Franklin Tax Free Trust NPORT-P Franklin Federal Limited-Term Tax-Free Income Fund (Nov 2024 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FTFT-Q3PH

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

19

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

22

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

43

Franklin

Georgia

Tax-Free

Income

Fund

57

Franklin

High

Yield

Tax-Free

Income

Fund

62

Franklin

Louisiana

Tax-Free

Income

Fund

121

Franklin

Maryland

Tax-Free

Income

Fund

126

Franklin

Massachusetts

Tax-Free

Income

Fund

130

Franklin

Michigan

Tax-Free

Income

Fund

134

Franklin

Minnesota

Tax-Free

Income

Fund

141

Franklin

Missouri

Tax-Free

Income

Fund

147

Franklin

New

Jersey

Tax-Free

Income

Fund

153

Franklin

North

Carolina

Tax-Free

Income

Fund

160

Franklin

Ohio

Tax-Free

Income

Fund

167

Franklin

Oregon

Tax-Free

Income

Fund

175

Franklin

Pennsylvania

Tax-Free

Income

Fund

181

Franklin

Virginia

Tax-Free

Income

Fund

188

Notes

to

Schedules

of

Investments

194

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2024

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

$

513,742

Total

Corporate

Bonds

(Cost

$

500,000

)

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

513,742

Municipal

Bonds

97.5%

Alabama

88.7%

Alabama

Community

College

System

,

Bishop

State

Community

College

,

Revenue

,

2019

,

BAM

Insured

,

4

%

,

1/01/49

....

2,000,000

1,940,252

Shelton

State

Community

College

,

Revenue

,

2024

,

AGMC

Insured

,

5

%

,

8/01/49

..

1,000,000

1,083,994

Alabama

Housing

Finance

Authority

,

Revenue

,

2024

A

,

GNMA

Insured

,

4.7

%

,

10/01/54

1,000,000

1,023,034

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Ascension

Health

Credit

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/46

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

3,000,000

3,039,979

Alabama

State

University

,

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/36

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

1,500,000

1,644,675

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/40

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

1,500,000

1,625,012

Alabaster

Board

of

Education

,

Special

Tax

,

2022

,

BAM

Insured

,

5

%

,

9/01/47

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

1,500,000

1,597,626

Special

Tax

,

2022

,

BAM

Insured

,

5

%

,

9/01/52

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

1,500,000

1,582,842

Alexander

City

Board

of

Education

,

Special

Tax

,

2022

,

BAM

Insured

,

4

%

,

2/01/52

...

3,000,000

2,986,144

Bessemer

Governmental

Utility

Services

Corp.

,

Water

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

6/01/39

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

3,000,000

3,111,431

Birmingham

Airport

Authority

,

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

7/01/38

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

400,000

405,225

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

7/01/40

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

705,000

710,799

Birmingham-Jefferson

Civic

Center

Authority

,

Special

Tax

,

2018

A

,

5

%

,

7/01/33

.....

1,605,000

1,692,770

b

Black

Belt

Energy

Gas

District

,

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/29

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

1,000,000

1,005,951

Revenue

,

2023

B-2

,

Mandatory

Put

,

5.25

%

,

12/01/30

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

3,000,000

3,267,848

Revenue

,

2024

A

,

Mandatory

Put

,

5.25

%

,

9/01/32

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

2,000,000

2,182,729

City

of

Bessemer

,

Water

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/47

...

2,590,000

2,631,643

City

of

Birmingham

,

GO

,

2021

A

,

4

%

,

6/01/50

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

1,000,000

996,391

City

of

Boaz

,

Water

&

Sewer

,

Revenue

,

2021

,

AGMC

Insured

,

4

%

,

9/01/46

........

1,000,000

994,827

City

of

Decatur

,

Water

&

Sewer

,

Revenue

,

2021

A

,

4

%

,

8/15/50

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

2,000,000

1,986,312

City

of

Huntsville

,

GO

,

2018

B

,

5

%

,

5/01/38

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

4,775,000

5,010,853

City

of

Lincoln

,

GO

,

2020

,

BAM

Insured

,

4

%

,

6/01/50

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

2,500,000

2,529,081

City

of

Trussville

,

GO

,

2018

A

,

4

%

,

8/01/41

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

3,000,000

3,008,523

City

of

Tuscaloosa

,

GO

,

2020

A

,

4

%

,

10/01/50

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

4,580,000

4,581,508

b

Columbia

Industrial

Development

Board

,

Alabama

Power

Co.

,

Revenue

,

2014

D

,

Refunding

,

Mandatory

Put

,

3.81

%

,

6/01/28

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

2,000,000

2,029,080

County

of

Jefferson

,

Sewer

,

Revenue

,

2024

,

Refunding

,

5.25

%

,

10/01/49

.........

4,500,000

4,892,149

c

County

of

Mobile

,

Revenue

,

144A,

2020

,

4

%

,

11/01/45

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

2,200,000

2,094,889

DCH

Healthcare

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/36

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

2,000,000

2,009,792

Revenue

,

2021

A

,

4

%

,

6/01/46

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

2,310,000

2,239,173

East

Alabama

Health

Care

Authority

(The)

,

Revenue

,

2018

A

,

5

%

,

9/01/41

........

3,000,000

3,098,637

b

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.5

%

,

1/01/31

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

1,000,000

1,089,511

Revenue

,

2024

B

,

Mandatory

Put

,

5.25

%

,

6/01/32

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

2,000,000

2,181,013

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)

Florence

City

Board

of

Education

,

Special

Tax

,

2022

,

4

%

,

3/01/46

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

$

3,000,000

$

2,997,459

Florence

Public

Educational

Building

Authority

,

University

of

North

Alabama

,

Revenue

,

2024

,

AGMC

Insured

,

5.25

%

,

11/01/49

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

1,000,000

1,104,477

Health

Care

Authority

for

Baptist

Health

(The)

,

Revenue

,

2023

A

,

Refunding

,

5

%

,

11/15/36

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

1,000,000

1,085,850

Revenue

,

2023

A

,

Refunding

,

5

%

,

11/15/37

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

875,000

947,281

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

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

3,000,000

2,964,465

Homewood

Educational

Building

Authority

,

CHF

-

Horizons

II

LLC

,

Revenue

,

2024

C

,

5.5

%

,

10/01/54

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

1,000,000

1,067,596

Samford

University

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

12/01/49

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

2,500,000

2,242,611

Samford

University

,

Revenue

,

2021

A

,

4

%

,

12/01/51

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

1,470,000

1,305,154

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

3,031,193

Infirmary

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

2/01/46

3,000,000

2,799,790

Jacksonville

State

University

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/36

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

5,000,000

5,284,075

Revenue

,

2020

,

Refunding

,

4

%

,

12/01/50

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

5,000,000

4,794,746

Jefferson

County

Board

of

Education

,

Special

Tax

,

2024

,

5

%

,

2/01/46

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

1,000,000

1,091,626

Limestone

County

Water

&

Sewer

Authority

,

Revenue

,

2015

B

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

12/01/43

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

5,920,000

5,923,405

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

4

%

,

2/01/44

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

3,000,000

2,979,622

Madison

Water

&

Wastewater

Board

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/41

.....

4,610,000

4,723,038

Mobile

County

Board

of

School

Commissioners

,

Special

Tax

,

2022

B

,

BAM

Insured

,

4.25

%

,

3/01/52

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

2,000,000

2,020,057

Mobile

County

Industrial

Development

Authority

,

AM/NS

Calvert

LLC

,

Revenue

,

2024

A

,

5

%

,

6/01/54

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

1,000,000

1,018,989

Opelika

Utilities

Board

,

Revenue

,

2017

,

Refunding

,

4

%

,

6/01/41

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

2,000,000

2,004,017

Oxford

City

Board

of

Education

,

Special

Tax

,

2020

A

,

Refunding

,

4

%

,

5/01/50

......

2,500,000

2,459,619

Prattville

Waterworks

Board

,

Revenue

,

2023

,

5.125

%

,

8/01/53

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

1,000,000

1,074,195

b

Southeast

Alabama

Gas

Supply

District

(The)

,

Revenue

,

2024

B

,

Refunding

,

Mandatory

Put

,

5

%

,

5/01/32

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

1,000,000

1,071,012

Southeast

Energy

Authority

A

Cooperative

District

,

b

Revenue

,

2021

A

,

Mandatory

Put

,

4

%

,

10/01/28

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

5,000,000

5,058,139

b

Revenue

,

2022

A-1

,

Mandatory

Put

,

5.5

%

,

12/01/29

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

2,000,000

2,160,776

b

Revenue

,

2023

B

,

Mandatory

Put

,

5

%

,

6/01/30

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

1,000,000

1,069,007

Revenue

,

2024

A

,

5

%

,

11/01/35

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

1,000,000

1,052,892

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

3,898,710

Talladega

County

Board

of

Education

,

Special

Tax

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

11/01/39

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

2,000,000

2,051,553

Troy

Public

Educational

Building

Authority

,

Troy

City

Board

of

Education

,

Revenue

,

2011

,

AGMC

Insured

,

5.25

%

,

12/01/40

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

295,000

295,283

Tuscaloosa

City

Board

of

Education

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

8/01/41

...

4,000,000

4,150,278

UAB

Medicine

Finance

Authority

,

UAB

Medicine

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

9/01/29

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

5,000,000

5,158,322

University

of

Alabama

(The)

,

Revenue

,

2018

B-2

,

5

%

,

9/01/48

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

5,000,000

5,227,279

University

of

Montevallo

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/42

....

2,500,000

2,590,637

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

5

%

,

4/01/49

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

2,000,000

2,071,491

Revenue

,

2024

A

,

Refunding

,

BAM

Insured

,

5.25

%

,

4/01/54

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

1,000,000

1,092,778

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)

Alabama

(continued)

Water

Works

Board

of

the

City

of

Birmingham

(The)

,

Revenue

,

2016

B

,

Pre-Refunded

,

5

%

,

1/01/43

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

$

5,000,000

$

5,246,722

165,387,837

California

0.3%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

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

700,000

615,931

Florida

1.5%

c

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

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

500,000

362,370

c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

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

1,725,000

1,385,135

b

,c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Mandatory

Put

,

Zero

Cpn.,

5/01/52

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

1,150,000

1,032,700

2,780,205

New

York

1.6%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/46

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

275,000

271,212

Revenue

,

2021

A-2

,

4

%

,

11/15/42

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

2,700,000

2,697,509

2,968,721

South

Carolina

1.5%

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

500,000

439,648

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

500,000

439,648

c

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

1,485,000

1,215,607

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

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

750,000

637,591

2,732,494

Texas

0.4%

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

800,000

670,403

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

439,743

Wisconsin

1.0%

c

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

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

500,000

422,050

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

Zero

Cpn.,

12/01/44

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

2,125,000

1,348,529

1,770,579

U.S.

Territories

2.3%

Guam

1.1%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

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

1,000,000

1,040,772

Guam

Waterworks

Authority

Water

And

Wastewater

System

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

7/01/45

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

1,000,000

1,074,729

2,115,501

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

203

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

1.2%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

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

$

500,000

$

499,700

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

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

1,000,000

999,182

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

750,000

753,385

2,252,267

Total

U.S.

Territories

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

4,367,768

Total

Municipal

Bonds

(Cost

$

185,931,205

)

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

181,733,681

Total

Long

Term

Investments

(Cost

$

186,431,205

)

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

182,247,423

a

a

a

a

a

a

Total

Investments

(Cost

$

186,431,205

)

97.8

%

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

$182,247,423

Other

Assets,

less

Liabilities

2.2

%

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

4,113,071

Net

Assets

100.0%

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

$186,360,494

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

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

November

30,

2024,

the

aggregate

value

of

these

securities

was

$10,048,665,

representing

5.4%

of

net

assets.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2024

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

97.6%

Arizona

91.5%

Arizona

Board

of

Regents

,

Revenue

,

2015

B

,

Refunding

,

5

%

,

7/01/41

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

$

14,070,000

$

14,172,206

Revenue

,

2016

C

,

5

%

,

7/01/46

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

10,000,000

10,183,703

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/43

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

4,005,000

4,156,488

Arizona

State

University

,

Revenue

,

2023

B

,

4

%

,

7/01/53

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

5,000,000

5,002,051

Arizona

State

University

,

Revenue

,

2024

,

Refunding

,

5

%

,

8/01/46

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

2,115,000

2,335,572

Arizona

State

University

,

Revenue

,

2024

,

Refunding

,

5

%

,

8/01/54

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

7,000,000

7,626,519

Arizona

State

University

,

Revenue

,

2024

A

,

5

%

,

7/01/50

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

6,425,000

7,081,016

Arizona

Industrial

Development

Authority

,

Academies

of

Math

&

Science

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/42

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

2,045,000

2,075,192

Academies

of

Math

&

Science

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/51

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

1,080,000

1,087,989

Arizona

Agribusiness

and

Equine

Center,

Inc.

,

Revenue

,

2017

A

,

5

%

,

3/01/48

....

1,555,000

1,584,574

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

2.65

%

,

7/01/26

380,000

371,930

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/31

...

550,000

552,020

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/41

...

2,000,000

1,862,951

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/51

...

2,340,000

2,022,365

BASIS

Schools,

Inc.

Obligated

Group

,

Revenue

,

2017

F

,

Refunding

,

5

%

,

7/01/47

..

3,350,000

3,403,042

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/33

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

1,000,000

1,067,358

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/36

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

1,235,000

1,309,612

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/39

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

1,000,000

1,054,401

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/45

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

2,200,000

2,196,637

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/50

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

7,055,000

6,884,729

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

11/01/51

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

1,400,000

1,361,529

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

4

%

,

11/01/42

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

1,650,000

1,663,659

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

11/01/47

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

7,900,000

8,490,321

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

4.25

%

,

11/01/52

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

3,500,000

3,514,414

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2023

A

,

5.25

%

,

11/01/53

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

3,250,000

3,518,983

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue

,

2019

A

,

5

%

,

1/01/38

.....

1,175,000

987,000

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue

,

2019

A

,

5

%

,

1/01/54

.....

1,250,000

1,050,000

a

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue,

Second

Tier

,

2019

B

,

5

%

,

1/01/36

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

1,105,000

839,800

a

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue,

Second

Tier

,

2019

B

,

5

%

,

1/01/49

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

3,500,000

2,660,000

a

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue,

Second

Tier

,

2019

B

,

5.125

%

,

1/01/54

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

2,000,000

1,520,000

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

7/01/31

..........

255,000

254,692

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

7/01/41

..........

405,000

377,694

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

7/01/52

..........

840,000

731,111

KIPP

Nashville

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

7/01/47

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

1,400,000

1,431,848

KIPP

Nashville

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

7/01/62

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

2,400,000

2,430,205

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/32

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

660,000

706,615

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

4

%

,

7/01/34

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

660,000

659,229

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

4

%

,

7/01/36

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

315,000

311,709

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

4

%

,

7/01/41

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

2,800,000

2,696,307

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

4

%

,

7/01/51

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

8,000,000

7,301,378

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

A

,

4

%

,

7/01/61

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

$

15,580,000

$

13,857,207

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

C

,

3.25

%

,

7/01/31

..........

1,550,000

1,339,648

Leman

Academy

of

Excellence

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4.5

%

,

7/01/54

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

3,000,000

2,840,416

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

2/01/50

.....

2,540,000

2,509,624

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

2/01/41

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

885,000

770,750

Provident

Group-NCCU

Properties

LLC

,

Revenue

,

2019

A

,

BAM

Insured

,

5

%

,

6/01/58

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

6,250,000

6,497,125

Arizona

State

University

,

Revenue

,

2019

A

,

5

%

,

7/01/40

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

1,000,000

1,074,875

City

of

Bullhead

,

Excise

Tax

,

Revenue

,

2022

,

4

%

,

7/01/52

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

2,885,000

2,842,682

Excise

Taxes

,

Revenue

,

2022

,

4

%

,

7/01/47

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

2,065,000

2,067,370

City

of

Glendale

,

Water

&

Sewer

,

Revenue,

Senior

Lien

,

2024

,

5

%

,

7/01/41

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

1,000,000

1,128,580

Water

&

Sewer

,

Revenue,

Senior

Lien

,

2024

,

5

%

,

7/01/43

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

1,000,000

1,119,448

City

of

Goodyear

,

Water

&

Sewer

,

Revenue,

Sub.

Lien,

Second

Series

,

2020

,

AGMC

Insured

,

4

%

,

7/01/45

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

3,500,000

3,512,627

City

of

Lake

Havasu

City

,

Wastewater

System

,

Revenue

,

2015

B

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/40

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

10,000,000

10,054,882

City

of

Mesa

,

Utility

System

,

Revenue

,

2018

,

4

%

,

7/01/38

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

1,425,000

1,452,325

Utility

System

,

Revenue

,

2018

,

4

%

,

7/01/39

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

6,135,000

6,238,026

Utility

System

,

Revenue

,

2018

,

5

%

,

7/01/42

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

2,200,000

2,312,246

Utility

System

,

Revenue,

Junior

Lien

,

2022

C

,

Refunding

,

5

%

,

7/01/36

..........

5,000,000

5,905,470

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport

,

Revenue

,

2017

A

,

5

%

,

7/01/42

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

2,155,000

2,198,411

Airport

,

Revenue

,

2017

A

,

5

%

,

7/01/47

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

12,935,000

13,130,338

Airport

,

Revenue,

Junior

Lien

,

2017

D

,

Refunding

,

4

%

,

7/01/40

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

16,570,000

16,644,502

Airport

,

Revenue,

Junior

Lien

,

2019

A

,

4

%

,

7/01/44

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

4,000,000

4,006,375

Airport

,

Revenue,

Junior

Lien

,

2019

A

,

5

%

,

7/01/44

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

8,500,000

8,961,056

Airport

,

Revenue,

Senior

Lien

,

2018

,

5

%

,

7/01/48

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

5,000,000

5,122,074

Excise

Tax

,

Revenue

,

2022

,

5

%

,

7/01/46

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

8,300,000

9,075,475

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/34

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

2,500,000

2,680,945

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/37

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

1,500,000

1,597,944

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/38

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

4,420,000

4,699,745

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/39

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

4,090,000

4,337,044

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

4

%

,

7/01/45

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

12,500,000

12,349,836

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/27

.....

3,945,000

4,221,434

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/28

.....

2,000,000

2,189,350

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/29

.....

2,000,000

2,232,866

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/36

.....

5,000,000

6,097,824

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/37

.....

7,000,000

8,602,413

Wastewater

,

Revenue,

Junior

Lien

,

2018

A

,

4

%

,

7/01/39

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

5,000,000

5,086,646

Water

System

,

Revenue,

Junior

Lien

,

2016

,

Refunding

,

5

%

,

7/01/38

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

5,000,000

5,121,081

Water

System

,

Revenue,

Junior

Lien

,

2020

B

,

5

%

,

7/01/44

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

8,030,000

8,652,458

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)

City

of

Scottsdale

,

GO

,

2023

,

4

%

,

7/01/39

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

$

1,500,000

$

1,568,821

County

of

Yuma

,

Pledged

,

Revenue

,

2022

,

BAM

Insured

,

4.25

%

,

7/15/42

.........

3,250,000

3,326,886

Gilbert

Water

Resource

Municipal

Property

Corp.

,

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

4

%

,

7/15/39

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

10,000,000

10,417,742

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

4

%

,

7/15/42

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

4,700,000

4,805,987

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

4

%

,

7/15/47

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

9,030,000

9,136,681

Glendale

Industrial

Development

Authority

,

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

5/15/31

...........

400,000

393,072

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

5/15/41

...........

1,000,000

1,008,306

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

5/15/56

...........

4,500,000

4,354,540

Industrial

Development

Authority

of

the

City

of

Phoenix

Arizona

(The)

,

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

5

%

,

7/01/44

......

2,000,000

2,042,483

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

5

%

,

7/01/49

......

3,120,000

3,163,853

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

5

%

,

7/01/54

......

2,665,000

2,692,047

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

5

%

,

7/01/59

......

2,000,000

2,016,204

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/25

1,015,000

1,021,370

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/27

425,000

439,198

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/30

700,000

728,801

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/32

250,000

259,123

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/33

600,000

620,516

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/37

2,950,000

3,028,966

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/42

11,550,000

11,781,786

Vista

College

Preparatory

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

7/01/48

......

1,000,000

1,024,081

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

b

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

B-3

,

5.125

%

,

11/15/29

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

3,000,000

3,022,426

TMC

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/40

....

1,040,000

1,042,748

TMC

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/41

....

1,360,000

1,361,085

TMC

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

4/01/51

....

12,000,000

8,957,975

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

4,336,441

Yavapai

Community

Hospital

Association

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

8/01/36

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

1,310,000

1,336,721

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools

,

Revenue

,

2018

A

,

5

%

,

2/15/38

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

1,000,000

1,015,298

Harmony

Public

Schools

,

Revenue

,

2018

A

,

5

%

,

2/15/48

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

1,000,000

1,003,253

Harmony

Public

Schools

,

Revenue

,

2021

A

,

5

%

,

2/15/25

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

90,000

90,049

Harmony

Public

Schools

,

Revenue

,

2021

A

,

5

%

,

2/15/26

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

95,000

95,779

Harmony

Public

Schools

,

Revenue

,

2021

A

,

5

%

,

2/15/27

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

75,000

76,544

Harmony

Public

Schools

,

Revenue

,

2021

A

,

5

%

,

2/15/28

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

80,000

82,350

Harmony

Public

Schools

,

Revenue

,

2021

A

,

5

%

,

2/15/29

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

110,000

114,005

Harmony

Public

Schools

,

Revenue

,

2021

A

,

5

%

,

2/15/30

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

100,000

104,176

Harmony

Public

Schools

,

Revenue

,

2021

A

,

4

%

,

2/15/41

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

430,000

391,777

Harmony

Public

Schools

,

Revenue

,

2021

A

,

4

%

,

2/15/46

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

345,000

303,668

Harmony

Public

Schools

,

Revenue

,

2021

A

,

4

%

,

2/15/51

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

580,000

490,472

Maricopa

County

High

School

District

No.

214

Tolleson

Union

High

School

,

GO

,

2018

A

,

5

%

,

7/01/37

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

1,000,000

1,043,646

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2019

F

,

3

%

,

1/01/49

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

5,000,000

4,183,624

Banner

Health

Obligated

Group

,

Revenue

,

A

,

4

%

,

1/01/41

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

9,630,000

9,682,050

Banner

Health

Obligated

Group

,

Revenue

,

A

,

5

%

,

1/01/41

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

37,590,000

39,055,157

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)

Creighton

University

,

Revenue

,

2020

,

4

%

,

7/01/50

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

$

8,450,000

$

8,251,825

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/52

.

1,000,000

1,011,583

Highland

Prep

Obligated

Group

,

Revenue

,

2019

,

5

%

,

1/01/43

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

2,275,000

2,344,815

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/36

.......

2,100,000

2,216,849

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/37

.......

3,175,000

3,343,533

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/42

.......

2,750,000

2,872,465

HonorHealth

Obligated

Group

,

Revenue

,

2021

A

,

3

%

,

9/01/51

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

5,600,000

4,308,999

Reid

Traditional

Schools

Obligated

Group

,

Revenue

,

2016

,

5

%

,

7/01/36

.........

1,120,000

1,131,748

Reid

Traditional

Schools

Obligated

Group

,

Revenue

,

2016

,

5

%

,

7/01/47

.........

3,325,000

3,336,214

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.

,

Revenue

,

2009

B

,

Refunding

,

3.6

%

,

4/01/40

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

13,500,000

12,440,268

El

Paso

Electric

Co.

,

Revenue

,

2012

A

,

Refunding

,

4.5

%

,

8/01/42

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

10,000,000

10,000,229

c

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.875

%

,

10/01/26

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

4,500,000

4,253,837

c

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

B

,

Refunding

,

Mandatory

Put

,

0.875

%

,

10/01/26

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

2,150,000

2,032,389

Southern

California

Edison

Co.

,

Revenue

,

2000

A

,

Refunding

,

2.4

%

,

6/01/35

.....

10,000,000

8,500,204

Maricopa

County

Unified

School

District

No.

60

Higley

,

COP

,

2023

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/53

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

3,000,000

3,185,063

McAllister

Academic

Village

LLC

,

Arizona

State

University

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/37

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

2,095,000

2,139,089

Arizona

State

University

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/39

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

1,000,000

1,017,751

Mohave

County

Union

High

School

District

No.

2

Colorado

River

,

GO

,

2017

,

5

%

,

7/01/35

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

1,000,000

1,049,067

Pima

County

Unified

School

District

No.

30

Sahuarita

,

GO

,

2017

,

BAM

Insured

,

5

%

,

7/01/33

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

2,665,000

2,805,379

GO

,

2017

,

BAM

Insured

,

5

%

,

7/01/34

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

2,800,000

2,945,348

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/38

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

9,745,000

10,076,966

Revenue

,

2017

A

,

Refunding

,

5

%

,

1/01/37

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

10,000,000

10,560,701

Revenue

,

2017

A

,

Refunding

,

5

%

,

1/01/38

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

5,435,000

5,732,204

Revenue

,

2019

A

,

5

%

,

1/01/47

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

2,000,000

2,131,858

Revenue

,

2023

A

,

5

%

,

1/01/50

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

10,265,000

11,207,112

Revenue

,

2023

B

,

5.25

%

,

1/01/53

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

9,780,000

10,917,297

Salt

Verde

Financial

Corp.

,

Revenue

,

2007-1

,

5

%

,

12/01/32

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

10,000,000

10,888,564

Revenue

,

2007-1

,

5

%

,

12/01/37

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

5,000,000

5,535,438

Student

&

Academic

Services

LLC

,

Northern

Arizona

Capital

Facilities

Finance

Corp.

,

Revenue

,

2024

,

Refunding

,

BAM

Insured

,

5

%

,

6/01/43

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

1,025,000

1,129,695

Town

of

Gilbert

,

Pledged

,

Revenue,

Sub.

Lien

,

2015

,

5

%

,

7/01/45

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

10,000,000

10,063,468

Town

of

Marana

,

Pledged

Excise

,

Revenue

,

2024

,

4

%

,

7/01/44

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

2,250,000

2,265,098

Town

of

Queen

Creek

,

Excise

Tax

,

Revenue

,

2018

A

,

5

%

,

8/01/42

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

2,500,000

2,635,119

Excise

Tax

,

Revenue

,

2018

A

,

5

%

,

8/01/47

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

5,000,000

5,239,621

University

of

Arizona

(The)

,

Revenue

,

2014

,

Refunding

,

5

%

,

8/01/39

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

10,000,000

10,024,791

Revenue

,

2016

,

Refunding

,

5

%

,

6/01/39

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

2,750,000

2,816,739

Revenue

,

2016

B

,

Refunding

,

5

%

,

6/01/42

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

2,000,000

2,042,072

Revenue

,

2018

A

,

5

%

,

6/01/43

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

4,500,000

4,712,988

Yuma

Industrial

Development

Authority

,

Yuma

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

AGMC

Insured

,

4

%

,

8/01/49

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

4,000,000

4,032,165

Yuma

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

AGMC

Insured

,

4

%

,

8/01/54

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

4,000,000

3,995,653

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)

Yuma

Industrial

Development

Authority,

(continued)

Yuma

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

8/01/54

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

$

1,750,000

$

1,916,059

649,797,937

Florida

0.8%

b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

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

800,000

579,792

b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

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

6,550,000

5,259,496

5,839,288

Georgia

0.4%

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

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

3,290,000

2,798,046

Oregon

0.2%

b

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

1,449,408

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

1,900,000

1,670,662

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,900,000

1,670,662

b

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-2

,

Zero

Cpn.,

6/01/52

3,275,000

2,531,567

5,872,891

Texas

0.7%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

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

2,000,000

1,988,131

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

3,300,000

2,765,413

4,753,544

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

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

1,900,000

1,671,021

Wisconsin

1.1%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

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

1,900,000

1,603,789

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5

%

,

8/01/53

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

1,500,000

1,511,713

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

Zero

Cpn.,

12/01/44

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

5,075,000

3,220,606

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

1,500,000

1,551,895

7,888,003

U.S.

Territories

1.9%

Guam

0.1%

Guam

Power

Authority

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

10/01/44

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

450,000

483,945

Puerto

Rico

1.8%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/32

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

379,094

375,854

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

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

1,881,235

1,826,810

Revenue

,

2007

N

,

5.25

%

,

7/01/36

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

616,125

618,632

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

203

.

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

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

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

$

3,700,000

$

3,697,778

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

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

1,550,000

1,551,466

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

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

4,906,000

4,928,145

12,998,685

Total

U.S.

Territories

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

13,482,630

Total

Municipal

Bonds

(Cost

$

700,881,286

)

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

693,552,768

a

a

a

a

Short

Term

Investments

0.6%

Municipal

Bonds

0.6%

Arizona

0.6%

d

Arizona

Health

Facilities

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2015

C

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

3.25

%

,

1/01/46

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

800,000

800,000

d

Arizona

Industrial

Development

Authority

,

Phoenix

Children's

Hospital

,

Revenue

,

2019

A

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.15

%

,

2/01/48

..........

3,500,000

3,500,000

4,300,000

Total

Municipal

Bonds

(Cost

$

4,300,000

)

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

4,300,000

Total

Short

Term

Investments

(Cost

$

4,300,000

)

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

4,300,000

a

Total

Investments

(Cost

$

705,181,286

)

98.2

%

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

$697,852,768

Other

Assets,

less

Liabilities

1.8

%

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

12,596,555

Net

Assets

100.0%

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

$710,449,323

a

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

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

November

30,

2024,

the

aggregate

value

of

these

securities

was

$29,635,834,

representing

4.2%

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),

November

30,

2024

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

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25%,

12/31/53

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

$

1,400,000

$

1,438,478

Total

Corporate

Bonds

(Cost

$

1,400,000

)

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

1,438,478

Municipal

Bonds

97.6%

California

0.4%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

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

2,000,000

1,759,804

Colorado

90.0%

b

Access

25

Metropolitan

District

No.

2

,

GO

,

144A,

2023

,

6.75

%

,

12/01/53

..........

3,000,000

3,194,395

Adams

State

University

,

Revenue

,

2012

,

5

%

,

5/15/37

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

630,000

616,895

Revenue

,

2019

A

,

Refunding

,

4

%

,

5/15/42

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

1,515,000

1,538,856

Anthem

West

Metropolitan

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/35

3,000,000

3,047,052

Arapahoe

County

School

District

No.

1

Englewood

,

GO

,

2017

,

5

%

,

12/01/42

.......

7,000,000

7,198,918

Arapahoe

County

Water

&

Wastewater

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/37

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

1,000,000

1,025,072

Aurora

Crossroads

Metropolitan

District

No.

2

,

GO,

Senior

Lien

,

2020

A

,

5

%

,

12/01/40

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

1,500,000

1,502,156

GO,

Senior

Lien

,

2020

A

,

5

%

,

12/01/50

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

1,500,000

1,444,491

Baseline

Metropolitan

District

No.

1

,

GO

,

2024

A

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/46

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

2,000,000

1,949,774

Board

of

Governors

of

Colorado

State

University

System

,

Revenue

,

2013

A

,

Refunding

,

5

%

,

3/01/43

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

5,000,000

5,768,694

Revenue

,

2017

E

,

Refunding

,

4

%

,

3/01/43

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

4,500,000

4,514,312

Revenue

,

2024

A

,

Refunding

,

4

%

,

3/01/47

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

5,000,000

5,026,627

Revenue

,

A

,

Refunding

,

4

%

,

3/01/40

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

5,000,000

5,045,587

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017

A

,

5

%

,

9/15/47

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

5,000,000

5,178,990

Revenue

,

2024

A

,

Refunding

,

5

%

,

9/15/54

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

1,500,000

1,648,469

Brighton

Crossing

Metropolitan

District

No.

4

,

GO

,

2017

A

,

Refunding

,

5

%

,

12/01/37

.

525,000

530,250

b

Broadway

Park

North

Metropolitan

District

No.

2

,

GO

,

144A,

2020

,

Refunding

,

5

%

,

12/01/40

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

1,325,000

1,317,114

Bromley

Park

Metropolitan

District

No.

2

,

GO

,

2023

,

Refunding

,

BAM

Insured

,

5.375

%

,

12/01/53

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

2,500,000

2,746,076

b

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-1

,

Refunding

,

5

%

,

12/01/49

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

4,282,000

4,236,866

Castle

Oaks

Metropolitan

District

No.

3

,

GO

,

2020

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/45

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

1,140,000

1,123,934

CCP

Metropolitan

District

No.

3

,

GO

,

2024

,

Refunding

,

5

%

,

12/01/53

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

1,175,000

1,194,488

Centennial

Water

&

Sanitation

District

,

Revenue

,

2019

,

5

%

,

12/01/43

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

3,000,000

3,175,655

Cherokee

Metropolitan

District

,

Revenue

,

2020

,

BAM

Insured

,

4

%

,

8/01/45

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

2,250,000

2,242,306

Revenue

,

2020

,

BAM

Insured

,

4

%

,

8/01/50

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

1,400,000

1,377,094

City

&

County

of

Denver

,

Airport

System

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

12/01/48

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

5,000,000

5,203,179

Airport

System

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

12/01/48

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

4,440,000

4,613,065

Airport

System

,

Revenue

,

2022

A

,

5

%

,

11/15/37

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

4,250,000

4,616,282

Airport

System

,

Revenue

,

2022

D

,

Refunding

,

5

%

,

11/15/53

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

5,000,000

5,258,234

Airport

System

,

Revenue

,

2023

B

,

Refunding

,

5.5

%

,

11/15/42

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

1,000,000

1,127,394

Airport

System

,

Revenue

,

2023

B

,

Refunding

,

5.5

%

,

11/15/43

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

1,000,000

1,123,129

Pledged

Excise

Tax

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

8/01/46

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

3,500,000

3,502,408

Pledged

Excise

Tax

,

Revenue

,

2018

A-1

,

5

%

,

8/01/48

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

5,000,000

5,117,189

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)

City

of

Colorado

Springs

,

Utilities

System

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/45

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

$

2,665,000

$

2,689,675

Utilities

System

,

Revenue

,

2018

A-4

,

5

%

,

11/15/48

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

5,000,000

5,237,769

Utilities

System

,

Revenue

,

2024

A

,

5

%

,

11/15/49

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

1,500,000

1,663,103

Utilities

System

,

Revenue

,

2024

A

,

5.25

%

,

11/15/54

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

5,000,000

5,604,927

City

of

Fort

Collins

,

Electric

Utility

Enterprise

,

Revenue

,

2018

A

,

5

%

,

12/01/42

......

13,500,000

14,144,140

City

of

Grand

Junction

,

COP

,

2021

,

4

%

,

12/01/45

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

2,005,000

2,016,614

Sales

&

Use

Tax

,

Revenue

,

2020

B

,

4

%

,

3/01/49

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

3,775,000

3,781,693

Colorado

Bridge

&

Tunnel

Enterprise

,

Revenue

,

2024

A

,

AGMC

Insured

,

5.5

%

,

12/01/54

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

1,000,000

1,133,196

Colorado

Educational

&

Cultural

Facilities

Authority

,

Alexander

Dawson

School

LLC

(The)

,

Revenue

,

2010

,

5

%

,

2/15/40

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

5,280,000

5,284,316

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/36

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

425,000

419,383

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/41

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

150,000

142,954

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/51

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

370,000

332,551

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/61

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

550,000

477,161

Denver

School

of

Science

&

Technology,

Inc.

,

Revenue

,

2021

,

3

%

,

8/01/41

......

1,460,000

1,164,469

Denver

School

of

Science

&

Technology,

Inc.

,

Revenue

,

2021

,

3

%

,

8/01/51

......

3,635,000

2,536,872

Eagle

Ridge

Academy

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

11/01/37

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

1,000,000

1,063,415

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/26

.......

135,000

134,009

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/32

.......

280,000

279,572

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/52

.......

1,355,000

1,192,031

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/62

.......

1,600,000

1,354,919

James

Irwin

Educational

Foundation

Obligated

Group

,

Revenue

,

2022

,

5

%

,

9/01/52

750,000

763,545

James

Irwin

Educational

Foundation

Obligated

Group

,

Revenue

,

2022

,

5

%

,

9/01/57

1,765,000

1,794,352

Lighthouse

Building

Corp.

,

Revenue

,

2021

,

4

%

,

10/01/46

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

325,000

283,837

Lighthouse

Building

Corp.

,

Revenue

,

2021

,

4

%

,

10/01/56

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

1,000,000

824,970

Lighthouse

Building

Corp.

,

Revenue

,

2021

,

4

%

,

10/01/61

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

2,210,000

1,786,097

Pinnacle

Charter

School,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/01/50

.......

5,820,000

5,242,338

Union

Colony

Schools

,

Revenue

,

2018

,

Refunding

,

5

%

,

4/01/48

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

715,000

726,860

University

of

Denver

,

Revenue

,

2017

A

,

5

%

,

3/01/47

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

3,950,000

4,047,072

West

Ridge

Academy

Charter

School

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

6/01/49

..

400,000

400,089

Westgate

Community

School

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/41

........

2,370,000

2,274,085

Windsor

Charter

Academy

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/50

2,400,000

2,217,043

Colorado

Health

Facilities

Authority

,

AdventHealth

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

11/15/41

......

3,000,000

3,004,882

AdventHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

11/15/39

......

5,005,000

5,391,256

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/35

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

1,575,000

1,589,952

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/37

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

850,000

856,635

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/38

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

705,000

708,355

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/39

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

835,000

837,196

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/40

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

725,000

724,636

BSLC

Obligated

Group

,

Revenue

,

2018

A-1

,

Refunding

,

5

%

,

9/15/48

...........

3,000,000

2,950,580

BSLC

Obligated

Group

,

Revenue

,

2018

A-1

,

Refunding

,

4.75

%

,

9/15/53

.........

1,500,000

1,372,565

Children's

Hospital

Colorado

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

12/01/41

...

5,195,000

5,261,853

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/38

3,000,000

3,179,310

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/39

2,000,000

2,115,360

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

4

%

,

8/01/49

9,990,000

9,345,948

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

5.25

%

,

11/01/52

......

3,000,000

3,259,236

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)

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

12/01/54

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

$

4,000,000

$

4,391,903

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

12/01/35

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

7,150,000

7,163,998

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

12/01/48

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

5,000,000

5,091,157

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

12/01/50

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

5,700,000

5,230,807

Craig

Hospital

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

12/01/52

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

3,535,000

3,760,485

Evangelical

Lutheran

Good

Samaritan

Obligated

Group

,

Revenue

,

2015

A

,

Pre-

Refunded

,

5

%

,

6/01/40

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

4,000,000

4,038,663

Evangelical

Lutheran

Good

Samaritan

Obligated

Group

,

Revenue

,

2015

A

,

Pre-

Refunded

,

5

%

,

6/01/45

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

2,750,000

2,776,581

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

1/01/38

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

3,660,000

3,729,709

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

5/15/54

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

1,100,000

1,174,780

Sanford

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

11/01/44

..........

3,495,000

3,694,339

Sanford

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

11/01/49

..........

8,050,000

8,426,338

University

of

Colorado

Health

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

9/01/46

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

5,000,000

5,173,189

University

of

Colorado

Health

Obligated

Group

,

Revenue

,

2020

A

,

Pre-Refunded

,

4

%

,

9/01/50

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

6,275,000

6,756,641

Valley

View

Hospital

Association

,

Revenue

,

2015

,

5

%

,

5/15/40

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

2,000,000

2,007,823

Valley

View

Hospital

Association

,

Revenue

,

2015

,

5

%

,

5/15/45

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

1,000,000

1,003,981

Colorado

High

Performance

Transportation

Enterprise

,

C-470

Express

Lanes

System

,

Revenue

,

2017

,

5

%

,

12/31/47

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

2,555,000

2,555,601

Colorado

Housing

and

Finance

Authority

,

Revenue

,

2019

B-1

,

I

,

3.15

%

,

10/01/44

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

1,000,000

856,236

Revenue

,

2019

B-1

,

I

,

3.25

%

,

10/01/49

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

1,000,000

847,687

Colorado

School

of

Mines

,

Revenue

,

2017

A

,

5

%

,

12/01/42

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

2,450,000

2,541,871

Revenue

,

2023

C

,

5.25

%

,

12/01/53

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

3,000,000

3,310,041

Colorado

Science

and

Technology

Park

Metropolitan

District

No.

1

,

Revenue

,

2024

A

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/54

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

750,000

804,090

Colorado

Springs

School

District

No.

11

Facilities

Corp.

,

COP

,

2024

,

BAM

Insured

,

5.25

%

,

12/15/48

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

1,000,000

1,110,989

Cottonwood

Highlands

Metropolitan

District

No.

1

,

GO

,

2019

A

,

Refunding

,

5

%

,

12/01/49

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

899,000

926,239

Crystal

Valley

Metropolitan

District

No.

2

,

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

3

%

,

12/01/49

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

3,000,000

2,432,839

Denver

City

&

County

School

District

No.

1

,

GO

,

2017

,

5

%

,

12/01/41

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

5,000,000

5,148,906

Denver

Convention

Center

Hotel

Authority

,

Revenue,

Senior

Lien

,

2016

,

Refunding

,

5

%

,

12/01/40

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

9,775,000

9,894,470

Denver

Health

&

Hospital

Authority

,

COP

,

2018

,

5

%

,

12/01/48

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

5,255,000

5,310,589

Revenue

,

2014

A

,

5.25

%

,

12/01/45

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

9,250,000

9,255,024

Revenue

,

2019

A

,

Refunding

,

5

%

,

12/01/30

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

1,000,000

1,055,907

Revenue

,

2019

A

,

Refunding

,

5

%

,

12/01/32

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

1,330,000

1,395,480

Revenue

,

2019

A

,

Refunding

,

5

%

,

12/01/33

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

3,300,000

3,457,415

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)

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

A

,

4

%

,

12/01/48

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

$

350,000

$

300,668

Eagle

River

Water

&

Sanitation

District

,

GO

,

2016

,

5

%

,

12/01/45

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

1,360,000

1,401,033

East

Cherry

Creek

Valley

Water

and

Sanitation

District

,

Revenue

,

2019

A

,

4

%

,

11/15/39

1,200,000

1,224,483

Erie

Farm

Metropolitan

District

,

GO

,

2021

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/51

.

1,200,000

1,168,905

Evan's

Place

Metropolitan

District

,

GO

,

2020

A-3

,

5

%

,

12/01/40

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

550,000

549,718

b

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5.55

%

,

12/01/47

3,500,000

3,636,600

Gunnison

Watershed

School

District

No.

Re

1J

,

GO

,

2023

,

5

%

,

12/01/47

..........

3,250,000

3,529,992

Lakes

at

Centerra

Metropolitan

District

No.

2

,

GO

,

2024

A

,

Refunding

,

AGMC

Insured

,

4.5

%

,

12/01/54

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

2,500,000

2,569,336

Lambertson

Farms

Metropolitan

District

No.

1

,

Revenue

,

2024

A

,

Refunding

,

AGMC

Insured

,

4.25

%

,

12/15/54

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

1,000,000

983,329

Larimer

County

School

District

No.

R-1

Poudre

,

GO

,

2018

,

5

%

,

12/15/39

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

2,660,000

2,843,789

GO

,

2018

,

5

%

,

12/15/40

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

2,340,000

2,498,530

Meridian

Metropolitan

District

,

GO

,

2023

,

AGMC

Insured

,

4.375

%

,

12/01/53

.......

2,000,000

2,038,282

North

Pine

Vistas

Metropolitan

District

No.

2

,

GO

,

2022

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/52

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

1,125,000

1,191,244

Park

70

Metropolitan

District

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/36

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

1,000,000

1,014,528

GO

,

2016

,

Refunding

,

5

%

,

12/01/46

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

1,500,000

1,508,039

Park

Creek

Metropolitan

District

,

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2015

A

,

Refunding

,

5

%

,

12/01/45

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

9,500,000

9,571,861

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/01/46

.

2,875,000

2,981,757

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2024

A

,

AGMC

Insured

,

4.25

%

,

12/01/47

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

1,000,000

1,011,959

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2024

A

,

AGMC

Insured

,

4.5

%

,

12/01/51

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

1,500,000

1,543,582

Parker

Water

&

Sanitation

District

,

Revenue

,

2018

,

5

%

,

11/01/42

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

6,475,000

6,743,188

Patriot

Park

Metropolitan

District

No.

2

,

GO

,

2021

,

4.3

%

,

12/01/50

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

537,000

488,979

Prairie

Center

Metropolitan

District

No.

3

,

GO

,

2024

B

,

5.875

%

,

12/15/46

.........

