

,

4/01/33

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

13,500,000

10,691,985

New

York

6.7%

City

of

New

York

,

GO,

2015

C,

Refunding,

5%,

8/01/25

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

2,000,000

2,057,300

GO,

2015

C,

Refunding,

5%,

8/01/27

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

7,500,000

7,717,335

GO,

2019

E,

Refunding,

5%,

8/01/34

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

3,500,000

3,863,721

GO,

2021

C,

4%,

8/01/37

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

5,000,000

5,068,138

GO,

2023

A-1,

4%,

9/01/46

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

5,000,000

4,853,014

GO,

A-1

2017

A,

5%,

8/01/29

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

10,000,000

10,563,568

Metropolitan

Transportation

Authority

,

b

Revenue,

2015

A-2,

Mandatory

Put,

5%,

5/15/30

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

7,000,000

7,505,843

Revenue,

2016

A-2,

Refunding,

5%,

11/15/25

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

21,090,000

21,686,775

Revenue,

2016

B,

Refunding,

5%,

11/15/34

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

3,265,000

3,366,550

Revenue,

2017

B,

Refunding,

5%,

11/15/26

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

2,140,000

2,227,578

Revenue,

2017

C-1,

Refunding,

5%,

11/15/31

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

1,870,000

1,988,708

Revenue,

2017

C-1,

Refunding,

4%,

11/15/37

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

2,500,000

2,431,546

Revenue,

2020

A-1,

AGMC

Insured,

4%,

11/15/41

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

5,545,000

5,459,340

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/27

1,000,000

1,053,544

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/28

1,000,000

1,071,086

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

3%,

1/01/46

7,000,000

5,377,692

Yankee

Stadium

LLC,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

3%,

3/01/36

..

2,500,000

2,241,214

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/27

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

8,740,000

8,816,931

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/28

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

5,000,000

5,043,683

Future

Tax

Secured,

Revenue,

2020

C,

4%,

5/01/37

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

1,400,000

1,423,916

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

2,340,000

1,995,753

New

York

State

Dormitory

Authority

,

Revenue,

2009

A,

AGMC

Insured,

5%,

10/01/24

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

155,000

155,206

Revenue,

2014

E,

5%,

2/15/30

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

4,980,000

5,126,488

Revenue,

2014

E,

Pre-Refunded,

5%,

2/15/30

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

20,000

20,637

Northwell

Health

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/01/29

....

10,000,000

10,331,590

State

of

New

York

Personal

Income

Tax,

Revenue,

2015

A,

Refunding,

5%,

3/15/28

7,185,000

7,410,496

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

5%,

3/15/32

.........

9,995,000

11,016,558

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

Pre-Refunded,

5%,

3/15/32

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

5,000

5,582

New

York

Transportation

Development

Corp.

,

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/34

...

450,000

476,115

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/35

...

400,000

420,940

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/36

...

200,000

208,852

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

2018,

5%,

11/01/39

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

3,000,000

3,160,140

Revenue,

221,

4%,

7/15/36

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

2,180,000

2,203,199

Revenue,

234,

Refunding,

5.25%,

8/01/42

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

2,500,000

2,731,736

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/28

......

1,300,000

1,398,807

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/30

......

2,900,000

3,199,443

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

34

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Troy

Capital

Resource

Corp.,

(continued)

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/34

......

$

4,425,000

$

4,828,192

158,507,216

North

Carolina

0.1%

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/25

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

125,000

127,875

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/26

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

300,000

310,945

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/27

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

450,000

472,709

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/28

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

500,000

531,700

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/29

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

350,000

376,554

Revenue,

Senior

Lien,

2020

A,

3.125%,

6/01/39

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

410,000

382,004

2,201,787

North

Dakota

0.2%

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/29

..

1,600,000

1,655,346

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/30

..

1,600,000

1,663,893

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/31

..

1,300,000

1,357,133

4,676,372

Ohio

1.4%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

A-2

,

1

,

Refunding

,

4

%

,

6/01/48

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

11,765,000

10,450,340

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue

,

1998

A

,

Refunding

,

NATL

Insured

,

5.5

%

,

2/15/24

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

3,510,000

3,564,220

Ohio

Water

Development

Authority

,

Revenue,

2019,

5%,

12/01/36

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

5,650,000

6,272,769

Water

Pollution

Control

Loan

Fund,

Revenue,

2017

A,

5%,

12/01/31

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

10,000,000

10,798,104

State

of

Ohio

,

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

11/15/35

1,000,000

1,034,271

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/36

905,000

854,617

32,974,321

Oregon

2.6%

City

of

Portland

,

Water

System

,

Revenue,

Second

Lien

,

2013

A

,

Refunding

,

5

%

,

10/01/25

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

5,000,000

5,004,160

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO

,

B

,

5

%

,

6/15/32

....

3,725,000

4,000,591

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/35

...

5,240,000

5,435,369

Hillsboro

School

District

No.

1J

,

GO,

2020,

4%,

6/15/36

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

2,605,000

2,661,536

GO,

2020,

4%,

6/15/38

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

4,575,000

4,605,879

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/34

1,100,000

1,203,013

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/35

800,000

867,684

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/36

1,300,000

1,399,340

Oregon

State

Facilities

Authority

,

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/25

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

425,000

433,462

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/26

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

150,000

154,362

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/28

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

325,000

341,096

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/29

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

600,000

636,473

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/35

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

275,000

288,415

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

35

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Oregon

State

Facilities

Authority,

(continued)

Willamette

University,

Revenue,

2021

A,

Refunding,

4%,

10/01/51

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

$

2,000,000

$

1,682,027

Salem

Hospital

Facility

Authority

,

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/33

.......

9,440,000

10,192,566

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/34

.......

3,780,000

4,078,489

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/35

.......

9,010,000

9,654,796

Salem-Keizer

School

District

No.

24J

,

GO

,

2020

C

,

4

%

,

6/15/37

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

5,620,000

5,731,783

c

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-1

,

5.5

%

,

12/01/39

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

2,405,000

2,381,867

60,752,908

Pennsylvania

3.9%

Allegheny

County

Hospital

Development

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/15/34

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

5,000,000

5,451,276

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

2022,

Refunding,

5%,

5/01/28

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

600,000

621,077

Revenue,

2022,

Refunding,

5%,

5/01/29

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

600,000

623,975

Revenue,

2022,

Refunding,

5%,

5/01/30

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

700,000

730,557

Revenue,

2022,

Refunding,

5%,

5/01/31

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

675,000

706,037

City

of

Philadelphia

,

Water

&

Wastewater,

Revenue,

2017

B,

Refunding,

5%,

11/01/31

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

5,750,000

6,198,823

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/36

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

1,000,000

1,092,883

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/37

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

1,500,000

1,623,255

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/38

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

2,000,000

2,149,830

Water

&

Wastewater,

Revenue,

2022

C,

5%,

6/01/39

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

1,860,000

2,014,574

Water

&

Wastewater,

Revenue,

2022

C,

5%,

6/01/40

.......................

3,260,000

3,523,676

Commonwealth

of

Pennsylvania

,

GO,

Second

Series

,

2013

,

5

%

,

10/15/26

.........

13,375,000

13,454,976

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/33

.....................

2,100,000

2,315,954

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/34

.....................

1,750,000

1,925,358

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/35

.....................

1,450,000

1,584,434

UPMC

Obligated

Group,

Revenue,

2023

B,

Refunding,

4%,

5/15/40

............

2,525,000

2,450,932

UPMC

Obligated

Group,

Revenue,

2023

B,

Refunding,

4%,

5/15/41

............

2,375,000

2,295,534

UPMC

Obligated

Group,

Revenue,

2023

B,

Refunding,

4%,

5/15/42

............

2,815,000

2,706,434

b

Waste

Management

Obligated

Group,

Revenue,

2009,

Mandatory

Put,

0.95%,

12/01/26

.......................................................

3,000,000

2,688,651

b

Waste

Management,

Inc.,

Revenue,

2017

A,

Mandatory

Put,

0.58%,

8/01/24

.....

5,500,000

5,286,914

b

Waste

Management,

Inc.,

Revenue,

2021

B,

Refunding,

Mandatory

Put,

1.1%,

11/02/26

.......................................................

6,750,000

6,096,371

Pennsylvania

Higher

Educational

Facilities

Authority

,

Drexel

University,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

5%,

5/01/39

.....

6,950,000

7,458,764

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

4%,

8/15/34

....................................................

5,895,000

5,991,464

Pennsylvania

State

University

(The)

,

Revenue

,

A

,

5

%

,

9/01/30

.................

4,000,000

4,324,778

Philadelphia

Authority

for

Industrial

Development

,

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/30

............

100,000

102,316

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/40

............

300,000

299,148

Philadelphia

Gas

Works

Co.

,

Revenue,

15th,

Refunding,

5%,

8/01/30

.................................

2,000,000

2,134,293

Revenue,

15th,

Refunding,

5%,

8/01/31

.................................

4,030,000

4,300,816

Redevelopment

Authority

of

the

City

of

Philadelphia

,

Revenue

,

2021

A

,

BAM

Insured

,

2.799

%

,

9/01/33

...................................................

2,425,000

2,032,827

92,185,927

Rhode

Island

0.1%

State

of

Rhode

Island

,

GO,

2019

C,

4%,

1/15/34

............................................

1,520,000

1,565,146

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

36

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Rhode

Island

(continued)

State

of

Rhode

Island,

(continued)

GO,

2019

C,

4%,

1/15/35

............................................

$

600,000

$

614,364

2,179,510

South

Carolina

2.1%

c

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.625

%

,

11/01/31

...............................

1,000,000

841,886

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

6,600,000

5,263,012

c

Revenue,

144A,

2021

A-2,

5.3%,

12/01/29

...............................

1,805,000

1,583,751

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

7,400,000

5,883,132

c

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

11,000,000

7,262,171

Prisma

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

5/01/33

......

6,000,000

6,288,596

South

Carolina

Public

Service

Authority

,

Revenue,

2020

A,

Refunding,

5%,

12/01/31

..............................

2,355,000

2,561,063

Revenue,

2020

A,

Refunding,

5%,

12/01/43

..............................

15,000,000

15,598,335

Revenue,

2021

A,

Refunding,

5%,

12/01/25

..............................

1,000,000

1,034,168

Revenue,

2021

A,

Refunding,

5%,

12/01/26

..............................

750,000

786,037

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/24

..................................

3,300,000

3,180,912

50,283,063

South

Dakota

0.1%

County

of

Lincoln

,

Augustana

College

Association

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

8/01/51

......................................................

1,500,000

1,201,002

South

Dakota

Health

&

Educational

Facilities

Authority

,

Presbyterian

Retirement

Village

of

Rapid

City,

Inc.

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/41

..................

1,150,000

860,969

2,061,971

Tennessee

3.1%

Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/31

1,500,000

1,607,389

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/34

1,000,000

1,064,156

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/35

1,250,000

1,321,291

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/36

1,000,000

982,618

b

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5

%

,

12/01/30

..............

21,895,000

23,098,509

b

Tennessee

Energy

Acquisition

Corp.

,

Revenue,

2018,

Mandatory

Put,

4%,

11/01/25

............................

25,935,000

25,828,295

Revenue,

2021

A,

Mandatory

Put,

5%,

11/01/31

...........................

4,795,000

5,010,397

Revenue,

2023

A-1,

Refunding,

Mandatory

Put,

5%,

5/01/28

.................

5,250,000

5,434,819

Tennessee

State

School

Bond

Authority

,

Revenue

,

2015

B

,

5

%

,

11/01/28

.........

8,180,000

8,509,450

72,856,924

Texas

5.4%

Abilene

Convention

Center

Hotel

Development

Corp.

,

City

of

Abilene

Abilene

Convention

Center

,

Revenue,

First

Lien

,

2021

A

,

2.5

%

,

10/01/31

..............

1,075,000

886,372

City

of

Austin

,

Water

&

Wastewater

System

,

Revenue

,

2012

,

5

%

,

11/15/27

........

805,000

805,985

City

of

Dallas

,

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/30

........

1,500,000

1,628,518

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/31

........

2,500,000

2,713,974

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/32

........

1,000,000

1,083,707

City

of

El

Paso

,

GO,

2020

A,

Refunding,

4%,

8/15/35

...................................

1,000,000

1,027,688

GO,

2020

A,

Refunding,

4%,

8/15/36

...................................

1,000,000

1,019,027

City

of

Houston

,

Combined

Utility

System,

Revenue,

First

Lien,

2014

C,

Refunding,

5%,

5/15/24

...

5,000,000

5,079,290

Combined

Utility

System,

Revenue,

First

Lien,

2016

B,

Refunding,

5%,

11/15/36

..

7,800,000

8,203,744

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

37

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

City

of

San

Antonio

,

Electric

&

Gas

Systems

,

Revenue

,

2015

,

Refunding

,

5

%

,

2/01/27

$

10,415,000

$

10,911,616

Clifton

Higher

Education

Finance

Corp.

,

Southwestern

University

,

Revenue

,

2022

,

4

%

,

8/15/42

.........................................................

10,535,000

9,979,547

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel,

Revenue,

First

Lien,

2021

A,

2.5%,

10/01/31

....

500,000

417,106

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/30

....

100,000

111,949

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/31

....

60,000

67,735

County

of

Harris

,

Toll

Road,

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/32

.............

2,500,000

2,721,639

Toll

Road,

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/33

.............

2,500,000

2,714,924

Dallas

Fort

Worth

International

Airport

,

Revenue,

2013

D,

Refunding,

5.25%,

11/01/27

............................

5,000,000

5,034,745

Revenue,

2013

D,

Refunding,

5.25%,

11/01/28

............................

2,100,000

2,115,349

Ector

County

Hospital

District

,

GO,

2020,

Refunding,

5%,

9/15/29

.....................................

800,000

839,640

GO,

2020,

Refunding,

5%,

9/15/30

.....................................

745,000

787,752

GO,

2020,

Refunding,

5%,

9/15/31

.....................................

450,000

473,180

GO,

2020,

Refunding,

5%,

9/15/32

.....................................

600,000

630,347

GO,

2020,

Refunding,

5%,

9/15/33

.....................................

650,000

681,981

GO,

2020,

Refunding,

4%,

9/15/34

.....................................

650,000

635,699

GO,

2020,

Refunding,

4%,

9/15/35

.....................................

700,000

670,554

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO,

2021,

2%,

9/01/28

.............................................

155,000

133,636

GO,

2021,

2%,

9/01/29

.............................................

155,000

131,333

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/34

200,000

173,232

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/35

225,000

212,292

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/36

250,000

230,949

c

Lakeside

Place

PFC

,

Torrey

Chase

Apartments

LP

,

Revenue

,

144A,

2021

,

3.48

%

,

12/15/39

........................................................

3,975,000

2,953,674

Lower

Colorado

River

Authority

,

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/27

.....

2,000,000

2,144,398

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/29

.....

2,000,000

2,220,486

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

First

Tier

,

A

,

Refunding

,

4

%

,

1/01/33

.............................................

5,000,000

5,055,551

Northwest

Independent

School

District

,

GO

,

2015

A

,

Pre-Refunded

,

PSF

Guaranty

,

5

%

,

2/15/28

.........................................................

4,815,000

4,956,881

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-1

,

4.5

%

,

12/01/37

...........

12,000,000

9,575,347

San

Antonio

Education

Facilities

Corp.

,

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/37

......

635,000

583,232

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/39

......

2,435,000

2,181,530

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/40

......

2,000,000

1,771,117

San

Antonio

Water

System

,

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/24

......................

1,500,000

1,511,636

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/26

......................

2,200,000

2,215,942

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/28

......................

2,000,000

2,014,493

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/29

......................

1,000,000

1,007,246

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue,

2021,

Refunding,

5%,

12/15/27

................................

1,000,000

1,019,545

Revenue,

2021,

Refunding,

5%,

12/15/30

................................

10,000,000

10,362,053

Texas

Water

Development

Board

,

State

Water

Implementation

Revenue

Fund

for

Texas

,

Revenue

,

2017

A

,

5

%

,

10/15/31

.................................

12,585,000

13,606,465

c

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

9/01/31

..............................................

281,000

232,870

Westside

211

Special

Improvement

District

,

GO,

Sub.

Lien,

2021,

2%,

8/15/29

.....................................

290,000

253,509

GO,

Sub.

Lien,

2021,

2.25%,

8/15/31

...................................

300,000

256,236

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

38

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

Westside

211

Special

Improvement

District,

(continued)

GO,

Sub.

Lien,

2021,

3%,

8/15/33

.....................................

$

315,000

$

281,334

GO,

Sub.

Lien,

2021,

3%,

8/15/35

.....................................

335,000

289,540

GO,

Sub.

Lien,

2021,

3%,

8/15/37

.....................................

355,000

289,721

126,906,316

Utah

0.1%

City

of

Lehi

,

Franchise

&

Sales

Tax

,

Revenue

,

2021

,

AGMC

Insured

,

4

%

,

2/01/48

...

3,000,000

2,726,419

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

4

%

,

10/15/35

.....................

400,000

362,256

3,088,675

Virginia

1.7%

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/15/32

........

10,000,000

10,443,543

Virginia

Public

Building

Authority

,

Revenue,

B,

4%,

8/01/29

............................................

9,605,000

9,863,468

Revenue,

B,

Pre-Refunded,

4%,

8/01/29

................................

3,530,000

3,630,909

Virginia

Public

School

Authority

,

Revenue

,

2014

C

,

5

%

,

8/01/27

.................

4,460,000

4,553,224

Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/32

........................................................

2,500,000

2,477,287

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

7/01/32

........................................................

2,000,000

1,979,835

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

1/01/35

....................................................

3,000,000

3,194,002

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/36

....................................................

3,000,000

2,865,377

39,007,645

Washington

4.5%

City

of

Seattle

,

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/24

..............

5,230,000

5,316,901

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/26

..............

2,995,000

3,039,072

Municipal

Light

&

Power,

Revenue,

2017

C,

Refunding,

4%,

9/01/34

............

5,300,000

5,451,640

County

of

King

,

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/25

.........................

1,200,000

1,221,243

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/26

.........................

1,200,000

1,221,756

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/27

.........................

1,900,000

1,934,243

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/28

.........................

3,050,000

3,103,993

Energy

Northwest

,

Bonneville

Power

Administration,

Revenue,

2019

A,

Refunding,

5%,

7/01/35

......

7,000,000

7,757,483

Bonneville

Power

Administration,

Revenue,

A,

Refunding,

5%,

7/01/24

..........

1,250,000

1,273,063

Everett

Housing

Authority

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/37

..............

9,420,000

8,820,854

Port

of

Seattle

,

Revenue

,

2018

A

,

5

%

,

5/01/38

.............................

5,000,000

5,115,365

Seattle

Housing

Authority

,

Yesler

Block

7.3

LLLP

,

Revenue

,

2021

,

1

%

,

6/01/25

.....

7,225,000

6,835,011

State

of

Washington

,

GO,

2017

D,

5%,

2/01/31

............................................

5,480,000

5,861,502

GO,

2017

D,

5%,

2/01/32

............................................

10,000,000

10,692,584

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/35

1,370,000

1,448,135

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/30

2,800,000

3,006,635

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/31

3,700,000

3,964,894

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

1,500,000

1,602,694

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/33

1,395,000

1,489,133

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/34

1,225,000

1,303,591

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/35

1,250,000

1,321,291

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/36

5,125,000

5,381,540

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

39

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

(continued)

Washington

Health

Care

Facilities

Authority,

(continued)

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/38

........................................................

$

1,000,000

$

1,060,428

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/39

........................................................

1,000,000

1,056,765

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/40

........................................................

1,000,000

1,053,035

c

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

144A,

2021,

3%,

12/01/35

.......................................................

440,000

388,187

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/30

........................................................

1,000,000

1,001,921

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/31

........................................................

1,925,000

1,928,935

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/31

........................................................

2,250,000

2,341,374

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/32

........................................................

1,605,000

1,662,949

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/35

........................................................

2,400,000

2,444,166

Washington

State

Housing

Finance

Commission

,

Revenue,

2021-1,

A,

3.5%,

12/20/35

...................................

6,796,267

6,221,121

c

Madison

at

Rivers

Edge

Apartments

LLC,

Revenue,

144A,

2021

B,

5.3%,

1/01/30

.

1,300,000

1,136,059

107,457,563

Wisconsin

2.2%

City

of

Milwaukee

,

Sewerage

System

,

Revenue

,

2021

S-2

,

Refunding

,

3

%

,

6/01/46

..

4,600,000

3,380,063

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

3.5%,

12/01/32

....................

1,405,000

1,189,937

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

11/15/37

.......................................................

600,000

526,345

Appalachian

Regional

Healthcare

System

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/46

........................................................

1,100,000

895,090

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/29

..........

285,000

275,407

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/30

..........

200,000

192,208

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/31

..........

200,000

190,949

EMU

Campus

Living

LLC,

Revenue,

2022

A-1,

BAM

Insured,

5.375%,

7/01/47

....

7,000,000

7,566,884

c

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

13,400,000

13,381,027

c

Hope

Housing

Foundation

Obligated

Group,

Revenue,

144A,

2022

A,

3.8%,

12/01/37

5,600,000

4,492,971

c

Hope

Housing

Foundation

Obligated

Group,

Revenue,

144A,

2022

B,

5.75%,

12/01/27

.......................................................

1,775,000

1,693,291

Renown

Regional

Medical

Center,

Revenue,

2020

A,

Refunding,

4%,

6/01/35

.....

2,100,000

2,017,073

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/27

...........................................

195,000

188,068

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/28

...........................................

250,000

238,752

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/29

...........................................

320,000

302,467

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/30

...........................................

265,000

247,804

b,c

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-1,

Mandatory

Put,

3.5%,

12/01/35

..................................................

9,700,000

7,810,804

Wisconsin

Health

&

Educational

Facilities

Authority

,

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/34

........................................

600,000

613,915

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/35

........................................

1,000,000

1,018,215

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

40

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

Wisconsin

Health

&

Educational

Facilities

Authority,

(continued)

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/36

........................................

$

600,000

$

606,456

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/37

........................................

600,000

602,119

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/28

....................................................

375,000

352,336

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/29

....................................................

390,000

360,606

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/30

....................................................

405,000

368,889

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/37

....................................................

1,460,000

1,186,606

Wisconsin

Masonic

Home

Obligated

Group,

Revenue,

2021

A,

4%,

8/15/41

......

1,650,000

1,347,691

51,045,973

U.S.

Territories

0.7%

District

of

Columbia

0.6%

District

of

Columbia

,

Income

Tax

,

Revenue

,

2019

A

,

5

%

,

3/01/33

................

3,000,000

3,380,910

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017

B,

5%,

7/01/31

........................................

5,000,000

5,369,612

Revenue,

2017

B,

5%,

7/01/32

........................................

5,750,000

6,155,581

14,906,103

Puerto

Rico

0.1%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.5

%

,

7/01/29

.................

1,000,000

1,032,694

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/27

..

450,000

469,979

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/30

..

550,000

596,603

2,099,276

Total

U.S.

Territories

....................................................................

17,005,379

Total

Municipal

Bonds

(Cost

$2,384,821,547)

...................................

2,284,629,360

Total

Long

Term

Investments

(Cost

$2,442,424,860)

.............................

2,334,522,633

a

a

a

a

a

Short

Term

Investments

0.5%

Municipal

Bonds

0.5%

New

York

0.2%

f

City

of

New

York

,

GO

,

2020

B-3

,

Daily

VRDN

and

Put

,

3.61

%

,

10/01/46

...........

1,900,000

1,900,000

f

Nassau

County

Industrial

Development

Agency

,

Cold

Spring

Harbor

Laboratory

,

Revenue

,

1999

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.85

%

,

1/01/34

1,600,000

1,600,000

f

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

BB-1A

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

3.98

%

,

6/15/49

..

1,400,000

1,400,000

4,900,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

41

See

Abbreviations

on

page

196

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Ohio

0.3%

f

County

of

Allen

Hospital

Facilities

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010

C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

3.98

%

,

6/01/34

.................

$

6,500,000

$

6,500,000

Total

Municipal

Bonds

(Cost

$11,400,000)

......................................

11,400,000

Total

Short

Term

Investments

(Cost

$11,400,000

)

................................

11,400,000

a

Total

Investments

(Cost

$2,453,824,860)

99.3%

..................................

$2,345,922,633

Other

Assets,

less

Liabilities

0.7%

.............................................

15,815,950

Net

Assets

100.0%

...........................................................

$2,361,738,583

a

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$144,424,396,

representing

6.1%

of

net

assets.

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

e

Security

purchased

on

a

when-issued

basis.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

42

a

a

Shares

a

Value

a

Management

Investment

Companies

3.7%

Capital

Markets

3.7%

a

Franklin

Municipal

Green

Bond

ETF

.....................................

1,550,000

$

36,564,810

Total

Management

Investment

Companies

(Cost

$39,888,825)

....................

36,564,810

Principal

Amount

a

a

a

a

Senior

Floating

Rate

Interests

4.4%

Real

Estate

Management

&

Development

3.1%

b

Baytown

Leased

Housing

Associates

II

LP

,

Project

Term

Loan

,

12.237

%

,

(

1-month

USD

LIBOR

+

2.251

%

),

8/01/40

...........................................

$

25,110,000

25,731,026

b,c

TBG

Hillcrest

Senior

II

LP

,

Delayed

Draw

Term

Loan

,

6.374

%

,

(

1-month

USD

LIBOR

+

1.55

%

),

1/01/38

...................................................

4,875,774

4,975,398

30,706,424

a

a

a

a

a

Residential

REITs

1.3%

b,c

Centennial

Gardens

LP

,

Delayed

Draw

Term

Loan

,

5.579

%

,

(

1-month

USD

LIBOR

+

1.55

%

),

1/08/24

...................................................

12,166,852

12,380,393

Total

Senior

Floating

Rate

Interests

(Cost

$42,152,625)

..........................

43,086,817

Municipal

Bonds

91.4%

Alabama

7.5%

Black

Belt

Energy

Gas

District

,

d

Revenue,

2019

A-1,

Mandatory

Put,

4%,

12/01/25

.........................

11,675,000

11,612,071

Revenue,

2021

A,

Refunding,

4%,

6/01/23

...............................

400,000

400,000

Revenue,

2021

A,

Refunding,

4%,

6/01/24

...............................

400,000

399,230

d

Revenue,

2021

C-1,

Mandatory

Put,

4%,

12/01/26

.........................

10,000,000

9,892,028

d

Revenue,

2022

C-1,

Mandatory

Put,

5.25%,

6/01/29

........................

4,285,000

4,477,511

d

Revenue,

2022

E,

Mandatory

Put,

5%,

6/01/28

............................

4,000,000

4,183,458

d

Revenue,

2023

B-2,

Mandatory

Put,

5.25%,

12/01/30

.......................

2,000,000

2,149,735

d

Industrial

Development

Board

of

the

City

of

Mobile

Alabama

,

Alabama

Power

Co.,

Revenue,

2007

A,

Mandatory

Put,

1%,

6/26/25

...........

4,000,000

3,775,399

Alabama

Power

Co.,

Revenue,

2008,

Mandatory

Put,

2.9%,

12/12/23

...........

7,550,000

7,504,786

d

Southeast

Alabama

Gas

Supply

District

(The)

,

Revenue

,

2018

A

,

Mandatory

Put

,

4

%

,

6/01/24

.........................................................

10,895,000

10,881,323

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue,

2021

A,

4%,

10/01/23

.......................................

450,000

449,747

Revenue,

2021

A,

4%,

10/01/24

.......................................

725,000

724,065

d

Revenue,

2022

B-1,

Mandatory

Put,

5%,

8/01/28

..........................

14,560,000

15,081,999

Special

Care

Facilities

Financing

Authority

of

the

City

of

Pell

City

Alabama

,

Noland

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

12/01/24

...........

1,500,000

1,520,693

Noland

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

12/01/26

...........

1,030,000

1,072,262

74,124,307

Alaska

1.0%

Borough

of

Matanuska-Susitna

,

State

of

Alaska

Department

of

Administration

,

Revenue

,

2015

,

Refunding

,

5.25

%

,

9/01/29

..............................

10,000,000

10,327,305

Arizona

2.0%

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/24

.......................................................

1,000,000

1,000,325

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/25

.......................................................

1,000,000

1,004,764

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

C,

1.8%,

7/01/24

...........

450,000

429,465

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

43

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

d

Maricopa

County

Industrial

Development

Authority

,

HonorHealth

Obligated

Group

,

Revenue

,

2019

C

,

Mandatory

Put

,

4.21

%

,

(

SIFMA

Municipal

Swap

Index

+

0.8

%

),

9/01/24

.........................................................

$

17,000,000

$

16,965,801

19,400,355

California

5.4%

California

Community

Choice

Financing

Authority

,

Revenue,

2021

B-1,

4%,

8/01/25

......................................

535,000

536,208

Revenue,

2021

B-1,

4%,

2/01/26

......................................

850,000

852,462

Revenue,

2021

B-1,

4%,

8/01/26

......................................

325,000

326,384

Revenue,

2021

B-1,

4%,

8/01/27

......................................

400,000

402,493

Revenue,

2021

B-1,

4%,

2/01/28

......................................

375,000

377,595

Revenue,

2021

B-1,

4%,

8/01/28

......................................

470,000

473,457

d

Revenue,

2023

C,

Mandatory

Put,

5.25%,

10/01/31

........................

4,245,000

4,440,126

e

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

..............................................

3,090,000

2,527,364

California

County

Tobacco

Securitization

Agency

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/23

.............................................

400,000

400,000

California

Educational

Facilities

Authority

,

University

of

San

Diego

,

Revenue

,

1999

,

AMBAC

Insured

,

Zero

Cpn.,

10/01/23

...................................

1,120,000

1,106,853

d

California

Health

Facilities

Financing

Authority

,

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2016

B-3

,

Refunding

,

Mandatory

Put

,

2

%

,

10/01/25

...........

13,340,000

12,799,487

d,e

California

Infrastructure

&

Economic

Development

Bank

,

DesertXpress

Enterprises

LLC

,

Revenue

,

144A,

2020

A

,

Mandatory

Put

,

3.65

%

,

1/31/24

................

7,500,000

7,474,039

d,e

California

Municipal

Finance

Authority

,

Farmdale

NOHO

LP

,

Revenue

,

144A,

2022

A

,

Mandatory

Put

,

4.5

%

,

6/30/23

........................................

13,060,000

13,059,444

California

Statewide

Communities

Development

Authority

,

d

Southern

California

Edison

Co.,

Revenue,

D,

Refunding,

Mandatory

Put,

2.625%,

12/01/23

.......................................................

3,000,000

2,968,597

Viamonte

Senior

Living

1,

Inc.,

Revenue,

2018

B-3,

California

Mortgage

Insured,

3%,

7/01/27

........................................................

3,500,000

3,500,185

Stockton

Unified

School

District

,

GO

,

2016

,

Refunding

,

5

%

,

8/01/23

.............

2,055,000

2,059,472

53,304,166

Colorado

1.7%

Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

11/01/29

...............................................

900,000

969,205

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

12,955,000

14,198,162

Regional

Transportation

District

,

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/15/24

........

400,000

401,321

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

7/15/24

........

300,000

302,029

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/15/25

........

325,000

328,548

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

7/15/25

........

400,000

409,058

16,608,323

Connecticut

0.0%

†

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/23

...

175,000

175,090

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/24

...

175,000

176,539

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/25

...

170,000

173,320

524,949

Delaware

0.5%

d

Delaware

State

Economic

Development

Authority

,

NRG

Energy,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

Mandatory

Put

,

1.25

%

,

10/01/25

..............................

5,000,000

4,537,618

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

44

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

2.5%

Centre

Lake

Community

Development

District

,

Special

Assessments

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/24

....................................

$

215,000

$

211,531

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2021

B-2

,

1.45

%

,

1/01/27

............................................

2,000,000

1,760,201

County

of

Escambia

,

Florida

Power

&

Light

Co.

,

Revenue

,

2003

,

Refunding

,

2.6

%

,

6/01/23

.........................................................

5,000,000

5,000,000

Florida

Municipal

Power

Agency

,

All-Requirements

Power

Supply

Project

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/25

......................................

1,000,000

1,038,632

Jacksonville

Transportation

Authority

,

Revenue,

Senior

Lien,

2020,

5%,

8/01/23

................................

1,720,000

1,724,258

Revenue,

Senior

Lien,

2020,

5%,

8/01/24

................................

1,805,000

1,840,027

Revenue,

Senior

Lien,

2020,

5%,

8/01/25

................................

1,800,000

1,867,978

Revenue,

Senior

Lien,

2020,

5%,

8/01/26

................................

1,940,000

2,054,139

d,e

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A-2

,

Mandatory

Put

,

6.5

%

,

5/01/25

....................................................

2,750,000

2,654,143

Middleton

Community

Development

District

A

,

Special

Assessment

,

2022

,

5.2

%

,

5/01/27

.........................................................

500,000

503,222

Pinellas

County

School

Board

,

Revenue

,

2022

,

4

%

,

6/30/23

...................

4,750,000

4,750,349

Poitras

East

Community

Development

District

,

Special

Assessment

,

2023

,

4

%

,

5/01/28

300,000

296,435

River

Hall

Community

Development

District

,

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/24

.....................

230,000

227,052

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/25

.....................

180,000

175,174

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/26

.....................

220,000

211,130

24,314,271

Georgia

4.8%

City

of

Atlanta

,

Department

of

Aviation,

Revenue,

2020

A,

Refunding,

5%,

7/01/24

.............

2,500,000

2,543,990

Department

of

Aviation,

Revenue,

2020

A,

Refunding,

5%,

7/01/25

.............

1,500,000

1,553,256

d

Development

Authority

of

Burke

County

(The)

,

Georgia

Power

Co.

,

Revenue

,

4th

1995

,

Mandatory

Put

,

3.8

%

,

5/21/26

........................................

3,000,000

2,988,578

d

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.,

Revenue,

First

Series,

2009,

Refunding,

Mandatory

Put,

1%,

8/21/26

........................................................

2,000,000

1,765,426

Georgia

Power

Co.,

Revenue,

Second

Series,

2006,

Refunding,

Mandatory

Put,

3.875%,

3/06/26

.................................................

3,500,000

3,494,134

Main

Street

Natural

Gas,

Inc.

,

d

Revenue,

2018

A,

Mandatory

Put,

4%,

9/01/23

............................

10,025,000

10,029,940

d

Revenue,

2021

A,

Mandatory

Put,

4%,

9/01/27

............................

3,250,000

3,236,529

Revenue,

2021

C,

4%,

12/01/23

.......................................

725,000

724,716

Revenue,

2021

C,

4%,

12/01/24

.......................................

735,000

733,403

d

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/29

...........................

4,500,000

4,447,763

d,e

Revenue,

144A,

2022

C,

Mandatory

Put,

4%,

11/01/27

......................

15,000,000

14,460,195

Private

Colleges

&

Universities

Authority

,

Mercer

University,

Revenue,

2021,

Refunding,

5%,

10/01/23

.................

300,000

301,209

Mercer

University,

Revenue,

2021,

Refunding,

5%,

10/01/24

.................

400,000

407,103

Mercer

University,

Revenue,

2021,

Refunding,

5%,

10/01/25

.................

425,000

438,714

47,124,956

Hawaii

1.7%

University

of

Hawaii

,

Revenue,

2020

B,

Refunding,

5%,

10/01/24

..............................

3,440,000

3,511,435

Revenue,

2020

B,

Refunding,

5%,

10/01/25

..............................

3,440,000

3,571,326

Revenue,

2020

B,

Refunding,

5%,

10/01/26

..............................

2,865,000

3,032,533

Revenue,

2020

D,

Refunding,

5%,

10/01/24

..............................

600,000

612,459

Revenue,

2020

D,

Refunding,

5%,

10/01/25

..............................

1,725,000

1,790,854

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

45

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Hawaii

(continued)

University

of

Hawaii,

(continued)

Revenue,

2020

D,

Refunding,

5%,

10/01/26

..............................

$

4,360,000

$

4,614,954

17,133,561

Illinois

8.7%

Chicago

Board

of

Education

,

GO

,

2018

A

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/23

.

1,000,000

1,003,698

Chicago

Park

District

,

GO,

2020

F-2,

Refunding,

5%,

1/01/25

..................................

350,000

357,355

GO,

2020

F-2,

Refunding,

5%,

1/01/26

..................................

500,000

515,528

GO,

2020

F-2,

Refunding,

5%,

1/01/27

..................................

550,000

574,727

Chicago

Transit

Authority

Capital

Grant

Receipts

,

Revenue

,

2021

,

Refunding

,

5

%

,

6/01/24

.........................................................

1,425,000

1,440,477

City

of

Chicago

,

GO,

2015

C,

Refunding,

5%,

1/01/25

...................................

1,900,000

1,936,938

GO,

2020

A,

Refunding,

5%,

1/01/28

...................................

3,100,000

3,267,909

City

of

Moline

,

GO,

2021

C,

AGMC

Insured,

0.702%,

12/01/23

...........................

1,175,000

1,147,621

GO,

2021

C,

AGMC

Insured,

1.151%,

12/01/24

...........................

580,000

545,772

GO,

2021

C,

AGMC

Insured,

1.439%,

12/01/25

...........................

925,000

849,662

County

of

Cook

,

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

11/15/29

...........

845,000

929,240

Illinois

Finance

Authority

,

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/27

.........

2,810,000

2,584,092

d

Field

Museum

of

Natural

History,

Revenue,

2019,

Refunding,

Mandatory

Put,

4.742%,

9/01/25

.................................................

3,695,000

3,677,053

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/15/27

........................................................

590,000

554,675

d

OSF

Healthcare

System

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

Mandatory

Put,

5%,

11/15/24

.......................................

1,250,000

1,260,570

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

3

%

,

6/15/24

..

2,500,000

2,471,125

Railsplitter

Tobacco

Settlement

Authority

,

Revenue

,

2017

,

5

%

,

6/01/26

...........

2,000,000

2,092,040

State

of

Illinois

,

GO,

2010-4,

AGMC

Insured,

6.875%,

7/01/25

............................

750,000

762,859

GO,

2016,

Refunding,

5%,

2/01/25

.....................................

10,000,000

10,209,277

GO,

2016,

Refunding,

5%,

2/01/29

.....................................

750,000

790,834

GO,

2017

C,

5%,

11/01/29

...........................................

2,000,000

2,128,138

GO,

2017

D,

5%,

11/01/27

...........................................

5,025,000

5,362,150

GO,

2018

A,

6%,

5/01/25

............................................

6,000,000

6,256,944

GO,

2018

A,

Refunding,

5%,

10/01/29

..................................

375,000

404,562

GO,

2018

B,

Refunding,

5%,

10/01/31

..................................

625,000

669,587

GO,

2019

B,

5%,

11/01/30

...........................................

375,000

410,269

GO,

2021

A,

5%,

3/01/25

............................................

5,300,000

5,417,113

GO,

2022

B,

Refunding,

5%,

3/01/24

...................................

2,500,000

2,522,243

Sales

Tax,

Revenue,

2021

A,

4%,

6/15/24

...............................

5,000,000

5,021,715

Sales

Tax,

Revenue,

2021

A,

4%,

6/15/27

...............................

1,500,000

1,532,369

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/23

.............

3,000,000

2,999,977

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/24

.............

3,300,000

3,335,968

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/25

.............

2,000,000

2,055,118

University

of

Illinois

,

Auxiliary

Facilities

System

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

4/01/25

.........................................................

11,660,000

11,403,728

86,491,333

Indiana

1.4%

e

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

B

,

4.75

%

,

8/01/24

1,560,000

1,488,694

Indiana

Finance

Authority

,

Greencroft

Goshen

Obligated

Group,

Revenue,

2021

B,

Refunding,

3.25%,

11/15/23

195,000

191,085

f

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/23

..

1,000,000

996,416

f

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/24

..

1,000,000

982,360

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

46

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Indiana

(continued)

Indiana

Finance

Authority,

(continued)

f

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/25

..

$

1,000,000

$

968,050

Indianapolis

Power

&

Light

Co.,

Revenue,

2021

B,

Refunding,

0.65%,

8/01/25

....

4,500,000

4,100,455

d

Southern

Indiana

Gas

&

Electric

Co.,

Revenue,

2013

E,

Refunding,

Mandatory

Put,

3.55%,

8/01/28

..................................................

5,000,000

4,909,338

13,636,398

Iowa

1.1%

Des

Moines

Independent

Community

School

District

,

Sales

Services

&

Use

Tax

,

Revenue

,

2018

,

AGMC

Insured

,

3

%

,

6/01/29

.............................

9,300,000

9,213,384

d

Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

4.092

%

,

(

SOFR

+

0.55

%

),

5/15/26

..............

1,500,000

1,357,455

10,570,839

Kansas

0.2%

Reno

County

Unified

School

District

No.

308

Hutchinson

,

GO

,

2019

,

Refunding

,

5

%

,

9/01/27

.........................................................

1,575,000

1,695,286

Kentucky

3.5%

County

of

Trimble

,

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2001

A

,

Refunding

,

0.625

%

,

9/01/26

...................................................

3,375,000

2,999,765

Eastern

Kentucky

University

,

Revenue,

2021

A,

Refunding,

3.25%,

10/01/23

............................

1,080,000

1,077,390

Revenue,

2021

A,

Refunding,

3.5%,

10/01/24

.............................

1,120,000

1,117,837

Revenue,

2021

A,

Refunding,

3.5%,

10/01/25

.............................

1,155,000

1,141,640

Revenue,

2021

A,

Refunding,

4%,

10/01/26

..............................

1,205,000

1,227,409

Revenue,

2021

A,

Refunding,

4%,

10/01/27

..............................

1,255,000

1,289,469

Revenue,

2021

A,

Refunding,

4%,

10/01/28

..............................

1,305,000

1,347,372

d

Kentucky

Public

Energy

Authority

,

Revenue,

2020

A,

Mandatory

Put,

4%,

6/01/26

............................

10,000,000

9,967,525

Revenue,

2022

A-2,

Mandatory

Put,

4.59%,

8/01/30

........................

14,125,000

13,378,915

e

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

B

,

6.75

%

,

5/01/25

................................

1,360,000

1,314,559

34,861,881

Louisiana

4.7%

City

of

New

Orleans

,

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/26

.........................

450,000

470,578

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/27

.........................

600,000

638,316

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/28

.........................

550,000

594,797

d

Lake

Charles

Harbor

&

Terminal

District

,

Big

Lake

Fuels

LLC

,

Revenue

,

2021

,

Mandatory

Put

,

1

%

,

12/01/24

.........................................

10,000,000

9,415,972

e

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.

,

Revenue

,

144A,

2020

A

,

Refunding

,

2.75

%

,

12/01/25

...................................

617,000

592,051

Louisiana

Public

Facilities

Authority

,

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

5%,

10/01/25

.......

250,000

255,145

d

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2020

B,

Refunding,

Mandatory

Put,

5%,

5/15/25

........................................

7,500,000

7,654,960

Louisiana

Stadium

&

Exposition

District

,

Revenue,

2020,

5%,

7/03/23

.........................................

4,650,000

4,653,937

e

Revenue,

144A,

2022

A,

1.872%,

7/03/23

...............................

3,000,000

2,986,564

d

Parish

of

St.

John

the

Baptist

,

Marathon

Oil

Corp.

,

Revenue

,

2017

B-1

,

Refunding

,

Mandatory

Put

,

2.125

%

,

7/01/24

......................................

17,100,000

16,733,983

d

State

of

Louisiana

,

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2022

A

,

Refunding

,

Mandatory

Put

,

4.042

%

,

(

SOFR

+

0.5

%

),

5/01/26

..........................

2,950,000

2,879,958

46,876,261

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

47

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

2.4%

City

of

Baltimore

,

GO

,

2017

B

,

Refunding

,

5

%

,

10/15/25

......................

$

5,000,000

$

5,216,760

City

of

Cumberland

,

GO,

2021,

Refunding,

AGMC

Insured,

5%,

6/01/24

.........................

395,000

401,383

GO,

2021,

Refunding,

AGMC

Insured,

5%,

6/01/25

.........................

455,000

469,625

Maryland

Economic

Development

Corp.

,

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

A

,

5

%

,

11/12/28

...............................................

10,000,000

10,242,036

d

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2020

B-2

,

Refunding

,

Mandatory

Put

,

5

%

,

7/01/27

......................................................

5,110,000

5,348,479

State

of

Maryland

,

GO

,

2017

B

,

Refunding

,

5

%

,

8/01/26

......................

30,000

31,858

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/26

...............

1,035,000

1,051,900

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/27

...............

1,215,000

1,244,073

24,006,114

Massachusetts

1.6%

d

Massachusetts

Development

Finance

Agency

,

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-4,

Refunding,

Mandatory

Put,

5%,

1/25/24

........................................................

5,000,000

5,041,563

President

&

Trustees

of

Williams

College,

Revenue,

2011

N,

Mandatory

Put,

0.45%,

7/01/25

........................................................

1,000,000

923,576

Massachusetts

Housing

Finance

Agency

,

Revenue

,

2022

C-3

,

FHA

Insured

,

4

%

,

6/01/26

.........................................................

10,000,000

10,104,739

16,069,878

Michigan

0.9%

Michigan

Finance

Authority

,

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/27

.......................................

2,000,000

2,074,553

d

Michigan

Strategic

Fund

,

Consumers

Energy

Co.,

Revenue,

2005,

Mandatory

Put,

0.875%,

10/08/26

......

4,350,000

3,867,697

Waste

Management

of

Michigan,

Inc.,

Revenue,

2001,

Mandatory

Put,

0.58%,

8/01/24

........................................................

3,300,000

3,172,148

9,114,398

Minnesota

3.6%

d

City

of

Columbia

Heights

,

42

Central

LP

,

Revenue

,

2022

A

,

Mandatory

Put

,

2.7

%

,

7/01/24

.........................................................

1,000,000

985,061

Dakota

County

Community

Development

Agency

,

g

Eagan

AH

I

LLLP,

Revenue,

2020,

4.125%,

6/01/24

........................

4,000,000

3,998,681

d

Eagan

AH

I

LLLP,

Revenue,

2020,

Mandatory

Put,

0.35%,

6/01/23

.............

6,000,000

6,000,000

Farmington

Independent

School

District

No.

192

,

GO

,

2015

C

,

Refunding

,

5

%

,

2/01/24

6,065,000

6,132,350

Minnesota

Higher

Education

Facilities

Authority

,

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/26

.....................

1,000,000

1,050,068

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/27

.....................

1,000,000

1,068,497

d

Minnesota

Municipal

Gas

Agency

,

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/27

...........................

8,785,000

8,851,203

Revenue,

2022

B,

Mandatory

Put,

4.39%,

12/01/27

........................

8,000,000

7,781,598

35,867,458

Mississippi

0.3%

d

Mississippi

Business

Finance

Corp.

,

Waste

Management,

Inc.

,

Revenue

,

2004

,

Mandatory

Put

,

0.7

%

,

9/01/26

........................................

2,500,000

2,239,052

Mississippi

Home

Corp.

,

e

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

2.75%,

6/01/26

255,158

241,689

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

48

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Mississippi

(continued)

Mississippi

Home

Corp.,

(continued)

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

2.9%,

6/01/26

...................................................

$

72,598

$

69,070

2,549,811

Missouri

0.5%

Missouri

Development

Finance

Board

,

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/24

...............

300,000

302,247

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/25

...............

500,000

504,354

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/26

...............

405,000

410,984

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/27

...............

660,000

674,647

d

St.

Charles

County

Industrial

Development

Authority

,

Hidden

Valley

Housing

Partners

LP

,

Revenue

,

2021

,

Mandatory

Put

,

0.27

%

,

10/01/23

.......................

3,500,000

3,446,313

5,338,545

Nebraska

0.7%

d

Central

Plains

Energy

Project

,

Revenue

,

2018

A

,

Mandatory

Put

,

5

%

,

1/01/24

......

4,250,000

4,270,213

Nebraska

Public

Power

District

,

Revenue

,

2021

C

,

Refunding

,

5

%

,

1/01/24

........

2,500,000

2,522,847

6,793,060

Nevada

0.5%

Las

Vegas

Valley

Water

District

,

GO,

2020

D,

Refunding,

5%,

6/01/24

...................................

1,745,000

1,774,227

GO,

2020

D,

Refunding,

5%,

6/01/25

...................................

2,750,000

2,848,639

4,622,866

New

Hampshire

0.5%

d

New

Hampshire

Business

Finance

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2018

A

,

Refunding

,

Mandatory

Put

,

3.785

%

,

(

SIFMA

Municipal

Swap

Index

+

0.375

%

),

7/01/24

.........................................................

5,000,000

4,892,250

New

Jersey

8.0%

City

of

Newark

,

GO,

2020

A,

Refunding,

AGMC

Insured,

5%,

10/01/23

......................

1,000,000

1,005,121

GO,

2020

A,

Refunding,

AGMC

Insured,

5%,

10/01/24

......................

1,000,000

1,021,421

County

of

Atlantic

,

GO,

2020,

0.375%,

6/01/23

..........................................

1,730,000

1,730,000

GO,

2020,

0.375%,

6/01/24

..........................................

1,765,000

1,694,840

GO,

2020,

0.375%,

6/01/25

..........................................

1,800,000

1,657,204

County

of

Morris

,

GO

,

2021

,

2

%

,

2/01/26

.................................

4,215,000

4,006,032

County

of

Union

,

GO

,

2020

,

0.5

%

,

3/01/24

................................

5,290,000

5,138,580

Garden

State

Preservation

Trust

,

Revenue

,

2005

A

,

AGMC

Insured

,

5.75

%

,

11/01/28

25,000,000

27,126,520

New

Jersey

Economic

Development

Authority

,

e

Revenue,

144A,

2019,

Refunding,

5.25%,

9/01/27

.........................

6,000,000

6,448,192

New

Jersey

Transit

Corp.,

Revenue,

2022

A,

5%,

11/01/25

...................

1,000,000

1,035,800

d

New

Jersey-American

Water

Co.,

Inc.,

Revenue,

2019

B,

Refunding,

Mandatory

Put,

2.05%,

12/03/29

.................................................

7,500,000

6,432,461

New

Jersey

Educational

Facilities

Authority

,

Revenue

,

2014

,

5

%

,

6/01/24

.........

280,000

283,151

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

C,

AMBAC

Insured,

Zero

Cpn.,

12/15/26

....................

10,000,000

8,826,004

Revenue,

2006

C,

BHAC

Insured,

Zero

Cpn.,

12/15/27

......................

11,110,000

9,573,611

Newark

Board

of

Education

,

GO,

2021,

Refunding,

5%,

7/15/23

.....................................

300,000

300,515

GO,

2021,

Refunding,

5%,

7/15/24

.....................................

400,000

406,120

State

of

New

Jersey

,

GO

,

3

%

,

6/01/25

....................................

2,000,000

1,975,232

78,660,804

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

49

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Mexico

0.7%

d

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico,

Revenue,

2010

A,

Refunding,

Mandatory

Put,

0.875%,

10/01/26

................................................

$

4,250,000

$

3,738,997

g

Public

Service

Co.

of

New

Mexico,

Revenue,

2010

D,

Refunding,

Mandatory

Put,

3.9%,

6/01/28

...................................................

3,000,000

2,999,689

6,738,686

New

York

3.9%

County

of

Suffolk

,

GO

,

2018

B

,

AGMC

Insured

,

4

%

,

10/15/28

..................

4,205,000

4,322,592

Metropolitan

Transportation

Authority

,

Revenue

,

2017

A-2

,

Refunding

,

5

%

,

11/15/25

.

3,980,000

4,092,621

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/24

1,000,000

1,007,357

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/25

1,000,000

1,022,096

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

780,000

665,251

New

York

State

Dormitory

Authority

,

Cornell

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/26

......................................................

5,000,000

5,315,763

New

York

State

Energy

Research

&

Development

Authority

,

New

York

State

Electric

&

Gas

Corp.,

Revenue,

1994

D,

Refunding,

3.5%,

10/01/29

3,000,000

2,904,330

d

Rochester

Gas

and

Electric

Corp.,

Revenue,

1997

A,

Refunding,

Mandatory

Put,

3%,

7/01/25

........................................................

10,000,000

9,880,447

New

York

State

Housing

Finance

Agency

,

Revenue,

2020

F,

1.1%,

11/01/26

......................................

2,860,000

2,564,935

d

Revenue,

2022

A-2,

Mandatory

Put,

2.5%,

5/01/27

.........................

3,000,000

2,845,568

New

York

Transportation

Development

Corp.

,

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/25

...

500,000

509,889

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/25

...

2,200,000

2,264,556

State

of

New

York

Mortgage

Agency

,

Revenue

,

212

,

2.95

%

,

4/01/25

.............

895,000

878,708

38,274,113

North

Carolina

0.8%

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/24

..........

1,200,000

1,211,654

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/25

..........

1,000,000

1,014,797

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/26

..........

850,000

872,054

North

Carolina

State

University

at

Raleigh

,

Revenue,

2018,

Refunding,

5%,

10/01/26

................................

3,000,000

3,191,070

Revenue,

2018,

Refunding,

5%,

10/01/27

................................

1,500,000

1,629,251

7,918,826

North

Dakota

1.2%

Cass

County

Joint

Water

Resource

District

,

GO

,

2021

A

,

Refunding

,

0.48

%

,

5/01/24

.

5,000,000

4,780,462

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/27

..

2,325,000

2,370,695

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/28

..

1,680,000

1,726,473

City

of

Horace

,

GO

,

2022

A

,

Refunding

,

3.25

%

,

8/01/24

.......................

3,000,000

2,941,116

11,818,746

Ohio

1.2%

d

Ohio

Air

Quality

Development

Authority

,

Duke

Energy

Corp.

,

Revenue

,

2022

A

,

Refunding

,

Mandatory

Put

,

4.25

%

,

6/01/27

...............................

7,500,000

7,415,302

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/23

.............

2,560,000

2,568,009

Youngstown

State

University

,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/24

...................

645,000

650,766

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/25

...................

580,000

590,131

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

50

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Youngstown

State

University,

(continued)

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/26

...................

$

850,000

$

870,589

12,094,797

Oklahoma

0.2%

Oklahoma

State

University

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

9/01/23

...........

705,000

707,744

Tulsa

County

Industrial

Authority

,

Tulsa

County

Independent

School

District

No.

11

Owasso

,

Revenue

,

2018

,

5

%

,

9/01/23

..................................

1,170,000

1,173,768

1,881,512

Oregon

0.8%

Deschutes

&

Jefferson

Counties

School

District

No.

2J

Redmond

,

GO

,

2021

,

3

%

,

6/15/25

.........................................................

850,000

847,217

Salem-Keizer

School

District

No.

24J

,

GO

,

2018

,

5

%

,

6/15/25

..................

2,000,000

2,071,316

State

of

Oregon

,

GO

,

2015

B

,

Refunding

,

5

%

,

8/01/27

........................

2,785,000

2,891,362

e

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-1

,

5.5

%

,

12/01/25

............................

2,270,000

2,252,818

8,062,713

Pennsylvania

5.2%

Allegheny

County

Hospital

Development

Authority

,

Allegheny

Health

Network

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

4/01/24

.........................

4,000,000

4,038,949

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

2022,

Refunding,

5%,

5/01/24

.................................

150,000

151,089

Revenue,

2022,

Refunding,

5%,

5/01/25

.................................

500,000

506,840

Revenue,

2022,

Refunding,

5%,

5/01/26

.................................

500,000

511,463

Revenue,

2022,

Refunding,

5%,

5/01/27

.................................

590,000

607,679

d

Bethlehem

Area

School

District

Authority

,

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

3.74

%

,

(

SOFR

+

0.35

%

),

11/01/25

.................................

1,990,000

1,937,989

d

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group

,

Revenue

,

2014

B

,

Refunding

,

Mandatory

Put

,

4.527

%

,

(

1-month

USD

LIBOR

+

1.07

%

),

6/01/24

.....

10,000,000

10,033,517

Lehigh

County

Industrial

Development

Authority

,

PPL

Electric

Utilities

Corp.

,

Revenue

,

2016

B

,

Refunding

,

2.625

%

,

2/15/27

...................................

8,500,000

8,075,220

d

Montgomery

County

Industrial

Development

Authority

,

Constellation

Energy

Generation

LLC

,

Revenue

,

2023

A

,

Refunding

,

Mandatory

Put

,

4.1

%

,

4/03/28

.............

5,000,000

5,074,325

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/29

...........

1,230,000

1,320,483

d

Waste

Management,

Inc.,

Revenue,

2021

A,

Mandatory

Put,

3.81%,

6/03/24

.....

6,000,000

5,883,195

d

Waste

Management,

Inc.,

Revenue,

2021

B,

Refunding,

Mandatory

Put,

1.1%,

11/02/26

.......................................................

4,000,000

3,612,664

Philadelphia

Gas

Works

Co.

,

Revenue,

16th

A,

AGMC

Insured,

5%,

8/01/25

............................

500,000

517,503

Revenue,

16th

A,

AGMC

Insured,

5%,

8/01/26

............................

600,000

631,962

h

University

of

Pittsburgh-of

the

Commonwealth

System

of

Higher

Education

,

Revenue

,

FRN

,

2019

,

3.77

%

,

(

SIFMA

Municipal

Swap

Index

+

0.36

%

),

2/15/24

...........

7,750,000

7,750,258

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/01/23

.........................

375,000

374,774

51,027,910

Rhode

Island

0.1%

City

of

Providence

,

GO,

2021

A,

Refunding,

5%,

1/15/24

...................................

500,000

503,448

GO,

2021

A,

Refunding,

5%,

1/15/25

...................................

500,000

510,961

GO,

2021

A,

Refunding,

5%,

1/15/26

...................................

500,000

518,480

1,532,889

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

51

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

1.6%

d

Columbia

Housing

Authority

,

Columbia

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2022

,

Mandatory

Put

,

2.25

%

,

10/01/25

..................................

$

9,000,000

$

8,694,757

e

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3

%

,

11/01/26

...................................

710,000

653,374

e

South

Carolina

Jobs-Economic

Development

Authority

,

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-3

,

6

%

,

6/01/23

............................

1,775,000

1,775,000

South

Carolina

Public

Service

Authority

,

Revenue

,

2021

B

,

5

%

,

12/01/24

..........

1,750,000

1,783,835

e

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/24

..................................

1,500,000

1,445,869

d

Spartanburg

Housing

Authority

,

CV

Housing

Partners

LP

,

Revenue

,

2022

,

Mandatory

Put

,

1.05

%

,

8/01/23

................................................

2,000,000

1,985,405

16,338,240

South

Dakota

0.1%

South

Dakota

Health

&

Educational

Facilities

Authority

,

Sanford

Obligated

Group,

Revenue,

2021,

Refunding,

0.744%,

11/01/23

........

710,000

695,787

Sanford

Obligated

Group,

Revenue,

2021,

Refunding,

1.225%,

11/01/24

........

450,000

424,458

1,120,245

Tennessee

3.2%

City

of

Memphis

,

GO,

2018,

5%,

6/01/24

.............................................

6,915,000

7,025,370

GO,

2018,

5%,

6/01/25

.............................................

7,260,000

7,513,278

GO,

2018,

5%,

6/01/26

.............................................

7,625,000

8,051,678

d

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5

%

,

12/01/30

..............

8,010,000

8,450,288

Tennessee

Energy

Acquisition

Corp.

,

Revenue,

2021

A,

5%,

11/01/23

.......................................

250,000

250,750

Revenue,

2021

A,

5%,

11/01/24

.......................................

250,000

252,729

Revenue,

2021

A,

5%,

11/01/25

.......................................

350,000

356,831

31,900,924

Texas

2.9%

Central

Texas

Turnpike

System

,

Revenue,

First

Tier

,

2002

A

,

BHAC,

AMBAC

Insured

,

Zero

Cpn.,

8/15/27

.................................................

3,280,000

2,851,201

City

of

Dallas

,

Waterworks

&

Sewer

System

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

10/01/26

........................................................

5,000,000

5,196,586

City

of

Houston

,

Combined

Utility

System

,

Revenue,

First

Lien

,

2018

D

,

Refunding

,

5

%

,

11/15/26

........................................................

1,000,000

1,062,012

City

of

Lubbock

,

GO

,

2018

,

Refunding

,

5

%

,

2/15/25

.........................

5,150,000

5,301,489

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO,

2021,

2%,

9/01/24

.............................................

140,000

134,088

GO,

2021,

2%,

9/01/25

.............................................

145,000

134,782

GO,

2021,

2%,

9/01/26

.............................................

150,000

135,625

GO,

2021,

2%,

9/01/27

.............................................

155,000

136,820

d,g

Mission

Economic

Development

Corp.

,

Waste

Management,

Inc.

,

Revenue

,

2023

A

,

Mandatory

Put

,

4.25

%

,

6/03/24

.......................................

3,250,000

3,253,325

d,g

Texas

Department

of

Housing

&

Community

Affairs

,

FishPond

Living

at

Corpus

Christi

LP

,

Revenue

,

2020

,

Mandatory

Put

,

4

%

,

12/01/23

.........................

2,000,000

2,000,064

Texas

Water

Development

Board

,

State

Revolving

Fund

,

Revenue

,

2018

,

5

%

,

8/01/27

4,200,000

4,537,352

d

THF

Public

Facility

Corp.

,

THF

Little

Elm

Leased

Housing

Associates

II

LP

,

Revenue

,

2022

,

Mandatory

Put

,

3.25

%

,

9/01/25

...................................

3,500,000

3,422,249

e

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

9/01/26

..............................................

140,000

126,935

Westside

211

Special

Improvement

District

,

GO,

Sub.

Lien,

2021,

2%,

8/15/23

.....................................

255,000

253,753

GO,

Sub.

Lien,

2021,

2%,

8/15/25

.....................................

265,000

249,396

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

52

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

Westside

211

Special

Improvement

District,

(continued)

GO,

Sub.

Lien,

2021,

2%,

8/15/27

.....................................

$

280,000

$

252,741

29,048,418

Utah

0.6%

City

of

Salt

Lake

City

,

Airport,

Revenue,

2021

A,

5%,

7/01/24

..................................

1,000,000

1,011,222

Airport,

Revenue,

2021

A,

5%,

7/01/26

..................................

3,900,000

4,033,173

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

3

%

,

10/15/23

.....................

475,000

471,400

5,515,795

Virginia

0.3%

Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/29

........................................................

180,000

178,559

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

7/01/29

........................................................

1,750,000

1,737,723

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/23

...

300,000

297,449

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/24

...

220,000

214,036

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/25

...

230,000

219,585

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/26

...

235,000

220,089

2,867,441

Washington

1.3%

Auburn

School

District

No.

408

of

King

&

Pierce

Counties

,

GO,

2018,

5%,

12/01/27

.............................................

1,700,000

1,847,100

GO,

2018,

5%,

12/01/28

.............................................

3,300,000

3,586,998

Spokane

County

School

District

No.

354

Mead

,

GO,

2018,

4%,

12/01/32

.............................................

1,150,000

1,180,697

GO,

2018,

5%,

12/01/33

.............................................

1,500,000

1,609,514

State

of

Washington

,

GO

,

R-2015

D

,

Refunding

,

5

%

,

7/01/28

..................

3,985,000

4,099,683

e

Washington

Health

Care

Facilities

Authority

,

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

5

%

,

12/01/31

..............................

280,000

306,036

12,630,028

West

Virginia

0.1%

d

West

Virginia

Economic

Development

Authority

,

Appalachian

Power

Co.

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.625

%

,

12/15/25

......................

1,000,000

905,152

Wisconsin

0.3%

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

2.75%,

12/01/25

...................

428,960

411,616

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/26

..........

150,000

146,624

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/25

...........................................

285,000

279,891

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/26

...........................................

300,000

292,048

e

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

B,

4.25%,

6/01/25

1,488,000

1,427,273

Wisconsin

Health

&

Educational

Facilities

Authority

,

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/24

....................................................

160,000

158,991

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/26

....................................................

345,000

335,029

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/27

....................................................

360,000

344,792

3,396,264

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

53

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wyoming

0.1%

County

of

Laramie

,

Cheyenne

Regional

Medical

Center

,

Revenue

,

2021

,

Refunding

,

4

%

,

5/01/27

......................................................

$

550,000

$

563,783

U.S.

Territories

1.1%

District

of

Columbia

1.0%

District

of

Columbia

,

Income

Tax

,

Revenue

,

2022

C

,

Refunding

,

5

%

,

12/01/27

......

9,150,000

9,990,125

Puerto

Rico

0.1%

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/23

..

100,000

100,071

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/25

..

195,000

199,081

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/27

..

450,000

469,980

769,132

Total

U.S.

Territories

....................................................................

10,759,257

Total

Municipal

Bonds

(Cost

$933,867,331)

.....................................

903,842,732

Total

Long

Term

Investments

(Cost

$1,015,908,781)

.............................

983,494,359

a

a

a

a

a

Short

Term

Investments

0.3%

Municipal

Bonds

0.3%

New

York

0.1%

i

City

of

New

York

,

GO

,

2015

F-6

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

4.1

%

,

6/01/44

....................................................

600,000

600,000

Oregon

0.2%

i

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.92

%

,

8/01/34

............

2,000,000

2,000,000

Pennsylvania

0.0%

†

i

Allegheny

County

Higher

Education

Building

Authority

,

Carnegie

Mellon

University

,

Revenue

,

2008

A

,

Refunding

,

SPA

Bank

of

New

York

Mellon

(The)

,

Daily

VRDN

and

Put

,

4

%

,

12/01/37

.................................................

300,000

300,000

Tennessee

0.0%

†

i

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group

,

Revenue

,

2008

A

,

AGMC

Insured

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.95

%

,

6/01/42

...................................

300,000

300,000

Total

Municipal

Bonds

(Cost

$3,200,000)

.......................................

3,200,000

Total

Short

Term

Investments

(Cost

$3,200,000

)

.................................

3,200,000

a

Total

Investments

(Cost

$1,019,108,781)

99.8%

..................................

$986,694,359

Other

Assets,

less

Liabilities

0.2%

.............................................

1,989,954

Net

Assets

100.0%

...........................................................

$988,684,313

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

b

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

54

d

The

maturity

date

shown

represents

the

mandatory

put

date.

e

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$61,234,239,

representing

6.2%

of

net

assets.

f

Security

purchased

on

a

when-issued

basis.

g

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

Georgia

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

55

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

900,000

$

895,321

Total

Corporate

Bonds

(Cost

$900,000)

........................................

895,321

Municipal

Bonds

97.0%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

1,300,000

1,077,328

Florida

1.3%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

2,592,000

2,148,532

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

750,000

502,187

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

2,030,000

1,659,525

4,310,244

Georgia

87.6%

Athens

Housing

Authority

,

UGAREF

East

Campus

Housing

Phase

II

LLC

,

Revenue

,

2017

,

Refunding

,

4

%

,

6/15/40

........................................

5,000,000

4,912,398

Atlanta

Development

Authority

(The)

,

City

of

Atlanta

Hotel

Motel

Tax,

Revenue,

2015

A-1,

5.25%,

7/01/40

............

7,750,000

7,925,073

City

of

Atlanta

Hotel

Motel

Tax,

Revenue,

2015

A-1,

5.25%,

7/01/44

............

3,000,000

3,056,325

Tuff

Yamacraw

LLC,

Revenue,

2005

A,

Refunding,

AMBAC

Insured,

5%,

1/01/26

..

2,555,000

2,601,569

Auburn

Urban

Redevelopment

Agency

,

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/45

..................

1,000,000

951,866

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/50

..................

1,000,000

944,886

Bainbridge

Public

Facilities

Authority

,

County

of

Decatur

,

Revenue

,

2018

,

AGMC

Insured

,

4

%

,

3/01/43

...............................................

3,000,000

2,911,901

Bleckley

County

School

District

,

GO

,

2020

,

5

%

,

10/01/42

.....................

2,055,000

2,231,999

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

7/01/49

........................................

3,000,000

2,877,956

Carroll

City-County

Hospital

Authority

,

Tanner

Medical

Center

Obligated

Group,

Revenue,

2015,

5%,

7/01/41

..........

2,000,000

2,027,963

Tanner

Medical

Center

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/50

.

2,950,000

2,788,255

City

of

Atlanta

,

GO,

2022

A-1,

5%,

12/01/38

.........................................

5,000,000

5,701,649

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2019

D,

4%,

7/01/36

.....

4,500,000

4,471,620

BeltLineTAD,

Tax

Allocation,

2016

B,

Refunding,

5%,

1/01/31

.................

1,780,000

1,864,233

Department

of

Aviation,

Revenue,

2021

C,

Refunding,

5%,

7/01/37

.............

1,500,000

1,601,677

Water

&

Wastewater,

Revenue,

2001

A,

AGMC,

NATL

RE

Insured,

5.5%,

11/01/27

.

5,000,000

5,289,854

Water

&

Wastewater,

Revenue,

2018

B,

Refunding,

5%,

11/01/47

..............

5,000,000

5,231,539

City

of

Baldwin

,

Water

&

Sewerage

,

Revenue

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

6/01/46

.........................................................

1,835,000

1,498,659

City

of

Buford

,

GO

,

2017

C

,

Pre-Refunded

,

4

%

,

1/01/43

......................

5,000,000

5,177,358

City

of

Cartersville

,

Water

&

Sewer

,

Revenue

,

2018

,

Refunding

,

5

%

,

6/01/48

.......

4,000,000

4,196,034

City

of

Dalton

,

GO

,

2018

,

5

%

,

2/01/48

....................................

3,000,000

3,150,976

City

of

Monroe

,

Combined

Utility

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

12/01/50

....

1,500,000

1,417,136

City

of

Warner

Robins

,

Water

&

Sewerage

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/45

.

1,000,000

971,598

Clayton

County

Development

Authority

,

USG

Real

Estate

Foundation

XIII

LLC,

Revenue,

2022

A,

5%,

6/15/32

..........

1,295,000

1,501,604

USG

Real

Estate

Foundation

XIII

LLC,

Revenue,

2022

A,

5%,

6/15/33

..........

1,210,000

1,417,607

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/38

375,000

393,332

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/39

425,000

415,411

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

56

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Cobb

County

Kennestone

Hospital

Authority,

(continued)

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/40

$

400,000

$

416,775

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/41

375,000

361,137

WellStar

Health

System

Obligated

Group,

Revenue,

2022

A,

4%,

4/01/52

........

3,100,000

2,824,745

County

of

DeKalb

,

Water

&

Sewerage

,

Revenue

,

2006

B

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/35

.....................................................

4,000,000

4,203,799

County

of

Fulton

,

Water

&

Sewerage

,

Revenue

,

2020

A

,

3

%

,

1/01/45

.............

5,000,000

4,021,060

County

of

Rockdale

,

Stormwater

System

,

Revenue

,

2021

,

4

%

,

7/01/41

...........

500,000

494,997

Coweta

County

Water

&

Sewage

Authority

,

Revenue,

2021

B,

3%,

6/01/43

........................................

820,000

672,900

Revenue,

2021

B,

3%,

6/01/46

........................................

1,000,000

787,694

Dalton

Whitfield

County

Joint

Development

Authority

,

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2017

,

4

%

,

8/15/41

............................

3,000,000

2,869,270

DeKalb

Newton

&

Gwinnett

Counties

Joint

Development

Authority

,

GGCF

Athletic

Fields

LLC

,

Revenue

,

2012

A

,

AGMC

Insured

,

5

%

,

7/01/39

..................

2,500,000

2,502,565

Development

Authority

for

Fulton

County

,

Georgia

Tech

Facilities,

Inc.,

Revenue,

2018,

4%,

3/01/43

...................

2,000,000

1,962,304

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

7/01/44

........................................................

4,160,000

4,187,869

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

........................................................

5,840,000

5,927,201

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2019

A,

4%,

7/01/49

......

5,000,000

4,604,165

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/29

.............

1,000,000

1,104,861

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/30

.............

1,030,000

1,151,088

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/31

.............

1,235,000

1,397,718

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/32

.............

1,350,000

1,544,759

WellStar

Health

System

Obligated

Group,

Revenue,

2017,

5%,

4/01/47

.........

1,000,000

1,020,937

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/50

........

3,000,000

2,786,848

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.

,

Revenue

,

2017

,

Refunding

,

4.125

%

,

11/01/45

....................................

6,000,000

5,372,669

Development

Authority

of

Cobb

County

(The)

,

Georgia

Tech

Cobb

Research

Campus

LLC,

Revenue,

2017

A,

4%,

6/01/42

......

1,600,000

1,574,985

Kennesaw

State

University

Real

Estate

Obligated

Group

2015

ABC,

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

7/15/38

.................................

2,000,000

2,040,199

KSU

2020

Housing

Real

Estate

Foundation

LLC,

Revenue,

2020,

4%,

7/15/52

....

5,720,000

5,251,129

KSU

University

II

Real

Estate

Foundation

LLC,

Revenue,

2021,

Refunding,

4%,

7/15/34

........................................................

1,000,000

1,023,274

University

System

of

Georgia,

Revenue,

2020

C,

4%,

7/15/52

................

2,000,000

1,889,373

Development

Authority

of

Gwinnett

County

,

Gwinnett

County

School

District

,

COP

,

2006

,

NATL

Insured

,

5.25

%

,

1/01/24

...................................

2,000,000

2,022,163

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

4,825,000

3,854,475

Etowah

Water

&

Sewer

Authority

,

Revenue

,

2019

,

Refunding

,

BAM

Insured

,

3

%

,

3/01/44

.........................................................

1,250,000

976,347

Floyd

County

Hospital

Authority

,

Floyd

Obligated

Group

,

Revenue

,

2016

,

Pre-

Refunded

,

4

%

,

7/01/43

.............................................

6,735,000

6,940,951

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/42

..........

6,000,000

5,614,337

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/15/42

....................................................

7,000,000

7,201,986

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

2/15/45

....................................................

5,000,000

4,676,482

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2021

A,

4%,

2/15/51

5,000,000

4,523,661

Gainesville

School

District

,

GO

,

2020

,

4

%

,

11/01/42

.........................

1,000,000

998,704

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

57

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Georgia

Higher

Education

Facilities

Authority

,

USG

Real

Estate

Foundation

III

LLC

,

Revenue

,

2020

,

Refunding

,

4

%

,

6/15/41

.................................

$

2,305,000

$

2,238,953

Georgia

Housing

&

Finance

Authority

,

Revenue,

2013

A,

3.8%,

12/01/37

.....................................

1,655,000

1,634,606

Revenue,

2018

A,

3.85%,

12/01/38

....................................

1,170,000

1,156,233

Revenue,

2018

A,

3.95%,

12/01/43

....................................

1,210,000

1,189,815

Revenue,

2019

A,

Refunding,

3.7%,

6/01/49

..............................

4,580,000

4,079,935

Georgia

Ports

Authority

,

Revenue,

2021,

4%,

7/01/51

.........................................

4,395,000

4,291,671

Revenue,

2022,

5%,

7/01/47

.........................................

2,500,000

2,724,814

Revenue,

2022,

5.25%,

7/01/52

.......................................

2,000,000

2,203,766

Glynn-Brunswick

Memorial

Hospital

Authority

,

Southeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

,

5

%

,

8/01/47

............................

5,000,000

4,918,125

Henry

County

School

District

,

GO

,

2016

,

Pre-Refunded

,

4

%

,

8/01/33

.............

5,000,000

5,150,554

Hogansville

Ga

Combined

Public

Utility

System

,

Revenue

,

1993

,

AGMC

Insured

,

ETM,

6

%

,

10/01/23

.....................................................

505,000

509,076

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/27

......................................

5,000,000

5,205,807

Revenue,

2019

A,

5%,

5/15/37

........................................

1,975,000

2,001,027

Revenue,

2019

A,

5%,

5/15/38

........................................

1,000,000

1,006,347

c

Revenue,

2022

B,

Mandatory

Put,

5%,

6/01/29

............................

5,000,000

5,219,272

b,c

Revenue,

144A,

2022

C,

Mandatory

Put,

4%,

11/01/27

......................

8,000,000

7,712,104

c

Revenue,

2023

B,

Mandatory

Put,

5%,

3/01/30

............................

2,000,000

2,110,005

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2015

B

,

5

%

,

7/01/45

........

5,000,000

5,177,375

Monroe

County

Public

Facilities

Authority

,

County

of

Monroe

,

Revenue

,

2020

,

4

%

,

6/01/42

.........................................................

1,000,000

961,392

Moultrie-Colquitt

Counties

Development

Authority

,

Philadelphia

College

of

Osteopathic

Medicine

Obligated

Group

,

Revenue

,

2018

,

5

%

,

12/01/43

...................

4,815,000

5,165,801

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

A,

AGMC

Insured,

4%,

1/01/44

............................

5,000,000

4,859,549

Revenue,

2020

A,

Refunding,

5%,

1/01/50

...............................

3,500,000

3,578,219

Revenue,

2021

A,

Refunding,

4%,

1/01/46

...............................

330,000

288,240

Revenue,

2021

A,

Refunding,

4%,

1/01/51

...............................

425,000

360,869

Revenue,

2021

A,

Refunding,

5%,

1/01/56

...............................

750,000

730,115

Revenue,

2023

A,

5.5%,

7/01/64

......................................

2,000,000

2,061,653

Private

Colleges

&

Universities

Authority

,

Emory

University,

Revenue,

2013

A,

5%,

10/01/43

.........................

5,000,000

5,005,309

Emory

University,

Revenue,

2019

B,

Refunding,

5%,

9/01/48

.................

4,000,000

4,282,669

Mercer

University,

Revenue,

2021,

Refunding,

4%,

10/01/50

.................

5,400,000

4,905,747

Mercer

University,

Revenue,

2022,

Refunding,

5.25%,

10/01/51

...............

4,500,000

4,750,256

Pulaski

County

School

District

,

GO

,

2020

,

4

%

,

10/01/42

......................

1,000,000

981,524

Richmond

County

Hospital

Authority

,

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

4

%

,

1/01/35

.................................

8,000,000

8,063,553

Savannah

Hospital

Authority

,

St.

Joseph's/Candler

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/43

...............................

10,000,000

9,585,599

Sinclair

Water

Authority

,

Revenue

,

2019

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/48

...

2,000,000

2,117,837

Worth

County

School

District

,

GO

,

2017

,

5

%

,

12/01/42

.......................

5,000,000

5,249,046

297,810,768

Illinois

0.9%

State

of

Illinois

,

GO,

2021

A,

5%,

3/01/32

............................................

250,000

276,326

GO,

2021

B,

4%,

12/01/38

...........................................

3,000,000

2,913,759

3,190,085

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

58

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

0.4%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/15/35

........................................................

$

1,200,000

$

1,273,452

New

York

0.8%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/53

.....................................

100,000

89,475

Revenue,

2020

D,

4%,

11/15/47

.......................................

600,000

551,832

Revenue,

2021

A-2,

4%,

11/15/42

.....................................

2,300,000

2,164,437

2,805,744

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

900,000

717,683

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

900,000

715,516

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

500,000

380,053

1,813,252

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,200,000

874,199

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,500,000

1,112,995

1,987,194

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

900,000

717,637

Wisconsin

1.2%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

900,000

709,438

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

1,500,000

1,196,467

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

2,300,000

2,296,743

4,202,648

U.S.

Territories

3.2%

Puerto

Rico

3.2%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/32

................

4,800,000

4,858,531

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

..................

1,100,000

1,110,728

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

560,000

553,471

d

Revenue,

XX,

5.25%,

7/01/40

........................................

2,270,000

1,628,725

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

136,367

131,083

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

88,620

56,454

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

151,593

92,471

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

2,480,000

2,375,710

10,807,173

Total

U.S.

Territories

....................................................................

10,807,173

Total

Municipal

Bonds

(Cost

$354,019,034)

.....................................

329,995,525

Total

Long

Term

Investments

(Cost

$354,919,034)

...............................

330,890,846

a

a

a

a

a

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

59

See

Abbreviations

on

page

196

.

Short

Term

Investments

1.5%

a

a

Principal

Amount

a

Value

Municipal

Bonds

1.5%

Georgia

1.5%

e

Development

Authority

of

Monroe

County

(The)

,

Florida

Power

&

Light

Co.

,

Revenue

,

2002

,

Refunding

,

Daily

VRDN

and

Put

,

4.08

%

,

9/01/37

.....................

$

5,000,000

$

5,000,000

Total

Municipal

Bonds

(Cost

$5,000,000)

.......................................

5,000,000

Total

Short

Term

Investments

(Cost

$5,000,000

)

.................................

5,000,000

a

Total

Investments

(Cost

$359,919,034)

98.8%

...................................

$335,890,846

Other

Assets,

less

Liabilities

1.2%

.............................................

4,232,800

Net

Assets

100.0%

...........................................................

$340,123,646

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$21,733,506,

representing

6.4%

of

net

assets.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

High

Yield

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

60

a

a

Shares

a

Value

a

Management

Investment

Companies

1.2%

Capital

Markets

1.2%

a

Franklin

Dynamic

Municipal

Bond

ETF

...................................

1,755,000

$

41,786,550

iShares

National

Muni

Bond

ETF

........................................

200,000

21,274,000

63,060,550

Total

Management

Investment

Companies

(Cost

$66,777,667)

....................

63,060,550

Principal

Amount

a

a

a

a

Corporate

Bonds

2.5%

Commercial

Services

&

Supplies

0.5%

b

CalPlant

I

LLC

,

21A,

Senior

Secured

Note,

144A,

9.5%,

10/12/22

..........................

$

1,920,000

1,920,000

21B,

Senior

Secured

Note,

144A,

9.5%,

10/12/22

..........................

7,205,000

7,205,000

22A,

Senior

Secured

Note,

144A,

9.5%,

10/12/22

..........................

3,975,000

3,975,000

c

22B,

Senior

Secured

Note,

144A,

9.5%,

5/31/23

...........................

345,000

345,000

c

22C,

Senior

Secured

Note,

144A,

9.5%,

5/31/23

...........................

2,610,000

2,610,000

22X,

Senior

Secured

Note,

144A,

9.5%,

5/31/23

...........................

3,910,000

3,910,000

c

23A,

Senior

Secured

Note,

144A,

9.5%,

5/31/23

...........................

1,380,000

1,380,000

c

23B,

Senior

Secured

Note,

144A,

9.5%,

5/31/23

...........................

1,225,000

1,225,000

23C,

Senior

Secured

Note,

144A,

9.5%,

5/31/23

...........................

1,955,000

1,955,000

c

23D,

Senior

Secured

Note,

144A,

9.5%,

7/31/23

...........................

1,700,000

1,700,000

26,225,000

Diversified

Consumer

Services

1.7%

Grand

Canyon

University

,

Secured

Note

,

5.125

%

,

10/01/28

....................

93,710,000

85,087,743

Electric

Utilities

0.3%

b

Mission

Rock

Utilities,

Inc.

,

144A,

7

%

,

7/01/27

..............................

15,000,000

14,810,458

Oil,

Gas

&

Consumable

Fuels

0.0%

†

b

Red

River

Biorefinery

LLC

,

23A

,

Senior

Secured

Note

,

144A,

15

%

,

12/31/23

.......

1,280,000

1,280,000

Total

Corporate

Bonds

(Cost

$136,043,016)

.....................................

127,403,201

Municipal

Bonds

95.0%

Alabama

3.5%

County

of

Jefferson

,

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/28

....................

7,350,000

5,283,745

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/29

....................

13,465,000

8,942,008

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/30

....................

19,050,000

11,662,578

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/31

....................

24,845,000

13,994,244

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/32

....................

30,825,000

16,012,792

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/33

....................

35,700,000

17,128,328

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/34

....................

28,020,000

12,383,058

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/35

....................

15,000,000

6,110,117

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/36

....................

12,425,000

4,649,958

Sewer,

Revenue,

Sub.

Lien,

2013

F,

Zero

Cpn.,

10/01/39

....................

75,000,000

77,720,790

MidCity

Improvement

District

,

Assessment

Area,

Special

Assessment,

2022,

3.875%,

11/01/27

..............

300,000

276,128

Assessment

Area,

Special

Assessment,

2022,

4.25%,

11/01/32

...............

600,000

526,862

Assessment

Area,

Special

Assessment,

2022,

4.5%,

11/01/42

................

1,090,000

890,005

Assessment

Area,

Special

Assessment,

2022,

4.75%,

11/01/49

...............

2,400,000

1,924,122

177,504,735

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

61

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

1.7%

Arizona

Industrial

Development

Authority

,

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue,

Second

Tier

,

2019

B

,

5.125

%

,

1/01/54

..........................

$

3,005,000

$

1,504,862

b

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2019,

Refunding,

5%,

6/15/49

1,235,000

1,107,640

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2022,

Refunding,

4%,

6/15/57

8,500,000

6,026,502

La

Posada

at

Park

Centre,

Inc.

Obligated

Group,

Revenue,

144A,

2022

A,

7%,

11/15/57

.......................................................

5,000,000

5,020,291

La

Posada

at

Park

Centre,

Inc.

Obligated

Group,

Revenue,

144A,

2022

B-1,

6.625%,

5/15/31

........................................................

4,000,000

3,967,009

b

Maricopa

County

Industrial

Development

Authority

,

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018

A,

6%,

7/01/38

........................................................

5,000,000

5,217,099

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018

A,

6%,

7/01/52

........................................................

10,000,000

10,169,788

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5.25%,

12/01/25

....................................

6,000,000

6,099,796

Revenue,

2007-1,

5.5%,

12/01/29

.....................................

11,105,000

11,793,696

b

Sierra

Vista

Industrial

Development

Authority

,

Georgetown

Community

Development

Authority,

Revenue,

144A,

2021

A,

Zero

Cpn.,

10/01/56

.......................................................

18,880,000

13,299,837

Georgetown

Community

Development

Authority,

Revenue,

144A,

2021

B,

6.25%,

10/01/36

.......................................................

3,945,000

3,245,158

Georgetown

Community

Development

Authority,

Revenue,

144A,

2022

A,

Zero

Cpn.,

10/01/56

.......................................................

2,327,000

2,013,090

Georgetown

Community

Development

Authority,

Revenue,

144A,

2022

B,

9%,

10/01/37

.......................................................

250,000

239,490

Tempe

Industrial

Development

Authority

,

b

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6%,

10/01/37

................

1,900,000

1,339,751

b

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6.125%,

10/01/47

.............

4,850,000

3,027,611

b

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6.125%,

10/01/52

.............

2,800,000

1,695,770

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/50

........

4,300,000

3,535,296

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

........

8,000,000

6,454,114

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/01/46

.......................................................

500,000

355,170

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2021

B,

4%,

12/01/56

.......

4,260,000

2,788,863

88,900,833

Arkansas

0.3%

Arkansas

Development

Finance

Authority

,

United

States

Steel

Corp.,

Revenue,

2022,

5.45%,

9/01/52

...................

11,000,000

10,747,437

United

States

Steel

Corp.,

Revenue,

2023,

5.7%,

5/01/53

....................

4,575,000

4,597,867

15,345,304

California

19.5%

Alvord

Unified

School

District

,

GO

,

2011

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/41

.....

30,750,000

13,020,848

b

California

Community

College

Financing

Authority

,

NCCD-Napa

Valley

Properties

LLC,

Revenue,

144A,

2022

A,

4.25%,

7/01/32

.....

500,000

471,483

NCCD-Napa

Valley

Properties

LLC,

Revenue,

144A,

2022

A,

5.75%,

7/01/60

.....

17,500,000

16,876,414

NCCD-Napa

Valley

Properties

LLC,

Revenue,

144A,

2022

C,

6.75%,

7/01/60

.....

7,000,000

6,733,260

b

California

Community

Housing

Agency

,

Annadel

Apartments,

Revenue,

144A,

2019

A,

5%,

4/01/49

..................

10,800,000

8,924,264

Arbors

Apartments,

Revenue,

144A,

2020

A,

5%,

8/01/50

....................

5,725,000

5,240,554

Aster

Apartments,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

2/01/43

..........

13,970,000

11,426,300

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

144A,

2021

A-2,

4%,

8/01/47

16,500,000

12,646,809

Fountains

at

Emerald

Park,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

8/01/46

...

14,955,000

11,853,586

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

62

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

b

California

Community

Housing

Agency,

(continued)

K

Street

Flats,

Revenue,

144A,

2021

A-2,

4%,

8/01/50

......................

$

17,830,000

$

13,021,659

Mira

Vista

Hills

Apartments,

Revenue,

144A,

2021

A,

4%,

2/01/56

.............

30,500,000

20,768,618

Twin

Creek

Apartments,

Revenue,

Junior

Lien,

144A,

2022

B,

5.5%,

2/01/40

.....

4,400,000

4,001,595

Verdant

at

Green

Valley

Apartments,

Revenue,

144A,

2019

A,

5%,

8/01/49

.......

15,365,000

14,471,562

California

County

Tobacco

Securitization

Agency

,

Alameda

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2002

,

5.875

%

,

6/01/35

......................

1,795,000

1,824,646

b

California

Municipal

Finance

Authority

,

California

Baptist

University,

Revenue,

144A,

2015

A,

5.5%,

11/01/45

...........

17,400,000

17,520,041

California

Baptist

University,

Revenue,

144A,

2016

A,

5%,

11/01/46

............

6,800,000

6,511,083

Capital

Christian

Center,

Revenue,

144A,

2021

A,

5%,

10/01/51

...............

8,425,000

7,082,776

b

California

Pollution

Control

Financing

Authority

,

d

CalPlant

I

LLC,

Revenue,

144A,

2017,

7.5%,

7/01/32

.......................

24,500,000

1,225,000

d

CalPlant

I

LLC,

Revenue,

144A,

2017,

8%,

7/01/39

........................

10,000,000

500,000

d

CalPlant

I

LLC,

Revenue,

144A,

2020,

7.5%,

7/01/32

.......................

10,000,000

1,300,000

Rialto

Bioenergy

Facility

LLC,

Revenue,

144A,

2018,

6.75%,

12/01/28

..........

1,690,000

1,014,000

Rialto

Bioenergy

Facility

LLC,

Revenue,

144A,

2018,

7.5%,

12/01/40

...........

5,300,000

3,179,953

b

California

Public

Finance

Authority

,

Crossroads

Christian

Schools

Obligated

Group,

Revenue,

144A,

2020,

5%,

1/01/56

4,015,000

3,258,566

Kendal

at

Sonoma

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

5%,

11/15/46

.......................................................

1,250,000

1,115,314

California

Statewide

Communities

Development

Authority

,

Special

Tax,

2023

C-1,

5%,

9/02/43

....................................

4,000,000

3,775,751

b

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2016

A,

Refunding,

5%,

6/01/36

7,210,000

7,068,308

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

2014

A,

5.25%,

12/01/44

.......................................................

7,555,000

7,492,408

b

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/39

.............

1,275,000

1,235,914

b

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/49

.............

3,725,000

3,413,742

b

City

&

County

of

San

Francisco

,

District

No.

2020-1

,

Special

Tax

,

144A,

2021

B

,

5.25

%

,

9/01/49

.........................................................

5,000,000

3,569,647

City

of

San

Francisco

,

5.25

%

,

9/01/49

....................................

10,000,000

7,139,294

b

CMFA

Special

Finance

Agency

,

Solana

at

Grand,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

8/01/45

...........

35,000,000

27,712,128

Solana

at

Grand,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

8/01/56

..........

1,700,000

1,404,601

b

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Junior

Lien

,

144A,

2022

A-2

,

4.5

%

,

8/01/51

.........................................................

38,000,000

27,172,185

b

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/47

..............................................

34,565,000

26,493,150

b

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

.........................................

11,095,000

8,660,552

b

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue

,

144A,

2022

A-2

,

4.375

%

,

8/01/49

...................................................

20,415,000

15,927,320

b

CSCDA

Community

Improvement

Authority

,

Cameo/Garrison

Apartments,

Revenue,

144A,

2021

B,

4%,

3/01/57

............

15,000,000

10,579,852

Crescent

(The),

Revenue,

144A,

2022

B,

5.5%,

7/01/59

.....................

15,935,000

13,609,978

Dublin,

Revenue,

144A,

2021

B,

4%,

2/01/57

.............................

7,500,000

5,242,903

Escondido

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

6/01/48

........

10,000,000

6,739,108

Park

Crossing

Apartments,

Revenue,

144A,

2021

B,

4%,

12/01/48

.............

14,235,000

10,393,344

Renaissance

at

City

Center,

Revenue,

144A,

2020

A,

5%,

7/01/51

.............

22,325,000

20,241,968

Waterscape

Apartments,

Revenue,

144A,

2021

B,

4%,

9/01/46

................

3,500,000

2,796,065

Wood

Creek

Apartments,

Revenue,

Sub.

Lien,

144A,

2021

B,

4%,

12/01/59

......

19,800,000

12,634,463

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/30

..............

10,000,000

11,108,761

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/31

..............

7,295,000

8,268,933

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

63

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

M-S-R

Energy

Authority

,

Revenue,

2009

B,

6.125%,

11/01/29

...................................

$

27,160,000

$

28,952,413

Revenue,

2009

B,

7%,

11/01/34

.......................................

20,000,000

24,060,802

Revenue,

2009

C,

6.5%,

11/01/39

.....................................

20,000,000

23,242,676

Palmdale

Elementary

School

District

,

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/28

...................................................

1,500,000

1,261,898

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/30

...................................................

1,250,000

978,091

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/31

...................................................

1,250,000

939,225

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/34

...................................................

2,500,000

2,556,555

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/32

.........................

4,000,000

2,727,140

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/33

.........................

5,500,000

3,582,349

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/41

.........................

5,000,000

2,067,130

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/42

.........................

7,000,000

2,780,578

San

Diego

Unified

School

District

,

GO,

2012

E,

Zero

Cpn.,

7/01/42

.......................................

44,565,000

32,379,890

GO,

2012

E,

Zero

Cpn.,

7/01/47

.......................................

33,305,000

24,273,680

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

6%,

1/15/45

...............................

35,834,000

44,652,478

Revenue,

1997

A,

Refunding,

6%,

1/15/46

...............................

35,834,000

44,740,616

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/26

...........................

110,000,000

101,462,592

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/27

...........................

139,100,000

124,731,930

Revenue,

Junior

Lien,

2014

B,

Refunding,

5.25%,

1/15/49

...................

5,000,000

5,084,286

San

Mateo

Foster

City

School

District

,

GO

,

A

,

Zero

Cpn.,

8/01/42

...............

40,000,000

39,218,440

San

Mateo

Union

High

School

District

,

GO

,

2011

A

,

Zero

Cpn.,

9/01/41

...........

20,000,000

19,118,188

San

Ysidro

School

District

,

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/42

...................

10,000,000

3,717,182

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/43

...................

12,500,000

4,398,858

Silicon

Valley

Tobacco

Securitization

Authority

,

Revenue,

2007

A,

Zero

Cpn.,

6/01/36

...................................

15,000,000

7,243,443

Revenue,

2007

C,

Zero

Cpn.,

6/01/56

..................................

60,000,000

5,525,574

Southern

California

Public

Power

Authority

,

Revenue

,

2007

A

,

5.25

%

,

11/01/27

.....

9,855,000

10,344,285

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2006

B,

Zero

Cpn.,

6/01/46

........................................................

50,000,000

9,393,875

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

B-2,

2,

Refunding,

Zero

Cpn.,

6/01/54

......................................

18,000,000

3,316,795

999,419,675

Colorado

5.7%

3rd

and

Havana

Metropolitan

District

,

GO

,

2020

A

,

5.25

%

,

12/01/49

.............

3,775,000

3,169,848

9th

Avenue

Metropolitan

District

No.

2

,

GO

,

2018

,

5

%

,

12/01/48

................

7,417,000

6,611,296

Aerotropolis

Regional

Transportation

Authority

,

Revenue

,

2019

,

5

%

,

12/01/51

......

5,415,000

4,710,616

Allison

Valley

Metropolitan

District

No.

1

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/47

......

5,250,000

4,442,922

Allison

Valley

Metropolitan

District

No.

2

,

GO

,

2020

,

Refunding

,

4.7

%

,

12/01/47

.....

4,750,000

3,863,378

Aurora

Crossroads

Metropolitan

District

No.

2

,

GO,

Senior

Lien,

2020

A,

5%,

12/01/40

.................................

1,500,000

1,393,159

GO,

Senior

Lien,

2020

A,

5%,

12/01/50

.................................

1,500,000

1,311,336

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

64

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

1

,

GO

,

2018

A

,

5.375

%

,

12/01/48

........................................................

$

2,245,000

$

2,150,065

Baseline

Metropolitan

District

No.

1

,

GO,

2021

A,

5%,

12/01/51

...........................................

1,500,000

1,305,547

GO,

2021

B,

7.5%,

12/15/51

.........................................

2,190,000

1,977,198

b

Bent

Grass

Metropolitan

District

,

GO

,

144A,

2020

,

Refunding

,

5.25

%

,

12/01/49

.....

1,685,000

1,560,335

Bradburn

Metropolitan

District

No.

2

,

GO,

2018

A,

Refunding,

5%,

12/01/38

..................................

600,000

580,599

GO,

2018

A,

Refunding,

5%,

12/01/47

..................................

2,400,000

2,227,111

Brighton

Crossing

Metropolitan

District

No.

4

,

GO,

2017

A,

5%,

12/01/37

...........................................

525,000

513,251

GO,

2017

A,

5%,

12/01/47

...........................................

2,440,000

2,268,592

Brighton

Crossing

Metropolitan

District

No.

6

,

GO

,

2020

A(3)

,

5

%

,

12/01/50

........

2,000,000

1,696,607

b

Broadway

Park

North

Metropolitan

District

No.

2

,

GO,

144A,

2020,

Refunding,

5%,

12/01/40

...............................

1,325,000

1,259,688

GO,

144A,

2020,

Refunding,

5%,

12/01/49

...............................

1,575,000

1,442,443

b

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-2

,

Refunding

,

5

%

,

12/01/49

........................................................

740,000

654,870

Centerra

Metropolitan

District

No.

1

,

GO

,

2020

A

,

Refunding

,

5

%

,

12/01/51

........

4,000,000

3,442,438

Clear

Creek

Transit

Metropolitan

District

No.

2

,

GO,

2021

A,

5%,

12/01/41

...........................................

580,000

527,065

GO,

2021

A,

5%,

12/01/50

...........................................

1,000,000

858,862

Colliers

Hill

Metropolitan

District

No.

2

,

GO

,

2022

B-1

,

Refunding

,

5.75

%

,

12/15/47

..

2,850,000

2,665,556

Colorado

Health

Facilities

Authority

,

Aberdeen

Ridge,

Inc.

Obligated

Group,

Revenue,

2021

A,

5%,

5/15/49

..........

2,235,000

1,688,365

Aberdeen

Ridge,

Inc.

Obligated

Group,

Revenue,

2021

A,

5%,

5/15/58

..........

4,750,000

3,434,780

Frasier

Meadows

Manor,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/47

........................................................

6,500,000

5,984,970

Conestoga

Metropolitan

District

No.

2

,

GO

,

2021

A-3

,

Refunding

,

5.25

%

,

12/01/51

..

1,625,000

1,421,571

Constitution

Heights

Metropolitan

District

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/49

.....

1,760,000

1,599,297

Copperleaf

Metropolitan

District

No.

6

,

GO

,

2022

B

,

6

%

,

12/15/41

...............

1,225,000

1,170,848

Cornerstar

Metropolitan

District

,

GO,

A,

Refunding,

5.125%,

12/01/37

...................................

2,000,000

1,957,264

GO,

A,

Refunding,

5.25%,

12/01/47

....................................

5,200,000

4,931,811

Cottonwood

Highlands

Metropolitan

District

No.

1

,

GO

,

2019

A

,

5

%

,

12/01/49

......

900,000

808,633

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

B

,

6

%

,

12/01/48

........................................................

4,290,000

4,241,207

b

DIATC

Metropolitan

District

,

GO

,

144A,

2019

,

Refunding

,

5

%

,

12/01/49

...........

2,000,000

1,848,263

E-470

Public

Highway

Authority

,

Revenue

,

2004

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

9/01/28

.....................................................

15,000,000

12,487,174

Eagle

Brook

Meadows

Metropolitan

District

No.

3

,

GO

,

2021

,

5

%

,

12/01/51

........

1,600,000

1,364,451

Evan's

Place

Metropolitan

District

,

GO,

2020

A(3),

5%,

12/01/40

.........................................

550,000

514,084

GO,

2020

A(3),

5%,

12/01/50

.........................................

1,575,000

1,359,430

First

Creek

Village

Metropolitan

District

,

GO,

2019

A,

5%,

12/01/39

...........................................

595,000

583,000

GO,

2019

A,

5%,

8/01/49

............................................

540,000

499,801

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

65

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Greenways

Metropolitan

District

No.

1

,

GO

,

2021

A-3

,

4.625

%

,

12/01/51

..........

$

1,580,000

$

1,106,403

b

Hidden

Creek

Metropolitan

District

,

GO

,

144A,

2021

A

,

4.625

%

,

12/01/45

.........

1,140,000

893,466

b

Horizon

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A

,

4.5

%

,

12/01/51

...........

1,675,000

1,160,627

b

Jacoby

Farm

Metropolitan

District

,

GO

,

144A,

2021

,

Refunding

,

5

%

,

12/15/46

......

5,000,000

4,370,182

Jay

Grove

Metropolitan

District

,

GO

,

2021

,

4.25

%

,

12/01/51

...................

1,225,000

904,838

Jefferson

Center

Metropolitan

District

No.

1

,

Revenue,

2020

A-2,

4.125%,

12/01/40

..................................

575,000

480,935

Revenue,

2020

A-2,

4.375%,

12/01/47

..................................

1,125,000

910,304

Johnstown

Farms

East

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

............

1,500,000

1,247,591

Johnstown

Plaza

Metropolitan

District

,

GO

,

2022

,

Refunding

,

4.25

%

,

12/01/46

.....

8,500,000

6,824,944

b

Karl's

Farm

Metropolitan

District

No.

2

,

GO,

144A,

2020

A(3),

5.375%,

12/01/40

.................................

645,000

604,545

GO,

144A,

2020

A(3),

5.625%,

12/01/50

.................................

1,900,000

1,747,104

Liberty

Ranch

Metropolitan

District

,

GO

,

2021

A

,

Refunding

,

5.25

%

,

12/01/51

......

6,590,000

5,501,126

Meadowlark

Metropolitan

District

,

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020

A,

4.875%,

12/01/40

....

520,000

448,148

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020

A,

5.125%,

12/01/50

....

750,000

650,946

Morgan

Hill

Metropolitan

District

No.

3

,

GO

,

2021

B

,

Refunding

,

6.375

%

,

12/15/51

...

1,465,000

1,334,912

Murphy

Creek

Metropolitan

District

No.

4

,

GO

,

2021

,

5

%

,

12/01/51

..............

8,000,000

6,644,699

Nexus

North

at

DIA

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

...............

565,000

485,529

Palisade

Park

West

Metropolitan

District

,

GO

,

2019

A

,

5.125

%

,

12/01/49

..........

1,500,000

1,375,160

b

Plaza

Metropolitan

District

No.

1

,

Tax

Allocation

,

144A,

2013

,

Refunding

,

5

%

,

12/01/40

3,000,000

2,838,936

Prairie

Center

Metropolitan

District

No.

7

,

GO,

2020,

4.125%,

12/15/36

.........................................

500,000

438,975

GO,

2020,

4.875%,

12/15/44

.........................................

725,000

620,309

GO,

2021,

6.375%,

6/15/46

..........................................

1,330,000

1,205,343

Pronghorn

Valley

Metropolitan

District

,

GO,

2021

A,

3.75%,

12/01/41

.........................................

515,000

397,484

GO,

2021

A,

4%,

12/01/51

...........................................

650,000

481,312

Ptarmigan

West

Metropolitan

District

No.

2

,

GO

,

2021-3

,

4.125

%

,

12/01/51

........

1,475,000

1,034,796

Public

Authority

for

Colorado

Energy

,

Revenue,

2008,

6.125%,

11/15/23

.....................................

585,000

589,822

Revenue,

2008,

6.25%,

11/15/28

......................................

12,500,000

13,340,621

Revenue,

2008,

6.5%,

11/15/38

.......................................

60,100,000

70,368,488

Raindance

Metropolitan

District

No.

1

,

Non-Potable

Water

System,

Revenue,

2020,

5%,

12/01/40

...................

625,000

578,257

Non-Potable

Water

System,

Revenue,

2020,

5.25%,

12/01/50

................

4,250,000

3,802,296

Rampart

Range

Metropolitan

District

No.

5

,

Revenue,

2021,

4%,

12/01/41

........................................

2,730,000

2,079,965

Revenue,

2021,

4%,

12/01/51

........................................

6,670,000

4,637,252

Reunion

Metropolitan

District

,

Water

Activity

Enterprise

,

Revenue

,

2021

A

,

3.625

%

,

12/01/44

........................................................

6,132,527

4,478,841

Ritoro

Metropolitan

District

,

GO

,

2019

A

,

5

%

,

12/01/49

.......................

2,000,000

1,832,728

RRC

Metropolitan

District

No.

2

,

GO

,

2021

,

5.25

%

,

12/01/51

...................

5,625,000

4,695,574

Severance

Shores

Metropolitan

District

No.

4

,

GO

,

2020

A

,

5

%

,

12/01/49

.........

2,900,000

2,671,788

South

Aurora

Regional

Improvement

Authority

,

Revenue

,

2018

,

6.25

%

,

12/01/57

....

2,815,000

2,651,844

Southglenn

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/30

....................................

3,470,000

3,469,499

GO,

2016,

Refunding,

5%,

12/01/36

....................................

810,000

788,302

GO,

2016,

Refunding,

5%,

12/01/46

....................................

4,200,000

3,898,769

STC

Metropolitan

District

No.

2

,

GO,

2019

A,

Refunding,

5%,

12/01/38

..................................

2,000,000

1,857,978

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

66

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

STC

Metropolitan

District

No.

2,

(continued)

GO,

2019

A,

Refunding,

5%,

12/01/49

..................................

$

1,000,000

$

896,111

Timberleaf

Metropolitan

District

,

GO

,

2020

A

,

5.75

%

,

12/01/50

..................

1,730,000

1,663,567

Village

at

Dry

Creek

Metropolitan

District

No.

2

(The)

,

GO

,

2019

,

4.375

%

,

12/01/44

..

819,000

681,934

Village

Metropolitan

District

(The)

,

GO,

2020,

Refunding,

5%,

12/01/40

....................................

1,100,000

1,052,512

GO,

2020,

Refunding,

5%,

12/01/49

....................................

1,750,000

1,626,639

Villages

at

Castle

Rock

Metropolitan

District

No.

4

,

1989

,

11.12

%

,

6/01/31

.........

3,000,000

2,790,000

Waterfront

at

Foster

Lake

Metropolitan

District

No.

2

,

GO,

2022

A(3)-1,

5%,

12/01/42

.......................................

3,705,000

3,248,836

GO,

2022

A(3)-1,

5%,

12/01/51

.......................................

4,085,000

3,282,483

GO,

2022

A(3)-2,

Zero

Cpn.,

12/01/51

..................................

5,130,000

3,019,198

Water

Tap

Fee,

Revenue,

2022,

4.625%,

12/01/28

.........................

6,000,000

5,526,008

b

West

Meadow

Metropolitan

District

,

GO,

Senior

Lien

,

144A,

2023

A

,

Refunding

,

6.5

%

,

12/01/50

........................................................

2,750,000

2,823,930

Wild

Plum

Metropolitan

District

,

GO

,

2019

A

,

Pre-Refunded

,

5

%

,

12/01/49

.........

595,000

623,321

Willow

Bend

Metropolitan

District

,

GO,

Senior

Lien

,

2019

A

,

5

%

,

12/01/49

.........

1,000,000

890,977

290,103,885

Connecticut

0.5%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

b

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

2016

A,

5%,

9/01/46

..

1,000,000

827,530

b

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

A,

5%,

9/01/53

......

7,850,000

6,238,809

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/43

........

13,000,000

11,904,808

b

McLean

Affiliates

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/45

........

1,000,000

876,531

b

McLean

Affiliates

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/55

........

5,695,000

4,732,320

b

Steel

Point

Infrastructure

Improvement

District

,

Tax

Allocation,

144A,

2021,

4%,

4/01/31

.................................

100,000

91,630

Tax

Allocation,

144A,

2021,

4%,

4/01/36

.................................

605,000

516,211

Tax

Allocation,

144A,

2021,

4%,

4/01/41

.................................

575,000

457,077

25,644,916

Florida

15.7%

Abbott

Square

Community

Development

District

,

Special

Assessment,

2022,

5.375%,

6/15/42

.............................

915,000

908,313

Special

Assessment,

2022,

5.5%,

6/15/52

...............................

1,500,000

1,480,628

Anabelle

Island

Community

Development

District

,

Special

Assessment,

2022,

2.7%,

5/01/27

...............................

530,000

493,103

Special

Assessment,

2022,

3.1%,

5/01/32

...............................

750,000

649,025

Special

Assessment,

2022,

3.5%,

5/01/42

...............................

1,945,000

1,493,032

Special

Assessment,

2022,

4%,

5/01/52

.................................

2,840,000

2,191,279

Arbors

Community

Development

District

,

2023

Project

Area,

Special

Assessment,

2023,

4.5%,

5/01/30

.................

720,000

721,575

2023

Project

Area,

Special

Assessment,

2023,

5.4%,

5/01/43

.................

1,705,000

1,715,318

2023

Project

Area,

Special

Assessment,

2023,

5.625%,

5/01/53

...............

2,235,000

2,256,862

Artisan

Lakes

East

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021-1,

2.3%,

5/01/26

..............

115,000

107,917

Assessment

Area

2,

Special

Assessment,

2021-1,

2.75%,

5/01/31

.............

250,000

214,455

Assessment

Area

2,

Special

Assessment,

2021-1,

3.125%,

5/01/41

............

470,000

346,827

b

Assessment

Area

2,

Special

Assessment,

144A,

2021-2,

2.75%,

5/01/31

........

275,000

235,563

b

Assessment

Area

2,

Special

Assessment,

144A,

2021-2,

3.125%,

5/01/41

.......

515,000

379,614

b

Assessment

Area

2,

Special

Assessment,

144A,

2021-2,

4%,

5/01/52

...........

550,000

424,473

Astonia

Community

Development

District

,

b

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

540,000

481,669

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

67

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Astonia

Community

Development

District,

(continued)

b

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

$

1,370,000

$

1,120,536

b

Assessment

Area

2,

Special

Assessment,

144A,

2021,

2.5%,

5/01/26

...........

150,000

142,395

b

Assessment

Area

2,

Special

Assessment,

144A,

2021,

3%,

5/01/31

............

500,000

442,870

b

Assessment

Area

2,

Special

Assessment,

144A,

2021,

3.2%,

5/01/41

...........

750,000

570,861

Assessment

Area

3,

Special

Assessment,

2023,

5.125%,

6/15/43

..............

325,000

318,417

Assessment

Area

3,

Special

Assessment,

2023,

5.375%,

6/15/53

..............

680,000

666,578

b

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

2.5%,

5/01/26

..

150,000

142,395

b

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

3%,

5/01/31

....

320,000

283,437

b

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

3.2%,

5/01/41

..

750,000

570,679

Avalon

Groves

Community

Development

District

,

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

360,000

266,910

Special

Assessment,

2021,

4%,

5/01/51

.................................

500,000

387,405

Assessment

Area

3,

Special

Assessment,

2021,

3%,

5/01/32

.................

200,000

173,014

Assessment

Area

3,

Special

Assessment,

2021,

3.375%,

5/01/41

..............

495,000

382,739

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/51

.................

1,000,000

778,912

Avalon

Park

West

Community

Development

District

,

Special

Assessment,

2020,

Refunding,

3.25%,

5/01/30

......................

215,000

200,758

Special

Assessment,

2020,

Refunding,

3.75%,

5/01/40

......................

580,000

496,683

Special

Assessment,

2020,

Refunding,

4%,

5/01/51

........................

880,000

721,987

Special

Assessment,

2022,

5.5%,

5/01/42

...............................

500,000

506,190

Special

Assessment,

2022,

5.625%,

5/01/52

.............................

875,000

879,502

Ave

Maria

Stewardship

Community

District

,

Maple

Ridge

Phase

5

Project

Area

,

Special

Assessment

,

2022

,

4

%

,

5/01/52

.......................................

2,640,000

2,041,877

Avenir

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021

A-1,

2.75%,

5/01/31

............

3,250,000

2,782,478

Assessment

Area

2,

Special

Assessment,

2021

A-1,

3.2%,

5/01/41

.............

5,000,000

3,723,445

Assessment

Area

2,

Special

Assessment,

2021

A-1,

3.4%,

5/01/52

.............

5,000,000

3,498,335

Assessment

Area

3,

Special

Assessment,

2023,

4.5%,

5/01/30

................

420,000

413,615

Assessment

Area

3,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

3,755,000

3,610,609

Assessment

Area

3,

Special

Assessment,

2023,

5.625%,

5/01/54

..............

6,340,000

6,094,830

Aviary

at

Rutland

Ranch

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

3.1%,

11/01/31

...............

170,000

149,323

Assessment

Area

2,

Special

Assessment,

2021,

3.4%,

11/01/41

...............

410,000

316,670

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.875%,

5/01/31

..............

465,000

403,829

Assessment

Area

2,

Special

Assessment,

2021,

3.2%,

5/01/41

................

5,250,000

3,948,642

Assessment

Area

2,

Special

Assessment,

2021,

4%,

5/01/52

.................

1,910,000

1,482,250

Assessment

Area

2,

Special

Assessment,

2022,

5%,

5/01/42

.................

4,000,000

3,893,627

Assessment

Area

2,

Special

Assessment,

2022,

5%,

5/01/53

.................

5,000,000

4,593,797

Assessment

Area

2C,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

228,342

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/40

................

775,000

691,284

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/51

................

1,550,000

1,263,856

Assessment

Area

3A,

Special

Assessment,

2020,

2.5%,

5/01/25

...............

40,000

38,564

Assessment

Area

3A,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

228,343

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/40

................

385,000

343,412

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/51

................

890,000

725,698

Balm

Grove

Community

Development

District

,

Special

Assessment,

2022,

3.25%,

11/01/27

..............................

1,040,000

985,059

Special

Assessment,

2022,

3.625%,

11/01/32

.............................

1,290,000

1,153,558

Special

Assessment,

2022,

4%,

11/01/42

................................

2,500,000

2,067,553

Special

Assessment,

2022,

4.125%,

11/01/51

.............................

3,125,000

2,473,132

Bannon

Lakes

Community

Development

District

,

b

Special

Assessment,

144A,

2021,

3.5%,

5/01/41

..........................

700,000

545,995

Special

Assessment,

2022,

3.3%,

5/01/32

...............................

365,000

321,944

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

68

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Bannon

Lakes

Community

Development

District,

(continued)

Special

Assessment,

2022,

4%,

5/01/42

.................................

$

1,385,000

$

1,165,673

Special

Assessment,

2022,

4%,

5/01/53

.................................

2,260,000

1,734,726

Banyan

Cay

Community

Development

District

,

Special

Assessment

,

2020

NM

,

4

%

,

11/01/51

........................................................

3,000,000

2,322,996

Belmond

Reserve

Community

Development

District

,

2020

Project,

Special

Assessment,

2020,

4%,

5/01/40

......................

1,750,000

1,505,700

2020

Project,

Special

Assessment,

2020,

4%,

5/01/51

......................

2,000,000

1,566,825

Belmont

II

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

12/15/30

.............................

325,000

298,072

Special

Assessment,

2020,

3.625%,

12/15/40

.............................

1,390,000

1,152,770

Berry

Bay

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.625%,

5/01/26

..............

150,000

142,239

Assessment

Area

1,

Special

Assessment,

2021,

3.125%,

5/01/31

..............

400,000

354,844

Assessment

Area

1,

Special

Assessment,

2021,

3.625%,

5/01/41

..............

1,250,000

994,805

Assessment

Area

2,

Special

Assessment,

2023,

5.5%,

5/01/43

................

985,000

988,682

Assessment

Area

2,

Special

Assessment,

2023,

5.75%,

5/01/53

...............

1,675,000

1,687,487

Black

Creek

Community

Development

District

,

Special

Assessment,

2022,

5.125%,

6/15/32

.............................

150,000

150,535

Special

Assessment,

2022,

5.625%,

6/15/52

.............................

2,000,000

1,997,105

Boggy

Branch

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

295,000

278,269

Special

Assessment,

2021,

3%,

5/01/31

.................................

450,000

395,939

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,165,000

912,394

Bradbury

Community

Development

District

,

Special

Assessments,

Special

Assessment,

2023,

4.375%,

5/01/30

............

675,000

669,023

Special

Assessments,

Special

Assessment,

2023,

5.25%,

5/01/43

.............

2,000,000

1,951,660

Special

Assessments,

Special

Assessment,

2023,

5.5%,

5/01/53

..............

2,220,000

2,161,453

Bridgewater

North

Community

Development

District

,

Special

Assessment,

2022,

3.125%,

5/01/27

.............................

165,000

156,561

Special

Assessment,

2022,

3.5%,

5/01/32

...............................

350,000

313,086

Special

Assessment,

2022,

4%,

5/01/42

.................................

1,000,000

839,207

Special

Assessment,

2022,

4%,

5/01/52

.................................

3,000,000

2,318,750

Brightwater

Community

Development

District

,

Special

Assessment,

2021,

2.85%,

5/01/31

..............................

300,000

259,868

Special

Assessment,

2021,

3.15%,

5/01/41

..............................

750,000

556,914

Brookstone

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2022,

4.75%,

5/01/32

...............

325,000

322,217

Assessment

Area

2,

Special

Assessment,

2022,

5.5%,

5/01/42

................

1,000,000

998,898

Assessment

Area

2,

Special

Assessment,

2022,

5.625%,

5/01/52

..............

1,750,000

1,730,431

Buckhead

Trails

Community

Development

District

,

Special

Assessment,

2022,

5.25%,

5/01/32

..............................

400,000

396,057

Special

Assessment,

2022,

5.625%,

5/01/42

.............................

1,000,000

983,526

Special

Assessment,

2022,

5.75%,

5/01/52

..............................

1,410,000

1,382,658

Buena

Lago

Community

Development

District

,

Special

Assessment,

2022,

5.25%,

5/01/42

..............................

665,000

656,338

Special

Assessment,

2022,

5.5%,

5/01/52

...............................

1,135,000

1,140,426

b

Cape

Coral

Health

Facilities

Authority

,

Gulf

Care,

Inc.

Obligated

Group

,

Revenue,

Senior

Lien

,

144A,

2015

,

Refunding

,

6

%

,

7/01/45

..........................

5,250,000

3,618,590

b

Capital

Trust

Agency,

Inc.

,

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

3%,

7/01/31

..........

100,000

86,654

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/41

..........

450,000

362,167

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/51

..........

540,000

393,623

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/56

..........

445,000

314,704

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

69

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

b

Capital

Trust

Agency,

Inc.,

(continued)

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A-2,

4%,

7/01/41

.........

$

750,000

$

603,612

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A-2,

4%,

7/01/51

.........

975,000

710,708

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A-2,

4%,

7/01/56

.........

750,000

530,400

Educational

Growth

Fund

LLC,

Revenue,

144A,

2021

B,

Zero

Cpn.,

7/01/31

......

9,980,000

5,942,538

Educational

Growth

Fund

LLC,

Revenue,

Senior

Lien,

144A,

2021

A-1,

5%,

7/01/56

1,000,000

898,459

Sarasota-Manatee

Jewish

Housing

Council

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

7/01/46

............................................

3,250,000

2,456,736

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-2,

4.43%,

1/01/57

...........

10,245,000

7,132,621

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/40

......

1,235,000

1,114,081

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/55

......

3,805,000

3,190,970

University

Bridge

LLC,

Revenue,

144A,

2018

A,

5.25%,

12/01/43

..............

31,755,000

30,040,173

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

3.3%,

1/01/31

..............

715,000

616,123

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

5%,

1/01/56

...............

1,050,000

774,996

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

5%,

1/01/55

.................

3,500,000

2,590,980

Celebration

Community

Development

District

,

Special

Assessment,

2021,

2.25%,

5/01/26

..............................

100,000

93,706

Special

Assessment,

2021,

2.75%,

5/01/31

..............................

240,000

205,667

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

590,000

434,898

Celebration

Pointe

Community

Development

District

No.

1

,

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

885,000

680,356

Special

Assessment,

2021,

4%,

5/01/53

.................................

1,335,000

1,039,430

CFM

Community

Development

District

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

...

185,000

174,105

Chaparral

Palm

Bay

Community

Development

District

,

Special

Assessment,

2020

A-1,

4%,

5/01/40

..............................

1,235,000

1,055,916

Special

Assessment,

2020

A-1,

4%,

5/01/50

..............................

2,015,000

1,574,522

b

Chapel

Creek

Community

Development

District

,

Special

Assessment,

144A,

2021,

3%,

5/01/31

............................

250,000

218,713

Special

Assessment,

144A,

2021,

3.375%,

5/01/41

.........................

835,000

643,821

b

Chapel

Crossings

Community

Development

District

,

Special

Assessment,

144A,

2020,

2.625%,

5/01/25

.........................

230,000

221,473

Special

Assessment,

144A,

2020,

3.2%,

5/01/30

..........................

645,000

579,922

Special

Assessment,

144A,

2020,

3.7%,

5/01/40

..........................

1,700,000

1,383,717

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

2,820,000

2,188,304

b

Charlotte

County

Industrial

Development

Authority

,

MSKP

Town

&

Country

Utility

LLC,

Revenue,

144A,

2021

A,

4%,

10/01/51

.......

5,500,000

4,154,019

MSKP

Town

&

Country

Utility

LLC,

Revenue,

144A,

2021

B,

5%,

10/01/36

.......

2,500,000

2,166,798

Coddington

Community

Development

District

,

Special

Assessment,

2022,

5.75%,

5/01/42

..............................

615,000

629,074

Special

Assessment,

2022,

5.75%,

5/01/52

..............................

1,000,000

1,009,946

Collier

County

Educational

Facilities

Authority

,

Ave

Maria

University,

Inc.

,

Revenue

,

2013

A

,

Refunding

,

6

%

,

6/01/38

.......................................

12,000,000

12,000,000

Connerton

East

Community

Development

District

,

Special

Assessment,

2023,

5.25%,

6/15/43

..............................

1,395,000

1,400,369

Special

Assessment,

2023,

5.375%,

6/15/53

.............................

2,250,000

2,241,631

Coral

Bay

Lee

County

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2022,

5.5%,

5/01/42

................

250,000

250,761

Assessment

Area

1,

Special

Assessment,

2022,

5.625%,

5/01/52

..............

500,000

500,666

Cordoba

Ranch

Community

Development

District

,

Special

Assessment,

2021,

Refunding,

3%,

5/01/31

........................

835,000

752,877

Special

Assessment,

2021,

Refunding,

3%,

5/01/37

........................

825,000

655,263

Cordova

Palms

Community

Development

District

,

b

Special

Assessment,

144A,

2021,

2.4%,

5/01/26

..........................

250,000

235,277

b

Special

Assessment,

144A,

2021,

2.8%,

5/01/31

..........................

385,000

331,035

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

70

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Cordova

Palms

Community

Development

District,

(continued)

b

Special

Assessment,

144A,

2021,

3%,

5/01/41

............................

$

1,215,000

$

878,352

b

Special

Assessment,

144A,

2021,

4%,

5/01/52

............................

1,945,000

1,500,871

Special

Assessment,

2022-1,

5.7%,

5/01/42

..............................

330,000

332,918

Special

Assessment,

2022-1,

5.8%,

5/01/53

..............................

665,000

667,629

Special

Assessment,

2022-2,

4.5%,

5/01/27

..............................

215,000

214,154

Special

Assessment,

2022-2,

5.1%,

5/01/32

..............................

340,000

341,588

Special

Assessment,

2022-2,

5.4%,

5/01/42

..............................

1,020,000

1,013,974

Special

Assessment,

2022-2,

5.6%,

5/01/53

..............................

2,005,000

2,006,246

Corkscrew

Crossing

Community

Development

District

,

Special

Assessment,

2023,

5.1%,

5/01/43

...............................

600,000

585,319

Special

Assessment,

2023,

5.3%,

5/01/53

...............................

1,250,000

1,211,668

Creekview

Community

Development

District

,

Special

Assessment,

2022,

4.25%,

5/01/32

..............................

805,000

765,436

Special

Assessment,

2022,

4.625%,

5/01/42

.............................

2,455,000

2,216,242

Special

Assessment,

2022,

4.75%,

5/01/53

..............................

4,145,000

3,619,999

b

Crestview

II

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

249,489

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/37

...................

475,000

437,645

Cross

Creek

North

Community

Development

District

,

Special

Assessment,

2022,

3.75%,

5/01/32

..............................

460,000

446,728

Special

Assessment,

2022,

4.25%,

5/01/42

..............................

2,340,000

2,134,867

Special

Assessment,

2022,

4.5%,

5/01/52

...............................

1,750,000

1,567,747

Crystal

Cay

Community

Development

District

,

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

200,000

174,661

Special

Assessment,

2021,

3.05%,

5/01/41

..............................

850,000

634,554

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,000,000

811,634

b

Currents

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

4%,

5/01/40

..........................

3,100,000

2,650,479

Special

Assessment,

144A,

2020

A,

4%,

5/01/51

..........................

5,815,000

4,512,407

b

Cypress

Bluff

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

3.125%,

5/01/30

.......................