1,000,000

1,089,727

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

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

9,900,000

12,159,603

Regional

Transportation

District

,

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

1/15/33

........

550,000

561,968

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/35

........

1,000,000

1,015,365

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/36

........

750,000

760,311

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/38

........

700,000

704,133

Sales

Tax

,

Revenue

,

2016

A

,

5

%

,

11/01/41

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

10,000,000

10,251,446

Sales

Tax

,

Revenue

,

2016

A

,

5

%

,

11/01/46

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

11,000,000

11,227,534

Silver

Peaks

Metropolitan

District

No.

3

,

GO,

Senior

Lien

,

2020

A

,

5

%

,

12/01/50

....

1,000,000

946,750

South

Timnath

Metropolitan

District

No.

2

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/42

.....

5,690,000

5,731,105

State

of

Colorado

,

COP

,

2020

,

Refunding

,

4

%

,

6/15/40

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

1,315,000

1,332,794

COP

,

2020

A

,

4

%

,

12/15/38

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

3,555,000

3,633,044

COP

,

2020

R

,

4

%

,

3/15/45

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

5,000,000

5,005,241

COP

,

2024

A

,

4

%

,

11/01/53

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

2,000,000

2,003,621

Sterling

Hills

West

Metropolitan

District

,

GO

,

2017

,

Refunding

,

5

%

,

12/01/39

.......

1,125,000

1,165,816

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

3.75

%

,

12/01/40

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

500,000

461,615

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

4.25

%

,

12/01/50

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

1,250,000

1,179,908

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)

Colorado

(continued)

Thompson

Crossing

Metropolitan

District

No.

2

,

GO

,

2016

B

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/46

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

$

4,500,000

$

4,630,505

Town

of

Monument

,

COP

,

2020

,

AGMC

Insured

,

4

%

,

12/01/45

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

2,000,000

1,971,813

Trails

at

Crowfoot

Metropolitan

District

No.

3

,

GO

,

2024

A

,

Refunding

,

AGMC

Insured

,

4.25

%

,

12/01/54

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

2,000,000

1,999,995

Upper

Eagle

Regional

Water

Authority

,

Revenue

,

2024

,

BAM

Insured

,

4.25

%

,

12/01/53

2,000,000

2,015,150

Whispering

Pines

Metropolitan

District

No.

1

,

GO

,

2023

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/52

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

900,000

949,239

Wildwing

Metropolitan

District

No.

5

,

GO

,

2024

,

Refunding

,

AGMC

Insured

,

4.5

%

,

12/01/53

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

750,000

766,245

Windsor

Highlands

Metropolitan

District

No.

4

,

GO

,

2024

,

Refunding

,

BAM

Insured

,

4.5

%

,

12/01/53

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

2,000,000

2,025,720

446,528,000

Florida

2.2%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

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

4,104,000

3,679,677

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

800,000

579,792

b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

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

4,925,000

3,954,659

b

,c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Mandatory

Put

,

Zero

Cpn.,

5/01/52

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

3,215,000

2,887,070

11,101,198

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

2,041,127

Illinois

0.8%

State

of

Illinois

,

GO

,

2003

,

5.1

%

,

6/01/33

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

2,823,529

2,839,434

GO

,

2021

A

,

5

%

,

3/01/33

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

500,000

546,829

GO

,

2021

A

,

5

%

,

3/01/37

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

250,000

270,865

GO

,

2021

A

,

4

%

,

3/01/38

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

400,000

400,226

4,057,354

New

York

0.2%

Metropolitan

Transportation

Authority

,

Revenue

,

2020

D

,

4

%

,

11/15/47

...........

900,000

884,935

South

Carolina

1.0%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

1,400,000

1,231,014

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,400,000

1,231,014

b

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

2,100,000

1,719,040

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

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

750,000

637,591

4,818,659

Texas

0.4%

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

2,400,000

2,011,209

Washington

0.3%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

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

1,400,000

1,231,279

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

203

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

0.7%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

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

$

1,400,000

$

1,181,739

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

Zero

Cpn.,

12/01/44

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

3,650,000

2,316,298

3,498,037

U.S.

Territories

1.2%

Guam

0.4%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

5.25

%

,

10/01/39

600,000

650,794

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,500,000

1,561,158

2,211,952

Puerto

Rico

0.8%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

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

1,219,928

1,184,634

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

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

1,200,000

1,199,279

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

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

1,000,000

999,182

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

750,000

753,386

4,136,481

Total

U.S.

Territories

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

6,348,433

Total

Municipal

Bonds

(Cost

$

491,253,163

)

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

484,280,035

Total

Long

Term

Investments

(Cost

$

492,653,163

)

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

485,718,513

a

a

a

a

a

Short

Term

Investments

0.7%

Municipal

Bonds

0.7%

Colorado

0.7%

d

Colorado

Health

Facilities

Authority

,

Children's

Hospital

Colorado

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.25

%

,

12/01/52

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

2,900,000

2,900,000

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2024

E

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.15

%

,

5/15/64

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

700,000

700,000

3,600,000

Total

Municipal

Bonds

(Cost

$

3,600,000

)

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

3,600,000

Total

Short

Term

Investments

(Cost

$

3,600,000

)

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

3,600,000

a

Total

Investments

(Cost

$

496,253,163

)

98.6

%

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

$489,318,513

Other

Assets,

less

Liabilities

1.4

%

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

6,967,289

Net

Assets

100.0%

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

$496,285,802

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

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

November

30,

2024,

the

aggregate

value

of

these

securities

was

$32,175,793,

representing

6.5%

of

net

assets.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

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.

18

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),

November

30,

2024

Franklin

Connecticut

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.6%

Connecticut

91.6%

City

of

Bridgeport

,

GO

,

2021

A

,

4

%

,

8/01/40

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

$

765,000

$

773,759

GO

,

2021

A

,

4

%

,

8/01/46

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

375,000

375,768

GO

,

2021

A

,

4

%

,

8/01/51

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

575,000

569,564

GO

,

2024

A

,

Refunding

,

BAM

Insured

,

5

%

,

7/01/44

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

550,000

607,493

City

of

New

Britain

,

GO

,

2017

C

,

AGMC

Insured

,

5

%

,

3/01/36

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

1,000,000

1,037,396

City

of

New

Haven

,

GO

,

2021

A

,

Refunding

,

4

%

,

8/01/41

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

2,000,000

1,973,978

City

of

Stamford

,

Water

Pollution

Control

System

&

Facility

,

Revenue

,

2013

A

,

5.25

%

,

8/15/43

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

1,000,000

1,000,897

City

of

West

Haven

,

GO

,

2021

,

4

%

,

9/15/41

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

565,000

559,348

Connecticut

Housing

Finance

Authority

,

Revenue

,

2019

E-E1

,

3.05

%

,

11/15/44

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

5,000,000

4,250,958

Revenue

,

2019

E-E1

,

3.1

%

,

11/15/49

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

2,000,000

1,674,094

Revenue

,

2020

C-1

,

Refunding

,

2.05

%

,

5/15/37

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

1,000,000

787,941

Revenue

,

2020

C-2

,

Refunding

,

2.2

%

,

11/15/34

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

960,000

795,431

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Avon

Old

Farms

School

Obligated

Group

,

Revenue

,

D-1

,

Refunding

,

4

%

,

7/01/46

..

1,000,000

975,437

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

4

%

,

7/01/38

315,000

321,380

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

4

%

,

7/01/39

380,000

386,147

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

4

%

,

7/01/42

860,000

867,198

Connecticut

Children's

Medical

Center

Obligated

Group

,

Revenue

,

E

,

5.25

%

,

7/15/48

1,560,000

1,718,502

Connecticut

College

,

Revenue

,

L-1

,

Refunding

,

4

%

,

7/01/46

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

5,000,000

4,953,208

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2018

B

,

5

%

,

12/01/40

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

4,000,000

4,038,282

Fairfield

University

,

Revenue

,

Q-1

,

5

%

,

7/01/46

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

9,000,000

9,120,893

Hartford

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

7/01/46

..........

6,000,000

5,794,588

Jerome

Home

,

Revenue

,

2021

E

,

Refunding

,

4

%

,

7/01/41

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

735,000

685,830

Jerome

Home

,

Revenue

,

2021

E

,

Refunding

,

4

%

,

7/01/51

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

1,250,000

1,075,458

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/38

.....

1,000,000

992,930

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/41

.....

6,310,000

6,112,685

Quinnipiac

University

,

Revenue

,

L

,

Refunding

,

5

%

,

7/01/45

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

8,250,000

8,296,679

Sacred

Heart

University,

Inc.

,

Revenue

,

I-1

,

Refunding

,

5

%

,

7/01/42

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

4,375,000

4,448,297

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

5

%

,

7/01/35

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

550,000

596,872

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

4

%

,

7/01/45

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

1,200,000

1,197,182

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

4

%

,

7/01/37

...

2,550,000

2,588,947

Taft

School

Corp.

(The)

,

Revenue

,

L

,

Refunding

,

3

%

,

7/01/46

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

2,210,000

1,857,510

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2016

CT

,

5

%

,

12/01/45

.........

5,000,000

5,055,949

Trustees

of

Trinity

College

(The)

,

Revenue

,

R

,

Refunding

,

4

%

,

6/01/45

..........

2,500,000

2,513,998

Trustees

of

Trinity

College

(The)

,

Revenue

,

S

,

Refunding

,

4

%

,

6/01/51

..........

4,000,000

3,995,604

University

of

Hartford

(The)

,

Revenue

,

2022

P

,

5.375

%

,

7/01/52

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

2,000,000

1,918,104

Yale

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

7/01/35

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

2,435,000

2,921,541

Yale

University

,

Revenue

,

X-2

,

5

%

,

7/01/37

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

3,000,000

3,508,268

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

7/01/44

520,000

573,173

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

7/01/45

500,000

549,448

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

7/01/46

500,000

548,396

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

7/01/47

420,000

459,323

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

7/01/48

500,000

545,836

Connecticut

State

Higher

Education

Supplement

Loan

Authority

,

Revenue

,

2020

B

,

3.25

%

,

11/15/36

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

1,500,000

1,377,996

Revenue

,

2020

D

,

Pre-Refunded

,

3

%

,

11/15/35

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

1,145,000

1,150,439

Revenue

,

2021

B

,

2.25

%

,

11/15/37

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

2,500,000

2,003,884

South

Central

Connecticut

Regional

Water

Authority

,

Revenue,

Second

Series

,

32nd

B

,

Refunding

,

5

%

,

8/01/38

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

1,720,000

1,767,672

State

of

Connecticut

,

GO

,

2020

A

,

4

%

,

1/15/38

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

7,250,000

7,461,058

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Connecticut

(continued)

State

of

Connecticut,

(continued)

GO

,

2020

C

,

4

%

,

6/01/39

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

$

600,000

$

614,590

GO

,

2024

D

,

5

%

,

5/01/44

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

1,000,000

1,120,161

GO

,

2024

G

,

5

%

,

11/15/44

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

1,000,000

1,125,940

Special

Tax

,

2016

A

,

5

%

,

9/01/33

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

1,000,000

1,031,840

Special

Tax

,

2018

A

,

5

%

,

1/01/36

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

1,000,000

1,053,266

Special

Tax

,

2020

A

,

5

%

,

5/01/35

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

4,500,000

4,931,185

Special

Tax

,

2020

A

,

5

%

,

5/01/40

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

2,000,000

2,157,543

Special

Tax

,

2021

A

,

5

%

,

5/01/41

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

1,500,000

1,644,094

Special

Tax

,

2021

D

,

4

%

,

11/01/40

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

2,075,000

2,124,358

Bradley

International

Airport

CFC

,

Revenue

,

2019

A

,

5

%

,

7/01/49

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

1,400,000

1,428,355

Clean

Water

Fund

-

State

Revolving

Fund

,

Revenue

,

2015

A

,

5

%

,

3/01/34

.......

3,000,000

3,010,793

Clean

Water

Fund

-

State

Revolving

Fund

,

Revenue

,

2017

A

,

5

%

,

5/01/37

.......

1,000,000

1,040,124

Town

of

Hamden

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

4

%

,

8/15/41

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

500,000

506,600

Town

of

Stafford

,

GO

,

2021

,

Refunding

,

3

%

,

2/01/36

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

250,000

236,695

GO

,

2021

,

Refunding

,

3

%

,

2/01/38

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

310,000

288,623

GO

,

2021

,

Refunding

,

3

%

,

2/01/41

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

300,000

273,216

Town

of

Stratford

,

GO

,

2017

,

AGMC

Insured

,

5

%

,

7/01/33

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

1,000,000

1,011,255

GO

,

2020

A

,

Refunding

,

BAM

Insured

,

4

%

,

7/01/40

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

300,000

304,624

University

of

Connecticut

,

Revenue

,

2017

A

,

5

%

,

1/15/37

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

1,000,000

1,038,196

131,726,799

Florida

1.0%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

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

500,000

362,370

a

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

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

1,325,000

1,063,944

1,426,314

Georgia

0.4%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

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

625,000

531,544

Illinois

0.7%

State

of

Illinois

,

GO

,

2020

C

,

4

%

,

10/01/42

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

1,000,000

984,980

South

Carolina

1.0%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

500,000

439,648

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

500,000

439,648

a

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

750,000

613,943

1,493,239

Texas

0.4%

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

615,000

515,372

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

439,742

Wisconsin

0.6%

a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

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

400,000

337,640

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

21

See

Abbreviations

on

page

203

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

a

Public

Finance

Authority,

(continued)

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

Zero

Cpn.,

12/01/44

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

$

800,000

$

507,681

845,321

U.S.

Territories

1.6%

Guam

0.3%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

5.25

%

,

10/01/36

365,000

396,635

Puerto

Rico

1.3%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/34

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

386,791

388,020

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

1,500,000

1,506,771

1,894,791

Total

U.S.

Territories

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

2,291,426

Total

Municipal

Bonds

(Cost

$

145,630,233

)

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

140,254,737

a

a

a

a

Short

Term

Investments

0.8%

Municipal

Bonds

0.8%

Connecticut

0.8%

b

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Yale

University

,

Revenue

,

2001

V-2

,

Daily

VRDN

and

Put

,

2.8

%

,

7/01/36

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

1,100,000

1,100,000

Total

Municipal

Bonds

(Cost

$

1,100,000

)

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

1,100,000

Total

Short

Term

Investments

(Cost

$

1,100,000

)

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

1,100,000

a

Total

Investments

(Cost

$

146,730,233

)

98.4

%

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

$141,354,737

Other

Assets,

less

Liabilities

1.6

%

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

2,400,304

Net

Assets

100.0%

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

$143,755,041

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

November

30,

2024,

the

aggregate

value

of

these

securities

was

$4,811,884,

representing

3.3%

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),

November

30,

2024

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

22

a

a

Shares

a

Value

a

Management

Investment

Companies

1.5%

Capital

Markets

1.5%

a

Franklin

Municipal

Green

Bond

ETF

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

1,340,000

$

32,641,060

Total

Management

Investment

Companies

(Cost

$

36,370,000

)

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

32,641,060

Principal

Amount

a

a

a

a

Municipal

Bonds

97.4%

Alabama

5.2%

b

Black

Belt

Energy

Gas

District

,

Revenue

,

2022

E

,

Mandatory

Put

,

5

%

,

6/01/28

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

$

7,000,000

7,319,760

Revenue

,

2022

F

,

Mandatory

Put

,

5.5

%

,

12/01/28

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

6,970,000

7,418,210

Revenue

,

2023

B-2

,

Mandatory

Put

,

5.25

%

,

12/01/30

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

14,000,000

15,249,956

Chatom

Industrial

Development

Board

,

PowerSouth

Energy

Cooperative

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

5

%

,

8/01/28

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

500,000

531,603

PowerSouth

Energy

Cooperative

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

5

%

,

8/01/29

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

485,000

521,944

PowerSouth

Energy

Cooperative

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

5

%

,

8/01/30

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

425,000

463,117

County

of

Jefferson

,

Sewer

,

Revenue

,

2024

,

Refunding

,

5

%

,

10/01/33

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

5,000,000

5,702,441

b

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.5

%

,

1/01/31

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

8,570,000

9,337,112

Revenue

,

2023

B-1

,

Mandatory

Put

,

5.75

%

,

11/01/31

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

6,000,000

6,675,186

Revenue

,

2024

B

,

Mandatory

Put

,

5.25

%

,

6/01/32

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

7,000,000

7,633,545

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

2,273,322

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

5,010,076

Infirmary

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

2/01/28

.......

5,000,000

5,087,482

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

4

%

,

2/01/33

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

2,855,000

2,970,544

Special

Tax

,

2019

,

4

%

,

2/01/34

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

2,970,000

3,079,087

Special

Tax

,

2019

,

4

%

,

2/01/35

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

3,095,000

3,188,956

Special

Tax

,

2019

,

4

%

,

2/01/37

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

3,350,000

3,422,401

b

Southeast

Alabama

Gas

Supply

District

(The)

,

Revenue

,

2024

A

,

Refunding

,

Mandatory

Put

,

5

%

,

4/01/32

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

4,000,000

4,302,128

b

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2022

A-1

,

Mandatory

Put

,

5.5

%

,

12/01/29

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

4,585,000

4,953,578

Revenue

,

2022

B-2

,

Mandatory

Put

,

4.859

%

,

8/01/28

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

15,000,000

15,335,646

110,476,094

Alaska

0.1%

Alaska

Municipal

Bond

Bank

Authority

,

Revenue

,

2020

,

Refunding

,

4

%

,

12/01/35

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

1,710,000

1,756,196

Revenue

,

2020

,

Refunding

,

4

%

,

12/01/37

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

1,305,000

1,330,854

3,087,050

Arizona

4.4%

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/29

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

1,100,000

1,182,687

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/30

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

600,000

643,994

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/31

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

630,000

674,340

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/32

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

1,000,000

1,069,411

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)

Arizona

(continued)

Arizona

Industrial

Development

Authority,

(continued)

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/35

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

$

1,115,000

$

1,185,627

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/36

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

1,250,000

1,325,519

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/37

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

1,050,000

1,111,260

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/37

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

1,105,000

1,126,869

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/38

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

600,000

610,603

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

4

%

,

11/01/41

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

6,000,000

6,071,057

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/27

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

55,000

57,016

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/28

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

60,000

62,905

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/29

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

60,000

63,581

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/30

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

65,000

69,494

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/31

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

70,000

75,310

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/27

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

160,000

163,652

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/28

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

170,000

174,022

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/29

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

160,000

163,717

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/30

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

185,000

189,168

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/31

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

195,000

199,181

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

2/01/35

.....

500,000

545,197

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

2/01/36

.....

750,000

815,144

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

2/01/37

.....

600,000

650,324

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

2/01/38

.....

1,000,000

1,080,766

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

3

%

,

2/01/39

.....

1,200,000

1,080,563

City

of

Mesa

,

Utility

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/29

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

2,500,000

2,585,204

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport

,

Revenue,

Junior

Lien

,

2017

D

,

Refunding

,

5

%

,

7/01/30

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

10,000,000

10,525,902

Airport

,

Revenue,

Junior

Lien

,

2019

B

,

5

%

,

7/01/35

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

7,500,000

7,934,939

Airport

,

Revenue,

Senior

Lien

,

2023

,

Refunding

,

5

%

,

7/01/32

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

4,250,000

4,674,936

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/35

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

3,340,000

3,572,987

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/36

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

6,380,000

6,809,967

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/39

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

6,365,000

6,749,458

Glendale

Industrial

Development

Authority

,

Midwestern

University

Foundation

,

Revenue

,

2020

,

Refunding

,

5

%

,

5/15/30

......

525,000

577,823

Midwestern

University

Foundation

,

Revenue

,

2020

,

Refunding

,

5

%

,

5/15/31

......

425,000

465,892

Midwestern

University

Foundation

,

Revenue

,

2020

,

Refunding

,

5

%

,

5/15/32

......

525,000

575,193

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

3,022,426

Maricopa

County

Industrial

Development

Authority

,

c,d

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375

%

,

10/01/29

18,555,000

19,016,372

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/30

.......

850,000

902,711

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/31

.......

1,000,000

1,060,818

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/32

.......

1,000,000

1,063,232

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/33

.......

800,000

848,377

Scottsdale

Municipal

Property

Corp.

,

City

of

Scottsdale

Excise

Tax

,

Revenue

,

2015

,

Pre-Refunded

,

5

%

,

7/01/28

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

2,325,000

2,351,500

93,129,144

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)

Arkansas

0.6%

Arkansas

Development

Finance

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

9/01/35

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

$

4,630,000

$

4,896,245

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

9/01/36

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

3,625,000

3,824,148

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

9/01/37

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

1,250,000

1,315,151

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

9/01/38

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

1,000,000

1,049,459

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

9/01/39

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

1,000,000

1,046,141

12,131,144

California

6.4%

Bay

Area

Toll

Authority

,

Revenue

,

2017

S-7

,

Refunding

,

4

%

,

4/01/31

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

7,000,000

7,153,273

Revenue

,

2017

S-7

,

Refunding

,

4

%

,

4/01/33

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

5,000,000

5,097,210

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

,

Revenue

,

2024

A

,

AGMC

Insured

,

4

%

,

7/01/54

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

4,900,000

4,903,787

b

California

Community

Choice

Financing

Authority

,

Revenue

,

2021

B-1

,

Mandatory

Put

,

4

%

,

8/01/31

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

5,000,000

5,090,632

Revenue

,

2023

C

,

Mandatory

Put

,

5.25

%

,

10/01/31

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

11,000,000

11,847,822

c

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

..........

6,885,000

6,355,751

Fountains

at

Emerald

Park

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/46

...

6,485,000

5,632,584

California

Statewide

Communities

Development

Authority

,

Emanate

Health

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

4/01/35

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

1,300,000

1,411,086

Emanate

Health

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

4/01/37

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

700,000

718,609

Emanate

Health

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

4/01/38

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

1,350,000

1,382,573

Southern

California

Edison

Co.

,

Revenue

,

2010

A

,

Refunding

,

1.75

%

,

9/01/29

....

5,000,000

4,510,111

City

of

Riverside

,

Sewer

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

8/01/34

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

10,605,000

10,743,562

Sewer

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

8/01/35

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

11,000,000

11,141,011

c

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/47

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

5,495,000

4,815,505

c

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

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

5,000,000

4,420,654

c

CSCDA

Community

Improvement

Authority

,

Waterscape

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

9/01/46

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

4,825,000

4,120,757

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

B-1

,

Refunding

,

3.85

%

,

6/01/50

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

3,710,000

3,444,386

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/31

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

8,220,000

8,615,051

Power

System

,

Revenue

,

2017

C

,

5

%

,

7/01/32

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

4,615,000

4,880,474

Power

System

,

Revenue

,

2017

C

,

5

%

,

7/01/33

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

3,960,000

4,181,907

Power

System

,

Revenue

,

2017

C

,

5

%

,

7/01/34

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

4,080,000

4,301,403

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility

,

Revenue

,

2020

A

,

4

%

,

8/01/37

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

1,250,000

1,299,361

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

Second

Series

,

2023

C

,

Refunding

,

5

%

,

5/01/33

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

15,000,000

16,639,038

e

Southern

California

Public

Power

Authority

,

Revenue

,

FRN

,

2007

B

,

4.708

%

,

(

3-month

TSOF

+

1.645

%

),

11/01/38

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

3,000,000

2,961,141

135,667,688

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)

Colorado

3.5%

City

&

County

of

Denver

,

Airport

System

,

Revenue

,

2022

D

,

Refunding

,

5.75

%

,

11/15/41

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

$

5,325,000

$

6,080,985

Colorado

Health

Facilities

Authority

,

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

10/01/29

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

650,000

701,052

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

10/01/30

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

700,000

764,273

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

10/01/32

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

750,000

809,095

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

10/01/33

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

1,000,000

1,076,880

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

10/01/34

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

1,100,000

1,180,471

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/31

2,500,000

2,692,531

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

4

%

,

8/01/37

2,250,000

2,250,451

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

4

%

,

8/01/39

1,250,000

1,245,881

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/32

2,000,000

2,143,899

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/33

9,595,000

10,273,780

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/36

11,635,000

12,363,394

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/38

2,000,000

2,119,540

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/39

5,500,000

5,817,240

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

11/01/40

.........

3,000,000

3,306,767

c

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5

%

,

12/01/32

..

1,000,000

1,039,587

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

11,335,000

11,752,581

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

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

4,200,000

5,158,619

Regional

Transportation

District

,

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/33

........

1,000,000

1,028,147

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/35

........

1,400,000

1,421,512

South

Maryland

Creek

Ranch

Metropolitan

District

,

GO

,

2023

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/43

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

1,000,000

1,074,158

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

3.375

%

,

12/01/30

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

500,000

483,680

74,784,523

Connecticut

1.6%

City

of

Stamford

,

GO

,

2019

,

3

%

,

6/01/35

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

3,025,000

2,971,474

GO

,

2019

,

3

%

,

6/01/36

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

3,025,000

2,929,570

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

7/01/38

..........

2,500,000

2,534,659

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/33

.....

5,000,000

5,244,511

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/35

.....

250,000

250,885

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/36

.....

4,750,000

4,756,970

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

5

%

,

7/01/32

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

700,000

763,641

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

5

%

,

7/01/33

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

625,000

679,890

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

5

%

,

7/01/34

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

725,000

789,086

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

5

%

,

7/01/26

...

200,000

204,477

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

5

%

,

7/01/27

...

250,000

261,871

State

of

Connecticut

,

GO

,

2020

C

,

4

%

,

6/01/34

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

1,500,000

1,570,780

Special

Tax

,

2020

A

,

4

%

,

5/01/36

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

3,500,000

3,635,238

University

of

Connecticut

,

Revenue

,

2016

A

,

5

%

,

3/15/30

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

3,075,000

3,154,492

Revenue

,

2016

A

,

5

%

,

3/15/31

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

5,025,000

5,149,130

34,896,674

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

8.2%

Alachua

County

Health

Facilities

Authority

,

Shands

Teaching

Hospital

&

Clinics

Obligated

Group

,

Revenue

,

B-1

,

Refunding

,

5

%

,

12/01/35

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

$

2,350,000

$

2,519,616

Beach

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

,

Refunding

,

AGMC

Insured

,

5.25

%

,

5/01/44

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

1,400,000

1,512,040

Capital

Projects

Finance

Authority

,

Provident

Group

-

Continuum

Properties

LLC

,

Revenue,

Senior

Lien

,

2023

A-1

,

5

%

,

11/01/48

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

2,500,000

2,529,202

c

Capital

Trust

Agency,

Inc.

,

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

5,345,000

4,744,312

Revenue

,

144A,

2021

A-2

,

5.1

%

,

12/01/31

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

1,725,000

1,569,036

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

T

,

5.05

%

,

7/01/34

..........

855,000

733,434

c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

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

17,600,000

14,132,386

Celebration

Community

Development

District

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

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

750,000

652,625

Centre

Lake

Community

Development

District

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/30

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

255,000

239,498

City

of

Clearwater

,

Water

&

Sewer

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/33

......

5,520,000

5,769,172

City

of

Gainesville

,

Utilities

System

,

Revenue

,

2017

A

,

5

%

,

10/01/30

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

1,500,000

1,585,453

City

of

Jacksonville

,

Genesis

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/01/39

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

1,650,000

1,627,157

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/40

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

2,500,000

2,389,857

City

of

Port

St.

Lucie

,

Utility

System

,

Revenue

,

2016

,

Refunding

,

4

%

,

9/01/30

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

1,500,000

1,515,581

Utility

System

,

Revenue

,

2016

,

Refunding

,

4

%

,

9/01/31

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

1,635,000

1,651,466

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

8/15/33

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

6,000,000

6,081,016

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

7/01/38

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

700,000

702,280

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

7/01/39

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

500,000

501,366

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

,

Revenue

,

2020

B

,

5

%

,

7/01/40

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

1,000,000

1,064,054

Cordoba

Ranch

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

3

%

,

5/01/37

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

1,000,000

877,700

Cross

Creek

North

Community

Development

District

,

Special

Assessment

,

2022

,

3.75

%

,

5/01/32

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

460,000

459,693

East

Palm

Drive

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.1

%

,

6/15/44

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

750,000

758,843

Everlands

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.25

%

,

6/15/44

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

1,000,000

1,025,623

Florida

Development

Finance

Corp.

,

Brightline

Trains

Florida

LLC

,

Revenue

,

2024

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/44

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

20,000,000

20,961,454

c

Forest

Lake

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/40

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

1,270,000

1,261,296

Greater

Orlando

Aviation

Authority

,

Revenue

,

2019

A

,

5

%

,

10/01/33

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

10,500,000

11,177,821

Revenue

,

2019

A

,

4

%

,

10/01/37

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

8,430,000

8,447,984

Harvest

Ridge

Community

Development

District

,

Special

Assessment

,

2024

,

4.375

%

,

5/01/31

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

270,000

271,584

Special

Assessment

,

2024

,

5.125

%

,

5/01/44

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

260,000

263,169

Special

Assessment

,

2024

,

5.375

%

,

5/01/54

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

650,000

655,823

Herons

Glen

Recreation

District

,

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/32

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

185,000

180,128

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/33

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

300,000

290,235

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/34

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

245,000

234,079

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)

Florida

(continued)

Herons

Glen

Recreation

District,

(continued)

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/35

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

$

255,000

$

242,987

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/36

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

260,000

245,973

d

Keys

Edge

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.1

%

,

5/01/44

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

500,000

503,227

c

Knightsbridge

Community

Development

District

,

Special

Assessment

,

144A,

2024

,

4.25

%

,

6/15/31

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

215,000

216,166

Lakewood

Ranch

Stewardship

District

,

Special

Assessment

,

2024

,

5.3

%

,

5/01/44

...

485,000

495,841

Lee

County

Industrial

Development

Authority

,

Lee

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

4

%

,

4/01/37

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

5,000,000

5,043,557

Lee

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

4

%

,

4/01/49

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

12,000,000

11,672,752

b

,c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A-1

,

Mandatory

Put

,

Zero

Cpn.,

5/01/33

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

6,965,000

6,296,360

Middleton

Community

Development

District

A

,

Phase

I

,

Special

Assessment

,

2022

,

5.45

%

,

5/01/32

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

1,000,000

1,073,793

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

10/01/28

.....

1,000,000

1,035,273

Orlando

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

10/01/30

.....

2,875,000

2,971,918

Orlando

Utilities

Commission

,

Revenue

,

2018

A

,

5

%

,

10/01/33

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

1,755,000

1,852,263

c

Pine

Isle

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

3.25

%

,

12/15/41

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

1,000,000

881,636

Poitras

East

Community

Development

District

,

Special

Assessment

,

2023

,

4.2

%

,

5/01/33

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

800,000

813,663

Special

Assessment

,

2023

,

5

%

,

5/01/43

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

2,000,000

2,046,989

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/31

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

500,000

466,013

State

Board

of

Administration

Finance

Corp.

,

Florida

Hurricane

Catastrophe

Fund

,

Revenue

,

2024

A

,

5.526

%

,

7/01/34

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

6,600,000

6,830,772

State

of

Florida

,

GO

,

2015

E

,

Refunding

,

4

%

,

6/01/33

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

11,855,000

11,893,968

GO

,

2017

C

,

Refunding

,

4

%

,

6/01/32

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

7,855,000

7,987,919

GO

,

2017

C

,

Refunding

,

4

%

,

6/01/33

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

5,000,000

5,081,727

c

Summerstone

Community

Development

District

,

Assessment

Phase

2

,

Special

Assessment

,

144A,

2021

,

3.15

%

,

5/01/41

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

725,000

637,561

Tohopekaliga

Water

Authority

,

Revenue

,

2016

,

Refunding

,

4

%

,

10/01/32

..........

2,855,000

2,890,601

c

Village

Community

Development

District

No.

15

,

Special

Assessment

,

144A,

2024

,

4

%

,

5/01/34

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

1,000,000

1,006,357

Special

Assessment

,

144A,

2024

,

4.2

%

,

5/01/39

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

1,000,000

1,005,671

Phase

I

,

Special

Assessment

,

144A,

2023

,

4.85

%

,

5/01/38

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

945,000

987,443

Windward

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

A-2

,

4.4

%

,

11/01/35

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

300,000

300,156

172,865,569

Georgia

4.6%

City

of

Atlanta

,

Water

&

Wastewater

,

Revenue

,

2018

C

,

Pre-Refunded

,

5

%

,

11/01/33

...........

6,750,000

7,162,143

Water

&

Wastewater

,

Revenue

,

2018

C

,

Pre-Refunded

,

5

%

,

11/01/34

...........

3,000,000

3,183,175

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/32

900,000

919,940

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/33

565,000

576,662

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/34

450,000

458,854

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/35

865,000

881,719

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/36

1,400,000

1,433,098

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/32

250,000

255,539

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/33

250,000

255,160

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)

Georgia

(continued)

Cobb

County

Kennestone

Hospital

Authority,

(continued)

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/34

$

275,000

$

280,411

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/35

275,000

280,315

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/36

275,000

279,759

Development

Authority

for

Fulton

County

,

Spelman

College

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/28

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

3,785,000

3,819,119

Spelman

College

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/29

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

4,385,000

4,423,662

Spelman

College

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/30

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

4,805,000

4,847,128

b

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

1

%

,

8/21/26

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

2,375,000

2,228,682

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

2/15/27

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

1,750,000

1,823,169

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

2/15/28

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

2,100,000

2,187,781

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

2/15/29

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

2,000,000

2,081,492

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

2/15/30

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

1,000,000

1,039,889

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2021

C

,

4

%

,

12/01/25

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

1,000,000

1,004,398

b

Revenue

,

2021

C

,

Mandatory

Put

,

4

%

,

12/01/28

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

5,000,000

5,072,375

b

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/29

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

10,000,000

10,168,685

b

Revenue

,

2022

B

,

Mandatory

Put

,

5

%

,

6/01/29

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

10,200,000

10,820,006

b,c

Revenue

,

144A,

2022

C

,

Mandatory

Put

,

4

%

,

11/01/27

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

12,000,000

12,026,566

b

Revenue

,

2023

E-1

,

Mandatory

Put

,

5

%

,

6/01/31

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

11,495,000

12,389,631

Municipal

Electric

Authority

of

Georgia

,

Revenue

,

2019

A

,

5

%

,

1/01/30

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

1,000,000

1,062,655

Revenue

,

2019

A

,

5

%

,

1/01/31

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

600,000

636,951

Revenue

,

2019

A

,

5

%

,

1/01/32

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

500,000

529,952

Revenue

,

2019

A

,

5

%

,

1/01/33

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

1,000,000

1,058,374

Revenue

,

2019

B

,

5

%

,

1/01/29

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

500,000

525,104

Revenue

,

2019

B

,

5

%

,

1/01/30

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

480,000

503,762

Revenue

,

2019

B

,

5

%

,

1/01/31

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

700,000

733,914

Revenue

,

2019

B

,

5

%

,

1/01/32

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

750,000

785,095

Revenue

,

2019

B

,

5

%

,

1/01/33

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

1,045,000

1,092,323

Revenue

,

2019

B

,

5

%

,

1/01/34

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

700,000

730,887

97,558,375

Hawaii

1.2%

State

of

Hawaii

,

GO

,

EO

,

5

%

,

8/01/28

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

21,695,000

21,726,429

Airports

System

,

Revenue

,

2020

A

,

4

%

,

7/01/35

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

4,420,000

4,443,146

26,169,575

Illinois

7.1%

Chicago

Board

of

Education

,

Dedicated

Capital

Improvement

Tax

,

Revenue

,

2023

,

5.25

%

,

4/01/40

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

3,720,000

4,030,312

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien

,

2020

C

,

Refunding

,

4

%

,

1/01/35

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

4,000,000

4,066,671

Revenue,

Senior

Lien

,

2020

E

,

Refunding

,

4

%

,

1/01/35

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

1,560,000

1,586,002

Chicago

Park

District

,

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/32

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

1,500,000

1,618,005

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/33

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

3,000,000

3,229,598

GO

,

2020

F-2

,

Refunding

,

4

%

,

1/01/34

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

1,100,000

1,118,565

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/35

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

2,375,000

2,553,490

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)

Illinois

(continued)

Chicago

Transit

Authority

Capital

Grant

Receipts

,

Revenue

,

2021

,

Refunding

,

5

%

,

6/01/28

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

$

1,750,000

$

1,852,502

City

of

Berwyn

,

GO

,

2022

B

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/41

...........

6,000,000

6,129,863

City

of

Chicago

,

GO

,

1999

,

NATL

Insured

,

Zero

Cpn.,

1/01/31

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

4,000,000

3,178,555

GO

,

2003

B

,

Refunding

,

5

%

,

1/01/26

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

1,795,000

1,796,255

GO

,

2021

A

,

Refunding

,

5

%

,

1/01/33

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

9,500,000

10,085,251

GO

,

2021

A

,

Refunding

,

5

%

,

1/01/34

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

6,655,000

7,036,461

GO

,

2021

B

,

Refunding

,

4

%

,

1/01/35

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

4,295,000

4,320,813

GO

,

2021

B

,

Refunding

,

4

%

,

1/01/38

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

5,150,000

5,123,911

GO

,

2023

A

,

5

%

,

1/01/35

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

10,000,000

10,618,474

City

of

Galesburg

,

Knox

College

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/36

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

1,125,000

1,079,194

Knox

College

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/41

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

1,475,000

1,366,341

Illinois

Finance

Authority

,

Carle

Foundation

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

8/15/40

12,645,000

12,513,442

f

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/28

.........

1,065,000

740,175

f

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/29

.........

1,100,000

764,500

f

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/30

.........

1,310,000

910,450

f

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/31

.........

1,095,000

761,025

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/15/35

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

500,000

500,129

Northwestern

University

,

Revenue

,

2015

,

5

%

,

12/01/28

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

1,675,000

1,814,527

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2002

A

,

BAM,

NATL

RE

Insured

,

Zero

Cpn.,

12/15/37

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

13,045,000

8,097,794

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2022

A

,

Refunding

,

3

%

,

6/15/25

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

1,000,000

995,875

Northern

Illinois

University

,

Revenue

,

2021

,

BAM

Insured

,

4

%

,

10/01/41

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

400,000

394,990

Revenue

,

2021

,

BAM

Insured

,

4

%

,

10/01/43

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

2,075,000

2,023,518

State

of

Illinois

,

GO

,

2016

,

Refunding

,

5

%

,

2/01/26

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

1,000,000

1,021,577

GO

,

2017

D

,

3.25

%

,

11/01/26

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

750,000

750,339

GO

,

2019

B

,

4

%

,

11/01/38

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

4,680,000

4,662,613

GO

,

2020

C

,

4

%

,

10/01/37

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

8,170,000

8,185,559

GO

,

2021

A

,

5

%

,

3/01/46

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

2,000,000

2,107,832

GO

,

2021

B

,

4

%

,

12/01/39

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

2,500,000

2,485,282

GO

,

2022

A

,

5

%

,

3/01/29

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

6,385,000

6,859,624

GO

,

2022

B

,

5

%

,

10/01/30

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

10,000,000

10,964,096

GO

,

2022

C

,

5.5

%

,

10/01/40

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

3,700,000

4,146,257

c

Upper

Illinois

River

Valley

Development

Authority

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-1

,

Refunding

,

4.5

%

,

12/01/31

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

5,000,000

5,037,603

Village

of

Bellwood

,

Tax

Allocation

,

2024

,

5

%

,

12/01/50

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

2,750,000

2,835,848

149,363,318

Indiana

1.5%

Indiana

Finance

Authority

,

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

5

%

,

6/01/32

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

650,000

702,523

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

5

%

,

6/01/33

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

830,000

899,089

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

5

%

,

6/01/38

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

1,600,000

1,704,344

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/26

..

1,065,000

1,056,895

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/27

..

1,150,000

1,141,450

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/28

..

1,235,000

1,228,289

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/29

..

1,330,000

1,325,249

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/30

..

1,425,000

1,422,733

State

Revolving

Fund

,

Revenue

,

2018

A

,

5

%

,

2/01/35

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

6,795,000

7,189,376

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)

Indiana

(continued)

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

4

%

,

6/01/37

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

$

15,000,000

$

15,409,067

32,079,015

Iowa

1.1%

Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

5/15/32

....

680,000

686,715

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

5/15/36

....

650,000

654,597

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

5/15/41

....

350,000

350,962

b

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

3.756

%

,

5/15/26

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

3,250,000

3,094,057

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6.75

%

,

5/15/33

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

2,500,000

2,826,443

Iowa

Higher

Education

Loan

Authority

,

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/31

.

1,800,000

1,963,732

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/32

.

1,920,000

2,086,605

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/33

.

2,030,000

2,198,880

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/34

.

2,135,000

2,305,361

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/35

.

1,250,000

1,344,803

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/36

.

2,470,000

2,650,858

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/37

.

2,595,000

2,777,359

Iowa

Tobacco

Settlement

Authority

,

Revenue

,

2021

B-1

,

2

,

Refunding

,

4

%

,

6/01/49

..

155,000

155,000

23,095,372

Kentucky

1.6%

Eastern

Kentucky

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/29

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

1,355,000

1,395,159

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/30

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

1,410,000

1,457,570

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/31

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

1,470,000

1,514,908

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/35

1,000,000

1,064,930

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/36

1,000,000

1,062,604

Kentucky

Municipal

Power

Agency

,

Revenue

,

2016

A

,

Refunding

,

NATL

Insured

,

5

%

,

9/01/34

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

6,500,000

6,631,764

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/31

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

1,500,000

1,575,399

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/32

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

1,600,000

1,674,932

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/33

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

1,000,000

1,045,104

Kentucky

State

Property

&

Building

Commission

,

Commonwealth

of

Kentucky

,

Revenue

,

BAM

Insured

,

5

%

,

5/01/32

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

2,000,000

2,120,173

Kentucky

Turnpike

Authority

,

Kentucky

Transportation

Cabinet

,

Revenue

,

B

,

Refunding

,

5

%

,

7/01/28

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

3,000,000

3,173,668

Paducah

Electric

Plant

Board

,

Revenue

,

2016

A

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/29

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

5,500,000

5,693,949

Revenue

,

2016

A

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/31

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

5,500,000

5,670,123

34,080,283

Louisiana

4.0%

East

Baton

Rouge

Sewerage

Commission

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

2/01/35

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

1,310,000

1,340,478

Revenue

,

2019

A

,

Refunding

,

4

%

,

2/01/36

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

2,000,000

2,040,724

Jefferson

Sales

Tax

District

,

Revenue

,

2019

B

,

AGMC

Insured

,

4

%

,

12/01/36

.......

6,000,000

6,171,451

Lafayette

Consolidated

Government

,

Revenue

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/25

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

2,400,000

2,441,615

Revenue

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/27

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

3,500,000

3,557,210

Revenue

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/29

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

4,685,000

4,756,914

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)

Louisiana

(continued)

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

c

City

of

New

Orleans

,

Revenue

,

144A,

2021

,

4

%

,

11/01/46

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

$

9,130,000

$

8,693,617

Louisiana

Utilities

Restoration

Corp.

ELL

System

Restoration

,

Revenue

,

2022

A

,

3.615

%

,

2/01/29

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

7,242,570

7,120,276

c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-1

,

Refunding

,

4.5

%

,

12/01/31

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

6,295,000

6,342,735

Louisiana

Public

Facilities

Authority

,

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.5

%

,

9/01/54

......

5,000,000

5,435,916

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

5

%

,

5/15/29

.......

1,240,000

1,268,043

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

5/15/29

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

10,000

10,281

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

5

%

,

5/15/30

.......

995,000

1,017,086

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

5/15/30

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

5,000

5,140

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

5

%

,

5/15/32

.......

1,485,000

1,515,299

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

5/15/32

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

15,000

15,421

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/28

1,000,000

1,041,425

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/29

2,000,000

2,080,321

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/30

2,250,000

2,336,371

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/31

1,745,000

1,808,066

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/32

1,750,000

1,812,762

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/33

2,000,000

2,071,272

Tulane

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

4/01/36

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

4,750,000

5,173,317

Tulane

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

4/01/37

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

2,000,000

2,170,746

Tulane

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

4/01/38

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

3,120,000

3,379,988

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

2,458,969

Port

New

Orleans

Board

of

Commissioners

,

Revenue

,

2020

E

,

5

%

,

4/01/35

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

1,000,000

1,051,905

Revenue

,

2020

E

,

5

%

,

4/01/36

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

1,495,000

1,569,545

Revenue

,

2020

E

,

5

%

,

4/01/37

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

1,065,000

1,117,063

Revenue

,

2020

E

,

5

%

,

4/01/38

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

1,000,000

1,048,714

Revenue

,

2020

E

,

5

%

,

4/01/39

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

2,750,000

2,880,729

83,733,399

Maine

0.3%

Maine

Health

&

Higher

Educational

Facilities

Authority

,

MaineHealth

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

7/01/35

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

1,000,000

1,088,944

MaineHealth

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

7/01/36

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

1,000,000

1,021,774

MaineHealth

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

7/01/37

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

1,150,000

1,171,997

MaineHealth

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

7/01/38

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

2,690,000

2,729,759

6,012,474

Maryland

3.5%

City

of

Baltimore

,

Wastewater

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/29

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

1,000,000

1,041,566

Wastewater

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/30

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

2,940,000

3,055,852

Wastewater

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/31

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

2,085,000

2,165,428

Wastewater

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/32

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

3,240,000

3,361,890

Wastewater

Utility

Fund

,

Revenue

,

2017

C

,

Refunding

,

5

%

,

7/01/30

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

6,450,000

6,704,166

Wastewater

Utility

Fund

,

Revenue

,

2017

C

,

Refunding

,

5

%

,

7/01/32

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

5,905,000

6,127,148

Wastewater

Utility

Fund

,

Revenue,

Senior

Lien

,

D

,

Refunding

,

5

%

,

7/01/28

......

2,790,000

2,793,983

Wastewater

Utility

Fund

,

Revenue,

Senior

Lien

,

D

,

Refunding

,

5

%

,

7/01/29

......

5,835,000

5,843,053

Water

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/29

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

1,320,000

1,374,867

Water

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/30

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

1,785,000

1,855,339

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)

Maryland

(continued)

City

of

Baltimore,

(continued)

Water

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/31

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

$

3,765,000

$

3,910,233

Water

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/32

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

4,000,000

4,150,481

Maryland

Community

Development

Administration

,

Residential

,

Revenue

,

2019

B

,

Refunding

,

3

%

,

9/01/34

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

5,000,000

4,728,360

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

3.25

%

,

7/01/39

500,000

427,154

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/40

..

300,000

296,415

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/30

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

8,520,000

8,916,468

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/31

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

7,415,000

7,747,612

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/28

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

1,000,000

1,035,289

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/29

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

1,340,000

1,397,720

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/30

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

2,810,000

2,947,011

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/31

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

1,480,000

1,557,295

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/32

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

1,550,000

1,623,305

73,060,635

Massachusetts

1.9%

Commonwealth

of

Massachusetts

,

GO

,

A

,

Refunding

,

5

%

,

7/01/28

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

7,500,000

7,598,228

GO

,

A

,

Refunding

,

5

%

,

7/01/29

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

6,000,000

6,075,873

Massachusetts

Development

Finance

Agency

,

Tufts

Medicine

Obligated

Group

,

Revenue

,

2020

C

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/30

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

150,000

165,448

Tufts

Medicine

Obligated

Group

,

Revenue

,

2020

C

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/31

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

475,000

523,860

Tufts

Medicine

Obligated

Group

,

Revenue

,

2020

C

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/32

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

450,000

492,120

Tufts

Medicine

Obligated

Group

,

Revenue

,

2020

C

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/33

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

525,000

570,551

Tufts

Medicine

Obligated

Group

,

Revenue

,

2020

C

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/34

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

450,000

485,415

Massachusetts

Port

Authority

,

Revenue

,

2019

C

,

5

%

,

7/01/33

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

4,430,000

4,717,503

Massachusetts

Water

Resources

Authority

,

Revenue

,

C

,

Refunding

,

5

%

,

8/01/32

....

13,920,000

14,703,646

University

of

Massachusetts

Building

Authority

,

Revenue

,

2017-3

,

Refunding

,

5

%

,

11/01/32

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

5,000,000

5,325,526

40,658,170

Michigan

1.7%

Lansing

Board

of

Water

&

Light

,

Revenue

,

2019

A

,

5

%

,

7/01/36

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

4,645,000

5,045,104

Lansing

School

District

,

GO

,

2016

I

,

5

%

,

5/01/30

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

1,860,000

1,916,288

GO

,

2016

I

,

5

%

,

5/01/31

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

2,010,000

2,069,979

GO

,

2016

I

,

5

%

,

5/01/32

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

2,310,000

2,373,098

Michigan

Finance

Authority

,

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2016

MI

,

Refunding

,

5

%

,

12/01/34

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

8,200,000

8,407,728

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group

,

Revenue

,

1999

B-3

,

4

%

,

11/15/33

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

5,100,000

5,222,810

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2008

C

,

Refunding

,

5

%

,

12/01/31

.

2,700,000

2,835,414

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2008

C

,

5

%

,

12/01/32

..........

1,115,000

1,167,505

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2008

C

,

Pre-Refunded

,

5

%

,

12/01/32

135,000

143,890

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)

Michigan

(continued)

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

3

%

,

10/01/39

..

$

3,500,000

$

3,152,907

b

Michigan

Strategic

Fund

,

Consumers

Energy

Co.

,

Revenue

,

2005

,

Mandatory

Put

,

0.875

%

,

10/08/26

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

5,000,000

4,591,861

36,926,584

Mississippi

0.3%

c

Mississippi

Development

Bank

,

County

of

Hancock

,

Revenue

,

144A,

2019

,

4.55

%

,

11/01/39

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

1,745,000

1,778,764

c

Mississippi

Home

Corp.

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-1

,

Refunding

,

4.5

%

,

12/01/31

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

5,000,000

5,037,618

6,816,382

Missouri

1.9%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

2/01/48

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

2,500,000

2,643,225

Mercy

Health

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

6/01/31

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

12,500,000

13,400,275

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Plum

Point

Project

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

1/01/27

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

3,250,000

3,254,354

Plum

Point

Project

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

1/01/28

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

4,500,000

4,506,028

Plum

Point

Project

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

1/01/29

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

4,045,000

4,050,419

Southeast

Missouri

State

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/33

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

2,745,000

2,796,314

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/34

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

2,180,000

2,214,418

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/35

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

1,575,000

1,597,799

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/36

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

3,205,000

3,241,857

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/37

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

2,000,000

2,013,386

39,718,075

Nebraska

0.3%

b

Central

Plains

Energy

Project

,

Revenue

,

2022-1

,

Mandatory

Put

,

5

%

,

10/01/29

.....

5,000,000

5,278,911

New

Hampshire

0.3%

New

Hampshire

Business

Finance

Authority

,

e

Revenue

,

FRN

,

2024-3

,

A

,

4.163

%

,

10/20/41

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

1,497,145

1,461,835

Roseville

Sustainable

Energy

Partner

LLC

,

Revenue

,

2024

D

,

6.129

%

,

7/01/38

...

4,080,000

4,141,651

5,603,486

New

Jersey

2.1%

New

Jersey

Economic

Development

Authority

,

State

of

New

Jersey

,

Revenue

,

2019

LLL

,

5

%

,

6/15/39

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

1,000,000

1,071,073

State

of

New

Jersey

,

Revenue

,

2022

A

,

5

%

,

11/01/39

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

16,000,000

17,645,502

State

of

New

Jersey

,

Revenue

,

AAA

,

Pre-Refunded

,

5

%

,

6/15/34

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

5,000,000

5,231,018

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey

,

Revenue

,

2016

B

,

5

%

,

9/01/36

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

5,000,000

5,112,695

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/30

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

900,000

937,789

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/31

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

1,080,000

1,124,632

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

3.5

%

,

12/01/39

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

2,655,000

2,504,467

Revenue,

Senior

Lien

,

2020

B

,

3.5

%

,

12/01/39

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

1,235,000

1,193,216

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/15/36

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

6,200,000

6,324,133

New

Jersey

Turnpike

Authority

,

Revenue

,

2021

A

,

4

%

,

1/01/42

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

1,800,000

1,823,300

Newark

Board

of

Education

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/26

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

275,000

283,524

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/27

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

330,000

347,616

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

Jersey

(continued)

Newark

Board

of

Education,

(continued)

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/28

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

$

325,000

$

348,770

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/29

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

320,000

349,198

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/31

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

400,000

449,159

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/32

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

430,000

482,049

45,228,141

New

Mexico

0.6%

Aspire

Public

Improvement

District

,

Special

Tax

,

2024

,

5.05

%

,

10/01/44

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

525,000

529,020

Special

Tax

,

2024

,

5.3

%

,

10/01/53

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

800,000

806,777

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2016

A

,

Refunding

,

2.15

%

,

4/01/33

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

13,500,000

11,143,360

12,479,157

New

York

5.1%

City

of

New

York

,

GO

,

2015

C

,

Refunding

,

5

%

,

8/01/25

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

2,000,000

2,006,279

GO

,

2015

C

,

Refunding

,

5

%

,

8/01/27

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

7,500,000

7,522,498

GO

,

2019

E

,

Refunding

,

5

%

,

8/01/34

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

3,500,000

3,782,190

GO

,

2021

C

,

4

%

,

8/01/37

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

5,000,000

5,150,391

GO

,

2023

A-1

,

4

%

,

9/01/46

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

5,000,000

5,007,817

GO

,

A-1

2017

A

,

5

%

,

8/01/29

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

10,000,000

10,327,755

Metropolitan

Transportation

Authority

,

b

Revenue

,

2015

A-2

,

Mandatory

Put

,

5

%

,

5/15/30

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

7,000,000

7,596,333

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/34

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

3,265,000

3,345,380

Revenue

,

2017

B

,

Refunding

,

5

%

,

11/15/26

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

2,140,000

2,225,904

Revenue

,

2017

C-1

,

Refunding

,

5

%

,

11/15/31

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

1,870,000

1,977,993

Revenue

,

2017

C-1

,

Refunding

,

4

%

,

11/15/37

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

2,500,000

2,521,882

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/27

1,000,000

1,040,872

Yankee

Stadium

LLC

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

3

%

,

3/01/36

..

2,500,000

2,402,757

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2020

C

,

4

%

,

5/01/37

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

1,400,000

1,450,302

Future

Tax

Secured

,

Revenue

,

2024

F-2

,

4.67

%

,

2/01/33

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

7,000,000

7,034,899

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

2,340,000

2,128,566

New

York

State

Dormitory

Authority

,

Northwell

Health

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/01/29

....

10,000,000

10,064,988

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2014

E

,

5

%

,

2/15/30

.........

4,980,000

4,996,580

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2014

E

,

Pre-Refunded

,

5

%

,

2/15/30

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

20,000

20,082

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2018

A

,

5

%

,

3/15/32

.........

9,995,000

10,777,822

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2018

A

,

Pre-Refunded

,

5

%

,

3/15/32

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

5,000

5,441

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2023

,

6

%

,

4/01/35

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

4,275,000

4,810,726

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

234

,

Refunding

,

5.25

%

,

8/01/42

.

2,500,000

2,729,011

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/28

......

1,300,000

1,388,131

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/30

......

2,900,000

3,182,300

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/34

......

4,425,000

4,851,651

108,348,550

North

Carolina

0.1%

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/25

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

125,000

125,869

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/26

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

300,000

306,751

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)

North

Carolina

(continued)

North

Carolina

State

Education

Assistance

Authority,

(continued)

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/27

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

$

450,000

$

466,819

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/28

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

500,000

522,044

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/29

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

350,000

370,576

1,792,059

North

Dakota

0.3%

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/01/29

..

1,600,000

1,687,892

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/01/30

..

1,600,000

1,696,620

City

of

Horace

,

GO

,

2024

C

,

Refunding

,

4.75

%

,

5/01/44

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

1,100,000

1,125,937

North

Dakota

Housing

Finance

Agency

,

Revenue

,

2024

C

,

5

%

,

7/01/42

...........

2,240,000

2,414,467

6,924,916

Ohio

1.4%

County

of

Franklin

,

Ohio

Living

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5

%

,

7/01/31

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

5,000,000

5,174,503

c

Ohio

Housing

Finance

Agency

,

Revenue

,

144A,

2023

B

,

6

%

,

2/01/26

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

4,100,000

4,106,401

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

B

,

6.25

%

,

3/01/26

...........

6,850,000

6,870,611

Port

of

Greater

Cincinnati

Development

Authority

,

Revenue

,

2024

B

,

Refunding

,

AGMC

Insured

,

4.375

%

,

12/01/58

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

12,535,000

12,813,938

State

of

Ohio

,

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/15/36

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

905,000

898,050

29,863,503

Oregon

1.9%

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO

,

B

,

5

%

,

6/15/32

....

3,725,000

3,914,089

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/35

...

5,240,000

5,411,350

Hillsboro

School

District

No.

1J

,

GO

,

2020

,

4

%

,

6/15/36

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

2,605,000

2,698,090

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/34

1,100,000

1,191,681

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/35

800,000

864,050

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/36

1,300,000

1,401,158

Oregon

State

Facilities

Authority

,

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/25

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

425,000

428,865

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/26

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

150,000

153,297

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/28

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

325,000

341,594

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/29

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

600,000

636,095

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/35

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

275,000

290,954

Willamette

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/51

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

2,000,000

1,740,673

Salem

Hospital

Facility

Authority

,

Salem

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/15/34

.......

3,780,000

4,055,526

Salem

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/15/35

.......

9,010,000

9,648,057

Salem-Keizer

School

District

No.

24J

,

GO

,

2020

C

,

4

%

,

6/15/37

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

5,620,000

5,840,537

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

2,489,876

41,105,892

Pennsylvania

3.2%

Allegheny

County

Airport

Authority

,

Revenue

,

2023

A

,

AGMC

Insured

,

5.5

%

,

1/01/41

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

1,000,000

1,119,900

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)

Pennsylvania

(continued)

Allegheny

County

Airport

Authority,

(continued)

Revenue

,

2023

A

,

AGMC

Insured

,

5.5

%

,

1/01/42

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

$

1,000,000

$

1,116,036

Allegheny

County

Hospital

Development

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/15/34

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

5,000,000

5,359,870

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/28

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

600,000

631,672

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/29

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

600,000

639,351

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/30

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

700,000

753,632

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/31

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

675,000

731,852

City

of

Philadelphia

,

Water

&

Wastewater

,

Revenue

,

2024

C

,

AGMC

Insured

,

5.25

%

,

9/01/54

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

8,000,000

8,920,112

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

4/15/33

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

2,100,000

2,288,477

UPMC

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

4/15/34

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

1,750,000

1,904,625

UPMC

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

4/15/35

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

1,450,000

1,575,318

UPMC

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

4

%

,

5/15/40

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

2,525,000

2,538,471

UPMC

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

4

%

,

5/15/41

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

2,375,000

2,376,264

UPMC

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

4

%

,

5/15/42

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

2,815,000

2,802,921

b

Waste

Management

Obligated

Group

,

Revenue

,

2009

,

Mandatory

Put

,

0.95

%

,

12/01/26

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

3,000,000

2,855,331

b

Waste

Management,

Inc.

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

1.1

%

,

11/02/26

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

6,750,000

6,455,772

Pennsylvania

Higher

Educational

Facilities

Authority

,

Drexel

University

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/39

.....

6,950,000

7,466,992

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2017

A

,

4

%

,

8/15/34

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

5,895,000

5,991,277

Pennsylvania

State

University

(The)

,

Revenue

,

A

,

5

%

,

9/01/30

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

4,000,000

4,227,094

Philadelphia

Authority

for

Industrial

Development

,

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

5

%

,

8/01/40

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

300,000

306,891

Philadelphia

Gas

Works

Co.

,

Revenue

,

15th

,

Refunding

,

5

%

,

8/01/30

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

2,000,000

2,095,663

Revenue

,

15th

,

Refunding

,

5

%

,

8/01/31

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

4,030,000

4,218,069

Redevelopment

Authority

of

the

City

of

Philadelphia

,

City

of

Philadelphia

,

Revenue

,

2021

A

,

BAM

Insured

,

2.799

%

,

9/01/33

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

2,425,000

2,099,241

68,474,831

Rhode

Island

0.1%

State

of

Rhode

Island

,

GO

,

2019

C

,

4

%

,

1/15/34

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

1,520,000

1,570,202

GO

,

2019

C

,

4

%

,

1/15/35

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

600,000

617,857

2,188,059

South

Carolina

3.2%

c

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.625

%

,

11/01/31

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

1,000,000

886,159

b

Patriots

Energy

Group

Financing

Agency

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.25

%

,

8/01/31

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

27,500,000

30,059,177

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

6,400,000

5,627,492

c

Revenue

,

144A,

2021

A-2

,

5.3

%

,

12/01/29

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

1,805,000

1,663,019

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

7,400,000

6,506,788

c

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

11,000,000

9,004,499

Prisma

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

5/01/33

......

6,000,000

6,308,830

South

Carolina

Public

Service

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/31

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

2,355,000

2,600,763

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/25

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

1,000,000

1,015,684

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)

South

Carolina

(continued)

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/24

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

$

3,300,000

$

3,300,000

66,972,411

South

Dakota

0.0%

†

South

Dakota

Health

&

Educational

Facilities

Authority

,

Presbyterian

Retirement

Village

of

Rapid

City,

Inc.

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/41

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

1,150,000

933,807

Tennessee

2.4%

Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/31

1,500,000

1,609,467

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/34

1,000,000

1,068,509

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/35

2,550,000

2,715,572

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

4

%

,

8/01/36

1,000,000

1,003,702

State

of

Tennessee

,

GO

,

2023

A

,

5

%

,

5/01/31

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

5,565,000

6,334,232

b

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5

%

,

12/01/30

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

21,895,000

23,708,858

b

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2023

A-1

,

Refunding

,

Mandatory

Put

,

5

%

,

5/01/28

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

5,250,000

5,467,207

Tennessee

State

School

Bond

Authority

,

Revenue

,

2015

B

,

5

%

,

11/01/28

.........

8,180,000

8,334,500

50,242,047

Texas

6.2%

Arlington

Higher

Education

Finance

Corp.

,

Leadership

Prep

School

,

Revenue

,

2024

,

PSF

Guaranty

,

4

%

,

6/15/49

..........

250,000

248,372

Leadership

Prep

School

,

Revenue

,

2024

,

PSF

Guaranty

,

4.125

%

,

6/15/54

.......

475,000

474,586

Leadership

Prep

School

,

Revenue

,

2024

,

PSF

Guaranty

,

4.25

%

,

6/15/59

........

1,000,000

1,013,453

Central

Texas

Turnpike

System

,

Revenue,

Second

Tier

,

2024

C

,

Refunding

,

5

%

,

8/15/31

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

2,000,000

2,236,438

c

,d

City

of

Celina

,

Mosaic

Public

Improvement

District

Phase

No.

1B

,

Special

Assessment

,

144A,

2024

,

5.125

%

,

9/01/44

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

360,000

363,724

City

of

Dallas

,

Waterworks

&

Sewer

System

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/30

........

1,500,000

1,587,834

Waterworks

&

Sewer

System

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/31

........

2,500,000

2,642,090

Waterworks

&

Sewer

System

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/32

........

1,000,000

1,054,490

City

of

El

Paso

,

GO

,

2020

A

,

Refunding

,

4

%

,

8/15/35

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

1,000,000

1,024,298

GO

,

2020

A

,

Refunding

,

4

%

,

8/15/36

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

1,000,000

1,021,414

City

of

Lubbock

,

GO

,

2024

,

5

%

,

2/15/42

.............................................

4,130,000

4,566,659

GO

,

2024

,

5

%

,

2/15/43

.............................................

4,350,000

4,791,012

GO

,

2024

,

5

%

,

2/15/44

.............................................

2,205,000

2,421,148

City

of

San

Antonio

,

Electric

&

Gas

Systems

,

Revenue

,

2015

,

Refunding

,

5

%

,

2/01/27

10,415,000

10,670,584

Clifton

Higher

Education

Finance

Corp.

,

Southwestern

University

,

Revenue

,

2022

,

4

%

,

8/15/42

.........................................................

10,535,000

10,497,652

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

5

%

,

10/01/30

....

100,000

110,298

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

5

%

,

10/01/31

....

60,000

66,839

County

of

Harris

,

Toll

Road

,

Revenue,

Senior

Lien

,

2018

A

,

Refunding

,

5

%

,

8/15/32

.............

2,500,000

2,653,634

Toll

Road

,

Revenue,

Senior

Lien

,

2018

A

,

Refunding

,

5

%

,

8/15/33

.............

2,500,000

2,648,407

Dallas

Convention

Center

Hotel

Development

Corp.

,

Revenue

,

2009

B

,

7.088

%

,

1/01/42

.........................................................

8,715,000

9,947,858

Ector

County

Hospital

District

,

GO

,

2020

,

Refunding

,

5

%

,

9/15/29

.....................................

800,000

833,458

GO

,

2020

,

Refunding

,

5

%

,

9/15/30

.....................................

745,000

780,897

GO

,

2020

,

Refunding

,

5

%

,

9/15/31

.....................................

450,000

469,216

GO

,

2020

,

Refunding

,

5

%

,

9/15/32

.....................................

600,000

624,499

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)

Ector

County

Hospital

District,

(continued)

GO

,

2020

,

Refunding

,

5

%

,

9/15/33

.....................................

$

650,000

$

675,338

GO

,

2020

,

Refunding

,

4

%

,

9/15/34

.....................................

650,000

618,677

GO

,

2020

,

Refunding

,

4

%

,

9/15/35

.....................................

700,000

660,263

EP

Royal

Estates

PFC

,

Revenue

,

2024

,

4.25

%

,

10/01/39

.....................

1,000,000

1,008,645

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO

,

2021

,

2

%

,

9/01/28

.............................................

155,000

139,560

GO

,

2021

,

2

%

,

9/01/29

.............................................

155,000

136,226

d

GO

,

2024

,

AGMC

Insured

,

4

%

,

9/01/39

.................................

935,000

928,810

d

GO

,

2024

,

AGMC

Insured

,

4.25

%

,

9/01/43

...............................

715,000

717,036

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/34

200,000

178,260

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/35

225,000

217,100

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/36

250,000

239,739

Lake

View

Management

and

Development

District

,

GO

,

2024

,

BAM

Insured

,

4

%

,

2/15/44

...................................

1,000,000

965,958

GO

,

2024

,

BAM

Insured

,

4.125

%

,

2/15/49

...............................

1,725,000

1,696,412

c

Lakeside

Place

PFC

,

Torrey

Chase

Apartments

LP

,

Revenue

,

144A,

2021

,

3.48

%

,

12/15/39

........................................................

3,907,772

3,111,872

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

First

Tier

,

A

,

Refunding

,

4

%

,

1/01/33

.............................................

5,000,000

5,062,623

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-1

,

4.5

%

,

12/01/37

...........

11,900,000

10,662,067

San

Antonio

Education

Facilities

Corp.

,

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/37

......

635,000

603,888

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/39

......

2,435,000

2,268,289

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/40

......

2,000,000

1,843,133

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/15/27

................................

1,000,000

1,040,241

Revenue

,

2021

,

Refunding

,

5

%

,

12/15/30

................................

10,000,000

10,694,983

b

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

,

Revenue

,

2023

A

,

Mandatory

Put

,

5.5

%

,

1/01/30

....................................................

19,500,000

21,111,135

c

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

9/01/31

.........................

281,000

247,386

d

Westpointe

Special

Improvement

District

,

GO

,

2024

,

BAM

Insured

,

5

%

,

8/15/37

...................................

450,000

483,937

GO

,

2024

,

BAM

Insured

,

5

%

,

8/15/45

...................................

1,000,000

1,051,461

GO

,

2024

,

BAM

Insured

,

5

%

,

8/15/49

...................................

1,095,000

1,144,034

Westside

211

Special

Improvement

District

,

GO,

Sub.

Lien

,

2021

,

2

%

,

8/15/29

.....................................

290,000

263,469

GO,

Sub.

Lien

,

2021

,

2.25

%

,

8/15/31

...................................

300,000

265,033

GO,

Sub.

Lien

,

2021

,

3

%

,

8/15/33

.....................................

315,000

286,765

GO,

Sub.

Lien

,

2021

,

3

%

,

8/15/35

.....................................

335,000

298,809

GO,

Sub.

Lien

,

2021

,

3

%

,

8/15/37

.....................................

355,000

305,179

131,675,188

Utah

0.2%

City

of

Lehi

,

Franchise

&

Sales

Tax

,

Revenue

,

2021

,

AGMC

Insured

,

4

%

,

2/01/48

...

3,000,000

2,969,770

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

4

%

,

10/15/35

.....................

400,000

397,898

3,367,668

Virginia

1.0%

Virginia

Public

Building

Authority

,

Commonwealth

of

Virginia

,

Revenue

,

B

,

4

%

,

8/01/29

.......................

9,605,000

9,791,815

Commonwealth

of

Virginia

,

Revenue

,

B

,

Pre-Refunded

,

4

%

,

8/01/29

...........

3,530,000

3,597,474

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)

Virginia

(continued)

Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

1/01/32

........................................................

$

2,500,000

$

2,533,110

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

7/01/32

........................................................

2,000,000

2,023,687

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

1/01/35

....................................................

3,000,000

3,181,755

21,127,841

Washington

3.1%

City

of

Seattle

,

Drainage

&

Wastewater

,

Revenue

,

2014

,

Refunding

,

5

%

,

5/01/26

..............

2,995,000

2,997,568

Municipal

Light

&

Power

,

Revenue

,

2017

C

,

Refunding

,

4

%

,

9/01/34

............

5,300,000

5,383,293

Energy

Northwest

,

Bonneville

Power

Administration

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/35

.........................................................

7,000,000

7,588,581

Everett

Housing

Authority

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/37

..............

9,420,000

9,420,726

Port

of

Seattle

,

Revenue

,

2018

A

,

5

%

,

5/01/38

.............................

5,000,000

5,112,618

Vancouver

Housing

Authority

,

Esther

Cougar

Rehab

LLLP

,

Revenue

,

2024

B

,

4.5

%

,

10/01/42

........................................................

2,000,000

2,035,112

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/36

1,200,000

1,275,124

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/30

2,800,000

3,023,773

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/32

1,500,000

1,607,924

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/35

1,665,000

1,773,109

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/36

3,250,000

3,453,462

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

9/01/38

........................................................

1,000,000

1,082,913

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

9/01/39

........................................................

1,000,000

1,080,825

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

9/01/40

........................................................

1,000,000

1,073,734

c

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

3

%

,

12/01/35

.......................................................

440,000

406,533

Overlake

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

B

,

Refunding

,

5

%

,

7/01/30

........................................................

1,000,000

1,033,072

Overlake

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

B

,

Refunding

,

5

%

,

7/01/31

........................................................

1,925,000

1,986,374

Virginia

Mason

Medical

Center

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

8/15/31

........................................................

2,250,000

2,327,582

Virginia

Mason

Medical

Center

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

8/15/32

........................................................

1,605,000

1,657,577

Virginia

Mason

Medical

Center

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

8/15/35

........................................................

2,400,000

2,466,291

Washington

State

Housing

Finance

Commission

,

Revenue

,

2021-1

,

A

,

3.5

%

,

12/20/35

...................................

6,631,273

6,227,650

c

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

B

,

5.3

%

,

1/01/30

.

940,000

878,802

c

Seattle

Academy

of

Arts

&

Sciences

,

Revenue

,

144A,

2023

,

Refunding

,

5.625

%

,

7/01/38

........................................................

2,000,000

2,212,553

66,105,196

Wisconsin

4.1%

City

of

Milwaukee

,

Sewerage

System

,

Revenue

,

2021

S-2

,

Refunding

,

3

%

,

6/01/46

..

4,600,000

3,613,054

Public

Finance

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/15/37

.......................................................

600,000

605,692

BlueHub

Loan

Fund,

Inc.

,

Revenue

,

2024

B

,

5.25

%

,

7/01/44

.................

8,200,000

8,702,302

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

4

%

,

7/01/29

..........

285,000

287,907

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)

Public

Finance

Authority,

(continued)

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

4

%

,

7/01/30

..........

$

200,000

$

201,661

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

4

%

,

7/01/31

..........

200,000

200,905

c

Dominium

Holdings

I

LLC

,

Revenue

,

144A,

2024-1

,

B-1

,

6.81

%

,

4/28/36

........

3,500,000

3,610,414

EMU

Campus

Living

LLC

,

Revenue

,

2022

A-1

,

BAM

Insured

,

5.375

%

,

7/01/47

....

7,000,000

7,593,674

c

Greystone

Housing

Impact

Investors

LP

,

Revenue

,

144A,

2023-1

,

B-1

,

7.125

%

,

7/25/34

........................................................

5,980,000

6,291,120

c

Hope

Housing

Foundation

Obligated

Group

,

Revenue

,

144A,

2022

A

,

3.8

%

,

12/01/37

5,600,000

4,914,355

c

Hope

Housing

Foundation

Obligated

Group

,

Revenue

,

144A,

2022

B

,

5.75

%

,

12/01/27

.......................................................

1,240,000

1,218,682

North

East

Carolina

Preparatory

School,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

6/15/44

........................................................

800,000

820,121

c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-1

,

Refunding

,

4.5

%

,

12/01/31

..................................................

24,350,000

24,533,200

Renown

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/35

....................................................

2,100,000

2,107,225

UNC

Health

Appalachian

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

7/01/46

.......

1,100,000

931,778

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/27

...........................................

195,000

196,707

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/28

...........................................

250,000

253,002

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/29

...........................................

320,000

324,623

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/30

...........................................

265,000

268,707

Wisconsin

Health

&

Educational

Facilities

Authority

,

Marshfield

Clinic

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

2/15/34

........................................

600,000

609,423

Marshfield

Clinic

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

2/15/35

........................................

1,000,000

1,013,637

Marshfield

Clinic

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

2/15/36

........................................

600,000

606,921

Marshfield

Clinic

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

2/15/37

........................................

600,000

606,101

Marshfield

Clinic

Health

System

Obligated

Group

,

Revenue

,

2024

A

,

5.5

%

,

2/15/54

11,500,000

12,704,681

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/28

....................................................

375,000

376,393

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/29

....................................................

390,000

391,594

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/30

....................................................

405,000

405,174

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/37

....................................................

1,460,000

1,420,365

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

8/15/41

......

1,650,000

1,524,482

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2024

A

,

5.5

%

,

8/15/44

.....

1,000,000

1,085,220

87,419,120

U.S.

Territories

1.1%

District

of

Columbia

1.0%

Washington

Metropolitan

Area

Transit

Authority

,

Revenue

,

2017

A-1

,

Refunding

,

5

%

,

7/01/30

.............................

5,185,000

5,441,753

Dedicated

,

Revenue,

Second

Lien

,

2024

A

,

4.375

%

,

7/15/56

.................

15,000,000

15,300,801

20,742,554

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

0.1%

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/27

..

$

450,000

$

467,510

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/30

..

550,000

592,921

1,060,431

Total

U.S.

Territories

....................................................................

21,802,985

Total

Municipal

Bonds

(Cost

$

2,068,211,568

)

...................................

2,063,243,311

Total

Long

Term

Investments

(Cost

$

2,104,581,568

)

.............................

2,095,884,371

a

a

a

a

a

Short

Term

Investments

1.1%

Municipal

Bonds

1.1%

California

0.9%

g

Eastern

Municipal

Water

District

,

Revenue

,

2018

A

,

Refunding

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

2.55

%

,

7/01/46

................................

7,400,000

7,400,000

g

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2002

A-6

,

Refunding

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

2.6

%

,

7/01/35

.......................................

5,500,000

5,500,000

Power

System

,

Revenue

,

2023

F-2

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.55

%

,

7/01/47

.................................

4,700,000

4,700,000

g

University

of

California

,

Revenue

,

2013

AL-3

,

Refunding

,

Daily

VRDN

and

Put

,

2.6

%

,

5/15/48

.........................................................

500,000

500,000

18,100,000

Colorado

0.0%

†

g

Colorado

Health

Facilities

Authority

,

Children's

Hospital

Colorado

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.25

%

,

12/01/52

........................................................

500,000

500,000

Missouri

0.0%

†

g

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

St.

Louis

University

,

Revenue

,

2008

B

,

LOC

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

3.2

%

,

10/01/35

..............................................

300,000

300,000

Washington

University

(The)

,

Revenue

,

2003

B

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.7

%

,

2/15/33

...............................................

200,000

200,000

500,000

New

York

0.1%

g

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2021

EE-1

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.7

%

,

6/15/45

...............................................

290,000

290,000

Water

&

Sewer

System

,

Revenue

,

2022

DD

,

Refunding

,

Daily

VRDN

and

Put

,

3.6

%

,

6/15/33

........................................................

2,200,000

2,200,000

2,490,000

Ohio

0.0%

†

g

Ohio

Water

Development

Authority

,

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2024

C

,

Daily

VRDN

and

Put

,

3.15

%

,

12/01/54

................................

200,000

200,000

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.

42

See

Abbreviations

on

page

203

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Tennessee

0.1%

g

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group

,

Revenue

,

2008

A

,

AGMC

Insured

,

SPA

JPMorgan

Chase

&

Co.

,

Daily

VRDN

and

Put

,

3.25

%

,

6/01/42

........................

$

1,700,000

$

1,700,000

Total

Municipal

Bonds

(Cost

$

23,490,000

)

......................................

23,490,000

Total

Short

Term

Investments

(Cost

$

23,490,000

)

................................

23,490,000

a

Total

Investments

(Cost

$

2,128,071,568

)

100.0

%

................................

$2,119,374,371

Other

Assets,

less

Liabilities

(0.0)

%

†

...........................................

(228,588)

Net

Assets

100.0%

...........................................................

$2,119,145,783

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

4

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

November

30,

2024,

the

aggregate

value

of

these

securities

was

$213,210,962,

representing

10.1%

of

net

assets.

d

Security

purchased

on

a

when-issued

basis.

e

The

coupon

rate

shown

represents

the

rate

at

period

end.

f

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

g

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2024

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

43

a

a

Shares

a

Value

a

Management

Investment

Companies

4.3%

Capital

Markets

4.3%

a

Franklin

Municipal

Green

Bond

ETF

.....................................

1,550,000

$

37,756,450

Total

Management

Investment

Companies

(Cost

$

39,888,825

)

....................

37,756,450

Principal

Amount

a

a

a

a

Corporate

Bonds

0.4%

Electric

Utilities

0.4%

b

,c

AES

Puerto

Rico

LP

,

144A,

12.5%,

3/04/26

................................

$

3,847,413

3,847,413

Total

Corporate

Bonds

(Cost

$

3,771,050

)

.......................................

3,847,413

Senior

Floating

Rate

Interests

4.3%

Real

Estate

Management

&

Development

2.9%

d

Baytown

Leased

Housing

Associates

II

LP,

First

Lien,

Project

CME

Term

Loan

,

7.576

%

,

(

1-month

SOFR

+

2.251

%

),

8/01/40

....................................

25,110,000

25,353,632

Residential

REITs

1.4%

b

,d

Centennial

Gardens

LP,

First

Lien,

Delayed

Draw

CME

Term

Loan

,

6.856

%

,

(

1-month

SOFR

+

2

%

),

1/08/25

...............................................

12,070,639

12,105,950

Total

Senior

Floating

Rate

Interests

(Cost

$

37,180,639

)

..........................

37,459,582

Municipal

Bonds

86.4%

Alabama

7.0%

e

Black

Belt

Energy

Gas

District

,

Revenue

,

2019

A-1

,

Mandatory

Put

,

4

%

,

12/01/25

.........................

5,000,000

5,020,643

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

12/01/26

...........................

5,000,000

5,034,575

Revenue

,

2022

E

,

Mandatory

Put

,

5

%

,

6/01/28

............................

4,000,000

4,182,720

Revenue

,

2023

B-2

,

Mandatory

Put

,

5.25

%

,

12/01/30

.......................

10,000,000

10,892,826

Revenue

,

2023

D-3

,

Refunding

,

Mandatory

Put

,

4.919

%

,

2/01/29

..............

5,000,000

5,143,754

Revenue

,

2024

A

,

Mandatory

Put

,

5.25

%

,

9/01/32

.........................

2,000,000

2,182,729

County

of

Jefferson

,

Sewer

,

Revenue

,

2024

,

Refunding

,

5

%

,

10/01/33

............

2,500,000

2,851,221

e

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.5

%

,

1/01/31

.........................

4,285,000

4,668,556

Revenue

,

2023

B-1

,

Mandatory

Put

,

5.75

%

,

11/01/31

.......................

3,500,000

3,893,858

e

Industrial

Development

Board

of

the

City

of

Mobile

Alabama

,

Alabama

Power

Co.

,

Revenue

,

2007

A

,

Mandatory

Put

,

1

%

,

6/26/25

............................

4,000,000

3,937,905

e

Southeast

Alabama

Gas

Supply

District

(The)

,

Revenue

,

2024

A

,

Refunding

,

Mandatory

Put

,

5

%

,

4/01/32

..................................................

10,000,000

10,755,321

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

1,500,000

Noland

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/26

...........

1,030,000

1,057,482

61,121,590

Alaska

1.2%

Borough

of

Matanuska-Susitna

,

State

of

Alaska

,

Revenue

,

2015

,

Refunding

,

5.25

%

,

9/01/29

.........................................................

10,000,000

10,145,338

Arizona

1.1%

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/25

.........................

1,000,000

1,006,062

c

,f

Maricopa

County

Industrial

Development

Authority

,

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375

%

,

10/01/29

..........................

8,345,000

8,552,499

9,558,561

Arkansas

0.2%

Arkansas

Development

Finance

Authority

,

Washington

Regional

Medical

Center

,

Revenue

,

2024

,

5

%

,

2/01/27

............

735,000

755,521

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)

Arkansas

(continued)

Arkansas

Development

Finance

Authority,

(continued)

Washington

Regional

Medical

Center

,

Revenue

,

2024

,

5

%

,

2/01/28

............

$

800,000

$

831,940

1,587,461

California

3.2%

California

Community

Choice

Financing

Authority

,

Revenue

,

2021

B-1

,

4

%

,

8/01/25

......................................

535,000

536,741

Revenue

,

2021

B-1

,

4

%

,

2/01/26

......................................

850,000

855,969

Revenue

,

2021

B-1

,

4

%

,

8/01/26

......................................

325,000

328,726

Revenue

,

2021

B-1

,

4

%

,

8/01/27

......................................

400,000

406,904

Revenue

,

2021

B-1

,

4

%

,

2/01/28

......................................

375,000

382,239

Revenue

,

2021

B-1

,

4

%

,

8/01/28

......................................

470,000

480,298

e

Revenue

,

2023

C

,

Mandatory

Put

,

5.25

%

,

10/01/31

........................

4,245,000

4,572,182

c

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

..............................................

2,795,000

2,580,149

e

California

Health

Facilities

Financing

Authority

,

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2016

B-3

,

Refunding

,

Mandatory

Put

,

2

%

,

10/01/25

...........

13,340,000

13,212,779

c

California

Housing

Finance

Agency

,

Found

Middle

LP

,

Revenue

,

144A,

2024

L

,

5.2

%

,

12/01/27

........................................................

1,000,000

1,009,548

c

,e

California

Pollution

Control

Financing

Authority

,

Republic

Services,

Inc.

,

Revenue

,

144A,

2023

,

Refunding

,

Mandatory

Put

,

4.05

%

,

2/18/25

.....................

1,000,000

999,994

City

of

Pasadena

,

Revenue

,

2015

B

,

Pre-Refunded

,

3.865

%

,

5/01/27

............

500,000

498,363

c

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/47

..............................................

900,000

788,709

g

Long

Beach

Bond

Finance

Authority

,

Revenue

,

FRN

,

2007

B

,

4.656

%

,

(

3-month

TSOF

+

1.45

%

),

11/15/27

.................................................

1,125,000

1,139,958

27,792,559

Colorado

0.8%

Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

11/01/29

...............................................

900,000

980,295

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

4,865,000

5,044,227

Regional

Transportation

District

,

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

1/15/25

........

325,000

325,456

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/15/25

........

400,000

403,414

6,753,392

Connecticut

0.0%

†

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

5

%

,

7/01/25

.................

170,000

171,008

Delaware

0.6%

e

Delaware

State

Economic

Development

Authority

,

NRG

Energy,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

Mandatory

Put

,

1.25

%

,

10/01/25

..............................

5,000,000

4,879,159

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)

Florida

4.8%

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

3A

,

Special

Assessment

,

2020

,

3

%

,

5/01/30

.......................................

$

515,000

$

496,983

Celebration

Community

Development

District

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/31

.........................................................

240,000

227,177

County

of

Miami-Dade

,

Aviation

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

10/01/27

.......

4,650,000

4,853,172

Crystal

Cay

Community

Development

District

,

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

.........................................................

325,000

303,226

East

Palm

Drive

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

4.375

%

,

6/15/31

...................................

370,000

371,770

Eden

Hills

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/30

...............................................

110,000

108,103

c

Entrada

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2021

,

2.625

%

,

5/01/31

..............................................

370,000

347,468

Florida

Municipal

Power

Agency

,

All-Requirements

Power

Supply

Project

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/25

......................................

1,000,000

1,015,333

Halifax

Hospital

Medical

Center

,

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

6/01/27

.........................................................

2,890,000

2,967,309

Hillsborough

County

Aviation

Authority

,

Revenue

,

2024

B

,

5

%

,

10/01/32

..........

10,085,000

11,106,668

Jacksonville

Transportation

Authority

,

Revenue,

Senior

Lien

,

2020

,

5

%

,

8/01/25

................................

1,800,000

1,823,129

Revenue,

Senior

Lien

,

2020

,

5

%

,

8/01/26

................................

1,940,000

2,008,388

f

Keys

Edge

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

4.375

%

,

5/01/31

..............................................

405,000

406,252

Kindred

Community

Development

District

II

,

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

235,000

220,880

Kingman

Gate

Community

Development

District

,

Special

Assessment

,

2021

,

3.125

%

,

6/15/31

.........................................................

250,000

242,670

Lakes

by

the

Bay

South

Community

Development

District

,

Special

Assessment

,

2024

,

Refunding

,

5

%

,

5/01/26

.............................................

710,000

721,267

Lakewood

Ranch

Stewardship

District

,

Special

Assessment

,

2024

,

4.625

%

,

5/01/31

.

210,000

212,183

c

,e

Lee

County

Housing

Finance

Authority

,

Fort

Myers

Leased

Housing

Associates

I

LLLP

,

Revenue

,

144A,

2023

B

,

Mandatory

Put

,

5.5

%

,

7/01/26

.....................

4,000,000

3,987,294

Lee

County

Industrial

Development

Authority

,

Shell

Point

Obligated

Group

,

Revenue

,

2024

B-3

,

4.125

%

,

11/15/29

..........................................

3,000,000

3,022,071

Leomas

Landing

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.95

%

,

5/01/31

....................................

105,000

99,420

c

,e

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A-2

,

Mandatory

Put

,

6.5

%

,

5/01/25

....................................................

2,400,000

2,379,821

Middleton

Community

Development

District

A

,

Phase

I

,

Special

Assessment

,

2022

,

5.2

%

,

5/01/27

....................................................

400,000

406,619

c

Pine

Isle

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

3

%

,

12/15/31

........................................................

230,000

220,933

Poitras

East

Community

Development

District

,

Special

Assessment

,

2023

,

4

%

,

5/01/28

300,000

301,182

Preserve

at

South

Branch

Community

Development

District

,

Phase

3

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.......................................

350,000

338,061

Rhodine

Road

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

3

%

,

5/01/32

.......................................

195,000

184,999

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/25

.......

180,000

179,226

Assessment

Area

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/26

.......

220,000

216,820

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)

Florida

(continued)

Shingle

Creek

at

Bronson

Community

Development

District

,

Special

Assessment

,

2021

,

3.1

%

,

6/15/31

................................................

$

500,000

$

483,849

South

Creek

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.875

%

,

6/15/31

...................................

175,000

165,902

c

,e

St.

Johns

County

Housing

Finance

Authority

,

Ponte

Vedra

Beach

Leased

Housing

Associates

I

LLLP

,

Revenue

,

144A,

2023

B

,

Mandatory

Put

,

5.5

%

,

12/01/26

......

1,000,000

996,024

c

Storey

Park

Community

Development

District

,

Assessment

Area

4

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

6/15/31

...............................

170,000

162,892

Summerstone

Community

Development

District

,

Assessment

Phase

1

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/30

....................................

165,000

162,259

c

Village

Community

Development

District

No.

15

,

Special

Assessment

,

144A,

2024

,

3.75

%

,

5/01/29

...................................................

740,000

742,073

Villamar

Community

Development

District

,

Special

Assessment

,

2020

,

3.2

%

,

5/01/30

240,000

234,733

41,716,156

Georgia

4.7%

City

of

Atlanta

,

Department

of

Aviation

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/25

.............

1,500,000

1,517,183

Department

of

Aviation

,

Revenue

,

2024

A-1

,

5

%

,

7/01/25

....................

550,000

556,300

Department

of

Aviation

,

Revenue

,

2024

A-1

,

5

%

,

7/01/26

....................