250,000

224,439

Special

Assessment,

144A,

2020

A,

3.625%,

5/01/40

.......................

800,000

641,496

Special

Assessment,

144A,

2020

A,

3.8%,

5/01/50

.........................

1,170,000

878,941

Cypress

Park

Estates

Community

Development

District

,

b

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

295,000

267,812

b

Special

Assessment,

144A,

2020,

3.875%,

5/01/40

.........................

1,170,000

989,320

b

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,210,000

947,408

Special

Assessment,

2022,

4.375%,

5/01/27

.............................

125,000

123,273

Special

Assessment,

2022,

4.75%,

5/01/32

..............................

410,000

402,683

Special

Assessment,

2022,

5%,

5/01/42

.................................

1,200,000

1,138,052

Special

Assessment,

2022,

5.125%,

5/01/52

.............................

1,250,000

1,168,725

Deerbrook

Community

Development

District

,

Special

Assessments,

Special

Assessment,

2023,

4.375%,

5/01/30

............

135,000

133,963

Special

Assessments,

Special

Assessment,

2023,

5.25%,

5/01/43

.............

655,000

640,725

Special

Assessments,

Special

Assessment,

2023,

5.5%,

5/01/53

..............

1,250,000

1,226,552

Del

Webb

Oak

Creek

Community

Development

District

,

Special

Assessment,

2023,

5%,

5/01/43

.................................

1,435,000

1,396,129

Special

Assessment,

2023,

5.25%,

5/01/53

..............................

2,000,000

1,949,838

DG

Farms

Community

Development

District

,

Special

Assessment,

2020,

2.75%,

5/01/25

..............................

35,000

33,791

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

200,000

180,644

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

295,000

240,854

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

71

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

DW

Bayview

Community

Development

District

,

b

Assessment

Area,

Special

Assessment,

144A,

2021,

2.375%,

5/01/26

..........

$

250,000

$

235,238

b

Assessment

Area,

Special

Assessment,

144A,

2021,

3%,

5/01/32

..............

430,000

370,167

b

Assessment

Area,

Special

Assessment,

144A,

2021,

3.375%,

5/01/41

..........

1,160,000

895,798

Assessment

Area,

Special

Assessment,

2022,

4.5%,

5/01/32

.................

185,000

179,873

Assessment

Area,

Special

Assessment,

2022,

5.125%,

5/01/42

...............

1,115,000

1,081,459

Assessment

Area,

Special

Assessment,

2022,

5.25%,

5/01/52

................

750,000

717,748

East

547

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.5%,

5/01/26

................

100,000

94,407

Assessment

Area

1,

Special

Assessment,

2021,

3%,

5/01/31

.................

140,000

122,312

Assessment

Area

1,

Special

Assessment,

2021,

3.3%,

5/01/41

................

590,000

447,182

Assessment

Area

1,

Special

Assessment,

2021,

4%,

5/01/51

.................

920,000

714,992

East

Bonita

Beach

Road

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/32

.................................

255,000

219,376

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

750,000

567,236

East

Nassau

Stewardship

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

215,000

202,338

Special

Assessment,

2021,

3%,

5/01/31

.................................

500,000

436,527

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,270,000

990,208

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,515,000

1,175,631

Eden

Hills

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

110,000

102,839

Special

Assessment,

2020,

4%,

5/01/40

.................................

300,000

267,594

Special

Assessment,

2022,

3.25%,

5/01/27

..............................

370,000

353,612

Special

Assessment,

2022,

3.625%,

5/01/32

.............................

610,000

553,975

Special

Assessment,

2022,

4%,

5/01/42

.................................

1,645,000

1,393,050

Special

Assessment,

2022,

4.125%,

5/01/52

.............................

1,590,000

1,263,615

Edgewater

East

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.5%,

5/01/26

................

320,000

300,338

Assessment

Area

1,

Special

Assessment,

2021,

3.1%,

5/01/31

................

700,000

614,725

Assessment

Area

1,

Special

Assessment,

2021,

3.6%,

5/01/41

................

2,625,000

2,064,513

Assessment

Area

1,

Special

Assessment,

2021,

4%,

5/01/51

.................

2,825,000

2,193,811

Assessment

Area

2,

Special

Assessment,

2022,

3.375%,

5/01/32

..............

1,985,000

1,740,591

Assessment

Area

2,

Special

Assessment,

2022,

4%,

5/01/42

.................

4,000,000

3,353,060

Assessment

Area

2,

Special

Assessment,

2022,

4%,

5/01/52

.................

6,200,000

4,778,527

b

Enbrook

Community

Development

District

,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

500,000

426,737

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,150,000

892,154

b

Entrada

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.125%,

5/01/26

.........................

100,000

93,192

Special

Assessment,

144A,

2021,

2.625%,

5/01/31

.........................

370,000

312,813

Special

Assessment,

144A,

2021,

3.125%,

5/01/41

.........................

935,000

691,835

Special

Assessment,

144A,

2021,

4%,

5/01/52

............................

2,300,000

1,772,760

Epperson

North

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

150,000

141,576

Special

Assessment,

2021,

3%,

5/01/31

.................................

280,000

244,934

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,365,000

1,059,007

Special

Assessment,

2021

A,

2.45%,

11/01/26

............................

140,000

130,637

Special

Assessment,

2021

A,

3.1%,

11/01/31

.............................

500,000

437,252

Special

Assessment,

2021

A,

4%,

11/01/51

..............................

2,620,000

2,033,341

Epperson

Ranch

II

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

3.25%,

5/01/25

...............

245,000

239,495

Assessment

Area

2,

Special

Assessment,

2020,

3.625%,

5/01/30

..............

700,000

647,480

Assessment

Area

2,

Special

Assessment,

2020,

4.2%,

5/01/40

................

1,900,000

1,666,555

Assessment

Area

2,

Special

Assessment,

2020,

4.375%,

5/01/51

..............

3,300,000

2,736,618

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

72

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Fallschase

Community

Development

District

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

.........................................................

$

1,000,000

$

770,306

b

Florida

Development

Finance

Corp.

,

e

Brightline

Florida

Holdings

LLC,

Revenue,

144A,

2023

A,

Refunding,

Mandatory

Put,

7.5%,

8/15/24

...................................................

6,000,000

5,885,310

e

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

A,

Refunding,

Mandatory

Put,

6.375%,

1/01/26

.................................................

2,000,000

1,910,002

e

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

A,

Refunding,

Mandatory

Put,

6.5%,

1/01/29

...................................................

4,000,000

3,797,902

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

B,

7.375%,

1/01/49

.........

26,150,000

25,254,431

e

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2022

A,

Refunding,

Mandatory

Put,

7.25%,

10/03/23

.................................................

15,500,000

15,755,683

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

6/01/31

........................................................

450,000

430,270

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

6/01/51

........................................................

5,500,000

4,313,488

Mayflower

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

6/01/50

........................................................

7,000,000

5,696,172

Mayflower

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

6/01/55

............................................

3,750,000

2,269,239

b

Forest

Lake

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

350,000

326,816

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

1,270,000

1,132,815

Special

Assessment,

144A,

2022,

4.75%,

5/01/27

.........................

55,000

55,063

Special

Assessment,

144A,

2022,

5%,

5/01/32

............................

115,000

114,913

Special

Assessment,

144A,

2022,

5.375%,

5/01/42

.........................

460,000

459,435

Special

Assessment,

144A,

2022,

5.5%,

5/01/52

..........................

405,000

401,503

Gracewater

Sarasota

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

190,000

178,810

Special

Assessment,

2021,

2.95%,

5/01/31

..............................

500,000

434,774

Special

Assessment,

2021,

3.35%,

5/01/41

..............................

3,170,000

2,417,635

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,535,000

1,184,492

Grand

Oaks

Community

Development

District

,

Special

Assessment,

2020,

4.25%,

5/01/40

..............................

1,100,000

970,869

Special

Assessment,

2020,

4.5%,

5/01/52

...............................

3,500,000

2,950,311

Assessment

Area

3,

Special

Assessment,

2021,

3.2%,

11/01/31

...............

215,000

189,145

Assessment

Area

3,

Special

Assessment,

2021,

3.5%,

11/01/41

...............

555,000

428,015

Assessment

Area

3,

Special

Assessment,

2021,

4%,

11/01/51

................

1,205,000

933,070

Grande

Pines

Community

Development

District

,

Special

Assessment,

2021,

3.75%,

5/01/41

..............................

710,000

570,233

Special

Assessment,

2021,

4%,

5/01/51

.................................

750,000

581,996

Grove

Resort

Community

Development

District

,

Special

Assessment,

2022,

3.3%,

5/01/32

...............................

170,000

148,936

Special

Assessment,

2022,

3.55%,

5/01/42

..............................

435,000

333,301

Special

Assessment,

2022,

4%,

5/01/52

.................................

640,000

493,932

f

Hammock

Oaks

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

4.875%,

5/01/30

..............

200,000

200,724

Assessment

Area

1,

Special

Assessment,

2023,

5.625%,

5/01/43

..............

645,000

648,577

Assessment

Area

1,

Special

Assessment,

2023,

5.75%,

5/01/53

...............

1,000,000

996,374

Hammock

Reserve

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

540,000

481,669

Special

Assessment,

2020,

4%,

5/01/51

.................................

860,000

701,236

Special

Assessment,

2021,

3%,

5/01/31

.................................

200,000

175,693

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

520,000

403,972

Special

Assessment,

2022,

4.4%,

5/01/32

...............................

500,000

487,132

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

73

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Hammock

Reserve

Community

Development

District,

(continued)

Special

Assessment,

2022,

5%,

5/01/52

.................................

$

2,300,000

$

2,121,215

Harmony

West

Community

Development

District

,

Special

Assessment,

2023,

5%,

5/01/43

.................................

275,000

268,549

Special

Assessment,

2023,

5.3%,

5/01/53

...............................

305,000

300,930

Hawkstone

Community

Development

District

,

Assessment

Area

3,

Special

Assessment,

2021,

2.6%,

5/01/26

................

120,000

113,676

Assessment

Area

3,

Special

Assessment,

2021,

3.2%,

5/01/31

................

440,000

390,604

Assessment

Area

3,

Special

Assessment,

2021,

3.45%,

5/01/41

...............

1,125,000

882,801

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/52

.................

1,000,000

781,634

Assessment

Area

4,

Special

Assessment,

2023,

4.375%,

5/01/30

..............

290,000

288,537

Assessment

Area

4,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

1,180,000

1,178,510

Assessment

Area

4,

Special

Assessment,

2023,

5.5%,

5/01/53

................

1,390,000

1,377,834

Hills

of

Minneola

Community

Development

District

,

b

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

..........................

1,000,000

911,500

b

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

2,625,000

2,241,846

b

Special

Assessment,

144A,

2020,

4%,

5/01/50

............................

5,505,000

4,326,099

Special

Assessment,

2021,

2.375%,

5/01/26

.............................

75,000

70,591

Special

Assessment,

2021,

2.8%,

5/01/31

...............................

250,000

215,403

Special

Assessment,

2021,

3.2%,

5/01/41

...............................

500,000

373,486

Special

Assessment,

2021,

4%,

5/01/52

.................................

900,000

688,105

Hilltop

Point

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2022-1,

5.375%,

5/01/52

............

700,000

668,862

Assessment

Area

2,

Special

Assessment,

2022-2,

5.6%,

5/01/53

..............

745,000

724,944

Holly

Hill

Road

East

Community

Development

District

,

Special

Assessment,

2020,

4.5%,

11/01/31

...............................

165,000

166,375

Special

Assessment,

2020,

5%,

11/01/41

................................

350,000

350,684

Special

Assessment,

2020,

5%,

11/01/50

................................

520,000

499,008

Hyde

Park

Community

Development

District

No.

1

,

Special

Assessment,

2022,

4%,

5/01/42

.................................

2,710,000

2,272,284

Special

Assessment,

2022,

4%,

5/01/52

.................................

2,545,000

1,964,153

Indigo

Community

Development

District

,

Special

Assessment,

1999

A,

7%,

5/01/31

...............................

435,000

435,550

Special

Assessment,

1999

C,

7%,

5/01/30

...............................

3,123,752

2,155,389

Phase

A1

Assessment

Area,

Special

Assessment,

2021,

2.2%,

5/01/26

.........

185,000

173,106

Phase

A1

Assessment

Area,

Special

Assessment,

2021,

2.7%,

5/01/31

.........

240,000

204,805

Phase

A1

Assessment

Area,

Special

Assessment,

2021,

3.125%,

5/01/41

.......

855,000

626,248

Phase

A1

Assessment

Area,

Special

Assessment,

2021,

4%,

5/01/52

...........

1,375,000

1,060,918

Kindred

Community

Development

District

II

,

Special

Assessment,

2020,

3.5%,

5/01/40

...............................

395,000

314,570

Special

Assessment,

2020,

3.75%,

5/01/50

..............................

570,000

428,771

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

235,000

200,538

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

500,000

369,965

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,810,000

1,396,697

Kingman

Gate

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

6/15/30

.............................

375,000

346,332

Special

Assessment,

2020,

4%,

6/15/40

.................................

775,000

690,911

Special

Assessment,

2020,

4%,

6/15/50

.................................

2,270,000

1,865,456

Special

Assessment,

2021,

2.5%,

6/15/26

...............................

80,000

75,920

Special

Assessment,

2021,

3.125%,

6/15/31

.............................

250,000

228,298

Special

Assessment,

2021,

3.6%,

6/15/41

...............................

750,000

619,119

Lake

Ashton

Community

Development

District

,

Special

Assessment

,

2015

A-1

,

Refunding

,

5

%

,

5/01/32

.............................................

2,070,000

2,081,398

Lake

Deer

Community

Development

District

,

Special

Assessment,

2022,

5%,

5/01/32

.................................

500,000

486,317

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

74

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Lake

Deer

Community

Development

District,

(continued)

Special

Assessment,

2022,

5.5%,

5/01/42

...............................

$

1,680,000

$

1,622,478

Special

Assessment,

2022,

5.625%,

5/01/53

.............................

3,000,000

2,841,661

Lakes

of

Sarasota

Community

Development

District

,

Special

Assessment,

2021

A-1,

3.4%,

5/01/31

............................

135,000

123,006

Special

Assessment,

2021

A-1,

3.9%,

5/01/41

............................

285,000

241,158

Special

Assessment,

2021

A-1,

4.1%,

5/01/51

............................

265,000

214,343

Special

Assessment,

2021

A-2,

3.875%,

5/01/31

..........................

560,000

533,376

Special

Assessment,

2021

B-1,

3.625%,

5/01/31

..........................

125,000

117,012

Special

Assessment,

2021

B-1,

4.125%,

5/01/41

..........................

200,000

174,777

Special

Assessment,

2021

B-1,

4.3%,

5/01/51

............................

325,000

271,905

Special

Assessment,

2021

B-2,

4.125%,

5/01/31

..........................

1,000,000

961,883

Lakewood

Park

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

3.2%,

5/01/31

................

125,000

111,894

Assessment

Area

1,

Special

Assessment,

2021,

3.625%,

5/01/41

..............

325,000

258,012

Assessment

Area

1,

Special

Assessment,

2021,

4%,

5/01/52

.................

500,000

385,884

Assessment

Area

2,

Special

Assessment,

2023,

5.75%,

5/01/53

...............

910,000

916,784

Lakewood

Ranch

Stewardship

District

,

District

Azario

Project,

Special

Assessment,

2020

A,

3.75%,

5/01/40

............

525,000

430,628

Lakewood

Ranch

Stewardship

District

Azario

Project,

Special

Assessment,

2020

A,

3.9%,

5/01/50

...................................................

770,000

593,338

b

Lakewood

Ranch

Stewardship

District

Lorraine

Lakes

Project,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.......................................

250,000

224,502

b

Lakewood

Ranch

Stewardship

District

Lorraine

Lakes

Project,

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.......................................

1,075,000

869,566

b

Lakewood

Ranch

Stewardship

District

Lorraine

Lakes

Project,

Special

Assessment,

144A,

2020,

3.875%,

5/01/51

.......................................

2,640,000

2,003,835

Lakewood

Ranch

Stewardship

District

Northeast

Sector

Project,

Special

Assessment,

2020,

3%,

5/01/30

................................................

470,000

417,749

b

Lakewood

Ranch

Stewardship

District

Northeast

Sector

Project,

Special

Assessment,

144A,

2020,

Refunding,

3.2%,

5/01/30

................................

440,000

397,039

Lakewood

Ranch

Stewardship

District

Northeast

Sector

Project,

Special

Assessment,

2020,

3.5%,

5/01/40

..............................................

750,000

592,400

b

Lakewood

Ranch

Stewardship

District

Northeast

Sector

Project,

Special

Assessment,

144A,

2020,

Refunding,

3.75%,

5/01/40

...............................

2,100,000

1,733,800

Star

Farms

at

Lakewood

Ranch

Project,

Special

Assessment,

2021,

2.3%,

5/01/26

.

140,000

131,783

Star

Farms

at

Lakewood

Ranch

Project,

Special

Assessment,

2021,

2.7%,

5/01/31

.

105,000

89,788

Star

Farms

at

Lakewood

Ranch

Project,

Special

Assessment,

2021,

3%,

5/01/41

..

430,000

316,376

Star

Farms

at

Lakewood

Ranch

Project,

Special

Assessment,

2021,

4%,

5/01/52

..

685,000

532,959

Laurel

Road

Community

Development

District

,

Special

Assessment,

2021

A-1,

2.6%,

5/01/26

............................

220,000

207,710

Special

Assessment,

2021

A-1,

3%,

5/01/31

..............................

350,000

305,269

Special

Assessment,

2021

A-1,

3.25%,

5/01/41

...........................

1,195,000

904,634

Special

Assessment,

2021

A-1,

4%,

5/01/52

..............................

1,455,000

1,122,924

Special

Assessment,

2021

A-2,

3.125%,

5/01/31

..........................

2,140,000

1,882,900

Lawson

Dunes

Community

Development

District

,

Special

Assessment,

2022,

4.375%,

5/01/27

.............................

200,000

198,268

Special

Assessment,

2022,

4.75%,

5/01/32

..............................

630,000

624,264

Special

Assessment,

2022,

5.125%,

5/01/52

.............................

1,500,000

1,407,933

Leomas

Landing

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

225,000

211,749

Special

Assessment,

2021,

2.95%,

5/01/31

..............................

310,000

269,560

Special

Assessment,

2021,

2.95%,

5/01/31

..............................

160,000

139,415

Special

Assessment,

2021,

3.35%,

5/01/41

..............................

795,000

602,532

Special

Assessment,

2021,

3.35%,

5/01/41

..............................

415,000

316,108

Special

Assessment,

2021,

4%,

5/01/52

.................................

530,000

408,999

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

75

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

$

8,000,000

$

6,540,000

Live

Oak

Lake

Community

Development

District

,

Special

Assessment,

2020,

4.4%,

5/01/40

...............................

1,600,000

1,438,976

Special

Assessment,

2020,

4.6%,

5/01/51

...............................

2,845,000

2,449,445

LT

Ranch

Community

Development

District

,

Phase

I

Assessment

Area,

Special

Assessment,

2022-1,

5.3%,

5/01/32

.........

120,000

121,330

Phase

I

Assessment

Area,

Special

Assessment,

2022-1,

5.75%,

5/01/42

........

380,000

384,467

Phase

I

Assessment

Area,

Special

Assessment,

2022-1,

5.9%,

5/01/53

.........

500,000

503,067

Phase

IIA

Assessment

Area,

Special

Assessment,

2022-2,

5%,

5/01/32

.........

1,245,000

1,255,247

Phase

IIA

Assessment

Area,

Special

Assessment,

2022-2,

5.5%,

5/01/42

........

3,160,000

3,186,409

Phase

IIA

Assessment

Area,

Special

Assessment,

2022-2,

5.7%,

5/01/53

........

5,685,000

5,724,151

LTC

Ranch

West

Residential

Community

Development

District

,

Special

Assessment,

2021

B,

3.25%,

5/01/31

.............................

4,000,000

3,557,011

Assessment

Area

1,

Special

Assessment,

2021

A,

3.125%,

5/01/31

............

700,000

616,807

Assessment

Area

1,

Special

Assessment,

2021

A,

3.45%,

5/01/41

.............

1,250,000

970,855

b

Magnolia

Park

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

249,489

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/39

...................

688,000

620,096

b

Mandarin

Grove

Community

Development

District

,

Special

Assessment

,

144A,

2022

,

6.625

%

,

5/01/53

...................................................

2,500,000

2,587,799

Mangrove

Point

&

Mangrove

Manor

,

Community

Development

District,

Special

Assessment,

2022,

4%,

5/01/32

.......

345,000

327,457

Community

Development

District,

Special

Assessment,

2022,

4.25%,

5/01/42

.....

1,130,000

983,528

Community

Development

District,

Special

Assessment,

2022,

4.375%,

5/01/52

....

1,500,000

1,241,069

Marshall

Creek

Community

Development

District

,

Special

Assessment

,

2015

A

,

Refunding

,

5

%

,

5/01/32

.............................................

1,585,000

1,589,653

Meadow

View

at

Twin

Creeks

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

260,000

244,688

Special

Assessment,

2021,

3%,

5/01/31

.................................

430,000

375,413

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

1,945,000

1,452,121

Special

Assessment,

2021,

3.75%,

5/01/52

..............................

630,000

458,447

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,000,000

771,577

Merrick

Square

Community

Development

District

,

Special

Assessment,

2023,

4.5%,

5/01/30

...............................

235,000

234,854

Special

Assessment,

2023,

5.4%,

5/01/43

...............................

725,000

725,514

Special

Assessment,

2023,

5.625%,

5/01/53

.............................

1,000,000

1,004,470

Middleton

Community

Development

District

A

,

Special

Assessment

,

2022

,

6.2

%

,

5/01/53

.........................................................

2,250,000

2,287,223

Mirada

Community

Development

District

,

Assessment

Area

4

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/32

...............................................

2,800,000

2,475,064

Mirada

II

Community

Development

District

,

2021

Project

Area,

Special

Assessment,

2021,

2.5%,

5/01/26

.................

305,000

287,860

2021

Project

Area,

Special

Assessment,

2021,

3.125%,

5/01/31

...............

650,000

572,190

2021

Project

Area,

Special

Assessment,

2021,

3.5%,

5/01/41

.................

2,100,000

1,627,223

2021

Project

Area,

Special

Assessment,

2021,

4%,

5/01/51

..................

2,375,000

1,842,987

2022

Project

Area,

Special

Assessment,

2022,

5.125%,

5/01/32

...............

360,000

363,021

2022

Project

Area,

Special

Assessment,

2022,

5.6%,

5/01/42

.................

1,090,000

1,096,778

2022

Project

Area,

Special

Assessment,

2022,

5.75%,

5/01/53

................

2,000,000

2,009,330

New

Port

Tampa

Bay

Community

Development

District

,

Special

Assessment,

2021,

2.875%,

5/01/26

.............................

265,000

251,575

Special

Assessment,

2021,

3.5%,

5/01/31

...............................

500,000

452,375

Special

Assessment,

2021,

3.875%,

5/01/41

.............................

1,250,000

1,021,473

Special

Assessment,

2021,

4.125%,

5/01/52

.............................

2,250,000

1,773,824

North

AR-1

Pasco

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/26

.............................

105,000

99,454

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

76

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

North

AR-1

Pasco

Community

Development

District,

(continued)

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

$

275,000

$

243,147

Assessment

Area

2,

Special

Assessment,

2021

A,

2.625%,

5/01/26

............

155,000

146,812

Assessment

Area

2,

Special

Assessment,

2021

A,

3.25%,

5/01/31

.............

275,000

245,379

Assessment

Area

2,

Special

Assessment,

2021

A,

3.55%,

5/01/41

.............

985,000

773,587

North

Park

Isle

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.45%,

11/01/26

..............

210,000

194,981

Assessment

Area

2,

Special

Assessment,

2021,

3%,

11/01/31

................

500,000

433,063

Assessment

Area

2,

Special

Assessment,

2021,

3.375%,

11/01/41

.............

1,500,000

1,146,511

Assessment

Area

2,

Special

Assessment,

2021,

4%,

11/01/51

................

2,500,000

1,937,851

North

Powerline

Road

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

5/01/30

.............................

490,000

439,826

Special

Assessment,

2020,

3.625%,

5/01/40

.............................

1,000,000

805,697

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,495,000

1,153,243

b

Special

Assessment,

144A,

2022,

5.25%,

5/01/32

.........................

295,000

290,863

b

Special

Assessment,

144A,

2022,

5.625%,

5/01/52

.........................

2,000,000

1,938,837

North

River

Ranch

Community

Development

District

,

Special

Assessment,

2020

A-1,

3%,

5/01/25

..............................

305,000

296,764

Special

Assessment,

2020

A-1,

3.5%,

5/01/30

............................

855,000

784,746

Special

Assessment,

2020

A-1,

4%,

5/01/40

..............................

1,150,000

983,214

Special

Assessment,

2020

A-1,

4.25%,

5/01/51

...........................

1,960,000

1,589,755

Special

Assessment,

2020

A-2,

4.2%,

5/01/35

............................

1,370,000

1,266,646

North

River

Ranch

Improvement

Stewardship

District

,

Special

Assessment

,

2023

A-1

,

6

%

,

5/01/54

......................................................

4,980,000

4,890,401

Orange

Blossom

Groves

Community

Development

District

,

Special

Assessment,

2023,

4.25%,

6/15/30

..............................

435,000

435,473

Special

Assessment,

2023,

5.25%,

6/15/43

..............................

1,000,000

1,003,849

Special

Assessment,

2023,

5.375%,

6/15/53

.............................

1,375,000

1,369,886

b

Osceola

Village

Center

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.875%,

5/01/31

.........................

180,000

155,966

Special

Assessment,

144A,

2021,

3.3%,

5/01/41

..........................

370,000

280,084

Palermo

Community

Development

District

,

Special

Assessment,

2023,

5%,

6/15/43

.................................

1,945,000

1,889,824

Special

Assessment,

2023,

5.25%,

6/15/53

..............................

1,500,000

1,460,188

Palm

Coast

Park

Community

Development

District

,

Special

Assessment,

2022,

5%,

5/01/42

.................................

1,000,000

957,624

Special

Assessment,

2022,

5.125%,

5/01/51

.............................

1,500,000

1,405,944

Spring

Lake

-

Tracts

2

&

3,

Special

Assessment,

2021,

2.8%,

5/01/31

...........

350,000

300,941

Spring

Lake

-

Tracts

2

&

3,

Special

Assessment,

2021,

3.125%,

5/01/41

.........

730,000

534,691

Spring

Lake

-

Tracts

2

&

3,

Special

Assessment,

2021,

4%,

5/01/52

............

1,210,000

932,825

Park

East

Community

Development

District

,

Special

Assessment

,

2021

,

3.15

%

,

11/01/41

........................................................

750,000

546,331

Parkview

at

Long

Lake

Ranch

Community

Development

District

,

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

955,000

779,807

Special

Assessment,

2020,

4%,

5/01/51

.................................

800,000

620,795

Parrish

Lakes

Community

Development

District

,

Special

Assessment,

2023,

5.125%,

5/01/43

.............................

1,500,000

1,435,866

Special

Assessment,

2023,

5.4%,

5/01/53

...............................

1,605,000

1,529,535

Parrish

Plantation

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.5%,

5/01/26

................

195,000

184,568

Assessment

Area

1,

Special

Assessment,

2021,

3.125%,

5/01/31

..............

235,000

208,168

Assessment

Area

1,

Special

Assessment,

2021,

3.5%,

5/01/41

................

790,000

622,100

Assessment

Area

1,

Special

Assessment,

2021,

4%,

5/01/52

.................

1,370,000

1,052,249

Assessment

Area

2,

Special

Assessment,

2022,

4.75%,

5/01/32

...............

215,000

211,603

Assessment

Area

2,

Special

Assessment,

2022,

5.375%,

5/01/42

..............

775,000

766,350

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

77

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Parrish

Plantation

Community

Development

District,

(continued)

Assessment

Area

2,

Special

Assessment,

2022,

5.5%,

5/01/52

................

$

1,245,000

$

1,229,047

Peace

Creek

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

4.25%,

6/15/30

...............

350,000

349,363

Assessment

Area

1,

Special

Assessment,

2023,

5.125%,

6/15/43

..............

1,450,000

1,440,098

Assessment

Area

1,

Special

Assessment,

2023,

5.375%,

6/15/53

..............

1,595,000

1,593,780

b

Pine

Isle

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

12/15/26

........................

80,000

74,723

Special

Assessment,

144A,

2021,

3%,

12/15/31

...........................

225,000

201,146

Special

Assessment,

144A,

2021,

3.25%,

12/15/41

.........................

1,000,000

768,769

Special

Assessment,

144A,

2021,

4%,

12/15/51

...........................

1,200,000

971,795

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment

,

2020

A-2

,

Refunding

,

3.75

%

,

5/01/37

.......................................

700,000

593,359

Preserve

at

South

Branch

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

150,000

135,248

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

750,000

608,609

Quail

Roost

Community

Development

District

,

Expansion

Area,

Special

Assessment,

2021,

2.2%,

12/15/26

.................

160,000

148,488

Expansion

Area,

Special

Assessment,

2021,

2.7%,

12/15/31

.................

200,000

173,291

Expansion

Area,

Special

Assessment,

2021,

3.125%,

12/15/41

................

990,000

746,504

Expansion

Area,

Special

Assessment,

2021,

4%,

12/15/51

...................

2,360,000

1,923,119

Reserve

at

Van

Oaks

Community

Development

District

,

Special

Assessments,

Special

Assessment,

2023,

5.125%,

5/01/43

............

200,000

197,168

Special

Assessments,

Special

Assessment,

2023,

5.375%,

5/01/53

............

965,000

952,926

Reunion

East

Community

Development

District

,

Assessment

Area,

Special

Assessment,

2021,

2.4%,

5/01/26

.................

310,000

292,821

Assessment

Area,

Special

Assessment,

2021,

2.85%,

5/01/31

................

400,000

347,189

Assessment

Area,

Special

Assessment,

2021,

3.15%,

5/01/41

................

1,455,000

1,101,519

Rhodine

Road

North

Community

Development

District

,

Special

Assessment,

2022,

2.6%,

5/01/27

...............................

100,000

94,521

Special

Assessment,

2022,

3%,

5/01/32

.................................

190,000

169,775

Special

Assessment,

2022,

3.3%,

5/01/42

...............................

490,000

378,752

Ridge

at

Apopka

Community

Development

District

,

Special

Assessment,

2022,

5.375%,

5/01/42

.............................

850,000

836,701

Special

Assessment,

2022,

5.5%,

5/01/52

...............................

2,150,000

2,088,779

River

Glen

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

350,000

305,569

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

1,000,000

768,151

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,000,000

775,994

River

Hall

Community

Development

District

,

Special

Assessment,

2020

A,

3.625%,

5/01/40

............................

1,030,000

826,909

Special

Assessment,

2020

A,

3.875%,

5/01/51

............................

2,690,000

2,047,934

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/24

.....................

250,000

246,796

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/25

.....................

150,000

145,978

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/31

.....................

1,000,000

878,955

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/36

.....................

1,000,000

790,492

River

Landing

Community

Development

District

,

Special

Assessment,

2020

A,

3%,

5/01/25

...............................

170,000

165,470

Special

Assessment,

2020

A,

3.6%,

5/01/30

..............................

475,000

438,876

Special

Assessment,

2020

A,

4.125%,

5/01/40

............................

850,000

740,177

Special

Assessment,

2020

A,

4.35%,

5/01/51

.............................

1,100,000

913,700

Special

Assessment,

2020

B,

4.25%,

11/01/35

............................

895,000

811,796

g

Assessments,

Special

Assessment,

2023

A,

5.5%,

5/01/43

...................

750,000

752,799

g

Assessments,

Special

Assessment,

2023

A,

5.75%,

5/01/53

..................

1,000,000

1,005,939

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

78

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

River

Place

on

the

St.

Lucie

Community

Development

District

,

Special

Assessment,

2001

A,

7.625%,

5/01/30

............................

$

910,000

$

835,244

d

Special

Assessment,

2001

B,

7.25%,

5/01/10

.............................

35,000

1,750

Rivers

Edge

II

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

205,000

178,976

Special

Assessment,

2021,

4%,

5/01/51

.................................

910,000

706,155

b

Rivers

Edge

III

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.4%,

5/01/26

..........................

100,000

94,085

Special

Assessment,

144A,

2021,

3%,

5/01/31

............................

300,000

262,511

Special

Assessment,

144A,

2021,

3.5%,

5/01/41

..........................

775,000

599,333

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

905,000

702,929

Rivington

Community

Development

District

,

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

1,685,000

1,375,889

Special

Assessment,

2022,

3.625%,

5/01/32

.............................

430,000

388,191

Special

Assessment,

2022,

4%,

5/01/52

.................................

4,365,000

3,368,773

Rolling

Hills

Community

Development

District

,

Special

Assessment,

2022

A-1,

4%,

5/01/52

..............................

945,000

729,322

Special

Assessment,

2022

A-2,

Refunding,

3.65%,

5/01/32

...................

1,000,000

901,810

b

Rolling

Oaks

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

6.5

%

,

5/01/53

...........................................

1,500,000

1,532,853

Rustic

Oaks

Community

Development

District

,

Special

Assessment,

2022,

3.2%,

5/01/32

...............................

1,000,000

872,491

Special

Assessment,

2022,

3.45%,

5/01/42

..............................

2,000,000

1,547,803

Special

Assessment,

2022,

4%,

5/01/52

.................................

3,950,000

3,045,174

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

,

Special

Assessment,

2020,

3%,

6/15/30

.................................

250,000

222,516

Special

Assessment,

2020,

4%,

6/15/40

.................................

610,000

525,203

Special

Assessment,

2022,

3.1%,

12/15/32

..............................

300,000

257,108

Special

Assessment,

2022,

3.35%,

12/15/41

.............................

485,000

368,861

Sanctuary

Cove

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/31

.............................

190,000

161,214

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

400,000

292,982

Special

Assessment,

2021,

4%,

5/01/52

.................................

770,000

594,114

Sandmine

Road

Community

Development

District

,

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.........

300,000

276,895

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.........

1,040,000

872,745

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.75%,

5/01/50

..........

2,020,000

1,578,555

Assessment

Area

2,

Special

Assessment,

2021,

2.3%,

11/01/26

...............

200,000

186,949

Assessment

Area

2,

Special

Assessment,

2021,

3%,

11/01/31

................

450,000

396,032

Assessment

Area

2,

Special

Assessment,

2021,

3.3%,

11/01/41

...............

1,180,000

913,985

Sandridge

Community

Development

District

,

Special

Assessment,

2021

A-1,

2.875%,

5/01/26

..........................

290,000

276,734

Special

Assessment,

2021

A-1,

3.4%,

5/01/31

............................

750,000

677,896

Special

Assessment,

2021

A-1,

3.875%,

5/01/41

..........................

730,000

602,277

Special

Assessment,

2021

A-1,

4%,

5/01/51

..............................

735,000

570,356

Sarasota

National

Community

Development

District

,

Special

Assessment,

2020,

Refunding,

3.5%,

5/01/31

.......................

1,490,000

1,351,729

Special

Assessment,

2020,

Refunding,

4%,

5/01/39

........................

2,210,000

1,912,213

b

Savanna

Lakes

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

144A,

2023,

5.125%,

6/15/43

.........

395,000

389,397

Assessment

Area

1,

Special

Assessment,

144A,

2023,

5.375%,

6/15/53

.........

1,065,000

1,048,591

Sawyers

Landing

Community

Development

District

,

Special

Assessment,

2021,

3.75%,

5/01/31

..............................

1,400,000

1,275,574

Special

Assessment,

2021,

4.125%,

5/01/41

.............................

3,055,000

2,519,165

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

79

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Sawyers

Landing

Community

Development

District,

(continued)

Special

Assessment,

2021,

4.25%,

5/01/53

..............................

$

6,015,000

$

4,634,930

Scenic

Highway

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

470,000

425,227

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

1,230,000

1,003,167

Scenic

Terrace

South

Community

Development

District

,

Special

Assessment,

2022,

3.75%,

5/01/27

..............................

500,000

485,336

Special

Assessment,

2022,

4.125%,

5/01/32

.............................

750,000

712,302

Special

Assessment,

2022,

4.5%,

5/01/42

...............................

3,305,000

2,952,263

Special

Assessment,

2022,

4.625%,

5/01/53

.............................

3,385,000

2,898,475

Sedona

Point

Community

Development

District

,

Special

Assessments,

Special

Assessment,

2023,

4.125%,

6/15/30

............

75,000

74,322

Special

Assessments,

Special

Assessment,

2023,

5%,

6/15/43

................

705,000

691,864

Special

Assessments,

Special

Assessment,

2023,

5%,

6/15/53

................

1,185,000

1,118,265

b

Seminole

County

Industrial

Development

Authority

,

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/36

.....

310,000

265,568

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/41

.....

425,000

345,896

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/51

.....

830,000

620,548

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/56

.....

705,000

508,820

Sherwood

Manor

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2023,

5.5%,

5/01/43

................

1,695,000

1,701,336

Assessment

Area

2,

Special

Assessment,

2023,

5.625%,

5/01/53

..............

1,570,000

1,564,278

Shingle

Creek

at

Bronson

Community

Development

District

,

Special

Assessment,

2021,

3.1%,

6/15/31

...............................

375,000

331,715

Special

Assessment,

2021,

3.5%,

6/15/41

...............................

1,000,000

778,186

Silver

Palms

West

Community

Development

District

,

Special

Assessment,

2022,

2.6%,

6/15/27

...............................

410,000

373,935

Special

Assessment,

2022,

3%,

6/15/32

.................................

765,000

651,327

Special

Assessment,

2022,

3.25%,

6/15/42

..............................

1,750,000

1,315,335

Silverlake

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

245,000

246,766

Assessment

Area

1,

Special

Assessment,

2023,

5.5%,

5/01/53

................

985,000

987,934

Six

Mile

Creek

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.125%,

11/01/25

....

220,000

213,174

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.625%,

11/01/31

....

500,000

454,341

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.125%,

11/01/40

....

1,375,000

1,191,820

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.25%,

11/01/50

.....

2,290,000

1,862,615

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

2.5%,

5/01/26

.......

175,000

164,577

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

3.1%,

5/01/31

.......

250,000

219,883

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

3.4%,

5/01/41

.......

750,000

572,668

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

4%,

5/01/52

........

2,050,000

1,579,751

Assessment

Area

3,

Special

Assessment,

2021,

2.5%,

5/01/26

................

215,000

202,306

Assessment

Area

3,

Special

Assessment,

2021,

3%,

5/01/31

.................

520,000

454,612

Assessment

Area

3,

Special

Assessment,

2021,

3.4%,

5/01/41

................

805,000

614,664

Assessment

Area

3,

Special

Assessment,

2021,

3.5%,

5/01/41

................

1,585,000

1,229,268

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/51

.................

1,200,000

932,468

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/52

.................

655,000

504,750

Somerset

Community

Development

District

,

Special

Assessment,

2022,

Refunding,

4%,

5/01/32

........................

750,000

706,642

Special

Assessment,

2022,

Refunding,

4.2%,

5/01/37

.......................

1,000,000

911,062

Sorrento

Pines

Community

Development

District

,

Assessment

Area

1,

Revenue,

2023,

5.25%,

5/01/43

.......................

415,000

408,934

Assessment

Area

1,

Revenue,

2023,

5.5%,

5/01/53

........................

500,000

494,904

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

80

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

South

Creek

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.875%,

6/15/31

..............

$

175,000

$

155,670

Assessment

Area

1,

Special

Assessment,

2021,

3.25%,

6/15/41

...............

500,000

387,765

Southern

Groves

Community

Development

District

No.

5

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

225,000

211,749

Special

Assessment,

2021,

2.8%,

5/01/31

...............................

405,000

348,231

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

1,100,000

805,700

Special

Assessment,

2021,

4%,

5/01/48

.................................

620,000

491,388

Special

Assessment,

2022-1,

6%,

5/01/49

...............................

1,000,000

1,013,014

b

Southshore

Bay

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/33

..................................

1,215,000

1,021,609

Stellar

North

Community

Development

District

,

Special

Assessment,

2021,

2.45%,

5/01/26

..............................

130,000

122,015

Special

Assessment,

2021,

3%,

5/01/31

.................................

250,000

218,263

Special

Assessment,

2021,

3.2%,

5/01/41

...............................

885,000

651,864

Special

Assessment,

2021,

4%,

5/01/52

.................................

2,225,000

1,716,759

b

Stillwater

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

6/15/26

.........................

300,000

281,663

Special

Assessment,

144A,

2021,

3%,

6/15/31

............................

325,000

283,808

Special

Assessment,

144A,

2021,

3.5%,

6/15/41

..........................

1,290,000

1,008,442

b

Stonewater

Community

Development

District

,

Special

Assessment,

144A,

2021,

3%,

11/01/32

...........................

250,000

213,320

Special

Assessment,

144A,

2021,

3.3%,

11/01/41

..........................

635,000

481,841

Stoneybrook

North

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2022

,

Refunding

,

6.375

%

,

11/01/52

..........................

1,835,000

1,903,527

Stoneybrook

South

at

Championsgate

Community

Development

District

,

Assessment

Area,

Special

Assessment,

2023,

4.5%,

6/15/30

.................

110,000

110,329

Assessment

Area,

Special

Assessment,

2023,

5.375%,

6/15/43

...............

395,000

397,579

Assessment

Area,

Special

Assessment,

2023,

5.5%,

6/15/53

.................

390,000

390,885

b

Stoneybrook

South

Community

Development

District

,

Special

Assessment,

144A,

2020,

3%,

12/15/30

...........................

500,000

453,105

Special

Assessment,

144A,

2020,

3.5%,

12/15/40

.........................

1,000,000

819,021

Special

Assessment,

144A,

2020,

3.75%,

12/15/50

.........................

1,500,000

1,168,811

Storey

Creek

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2022,

5%,

6/15/32

.................

240,000

242,429

Assessment

Area

2,

Special

Assessment,

2022,

5.2%,

6/15/42

................

615,000

603,421

Assessment

Area

2,

Special

Assessment,

2022,

5.375%,

6/15/52

..............

1,000,000

969,236

Storey

Drive

Community

Development

District

,

Special

Assessment,

2022,

2.55%,

6/15/27

..............................

200,000

185,191

Special

Assessment,

2022,

3%,

6/15/32

.................................

375,000

323,352

Special

Assessment,

2022,

3.25%,

6/15/42

..............................

900,000

679,585

Special

Assessment,

2022,

4%,

6/15/52

.................................

2,000,000

1,571,393

b

Storey

Park

Community

Development

District

,

Assessment

Area

4,

Special

Assessment,

144A,

2021,

2.875%,

6/15/31

.........

230,000

204,452

Assessment

Area

4,

Special

Assessment,

144A,

2021,

3.3%,

6/15/41

...........

620,000

472,751

Summer

Woods

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

155,000

136,336

Assessment

Area

2,

Special

Assessment,

2021,

3.4%,

5/01/41

................

405,000

312,871

Assessment

Area

3,

Special

Assessment,

2021,

2.5%,

5/01/26

................

150,000

141,766

Assessment

Area

3,

Special

Assessment,

2021,

3.15%,

5/01/31

...............

200,000

177,262

Assessment

Area

3,

Special

Assessment,

2021,

3.45%,

5/01/41

...............

725,000

561,160

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/52

.................

1,000,000

781,634

Summerstone

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

165,000

154,070

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

81

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Summerstone

Community

Development

District,

(continued)

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

$

700,000

$

600,883

Special

Assessment,

2020,

4%,

5/01/51

.................................

910,000

742,006

b

Special

Assessment,

144A,

2021,

2.75%,

5/01/31

.........................

175,000

153,616

b

Special

Assessment,

144A,

2021,

3.15%,

5/01/41

.........................

700,000

532,673

b

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

1,750,000

1,426,934

Sunbridge

Stewardship

District

,

Del

Webb

Project

Assessment,

Special

Assessment,

2022,

5%,

5/01/32

.........

350,000

352,467

Del

Webb

Project

Assessment,

Special

Assessment,

2022,

5.4%,

5/01/42

.......

925,000

925,601

Del

Webb

Project

Assessment,

Special

Assessment,

2022,

5.5%,

5/01/52

.......

1,725,000

1,702,711

Weslyn

Park

Project

Assessment,

Special

Assessment,

2022,

4.2%,

5/01/27

.....

340,000

334,213

Weslyn

Park

Project

Assessment,

Special

Assessment,

2022,

4.6%,

5/01/32

.....

460,000

447,199

Weslyn

Park

Project

Assessment,

Special

Assessment,

2022,

5.2%,

5/01/42

.....

1,000,000

961,542

Weslyn

Park

Project

Assessment,

Special

Assessment,

2022,

5.35%,

5/01/52

....

2,000,000

1,898,557

Tamarindo

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

185,000

161,819

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

820,000

632,494

Tern

Bay

Community

Development

District

,

Special

Assessment,

2022,

3.4%,

6/15/32

...............................

1,650,000

1,467,539

Special

Assessment,

2022,

4%,

6/15/42

.................................

3,600,000

3,012,638

Special

Assessment,

2022,

4%,

6/15/52

.................................

6,500,000

5,027,741

Terreno

Community

Development

District

,

Special

Assessment

,

2023

,

5.25

%

,

5/01/53

1,020,000

979,843

Timber

Creek

Southwest

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.35%,

12/15/26

..............

325,000

302,104

Assessment

Area

2,

Special

Assessment,

2021,

3%,

12/15/31

................

750,000

649,192

Assessment

Area

2,

Special

Assessment,

2021,

3.3%,

12/15/41

...............

2,175,000

1,641,546

Tohoqua

Community

Development

District

,

Special

Assessment,

2021,

2.875%,

5/01/31

.............................

215,000

186,718

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

810,000

625,514

Tolomato

Community

Development

District

,

Special

Assessment,

2022

B,

Refunding,

3%,

5/01/32

......................

1,500,000

1,309,746

Special

Assessment,

2022

C,

Refunding,

3.2%,

5/01/32

.....................

1,500,000

1,327,648

Assessment

Area

1,

Special

Assessment,

2022-1,

3.3%,

5/01/32

..............

515,000

459,525

Assessment

Area

1,

Special

Assessment,

2022-1,

4%,

5/01/52

................

1,970,000

1,526,997

Assessment

Area

2,

Special

Assessment,

2022-2,

3.3%,

5/01/32

..............

195,000

173,995

Assessment

Area

2,

Special

Assessment,

2022-2,

4%,

5/01/51

................

665,000

519,162

b

Towne

Park

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.........................

410,000

378,424

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.........................

1,075,000

902,116

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,000,000

815,391

Tradition

Community

Development

District

No.

9

,

Special

Assessment,

2021,

2.3%,

5/01/26

...............................

295,000

277,765

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

445,000

380,877

b

Trevesta

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

235,000

212,642

Special

Assessment,

144A,

2020,

3.75%,

5/01/40

.........................

880,000

721,035

Triple

Creek

Community

Development

District

,

b

Special

Assessment,

144A,

2021,

2.375%,

11/01/26

........................

145,000

134,477

b

Special

Assessment,

144A,

2021,

2.875%,

11/01/31

........................

450,000

385,635

Special

Assessment,

2021,

3%,

11/01/31

................................

250,000

216,532

b

Special

Assessment,

144A,

2021,

3.125%,

11/01/41

........................

1,190,000

874,298

Special

Assessment,

2021,

3.5%,

11/01/41

...............................

740,000

575,753

Tuckers

Pointe

Community

Development

District

,

Special

Assessment,

2022,

3%,

5/01/27

.................................

255,000

239,485

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

82

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Tuckers

Pointe

Community

Development

District,

(continued)

Special

Assessment,

2022,

3.375%,

5/01/32

.............................

$

565,000

$

500,002

Special

Assessment,

2022,

3.625%,

5/01/32

.............................

4,500,000

4,050,142

Special

Assessment,

2022,

4%,

5/01/42

.................................

1,505,000

1,261,837

Special

Assessment,

2022,

4%,

5/01/52

.................................

1,500,000

1,157,654

Twisted

Oaks

Pointe

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

740,000

731,498

Assessment

Area

1,

Special

Assessment,

2023,

5.625%,

5/01/53

..............

500,000

494,972

Two

Rivers

East

Community

Development

District

,

Special

Assessment,

2023,

4.875%,

5/01/30

.............................

200,000

199,586

Special

Assessment,

2023,

5.75%,

5/01/43

..............................

2,000,000

1,997,539

Special

Assessment,

2023,

5.875%,

5/01/53

.............................

3,465,000

3,423,895

Two

Rivers

North

Community

Development

District

,

Special

Assessment,

2022,

4.625%,

5/01/27

.............................

80,000

79,320

Special

Assessment,

2022,

4.875%,

5/01/32

.............................

380,000

374,402

Special

Assessment,

2022,

5.125%,

5/01/42

.............................

1,540,000

1,487,472

Special

Assessment,

2022,

5.25%,

5/01/52

..............................

2,000,000

1,900,212

Two

Rivers

West

Community

Development

District

,

Special

Assessment,

2022,

6%,

5/01/43

.................................

1,025,000

1,036,380

Special

Assessment,

2022,

6.25%,

5/01/53

..............................

1,000,000

1,010,230

b

Union

Park

East

Community

Development

District

,

Assessment

Area

3,

Special

Assessment,

144A,

2021,

2.95%,

5/01/31

..........

95,000

82,681

Assessment

Area

3,

Special

Assessment,

144A,

2021,

3.35%,

5/01/41

..........

255,000

193,507

Varrea

South

Community

Development

District

,

Special

Assessment,

2023,

5.125%,

5/01/43

.............................

1,075,000

1,061,087

Special

Assessment,

2023,

5.4%,

5/01/53

...............................

1,320,000

1,310,246

V-Dana

Community

Development

District

,

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

400,000

355,366

Special

Assessment,

2021,

3.625%,

5/01/41

.............................

1,250,000

1,005,639

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,500,000

1,171,405

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

...........

375,000

342,275

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............

1,775,000

1,539,032

Assessment

Area

2,

Special

Assessment,

2023,

4.3%,

5/01/30

................

900,000

900,352

Assessment

Area

2,

Special

Assessment,

2023,

5.25%,

5/01/43

...............

1,815,000

1,806,040

Assessment

Area

2,

Special

Assessment,

2023,

5.5%,

5/01/54

................

2,505,000

2,490,119

b

Veranda

Community

Development

District

II

,

Special

Assessment,

144A,

2021,

Refunding,

2.5%,

5/01/26

..................

260,000

245,389

Special

Assessment,

144A,

2021,

Refunding,

3.1%,

5/01/31

..................

395,000

347,416

Special

Assessment,

144A,

2021,

Refunding,

3.6%,

5/01/41

..................

990,000

778,317

Special

Assessment,

144A,

2021,

Refunding,

4%,

5/01/51

...................

1,445,000

1,121,312

Verano

No.

3

Community

Development

District

,

Phase

1

Assessment

Area,

Special

Assessment,

2021,

3.375%,

5/01/41

.........

750,000

580,919

Phase

2

Assessment

Area,

Special

Assessment,

2022,

6.45%,

11/01/42

.........

1,000,000

1,037,767

Phase

2

Assessment

Area,

Special

Assessment,

2022,

6.625%,

11/01/52

........

1,475,000

1,534,558

Verano

No.

4

Community

Development

District

,

Astor

Creek

Phase

1

Assessment

Area,

Special

Assessment,

2023,

5.375%,

5/01/43

1,020,000

1,020,337

Astor

Creek

Phase

1

Assessment

Area,

Special

Assessment,

2023,

5.625%,

5/01/53

250,000

251,496

Viera

Stewardship

District

,

Special

Assessment,

2021,

2.3%,

5/01/26

...............................

500,000

469,204

Special

Assessment,

2021,

2.8%,

5/01/31

...............................

800,000

688,480

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

1,750,000

1,291,170

Special

Assessment,

2021,

4%,

5/01/53

.................................

1,715,000

1,315,778

Village

Community

Development

District

No.

13

,

b

Special

Assessment,

144A,

2020,

3.5%,

5/01/51

..........................

13,560,000

9,789,348

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

83

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Village

Community

Development

District

No.

13,

(continued)

Special

Assessment,

2021,

2.85%,

5/01/36

..............................

$

1,645,000

$

1,304,672

Special

Assessment,

2021,

3%,

5/01/41

.................................

2,440,000

1,795,899

Special

Assessment,

2021,

3.25%,

5/01/52

..............................

5,400,000

3,674,549

Village

Community

Development

District

No.

14

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/53

.........................................................

14,000,000

13,980,886

Villages

of

Glen

Creek

Community

Development

District

,

Assessment

Area

3,

Special

Assessment,

2022,

Refunding,

2.7%,

5/01/27

.......

30,000

27,877

Assessment

Area

3,

Special

Assessment,

2022,

Refunding,

3.15%,

5/01/32

......

210,000

182,877

Assessment

Area

3,

Special

Assessment,

2022,

Refunding,

3.45%,

5/01/42

......

550,000

416,302

Assessment

Area

3,

Special

Assessment,

2022,

Refunding,

4%,

5/01/52

........

1,205,000

928,971

Assessment

Area

4,

Special

Assessment,

2022

A,

4.625%,

5/01/27

............

100,000

99,431

Assessment

Area

4,

Special

Assessment,

2022

A,

4.875%,

5/01/32

............

250,000

247,675

Assessment

Area

4,

Special

Assessment,

2022

A,

5.125%,

5/01/42

............

710,000

685,379

Assessment

Area

4,

Special

Assessment,

2022

A,

5.25%,

5/01/53

.............

1,250,000

1,188,474

Villamar

Community

Development

District

,

Special

Assessment,

2020,

3.2%,

5/01/30

...............................

240,000

216,339

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

655,000

536,108

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,000,000

773,773

Phase

4

Project,

Special

Assessment,

2022,

3.25%,

5/01/27

.................

140,000

133,460

Phase

4

Project,

Special

Assessment,

2022,

3.625%,

5/01/32

................

250,000

225,929

Phase

4

Project,

Special

Assessment,

2022,

4%,

5/01/42

....................

670,000

561,920

Phase

4

Project,

Special

Assessment,

2022,

4.125%,

5/01/52

................

500,000

394,547

Waterford

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

395,000

389,050

Assessment

Area

1,

Special

Assessment,

2023,

5.6%,

5/01/53

................

750,000

738,191

Waterset

South

Community

Development

District

,

Special

Assessment

,

2022

,

6.1

%

,

5/01/53

.........................................................

665,000

673,422

Wellness

Ridge

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.125%,

6/15/43

..............

1,410,000

1,396,903

Assessment

Area

1,

Special

Assessment,

2023,

5.375%,

6/15/53

..............

1,340,000

1,335,016

West

Port

Community

Development

District

,

b

Special

Assessment,

144A,

2020,

3.25%,

5/01/31

.........................

410,000

363,199

b

Special

Assessment,

144A,

2020,

3.625%,

5/01/41

.........................

1,085,000

851,354

b

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,545,000

1,201,531

Assessment

Area

1,

Special

Assessment,

2021,

2.4%,

5/01/26

................

150,000

141,205

Assessment

Area

1,

Special

Assessment,

2021,

3%,

5/01/31

.................

570,000

498,666

Assessment

Area

1,

Special

Assessment,

2021,

3.4%,

5/01/41

................

1,470,000

1,126,639

Assessment

Area

3,

Special

Assessment,

2022,

5.125%,

5/01/42

..............

360,000

344,437

Assessment

Area

3,

Special

Assessment,

2022,

5.25%,

5/01/52

...............

585,000

551,824

West

Villages

Improvement

District

,

Unit

of

Development

No.

7,

Special

Assessment,

2021,

2.5%,

5/01/26

..........

155,000

146,330

Unit

of

Development

No.

7,

Special

Assessment,

2021,

3.125%,

5/01/31

........

200,000

177,197

Unit

of

Development

No.

7,

Special

Assessment,

2021,

3.5%,

5/01/41

..........

800,000

629,990

Unit

of

Development

No.

8,

Special

Assessment,

2021,

2.5%,

5/01/26

..........

120,000

113,289

Unit

of

Development

No.

8,

Special

Assessment,

2021,

3.125%,

5/01/31

........

525,000

462,922

Unit

of

Development

No.

8,

Special

Assessment,

2021,

3.5%,

5/01/41

..........

1,000,000

780,660

Unit

of

Development

No.

8,

Special

Assessment,

2021,

4%,

5/01/51

............

1,855,000

1,442,702

Unit

of

Development

No.

8,

Special

Assessment,

2022,

5.5%,

5/01/53

..........

1,880,000

1,856,085

Unit

of

Development

No.

9,

Special

Assessment,

2023,

4.625%,

5/01/30

........

275,000

275,497

Unit

of

Development

No.

9,

Special

Assessment,

2023,

5.375%,

5/01/43

........

1,500,000

1,495,383

Unit

of

Development

No.

9,

Special

Assessment,

2023,

5.625%,

5/01/53

........

2,005,000

2,012,447

Westside

Haines

City

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

190,000

179,935

Special

Assessment,

2021,

3%,

5/01/31

.................................

350,000

308,065

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

84

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Westside

Haines

City

Community

Development

District,

(continued)

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

$

1,000,000

$

760,693

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,250,000

965,343

Westview

North

Community

Development

District

,

Special

Assessment,

2022,

5.75%,

6/15/42

..............................

1,000,000

1,011,204

Special

Assessment,

2022,

6%,

6/15/52

.................................

1,250,000

1,262,979

Whispering

Pines

Community

Development

District

,

Special

Assessment,

2023,

5.375%,

5/01/43

.............................

500,000

501,690

Special

Assessment,

2023,

5.5%,

5/01/53

...............................

930,000

925,892

Willows

Community

Development

District

,

Special

Assessment,

2022,

4.7%,

5/01/29

...............................

335,000

336,668

Special

Assessment,

2022,

5.625%,

5/01/42

.............................

1,440,000

1,462,100

Special

Assessment,

2022,

5.75%,

5/01/52

..............................

1,200,000

1,213,246

Wind

Meadows

South

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.4%,

5/01/26

................

170,000

160,032

Assessment

Area

1,

Special

Assessment,

2021,

2.95%,

5/01/31

...............

250,000

217,537

Assessment

Area

1,

Special

Assessment,

2021,

3.35%,

5/01/41

...............

940,000

717,800

Assessment

Area

2,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

920,000

912,735

Assessment

Area

2,

Special

Assessment,

2023,

5.625%,

5/01/53

..............

895,000

889,819

Windward

Community

Development

District

,

Special

Assessment,

2020

A-1,

3.65%,

5/01/30

...........................

130,000

120,435

Special

Assessment,

2020

A-1,

4.25%,

5/01/40

...........................

630,000

554,117

Special

Assessment,

2020

A-1,

4.5%,

5/01/51

............................

495,000

417,941

Special

Assessment,

2020

A-2,

4.4%,

11/01/35

...........................

900,000

842,879

Wiregrass

II

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2020,

3.125%,

5/01/30

..............

645,000

579,835

Assessment

Area

1,

Special

Assessment,

2020,

3.7%,

5/01/40

................

1,680,000

1,374,687

Assessment

Area

1,

Special

Assessment,

2020,

3.875%,

5/01/50

..............

1,960,000

1,482,195

Assessment

Area

2,

Special

Assessment,

2022,

5.25%,

5/01/52

...............

1,000,000

945,890

Zephyr

Lakes

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.5%,

5/01/26

................

135,000

127,414

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

155,000

135,323

Assessment

Area

2,

Special

Assessment,

2021,

3.375%,

5/01/41

..............

660,000

505,230

Assessment

Area

2,

Special

Assessment,

2021,

4%,

5/01/51

.................

940,000

730,777

805,207,401

Georgia

1.1%

b

Development

Authority

of

Cobb

County

(The)

,

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/39

1,825,000

1,495,926

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/49

10,760,000

7,966,700

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

B

,

4.5

%

,

12/01/36

................................

10,835,000

8,780,633

Forsyth

County

Hospital

Authority

,

Georgia

Baptist

Healthcare

System

Obligated

Group

,

Revenue

,

1998

,

ETM,

6.375

%

,

10/01/28

...........................

5,375,000

5,878,806

b

George

L

Smith

II

Congress

Center

Authority

,

Signia

Hotel

Management

LLC,

Revenue,

Second

Tier,

144A,

2021

B,

5%,

1/01/36

2,500,000

2,306,224

Signia

Hotel

Management

LLC,

Revenue,

Second

Tier,

144A,

2021

B,

5%,

1/01/54

10,000,000

8,075,344

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/25

......................................

5,000,000

5,099,559

Revenue,

2007

A,

5.5%,

9/15/27

......................................

4,000,000

4,164,646

Revenue,

2007

A,

5.5%,

9/15/28

......................................

10,000,000

10,526,555

54,294,393

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

85

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Idaho

0.3%

Idaho

Housing

&

Finance

Association

,

Revenue

,

2010

A

,

7

%

,

2/01/36

............

$

13,305,000

$

13,330,724

Illinois

1.5%

Illinois

Finance

Authority

,

b

DePaul

College

Prep,

Revenue,

144A,

2023

A,

Refunding,

5.5%,

8/01/43

........

500,000

504,611

b

DePaul

College

Prep,

Revenue,

144A,

2023

A,

Refunding,

5.625%,

8/01/53

......

2,055,000

2,024,014

b

McKinley

Foundation

at

University

of

Illinois

(The),

Revenue,

144A,

2021

A,

Refunding,

5.125%,

11/01/55

.......................................

13,560,000

11,259,337

b

McKinley

Foundation

at

University

of

Illinois

(The),

Revenue,

144A,

2021

B,

7%,

11/01/37

.......................................................

4,190,000

4,100,536

Plymouth

Place

Obligated

Group,

Revenue,

2022

A,

6.75%,

5/15/58

...........

3,000,000

3,045,873

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

5/01/48

........................................................

4,030,000

3,093,474

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

5/01/48

........................................................

10,000,000

8,019,192

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.5%,

5/01/53

........................................................

10,810,000

8,777,198

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

1996,

ETM,

7%,

7/01/26

.....................................

3,900,000

4,101,100

Revenue,

2010

B-1,

Refunding,

AGMC

Insured,

Zero

Cpn.,

6/15/45

............

18,100,000

6,325,336

State

of

Illinois

,

GO,

2022

C,

5.5%,

10/01/40

.........................................

6,250,000

6,960,202

GO,

2022

C,

5.5%,

10/01/44

.........................................

4,645,000

5,081,898

b

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group

,

Revenue

,

144A,

2020

C

,

Refunding

,

5

%

,

12/01/50

.......

10,750,000

8,628,219

b

Village

of

Lincolnwood

,

North

Lincoln

Redevelopment

Project

Area

,

COP

,

144A,

2021

A

,

4.82

%

,

1/01/41

.................................................