300,000

310,272

Department

of

Aviation

,

Revenue

,

2024

A-1

,

5

%

,

7/01/28

....................

215,000

231,711

e

Development

Authority

of

Burke

County

(The)

,

Georgia

Power

Co.

,

Revenue

,

4th

1995

,

Mandatory

Put

,

3.8

%

,

5/21/26

.........

3,000,000

3,029,060

Georgia

Power

Co.

,

Revenue

,

5th

1994

,

Mandatory

Put

,

3.7

%

,

6/13/28

.........

1,750,000

1,789,182

e

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

1

%

,

8/21/26

........................................................

2,000,000

1,876,785

Georgia

Power

Co.

,

Revenue,

Second

Series

,

2006

,

Refunding

,

Mandatory

Put

,

3.875

%

,

3/06/26

.................................................

3,500,000

3,531,520

Main

Street

Natural

Gas,

Inc.

,

e

Revenue

,

2021

A

,

Mandatory

Put

,

4

%

,

9/01/27

............................

3,250,000

3,295,661

Revenue

,

2021

C

,

4

%

,

12/01/24

.......................................

735,000

735,000

e

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/29

...........................

4,500,000

4,575,908

c,e

Revenue

,

144A,

2022

C

,

Mandatory

Put

,

4

%

,

11/01/27

......................

15,000,000

15,033,207

e

Revenue

,

2023

D

,

Mandatory

Put

,

5

%

,

12/01/30

...........................

4,000,000

4,277,429

Private

Colleges

&

Universities

Authority

,

Mercer

University

,

Revenue

,

2021

,

Refunding

,

5

%

,

10/01/25

............................................

425,000

431,096

41,190,314

Hawaii

1.5%

University

of

Hawaii

,

Revenue

,

2020

B

,

Refunding

,

5

%

,

10/01/25

..............................

3,440,000

3,497,006

Revenue

,

2020

B

,

Refunding

,

5

%

,

10/01/26

..............................

2,865,000

2,978,509

Revenue

,

2020

D

,

Refunding

,

5

%

,

10/01/25

..............................

1,725,000

1,753,586

Revenue

,

2020

D

,

Refunding

,

5

%

,

10/01/26

..............................

4,360,000

4,532,739

12,761,840

Illinois

7.1%

Chicago

Park

District

,

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/25

..................................

350,000

350,414

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/26

..................................

500,000

509,676

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/27

..................................

550,000

572,140

City

of

Chicago

,

GO

,

2015

C

,

Refunding

,

5

%

,

1/01/25

...................................

1,900,000

1,902,011

GO

,

2020

A

,

Refunding

,

5

%

,

1/01/28

...................................

3,100,000

3,236,858

City

of

Moline

,

GO

,

2021

C

,

AGMC

Insured

,

1.151

%

,

12/01/24

...........................

580,000

580,000

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)

Illinois

(continued)

City

of

Moline,

(continued)

GO

,

2021

C

,

AGMC

Insured

,

1.439

%

,

12/01/25

...........................

$

925,000

$

894,924

County

of

Cook

,

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

11/15/29

......................

845,000

927,029

Sales

Tax

,

Revenue

,

2024

,

Refunding

,

5

%

,

11/15/27

.......................

500,000

530,227

Sales

Tax

,

Revenue

,

2024

,

Refunding

,

5

%

,

11/15/28

.......................

1,000,000

1,079,322

Sales

Tax

,

Revenue

,

2024

,

Refunding

,

5

%

,

11/15/29

.......................

1,000,000

1,097,075

Illinois

Finance

Authority

,

Chicago

School

-

California,

Inc.

(The)

,

Revenue

,

2024

,

5

%

,

4/01/25

...........

500,000

502,240

Chicago

School

-

California,

Inc.

(The)

,

Revenue

,

2024

,

5

%

,

4/01/26

...........

340,000

346,889

Chicago

School

-

California,

Inc.

(The)

,

Revenue

,

2024

,

5

%

,

4/01/27

...........

400,000

415,528

Chicago

School

-

California,

Inc.

(The)

,

Revenue

,

2024

,

5

%

,

4/01/28

...........

400,000

422,516

h

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/27

.........

2,810,000

1,952,950

e

Field

Museum

of

Natural

History

,

Revenue

,

2019

,

Refunding

,

Mandatory

Put

,

4.406

%

,

9/01/25

.................................................

3,570,000

3,567,201

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/15/27

........................................................

590,000

590,651

Sangamon

County

School

District

No.

186

Springfield

,

GO

,

2020

C

,

AGMC

Insured

,

5

%

,

6/01/36

......................................................

1,485,000

1,593,204

State

of

Illinois

,

GO

,

2010-4

,

AGMC

Insured

,

6.875

%

,

7/01/25

............................

250,000

252,853

GO

,

2016

,

Refunding

,

5

%

,

2/01/25

.....................................

10,000,000

10,026,118

GO

,

2016

,

Refunding

,

5

%

,

2/01/29

.....................................

750,000

776,800

GO

,

2017

C

,

5

%

,

11/01/29

...........................................

2,000,000

2,092,596

GO

,

2017

D

,

5

%

,

11/01/27

...........................................

5,025,000

5,293,105

GO

,

2018

A

,

6

%

,

5/01/25

............................................

6,000,000

6,067,685

GO

,

2018

A

,

Refunding

,

5

%

,

10/01/29

..................................

375,000

398,495

GO

,

2018

B

,

Refunding

,

5

%

,

10/01/31

..................................

625,000

660,139

GO

,

2019

B

,

5

%

,

11/01/30

...........................................

375,000

405,313

Sales

Tax

,

Revenue

,

2021

A

,

4

%

,

6/15/27

...............................

1,500,000

1,540,985

Sales

Tax

,

Revenue,

Junior

Lien

,

2021

C

,

Refunding

,

5

%

,

6/15/25

.............

2,000,000

2,017,202

University

of

Illinois

,

Auxiliary

Facilities

System

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

4/01/25

.........................................................

11,660,000

11,642,838

62,244,984

Indiana

1.2%

Indiana

Finance

Authority

,

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/25

..

1,000,000

994,725

Indianapolis

Power

&

Light

Co.

,

Revenue

,

2021

B

,

Refunding

,

0.65

%

,

8/01/25

....

4,500,000

4,399,290

e

Southern

Indiana

Gas

&

Electric

Co.

,

Revenue

,

2013

E

,

Refunding

,

Mandatory

Put

,

3.55

%

,

8/01/28

..................................................

5,000,000

5,017,187

10,411,202

Iowa

1.6%

Crawford

County

Memorial

Hospital,

Inc.

,

Revenue

,

2024

,

5

%

,

6/15/27

...........

2,000,000

2,031,925

Des

Moines

Independent

Community

School

District

,

Sales

Services

&

Use

Tax

,

Revenue

,

2018

,

AGMC

Insured

,

3

%

,

6/01/29

.............................

9,300,000

9,279,174

Iowa

Finance

Authority

,

e

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

3.756

%

,

5/15/26

.....................................

1,500,000

1,428,026

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6.6

%

,

5/15/28

........................................................

825,000

863,680

13,602,805

Kansas

0.2%

Reno

County

Unified

School

District

No.

308

Hutchinson

,

GO

,

2019

,

Refunding

,

5

%

,

9/01/27

.........................................................

1,575,000

1,661,170

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)

Kentucky

2.8%

County

of

Trimble

,

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2001

A

,

Refunding

,

0.625

%

,

9/01/26

...

$

3,375,000

$

3,184,736

e

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2023

A

,

Mandatory

Put

,

4.7

%

,

6/01/27

..

2,500,000

2,554,521

Eastern

Kentucky

University

,

Revenue

,

2021

A

,

Refunding

,

3.5

%

,

10/01/25

.............................

1,155,000

1,154,856

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/26

..............................

1,205,000

1,222,751

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/27

..............................

1,255,000

1,285,787

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/28

..............................

1,305,000

1,342,268

e

Kentucky

Public

Energy

Authority

,

Revenue

,

2022

A-2

,

Mandatory

Put

,

4.269

%

,

(

SOFR

+

1.2

%

),

8/01/30

..................................................

14,125,000

14,181,914

24,926,833

Louisiana

2.9%

City

of

New

Orleans

,

Sewerage

Service

,

Revenue

,

2020

B

,

5

%

,

6/01/26

.........................

450,000

462,116

Sewerage

Service

,

Revenue

,

2020

B

,

5

%

,

6/01/27

.........................

600,000

628,141

Sewerage

Service

,

Revenue

,

2020

B

,

5

%

,

6/01/28

.........................

550,000

584,837

e

Lake

Charles

Harbor

&

Terminal

District

,

Big

Lake

Fuels

LLC

,

Revenue

,

2021

,

Mandatory

Put

,

1

%

,

12/01/24

.........................................

10,000,000

10,000,000

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Louisiana

Utilities

Restoration

Corp.

ELL

System

Restoration

,

Revenue

,

2023

,

A-1

,

5.081

%

,

6/01/31

..........................................

1,705,501

1,722,402

Louisiana

Offshore

Terminal

Authority

,

Loop

LLC

,

Revenue

,

2007

A

,

Refunding

,

4.15

%

,

9/01/27

.........................................................

1,500,000

1,516,954

Louisiana

Public

Facilities

Authority

,

Loyola

University

New

Orleans

,

Revenue

,

2021

,

Refunding

,

5

%

,

10/01/25

.......

250,000

252,744

e

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

Mandatory

Put

,

5

%

,

5/15/25

........................................

7,500,000

7,550,197

e

State

of

Louisiana

,

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2022

A

,

Refunding

,

Mandatory

Put

,

3.706

%

,

(

SOFR

+

0.5

%

),

5/01/26

..........................

2,915,000

2,906,053

25,623,444

Maryland

2.1%

City

of

Cumberland

,

GO

,

2021

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/25

..........

455,000

459,083

Maryland

Economic

Development

Corp.

,

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

A

,

5

%

,

11/12/28

...............................................

10,000,000

10,192,842

e

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2020

B-2

,

Refunding

,

Mandatory

Put

,

5

%

,

7/01/27

......................................................

5,110,000

5,304,172

State

of

Maryland

,

GO

,

2017

B

,

Refunding

,

5

%

,

8/01/26

......................

30,000

31,132

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/26

...............

1,035,000

1,045,005

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/27

...............

1,215,000

1,245,538

18,277,772

Massachusetts

1.3%

e

Massachusetts

Development

Finance

Agency

,

President

&

Trustees

of

Williams

College

,

Revenue

,

2011

N

,

Mandatory

Put

,

0.45

%

,

7/01/25

..................

1,000,000

978,317

Massachusetts

Housing

Finance

Agency

,

Revenue

,

2022

C-3

,

FHA

Insured

,

4

%

,

6/01/26

.........................................................

10,000,000

10,045,030

11,023,347

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)

Michigan

1.4%

Michigan

Finance

Authority

,

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/27

.......................................

$

2,000,000

$

2,072,106

e

Michigan

Strategic

Fund

,

Consumers

Energy

Co.

,

Revenue

,

2005

,

Mandatory

Put

,

0.875

%

,

10/08/26

..................................................

5,915,000

5,432,172

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2017

E

,

Refunding

,

4

%

,

12/01/26

......................................

5,000,000

5,048,456

12,552,734

Minnesota

1.7%

Minnesota

Higher

Education

Facilities

Authority

,

University

of

St.

Thomas

,

Revenue

,

2019

,

5

%

,

10/01/26

.....................

1,000,000

1,034,721

University

of

St.

Thomas

,

Revenue

,

2019

,

5

%

,

10/01/27

.....................

1,000,000

1,052,262

e

Minnesota

Municipal

Gas

Agency

,

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/27

...........................

5,000,000

5,073,698

Revenue

,

2022

B

,

Mandatory

Put

,

4.069

%

,

12/01/27

.......................

8,000,000

8,015,341

15,176,022

Mississippi

0.3%

e

Mississippi

Business

Finance

Corp.

,

Waste

Management,

Inc.

,

Revenue

,

2004

,

Mandatory

Put

,

0.7

%

,

9/01/26

........................................

2,500,000

2,383,558

Missouri

0.8%

Citizens

Memorial

Hospital

District

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

12/01/26

.....

5,000,000

5,032,576

Missouri

Development

Finance

Board

,

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

5

%

,

3/01/25

...............

500,000

500,721

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

5

%

,

3/01/26

...............

405,000

409,013

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

5

%

,

3/01/27

...............

660,000

674,445

6,616,755

Nevada

0.7%

e

County

of

Washoe

,

Sierra

Pacific

Power

Co.

,

Revenue

,

2016

F

,

Refunding

,

Mandatory

Put

,

4.125

%

,

10/01/29

..............................................

3,575,000

3,622,787

Las

Vegas

Valley

Water

District

,

GO

,

2020

D

,

Refunding

,

5

%

,

6/01/25

............

2,750,000

2,776,445

6,399,232

New

Hampshire

0.1%

g

New

Hampshire

Business

Finance

Authority

,

Revenue

,

FRN

,

2024-3

,

A

,

4.163

%

,

10/20/41

........................................................

998,097

974,556

New

Jersey

8.1%

County

of

Atlantic

,

GO

,

2020

,

0.375

%

,

6/01/25

.............................

1,800,000

1,766,097

County

of

Morris

,

GO

,

2021

,

2

%

,

2/01/26

.................................

4,215,000

4,145,724

Garden

State

Preservation

Trust

,

Revenue

,

2005

A

,

AGMC

Insured

,

5.75

%

,

11/01/28

20,560,000

21,949,420

f

Jersey

City

Redevelopment

Agency

,

Revenue

,

2024

A

,

Refunding

,

4.5

%

,

12/11/25

..

3,500,000

3,538,207

New

Jersey

Economic

Development

Authority

,

c

Revenue

,

144A,

2019

,

Refunding

,

5.25

%

,

9/01/27

.........................

6,000,000

6,375,815

e

New

Jersey-American

Water

Co.,

Inc.

,

Revenue

,

2019

B

,

Refunding

,

Mandatory

Put

,

2.05

%

,

12/03/29

.................................................

7,500,000

6,736,337

State

of

New

Jersey

,

Revenue

,

2022

A

,

5

%

,

11/01/25

.......................

1,000,000

1,017,158

f

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

5/15/25

.............................................

4,000,000

4,032,485

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2006

C

,

AMBAC

Insured

,

Zero

Cpn.,

12/15/26

....

10,000,000

9,366,329

State

of

New

Jersey

,

Revenue

,

2006

C

,

BHAC

Insured

,

Zero

Cpn.,

12/15/27

.....

11,110,000

10,110,657

State

of

New

Jersey

,

GO

,

3

%

,

6/01/25

....................................

2,000,000

1,996,622

71,034,851

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)

New

Mexico

2.2%

e

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.875

%

,

10/01/26

................................................

$

4,250,000

$

4,017,513

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

C

,

Refunding

,

Mandatory

Put

,

3.875

%

,

6/01/29

.................................................

11,000,000

11,242,318

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

D

,

Refunding

,

Mandatory

Put

,

3.9

%

,

6/01/28

...................................................

4,000,000

4,081,871

19,341,702

New

York

4.9%

County

of

Suffolk

,

GO

,

2018

B

,

AGMC

Insured

,

4

%

,

10/15/28

..................

4,205,000

4,305,888

Metropolitan

Transportation

Authority

,

Revenue

,

2017

A-2

,

Refunding

,

5

%

,

11/15/25

.

3,980,000

4,052,733

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/25

...........................

1,000,000

1,001,340

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2024

F-2

,

4.67

%

,

2/01/33

....................

3,000,000

3,014,957

Future

Tax

Secured

,

Revenue

,

2025

D

,

5

%

,

5/01/26

........................

3,000,000

3,095,009

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

780,000

709,522

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

2,969,664

e

Rochester

Gas

and

Electric

Corp.

,

Revenue

,

1997

A

,

Refunding

,

Mandatory

Put

,

3

%

,

7/01/25

........................................................

10,000,000

9,982,694

e

New

York

State

Housing

Finance

Agency

,

Revenue

,

2022

A-2

,

Mandatory

Put

,

2.5

%

,

5/01/27

....................................................

2,825,000

2,752,827

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

5

%

,

1/01/36

..........................

7,195,000

7,394,021

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/25

...

500,000

507,105

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

12/01/25

...

2,200,000

2,238,841

State

of

New

York

Mortgage

Agency

,

Homeowner

Mortgage

,

Revenue

,

212

,

2.95

%

,

4/01/25

.........................................................

895,000

892,386

42,916,987

North

Carolina

0.7%

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/25

..........

1,000,000

1,010,237

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/26

..........

850,000

869,290

North

Carolina

State

University

at

Raleigh

,

Revenue

,

2018

,

Refunding

,

5

%

,

10/01/26

................................

3,000,000

3,123,229

Revenue

,

2018

,

Refunding

,

5

%

,

10/01/27

................................

1,500,000

1,596,859

6,599,615

North

Dakota

0.8%

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/01/27

..

2,325,000

2,413,477

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/01/28

..

1,680,000

1,762,785

City

of

Horace

,

GO

,

2024

B

,

Refunding

,

4.85

%

,

8/01/26

.................................

1,750,000

1,752,562

GO

,

2024

C

,

Refunding

,

5

%

,

5/01/26

...................................

385,000

393,046

GO

,

2024

C

,

Refunding

,

5

%

,

5/01/27

...................................

400,000

414,417

GO

,

2024

C

,

Refunding

,

5

%

,

5/01/28

...................................

475,000

496,876

7,233,163

Ohio

2.4%

Columbus

Metropolitan

Housing

Authority

,

Revenue

,

2024

,

4

%

,

6/01/34

.........................................

1,500,000

1,503,756

Cobblestone

Manor

LLC

,

Revenue

,

2024

,

5

%

,

8/01/27

......................

2,000,000

2,050,575

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)

Ohio

(continued)

Ohio

Air

Quality

Development

Authority

,

American

Electric

Power

Co.,

Inc.

,

Revenue

,

2014

D

,

Refunding

,

3.2

%

,

5/01/26

...

$

3,500,000

$

3,476,498

e

Duke

Energy

Corp.

,

Revenue

,

2022

A

,

Refunding

,

Mandatory

Put

,

4.25

%

,

6/01/27

.

7,500,000

7,619,819

c

Ohio

Housing

Finance

Agency

,

Revenue

,

144A,

2023

B

,

6

%

,

2/01/26

...................................

1,700,000

1,702,654

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

B

,

6.25

%

,

3/01/26

...........

3,000,000

3,009,027

Youngstown

State

University

,

Revenue

,

2021

,

Refunding

,

AGMC

Insured

,

4

%

,

12/15/24

...................

645,000

645,169

Revenue

,

2021

,

Refunding

,

AGMC

Insured

,

4

%

,

12/15/25

...................

580,000

586,284

Revenue

,

2021

,

Refunding

,

AGMC

Insured

,

4

%

,

12/15/26

...................

850,000

866,641

21,460,423

Oregon

2.5%

Deschutes

&

Jefferson

Counties

School

District

No.

2J

Redmond

,

GO

,

2021

,

3

%

,

6/15/25

.........................................................

850,000

848,533

Oregon

Local

Governments

,

GO

,

2004

,

BAM,

AMBAC

Insured

,

6.095

%

,

6/01/28

....

8,172,672

8,421,380

Salem-Keizer

School

District

No.

24J

,

GO

,

2018

,

5

%

,

6/15/25

..................

2,000,000

2,021,482

State

of

Oregon

,

GO

,

2015

B

,

Refunding

,

5

%

,

8/01/27

........................

2,785,000

2,822,738

State

of

Oregon

Housing

&

Community

Services

Department

,

e

Hollywood

Hub

LP

,

Revenue

,

2024

R

,

Mandatory

Put

,

4

%

,

1/01/29

.............

5,000,000

5,075,377

c

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-1

,

5.5

%

,

12/01/25

.........

2,270,000

2,279,369

21,468,879

Pennsylvania

2.6%

Allegheny

County

Airport

Authority

,

Revenue

,

2023

A

,

AGMC

Insured

,

5.25

%

,

1/01/36

1,000,000

1,119,192

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/25

.................................

500,000

503,023

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/26

.................................

500,000

510,797

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/27

.................................

590,000

612,798

Chester

County

Industrial

Development

Authority

,

Avon

Grove

Charter

School

,

Revenue

,

2024

,

5

%

,

3/01/27

.........................................

3,250,000

3,319,037

Lehigh

County

Industrial

Development

Authority

,

PPL

Electric

Utilities

Corp.

,

Revenue

,

2016

B

,

Refunding

,

2.625

%

,

2/15/27

...................................

5,000,000

4,957,792

e

Montgomery

County

Industrial

Development

Authority

,

Constellation

Energy

Generation

LLC

,

Revenue

,

2023

A

,

Refunding

,

Mandatory

Put

,

4.1

%

,

4/03/28

.............

5,000,000

5,141,142

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

11/15/29

...........

1,230,000

1,299,286

e

Waste

Management,

Inc.

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

1.1

%

,

11/02/26

.......................................................

4,000,000

3,825,643

Philadelphia

Gas

Works

Co.

,

Revenue

,

16th

A

,

AGMC

Insured

,

5

%

,

8/01/25

............................

500,000

506,425

Revenue

,

16th

A

,

AGMC

Insured

,

5

%

,

8/01/26

............................

600,000

621,151

22,416,286

Rhode

Island

0.1%

City

of

Providence

,

GO

,

2021

A

,

Refunding

,

5

%

,

1/15/25

...................................

500,000

500,853

GO

,

2021

A

,

Refunding

,

5

%

,

1/15/26

...................................

500,000

509,335

1,010,188

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)

South

Carolina

2.6%

e

Columbia

Housing

Authority

,

Columbia

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2022

,

Mandatory

Put

,

2.25

%

,

10/01/25

..................................

$

9,000,000

$

8,866,577

c

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3

%

,

11/01/26

...................................

320,000

307,467

e

Patriots

Energy

Group

Financing

Agency

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.25

%

,

8/01/31

.........................................................

3,535,000

3,863,971

South

Carolina

Public

Service

Authority

,

Revenue

,

2021

B

,

5

%

,

12/01/24

.......................................

1,750,000

1,750,000

Revenue

,

2024

A

,

5

%

,

12/01/26

.......................................

675,000

702,136

Revenue

,

2024

A

,

5

%

,

12/01/27

.......................................

525,000

557,081

Revenue

,

2024

A

,

5

%

,

12/01/28

.......................................

500,000

538,900

Revenue

,

2024

A

,

5

%

,

12/01/29

.......................................

550,000

601,946

Revenue

,

2024

A

,

5

%

,

12/01/30

.......................................

675,000

747,333

Revenue

,

2024

A

,

5.5

%

,

12/01/54

.....................................

3,000,000

3,346,895

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/24

..................................

1,500,000

1,500,000

22,782,306

Tennessee

3.6%

State

of

Tennessee

,

GO

,

2023

A

,

5

%

,

5/01/31

..............................

6,670,000

7,591,972

e

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5

%

,

12/01/30

..............

8,010,000

8,673,576

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

5

%

,

11/01/25

.......................................

350,000

354,644

e

Revenue

,

2023

A-1

,

Refunding

,

Mandatory

Put

,

5

%

,

5/01/28

.................

14,560,000

15,162,387

31,782,579

Texas

2.7%

e

Austin

Housing

Finance

Corp.

,

Austin

Leased

Housing

Associates

V

LP

,

Revenue

,

2024

,

Mandatory

Put

,

3.4

%

,

11/01/27

...................................

8,500,000

8,525,064

Central

Texas

Turnpike

System

,

Revenue,

First

Tier

,

2002

A

,

BHAC,

AMBAC

Insured

,

Zero

Cpn.,

8/15/27

.................................................

3,280,000

3,007,577

c

,f

City

of

Celina

,

Mosaic

Public

Improvement

District

Phase

No.

1B

,

Special

Assessment

,

144A,

2024

,

4.375

%

,

9/01/31

.........................................

190,000

190,864

City

of

Houston

,

Combined

Utility

System

,

Revenue,

First

Lien

,

2018

D

,

Refunding

,

5

%

,

11/15/26

........................................................

1,000,000

1,044,020

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO

,

2021

,

2

%

,

9/01/25

.............................................

145,000

141,683

GO

,

2021

,

2

%

,

9/01/26

.............................................

150,000

142,526

GO

,

2021

,

2

%

,

9/01/27

.............................................

155,000

143,571

f

GO

,

2024

,

AGMC

Insured

,

5

%

,

9/01/29

.................................

385,000

410,071

f

GO

,

2024

,

AGMC

Insured

,

5

%

,

9/01/33

.................................

470,000

507,461

e

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

,

Revenue

,

2023

A

,

Mandatory

Put

,

5.5

%

,

1/01/30

....................................................

5,000,000

5,413,111

e

THF

Public

Facility

Corp.

,

THF

Little

Elm

Leased

Housing

Associates

II

LP

,

Revenue

,

2022

,

Mandatory

Put

,

3.25

%

,

9/01/25

...................................

3,500,000

3,494,456

c

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

9/01/26

.........................

117,000

111,871

Westside

211

Special

Improvement

District

,

GO,

Sub.

Lien

,

2021

,

2

%

,

8/15/25

.....................................

265,000

259,854

GO,

Sub.

Lien

,

2021

,

2

%

,

8/15/27

.....................................

280,000

264,604

23,656,733

Virginia

0.3%

Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

1/01/29

........................................................

180,000

182,124

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Virginia

Small

Business

Financing

Authority,

(continued)

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

7/01/29

........................................................

$

1,750,000

$

1,772,263

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

12/01/24

...

220,000

220,000

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

12/01/25

...

230,000

228,260

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

12/01/26

...

235,000

232,217

2,634,864

Washington

1.4%

Auburn

School

District

No.

408

of

King

&

Pierce

Counties

,

GO

,

2018

,

5

%

,

12/01/27

..

1,700,000

1,815,489

Spokane

County

School

District

No.

354

Mead

,

GO

,

2018

,

4

%

,

12/01/32

.............................................

1,150,000

1,173,913

GO

,

2018

,

5

%

,

12/01/33

.............................................

1,500,000

1,584,578

State

of

Washington

,

GO

,

R-2015

D

,

Refunding

,

5

%

,

7/01/28

..................

3,985,000

3,990,338

Vancouver

Housing

Authority

,

Esther

Cougar

Rehab

LLLP

,

Revenue

,

2024

A

,

5

%

,

10/01/27

.................

1,460,000

1,504,083

Esther

Cougar

Rehab

LLLP

,

Revenue

,

2024

B

,

5

%

,

10/01/27

.................

1,055,000

1,086,854

c

Washington

Health

Care

Facilities

Authority

,

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

5

%

,

12/01/31

..............................

280,000

306,649

c

Washington

State

Housing

Finance

Commission

,

Seattle

Academy

of

Arts

&

Sciences

,

Revenue

,

144A,

2023

,

Refunding

,

5

%

,

7/01/28

............................

410,000

427,440

11,889,344

West

Virginia

0.1%

e

West

Virginia

Economic

Development

Authority

,

Appalachian

Power

Co.

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.625

%

,

12/15/25

......................

1,000,000

957,417

Wisconsin

1.2%

Public

Finance

Authority

,

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

4

%

,

7/01/26

..........

150,000

148,910

c

Greystone

Housing

Impact

Investors

LP

,

Revenue

,

144A,

2023-1

,

B-1

,

7.125

%

,

7/25/34

........................................................

2,550,000

2,682,668

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/25

...........................................

285,000

285,357

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/26

...........................................

300,000

301,303

Wisconsin

Health

&

Educational

Facilities

Authority

,

Marshfield

Clinic

Health

System

Obligated

Group

,

Revenue

,

2024

A

,

5

%

,

2/15/29

..

5,000,000

5,317,120

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/26

....................................................

345,000

345,425

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/27

....................................................

360,000

360,989

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2024

B-2

,

4.2

%

,

8/15/28

...

840,000

841,956

10,283,728

Wyoming

0.1%

County

of

Laramie

,

Cheyenne

Regional

Medical

Center

,

Revenue

,

2021

,

Refunding

,

4

%

,

5/01/27

......................................................

550,000

560,514

U.S.

Territories

0.8%

District

of

Columbia

0.7%

e

District

of

Columbia

Housing

Finance

Agency

,

Revenue

,

2024

A-2

,

Mandatory

Put

,

4.1

%

,

9/01/30

....................................................

6,335,000

6,559,468

Puerto

Rico

0.1%

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/25

..

195,000

196,380

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority,

(continued)

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/27

..

$

450,000

$

467,510

663,890

Total

U.S.

Territories

....................................................................

7,223,358

Total

Municipal

Bonds

(Cost

$

756,607,757

)

.....................................

754,804,729

Total

Long

Term

Investments

(Cost

$

837,448,271

)

...............................

833,868,174

a

a

a

a

a

Short

Term

Investments

5.8%

Municipal

Bonds

5.8%

Arizona

0.1%

i

Arizona

Industrial

Development

Authority

,

Phoenix

Children's

Hospital

,

Revenue

,

2019

A

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.15

%

,

2/01/48

..........

800,000

800,000

California

0.6%

i

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2002

A-6

,

Refunding

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

2.6

%

,

7/01/35

.......................................

1,055,000

1,055,000

Power

System

,

Revenue

,

2023

F-2

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.55

%

,

7/01/47

.................................

4,000,000

4,000,000

5,055,000

Colorado

0.2%

i

Colorado

Health

Facilities

Authority

,

Children's

Hospital

Colorado

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.25

%

,

12/01/52

.........................

600,000

600,000

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2024

E

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.15

%

,

5/15/64

.................................

1,100,000

1,100,000

1,700,000

Maryland

0.1%

i

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.15

%

,

11/01/37

........................................................

900,000

900,000

Massachusetts

0.1%

i

Massachusetts

Development

Finance

Agency

,

Children's

Hospital

Corp.

Obligated

Group

(The)

,

Revenue

,

2024

U-1

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.1

%

,

3/01/48

.................................................

100,000

100,000

i

Massachusetts

Health

&

Educational

Facilities

Authority

,

Baystate

Total

Home

Care,

Inc.

,

Revenue

,

2009

K-1

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.1

%

,

7/01/39

..

1,300,000

1,300,000

1,400,000

Minnesota

0.2%

i

City

of

Minneapolis

,

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

C

,

Refunding

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

3.25

%

,

11/15/48

.....

1,500,000

1,500,000

Missouri

0.5%

i

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

St.

Louis

University

,

Revenue

,

2008

B

,

LOC

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

3.2

%

,

10/01/35

..............................................

600,000

600,000

St.

Louis

University

,

Revenue

,

2008

B-1

,

LOC

Barclays

Bank

plc

,

Daily

VRDN

and

Put

,

3.15

%

,

10/01/35

.............................................

500,000

500,000

Washington

University

(The)

,

Revenue

,

2000

B

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

3.15

%

,

3/01/40

.................................

3,000,000

3,000,000

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

55

See

Abbreviations

on

page

203

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Missouri

(continued)

i

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

(continued)

Washington

University

(The)

,

Revenue

,

2003

B

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.7

%

,

2/15/33

...............................................

$

200,000

$

200,000

4,300,000

New

Jersey

0.1%

i

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group

,

Revenue

,

2009

C

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.6

%

,

7/01/43

.........................................................

900,000

900,000

New

York

2.1%

i

City

of

New

York

,

GO

,

2020

B-3

,

Daily

VRDN

and

Put

,

3.6

%

,

10/01/46

...........

5,300,000

5,300,000

i

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2014

AA-1

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

3.25

%

,

6/15/50

......................................

6,500,000

6,500,000

Water

&

Sewer

System

,

Revenue

,

2022

DD

,

Refunding

,

Daily

VRDN

and

Put

,

3.6

%

,

6/15/33

........................................................

6,400,000

6,400,000

18,200,000

Oregon

1.3%

i

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.7

%

,

8/01/34

..................................

5,200,000

5,200,000

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.15

%

,

8/01/34

.................................

6,300,000

6,300,000

11,500,000

Pennsylvania

0.3%

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

,

2.55

%

,

12/01/37

...............................................

1,500,000

1,500,000

i

Delaware

County

Industrial

Development

Authority

,

United

Parcel

Service,

Inc.

,

Revenue

,

2015

,

Refunding

,

Daily

VRDN

and

Put

,

3.2

%

,

9/01/45

...............

200,000

200,000

i

General

Authority

of

Southcentral

Pennsylvania

,

WellSpan

Health

Obligated

Group

,

Revenue

,

2019

E

,

Refunding

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.8

%

,

6/01/35

665,000

665,000

2,365,000

Tennessee

0.2%

i

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group

,

Revenue

,

2008

A

,

AGMC

Insured

,

SPA

JPMorgan

Chase

&

Co.

,

Daily

VRDN

and

Put

,

3.25

%

,

6/01/42

........................

1,700,000

1,700,000

Total

Municipal

Bonds

(Cost

$

50,320,000

)

......................................

50,320,000

Total

Short

Term

Investments

(Cost

$

50,320,000

)

................................

50,320,000

a

Total

Investments

(Cost

$

887,768,271

)

101.2

%

..................................

$884,188,174

Other

Assets,

less

Liabilities

(

1.2

)

%

...........................................

(9,966,637)

Net

Assets

100.0%

...........................................................

$874,221,537

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

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.

56

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

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

November

30,

2024,

the

aggregate

value

of

these

securities

was

$60,541,848,

representing

6.9%

of

net

assets.

d

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

e

The

maturity

date

shown

represents

the

mandatory

put

date.

f

Security

purchased

on

a

when-issued

basis.

g

The

coupon

rate

shown

represents

the

rate

at

period

end.

h

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

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),

November

30,

2024

Franklin

Georgia

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

57

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

$

924,736

Total

Corporate

Bonds

(Cost

$

900,000

)

........................................

924,736

Municipal

Bonds

99.3%

California

0.4%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

1,300,000

1,143,873

Florida

2.3%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

2,592,000

2,324,006

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

750,000

543,555

b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

2,950,000

2,368,781

b

,c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Mandatory

Put

,

Zero

Cpn.,

5/01/52

.....................................................

2,030,000

1,822,940

7,059,282

Georgia

90.3%

Athens

Housing

Authority

,

UGAREF

East

Campus

Housing

Phase

II

LLC

,

Revenue

,

2017

,

Refunding

,

4

%

,

6/15/40

........................................................

5,000,000

5,007,785

UGAREF

Lumpkin

Street

Housing

Phase

I

LLC

,

Revenue

,

2024

,

4

%

,

6/15/49

.....

2,000,000

2,000,520

UGAREF

Lumpkin

Street

Housing

Phase

I

LLC

,

Revenue

,

2024

,

4.125

%

,

6/15/56

.

3,500,000

3,512,325

Atlanta

&

Fulton

County

Recreation

Authority

,

City

of

Atlanta

,

Revenue

,

2024

,

Refunding

,

5

%

,

12/01/35

............................................

300,000

357,817

Atlanta

Development

Authority

(The)

,

City

of

Atlanta

Hotel

Motel

Tax

,

Revenue

,

2015

A-1

,

5.25

%

,

7/01/40

............

5,000,000

5,045,260

City

of

Atlanta

Hotel

Motel

Tax

,

Revenue

,

2015

A-1

,

5.25

%

,

7/01/44

............

3,000,000

3,023,595

Tuff

Yamacraw

LLC

,

Revenue

,

2005

A

,

Refunding

,

AMBAC

Insured

,

5

%

,

1/01/26

..

2,555,000

2,588,928

Auburn

Urban

Redevelopment

Agency

,

City

of

Auburn

,

Revenue

,

2020

,

BAM

Insured

,

4

%

,

10/01/50

.....................................................

1,000,000

996,320

Augusta

,

Water

&

Sewer

,

Revenue

,

2024

,

Refunding

,

BAM

Insured

,

4

%

,

10/01/50

...

1,500,000

1,499,271

Bainbridge

Public

Facilities

Authority

,

County

of

Decatur

,

Revenue

,

2018

,

AGMC

Insured

,

4

%

,

3/01/43

...............................................

3,000,000

3,014,382

Bleckley

County

School

District

,

GO

,

2020

,

5

%

,

10/01/42

.....................

2,055,000

2,224,418

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

7/01/49

........................................

3,000,000

2,987,223

Carroll

City-County

Hospital

Authority

,

Tanner

Medical

Center

Obligated

Group

,

Revenue

,

2015

,

5

%

,

7/01/41

..........

2,000,000

2,011,508

Tanner

Medical

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/50

.

1,450,000

1,439,944

City

of

Atlanta

,

Airport

Passenger

Facility

Charge

,

Revenue

,

2023

E

,

5.25

%

,

7/01/43

...........

3,000,000

3,299,736

Airport

Passenger

Facility

Charge

,

Revenue,

Sub.

Lien

,

2019

D

,

4

%

,

7/01/36

.....

4,500,000

4,508,474

BeltLine

Tax

Allocation

District

,

Tax

Allocation

,

2016

B

,

Refunding

,

5

%

,

1/01/31

....

1,780,000

1,838,998

Department

of

Aviation

,

Revenue

,

2021

C

,

Refunding

,

5

%

,

7/01/37

.............

1,500,000

1,611,465

Department

of

Aviation

,

Revenue

,

2024

B

,

5.25

%

,

7/01/54

...................

7,000,000

7,586,152

Water

&

Wastewater

,

Revenue

,

2001

A

,

AGMC,

NATL

RE

Insured

,

5.5

%

,

11/01/27

.

3,145,000

3,307,466

Water

&

Wastewater

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

11/01/47

..............

5,000,000

5,171,783

City

of

Baldwin

,

Water

&

Sewerage

,

Revenue

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

6/01/46

.........................................................

1,835,000

1,543,940

City

of

Buford

,

GO

,

2017

C

,

Pre-Refunded

,

4

%

,

1/01/43

......................

5,000,000

5,115,392

City

of

Cartersville

,

Water

&

Sewer

,

Revenue

,

2018

,

Refunding

,

5

%

,

6/01/48

.......

4,000,000

4,141,681

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)

Georgia

(continued)

City

of

Dalton

,

GO

,

2018

,

5

%

,

2/01/48

....................................

$

3,000,000

$

3,119,240

City

of

Monroe

,

Combined

Utility

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

12/01/50

....

1,500,000

1,494,526

Clayton

County

Development

Authority

,

USG

Real

Estate

Foundation

XIII

LLC

,

Revenue

,

2022

A

,

5

%

,

6/15/32

..........

1,295,000

1,464,296

USG

Real

Estate

Foundation

XIII

LLC

,

Revenue

,

2022

A

,

5

%

,

6/15/33

..........

1,210,000

1,380,881

Columbia

County

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2023

A

,

5.125

%

,

4/01/48

....................................

3,000,000

3,258,082

County

of

Columbia

,

Water

&

Sewerage

,

Revenue

,

2024

,

5

%

,

6/01/49

............

500,000

552,718

County

of

DeKalb

,

Water

&

Sewerage

,

Revenue

,

2006

B

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/35

.....................................................

4,000,000

4,121,980

County

of

Fulton

,

Water

&

Sewerage

,

Revenue

,

2020

A

,

3

%

,

1/01/45

.............

5,000,000

4,185,035

Coweta

County

Water

&

Sewage

Authority

,

Revenue

,

2021

B

,

3

%

,

6/01/43

........................................

820,000

701,115

Revenue

,

2021

B

,

3

%

,

6/01/46

........................................

1,000,000

826,339

Revenue

,

2024

,

5

%

,

6/01/54

.........................................

2,000,000

2,184,858

Dalton

Whitfield

County

Joint

Development

Authority

,

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2017

,

4

%

,

8/15/41

.....

3,000,000

3,012,255

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2024

B

,

Refunding

,

5

%

,

8/15/37

........................................................

3,075,000

3,494,096

DeKalb

County

Development

Authority

,

GLOBE

Academy,

Inc.

(The)

,

Revenue

,

2024

A

,

5

%

,

6/01/45

.................

350,000

355,762

GLOBE

Academy,

Inc.

(The)

,

Revenue

,

2024

A

,

5

%

,

6/01/50

.................

550,000

555,669

DeKalb

Newton

&

Gwinnett

Counties

Joint

Development

Authority

,

GGCF

Athletic

Fields

LLC

,

Revenue

,

2012

A

,

AGMC

Insured

,

5

%

,

7/01/39

..................

2,500,000

2,502,013

Development

Authority

for

Fulton

County

,

Georgia

Tech

Facilities,

Inc.

,

Revenue

,

2018

,

4

%

,

3/01/43

...................

2,000,000

2,007,767

Georgia

Tech

Facilities,

Inc.

,

Revenue

,

2024

,

5

%

,

6/15/49

...................

1,750,000

1,901,358

Georgia

Tech

Facilities,

Inc.

,

Revenue

,

2024

,

5

%

,

6/15/56

...................

2,000,000

2,160,557

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/46

........................................................

5,840,000

5,915,400

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

7/01/49

......

5,000,000

4,917,339

Tuff/Atlanta

Housing

LLC

,

Revenue

,

2022

,

Refunding

,

5

%

,

9/01/32

.............

1,350,000

1,510,129

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

4/01/50

........

3,000,000

2,991,579

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.

,

Revenue

,

2017

D

,

Refunding

,

4.125

%

,

11/01/45

..................................

6,000,000

5,751,411

Development

Authority

of

Cobb

County

(The)

,

KSU

2020

Housing

Real

Estate

Foundation

LLC

,

Revenue

,

2020

,

4

%

,

7/15/52

....

5,720,000

5,590,707

University

System

of

Georgia

,

Revenue

,

2020

C

,

4

%

,

7/15/52

................

2,000,000

1,954,793

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

4,825,000

4,103,517

Etowah

Water

&

Sewer

Authority

,

Revenue

,

2019

,

Refunding

,

BAM

Insured

,

3

%

,

3/01/44

.........................................................

1,250,000

1,034,664

Floyd

County

Hospital

Authority

,

Floyd

Obligated

Group

,

Revenue

,

2016

,

Pre-

Refunded

,

4

%

,

7/01/43

.............................................

3,000,000

3,053,849

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/42

..........

6,000,000

6,036,865

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/15/42

....................................................

7,000,000

7,167,798

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

2/15/51

5,000,000

4,900,627

Georgia

Housing

&

Finance

Authority

,

Revenue

,

2013

A

,

3.8

%

,

12/01/37

.....................................

1,655,000

1,640,032

Revenue

,

2018

A

,

3.85

%

,

12/01/38

....................................

1,170,000

1,166,419

Revenue

,

2018

A

,

3.95

%

,

12/01/43

....................................

1,210,000

1,189,346

Revenue

,

2019

A

,

Refunding

,

3.7

%

,

6/01/49

..............................

4,490,000

4,414,691

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Georgia

Ports

Authority

,

Revenue

,

2021

,

4

%

,

7/01/51

.........................................

$

1,145,000

$

1,150,854

Revenue

,

2022

,

5

%

,

7/01/47

.........................................

2,500,000

2,726,293

Revenue

,

2022

,

5.25

%

,

7/01/52

.......................................

2,000,000

2,197,978

Glynn-Brunswick

Memorial

Hospital

Authority

,

Southeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

,

5

%

,

8/01/47

............................

5,000,000

5,015,321

Henry

County

School

District

,

GO

,

2016

,

Pre-Refunded

,

4

%

,

8/01/33

.............

5,000,000

5,099,665

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2007

A

,

5.5

%

,

9/15/25

......................................

2,500,000

2,533,586

Revenue

,

2007

A

,

5.5

%

,

9/15/27

......................................

5,000,000

5,265,795

Revenue

,

2019

A

,

5

%

,

5/15/37

........................................

1,975,000

2,129,127

Revenue

,

2019

A

,

5

%

,

5/15/38

........................................

1,000,000

1,076,034

b,c

Revenue

,

144A,

2022

C

,

Mandatory

Put

,

4

%

,

11/01/27

......................

6,000,000

6,013,283

c

Revenue

,

2023

A

,

Mandatory

Put

,

5

%

,

6/01/30

............................

5,000,000

5,325,549

c

Revenue

,

2023

D

,

Mandatory

Put

,

5

%

,

12/01/30

...........................

2,000,000

2,138,714

c

Revenue

,

2023

E-1

,

Mandatory

Put

,

5

%

,

6/01/31

..........................

2,000,000

2,155,656

Moultrie-Colquitt

Counties

Development

Authority

,

Philadelphia

College

of

Osteopathic

Medicine

Obligated

Group

,

Revenue

,

2018

,

5

%

,

12/01/43

...................

4,815,000

5,038,286

Municipal

Electric

Authority

of

Georgia

,

Revenue

,

2019

A

,

AGMC

Insured

,

4

%

,

1/01/44

............................

5,000,000

5,009,634

Revenue

,

2020

A

,

Refunding

,

5

%

,

1/01/50

...............................

3,500,000

3,673,130

Revenue

,

2021

A

,

Refunding

,

4

%

,

1/01/46

...............................

330,000

319,669

Revenue

,

2021

A

,

Refunding

,

4

%

,

1/01/51

...............................

425,000

401,880

Revenue

,

2021

A

,

Refunding

,

5

%

,

1/01/56

...............................

750,000

764,110

Revenue

,

2023

A

,

5.5

%

,

7/01/64

......................................

2,000,000

2,175,116

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

1/01/49

.............................

500,000

549,788

Revenue

,

2024

A

,

Refunding

,

BAM

Insured

,

5.25

%

,

1/01/54

..................

500,000

547,186

Private

Colleges

&

Universities

Authority

,

Emory

University

,

Revenue

,

2013

A

,

5

%

,

10/01/43

.........................

5,000,000

5,009,568

Mercer

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/50

.................

5,400,000

5,405,694

Mercer

University

,

Revenue

,

2022

,

Refunding

,

5.25

%

,

10/01/51

...............

4,500,000

4,853,440

Savannah

Hospital

Authority

,

St.

Joseph's/Candler

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/43

...............................

10,000,000

9,959,993

Sinclair

Water

Authority

,

Revenue

,

2019

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/48

...

2,000,000

2,086,248

d

Upper

Oconee

Basin

Water

Authority

,

Revenue

,

2024

,

5

%

,

7/01/55

..............

4,000,000

4,351,392

Worth

County

School

District

,

GO

,

2017

,

5

%

,

12/01/42

.......................

5,000,000

5,169,724

274,594,809

Illinois

1.1%

State

of

Illinois

,

GO

,

2021

A

,

5

%

,

3/01/32

............................................

250,000

274,047

GO

,

2021

B

,

4

%

,

12/01/38

...........................................

3,000,000

2,987,069

3,261,116

New

Jersey

0.4%

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/15/35

..........................................

1,200,000

1,273,820

New

York

1.0%

Metropolitan

Transportation

Authority

,

Revenue

,

2020

A-1

,

4

%

,

11/15/53

.....................................

100,000

97,185

Revenue

,

2020

D

,

4

%

,

11/15/47

.......................................

600,000

589,957

Revenue

,

2021

A-2

,

4

%

,

11/15/42

.....................................

2,300,000

2,297,878

2,985,020

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.

60

See

Abbreviations

on

page

203

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

$

900,000

$

791,366

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

900,000

791,366

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

500,000

425,061

2,007,793

Texas

0.4%

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,500,000

1,257,006

Washington

0.3%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

900,000

791,536

Wisconsin

0.7%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

900,000

759,689

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

Zero

Cpn.,

12/01/44

..................................................

2,300,000

1,459,585

2,219,274

U.S.

Territories

1.7%

Puerto

Rico

1.7%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/32

................

923,681

915,786

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

..................

903,650

877,507

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

560,000

559,664

e

Revenue

,

XX

,

5.25

%

,

7/01/40

........................................

990,000

455,400

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

2,480,000

2,491,194

5,299,551

Total

U.S.

Territories

....................................................................

5,299,551

Total

Municipal

Bonds

(Cost

$

309,429,690

)

.....................................

301,893,080

Shares

Escrows

and

Litigation

Trusts

0.0%

†

a

,f

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

115,316

92,253

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

92,253

Total

Long

Term

Investments

(Cost

$

310,329,690

)

...............................

302,910,069

a

a

a

a

a

a

Total

Investments

(Cost

$

310,329,690

)

99.6

%

...................................

$302,910,069

Other

Assets,

less

Liabilities

0.4

%

.............................................

1,128,883

Net

Assets

100.0%

...........................................................

$304,038,952

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

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

61

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

November

30,

2024,

the

aggregate

value

of

these

securities

was

$20,336,319,

representing

6.7%

of

net

assets.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Security

purchased

on

a

when-issued

basis.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

Non-income

producing.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2024

Franklin

High

Yield

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

62

a

a

Shares

a

Value

a

Common

Stocks

0.0%

Independent

Power

and

Renewable

Electricity

Producers

0.0%

a,b

AES

Guayama

Holdings

BV

...........................................

231,664

$

—

b

Total

Common

Stocks

(Cost

$

–

)

...............................................

—

a

Management

Investment

Companies

3.1%

Capital

Markets

3.1%

Vanguard

Tax-Exempt

Bond

Index

ETF

...................................

3,000,000

153,150,000

Total

Management

Investment

Companies

(Cost

$

151,207,060

)

...................

153,150,000

Principal

Amount

a

a

a

a

Corporate

Bonds

2.5%

Commercial

Services

&

Supplies

0.4%

a

,c

CalPlant

I

LLC

,

Senior

Secured

Note

,

144A,

15%,

7/01/25

...............................

$

5,795,000

5,795,000

d

21

A

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

..........................

1,920,000

249,600

d

21

B

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

..........................

7,205,000

936,650

d

22

A

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

..........................

3,975,000

516,750

d

22

B

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

..........................

345,000

44,850

d

22

C

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

..........................

2,610,000

2,610,000

d

22

X

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

..........................

3,910,000

3,910,000

d

23

A

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

..........................

1,380,000

1,380,000

d

23

B

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

..........................

1,225,000

1,225,000

d

23

C

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

..........................

1,955,000

1,955,000

d

23

D

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

..........................

1,700,000

1,700,000

d

23

E

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

..........................

1,915,000

1,915,000

22,237,850

Diversified

Consumer

Services

1.8%

Grand

Canyon

University

,

Secured

Note

,

5.125%,

10/01/28

....................

93,710,000

88,840,510

Electric

Utilities

0.3%

c

Mission

Rock

Utilities,

Inc.

,

144A,

7%,

7/01/27

..............................

15,000,000

15,039,186

Total

Corporate

Bonds

(Cost

$

142,526,915

)

.....................................

126,117,546

Senior

Floating

Rate

Interests

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

a

,d

,e

,f

Rialto

Bioenergy

Facility

LLC,

First

Lien,

CME

Term

Loan,

B

,

PIK,

15.328

%

,

(

1-month

SOFR

+

10

%

),

4/01/31

..............................................

377,648

195,864

a

,d

,e

,f

Rialto

Bioenergy

Facility

LLC,

First

Lien,

Initial

Roll-Up

CME

Term

Loan,

B

,

PIK,

15.32

%

,

(

12-month

SOFR

+

10

%

),

9/18/25

...............................

1,639,525

—

195,864

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$

2,000,553

)

...........................

195,864

Municipal

Bonds

91.0%

Alabama

0.1%

Homewood

Educational

Building

Authority

,

CHF

-

Horizons

II

LLC

,

Revenue

,

2024

C

,

5

%

,

10/01/56

.....................................................

750,000

763,959

MidCity

Improvement

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

3.875

%

,

11/01/27

..............

300,000

291,795

Assessment

Area

,

Special

Assessment

,

2022

,

4.25

%

,

11/01/32

...............

600,000

555,988

Assessment

Area

,

Special

Assessment

,

2022

,

4.5

%

,

11/01/42

................

2,090,000

1,848,655

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)

Alabama

(continued)

MidCity

Improvement

District,

(continued)

Assessment

Area

,

Special

Assessment

,

2022

,

4.75

%

,

11/01/49

...............

$

2,400,000

$

2,132,746

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

6.5

%

,

11/01/44

...........

250,000

249,213

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

6.75

%

,

11/01/53

..........

540,000

537,468

6,379,824

Arizona

1.9%

d

Arizona

Industrial

Development

Authority

,

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue,

Second

Tier

,

2019

B

,

5.125

%

,

1/01/54

..........................

3,005,000

2,283,800

c

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

American

Leadership

Academy,

Inc.

,

Revenue

,

144A,

2022

,

Refunding

,

4

%

,

6/15/57

8,500,000

7,069,555

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

A

,

7

%

,

11/15/57

.......................................................

5,000,000

5,472,410

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

B-1

,

6.625

%

,

5/15/31

........................................................

4,000,000

4,061,847

c

Maricopa

County

Industrial

Development

Authority

,

Benjamin

Franklin

Charter

School

Obligated

Group

,

Revenue

,

144A,

2018

A

,

6

%

,

7/01/38

........................................................

5,000,000

5,265,528

Benjamin

Franklin

Charter

School

Obligated

Group

,

Revenue

,

144A,

2018

A

,

6

%

,

7/01/52

........................................................

10,000,000

10,320,343

Salt

Verde

Financial

Corp.

,

Revenue

,

2007-1

,

5.5

%

,

12/01/29

..................

11,105,000

12,071,023

c

Sierra

Vista

Industrial

Development

Authority

,

American

Leadership

Academy,

Inc.

,

Revenue

,

144A,

2023

,

5.75

%

,

6/15/58

......

5,000,000

5,221,020

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2021

A

,

Zero

Cpn.,

10/01/56

.......................................................

18,880,000

15,823,853

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2021

B

,

6.25

%

,

10/01/36

.......................................................

3,945,000

3,346,930

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

10/01/56

.......................................................

2,327,000

2,305,367

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2022

B

,

9

%

,

10/01/37

.......................................................

250,000

243,572

Tempe

Industrial

Development

Authority

,

c

Mirabella

at

ASU,

Inc.

,

Revenue

,

144A,

2017

A

,

6

%

,

10/01/37

................

1,900,000

1,419,138

c

Mirabella

at

ASU,

Inc.

,

Revenue

,

144A,

2017

A

,

6.125

%

,

10/01/47

.............

4,850,000

3,220,794

c

Mirabella

at

ASU,

Inc.

,

Revenue

,

144A,

2017

A

,

6.125

%

,

10/01/52

.............

2,800,000

1,811,390

Tempe

Life

Care

Village

Obligated

Group

,

Revenue

,

2019

,

5

%

,

12/01/50

........

4,300,000

4,324,525

Tempe

Life

Care

Village

Obligated

Group

,

Revenue

,

2019

,

5

%

,

12/01/54

........

8,000,000

8,031,552

Tempe

Life

Care

Village

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

12/01/56

.......

2,130,000

1,782,819

94,075,466

Arkansas

0.6%

Arkansas

Development

Finance

Authority

,

c

Hybar

LLC

,

Revenue

,

144A,

2023

B

,

7.375

%

,

7/01/48

......................

12,500,000

13,980,829

United

States

Steel

Corp.

,

Revenue

,

2022

,

5.45

%

,

9/01/52

...................

8,500,000

8,886,799

United

States

Steel

Corp.

,

Revenue

,

2023

,

5.7

%

,

5/01/53

....................

4,575,000

4,863,334

27,730,962

California

20.0%

Alvord

Unified

School

District

,

GO

,

2011

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/41

.....

30,750,000

15,476,226

c

California

Community

College

Financing

Authority

,

NCCD-Napa

Valley

Properties

LLC

,

Revenue

,

144A,

2022

A

,

4.25

%

,

7/01/32

.....

500,000

479,609

NCCD-Napa

Valley

Properties

LLC

,

Revenue

,

144A,

2022

A

,

5.75

%

,

7/01/60

.....

17,500,000

17,034,218

NCCD-Napa

Valley

Properties

LLC

,

Revenue

,

144A,

2022

C

,

6.75

%

,

7/01/60

.....

7,000,000

6,833,740

c

California

Community

Housing

Agency

,

Annadel

Apartments

,

Revenue

,

144A,

2019

A

,

5

%

,

4/01/49

..................

5,800,000

5,055,579

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)

California

(continued)

c

California

Community

Housing

Agency,

(continued)

Arbors

Apartments

,

Revenue

,

144A,

2020

A

,

5

%

,

8/01/50

....................

$

15,105,000

$

14,741,273

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

..........

13,695,000

12,642,267

Brio

Apartments

&

Next

on

Lex

Apartments

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/47

16,500,000

13,299,351

Fountains

at

Emerald

Park

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/46

...

21,405,000

18,591,435

K

Street

Flats

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/50

......................

17,830,000

14,447,681

Mira

Vista

Hills

Apartments

,

Revenue

,

144A,

2021

A

,

4

%

,

2/01/56

.............

33,000,000

18,969,750

Twin

Creek

Apartments

,

Revenue,

Junior

Lien

,

144A,

2022

B

,

5.5

%

,

2/01/40

.....

4,400,000

4,018,864

Verdant

at

Green

Valley

Apartments

,

Revenue

,

144A,

2019

A

,

5

%

,

8/01/49

.......

20,000,000

19,209,958

c

California

Municipal

Finance

Authority

,

California

Baptist

University

,

Revenue

,

144A,

2015

A

,

5.5

%

,

11/01/45

...........

17,400,000

17,536,239

California

Baptist

University

,

Revenue

,

144A,

2016

A

,

5

%

,

11/01/46

............

5,000,000

5,014,244

Capital

Christian

Center

,

Revenue

,

144A,

2021

A

,

5

%

,

10/01/51

...............

8,425,000

7,502,409

c

,d

California

Pollution

Control

Financing

Authority

,

CalPlant

I

LLC

,

Revenue

,

144A,

2017

,

7.5

%

,

7/01/32

.......................

24,500,000

330,750

CalPlant

I

LLC

,

Revenue

,

144A,

2017

,

8

%

,

7/01/39

........................

10,000,000

135,000

CalPlant

I

LLC

,

Revenue

,

144A,

2020

,

7.5

%

,

7/01/32

.......................

10,000,000

135,000

a

Rialto

Bioenergy

Facility

LLC

,

Revenue

,

144A,

2018

,

6.75

%

,

12/01/28

..........

1,320,136

169,861

a

Rialto

Bioenergy

Facility

LLC

,

Revenue

,

144A,

2018

,

7.5

%

,

12/01/40

...........

4,140,071

532,700

c

California

Public

Finance

Authority

,

Crossroads

Christian

Schools

Obligated

Group

,

Revenue

,

144A,

2020

,

5

%

,

1/01/56

....................................

4,015,000

3,723,030

California

Statewide

Communities

Development

Authority

,

Special

Tax

,

2023

C-1

,

5

%

,

9/02/43

....................................

3,965,000

4,017,999

c

NCCD-Hooper

Street

LLC

,

Revenue

,

144A,

2019

,

5.25

%

,

7/01/39

.............

1,275,000

1,312,541

c

NCCD-Hooper

Street

LLC

,

Revenue

,

144A,

2019

,

5.25

%

,

7/01/49

.............

3,725,000

3,787,361

c

City

&

County

of

San

Francisco

,

District

No.

2020-1

Development

,

Special

Tax

,

144A,

2021

B

,

5.25

%

,

9/01/49

.............................................

2,500,000

2,196,968

City

of

San

Francisco

,

5.25

%

,

9/01/49

....................................

10,000,000

8,787,874

c

CMFA

Special

Finance

Agency

,

Solana

at

Grand

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/45

...........

34,725,000

30,558,528

Solana

at

Grand

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

4

%

,

8/01/56

..........

1,700,000

1,533,328

c

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Junior

Lien

,

144A,

2022

A-2

,

4.5

%

,

8/01/51

.........................................................

38,000,000

30,333,306

c

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/47

..............................................

31,320,000

27,447,066

c

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

.........................................

11,900,000

10,521,156

c

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue

,

144A,

2022

A-2

,

4.375

%

,

8/01/49

...................................................

21,215,000

17,961,854

c

CSCDA

Community

Improvement

Authority

,

Cameo/Garrison

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

3/01/57

............

15,000,000

11,398,980

Crescent

(The)

,

Revenue

,

144A,

2022

B

,

5.5

%

,

7/01/59

.....................

15,935,000

14,066,688

Dublin

,

Revenue

,

144A,

2021

B

,

4

%

,

2/01/57

.............................

7,500,000

5,820,595

Escondido

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3

%

,

6/01/48

........

10,000,000

7,354,347

Park

Crossing

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/48

.............

14,235,000

11,264,360

Renaissance

at

City

Center

,

Revenue

,

144A,

2020

A

,

5

%

,

7/01/51

.............

22,325,000

21,969,155

Waterscape

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

9/01/46

................

5,970,000

5,098,636

Wood

Creek

Apartments

,

Revenue,

Sub.

Lien

,

144A,

2021

B

,

4

%

,

12/01/59

......

19,800,000

13,233,855

M-S-R

Energy

Authority

,

Revenue

,

2009

B

,

6.125

%

,

11/01/29

...................................

22,790,000

24,408,669

Revenue

,

2009

B

,

7

%

,

11/01/34

.......................................

20,000,000

25,322,548

Revenue

,

2009

C

,

6.5

%

,

11/01/39

.....................................

20,000,000

26,024,342

Palmdale

Elementary

School

District

,

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/28

...................................................

1,500,000

1,338,679

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)

California

(continued)

Palmdale

Elementary

School

District,

(continued)

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/30

...................................................

$

1,250,000

$

1,042,184

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/31

...................................................

1,250,000

1,004,673

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/34

...................................................

2,500,000

2,683,622

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien

,

2013

B

,

Zero

Cpn.,

6/01/32

.........................

4,000,000

3,060,391

Revenue,

Senior

Lien

,

2013

B

,

Zero

Cpn.,

6/01/33

.........................

5,500,000

4,047,199

Revenue,

Senior

Lien

,

2013

B

,

Zero

Cpn.,

6/01/41

.........................

5,000,000

2,557,739

Revenue,

Senior

Lien

,

2013

B

,

Zero

Cpn.,

6/01/42

.........................

7,000,000

3,401,687

San

Diego

Unified

School

District

,

GO

,

2012

E

,

Zero

Cpn.,

7/01/42

.......................................

44,565,000

37,679,159

GO

,

2012

E

,

Zero

Cpn.,

7/01/47

.......................................

33,305,000

28,321,273

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue

,

1997

A

,

Refunding

,

6

%

,

1/15/45

...............................

35,834,000

48,878,562

Revenue

,

1997

A

,

Refunding

,

6

%

,

1/15/46

...............................

35,834,000

49,090,738

Revenue,

Junior

Lien

,

ETM,

Zero

Cpn.,

1/01/26

...........................

110,000,000

106,685,293

Revenue,

Junior

Lien

,

ETM,

Zero

Cpn.,

1/01/27

...........................

125,100,000

118,265,224

San

Mateo

Foster

City

School

District

,

GO

,

A

,

Zero

Cpn.,

8/01/42

...............

40,000,000

43,675,140

San

Mateo

Union

High

School

District

,

GO

,

2011

A

,

Zero

Cpn.,

9/01/41

...........

20,000,000

21,638,540

Silicon

Valley

Tobacco

Securitization

Authority

,

Revenue

,

2007

A

,

Zero

Cpn.,

6/01/36

...................................

15,000,000

7,974,688

Revenue

,

2007

C

,

Zero

Cpn.,

6/01/56

..................................

60,000,000

6,524,412

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2006

B

,

Zero

Cpn.,

6/01/46

..............

50,000,000

12,746,525

1,000,915,068

Colorado

5.1%

3rd

and

Havana

Metropolitan

District

,

GO

,

2020

A

,

5.25

%

,

12/01/49

.............

3,775,000

3,381,693

9th

Avenue

Metropolitan

District

No.

2

,

GO

,

2018

,

5

%

,

12/01/48

................

7,414,000

7,459,191

Allison

Valley

Metropolitan

District

No.

1

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/47

......

5,250,000

5,121,456

Allison

Valley

Metropolitan

District

No.

2

,

GO

,

2020

,

Refunding

,

4.7

%

,

12/01/47

.....

4,750,000

4,383,552

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

1

,

GO

,

2018

A

,

5.375

%

,

12/01/48

........................................................

2,185,000

2,193,118

Baseline

Metropolitan

District

No.

1

,

GO

,

2021

A

,

Refunding

,

5

%

,

12/01/51

..................................

1,500,000

1,545,000

GO

,

2021

B

,

Refunding

,

7.5

%

,

12/15/51

.................................

2,190,000

2,255,700

GO

,

2024

B

,

6.75

%

,

12/15/54

.........................................

2,500,000

2,550,381

c

Bent

Grass

Metropolitan

District

,

GO

,

144A,

2020

,

Refunding

,

5.25

%

,

12/01/49

.....

1,685,000

1,686,334

Bradburn

Metropolitan

District

No.

2

,

GO

,

2018

A

,

Refunding

,

5

%

,

12/01/38

..................................

600,000

608,921

GO

,

2018

A

,

Refunding

,

5

%

,

12/01/47

..................................

2,400,000

2,404,002

c

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-2

,

Refunding

,

5

%

,

12/01/49

........................................................

724,000

716,369

Clear

Creek

Transit

Metropolitan

District

No.

2

,

GO

,

2021

A

,

5

%

,

12/01/41

...........................................

578,000

487,740

GO

,

2021

A

,

5

%

,

12/01/50

...........................................

1,000,000

799,999

Colliers

Hill

Metropolitan

District

No.

2

,

GO

,

2022

B-1

,

Refunding

,

5.75

%

,

12/15/47

..

2,850,000

2,860,543

Colorado

Health

Facilities

Authority

,

Aberdeen

Ridge,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

5

%

,

5/15/49

..........

2,235,000

1,548,772

Aberdeen

Ridge,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

5

%

,

5/15/58

..........

4,750,000

3,109,314

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)

Colorado

Health

Facilities

Authority,

(continued)

Frasier

Meadows

Manor,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25

%

,

5/15/47

........................................................

$

6,500,000

$

6,580,246

Conestoga

Metropolitan

District

No.

2

,

GO

,

2021

A-3

,

Refunding

,

5.25

%

,

12/01/51

..

1,625,000

1,546,592

Copperleaf

Metropolitan

District

No.

6

,

GO

,

2022

B

,

6

%

,

12/15/41

...............

1,225,000

1,232,392

Cornerstar

Metropolitan

District

,

GO

,

A

,

Refunding

,

5.125

%

,

12/01/37

...................................

2,000,000

2,004,915

GO

,

A

,

Refunding

,

5.25

%

,

12/01/47

....................................

5,200,000

5,209,310

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

B

,

6

%

,

12/01/48

........................................................

6,590,000

6,781,093

Eagle

Brook

Meadows

Metropolitan

District

No.

3

,

GO

,

2021-3

,

5

%

,

12/01/51

......

1,600,000

1,486,544

Greenways

Metropolitan

District

No.

1

,

GO

,

2021

A-3

,

4.625

%

,

12/01/51

..........

1,580,000

1,180,203

c

Hidden

Creek

Metropolitan

District

,

GO

,

144A,

2021

A-3

,

4.625

%

,

12/01/45

........

1,140,000

979,636

c

Horizon

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-3

,

4.5

%

,

12/01/51

..........

1,675,000

1,270,756

Jay

Grove

Metropolitan

District

,

GO

,

2021

,

4.25

%

,

12/01/51

...................

1,225,000

1,007,641

Jefferson

Center

Metropolitan

District

No.

1

,

Revenue

,

2020

A-2

,

4.125

%

,

12/01/40

..................................

575,000

543,393

Revenue

,

2020

A-2

,

4.375

%

,

12/01/47

..................................

1,125,000

1,071,887

Johnstown

Farms

East

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

............

1,500,000

1,358,779

Johnstown

Plaza

Metropolitan

District

,

GO

,

2022

,

Refunding

,

4.25

%

,

12/01/46

.....

8,500,000

7,917,438

c

Karl's

Farm

Metropolitan

District

No.

2

,

GO

,

144A,

2020

A-3

,

Pre-Refunded

,

5.375

%

,

12/01/40

......................

645,000

675,113

GO

,

144A,

2020

A-3

,

Pre-Refunded

,

5.625

%

,

12/01/50

......................

1,900,000

1,992,183

Liberty

Ranch

Metropolitan

District

,

GO

,

2021

A

,

Refunding

,

5.25

%

,

12/01/51

......

6,590,000

5,976,906

Morgan

Hill

Metropolitan

District

No.

3

,

GO

,

2021

B

,

Refunding

,

6.375

%

,

12/15/51

...

1,465,000

1,439,771

Murphy

Creek

Metropolitan

District

No.

4

,

GO

,

2021

,

5

%

,

12/01/51

..............

8,000,000

7,236,694

Nexus

North

at

DIA

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

...............

565,000

518,769

c

Platte

River

Metropolitan

District

,

GO,

Senior

Lien

,

144A,

2023

A

,

Refunding

,

6.5

%

,

8/01/53

.........................................................

1,888,000

1,981,558

Prairie

Center

Metropolitan

District

No.

3

,

GO

,

2024

A

,

Refunding

,

5.875

%

,

12/15/46

.

750,000

817,295

Prairie

Center

Metropolitan

District

No.

7

,

GO

,

2020

,

4.125

%

,

12/15/36

.........................................

500,000

463,506

GO

,

2020

,

4.875

%

,

12/15/44

.........................................

725,000

669,319

GO

,

2021

,

6.375

%

,

6/15/46

..........................................

1,330,000

1,288,099

Ptarmigan

West

Metropolitan

District

No.

2

,

GO

,

2021-3

,

4.125

%

,

12/01/51

........

1,475,000

1,125,088

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.25

%

,

11/15/28

......................................

10,430,000

11,031,902

Revenue

,

2008

,

6.5

%

,

11/15/38

.......................................

60,100,000

73,817,386

Raindance

Metropolitan

District

No.

1

,

Non-Potable

Water

System

,

Revenue

,

2020

,

5

%

,

12/01/40

...................

625,000

628,714

Non-Potable

Water

System

,

Revenue

,

2020

,

5.25

%

,

12/01/50

................

4,250,000

4,281,505

Rampart

Range

Metropolitan

District

No.

5

,

Revenue

,

2021

,

4

%

,

12/01/41

.........

2,730,000

2,542,856

Reunion

Metropolitan

District

,

Water

Activity

Enterprise

,

Revenue

,

2021

A

,

3.625

%

,

12/01/44

........................................................

6,002,392

4,622,483

Ritoro

Metropolitan

District

,

GO

,

2019

A

,

5

%

,

12/01/49

.......................

2,000,000

1,992,959

RRC

Metropolitan

District

No.

2

,

GO

,

2021

,

5.25

%

,

12/01/51

...................

5,625,000

5,101,684

South

Aurora

Regional

Improvement

Authority

,

Revenue

,

2018

,

6.25

%

,

12/01/57

....

2,815,000

2,822,713

Southglenn

Metropolitan

District

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/30

....................................

3,470,000

3,470,506

GO

,

2016

,

Refunding

,

5

%

,

12/01/36

....................................

810,000

809,938

GO

,

2016

,

Refunding

,

5

%

,

12/01/46

....................................

4,200,000

4,103,684

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)

Colorado

(continued)

STC

Metropolitan

District

No.

2

,

GO

,

2019

A

,

Refunding

,

5

%

,

12/01/38

..................................

$

2,000,000

$

2,003,380

GO

,

2019

A

,

Refunding

,

5

%

,

12/01/49

..................................

1,000,000

982,509

Timberleaf

Metropolitan

District

,

GO

,

2020

A

,

5.75

%

,

12/01/50

..................

1,730,000

1,746,165

Trails

at

Crowfoot

Metropolitan

District

No.

3

,

GO

,

2024

B

,

Refunding

,

6.875

%

,

12/15/52

..................................................

1,215,000

1,219,922

Village

at

Dry

Creek

Metropolitan

District

No.

2

(The)

,

GO

,

2019

,

4.375

%

,

12/01/44

..

819,000

819,031

Village

Metropolitan

District

(The)

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/40

....................................

1,100,000

1,113,708

GO

,

2020

,

Refunding

,

5

%

,

12/01/49

....................................

1,750,000

1,766,715

Villages

at

Castle

Rock

Metropolitan

District

No.

4

,

1989

,

11.12

%

,

6/01/31

.........

3,000,000

2,760,000

Waterfront

at

Foster

Lake

Metropolitan

District

No.

2

,

GO

,

2022

A3-1

,

5

%

,

12/01/42

.........................................

3,705,000

3,540,908

GO

,

2022

A3-1

,

5

%

,

12/01/51

.........................................

4,085,000

3,692,937

GO

,

2022

A3-2

,

Zero

Cpn.,

12/01/51

...................................

5,130,000

3,620,006

Water

Tap

Fee

,

Revenue

,

2022

,

4.625

%

,

12/01/28

.........................

6,000,000

5,881,665

c

West

Meadow

Metropolitan

District

,

GO,

Senior

Lien

,

144A,

2023

A

,

Refunding

,

6.5

%

,

12/01/50

........................................................

2,750,000

2,907,476

Wild

Plum

Metropolitan

District

,

GO

,

2019

A

,

Pre-Refunded

,

5

%

,

12/01/49

.........

595,000

612,850

255,360,813

Connecticut

0.6%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

c

Church

Home

of

Hartford

Obligated

Group

,

Revenue

,

144A,

2016

A

,

5

%

,

9/01/46

..

1,000,000

998,607

c

Church

Home

of

Hartford

Obligated

Group

,

Revenue

,

144A,

A

,

5

%

,

9/01/53

......

7,850,000

7,627,873

Masonicare

Corp.

Obligated

Group

,

Revenue

,

F

,

Refunding

,

5

%

,

7/01/43

........

13,000,000

13,011,184

c

McLean

Affiliates

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

1/01/45

........

1,000,000

936,163

c

McLean

Affiliates

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

1/01/55

........

5,695,000

5,079,460

27,653,287

Florida

17.5%

Abbott

Square

Community

Development

District

,

Special

Assessment

,

2022

,

5.375

%

,

6/15/42

.............................

1,040,000

1,076,424

Special

Assessment

,

2022

,

5.5

%

,

6/15/52

...............................

1,535,000

1,588,439

Anabelle

Island

Community

Development

District

,

Special

Assessment

,

2022

,

2.7

%

,

5/01/27

...............................

405,000

393,118

Special

Assessment

,

2022

,

3.1

%

,

5/01/32

...............................

750,000

694,305

Special

Assessment

,

2022

,

3.5

%

,

5/01/42

...............................

1,945,000

1,655,379

Antillia

Community

Development

District

,

Special

Assessment

,

2024

,

5.6

%

,

5/01/44

.

645,000

662,265

Arbors

Community

Development

District

,

2023

Project

Area

,

Special

Assessment

,

2023

,

4.5

%

,

5/01/30

.................

630,000

640,231

2023

Project

Area

,

Special

Assessment

,

2023

,

5.4

%

,

5/01/43

.................

1,705,000

1,784,669

2023

Project

Area

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

...............

2,235,000

2,341,836

c

2024

Project

Area

,

Special

Assessment

,

144A,

2024

,

5.15

%

,

5/01/44

...........

630,000

641,728

c

2024

Project

Area

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

5/01/55

............

815,000

833,075

Artisan

Lakes

East

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021-1

,

2.75

%

,

5/01/31

.............

250,000

231,517

Assessment

Area

2

,

Special

Assessment

,

2021-1

,

3.125

%

,

5/01/41

............

470,000

392,163

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2021-2

,

2.75

%

,

5/01/31

........

275,000

254,669

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2021-2

,

3.125

%

,

5/01/41

.......

515,000

430,239

Astonia

Community

Development

District

,

c

Area

1

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/40

......................

540,000

523,642

c

Area

1

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/51

......................

1,370,000

1,237,248

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2021

,

2.5

%

,

5/01/26

...........

105,000

102,919

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)

Astonia

Community

Development

District,

(continued)

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/31

............

$

500,000

$

470,470

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2021

,

3.2

%

,

5/01/41

...........

750,000

628,693

Assessment

Area

3

,

Special

Assessment

,

2023

,

5.125

%

,

6/15/43

..............

410,000

421,838

Assessment

Area

3

,

Special

Assessment

,

2023

,

5.375

%

,

6/15/53

..............

680,000

701,188

c

North

Parcel

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.5

%

,

5/01/26

..

100,000

98,018

c

North

Parcel

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/31

....

320,000

301,101

c

North

Parcel

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.2

%

,

5/01/41

..

750,000

628,693

c

Aurora

Oaks

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.35

%

,

5/01/44

..........

665,000

665,516

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

5/01/55

.........

1,030,000

1,029,965

Avalon

Groves

Community

Development

District

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

.............................

360,000

301,861

Special

Assessment

,

2021

,

4

%

,

5/01/51

.................................

500,000

449,992

Assessment

Area

3

,

Special

Assessment

,

2021

,

3

%

,

5/01/32

.................

200,000

186,481

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

..............

495,000

418,005

Avalon

Park

West

Community

Development

District

,

c

2020

Project

Area

,

Special

Assessment

,

144A,

2020

,

Refunding

,

3.25

%

,

5/01/30

..

215,000

209,875

c

2020

Project

Area

,

Special

Assessment

,

144A,

2020

,

Refunding

,

3.75

%

,

5/01/40

..

580,000

550,671

c

2020

Project

Area

,

Special

Assessment

,

144A,

2020

,

Refunding

,

4

%

,

5/01/51

.....

880,000

775,496

2022

Project

Area

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/42

.................

500,000

526,376

2022

Project

Area

,

Special

Assessment

,

2022

,

5.625

%

,

5/01/52

...............

875,000

912,937

c

Ave

Maria

Stewardship

Community

District

,

BAN

Assessment

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

5/01/53

...........................................

2,790,000

2,866,827

Avenir

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

A-1

,

2.75

%

,

5/01/31

............

2,980,000

2,739,111

Assessment

Area

3

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

3,030,000

3,110,892

Assessment

Area

3

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/54

..............

5,115,000

5,281,844

Parcel

A-18

,

Special

Assessment

,

2024

A

,

4.875

%

,

5/01/31

..................

270,000

273,308

Parcel

A-18

,

Special

Assessment

,

2024

A

,

5.75

%

,

5/01/44

...................

1,005,000

1,029,964

Parcel

A-18

,

Special

Assessment

,

2024

A

,

6

%

,

5/01/55

.....................

1,625,000

1,664,793

Aviary

at

Rutland

Ranch

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.1

%

,

11/01/31

...............

170,000

158,594

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.4

%

,

11/01/41

...............

410,000

347,167

Babcock

Ranch

Community

Independent

Special

District

,

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

4.3

%

,

5/01/31

............

1,000,000

1,004,612

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5

%

,

5/01/44

..............

1,500,000

1,515,928

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.25

%

,

5/01/55

...........

2,850,000

2,877,583

Assessment

Area

2

,

Special

Assessment

,

2021

,

2.875

%

,

5/01/31

..............

465,000

429,176

Assessment

Area

2C

,

Special

Assessment

,

2020

,

3

%

,

5/01/30

................

250,000

242,484

Assessment

Area

2C

,

Special

Assessment

,

2020

,

4

%

,

5/01/40

................

775,000

751,523

Assessment

Area

2C

,

Special

Assessment

,

2020

,

4

%

,

5/01/51

................

1,550,000

1,396,314

Assessment

Area

3A

,

Special

Assessment

,

2020

,

2.5

%

,

5/01/25

...............

20,000

19,883

Assessment

Area

3A

,

Special

Assessment

,

2020

,

3

%

,

5/01/30

................

250,000

241,254

Assessment

Area

3B

,

Special

Assessment

,

2020

,

4

%

,

5/01/40

................

385,000

373,337

Assessment

Area

3B

,

Special

Assessment

,

2020

,

4

%

,

5/01/51

................

890,000

804,262

Balm

Grove

Community

Development

District

,

Special

Assessment

,

2022

,

3.25

%

,

11/01/27

..............................

645,000

633,021

Special

Assessment

,

2022

,

3.625

%

,

11/01/32

.............................

1,290,000

1,226,246

Bannon

Lakes

Community

Development

District

,

c

Phase

2

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

5/01/41

...................

700,000

617,118

Phase

3

,

Special

Assessment

,

2022

,

3.3

%

,

5/01/32

........................

365,000

348,597

Phase

3

,

Special

Assessment

,

2022

,

4

%

,

5/01/42

..........................

1,370,000

1,258,756

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)

Bella

Collina

Community

Development

District

,

Special

Assessment

,

2024

,

5

%

,

5/01/44

$

680,000

$

680,231

Belmond

Reserve

Community

Development

District

,

2020

Project

,

Special

Assessment

,

2020

,

4

%

,

5/01/40

......................

1,750,000

1,720,490

2020

Project

,

Special

Assessment

,

2020

,

4

%

,

5/01/51

......................

2,000,000

1,781,514

Belmont

II

Community

Development

District

,

Special

Assessment

,

2020

,

3.125

%

,

12/15/30

.............................

325,000

313,703

Special

Assessment

,

2020

,

3.625

%

,

12/15/40

.............................

1,390,000

1,306,699

Berry

Bay

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.625

%

,

5/01/26

..............

105,000

103,004

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

..............

400,000

375,387

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.625

%

,

5/01/41

..............

1,250,000

1,085,732

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/43

................

985,000

1,029,450

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

...............

1,675,000

1,748,677

Berry

Bay

II

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

4.45

%

,

5/01/31

...............

140,000

140,337

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.2

%

,

5/01/44

................

145,000

145,860

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/54

...............

115,000

115,403

Black

Creek

Community

Development

District

,

Special

Assessment

,

2022

,

5.125

%

,

6/15/32

.............................

150,000

157,203

Special

Assessment

,

2022

,

5.625

%

,

6/15/52

.............................

2,000,000

2,089,897

Boggy

Branch

Community

Development

District

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

...............................

190,000

186,051

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................................

450,000

420,739

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

...............................

1,165,000

1,003,361

Bradbury

Community

Development

District

,

Special

Assessment

,

2023

,

4.375

%

,

5/01/30

.............................

590,000

596,320

Special

Assessment

,

2023

,

5.5

%

,

5/01/53

...............................

2,245,000

2,300,121

Bridgewalk

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.25

%

,

12/15/43

..............

760,000

815,804

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.5

%

,

12/15/53

...............

700,000

751,877

Bridgewater

North

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

3.125

%

,

5/01/27

..................

125,000

122,743

Assessments

,

Special

Assessment

,

2022

,

3.5

%

,

5/01/32

....................

350,000

334,778

Brightwater

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.85

%

,

5/01/31

...............

280,000

257,637

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.15

%

,

5/01/41

...............

700,000

569,920

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2024

,

5.35

%

,

5/01/44

..........

405,000

413,757

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

5/01/55

.........

525,000

535,785

Brookstone

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2022

,

4.75

%

,

5/01/32

...............

325,000

332,601

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/42

................

1,000,000

1,038,830

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.625

%

,

5/01/52

..............

1,750,000

1,807,788

Buckhead

Trails

Community

Development

District

,

Special

Assessment

,

2022

,

5.25

%

,

5/01/32

..............................

400,000

412,381

Special

Assessment

,

2022

,

5.625

%

,

5/01/42

.............................

1,000,000

1,047,919

Special

Assessment

,

2022

,

5.75

%

,

5/01/52

..............................

1,410,000

1,464,449

Special

Assessment

,

2024

,

4.7

%

,

5/01/31

...............................

560,000

564,441

Special

Assessment

,

2024

,

5.6

%

,

5/01/44

...............................

665,000

677,172

Special

Assessment

,

2024

,

5.875

%

,

5/01/54

.............................

1,500,000

1,526,028

Buena

Lago

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2022

,

5.25

%

,

5/01/42

...............

665,000

694,916

Assessment

Area

1

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/52

................

1,135,000

1,194,033

Caldera

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5

%

,

5/01/44

.................

725,000

731,850

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)

Caldera

Community

Development

District,

(continued)

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.2

%

,

5/01/54

................

$

390,000

$

390,941

c

Cape

Coral

Health

Facilities

Authority

,

Gulf

Care,

Inc.

Obligated

Group

,

Revenue,

Senior

Lien

,

144A,

2015

,

Refunding

,

6

%

,

7/01/45

..........................

5,250,000

3,959,196

c

Capital

Trust

Agency,

Inc.

,

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

3

%

,

7/01/31

..........

100,000

93,380

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

4

%

,

7/01/41

..........

450,000

404,846

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

4

%

,

7/01/51

..........

540,000

448,563

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

4

%

,

7/01/56

..........

445,000

360,825

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A-2

,

4

%

,

7/01/41

.........

750,000

674,744

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A-2

,

4

%

,

7/01/51

.........

975,000

809,905

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A-2

,

4

%

,

7/01/56

.........

750,000

608,132

Educational

Growth

Fund

LLC

,

Revenue

,

144A,

2021

B

,

Zero

Cpn.,

7/01/31

......

8,925,000

6,017,786

Sarasota-Manatee

Jewish

Housing

Council

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

5

%

,

7/01/46

............................................

3,250,000

2,534,610

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-2

,

4.43

%

,

1/01/57

...........

10,245,000

7,652,889

South

Tech

Schools

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

6/15/40

......

1,125,000

1,117,774

South

Tech

Schools

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

6/15/55

......

3,805,000

3,583,860

University

Bridge

LLC

,

Revenue

,

144A,

2018

A

,

5.25

%

,

12/01/43

..............

31,755,000

32,456,636

WFCS

Holdings

II

LLC

,

Revenue

,

144A,

2021

A-1

,

3.3

%

,

1/01/31

..............

715,000

682,617

WFCS

Holdings

LLC

,

Revenue

,

144A,

2020

A-1

,

5

%

,

1/01/55

.................

3,500,000

3,499,854

c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

17,300,000

13,891,493

Caymas

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.3

%

,

5/01/44

................

800,000

813,002

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/54

..............

690,000

700,795

Celebration

Community

Development

District

,

Special

Assessment

,

2021

,

2.25

%

,

5/01/26

..............................

100,000

97,970

Special

Assessment

,

2021

,

2.75

%

,

5/01/31

..............................

240,000

227,177

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

.............................

590,000

513,398

Celebration

Pointe

Community

Development

District

No.

1

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

...................................................

885,000

754,597

Center

Lake

Ranch

West

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/43

...............

1,365,000

1,433,734

Assessment

Area

1

,

Special

Assessment

,

2023

,

6

%

,

5/01/54

.................

2,330,000

2,453,062

Central

Parc

Community

Development

District

,

Special

Assessment

,

2024

,

5.7

%

,

5/01/44

...............................

500,000

507,993

Special

Assessment

,

2024

,

6

%

,

5/01/54

.................................

750,000

765,682

CFM

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

....................................................

145,000

141,739

Chaparral

Palm

Bay

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

A-1

,

4

%

,

5/01/40

...................

1,220,000

1,188,425

Assessments

,

Special

Assessment

,

2020

A-1

,

4

%

,

5/01/50

...................

1,985,000

1,804,759

Chapel

Creek

Community

Development

District

,

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/31

..............

170,000

157,917

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

5/01/41

..........

575,000

485,423

Assessment

Area

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

.................

570,000

586,467

Assessment

Area

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

................

1,055,000

1,080,350

c

Chapel

Crossings

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2020

,

2.625

%

,

5/01/25

.............

115,000

114,287

Assessments

,

Special

Assessment

,

144A,

2020

,

3.2

%

,

5/01/30

...............

645,000

612,136

Assessments

,

Special

Assessment

,

144A,

2020

,

3.7

%

,

5/01/40

...............

1,700,000

1,501,297

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)

c

Charlotte

County

Industrial

Development

Authority

,

MSKP

Town

&

Country

Utility

LLC

,

Revenue

,

144A,

2021

B

,

5

%

,

10/01/36

..................................

$

2,400,000

$

2,173,968

Coddington

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

5.75

%

,

5/01/42

...................

615,000

652,945

Assessments

,

Special

Assessment

,

2022

,

5.75

%

,

5/01/52

...................

1,025,000

1,077,268

Connerton

East

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.25

%

,

6/15/43

...............

1,395,000

1,456,389

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

6/15/53

..............

2,250,000

2,333,312

Copes

Landing

Community

Development

District

,

2023

Project

Area

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/43

................

210,000

225,401

2023

Project

Area

,

Special

Assessment

,

2023

,

5.875

%

,

5/01/53

...............

1,825,000

1,954,487

Coral

Bay

Lee

County

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/42

.....................................

250,000

261,268

Coral

Creek

Community

Development

District

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/44

..............................

2,160,000

2,222,539

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

..............................

1,700,000

1,744,631

Coral

Lakes

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.5

%

,

11/01/44

...............

780,000

812,084

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.75

%

,

11/01/53

..............

1,000,000

1,035,858

Cordoba

Ranch

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

3

%

,

5/01/31

.............

835,000

800,957

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

3

%

,

5/01/37

.............

825,000

724,103

Cordova

Palms

Community

Development

District

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

...............................

100,000

97,802

Special

Assessment

,

2021

,

2.8

%

,

5/01/31

...............................

340,000

312,515

Special

Assessment

,

2021

,

3

%

,

5/01/41

.................................

1,020,000

820,104

Special

Assessment

,

2022-1

,

5.7

%

,

5/01/42

..............................

305,000

326,290

Special

Assessment

,

2022-1

,

5.8

%

,

5/01/53

..............................