1,535,000

1,394,743

Village

of

Villa

Park

,

Garden

Station

Redevelopment

Area

,

Tax

Allocation

,

2021

,

Zero

Cpn.,

12/31/38

....................................................

1,815,000

1,357,057

74,672,790

Indiana

0.5%

b

City

of

Anderson

,

Sweet

Galilee

at

the

Wigwam

LLC

,

Revenue

,

144A,

2020

A

,

5.375

%

,

1/01/40

.........................................................

2,740,000

2,192,498

b

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

A

,

5

%

,

8/01/41

..

4,065,000

3,055,480

b

City

of

Jeffersonville

,

Vivera

Senior

Living

of

Columbus

LLC

,

Revenue

,

144A,

2020

A

,

5.25

%

,

11/01/40

...................................................

4,500,000

3,524,236

b

City

of

Valparaiso

,

Green

Oaks

of

Valparaiso

LLC

,

Revenue

,

144A,

2021

,

5.375

%

,

12/01/41

........................................................

3,650,000

2,793,715

Indiana

Finance

Authority

,

Greencroft

Goshen

Obligated

Group,

Revenue,

2013

A,

Refunding,

7%,

11/15/43

..

5,000,000

5,058,638

University

of

Evansville,

Revenue,

2022

B,

7%,

9/01/32

.....................

4,000,000

3,788,266

b

Indiana

Housing

&

Community

Development

Authority

,

Vita

of

Marion

LLC

,

Revenue

,

144A,

2021

A

,

5.25

%

,

4/01/41

........................................

4,750,000

3,723,463

24,136,296

Iowa

0.3%

Iowa

Finance

Authority

,

Iowa

Fertilizer

Co.

LLC,

Revenue,

2022,

Refunding,

5%,

12/01/50

.............

6,000,000

6,027,019

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2018

A,

5%,

5/15/48

....

1,970,000

1,426,496

Northcrest

Obligated

Group,

Revenue,

2018

A,

5%,

3/01/48

..................

7,500,000

6,318,071

13,771,586

Kansas

0.0%

†

Wyandotte

County-Kansas

City

Unified

Government

,

Revenue

,

2018

,

4.5

%

,

6/01/40

.

1,570,000

1,435,358

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

86

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Kentucky

0.6%

Kentucky

Public

Transportation

Infrastructure

Authority

,

Revenue,

First

Tier,

2013

C,

Zero

Cpn.,

7/01/39

...........................

$

10,000,000

$

11,372,455

Revenue,

First

Tier,

2013

C,

Zero

Cpn.,

7/01/43

...........................

5,000,000

5,680,186

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

19,650,000

12,936,898

29,989,539

Louisiana

1.5%

Juban

Trails

Community

Development

District

,

Special

Assessment,

2022,

3.375%,

6/01/27

.............................

100,000

94,099

Special

Assessment,

2022,

4.25%,

6/01/51

..............................

1,235,000

1,018,815

Lakeshore

Villages

Master

Community

Development

District

,

Special

Assessment,

2021,

2.375%,

6/01/26

.............................

365,000

341,439

Special

Assessment,

2021,

2.875%,

6/01/31

.............................

695,000

597,053

Special

Assessment,

2021,

3.2%,

6/01/41

...............................

2,730,000

2,140,570

Special

Assessment,

2021,

4%,

6/01/51

.................................

2,035,000

1,622,371

Special

Assessment,

2022,

5.375%,

6/01/42

.............................

730,000

731,288

Special

Assessment,

2022,

5.5%,

6/01/52

...............................

1,425,000

1,424,955

b

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

GOMESA,

Revenue,

144A,

2018,

5.375%,

11/01/38

........................

2,230,000

2,312,984

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4%,

12/01/40

...........................................

2,970,000

2,380,352

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4.25%,

12/01/50

........................................

5,665,000

4,331,389

Parish

of

Jefferson,

Revenue,

144A,

2019,

4%,

11/01/44

....................

2,650,000

2,348,680

Parish

of

Lafourche,

Revenue,

144A,

2019,

3.95%,

11/01/43

.................

4,316,730

3,776,001

Parish

of

St.

John

the

Baptist,

Revenue,

144A,

2019,

3.9%,

11/01/44

...........

2,260,000

1,946,094

Parish

of

St.

Martin,

Revenue,

144A,

2019,

4.4%,

11/01/44

...................

5,910,000

5,550,444

Parish

of

Vermilion,

Revenue,

144A,

2019,

4.625%,

11/01/38

.................

1,820,000

1,826,418

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

C,

5.5%,

10/01/61

.

6,300,000

4,974,417

Provident

Group

-

ULM

Properties

LLC,

Revenue,

144A,

2019

A,

5%,

7/01/54

....

4,000,000

3,032,073

Terrebonne

Parish

Consolidated

Government,

Revenue,

144A,

2018,

5.5%,

11/01/39

1,685,000

1,756,876

b

Louisiana

Public

Facilities

Authority

,

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.375%,

1/01/40

5,000,000

4,889,812

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

4,500,000

4,329,705

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-2,

7%,

1/01/57

...

10,000,000

9,649,384

Parish

of

Beauregard

,

OfficeMax,

Inc.

,

Revenue

,

2002

,

Refunding

,

6.8

%

,

2/01/27

...

13,990,000

14,020,751

St.

Tammany

Parish

Finance

Authority

,

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/29

.......

1,200,000

1,181,935

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/37

.......

1,650,000

1,535,987

77,813,892

Maryland

0.1%

City

of

Baltimore

,

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5%,

6/01/36

.....

1,250,000

1,255,770

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5.125%,

6/01/43

.

2,500,000

2,480,431

County

of

Frederick

,

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.25%,

7/01/29

........................................................

750,000

699,123

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.75%,

7/01/39

........................................................

1,410,000

1,226,450

b

Technology

Park

Project

TIF

Development

District,

Special

Tax,

144A,

2020

B,

Refunding,

4.625%,

7/01/43

........................................

1,155,000

1,115,974

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

87

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

County

of

Frederick,

(continued)

Urbana

Community

Development

Authority,

Special

Tax,

2020

B,

Refunding,

4%,

7/01/40

........................................................

$

355,000

$

321,366

7,099,114

Massachusetts

0.0%

†

b

Massachusetts

Development

Finance

Agency

,

North

Hill

Communities,

Inc.

Obligated

Group

,

Revenue

,

144A,

2013

A

,

Pre-Refunded

,

6.25

%

,

11/15/28

..............

1,284,000

1,298,666

Michigan

0.5%

City

of

Detroit

,

Great

Lakes

Water

Authority

Sewage

Disposal

System

,

Revenue,

Second

Lien

,

2006

B

,

NATL

Insured

,

5

%

,

7/01/36

..........................

15,000

15,019

City

of

Ecorse

,

GO

,

2011

,

6.5

%

,

11/01/35

.................................

1,815,000

1,818,311

Kalamazoo

Economic

Development

Corp.

,

b

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/31

....................................................

900,000

846,727

b

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/51

....................................................

3,015,000

2,334,578

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/43

1,120,000

954,760

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/55

8,860,000

6,991,278

b

Michigan

Finance

Authority

,

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

Refunding,

6%,

7/01/24

...

1,300,000

1,295,504

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

6.75%,

7/01/44

..........

3,805,000

3,644,221

b

Michigan

Strategic

Fund

,

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/31

....................................................

710,000

667,973

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/41

....................................................

895,000

751,999

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/51

....................................................

1,380,000

1,068,563

Michigan

Tobacco

Settlement

Finance

Authority

,

Michigan

Finance

Authority

Tobacco

Settlement

,

Revenue

,

2007

B

,

Zero

Cpn.,

6/01/52

.........................

26,990,000

3,100,176

23,489,109

Minnesota

0.1%

City

of

Minneapolis

,

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.25%,

11/01/45

..............

2,800,000

2,449,373

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.375%,

11/01/50

..............

1,000,000

876,402

b

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue

,

144A,

2022

B

,

6.25

%

,

8/01/37

.............................................

1,300,000

1,211,104

4,536,879

Mississippi

0.5%

b

Mississippi

Development

Bank

,

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/34

900,000

821,359

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/35

800,000

721,636

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/36

850,000

755,062

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/41

3,000,000

2,483,167

Mississippi

Home

Corp.

,

b

Revenue,

144A,

2023

A-2,

12%,

12/01/33

...............................

875,000

864,035

b

Revenue,

144A,

2023

B-2,

8%,

12/01/38

................................

4,390,000

4,315,387

b

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

4.5%,

6/01/62

.

7,000,000

5,063,582

b

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

C-5,

5.1%,

6/01/62

8,000,000

5,938,173

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

88

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Mississippi

(continued)

Mississippi

Home

Corp.,

(continued)

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

4.65%,

6/01/62

..................................................

$

5,515,000

$

4,107,339

25,069,740

Missouri

0.3%

Cape

Girardeau

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group,

Revenue,

2016

A,

Refunding,

6%,

3/01/33

...

3,885,000

4,006,494

SoutheastHEALTH

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

3/01/29

...

250,000

255,893

City

of

Maryland

Heights

,

Tax

Allocation

,

2020

,

4.125

%

,

11/01/38

...............

2,500,000

2,092,370

Kirkwood

Industrial

Development

Authority

,

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/42

...................................

1,000,000

800,879

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/50

...................................

3,500,000

2,629,678

Stoddard

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

6

%

,

3/01/37

.........................

3,600,000

3,713,958

13,499,272

Nevada

1.2%

City

of

Henderson

,

Local

Improvement

District

No.

T-16,

Special

Assessment,

2005,

5.125%,

3/01/25

.

615,000

569,359

Local

Improvement

District

No.

T-18,

Special

Assessment,

2016,

Refunding,

4%,

9/01/32

........................................................

1,740,000

1,631,444

City

of

Las

Vegas

,

Special

Improvement

District

No.

610,

Special

Assessment,

2018,

5%,

6/01/48

....

8,015,000

7,979,805

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/33

....

185,000

171,790

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/34

....

185,000

169,937

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/35

....

185,000

168,147

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/40

....

450,000

393,881

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4.125%,

6/01/50

1,145,000

950,821

Special

Improvement

District

No.

612

Skye

Hills,

Special

Assessment,

2020,

3.5%,

6/01/35

........................................................

205,000

169,237

Special

Improvement

District

No.

612

Skye

Hills,

Special

Assessment,

2020,

4%,

6/01/50

........................................................

1,000,000

780,724

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/27

...

1,355,000

1,373,068

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/30

...

1,570,000

1,584,383

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/35

...

995,000

999,988

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/39

....

440,000

393,027

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/44

....

715,000

606,150

Special

Improvement

District

No.

815,

Special

Assessment,

2020,

4.75%,

12/01/40

995,000

950,768

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

2.75%,

6/01/33

.

520,000

418,374

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

2.75%,

6/01/36

.

830,000

630,856

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

3%,

6/01/41

....

650,000

468,460

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

3.125%,

6/01/51

1,425,000

908,531

b

City

of

North

Las

Vegas

,

Special

Improvement

District

No.

66,

Special

Assessment,

144A,

2022,

5.75%,

6/01/47

........................................................

1,600,000

1,567,386

Special

Improvement

District

No.

66,

Special

Assessment,

144A,

2022,

6%,

6/01/52

1,800,000

1,803,713

b

City

of

Reno

,

Sales

Tax

,

Revenue

,

144A,

2018

C

,

Refunding

,

Zero

Cpn.,

7/01/58

....

16,000,000

2,034,053

County

of

Clark

,

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5%,

2/01/26

790,000

790,941

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5.05%,

2/01/31

........................................................

980,000

980,699

Special

Improvement

District

No.

159,

Special

Assessment,

2015,

5%,

8/01/35

....

2,090,000

2,104,233

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

89

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Nevada

(continued)

Henderson

Local

Improvement

Districts

,

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch,

Special

Assessment,

2022,

3%,

9/01/36

...............................

$

315,000

$

234,304

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch,

Special

Assessment,

2022,

3.5%,

9/01/45

..............................

750,000

534,304

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch,

Special

Assessment,

2022,

4%,

9/01/51

...............................

500,000

388,496

b

State

of

Nevada

Department

of

Business

&

Industry

,

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

5.875%,

12/15/27

..........

8,964,578

9,158,136

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

6.25%,

12/15/37

...........

9,000,000

8,065,292

Tahoe-Douglas

Visitors

Authority

,

Revenue,

2020,

5%,

7/01/33

.........................................

2,190,000

2,255,883

Revenue,

2020,

5%,

7/01/40

.........................................

3,475,000

3,426,081

Revenue,

2020,

5%,

7/01/51

.........................................

7,250,000

6,972,390

61,634,661

New

Hampshire

0.2%

New

Hampshire

Business

Finance

Authority

,

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

3.75%,

8/15/30

...............

100,000

91,771

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.125%,

8/15/40

..............

2,545,000

2,146,190

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.25%,

8/15/46

...............

2,860,000

2,336,080

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.5%,

8/15/55

................

5,940,000

4,834,083

9,408,124

New

Jersey

1.6%

New

Jersey

Economic

Development

Authority

,

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/32

..........

500,000

499,979

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/37

..........

2,150,000

2,109,454

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

2,200,000

2,021,083

United

Airlines,

Inc.,

Revenue,

1999,

5.25%,

9/15/29

.......................

12,500,000

12,532,526

United

Airlines,

Inc.,

Revenue,

2003,

5.5%,

6/01/33

........................

8,480,000

8,570,209

b

White

Horse

HMT

Urban

Renewal

LLC,

Revenue,

144A,

2020,

5%,

1/01/40

......

3,000,000

2,142,206

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2008

A

,

Zero

Cpn.,

12/15/38

........................................................

46,750,000

24,437,796

Tobacco

Settlement

Financing

Corp.

,

Revenue,

2018

A,

Refunding,

5.25%,

6/01/46

.............................

7,000,000

7,284,371

Revenue,

2018

B,

Refunding,

5%,

6/01/46

...............................

25,000,000

25,120,583

84,718,207

New

Mexico

0.1%

Lower

Petroglyphs

Public

Improvement

District

,

Special

Tax,

2018,

Refunding,

5%,

10/01/33

..............................

500,000

484,284

Special

Tax,

2018,

Refunding,

5%,

10/01/38

..............................

450,000

423,195

Special

Tax,

2018,

Refunding,

5%,

10/01/48

..............................

1,205,000

1,093,198

b

Winrock

Town

Center

Tax

Increment

Development

District

No.

1

,

Tax

Allocation,

Senior

Lien,

144A,

2022,

Refunding,

4%,

5/01/33

..............

1,000,000

880,111

Tax

Allocation,

Senior

Lien,

144A,

2022,

Refunding,

4.25%,

5/01/40

............

2,750,000

2,292,817

5,173,605

New

York

5.4%

Metropolitan

Transportation

Authority

,

Revenue,

2016

A-1,

5.25%,

11/15/56

...................................

4,765,000

4,805,185

Revenue,

2020

A-1,

5%,

11/15/48

.....................................

7,000,000

7,153,542

Revenue,

2020

C-1,

4.75%,

11/15/45

...................................

13,220,000

13,383,649

Revenue,

2020

C-1,

5%,

11/15/50

.....................................

37,695,000

38,492,698

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

90

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Metropolitan

Transportation

Authority,

(continued)

Revenue,

2020

C-1,

5.25%,

11/15/55

...................................

$

39,500,000

$

40,793,305

Revenue,

2020

D,

4%,

11/15/50

.......................................

30,000,000

27,196,581

New

York

Liberty

Development

Corp.

,

b

3

World

Trade

Center

LLC,

Revenue,

144A,

2014,

2,

Refunding,

5.375%,

11/15/40

.

15,000,000

15,027,531

Goldman

Sachs

Headquarters

LLC,

Revenue,

2005,

Refunding,

5.25%,

10/01/35

..

39,725,000

44,525,278

New

York

Transportation

Development

Corp.

,

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.25%,

8/01/31

............

10,380,000

10,705,963

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.375%,

8/01/36

...........

14,950,000

15,094,782

American

Airlines,

Inc.,

Revenue,

2021,

Refunding,

2.25%,

8/01/26

............

1,570,000

1,469,853

Laguardia

Gateway

Partners

LLC,

Revenue,

2016

A,

5%,

7/01/46

.............

41,785,000

40,698,101

b

Rockland

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

144A,

2005

A

,

Zero

Cpn.,

8/15/45

.........................................................

59,000,000

16,312,550

275,659,018

North

Carolina

0.0%

†

North

Carolina

Medical

Care

Commission

,

Maryfield,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

10/01/30

.......................................

1,290,000

1,278,217

North

Dakota

0.3%

County

of

Burleigh

,

University

of

Mary,

Revenue,

2016,

5.1%,

4/15/36

.........................

2,800,000

2,682,531

University

of

Mary,

Revenue,

2016,

5.2%,

4/15/46

.........................

3,130,000

2,827,606

b,d

County

of

Grand

Forks

,

Red

River

Biorefinery

LLC,

Revenue,

144A,

2021

A,

6.625%,

12/15/31

..........

2,875,000

1,581,250

Red

River

Biorefinery

LLC,

Revenue,

144A,

2021

A,

7%,

12/15/43

.............

14,000,000

7,700,000

14,791,387

Ohio

3.0%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

B-2

,

2

,

Refunding

,

5

%

,

6/01/55

.............................................

35,200,000

32,613,050

City

of

Centerville

,

Graceworks

Lutheran

Services

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/01/50

..........................................

5,000,000

4,261,026

Cleveland-Cuyahoga

County

Port

Authority

,

b

Flats

East

Bank

TIF

District,

Tax

Allocation,

144A,

2021

B,

Refunding,

4.5%,

12/01/55

1,500,000

1,304,536

b

Flats

East

Bank

TIF

District,

Tax

Allocation,

Senior

Lien,

144A,

2021

A,

Refunding,

4%,

12/01/55

...................................................

1,250,000

1,050,227

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.25%,

12/01/38

.....

700,000

706,647

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.5%,

12/01/43

......

700,000

708,923

County

of

Fairfield

,

Fairfield

Medical

Center

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

5

%

,

6/15/43

.............................................

10,000,000

8,758,139

County

of

Franklin

,

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/40

2,910,000

2,614,762

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/55

8,800,000

7,360,779

County

of

Washington

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

6.625%,

12/01/42

................................................

10,000,000

10,038,757

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

6.75%,

12/01/52

.......................................................

17,000,000

16,794,230

Ohio

Higher

Educational

Facility

Commission

,

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,360,000

1,242,832

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,205,000

1,080,535

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,570,000

2,254,047

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

91

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

Junior

Lien

,

2013

A-4

,

5.75

%

,

2/15/35

.........................................................

$

35,000,000

$

41,205,297

Southeastern

Ohio

Port

Authority

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/35

.......................................................

1,000,000

902,384

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/43

.......................................................

1,000,000

808,155

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5.5%,

12/01/43

.......................................................

1,300,000

1,144,515

b

State

of

Ohio

,

Aultman

Health

Foundation

Obligated

Group,

Revenue,

144A,

2018,

Refunding,

5%,

12/01/38

.......................................................

5,000,000

4,621,491

Aultman

Health

Foundation

Obligated

Group,

Revenue,

144A,

2018,

Refunding,

5%,

12/01/48

.......................................................

15,195,000

13,462,565

152,932,897

Oklahoma

0.1%

Tulsa

County

Industrial

Authority

,

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/37

.......

1,000,000

1,011,433

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/45

.......

6,500,000

6,382,123

7,393,556

Oregon

0.4%

Clackamas

County

Hospital

Facility

Authority

,

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.125%,

11/15/40

.

500,000

474,283

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.25%,

11/15/50

..

1,250,000

1,144,902

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.375%,

11/15/55

.

1,500,000

1,380,634

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Mirabella

at

South

Waterfront,

Revenue,

2014

A,

Refunding,

5.4%,

10/01/44

.....

3,000,000

2,618,626

Mirabella

at

South

Waterfront,

Revenue,

2014

A,

Refunding,

5.5%,

10/01/49

.....

5,500,000

4,760,865

Polk

County

Hospital

Facility

Authority

,

Dallas

Mennonite

Retirement

Community

Obligated

Group

,

Revenue

,

2020

A

,

5.125

%

,

7/01/55

.......................

3,500,000

2,738,571

Yamhill

County

Hospital

Authority

,

Friendsview

Manor

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

11/15/51

..

4,325,000

3,188,137

Friendsview

Manor

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

11/15/56

..

6,115,000

4,392,227

20,698,245

Pennsylvania

1.8%

b

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

144A,

2017,

5%,

5/01/32

....................................

11,975,000

12,127,196

Revenue,

144A,

2018,

5%,

5/01/42

....................................

3,245,000

3,163,500

Revenue,

144A,

2018,

5.375%,

5/01/42

.................................

5,000,000

5,005,087

Revenue,

144A,

2022,

5.25%,

5/01/42

..................................

6,175,000

6,080,149

b

Chester

County

Industrial

Development

Authority

,

Borough

of

Phoenixville

Steelpointe

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2020,

4.75%,

3/01/50

..............................

4,245,000

3,503,134

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5%,

3/01/38

...........................................

325,000

315,385

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5.125%,

3/01/48

.......................................

1,000,000

925,883

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2019

,

Refunding

,

5

%

,

5/01/48

......................................................

4,000,000

3,699,287

Franklin

County

Industrial

Development

Authority

,

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/38

...

1,000,000

868,982

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/43

...

1,200,000

982,463

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

92

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Franklin

County

Industrial

Development

Authority,

(continued)

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/48

...

$

4,600,000

$

3,603,680

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/53

...

3,050,000

2,325,604

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

............

1,000,000

762,295

Lancaster

County

Hospital

Authority

,

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.125%,

7/01/37

...

1,000,000

915,773

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

7/01/41

....

3,500,000

3,180,197

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School,

Revenue,

2021

A,

4%,

5/01/31

............

680,000

628,418

Seven

Generations

Charter

School,

Revenue,

2021

A,

4%,

5/01/51

............

2,385,000

1,702,612

Pennsylvania

Turnpike

Commission

,

Revenue,

B-2,

Zero

Cpn.,

12/01/37

....................................

20,000,000

18,510,622

Revenue,

B-2,

Zero

Cpn.,

12/01/40

....................................

25,075,000

22,878,628

Philadelphia

Authority

for

Industrial

Development

,

Evangelical

Services

for

the

Aging

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

7/01/49

......................

3,000,000

2,376,531

93,555,426

South

Carolina

1.1%

b

Greenville

Housing

Authority

,

Revenue

,

144A,

2023

B

,

8.375

%

,

5/01/47

..........

10,600,000

10,238,891

South

Carolina

Jobs-Economic

Development

Authority

,

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

14,400,000

9,506,842

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn.,

6/01/52

25,550,000

16,117,254

b

FAH

Pelham

LLC,

Revenue,

144A,

2023

B,

II,

7.5%,

8/01/47

.................

9,565,000

9,233,397

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2017,

5%,

4/01/52

........................................................

1,750,000

1,423,422

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

4/01/48

............................................

3,500,000

2,909,384

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

4/01/53

.........................................

11,000,000

9,273,190

58,702,380

South

Dakota

0.2%

City

of

Sioux

Falls

,

Dow

Rummel

Village,

Revenue,

2016,

Refunding,

5%,

11/01/46

...............

7,110,000

6,008,802

Dow

Rummel

Village,

Revenue,

2017,

5%,

11/01/42

........................

3,000,000

2,554,514

8,563,316

Tennessee

1.3%

b

Cleveland

Housing

Authority

,

Cleveland

Forward

Phase

One

LLC,

Revenue,

144A,

2022

B,

6.25%,

4/01/41

....

1,000,000

947,771

Cleveland

Forward

Phase

Two

LLC,

Revenue,

144A,

2022

B,

6.25%,

4/01/41

....

1,000,000

947,772

Johnson

City

Health

&

Educational

Facilities

Board

,

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/27

...................................................

19,365,000

16,518,829

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/28

...................................................

19,400,000

15,954,040

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/29

...................................................

19,365,000

15,337,946

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/30

...................................................

19,370,000

14,733,604

b

Nashville

Metropolitan

Development

&

Housing

Agency

,

Fifth

+

Broadway

Redevelopment

Area

,

Tax

Allocation

,

144A,

2018

,

5.125

%

,

6/01/36

............

900,000

910,866

65,350,828

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

93

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

9.5%

Cedar

Bayou

Navigation

District

,

Special

Assessment

,

2020

,

6

%

,

9/15/51

.........

$

7,500,000

$

6,165,240

Central

Texas

Regional

Mobility

Authority

,

Revenue,

2010,

Zero

Cpn.,

1/01/35

....................................

3,000,000

1,874,197

Revenue,

2010,

Zero

Cpn.,

1/01/37

....................................

2,500,000

1,365,500

Revenue,

2010,

Zero

Cpn.,

1/01/38

....................................

2,405,000

1,230,509

Revenue,

2010,

Zero

Cpn.,

1/01/39

....................................

2,545,000

1,227,304

b

City

of

Anna

,

Hurricane

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.75%,

9/01/42

..................................................

972,000

972,591

Hurricane

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6%,

9/01/52

........................................................

1,907,000

1,904,177

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

..................................................

300,000

255,187

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

4.5%,

9/15/31

...................................................

157,000

143,855

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

4%,

9/15/41

....................................................

867,000

726,114

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

..................................................

1,406,000

1,144,914

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

5%,

9/15/51

....................................................

503,000

449,262

b

City

of

Aubrey

,

Jackson

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.25%,

9/01/32

..................................................

852,000

861,404

Jackson

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6%,

9/01/45

........................................................

1,803,000

1,836,540

City

of

Celina

,

b

Celina

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.875%,

9/01/42

........................................................

804,000

753,410

b

Celina

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5%,

9/01/51

........................................................

1,120,000

1,017,757

b

Creeks

of

Legacy

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.25%,

9/01/40

..................................................

230,000

204,827

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/31

..................................................

215,000

201,973

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/01/41

..................................................

500,000

431,768

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/01/41

..................................................

370,000

358,556

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/50

...................................................

605,000

514,970

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.5%,

9/01/50

...................................................

500,000

487,622

b

Hillside

Village

Public

Improvement

District,

Special

Assessment,

144A,

2022,

2.75%,

9/01/27

........................................................

290,000

257,749

b

Hillside

Village

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.125%,

9/01/32

.................................................

231,000

189,370

b

Hillside

Village

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.375%,

9/01/42

.................................................

866,000

641,660

b

Mosaic

Public

Improvement

District,

Special

Assessment,

144A,

2023,

4.375%,

9/01/30

........................................................

405,000

400,764

b

Mosaic

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.125%,

9/01/43

........................................................

1,225,000

1,188,121

b

Mosaic

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.5%,

9/01/53

1,851,000

1,805,553

North

Sky

Public

Improvement

District,

Special

Assessment,

2023,

4.375%,

9/01/30

440,000

438,083

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

94

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

City

of

Celina,

(continued)

b

North

Sky

Public

Improvement

District,

Special

Assessment,

144A,

2023,

4.875%,

9/01/30

........................................................

$

228,000

$

227,021

North

Sky

Public

Improvement

District,

Special

Assessment,

2023,

5.375%,

9/01/43

812,000

805,006

North

Sky

Public

Improvement

District,

Special

Assessment,

2023,

5.625%,

9/01/52

1,005,000

994,938

b

North

Sky

Public

Improvement

District,

Special

Assessment,

144A,

2023,

6.125%,

9/01/52

........................................................

999,000

989,491

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

.............................................

145,000

135,656

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

3.5%,

9/01/26

..............................................

245,000

233,602

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

.............................................

150,000

132,803

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

4%,

9/01/31

................................................

473,000

440,837

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

3.5%,

9/01/41

..............................................

1,205,000

985,205

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

4.25%,

9/01/41

.............................................

2,015,000

1,776,462

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

4.5%,

9/01/51

..............................................

2,501,000

2,143,260

b

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.25%,

9/01/27

..................................................

227,000

206,787

b

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.625%,

9/01/32

.................................................

336,000

291,223

b

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/43

....................................................

1,009,000

845,564

b

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/01/51

.................................................

1,033,000

841,629

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.................................................

1,795,000

1,459,038

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2022,

2.875%,

9/01/27

.................................................

115,000

103,110

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.25%,

9/01/32

..................................................

250,000

207,980

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.5%,

9/01/42

........................................................

1,175,000

885,839

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/51

........................................................

7,000,000

5,604,788

b

Ten

Mile

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2023,

4.75%,

9/01/30

..................................................

491,000

491,611

b

Ten

Mile

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.5%,

9/01/30

........................................................

234,000

234,283

b

Ten

Mile

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.5%,

9/01/42

........................................................

1,169,000

1,171,615

b

Ten

Mile

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2023,

6.25%,

9/01/42

..................................................

801,000

802,705

b

Ten

Mile

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.75%,

9/01/52

..................................................

1,494,000

1,497,288

b

Ten

Mile

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2023,

6.5%,

9/01/52

........................................................

1,300,000

1,302,721

b

Wells

North

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

........................................................

425,000

349,211

b

Wells

North

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

498,000

402,119

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

........................................................

150,000

134,340

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

95

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

City

of

Celina,

(continued)

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

$

350,000

$

305,692

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

965,000

783,293

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3%,

9/01/31

........................................................

158,000

135,977

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

........................................................

379,000

298,856

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

9/01/42

........................................................

490,000

490,932

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.625%,

9/01/52

........................................................

1,314,000

1,307,315

b

City

of

Crandall

,

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/31

........................................................

409,000

372,524

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/15/31

..................................................

161,000

149,627

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/41

..................................................

1,000,000

871,088

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5%,

9/15/41

........................................................

1,144,000

1,069,582

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/15/51

...................................................

2,000,000

1,694,488

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/15/51

..................................................

750,000

697,835

River

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

9/15/32

........................................................

528,000

540,845

River

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/15/32

........................................................

306,000

311,828

River

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/15/52

........................................................

5,000,000

5,123,896

River

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.75%,

9/15/52

........................................................

1,750,000

1,814,464

b

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue

,

144A,

2022

B

,

Zero

Cpn.,

12/01/62

....................................................

173,445,000

12,165,831

b

City

of

Dayton

,

Westpointe

Public

Improvement

District,

Special

Assessment,

Junior

Lien,

144A,

2022

B,

5.75%,

9/01/52

............................................

1,464,000

1,443,457

Westpointe

Public

Improvement

District,

Special

Assessment,

Senior

Lien,

144A,

2022

A,

4.875%,

9/01/32

...........................................

269,000

262,914

Westpointe

Public

Improvement

District,

Special

Assessment,

Senior

Lien,

144A,

2022

A,

5.125%,

9/01/42

...........................................

764,000

737,257

Westpointe

Public

Improvement

District,

Special

Assessment,

Senior

Lien,

144A,

2022

A,

5.25%,

9/01/52

............................................

1,000,000

951,214

b

City

of

DeSoto

,

Danieldale

Homestead

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/15/50

................................

1,430,000

1,371,439

b

City

of

Elmendorf

,

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/31

.................................................

398,000

328,461

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/01/41

........................................................

1,205,000

929,177

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

1,172,000

921,719

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

96

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Fate

,

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.75%,

8/15/26

........................................................

$

400,000

$

368,203

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

8/15/31

........................................................

711,000

612,949

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

8/15/41

........................................................

1,871,000

1,521,781

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

8/15/51

1,765,000

1,425,248

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.125%,

8/15/30

........................................................

665,000

616,978

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.625%,

8/15/40

........................................................

1,163,000

1,042,709

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.875%,

8/15/50

........................................................

1,772,000

1,567,772

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

8/15/30

.................................................

125,000

110,105

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

8/15/40

.................................................

691,000

566,668

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

8/15/50

.................................................

994,000

816,074

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.875%,

8/15/42

.................................................

1,617,000

1,610,783

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6%,

8/15/52

....................................................

2,500,000

2,525,825

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.25%,

8/15/42

..................................................

1,204,000

1,072,749

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.375%,

8/15/52

.................................................

1,100,000

945,698

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2023,

4.25%,

8/15/30

..................................................

275,000

273,468

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2023,

5.125%,

8/15/43

.................................................

272,000

267,443

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2023,

5.375%,

8/15/53

.................................................

1,287,000

1,267,045

b

City

of

Ferris

,

Woodstone

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

3.375%,

9/01/32

.................................................

926,000

768,005

Woodstone

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

3.75%,

9/01/42

..................................................

1,259,000

976,753

Woodstone

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

4%,

9/01/51

........................................................

1,577,000

1,251,107

b

City

of

Fort

Worth

,

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5%,

9/01/27

................................

1,465,000

1,450,364

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5%,

9/01/32

................................

1,270,000

1,241,420

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5.125%,

9/01/37

.............................

1,650,000

1,591,682

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/27

................................

1,185,000

1,173,161

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/32

................................

1,530,000

1,491,822

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/37

................................

1,975,000

1,871,822

b

City

of

Georgetown

,

Parks

at

Westhaven

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.875%,

9/15/32

.................................................

409,000

372,180

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

97

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Georgetown,

(continued)

Parks

at

Westhaven

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/15/42

.................................................

$

1,060,000

$

928,678

Parks

at

Westhaven

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.25%,

9/15/47

..................................................

716,000

616,550

b

City

of

Haslet

,

Public

Improvement

District

No.

5,

Special

Assessment,

144A,

2021,

2.625%,

9/01/26

........................................................

279,000

255,781

Public

Improvement

District

No.

5,

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

150,000

126,981

Public

Improvement

District

No.

5,

Special

Assessment,

144A,

2021,

3.625%,

9/01/41

........................................................

1,271,000

988,928

City

of

Horseshoe

Bay

,

Escondido

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3%,

10/01/30

.......................................................

500,000

433,997

Escondido

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

10/01/33

.................................................

435,000

369,887

City

of

Houston

Airport

System

,

United

Airlines,

Inc.

,

Revenue

,

2021

A

,

4

%

,

7/01/41

.

8,270,000

7,221,355

b

City

of

Hutto

,

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/01/26

...................................................

239,000

218,615

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/01/31

.................................................

260,000

222,150

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/41

...................................................

1,038,000

813,155

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

..................................................

171,000

157,688

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/31

........................................................

392,000

340,383

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/01/41

.................................................

1,000,000

813,923

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/56

........................................................

3,479,000

2,724,617

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

..................................................

206,000

176,313

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/01/41

.................................................

519,000

412,584

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/56

........................................................

1,146,000

897,583

b

City

of

Justin

,

Timberbrook

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3%,

9/01/31

....................................................

475,000

410,927

Timberbrook

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

.................................................

2,709,000

2,120,822

b

City

of

Kaufman

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

........................................................

230,000

193,984

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.625%,

9/15/41

........................................................

570,000

445,288

City

of

Kyle

,

b

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

........................................................

400,000

341,517

b

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.625%,

9/01/40

........................................................

1,310,000

1,026,976

b

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.5%,

9/01/44

........................................................

1,380,000

1,015,629

b

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/46

375,000

288,210

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

98

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

City

of

Kyle,

(continued)

b

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

........................................................

$

224,000

$

202,635

b

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/31

........................................................

530,000

448,703

b

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/01/41

........................................................

1,428,000

1,110,352

b

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/46

1,000,000

799,333

b

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.25%,

9/01/43

........................................................

2,250,000

2,200,425

b

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.125%,

9/01/46

........................................................

1,179,000

1,160,802

b

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.5%,

9/01/47

........................................................

1,396,000

1,372,020

Kyle

57

Public

Improvement

District,

Special

Assessment,

2022,

4.75%,

9/01/32

..

400,000

391,191

Kyle

57

Public

Improvement

District,

Special

Assessment,

2022,

5%,

9/01/42

.....

2,105,000

2,012,638

b

Plum

Creek

North

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.875%,

9/01/32

.................................................

500,000

456,900

b

Plum

Creek

North

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/01/41

.................................................

1,185,000

1,053,463

b

Plum

Creek

North

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.625%,

9/01/41

.................................................

501,000

461,446

b,f

Porter

Country

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

5.75%,

9/01/43

..............................

1,229,000

1,212,974

b,f

Porter

Country

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

6%,

9/01/53

................................

3,000,000

2,954,385

City

of

Lago

Vista

,

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.125%,

9/01/30

........................................

300,000

270,389

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.75%,

9/01/42

.........................................

1,045,000

861,376

b

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5%,

9/01/30

.....................................

2,000,000

1,896,668

b

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5.125%,

9/01/35

..................................

2,070,000

1,881,320

b

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5.5%,

9/01/40

....................................

2,715,000

2,433,759

b

City

of

Lavon

,

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.5%,

9/15/27

600,000

559,048

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/15/27

........................................................

305,000

279,358

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.875%,

9/15/32

........................................................

1,000,000

887,168

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/15/32

........................................................

455,000

409,640

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/15/42

2,259,000

1,906,804

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.375%,

9/15/42

........................................................

1,000,000

857,839

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/15/52

........................................................

5,295,000

4,260,727

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.5%,

9/15/52

1,495,000

1,243,508

Lakepointe

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/15/52

........................................................

1,000,000

1,016,874

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

99

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

City

of

Leander

,

Oak

Creek

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25

%

,

9/01/32

...........................................

$

530,000

$

463,907

b

City

of

Liberty

Hill

,

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

2.625%,

9/01/27

........................................................

550,000

503,936

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.5%,

9/01/27

........................................................

225,000

209,126

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.125%,

9/01/32

........................................................

750,000

646,118

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.875%,

9/01/32

........................................................

275,000

243,027

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.375%,

9/01/42

........................................................

1,771,000

1,322,279

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/01/42

........................................................

1,097,000

912,622

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.375%,

9/01/52

........................................................

1,705,000

1,377,290

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

.................................................

250,000

217,788

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

845,000

729,615

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/54

........................................................

1,890,000

1,456,680

b

City

of

Manor

,

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/15/26

........................................................

110,000

98,868

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/26

.................................................

210,000

189,876

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

.................................................

250,000

208,338

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

........................................................

310,000

263,694

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/15/41

........................................................

700,000

533,570

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/41

.................................................

830,000

707,077

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

........................................................

1,000,000

803,655

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/15/51

.................................................

1,225,000

1,012,823

b

City

of

Marble

Falls

,

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/01/31

.................................................

350,000

311,172

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.625%,

9/01/31

.................................................

150,000

136,914

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/01/41

.................................................

1,000,000

859,906

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.875%,

9/01/41

.................................................

450,000

396,320

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/01/51

.................................................

1,470,000

1,225,883

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.125%,

9/01/51

.................................................

620,000

567,567

b

City

of

Mclendon-Chisholm

,

Sonoma

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

........................................................

155,000

141,732

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

100

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Mclendon-Chisholm,

(continued)

Sonoma

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/15/41

........................................................

$

620,000

$

485,382

Sonoma

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

865,000

692,491

Sonoma

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.375%,

9/15/32

........................................................

250,000

249,346

Sonoma

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.75%,

9/15/52

........................................................

2,700,000

2,632,569

b

City

of

Midlothian

,

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/15/31

........................................................

410,000

355,904

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/31

.................................................

230,000

211,107

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/15/41

.................................................

1,105,000

902,235

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/15/41

........................................................

420,000

370,150

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/51

.................................................

1,635,000

1,335,377

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/15/51

..................................................

610,000

524,448

Westside

Preserve

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.75%,

9/15/32

..................................................

625,000

604,445

Westside

Preserve

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

9/15/32

...................................................

309,000

301,521

Westside

Preserve

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.25%,

9/15/42

..................................................

1,516,000

1,446,896

Westside

Preserve

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6%,

9/15/42

....................................................

750,000

745,683

Westside

Preserve

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.375%,

9/15/52

.................................................

2,509,000

2,377,940

Westside

Preserve

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/15/52

.................................................

1,410,000

1,408,887

b

City

of

New

Braunfels

,

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/01/26

.................................................

220,000

206,334

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/01/31

..................................................

320,000

292,685

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/41

........................................................

882,000

761,571

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/51

..................................................

1,454,000

1,233,797

b

City

of

Oak

Point

,

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

..................................................

300,000

266,485

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

..................................................

1,170,000

977,155

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

1,060,000

855,939

Wildridge

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

2.75%,

9/01/31

..................................................

160,000

133,695

Wildridge

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/01/41

.................................................

643,000

480,195

Wildridge

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

987,000

799,719

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

101

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Pilot

Point

,

Creekview

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.25%,

9/15/32

........................................................

$

500,000

$

500,650

Creekview

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.75%,

9/15/32

........................................................

200,000

199,838

Creekview

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

9/15/42

........................................................

1,550,000

1,526,331

Creekview

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.625%,

9/15/52

........................................................

2,753,000

2,706,175

Creekview

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/15/52

........................................................

2,078,000

2,103,173

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.125%,

9/15/32

........................................................

500,000

499,595

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.625%,

9/15/32

........................................................

810,000

819,226

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

9/15/48

........................................................

4,026,000

3,976,886

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6%,

9/15/52

4,001,000

4,042,610

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.5%,

9/15/52

........................................................

1,600,000

1,629,723

f

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.625%,

9/15/48

........................................................

926,000

928,915

b

City

of

Plano

,

Collin

Creek

East

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/15/51

.................................................

7,750,000

6,301,394

Collin

Creek

West

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

....................................................

2,343,000

1,855,686

b

City

of

Princeton

,

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

2.875%,

9/01/25

.................................................

97,000

93,052

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/01/30

.................................................

180,000

162,551

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

9/01/40

.................................................

650,000

546,619

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.................................................

930,000

767,761

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/01/27

........................................................

201,000

193,078

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/32

........................................................

280,000

264,764

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.375%,

9/01/52

.................................................

1,139,000

970,563

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/01/26

........................................................

84,000

77,165

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3%,

9/01/31

........................................................

126,000

108,695

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

........................................................

325,000

250,375

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

431,000

346,959

Eastridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

........................................................

382,000

379,434

Eastridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.125%,

9/01/42

........................................................

850,000

829,782

Eastridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.25%,

9/01/52

........................................................

1,376,000

1,318,415

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

102

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Princeton,

(continued)

Whitewing

Trails

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2023,

4.25%,

9/01/30

.............................................

$

250,000

$

248,139

Whitewing

Trails

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2023,

5.125%,

9/01/43

............................................

1,100,000

1,078,858

Whitewing

Trails

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2023,

5.375%,

9/01/53

............................................

2,041,000

2,004,892

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

........................................................

200,000

178,871

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

........................................................

470,000

387,380

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

675,000

543,906

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.875%,

9/01/31

........................................................

110,000

93,836

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.25%,

9/01/41

........................................................

518,000

387,592

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

616,000

493,373

Winchester

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

..................................................

461,000

458,243

Winchester

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

5.125%,

9/01/42

.................................................

1,011,000

985,363

Winchester

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

5.25%,

9/01/52

..................................................

2,220,000

2,135,945

b

City

of

Red

Oak

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

........................................................

150,000

136,702

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

........................................................

354,000

296,524

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.375%,

9/15/41

........................................................

500,000

379,521

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/15/51

.

665,000

535,887

b

City

of

Rowlett

,

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

............................................

200,000

177,904

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

.............................................

300,000

275,062

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/41

.............................................

820,000

678,605

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/41

............................................

600,000

522,547

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

................................................

1,172,000

944,450

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

.............................................

1,000,000

834,772

b

City

of

Royse

City

,

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/15/30

........................................................

450,000

406,678

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.625%,

9/15/30

........................................................

225,000

202,744

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.375%,

9/15/30

........................................................

210,000

200,242

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

9/15/40

........................................................

1,190,000

1,002,754

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/15/40

........................................................

590,000

516,685

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

103

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Royse

City,

(continued)

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.875%,

9/15/40

........................................................

$

375,000

$

349,009

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/15/50

........................................................

1,780,000

1,457,222

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.375%,

9/15/50

........................................................

715,000

608,737

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

5.125%,

9/15/50

........................................................

575,000

532,529

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.875%,

9/15/42

........................................................

589,000

590,610

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6%,

9/15/52

........................................................

1,267,000

1,280,335

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.75%,

9/15/49

........................................................

1,495,000

1,367,106

b

City

of

Sachse

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

405,000

355,380

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

1,070,000

863,764

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.375%,

9/15/40

........................................................

1,920,000

1,860,117

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

4%,

9/15/50

.

1,485,000

1,202,559

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.625%,

9/15/50

........................................................

2,235,000

2,163,980

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

7%,

9/15/52

.

750,000

766,825

City

of

San

Marcos

,

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

4.375%,

9/01/25

.

260,000

260,010

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

4.875%,

9/01/30

.

305,000

299,559

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

5.375%,

9/01/40

.

1,300,000

1,284,920

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

5.625%,

9/01/50

.

1,300,000

1,285,402

b

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/01/27

..................................................

300,000

284,465

b

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/32

........................................................

425,000

392,889

b

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.25%,

9/01/42

..................................................

1,221,000

1,048,751

b

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.5%,

9/01/51

........................................................

1,621,000

1,367,347

b

City

of

Santa

Fe

,

Mulberry

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.875%,

9/01/42

.................................................

508,000

473,689

Mulberry

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5%,

9/01/52

........................................................

858,000

789,933

b

City

of

Sinton

,

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.375%,

9/01/27

.................................................

381,000

363,766

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

..................................................

660,000

617,615

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.125%,

9/01/42

.................................................

1,000,000

948,110

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.25%,

9/01/51

..................................................

1,250,000

1,163,434

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

104

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Tomball

,

Raburn

Reserve

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.375

%

,

9/15/30

.........................................

$

330,000

$

297,572

b

City

of

Uhland

,

Watermill

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

6.625

%

,

9/01/52

..............................................

3,000,000

3,127,993

b

City

of

Venus

,

Brahman

Ranch

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

6.25%,

9/15/42

..................................................

1,000,000

1,001,277

Brahman

Ranch

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

6.5%,

9/15/52

...................................................

1,009,000

1,015,155

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

.................................................

234,000

214,986

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

.................................................

250,000

215,328

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/15/41

.................................................

1,105,000

864,045

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

........................................................

2,024,000

1,653,228

b

City

of

Waxahachie

,

North

Grove

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.125%,

8/15/32

........................................................

302,000

303,071

North

Grove

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

8/15/52

........................................................

2,395,000

2,350,407

b

Club

Municipal

Management

District

No.

1

,

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

2.5%,

9/01/26

.........

175,000

160,527

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

3%,

9/01/31

...........

271,000

230,017

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

3.25%,

9/01/41

........

1,012,000

769,011

b

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel,

Revenue,

Second

Lien,

144A,

2021

B,

3.5%,

10/01/31

.......................................................

450,000

379,365

Conroe

Convention

Center

Hotel,

Revenue,

Second

Lien,

144A,

2021

B,

5%,

10/01/50

.......................................................

1,200,000

974,275

b

County

of

Hays

,

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

........................................................

100,000

87,059

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

........................................................

800,000

642,137

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/15/50

1,200,000

936,521

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.75%,

9/15/52

........................................................

3,375,000

3,374,660

b

County

of

Medina

,

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/26

........................................................

135,000

123,571

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/01/31

........................................................

400,000

361,228

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.875%,

9/01/31

........................................................

815,000

737,688

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/41

........................................................

1,085,000

928,053

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/01/41

........................................................

780,000

722,370

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/50

........................................................

870,000

741,105

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.5%,

9/01/50

........................................................

1,160,000

1,082,606

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

105

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

$

8,965,000

$

6,530,995

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2013

B

,

Zero

Cpn.,

10/01/45

......

10,000,000

10,598,599

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/48

...................

5,000,000

4,017,838

b

Joshua

Farms

Municipal

Management

District

No.

1

,

Special

Assessment,

144A,

2023,

4.375%,

9/01/30

.........................

395,000

390,869

Special

Assessment,

144A,

2023,

5.25%,

9/01/43

.........................

1,618,000

1,568,635

Special

Assessment,

144A,

2023,

5.5%,

9/01/53

..........................

3,393,000

3,277,360

d

Mesquite

Health

Facilities

Development

Corp.

,

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

2/15/36

........................................................

378,345

11,350

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2014,

Refunding,

5.125%,

2/15/42

........................................................

1,418,793

42,564

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

2/15/35

........................................................

1,957,934

58,738

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

d

Cardinal

Bay,

Inc.,

Revenue,

D,

6%,

7/01/26

.............................

110,000

44,000

Cardinal

Bay,

Inc.,

Revenue,

D,

7%,

7/01/51

.............................

5,110,000

2,044,000

CHF-Collegiate

Housing

College

Station

I

LLC,

Revenue,

2014

A,

5%,

4/01/29

....

2,190,000

2,177,830

CHF-Collegiate

Housing

College

Station

I

LLC,

Revenue,

2014

A,

5%,

4/01/46

....

1,500,000

1,361,397

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/42

......

5,000,000

4,490,746

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/47

......

4,595,000

4,013,691

Morningside

Ministries

Obligated

Group,

Revenue,

2020

A,

5%,

1/01/55

.........

4,100,000

3,233,705

NCCD-College

Station

Properties

LLC,

Revenue,

A,

5%,

7/01/47

..............

30,000,000

27,150,000

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

10/01/39

.......................................................

2,750,000

2,328,592

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5.25%,

10/01/49

.......................................................

12,600,000

10,039,480

Presbyterian

Village

North

Obligated

Group,

Revenue,

2020

A,

5.25%,

10/01/55

...

2,500,000

1,937,138

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

2019

A-1,

5%,

12/01/39

.......................................................

325,000

305,511

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

2019

A-1,

5%,

12/01/49

.......................................................

1,180,000

1,034,278

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Second

Tier,

2019

B,

5.5%,

12/01/54

................................................

15,450,000

14,260,313

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Third

Tier,

2019

C,

6%,

12/01/54

...................................................

6,490,000

6,024,705

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/43

............

3,200,000

2,673,541

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/49

............

1,000,000

801,504

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/50

.....

1,180,000

860,557

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/55

.....

4,400,000

3,132,194

b

North

Parkway

Municipal

Management

District

No.

1

,

Special

Assessment,

144A,

2021,

3.625%,

9/15/26

.........................

1,000,000

961,123

Special

Assessment,

144A,

2021,

4.25%,

9/15/31

.........................

1,500,000

1,439,172

Special

Assessment,

144A,

2021,

4.75%,

9/15/41

.........................

5,000,000

4,674,092

Special

Assessment,

144A,

2021,

5%,

9/15/51

............................

4,250,000

3,918,512

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/15/31

............................................

250,000

223,537

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/41

................................................

1,000,000

862,620

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

.............................................

1,160,000

976,470

North

Texas

Tollway

Authority

,

Special

Projects

System,

Revenue,

2011

B,

Pre-Refunded,

Zero

Cpn.,

9/01/37

....

7,500,000

3,616,889

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

Zero

Cpn.,

9/01/43

....

10,000,000

12,332,575

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

106

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

Northwood

Municipal

Utility

District

No.

1

,

GO,

144A,

2020,

Refunding,

3.5%,

8/01/25

..............................

$

765,000

$

743,482

GO,

144A,

2020,

Refunding,

4%,

8/01/31

................................

1,070,000

1,067,748

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

B

,

6

%

,

12/01/52

..............

5,075,000

3,840,616

d

Red

River

Health

Facilities

Development

Corp.

,

Eden

Home,

Inc.

Obligated

Group

,

Revenue

,

2012

,

7.25

%

,

12/15/42

......................................

11,000,000

6,600,000

Texas

Transportation

Commission

,

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/46

......

3,000,000

860,557

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/47

......

5,750,000

1,557,718

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/51

......

3,500,000

748,520

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/52

......

4,000,000

799,867

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/53

......

400,000

75,408

b

Town

of

Flower

Mound

,

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

2.625%,

9/01/26

........................................

675,000

620,581

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

3.25%,

9/01/31

.........................................

750,000

641,329

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

3.5%,

9/01/36

..........................................

800,000

657,329

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

4%,

9/01/43

............................................

2,450,000

2,057,229

b

Town

of

Lakewood

Village

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.75%,

9/15/32

445,000

430,683

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.25%,

9/15/42

1,400,000

1,337,768

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.375%,

9/15/52

........................................................

2,400,000

2,277,885

b

Town

of

Little

Elm

,

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.25%,

9/01/27

........................................................

139,000

129,088

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.5%,

9/01/32

........................................................

205,000

175,716

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/01/42

........................................................

529,000

415,012

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/51

........................................................

509,000

402,521

Valencia

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/01/32

........................................................

712,000

737,510

Valencia

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.875%,

9/01/52

........................................................

2,700,000

2,813,927

b

Travis

County

Development

Authority

,

County

of

Travis

Turner's

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

........................................

302,000

299,972

County

of

Travis

Turner's

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.375%,

9/01/42

.......................................

868,000

862,777

County

of

Travis

Turner's

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

9/01/52

.........................................

1,244,000

1,226,084

Viridian

Municipal

Management

District

,

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

2.875%,

12/01/30

.

258,000

219,449

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.125%,

12/01/35

.

415,000

334,971

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.375%,

12/01/40

.

486,000

375,036

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.5%,

12/01/47

..

835,000

615,222

486,097,972

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

107

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Utah

0.5%

Military

Installation

Development

Authority

,

Revenue,

2021

A-1,

4%,

6/01/52

......................................

$

3,000,000

$

2,175,630

Revenue,

2021

A-2,

4%,

6/01/36

......................................

2,250,000

1,907,717

Revenue,

2021

A-2,

4%,

6/01/41

......................................

7,215,000

5,739,972

Revenue,

2021

A-2,

4%,

6/01/52

......................................

21,745,000

15,653,273

b

Utah

Charter

School

Finance

Authority

,

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/39

..

475,000

455,268

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/49

..

825,000

748,152

26,680,012

Virginia

0.4%

Farmville

Industrial

Development

Authority

,

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/43

...

500,000

483,020

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/48

...

500,000

470,992

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/59

...

2,000,000

1,827,091

Henrico

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

6/01/44

........................................................

3,550,000

3,144,791

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

6/01/49

........................................................

4,065,000

3,518,832

James

City

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes

of

Williamsburg,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/41

.....................................

625,000

469,338

Virginia

United

Methodist

Homes

of

Williamsburg,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/47

.....................................

1,000,000

697,287

b

Virginia

Small

Business

Financing

Authority

,

P3

VB

Holdings

LLC

,

Revenue,

Senior

Lien

,

144A,

2023

A

,

8.5

%

,

12/01/52

....................................

11,000,000

10,434,369

21,045,720

Washington

1.0%

Ocean

Shores

Local

Improvement

District

,

Special

Assessment

,

2011

,

7.25

%

,

2/01/31

835,000

922,140

e

Washington

Economic

Development

Finance

Authority

,

Propeller

Airports

Paine

Field

LLC

,

Revenue

,

A

,

Mandatory

Put

,

6.5

%

,

3/01/24

..........................

23,750,000

23,605,856

b

Washington

State

Housing

Finance

Commission

,

eliseo

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

1/01/51

........

15,070,000

10,501,778

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

1/01/55

..............................................

4,700,000

3,333,347

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/46

.........................................

2,250,000

1,687,402

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/51

.........................................

1,700,000

1,230,597

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2019,

5%,

1/01/55

........................................................

9,020,000

6,306,710

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/51

........................................................

6,000,000

4,283,524

51,871,354

West

Virginia

0.0%

†

b

Monongalia

County

Commission

Excise

Tax

District

,

Revenue

,

144A,

2021

B

,

4.875

%

,

6/01/43

.........................................................

1,635,000

1,510,117

Wisconsin

2.6%

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

4%,

12/01/40

.....................

1,070,000

857,568

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

4.25%,

12/01/50

...................

7,225,000

5,524,146

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

108

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/49

.............

$

7,900,000

$

7,302,671

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/45

..........

2,805,000

2,779,566

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/53

..........

4,345,000

4,214,120

b

Coral

Academy

of

Science

Reno,

Revenue,

144A,

2022

A,

6%,

6/01/62

.........

1,565,000

1,523,660

b

Eno

River

Academy,

Revenue,

144A,

2020

A,

5%,

6/15/40

...................

815,000

781,595

b

Eno

River

Academy,

Revenue,

144A,

2020

A,

5%,

6/15/54

...................

1,380,000

1,240,112

b

Estancia

Valley

Classical

Academy,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/41

1,000,000

753,818

b

Estancia

Valley

Classical

Academy,

Revenue,

144A,

2021

A,

Refunding,

4.25%,

7/01/51

........................................................

4,000,000

2,852,925

b

FAH

Tree

House

LLC,

Revenue,

144A,

2023

B,

6.625%,

2/01/46

..............

11,095,000

10,246,651

b

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/39

..

1,230,000

1,134,548

b

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/49

..

7,600,000

6,520,722

b

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/54

..

1,920,000

1,617,206

b

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

13,200,000

13,181,311

b

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/36

....

300,000

278,819

b

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/51

....

1,000,000

850,836

b

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/61

....

1,275,000

1,050,890

b

Hope

Housing

Foundation

Obligated

Group,

Revenue,

144A,

2022

C,

4.6%,

12/01/37

5,460,000

4,433,227

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/37

............................................

625,000

576,347

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/52

............................................

4,100,000

3,372,452

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

3/01/45

..................................................

1,665,000

1,470,100

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

3/01/55

..................................................

6,810,000

5,759,299

b

Ocean

Academy

Charter

School,

Revenue,

144A,

2021,

4%,

10/15/31

..........

185,000

164,400

b

Ocean

Academy

Charter

School,

Revenue,

144A,

2021,

5%,

10/15/41

..........

570,000

507,029

b

Ocean

Academy

Charter

School,

Revenue,

144A,

2021,

5%,

10/15/51

..........

1,130,000

955,184

b

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022,

Zero

Cpn.,

12/01/45

...

11,680,000

6,986,288

b

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/31

.................

600,000

573,579

b

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/51

.................

2,250,000

1,885,265

b

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/56

.................

2,465,000

2,030,596

b

UHF

RISE

Student

Housing

LLC,

Revenue,

144A,

2021

A-2,

5.35%,

7/01/40

.....

3,000,000

2,489,600

b

UHF

RISE

Student

Housing

LLC,

Revenue,

144A,

2021

B,

5.25%,

7/01/61

.......

2,000,000

1,525,735

b

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/34

.........

5,220,000

5,239,309

b

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/39

.........

8,500,000

8,187,032

b

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

5%,

1/01/56

...............

1,865,000

1,376,541

b,e

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-1,

Mandatory

Put,

3.5%,

12/01/35

..................................................

2,000,000

1,610,475

b,e

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-2,

Mandatory

Put,

4%,

12/01/35

...................................................

18,000,000

15,009,905

Wisconsin

Health

&

Educational

Facilities

Authority

,

Chiara

Communities,

Inc.,

Revenue,

2018

C,

6%,

7/01/28

...................

175,000

150,428

Chiara

Communities,

Inc.,

Revenue,

2018

C,

6.5%,

7/01/33

..................

300,000

239,090

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7%,

7/01/43

...................

1,000,000

715,641

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7.5%,

7/01/53

..................

6,620,000

4,787,645

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

4%,

12/01/41

........

850,000

651,319

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

4%,

12/01/51

........

1,000,000

692,238

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

4%,

12/01/56

........

1,000,000

667,445

134,767,333

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

109

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

10.1%

District

of

Columbia

0.8%

District

of

Columbia

,

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2002

,

Zero

Cpn.,

6/15/46

.........................................................

$

175,000,000

$

40,005,823

Pacific

Islands

0.1%

Northern

Mariana

Island

Ports

Authority

,

Revenue

,

1998

A

,

6.6

%

,

3/15/28

.........

6,830,000

6,589,718

Puerto

Rico

9.2%

Children's

Trust

Fund

,

Revenue,

2002,

5.5%,

5/15/39

........................................

6,585,000

6,585,274

Revenue,

2002,

5.625%,

5/15/43

......................................

2,500,000

2,514,188

Commonwealth

of

Puerto

Rico

,

h

GO,

FRN,

Zero

Cpn.,

11/01/43

........................................

1

—

GO,

2022

A-1,

5.375%,

7/01/25

.......................................

1

1

GO,

2022

A-1,

5.625%,

7/01/27

.......................................

1,724,925

1,804,964

GO,

2022

A-1,

5.625%,

7/01/29

.......................................

1,696,941

1,800,222

GO,

2022

A-1,

5.75%,

7/01/31

........................................

2,166,031

2,337,015

GO,

2022

A-1,

4%,

7/01/33

..........................................

3,562,950

3,278,069

GO,

2022

A-1,

4%,

7/01/35

..........................................

15,191,884

13,609,054

GO,

2022

A-1,

4%,

7/01/37

..........................................

31,512,915

27,425,977

GO,

2022

A-1,

4%,

7/01/41

..........................................

28,684,144

24,025,673

GO,

2022

A-1,

4%,

7/01/46

..........................................

21,788,775

17,617,599

GO,

2022

A-1,

Zero

Cpn.,

7/01/24

.....................................

520,047

495,789

GO,

2022

A-1,

Zero

Cpn.,

7/01/33

.....................................

2,011,366

1,181,626

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5

%

,

8/20/40

...................

40,655,650

33,642,550

HTA

CL

6

Trust

,

Revenue

,

L-2028

,

5.25

%

,

7/01/38

..........................

2,023,940

2,024,868

HTA

TRRB

Custodial

Trust

,

Revenue

,

2007

N

,

5.25

%

,

7/01/36

..................

700,000

706,146

b

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

,

Revenue,

144A,

2021

B,

Refunding,

5%,

7/01/33

..........................

4,295,000

4,331,758

Revenue,

144A,

2021

B,

Refunding,

5%,

7/01/37

..........................

35,000,000

34,754,055

Revenue,

144A,

2021

B,

Refunding,

4%,

7/01/42

..........................

2,500,000

2,134,206

Revenue,

Senior

Lien,

144A,

2020

A,

Refunding,

5%,

7/01/47

................

31,750,000

30,586,769

d

Puerto

Rico

Electric

Power

Authority

,

Revenue,

1,

10%,

1/01/21

...........................................

6,000,000

4,380,000

Revenue,

2013

A,

7.25%,

7/01/30

.....................................

25,000,000

18,187,500

Revenue,

2013

A,

6.75%,

7/01/36

.....................................

29,750,000

21,605,938

Revenue,

2013

A,

7%,

7/01/43

........................................

5,000,000

3,637,500

Revenue,

2016

A-4,

10%,

7/01/19

.....................................

5,500,000

4,015,000

Revenue,

2016

B-4,

10%,

7/01/19

.....................................

5,500,000

4,015,000

Revenue,

E-2,

10%,

7/01/21

.........................................

6,000,000

4,380,000

Revenue,

E-3,

10%,

1/01/22

.........................................

1,989,500

1,452,335

Revenue,

E-4,

10%,

7/01/22

.........................................

1,989,499

1,452,334

Revenue,

XX,

5.75%,

7/01/36

........................................