485,000

517,072

Assessment

Area

1

,

Special

Assessment

,

2022-2

,

4.5

%

,

5/01/27

..............

115,000

115,909

Assessment

Area

1

,

Special

Assessment

,

2022-2

,

5.1

%

,

5/01/32

..............

340,000

353,755

Assessment

Area

1

,

Special

Assessment

,

2022-2

,

5.4

%

,

5/01/42

..............

1,020,000

1,066,816

Assessment

Area

1

,

Special

Assessment

,

2022-2

,

5.6

%

,

5/01/53

..............

2,005,000

2,099,207

Creekview

Community

Development

District

,

Phase

1

,

Special

Assessment

,

2022

,

4.25

%

,

5/01/32

.......................

615,000

618,104

c

Phase

2

,

Special

Assessment

,

144A,

2024

,

4.6

%

,

5/01/31

...................

865,000

868,538

c

Phase

2

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

5/01/44

.................

2,000,000

2,017,637

c

Phase

2

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

5/01/55

.................

2,260,000

2,277,978

Cresswind

DeLand

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.375

%

,

5/01/44

..............

700,000

708,534

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

...............

730,000

742,800

c

Crestview

II

Community

Development

District

,

Special

Assessment

,

144A,

2020

,

Refunding

,

4

%

,

5/01/31

...................

250,000

256,092

Special

Assessment

,

144A,

2020

,

Refunding

,

4

%

,

5/01/37

...................

475,000

474,986

Cross

Creek

North

Community

Development

District

,

Special

Assessment

,

2022

,

4.25

%

,

5/01/42

..............................

2,340,000

2,249,284

Special

Assessment

,

2023

,

5.125

%

,

5/01/43

.............................

990,000

1,017,532

Special

Assessment

,

2023

,

5.375

%

,

5/01/53

.............................

1,255,000

1,292,328

Crossings

Community

Development

District

,

Area

2

,

Special

Assessment

,

2024

,

5.35

%

,

5/01/44

........................

595,000

601,498

Area

2

,

Special

Assessment

,

2024

,

5.6

%

,

5/01/54

.........................

535,000

540,370

Crosswinds

East

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

................

1,220,000

1,257,325

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

...............

1,500,000

1,540,492

Assessment

Area

2

,

Special

Assessment

,

2024

,

4.5

%

,

5/01/31

................

195,000

195,491

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)

Crosswinds

East

Community

Development

District,

(continued)

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/54

...............

$

300,000

$

301,422

Crystal

Cay

Community

Development

District

,

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

...............................

200,000

186,601

Special

Assessment

,

2021

,

3.05

%

,

5/01/41

..............................

850,000

725,081

Special

Assessment

,

2021

,

4

%

,

5/01/51

.................................

1,000,000

901,692

c

Curiosity

Creek

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.4

%

,

5/01/44

...........

900,000

911,011

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.7

%

,

5/01/55

...........

1,475,000

1,491,671

c

Currents

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2020

A

,

4

%

,

5/01/40

................................................

3,100,000

2,867,220

Cypress

Bay

West

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.25

%

,

5/01/43

...............

1,375,000

1,413,519

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/53

................

1,205,000

1,240,073

c

Cypress

Bluff

Community

Development

District

,

Special

Assessment

,

144A,

2020

A

,

3.125

%

,

5/01/30

.......................

250,000

244,767

Special

Assessment

,

144A,

2020

A

,

3.625

%

,

5/01/40

.......................

800,000

765,712

Special

Assessment

,

144A,

2020

A

,

3.8

%

,

5/01/50

.........................

1,170,000

1,047,518

Cypress

Park

Estates

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

4.375

%

,

5/01/27

...............

80,000

80,165

Assessment

Area

,

Special

Assessment

,

2022

,

4.75

%

,

5/01/32

................

350,000

356,102

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

5/01/30

..........

295,000

281,223

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.875

%

,

5/01/40

.........

1,170,000

1,061,953

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/51

............

1,210,000

1,026,458

Cypress

Ridge

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/43

..............

1,565,000

1,627,069

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.875

%

,

5/01/53

..............

1,340,000

1,394,449

Darby

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

A-1

,

5.625

%

,

5/01/44

...............

1,290,000

1,339,094

Assessments

,

Special

Assessment

,

2024

A-1

,

6

%

,

5/01/54

...................

1,610,000

1,677,020

Assessments

,

Special

Assessment

,

2024

A-2

,

5.875

%

,

5/01/35

...............

900,000

933,301

Deerbrook

Community

Development

District

,

Special

Assessment

,

2023

,

4.375

%

,

5/01/30

.............................

120,000

121,398

Special

Assessment

,

2023

,

5.25

%

,

5/01/43

..............................

680,000

700,000

Special

Assessment

,

2023

,

5.5

%

,

5/01/53

...............................

1,250,000

1,289,841

Del

Webb

Oak

Creek

Community

Development

District

,

Special

Assessment

,

2023

,

5

%

,

5/01/43

.................................

1,435,000

1,464,576

Special

Assessment

,

2023

,

5.25

%

,

5/01/53

..............................

2,000,000

2,049,090

DG

Farms

Community

Development

District

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/30

..............................

200,000

192,843

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

..............................

255,000

231,590

Dowden

West

Community

Development

District

,

Special

Assessment

,

2024

,

5.25

%

,

5/01/44

..............................

495,000

504,204

Special

Assessment

,

2024

,

5.55

%

,

5/01/54

..............................

855,000

870,052

DW

Bayview

Community

Development

District

,

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

5/01/26

..........

165,000

161,845

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/32

..............

430,000

411,709

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

5/01/41

..........

1,160,000

1,039,629

Assessment

Area

,

Special

Assessment

,

2022

,

4.5

%

,

5/01/32

.................

185,000

190,406

Assessment

Area

,

Special

Assessment

,

2022

,

5.125

%

,

5/01/42

...............

1,115,000

1,151,887

East

547

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

45,000

44,057

Assessment

Area

1

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

95,000

88,298

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.3

%

,

5/01/41

................

385,000

319,908

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)

East

547

Community

Development

District,

(continued)

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.25

%

,

5/01/43

...............

$

405,000

$

434,756

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.5

%

,

5/01/54

................

1,000,000

1,078,826

East

Bonita

Beach

Road

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

5/01/32

.................

255,000

243,034

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/41

...............

750,000

642,787

East

Nassau

Stewardship

District

,

Assessments

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

....................

125,000

122,189

Assessments

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

......................

500,000

463,663

Assessments

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

....................

1,190,000

1,015,626

Wildlight

Village

Phase

3

,

Special

Assessment

,

2024

,

5.25

%

,

5/01/44

...........

1,500,000

1,511,143

Eden

Hills

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/30

................

110,000

108,103

Assessment

Area

,

Special

Assessment

,

2020

,

4

%

,

5/01/40

...................

300,000

291,573

Assessment

Area

,

Special

Assessment

,

2022

,

3.25

%

,

5/01/27

................

280,000

277,742

Assessment

Area

,

Special

Assessment

,

2022

,

3.625

%

,

5/01/32

...............

610,000

597,169

Edgewater

East

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

220,000

215,533

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.1

%

,

5/01/31

................

700,000

658,308

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.6

%

,

5/01/41

................

2,625,000

2,295,745

Assessment

Area

2

,

Special

Assessment

,

2022

,

3.375

%

,

5/01/32

..............

1,980,000

1,882,848

Assessment

Area

2

,

Special

Assessment

,

2022

,

4

%

,

5/01/42

.................

3,985,000

3,660,837

Edgewater

West

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

4.5

%

,

5/01/31

................

1,000,000

999,975

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.25

%

,

5/01/44

...............

2,000,000

2,000,696

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/54

................

2,750,000

2,739,657

c

Enbrook

Community

Development

District

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/40

............................

500,000

463,744

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/51

............................

1,150,000

989,609

Entrada

Community

Development

District

,

Special

Assessment

,

2023

,

5.6

%

,

5/01/43

...............................

500,000

528,761

c

Assessments

,

Special

Assessment

,

144A,

2021

,

2.625

%

,

5/01/31

.............

370,000

347,468

c

Assessments

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

5/01/41

.............

935,000

825,817

Assessments

,

Special

Assessment

,

2024

,

5

%

,

5/01/44

......................

300,000

300,462

Assessments

,

Special

Assessment

,

2024

,

5.3

%

,

5/01/55

....................

310,000

310,696

Epperson

North

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

85,000

83,217

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

235,000

219,156

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

................

1,200,000

1,030,063

Assessment

Area

3

,

Special

Assessment

,

2021

A

,

2.45

%

,

11/01/26

............

125,000

121,453

Assessment

Area

3

,

Special

Assessment

,

2021

A

,

3.1

%

,

11/01/31

.............

400,000

371,756

Assessment

Area

4

,

Special

Assessment

,

2024

,

5.3

%

,

5/01/44

................

465,000

471,192

Assessment

Area

4

,

Special

Assessment

,

2024

,

5.6

%

,

5/01/55

................

500,000

506,542

Epperson

Ranch

II

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/25

...............

90,000

89,728

Assessment

Area

2

,

Special

Assessment

,

2020

,

3.625

%

,

5/01/30

..............

505,000

488,968

c

Everlands

Community

Development

District

,

Assessment

Area

2

Phase

2

,

Special

Assessment

,

144A,

2024

,

5.2

%

,

6/15/44

....

750,000

759,600

Assessment

Area

2

Phase

2

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

6/15/54

....

1,000,000

1,011,841

Everlands

II

Community

Development

District

,

Special

Assessment

,

2024

,

5.2

%

,

6/15/44

...............................

500,000

505,101

Special

Assessment

,

2024

,

5.45

%

,

6/15/54

..............................

485,000

488,357

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)

Fallschase

Community

Development

District

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

.........................................................

$

1,000,000

$

843,438

c

Florida

Development

Finance

Corp.

,

g

AAF

Operations

Holdings

LLC

,

Revenue

,

144A,

2024

,

Refunding

,

Mandatory

Put

,

12

%

,

7/15/28

...................................................

15,000,000

16,008,744

g

Brightline

Florida

Holdings

LLC

,

Revenue

,

144A,

2024

A

,

Mandatory

Put

,

8.25

%

,

2/14/25

........................................................

5,925,000

6,105,519

Glenridge

on

Palmer

Ranch

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

6/01/31

........................................................

450,000

469,765

Glenridge

on

Palmer

Ranch

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

6/01/51

........................................................

5,500,000

5,412,689

Mayflower

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5.25

%

,

6/01/50

........................................................

7,000,000

6,990,220

Mayflower

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

6/01/55

............................................

3,900,000

3,011,223

c

Forest

Lake

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

5/01/30

..........

350,000

341,322

Assessment

Area

2

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

5/01/27

..........

30,000

30,273

Assessment

Area

2

,

Special

Assessment

,

144A,

2022

,

5

%

,

5/01/32

............

75,000

77,517

Assessment

Area

2

,

Special

Assessment

,

144A,

2022

,

5.375

%

,

5/01/42

.........

310,000

323,945

Assessment

Area

2

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

5/01/52

...........

275,000

285,314

Gracewater

Sarasota

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

....................

125,000

122,022

Assessments

,

Special

Assessment

,

2021

,

2.95

%

,

5/01/31

...................

500,000

459,776

Grand

Oaks

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2020

,

4.25

%

,

5/01/40

...............

1,095,000

1,040,200

Assessment

Area

2

,

Special

Assessment

,

2020

,

4.5

%

,

5/01/52

................

3,500,000

3,227,759

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.2

%

,

11/01/31

...............

215,000

200,788

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.5

%

,

11/01/41

...............

555,000

468,614

Assessment

Area

3

,

Special

Assessment

,

2021

,

4

%

,

11/01/51

................

1,205,000

1,026,076

Grande

Pines

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.75

%

,

5/01/41

...............

710,000

623,108

Assessment

Area

1

,

Special

Assessment

,

2021

,

4

%

,

5/01/51

.................

750,000

641,792

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.8

%

,

5/01/54

................

1,010,000

1,034,281

Grove

Resort

Community

Development

District

,

Special

Assessment

,

2022

,

3.3

%

,

5/01/32

...............................

170,000

159,173

Special

Assessment

,

2022

,

3.55

%

,

5/01/42

..............................

435,000

370,203

Hamilton

Bluff

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

................

1,000,000

1,021,311

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.8

%

,

5/01/54

................

1,250,000

1,273,523

Hammock

Oaks

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

4.875

%

,

5/01/30

..............

180,000

183,147

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/43

..............

645,000

673,084

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

...............

1,000,000

1,032,953

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.85

%

,

5/01/44

...............

750,000

770,878

Assessment

Area

2

,

Special

Assessment

,

2024

,

6.15

%

,

5/01/54

...............

730,000

752,699

Hammock

Reserve

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2020

,

4

%

,

5/01/40

.................

540,000

513,531

Assessment

Area

1

,

Special

Assessment

,

2020

,

4

%

,

5/01/51

.................

860,000

755,669

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

200,000

186,233

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

..............

520,000

442,947

Assessment

Area

3

,

Special

Assessment

,

2022

,

4.4

%

,

5/01/32

................

445,000

452,405

Harmony

West

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2023

,

5

%

,

5/01/43

.................

360,000

369,686

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.3

%

,

5/01/53

................

305,000

314,802

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)

Hawkstone

Community

Development

District

,

Assessment

Area

3

,

Special

Assessment

,

2021

,

2.6

%

,

5/01/26

................

$

80,000

$

78,387

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.2

%

,

5/01/31

................

440,000

414,289

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.45

%

,

5/01/41

...............

1,120,000

961,049

Assessment

Area

4

,

Special

Assessment

,

2023

,

4.375

%

,

5/01/30

..............

255,000

257,598

Hawthorne

Mill

North

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.2

%

,

5/01/44

................

1,000,000

1,009,548

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/54

................

1,400,000

1,414,240

Hickory

Tree

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.15

%

,

5/01/44

...............

890,000

894,910

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/55

...............

365,000

366,709

Highland

Trails

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

....................

780,000

797,789

Assessments

,

Special

Assessment

,

2024

,

5.85

%

,

5/01/54

...................

785,000

804,936

Hills

of

Minneola

Community

Development

District

,

North

Parcel

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.55

%

,

5/01/44

.....

525,000

555,743

North

Parcel

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.875

%

,

5/01/54

....

725,000

776,634

c

South

Parcel

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/40

...

1,125,000

1,049,839

South

Parcel

Assessment

Area

Phase

2

,

Special

Assessment

,

2021

,

2.375

%

,

5/01/26

........................................................

50,000

48,933

South

Parcel

Assessment

Area

Phase

2

,

Special

Assessment

,

2021

,

2.8

%

,

5/01/31

250,000

230,954

South

Parcel

Assessment

Area

Phase

2

,

Special

Assessment

,

2021

,

3.2

%

,

5/01/41

500,000

415,571

Hilltop

Point

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2022-1

,

5.375

%

,

5/01/52

............

700,000

712,571

Assessment

Area

2

,

Special

Assessment

,

2022-2

,

5.6

%

,

5/01/53

..............

745,000

764,485

Hobe-St.

Lucie

Conservancy

District

,

Unit

of

Development

No.

1A

,

Special

Assessment

,

2024

,

5.875

%

,

5/01/55

...................................

3,000,000

3,118,961

Holly

Hill

Road

East

Community

Development

District

,

Assessment

Area

3

,

Special

Assessment

,

2020

,

4.5

%

,

11/01/31

...............

165,000

175,572

Assessment

Area

3

,

Special

Assessment

,

2020

,

5

%

,

11/01/41

................

350,000

376,401

Assessment

Area

3

,

Special

Assessment

,

2020

,

5

%

,

11/01/50

................

520,000

547,020

Hyde

Park

Community

Development

District

No.

1

,

Assessments

,

Special

Assessment

,

2024

A

,

5.35

%

,

5/01/44

..................

420,000

425,031

Assessments

,

Special

Assessment

,

2024

A

,

5.625

%

,

5/01/55

.................

280,000

283,109

Indigo

Community

Development

District

,

Special

Assessment

,

1999

A

,

7

%

,

5/01/31

...............................

395,000

395,756

Special

Assessment

,

1999

C

,

7

%

,

5/01/30

...............................

4,123,752

2,577,345

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

2.2

%

,

5/01/26

.........

125,000

121,893

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

.........

240,000

222,767

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

.......

855,000

699,471

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

4

%

,

5/01/52

...........

1,375,000

1,199,088

Island

Lake

Estates

Community

Development

District

,

Special

Assessment

,

2023

,

5.75

%

,

12/15/43

.............................

1,240,000

1,316,181

Special

Assessment

,

2023

,

6

%

,

12/15/53

................................

1,430,000

1,511,867

Kelly

Park

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

6

%

,

11/01/43

................

915,000

963,375

Assessment

Area

1

,

Special

Assessment

,

2023

,

6.25

%

,

11/01/53

..............

1,220,000

1,281,966

Kindred

Community

Development

District

II

,

Special

Assessment

,

2020

,

3.5

%

,

5/01/40

...............................

395,000

364,030

Special

Assessment

,

2020

,

3.75

%

,

5/01/50

..............................

570,000

495,225

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

...............................

235,000

220,880

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

.............................

500,000

433,139

Special

Assessment

,

2023

,

5.875

%

,

5/01/54

.............................

1,100,000

1,153,762

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)

Kingman

Gate

Community

Development

District

,

Special

Assessment

,

2020

,

3.125

%

,

6/15/30

.............................

$

375,000

$

366,731

Special

Assessment

,

2020

,

4

%

,

6/15/40

.................................

775,000

764,699

Special

Assessment

,

2020

,

4

%

,

6/15/50

.................................

2,270,000

2,085,768

Special

Assessment

,

2021

,

2.5

%

,

6/15/26

...............................

40,000

39,311

Special

Assessment

,

2021

,

3.125

%

,

6/15/31

.............................

250,000

242,670

Special

Assessment

,

2021

,

3.6

%

,

6/15/41

...............................

750,000

697,996

Lake

Ashton

Community

Development

District

,

Special

Assessment

,

2015

A-1

,

Refunding

,

5

%

,

5/01/32

.............................................

1,905,000

1,912,126

Lake

Deer

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

5

%

,

5/01/32

...................

255,000

258,184

Assessment

Area

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/42

.................

870,000

899,246

Assessment

Area

,

Special

Assessment

,

2022

,

5.625

%

,

5/01/53

...............

1,560,000

1,603,225

c

Lake

Emma

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

144A,

2023

,

5.25

%

,

5/01/43

..........

1,235,000

1,275,561

Assessment

Area

2

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

5/01/53

...........

810,000

841,971

Lake

Harris

Community

Development

District

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

.............................

595,000

619,264

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

.............................

585,000

609,222

Lake

Hideaway

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

4.75

%

,

5/01/31

...............

595,000

599,119

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.65

%

,

5/01/44

...............

1,450,000

1,473,277

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.9

%

,

5/01/54

................

2,555,000

2,584,263

Lake

Mattie

Preserve

Community

Development

District

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

...............................

2,065,000

2,092,142

Special

Assessment

,

2024

,

5.85

%

,

5/01/54

..............................

1,750,000

1,777,736

Lakes

at

Bella

Lago

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023-1

,

5.75

%

,

5/01/43

.............

810,000

845,616

Assessment

Area

1

,

Special

Assessment

,

2023-1

,

6

%

,

5/01/53

................

1,905,000

1,991,846

Assessment

Area

2

,

Special

Assessment

,

2023-2

,

5.75

%

,

5/01/43

.............

1,000,000

1,043,970

Assessment

Area

2

,

Special

Assessment

,

2023-2

,

6

%

,

5/01/54

................

2,395,000

2,504,185

Lakes

of

Sarasota

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

A-1

,

3.4

%

,

5/01/31

.............

135,000

129,420

Assessment

Area

1

,

Special

Assessment

,

2021

A-1

,

3.9

%

,

5/01/41

.............

285,000

260,002

Assessment

Area

1

,

Special

Assessment

,

2021

A-2

,

3.875

%

,

5/01/31

...........

100,000

99,300

Assessment

Area

2

,

Special

Assessment

,

2021

B-1

,

3.625

%

,

5/01/31

...........

125,000

122,251

Assessment

Area

2

,

Special

Assessment

,

2021

B-1

,

4.125

%

,

5/01/41

...........

200,000

187,448

Assessments

,

Special

Assessment

,

2024

A

,

5.6

%

,

5/01/55

...................

280,000

282,470

Lakeside

Preserve

Community

Development

District

,

Special

Assessment

,

2023

,

6

%

,

5/01/43

.................................

735,000

780,543

Special

Assessment

,

2023

,

6.375

%

,

5/01/54

.............................

1,250,000

1,336,648

Lakewood

Park

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.2

%

,

5/01/31

................

125,000

118,180

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.625

%

,

5/01/41

..............

325,000

281,620

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

...............

910,000

953,182

Lakewood

Ranch

Stewardship

District

,

Assessment

Azario

,

Special

Assessment

,

2020

A

,

3.75

%

,

5/01/40

.............

525,000

490,504

Assessment

Azario

,

Special

Assessment

,

2020

A

,

3.9

%

,

5/01/50

..............

770,000

666,811

c

Assessment

Lorraine

Lakes

,

Special

Assessment

,

144A,

2020

,

3.125

%

,

5/01/30

..

250,000

238,456

c

Assessment

Lorraine

Lakes

,

Special

Assessment

,

144A,

2020

,

3.625

%

,

5/01/40

..

1,075,000

969,351

c

Assessment

Northeast

Sector

Project

Phase

2B

,

Special

Assessment

,

144A,

2020

,

Refunding

,

3.2

%

,

5/01/30

..........................................

440,000

421,128

c

Assessment

Northeast

Sector

Project

Phase

2B

,

Special

Assessment

,

144A,

2020

,

Refunding

,

3.75

%

,

5/01/40

.........................................

2,100,000

1,924,422

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)

Lakewood

Ranch

Stewardship

District,

(continued)

Assessment

Northeast

Sector

Project

Phase

2C

,

Special

Assessment

,

2020

,

3

%

,

5/01/30

........................................................

$

470,000

$

443,896

Assessment

Northeast

Sector

Project

Phase

2C

,

Special

Assessment

,

2020

,

3.5

%

,

5/01/40

........................................................

750,000

656,434

Assessment

Star

Farms

Phase

1/2

,

Special

Assessment

,

2021

,

2.3

%

,

5/01/26

....

95,000

92,840

Assessment

Star

Farms

Phase

1/2

,

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

....

105,000

95,934

Assessment

Star

Farms

Phase

1/2

,

Special

Assessment

,

2021

,

3

%

,

5/01/41

.....

430,000

350,553

Assessments

,

Special

Assessment

,

2023

,

6.125

%

,

5/01/43

..................

1,500,000

1,609,879

Assessments

,

Special

Assessment

,

2023

,

6.3

%

,

5/01/54

....................

5,000,000

5,332,282

Assessments

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/55

....................

765,000

771,831

Laurel

Road

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

A-1

,

2.6

%

,

5/01/26

.................

195,000

190,834

Assessments

,

Special

Assessment

,

2021

A-1

,

3

%

,

5/01/31

...................

350,000

321,863

Assessments

,

Special

Assessment

,

2021

A-1

,

3.25

%

,

5/01/41

................

1,195,000

997,064

Assessments

,

Special

Assessment

,

2021

A-1

,

4

%

,

5/01/52

...................

1,450,000

1,216,778

Assessments

,

Special

Assessment

,

2021

A-2

,

3.125

%

,

5/01/31

...............

1,580,000

1,463,057

Lawson

Dunes

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

4.375

%

,

5/01/27

...............

125,000

125,496

Assessment

Area

,

Special

Assessment

,

2022

,

4.75

%

,

5/01/32

................

510,000

520,978

Lee

County

Industrial

Development

Authority

,

Shell

Point

Obligated

Group

,

Revenue

,

2024

B-1

,

4.75

%

,

11/15/29

...........................................

2,000,000

2,014,407

Leomas

Landing

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

................

110,000

107,570

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.95

%

,

5/01/31

...............

100,000

94,686

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.95

%

,

5/01/31

...............

310,000

292,681

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.35

%

,

5/01/41

...............

265,000

229,837

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.35

%

,

5/01/41

...............

795,000

685,332

Assessment

Area

1

,

Special

Assessment

,

2021

,

4

%

,

5/01/52

.................

530,000

443,038

c

,g

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Mandatory

Put

,

Zero

Cpn.,

5/01/52

.....................................................

8,000,000

7,184,000

Live

Oak

Lake

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

,

4.4

%

,

5/01/40

................................................

1,600,000

1,480,893

Longleaf

Community

Development

District

,

c

Neighborhood

4

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.4

%

,

5/01/44

........................................................

850,000

878,466

c

Neighborhood

4

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.75

%

,

5/01/54

........................................................

1,160,000

1,199,978

Neighborhood

4

Assessment

Area

2

,

Special

Assessment

,

2024

A

,

5.2

%

,

5/01/44

..

750,000

748,543

Neighborhood

4

Assessment

Area

2

,

Special

Assessment

,

2024

A

,

5.45

%

,

5/01/55

.

815,000

810,282

LT

Ranch

Community

Development

District

,

Phase

I

Assessment

Area

,

Special

Assessment

,

2022-1

,

5.3

%

,

5/01/32

.........

120,000

125,431

Phase

I

Assessment

Area

,

Special

Assessment

,

2022-1

,

5.75

%

,

5/01/42

........

380,000

402,513

Phase

I

Assessment

Area

,

Special

Assessment

,

2022-1

,

5.9

%

,

5/01/53

.........

500,000

529,610

Phase

IIA

Assessment

Area

,

Special

Assessment

,

2022-2

,

5

%

,

5/01/32

.........

1,245,000

1,297,295

Phase

IIA

Assessment

Area

,

Special

Assessment

,

2022-2

,

5.5

%

,

5/01/42

........

2,500,000

2,610,660

Phase

IIA

Assessment

Area

,

Special

Assessment

,

2022-2

,

5.7

%

,

5/01/53

........

5,790,000

6,063,495

LTC

Ranch

West

Residential

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

B

,

3.25

%

,

5/01/31

...............

1,320,000

1,236,778

Assessment

Area

1

,

Special

Assessment

,

2021

A

,

3.125

%

,

5/01/31

............

700,000

652,888

Assessment

Area

1

,

Special

Assessment

,

2021

A

,

3.45

%

,

5/01/41

.............

1,250,000

1,053,160

Assessment

Area

2

,

Special

Assessment

,

2024

AA-2

,

5.7

%

,

5/01/44

...........

300,000

307,245

Assessment

Area

2

,

Special

Assessment

,

2024

AA-2

,

6

%

,

5/01/54

.............

305,000

311,158

Assessment

Area

3

,

Special

Assessment

,

2024

AA-3

,

5.75

%

,

5/01/44

...........

1,250,000

1,280,962

Assessment

Area

3

,

Special

Assessment

,

2024

AA-3

,

6.05

%

,

5/01/54

...........

1,375,000

1,412,658

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)

c

Magnolia

Park

Community

Development

District

,

Special

Assessment

,

144A,

2020

,

Refunding

,

4

%

,

5/01/31

...................

$

250,000

$

256,069

Special

Assessment

,

144A,

2020

,

Refunding

,

4

%

,

5/01/39

...................

688,000

676,869

Malabar

Springs

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

4.5

%

,

5/01/31

................

440,000

440,644

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.2

%

,

5/01/44

................

455,000

456,771

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/54

................

925,000

927,849

c

Mandarin

Grove

Community

Development

District

,

Special

Assessment

,

144A,

2022

,

6.625

%

,

5/01/53

...................................................

1,035,000

1,237,050

Mangrove

Point

&

Mangrove

Manor

,

Community

Development

District

,

Special

Assessment

,

2022

,

4

%

,

5/01/32

.......................................

345,000

343,795

Marion

Ranch

Community

Development

District

,

Special

Assessment

,

2024

,

5.7

%

,

5/01/44

.........................................................

695,000

713,090

Marshall

Creek

Community

Development

District

,

Special

Assessment

,

2015

A

,

Refunding

,

5

%

,

5/01/32

.............................................

1,475,000

1,479,781

Meadow

View

at

Twin

Creeks

Community

Development

District

,

Phase

3B

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

.......................

115,000

112,429

Phase

3B

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

........................

205,000

190,211

Phase

3B

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/41

......................

790,000

648,831

Phase

3B

,

Special

Assessment

,

2021

,

3.75

%

,

5/01/52

......................

625,000

509,100

Phase

4

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

..........................

225,000

208,768

Phase

4

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/41

.......................

1,155,000

948,607

Merrick

Square

Community

Development

District

,

Special

Assessment

,

2023

,

4.5

%

,

5/01/30

...............................

205,000

208,296

Special

Assessment

,

2023

,

5.4

%

,

5/01/43

...............................

725,000

756,152

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

.............................

1,000,000

1,047,770

Middleton

Community

Development

District

A

,

Phase

I

,

Special

Assessment

,

2022

,

6.2

%

,

5/01/53

....................................................

3,220,000

3,435,908

Mirada

Community

Development

District

,

Assessment

Area

4

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/32

...............................................

600,000

560,958

Mirada

II

Community

Development

District

,

2021

Project

Area

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

.................

205,000

200,445

2021

Project

Area

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

...............

645,000

591,982

2021

Project

Area

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

.................

2,080,000

1,780,319

2022

Project

Area

,

Special

Assessment

,

2022

,

5.125

%

,

5/01/32

...............

225,000

234,010

2022

Project

Area

,

Special

Assessment

,

2022

,

5.6

%

,

5/01/42

.................

700,000

731,892

2022

Project

Area

,

Special

Assessment

,

2022

,

5.75

%

,

5/01/53

................

1,270,000

1,322,106

New

Port

Tampa

Bay

Community

Development

District

,

Special

Assessment

,

2021

,

2.875

%

,

5/01/26

.............................

180,000

176,885

Special

Assessment

,

2021

,

3.5

%

,

5/01/31

...............................

500,000

477,501

Special

Assessment

,

2021

,

3.875

%

,

5/01/41

.............................

1,250,000

1,112,970

c

Normandy

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

4.625

%

,

5/01/31

.........

805,000

804,306

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.3

%

,

5/01/44

...........

1,000,000

997,991

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.55

%

,

5/01/54

..........

1,380,000

1,371,331

North

AR-1

Pasco

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.625

%

,

5/01/26

..............

70,000

68,649

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

..............

275,000

257,658

Assessment

Area

2

,

Special

Assessment

,

2021

A

,

2.625

%

,

5/01/26

............

115,000

112,781

Assessment

Area

2

,

Special

Assessment

,

2021

A

,

3.25

%

,

5/01/31

.............

170,000

160,461

Assessment

Area

2

,

Special

Assessment

,

2021

A

,

3.55

%

,

5/01/41

.............

510,000

438,665

Assessment

Area

3

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/43

...............

775,000

806,989

Assessment

Area

3

,

Special

Assessment

,

2023

,

6

%

,

5/01/54

.................

1,135,000

1,182,160

Assessment

Area

4

,

Special

Assessment

,

2024

,

4.625

%

,

5/01/31

..............

235,000

237,321

Assessment

Area

4

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/44

...............

920,000

939,729

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)

North

AR-1

Pasco

Community

Development

District,

(continued)

Assessment

Area

4

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

...............

$

980,000

$

998,711

Assessment

Area

5

,

Special

Assessment

,

2024

A

,

4.875

%

,

5/01/31

............

585,000

591,817

Assessment

Area

5

,

Special

Assessment

,

2024

A

,

5.75

%

,

5/01/44

.............

1,500,000

1,539,483

Assessment

Area

5

,

Special

Assessment

,

2024

A

,

6

%

,

5/01/54

................

1,605,000

1,652,577

North

Loop

Community

Development

District

,

Special

Assessment

,

2023

,

6.375

%

,

5/01/43

.............................

525,000

571,248

Special

Assessment

,

2023

,

6.625

%

,

5/01/54

.............................

1,000,000

1,091,731

North

Park

Isle

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

2.45

%

,

11/01/26

..............

110,000

106,841

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

11/01/31

................

500,000

465,416

North

Powerline

Road

Community

Development

District

,

Special

Assessment

,

2020

,

3.125

%

,

5/01/30

.............................

490,000

467,285

Special

Assessment

,

2020

,

3.625

%

,

5/01/40

.............................

1,000,000

895,209

c

Special

Assessment

,

144A,

2022

,

5.25

%

,

5/01/32

.........................

200,000

207,098

c

Special

Assessment

,

144A,

2022

,

5.625

%

,

5/01/52

.........................

1,395,000

1,454,984

North

River

Ranch

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

A-1

,

3

%

,

5/01/25

...................

155,000

154,386

Assessments

,

Special

Assessment

,

2020

A-1

,

3.5

%

,

5/01/30

.................

855,000

823,625

Assessments

,

Special

Assessment

,

2020

A-1

,

4

%

,

5/01/40

...................

1,150,000

1,063,616

Assessments

,

Special

Assessment

,

2020

A-2

,

4.2

%

,

5/01/35

.................

445,000

436,521

North

River

Ranch

Improvement

Stewardship

District

,

Assessments

,

Special

Assessment

,

2023

A

,

6.7

%

,

5/01/55

...................

1,500,000

1,628,593

Assessments

,

Special

Assessment

,

2023

A-1

,

6

%

,

5/01/54

...................

4,950,000

5,114,644

Orange

Blossom

Groves

Community

Development

District

,

Special

Assessment

,

2023

,

4.25

%

,

6/15/30

..............................

425,000

431,867

Special

Assessment

,

2023

,

5.25

%

,

6/15/43

..............................

1,100,000

1,148,407

Special

Assessment

,

2023

,

5.375

%

,

6/15/53

.............................

1,375,000

1,425,913

c

Osceola

Village

Center

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

5/01/31

.........................

180,000

165,913

Special

Assessment

,

144A,

2021

,

3.3

%

,

5/01/41

..........................

370,000

307,073

Palermo

Community

Development

District

,

Special

Assessment

,

2023

,

5

%

,

6/15/43

.................................

1,945,000

1,992,477

Special

Assessment

,

2023

,

5.25

%

,

6/15/53

..............................

1,500,000

1,540,446

Palm

Beach

County

Health

Facilities

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

C

,

Refunding

,

7.5

%

,

5/15/53

........................................................

2,035,000

2,292,514

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

C

,

Refunding

,

7.625

%

,

5/15/58

.................................................

1,500,000

1,697,830

Palm

Coast

Park

Community

Development

District

,

Special

Assessment

,

2023

,

5.6

%

,

5/01/53

...............................

1,000,000

1,033,207

Sawmill

Branch

-

Phase

7

,

Special

Assessment

,

2024

,

5

%

,

5/01/44

............

1,000,000

1,000,853

Sawmill

Branch

-

Phase

7

,

Special

Assessment

,

2024

,

5.3

%

,

5/01/55

...........

670,000

671,049

Spring

Lake

-

Tracts

2

&

3

,

Special

Assessment

,

2021

,

2.8

%

,

5/01/31

...........

350,000

319,825

Spring

Lake

-

Tracts

2

&

3

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

.........

730,000

589,300

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)

Park

East

Community

Development

District

,

Special

Assessment

,

2021

,

3.15

%

,

11/01/41

........................................................

$

595,000

$

478,042

Parker

Pointe

Community

Development

District

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

.........................................................

555,000

565,334

Parkland

Community

Development

District

,

Phase

1

,

Special

Assessment

,

2023

A-1

,

6.45

%

,

5/01/54

...................................................

2,445,000

2,555,282

Parkview

at

Long

Lake

Ranch

Community

Development

District

,

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

...............................................

955,000

848,158

Parrish

Lakes

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.4

%

,

5/01/53

................

1,220,000

1,238,890

Assessment

Area

2

,

Special

Assessment

,

2023

A

,

5.375

%

,

5/01/43

............

1,080,000

1,107,492

Assessment

Area

2

,

Special

Assessment

,

2023

A

,

5.625

%

,

5/01/53

............

1,535,000

1,577,477

Assessment

Area

3

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

................

1,650,000

1,670,326

Assessment

Area

3

,

Special

Assessment

,

2024

,

5.8

%

,

5/01/54

................

720,000

728,205

Parrish

Lakes

II

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

4.25

%

,

5/01/31

...............

1,330,000

1,330,247

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.125

%

,

5/01/44

..............

2,500,000

2,495,617

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/54

...............

5,220,000

5,220,124

Parrish

Plantation

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

135,000

132,426

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

..............

235,000

222,087

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

................

790,000

681,032

Assessment

Area

2

,

Special

Assessment

,

2022

,

4.75

%

,

5/01/32

...............

125,000

128,250

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.375

%

,

5/01/42

..............

465,000

482,355

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/52

................

740,000

765,668

Assessment

Area

3

,

Special

Assessment

,

2024

,

4.875

%

,

5/01/31

..............

300,000

304,971

Assessment

Area

3

,

Special

Assessment

,

2024

,

5.8

%

,

5/01/44

................

500,000

522,083

Assessment

Area

3

,

Special

Assessment

,

2024

,

6.05

%

,

5/01/54

...............

1,330,000

1,391,101

Assessment

Area

4

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/44

..............

250,000

259,437

Assessment

Area

4

,

Special

Assessment

,

2024

,

5.875

%

,

5/01/54

..............

375,000

389,955

Peace

Creek

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.125

%

,

6/15/43

..............

1,450,000

1,503,215

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

6/15/53

..............

1,615,000

1,677,087

Peace

Creek

Village

Community

Development

District

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

...............................

1,115,000

1,146,374

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

..............................

910,000

929,846

Peace

Crossing

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5

%

,

5/01/31

.................

500,000

500,383

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.7

%

,

5/01/44

................

2,825,000

2,830,451

Assessment

Area

1

,

Special

Assessment

,

2024

,

6

%

,

5/01/54

.................

4,000,000

4,018,084

c

Pine

Isle

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

12/15/26

........................

65,000

63,431

Special

Assessment

,

144A,

2021

,

3

%

,

12/15/31

...........................

225,000

216,130

Special

Assessment

,

144A,

2021

,

3.25

%

,

12/15/41

.........................

1,000,000

881,637

Special

Assessment

,

144A,

2021

,

4

%

,

12/15/51

...........................

1,200,000

1,094,425

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment

,

2020

A-2

,

Refunding

,

3.75

%

,

5/01/37

.......................................

700,000

677,624

Preserve

at

Savannah

Lakes

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/44

...............

135,000

138,909

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

...............

1,000,000

1,026,250

Preserve

at

South

Branch

Community

Development

District

,

Phase

3

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

..........................

150,000

144,884

Phase

3

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

........................

750,000

694,906

Prosperity

Lakes

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.875

%

,

12/15/43

.............

355,000

382,814

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)

Prosperity

Lakes

Community

Development

District,

(continued)

Assessment

Area

1

,

Special

Assessment

,

2023

,

6.125

%

,

12/15/53

.............

$

995,000

$

1,080,461

Quail

Roost

Community

Development

District

,

Expansion

Area

,

Special

Assessment

,

2021

,

2.2

%

,

12/15/26

.................

120,000

116,340

Expansion

Area

,

Special

Assessment

,

2021

,

2.7

%

,

12/15/31

.................

200,000

185,004

Expansion

Area

,

Special

Assessment

,

2021

,

3.125

%

,

12/15/41

................

975,000

799,297

Expansion

Area

,

Special

Assessment

,

2021

,

4

%

,

12/15/51

...................

2,345,000

2,072,251

Ranches

at

Lake

Mcleod

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.5

%

,

6/15/53

...............................

730,000

759,569

Reserve

at

Van

Oaks

Community

Development

District

,

Special

Assessment

,

2023

,

5.125

%

,

5/01/43

.............................

285,000

294,727

Special

Assessment

,

2023

,

5.375

%

,

5/01/53

.............................

965,000

996,925

Reunion

East

Community

Development

District

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

...............................

210,000

205,354

Special

Assessment

,

2021

,

2.85

%

,

5/01/31

..............................

400,000

367,145

Special

Assessment

,

2021

,

3.15

%

,

5/01/41

..............................

1,455,000

1,209,874

Rhodine

Road

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

2.6

%

,

5/01/27

.................

80,000

78,057

Assessment

Area

,

Special

Assessment

,

2022

,

3

%

,

5/01/32

...................

190,000

180,255

Assessment

Area

,

Special

Assessment

,

2022

,

3.3

%

,

5/01/42

.................

490,000

415,811

Ridge

at

Apopka

Community

Development

District

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/52

...............................

2,150,000

2,204,437

Parcel

2

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/43

........................

310,000

322,468

Parcel

2

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

.......................

545,000

564,439

River

Glen

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

350,000

326,380

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

..............

1,000,000

855,751

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

A-2

,

Refunding

,

3

%

,

5/01/31

.......

920,000

857,463

Assessment

Area

,

Special

Assessment

,

2021

A-2

,

Refunding

,

3

%

,

5/01/36

.......

915,000

792,764

Assessment

Area

3

,

Special

Assessment

,

2020

A

,

3.625

%

,

5/01/40

............

1,030,000

901,252

Assessment

Area

4

,

Special

Assessment

,

2023

A

,

6.25

%

,

5/01/43

.............

500,000

539,481

Assessment

Area

4

,

Special

Assessment

,

2023

A

,

6.5

%

,

5/01/54

..............

1,300,000

1,402,452

c

Assessment

Area

5

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

5/01/55

.........

335,000

338,874

River

Landing

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

A

,

3

%

,

5/01/25

....................

100,000

99,604

Assessments

,

Special

Assessment

,

2020

A

,

3.6

%

,

5/01/30

...................

475,000

459,392

Assessments

,

Special

Assessment

,

2020

A

,

4.125

%

,

5/01/40

.................

850,000

796,798

Assessments

,

Special

Assessment

,

2020

A

,

4.35

%

,

5/01/51

..................

1,100,000

996,355

Assessments

,

Special

Assessment

,

2020

B

,

4.25

%

,

11/01/35

.................

155,000

149,735

Assessments

,

Special

Assessment

,

2023

A

,

5.5

%

,

5/01/43

...................

750,000

787,363

Assessments

,

Special

Assessment

,

2023

A

,

5.75

%

,

5/01/53

..................

1,000,000

1,055,586

River

Place

on

the

St.

Lucie

Community

Development

District

,

Special

Assessment

,

2001

A

,

7.625

%

,

5/01/30

............................

810,000

807,898

d

Special

Assessment

,

2001

B

,

7.25

%

,

5/01/10

.............................

35,000

1,750

Rivers

Edge

II

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................................................

200,000

185,962

Rivers

Edge

III

Community

Development

District

,

c

Assessments

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/31

.................

300,000

278,886

c

Assessments

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

5/01/41

...............

775,000

658,596

Assessments

,

Special

Assessment

,

2024

,

5.95

%

,

5/01/55

...................

1,920,000

1,971,713

Rivington

Community

Development

District

,

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

..............................

1,685,000

1,502,259

Special

Assessment

,

2022

,

3.625

%

,

5/01/32

.............................

430,000

410,435

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)

Rolling

Hills

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

A-1

,

4

%

,

5/01/52

...............

$

945,000

$

801,594

Assessment

Area

,

Special

Assessment

,

2022

A-2

,

Refunding

,

3.65

%

,

5/01/32

....

800,000

763,346

c

Rolling

Oaks

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

6.5

%

,

5/01/53

...........................................

1,500,000

1,599,864

Rookery

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

4.25

%

,

5/01/31

...............

300,000

299,969

Assessment

Area

1

,

Special

Assessment

,

2024

,

5

%

,

5/01/44

.................

775,000

770,473

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.35

%

,

5/01/55

...............

495,000

494,500

Rustic

Oaks

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

3.2

%

,

5/01/32

................................................

1,000,000

929,018

Rye

Crossing

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2024

,

4.2

%

,

5/01/31

................

310,000

309,951

Assessment

Area

2

,

Special

Assessment

,

2024

,

5

%

,

5/01/44

.................

630,000

630,103

Rye

Ranch

Community

Development

District

,

Pod

A

Assessment

Area

1

,

Special

Assessment

,

2023

,

6.5

%

,

5/01/43

...........

1,000,000

1,095,832

Pod

A

Assessment

Area

1

,

Special

Assessment

,

2023

,

6.625

%

,

5/01/54

.........

1,600,000

1,740,597

c

Pod

B

Assessment

Area

1

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

11/01/43

....

710,000

739,774

c

Pod

B

Assessment

Area

1

,

Special

Assessment

,

144A,

2023

,

6

%

,

11/01/53

......

215,000

225,103

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2020

,

3

%

,

6/15/30

.................

250,000

241,110

Assessment

Area

1

,

Special

Assessment

,

2020

,

4

%

,

6/15/40

.................

610,000

590,753

Assessment

Area

2

,

Special

Assessment

,

2022

,

3.1

%

,

12/15/32

...............

300,000

284,078

Assessment

Area

2

,

Special

Assessment

,

2022

,

3.35

%

,

12/15/41

..............

485,000

417,332

Saltleaf

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

,

4.75

%

,

5/01/31

...................

450,000

453,753

Assessments

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/44

..................

1,565,000

1,595,079

Assessments

,

Special

Assessment

,

2024

,

6

%

,

5/01/56

......................

3,000,000

3,084,714

Sanctuary

Cove

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.625

%

,

5/01/31

...............

190,000

176,982

Assessment

Area

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

...............

400,000

335,814

Assessment

Area

,

Special

Assessment

,

2021

,

4

%

,

5/01/52

...................

770,000

687,601

Sandmine

Road

Community

Development

District

,

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.125

%

,

5/01/30

.........

300,000

293,619

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.625

%

,

5/01/40

.........

1,040,000

994,269

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

5/01/50

..........

2,020,000

1,776,849

Assessment

Area

2

,

Special

Assessment

,

2021

,

2.3

%

,

11/01/26

...............

105,000

102,427

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

11/01/31

................

450,000

432,794

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.3

%

,

11/01/41

...............

1,180,000

1,047,028

Sandridge

Community

Development

District

,

Special

Assessment

,

2021

A-1

,

2.875

%

,

5/01/26

..........................

165,000

163,171

Special

Assessment

,

2021

A-1

,

3.4

%

,

5/01/31

............................

750,000

740,308

Special

Assessment

,

2021

A-1

,

3.875

%

,

5/01/41

..........................

730,000

686,763

Special

Assessment

,

2021

A-1

,

4

%

,

5/01/51

..............................

735,000

661,710

Special

Assessment

,

2024

,

5.8

%

,

5/01/54

...............................

1,000,000

1,029,684

Sarasota

National

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

,

Refunding

,

3.5

%

,

5/01/31

...........

1,490,000

1,493,320

Assessments

,

Special

Assessment

,

2020

,

Refunding

,

4

%

,

5/01/39

.............

2,210,000

2,221,705

Savanna

Lakes

Community

Development

District

,

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2023

,

5.125

%

,

6/15/43

.........

395,000

407,275

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2023

,

5.375

%

,

6/15/53

.........

1,065,000

1,097,350

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.25

%

,

6/15/44

...............

480,000

487,897

Sawgrass

Village

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

4.875

%

,

5/01/30

..............

515,000

523,041

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)

Sawgrass

Village

Community

Development

District,

(continued)

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/43

................

$

1,500,000

$

1,547,801

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

...............

1,595,000

1,643,129

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.125

%

,

11/01/43

.............

1,000,000

1,066,447

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.375

%

,

11/01/53

.............

1,000,000

1,066,448

c

Assessment

Area

3

,

Special

Assessment

,

144A,

2024

,

4.7

%

,

5/01/31

...........

260,000

262,543

c

Assessment

Area

3

,

Special

Assessment

,

144A,

2024

,

5.55

%

,

5/01/44

..........

700,000

715,552

c

Assessment

Area

3

,

Special

Assessment

,

144A,

2024

,

5.875

%

,

5/01/54

.........

1,180,000

1,207,325

Sawyers

Landing

Community

Development

District

,

Special

Assessment

,

2021

,

3.75

%

,

5/01/31

..............................

1,400,000

1,350,343

Special

Assessment

,

2021

,

4.125

%

,

5/01/41

.............................

2,055,000

1,863,769

Scenic

Highway

Community

Development

District

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/30

..............................

470,000

458,613

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

..............................

1,230,000

1,139,513

Scenic

Terrace

North

Community

Development

District

,

2023

Assessment

Area

,

Special

Assessment

,

2023

,

5.875

%

,

5/01/43

...........

2,155,000

2,247,036

2023

Assessment

Area

,

Special

Assessment

,

2023

,

6.125

%

,

5/01/54

...........

1,875,000

1,964,553

Scenic

Terrace

South

Community

Development

District

,

Special

Assessment

,

2022

,

3.75

%

,

5/01/27

..............................

295,000

293,106

Special

Assessment

,

2022

,

4.125

%

,

5/01/32

.............................

585,000

581,677

Seagrove

Community

Development

District

,

Special

Assessment

,

2024

,

5.2

%

,

6/15/54

390,000

391,869

c

Seaton

Creek

Reserve

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

6/15/53

................................

980,000

1,015,063

Sebastian

Isles

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

,

4.25

%

,

5/01/31

...................

250,000

250,743

Assessments

,

Special

Assessment

,

2024

,

5

%

,

5/01/44

......................

500,000

503,275

Sedona

Point

Community

Development

District

,

Special

Assessment

,

2023

,

4.125

%

,

6/15/30

.............................

65,000

65,648

Special

Assessment

,

2023

,

5

%

,

6/15/43

.................................

705,000

726,261

c

Seminole

County

Industrial

Development

Authority

,

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

4

%

,

6/15/36

.....

310,000

299,962

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

4

%

,

6/15/41

.....

425,000

388,764

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

4

%

,

6/15/51

.....

830,000

710,931

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

4

%

,

6/15/56

.....

705,000

590,759

Seminole

Palms

Community

Development

District

,

Special

Assessment

,

2023

,

4.75

%

,

5/01/30

..............................

285,000

289,005

Special

Assessment

,

2023

,

5.5

%

,

5/01/43

...............................

985,000

1,024,618

Special

Assessment

,

2023

,

5.7

%

,

5/01/53

...............................

995,000

1,031,932

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2024

,

5.2

%

,

5/01/44

...........

1,250,000

1,252,607

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

5/01/55

...........

1,750,000

1,754,704

Sherwood

Manor

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/43

................

1,695,000

1,771,491

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

..............

1,570,000

1,631,185

Shingle

Creek

at

Bronson

Community

Development

District

,

Special

Assessment

,

2021

,

3.1

%

,

6/15/31

...............................

375,000

362,887

Special

Assessment

,

2021

,

3.5

%

,

6/15/41

...............................

1,000,000

914,848

Silver

Oaks

Community

Development

District

,

Special

Assessment

,

2024

,

5.55

%

,

5/01/44

..............................

1,000,000

1,028,079

Special

Assessment

,

2024

,

5.85

%

,

5/01/54

..............................

1,490,000

1,530,186

Silver

Palms

West

Community

Development

District

,

Special

Assessment

,

2022

,

2.6

%

,

6/15/27

...............................

250,000

241,285

Special

Assessment

,

2022

,

3

%

,

6/15/32

.................................

765,000

709,967

Special

Assessment

,

2022

,

3.25

%

,

6/15/42

..............................

1,750,000

1,526,721

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)

Silverlake

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

$

245,000

$

254,927

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/53

................

985,000

1,023,630

Six

Mile

Creek

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2020

,

Refunding

,

3.125

%

,

11/01/25

....

75,000

74,585

Assessment

Area

2

,

Special

Assessment

,

2020

,

Refunding

,

3.625

%

,

11/01/31

....

495,000

493,242

Assessment

Area

2

,

Special

Assessment

,

2020

,

Refunding

,

4.125

%

,

11/01/40

....

1,370,000

1,344,583

Assessment

Area

2

,

Special

Assessment

,

2020

,

Refunding

,

4.25

%

,

11/01/50

.....

2,280,000

2,129,931

Assessment

Area

2

,

Special

Assessment

,

2021

,

Refunding

,

2.5

%

,

5/01/26

.......

120,000

117,354

Assessment

Area

2

,

Special

Assessment

,

2021

,

Refunding

,

3.1

%

,

5/01/31

.......

250,000

234,417

Assessment

Area

2

,

Special

Assessment

,

2021

,

Refunding

,

3.4

%

,

5/01/41

.......

750,000

633,933

Assessment

Area

3

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

145,000

142,295

Assessment

Area

3

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

520,000

485,249

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.4

%

,

5/01/41

................

805,000

680,422

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

................

1,580,000

1,352,259

Assessments

,

Special

Assessment

,

2023

,

Refunding

,

4.75

%

,

5/01/30

...........

495,000

502,566

Assessments

,

Special

Assessment

,

2023

,

Refunding

,

5.5

%

,

5/01/43

...........

1,200,000

1,251,626

Assessments

,

Special

Assessment

,

2023

,

Refunding

,

5.7

%

,

5/01/54

...........

1,500,000

1,559,836

Project

Area

,

Special

Assessment

,

2024

,

4.3

%

,

5/01/31

.....................

225,000

224,878

Solaeris

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.2

%

,

5/01/31

................

175,000

177,584

Assessment

Area

1

,

Special

Assessment

,

2024

,

6

%

,

5/01/44

.................

1,000,000

1,043,957

Assessment

Area

1

,

Special

Assessment

,

2024

,

6.25

%

,

5/01/55

...............

2,535,000

2,632,674

c

Somerset

Bay

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

5/01/44

.........

920,000

936,913

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.9

%

,

5/01/54

...........

1,075,000

1,093,719

Somerset

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

Refunding

,

4

%

,

5/01/32

.............

750,000

735,822

Assessments

,

Special

Assessment

,

2022

,

Refunding

,

4.2

%

,

5/01/37

...........

1,000,000

962,454

Sorrento

Pines

Community

Development

District

,

Assessment

Area

1

,

Revenue

,

2023

,

5.25

%

,

5/01/43

.......................

445,000

461,829

Assessment

Area

1

,

Revenue

,

2023

,

5.5

%

,

5/01/53

........................

500,000

519,609

South

Creek

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.875

%

,

6/15/31

..............

175,000

165,902

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.25

%

,

6/15/41

...............

500,000

421,910

Southern

Groves

Community

Development

District

No.

5

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

.................

215,000

210,829

Assessment

Area

,

Special

Assessment

,

2021

,

2.8

%

,

5/01/31

.................

400,000

378,786

Assessment

Area

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

...............

1,100,000

965,529

Assessment

Area

,

Special

Assessment

,

2022-1

,

6

%

,

5/01/49

.................

1,210,000

1,291,395

Assessment

Area

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/44

................

900,000

946,276

Assessment

Area

,

Special

Assessment

,

2024

,

5.7

%

,

5/01/50

.................

1,030,000

1,090,304

Stellar

North

Community

Development

District

,

Special

Assessment

,

2021

,

2.45

%

,

5/01/26

..............................

75,000

73,295

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................................

235,000

217,921

Special

Assessment

,

2021

,

3.2

%

,

5/01/41

...............................

820,000

667,494

c

Stillwater

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

6/15/26

.........................

150,000

146,276

Special

Assessment

,

144A,

2021

,

3

%

,

6/15/31

............................

325,000

301,512

Special

Assessment

,

144A,

2021

,

3.5

%

,

6/15/41

..........................

1,290,000

1,101,107

Stonegate

Preserve

Community

Development

District

,

Special

Assessment

,

2023

,

5.875

%

,

12/15/43

.............................

700,000

756,031

Special

Assessment

,

2023

,

6.125

%

,

12/15/53

.............................

1,250,000

1,357,427

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)

Florida

(continued)

c

Stonewater

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2021

,

3

%

,

11/01/32

................

$

250,000

$

228,071

Assessments

,

Special

Assessment

,

144A,

2021

,

3.3

%

,

11/01/41

..............

635,000

528,762

Stoneybrook

North

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2022

,

Refunding

,

6.375

%

,

11/01/52

..........................

1,550,000

1,728,676

Stoneybrook

South

at

Championsgate

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

4.5

%

,

6/15/30

.................

95,000

97,546

Assessment

Area

,

Special

Assessment

,

2023

,

5.375

%

,

6/15/43

...............

395,000

420,700

Assessment

Area

,

Special

Assessment

,

2023

,

5.5

%

,

6/15/53

.................

390,000

413,468

c

Fox

South

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3

%

,

12/15/30

....

500,000

485,072

c

Fox

South

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.5

%

,

12/15/40

...

1,000,000

929,980

c

Fox

South

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

12/15/50

..

1,500,000

1,315,489

Storey

Creek

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2022

,

5

%

,

6/15/32

.................

240,000

252,131

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.2

%

,

6/15/42

................

625,000

641,426

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.375

%

,

6/15/52

..............

1,000,000

1,028,076

Assessment

Area

3

,

Special

Assessment

,

2024

,

4.45

%

,

6/15/31

...............

265,000

269,652

Assessment

Area

3

,

Special

Assessment

,

2024

,

5.25

%

,

6/15/44

...............

655,000

678,634

Assessment

Area

3

,

Special

Assessment

,

2024

,

5.5

%

,

6/15/54

................

815,000

850,403

Storey

Drive

Community

Development

District

,

Special

Assessment

,

2022

,

2.55

%

,

6/15/27

..............................

125,000

120,523

Special

Assessment

,

2022

,

3

%

,

6/15/32

.................................

375,000

342,876

Special

Assessment

,

2022

,

3.25

%

,

6/15/42

..............................

900,000

733,069

c

Storey

Park

Community

Development

District

,

Assessment

Area

4

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

6/15/31

.........

230,000

220,384

Assessment

Area

4

,

Special

Assessment

,

144A,

2021

,

3.3

%

,

6/15/41

...........

620,000

560,852

Summer

Woods

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

150,000

143,363

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.4

%

,

5/01/41

................

395,000

344,180

Assessment

Area

3

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

100,000

97,874

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.15

%

,

5/01/31

...............

200,000

187,494

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.45

%

,

5/01/41

...............

725,000

616,896

Summerstone

Community

Development

District

,

Assessment

Phase

1

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/30

.............

165,000

162,259

Assessment

Phase

1

,

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

.............

700,000

662,545

Assessment

Phase

1

,

Special

Assessment

,

2020

,

4

%

,

5/01/51

................

910,000

829,575

c

Assessment

Phase

2

,

Special

Assessment

,

144A,

2021

,

2.75

%

,

5/01/31

........

175,000

166,668

c

Assessment

Phase

2

,

Special

Assessment

,

144A,

2021

,

3.15

%

,

5/01/41

........

700,000

615,577

c

Assessment

Phase

2

,

Special

Assessment

,

144A,

2021

,

4

%

,

5/01/51

...........

1,750,000

1,595,337

Summit

View

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/44

..............

1,025,000

1,044,509

Assessment

Area

2

,

Special

Assessment

,

2024

,

6

%

,

5/01/54

.................

1,300,000

1,329,079

Sunbridge

Stewardship

District

,

Assessment

Del

Webb

Phase

1/2

Assessment

Area

,

Special

Assessment

,

2022

,

5

%

,

5/01/32

........................................................

350,000

363,134

Assessment

Del

Webb

Phase

1/2

Assessment

Area

,

Special

Assessment

,

2022

,

5.4

%

,

5/01/42

...................................................

920,000

955,772

Assessment

Del

Webb

Phase

1/2

Assessment

Area

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/52

...................................................

1,725,000

1,784,902

Assessment

Weslyn

Park

Assessment

Area

,

Special

Assessment

,

2022

,

4.2

%

,

5/01/27

........................................................

245,000

245,642

Assessment

Weslyn

Park

Assessment

Area

,

Special

Assessment

,

2022

,

4.6

%

,

5/01/32

........................................................

460,000

468,055

Assessment

Weslyn

Park

Assessment

Area

,

Special

Assessment

,

2022

,

5.2

%

,

5/01/42

........................................................

1,000,000

1,026,364

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)

Florida

(continued)

Tamarindo

Community

Development

District

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................................

$

185,000

$

171,825

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

.............................

820,000

692,507

Tern

Bay

Community

Development

District

,

Special

Assessment

,

2022

,

3.4

%

,

6/15/32

...............................

1,650,000

1,564,313

Special

Assessment

,

2022

,

4

%

,

6/15/42

.................................

2,000,000

1,832,040

Three

Rivers

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

Refunding

,

5.75

%

,

5/01/53

......................................

2,800,000

2,892,952

Timber

Creek

Southwest

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

2.35

%

,

12/15/26

..............

245,000

237,398

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

12/15/31

................

750,000

693,433

Tohoqua

Community

Development

District

,

Phase

2

,

Special

Assessment

,

2021

,

2.875

%

,

5/01/31

......................

215,000

204,359

Phase

2

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

......................

810,000

704,167

Tolomato

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

B

,

Refunding

,

3

%

,

5/01/32

........

1,500,000

1,401,032

Assessment

Area

,

Special

Assessment

,

2022

C

,

Refunding

,

3.2

%

,

5/01/32

.......

1,500,000

1,420,015

Assessment

Area

1

,

Special

Assessment

,

2022-1

,

3.3

%

,

5/01/32

..............

515,000

490,809

Assessment

Area

2

,

Special

Assessment

,

2022-2

,

3.3

%

,

5/01/32

..............

195,000

185,840

c

Towne

Park

Community

Development

District

,

Assessment

Area

3D

,

Special

Assessment

,

144A,

2020

,

3.125

%

,

5/01/30

........

410,000

395,006

Assessment

Area

3D

,

Special

Assessment

,

144A,

2020

,

3.625

%

,

5/01/40

........

1,075,000

977,924

Assessment

Area

3D

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/51

...........

1,000,000

897,482

c

Towns

at

Woodsdale

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2023

,

6.125

%

,

11/01/43

.............

380,000

405,918

Assessments

,

Special

Assessment

,

144A,

2023

,

6.375

%

,

11/01/53

.............

1,325,000

1,420,215

Tradition

Community

Development

District

No.

9

,

Assessments

,

Special

Assessment

,

2021

,

2.3

%

,

5/01/26

....................

200,000

195,582

Assessments

,

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

....................

445,000

406,859

c

Trevesta

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

5/01/30

..........

235,000

229,631

Assessment

Area

2

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

5/01/40

..........

880,000

819,903

Triple

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

3

%

,

11/01/31

..................

250,000

230,916

Assessment

Area

,

Special

Assessment

,

2021

,

3.5

%

,

11/01/41

................

740,000

632,719

c

Villages

Q

&

R

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

11/01/26

.......................................................

75,000

72,644

c

Villages

Q

&

R

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

11/01/31

.......................................................

450,000

412,343

c

Villages

Q

&

R

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

11/01/41

.......................................................

1,190,000

965,863

Tuckers

Pointe

Community

Development

District

,

Master

Infrastructure

Project

,

Special

Assessment

,

2022

,

3.625

%

,

5/01/32

.......

4,500,000

4,295,006

Phase

1

Project

,

Special

Assessment

,

2022

,

3

%

,

5/01/27

....................

195,000

190,201

Phase

1

Project

,

Special

Assessment

,

2022

,

3.375

%

,

5/01/32

................

565,000

531,794

Twisted

Oaks

Pointe

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

740,000

760,882

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

..............

500,000

514,651

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.875

%

,

5/01/43

..............

500,000

523,982

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.125

%

,

5/01/54

..............

500,000

524,775

Assessment

Area

3

,

Special

Assessment

,

2024

,

4.8

%

,

5/01/31

................

345,000

348,912

Assessment

Area

3

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/44

..............

1,000,000

1,024,166

Assessment

Area

3

,

Special

Assessment

,

2024

,

6

%

,

5/01/55

.................

1,400,000

1,438,400

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)

Florida

(continued)

Two

Rivers

East

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

4.875

%

,

5/01/30

..............

$

180,000

$

182,829

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/43

...............

2,000,000

2,086,554

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.875

%

,

5/01/53

..............

3,465,000

3,589,140

Two

Rivers

North

Community

Development

District

,

Special

Assessment

,

2022

,

4.625

%

,

5/01/27

.............................

60,000

60,274

Special

Assessment

,

2022

,

4.875

%

,

5/01/32

.............................

380,000

388,499

Two

Rivers

West

Community

Development

District

,

Special

Assessment

,

2022

,

6

%

,

5/01/43

.................................

1,055,000

1,113,342

Special

Assessment

,

2022

,

6.25

%

,

5/01/53

..............................

1,465,000

1,547,011

Special

Assessment

,

2023

,

6

%

,

11/01/43

................................

1,555,000

1,639,468

Special

Assessment

,

2023

,

6.125

%

,

11/01/53

.............................

2,145,000

2,250,660

c

Special

Assessment

,

144A,

2024

,

5.625

%

,

5/01/44

.........................

405,000

412,122

c

Union

Park

East

Community

Development

District

,

Assessment

Area

3

,

Special

Assessment

,

144A,

2021

,

2.95

%

,

5/01/31

..........

60,000

55,628

Assessment

Area

3

,

Special

Assessment

,

144A,

2021

,

3.35

%

,

5/01/41

..........

160,000

133,850

Varrea

South

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.125

%

,

5/01/43

...............

1,075,000

1,110,177

Assessment

Area

,

Special

Assessment

,

2023

,

5.4

%

,

5/01/53

.................

1,320,000

1,366,843

V-Dana

Community

Development

District

,

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.5

%

,

5/01/31

...........

375,000

364,475

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/40

............

1,775,000

1,665,917

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

..............

400,000

378,644

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.625

%

,

5/01/41

..............

1,250,000

1,112,954

Assessment

Area

2

,

Special

Assessment

,

2023

,

4.3

%

,

5/01/30

................

875,000

885,685

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.25

%

,

5/01/43

...............

1,865,000

1,927,672

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/54

................

2,455,000

2,529,852

Veranda

Community

Development

District

II

,

Assessment

Area

3

,

Special

Assessment

,

2024

,

Refunding

,

5.125

%

,

5/01/44

.....

1,685,000

1,733,771

Assessment

Area

3

,

Special

Assessment

,

2024

,

Refunding

,

5.375

%

,

5/01/54

.....

3,485,000

3,564,087

c

Assessment

Area

4

,

Special

Assessment

,

144A,

2021

,

Refunding

,

2.5

%

,

5/01/26

..

95,000

92,980

c

Assessment

Area

4

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.1

%

,

5/01/31

..

275,000

256,757

c

Assessment

Area

4

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.6

%

,

5/01/41

..

555,000

481,646

c

Assessment

Area

5

,

Special

Assessment

,

144A,

2021

,

Refunding

,

2.5

%

,

5/01/26

..

50,000

48,937

c

Assessment

Area

5

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.1

%

,

5/01/31

..

65,000

60,688

c

Assessment

Area

5

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.6

%

,

5/01/41

..

275,000

238,653

Assessment

Area

5

Phase

2

,

Special

Assessment

,

2024

,

Refunding

,

5.375

%

,

5/01/44

........................................................

1,145,000

1,181,743

Assessment

Area

5

Phase

2

,

Special

Assessment

,

2024

,

Refunding

,

5.625

%

,

5/01/54

........................................................

500,000

512,641

Verano

No.

2

Community

Development

District

,

Pod

D

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

..........................

1,630,000

1,669,767

Pod

D

,

Special

Assessment

,

2024

,

5.8

%

,

5/01/54

..........................

1,910,000

1,955,441

c

Pod

D

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

5/01/55

...................

195,000

197,251

Verano

No.

3

Community

Development

District

,

Phase

1

Assessment

Area

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

.........

750,000

633,639

Phase

2

Assessment

Area

,

Special

Assessment

,

2022

,

6.45

%

,

11/01/42

.........

1,000,000

1,078,852

Phase

2

Assessment

Area

,

Special

Assessment

,

2022

,

6.625

%

,

11/01/52

........

1,475,000

1,592,494

Verano

No.

4

Community

Development

District

,

Astor

Creek

Phase

1

Assessment

Area

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

1,020,000

1,063,030

Astor

Creek

Phase

1

Assessment

Area

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

250,000

261,049

Viera

Stewardship

District

,

Assessments

,

Special

Assessment

,

2021

,

2.3

%

,

5/01/26

....................

400,000

390,353

Assessments

,

Special

Assessment

,

2021

,

2.8

%

,

5/01/31

....................

800,000

730,807

Assessments

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

..................

1,750,000

1,424,830

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)

Florida

(continued)

Viera

Stewardship

District,

(continued)

Assessments

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/54

....................

$

2,500,000

$

2,579,987

Village

Community

Development

District

No.

13

,

Phase

III

,

Special

Assessment

,

2021

,

2.85

%

,

5/01/36

.......................

1,645,000

1,444,265

Phase

III

,

Special

Assessment

,

2021

,

3

%

,

5/01/41

.........................

2,425,000

2,020,820

Phase

III

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/52

.......................

5,200,000

4,008,060

Village

Community

Development

District

No.

14

,

Phase

I

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/53

....................................................

11,520,000

12,039,592

Villages

of

Glen

Creek

Community

Development

District

,

Assessment

Area

3

,

Special

Assessment

,

2022

,

Refunding

,

3.15

%

,

5/01/32

......

200,000

185,888

Assessment

Area

3

,

Special

Assessment

,

2022

,

Refunding

,

3.45

%

,

5/01/42

......

545,000

454,821

Assessment

Area

3

,

Special

Assessment

,

2022

,

Refunding

,

4

%

,

5/01/52

........

1,170,000

998,643

Assessment

Area

4

,

Special

Assessment

,

2022

A

,

4.625

%

,

5/01/27

............

100,000

100,538

Assessment

Area

4

,

Special

Assessment

,

2022

A

,

4.875

%

,

5/01/32

............

250,000

256,669

Assessment

Area

4

,

Special

Assessment

,

2022

A

,

5.125

%

,

5/01/42

............

710,000

725,148

Villamar

Community

Development

District

,

Special

Assessment

,

2020

,

3.2

%

,

5/01/30

...............................

240,000

234,733

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

..............................

655,000

615,392

Assessment

Area

5

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/43

..............

425,000

445,299

Assessment

Area

5

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

...............

1,275,000

1,320,474

Assessment

Area

6

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

................

670,000

695,446

Assessment

Area

6

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

...............

495,000

510,946

Phase

4

Project

,

Special

Assessment

,

2022

,

3.25

%

,

5/01/27

.................

110,000

108,083

Phase

4

Project

,

Special

Assessment

,

2022

,

3.625

%

,

5/01/32

................

250,000

238,230

Phase

4

Project

,

Special

Assessment

,

2022

,

4

%

,

5/01/42

....................

670,000

606,017

Waterford

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

315,000

327,780

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.6

%

,

5/01/53

................

610,000

637,701

Assessment

Area

2

,

Special

Assessment

,

2024

,

4.375

%

,

5/01/31

..............

250,000

250,486

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/54

...............

790,000

793,220

Waterset

South

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

6.1

%

,

5/01/53

....................

665,000

703,732

Assessments

,

Special

Assessment

,

2024

,

5.65

%

,

5/01/54

...................

1,680,000

1,742,112

Wellness

Ridge

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.125

%

,

6/15/43

..............

1,410,000

1,459,733

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

6/15/53

..............

1,340,000

1,389,617

West

Hillcrest

Community

Development

District

,

Special

Assessment

,

2023

,

5.25

%

,

6/15/43

.........................................................

825,000

858,353

West

Port

Community

Development

District

,

Assessment

Area

1

2021

Project

Area

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

..

100,000

97,751

Assessment

Area

1

2021

Project

Area

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

...

570,000

529,486

Assessment

Area

1

2021

Project

Area

,

Special

Assessment

,

2021

,

3.4

%

,

5/01/41

..

1,470,000

1,233,576

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

5/01/31

..........

410,000

385,755

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2020

,

3.625

%

,

5/01/41

.........

1,085,000

936,286

West

Villages

Improvement

District

,

Unit

of

Development

No.

10

Assessment

Area

1

,

Special

Assessment

,

2024

,

4.5

%

,

5/01/31

........................................................

580,000

584,964

Unit

of

Development

No.

10

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.375

%

,

5/01/44

........................................................

945,000

964,193

Unit

of

Development

No.

10

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/54

........................................................

995,000

1,011,300

Unit

of

Development

No.

7

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

..........

105,000

102,716

Unit

of

Development

No.

7

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

........

200,000

186,853

Unit

of

Development

No.

7

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

..........

800,000

681,689

Unit

of

Development

No.

7

,

Special

Assessment

,

2023

,

6

%

,

5/01/43

............

245,000

263,205

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)

Florida

(continued)

West

Villages

Improvement

District,

(continued)

Unit

of

Development

No.

7

,

Special

Assessment

,

2023

,

6.25

%

,

5/01/54

.........

$

585,000

$

628,447

Unit

of

Development

No.

8

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

..........

80,000

78,264

Unit

of

Development

No.

8

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

........

525,000

489,090

Unit

of

Development

No.

8

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/53

..........

1,905,000

1,979,852

Unit

of

Development

No.

9

,

Special

Assessment

,

2023

,

4.625

%

,

5/01/30

........

240,000

243,976

Unit

of

Development

No.

9

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

........

1,500,000

1,566,452

Unit

of

Development

No.

9

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

........

2,005,000

2,094,645

Westside

Haines

City

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

130,000

127,245

Assessment

Area

1

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

350,000

324,361

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/41

...............

1,000,000

824,037

Assessment

Area

2

,

Special

Assessment

,

2024

,

4.875

%

,

5/01/31

..............

460,000

465,533

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/44

...............

1,575,000

1,617,674

Assessment

Area

2

,

Special

Assessment

,

2024

,

6

%

,

5/01/54

.................

2,205,000

2,272,055

Westview

North

Community

Development

District

,

Special

Assessment

,

2022

,

5.75

%

,

6/15/42

..............................

1,000,000

1,059,980

Special

Assessment

,

2022

,

6

%

,

6/15/52

.................................

1,250,000

1,324,924

Westview

South

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

4.875

%

,

5/01/28

..............

435,000

439,168

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

1,870,000

1,925,406

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.6

%

,

5/01/53

................

3,245,000

3,340,265

Assessment

Area

2

,

Special

Assessment

,

2023

,

4.75

%

,

5/01/28

...............

185,000

186,521

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

1,245,000

1,281,859

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

..............

995,000

1,029,641

Westwood

of

Pasco

Community

Development

District

,

Assessments

,

Special

Assessment

,

2023

,

5.4

%

,

5/01/43

....................

500,000

518,093

Assessments

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

..................

145,000

150,048

Whispering

Pines

Community

Development

District

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

.............................

500,000

523,210

Special

Assessment

,

2023

,

5.5

%

,

5/01/53

...............................

930,000

966,543

Willowbrook

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/44

..............

630,000

641,885

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.9

%

,

5/01/55

................

820,000

834,379

Willows

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2022

,

4.7

%

,

5/01/29

................

285,000

289,866

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.625

%

,

5/01/42

..............

1,440,000

1,515,111

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.75

%

,

5/01/52

...............

1,200,000

1,260,113

Wind

Meadows

South

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

................

115,000

112,429

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.95

%

,

5/01/31

...............

250,000

231,211

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.35

%

,

5/01/41

...............

940,000

788,236

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

920,000

954,291

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

..............

980,000

1,017,852

c

Winding

Oaks

Community

Development

District

,

Special

Assessment

,

144A,

2024

,

5.4

%

,

5/01/44

..........................

315,000

319,379

Special

Assessment

,

144A,

2024

,

5.7

%

,

5/01/55

..........................

1,125,000

1,139,508

Windsor

Cay

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/44

...............

1,000,000

1,051,433

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

...............

765,000

812,051

Windward

Community

Development

District

,

Special

Assessment

,

2020

A-1

,

3.65

%

,

5/01/30

.........................................................

130,000

126,101

Wiregrass

II

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2020

,

3.125

%

,

5/01/30

..............

645,000

609,540

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)

Florida

(continued)

Wiregrass

II

Community

Development

District,

(continued)

Assessment

Area

1

,

Special

Assessment

,

2020

,

3.7

%

,

5/01/40

................

$

1,680,000

$

1,488,338

Zephyr

Lakes

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

90,000

88,087

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

150,000

139,019

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

..............

660,000

551,331

Assessment

Area

2

,

Special

Assessment

,

2021

,

4

%

,

5/01/51

.................

935,000

793,771

878,103,934

Georgia

0.9%

c

Development

Authority

of

Cobb

County

(The)

,

Presbyterian

Village

Austell,

Inc.

,

Revenue

,

144A,

2019

A

,

Refunding

,

5

%

,

12/01/39

1,825,000

1,622,958

Presbyterian

Village

Austell,

Inc.

,

Revenue

,

144A,

2019

A

,

Refunding

,

5

%

,

12/01/49

10,760,000

8,767,374

c

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

B

,

4.5

%

,

12/01/36

................................

10,835,000

9,716,180

Forsyth

County

Hospital

Authority

,

Georgia

Baptist

Healthcare

System

Obligated

Group

,

Revenue

,

1998

,

ETM,

6.375

%

,

10/01/28

...........................

3,800,000

4,114,108

c

George

L

Smith

II

Congress

Center

Authority

,

Signia

Hotel

Management

LLC

,

Revenue,

Second

Tier

,

144A,

2021

B

,

5

%

,

1/01/36

2,500,000

2,537,781

Signia

Hotel

Management

LLC

,

Revenue,

Second

Tier

,

144A,

2021

B

,

5

%

,

1/01/54

7,500,000

7,375,590

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2007

A

,

5.5

%

,

9/15/27

......................................

4,000,000

4,212,636

Revenue

,

2007

A

,

5.5

%

,

9/15/28

......................................

5,000,000

5,336,754

43,683,381

Idaho

0.3%

Idaho

Housing

&

Finance

Association

,

Revenue

,

2010

A

,

7

%

,

2/01/36

............

13,305,000

13,330,532

Illinois

2.1%

Illinois

Finance

Authority

,

c

DePaul

College

Prep

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.5

%

,

8/01/43

........

500,000

543,363

c

DePaul

College

Prep

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.625

%

,

8/01/53

......

2,055,000

2,203,523

c

McKinley

Foundation

at

University

of

Illinois

(The)

,

Revenue

,

144A,

2021

A

,

Refunding

,

5.125

%

,

11/01/55

.......................................

13,560,000

11,937,600

c

McKinley

Foundation

at

University

of

Illinois

(The)

,

Revenue

,

144A,

2021

B

,

7

%

,

11/01/37

.......................................................

3,505,000

3,476,594

Plymouth

Place

Obligated

Group

,

Revenue

,

2022

A

,

6.75

%

,

5/15/58

...........

3,000,000

3,249,815

Westminster

Village,

Inc.

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

5/01/48

........................................................

10,000,000

9,647,049

Westminster

Village,

Inc.

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.5

%

,

5/01/53

........................................................

10,810,000

10,611,341

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

1996

,

ETM,

7

%

,

7/01/26

.....................................

2,080,000

2,161,984

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2010

B-1

,

Refunding

,

AGMC

Insured

,

Zero

Cpn.,

6/15/45

..........................

18,100,000

7,723,010

State

of

Illinois

,

GO

,

2022

C

,

5.5

%

,

10/01/44

...............................

4,645,000

5,127,392

c

Upper

Illinois

River

Valley

Development

Authority

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

Zero

Cpn.,

12/01/44

..................................................

62,345,000

39,564,268

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

B

,

Refunding

,

Zero

Cpn.,

12/01/35

..................................................

12,135,000

6,603,670

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)

Illinois

(continued)

c

Village

of

Lincolnwood

,

North

Lincoln

Redevelopment

Project

Area

,

COP

,

144A,

2021

A

,

4.82

%

,

1/01/41

.................................................

$

1,535,000

$

1,514,712

Village

of

Villa

Park

,

Garden

Station

Redevelopment

Area

,

Tax

Allocation

,

2021

,

Zero

Cpn.,

12/31/38

....................................................

1,815,000

1,508,314

105,872,635

Indiana

0.5%

c

City

of

Anderson

,

Sweet

Galilee

at

the

Wigwam

LLC

,

Revenue

,

144A,

2020

A

,

5.375

%

,

1/01/40

.........................................................

2,740,000

2,417,515

c

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

A

,

5

%

,

8/01/41

..

4,465,000

3,887,669

c

City

of

Jeffersonville

,

Vivera

Senior

Living

of

Columbus

LLC

,

Revenue

,

144A,

2020

A

,

5.25

%

,

11/01/40

...................................................

4,500,000

3,996,084

c

City

of

Valparaiso

,

Green

Oaks

of

Valparaiso

LLC

,

Revenue

,

144A,

2021

,

5.375

%

,

12/01/41

........................................................

4,650,000

3,922,051

Indiana

Finance

Authority

,

SFP-PUFW

I

LLC

,

Revenue

,

2024

C

,

5.75

%

,

7/01/64

.......................

1,730,000

1,708,638

University

of

Evansville

,

Revenue

,

2022

B

,

7

%

,

9/01/32

.....................

3,765,000

3,634,568

c

Indiana

Housing

&

Community

Development

Authority

,

Vita

of

Marion

LLC

,

Revenue

,

144A,

2021

A

,

5.25

%

,

4/01/41

........................................

4,750,000

4,236,489

23,803,014

Iowa

0.2%

Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

5/15/48

....

2,090,000

2,064,358

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6.75

%

,

5/15/33

........................................................

1,000,000

1,130,577

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

7.25

%

,

5/15/38

........................................................

1,500,000

1,717,777

Northcrest

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

3/01/48

..................

7,500,000

7,468,781

12,381,493

Kansas

0.0%

†

Wyandotte

County-Kansas

City

Unified

Government

,

Revenue

,

2018

,

4.5

%

,

6/01/40

.

1,335,000

1,337,211

Kentucky

0.4%

Kentucky

Public

Transportation

Infrastructure

Authority

,

Revenue,

First

Tier

,

2013

C

,

6.6

%

,

7/01/39

...............................

10,000,000

11,761,670

Revenue,

First

Tier

,

2013

C

,

6.75

%

,

7/01/43

..............................

5,000,000

5,876,461

17,638,131

Louisiana

1.3%

Juban

Trails

Community

Development

District

,

Special

Assessment

,

2022

,

3.375

%

,

6/01/27

.............................

15,000

14,621

Special

Assessment

,

2022

,

4.25

%

,

6/01/51

..............................

1,235,000

1,096,187

Lakeshore

Villages

Master

Community

Development

District

,

Special

Assessment

,

2021

,

2.375

%

,

6/01/26

.............................

190,000

184,670

Special

Assessment

,

2021

,

2.875

%

,

6/01/31

.............................

695,000

626,987

Special

Assessment

,

2021

,

3.2

%

,

6/01/41

...............................

2,730,000

2,259,471

Special

Assessment

,

2021

,

4

%

,

6/01/51

.................................

2,035,000

1,711,175

Special

Assessment

,

2022

,

5.375

%

,

6/01/42

.............................

730,000

750,099

Special

Assessment

,

2022

,

5.5

%

,

6/01/52

...............................

1,425,000

1,465,562

c

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

GOMESA

,

Revenue

,

144A,

2018

,

5.375

%

,

11/01/38

........................

1,525,000

1,606,430

Parish

of

Lafourche

,

Revenue

,

144A,

2019

,

3.95

%

,

11/01/43

.................

1,711,581

1,636,660

Parish

of

St.

Martin

,

Revenue

,

144A,

2019

,

4.4

%

,

11/01/44

...................

5,105,000

5,143,165

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)

Louisiana

(continued)

c

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority,

(continued)

Parish

of

Vermilion

,

Revenue

,

144A,

2019

,

4.625

%

,

11/01/38

.................

$

1,455,000

$

1,493,434

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-1

,

Refunding

,

4.5

%

,

12/01/31

..................................................

5,000,000

5,037,915

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

B

,

Refunding

,

Zero

Cpn.,

12/01/35

..................................................

12,800,000

6,965,552

Terrebonne

Parish

Consolidated

Government

,

Revenue

,

144A,

2018

,

5.5

%

,

11/01/39

1,190,000

1,251,831

c

Louisiana

Public

Facilities

Authority

,

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

A-1

,

5.375

%

,

1/01/40

5,000,000

4,783,213

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

A-1

,

5.5

%

,

1/01/50

.

4,500,000

4,138,990

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

A-2

,

7

%

,

1/01/57

...

10,000,000

8,997,185

Parish

of

Beauregard

,

OfficeMax,

Inc.

,

Revenue

,

2002

,

Refunding

,

6.8

%

,

2/01/27

...

13,990,000

14,019,457

St.

Tammany

Parish

Finance

Authority

,

Christwood

Obligated

Group

,

Revenue

,

2014

,

Refunding

,

5.25

%

,

11/15/29

.......

1,200,000

1,200,450

Christwood

Obligated

Group

,

Revenue

,

2014

,

Refunding

,

5.25

%

,

11/15/37

.......

1,650,000

1,646,882

66,029,936

Maryland

0.2%

County

of

Frederick

,

Oakdale-Lake

Linganore

Development

District

,

Special

Tax

,

2019

,

Refunding

,

3.25

%

,

7/01/29

........................................................

750,000

723,883

Oakdale-Lake

Linganore

Development

District

,

Special

Tax

,

2019

,

Refunding

,

3.75

%

,

7/01/39

........................................................

1,410,000

1,297,708

Urbana

Community

Development

Authority

,

Special

Tax

,

2020

B

,

Refunding

,

4

%

,

7/01/40

........................................................

315,000

305,463

c

Town

of

La

Plata

,

Heritage

Green

Special

Taxing

District

,

Special

Tax

,

144A,

2023

A

,

6.5

%

,

2/15/53

....................................................

8,500,000

8,770,611

11,097,665

Massachusetts

0.0%

†

c

Massachusetts

Development

Finance

Agency

,

CHF

Merrimack,

Inc.

,

Revenue

,

144A,

2024

A

,

5

%

,

7/01/54

..................

1,200,000

1,225,610

CHF

Merrimack,

Inc.

,

Revenue

,

144A,

2024

A

,

5

%

,

7/01/60

..................

1,100,000

1,115,023

2,340,633

Michigan

0.4%

City

of

Detroit

,

Great

Lakes

Water

Authority

Sewage

Disposal

System

,

Revenue,

Second

Lien

,

2006

B

,

NATL

Insured

,

5

%

,

7/01/36

..........................

15,000

15,022

City

of

Ecorse

,

GO

,

2011

,

6.5

%

,

11/01/35

.................................

1,115,000

1,117,180

Kalamazoo

Economic

Development

Corp.

,

c

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

8/15/31

....................................................

700,000

689,772

c

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

8/15/51

....................................................

3,015,000

2,538,573

Heritage

Community

of

Kalamazoo

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

5/15/43

1,120,000

1,093,597

Heritage

Community

of

Kalamazoo

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

5/15/55

8,860,000

8,171,859

c

Michigan

Finance

Authority

,

Revenue

,

144A,

2014

,

6.75

%

,

7/01/44

..............

1,695,000

1,678,707

c

Michigan

Strategic

Fund

,

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

8/15/31

....................................................

570,000

561,672

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

8/15/41

....................................................

895,000

814,518

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

8/15/51

....................................................

1,380,000

1,161,934

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)

Michigan

(continued)

Michigan

Tobacco

Settlement

Finance

Authority

,

Michigan

Finance

Authority

Tobacco

Settlement

,

Revenue

,

2007

B

,

Zero

Cpn.,

6/01/52

.........................

$

26,990,000

$

3,592,520

21,435,354

Minnesota

0.1%

City

of

Minneapolis

,

Ecumen

Mill

City

Quarter

LLC

,

Revenue

,

2015

,

5.25

%

,

11/01/45

..............

2,800,000

2,679,986

Ecumen

Mill

City

Quarter

LLC

,

Revenue

,

2015

,

5.375

%

,

11/01/50

..............

1,000,000

965,398

c

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue

,

144A,

2022

B

,

6.25

%

,

8/01/37

.............................................

590,000

590,977

4,236,361

Mississippi

0.4%

c

Mississippi

Development

Bank

,

Magnolia

Regional

Health

Center

,

Revenue

,

144A,

2021

,

Refunding

,

4

%

,

10/01/34

900,000

829,049

Magnolia

Regional

Health

Center

,

Revenue

,

144A,

2021

,

Refunding

,

4

%

,

10/01/36

850,000

761,655

c

Mississippi

Home

Corp.

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024-2

A-2

,

Refunding

,

Zero

Cpn.,

12/01/44

..............................................

14,500,000

9,201,730

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024-2

B

,

Refunding

,

Zero

Cpn.,

12/01/35

..................................................

12,850,000

6,992,762

17,785,196

Missouri

0.3%

Cape

Girardeau

County

Industrial

Development

Authority

,

Mercy

Health

,

Revenue

,

2016

A

,

Refunding

,

6

%

,

3/01/33

.......................................

3,580,000

3,656,496

City

of

Maryland

Heights

,

Westport

Plaza

Redevelopment

Area

,

Tax

Allocation

,

2020

,

4.125

%

,

11/01/38

..................................................

2,500,000

2,457,037

Kirkwood

Industrial

Development

Authority

,

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25

%

,

5/15/42

...................................

1,000,000

947,451

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25

%

,

5/15/50

...................................

3,500,000

3,138,593

Stoddard

County

Industrial

Development

Authority

,

Mercy

Health

,

Revenue

,

2016

B

,

Refunding

,

6

%

,

3/01/37

.............................................