23,620,000

17,006,400

Revenue,

XX,

5.25%,

7/01/40

........................................

10,895,000

7,817,162

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

AES

Puerto

Rico

LP

,

Revenue

,

2000

A

,

6.625

%

,

6/01/26

.....

15,240,000

15,477,851

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.55%,

7/01/40

................................

393,000

375,004

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

80,515,000

77,129,151

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/46

.............................

25,400,000

6,864,319

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/51

.............................

241,837,000

48,162,201

Sales

Tax,

Revenue,

A-2,

4.329%,

7/01/40

...............................

22,136,000

20,562,808

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

110

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.,

(continued)

Sales

Tax,

Revenue,

A-2,

4.784%,

7/01/58

...............................

$

7,495,000

$

6,903,752

474,280,058

Total

U.S.

Territories

....................................................................

520,875,599

Total

Municipal

Bonds

(Cost

$5,159,835,376)

...................................

4,869,272,081

Total

Long

Term

Investments

(Cost

$5,362,656,059)

.............................

5,059,735,832

a

a

a

a

a

Short

Term

Investments

0.5%

Municipal

Bonds

0.5%

Georgia

0.0%

†

i

Development

Authority

of

Monroe

County

(The)

,

Florida

Power

&

Light

Co.

,

Revenue

,

2002

,

Refunding

,

Daily

VRDN

and

Put

,

4.08

%

,

9/01/37

.....................

2,500,000

2,500,000

New

York

0.3%

i

Nassau

County

Industrial

Development

Agency

,

Cold

Spring

Harbor

Laboratory

,

Revenue

,

1999

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.85

%

,

1/01/34

3,600,000

3,600,000

i

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

BB-1A

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

3.98

%

,

6/15/49

..

10,100,000

10,100,000

13,700,000

Ohio

0.0%

†

i

County

of

Allen

Hospital

Facilities

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010

C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

3.98

%

,

6/01/34

.................

700,000

700,000

Pennsylvania

0.2%

i

Allegheny

County

Higher

Education

Building

Authority

,

Carnegie

Mellon

University

,

Revenue

,

2008

A

,

Refunding

,

SPA

Bank

of

New

York

Mellon

(The)

,

Daily

VRDN

and

Put

,

4

%

,

12/01/37

.................................................

6,370,000

6,370,000

Total

Municipal

Bonds

(Cost

$23,270,000)

......................................

23,270,000

Total

Short

Term

Investments

(Cost

$23,270,000

)

................................

23,270,000

a

Total

Investments

(Cost

$5,385,926,059)

99.2%

..................................

$5,083,005,832

Other

Assets,

less

Liabilities

0.8%

.............................................

44,072,456

Net

Assets

100.0%

...........................................................

$5,127,078,288

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$1,626,108,553,

representing

31.7%

of

net

assets.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

The

maturity

date

shown

represents

the

mandatory

put

date.

f

Security

purchased

on

a

when-issued

basis.

g

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

111

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

Louisiana

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

112

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.4%

Florida

0.1%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

$

500,000

$

334,792

Georgia

0.3%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

1,225,000

978,597

Louisiana

92.0%

Ascension

Parish

School

Board

,

GO

,

2020

,

4

%

,

3/01/40

......................

1,000,000

988,643

Caddo

Parish

Parishwide

School

District

,

GO

,

2021

,

AGMC

Insured

,

3

%

,

3/01/36

...

505,000

462,419

Calcasieu

Parish

School

District

No.

23

,

GO

,

2019

,

BAM

Insured

,

4

%

,

9/01/36

.....

670,000

677,004

Calcasieu

Parish

School

District

No.

31

,

GO,

2018,

BAM

Insured,

5%,

3/01/36

...................................

1,000,000

1,086,413

GO,

2018,

BAM

Insured,

5%,

3/01/38

...................................

1,000,000

1,073,665

GO,

2019,

BAM

Insured,

4%,

3/01/37

...................................

1,000,000

1,009,243

Central

Community

School

System

,

GO,

2020,

4%,

3/01/39

.............................................

1,125,000

1,105,190

GO,

2020,

4%,

3/01/40

.............................................

1,190,000

1,162,369

City

of

Bossier

City

,

Utilities

,

Revenue

,

2014

,

Pre-Refunded

,

5

%

,

10/01/37

........

1,280,000

1,307,755

City

of

Lafayette

,

Sales

&

Use

Tax,

Revenue,

2019

A,

5%,

5/01/44

..........................

4,350,000

4,680,044

Sales

&

Use

Tax,

Revenue,

2020

B,

4%,

3/01/45

..........................

5,000,000

4,893,306

City

of

New

Orleans

,

GO,

2021

A,

5%,

12/01/39

...........................................

6,000,000

6,390,904

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/45

.........................

1,700,000

1,781,885

Sewerage

Service,

Revenue,

2020

B,

4%,

6/01/50

.........................

1,300,000

1,158,760

City

of

Ruston

,

Sales

Tax

,

Revenue

,

2016

,

AGMC

Insured

,

5

%

,

6/01/35

...........

1,085,000

1,127,394

City

of

Shreveport

,

Water

&

Sewer,

Revenue,

2016

B,

5%,

12/01/41

..........................

4,000,000

4,081,234

Water

&

Sewer,

Revenue,

2020

B,

Refunding,

3%,

12/01/50

..................

5,070,000

3,669,727

Consolidated

Government

of

the

City

of

Baton

Rouge

&

Parish

of

East

Baton

Rouge

,

Sales

Tax

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

5

%

,

8/01/30

............

2,000,000

2,238,107

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2014

B,

Pre-Refunded,

5%,

2/01/39

............................

5,000,000

5,147,351

Revenue,

2019

A,

Refunding,

4%,

2/01/45

...............................

5,000,000

4,825,917

Revenue,

2020

A,

Refunding,

5%,

2/01/31

...............................

750,000

849,215

Greater

New

Orleans

Expressway

Commission

,

Revenue

,

2017

,

AGMC

Insured

,

5

%

,

11/01/47

........................................................

4,000,000

4,089,142

Jefferson

Parish

Consolidated

Sewerage

District

No.

1

,

Revenue

,

2022

,

BAM

Insured

,

4

%

,

2/01/38

......................................................

1,000,000

987,576

Jefferson

Parish

Consolidated

Waterworks

District

No.

2

,

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

4

%

,

2/01/40

...........................................

5,000,000

4,889,085

Jefferson

Sales

Tax

District

,

Revenue

,

2017

B

,

AGMC

Insured

,

5

%

,

12/01/42

.......

2,250,000

2,338,066

Lafayette

Consolidated

Government

,

GO,

2020,

Refunding,

3%,

3/01/34

.....................................

250,000

237,471

GO,

2020,

Refunding,

3%,

3/01/35

.....................................

200,000

186,889

Lafayette

Parish

School

Board

,

Sales

Tax

,

Revenue

,

2023

,

4

%

,

4/01/53

..........

2,500,000

2,387,099

Livingston

Parish

School

Board

,

Sales

&

Use

Tax,

Revenue,

2021

A,

Refunding,

4%,

5/01/30

.................

500,000

528,554

Sales

&

Use

Tax,

Revenue,

2021

A,

Refunding,

4%,

5/01/31

.................

1,300,000

1,374,284

Louisiana

Correctional

Facilities

Corp.

,

State

of

Louisiana

Office

of

Juvenile

Justice,

Revenue,

2021,

4%,

10/01/37

......

875,000

882,607

State

of

Louisiana

Office

of

Juvenile

Justice,

Revenue,

2021,

4%,

10/01/40

......

1,305,000

1,264,991

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

113

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Housing

Corp.

,

Revenue,

2021

B,

GNMA

Insured,

2.05%,

6/01/36

.........................

$

615,000

$

472,979

Revenue,

2021

B,

GNMA

Insured,

2.2%,

6/01/41

..........................

1,965,000

1,436,399

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

a

City

of

New

Orleans,

Revenue,

144A,

2021,

4%,

11/01/46

...................

2,000,000

1,735,751

East

Ascension

Parish

Gravity

Drainage

District

No.

1,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/40

........................................

2,925,000

3,011,533

Entergy

Louisiana

LLC,

Revenue,

2021

A,

Refunding,

2%,

6/01/30

.............

1,500,000

1,309,055

Entergy

Louisiana

LLC,

Revenue,

2021

B,

Refunding,

2.5%,

4/01/36

...........

3,000,000

2,442,674

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/33

.

800,000

809,433

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/34

.

620,000

625,518

a

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4.25%,

12/01/50

........................................

8,000,000

6,116,702

a

Parish

of

Assumption,

Revenue,

144A,

2021,

3.875%,

11/01/45

...............

1,000,000

844,563

a

Parish

of

St.

Bernard,

Revenue,

144A,

2021,

4%,

11/01/45

...................

1,225,000

1,069,935

a

Parish

of

St.

Charles,

Revenue,

144A,

2022,

4.5%,

11/01/47

.................

2,000,000

1,862,486

a

Parish

of

St.

Tammany

LA

GOMESA,

Revenue,

144A,

2020,

3.875%,

11/01/45

....

2,900,000

2,449,232

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

10/01/43

...

250,000

188,433

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4.25%,

10/01/48

221,200

162,308

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4.5%,

10/01/53

.

309,471

227,579

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

5%,

10/01/61

...

249,529

193,890

Ragin

Cajun

Facilities,

Inc.,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

10/01/39

.......................................................

2,680,000

2,763,281

University

of

Louisiana

at

Lafayette,

Revenue,

2018,

AGMC

Insured,

5%,

10/01/48

3,500,000

3,559,576

University

of

Louisiana

System,

Revenue,

2019,

Refunding,

AGMC

Insured,

4%,

8/01/34

........................................................

1,000,000

1,014,091

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/39

.......................................

1,060,000

1,028,548

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/41

.......................................

500,000

483,558

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/43

.......................................

500,000

478,051

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/30

....................................................

1,020,000

1,052,086

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/31

....................................................

1,065,000

1,099,452

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/32

....................................................

1,100,000

1,119,281

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/33

....................................................

1,155,000

1,174,290

Woman's

Hospital

Foundation,

Revenue,

2017

A,

Refunding,

5%,

10/01/44

......

5,000,000

5,086,223

Louisiana

Public

Facilities

Authority

,

CHRISTUS

Health

Obligated

Group,

Revenue,

2018

E,

5%,

7/01/48

...........

5,000,000

5,102,005

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015

A,

5%,

7/01/35

..............................................

4,965,000

5,047,422

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/35

..................................

35,000

36,293

Louisiana

Children's

Medical

Center

Obligated

Group,

Revenue,

2015

A-1,

5%,

6/01/45

........................................................

10,000,000

10,204,317

Louisiana

Children's

Medical

Center

Obligated

Group,

Revenue,

2020

A,

4%,

6/01/50

5,000,000

4,520,760

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2016

A,

5%,

7/01/46

..............................................

6,500,000

6,580,265

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2017,

5%,

7/01/52

................................................

2,310,000

2,333,148

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/37

.......

2,020,000

1,921,138

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/39

.......

3,460,000

3,236,078

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

114

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Public

Facilities

Authority,

(continued)

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/41

.......

$

2,850,000

$

2,616,871

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/34

........................................................

30,000

31,488

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/47

........................................................

20,000

20,992

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/46

12,000,000

12,178,148

a

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

2,000,000

1,924,313

Roman

Catholic

Church

of

the

Archdiocese

of

New

Orleans,

Revenue,

2017,

Refunding,

5%,

7/01/37

............................................

3,750,000

3,187,500

Tulane

University,

Revenue,

2016

A,

Refunding,

5%,

12/15/41

................

3,000,000

3,118,170

Tulane

University,

Revenue,

2017

A,

4%,

12/15/50

.........................

1,940,000

1,841,689

Tulane

University,

Revenue,

2017

A,

Pre-Refunded,

4%,

12/15/50

.............

60,000

62,521

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/45

.................

1,000,000

1,056,238

Louisiana

Stadium

&

Exposition

District

,

Revenue

,

2020

,

5

%

,

7/03/23

............

1,150,000

1,150,974

Louisiana

State

Transportation

Authority

,

Revenue

,

2013

A

,

Pre-Refunded

,

5

%

,

8/15/38

4,500,000

4,513,732

Louisiana

State

University

&

Agricultural

&

Mechanical

College

,

Auxiliary

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

7/01/40

....................................

4,500,000

4,762,355

Natchitoches

Parish

School

District

No.

9

,

GO

,

2018

,

AGMC

Insured

,

5

%

,

3/01/38

...

1,440,000

1,555,447

New

Orleans

Aviation

Board

,

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017

A

,

5

%

,

1/01/48

........................................

10,000,000

10,252,753

Parish

of

East

Baton

Rouge

Capital

Improvements

District

,

Revenue,

2019,

4%,

8/01/44

.........................................

2,055,000

2,007,491

Revenue,

2019,

5%,

8/01/48

.........................................

2,500,000

2,619,825

Parish

of

Terrebonne

,

Sales

&

Use

Tax,

Revenue,

2020

A,

4%,

3/01/35

..........................

1,015,000

1,022,464

Sales

&

Use

Tax,

Revenue,

2020

A,

4%,

3/01/41

..........................

2,660,000

2,577,099

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2018

A,

AGMC

Insured,

5%,

4/01/48

............................

2,750,000

2,835,327

Revenue,

2018

B,

Refunding,

AGMC

Insured,

5%,

4/01/43

...................

2,000,000

2,042,837

Revenue,

2020

D,

5%,

4/01/50

........................................

6,000,000

6,204,235

Rapides

Parish

Consolidated

School

District

No.

62

,

GO

,

2022

,

AGMC

Insured

,

5

%

,

3/01/42

.........................................................

1,100,000

1,182,178

St.

John

the

Baptist

,

Parish

School

District

No.

1

,

GO

,

2023

,

5.25

%

,

3/01/43

.......

3,300,000

3,422,008

St.

Tammany

Parish

Hospital

Service

District

No.

1

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/48

.........................................................

5,500,000

5,528,968

State

of

Louisiana

,

GO,

2016

A,

5%,

9/01/36

............................................

5,000,000

5,231,958

GO,

2019

A,

5%,

3/01/37

............................................

3,000,000

3,277,432

Gasoline

&

Fuels

Tax,

Revenue,

First

Lien,

2015

A,

Pre-Refunded,

5%,

5/01/41

...

3,000,000

3,097,917

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/40

...

5,000,000

5,257,256

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/45

...

10,000,000

10,413,598

Tangipahoa

Parish

Hospital

Service

District

No.

1

,

Revenue,

2021,

Refunding,

4%,

2/01/35

.................................

2,250,000

2,230,366

Revenue,

2021,

Refunding,

4%,

2/01/38

.................................

2,000,000

1,892,319

Terrebonne

Levee

&

Conservation

District

,

Sales

Tax

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

6/01/41

......................................................

1,000,000

970,689

West

Feliciana

Parish

Parishwide

Consolidated

School

District

No.

1

,

GO

,

2020

,

4

%

,

3/01/50

.........................................................

3,000,000

2,743,768

264,511,568

South

Carolina

0.4%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

700,000

558,198

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

115

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

(continued)

South

Carolina

Jobs-Economic

Development

Authority,

(continued)

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

$

700,000

$

556,513

1,114,711

Texas

0.7%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

450,000

460,251

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

900,000

655,649

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,250,000

927,496

2,043,396

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

700,000

558,162

Wisconsin

1.4%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

800,000

630,612

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

1,225,000

977,114

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

1,800,000

1,797,452

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

12/01/52

.....

500,000

491,626

3,896,804

U.S.

Territories

2.3%

Puerto

Rico

2.3%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

500,000

494,170

b

Revenue,

WW,

5.25%,

7/01/33

........................................

855,000

613,463

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

585,911

563,207

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

380,763

242,561

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

651,329

397,308

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

................................

3,500,000

3,245,409

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

1,196,000

1,145,705

6,701,823

Total

U.S.

Territories

....................................................................

6,701,823

Total

Municipal

Bonds

(Cost

$301,286,558)

.....................................

280,139,853

a

a

a

a

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

116

See

Abbreviations

on

page

196

.

Short

Term

Investments

1.3%

a

a

Principal

Amount

a

Value

Municipal

Bonds

1.3%

Louisiana

1.3%

c

State

of

Louisiana

,

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2023

A-1

,

Refunding

,

LOC

Toronto

Dominion

Bank

(The)

,

Daily

VRDN

and

Put

,

3.9

%

,

5/01/43

$

3,800,000

$

3,800,000

Total

Municipal

Bonds

(Cost

$3,800,000)

.......................................

3,800,000

Total

Short

Term

Investments

(Cost

$3,800,000

)

.................................

3,800,000

a

Total

Investments

(Cost

$305,086,558)

98.7%

...................................

$283,939,853

Other

Assets,

less

Liabilities

1.3%

.............................................

3,689,971

Net

Assets

100.0%

...........................................................

$287,629,824

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$24,684,890,

representing

8.6%

of

net

assets.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

c

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

Maryland

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

117

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.4%

Georgia

0.3%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

$

1,325,000

$

1,058,483

Maryland

85.6%

City

of

Baltimore

,

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5.125%,

6/01/43

.

3,000,000

2,976,517

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/46

.....................

5,000,000

5,164,354

Wastewater

Utility

Fund,

Revenue,

2022

A,

5%,

7/01/38

.....................

1,415,000

1,596,553

Wastewater

Utility

Fund,

Revenue,

2022

A,

5%,

7/01/39

.....................

1,495,000

1,674,773

City

of

Gaithersburg

,

Asbury

Maryland

Obligated

Group

,

Revenue

,

2022

,

4.5

%

,

1/01/42

1,500,000

1,252,910

b

County

of

Anne

Arundel

,

Glenview

Housing

LP

,

Revenue

,

2009

,

Mandatory

Put

,

5

%

,

1/01/27

.........................................................

1,815,000

1,817,417

County

of

Baltimore

,

GO

,

2023

,

5

%

,

3/01/53

...............................

6,000,000

6,644,049

a

County

of

Frederick

,

Urbana

Community

Development

Authority

,

Special

Tax

,

144A,

2020

C

,

4

%

,

7/01/50

...............................................

3,995,000

3,456,524

County

of

Harford

,

Beechtree

Estates

Development

District,

Tax

Allocation,

2021,

Refunding,

4%,

7/01/31

........................................................

150,000

156,786

Beechtree

Estates

Development

District,

Tax

Allocation,

2021,

Refunding,

4%,

7/01/36

........................................................

750,000

757,713

Beechtree

Estates

Development

District,

Tax

Allocation,

2021,

Refunding,

4%,

7/01/40

........................................................

675,000

651,110

County

of

Prince

George's

,

GO,

2018

A,

4%,

7/15/35

............................................

5,000,000

5,165,349

GO,

2020

A,

5%,

7/15/40

............................................

900,000

969,987

Howard

County

Housing

Commission

,

Revenue,

2013,

5%,

10/01/28

........................................

10,000,000

10,055,698

Revenue,

2016,

4%,

6/01/46

.........................................

2,000,000

1,845,648

Revenue,

2017,

5%,

12/01/46

........................................

5,000,000

5,184,264

Maryland

Community

Development

Administration

,

Housing,

Revenue,

2019

D,

3%,

7/01/39

................................

1,500,000

1,275,886

Housing,

Revenue,

2019

D,

3.2%,

7/01/44

...............................

1,000,000

847,864

Maryland

Community

Development

Administration

Local

Government

Infrastructure

,

Revenue,

2017

A-1,

4%,

6/01/47

......................................

2,300,000

2,217,929

Revenue,

2018

A-1,

5%,

6/01/48

......................................

1,310,000

1,374,808

Revenue,

Senior

Lien,

2019

B-1,

4%,

6/01/49

.............................

3,000,000

2,887,388

Maryland

Economic

Development

Corp.

,

Annapolis

Parking

System,

Revenue,

Senior

Lien,

2022

A,

5.25%,

6/30/53

.......

5,000,000

5,179,124

Frostburg

State

University

Project,

Revenue,

Senior

Lien,

2013,

Refunding,

5%,

10/01/33

.......................................................

5,000,000

4,995,660

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

2020,

4%,

7/01/40

.

1,000,000

948,828

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

2020,

5%,

7/01/50

.

1,250,000

1,273,824

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

2022

A,

6%,

7/01/58

4,620,000

5,066,741

Purple

Line

Transit

Partners

LLC,

Revenue,

2022

B,

5.25%,

6/30/47

...........

5,000,000

5,098,023

Purple

Line

Transit

Partners

LLC,

Revenue,

2022

B,

5.25%,

6/30/52

...........

5,000,000

5,087,909

University

of

Maryland

College

Park,

Revenue,

2016,

Refunding,

AGMC

Insured,

5%,

6/01/35

........................................................

4,225,000

4,400,588

University

of

Maryland

College

Park,

Revenue,

2016,

Refunding,

AGMC

Insured,

5%,

6/01/43

........................................................

3,305,000

3,376,840

University

Park

Phase

I

&

II

at

Salisbury

University,

Revenue,

2013,

Refunding,

5%,

6/01/34

........................................................

2,040,000

2,026,374

University

Village

at

Sheppard

Pratt,

Revenue,

2012,

Refunding,

5%,

7/01/27

.....

1,500,000

1,500,391

University

Village

at

Sheppard

Pratt,

Revenue,

2012,

Refunding,

5%,

7/01/33

.....

2,495,000

2,494,958

West

Village

&

Millennium

Hall

Student

Housing

at

Towson

University,

Revenue,

Senior

Lien,

2012,

5%,

7/01/27

......................................

1,145,000

1,145,683

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

118

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Adventist

Healthcare

Obligated

Group,

Revenue,

2016

A,

5.5%,

1/01/46

.........

$

9,750,000

$

9,848,919

Adventist

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

1/01/38

...

865,000

764,846

Adventist

Healthcare

Obligated

Group,

Revenue,

2021

B,

4%,

1/01/51

..........

2,000,000

1,666,777

Charlestown

Community,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

1/01/45

........

4,170,000

4,232,987

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/50

..

1,715,000

1,530,607

Goucher

College,

Revenue,

2017

A,

Refunding,

5%,

7/01/44

.................

7,470,000

7,645,254

Johns

Hopkins

Medical

Institutions

Parking

System,

Revenue,

2001,

AMBAC

Insured,

5%,

7/01/27

..............................................

655,000

659,799

Johns

Hopkins

Medical

Institutions

Parking

System,

Revenue,

2004,

AMBAC

Insured,

5%,

7/01/34

..............................................

5,000,000

5,036,965

LifeBridge

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

7/01/47

.....

4,000,000

4,040,928

LifeBridge

Health

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

7/01/44

.....

2,000,000

2,040,180

Loyola

University

Maryland,

Inc.,

Revenue,

2014,

Refunding,

5%,

10/01/45

......

2,250,000

2,277,339

Loyola

University

Maryland,

Inc.,

Revenue,

2019

A,

Refunding,

5%,

10/01/49

.....

2,000,000

2,092,585

Maryland

Institute

College

of

Art,

Revenue,

2012,

5%,

6/01/29

................

1,000,000

1,000,801

Maryland

Institute

College

of

Art,

Revenue,

2016,

Refunding,

4%,

6/01/42

.......

5,325,000

4,929,895

MedStar

Health

Obligated

Group,

Revenue,

1997,

AMBAC

Insured,

ETM,

5%,

7/01/27

........................................................

7,240,000

7,497,305

MedStar

Health

Obligated

Group,

Revenue,

2013

A,

5%,

8/15/38

..............

5,000,000

5,005,915

MedStar

Health

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

8/15/38

.......

2,100,000

2,136,566

MedStar

Health

Obligated

Group,

Revenue,

2017

A,

5%,

5/15/45

..............

5,000,000

5,117,046

Meritus

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/01/40

.

8,535,000

8,634,719

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/28

..........

630,000

663,754

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/30

..........

1,125,000

1,206,408

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/32

..........

800,000

862,071

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/34

..........

350,000

347,543

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/36

..........

1,125,000

1,090,327

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/40

..........

1,850,000

1,717,132

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/46

..........

1,000,000

887,481

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/55

..........

3,250,000

2,743,503

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/39

............................................

10,000,000

10,328,571

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

D,

4%,

7/01/48

........................................................

5,000,000

4,668,504

Maryland

Industrial

Development

Financing

Authority

,

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/43

..............

1,100,000

1,064,265

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/48

..............

610,000

570,440

Maryland

Stadium

Authority

,

Baltimore

City

Public

School

Construction

Financing

Fund,

Revenue,

2016,

Pre-

Refunded,

5%,

5/01/46

............................................

4,085,000

4,308,286

Baltimore

City

Public

School

Construction

Financing

Fund,

Revenue,

2020

A,

5%,

5/01/50

........................................................

12,225,000

13,589,221

Built

to

Learn,

Revenue,

2021,

4%,

6/01/35

..............................

1,590,000

1,634,232

Built

to

Learn,

Revenue,

2022

A,

4%,

6/01/47

.............................

5,000,000

4,770,804

Maryland

State

Transportation

Authority

,

Revenue,

2020,

4%,

7/01/45

.........................................

4,000,000

3,886,393

Revenue,

2021

A,

Refunding,

5%,

7/01/46

...............................

4,900,000

5,336,120

State

of

Maryland

,

GO

,

2022

A

,

5

%

,

6/01/37

...............................

10,000,000

11,444,957

State

of

Maryland

Department

of

Transportation

,

Maryland

Aviation

Administration,

Revenue,

2021

B,

5%,

8/01/46

..............

3,000,000

3,119,149

Maryland

Aviation

Administration,

Revenue,

2021

B,

4%,

8/01/51

..............

3,500,000

3,220,803

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

4%,

3/01/36

...............

2,700,000

2,517,473

Washington

College,

Revenue,

2021

A,

Refunding,

4%,

3/01/37

...............

3,095,000

2,835,005

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

119

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Washington

Suburban

Sanitary

Commission

,

Revenue,

2023,

4%,

6/01/49

.........................................

$

9,500,000

$

9,379,401

Revenue,

Second

Series,

2016,

4%,

6/01/43

.............................

5,000,000

5,002,756

273,922,502

New

Jersey

0.8%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2022

BB

,

4

%

,

6/15/39

...

2,500,000

2,426,097

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

700,000

558,198

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

700,000

556,512

a

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn

.,

6/01/52

1,350,000

851,597

1,966,307

Texas

0.7%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

550,000

562,529

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,000,000

728,499

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,300,000

964,595

2,255,623

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

700,000

558,162

Wisconsin

1.0%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

800,000

630,612

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

2,000,000

1,997,168

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

12/01/52

.....

500,000

491,626

3,119,406

U.S.

Territories

8.2%

District

of

Columbia

4.1%

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated,

Revenue,

2020

A,

5%,

7/15/45

...............................

2,500,000

2,705,199

Dedicated,

Revenue,

2021

A,

4%,

7/15/43

...............................

1,750,000

1,726,146

Dedicated,

Revenue,

2021

A,

5%,

7/15/46

...............................

3,000,000

3,270,278

Dedicated,

Revenue,

2023

A,

5%,

7/15/43

...............................

2,500,000

2,781,023

Dedicated,

Revenue,

2023

A,

4.125%,

7/15/47

............................

2,500,000

2,456,901

12,939,547

Puerto

Rico

4.1%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/33

................

1,805,000

1,824,920

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

2,550,000

2,574,869

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

2,000,000

1,976,682

c

Revenue,

WW,

5.5%,

7/01/38

.........................................

1,975,000

1,419,531

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

94,046

90,402

Revenue,

2022

B,

Zero

Cpn

.,

7/01/32

...................................

61,117

38,934

Revenue,

2022

C,

Zero

Cpn

.,

7/01/53

..................................

104,547

63,773

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

120

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

................................

$

3,600,000

$

3,338,135

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

1,900,000

1,820,100

13,147,346

Total

U.S.

Territories

....................................................................

26,086,893

Total

Municipal

Bonds

(Cost

$326,056,499)

.....................................

311,393,473

a

a

a

a

Short

Term

Investments

1.1%

Municipal

Bonds

1.1%

Maryland

1.1%

d

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

11/01/37

........................................................

2,400,000

2,400,000

d

Montgomery

County

Housing

Opportunities

Commission

,

Revenue

,

2023

A

,

Refunding

,

FHA,

FNMA

Insured

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.9

%

,

1/01/63

.....

1,000,000

1,000,000

3,400,000

Total

Municipal

Bonds

(Cost

$3,400,000)

.......................................

3,400,000

Total

Short

Term

Investments

(Cost

$3,400,000

)

.................................

3,400,000

a

Total

Investments

(Cost

$329,456,499)

98.5%

...................................

$314,793,473

Other

Assets,

less

Liabilities

1.5%

.............................................

5,075,208

Net

Assets

100.0%

...........................................................

$319,868,681

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$11,295,464,

representing

3.5%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

Massachusetts

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

121

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

900,000

$

895,321

Total

Corporate

Bonds

(Cost

$900,000)

........................................

895,321

Senior

Floating

Rate

Interests

0.3%

Residential

REITs

0.3%

a,b

Centennial

Gardens

LP

,

Delayed

Draw

Term

Loan

,

5.579

%

,

(

1-month

USD

LIBOR

+

1.55

%

),

1/08/24

...................................................

1,000,000

1,017,551

Total

Senior

Floating

Rate

Interests

(Cost

$1,000,000)

...........................

1,017,551

Municipal

Bonds

94.2%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

1,200,000

994,456

Florida

0.6%

c

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

750,000

502,187

c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

2,000,000

1,635,000

2,137,187

Illinois

0.8%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

1,750,000

1,630,565

State

of

Illinois

,

GO,

2017

D,

5%,

11/01/27

...........................................

140,000

149,393

GO,

2020

B,

5%,

10/01/29

...........................................

1,000,000

1,095,110

2,875,068

Massachusetts

86.9%

Acton

&

Boxborough

Regional

School

District

,

GO,

5%,

3/01/33

..................................................

2,095,000

2,353,188

GO,

3%,

3/01/34

..................................................

1,485,000

1,433,840

GO,

3%,

3/01/35

..................................................

2,130,000

2,024,038

Boston

Water

&

Sewer

Commission

,

Revenue,

Senior

Lien

,

2014

A

,

Pre-Refunded

,

4

%

,

11/01/28

.....................................................

4,400,000

4,452,807

City

of

Lowell

,

GO,

2020,

Refunding,

4%,

9/01/31

.....................................

2,000,000

2,115,291

GO,

2020,

Refunding,

4%,

9/01/33

.....................................

2,025,000

2,114,127

City

of

Quincy

,

GO

,

2014

,

4

%

,

6/01/32

....................................

2,565,000

2,573,887

City

of

Worcester

,

GO

,

2020

A

,

3

%

,

2/01/42

................................

1,685,000

1,397,796

Commonwealth

of

Massachusetts

,

GO,

2018

A,

5%,

1/01/47

............................................

5,000,000

5,261,009

GO,

2022

E,

5%,

11/01/52

...........................................

3,000,000

3,263,747

GO,

A,

5.25%,

4/01/42

..............................................

5,000,000

5,299,937

Revenue,

2005,

Refunding,

AGMC,

NATL

Insured,

5.5%,

1/01/34

..............

11,900,000

14,054,702

Transportation

Fund,

Revenue,

2016

B,

4%,

6/01/45

.......................

7,175,000

7,042,679

Transportation

Fund,

Revenue,

2017

A,

5%,

6/01/47

.......................

5,000,000

5,222,762

Transportation

Fund,

Revenue,

2018

A,

5%,

6/01/48

.......................

5,000,000

5,268,242

Transportation

Fund,

Revenue,

2019

A,

5%,

6/01/49

.......................

1,925,000

2,047,881

Massachusetts

Bay

Transportation

Authority

,

Sales

Tax,

Revenue,

A,

5%,

7/01/40

....................................

5,000,000

5,133,477

Sales

Tax,

Revenue,

A-1,

Refunding,

5.25%,

7/01/30

.......................

4,000,000

4,661,250

Sales

Tax,

Revenue,

Senior

Lien,

B,

Refunding,

5%,

7/01/33

.................

2,500,000

2,597,056

Massachusetts

Clean

Water

Trust

(The)

,

Revenue,

1999

A,

5.75%,

8/01/29

.....................................

250,000

250,507

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

122

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Clean

Water

Trust

(The),

(continued)

Revenue,

2000-6,

5.5%,

8/01/30

......................................

$

65,000

$

65,115

Massachusetts

Development

Finance

Agency

,

Babson

College,

Revenue,

2022,

Refunding,

4%,

10/01/44

...................

700,000

639,773

Bentley

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/37

................

1,000,000

977,924

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/32

2,975,000

3,083,682

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/34

5,000,000

5,168,578

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2016

I,

Refunding,

5%,

7/01/34

1,500,000

1,572,260

Boston

Medical

Center

Corp.

Obligated

Group,

Revenue,

2023,

Refunding,

5.25%,

7/01/52

........................................................

2,500,000

2,601,950

Brandeis

University,

Revenue,

2019

S-1,

Refunding,

5%,

10/01/38

.............

2,410,000

2,591,261

Broad

Institute,

Inc.

(The),

Revenue,

2017,

Refunding,

4%,

4/01/41

............

5,000,000

5,000,075

Dana-Farber

Cancer

Institute

Obligated

Group,

Revenue,

2016

N,

5%,

12/01/46

..

6,890,000

7,028,370

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2021

C,

4%,

11/01/46

.......................................................

1,250,000

1,127,444

Loomis

Obligated

Group,

Revenue,

2021,

4%,

1/01/41

......................

435,000

365,965

Loomis

Obligated

Group,

Revenue,

2021,

4%,

1/01/51

......................

300,000

232,262

c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/26

........

940,000

923,930

c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/31

........

870,000

817,731

c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/41

........

485,000

408,030

c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/51

........

520,000

402,588

Mass

General

Brigham,

Inc.,

Revenue,

2016

Q,

Refunding,

5%,

7/01/34

.........

5,000,000

5,260,337

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

5%,

7/01/33

.......

1,880,000

2,026,517

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

4%,

7/01/41

.......

7,500,000

7,303,148

Mass

General

Brigham,

Inc.,

Revenue,

2020

A-2,

Refunding,

4%,

7/01/41

.......

1,000,000

973,753

Merrimack

College,

Revenue,

2021

B,

4%,

7/01/42

........................

475,000

415,443

Merrimack

College,

Revenue,

2021

B,

4%,

7/01/50

........................

3,650,000

3,005,263

Merrimack

College,

Revenue,

2022,

5%,

7/01/52

..........................

1,000,000

981,013

c

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2018,

5%,

11/15/38

.......................................................

3,000,000

3,040,010

c

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2018,

5.125%,

11/15/46

.......................................................

5,000,000

5,044,941

Northeastern

University,

Revenue,

2014

A,

5%,

3/01/44

.....................

5,000,000

5,029,003

Northeastern

University,

Revenue,

2022,

Refunding,

5%,

10/01/44

.............

2,375,000

2,633,417

President

&

Trustees

of

Williams

College,

Revenue,

2017

S,

4%,

7/01/46

........

7,000,000

6,840,343

President

and

Fellows

of

Harvard

College,

Revenue,

2016

A,

Refunding,

5%,

7/15/33

5,000,000

5,318,684

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/34

.

735,000

690,408

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/39

.

750,000

660,320

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/41

.

500,000

428,745

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/48

.

1,750,000

1,410,232

Southcoast

Health

System

Obligated

Group,

Revenue,

2021

G,

Refunding,

4%,

7/01/46

........................................................

5,795,000

5,060,910

Southcoast

Health

System

Obligated

Group,

Revenue,

2021

G,

Refunding,

5%,

7/01/50

........................................................

6,590,000

6,696,471

Springfield

College,

Revenue,

2021

B,

Refunding,

4%,

6/01/50

................

2,695,000

2,189,595

Suffolk

University,

Revenue,

2021,

4%,

7/01/46

...........................

4,150,000

3,577,992

Suffolk

University,

Revenue,

2021,

4%,

7/01/51

...........................

5,000,000

4,175,595

Trustees

of

Boston

College,

Revenue,

2017

T,

Refunding,

5%,

7/01/42

..........

3,750,000

3,962,141

Trustees

of

Boston

University,

Revenue,

BB-1,

4%,

10/01/46

.................

5,000,000

4,858,467

Wellesley

College,

Revenue,

2018

L,

Refunding,

4%,

7/01/44

.................

6,160,000

6,060,536

Wheaton

College,

Revenue,

2021

I,

5%,

1/01/53

..........................

3,000,000

2,897,096

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/35

..

1,200,000

1,293,468

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/36

..

1,000,000

1,070,485

Worcester

Polytechnic

Institute,

Revenue,

2017,

Refunding,

5%,

9/01/42

........

1,090,000

1,129,990

Worcester

Polytechnic

Institute,

Revenue,

2019,

4%,

9/01/44

.................

1,350,000

1,260,849

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

123

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Educational

Financing

Authority

,

Revenue,

2017

B,

Refunding,

4.25%,

7/01/46

.............................

$

2,500,000

$

2,313,663

Revenue,

2021

C,

3%,

7/01/51

........................................

3,000,000

2,010,160

Massachusetts

Health

&

Educational

Facilities

Authority

,

Trustees

of

Boston

College

,

Revenue

,

M2

,

5.5

%

,

6/01/35

.........................................

8,600,000

10,374,106

Massachusetts

Housing

Finance

Agency

,

Revenue,

2009

C,

5.125%,

12/01/39

...................................

1,045,000

1,045,765

Revenue,

2009

C,

5.35%,

12/01/49

....................................

2,770,000

2,772,284

Revenue,

2012

F,

3.15%,

12/01/32

.....................................

105,000

99,611

Revenue,

2012

F,

3.45%,

12/01/37

.....................................

45,000

41,104

Revenue,

214,

GNMA

Insured,

2.55%,

12/01/34

...........................

1,000,000

864,613

Revenue,

214,

GNMA

Insured,

2.8%,

12/01/39

............................

2,860,000

2,349,089

Revenue,

A,

3.25%,

12/01/27

.........................................

4,000,000

3,930,570

Revenue,

A,

3.5%,

12/01/31

..........................................

5,805,000

5,739,734

Massachusetts

Port

Authority

,

Revenue,

2019

B,

5%,

7/01/44

........................................

5,000,000

5,349,455

Revenue,

2021

B,

Refunding,

5%,

7/01/39

...............................

1,175,000

1,251,560

Massachusetts

School

Building

Authority

,

Revenue,

2018

B,

5.25%,

2/15/48

.....................................

2,315,000

2,458,102

Revenue,

2019

A,

5%,

2/15/44

........................................

1,000,000

1,065,962

Revenue,

Senior

Lien,

2016

C,

Refunding,

5%,

11/15/34

....................

5,000,000

5,310,757

Massachusetts

State

College

Building

Authority

,

Revenue

,

2017

D

,

Refunding

,

4

%

,

5/01/38

.........................................................

4,350,000

4,359,567

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System,

Revenue,

2019

B-1,

Refunding,

5%,

1/01/37

......

1,015,000

1,109,125

Metropolitan

Highway

System,

Revenue,

Senior

Lien,

2019

A,

Refunding,

5%,

1/01/37

........................................................

2,750,000

2,983,051

Massachusetts

Water

Resources

Authority

,

Revenue,

2016

C,

Pre-Refunded,

5%,

8/01/40

............................

5,000,000

5,323,733

Revenue,

2018

B,

5%,

8/01/43

........................................

4,000,000

4,247,942

Revenue,

B,

Refunding,

AGMC

Insured,

5.25%,

8/01/28

.....................

5,490,000

6,143,313

Revenue,

B,

5%,

8/01/40

............................................

1,140,000

1,203,213

Revenue,

B,

5%,

8/01/42

............................................

3,145,000

3,307,550

Springfield

Water

&

Sewer

Commission

,

Revenue

,

2017

C

,

5

%

,

4/15/37

..........

1,260,000

1,329,724

Town

of

Belmont

,

GO

,

2019

,

4

%

,

3/15/45

.................................

3,020,000

3,020,064

Town

of

Braintree

,

GO,

Refunding,

5%,

5/15/27

.........................................

2,000,000

2,155,220

GO,

2019,

3%,

6/01/35

.............................................

1,765,000

1,647,731

Town

of

Natick

,

GO

,

2018

,

4

%

,

7/15/35

...................................

4,970,000

5,106,278

Town

of

Plymouth

,

GO

,

2017

,

4

%

,

5/01/47

.................................

5,000,000

4,865,816

University

of

Massachusetts

Building

Authority

,

Revenue,

2022-1,

4%,

11/01/46

.......................................

4,000,000

3,897,042

Revenue,

Senior

Lien,

1,

Pre-Refunded,

5%,

11/01/44

......................

3,240,000

3,317,461

Revenue,

Senior

Lien,

1,

Pre-Refunded,

5%,

11/01/44

......................

760,000

778,700

Revenue,

Senior

Lien,

2017-1,

5.25%,

11/01/42

...........................

5,000,000

5,359,178

314,001,576

New

Jersey

0.5%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2018

A,

Refunding,

5%,

12/15/32

..............................

1,000,000

1,073,880

Revenue,

2020

AA,

4%,

6/15/35

.......................................

250,000

253,544

Revenue,

2020

AA,

3%,

6/15/50

.......................................

500,000

372,270

1,699,694

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

124

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

0.7%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/40

.....................................

$

750,000

$

715,716

Revenue,

2020

A-1,

4%,

11/15/53

.....................................

1,900,000

1,700,020

2,415,736

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

800,000

637,941

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

800,000

636,014

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

760,106

2,034,061

Tennessee

0.1%

d

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

500,000

522,461

Texas

0.6%

c

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,100,000

801,349

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/37

.................................

300,000

239,360

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,400,000

1,038,795

2,079,504

Washington

0.2%

c

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

800,000

637,899

Wisconsin

1.0%

c

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

800,000

630,612

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

2,100,000

2,097,027

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

12/01/52

.....

1,000,000

983,252

3,710,891

U.S.

Territories

2.0%

Puerto

Rico

2.0%

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

250,000

252,438

Revenue,

2007

N,

5.25%,

7/01/34

.....................................

5,000,000

5,039,157

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

253,926

244,086

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

165,017

105,123

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

282,277

172,188

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/31

..

440,000

481,923

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/39

..

200,000

176,652

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

660,000

632,245

7,103,812

Total

U.S.

Territories

....................................................................

7,103,812

Total

Municipal

Bonds

(Cost

$360,396,495)

.....................................

340,212,345

Total

Long

Term

Investments

(Cost

$362,296,495)

...............................

342,125,217

a

a

a

a

a

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

125

See

Abbreviations

on

page

196

.

Short

Term

Investments

3.8%

a

a

Principal

Amount

a

Value

Municipal

Bonds

3.8%

Massachusetts

3.8%

e

Massachusetts

Health

&

Educational

Facilities

Authority

,

President

and

Fellows

of

Harvard

College

,

Revenue

,

R

,

Daily

VRDN

and

Put

,

2.9

%

,

11/01/49

............

$

13,710,000

$

13,710,000

Total

Municipal

Bonds

(Cost

$13,710,000)

......................................

13,710,000

Total

Short

Term

Investments

(Cost

$13,710,000

)

................................

13,710,000

a

Total

Investments

(Cost

$376,006,495)

98.5%

...................................

$355,835,217

Other

Assets,

less

Liabilities

1.5%

.............................................

5,422,446

Net

Assets

100.0%

...........................................................

$361,257,663

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$20,361,398,

representing

5.6%

of

net

assets.

d

The

maturity

date

shown

represents

the

mandatory

put

date.

e

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

Michigan

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

126

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

1,800,000

$

1,790,642

Total

Corporate

Bonds

(Cost

$1,800,000)

.......................................

1,790,642

Municipal

Bonds

98.6%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

2,650,000

2,196,091

Florida

1.2%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

5,256,000

4,356,745

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

900,000

602,625

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn

.,

5/01/57

4,100,000

3,351,750

8,311,120

Illinois

0.6%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/52

..

2,500,000

2,202,644

State

of

Illinois

,

GO

,

2021

B

,

4

%

,

12/01/39

................................

1,860,000

1,789,221

3,991,865

Kentucky

0.8%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn

.,

5/01/52

..............................

8,625,000

5,678,409

Michigan

87.6%

Ann

Arbor

School

District

,

GO

,

2015

,

Refunding

,

5

%

,

5/01/29

..................

1,235,000

1,272,757

Battle

Creek

School

District

,

GO

,

2022

,

4

%

,

5/01/45

.........................

3,000,000

2,987,596

Belding

Area

Schools

,

GO

,

2022

,

4.25

%

,

5/01/52

...........................

7,330,000

7,218,797

Byron

Center

Public

Schools

,

GO,

2017

I,

5%,

5/01/34

.............................................

1,000,000

1,075,002

GO,

2017

I,

5%,

5/01/35

.............................................

1,920,000

2,054,454

GO,

2017

I,

5%,

5/01/36

.............................................

650,000

691,674

GO,

2017

I,

5%,

5/01/37

.............................................

1,480,000

1,565,291

GO,

2017

I,

5%,

5/01/38

.............................................

1,330,000

1,397,905

GO,

2017

I,

5%,

5/01/39

.............................................

2,290,000

2,396,107

GO,

2017

I,

5%,

5/01/43

.............................................

2,250,000

2,330,670

GO,

2017

I,

5%,

5/01/47

.............................................

4,140,000

4,275,087

Caledonia

Community

Schools

,

GO

,

2015

,

Refunding

,

5

%

,

5/01/26

..............

1,000,000

1,056,091

Central

Michigan

University

,

Revenue,

2014,

Refunding,

5%,

10/01/30

................................

1,910,000

1,939,439

Revenue,

2014,

Refunding,

5%,

10/01/31

................................

1,055,000

1,069,890

Revenue,

2014,

Refunding,

5%,

10/01/34

................................

1,600,000

1,620,505

Revenue,

2014,

Refunding,

5%,

10/01/39

................................

2,000,000

2,020,715

Revenue,

2021,

Refunding,

3%,

10/01/46

................................

1,325,000

951,258

Charter

Township

of

Bloomfield

,

GO,

2016,

Refunding,

5%,

5/01/29

.....................................

470,000

493,946

GO,

2016,

Refunding,

5%,

5/01/32

.....................................

1,000,000

1,048,957

Charter

Township

of

Commerce

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/38

............

3,250,000

3,348,494

City

of

Battle

Creek

,

Water

&

Wastewater

System

,

Revenue

,

2016

A

,

5

%

,

6/01/36

...

1,300,000

1,359,071

City

of

Detroit

,

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Second

Lien,

2003

B,

NATL

Insured,

5%,

7/01/34

.........................................

25,000

25,034

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

127

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

City

of

Detroit,

(continued)

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Senior

Lien,

06A,

AGMC

Insured,

5%,

7/01/34

........................................

$

30,000

$

30,041

City

of

Grand

Rapids

,

Sanitary

Sewer

System,

Revenue,

2014,

Pre-Refunded,

5%,

1/01/39

...........

80,000

80,736

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/37

.......................

1,040,000

1,109,405

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/43

.......................

1,000,000

1,046,974

Sanitary

Sewer

System,

Revenue,

2020,

Refunding,

5%,

1/01/45

..............

2,000,000

2,155,608

Water

Supply

System,

Revenue,

2016,

Refunding,

5%,

1/01/41

...............

2,190,000

2,236,899

Water

Supply

System,

Revenue,

2016,

Refunding,

5%,

1/01/46

...............

2,525,000

2,577,833

Water

Supply

System,

Revenue,

2018,

Refunding,

5%,

1/01/43

...............

1,500,000

1,570,460

Water

Supply

System,

Revenue,

2018,

Refunding,

5%,

1/01/48

...............

2,000,000

2,085,373

Water

Supply

System,

Revenue,

2020,

5%,

1/01/40

........................

2,400,000

2,604,862

Water

Supply

System,

Revenue,

2020,

5%,

1/01/50

........................

3,000,000

3,222,909

Comstock

Public

Schools

,

GO

,

2022

,

4

%

,

5/01/52

...........................

3,000,000

2,831,653

County

of

Kent

,

GO,

2016,

5%,

6/01/32

.............................................

1,305,000

1,371,141

GO,

2016,

5%,

6/01/33

.............................................

1,275,000

1,338,503

County

of

Muskegon

,

GO,

2015,

Refunding,

5%,

11/01/33

....................................

1,360,000

1,407,410

GO,

2015,

Refunding,

5%,

11/01/36

....................................

1,735,000

1,791,012

Detroit

City

School

District

,

GO

,

2001

A

,

AGMC

Insured

,

6

%

,

5/01/29

............

8,400,000

9,344,897

DeWitt

Public

Schools

,

GO,

2017,

5%,

5/01/30

.............................................

500,000

541,391

GO,

2017,

5%,

5/01/33

.............................................

815,000

881,838

GO,

2017,

5%,

5/01/34

.............................................

1,000,000

1,079,612

GO,

2017,

5%,

5/01/35

.............................................

1,000,000

1,075,763

GO,

2017,

5%,

5/01/36

.............................................

1,000,000

1,070,954

Downriver

Utility

Wastewater

Authority

,

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/34

....................

510,000

549,292

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/36

....................

1,600,000

1,699,793

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/38

....................

1,500,000

1,579,408

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/43

....................

3,000,000

3,127,716

East

Lansing

School

District

,

GO,

2017

I,

5%,

5/01/35

.............................................

1,500,000

1,602,758

GO,

2017

I,

5%,

5/01/37

.............................................

1,100,000

1,162,152

GO,

2017

I,

5%,

5/01/42

.............................................

3,500,000

3,674,751

Farmington

Public

School

District

,

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/27

.........................

1,000,000

1,031,136

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/28

.........................

2,000,000

2,061,520

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/32

.........................

4,035,000

4,148,534

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/33

.........................

2,900,000

2,981,056

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/34

.........................

3,000,000

3,085,534

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/35

.........................

1,000,000

1,027,950

GO,

2018,

BAM

Insured,

4.5%,

5/01/38

.................................

7,225,000

7,407,281

Flat

Rock

Community

School

District

,

GO

,

2022

I

,

4.5

%

,

5/01/52

................

2,100,000

2,067,840

Gerald

R

Ford

International

Airport

Authority

,

Revenue

,

2021

,

5

%

,

1/01/51

.........

2,000,000

2,090,410

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/44

...........

2,000,000

2,011,928

Munson

Healthcare

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/47

...........

2,500,000

2,513,252

Munson

Healthcare

Obligated

Group,

Revenue,

2019

A,

5%,

7/01/44

...........

1,110,000

1,138,711

Munson

Healthcare

Obligated

Group,

Revenue,

2019

B,

5%,

7/01/39

...........

1,625,000

1,697,767

Munson

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

7/01/51

....

10,000,000

6,910,156

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

128

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Grand

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

12/01/32

..............................

$

4,295,000

$

4,469,015

Revenue,

2018,

5%,

12/01/38

........................................

900,000

959,597

Revenue,

2018,

5%,

12/01/43

........................................

1,800,000

1,908,059

Grandville

Public

Schools

,

GO,

II,

AGMC

Insured,

5%,

5/01/29

....................................

750,000

772,789

GO,

II,

AGMC

Insured,

5%,

5/01/30

....................................

1,000,000

1,028,511

GO,

II,

AGMC

Insured,

5%,

5/01/31

....................................

1,150,000

1,182,788

GO,

II,

AGMC

Insured,

5%,

5/01/32

....................................

1,165,000

1,197,998

GO,

II,

AGMC

Insured,

5%,

5/01/34

....................................

1,315,000

1,352,739

GO,

II,

AGMC

Insured,

5%,

5/01/35

....................................

1,225,000

1,258,781

GO,

II,

AGMC

Insured,

5%,

5/01/37

....................................

2,915,000

2,983,971

GO,

II,

AGMC

Insured,

5%,

5/01/40

....................................

6,215,000

6,338,986

Great

Lakes

Water

Authority

,

Sewage

Disposal

System,

Revenue,

Second

Lien,

2022

B,

5.5%,

7/01/52

.......

1,500,000

1,626,333

Water

Supply

System,

Revenue,

Second

Lien,

2022

B,

5.5%,

7/01/52

..........

5,000,000

5,421,110

Gull

Lake

Community

School

District

,

GO,

2018

I,

5%,

5/01/45

.............................................

4,000,000

4,198,842

GO,

2018

I,

5%,

5/01/48

.............................................

1,000,000

1,046,413

Holly

Area

School

District

,

GO,

2014,

Refunding,

5%,

5/01/30

.....................................

1,045,000

1,059,622

GO,

2014,

Refunding,

5%,

5/01/32

.....................................

1,040,000

1,054,459

Hudsonville

Public

Schools

,

GO,

2017,

Refunding,

5%,

5/01/37

.....................................

1,550,000

1,656,323

GO,

2017,

Refunding,

5%,

5/01/39

.....................................

2,500,000

2,658,927

GO,

2017,

Refunding,

5%,

5/01/41

.....................................

2,500,000

2,649,258

Kent

Hospital

Finance

Authority

,

Mary

Free

Bed

Rehabilitation

Hospital

Obligated

Group

,

Revenue

,

2021

A

,

3

%

,

4/01/51

..................................

6,010,000

3,928,857

Kentwood

Economic

Development

Corp.

,

Holland

Home

Obligated

Group,

Revenue,

2021,

4%,

11/15/45

................

1,655,000

1,215,178

Holland

Home

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

11/15/31

.......

2,000,000

1,831,049

Holland

Home

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

11/15/43

.......

8,820,000

6,638,043

Kentwood

Public

Schools

,

GO,

2016,

5%,

5/01/35

.............................................

1,205,000

1,253,091

GO,

2016,

5%,

5/01/36

.............................................

1,205,000

1,248,358

GO,

2016,

5%,

5/01/38

.............................................

1,210,000

1,248,469

GO,

2016,

5%,

5/01/44

.............................................

2,920,000

2,986,943

Lansing

Board

of

Water

&

Light

,

Revenue

,

2021

A

,

5

%

,

7/01/51

.................

10,000,000

10,534,456

Lansing

Community

College

,

GO

,

2017

,

Refunding

,

5

%

,

5/01/32

................

2,000,000

2,177,835

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/39

.............................................

2,125,000

2,182,525

GO,

2016

I,

5%,

5/01/40

.............................................

2,200,000

2,258,945

Ludington

Area

School

District

,

GO

,

2022

II

,

BAM

Insured

,

4

%

,

5/01/51

...........

7,820,000

7,408,141

Macomb

Interceptor

Drain

Drainage

District

,

Special

Assessment

,

2017

A

,

Refunding

,

5

%

,

5/01/42

......................................................

7,500,000

7,899,663

Mason

County

Central

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

5/01/26

.........

1,100,000

1,133,423

Melvindale

Northern

Allen

Park

Public

Schools

,

GO

,

2022

,

AGMC

Insured

,

4.375

%

,

5/01/47

...................................................

1,500,000

1,515,036

Meridian

Public

School

District

,

GO,

2015,

Refunding,

5%,

5/01/27

.....................................

735,000

757,057

GO,

2015,

Refunding,

5%,

5/01/29

.....................................

775,000

796,806

GO,

2015,

Refunding,

5%,

5/01/31

.....................................

1,130,000

1,160,528

Michigan

Finance

Authority

,

Albion

College,

Revenue,

2022,

Refunding,

5%,

12/01/36

....................

3,270,000

3,358,123

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

129

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

Finance

Authority,

(continued)

Albion

College,

Revenue,

2022,

Refunding,

4%,

12/01/46

....................

$

5,365,000

$

4,462,803

Albion

College,

Revenue,

2022,

Refunding,

4%,

12/01/51

....................

3,415,000

2,743,709

Bronson

Health

Care

Group

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/54

........................................................

11,000,000

10,831,358

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

9/01/50

......

895,000

585,351

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/50

......

2,600,000

2,269,122

Clean

Water

Revolving

Fund,

Revenue,

2016

B,

Refunding,

4%,

10/01/30

.......

2,750,000

2,842,602

Clean

Water

Revolving

Fund,

Revenue,

2018

B,

Refunding,

5%,

10/01/38

.......

8,055,000

8,731,590

County

of

Wayne,

Revenue,

Second

Lien,

2020,

Refunding,

BAM

Insured,

4%,

11/01/55

.......................................................

4,000,000

3,701,401

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/41

.......................................................

19,015,000

19,346,759

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2019

A,

5%,

11/15/48

.....

10,000,000

10,247,174

Kalamazoo

College,

Revenue,

2018,

Refunding,

4%,

12/01/47

................

2,610,000

2,377,336

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/35

.................

400,000

395,854

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/36

.................

565,000

555,122

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/37

.................

640,000

610,826

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/38

.................

675,000

635,244

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/39

.................

645,000

602,531

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/45

.................

3,780,000

3,388,083

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/50

.................

3,000,000

2,618,218

Lawrence

Technological

University

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

2/01/42

........................................................

745,000

602,852

Michigan

Finance

Authority

Clean

Water

Revolving

Fund,

Revenue,

2018

B,

Refunding,

5%,

10/01/39

...........................................

6,000,000

6,486,624

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A-2,

Refunding,

5%,

6/01/40

....

1,000,000

1,038,064

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/49

...

17,170,000

15,258,964

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-1,

2,

Refunding,

5%,

6/01/49

..

2,220,000

2,256,062

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

5%,

12/01/45

.........

19,710,000

20,034,033

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Pre-Refunded,

5%,

12/01/45

.......................................................

290,000

305,972

Michigan

State

Building

Authority

,

Revenue,

2013

A-1,

Refunding,

5%,

10/15/33

.............................

5,000,000

5,037,079

Revenue,

2013

A-1,

Refunding,

5.25%,

10/15/47

..........................

5,000,000

5,030,398

Revenue,

2016

I,

Refunding,

5%,

4/15/41

................................

13,000,000

13,547,550

Revenue,

2016

I,

Refunding,

5%,

10/15/46

...............................

9,910,000

10,214,489

Revenue,

2016

I,

Refunding,

5%,

10/15/51

...............................

1,000,000

1,029,205

Revenue,

2019

I,

Refunding,

4%,

4/15/54

................................

2,000,000

1,912,326

Revenue,

2021,

3%,

10/15/51

........................................

1,500,000

1,144,096

Revenue,

2022

I,

4%,

10/15/52

.......................................

4,250,000

4,080,509

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/33

.............

5,370,000

5,487,285

Ascension

Health

Credit

Group,

Revenue,

2010

F-7,

Refunding,

5%,

11/15/47

....

10,000,000

10,174,538

Ascension

Health

Credit

Group,

Revenue,

2010

F-8,

Refunding,

5%,

11/15/46

....

5,000,000

5,091,103

Michigan

State

Housing

Development

Authority

,

Revenue,

2019

B,

3.1%,

12/01/44

.....................................

15,000,000

11,765,817

Revenue,

2020

A,

2.8%,

12/01/45

.....................................

4,350,000

3,118,607

Revenue,

2020

A,

2.85%,

6/01/50

.....................................

5,150,000

3,610,977

Revenue,

2021

A,

2.5%,

6/01/52

......................................

3,000,000

1,951,636

Revenue,

2021

A,

2.7%,

10/01/56

.....................................

5,000,000

3,120,869

Revenue,

2021

A,

2.73%,

10/01/59

....................................

5,000,000

3,084,475

Revenue,

2022

A,

4.1%,

6/01/43

......................................

5,000,000

4,662,823

Michigan

State

University

,

Revenue

,

2015

A

,

5

%

,

8/15/40

.....................

8,500,000

8,703,707

Michigan

Strategic

Fund

,

State

of

Michigan

Department

of

Transportation,

Revenue,

2018,

5%,

6/30/33

....

2,200,000

2,272,465

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

130

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

Strategic

Fund,

(continued)

State

of

Michigan

Department

of

Transportation,

Revenue,

2018,

5%,

6/30/48

....

$

7,000,000

$

6,890,782

Michigan

Technological

University

,

Revenue,

2015

A,

5%,

10/01/45

.......................................

2,400,000

2,467,689

Revenue,

2023

A,

AGMC

Insured,

5%,

10/01/47

...........................

3,000,000

3,156,646

Revenue,

2023

A,

AGMC

Insured,

5.25%,

10/01/52

........................

1,675,000

1,784,599

Oakland

School

District

,

GO,

2016,

Refunding,

5%,

5/01/35

.....................................

1,500,000

1,566,208

GO,

2016,

Refunding,

5%,

5/01/36

.....................................

1,005,000

1,049,076

Oakland

University

,

Revenue,

2014,

Refunding,

5%,

3/01/31

.................................

1,260,000

1,269,437

Revenue,

2014,

Refunding,

5%,

3/01/32

.................................

1,000,000

1,007,048

Revenue,

2014,

Refunding,

5%,

3/01/33

.................................

1,285,000

1,293,491

Revenue,

2014,

Refunding,

5%,

3/01/34

.................................

1,000,000

1,006,534

Revenue,

2014,

Refunding,

5%,

3/01/39

.................................

3,000,000

3,011,033

Revenue,

2016,

5%,

3/01/41

.........................................

5,000,000

5,076,464

Revenue,

2019,

5%,

3/01/50

.........................................

2,230,000

2,314,780

Plainwell

Community

Schools

,

GO

,

2022

II

,

4

%

,

5/01/52

......................

7,000,000

6,618,216

Rochester

Community

School

District

,

GO

,

2016

I

,

5

%

,

5/01/36

.................

2,800,000

2,892,142

Roseville

Community

Schools

,

GO,

2014,

Pre-Refunded,

5%,

5/01/30

..................................

1,620,000

1,674,400

GO,

2014,

Pre-Refunded,

5%,

5/01/31

..................................

1,585,000

1,638,224

Saginaw

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

7/01/30

...............................

1,750,000

1,831,527

Revenue,

2016

A,

Refunding,

5%,

7/01/31

...............................

2,170,000

2,269,153

Revenue,

2016

A,

Refunding,

5%,

7/01/33

...............................

1,240,000

1,294,813

Saline

Area

Schools

,

GO,

2016,

5%,

5/01/34

.............................................

2,750,000

2,874,492

GO,

2016,

5%,

5/01/36

.............................................

2,950,000

3,079,376

South

Haven

Public

Schools

,

GO,

2015

B,

AGMC

Insured,

5%,

5/01/33

................................

350,000

359,848

GO,

2015

B,

AGMC

Insured,

5%,

5/01/35

................................

1,575,000

1,619,022

Sparta

Area

Schools

,

GO

,

II

,

5

%

,

5/01/48

.................................

5,750,000

6,135,905

Trenton

Public

Schools

School

District

,

GO,

2018,

5%,

5/01/42

.............................................

4,920,000

5,271,158

GO,

2018,

5%,

5/01/45

.............................................

11,480,000

12,262,437

Universal

Academy

,

Revenue,

2021,

Refunding,

2%,

12/01/26

................................

405,000

381,209

Revenue,

2021,

Refunding,

4%,

12/01/31

................................

500,000

473,025

Revenue,

2021,

Refunding,

4%,

12/01/40

................................

1,100,000

952,972

University

of

Michigan

,

Revenue,

2015,

Pre-Refunded,

5%,

4/01/46

..............................

2,000,000

2,111,721

Revenue,

2017

A,

Pre-Refunded,

5%,

4/01/37

............................

2,700,000

2,907,044

Revenue,

2017

A,

Pre-Refunded,

5%,

4/01/42

............................

5,635,000

6,067,108

Revenue,

2017

A,

Pre-Refunded,

5%,

4/01/47

............................

5,000,000

5,383,414

Walled

Lake

Consolidated

School

District

,

GO,

2020,

5%,

5/01/45

.............................................

2,500,000

2,681,079

GO,

2022,

5%,

5/01/49

.............................................

1,500,000

1,599,937

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2018

A,

5%,

12/01/43

......

7,750,000

8,105,602

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2021

A,

5%,

12/01/40

......

3,330,000

3,644,621

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2021

A,

5%,

12/01/46

......

4,670,000

5,036,970

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2021

B,

5%,

12/01/39

......

1,675,000

1,776,555

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

131

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Wayne

State

University

,

Revenue,

2015

A,

Refunding,

5%,

11/15/31

..............................

$

1,860,000

$

1,887,338

Revenue,

2018

A,

5%,

11/15/43

.......................................

4,500,000

4,709,376

Revenue,

2018

A,

4%,

11/15/48

.......................................

10,000,000

9,435,255

Wayne-Westland

Community

Schools

,

GO,

2022,

3%,

11/01/44

.............................................

2,830,000

2,202,574

GO,

2022,

3%,

11/01/46

.............................................

1,475,000

1,122,840

Western

Michigan

University

,

Revenue,

2015

A,

Refunding,

5%,

11/15/28

..............................

1,635,000

1,676,833

Revenue,

2015

A,

Refunding,

5%,

11/15/29

..............................

2,000,000

2,046,998

Revenue,

2015

A,

Refunding,

5%,

11/15/30

..............................

2,500,000

2,555,434

Revenue,

2015

A,

Refunding,

5%,

11/15/40

..............................

1,560,000

1,584,304

Revenue,

2015

A,

Refunding,

5%,

11/15/45

..............................

2,000,000

2,022,179

Revenue,

2019

A,

Refunding,

5%,

11/15/44

..............................

2,315,000

2,427,338

Revenue,

2021

A,

AGMC

Insured,

5%,

11/15/51

...........................

2,785,000

2,905,115

Western

School

District

,

GO

,

2022

,

5.25

%

,

5/01/52

..........................

2,000,000

2,211,732

Zeeland

Public

Schools

,

GO,

2015

A,

AGMC

Insured,

5%,

5/01/31

................................

1,530,000

1,571,620

GO,

2015

A,

AGMC

Insured,

5%,

5/01/33

................................

2,000,000

2,052,538

GO,

2015

A,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/35

....................

2,000,000

2,067,160

636,862,005

New

Jersey

0.1%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

500,000

463,609

Revenue,

2020

AA,

3%,

6/15/50

.......................................

600,000

446,724

910,333

New

York

1.2%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/48

..........

9,300,000

8,508,042

South

Carolina

1.0%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,800,000

1,435,367

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,800,000

1,431,032

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn

.,

6/01/52

6,200,000

3,911,036

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

760,106

7,537,541

Texas

0.7%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,400,000

1,748,398

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/39

325,000

249,115

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/40

300,000

225,871

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/47

550,000

377,947

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,500,000

2,596,988

5,198,319

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,800,000

1,435,274

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

132

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

0.8%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

$

1,800,000

$

1,418,877

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

4,600,000

4,593,487

6,012,364

U.S.

Territories

4.1%

Guam

0.2%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,750,000

1,757,565

Puerto

Rico

3.9%

HTA

HRRB

Custodial

Trust

,

Revenue,

2007

CC,

5.25%,

7/01/32

....................................

2,100,000

2,125,607

Revenue,

2007

CC,

5.25%,

7/01/36

....................................

1,515,000

1,528,302

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

3,900,000

3,938,035

Revenue,

2007

N,

5.25%,

7/01/34

.....................................

7,420,000

7,478,108

Revenue,

2007

N,

5.25%,

7/01/36

.....................................

500,000

504,390

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

95,927

92,210

Revenue,

2022

B,

Zero

Cpn

.,

7/01/32

...................................

62,340

39,713

Revenue,

2022

C,

Zero

Cpn

.,

7/01/53

..................................

106,638

65,049

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

12,900,000

12,357,524

28,128,938

Total

U.S.

Territories

....................................................................

29,886,503

Total

Municipal

Bonds

(Cost

$758,820,836)

.....................................

716,527,866

Total

Long

Term

Investments

(Cost

$760,620,836)

...............................

718,318,508

a

a

a

a

a

Short

Term

Investments

0.4%

Municipal

Bonds

0.4%

Michigan

0.4%

c

University

of

Michigan

,

Revenue

,

2012

D-1

,

Daily

VRDN

and

Put

,

3.8

%

,

12/01/24

...

2,800,000

2,800,000

Total

Municipal

Bonds

(Cost

$2,800,000)

.......................................

2,800,000

Total

Short

Term

Investments

(Cost

$2,800,000

)

.................................

2,800,000

a

Total

Investments

(Cost

$763,420,836)

99.2%

...................................

$721,118,508

Other

Assets,

less

Liabilities

0.8%

.............................................

5,867,594

Net

Assets

100.0%

...........................................................

$726,986,102

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$27,532,317,

representing

3.8%

of

net

assets.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

133

c

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

Minnesota

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

134

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.7%

Florida

0.8%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

$

6,192,000

$

5,132,605

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

2,100,000

1,406,124

6,538,729

Minnesota

95.6%

Alexandria

Independent

School

District

No.

206

,

GO

,

2017

A

,

Refunding

,

3

%

,

2/01/37

29,905,000

26,760,118

Anoka-Hennepin

Independent

School

District

No.

11

,

GO,

2018

A,

3.25%,

2/01/37

..........................................

5,355,000

5,083,469

GO,

2018

A,

4%,

2/01/39

............................................

8,905,000

9,002,672

GO,

2018

A,

3.375%,

2/01/43

.........................................

4,020,000

3,655,927

Becker

Independent

School

District

No.

726

,

GO,

2022

A,

Zero

Cpn.,

2/01/41

.......................................

1,000,000

454,176

GO,

2022

A,

Zero

Cpn.,

2/01/42

.......................................

1,000,000

430,313

GO,

2022

A,

Zero

Cpn.,

2/01/43

.......................................

1,700,000

696,425

Blooming

Prairie

Independent

School

District

No.

756

,

GO

,

2022

A

,

Refunding

,

2.25

%

,

2/01/45

.........................................................

1,500,000

1,013,503

Brainerd

Independent

School

District

No.

181

,

GO,

2018

A,

4%,

2/01/32

............................................

3,065,000

3,180,460

GO,

2018

A,

4%,

2/01/39

............................................

10,600,000

10,636,814

GO,

2018

A,

4%,

2/01/43

............................................

1,900,000

1,903,755

Centennial

Independent

School

District

No.

12

,

GO,

2015

A,

Refunding,

Zero

Cpn.,

2/01/32

..............................

1,450,000

1,041,811

GO,

2015

A,

Refunding,

Zero

Cpn.,

2/01/34

..............................

1,600,000

1,053,221

GO,

2015

A,

Refunding,

Zero

Cpn.,

2/01/35

..............................

350,000

220,644

City

of

Center

City

,

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2019

,

Refunding

,

4

%

,

11/01/41

........................................................

1,000,000

886,044

City

of

Corcoran

,

GO

,

2023

A

,

BAM

Insured

,

4

%

,

2/01/53

.....................

3,605,000

3,452,454

City

of

Elk

River

,

Electric

,

Revenue

,

2021

B

,

2.25

%

,

8/01/47

...................

1,475,000

957,563

City

of

Fridley

,

GO,

2022

A,

4%,

2/01/36

............................................

350,000

355,915

GO,

2022

A,

4%,

2/01/37

............................................

735,000

743,837

GO,

2022

A,

4%,

2/01/38

............................................

800,000

806,105

Fridley

Leased

Housing

Associates

I

LLLP,

Revenue,

2018,

FNMA

Insured,

3.75%,

11/01/34

.......................................................

9,460,952

9,336,308

City

of

Minneapolis

,

GO,

2018,

4%,

12/01/43

.............................................

5,000,000

5,027,526

GO,

2018,

4%,

12/01/46

.............................................

3,500,000

3,497,658

GO,

2019,

3%,

12/01/40

.............................................

3,000,000

2,596,845

14th

and

Central

LLLP,

Revenue,

2020,

FNMA

Insured,

2.35%,

2/01/38

.........

9,377,263

7,870,194

Allina

Health

Obligated

Group,

Revenue,

2021,

4%,

11/15/40

.................

6,750,000

6,483,588

Fairview

Health

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

AGMC

Insured,

5%,

11/15/44

.............................................

10,000,000

10,145,943

Fairview

Health

Services

Obligated

Group,

Revenue,

2018

A,

Refunding,

AGMC

Insured,

5%,

11/15/49

.............................................

6,000,000

6,196,300

City

of

Minneapolis

St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/26

.......

2,000,000

2,110,594

Allina

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/27

.......

2,000,000

2,132,152

City

of

Rochester

,

Electric

Utility,

Revenue,

2013

B,

Pre-Refunded,

5%,

12/01/43

................

1,000,000

1,008,117

Electric

Utility,

Revenue,

2017

A,

Refunding,

5%,

12/01/47

...................

11,210,000

11,514,471

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/33

....................

4,425,000

5,233,447

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/34

....................

10,235,000

12,165,043

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

135

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

City

of

Rochester,

(continued)

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/36

....................

$

8,400,000

$

9,893,042

Mayo

Clinic,

Revenue,

2018,

4%,

11/15/48

...............................

6,000,000

5,803,543

Mayo

Clinic,

Revenue,

2022,

Refunding,

3.25%,

11/15/41

...................

4,000,000

3,479,996

Mayo

Clinic,

Revenue,

2022,

Refunding,

5%,

11/15/57

......................

2,000,000

2,153,026

City

of

St.

Cloud

,

CentraCare

Health

System

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

5/01/37

........................................................

12,310,000

11,984,215

CentraCare

Health

System

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

5/01/46

........................................................

4,650,000

4,712,091

CentraCare

Health

System

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

5/01/48

........................................................

10,000,000

10,230,241

City

of

St.

Paul

,

Sales

&

Use

Tax,

Revenue,

2014

G,

5%,

11/01/31

.........................

1,000,000

1,019,044

Sales

&

Use

Tax,

Revenue,

2014

G,

5%,

11/01/32

.........................

1,000,000

1,017,798

Water,

Revenue,

2023

A,

4%,

12/01/46

.................................

13,340,000

13,290,787

Cloquet

Independent

School

District

No.

94

,

GO

,

2015

B

,

5

%

,

2/01/32

............

3,615,000

3,693,203

County

of

Norman

,

GO

,

2022

A

,

3.25

%

,

2/01/52

............................

3,115,000

2,546,647

County

of

Rice

,

GO

,

2022

A

,

4

%

,

2/01/48

.................................

5,200,000

5,055,952

Dakota

County

Community

Development

Agency

,

Revenue

,

2011

A

,

GNMA

Insured

,

4.875

%

,

12/01/33

..................................................

425,000

425,295

Dawson-Boyd

Independent

School

District

No.

378

,

GO

,

2019

A

,

3.125

%

,

2/01/40

...

2,965,000

2,706,547

Dilworth

Glyndon

Felton

Independent

School

District

No.

2164

,

GO,

2020

A,

3%,

2/01/39

............................................

1,000,000

876,191

GO,

2020

A,

3%,

2/01/41

............................................

1,225,000

1,045,283

Duluth

Economic

Development

Authority

,

Essentia

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

2/15/53

...

28,935,000

29,869,797

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/15/38

........................................................

150,000

134,727

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/15/39

........................................................

155,000

137,628

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

6/15/44

........................................................

850,000

589,266

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/29

........................................................

400,000

415,559

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/30

........................................................

425,000

444,419

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/31

........................................................

450,000

473,144

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/32

........................................................

500,000

527,754

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/33

........................................................

600,000

632,696

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/34

........................................................

520,000

501,295

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/35

........................................................

425,000

403,822

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/36

........................................................

400,000

373,403

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/37

........................................................

375,000

342,585

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/38

........................................................

400,000

359,272

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/39

........................................................

250,000

221,981

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

136

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Duluth

Economic

Development

Authority,

(continued)

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

B,

5.25%,

6/15/52

..

$

8,000,000

$

8,053,581

Duluth

Independent

School

District

No.

709

,

GO,

2015

B,

Refunding,

2.5%,

2/01/26

..................................

2,840,000

2,748,108

GO,

2021

C,

Zero

Cpn.,

2/01/29

.......................................

1,870,000

1,509,600

GO,

2021

C,

Zero

Cpn.,

2/01/30

.......................................

1,275,000

990,250

GO,

2021

C,

Zero

Cpn.,

2/01/31

.......................................

1,325,000

987,819

GO,

2021

C,

Zero

Cpn.,

2/01/32

.......................................

1,080,000

771,025

GO,

2021

C,

Zero

Cpn.,

2/01/33

.......................................

1,075,000

733,779

Edina

Independent

School

District

No.

273

,

GO

,

2019

A

,

3

%

,

2/01/36

............

1,630,000

1,539,367

Elk

River

Independent

School

District

No.

728

,

GO

,

2015

A

,

4

%

,

2/01/32

..........

3,130,000

3,152,014

Fridley

Independent

School

District

No.

14

,

GO

,

2016

A

,

4

%

,

2/01/29

............

2,220,000

2,278,245

Hastings

Independent

School

District

No.

200

,

GO,

2018

A,

Zero

Cpn.,

2/01/38

.......................................

4,685,000

2,521,669

GO,

2018

A,

Zero

Cpn.,

2/01/39

.......................................

4,685,000

2,367,159

GO,

2018

A,

Zero

Cpn.,

2/01/40

.......................................

4,685,000

2,237,509

Hennepin

County

Regional

Railroad

Authority

,

County

of

Hennepin,

GO,

2019

A,

5%,

12/01/35

...........................

1,480,000

1,644,874

County

of

Hennepin,

GO,

2019

A,

5%,

12/01/36

...........................

5,220,000

5,766,900

County

of

Hennepin,

GO,

2019

A,

5%,

12/01/37

...........................

1,000,000

1,097,659

County

of

Hennepin,

GO,

2019

A,

5%,

12/01/38

...........................

2,000,000

2,179,184

Hermantown

Independent

School

District

No.

700

,

GO

,

2014

A

,

Refunding

,

4

%

,

2/01/29

.........................................................

2,310,000

2,317,149

Hopkins

Independent

School

District

No.

270

,

GO,

2019

A,

3%,

2/01/33

............................................

5,640,000

5,479,087

GO,

2019

A,

3%,

2/01/34

............................................

2,450,000

2,379,004

Lakeview

Independent

School

District

No.

2167

,

GO

,

2021

A

,

2

%

,

2/01/38

.........

1,055,000

770,730

Lakeville

Independent

School

District

No.

194

,

GO

,

2021

B

,

2.125

%

,

2/01/42

.......

4,085,000

2,809,568

Mankato

Independent

School

District

No.

77

,

COP

,

2022

A

,

3

%

,

2/01/42

..........

2,730,000

2,134,175

Metropolitan

Council

,

GO,

2016

C,

Refunding,

3%,

3/01/30

...................................

3,305,000

3,185,288

GO,

2020

B,

2.125%,

3/01/36

.........................................

4,500,000

3,550,478

GO,

2020

B,

2.125%,

3/01/37

.........................................

4,000,000

3,065,691

GO,

2020

B,

2.125%,

3/01/38

.........................................

4,000,000

2,968,324

GO,

2022

C,

4%,

3/01/40

............................................

3,275,000

3,305,142

GO,

2022

C,

4%,

3/01/41

............................................

3,410,000

3,427,721

Minneapolis-St

Paul

Metropolitan

Airports

Commission

,

Revenue

,

2022

A

,

Refunding

,

4.25

%

,

1/01/52

...................................................

2,990,000

2,928,785

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

,

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/34

..............................

2,870,000

3,048,287

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/35

..............................

4,025,000

4,264,832

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/41

..............................

5,180,000

5,368,790

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/46

..............................

29,975,000

30,899,759

Minnesota

Higher

Education

Facilities

Authority

,

Carleton

College,

Revenue,

2017,

Refunding,

4%,

3/01/47

...................

3,575,000

3,488,265

Macalester

College,

Revenue,

2017,

Refunding,

3%,

3/01/33

.................

3,010,000

2,944,108

Macalester

College,

Revenue,

2017,

Refunding,

4%,

3/01/42

.................

900,000

898,579

Macalester

College,

Revenue,

2021,

Refunding,

4%,

3/01/36

.................

125,000

129,212

Macalester

College,

Revenue,

2021,

Refunding,

3%,

3/01/40

.................

365,000

312,992

Macalester

College,

Revenue,

2021,

Refunding,

3%,

3/01/43

.................

330,000

270,120

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/32

...............

255,000

262,391

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/33

...............

240,000

245,045

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/34

...............

355,000

361,492

St.

John's

University,

Revenue,

2021,

Refunding,

3%,

10/01/37

...............

250,000

206,756

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

137

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Minnesota

Higher

Education

Facilities

Authority,

(continued)

St.

John's

University,

Revenue,

2021,

Refunding,

3%,

10/01/38

...............

$

250,000

$

201,502

St.

Olaf

College,

Revenue,

2021,

3%,

10/01/41

...........................

2,600,000

2,060,983

St.

Olaf

College,

Revenue,

Eight

N,

Refunding,

4%,

10/01/33

.................

1,500,000

1,517,019

St.

Olaf

College,

Revenue,

Eight

N,

Refunding,

4%,

10/01/35

.................

500,000

502,327

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

4%,

4/01/31

..........

4,200,000

4,265,260

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

5%,

4/01/35

..........

1,720,000

1,798,537

University

of

St.

Thomas,

Revenue,

2017

A,

Refunding,

4%,

10/01/36

..........

750,000

752,254

University

of

St.

Thomas,

Revenue,

2017

A,

Refunding,

4%,

10/01/37

..........

750,000

743,056

University

of

St.

Thomas,

Revenue,

2022

A,

5%,

10/01/52

...................

10,000,000

10,393,463

Minnesota

Housing

Finance

Agency

,

Revenue,

2009,

4%,

8/01/29

.........................................

3,675,000

3,678,227

Revenue,

2011,

5%,

8/01/31

.........................................

2,225,000

2,227,996

Revenue,

2020

B,

GNMA

Insured,

2.8%,

1/01/44

..........................

2,870,000

2,402,358

Revenue,

2020

D,

4%,

8/01/42

........................................

1,815,000

1,762,925

Revenue,

2020

E,

GNMA

Insured,

2.5%,

7/01/40

..........................

1,840,000

1,504,385

Revenue,

2020

E,

GNMA

Insured,

2.7%,

7/01/44

..........................

2,580,000

2,046,989

Revenue,

2020

G,

GNMA

Insured,

2.45%,

7/01/45

.........................

2,115,000

1,713,330

Revenue,

2021

B,

GNMA

Insured,

2.1%,

7/01/36

..........................

950,000

745,630

Revenue,

2021

B,

GNMA

Insured,

2.3%,

7/01/41

..........................

3,345,000

2,458,565

Revenue,

2021

B,

GNMA

Insured,

2.45%,

7/01/46

.........................

3,320,000

2,428,824

Revenue,

2021

H,

GNMA

Insured,

2.55%,

1/01/46

.........................

3,950,000

3,157,084

Revenue,

2022

A,

GNMA

Insured,

2.75%,

7/01/42

.........................

2,660,000

2,127,050

Revenue,

2022

A,

GNMA

Insured,

2.9%,

1/01/45

..........................

1,280,000

1,023,663

Revenue,

2022

C,

GNMA

Insured,

3%,

7/01/43

...........................

1,725,000

1,381,247

Revenue,

2023

D,

GNMA

Insured,

4.5%,

7/01/43

..........................

1,000,000

980,489

Revenue,

2023

D,

GNMA

Insured,

4.6%,

7/01/45

..........................

1,000,000

981,142

b

Minnesota

Municipal

Gas

Agency

,

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/27

..

13,550,000

13,652,111

Minnesota

Municipal

Power

Agency

,

Revenue,

2014

A,

Refunding,

4%,

10/01/31

..............................

1,265,000

1,281,218

Revenue,

2014

A,

Refunding,

4%,

10/01/32

..............................

1,200,000

1,213,732

Revenue,

2014

A,

Refunding,

4%,

10/01/33

..............................

1,000,000

1,010,644

Revenue,

2014

A,

Refunding,

5%,

10/01/34

..............................

1,000,000

1,018,150

Revenue,

2014

A,

Refunding,

5%,

10/01/35

..............................

1,005,000

1,022,847

Revenue,

2016,

4%,

10/01/41

........................................

4,680,000

4,588,046

Revenue,

2016,

5%,

10/01/47

........................................

4,650,000

4,789,615

c

Minnesota

Office

of

Higher

Education

,

Revenue,

Senior

Lien

,

2023

,

Refunding

,

4

%

,

11/01/42

........................................................

2,250,000

2,119,371

Minnesota

Public

Facilities

Authority

,

Revenue

,

2010

A

,

5

%

,

3/01/24

.............

9,010,000

9,124,722

Moorhead

Independent

School

District

No.

152

,

GO

,

2020

A

,

2.5

%

,

2/01/37

.......

9,295,000

7,609,606

Nashwauk

Keewatin

Independent

School

District

No.

319

,

GO

,

2022

A

,

Refunding

,

4

%

,

2/01/48

.........................................................

9,020,000

8,716,184

North

St.

Paul-Maplewood-Oakdale

Independent

School

District

No.

622

,

GO,

2019

A,

3%,

2/01/42

............................................

5,975,000

4,837,856

GO,

2019

A,

3%,

2/01/46

............................................

23,965,000

18,354,245

Northern

Municipal

Power

Agency

,

Revenue,

2013

A,

5%,

1/01/30

........................................

1,190,000

1,191,212

Revenue,

2017,

Refunding,

5%,

1/01/41

.................................

800,000

824,569

Norwood

Young

America

Independent

School

District

No.

108

,

GO

,

2022

A

,

2.25

%

,

2/01/45

.........................................................

1,700,000

1,154,921

Prior

Lake-Savage

Independent

School

District

No.

719

,

GO,

2018

B,

Zero

Cpn.,

2/01/27

.......................................

10,545,000

9,185,317

GO,

2018

B,

Zero

Cpn.,

2/01/28

.......................................

13,055,000

11,013,372

GO,

2018

B,

Zero

Cpn.,

2/01/30

.......................................

9,010,000

7,067,640

GO,

2018

B,

Zero

Cpn.,

2/01/31

.......................................

5,310,000

4,005,786

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

138

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Red

Rock

Central

Independent

School

District

No.

2884

,

GO

,

2022

A

,

2.375

%

,

2/01/47

$

3,000,000

$

2,024,883

Roseville

Independent

School

District

No.

623

,

GO,

2018

A,

5%,

2/01/30

............................................

3,700,000

3,969,571

GO,

2018

A,

4%,

2/01/35

............................................

4,900,000

5,040,437

GO,

2018

A,

4%,

2/01/37

............................................

5,000,000

5,096,590

Sartell-St.

Stephen

Independent

School

District

No.

748

,

GO,

2016

B,

Zero

Cpn.,

2/01/36

.......................................

3,000,000

1,761,192

GO,

2016

B,

Zero

Cpn.,

2/01/37

.......................................

2,820,000

1,559,364

GO,

2016

B,

Zero

Cpn.,

2/01/38

.......................................

5,220,000

2,722,317

GO,

2016

B,

Zero

Cpn.,

2/01/39

.......................................

3,020,000

1,486,668

a

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue,

Senior

Lien

,

144A,

2022

A

,

5.25

%

,

8/01/37

...............................

8,000,000

7,143,881

Southern

Minnesota

Municipal

Power

Agency

,

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn.,

1/01/26

.......................

5,395,000

4,902,353

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn.,

1/01/27

.......................

6,600,000

5,784,361

Revenue,

2015

A,

Refunding,

5%,

1/01/46

...............................

9,345,000

9,552,018

Revenue,

2017

A,

5%,

1/01/42

........................................

1,315,000

1,407,001

Revenue,

2019

A,

5%,

1/01/32

........................................

700,000

789,421

Revenue,

2019

A,

5%,

1/01/33

........................................

560,000

629,271

Revenue,

2019

A,

5%,

1/01/34

........................................

610,000

684,249

St.

Cloud

Independent

School

District

No.

742

,

COP,

2017

A,

4%,

2/01/38

...........................................

1,000,000

995,497

GO,

2015

A,

4%,

2/01/28

............................................

2,080,000

2,112,560

GO,

2017

B,

Refunding,

4%,

2/01/30

...................................

4,060,000

4,130,432

GO,

2017

B,

Refunding,

4%,

2/01/36

...................................

2,500,000

2,543,370

GO,

2017

B,

Refunding,

4%,

2/01/37

...................................

2,250,000

2,289,033

St.

Francis

Independent

School

District

No.

15

,

GO,

2018

A,

4%,

2/01/37

............................................

1,025,000

1,025,382

GO,

2018

A,

3.5%,

2/01/41

...........................................

3,350,000

3,064,580

St.

Paul

Port

Authority

,

Revenue,

2021-2,

4%,

10/01/40

.......................................

1,100,000

1,022,822

District

Energy

St.

Paul

Obligated

Group,

Revenue,

2021-1,

Refunding,

3%,

10/01/34

300,000

272,181

State

of

Minnesota

,

COP,

2014,

5%,

6/01/36

.............................................

3,615,000

3,654,617

GO,

2013

F,

Refunding,

4%,

10/01/25

..................................

15,000,000

15,039,029

GO,

2019

A,

5%,

8/01/34

............................................

1,900,000

2,140,684

Revenue,

2014

A,

5%,

6/01/38

........................................

8,500,000

8,514,028

Stearns

County

Housing

&

Redevelopment

Authority

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

2/01/61

......................................................

1,105,000

762,674

University

of

Minnesota

,

Revenue,

2014

B,

5%,

1/01/38

........................................

4,500,000

4,517,401

Revenue,

2014

B,

4%,

1/01/44

........................................

3,750,000

3,710,914

Revenue,

2015

A,

Refunding,

5%,

8/01/28

...............................

7,225,000

7,465,692

Revenue,

2016

A,

5%,

4/01/41

........................................

5,000,000

5,142,038

Revenue,

2017

A,

5%,

9/01/39

........................................

1,500,000

1,592,502

Revenue,

2017

A,

5%,

9/01/41

........................................

3,000,000

3,179,833

Revenue,

2017

B,

Refunding,

5%,

12/01/30

..............................

5,575,000

6,077,679

Revenue,

2019

A,

5%,

4/01/40

........................................

2,110,000

2,279,648

Revenue,

2019

A,

5%,

4/01/41

........................................

6,045,000

6,516,375

Revenue,

2019

A,

5%,

4/01/44

........................................

3,505,000

3,757,956

Revenue,

2020

A,

5%,

11/01/42

.......................................

5,230,000

5,695,663

Virginia

Independent

School

District

No.

706

,

Rock

Ridge

Independent

School

District

No.

2909

,

GO

,

2019

A

,

3

%

,

2/01/40

....................................

2,295,000

2,006,696

Watertown-Mayer

Independent

School

District

No.

111

,

GO,

2020

A,

Zero

Cpn.,

2/01/33

.......................................

2,470,000

1,713,374

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

139

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Watertown-Mayer

Independent

School

District

No.

111,

(continued)

GO,

2020

A,

Zero

Cpn.,

2/01/34

.......................................

$

2,470,000

$

1,647,343

GO,

2020

A,

Zero

Cpn.,

2/01/36

.......................................

1,470,000

889,069

GO,

2020

A,

Zero

Cpn.,

2/01/37

.......................................

2,470,000

1,412,282

Waterville-Elysian-Morristown

Independent

School

District

No.

2143

,

GO

,

2019

A

,

3

%

,

2/01/32

.........................................................

1,995,000

1,969,768

West

St.

Paul-Mendota

Heights-Eagan

Independent

School

District

No.

197

,

GO

,

2018

A

,

4

%

,

2/01/34

....................................................

2,655,000

2,742,220

Western

Minnesota

Municipal

Power

Agency

,

Revenue,

2014

A,

Pre-Refunded,

5%,

1/01/40

............................

8,075,000

8,151,586

Revenue,

2014

A,

Pre-Refunded,

5%,

1/01/46

............................

6,870,000

6,935,157

Revenue,

2015

A,

Refunding,

5%,

1/01/35

...............................

3,000,000

3,099,886

Revenue,

2015

A,

Refunding,

5%,

1/01/36

...............................

2,035,000

2,097,691

Revenue,

2018

A,

5%,

1/01/49

........................................

5,000,000

5,246,495

Zumbro

Education

District

,

COP,

2021

A,

4%,

2/01/32

...........................................

200,000

197,859

COP,

2021

A,

4%,

2/01/33

...........................................

150,000

148,090

COP,

2021

A,

4%,

2/01/34

...........................................

125,000

123,236

COP,

2021

A,

2.125%,

2/01/35

........................................

325,000

252,394

COP,

2021

A,

4%,

2/01/38

...........................................

390,000

364,857

COP,

2021

A,

4%,

2/01/41

...........................................

635,000

576,434

762,880,246

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

2,100,000

1,674,595

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

2,100,000

1,669,537

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,500,000

2,660,370

6,004,502

Texas

0.4%

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

4,000,000

2,967,986

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

2,100,000

1,674,486

Wisconsin

0.9%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

2,100,000

1,655,356

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

5,600,000

5,592,071

7,247,427

Total

Municipal

Bonds

(Cost

$835,688,919)

.....................................

787,313,376

a

a

a

a

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

140

See

Abbreviations

on

page

196

.

Short

Term

Investments

0.5%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.5%

Minnesota

0.5%

d

City

of

Rochester

,

Mayo

Clinic

,

Revenue

,

2008

B

,

SPA

Northern

Trust

Co.

(The)

,

Daily

VRDN

and

Put

,

3.5

%

,

11/15/38

.......................................

$

3,900,000

$

3,900,000

Total

Municipal

Bonds

(Cost

$3,900,000)

.......................................

3,900,000

Total

Short

Term

Investments

(Cost

$3,900,000

)

.................................

3,900,000

a

Total

Investments

(Cost

$839,588,919)

99.2%

...................................

$791,213,376

Other

Assets,

less

Liabilities

0.8%

.............................................

6,506,815

Net

Assets

100.0%

...........................................................

$797,720,191

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$24,774,869,

representing

3.1%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

Missouri

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

141

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.9%

California

0.1%

Santa

Barbara

Secondary

High

School

District

,

GO

,

2011

A

,

Zero

Cpn

.,

8/01/40

....

$

1,790,000

$

862,504

Florida

0.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

5,544,000

4,595,471

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

850,000

569,146

5,164,617

Georgia

0.4%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

3,250,000

2,596,279

Missouri

89.7%

Affton

School

District

No.

101

,

GO,

2017

A,

Refunding,

5%,

3/01/32

...................................

1,500,000

1,608,868

GO,

2017

A,

Refunding,

5%,

3/01/33

...................................

1,595,000

1,710,018

GO,

2017

A,

Refunding,

5%,

3/01/34

...................................

1,700,000

1,822,175

GO,

2017

A,

Refunding,

5%,

3/01/35

...................................

1,810,000

1,934,340

GO,

2017

A,

Refunding,

5%,

3/01/36

...................................

1,920,000

2,043,073

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

10/01/44

......................................

6,000,000

5,834,031

Cape

Girardeau

County

Industrial

Development

Authority

,

Procter

&

Gamble

Co.

(The),

Revenue,

1998,

5.3%,

5/15/28

..................

6,875,000

6,886,966

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

4%,

3/01/41

.............

3,010,000

2,548,229

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

3%,

3/01/46

.............

3,000,000

2,050,414

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

4%,

3/01/46

.............

8,730,000

7,078,815

St.

Francis

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

6/01/39

..........

7,110,000

7,221,360

Cape

Girardeau

County

School

District

No.

R-2

,

GO

,

2018

,

5

%

,

3/01/38

..........

2,195,000

2,367,705

City

of

Bridgeton

,

Sales

Tax,

Revenue,

2021

A,

Refunding,

2%,

12/01/32

......................

500,000

414,316

Sales

Tax,

Revenue,

2021

A,

Refunding,

2.125%,

12/01/33

..................

1,170,000

967,695

City

of

Harrisonville

,

COP,

2023

A,

Refunding,

4.375%,

3/01/43

...............................

1,000,000

981,712

COP,

2023

A,

Refunding,

4.5%,

3/01/48

.................................

2,000,000

1,956,277

COP,

2023

A,

Refunding,

4.625%,

3/01/53

...............................

2,000,000

1,961,543

City

of

Kansas

City

,

Sanitary

Sewer

System,

Revenue,

2018

A,

4%,

1/01/35

.....................

1,500,000

1,537,192

Sanitary

Sewer

System,

Revenue,

2023

A,

4%,

1/01/48

.....................

5,000,000

4,872,538

Water,

Revenue,

2017

A,

4%,

12/01/41

.................................

4,970,000

4,978,270

Water,

Revenue,

2023

A,

4%,

12/01/47

.................................

2,120,000

2,065,540

City

of

Marshfield

,

Waterworks

&

Sewer

System

,

Revenue

,

2020

B

,

AGMC

Insured

,

5

%

,

2/01/47

......................................................

1,775,000

1,859,104

City

of

Republic

,

Revenue,

2022,

3%,

5/01/47

.........................................

5,000,000

3,656,766

Revenue,

2023,

4.5%,

5/01/41

........................................

1,000,000

1,003,365

Revenue,

2023,

4.5%,

5/01/44

........................................

1,000,000

1,000,287

City

of

Springfield

,

Revenue

,

2023

,

4.375

%

,

11/01/42

........................

500,000

506,379

City

of

St.

Charles

,

COP,

2020

B,

Refunding,

3%,

2/01/38

..................................

1,200,000

1,053,551

COP,

2020

B,

Refunding,

3%,

2/01/39

..................................

1,500,000

1,299,801

City

of

St.

Louis

,

Airport,

Revenue,

2005,

Refunding,

NATL

Insured,

5.5%,

7/01/29

..............

13,070,000

14,794,988

Airport,

Revenue,

2017

A,

Refunding,

AGMC

Insured,

5%,

7/01/25

.............

5,000,000

5,166,304

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/35

.............

1,000,000

1,043,508

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

142

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

City

of

St.

Louis,

(continued)

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/36

.............

$

2,125,000

$

2,207,259

Airport,

Revenue,

2019

C,

Refunding,

5%,

7/01/27

.........................

1,705,000

1,823,917

Clay

County

Reorganized

School

District

No.

R-1

,

GO,

2017,

3%,

3/01/36

.............................................

1,540,000

1,420,522

GO,

2017,

3.125%,

3/01/37

..........................................

1,855,000

1,690,936

Community

College

District

of

Central

Southwest

Missouri

,

COP,

2021,

3%,

3/01/40

.............................................

575,000

487,774

COP,

2021,

3%,

3/01/41

.............................................

400,000

335,357

County

of

Jackson

,

Revenue

,

2023

A

,

5.25

%

,

12/01/58

.......................

2,500,000

2,664,371

Ferguson

Reorganized

School

District

No.

R-2

,

GO,

2018,

4%,

5/01/32

.............................................

1,000,000

1,020,258

GO,

2018,

5%,

5/01/38

.............................................

2,250,000

2,385,972

Hannibal

Board

of

Public

Works

,

COP,

2022,

3.625%,

4/01/44

.........................................

1,000,000

830,654

COP,

2022,

3.75%,

4/01/47

..........................................

1,000,000

833,640

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/40

......

1,650,000

1,567,775

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/45

......

1,300,000

1,186,189

BJC

Healthcare

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

7/01/51

.....

13,000,000

9,601,236

CoxHealth

Obligated

Group,

Revenue,

2013

A,

5%,

11/15/38

.................

11,680,000

11,618,527

CoxHealth

Obligated

Group,

Revenue,

2013

A,

5%,

11/15/44

.................

2,760,000

2,736,582

CoxHealth

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/15/34

........

3,200,000

3,287,705

CoxHealth

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/15/39

........

6,690,000

6,795,258

CoxHealth

Obligated

Group,

Revenue,

2019

A,

4%,

11/15/44

.................

5,000,000

4,740,625

Kansas

City

University,

Revenue,

2017

A,

5%,

6/01/42

......................

2,800,000

2,976,947

Kansas

City

University,

Revenue,

2017

A,

5%,

6/01/47

......................

4,875,000

5,162,668

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/40

........................................................

2,060,000

1,518,788

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/41

........................................................

2,120,000

1,543,766

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/46

........................................................

5,590,000

3,784,594

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/46

.......

4,000,000

3,641,162

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

B,

Refunding,

5%,

2/01/46

........................................................

11,575,000

10,536,611

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/34

.......

2,000,000

1,951,454

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/42

.......

1,750,000

1,623,515

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

C,

Refunding,

4%,

2/01/33

........................................................

1,730,000

1,550,597

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

C,

Refunding,

4%,

2/01/48

........................................................

485,000

368,587

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2021,

4%,

2/01/30

........

2,035,000

1,899,918

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2021,

4%,

2/01/42

........

9,900,000

7,903,192

Maryville

University

of

St.

Louis,

Revenue,

2015,

5%,

6/15/44

.................

5,000,000

5,008,028

Maryville

University

of

St.

Louis,

Revenue,

2019

A,

5%,

6/15/45

...............

4,000,000

4,011,729

Maryville

University

of

St.

Louis,

Revenue,

2020

A,

Refunding,

4%,

6/15/34

......

4,345,000

4,188,703

Maryville

University

of

St.

Louis,

Revenue,

2020

A,

Refunding,

4%,

6/15/38

......

4,885,000

4,431,063

Maryville

University

of

St.

Louis,

Revenue,

2022

A,

Refunding,

3.125%,

6/15/38

...

2,300,000

1,831,313

Maryville

University

of

St.

Louis,

Revenue,

2022

A,

Refunding,

3.375%,

6/15/45

...

1,000,000

746,326

Mercy

Health,

Revenue,

2012,

4%,

11/15/42

.............................

8,000,000

7,737,487

Mercy

Health,

Revenue,

2014

F,

5%,

11/15/45

............................

25,000,000

25,212,368

Mercy

Health,

Revenue,

2015

B,

Refunding,

5%,

2/01/45

....................

6,870,000

6,959,681

Mercy

Health,

Revenue,

2017

C,

Refunding,

5%,

11/15/42

...................

9,720,000

9,977,220

Mercy

Health,

Revenue,

2017

C,

Refunding,

4%,

11/15/47

...................

10,000,000

9,420,999

Mercy

Health,

Revenue,

2020,

4%,

6/01/53

..............................

2,000,000

1,827,402

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

143

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

(continued)

Mosaic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

2/15/54

$

4,000,000

$

3,559,711

SSM

Health

Care

Obligated

Group,

Revenue,

2018

A,

5%,

6/01/48

............

13,500,000

13,786,482

St.

Louis

University,

Revenue,

2015

A,

5%,

10/01/38

.......................

10,000,000

10,309,117

St.

Louis

University,

Revenue,

2017

A,

5%,

10/01/42

.......................

9,200,000

9,646,689

St.

Louis

University,

Revenue,

2017

A,

5%,

10/01/47

.......................

5,800,000

6,058,613

St.

Louis

University,

Revenue,

2019

A,

5%,

10/01/46

.......................

5,775,000

6,151,361

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/35

3,950,000

4,099,690

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/43

.......................................................

2,000,000

2,055,501

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/50

2,500,000

2,298,043

University

of

Central

Missouri,

Revenue,

2013

C-2,

5%,

10/01/34

..............

5,000,000

5,009,092

Howard

Bend

Levee

District

,

Special

Tax,

2021,

2.75%,

3/01/31

.....................................

400,000

343,691

Special

Tax,

2021,

3%,

3/01/36

.......................................

500,000

406,546

Special

Tax,

2021,

3.125%,

3/01/41

....................................

1,000,000

767,903

Special

Tax,

2022,

3.375%,

3/01/32

....................................

75,000

66,225

Special

Tax,

2022,

3.5%,

3/01/37

......................................

175,000

146,792

Special

Tax,

2022,

3.625%,

3/01/42

....................................

200,000

160,385

Jefferson

City

School

District

,

GO

,

2018

,

5

%

,

3/01/38

........................

2,070,000

2,177,364

Jefferson

County

School

District

No.

R-VI

,

Festus,

COP,

2021

B,

3%,

4/01/42

.....................................

500,000

395,303

Festus,

COP,

2021

B,

3%,

4/01/44

.....................................

1,500,000

1,149,735

Festus,

COP,

2021

B,

2.375%,

4/01/46

..................................

2,000,000

1,392,260

Joplin

Industrial

Development

Authority

,

Freeman

Health

System

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

2/15/35

.................................

4,000,000

4,031,642

Kansas

City

Industrial

Development

Authority

,

Revenue,

2011

A,

Refunding,

5.5%,

9/01/29

..............................

5,000,000

5,008,467

Revenue,

2011

A,

Refunding,

5.5%,

9/01/30

..............................

12,000,000

12,020,912

Revenue,

2011

A,

Refunding,

5%,

9/01/32

...............................

3,000,000

3,004,335

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/46

...................

9,000,000

9,259,748

City

of

Kansas

City

Airport,

Revenue,

2019

B,

AGMC

Insured,

5%,

3/01/49

.......

3,000,000

3,076,594

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/54

...................

31,770,000

32,421,126

City

of

Kansas

City

Airport,

Revenue,

2020

A,

AGMC

Insured,

4%,

3/01/57

.......

10,900,000

9,803,233

City

of

Kansas

City

Airport,

Revenue,

2020

A,

AGMC

Insured,

5%,

3/01/57

.......

100,000

102,940

Liberty

Public

School

District

No.

53

,

GO

,

2018

,

4

%

,

3/01/37

...................

4,500,000

4,525,577

Metropolitan

St.

Louis

Sewer

District

,

Revenue,

2016

C,

Refunding,

5%,

5/01/46

...............................

24,700,000

25,664,947

Revenue,

2017

A,

Refunding,

5%,

5/01/47

...............................

15,000,000

15,716,055

Missouri

Development

Finance

Board

,

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/30

...............

930,000

968,424

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/36

...............

1,140,000

1,083,947

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/37

...............

500,000

464,658

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/41

...............

515,000

459,957

City

of

Independence,

Revenue,

2021,

Refunding,

3%,

3/01/46

...............

2,640,000

1,868,297

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/51

...............

9,445,000

7,945,150

Procter

&

Gamble

Co.

(The),

Revenue,

1999,

5.2%,

3/15/29

..................

3,000,000

3,319,942

Zoological

Subdistrict

of

the

Metropolitan

Zoo

Park

&

Museum

District

of

St.

Louis,

Revenue,

2022,

5.25%,

5/01/55

.....................................

2,500,000

2,684,021

Missouri

Housing

Development

Commission

,

Revenue,

2018

B,

GNMA

Insured,

4%,

11/01/38

...........................

820,000

809,161

Revenue,

2019

C,

GNMA

Insured,

3%,

11/01/44

...........................

3,045,000

2,789,018

Revenue,

2020

C,

GNMA

Insured,

2.4%,

11/01/45

.........................

2,010,000

1,486,426

Revenue,

2020

D,

GNMA

Insured,

2.55%,

11/01/50

........................

2,715,000

2,067,367

Revenue,

2021

B,

GNMA

Insured,

2.2%,

11/01/46

.........................

1,160,000

833,816

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

144

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Missouri

Housing

Development

Commission,

(continued)

Revenue,

2021

B,

GNMA

Insured,

2.3%,

11/01/51

.........................

$

7,220,000

$

5,203,536

Revenue,

2022

A,

GNMA

Insured,

3%,

11/01/37

...........................

1,295,000

1,147,464

Revenue,

2022

A,

GNMA

Insured,

3.125%,

11/01/42

.......................

3,425,000

2,878,912

Revenue,

2022

C,

GNMA

Insured,

4.3%,

11/01/47

.........................

2,000,000

1,953,104

Revenue,

2022

C,

GNMA

Insured,

4.35%,

11/01/52

........................

2,495,000

2,416,004

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Iatan

2

Project,

Revenue,

2015

A,

Refunding,

5%,

12/01/35

..................

7,335,000

7,471,178

MoPEP

1

Pool

Fund,

Revenue,

2018,

5%,

12/01/43

........................

2,000,000

2,057,551

Plum

Point

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/33

................

5,500,000

5,583,409

Prairie

State

Project,

Revenue,

2016

A,

Refunding,

5%,

12/01/40

..............

27,950,000

28,413,939

Monarch-Chesterfield

Levee

District

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

3/01/40

....

4,395,000

4,437,628

Move

Rolla

Transportation

Development

District

,

Revenue

,

2017

,

4.75

%

,

6/01/47

...

5,050,000

4,689,288

Normandy

Schools

Collaborative

,

GO,

2021

B,

2%,

3/01/40

............................................

2,050,000

1,456,642

GO,

2021

B,

2%,

3/01/41

............................................

1,700,000

1,195,070

Poplar

Bluff

Regional

Transportation

Development

District

,

Sales

Tax,

Revenue,

2023

B,

Refunding,

3.375%,

12/01/31

..................

2,000,000

1,924,469

Sales

Tax,

Revenue,

2023

B,

Refunding,

4%,

12/01/37

......................

2,600,000

2,522,910

b

Republic

School

District

No.

R-3

,

GO

,

2023

,

4

%

,

3/01/43

......................

1,470,000

1,432,640

Riverside-

Quindaro

Bend

Levee

District

of

Platte

County

,

Special

Assessment

,

2017

,

Refunding

,

5

%

,

3/01/29

.............................................

2,585,000

2,650,146

Southeast

Missouri

State

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/40

......

5,075,000

4,874,006

c

Springfield

School

District

No.

R-12

,

GO

,

2023

,

4

%

,

3/01/43

...................

2,000,000

1,980,959

St.

Charles

County

Public

Water

Supply

District

No.

2

,

COP

,

2022

,

4

%

,

12/01/44

....

5,000,000

4,855,808

St.

Charles

County

School

District

No.

R-IV

Wentzville

,

GO

,

2018

,

Refunding

,

4

%

,

3/01/38

.........................................................

15,400,000

15,500,976

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2013

A,

5.875%,

9/01/43

..

7,000,000

6,998,599

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

9/01/48

........................................................

7,095,000

5,904,900

St.

Louis

Land

Clearance

for

Redevelopment

Authority

,

Revenue,

2021,

2.125%,

7/15/39

......................................

3,680,000

2,614,973

Revenue,

2021,

2.25%,

7/15/41

.......................................

3,845,000

2,711,160

Revenue,

2021

A,

Refunding,

2.125%,

4/01/39

............................

6,385,000

4,542,927

City

of

St.

Louis,

Revenue,

2022

C,

5%,

6/01/36

...........................

2,025,000

2,100,922

City

of

St.

Louis,

Revenue,

2022

C,

5%,

6/01/41

...........................

2,000,000

2,023,704

City

of

St.

Louis,

Revenue,

2022

C,

5.125%,

6/01/46

.......................

2,600,000

2,636,695

St.

Louis

Municipal

Finance

Corp.

,

City

of

St.

Louis,

Revenue,

2020,

AGMC

Insured,

5%,

10/01/45

...............

2,685,000

2,812,545

City

of

St.

Louis,

Revenue,

2020,

AGMC

Insured,

5%,

10/01/49

...............

5,175,000

5,354,443

St.

Louis

Municipal

Library

District

,

COP

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

3/15/48

2,800,000

2,664,486

St.

Louis

School

District

,

GO

,

2023

,

AGMC

Insured

,

4

%

,

4/01/43

................

7,000,000

6,861,030

Washington

Industrial

Development

Authority

,

Revenue

,

2021

,

Refunding

,

2.5

%

,

11/01/29

........................................................

300,000

273,826

650,815,917

Oregon

0.2%

a

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-1

,

5.5

%

,

12/01/39

............................

1,400,000

1,386,534

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,900,000

1,515,110

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

145

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

(continued)

South

Carolina

Jobs-Economic

Development

Authority,

(continued)

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

$

1,900,000

$

1,510,534

a

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn

.,

6/01/52

3,200,000

2,018,599

5,044,243

Texas

1.0%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

2,000,000

2,045,559

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,500,000

1,821,248

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

2.5%,

9/01/41

........................................................

525,000

359,771

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/44

700,000

497,927

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,200,000

2,374,389

7,098,894

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,900,000

1,515,011

Wisconsin

1.6%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,900,000

1,497,703

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

3,250,000

2,592,344

FAH

Tree

House

LLC,

Revenue,

144A,

2023

A,

6.5%,

8/01/53

................

1,500,000

1,486,119

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

4,900,000

4,893,062

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

12/01/52

.....

1,500,000

1,474,879

11,944,107

U.S.

Territories

4.3%

Guam

0.8%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

5,790,000

5,815,030

Puerto

Rico

3.5%

HTA

HRRB

Custodial

Trust

,

Revenue,

2007

CC,

5.25%,

7/01/33

....................................

1,000,000

1,011,036

Revenue,

2007

CC,

5.25%,

7/01/36

....................................

6,200,000

6,254,437

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

5,205,000

5,255,762

Revenue,

2007

N,

5.25%,

7/01/36

.....................................

500,000

504,390

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,750,000

1,729,596

d

Revenue,

WW,

5.5%,

7/01/38

.........................................

4,690,000

3,370,938

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

165,992

159,560

Revenue,

2022

B,

Zero

Cpn

.,

7/01/32

...................................

107,872

68,719

Revenue,

2022

C,

Zero

Cpn

.,

7/01/53

..................................

184,525

112,559

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

................................

1,404,000

1,301,872

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

6,000,000

5,747,686

25,516,555

Total

U.S.

Territories

....................................................................

31,331,585

Total

Municipal

Bonds

(Cost

$763,358,434)

.....................................

717,759,691

a

a

a

a

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

146

See

Abbreviations

on

page

196

.

Short

Term

Investments

0.1%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.1%

Missouri

0.1%

e

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Washington

University

(The)

,

Revenue

,

2000

B

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

4

%

,

3/01/40

.........................................................

$

800,000

$

800,000

Total

Municipal

Bonds

(Cost

$800,000)

.........................................

800,000

Total

Short

Term

Investments

(Cost

$800,000

)

..................................

800,000

a

Total

Investments

(Cost

$764,158,434)

99.0%

...................................

$718,559,691

Other

Assets,

less

Liabilities

1.0%

.............................................

7,208,132

Net

Assets

100.0%

...........................................................

$725,767,823

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$25,740,423,

representing

3.5%

of

net

assets.

b

Security

purchased

on

a

when-issued

basis.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

New

Jersey

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

147

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

1,600,000

$

1,591,682

Total

Corporate

Bonds

(Cost

$1,600,000)

.......................................

1,591,682

Municipal

Bonds

98.3%

California

0.1%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

1,300,000

1,077,328

Delaware

1.7%

Delaware

River

&

Bay

Authority

,

Revenue,

2019,

Refunding,

4%,

1/01/44

.................................

12,500,000

12,162,120

Revenue,

2021,

4%,

1/01/46

.........................................

1,000,000

963,847

13,125,967

Florida

1.0%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

4,536,000

3,759,931

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

850,000

569,146

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

3,650,000

2,983,875

7,312,952

Georgia

0.3%

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

2,650,000

2,116,966

New

Jersey

79.4%

Atlantic

County

Improvement

Authority

(The)

,

Stockton

University

,

Revenue

,

2021

A

,

AGMC

Insured

,

4

%

,

7/01/47

..........................................

1,000,000

948,292

Bergen

County

Improvement

Authority

(The)

,

Borough

of

Ridgefield,

Revenue,

2020,

4%,

10/15/42

.......................

5,205,000

5,244,690

County

of

Bergen,

Revenue,

2019,

4%,

10/15/37

..........................

3,600,000

3,667,170

County

of

Bergen,

Revenue,

2019,

4%,

10/15/38

..........................

3,745,000

3,799,766

County

of

Bergen,

Revenue,

2019,

4%,

10/15/39

..........................

3,000,000

3,039,301

Camden

County

Improvement

Authority

(The)

,

b

Camden

Prep,

Inc.,

Revenue,

144A,

2022,

5%,

7/15/52

.....................

3,000,000

2,920,839

KIPP

Cooper

Norcross

Obligated

Group,

Revenue,

2022,

6%,

6/15/47

..........

1,700,000

1,806,894

KIPP

Cooper

Norcross

Obligated

Group,

Revenue,

2022,

6%,

6/15/52

..........

2,100,000

2,220,207

City

of

Newark

,

Mass

Transit

Access

Tax,

Revenue,

2022,

AGMC

Insured,

5%,

11/15/42

.........

1,000,000

1,095,408

Mass

Transit

Access

Tax,

Revenue,

2022,

AGMC

Insured,

5.375%,

11/15/52

.....

1,500,000

1,675,251

Mass

Transit

Access

Tax,

Revenue,

2022,

AGMC

Insured,

6%,

11/15/62

.........

1,000,000

1,149,420

County

of

Middlesex

,

COP

,

1998

,

NATL

Insured

,

Zero

Cpn.,

6/15/24

.............

1,000,000

963,290

Cumberland

County

Improvement

Authority

(The)

,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

9/01/39

.................

2,000,000

2,042,834

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/36

............

955,000

1,023,789

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/37

............

1,000,000

1,066,593

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/38

............

1,020,000

1,082,499

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/39

............

1,070,000

1,133,369

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/44

............

5,725,000

6,014,529

Essex

County

Improvement

Authority

,

Friends

of

TEAM

Academy

Charter

School

Obligated

Group,

Revenue,

2021,

4%,

6/15/38

........................................................

1,645,000

1,495,415

Friends

of

TEAM

Academy

Charter

School

Obligated

Group,

Revenue,

2021,

4%,

6/15/51

........................................................

2,700,000

2,265,779

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

148

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

Essex

County

Improvement

Authority,

(continued)

Friends

of

TEAM

Academy

Charter

School

Obligated

Group,

Revenue,

2021,

4%,

6/15/56

........................................................

$

4,925,000

$

4,017,565

Gloucester

County

Improvement

Authority

(The)

,

Rowan

University,

Revenue,

2015

C,

AGMC

Insured,

4%,

7/01/42

.............

2,500,000

2,444,976

Rowan

University,

Revenue,

2015

C,

5%,

7/01/44

.........................

3,500,000

3,565,232

Rowan

University,

Revenue,

2019,

4%,

7/01/37

...........................

750,000

758,905

Rowan

University,

Revenue,

2019,

4%,

7/01/38

...........................

700,000

704,900

Rowan

University,

Revenue,

2019,

4%,

7/01/39

...........................

600,000

602,039

Rowan

University,

Revenue,

2019,

5%,

7/01/44

...........................

4,925,000

5,280,296

Rowan

University,

Revenue,

2019,

4%,

7/01/48

...........................

5,250,000

5,119,207

Hudson

County

Improvement

Authority

,

Revenue,

2019,

Refunding,

4%,

1/01/40

.................................

1,000,000

999,039

County

of

Hudson,

Revenue,

2016,

5.25%,

5/01/51

........................

6,000,000

6,193,763

Mercer

County

Improvement

Authority

(The)

,

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/31

...................

1,545,000

1,649,370

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/33

...................

1,500,000

1,595,938

Monmouth

County

Improvement

Authority

(The)

,

Revenue,

2019

A,

4%,

8/01/32

........................................

300,000

319,456

Revenue,

2019

A,

4%,

8/01/33

........................................

350,000

370,315

Revenue,

2019

A,

4%,

8/01/34

........................................

525,000

551,580

Revenue,

2019

A,

4%,

8/01/35

........................................

525,000

545,995

Revenue,

2019

A,

4%,

8/01/36

........................................

500,000

514,784

Revenue,

2019

A,

4%,

8/01/37

........................................

275,000

280,646

Revenue,

2019

A,

4%,

8/01/38

........................................

225,000

228,194

Revenue,

2019

A,

4%,

8/01/39

........................................

400,000

405,087

Revenue,

2019

B,

4%,

12/01/34

.......................................

750,000

787,947

Revenue,

2019

B,

4%,

12/01/36

.......................................

750,000

771,491

Revenue,

2019

B,

4%,

12/01/37

.......................................

500,000

509,852

Revenue,

2019

B,

4%,

12/01/38

.......................................

750,000

761,189

Revenue,

2019

B,

4%,

12/01/39

.......................................

600,000

608,021

New

Brunswick

Parking

Authority

,

Revenue

,

2016

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/39

.........................................................

5,000,000

5,188,179

New

Jersey

Economic

Development

Authority

,

Revenue,

2021

QQQ,

4%,

6/15/39

.....................................

2,500,000

2,426,097

Revenue,

2021

QQQ,

4%,

6/15/46

.....................................

1,250,000

1,174,263

Revenue,

2021

QQQ,

4%,

6/15/50

.....................................

1,250,000

1,160,876

Middlesex

Water

Co.,

Revenue,

2019,

4%,

8/01/59

........................

6,200,000

5,375,731

Middlesex

Water

Co.,

Revenue,

2019,

5%,

8/01/59

........................

7,245,000

7,422,453

New

Jersey

Transit

Corp.,

Revenue,

2022

A,

5%,

11/01/52

...................

5,000,000

5,246,301

Port

Newark

Container

Terminal

LLC,

Revenue,

2017,

Refunding,

5%,

10/01/47

...

13,625,000

13,491,381

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/32

..........

640,000

639,973

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/37

..........

600,000

588,685

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

1,500,000

1,378,011

Provident

Group-Montclair

Properties

LLC,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

6/01/42

..............................................

6,000,000

6,124,145

Provident

Group-Rowan

Properties

LLC,

Revenue,

A,

5%,

1/01/48

.............

7,000,000

6,338,830

Rutgers

State

University

of

New

Jersey

(The),

Revenue,

2013,

Pre-Refunded,

5%,

6/15/38

........................................................

5,000,000

5,002,750

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2005

N-1,

Refunding,

NATL

Insured,

5.5%,

9/01/27

........................................

8,660,000

9,391,922

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2015

WW,

Pre-Refunded,

5%,

6/15/37

....................................................

4,760,000

4,935,807

New

Jersey

Educational

Facilities

Authority

,

Kean

University,

Revenue,

2015

H,

Refunding,

AGMC

Insured,

5%,

7/01/34

......

2,205,000

2,301,404

Kean

University,

Revenue,

2015

H,

Refunding,

AGMC

Insured,

5%,

7/01/35

......

5,000,000

5,206,584

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

149

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Educational

Facilities

Authority,

(continued)

Kean

University,

Revenue,

2017

D,

Refunding,

BAM

Insured,

4%,

9/01/38

.......

$

1,150,000

$

1,144,846

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/39

................

5,000,000

5,052,404

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/44

................

16,380,000

16,503,507

Montclair

State

University,

Inc.,

Revenue,

2015

D,

Refunding,

5%,

7/01/35

.......

2,245,000

2,307,074

Montclair

State

University,

Inc.,

Revenue,

2015

D,

Refunding,

5%,

7/01/36

.......

1,210,000

1,240,151

Montclair

State

University,

Inc.,

Revenue,

2016

B,

Refunding,

5%,

7/01/34

.......

1,325,000

1,381,329

Ramapo

College

of

New

Jersey,

Revenue,

2017

A,

Refunding,

AGMC

Insured,

5%,

7/01/35

........................................................

3,955,000

4,214,741

Seton

Hall

University,

Revenue,

2015

C,

Refunding,

5%,

7/01/34

..............

400,000

410,386

Seton

Hall

University,

Revenue,

2015

C,

Refunding,

5%,

7/01/37

..............

1,300,000

1,324,124

Seton

Hall

University,

Revenue,

2017

D,

Refunding,

5%,

7/01/42

..............

3,945,000

4,047,288

Seton

Hall

University,

Revenue,

2020

C,

AGMC

Insured,

3.25%,

7/01/49

........

1,150,000

910,535

Seton

Hall

University,

Revenue,

2020

C,

AGMC

Insured,

4%,

7/01/50

...........

1,850,000

1,746,322

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

1998-1,

ETM,

5%,

7/01/28

........................................................

475,000

496,229

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2017

A,

Refunding,

5%,

7/01/36

........................................................

1,600,000

1,651,585

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

........................................................

9,310,000

9,460,798

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2017

A,

Refunding,

5%,

7/01/47

........................................................

4,085,000

4,131,625

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2020

A,

5%,

7/01/45

.

4,000,000

4,086,299

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2020

A,

4%,

7/01/50

.

11,640,000

10,162,812

Trustees

of

Princeton

University

(The),

Revenue,

2014

A,

5%,

7/01/44

..........

15,000,000

15,141,396

New

Jersey

Health

Care

Facilities

Financing

Authority

,

AHS

Hospital

Corp.,

Revenue,

2008

A,

5%,

7/01/27

........................

220,000

220,103

AHS

Hospital

Corp.,

Revenue,

2016,

Refunding,

4%,

7/01/41

.................

10,000,000

9,737,531

AtlantiCare

Health

System

Obligated

Group,

Revenue,

2021,

4%,

7/01/37

.......

750,000

754,146

AtlantiCare

Health

System

Obligated

Group,

Revenue,

2021,

3%,

7/01/46

.......

1,000,000

748,064

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

........................................................

3,000,000

3,158,082

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/38

........................................................

3,000,000

3,148,776

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/39

........................................................

5,000,000

5,229,265

Hunterdon

Medical

Center

Obligated

Group,

Revenue,

2014

A,

Pre-Refunded,

5%,

7/01/45

........................................................

2,650,000

2,694,368

Inspira

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

......

18,500,000

18,781,553

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/42

...............

7,000,000

7,181,499

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

4%,

7/01/47

...............

8,700,000

8,061,383

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2013

A,

5.5%,

7/01/43

.......

4,000,000

4,002,234

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/43

.........

3,650,000

3,685,012

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

7/01/44

15,530,000

15,676,539

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/43

10,000,000

10,257,561

St.

Joseph's

Healthcare

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

7/01/41

........................................................

5,850,000

5,748,277

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2013,

Pre-Refunded,

5%,

8/15/31

..

2,935,000

2,943,656

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2013,

Pre-Refunded,

5%,

8/15/34

..

1,500,000

1,504,424

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/35

...........

1,000,000

997,403

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/37

...........

3,950,000

3,916,658

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/38

...........

2,200,000

2,170,695

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/44

...........

12,000,000

11,511,775

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

2019

B,

Refunding,

3.25%,

12/01/39

............................

7,945,000

7,490,551

Revenue,

2020

C,

Refunding,

4.25%,

12/01/50

...........................

1,750,000

1,577,658

Revenue,

2021

B,

Refunding,

5%,

12/01/29

..............................

2,830,000

3,016,779

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

150

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Higher

Education

Student

Assistance

Authority,

(continued)

Revenue,

2023

C,

5%,

12/01/53

.......................................

$

3,125,000

$

3,021,187

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

...................

5,600,000

5,283,177

New

Jersey

Housing

&

Mortgage

Finance

Agency

,

Revenue,

2018

A,

Refunding,

3.95%,

11/01/43

............................

1,100,000

996,425

Revenue,

2019

A,

Refunding,

3%,

11/01/44

..............................

510,000

399,871

Revenue,

2019

C,

Refunding,

3.95%,

10/01/44

...........................

3,955,000

3,733,682

Revenue,

2020

E,

Refunding,

2.05%,

10/01/35

............................

4,005,000

3,244,220

Revenue,

2020

E,

Refunding,

2.25%,

10/01/40

............................

8,020,000

5,808,008

Revenue,

2020

E,

Refunding,

2.4%,

10/01/45

.............................

3,205,000

2,341,038

Revenue,

2020

E,

Refunding,

2.45%,

10/01/50

............................

2,400,000

1,729,420

New

Jersey

Institute

of

Technology

,

Revenue

,

2015

A

,

5

%

,

7/01/45

..............

6,000,000

6,094,390

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

C,

AGMC

Insured,

Zero

Cpn.,

12/15/33

.....................

10,000,000

6,824,723

Revenue,

2009

A,

Zero

Cpn.,

12/15/32

..................................

10,000,000

6,964,810

Revenue,

2009

A,

Zero

Cpn.,

12/15/36

..................................

500,000

287,972

Revenue,

2010

A,

Zero

Cpn.,

12/15/29

..................................

5,000,000

3,941,794

Revenue,

2010

A,

Zero

Cpn.,

12/15/40

..................................

4,750,000

2,227,876

Revenue,

2013

AA,

5.25%,

6/15/31

....................................

10,000,000

10,007,040

Revenue,

2019

BB,

4%,

6/15/44

.......................................

6,000,000

5,669,899

Revenue,

2020

AA,

4%,

6/15/50

.......................................

3,670,000

3,408,332

Revenue,

2022

A,

4%,

6/15/41

........................................

2,000,000

1,913,449

Revenue,

2022

BB,

4%,

6/15/42

.......................................

2,400,000

2,292,142

Revenue,

2022

BB,

4%,

6/15/46

.......................................

7,325,000

6,886,951

Revenue,

2022

CC,

5.5%,

6/15/50

.....................................

1,250,000

1,363,629

c

State

of

New

Jersey,

Revenue,

2023

A,

Refunding,

5%,

6/15/38

...............

4,000,000

4,314,464

c

State

of

New

Jersey,

Revenue,

2023

A,

Refunding,

5.25%,

6/15/41

............

2,500,000

2,734,871

New

Jersey

Turnpike

Authority

,

Revenue,

2017

A,

5%,

1/01/34

........................................

6,505,000

6,911,363

Revenue,

2017

A,

5%,

1/01/35

........................................

3,495,000

3,702,038

Revenue,

2017

B,

Refunding,

5%,

1/01/40

...............................

15,245,000

16,148,817

Revenue,

2017

G,

Refunding,

4%,

1/01/43

...............................

5,000,000

4,947,070

Revenue,

2019

A,

5%,

1/01/48

........................................

15,500,000

16,346,564

Revenue,

2021

A,

4%,

1/01/51

........................................

3,000,000

2,868,592

Revenue,

2022

B,

4.5%,

1/01/48

......................................

5,000,000

5,106,649

Newark

Board

of

Education

,

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/39

..........................

700,000

576,662

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/40

..........................

750,000

604,570

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/41

..........................

750,000

600,886

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/42

..........................

700,000

555,914

Newark

Housing

Authority

,

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

2017

,

Refunding

,

4

%

,

1/01/37

.............................................

20,745,000

20,903,479

Passaic

County

Improvement

Authority

(The)

,

Paterson

Arts

&

Science

Charter

School,

Revenue,

2023,

5.25%,

7/01/43

........

670,000

677,873

Paterson

Arts

&

Science

Charter

School,

Revenue,

2023,

5.375%,

7/01/53

.......

1,000,000

1,006,213

Paterson

Arts

&

Science

Charter

School,

Revenue,

2023,

5.5%,

7/01/58

.........

1,000,000

1,007,807

Salem

County

Pollution

Control

Financing

Authority

,

Constellation

Energy

Generation

LLC

,

Revenue

,

1993

A

,

Refunding

,

4.45

%

,

3/01/25

.........................

1,825,000

1,823,067

South

Jersey

Transportation

Authority

,

Revenue,

2020

A,

5%,

11/01/45

.......................................

5,750,000

5,951,900

Revenue,

2022

A,

4.625%,

11/01/47

....................................

5,000,000

5,063,309

Revenue,

2022

A,

5.25%,

11/01/52

.....................................

5,540,000

5,848,802

State

of

New

Jersey

,

GO,

2020

A,

4%,

6/01/31

............................................

4,500,000

4,795,446

GO,

2020

A,

3%,

6/01/32

............................................

3,400,000

3,212,897

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

151

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

6/01/46

..

$

17,000,000

$

17,690,616

605,101,861

New

York

3.6%

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

179,

5%,

12/01/38

.........................................

15,000,000

15,096,648

Revenue,

First

Series,

171st,

5%,

7/15/30

...............................

12,200,000

12,215,926

27,312,574

Oregon

0.3%

b

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-1

,

5.5

%

,

12/01/39

............................

2,000,000

1,980,763

Pennsylvania

7.3%

Delaware

River

Joint

Toll

Bridge

Commission

,

Revenue,

2017,

5%,

7/01/42

.........................................

19,500,000

20,339,145

Revenue,

2019

A,

5%,

7/01/33

........................................

100,000

111,223

Revenue,

2019

A,

5%,

7/01/34

........................................

150,000

166,203

Revenue,

2019

A,

5%,

7/01/35

........................................

150,000

165,095

Revenue,

2019

A,

5%,

7/01/36

........................................

150,000

163,834

Revenue,

2019

A,

5%,

7/01/37

........................................

150,000

162,744

Revenue,

2019

A,

5%,

7/01/38

........................................

150,000

161,889

Revenue,

2019

A,

5%,

7/01/39

........................................

150,000

160,391

Revenue,

2019

A,

5%,

7/01/44

........................................

760,000

801,263

Revenue,

2019

B,

Refunding,

5%,

7/01/31

...............................

850,000

946,899

Revenue,

2019

B,

Refunding,

5%,

7/01/32

...............................

1,000,000

1,114,861

Delaware

River

Port

Authority

,

Revenue,

2013,

5%,

1/01/37

.........................................

10,000,000

10,072,927

Revenue,

2018

A,

5%,

1/01/37

........................................

3,285,000

3,552,955

Revenue,

2018

A,

5%,

1/01/38

........................................

5,050,000

5,409,895

Revenue,

2018

A,

5%,

1/01/39

........................................

2,300,000

2,452,300

Revenue,

2018

A,

5%,

1/01/40

........................................

9,565,000

10,144,763

55,926,387

South

Carolina

0.4%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,500,000

1,196,139

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,500,000

1,192,527

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

760,106

3,148,772

Texas

0.7%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

2,000,000

2,045,559

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,100,000

1,529,848

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,700,000

2,003,391

5,578,798

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,500,000

1,196,061

Wisconsin

1.0%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,500,000

1,182,397

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

152

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

b

Public

Finance

Authority,

(continued)

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

$

4,100,000

$

4,094,195

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

12/01/52

.....

2,000,000

1,966,505

7,243,097

U.S.

Territories

2.3%

Puerto

Rico

2.3%

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

2,700,000

2,726,332

Revenue,

2007

N,

5.25%,

7/01/36

.....................................

300,000

302,634

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,200,000

1,186,009

d

Revenue,

WW,

5.5%,

7/01/38

.........................................

3,950,000

2,839,062

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

94,046

90,402

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

61,117

38,934

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

104,547

63,773

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

10,850,000

10,393,732

17,640,878

Total

U.S.

Territories

....................................................................

17,640,878

Total

Municipal

Bonds

(Cost

$778,481,529)

.....................................

748,762,404

Total

Long

Term

Investments

(Cost

$780,081,529)

...............................

750,354,086

a

a

a

a

a

Short

Term

Investments

0.8%

Municipal

Bonds

0.8%

New

Jersey

0.8%

e

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group,

Revenue,

2009

B,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

2.85%,

7/01/43

.................................

600,000

600,000

Virtua

Health

Obligated

Group,

Revenue,

2009

C,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

2.8%,

7/01/43

..................................

5,800,000

5,800,000

6,400,000

Total

Municipal

Bonds

(Cost

$6,400,000)

.......................................

6,400,000

Total

Short

Term

Investments

(Cost

$6,400,000

)

.................................

6,400,000

a

Total

Investments

(Cost

$786,481,529)

99.3%

...................................

$756,754,086

Other

Assets,

less

Liabilities

0.7%

.............................................

5,064,068

Net

Assets

10

0.0

%

...........................................................

$761,818,154

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$24,500,231,

representing

3.2%

of

net

assets.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

153

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

North

Carolina

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

154

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

1,600,000

$

1,591,682

Total

Corporate

Bonds

(Cost

$1,600,000)

.......................................

1,591,682

Municipal

Bonds

98.1%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

2,300,000

1,906,041

Florida

1.3%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

4,680,000

3,879,294

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

1,500,000

1,004,375

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

3,750,000

3,065,625

7,949,294

Illinois

0.6%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

500,000

502,647

State

of

Illinois

,

GO,

2016,

5%,

11/01/34

.............................................

1,100,000

1,136,917

GO,

2021

A,

5%,

3/01/33

............................................

2,000,000

2,198,723

3,838,287

Kentucky

0.6%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

5,600,000

3,686,851

New

Jersey

1.0%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/41

...

1,000,000

956,725

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

5%,

6/15/44

.......................................

2,900,000

3,002,612

Revenue,

2020

AA,

3%,

6/15/50

.......................................

500,000

372,270

Revenue,

2020

AA,

5%,

6/15/50

.......................................

1,290,000

1,345,366

Revenue,

2022

BB,

4%,

6/15/46

.......................................

1,000,000

940,198

6,617,171

New

York

1.5%

Metropolitan

Transportation

Authority

,

Revenue,

2020

E,

Refunding,

4%,

11/15/45

..............................

1,595,000

1,479,346

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

5,325,000

4,871,540

Revenue,

2021

A-2,

4%,

11/15/41

.....................................

3,000,000

2,844,675

9,195,561

North

Carolina

86.0%

Cape

Fear

Public

Utility

Authority

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

8/01/44

.......

7,570,000

7,478,970

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/15/40

.......

20,000,000

20,459,680

Atrium

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

1/15/36

.......

5,000,000

5,364,909

Atrium

Health

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

1/15/43

.......

2,000,000

1,978,393

City

of

Charlotte

,

COP,

2019

A,

Refunding,

5%,

6/01/44

..................................

8,250,000

8,801,498

Airport,

Revenue,

2019

A,

4%,

7/01/44

..................................

3,550,000

3,458,461

Airport,

Revenue,

2019

A,

5%,

7/01/49

..................................

4,460,000

4,691,188

Airport,

Revenue,

2019

B,

4%,

7/01/44

..................................

5,515,000

5,217,333

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/36

.........................

1,790,000

1,833,160

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

155

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

City

of

Charlotte,

(continued)

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/39

.........................

$

8,000,000

$

8,062,461

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/40

.........................

2,500,000

2,500,911

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

.........................

2,410,000

2,385,883

Storm

Water,

Revenue,

2014,

Refunding,

5%,

12/01/39

.....................

7,970,000

8,102,558

Water

&

Sewer

System,

Revenue,

2018,

Refunding,

4%,

7/01/37

..............

5,000,000

5,092,186

Water

&

Sewer

System,

Revenue,

2020,

Refunding,

2%,

7/01/41

..............

500,000

346,499

City

of

Fayetteville

,

Public

Works

Commission

,

Revenue

,

2018

,

Refunding

,

4

%

,

3/01/41

4,015,000

4,016,770

City

of

Greensboro

,

Combined

Water

&

Sewer

System

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/45

......................................................

4,500,000

4,442,649

City

of

Raleigh

,

GO,

2023

A,

Refunding,

5%,

4/01/41

...................................

1,775,000

2,018,736

Combined

Enterprise

System,

Revenue,

2016

A,

4%,

3/01/46

.................

5,000,000

4,952,235

Combined

Enterprise

System,

Revenue,

2016

B,

Refunding,

4%,

3/01/34

........

1,000,000

1,028,413

City

of

Salisbury

,

Combined

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/45

.........................................................

1,000,000

1,073,762

City

of

Winston-Salem

,

Water

&

Sewer

System,

Revenue,

2016

A,

Refunding,

4%,

6/01/34

............

1,350,000

1,380,250

Water

&

Sewer

System,

Revenue,

2016

A,

Refunding,

4%,

6/01/37

............

5,000,000

5,055,821

Water

&

Sewer

System,

Revenue,

2017,

4%,

6/01/47

.......................

10,000,000

9,865,702

County

of

Brunswick

,

GO

,

2022

,

4

%

,

8/01/39

..............................

1,550,000

1,598,446

County

of

Catawba

,

Revenue

,

2023

,

4

%

,

4/01/43

...........................

400,000

396,182

County

of

Dare

,

Revenue,

2021

A,

3%,

6/01/38

........................................

375,000

328,184

Revenue,

2021

A,

3%,

6/01/39

........................................

585,000

504,784

Revenue,

2021

A,

3%,

6/01/40

........................................

250,000

212,584

Revenue,

2021

A,

3%,

6/01/41

........................................

450,000

377,826

County

of

Durham

,

GO,

2019,

4%,

6/01/36

.............................................

500,000

518,014

GO,

2019,

4%,

6/01/37

.............................................

450,000

463,215

GO,

2019,

4%,

6/01/39

.............................................

700,000

715,130

GO,

2021,

Refunding,

5%,

6/01/31

.....................................

750,000

877,607

GO,

2021,

Refunding,

5%,

6/01/32

.....................................

625,000

730,568

County

of

Guilford

,

GO

,

2017

B

,

4

%

,

5/01/33

...............................

5,000,000

5,150,824

County

of

Lincoln

,

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/38

..................

400,000

349,717

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/41

..................

480,000

402,617

County

of

Mecklenburg

,

GO

,

2017

A

,

4

%

,

4/01/30

...........................

5,000,000

5,182,170

County

of

New

Hanover

,

GO,

2021

A,

Refunding,

4%,

8/01/29

...................................

760,000

815,761

GO,

2021

A,

Refunding,

4%,

8/01/30

...................................

605,000

656,673

Revenue,

2021,

Refunding,

5%,

8/01/30

.................................

3,375,000

3,870,044

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Pre-Refunded,

5%,

10/01/42

.......................................................

5,000,000

5,430,838

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Pre-Refunded,

5%,

10/01/47

.......................................................

13,565,000

14,733,862

County

of

Union

,

Enterprise

System

,

Revenue

,

2021

,

4

%

,

6/01/32

...............

1,050,000

1,124,709

County

of

Wake

,

GO,

2019

A,

5%,

3/01/32

............................................

7,870,000

8,805,510

Revenue,

2021,

3%,

3/01/35

.........................................

5,535,000

5,193,103

Revenue,

2021,

3%,

3/01/36

.........................................

6,000,000

5,514,686

Greater

Asheville

Regional

Airport

Authority

,

Revenue

,

2023

,

AGMC

Insured

,

5.25

%

,

7/01/53

.........................................................

2,500,000

2,661,189

Greenville

Utilities

Commission

,

Revenue

,

2019

,

5

%

,

8/01/44

..................

4,750,000

5,107,624

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

156

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/25

..........

$

1,700,000

$

1,725,155

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/27

..........

400,000

414,630

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/28

..........

500,000

524,274

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/29

..........

550,000

582,800

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/30

..........

500,000

532,765

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/31

..........

1,855,000

1,987,603

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/32

..........

1,000,000

1,068,238

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/33

..........

1,670,000

1,781,173

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

10/01/34

..........

740,000

725,939

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

10/01/35

..........

360,000

348,440

Duke

University,

Revenue,

2015

B,

Pre-Refunded,

5%,

10/01/41

..............

13,585,000

14,156,407

Duke

University,

Revenue,

2016,

Refunding,

5%,

10/01/40

...................

2,500,000

2,633,230

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

7/01/42

..................

7,500,000

7,882,753

Duke

University,

Revenue,

2016

B,

Refunding,

4%,

10/01/44

.................

5,085,000

5,107,606

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/44

.................

11,000,000

11,543,666

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/32

................

1,000,000

1,023,038

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/33

................

1,000,000

1,022,205

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/34

................

2,270,000

2,316,937

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/35

..............

5,000,000

5,086,902

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/38

..............

5,500,000

5,516,556

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/39

..............

5,250,000

5,235,233

Wake

Forest

University,

Revenue,

2018,

4%,

1/01/48

.......................

20,000,000

19,400,252

Wake

Forest

University,

Revenue,

2018,

5%,

1/01/48

.......................

13,500,000

14,244,026

North

Carolina

Central

University

,

Revenue,

2019,

AGMC

Insured,

5%,

4/01/44

.............................

1,575,000

1,668,275

Revenue,

2019,

4%,

4/01/49

.........................................

1,000,000

906,717

North

Carolina

Housing

Finance

Agency

,

Revenue,

41,

GNMA

Insured,

3.55%,

7/01/44

.............................

4,195,000

3,845,787

Revenue,

41,

GNMA

Insured,

3.625%,

7/01/49

............................

6,435,000

5,938,495

Revenue,

42,

GNMA

Insured,

2.45%,

7/01/34

.............................

750,000

604,183

Revenue,

42,

GNMA

Insured,

2.625%,

7/01/39

............................

3,035,000

2,414,438

Revenue,

42,

GNMA

Insured,

2.85%,

1/01/43

.............................

2,660,000

2,101,445

Revenue,

43,

GNMA

Insured,

2.8%,

1/01/40

..............................

4,740,000

3,851,785

Revenue,

43,

GNMA

Insured,

2.95%,

7/01/43

.............................

2,180,000

1,756,222

Revenue,

44,

3%,

7/01/46

...........................................

2,740,000

2,172,307

Revenue,

45,

Refunding,

GNMA

Insured,

2.2%,

7/01/40

.....................

1,805,000

1,292,100

Revenue,

46-A,

GNMA

Insured,

1.55%,

1/01/30

...........................

2,100,000

1,809,231

Revenue,

46-A,

GNMA

Insured,

1.75%,

1/01/31

...........................

975,000

833,955

North

Carolina

Medical

Care

Commission

,

Caromont

Health

Obligated

Group,

Revenue,

2021

A,

4%,

2/01/36

.............

1,675,000

1,699,212

Duke

University

Health

System,

Inc.,

Revenue,

2016

D,

Refunding,

4%,

6/01/42

...

7,000,000

6,872,447

EveryAge

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

9/01/47

..........

2,935,000

2,286,712

EveryAge

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

9/01/51

..........

960,000

726,670

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/33

............

180,000

170,961

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/34

............

185,000

174,240

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/41

............

920,000

776,377

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/46

............

1,665,000

1,339,429

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/51

............

1,670,000

1,294,957

Friends

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

..............

3,000,000

2,199,508

Novant

Health

Obligated

Group,

Revenue,

2013

A,

Refunding,

5%,

11/01/46

.....

20,000,000

20,002,480

Novant

Health

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/49

..............

6,115,000

5,949,653

Novant

Health

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/52

..............

6,640,000

6,399,297

Pines

at

Davidson,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

1/01/34

........

2,050,000

2,064,086

Pines

at

Davidson,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

1/01/49

........

5,000,000

4,639,279

Plantation

Village,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

1/01/41

1,020,000

811,573

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

157

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

North

Carolina

Medical

Care

Commission,

(continued)

Plantation

Village,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

1/01/52

$

3,510,000

$

2,496,405

Presbyterian

Homes

Obligated

Group,

Revenue,

2016

C,

Refunding,

5%,

10/01/31

5,000,000

5,068,499

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/45

.........

1,000,000

804,004

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/45

.........

4,220,000

4,087,304

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/50

.........

1,350,000

1,041,656

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/50

.........

1,400,000

1,329,943

Rex

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/49

............

4,000,000

3,788,986

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Pre-Refunded,

5%,

10/01/37

........................................

200,000

206,916

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Pre-Refunded,

5%,

10/01/42

........................................

2,250,000

2,327,810

Vidant

Health

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

6/01/40

........

5,000,000

5,038,286

Wake

Forest

Baptist

Obligated

Group,

Revenue,

2019

A,

5%,

12/01/33

.........

1,000,000

1,080,276

North

Carolina

Municipal

Power

Agency

No.

1

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/32

.........................................................

4,200,000

4,344,968

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/25

..............................

125,000

127,875

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/26

..............................

300,000

310,945

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/27

..............................

450,000

472,709

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/28

..............................

500,000

531,700

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/29

..............................

350,000

376,554

Revenue,

Senior

Lien,

2020

A,

3.125%,

6/01/39

...........................

1,210,000

1,127,378

North

Carolina

Turnpike

Authority

,

Revenue,

2016

A,

Refunding,

5%,

7/01/47

...............................

2,500,000

2,529,156

Revenue,

2018

A,

Refunding,

4%,

1/01/36

...............................

9,875,000

10,069,530

Revenue,

2018

A,

Refunding,

4%,

1/01/39

...............................

9,815,000

9,885,839

Revenue,

2021,

Refunding,

5%,

7/01/35

.................................

1,300,000

1,484,601

Revenue,

2021,

Refunding,

5%,

7/01/36

.................................

1,750,000

1,981,692

Revenue,

2021,

Refunding,

5%,

7/01/37

.................................

1,770,000

1,988,645

Revenue,

2021,

Refunding,

5%,

7/01/38

.................................

1,250,000

1,402,515

Revenue,

2021,

Refunding,

5%,

7/01/39

.................................

1,500,000

1,672,093

Revenue,

2021,

Refunding,

5%,

7/01/40

.................................

1,270,000

1,410,185

Revenue,

2021,

Refunding,

5%,

7/01/41

.................................

2,000,000

2,214,176

Revenue,

Senior

Lien,

2017,

Refunding,

AGMC

Insured,

5%,

1/01/31

...........

1,000,000

1,062,530

Revenue,

Senior

Lien,

2017,

Refunding,

AGMC

Insured,

5%,

1/01/39

...........

1,200,000

1,237,760

Revenue,

Senior

Lien,

2019,

AGMC

Insured,

5%,

1/01/49

...................

15,430,000

15,909,268

Raleigh

Durham

Airport

Authority

,

Revenue,

2015

A,

Refunding,

5%,

5/01/27

...............................

350,000

362,709

Revenue,

2015

A,

Refunding,

5%,

5/01/30

...............................

550,000

569,428

Revenue,

2020

A,

Refunding,

5%,

5/01/36

...............................

2,580,000

2,755,005

State

of

North

Carolina

,

GO,

2019

B,

5%,

6/01/29

............................................

2,500,000

2,823,363

GO,

2020

A,

5%,

6/01/31

............................................

2,500,000

2,873,452

Highway

Trust

Fund,

Revenue,

2020

B,

4%,

5/01/35

.......................

2,750,000

2,879,156

Town

of

Cary

,

Combined

Utility

Systems

,

Revenue

,

2017

B

,

Refunding

,

4

%

,

12/01/42

8,000,000

8,009,965

Town

of

Oak

Island

,

Enterprise

System

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/33

......................................................

1,000,000

1,072,673

University

of

North

Carolina

at

Chapel

Hill

,

Revenue,

2021

B,

Refunding,

5%,

12/01/34

..............................

1,225,000

1,433,273

Revenue,

2021

B,

Refunding,

5%,

12/01/37

..............................

2,180,000

2,482,704

Hospitals

at

Chapel

Hill,

Revenue,

2016,

5%,

2/01/46

.......................

4,265,000

4,373,199

Hospitals

at

Chapel

Hill,

Revenue,

2019,

5%,

2/01/49

.......................

2,850,000

3,172,479

University

of

North

Carolina

Hospitals

at

Chapel

Hill,

Revenue,

2019,

5%,

2/01/45

.

4,010,000

4,476,367

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

158

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

University

of

North

Carolina

at

Charlotte

(The)

,

Revenue,

2014,

Pre-Refunded,

5%,

4/01/43

..............................

$

5,000,000

$

5,069,199

Revenue,

2017,

5%,

10/01/47

........................................

10,000,000

10,458,899

Revenue,

2017

A,

Refunding,

4%,

10/01/40

..............................

2,250,000

2,239,787

Revenue,

2020

A,

Refunding,

4%,

10/01/40

..............................

290,000

288,684

University

of

North

Carolina

at

Greensboro

,

Revenue,

2017,

Refunding,

4%,

4/01/35

.................................

1,205,000

1,228,489

Revenue,

2017,

Refunding,

4%,

4/01/36

.................................

1,000,000

1,014,249

Revenue,

2018,

5%,

4/01/43

.........................................

2,500,000

2,661,753

University

of

North

Carolina

at

Wilmington

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/37

.

3,000,000

3,058,557

University

of

North

Carolina

System

,

Appalachian

State

University

,

Revenue

,

2008

A

,

AGMC

Insured

,

5

%

,

10/01/33

.........................................

160,000

160,016

Western

Carolina

University

,

Revenue,

2020

B,

3%,

4/01/36

........................................

1,000,000

917,311

Revenue,

2020

B,

4%,

4/01/50

........................................

5,000,000

4,880,010

539,462,875

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,600,000

1,275,882

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,600,000

1,272,029

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

2,500,000

1,900,264

4,448,175

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,100,000

1,529,848

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/32

200,000

192,113

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/33

200,000

191,122

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,800,000

2,077,591

3,990,674

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,600,000

1,275,799

Wisconsin

0.9%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,600,000

1,261,224

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

4,200,000

4,194,053

5,455,277

U.S.

Territories

4.4%

Guam

0.7%

c

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue,

2023

A,

Refunding,

5.25%,

10/01/30

............................

750,000

767,561

Revenue,

2023

A,

Refunding,

5.125%,

10/01/34

...........................

390,000

391,599

Revenue,

2023

A,

Refunding,

5.25%,

10/01/35

............................

265,000

265,842

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

3,205,000

3,218,855

4,643,857

Puerto

Rico

3.7%

Commonwealth

of

Puerto

Rico

,

d

GO,

FRN,

Zero

Cpn.,

11/01/43

........................................

110,346

53,932

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

159

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Commonwealth

of

Puerto

Rico,

(continued)

GO,

2022

A-1,

5.625%,

7/01/27

.......................................

$

25,850

$

27,049

GO,

2022

A-1,

5.625%,

7/01/29

.......................................

25,431

26,979

GO,

2022

A-1,

5.75%,

7/01/31

........................................

24,701

26,651

GO,

2022

A-1,

4%,

7/01/33

..........................................

23,423

21,550

GO,

2022

A-1,

4%,

7/01/35

..........................................

21,054

18,860

GO,

2022

A-1,

4%,

7/01/37

..........................................

18,070

15,727

GO,

2022

A-1,

4%,

7/01/41

..........................................

24,568

20,578

GO,

2022

A-1,

4%,

7/01/46

..........................................

25,551

20,660

GO,

2022

A-1,

Zero

Cpn.,

7/01/24

.....................................

7,794

7,430

GO,

2022

A-1,

Zero

Cpn.,

7/01/33

.....................................

30,143

17,708

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

2,000,000

2,019,505

Revenue,

2007

N,

5.25%,

7/01/36

.....................................

300,000

302,634

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,500,000

1,482,511

e

Revenue,

XX,

5.25%,

7/01/40

........................................

4,120,000

2,956,100

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

596,256

573,151

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

387,485

246,843

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

662,828

404,323

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/33

..

440,000

479,671

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/41

..

220,000

192,439

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

12,890,000

12,347,945

Sales

Tax,

Revenue,

A-2,

4.329%,

7/01/40

...............................

2,000,000

1,857,861

23,120,107

Total

U.S.

Territories

....................................................................

27,763,964

Total

Municipal

Bonds

(Cost

$655,483,220)

.....................................

615,589,969

Total

Long

Term

Investments

(Cost

$657,083,220)

...............................

617,181,651

a

a

a

a

a

Short

Term

Investments

1.2%

Municipal

Bonds

1.2%

North

Carolina

1.2%

f

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group,

Revenue,

2007

C,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

4.05%,

1/15/37

..........................

1,800,000

1,800,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

160

See

Abbreviations

on

page

196

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

North

Carolina

(continued)

f

Charlotte-Mecklenburg

Hospital

Authority

(The),

(continued)

Atrium

Health

Obligated

Group,

Revenue,

2018

G,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

4%,

1/15/48

....................................

$

6,000,000

$

6,000,000

7,800,000

Total

Municipal

Bonds

(Cost

$7,800,000)

.......................................

7,800,000

Total

Short

Term

Investments

(Cost

$7,800,000

)

.................................

7,800,000

a

Total

Investments

(Cost

$664,883,220)

99.6%

...................................

$624,981,651

Other

Assets,

less

Liabilities

0.4%

.............................................

2,404,307

Net

Assets

100.0%

...........................................................

$627,385,958

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$21,271,512,

representing

3.4%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

Ohio

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

161

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

3,200,000

$

3,183,364

Total

Corporate

Bonds

(Cost

$3,200,000)

.......................................

3,183,364

Municipal

Bonds

98.1%

California

0.2%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

2,800,000

2,320,398

Florida

0.8%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

9,144,000

7,579,544

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

2,200,000

1,473,082

9,052,626

Illinois

0.1%

State

of

Illinois

,

GO

,

2021

A

,

5

%

,

3/01/32

.................................

1,250,000

1,381,631

Kentucky

0.9%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

15,210,000

10,013,751

New

Jersey

0.3%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

4%,

6/15/35

.......................................

1,500,000

1,521,266

Revenue,

2022

A,

4%,

6/15/38

........................................

2,000,000

1,962,446

3,483,712

New

York

0.6%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/40

.....................................

6,750,000

6,441,442

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

750,000

686,132

7,127,574

Ohio

90.6%

Akron

Bath

Copley

Joint

Township

Hospital

District

,

Summa

Health

System

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

3

%

,

11/15/40

..........................

5,400,000

3,988,627

American

Municipal

Power,

Inc.

,

Combined

Hydroelectric,

Revenue,

2016

A,

Refunding,

4%,

2/15/35

............

1,000,000

1,005,748

Combined

Hydroelectric,

Revenue,

2016

A,

Refunding,

5%,

2/15/46

............

7,500,000

7,577,561

Greenup

Hydroelectric,

Revenue,

2016

A,

5%,

2/15/41

......................

5,000,000

5,075,837

Prairie

State

Energy

Campus,

Revenue,

2015

A,

Refunding,

5%,

2/15/28

........

5,000,000

5,045,756

Prairie

State

Energy

Campus,

Revenue,

2017

A,

Refunding,

5%,

2/15/37

........

3,700,000

3,907,521

Prairie

State

Energy

Campus,

Revenue,

2017

A,

Refunding,

5%,

2/15/38

........

3,500,000

3,673,093

Solar

Electricity

Prepayment,

Revenue,

2019

A,

5%,

2/15/44

.................

3,345,000

3,478,373

Anthony

Wayne

Local

School

District

,

GO

,

2017

A

,

4

%

,

12/01/39

................

3,000,000

3,000,681

Apollo

Joint

Vocational

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

12/01/39

........

6,530,000

6,548,755

Bethel

Local

School

District

,

COP

,

2020

,

BAM

Insured

,

2.75

%

,

12/01/49

..........

4,000,000

2,763,168

Big

Walnut

Local

School

District

,

GO

,

2019

,

5

%

,

12/01/53

.....................

9,155,000

9,676,848

Bloom-Carroll

Local

School

District

,

GO

,

2018

A

,

5

%

,

11/01/55

.................

7,025,000

7,508,638

Bowling

Green

State

University

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

6/01/42

........

3,250,000

3,395,887

Brooklyn

City

School

District

,

GO,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/38

........................

1,905,000

1,998,963

GO,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/49

........................

9,000,000

9,285,050

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

162

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

3%,

6/01/48

..................

$

18,215,000

$

13,449,801

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

4%,

6/01/48

..................

3,245,000

2,882,393

Butler

County

Port

Authority

,

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/32

........................................................

100,000

100,389

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/33

........................................................

135,000

135,416

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/34

........................................................

185,000

186,028

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/35

........................................................

195,000

195,245

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/36

........................................................

205,000

203,220

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/37

........................................................

210,000

204,977

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/38

........................................................

220,000

212,319

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/39

........................................................

225,000

215,103

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/40

........................................................

240,000

228,216

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/41

........................................................

245,000

231,504

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/46

........................................................

900,000

833,023

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/51

........................................................

1,000,000

904,342

Canal

Winchester

Local

School

District

,

GO,

2005,

NATL

Insured,

Zero

Cpn.,

12/01/32

............................

3,955,000

2,844,997

GO,

2005,

NATL

Insured,

Zero

Cpn.,

12/01/33

............................

2,000,000

1,381,295

Chillicothe

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn.,

12/01/23

...................

1,905,000

1,868,489

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn.,

12/01/24

...................

1,905,000

1,799,780

Cincinnati

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/27

......................

14,900,000

16,417,786

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/28

......................

8,180,000

9,160,242

City

of

Chillicothe

,

Adena

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

12/01/37

.

2,890,000

2,967,580

Adena

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

12/01/47

.

2,110,000

2,136,383

City

of

Cincinnati

,

GO

,

2015

A

,

Pre-Refunded

,

5.25

%

,

12/01/40

.................

6,500,000

6,754,132

City

of

Cleveland

,

GO,

2012,

5%,

12/01/30

.............................................

35,000

35,041

GO,

2020

A,

4%,

12/01/35

...........................................

1,000,000

1,033,195

GO,

2020

A,

2%,

12/01/36

...........................................

1,215,000

956,927

Water

Pollution

Control,

Revenue,

2016,

5%,

11/15/41

......................

2,000,000

2,026,909

City

of

Columbus

,

GO,

2016-3,

Refunding,

5%,

2/15/27

...................................

5,000,000

5,356,089

GO,

2018

A,

5%,

4/01/34

............................................

7,000,000

7,760,276

GO,

2019

A,

5%,

4/01/40

............................................

3,000,000

3,242,851

GO,

2021

A,

5%,

4/01/40

............................................

1,900,000

2,088,673

Sewerage,

Revenue,

2014,

Refunding,

4%,

6/01/31

........................

15,000,000

15,124,338

Sewerage,

Revenue,

2015,

Refunding,

5%,

6/01/30

........................

5,000,000

5,263,650

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

163

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

City

of

Marysville

,

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

4%,

12/01/40

.......................................................

$

3,015,000

$

3,015,849

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/47

.......................................................

5,035,000

5,094,236

Wastewater

Treatment

System,

Revenue,

2016,

Refunding,

BAM

Insured,

4%,

12/01/46

.......................................................

9,370,000

9,153,172

City

of

Mount

Vernon

,

Mount

Vernon

Nazarene

University,

Revenue,

2022,

Refunding,

4%,

2/01/37

.....

995,000

924,044

Mount

Vernon

Nazarene

University,

Revenue,

2022,

Refunding,

4%,

2/01/52

.....

1,675,000

1,404,230

City

of

St.

Bernard

,

Income

Tax

,

Revenue

,

2013

,

AGMC

Insured

,

5

%

,

12/01/43

.....

3,760,000

3,769,500

City

of

Westerville

,

Revenue

,

2014

,

5

%

,

12/01/30

...........................

2,765,000

2,803,967

Cleveland

Department

of

Public

Utilities

Division

of

Public

Power

,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

11/15/38

..................

600,000

589,165

Revenue,

B-2,

NATL

Insured,

Zero

Cpn.,

11/15/38

.........................

10,000,000

5,033,956

Cleveland

Department

of

Public

Utilities

Division

of

Water

,

Revenue,

2020

FF,

Refunding,

5%,

1/01/32

..............................

1,000,000

1,129,023

Revenue,

2020

FF,

Refunding,

5%,

1/01/33

..............................

1,000,000

1,128,167

Cleveland-Cuyahoga

County

Port

Authority

,

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

5%,

7/01/35

.......

600,000

670,143

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/37

.......

700,000

705,127

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/38

.......

100,000

100,103

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/39

.......

700,000

692,095

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/40

.......

100,000

97,083

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/46

.......

500,000

438,247

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/51

.......

2,000,000

1,709,243

Euclid

Avenue

Development

Corp.,

Revenue,

2022

A,

5.5%,

8/01/52

...........

9,000,000

9,512,609

Columbus-Franklin

County

Finance

Authority

,

Revenue,

2021

C,

2.5%,

11/15/41

.....................................

900,000

669,737

Revenue,

2021

C,

3%,

5/15/51

........................................

2,180,000

1,528,862

County

of

Butler

,

Cincinnati

Children's

Hospital

Medical

Center

Obligated

Group,

Revenue,

2016

X,

Refunding,

5%,

5/15/29

............................................

6,750,000

7,470,848

UC

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/45

..........

20,270,000

19,506,464

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/36

..........

4,140,000

3,686,368

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/37

..........

1,500,000

1,320,911

County

of

Cuyahoga

,

GO,

2020

A,

Refunding,

4%,

12/01/34

..................................

750,000

786,959

Excise

Tax,

Revenue,

2015,

Pre-Refunded,

5%,

12/01/25

....................

500,000

504,058

County

of

Franklin

,

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2016

C,

Refunding,

5%,

11/01/34

..

2,600,000

2,774,495

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2016

C,

Refunding,

4%,

11/01/40

..

5,000,000

4,850,562

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/33

..........

5,270,000

4,759,245

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/34

..........

2,240,000

1,998,230

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/35

..........

2,900,000

2,543,026

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/36

..........

2,640,000

2,267,324

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/40

..........

2,590,000

2,079,151

OhioHealth

Obligated

Group,

Revenue,

2015,

5%,

5/15/33

...................

6,290,000

6,483,988

Sales

Tax,

Revenue,

2018,

5%,

6/01/48

.................................

6,000,000

6,335,865

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017,

5%,

12/01/46

............

3,515,000

3,588,379

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017

A-OH,

5%,

12/01/47

.......

11,800,000

12,043,394

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2019

A,

4%,

12/01/49

..........

6,030,000

5,646,159

County

of

Hamilton

,

Sewer

System,

Revenue,

2019

A,

Refunding,

5%,

12/01/33

..................

6,965,000

7,826,719

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

164

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

County

of

Hamilton,

(continued)

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/32

..................

$

2,115,000

$

2,420,189

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/35

..................

2,000,000

2,261,124

TriHealth

Obligated

Group,

Revenue,

2017

A,

5%,

8/15/42

...................

5,000,000

5,092,619

County

of

Lucas

,

GO

,

2022

,

4.75

%

,

12/01/52

..............................

3,000,000

3,100,105

County

of

Mahoning

,

Sewer

System,

Revenue,

2022,

Refunding,

5%,

12/01/46

....................

3,000,000

3,193,317

Western

Reserve

Care

System,

Revenue,

1995,

NATL

Insured,

ETM,

5.5%,

10/15/25

1,700,000

1,742,051

County

of

Miami

,

Kettering

Health

Network

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

8/01/45

.............................................

5,000,000

5,121,068

County

of

Montgomery

,

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

11/15/39

............................................

5,000,000

4,604,077

County

of

Ross

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/44

.....................................................

4,705,000

4,787,163

County

of

Union

,

GO

,

2018

,

5

%

,

12/01/47

.................................

5,000,000

5,178,859

Cuyahoga

Falls

City

School

District

,

GO

,

2021

,

BAM

Insured

,

4

%

,

12/01/51

.......

1,485,000

1,399,223

Dayton

City

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

11/01/30

................

5,000,000

5,667,294

Dayton-Montgomery

County

Port

Authority

,

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

2%,

11/15/31

..........

430,000

364,038

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

2.5%,

11/15/41

........

1,615,000

1,182,215

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

3%,

5/15/51

..........

1,000,000

682,468

Deer

Park

Community

City

School

District

,

GO

,

2017

A

,

5.25

%

,

12/01/53

.........

3,000,000

3,058,982

Dublin

City

School

District

,

GO

,

2019

A

,

4

%

,

12/01/44

........................

10,000,000

9,850,842

Elyria

City

School

District

,

GO

,

2017

A

,

5

%

,

12/01/43

........................

5,500,000

5,681,927

Franklin

County

Convention

Facilities

Authority

,

Revenue

,

2014

,

Pre-Refunded

,

5

%

,

12/01/35

........................................................

20,000,000

20,524,832

Fremont

City

School

District

,

GO

,

2017

A

,

5

%

,

1/15/49

.......................

13,970,000

14,223,262

Grandview

Heights

City

School

District

,

GO

,

2019

,

5

%

,

12/01/53

................

2,150,000

2,259,092

Green

Local

School

District

,

COP

,

2022

,

AGMC

Insured

,

5

%

,

11/01/52

...........

2,000,000

2,085,932

Hilliard

School

District

,

GO

,

2017

,

4

%

,

12/01/46

............................

10,000,000

9,755,073

Hillsdale

Local

School

District

,

COP

,

2020

,

BAM

Insured

,

4

%

,

12/01/40

...........

1,435,000

1,401,361

Hudson

City

School

District

,

GO

,

2018

,

4

%

,

12/01/45

........................

18,870,000

18,490,054

Indian

Creek

Local

School

District

,

GO,

2018

A,

5%,

11/01/55

...........................................

3,000,000

3,116,679

GO,

2018

B,

BAM

Insured,

5%,

11/01/55

................................

3,910,000

4,129,912

Lakota

Local

School

District

,

GO,

2005,

Refunding,

NATL

Insured,

5.25%,

12/01/26

......................

2,000,000

2,149,897

GO,

2014

C,

Pre-Refunded,

5%,

12/01/30

...............................

4,035,000

4,140,885

Licking

Heights

Local

School

District

,

GO

,

2022

,

4.5

%

,

10/01/51

................

1,800,000

1,825,749

Little

Miami

Local

School

District

,

GO,

2018,

5%,

11/01/43

.............................................

1,000,000

1,020,208

GO,

2018,

5%,

11/01/48

.............................................

2,460,000

2,500,660

Madeira

City

School

District

,

GO

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/32

.....

9,605,000

11,101,707

Miami

University

,

Revenue,

2014,

Refunding,

5%,

9/01/31

.................................

2,320,000

2,361,414

Revenue,

2014,

Refunding,

5%,

9/01/34

.................................

3,500,000

3,555,618

Revenue,

2017,

Refunding,

5%,

9/01/41

.................................

5,000,000

5,165,148

Revenue,

2022

A,

Refunding,

5%,

9/01/34

...............................

1,000,000

1,149,727

Miami

Valley

Career

Technology

Center

,

GO

,

2018

,

5

%

,

12/01/44

...............

20,000,000

21,171,558

Northeast

Ohio

Medical

University

,

Revenue,

2021

A,

Refunding,

3%,

12/01/23

..............................

75,000

74,682

Revenue,

2021

A,

Refunding,

5%,

12/01/25

..............................

125,000

127,889

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

165

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Northeast

Ohio

Medical

University,

(continued)

Revenue,

2021

A,

Refunding,

5%,

12/01/27

..............................

$

100,000

$

104,614

Revenue,

2021

A,

Refunding,

5%,

12/01/29

..............................

110,000

117,260

Revenue,

2021

A,

Refunding,

3%,

12/01/40

..............................

500,000

386,538

Revenue,

2021

A,

Refunding,

4%,

12/01/45

..............................

450,000

395,810

Revenue,

2022,

BAM

Insured,

5%,

12/01/43

.............................

1,000,000

1,054,087

Northeast

Ohio

Regional

Sewer

District

,

Revenue

,

2019

,

Refunding

,

3

%

,

11/15/35

..

4,500,000

4,216,894

Northeastern

Local

School

District

,

GO,

2018,

AGMC

Insured,

5.25%,

12/01/45

..............................

5,420,000

5,837,673

GO,

2018,

AGMC

Insured,

4%,

12/01/55

................................

5,000,000

4,542,759

Norwood

City

School

District

,

GO,

2017

A,

Pre-Refunded,

5%,

11/01/46

...............................

5,000,000

5,273,299

GO,

2017

A,

Pre-Refunded,

5.25%,

11/01/51

.............................

7,645,000

8,115,791

c

Ohio

Air

Quality

Development

Authority

,

Ohio

Valley

Electric

Corp.,

Revenue,

2009

B,

Mandatory

Put,

1.375%,

11/01/24

...

1,875,000

1,770,548

Ohio

Valley

Electric

Corp.,

Revenue,

2009

C,

Mandatory

Put,

1.5%,

11/04/25

.....

2,000,000

1,817,513

Ohio

Center

Local

Government

Capital

Asset

Financing

Program

,

GO

,

2003

,

AGMC

Insured

,

5.25

%

,

12/01/23

............................................

120,000

120,201

Ohio

Higher

Educational

Facility

Commission

,

Ashtabula

County

Medical

Center

Obligated

Group,

Revenue,

2022,

5.25%,

1/01/52

4,895,000

4,987,524

Baldwin

Wallace

University,

Revenue,

2022,

6%,

12/01/52

...................

5,970,000

6,330,808

Capital

University,

Revenue,

2022,

Refunding,

6%,

9/01/42

..................

4,900,000

5,091,933

Capital

University,

Revenue,

2022,

Refunding,

6%,

9/01/47

..................

2,000,000

2,061,516

Capital

University,

Revenue,

2022,

Refunding,

6%,

9/01/52

..................

5,100,000

5,230,000

Case

Western

Reserve

University,

Revenue,

2016,

Refunding,

5%,

12/01/40

.....

6,000,000

6,190,556

Cleveland

Institute

of

Music

(The),

Revenue,

2022,

5%,

12/01/32

..............

300,000

314,353

Cleveland

Institute

of

Music

(The),

Revenue,

2022,

5.125%,

12/01/42

...........

3,390,000

3,411,669

Cleveland

Institute

of

Music

(The),

Revenue,

2022,

5.375%,

12/01/52

...........

3,100,000

3,124,987

Denison

University,

Revenue,

2021,

3%,

11/01/50

.........................

4,250,000

2,998,786

John

Carroll

University,

Revenue,

2020,

4%,

10/01/45

......................

1,100,000

943,895

John

Carroll

University,

Revenue,

2020,

4%,

10/01/50

......................

3,500,000

2,901,241

John

Carroll

University,

Revenue,

2022,

Refunding,

4%,

10/01/47

..............

11,360,000

9,602,973

John

Carroll

University,

Revenue,

2022,

Refunding,

4%,

10/01/52

..............

5,000,000

4,097,954

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,540,000

1,407,324

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,360,000

1,219,525

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,900,000

2,543,477

Kenyon

College,

Revenue,

2016,

Refunding,

5%,

7/01/42

...................

5,320,000

5,469,558

Kenyon

College,

Revenue,

2016,

Refunding,

4%,

7/01/44

...................

5,180,000

4,886,797

Kenyon

College,

Revenue,

2017,

5%,

7/01/42

............................

1,250,000

1,289,491

Kenyon

College,

Revenue,

2017,

4%,

7/01/47

............................

4,000,000

3,668,844

Otterbein

Homes

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/30

......

1,095,000

1,092,858

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/37

..............

1,050,000

961,279

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/38

..............

1,055,000

958,170

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/39

..............

1,105,000

992,653

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/40

..............

1,225,000

1,087,940

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/41

..............

1,275,000

1,121,081

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/46

..............

1,975,000

1,671,223

University

of

Dayton,

Revenue,

2018

A,

4%,

12/01/43

.......................

11,885,000

11,355,213

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/28

................

150,000

160,628

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/29

................

415,000

451,025

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/30

................

400,000

440,893

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/31

................

550,000

601,410

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/32

................

340,000

371,591

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/33

................

130,000

141,973

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/34

................

500,000

545,930

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/35

................

1,000,000

1,086,915

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

166

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Ohio

Higher

Educational

Facility

Commission,

(continued)

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/36

................

$

900,000

$

907,285

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/37

................

1,335,000

1,114,268

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/39

................

480,000

464,426

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/41

................

250,000

240,217

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/42

................

325,000

242,811

Ohio

Housing

Finance

Agency

,

Revenue

,

2020

B

,

GNMA

Insured

,

2.1

%

,

9/01/35

....

495,000

393,910

Ohio

State

University

(The)

,

Revenue,

2014

A,

4%,

12/01/30

.......................................

4,325,000

4,379,643

Revenue,

2021

A,

4%,

12/01/48

.......................................

10,020,000

9,661,374

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

2018

A,

5%,

2/15/43

........................................

33,350,000

35,173,982

Revenue,

Junior

Lien,

2013

A-2,

BAM

Insured,

Zero

Cpn.,

2/15/38

.............

3,665,000

1,980,797

Revenue,

Junior

Lien,

2013

A-2,

Zero

Cpn.,

2/15/43

........................

10,485,000

4,230,318

Revenue,

Junior

Lien,

2022

A,

Refunding,

5%,

2/15/39

......................

5,000,000

5,627,122

Ohio

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/44

...................

7,000,000

7,226,913

Ohio

Water

Development

Authority

,

Revenue,

2019,

5%,

12/01/39

........................................

5,000,000

5,464,045

Revenue,

2019,

5%,

6/01/44

.........................................

5,650,000

6,102,888

Revenue,

2021,

5%,

6/01/46

.........................................

10,555,000

11,576,344

Water

Pollution

Control

Loan

Fund,

Revenue,

2019

B,

Refunding,

5%,

12/01/44

...

10,000,000

10,801,572

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

12/01/39

............

5,000,000

5,495,725

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

12/01/50

............

2,500,000

2,678,648

Olentangy

Local

School

District

,

GO

,

2016

,

4

%

,

12/01/46

.....................

15,235,000

14,861,854

Princeton

City

School

District

,

GO,

2014,

Pre-Refunded,

5%,

12/01/39

.................................

12,000,000

12,306,045

GO,

2014,

Refunding,

Zero

Cpn.,

12/01/40

...............................

6,000,000

2,967,593

GO,

2014,

Refunding,

Zero

Cpn.,

12/01/41

...............................

6,000,000

2,848,353

Reading

Community

City

School

District

,

GO

,

2016

A

,

5

%

,

11/01/46

.............

2,000,000

2,022,928

Russia

Local

School

District

,

GO

,

2023

,

5

%

,

12/01/52

........................

1,670,000

1,783,724

Springboro

Community

City

School

District

,

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

12/01/27

.....................

5,175,000

5,615,581

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

12/01/28

.....................

2,000,000

2,211,810

State

of

Ohio

,

GO,

2017

A,

5%,

3/15/36

............................................

5,000,000

5,045,435

GO,

2018

A,

5%,

6/15/38

............................................

10,000,000

10,352,890

GO,

2019

A,

5%,

6/15/38

............................................

6,500,000

7,104,219

GO,

2020

C,

5%,

3/01/38

............................................

2,300,000

2,575,403

GO,

V,

5%,

5/01/33

................................................

1,000,000

1,100,140

GO,

V,

5%,

5/01/34

................................................

4,000,000

4,398,216

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2017

A,

Refunding,

3.25%,

1/01/35

..................................................

10,000,000

9,315,053

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2021

B,

Refunding,

5%,

1/01/29

........................................................

4,850,000

5,333,986

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/39

..........

1,000,000

1,102,196

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/40

..........

1,110,000

1,214,827

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/41

..........

750,000

818,462

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/37

1,000,000

931,750

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/39

875,000

801,007

University

Hospitals

Health

System,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

3%,

1/15/45

............................................

5,000,000

3,676,339

University

Hospitals

Health

System,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

1/15/46

............................................

18,795,000

17,109,500

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

167

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Summit

County

Development

Finance

Authority

,

City

of

Akron

,

Revenue

,

2022

,

4

%

,

5/15/46

......................................................

$

5,585,000

$

4,921,743

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/45

.............

6,000,000

5,879,191

Sylvania

City

School

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/36

....

9,700,000

9,938,137

Three

Rivers

Local

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

12/01/39

...........

5,885,000

5,986,744

Toledo-Lucas

County

Port

Authority

,

Revenue,

2021

A,

2%,

11/15/31

.......................................

430,000

367,800

Revenue,

2021

A,

3%,

5/15/51

........................................

1,160,000

784,580

ParkUToledo,

Inc.,

Revenue,

2021,

4%,

1/01/46

...........................

1,625,000

1,294,056

ParkUToledo,

Inc.,

Revenue,

2021,

4%,

1/01/51

...........................

2,840,000

2,156,799

ParkUToledo,

Inc.,

Revenue,

2021,

4%,

1/01/57

...........................

6,000,000

4,437,199

Triway

Local

School

District

,

COP

,

2021

,

BAM

Insured

,

4

%

,

12/01/39

............

2,200,000

2,192,186

University

of

Akron

(The)

,

Revenue,

2015

A,

Refunding,

5%,

1/01/31

...............................

4,365,000

4,423,844

Revenue,

2016

A,

Refunding,

BAM

Insured,

5%,

1/01/34

....................

6,000,000

6,173,221

Revenue,

2016

A,

Refunding,

5%,

1/01/36

...............................

11,065,000

11,243,236

Revenue,

2016

A,

Refunding,

5%,

1/01/38

...............................

13,225,000

13,403,819

Revenue,

2018

A,

Refunding,

5%,

1/01/42

...............................

5,725,000

5,892,934

University

of

Cincinnati

,

Revenue

,

2018

A

,

Refunding

,

4

%

,

6/01/48

..............

10,000,000

9,687,999

Upper

Arlington

City

School

District

,

GO

,

2018

A

,

Pre-Refunded

,

5

%

,

12/01/48

.....

13,000,000

14,199,368

Village

of

Bluffton

,

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/33

.......................................................

1,655,000

1,668,073

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/34

.......................................................

1,900,000

1,918,451

Warren

County

Port

Authority

,

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

C,

4%,

12/01/41

..........

2,075,000

1,768,505

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

C,

4%,

12/01/55

..........

3,500,000

2,735,967

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

D,

5%,

12/01/46

..........

3,895,000

3,296,020

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

H,

4%,

12/01/41

..........

570,000

487,014

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

H,

4%,

12/01/53

..........

1,375,000

1,083,759

Ohio

Communities

Accelerator

Fund,

Revenue,

2022

A,

5.5%,

12/01/50

.........

3,210,000

3,140,453

Ohio

Communities

Accelerator

Fund,

Revenue,

2022

B,

4.75%,

12/01/34

........

1,100,000

1,105,514

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

3%,

12/01/30

.......................................

525,000

472,874

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

4%,

12/01/40

.......................................

1,390,000

1,193,512

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

4%,

12/01/52

.......................................

1,930,000

1,524,950

Warrensville

Heights

City

School

District

,

GO,

2019

A,

BAM

Insured,

5%,

12/01/44

................................

190,000

192,566

GO,

2019

A,

Pre-Refunded,

BAM

Insured,

5%,

12/01/44

.....................

460,000

471,732

GO,

2019

A,

Pre-Refunded,

BAM

Insured,

5.25%,

12/01/55

..................

1,740,000

1,790,684

Westerville

City

School

District

,

GO

,

2006

,

Refunding

,

XLCA

Insured

,

5

%

,

12/01/27

..

3,820,000

4,103,373

Westlake

City

School

District

,

GO

,

2021

A

,

Refunding

,

4

%

,

12/01/49

.............

3,965,000

3,790,261

Willoughby-Eastlake

City

School

District

,

GO

,

2016

,

Pre-Refunded

,

5

%

,

12/01/46

...

10,000,000

10,456,156

Winton

Woods

City

School

District

,

GO,

2017,

Refunding,

4%,

11/01/43

....................................

7,000,000

6,952,403

GO,

2022,

Refunding,

BAM

Insured,

4%,

11/01/53

.........................

2,000,000

1,883,701

Wright

State

University

,

Revenue

,

2021

A

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/30

...

1,285,000

1,434,697

Xenia

Community

School

District

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

12/01/40

.........

7,285,000

7,465,425

1,056,236,243

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

168

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

0.9%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

$

3,200,000

$

2,551,764

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

3,200,000

2,544,057

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

5,250,000

3,466,036

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,200,000

2,432,338

10,994,195

Tennessee

0.1%

c

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

1,500,000

1,567,382

Texas

0.7%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

4,300,000

3,132,546

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/38

300,000

233,796

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/47

1,000,000

687,176

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

6,000,000

4,451,980

8,505,498

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

3,200,000

2,551,598

Wisconsin

1.2%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

3,100,000

2,443,621

FAH

Tree

House

LLC,

Revenue,

144A,

2023

A,

6.5%,

8/01/53

................

2,800,000

2,774,088

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

8,200,000

8,188,390

13,406,099

U.S.

Territories

1.5%

Puerto

Rico

1.5%

HTA

HRRB

Custodial

Trust

,

Revenue,

2007

CC,

5.5%,

7/01/31

.....................................

1,500,000

1,544,253

Revenue,

2007

CC,

5.5%,

7/01/31

.....................................

1,870,000

1,925,151

Revenue,

2007

CC,

5.25%,

7/01/32

....................................

2,890,000

2,925,240

Revenue,

2007

CC,

5.25%,

7/01/34

....................................

800,000

806,265

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

4,515,000

4,559,033

Revenue,

2007

N,

5.25%,

7/01/36

.....................................

1,575,000

1,588,829

Revenue,

2007

N,

5.25%,

7/01/39

.....................................

361,283

364,935

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,000,000

988,341

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

988,234

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/33

..

440,000

479,671

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/35

..

235,000

253,488

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

169

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

$

1,100,000

$

1,053,742

17,477,182

Total

U.S.

Territories

....................................................................

17,477,182

Total

Municipal

Bonds

(Cost

$1,198,073,989)

...................................

1,144,117,889

Total

Long

Term

Investments

(Cost

$1,201,273,989)

.............................

1,147,301,253

a

a

a

a

a

Short

Term

Investments

0.1%

Municipal

Bonds

0.1%

Ohio

0.1%

d

County

of

Allen

Hospital

Facilities

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010

C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

3.98

%

,

6/01/34

.................

1,700,000

1,700,000

Total

Municipal

Bonds

(Cost

$1,700,000)

.......................................

1,700,000

Total

Short

Term

Investments

(Cost

$1,700,000

)

.................................

1,700,000

a

Total

Investments

(Cost

$1,202,973,989)

98.5%

..................................

$1,149,001,253

Other

Assets,

less

Liabilities

1.5%

.............................................

17,387,594

Net

Assets

100.0%

...........................................................

$1,166,388,847

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$43,479,194,

representing

3.7%

of

net

assets.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

Oregon

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

170

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

2,500,000

$

2,487,003

Total

Corporate

Bonds

(Cost

$2,500,000)

.......................................

2,487,003

Municipal

Bonds

98.5%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

3,500,000

2,900,497

Florida

0.6%

b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

1,500,000

1,004,374

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

5,600,000

4,578,000

5,582,374

Illinois

0.5%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

5,000,000

4,658,756

Kentucky

0.6%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

8,300,000

5,464,440

New

Jersey

0.8%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

5%,

6/15/44

.......................................

2,250,000

2,329,613

Revenue,

2020

AA,

3%,

6/15/50

.......................................

1,000,000

744,540

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

1,000,000

1,004,956

Revenue,

2022

A,

4%,

6/15/38

........................................

2,165,000

2,124,348

Revenue,

2022

BB,

4%,

6/15/46

.......................................

2,000,000

1,880,396

8,083,853

New

York

0.5%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/47

..........

5,500,000

5,058,461

Oregon

88.4%

Astoria

Hospital

Facilities

Authority

,

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

5%,

8/01/41

......

4,250,000

4,303,186

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

4%,

8/01/46

......

1,750,000

1,541,114

Benton

&

Polk

School

District

No.

17J

,

GO

,

2010

B

,

Zero

Cpn.,

6/15/31

...........

1,000,000

733,859

Central

Lincoln

People's

Utility

District

JATC,

Inc.

,

Revenue

,

2016

,

5

%

,

12/01/45

....

2,900,000

2,965,645

City

of

Beaverton

,

Water,

Revenue,

2020,

5%,

4/01/36

....................................

1,760,000

1,966,504

Water,

Revenue,

2020,

5%,

4/01/37

....................................

1,850,000

2,051,162

Water,

Revenue,

2020,

5%,

4/01/38

....................................

1,940,000

2,134,000

Water,

Revenue,

2020,

5%,

4/01/39

....................................

2,040,000

2,235,272

Water,

Revenue,

2020,

5%,

4/01/40

....................................

2,140,000

2,336,916

City

of

Eugene

,

Electric

Utility

System

,

Revenue

,

2017

,

5

%

,

8/01/47

.............

3,580,000

3,723,458

City

of

Forest

Grove

,

Oak

Tree

Foundation,

Inc.,

Revenue,

2017,

Refunding,

4%,

3/01/37

............

3,500,000

3,270,619

Pacific

University,

Revenue,

2015

A,

Refunding,

5%,

5/01/36

.................

4,075,000

4,137,070

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/26

.................

335,000

342,957

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/27

.................

1,195,000

1,234,732

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/29

.................

1,315,000

1,382,290

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/30

.................

1,385,000

1,465,001

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/31

.................

1,450,000

1,541,660

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/32

.................

1,525,000

1,617,790

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/33

.................

1,600,000

1,693,796

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

171

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

City

of

Forest

Grove,

(continued)

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/35

.................

$

490,000

$

472,136

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/37

.................

1,905,000

1,780,291

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/38

.................

3,960,000

3,657,362

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/39

.................

1,750,000

1,599,746

City

of

Keizer

,

Special

Assessment

,

2008

,

5.2

%

,

6/01/31

......................

1,245,000

1,247,509

City

of

Portland

,

Water

System

,

Revenue,

Second

Lien

,

2019

A

,

5

%

,

5/01/44

.......

5,500,000

5,935,665

City

of

Tigard

,

Water

,

Revenue

,

2015

,

5

%

,

8/01/45

..........................

23,545,000

24,003,605

Clackamas

Community

College

District

,

GO,

2017

A,

5%,

6/15/38

............................................

760,000

801,438

GO,

2017

A,

5%,

6/15/39

............................................

1,000,000

1,052,217

GO,

2017

A,

5%,

6/15/40

............................................

1,250,000

1,311,916

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO,

2017

A,

Zero

Cpn.,

6/15/40

.......................................

10,000,000

4,528,711

GO,

2017

A,

Zero

Cpn.,

6/15/41

.......................................

17,030,000

7,253,494

GO,

2017

A,

Zero

Cpn.,

6/15/42

.......................................

16,625,000

6,740,053

GO,

2017

B,

5%,

6/15/34

............................................

8,000,000

8,529,194

GO,

2017

B,

5%,

6/15/37

............................................

10,000,000

10,541,390

GO,

2018,

5%,

6/15/42

.............................................

1,750,000

1,861,949

Clackamas

County

School

District

No.

46

Oregon

Trail

,

GO,

Zero

Cpn.,

6/15/37

.............................................

12,130,000

6,651,871

GO,

Zero

Cpn.,

6/15/38

.............................................

12,495,000

6,466,366

Clackamas

County

School

District

No.

7J

Lake

Oswego

,

GO

,

2005

,

Refunding

,

AGMC

Insured

,

5.25

%

,

6/01/25

.............................................

3,075,000

3,200,068

Clackamas

River

Water

,

Revenue

,

2016

,

5

%

,

11/01/43

.......................

1,970,000

2,005,294

Coos

County

School

District

No.

9

Coos

Bay

,

GO

,

2018

,

5

%

,

6/15/43

............

5,005,000

5,334,477

County

of

Yamhill

,

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/24

..............

750,000

752,584

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/29

..............

910,000

935,042

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/31

..............

990,000

1,016,934

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/36

..............

2,585,000

2,528,748

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/46

..............

3,830,000

3,403,723

Linfield

University,

Revenue,

2020

A,

Refunding,

5%,

10/01/40

................

7,010,000

7,080,521

Linfield

University,

Revenue,

2020

A,

Refunding,

5%,

10/01/45

................

9,285,000

9,296,561

Deschutes

County

Hospital

Facilities

Authority

,

St.

Charles

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/48

.........................

8,440,000

8,498,334

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Terwilliger

Plaza,

Inc.

Obligated

Group

,

Revenue

,

2012

,

Refunding

,

5

%

,

12/01/29

..................

3,690,000

3,611,983

Jackson

County

School

District

No.

5

Ashland

,

GO,

2019,

5%,

6/15/42

.............................................

5,970,000

6,419,927

GO,

2019,

5%,

6/15/43

.............................................

6,495,000

6,976,905

GO,

2019,

5%,

6/15/44

.............................................

6,000,000

6,433,467

Jackson

County

School

District

No.

6

Central

Point

,

GO,

2019

B,

Zero

Cpn.,

6/15/40

.......................................

705,000

331,741

GO,

2019

B,

Zero

Cpn.,

6/15/41

.......................................

710,000

316,029

GO,

2019

B,

Zero

Cpn.,

6/15/42

.......................................

610,000

256,200

GO,

2019

B,

Zero

Cpn.,

6/15/43

.......................................

820,000

326,437

GO,

2019

B,

Zero

Cpn.,

6/15/44

.......................................

1,115,000

419,181

GO,

2019

B,

Zero

Cpn.,

6/15/45

.......................................

985,000

349,449

GO,

2019

B,

Zero

Cpn.,

6/15/46

.......................................

1,190,000

398,633

GO,

2019

B,

Zero

Cpn.,

6/15/47

.......................................

1,170,000

369,926

GO,

2019

B,

Zero

Cpn.,

6/15/48

.......................................

1,320,000

393,727

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

172

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Klamath

Falls

Intercommunity

Hospital

Authority

,

Sky

Lakes

Medical

Center,

Inc.

,

Revenue

,

2016

,

Refunding

,

5

%

,

9/01/46

.................................

$

1,000,000

$

1,014,446

Lane

&

Douglas

Counties

School

District

No.

28J

Fern

Ridge

,

GO

,

2014

A

,

5

%

,

6/15/30

695,000

734,253

Marion

&

Linn

Counties

School

District

No.

14J

Jefferson

,

GO

,

2017

B

,

5

%

,

6/15/41

.

1,360,000

1,416,996

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

8/15/45

..............................................

5,620,000

5,319,679

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/45

8,245,000

8,599,564

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

8/15/50

5,685,000

5,111,162

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/50

4,500,000

4,665,895

Rogue

Valley

Manor,

Revenue,

2013

A,

Refunding,

5%,

10/01/33

..............

1,500,000

1,502,900

Rogue

Valley

Manor,

Revenue,

2013

A,

Refunding,

5%,

10/01/42

..............

9,420,000

9,327,865

Metro

,

County

of

Multnomah,

Revenue,

2017,

5%,

6/15/42

........................

7,500,000

7,837,130

County

of

Multnomah,

Revenue,

2017,

5%,

6/15/47

........................

10,950,000

11,375,714

Multnomah

&

Clackamas

Counties

School

District

No.

10JT

Gresham-Barlow

,

GO,

2017

B,

5%,

6/15/37

............................................

7,885,000

8,254,468

GO,

2019

A,

Zero

Cpn.,

6/15/39

.......................................

9,500,000

4,649,258

Multnomah

County

School

District

No.

40

,

GO,

2012

B,

Zero

Cpn.,

6/15/24

.......................................

1,640,000

1,579,153

GO,

2012

B,

Zero

Cpn.,

6/15/25

.......................................

1,325,000

1,231,984

GO,

2012

B,

Zero

Cpn.,

6/15/26

.......................................

2,585,000

2,323,892

GO,

2012

B,

Zero

Cpn.,

6/15/27

.......................................

2,655,000

2,307,311

GO,

2012

B,

Zero

Cpn.,

6/15/28

.......................................

2,495,000

2,096,092

GO,

2012

B,

Zero

Cpn.,

6/15/29

.......................................

2,595,000

2,104,401

GO,

2012

B,

Zero

Cpn.,

6/15/30

.......................................

1,885,000

1,470,381

GO,

2012

B,

Zero

Cpn.,

6/15/31

.......................................

2,030,000

1,519,403

GO,

2012

B,

Zero

Cpn.,

6/15/32

.......................................

2,000,000

1,421,629

Multnomah-Clackamas

Counties

Centennial

School

District

No.

28JT

,

GO

,

2020

,

Refunding

,

5

%

,

6/15/45

.............................................

13,000,000

14,089,943

Oregon

City

School

District

No.

62

,

GO

,

2018

B

,

Refunding

,

5

%

,

6/15/49

..........

17,000,000

18,023,031

Oregon

Health

&

Science

University

,

Oregon

Health

&

Science

University

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/42

..................................

10,000,000

10,403,503

Oregon

State

Facilities

Authority

,

b

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

4%,

10/01/26

.................

1,170,000

1,131,314

b

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/36

.................

1,670,000

1,561,734

b

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/48

.................

4,000,000

3,582,471

Legacy

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

6/01/46

......

31,395,000

31,905,825

Legacy

Health

Obligated

Group,

Revenue,

2022

A,

4.125%,

6/01/52

...........

3,000,000

2,725,738

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2015

C,

5%,

10/01/45

..

4,000,000

3,911,094

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/41

.......................................................

7,800,000

7,883,184

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

5%,

10/01/46

.

3,280,000

3,297,307

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Pre-Refunded,

5%,

10/01/46

...................................................

220,000

232,936

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/40

.......................................................

11,025,000

11,210,781

Willamette

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/40

.............

1,950,000

1,975,855

Willamette

University,

Revenue,

2021

A,

Refunding,

4%,

10/01/51

.............

47,505,000

39,952,337

Oregon

State

University

,

Revenue

,

2015

A

,

5

%

,

4/01/45

......................

12,500,000

12,698,150

Port

of

Portland

,

Airport,

Revenue,

24

A,

5%,

7/01/47

....................................

4,700,000

4,841,218

Airport,

Revenue,

24

B,

5%,

7/01/42

....................................

7,645,000

7,800,366

Airport,

Revenue,

24

B,

5%,

7/01/47

....................................

1,750,000

1,777,513

Airport,

Revenue,

25

A,

5%,

7/01/49

....................................

7,825,000

8,187,652

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

173

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Port

of

Portland,

(continued)

Airport,

Revenue,

25

B,

5%,

7/01/44

....................................

$

4,830,000

$

4,973,851

Airport,

Revenue,

25

B,

5%,

7/01/49

....................................

6,300,000

6,445,638

Airport,

Revenue,

27

A,

5%,

7/01/30

....................................

1,585,000

1,716,215

Airport,

Revenue,

27

A,

5%,

7/01/31

....................................

3,880,000

4,209,530

Airport,

Revenue,

27

A,

5%,

7/01/32

....................................

3,170,000

3,436,061

Airport,

Revenue,

27

A,

5%,

7/01/45

....................................

15,670,000

16,208,766

Airport,

Revenue,

28,

4%,

7/01/47

.....................................

5,000,000

4,628,751

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/33

.............

545,000

549,741

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/38

.............

500,000

490,699

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/43

.............

2,250,000

2,130,315

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/48

.............

3,700,000

3,398,683

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/24

....

110,000

110,200

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/25

....

130,000

130,476

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/26

....

135,000

135,732

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/27

....

260,000

261,845

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/28

....

310,000

312,697

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/29

....

515,000

491,307

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/30

....

385,000

364,565

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/31

....

400,000

376,012

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/32

....

370,000

344,817

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/40

....

1,540,000

1,239,042

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/57

....

2,750,000

1,891,076

Salem

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

5/15/46

.......

17,105,000

17,421,740

Salem-Keizer

School

District

No.

24J

,

GO,

2009

B,

Zero

Cpn.,

6/15/30

.......................................

8,500,000

6,653,324

GO,

2020

C,

4%,

6/15/38

............................................

6,000,000

6,077,398

Santiam

Canyon

School

District

129J

,

GO,

2019,

5%,

6/15/39

.............................................

1,000,000

1,087,426

GO,

2019,

5%,

6/15/44

.............................................

2,330,000

2,511,412

Seaside

School

District

No.

10

,

GO,

2017

B,

5%,

6/15/35

............................................

2,000,000

2,122,186

GO,

2017

B,

5%,

6/15/36

............................................

2,500,000

2,644,023

State

of

Oregon

,

GO,

2007

A,

4.7%,

8/01/42

...........................................

3,050,000

2,890,267

GO,

2017

A,

5%,

5/01/42

............................................

2,500,000

2,599,635

GO,

2017

H,

5%,

8/01/42

............................................

15,000,000

15,642,055

GO,

2019

A,

5%,

5/01/44

............................................

5,000,000

5,368,329

GO,

2019

G,

5%,

8/01/44

............................................

5,370,000

5,780,450

GO,

L,

Refunding,

5%,

8/01/42

........................................

3,270,000

3,413,805

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/37

12,500,000

13,722,897

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/39

23,175,000

25,312,287

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/42

6,825,000

7,391,356

b

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-1

,

5.5

%

,

12/01/39

............................

20,000,000

19,807,628

Tillamook

&

Yamhill

Counties

School

District

No.

101

Nestucca

Valley

,

GO,

2018

B,

5%,

6/15/36

............................................

2,850,000

3,113,540

GO,

2018

B,

5%,

6/15/37

............................................

2,520,000

2,728,627

Tri-County

Metropolitan

Transportation

District

of

Oregon

,

Revenue,

2018

A,

5%,

10/01/31

.......................................

5,025,000

5,430,734

Revenue,

2018

A,

5%,

10/01/32

.......................................

1,865,000

2,014,338

Revenue,

2018

A,

Pre-Refunded,

5%,

9/01/48

............................

13,505,000

14,671,026

Revenue,

Senior

Lien,

2017

A,

Pre-Refunded,

5%,

9/01/41

...................

18,650,000

19,833,667

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

174

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Tualatin

Valley

Water

District

,

Revenue

,

2023

,

5

%

,

6/01/48

....................

$

10,805,000

$

11,912,186

Union

County

Hospital

Facility

Authority

,

Grande

Ronde

Hospital,

Inc.

Obligated

Group,

Revenue,

2022,

5%,

7/01/47

......

2,250,000

2,204,131

Grande

Ronde

Hospital,

Inc.

Obligated

Group,

Revenue,

2022,

5%,

7/01/52

......

3,375,000

3,256,557

University

of

Oregon

,

Revenue,

2015

A,

5%,

4/01/45

........................................

20,000,000

20,366,566

Revenue,

2016

A,

5%,

4/01/46

........................................

11,690,000

12,025,242

Revenue,

2020

A,

5%,

4/01/50

........................................

20,000,000

21,373,532

b

Warm

Springs

Reservation

Confederated

Tribe

,

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/33

.........................

250,000

274,157

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/34

.........................

300,000

328,832

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/39

.........................

2,200,000

2,353,478

Washington

&

Clackamas

Counties

School

District

No.

23J

Tigard-Tualatin

,

GO,

2017,

5%,

6/15/36

.............................................

9,400,000

9,945,159

GO,

2017,

5%,

6/15/37

.............................................

6,000,000

6,327,143

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO,

2017

D,

5%,

6/15/35

............................................

10,000,000

10,568,369

GO,

2017

D,

5%,

6/15/36

............................................

10,000,000

10,510,656

Washington

Clackamas

&

Yamhill

Counties

School

District

No.

88J

,

GO,

2018

A,

Zero

Cpn.,

6/15/38

.......................................

2,350,000

1,200,172

GO,

2018

A,

Zero

Cpn.,

6/15/39

.......................................

3,275,000

1,575,365

Washington

County

School

District

No.

15

Forest

Grove

,

GO,

2012

B,

Zero

Cpn.,

6/15/29

.......................................

2,545,000

2,076,136

GO,

2012

B,

Zero

Cpn.,

6/15/30

.......................................

2,490,000

1,959,846

GO,

2012

B,

Zero

Cpn.,

6/15/31

.......................................

3,140,000

2,380,088

Yachats

Rural

Fire

Protection

District

,

GO

,

2017

,

AGMC

Insured

,

5

%

,

6/15/47

......

1,600,000

1,665,216

843,210,363

South

Carolina

1.2%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

2,500,000

1,993,565

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

2,500,000

1,987,545

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

7,650,000

5,050,510

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,000,000

2,280,317

11,311,937

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

3,300,000

2,404,047

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/30

250,000

257,316

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/31

250,000

258,148

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

4,200,000

3,116,386

6,035,897

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

2,500,000

1,993,436

Wisconsin

0.9%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

2,400,000

1,891,836

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

6,300,000

6,291,080

8,182,916

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

175

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

3.9%

Puerto

Rico

3.9%

Children's

Trust

Fund

,

Revenue

,

2002

,

5.625

%

,

5/15/43

......................

$

6,000,000

$

6,034,051

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

400,000

403,901

Revenue,

2007

N,

5.25%,

7/01/36

.....................................

1,100,000

1,109,658

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,300,000

1,284,843

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

988,234

c

Revenue,

WW,

5.25%,

7/01/33

........................................

7,040,000

5,051,200

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

94,046

90,402

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

61,117

38,934

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

104,547

63,773

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

19,745,000

18,914,675

Sales

Tax,

Revenue,

A-2,

4.329%,

7/01/40

...............................

3,000,000

2,786,792

36,766,463

Total

U.S.

Territories

....................................................................

36,766,463

Total

Municipal

Bonds

(Cost

$975,717,857)

.....................................

939,249,393

Total

Long

Term

Investments

(Cost

$978,217,857)

...............................

941,736,396

a

a

a

a

a

Short

Term

Investments

0.2%

Municipal

Bonds

0.2%

Oregon

0.2%

d

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.92

%

,

8/01/34

............

1,600,000

1,600,000

Total

Municipal

Bonds

(Cost

$1,600,000)

.......................................

1,600,000

Total

Short

Term

Investments

(Cost

$1,600,000

)

.................................

1,600,000

a

Total

Investments

(Cost

$979,817,857)

99.0%

...................................

$943,336,396

Other

Assets,

less

Liabilities

1.0%

.............................................

10,000,879

Net

Assets

100.0%

...........................................................

$953,337,275

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$65,107,605,

representing

6.8%

of

net

assets.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

Pennsylvania

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

176

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

2,000,000

$

1,989,602

Total

Corporate

Bonds

(Cost

$2,000,000)

.......................................

1,989,602

Municipal

Bonds

97.2%

Florida

0.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

5,688,000

4,714,834

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

1,000,000

669,583

5,384,417

Illinois

0.8%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

2022

A,

Refunding,

4%,

12/15/42

..............................

2,750,000

2,562,316

Revenue,

2022

A,

Refunding,

4%,

6/15/52

...............................

2,000,000

1,762,115

State

of

Illinois

,

GO

,

2017

C

,

5

%

,

11/01/29

................................

1,500,000

1,596,103

5,920,534

New

Jersey

0.2%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/46

...

1,000,000

939,410

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2020

AA

,

4

%

,

6/15/37

...

1,000,000

992,938

1,932,348

New

York

1.6%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/44

.....................................

6,700,000

6,247,758

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

6,050,000

5,595,081

11,842,839

Pennsylvania

89.7%

Allegheny

County

Airport

Authority

,

Revenue,

2021

A,

5%,

1/01/32

........................................

4,345,000

4,728,340

Revenue,

2021

A,

5%,

1/01/35

........................................

5,755,000

6,216,302

Revenue,

2021

A,

5%,

1/01/51

........................................

3,500,000

3,606,175

Revenue,

2021

B,

5%,

1/01/36

........................................

2,735,000

3,032,921

Allegheny

County

Higher

Education

Building

Authority

,

Chatham

University,

Revenue,

2022,

Refunding,

5.25%,

9/01/33

..............

700,000

715,164

Chatham

University,

Revenue,

2022,

Refunding,

5.25%,

9/01/34

..............

1,090,000

1,108,032

Duquesne

University

of

the

Holy

Spirit,

Revenue,

2021

A,

Refunding,

4%,

3/01/40

.

2,115,000

2,038,644

Duquesne

University

of

the

Holy

Spirit,

Revenue,

2021

A,

Refunding,

4%,

3/01/41

.

3,000,000

2,846,368

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/37

.....................

1,000,000

993,036

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/47

.....................

1,300,000

1,221,802

Allegheny

County

Sanitary

Authority

,

Revenue

,

2018

,

5

%

,

6/01/43

...............

5,000,000

5,273,014

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

2022,

Refunding,

5%,

5/01/32

.................................

1,560,000

1,634,011

Revenue,

2022,

Refunding,

5%,

5/01/33

.................................

1,800,000

1,883,763

Revenue,

2022,

Refunding,

5%,

5/01/34

.................................

1,550,000

1,619,548

Revenue,

2022,

Refunding,

5%,

5/01/35

.................................

1,400,000

1,449,212

Revenue,

2022,

Refunding,

5%,

5/01/42

.................................

8,875,000

8,800,182

Berks

County

Industrial

Development

Authority

,

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/42

........................................................

1,000,000

926,040

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

177

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Berks

County

Industrial

Development

Authority,

(continued)

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/47

........................................................

$

600,000

$

538,263

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

C,

5%,

5/15/37

......

1,245,000

1,208,459

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Pre-Refunded,

5%,

5/15/38

........................................................

1,030,000

1,082,639

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Pre-Refunded,

5%,

5/15/48

........................................................

1,000,000

1,051,105

Blue

Mountain

School

District

,

GO,

2021

B,

AGMC

Insured,

4%,

8/01/32

................................

1,000,000

1,047,738

GO,

2021

B,

AGMC

Insured,

4%,

8/01/35

................................

1,000,000

1,035,816

Bristol

Township

School

District

,

GO

,

2021

C

,

BAM

Insured

,

3

%

,

6/01/37

..........

1,250,000

1,109,047

Bucks

County

Industrial

Development

Authority

,

Delaware

Valley

University,

Revenue,

2022

B,

Refunding,

5%,

11/01/37

.........

1,000,000

990,736

Delaware

Valley

University,

Revenue,

2022

B,

Refunding,

5%,

11/01/42

.........

1,080,000

1,049,957

Delaware

Valley

University,

Revenue,

2022

B,

Refunding,

5%,

11/01/52

.........

2,500,000

2,344,236

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2019,

4%,

8/15/44

.............

1,500,000

1,370,283

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2021,

3%,

8/15/53

.............

12,000,000

7,932,717

Butler

County

Hospital

Authority

,

Butler

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

7/01/35

.......................................

1,885,000

1,845,282

Canon

Mcmillan

School

District

,

GO

,

2019

,

Refunding

,

BAM

Insured

,

4

%

,

6/01/44

...

6,075,000

5,925,339

Central

Bradford

Progress

Authority

,

Guthrie

Clinic

(The)

,

Revenue

,

2021

B

,

4

%

,

12/01/51

........................................................

5,000,000

4,495,302

Centre

County

Hospital

Authority

,

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/42

.......................................................

1,215,000

1,237,792

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

4%,

11/15/47

.......................................................

1,840,000

1,699,666

Chester

County

Industrial

Development

Authority

,

University

Student

Housing

LLC,

Revenue,

2013

A,

5%,

8/01/35

...............

500,000

491,475

University

Student

Housing

LLC,

Revenue,

2013

A,

5%,

8/01/45

...............

1,500,000

1,408,102

City

of

Erie

Higher

Education

Building

Authority

,

Gannon

University,

Revenue,

2021

TT-1,

4%,

5/01/36

......................

400,000

362,557

Gannon

University,

Revenue,

2021

TT-1,

4%,

5/01/41

......................

1,000,000

838,630

Gannon

University,

Revenue,

2021

TT-1,

5%,

5/01/47

......................

2,430,000

2,297,618

City

of

Philadelphia

,

GO,

2019

B,

5%,

2/01/36

............................................

3,300,000

3,589,257

GO,

2019

B,

5%,

2/01/38

............................................

4,055,000

4,343,150

GO,

2019

B,

5%,

2/01/39

............................................

6,050,000

6,463,790

GO,

2021

A,

4%,

5/01/37

............................................

9,435,000

9,471,792

Airport,

Revenue,

2017

B,

Refunding,

5%,

7/01/47

.........................

10,000,000

10,143,796

Airport,

Revenue,

2020

C,

Refunding,

4%,

7/01/45

.........................

5,225,000

4,869,660

Airport,

Revenue,

2021,

Refunding,

5%,

7/01/51

...........................

8,100,000

8,359,199

Water

&

Wastewater,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/40

............

5,000,000

5,089,047

Water

&

Wastewater,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/45

............

5,000,000

5,089,047

Water

&

Wastewater,

Revenue,

2017

A,

5%,

10/01/47

......................

5,000,000

5,174,943

Water

&

Wastewater,

Revenue,

2019

B,

5%,

11/01/49

......................

5,000,000

5,222,783

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/45

..............

6,300,000

6,639,189

Water

&

Wastewater,

Revenue,

2022

C,

5.5%,

6/01/47

......................

5,000,000

5,538,801

Colonial

School

District

,

GO

,

2021

A

,

3

%

,

2/15/40

...........................

1,650,000

1,438,379

Commonwealth

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development

,

Revenue

,

2015

A

,

5

%

,

6/01/34

..........

10,000,000

10,220,350

Commonwealth

of

Pennsylvania

,

GO,

2022,

5%,

10/01/40

.............................................

5,000,000

5,607,503

GO,

First

Series,

2018,

5%,

3/01/28

....................................

5,000,000

5,465,294

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

178

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Conestoga

Valley

School

District

,

GO,

2021

A,

4%,

2/01/36

............................................

$

1,100,000

$

1,139,875

Revenue,

2021

B,

4%,

2/01/36

........................................

1,020,000

1,039,863

County

of

Beaver

,

GO

,

2017

,

BAM

Insured

,

4

%

,

4/15/29

......................

1,660,000

1,722,625

County

of

Jefferson

,

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/35

........................

650,000

598,196

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/37

........................

770,000

676,993

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/39

........................

520,000

438,082

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

5/01/37

......................................................

2,500,000

2,447,490

Delaware

County

Authority

,

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/27

..............

2,475,000

2,424,193

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/32

..............

1,620,000

1,526,886

Villanova

University,

Revenue,

2015,

4%,

8/01/45

..........................

2,120,000

2,064,738

Delaware

County

Regional

Water

Quality

Control

Authority

,

Revenue

,

2016

,

4

%

,

11/01/36

........................................................

2,005,000

2,025,837

Delaware

County

Vocational

&

Technical

School

Authority

,

Delaware

County

Intermediate

Unit

,

Revenue

,

2013

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

11/01/38

....

1,250,000

1,258,065

DuBois

Hospital

Authority

,

Penn

Highlands

Healthcare

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

7/15/43

........................................................

3,410,000

3,484,473

Penn

Highlands

Healthcare

Obligated

Group,

Revenue,

2020,

4%,

7/15/50

......

3,500,000

3,133,253

Penn

Highlands

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/15/41

........................................................

1,000,000

923,143

Penn

Highlands

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/15/51

........................................................

4,000,000

3,512,341

East

Hempfield

Township

Industrial

Development

Authority

,

Student

Services,

Inc.,

Revenue,

2013,

Pre-Refunded,

5%,

7/01/45

............

3,250,000

3,252,802

Student

Services,

Inc.,

Revenue,

2015,

Pre-Refunded,

5%,

7/01/47

............

3,750,000

3,880,844

Easton

Area

School

District

,

GO

,

2021

,

4

%

,

4/01/32

.........................

1,450,000

1,525,590

Erie

City

Water

Authority

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

12/01/43

...........

6,000,000

6,404,336

Fairview

School

District

,

GO,

2021,

BAM

Insured,

3%,

9/15/37

...................................

1,195,000

1,050,471

GO,

2021,

BAM

Insured,

3%,

9/15/38

...................................

1,000,000

855,315

GO,

2021,

BAM

Insured,

3%,

9/15/39

...................................

1,000,000

843,661

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group,

Revenue,

2017

A-1,

Refunding,

5%,

2/15/45

........................................................

5,555,000

5,681,026

Geisinger

Health

System

Obligated

Group,

Revenue,

2017

A-2,

Refunding,

5%,

2/15/39

........................................................

13,155,000

13,563,456

General

Authority

of

Southcentral

Pennsylvania

,

WellSpan

Health

Obligated

Group

,

Revenue

,

2014

A

,

Pre-Refunded

,

5

%

,

6/01/44

............................

11,955,000

12,138,754

Governor

Mifflin

School

District

,

GO,

2021,

3%,

4/01/35

.............................................

810,000

759,430

GO,

2021,

3%,

4/01/36

.............................................

625,000

572,685

GO,

2021,

3%,

4/01/37

.............................................

1,000,000

890,661

GO,

2021,

3%,

4/01/38

.............................................

1,000,000

875,948

GO,

2021,

3%,

4/01/39

.............................................

1,015,000

872,088

Huntingdon

County

General

Authority

,

Juniata

College

,

Revenue

,

2021

TT-3

,

Refunding

,

5

%

,

10/01/51

............................................

2,520,000

2,462,973

Lancaster

County

Hospital

Authority

,

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

8/15/46

.............

4,165,000

4,241,814

Lancaster

Higher

Education

Authority

,

Elizabethtown

College,

Revenue,

2022

A,

Refunding,

5%,

10/01/46

............

5,000,000

4,895,547

Elizabethtown

College,

Revenue,

2022

A,

Refunding,

5%,

10/01/51

............

5,000,000

4,821,913

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

179

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Lancaster

Industrial

Development

Authority

,

Landis

Homes

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/51

........

$

2,780,000

$

2,029,407

Landis

Homes

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/56

........

520,000

368,311

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/44

......

1,850,000

1,882,427

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/49

......

2,300,000

2,326,459

Lancaster

School

District

,

GO,

2020,

AGMC

Insured,

4%,

6/01/34

.................................

1,000,000

1,035,144

GO,

2020,

AGMC

Insured,

4%,

6/01/35

.................................

1,850,000

1,911,742

Latrobe

Industrial

Development

Authority

,

Seton

Hill

University,

Revenue,

2021,

Refunding,

4%,

3/01/46

................

750,000

599,594

Seton

Hill

University,

Revenue,

2021,

Refunding,

4%,

3/01/51

................

800,000

614,973

Lehigh

County

Authority

,

Revenue,

2013

A,

5%,

12/01/43

.......................................

2,435,000

2,435,347

Revenue,

2013

A,

Pre-Refunded,

5%,

12/01/43

...........................

2,805,000

2,827,769

Lehigh

County

General

Purpose

Authority

,

Good

Shepherd

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

11/01/41

4,345,000

3,943,393

Lehigh

Valley

Academy

Regional

Charter

School,

Revenue,

2022,

4%,

6/01/42

....

14,390,000

12,687,555

Lehigh

Valley

Academy

Regional

Charter

School,

Revenue,

2022,

4%,

6/01/57

....

5,000,000

4,001,392

Lycoming

County

Authority

,

Lycoming

College,

Revenue,

2013

MM-1,

5.25%,

11/01/38

...................

1,400,000

1,410,284

Lycoming

College,

Revenue,

2013

MM-1,

5.25%,

11/01/43

...................

1,495,000

1,506,290

Montgomery

County

Higher

Education

and

Health

Authority

,

Gwynedd

Mercy

University,

Revenue,

2022,

Refunding,

5.25%,

5/01/37

.........

2,665,000

2,698,235

Gwynedd

Mercy

University,

Revenue,

2022,

Refunding,

5%,

5/01/42

...........

3,700,000

3,530,239

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/48

........................................................

8,250,000

8,447,766

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

9/01/44

........................................................

10,000,000

9,184,871

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2022

B,

Refunding,

4%,

5/01/52

........................................................

4,000,000

3,498,944

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2022

B,

Refunding,

5%,

5/01/52

........................................................

5,000,000

5,120,439

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

4%,

11/15/43

.......................................................

600,000

490,933

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

5%,

11/15/45

.......................................................

1,985,000

1,870,050

Meadowood

Corp.

Obligated

Group

(The),

Revenue,

2018

A,

Refunding,

5%,

12/01/38

.......................................................

2,500,000

2,439,449

Public

School

of

Germantown

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/51

..

2,450,000

1,930,551

Waverly

Heights

Ltd.

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

12/01/49

..

2,000,000

2,022,044

New

Kensington

Municipal

Sanitary

Authority

,

Revenue

,

2021

A

,

AGMC

Insured

,

3

%

,

12/01/38

........................................................

500,000

431,811

Northampton

County

General

Purpose

Authority

,

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

8/15/46

...

7,500,000

7,511,657

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

8/15/48

...

2,500,000

2,552,502

Northeastern

Pennsylvania

Hospital

and

Education

Authority

,

King's

College

,

Revenue

,

2019

,

5

%

,

5/01/44

.................................................

1,000,000

985,277

Northeastern

School

District

,

GO,

2021

A,

BAM

Insured,

3%,

3/01/38

.................................

850,000

736,362

GO,

2021

A,

BAM

Insured,

3%,

3/01/41

.................................

775,000

640,578

Northern

Lebanon

School

District

,

GO

,

2021

,

BAM

Insured

,

3

%

,

9/01/36

..........

1,895,000

1,715,183

Pennsylvania

Economic

Development

Financing

Authority

,

City

of

Philadelphia

Water

&

Wastewater,

Revenue,

2020,

Refunding,

4%,

1/01/29

.

500,000

494,525

City

of

Philadelphia

Water

&

Wastewater,

Revenue,

2020,

Refunding,

4%,

1/01/32

.

1,300,000

1,275,294

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

180

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Pennsylvania

Economic

Development

Financing

Authority,

(continued)

Commonwealth

of

Pennsylvania

Department

of

Transportation,

Revenue,

2022,

5.25%,

6/30/53

..................................................

$

8,500,000

$

8,718,409

UPMC

Obligated

Group,

Revenue,

2014

A,

5%,

2/01/45

.....................

5,000,000

5,032,340

UPMC

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

11/15/42

...........

5,000,000

4,803,894

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/45

.....................

8,835,000

8,355,306

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/39

...........

1,325,000

1,297,476

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/40

...........

1,200,000

1,164,184

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/41

...........

1,300,000

1,255,805

Pennsylvania

Higher

Educational

Facilities

Authority

,

Bryn

Mawr

College,

Revenue,

2014,

Refunding,

5%,

12/01/44

................

6,365,000

6,430,674

St.

Joseph's

University,

Revenue,

2012,

5%,

11/01/42

......................

5,000,000

4,860,914

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2015

A,

Refunding,

5.25%,

9/01/50

........................................................

7,465,000

7,534,252

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017

A,

5%,

8/15/36

..

2,750,000

2,934,566

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017

A,

5%,

8/15/46

..

14,000,000

14,695,639

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2018

A,

5%,

2/15/48

..

5,000,000

5,260,121

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2015,

Refunding,

5%,

8/15/40

............................................

6,475,000

6,616,122

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

5%,

8/15/42

....................................................

9,000,000

9,309,450

Widener

University,

Revenue,

2021

A,

Refunding,

4%,

7/15/51

................

11,030,000

9,095,983

Pennsylvania

Housing

Finance

Agency

,

Revenue,

2019-129,

3.4%,

10/01/49

...................................

6,000,000

4,844,387

Revenue,

2020-132

A,

2.55%,

10/01/41

.................................

11,280,000

8,473,252

Pennsylvania

State

University

(The)

,

Revenue,

2015

A,

Refunding,

5%,

9/01/40

...............................

10,490,000

10,749,994

Revenue,

2016

A,

Refunding,

5%,

9/01/41

...............................

10,000,000

10,370,475

Revenue,

2018,

5%,

9/01/48

.........................................

5,955,000

6,291,489

Pennsylvania

Turnpike

Commission

,

Revenue,

2013

C,

5%,

12/01/43

.......................................

2,405,000

2,411,190

Revenue,

2013

C,

Pre-Refunded,

5%,

12/01/43

...........................

7,595,000

7,649,166

Revenue,

2021

B,

4%,

12/01/37

.......................................

1,500,000

1,511,699

Revenue,

2021

B,

4%,

12/01/46

.......................................

10,950,000

10,473,033

Philadelphia

Authority

for

Industrial

Development

,

Beech

International

LLC,

Revenue,

2010

A,

5.625%,

6/15/42

.................

4,000,000

3,736,480

Children's

Hospital

of

Philadelphia

Obligated

Group,

Revenue,

2014

A,

Pre-

Refunded,

5%,

7/01/42

............................................

5,000,000

5,089,047

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/30

............

200,000

204,632

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/40

............

300,000

299,148

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/50

............

2,515,000

2,418,651

St.

Joseph's

University,

Revenue,

2022,

5.5%,

11/01/60

.....................

8,410,000

9,023,337

Temple

University-of

The

Commonwealth

System

of

Higher

Education,

Revenue,

First

Series,

2015,

Refunding,

5%,

4/01/40

.............................

5,000,000

5,039,727

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

9/01/42

........................................................

3,500,000

3,583,797

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

9/01/47

........................................................

2,400,000

2,445,901

Philadelphia

Gas

Works

Co.

,

Revenue,

14th,

Refunding,

5%,

10/01/32

................................

1,000,000

1,038,558

Revenue,

15th,

Refunding,

5%,

8/01/47

.................................

11,000,000

11,269,687

Pittsburgh

Water

&

Sewer

Authority

,

Revenue,

First

Lien,

2022

A,

5.25%,

9/01/39

.............................

1,490,000

1,622,341

Revenue,

First

Lien,

2022

A,

5.25%,

9/01/40

.............................

1,365,000

1,471,169

Revenue,

First

Lien,

2022

A,

5.25%,

9/01/41

.............................

1,650,000

1,769,940

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

181

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Pittsburgh

Water

&

Sewer

Authority,

(continued)

Revenue,

First

Lien,

2022

A,

5.25%,

9/01/42

.............................

$

1,685,000

$

1,803,380

Revenue,

First

Lien,

2022

A,

5%,

9/01/52

................................

2,640,000

2,766,046

Pocono

Mountains

Industrial

Park

Authority

,

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2015

A

,

5

%

,

8/15/40

........................................

5,000,000

5,039,856

Radnor

Township

School

District

,

GO,

2021,

3%,

8/15/35

.............................................

1,400,000

1,321,964

GO,

2021,

4%,

8/15/36

.............................................

1,600,000

1,648,932

GO,

2021,

4%,

8/15/37

.............................................

3,445,000

3,531,011

GO,

2021,

4%,

8/15/38

.............................................

1,430,000

1,456,762

School

District

of

Philadelphia

(The)

,

GO

,

2021

A

,

4

%

,

9/01/36

.................

3,845,000

3,848,161

Scranton

School

District

,

GO,

2020,

4%,

12/01/40

.............................................

1,535,000

1,479,758

GO,

2020,

4%,

12/01/42

.............................................

2,835,000

2,669,363

GO,

2020,

4%,

12/01/45

.............................................

3,670,000

3,414,294

Scranton-Lackawanna

Health

and

Welfare

Authority

,

University

of

Scranton

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/37

.......................................

4,000,000

4,108,738

Southeastern

Pennsylvania

Transportation

Authority

,

Revenue

,

2022

,

5.25

%

,

6/01/52

5,000,000

5,521,640

State

College

Area

School

District

,

GO,

2015,

5%,

3/15/40

.............................................

16,400,000

16,680,192

GO,

2018,

5%,

5/15/37

.............................................

1,075,000

1,156,405

GO,

2018,

5%,

5/15/44

.............................................

3,500,000

3,701,673

State

Public

School

Building

Authority

,

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

6/01/32

....................................................

7,095,000

7,438,296

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

6/01/33

....................................................

3,000,000

3,140,126

Swarthmore

Borough

Authority

,

Swarthmore

College

,

Revenue

,

2013

,

5

%

,

9/15/43

..

1,000,000

1,002,315

Township

of

Northampton

,

GO

,

2021

,

4

%

,

5/15/39

...........................

1,495,000

1,503,140

Upper

Merion

Area

School

District

,

GO,

2021

A,

3%,

1/15/39

............................................

1,000,000

888,311

GO,

2021

A,

3%,

1/15/40

............................................

1,500,000

1,312,249

GO,

2021

A,

3%,

1/15/41

............................................

1,275,000

1,102,202

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

7/01/29

......

725,000

750,655

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

7/01/30

......

1,270,000

1,322,815

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/37

......

2,400,000

2,175,427

Wilkes-Barre

Finance

Authority

,

Wilkes

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/42

.........................................................

2,500,000

2,080,147

679,359,550

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

2,000,000

1,594,852

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

2,000,000

1,590,036

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

760,106

3,944,994

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,600,000

1,894,098

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,300,000

2,448,589

4,342,687

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

182

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

$

2,000,000

$

1,594,749

Wisconsin

0.9%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,900,000

1,497,703

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

5,100,000

5,092,779

6,590,482

U.S.

Territories

2.0%

Puerto

Rico

2.0%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.5

%

,

7/01/28

.................

755,000

778,177

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

1,290,000

1,302,581

Revenue,

2007

N,

5.5%,

7/01/29

......................................

2,500,000

2,581,734

Revenue,

2007

N,

5.25%,

7/01/36

.....................................

950,000

958,341

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,100,000

1,087,175

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

988,235

c

Revenue,

XX,

5.25%,

7/01/40

........................................

5,175,000

3,713,062

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

4,000,000

3,831,790

15,241,095

Total

U.S.

Territories

....................................................................

15,241,095

Total

Municipal

Bonds

(Cost

$790,922,850)

.....................................

736,153,695

Total

Long

Term

Investments

(Cost

$792,922,850)

...............................

738,143,297

a

a

a

a

a

Short

Term

Investments

1.3%

Municipal

Bonds

1.3%

Pennsylvania

1.3%

d

Allegheny

County

Higher

Education

Building

Authority

,

Carnegie

Mellon

University

,

Revenue

,

2008

A

,

Refunding

,

SPA

Bank

of

New

York

Mellon

(The)

,

Daily

VRDN

and

Put

,

4

%

,

12/01/37

.................................................

10,000,000

10,000,000

Total

Municipal

Bonds

(Cost

$10,000,000)

......................................

10,000,000

Total

Short

Term

Investments

(Cost

$10,000,000

)

................................

10,000,000

a

Total

Investments

(Cost

$802,922,850)

98.8%

...................................

$748,143,297

Other

Assets,

less

Liabilities

1.2%

.............................................

9,249,693

Net

Assets

100.0%

...........................................................

$757,392,990

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$15,552,459,

representing

2.1%

of

net

assets.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

183

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Franklin

Virginia

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

184

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.7%

California

0.2%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

$

1,000,000

$

828,714

Florida

0.8%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

3,456,000

2,864,710

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

1,100,000

736,541

3,601,251

Illinois

0.6%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

1,500,000

1,507,942

State

of

Illinois

,

GO

,

2017

D

,

5

%

,

11/01/26

................................

1,000,000

1,049,822

2,557,764

New

Jersey

1.1%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2018

A,

Refunding,

5%,

12/15/32

..............................

3,460,000

3,715,625

Revenue,

2022

A,

4%,

6/15/41

........................................

1,000,000

956,724

4,672,349

New

York

0.3%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/46

..........

1,350,000

1,248,489

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,200,000

956,911

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,200,000

954,022

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

2,000,000

1,520,211

3,431,144

Texas

0.7%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,600,000

1,165,599

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/28

225,000

229,928

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/29

250,000

256,209

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,100,000

1,558,193

3,209,929

Virginia

80.6%

Albemarle

County

Economic

Development

Authority

,

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/30

............................................

1,120,000

1,084,088

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/31

............................................

1,165,000

1,119,421

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/32

............................................

1,105,000

1,053,461

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/33

............................................

1,260,000

1,191,244

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/42

............................................

2,725,000

2,312,759

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/49

............................................

2,800,000

2,239,134

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

B,

Refunding,

4%,

6/01/54

............................................

5,215,000

4,012,800

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

185

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Alexandria

Industrial

Development

Authority

,

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2015,

Pre-Refunded,

5%,

10/01/45

$

975,000

$

1,014,894

Protestant

Episcopal

High

School

in

Virginia,

Revenue,

2021

C,

Refunding,

4%,

1/01/46

........................................................

2,450,000

2,364,879

Arlington

County

Industrial

Development

Authority

,

Virginia

Hospital

Center

Arlington

Health

System,

Revenue,

2020,

Refunding,

4%,

7/01/45

........................................................

2,000,000

1,918,147

Virginia

Hospital

Center

Arlington

Health

System,

Revenue,

2020,

Refunding,

3.75%,

7/01/50

........................................................

10,350,000

9,070,881

Chesapeake

Hospital

Authority

,

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/39

........................................................

1,000,000

969,233

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/43

........................................................

4,000,000

3,834,240

City

of

Hopewell

,

Sewer

System

,

Revenue

,

2011

A

,

Refunding

,

5

%

,

7/15/42

.......

4,850,000

4,849,594

City

of

Norfolk

,

GO,

2013

A,

Pre-Refunded,

5%,

8/01/32

................................

5,845,000

5,859,857

Water,

Revenue,

2018,

5%,

11/01/43

...................................

6,920,000

7,329,217

Water,

Revenue,

2018,

5%,

11/01/47

...................................

6,925,000

7,300,313

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/15/33

........

10,000,000

10,435,863

Commonwealth

of

Virginia

,

GO,

2020

A,

4%,

6/01/31

............................................

4,650,000

5,000,128

GO,

2022

A,

5%,

6/01/52

............................................

2,445,000

2,710,840

County

of

Arlington

,

GO

,

2019

,

4

%

,

6/15/34

................................

2,000,000

2,111,338

County

of

Fairfax

,

GO,

2023

A,

4%,

10/01/40

...........................................

3,000,000

3,032,328

Sewer,

Revenue,

2017,

5%,

7/15/37

....................................

2,760,000

2,957,733

Sewer,

Revenue,

2021

A,

5%,

7/15/46

..................................

2,500,000

2,765,857

Fairfax

County

Economic

Development

Authority

,

Revenue,

2017,

5%,

4/01/42

.........................................

5,085,000

5,309,682

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2016

A,

Pre-Refunded,

5%,

10/01/36

.......................................................

4,865,000

5,040,929

Fairfax

County

Industrial

Development

Authority

,

Inova

Health

System

Obligated

Group

,

Revenue

,

2014

A

,

5

%

,

5/15/44

..................................

2,500,000

2,516,224

Fairfax

County

Water

Authority

,

Revenue,

2017,

Refunding,

5%,

4/01/43

.................................

3,510,000

3,707,331

Revenue,

2017,

Refunding,

5%,

4/01/47

.................................

5,000,000

5,259,419

Farmville

Industrial

Development

Authority

,

Elwood

Place

LLC,

Revenue,

2021,

AGMC

Insured,

5.375%,

7/01/53

...........

5,000,000

5,228,354

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/48

...

5,000,000

4,709,922

Hampton

Roads

Sanitation

District

,

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/33

............................

5,115,000

5,430,237

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/43

............................

11,840,000

12,569,698

Hampton

Roads

Transportation

Accountability

Commission

,

Revenue,

Senior

Lien,

2018

A,

5%,

7/01/48

..............................

14,495,000

15,256,389

Revenue,

Senior

Lien,

2018

A,

Pre-Refunded,

5%,

7/01/48

...................

5,505,000

6,023,651

Revenue,

Senior

Lien,

2020

A,

5%,

7/01/50

..............................

4,000,000

4,293,814

Revenue,

Senior

Lien,

2020

A,

5%,

7/01/60

..............................

4,885,000

5,233,612

Henrico

County

Economic

Development

Authority

,

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/40

.......................................................

500,000

455,784

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/45

.......................................................

725,000

643,438

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

186

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Henrico

County

Economic

Development

Authority,

(continued)

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/50

.......................................................

$

1,500,000

$

1,290,457

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2022

A,

5%,

10/01/42

..

1,125,000

1,155,365

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2022

A,

5%,

10/01/52

..

5,000,000

5,049,425

Lexington

Industrial

Development

Authority

,

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

1/01/38

........................................................

685,000

592,800

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

1/01/42

........................................................

1,120,000

913,511

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

1/01/48

........................................................

2,315,000

1,770,180

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/35

....

1,105,000

1,204,642

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/48

....

1,500,000

1,578,792

Lynchburg

Economic

Development

Authority

,

Centra

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

1/01/47

......

4,500,000

4,573,722

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/47

........

2,350,000

2,151,980

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

1/01/51

........

2,000,000

1,394,911

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/55

........

6,305,000

5,592,862

Montgomery

County

Economic

Development

Authority

,

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/36

................

1,200,000

1,221,461

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/37

................

500,000

505,243

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/39

................

1,750,000

1,755,452

Norfolk

Airport

Authority

,

Revenue,

2019,

5%,

7/01/39

.........................................

800,000

847,822

Revenue,

2019,

5%,

7/01/43

.........................................

3,925,000

4,119,688

Northern

Virginia

Transportation

Commission

,

Commuter

Rail

Operating

&

Capital

Fund

,

Revenue

,

2022

,

5

%

,

6/01/47

....................................

1,750,000

1,920,180

Prince

Edward

County

Industrial

Development

Authority

,

President

and

Trustees

of

Hampden-Sydney

College

,

Revenue

,

2018

,

5

%

,

9/01/48

....................

2,050,000

2,098,179

Riverside

Regional

Jail

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/31

.........

6,215,000

6,407,810

Salem

Economic

Development

Authority

,

Roanoke

College

,

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/49

......................................................

925,000

928,139

Stafford

County

&

Staunton

Industrial

Development

Authority

,

Revenue

,

2007

E

,

AGMC

Insured

,

5

%

,

8/01/37

...............................................

960,000

960,332

Upper

Occoquan

Sewage

Authority

,

Revenue

,

2016

B

,

Refunding

,

4

%

,

7/01/35

.....

6,165,000

6,292,635

Virginia

Beach

Development

Authority

,

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/40

............................................

1,750,000

1,618,267

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/44

............................................

2,215,000

1,989,976

Virginia

College

Building

Authority

,

Revenue,

2016

A,

5%,

9/01/27

........................................

3,925,000

4,161,599

Revenue,

2016

A,

Pre-Refunded,

5%,

9/01/27

............................

75,000

79,521

Revenue,

2016

A,

Refunding,

4%,

2/01/30

...............................

7,000,000

7,197,818

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/39

...........

795,000

631,703

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

2.25%,

1/15/40

........

450,000

316,273

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/41

...........

500,000

382,857

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/46

...........

1,100,000

783,980

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/51

...........

1,750,000

1,180,625

Regent

University,

Revenue,

2021,

Refunding,

4%,

6/01/36

..................

2,750,000

2,523,519

Regent

University,

Revenue,

2021,

Refunding,

3%,

6/01/41

..................

4,800,000

3,480,516

Regent

University,

Revenue,

2021,

Refunding,

4%,

6/01/46

..................

3,725,000

3,075,153

Virginia

Commonwealth

Transportation

Board

,

Revenue,

2016,

5%,

9/15/30

.........................................

2,260,000

2,392,311

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

187

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Virginia

Commonwealth

Transportation

Board,

(continued)

Revenue,

2016,

5%,

9/15/31

.........................................

$

4,000,000

$

4,222,642

Revenue,

2022,

Refunding,

4%,

5/15/36

.................................

5,000,000

5,211,434

Virginia

Housing

Development

Authority

,

Revenue

,

2018

D

,

3.8

%

,

10/01/43

........

3,805,000

3,442,872

Virginia

Public

Building

Authority

,

Revenue

,

2019

A

,

4

%

,

8/01/35

................

1,250,000

1,297,864

Virginia

Public

School

Authority

,

Revenue,

2018

B,

5%,

8/01/30

........................................

5,280,000

5,831,692

County

of

Prince

William,

Revenue,

2018,

4%,

3/01/33

......................

5,795,000

6,077,764

Virginia

Resources

Authority

,

Revenue,

5%,

11/01/38

.............................................

1,970,000

2,016,180

Revenue,

Pre-Refunded,

5%,

11/01/38

..................................

3,195,000

3,331,235

Revenue,

2015

B,

Refunding,

5%,

11/01/45

..............................

5,255,000

5,331,016

Revenue,

2018

C,

Refunding,

5%,

11/01/48

..............................

7,655,000

8,196,814

Virginia

Small

Business

Financing

Authority

,

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/48

.....

7,000,000

6,050,543

Bon

Secours

Mercy

Health,

Inc.,

Revenue,

2020

A,

Refunding,

4%,

12/01/49

.....

5,000,000

4,615,537

Capital

Beltway

Express

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

5%,

12/31/57

6,000,000

6,032,048

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/40

........................................................

7,500,000

6,871,984

I-66

Express

Mobility

Partners

LLC,

Revenue,

Senior

Lien,

2017,

5%,

12/31/47

...

5,000,000

5,001,621

I-66

Express

Mobility

Partners

LLC,

Revenue,

Senior

Lien,

2017,

5%,

12/31/52

...

4,600,000

4,557,699

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/36

...

2,210,000

1,910,398

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/41

...

2,500,000

2,037,866

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/51

...

7,500,000

5,611,923

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/37

....................................................

2,750,000

2,586,452

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/51

....................................................

2,250,000

1,899,657

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/37

...

4,000,000

3,999,430

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/38

...

6,000,000

5,945,839

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/39

...

2,730,000

2,685,963

Winchester

Economic

Development

Authority

,

Valley

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

1/01/44

.................................

5,000,000

5,069,192

362,192,104

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,200,000

956,849

Wisconsin

1.1%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,200,000

945,918

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

3,100,000

3,095,611

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

12/01/52

.....

1,000,000

983,252

5,024,781

U.S.

Territories

12.3%

District

of

Columbia

9.1%

Metropolitan

Washington

Airports

Authority

,

Aviation,

Revenue,

2021

A,

Refunding,

5%,

10/01/46

.......................

5,000,000

5,191,348

b

Aviation,

Revenue,

2023

A,

Refunding,

5.25%,

10/01/48

.....................

4,000,000

4,273,643

Dulles

Toll

Road,

Revenue,

Senior

Lien,

2022

A,

Refunding,

AGMC

Insured,

4%,

10/01/52

.......................................................

10,000,000

9,300,576

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated,

Revenue,

2020

A,

5%,

7/15/36

...............................

5,000,000

5,569,701

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

188

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

District

of

Columbia

(continued)

Washington

Metropolitan

Area

Transit

Authority,

(continued)

Dedicated,

Revenue,

2020

A,

5%,

7/15/45

...............................

$

3,145,000

$

3,403,140

Dedicated,

Revenue,

2021

A,

5%,

7/15/41

...............................

7,530,000

8,311,628

Dedicated,

Revenue,

2021

A,

5%,

7/15/46

...............................

2,000,000

2,180,186

Dedicated,

Revenue,

2023

A,

5%,

7/15/43

...............................

2,500,000

2,781,022

41,011,244

Puerto

Rico

3.2%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.5

%

,

7/01/31

.................

1,800,000

1,853,087

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

..................

1,600,000

1,615,604

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,700,000

1,680,179

c

Revenue,

WW,

5.5%,

7/01/38

.........................................

1,040,000

747,500

c

Revenue,

XX,

5.25%,

7/01/40

........................................

1,900,000

1,363,250

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

103,451

99,442

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

67,229

42,828

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

115,001

70,150

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/29

..

425,000

455,994

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/37

..

200,000

180,679

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

................................

6,400,000

5,934,461

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

500,000

478,974

14,522,148

Total

U.S.

Territories

....................................................................

55,533,392

Total

Municipal

Bonds

(Cost

$479,024,143)

.....................................

443,256,766

a

a

a

a

Short

Term

Investments

0.7%

Municipal

Bonds

0.7%

Virginia

0.7%

d

Albemarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.9

%

,

10/01/48

........................................................

3,200,000

3,200,000

Total

Municipal

Bonds

(Cost

$3,200,000)

.......................................

3,200,000

Total

Short

Term

Investments

(Cost

$3,200,000

)

.................................

3,200,000

a

Total

Investments

(Cost

$482,224,143)

99.4%

...................................

$446,456,766

Other

Assets,

less

Liabilities

0.6%

.............................................

2,703,444

Net

Assets

100.0%

...........................................................

$449,160,210

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

189

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2023,

the

aggregate

value

of

these

securities

was

$11,919,085,

representing

2.7%

of

net

assets.

b

Security

purchased

on

a

when-issued

basis.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

190

Quarterly

Schedules

of

Investments

1.

Organization

Franklin

Tax-Free

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of twenty

separate

funds

(Funds).

The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds’

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

and

exchange

traded

funds

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

3.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

May

31,

2023,

investments

in

affiliated

management

investment

companies

were

as

follows: 

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

191

Quarterly

Schedules

of

Investments

4. 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

May

31,

2023,

in

valuing

the

Funds’

assets carried

at

fair

value,

is

as

follows:  

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Municipal

Green

Bond

ETF

...................

$

49,469,850

$

—

$

—

$

—

$

423,423

$

49,893,273

2,115,000

$

430,895

Total

Affiliated

Securities

...

$49,469,850

$—

$—

$—

$423,423

$49,893,273

$430,895

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Municipal

Green

Bond

ETF

...................

$36,254,500

$—

$—

$—

$310,310

$36,564,810

1,550,000

$315,786

Total

Affiliated

Securities

...

$36,254,500

$—

$—

$—

$310,310

$36,564,810

$315,786

Franklin

High

Yield

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Dynamic

Municipal

Bond

ETF

...................

$41,339,025

$—

$—

$—

$447,525

$41,786,550

1,755,000

$389,054

Total

Affiliated

Securities

...

$41,339,025

$—

$—

$—

$447,525

$41,786,550

$389,054

3.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

192

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Alabama

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

$

—

$

—

$

497,400

$

497,400

Municipal

Bonds

.........................

—

190,527,243

—

190,527,243

Total

Investments

in

Securities

...........

$—

$190,527,243

$497,400

$191,024,643

Franklin

Arizona

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

753,616,070

—

753,616,070

Total

Investments

in

Securities

...........

$—

$753,616,070

$—

$753,616,070

Franklin

Colorado

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,392,721

1,392,721

Municipal

Bonds

.........................

—

523,817,203

—

523,817,203

Short

Term

Investments

...................

—

5,400,000

—

5,400,000

Total

Investments

in

Securities

...........

$—

$529,217,203

$1,392,721

$530,609,924

Franklin

Connecticut

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

139,572,343

—

139,572,343

Short

Term

Investments

...................

—

2,300,000

—

2,300,000

Total

Investments

in

Securities

...........

$—

$141,872,343

$—

$141,872,343

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

49,893,273

—

—

49,893,273

Municipal

Bonds

.........................

—

2,284,629,360

—

2,284,629,360

Short

Term

Investments

...................

—

11,400,000

—

11,400,000

Total

Investments

in

Securities

...........

$49,893,273

$2,296,029,360

$—

$2,345,922,633

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

36,564,810

—

—

36,564,810

Senior

Floating

Rate

Interests

...............

—

25,731,026

17,355,791

43,086,817

Municipal

Bonds

.........................

—

903,842,732

—

903,842,732

Short

Term

Investments

...................

—

3,200,000

—

3,200,000

Total

Investments

in

Securities

...........

$36,564,810

$932,773,758

$17,355,791

$986,694,359

Franklin

Georgia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

895,321

895,321

Municipal

Bonds

.........................

—

329,995,525

—

329,995,525

Short

Term

Investments

...................

—

5,000,000

—

5,000,000

Total

Investments

in

Securities

...........

$—

$334,995,525

$895,321

$335,890,846

Franklin

High

Yield

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

63,060,550

—

—

63,060,550

Corporate

Bonds

:

Commercial

Services

&

Supplies

...........

—

18,965,000

7,260,000

26,225,000

Diversified

Consumer

Services

............

—

85,087,743

—

85,087,743

4. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

193

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Electric

Utilities

........................

$

—

$

14,810,458

$

—

$

14,810,458

Oil,

Gas

&

Consumable

Fuels

.............

—

1,280,000

—

1,280,000

Municipal

Bonds

.........................

—

4,869,272,081

—

4,869,272,081

Short

Term

Investments

...................

—

23,270,000

—

23,270,000

Total

Investments

in

Securities

...........

$63,060,550

$5,012,685,282

$7,260,000

$5,083,005,832

Franklin

Louisiana

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

280,139,853

—

280,139,853

Short

Term

Investments

...................

—

3,800,000

—

3,800,000

Total

Investments

in

Securities

...........

$—

$283,939,853

$—

$283,939,853

Franklin

Maryland

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

311,393,473

—

311,393,473

Short

Term

Investments

...................

—

3,400,000

—

3,400,000

Total

Investments

in

Securities

...........

$—

$314,793,473

$—

$314,793,473

Franklin

Massachusetts

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

895,321

895,321

Senior

Floating

Rate

Interests

...............

—

—

1,017,551

1,017,551

Municipal

Bonds

.........................

—

340,212,345

—

340,212,345

Short

Term

Investments

...................

—

13,710,000

—

13,710,000

Total

Investments

in

Securities

...........

$—

$353,922,345

$1,912,872

$355,835,217

Franklin

Michigan

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,790,642

1,790,642

Municipal

Bonds

.........................

—

716,527,866

—

716,527,866

Short

Term

Investments

...................

—

2,800,000

—

2,800,000

Total

Investments

in

Securities

...........

$—

$719,327,866

$1,790,642

$721,118,508

Franklin

Minnesota

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

787,313,376

—

787,313,376

Short

Term

Investments

...................

—

3,900,000

—

3,900,000

Total

Investments

in

Securities

...........

$—

$791,213,376

$—

$791,213,376

Franklin

Missouri

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

717,759,691

—

717,759,691

Short

Term

Investments

...................

—

800,000

—

800,000

Total

Investments

in

Securities

...........

$—

$718,559,691

$—

$718,559,691

Franklin

New

Jersey

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,591,682

1,591,682

Municipal

Bonds

.........................

—

748,762,404

—

748,762,404

4. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

194

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Short

Term

Investments

...................

$

—

$

6,400,000

$

—

$

6,400,000

Total

Investments

in

Securities

...........

$—

$755,162,404

$1,591,682

$756,754,086

Franklin

North

Carolina

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,591,682

1,591,682

Municipal

Bonds

.........................

—

615,589,969

—

615,589,969

Short

Term

Investments

...................

—

7,800,000

—

7,800,000

Total

Investments

in

Securities

...........

$—

$623,389,969

$1,591,682

$624,981,651

Franklin

Ohio

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

3,183,364

3,183,364

Municipal

Bonds

.........................

—

1,144,117,889

—

1,144,117,889

Short

Term

Investments

...................

—

1,700,000

—

1,700,000

Total

Investments

in

Securities

...........

$—

$1,145,817,889

$3,183,364

$1,149,001,253

Franklin

Oregon

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

2,487,003

2,487,003

Municipal

Bonds

.........................

—

939,249,393

—

939,249,393

Short

Term

Investments

...................

—

1,600,000

—

1,600,000

Total

Investments

in

Securities

...........

$—

$940,849,393

$2,487,003

$943,336,396

Franklin

Pennsylvania

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,989,602

1,989,602

Municipal

Bonds

.........................

—

736,153,695

—

736,153,695

Short

Term

Investments

...................

—

10,000,000

—

10,000,000

Total

Investments

in

Securities

...........

$—

$746,153,695

$1,989,602

$748,143,297

Franklin

Virginia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

443,256,766

—

443,256,766

Short

Term

Investments

...................

—

3,200,000

—

3,200,000

Total

Investments

in

Securities

...........

$—

$446,456,766

$—

$446,456,766

4. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

195

Quarterly

Schedules

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At

May

31,

2023,

the

reconciliation

is

as

follows:

Significant

unobservable

valuation

inputs

for

material

Level

3 assets

and/or

liabilities and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

May

31,

2023,

are

as

follows:

Balance

at

Beginning

of

Period

Purchases

a

Sales

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(

Amortiza

-

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Senior

Floating

Rate

Interests

:

United

States

.

$

15,315,752

$

2,175,700

$

—

$

—

$

—

$

—

$

—

$

(135,661)

$

17,355,791

$

(135,661)

Total

Investments

in

Securities

.........

$15,315,752

$2,175,700

$—

$—

$—

$—

$—

$(135,661)

$17,355,791

$(135,661)

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

Impact

to

Fair

Value

if

Input

Increases

a

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Senior

Floating

Rate

Interests:

Real

Estate

Management

&

Development

....................

$4,975,398

Discounted

cash

flow

Yield

5.3%

Decrease

Residential

REITs

12,380,393

Discounted

cash

flow

Yield

5.9%

Decrease

All

Other

Investments

.............

 —

Total

..........................

$17,355,791

a

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

financial

instruments

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

4. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

196

Quarterly

Schedules

of

Investments

Abbreviations

Currency

USD

United

States

Dollar

Selected

Portfolio

AGMC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

BHAC

Berkshire

Hathaway

Assurance

Corp.

COP

Certificate

of

Participation

ETF

Exchange-Traded

Fund

ETM

Escrowed

to

Maturity

FHA

Federal

Housing

Administration

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LIBOR

London

Interbank

Offered

Rate

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

PSF

Permanent

School

Fund

SIFMA

Securities

Industry

and

Financial

Markets

Association

SOFR

Secured

Overnight

Financing

Rate

SPA

Standby

Purchase

Agreement

XLCA

XL

Capital

Assurance,

Inc.

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.