3,450,000

3,525,833

13,725,410

Nevada

1.0%

City

of

Henderson

,

Local

Improvement

District

No.

T-16

,

Special

Assessment

,

2005

,

5.125

%

,

3/01/25

.

255,000

254,598

Local

Improvement

District

No.

T-18

,

Special

Assessment

,

2016

,

Refunding

,

4

%

,

9/01/32

........................................................

1,675,000

1,628,129

City

of

Las

Vegas

,

Special

Improvement

District

No.

610

,

Special

Assessment

,

2018

,

5

%

,

6/01/48

....

7,280,000

7,380,093

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

4

%

,

6/01/33

....

180,000

173,364

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

4

%

,

6/01/34

....

185,000

176,867

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

4

%

,

6/01/35

....

185,000

175,326

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

4

%

,

6/01/40

....

440,000

404,434

Special

Improvement

District

No.

612

Skye

Hills

,

Special

Assessment

,

2020

,

3.5

%

,

6/01/35

........................................................

200,000

181,459

Special

Improvement

District

No.

612

Skye

Hills

,

Special

Assessment

,

2020

,

4

%

,

6/01/50

........................................................

965,000

817,685

Special

Improvement

District

No.

812

,

Special

Assessment

,

2015

,

5

%

,

12/01/30

...

1,495,000

1,514,992

Special

Improvement

District

No.

812

,

Special

Assessment

,

2015

,

5

%

,

12/01/35

...

945,000

955,932

Special

Improvement

District

No.

814

,

Special

Assessment

,

2019

,

4

%

,

6/01/39

....

425,000

406,950

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)

Nevada

(continued)

City

of

Las

Vegas,

(continued)

Special

Improvement

District

No.

814

,

Special

Assessment

,

2019

,

4

%

,

6/01/44

....

$

690,000

$

630,366

Special

Improvement

District

No.

815

,

Special

Assessment

,

2020

,

4.75

%

,

12/01/40

965,000

965,264

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

2.75

%

,

6/01/33

.

520,000

456,411

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

2.75

%

,

6/01/36

.

820,000

681,472

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

3

%

,

6/01/41

....

635,000

507,956

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

3.125

%

,

6/01/51

1,410,000

1,035,493

c

City

of

North

Las

Vegas

,

Special

Improvement

District

No.

66

,

Special

Assessment

,

144A,

2022

,

5.75

%

,

6/01/47

........................................................

1,585,000

1,618,374

Special

Improvement

District

No.

66

,

Special

Assessment

,

144A,

2022

,

6

%

,

6/01/52

1,785,000

1,843,724

c

City

of

Reno

,

Sales

Tax

,

Revenue

,

144A,

2018

C

,

Refunding

,

Zero

Cpn.,

7/01/58

....

12,500,000

1,906,375

County

of

Clark

,

Special

Improvement

District

No.

128

,

Special

Assessment

,

2001-2007

,

5

%

,

2/01/26

535,000

536,154

Special

Improvement

District

No.

128

,

Special

Assessment

,

2001-2007

,

5.05

%

,

2/01/31

........................................................

980,000

982,114

Special

Improvement

District

No.

159

,

Special

Assessment

,

2015

,

5

%

,

8/01/35

....

1,975,000

1,990,221

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

266,990

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch

,

Special

Assessment

,

2022

,

3.5

%

,

9/01/45

..............................

745,000

599,484

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch

,

Special

Assessment

,

2022

,

4

%

,

9/01/51

...............................

495,000

434,565

Local

Improvement

District

No.

T-22

,

Special

Assessment

,

2023

,

5

%

,

3/01/38

.....

775,000

792,063

Local

Improvement

District

No.

T-22

,

Special

Assessment

,

2023

,

5

%

,

3/01/43

.....

995,000

1,000,225

Local

Improvement

District

No.

T-22

,

Special

Assessment

,

2023

,

5.25

%

,

3/01/48

..

995,000

1,006,081

Local

Improvement

District

No.

T-22

,

Special

Assessment

,

2023

,

5.25

%

,

3/01/53

..

300,000

302,110

State

of

Nevada

Department

of

Business

&

Industry

,

g

Desertxpress

Enterprises

LLC

,

Revenue

,

2020

A-4

,

Mandatory

Put

,

8.125

%

,

8/15/25

13,150,000

13,550,633

c,d

Fulcrum

Sierra

Biofuels

LLC

,

Revenue

,

144A,

2017

,

5.875

%

,

12/15/27

..........

7,864,041

2,296,300

c,d

Fulcrum

Sierra

Biofuels

LLC

,

Revenue

,

144A,

2017

,

6.25

%

,

12/15/37

...........

8,654,121

2,527,004

49,999,208

New

Hampshire

0.2%

New

Hampshire

Business

Finance

Authority

,

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

3.75

%

,

8/15/30

...............

100,000

98,272

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

4.125

%

,

8/15/40

..............

2,545,000

2,364,869

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

4.25

%

,

8/15/46

...............

2,860,000

2,588,260

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

4.5

%

,

8/15/55

................

5,940,000

5,322,021

10,373,422

New

Jersey

1.3%

New

Jersey

Economic

Development

Authority

,

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

5

%

,

7/01/47

..........

2,200,000

2,200,768

United

Airlines,

Inc.

,

Revenue

,

2003

,

5.5

%

,

6/01/33

........................

8,480,000

8,536,957

c,d

White

Horse

HMT

Urban

Renewal

LLC

,

Revenue

,

144A,

2020

,

5

%

,

1/01/40

......

3,000,000

2,014,323

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2008

A

,

Zero

Cpn.,

12/15/38

..............................................

46,750,000

27,559,910

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

6/01/46

.............................

7,000,000

7,211,499

Revenue

,

2018

B

,

Refunding

,

5

%

,

6/01/46

...............................

16,000,000

16,080,515

63,603,972

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

95

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Mexico

0.0%

†

Lower

Petroglyphs

Public

Improvement

District

,

Special

Tax

,

2018

,

Refunding

,

5

%

,

10/01/33

..............................

$

500,000

$

500,594

Special

Tax

,

2018

,

Refunding

,

5

%

,

10/01/38

..............................

450,000

450,219

Special

Tax

,

2018

,

Refunding

,

5

%

,

10/01/48

..............................

1,205,000

1,207,084

2,157,897

New

York

3.1%

Metropolitan

Transportation

Authority

,

Revenue

,

2016

A-1

,

5.25

%

,

11/15/56

...................................

4,765,000

4,816,612

Revenue

,

2020

C-1

,

4.75

%

,

11/15/45

...................................

13,220,000

13,681,098

Revenue

,

2020

C-1

,

5

%

,

11/15/50

.....................................

10,000,000

10,404,466

Revenue

,

2020

C-1

,

5.25

%

,

11/15/55

...................................

29,500,000

31,039,157

Revenue

,

2020

D

,

4

%

,

11/15/50

.......................................

11,500,000

11,240,236

New

York

Liberty

Development

Corp.

,

c

3

World

Trade

Center

LLC

,

Revenue

,

144A,

2014

,

2

,

Refunding

,

5.375

%

,

11/15/40

.

7,500,000

7,505,973

Goldman

Sachs

Headquarters

LLC

,

Revenue

,

2005

,

Refunding

,

5.25

%

,

10/01/35

..

23,000,000

26,855,198

New

York

Transportation

Development

Corp.

,

American

Airlines,

Inc.

,

Revenue

,

2020

,

Refunding

,

5.375

%

,

8/01/36

...........

5,000,000

5,274,663

Laguardia

Gateway

Partners

LLC

,

Revenue

,

2016

A

,

5

%

,

7/01/46

.............

13,505,000

13,505,236

c

Rockland

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

144A,

2005

A

,

Zero

Cpn.,

8/15/45

.........................................................

56,000,000

16,890,227

Suffolk

Regional

Off-Track

Betting

Co.

,

Revenue

,

2024

,

5.75

%

,

12/01/44

......................................

5,000,000

5,224,810

Revenue

,

2024

,

6

%

,

12/01/53

........................................

7,175,000

7,531,927

153,969,603

North

Dakota

0.1%

County

of

Burleigh

,

University

of

Mary

,

Revenue

,

2016

,

5.1

%

,

4/15/36

.........................

3,550,000

3,567,485

University

of

Mary

,

Revenue

,

2016

,

5.2

%

,

4/15/46

.........................

3,130,000

3,113,815

a

,c

,d

County

of

Grand

Forks

,

Red

River

Biorefinery

LLC

,

Revenue

,

144A,

2021

A

,

6.625

%

,

12/15/31

..........

2,875,000

—

Red

River

Biorefinery

LLC

,

Revenue

,

144A,

2021

A

,

7

%

,

12/15/43

.............

14,000,000

—

6,681,300

Ohio

2.9%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

B-2

,

2

,

Refunding

,

5

%

,

6/01/55

.............................................

18,360,000

16,837,139

City

of

Centerville

,

Graceworks

Lutheran

Services

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/01/50

..........................................

5,000,000

4,794,892

Cleveland-Cuyahoga

County

Port

Authority

,

c

Flats

East

Bank

TIF

District

,

Tax

Allocation

,

144A,

2021

B

,

Refunding

,

4.5

%

,

12/01/55

1,500,000

1,330,817

c

Flats

East

Bank

TIF

District

,

Tax

Allocation,

Senior

Lien

,

144A,

2021

A

,

Refunding

,

4

%

,

12/01/55

...................................................

1,150,000

981,023

Playhouse

Square

Foundation

,

Revenue

,

2018

,

Refunding

,

5.25

%

,

12/01/38

.....

700,000

722,109

Playhouse

Square

Foundation

,

Revenue

,

2018

,

Refunding

,

5.5

%

,

12/01/43

......

700,000

719,063

County

of

Fairfield

,

Fairfield

Medical

Center

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

5

%

,

6/15/43

.............................................

10,000,000

9,130,221

County

of

Franklin

,

Wesley

Communities

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5.25

%

,

11/15/40

2,910,000

2,970,994

Wesley

Communities

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5.25

%

,

11/15/55

8,800,000

8,680,450

County

of

Washington

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

6.625

%

,

12/01/42

................................................

10,000,000

11,195,211

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)

Ohio

(continued)

County

of

Washington,

(continued)

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

6.75

%

,

12/01/52

.......................................................

$

17,000,000

$

19,027,063

Ohio

Higher

Educational

Facility

Commission

,

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/42

...........

1,360,000

1,370,504

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/45

...........

1,205,000

1,205,616

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/50

...........

2,570,000

2,518,707

Ohio

Housing

Finance

Agency

,

Revenue

,

2023

C

,

8

%

,

8/01/34

........................................

1,000,000

1,038,980

c

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

C

,

8

%

,

9/01/39

..............

1,400,000

1,492,690

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

Junior

Lien

,

2013

A-4

,

5.75

%

,

2/15/35

.........................................................

35,000,000

40,533,581

Southeastern

Ohio

Port

Authority

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

12/01/35

.......................................................

1,000,000

960,214

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

12/01/43

.......................................................

1,000,000

928,171

c

State

of

Ohio

,

Aultman

Health

Foundation

Obligated

Group

,

Revenue

,

144A,

2018

,

Refunding

,

5

%

,

12/01/38

.......................................................

5,000,000

5,002,047

Aultman

Health

Foundation

Obligated

Group

,

Revenue

,

144A,

2018

,

Refunding

,

5

%

,

12/01/48

.......................................................

15,195,000

14,666,890

146,106,382

Oklahoma

0.1%

Tulsa

County

Industrial

Authority

,

Montereau

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/15/37

.......

1,000,000

1,021,329

Montereau

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/15/45

.......

6,500,000

6,584,821

7,606,150

Oregon

0.3%

Clackamas

County

Hospital

Facility

Authority

,

Rose

Villa,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5.125

%

,

11/15/40

.

500,000

506,195

Rose

Villa,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5.25

%

,

11/15/50

..

1,250,000

1,254,706

Rose

Villa,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5.375

%

,

11/15/55

.

1,500,000

1,506,649

Polk

County

Hospital

Facility

Authority

,

Dallas

Mennonite

Retirement

Community

Obligated

Group

,

Revenue

,

2020

A

,

5.125

%

,

7/01/55

.......................

3,500,000

3,449,321

Yamhill

County

Hospital

Authority

,

Friendsview

Manor

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

11/15/51

..

4,325,000

3,808,043

Friendsview

Manor

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

11/15/56

..

6,115,000

5,296,207

15,821,121

Pennsylvania

2.2%

c

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Center

City

Investment

Corp.

,

Revenue

,

144A,

2018

,

5.375

%

,

5/01/42

..........

5,000,000

5,047,509

Center

City

Investment

Corp.

,

Revenue

,

144A,

2022

,

5.25

%

,

5/01/42

...........

6,070,000

6,133,978

Berks

County

Municipal

Authority

(The)

,

Tower

Health

Obligated

Group

,

Revenue

,

2024

A-1

,

8

%

,

6/30/34

..............

2,083,000

2,162,064

Tower

Health

Obligated

Group

,

Revenue

,

2024

A-2

,

6

%

,

6/30/34

..............

1,045,000

1,133,288

Tower

Health

Obligated

Group

,

Revenue

,

2024

A-3

,

5

%

,

6/30/39

..............

13,996,000

13,938,828

Tower

Health

Obligated

Group

,

Revenue

,

2024

B-1

,

Zero

Cpn.,

6/30/44

.........

6,993,000

5,048,879

c

Chester

County

Industrial

Development

Authority

,

Borough

of

Phoenixville

Steelpointe

Neighborhood

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4.75

%

,

3/01/50

..............................

4,215,000

3,739,052

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)

Pennsylvania

(continued)

c

Chester

County

Industrial

Development

Authority,

(continued)

Woodlands

at

Greystone

Neighborhood

Improvement

District

,

Special

Assessment

,

144A,

2018

,

5

%

,

3/01/38

...........................................

$

225,000

$

225,489

Woodlands

at

Greystone

Neighborhood

Improvement

District

,

Special

Assessment

,

144A,

2018

,

5.125

%

,

3/01/48

.......................................

900,000

887,087

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2019

,

Refunding

,

5

%

,

5/01/48

......................................................

4,000,000

3,785,286

c

Erie

County

Industrial

Development

Authority

,

CFC

-

Erie

I

LLC

,

Revenue

,

144A,

2024

B

,

7.25

%

,

3/01/50

.................................................

4,495,000

4,223,186

Franklin

County

Industrial

Development

Authority

,

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

12/01/38

...

1,000,000

1,007,918

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

12/01/43

...

1,200,000

1,189,830

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

12/01/48

...

4,600,000

4,438,025

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

12/01/53

...

3,050,000

2,889,333

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2019

,

5

%

,

12/01/54

............

1,000,000

943,733

Lancaster

County

Hospital

Authority

,

Brethren

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.125

%

,

7/01/37

...

1,055,000

1,062,677

Brethren

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

7/01/41

....

3,580,000

3,596,105

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School

,

Revenue

,

2021

A

,

4

%

,

5/01/31

............

665,000

645,550

Seven

Generations

Charter

School

,

Revenue

,

2021

A

,

4

%

,

5/01/51

............

2,385,000

1,967,437

Pennsylvania

Turnpike

Commission

,

Revenue

,

B-2

,

Zero

Cpn.,

12/01/37

....................................

20,000,000

19,747,352

Revenue

,

B-2

,

Zero

Cpn.,

12/01/40

....................................

25,075,000

24,528,139

Philadelphia

Authority

for

Industrial

Development

,

Evangelical

Services

for

the

Aging

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

7/01/49

......................

3,000,000

2,913,102

111,253,847

South

Carolina

1.4%

County

of

Dorchester

,

Summers

Corner

Improvement

District

,

Special

Assessment

,

2023

,

5.5

%

,

10/01/51

...............................................

2,110,000

2,128,005

c

Greenville

Housing

Authority

,

Revenue

,

144A,

2023

B

,

8.375

%

,

5/01/47

..........

10,600,000

10,690,739

South

Carolina

Jobs-Economic

Development

Authority

,

Beaufort

Memorial

Hospital

Obligated

Group

,

Revenue

,

2024

,

5.75

%

,

11/15/54

...

2,000,000

2,152,196

c

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

14,400,000

11,787,707

c

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-2

,

Zero

Cpn.,

6/01/52

25,550,000

19,750,091

c

FAH

Pelham

LLC

,

Revenue

,

144A,

2023

B

,

II

,

7.5

%

,

8/01/47

.................

9,565,000

9,803,563

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group

,

Revenue

,

2017

,

5

%

,

4/01/52

........................................................

1,750,000

1,747,289

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

4/01/48

............................................

3,500,000

3,502,044

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

4/01/53

.........................................

11,000,000

11,051,796

72,613,430

South

Dakota

0.2%

City

of

Sioux

Falls

,

Dow

Rummel

Village

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/46

...............

7,110,000

6,677,348

Dow

Rummel

Village

,

Revenue

,

2017

,

5

%

,

11/01/42

........................

2,000,000

1,933,296

8,610,644

Tennessee

1.4%

c

Cleveland

Housing

Authority

,

Cleveland

Forward

Phase

One

LLC

,

Revenue

,

144A,

2022

B

,

6.25

%

,

4/01/41

....

1,000,000

1,019,297

Cleveland

Forward

Phase

Two

LLC

,

Revenue

,

144A,

2022

B

,

6.25

%

,

4/01/41

....

1,000,000

1,019,296

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)

Tennessee

(continued)

Johnson

City

Health

&

Educational

Facilities

Board

,

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

7/01/27

...................................................

$

19,365,000

$

17,620,978

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

7/01/28

...................................................

19,400,000

16,997,254

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

7/01/29

...................................................

19,365,000

16,301,641

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

7/01/30

...................................................

19,370,000

15,639,745

68,598,211

Texas

11.5%

c

Arlington

Higher

Education

Finance

Corp.

,

BASIS

Texas

Charter

Schools,

Inc.

,

Revenue

,

144A,

2024

,

4.875

%

,

6/15/59

.................................

1,000,000

1,000,334

Cedar

Bayou

Navigation

District

,

Special

Assessment

,

2020

,

6

%

,

9/15/51

.........

7,500,000

6,378,629

Central

Texas

Regional

Mobility

Authority

,

Revenue

,

2010

,

Zero

Cpn.,

1/01/35

....................................

3,000,000

2,035,052

Revenue

,

2010

,

Zero

Cpn.,

1/01/37

....................................

2,500,000

1,524,194

Revenue

,

2010

,

Zero

Cpn.,

1/01/38

....................................

2,405,000

1,393,946

Revenue

,

2010

,

Zero

Cpn.,

1/01/39

....................................

2,545,000

1,390,422

c

City

of

Anna

,

Hurricane

Creek

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

5.75

%

,

9/01/42

..............................

972,000

1,032,089

Hurricane

Creek

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/01/52

................................

1,907,000

1,967,070

Meadow

Vista

Public

Improvement

District

Improvement

Area

1

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/15/44

.........................................

850,000

860,512

Sherley

Tract

Public

Improvement

District

No.

2

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

9/15/31

..............................

300,000

279,799

Sherley

Tract

Public

Improvement

District

No.

2

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/15/41

................................

867,000

790,196

Sherley

Tract

Public

Improvement

District

No.

2

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.5

%

,

9/15/31

...............................

101,000

97,180

Sherley

Tract

Public

Improvement

District

No.

2

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5

%

,

9/15/51

................................

503,000

502,442

Woods

at

Lindsey

Place

(The)

Public

Improvement

District

Area

1

,

Special

Assessment

,

144A,

2023

,

5.625

%

,

9/15/43

.............................

751,000

784,727

Woods

at

Lindsey

Place

(The)

Public

Improvement

District

Area

1

,

Special

Assessment

,

144A,

2023

,

5.875

%

,

9/15/53

.............................

1,075,000

1,125,701

c

City

of

Aubrey

,

Aubrey

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2023

,

5.875

%

,

9/01/43

........................................................

1,075,000

1,107,303

Aubrey

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2023

,

6

%

,

9/01/53

........................................................

1,600,000

1,646,859

Jackson

Ridge

Public

Improvement

District

Phase

No.

3B

,

Special

Assessment

,

144A,

2022

,

5.25

%

,

9/01/32

........................................

775,000

808,793

Jackson

Ridge

Public

Improvement

District

Phase

No.

3B

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/01/45

...........................................

1,803,000

1,930,502

c

City

of

Boyd

,

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.125

%

,

9/15/43

.......................................

690,000

704,438

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/15/53

.........................................

1,408,000

1,442,764

City

of

Celina

,

c

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/01/44

..........................

470,000

486,093

c

Special

Assessment

,

144A,

2024

,

5.75

%

,

9/01/54

.........................

1,300,000

1,353,021

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

Celina,

(continued)

c

Chalk

Hill

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/01/43

..................................................

$

767,000

$

782,935

c

Chalk

Hill

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2023

,

6

%

,

9/01/53

........................................................

1,764,000

1,804,684

c

Creeks

of

Legacy

Public

Improvement

District

Phase

No.

3

,

Special

Assessment

,

144A,

2020

,

4.25

%

,

9/01/40

........................................

230,000

214,945

c

Cross

Creek

Meadows

Public

Improvement

District

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

4.5

%

,

9/01/30

.........................................

501,000

504,531

c

Cross

Creek

Meadows

Public

Improvement

District

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.375

%

,

9/01/43

.......................................

1,624,000

1,665,772

c

Cross

Creek

Meadows

Public

Improvement

District

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/53

.........................................

1,741,000

1,779,244

c

Cross

Creek

Meadows

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

5

%

,

9/01/30

..........................

350,000

352,648

c

Cross

Creek

Meadows

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

6.125

%

,

9/01/53

.......................

1,549,000

1,598,724

c

Edgewood

Creek

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4.75

%

,

9/01/31

..................................................

175,000

173,655

c

Edgewood

Creek

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

5.25

%

,

9/01/41

..................................................

370,000

373,946

c

Edgewood

Creek

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

5.5

%

,

9/01/50

...................................................

500,000

508,163

c

Edgewood

Creek

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2021

,

4.25

%

,

9/01/41

........................................

500,000

465,293

c

Hillside

Village

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

2.75

%

,

9/01/27

........................................................

197,000

184,684

c

Hillside

Village

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.125

%

,

9/01/32

.................................................

231,000

200,928

c

Hillside

Village

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.375

%

,

9/01/42

.................................................

866,000

691,066

c,h

Mosaic

Public

Improvement

District

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

4.5

%

,

9/01/31

...................................................

500,000

502,655

c,h

Mosaic

Public

Improvement

District

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.125

%

,

9/01/44

.................................................

1,495,000

1,510,464

c,h

Mosaic

Public

Improvement

District

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/01/54

...................................................

2,500,000

2,562,247

c

Mosaic

Public

Improvement

District

Phase

1

,

Special

Assessment

,

144A,

2023

,

4.375

%

,

9/01/30

.................................................

405,000

407,791

c

Mosaic

Public

Improvement

District

Phase

1

,

Special

Assessment

,

144A,

2023

,

5.125

%

,

9/01/43

.................................................

1,225,000

1,249,822

c

Mosaic

Public

Improvement

District

Phase

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/53

...................................................

1,851,000

1,910,052

North

Sky

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

2023

,

4.375

%

,

9/01/30

............................................

336,000

338,410

North

Sky

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

2023

,

5.375

%

,

9/01/43

............................................

812,000

832,308

North

Sky

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

2023

,

5.625

%

,

9/01/52

............................................

1,005,000

1,033,653

North

Sky

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

2024

,

5.25

%

,

9/01/52

.............................................

100,000

101,174

c

North

Sky

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

4.875

%

,

9/01/30

.......................................

228,000

229,966

c

North

Sky

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

6.125

%

,

9/01/52

.......................................

999,000

1,025,492

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/01/26

..........

176,000

173,482

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)

City

of

Celina,

(continued)

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/01/31

...........

$

473,000

$

458,972

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.25

%

,

9/01/41

.........

2,015,000

1,881,710

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2021

,

2.75

%

,

9/01/26

..............................

114,000

110,760

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2021

,

3.25

%

,

9/01/31

..............................

150,000

139,486

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/01/41

...............................

1,205,000

1,039,859

c

Pravin

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

6.5

%

,

9/01/43

1,500,000

1,540,327

c

Pravin

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

6.75

%

,

9/01/53

2,000,000

2,057,772

c

Sutton

Fields

East

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2022

,

3.25

%

,

9/01/27

........................................

227,000

216,365

c

Sutton

Fields

East

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2022

,

3.625

%

,

9/01/32

.......................................

336,000

305,580

c

Sutton

Fields

East

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2022

,

4.125

%

,

9/01/51

.......................................

1,033,000

899,540

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2020

,

4.125

%

,

9/01/50

.......................

1,787,000

1,564,579

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5

,

Special

Assessment

,

144A,

2022

,

2.875

%

,

9/01/27

.......................

68,000

64,598

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5

,

Special

Assessment

,

144A,

2022

,

3.25

%

,

9/01/32

........................

250,000

225,467

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5

,

Special

Assessment

,

144A,

2022

,

3.5

%

,

9/01/42

.........................

1,175,000

992,826

c

Ten

Mile

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

4.75

%

,

9/01/30

..............................

491,000

496,745

c

Ten

Mile

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/42

...............................

1,169,000

1,206,202

c

Ten

Mile

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/01/52

..............................

1,494,000

1,544,275

c

Ten

Mile

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/30

...............................

234,000

236,703

c

Ten

Mile

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

6.25

%

,

9/01/42

..............................

801,000

825,682

c

Ten

Mile

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

6.5

%

,

9/01/52

...............................

1,300,000

1,342,366

c

Wells

North

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

9/01/40

........................................................

425,000

372,986

c

Wells

North

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/01/50

........................................................

498,000

427,047

c

Wells

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.125

%

,

9/01/30

........................................................

150,000

140,500

c

Wells

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/01/40

........................................................

350,000

320,427

c

Wells

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/01/50

........................................................

965,000

827,511

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2021

,

3

%

,

9/01/31

..........................

158,000

142,668

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/01/41

.......................

379,000

318,863

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

9/01/42

.........................

490,000

510,187

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5

,

Special

Assessment

,

144A,

2022

,

5.625

%

,

9/01/52

.......................

1,314,000

1,360,671

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)

City

of

Corpus

Christi

,

Whitecap

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

2024

,

5.375

%

,

9/15/31

..................................

$

350,000

$

353,768

Whitecap

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

2024

,

6.125

%

,

9/15/44

..................................

1,150,000

1,172,959

Whitecap

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

2024

,

6.5

%

,

9/15/54

....................................

2,000,000

2,046,901

c

City

of

Crandall

,

Cartwright

Ranch

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/15/31

................................

409,000

405,462

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.75

%

,

9/15/31

..............................

161,000

162,270

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5

%

,

9/15/41

................................

1,144,000

1,144,403

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.25

%

,

9/15/51

..............................

750,000

753,036

River

Ridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

9/15/32

...............................

528,000

553,304

River

Ridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

6.125

%

,

9/15/52

.............................

5,000,000

5,284,581

River

Ridge

Public

Improvement

District

Single-Family

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.125

%

,

9/15/32

.......................

232,000

245,426

River

Ridge

Public

Improvement

District

Single-Family

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.75

%

,

9/15/52

........................

1,750,000

1,873,769

c

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue

,

144A,

2022

B

,

Zero

Cpn.,

12/01/62

....................................................

173,330,000

12,492,084

c

City

of

Dayton

,

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment,

Junior

Lien

,

144A,

2022

B

,

5.75

%

,

9/01/52

...................

1,424,000

1,411,440

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment,

Senior

Lien

,

144A,

2022

A

,

4.875

%

,

9/01/32

..................

269,000

275,362

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment,

Senior

Lien

,

144A,

2022

A

,

5.125

%

,

9/01/42

..................

764,000

779,140

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment,

Junior

Lien

,

144A,

2024

B

,

6.25

%

,

9/01/54

...................

1,225,000

1,239,489

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.375

%

,

9/01/44

..................

608,000

611,339

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.75

%

,

9/01/54

...................

866,000

877,221

c

City

of

Decatur

,

Vista

Park

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6.875

%

,

9/15/54

.........................

2,160,000

2,249,128

c

City

of

DeSoto

,

Danieldale

Homestead

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/15/50

.....................

1,430,000

1,467,266

c

City

of

Dorchester

,

Cottonwood

Public

improvement

District

Major

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

6

%

,

9/15/44

................................

1,000,000

1,001,896

Cottonwood

Public

improvement

District

Major

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

6.25

%

,

9/15/54

..............................

1,500,000

1,498,720

c

City

of

Dripping

Springs

,

Heritage

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

4.5

%

,

9/01/30

.........................................

373,000

377,021

Heritage

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/53

.........................................

1,219,000

1,247,610

Heritage

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5

%

,

9/01/44

...........................................

646,000

645,873

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)

c

City

of

Dripping

Springs,

(continued)

Heritage

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.25

%

,

9/01/54

........................................

$

565,000

$

559,529

c

City

of

Elmendorf

,

Hickory

Ridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/01/31

.............................

398,000

365,652

Hickory

Ridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

9/01/41

..............................

1,205,000

1,014,840

Hickory

Ridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/01/51

................................

1,172,000

967,581

c

City

of

Fate

,

Monterra

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

2.75

%

,

8/15/26

........................................

200,000

193,725

Monterra

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

8/15/31

.......................................

711,000

659,273

Monterra

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

8/15/41

........................................

1,871,000

1,630,387

Monterra

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

8/15/44

.......................................

800,000

809,329

Monterra

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.75

%

,

8/15/54

........................................

1,350,000

1,374,619

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.375

%

,

8/15/30

.............................

125,000

115,305

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.875

%

,

8/15/40

.............................

691,000

601,707

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

4.125

%

,

8/15/50

.............................

994,000

866,586

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

5.875

%

,

8/15/42

.............................

1,617,000

1,655,313

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

6

%

,

8/15/52

................................

2,500,000

2,594,399

Williamsburg

East

Public

Improvement

District

Major

Improvement

Area

,

Revenue

,

144A,

2020

,

4.125

%

,

8/15/30

.......................................

515,000

493,111

Williamsburg

East

Public

Improvement

District

Major

Improvement

Area

,

Revenue

,

144A,

2020

,

4.625

%

,

8/15/40

.......................................

1,163,000

1,095,827

Williamsburg

East

Public

Improvement

District

Major

Improvement

Area

,

Revenue

,

144A,

2020

,

4.875

%

,

8/15/50

.......................................

1,772,000

1,674,505

Williamsburg

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

4.25

%

,

8/15/42

..................................................

1,204,000

1,126,628

Williamsburg

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

4.375

%

,

8/15/52

.................................................

1,100,000

987,876

Williamsburg

Public

Improvement

District

No.

1

Phase

3B

,

Special

Assessment

,

144A,

2023

,

4.25

%

,

8/15/30

........................................

275,000

275,921

Williamsburg

Public

Improvement

District

No.

1

Phase

3B

,

Special

Assessment

,

144A,

2023

,

5.125

%

,

8/15/43

.......................................

537,000

539,383

Williamsburg

Public

Improvement

District

No.

1

Phase

3B

,

Special

Assessment

,

144A,

2023

,

5.375

%

,

8/15/53

.......................................

1,287,000

1,295,715

c

City

of

Ferris

,

Woodstone

Public

Improvement

District

No.

2

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

3.375

%

,

9/01/32

.............................

761,000

693,207

Woodstone

Public

Improvement

District

No.

2

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

3.75

%

,

9/01/42

..............................

1,259,000

1,040,224

c

City

of

Fort

Worth

,

Public

Improvement

District

No.

17

Major

Improvement

,

Special

Assessment

,

144A,

2017

,

5

%

,

9/01/27

................................................

870,000

873,598

Public

Improvement

District

No.

17

Major

Improvement

,

Special

Assessment

,

144A,

2017

,

5

%

,

9/01/32

................................................

1,270,000

1,273,137

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)

c

City

of

Fort

Worth,

(continued)

Public

Improvement

District

No.

17

Major

Improvement

,

Special

Assessment

,

144A,

2017

,

5.125

%

,

9/01/37

............................................

$

1,650,000

$

1,645,592

Public

Improvement

District

No.

17

Roadway

Improvement

,

Special

Assessment

,

144A,

2018

,

5

%

,

9/01/27

...........................................

740,000

742,262

Public

Improvement

District

No.

17

Roadway

Improvement

,

Special

Assessment

,

144A,

2018

,

5

%

,

9/01/32

...........................................

1,530,000

1,532,222

Public

Improvement

District

No.

17

Roadway

Improvement

,

Special

Assessment

,

144A,

2018

,

5

%

,

9/01/37

...........................................

1,975,000

1,941,436

c

City

of

Georgetown

,

Parks

at

Westhaven

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.875

%

,

9/15/32

.................................................

409,000

389,857

Parks

at

Westhaven

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.125

%

,

9/15/42

.................................................

1,060,000

976,604

Parks

at

Westhaven

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.25

%

,

9/15/47

..................................................

716,000

651,978

c

City

of

Haslet

,

Public

Improvement

District

No.

5

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

2.625

%

,

9/01/26

.......................................

191,000

183,852

Public

Improvement

District

No.

5

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

3.25

%

,

9/01/31

........................................

150,000

134,609

Public

Improvement

District

No.

5

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

3.625

%

,

9/01/41

.......................................

1,271,000

1,054,851

City

of

Horseshoe

Bay

,

Escondido

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3

%

,

10/01/30

.......................................................

496,000

453,191

Escondido

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25

%

,

10/01/33

.................................................

431,000

383,301

i

City

of

Houston

,

Airport

System,

United

Airlines,

Inc.

,

Revenue

,

2024

B

,

5.5

%

,

7/15/38

3,400,000

3,681,110

c

City

of

Huntsville

,

Reserves

of

Huntsville

Public

Improvement

District

(The)

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

9/15/44

............................................

775,000

791,854

Reserves

of

Huntsville

Public

Improvement

District

(The)

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

9/15/54

............................................

742,000

755,475

c

City

of

Hutto

,

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/01/31

.............................

260,000

241,815

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/01/41

...............................

1,038,000

887,441

Durango

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.75

%

,

9/01/26

..................................................

100,000

97,001

Durango

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/01/31

........................................................

392,000

366,894

Durango

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.875

%

,

9/01/41

.................................................

1,000,000

894,410

Durango

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/01/56

........................................................

3,479,000

2,972,302

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.25

%

,

9/01/31

..............................

206,000

190,288

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.625

%

,

9/01/41

.............................

519,000

446,616

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/01/56

................................

1,146,000

959,755

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

5.25

%

,

9/01/43

..............................

859,000

883,628

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)

c

City

of

Hutto,

(continued)

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

5.625

%

,

9/01/58

.............................

$

2,000,000

$

2,061,450

c

City

of

Justin

,

Timberbrook

Public

Improvement

District

No.

1

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

3

%

,

9/01/31

................................

475,000

436,421

Timberbrook

Public

Improvement

District

No.

1

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/01/41

.............................

2,709,000

2,284,734

Timberbrook

Public

Improvement

District

No.

2

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

4.5

%

,

9/01/31

.........................................

200,000

203,408

Timberbrook

Public

Improvement

District

No.

2

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/01/44

.........................................

580,000

599,354

Timberbrook

Public

Improvement

District

No.

2

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.75

%

,

9/01/53

........................................

755,000

778,608

c

City

of

Kaufman

,

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/15/31

........................................................

230,000

205,336

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2021

,

3.625

%

,

9/15/41

........................................................

570,000

490,849

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/15/52

.

93,000

96,893

City

of

Kyle

,

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.5

%

,

9/01/44

.........................................

1,380,000

1,124,841

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2020

,

3.125

%

,

9/01/30

.......................................

400,000

374,143

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2020

,

3.625

%

,

9/01/40

.......................................

1,310,000

1,152,367

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

2.75

%

,

9/01/26

........................................

124,000

121,699

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/01/31

.......................................

530,000

505,603

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

9/01/41

........................................

1,428,000

1,281,072

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2023

,

5.25

%

,

9/01/43

........................................

2,250,000

2,321,935

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/47

.........................................

1,396,000

1,449,454

Kyle

57

Public

Improvement

District

,

Special

Assessment

,

2022

,

4.75

%

,

9/01/32

..

400,000

406,610

c

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

4.75

%

,

9/01/33

..............................

176,000

178,223

c

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/43

...............................

678,000

694,145

c

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/01/53

..............................

1,250,000

1,282,411

c

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.75

%

,

9/01/53

..............................

1,113,000

1,138,740

c

Plum

Creek

North

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

3.875

%

,

9/01/32

.............................

500,000

480,585

c

Plum

Creek

North

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

4.125

%

,

9/01/41

.............................

1,185,000

1,091,019

c

Plum

Creek

North

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

9/01/54

.............................

805,000

821,299

c

Plum

Creek

North

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

4.625

%

,

9/01/41

.............................

1,092,000

1,067,646

c

Porter

Country

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/01/43

..............................

1,229,000

1,255,374

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)

City

of

Kyle,

(continued)

c

Porter

Country

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6

%

,

9/01/53

................................

$

3,000,000

$

3,070,709

c

Southwest

Kyle

Public

Improvement

District

No.

1

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

6.75

%

,

9/01/48

..............................

1,400,000

1,497,166

City

of

Lago

Vista

,

Tessera

on

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

2020

,

Refunding

,

3.125

%

,

9/01/30

.........................

300,000

280,129

Tessera

on

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

2020

,

Refunding

,

3.75

%

,

9/01/42

..........................

1,045,000

912,093

c

Tessera

on

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

9/01/43

.............................

563,000

574,286

c

Tessera

on

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

6

%

,

9/01/54

................................

2,113,000

2,178,081

c

Tessera

on

Lake

Travis

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

A

,

Refunding

,

5.125

%

,

9/01/35

...................

2,070,000

1,770,051

c

Tessera

on

Lake

Travis

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

A

,

Refunding

,

5.5

%

,

9/01/40

.....................

2,715,000

2,273,604

c

City

of

Lavon

,

Elevon

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

3.5

%

,

9/15/27

.........................................

400,000

393,945

Elevon

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

3.875

%

,

9/15/32

.......................................

1,000,000

967,631

Elevon

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

4

%

,

9/15/42

...........................................

2,259,000

2,055,299

Elevon

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

4.125

%

,

9/15/52

.......................................

2,500,000

2,148,336

Elevon

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

4.25

%

,

9/15/31

........................................

243,000

245,647

Elevon

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

9/15/52

.......................................

500,000

510,496

Elevon

Public

Improvement

District

Improvement

Area

No.

2A-2B

,

Special

Assessment

,

144A,

2024

,

4.375

%

,

9/15/31

.............................

300,000

300,171

Elevon

Public

Improvement

District

Improvement

Area

No.

2A-2B

,

Special

Assessment

,

144A,

2024

,

5.125

%

,

9/15/44

.............................

615,000

617,394

Elevon

Public

Improvement

District

Improvement

Area

No.

2A-2B

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/15/54

...............................

800,000

805,188

Elevon

Public

Improvement

District

Zone

1

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

3.75

%

,

9/15/27

........................................

190,000

185,449

Elevon

Public

Improvement

District

Zone

1

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

4.125

%

,

9/15/32

.......................................

455,000

437,144

Elevon

Public

Improvement

District

Zone

1

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

4.375

%

,

9/15/42

.......................................

1,000,000

944,159

Lakepointe

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

6.125

%

,

9/15/52

........................................................

1,500,000

1,599,197

City

of

Leander

,

Oak

Creek

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25

%

,

9/01/32

...........................................

530,000

487,076

c

City

of

Lewisville

,

Lakeside

Crossing

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

8

%

,

9/01/53

............................................

1,625,000

1,727,160

c

City

of

Liberty

Hill

,

Butler

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

2.625

%

,

9/01/27

........................................................

264,000

255,005

Butler

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.125

%

,

9/01/32

........................................................

750,000

700,437

Butler

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.375

%

,

9/01/42

........................................................

1,771,000

1,489,736

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)

c

City

of

Liberty

Hill,

(continued)

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

3.5

%

,

9/01/27

...............................

$

136,000

$

131,173

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

3.875

%

,

9/01/32

.............................

275,000

254,814

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

4.125

%

,

9/01/42

.............................

1,097,000

977,218

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

4.375

%

,

9/01/52

.............................

2,705,000

2,395,710

Summerlyn

West

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.125

%

,

9/01/30

.................................................

250,000

235,526

Summerlyn

West

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/01/40

........................................................

845,000

790,522

c

City

of

Manor

,

Manor

Heights

Public

Improvement

District

Area

No.

3

,

Special

Assessment

,

144A,

2023

,

4.5

%

,

9/15/30

..............................................

232,000

233,474

Manor

Heights

Public

Improvement

District

Area

No.

3

,

Special

Assessment

,

144A,

2023

,

5.25

%

,

9/15/43

.............................................

328,000

336,261

Manor

Heights

Public

Improvement

District

Area

No.

4

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

9/15/44

............................................

298,000

307,775

Manor

Heights

Public

Improvement

District

Area

No.

4

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

9/15/54

............................................

584,000

600,598

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/15/26

.............................

135,000

129,029

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/15/31

.............................

250,000

224,638

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

9/15/31

..............................

310,000

280,180

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/15/41

...............................

700,000

572,895

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.125

%

,

9/15/41

.............................

830,000

744,389

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/15/51

................................

1,000,000

831,670

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.375

%

,

9/15/51

.............................

1,225,000

1,053,288

c

City

of

Marble

Falls

,

Thunder

Rock

Public

Improvement

District

Improvement

Area

2A

,

Special

Assessment

,

144A,

2024

,

6.625

%

,

9/01/54

.............................

1,200,000

1,203,467

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.875

%

,

9/01/31

.............................

350,000

326,257

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.125

%

,

9/01/41

.............................

1,000,000

904,639

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.375

%

,

9/01/51

.............................

1,470,000

1,296,471

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.625

%

,

9/01/31

.............................

150,000

144,523

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.875

%

,

9/01/41

.............................

450,000

416,189

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.125

%

,

9/01/51

.............................

620,000

592,060

Thunder

Rock

Public

Improvement

District

Remainder

Area

,

Special

Assessment

,

144A,

2024

,

7.375

%

,

9/01/44

.......................................

1,000,000

1,005,627

Thunder

Rock

Public

Improvement

District

Remainder

Area

,

Special

Assessment

,

144A,

2024

,

7.625

%

,

9/01/54

.......................................

1,750,000

1,760,481

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)

Texas

(continued)

c

City

of

Mclendon-Chisholm

,

Sonoma

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

2.625

%

,

9/15/26

.......................................

$

80,000

$

77,132

Sonoma

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

3.625

%

,

9/15/41

.......................................

620,000

534,391

Sonoma

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/15/51

...........................................

865,000

736,099

Sonoma

Public

Improvement

District

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2022

,

5.375

%

,

9/15/32

.......................................

250,000

255,457

Sonoma

Public

Improvement

District

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2022

,

5.75

%

,

9/15/52

........................................

3,125,000

3,164,889

c

City

of

Mesquite

,

Solterra

Public

Improvement

District

Improvement

Area

No.

A-1

,

Special

Assessment

,

144A,

2023

,

4.75

%

,

9/01/30

........................................

647,000

654,374

Solterra

Public

Improvement

District

Improvement

Area

No.

A-1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/43

.........................................

3,021,000

3,162,222

Solterra

Public

Improvement

District

Improvement

Area

No.

A-1

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/01/53

........................................

4,965,000

5,196,001

Solterra

Public

Improvement

District

Improvement

Area

No.

C-1

,

Special

Assessment

,

144A,

2023

,

5.375

%

,

9/01/43

.............................

750,000

777,356

Solterra

Public

Improvement

District

Improvement

Area

No.

C-1

,

Special

Assessment

,

144A,

2023

,

5.625

%

,

9/01/53

.............................

1,210,000

1,253,995

Solterra

Public

Improvement

District

Improvement

Area

No.

C-2

,

Special

Assessment

,

144A,

2023

,

5.625

%

,

9/01/53

.............................

1,017,000

1,055,431

Solterra

Public

Improvement

District

Improvement

Area

No.

C-3

,

Special

Assessment

,

144A,

2024

,

4.25

%

,

9/01/31

..............................

244,000

244,372

Solterra

Public

Improvement

District

Improvement

Area

No.

C-3

,

Special

Assessment

,

144A,

2024

,

5.25

%

,

9/01/53

..............................

200,000

200,700

c

City

of

Midlothian

,

Redden

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/15/31

........................................................

410,000

379,556

Redden

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.875

%

,

9/15/41

.................................................

1,105,000

959,665

Redden

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4.125

%

,

9/15/51

.................................................

1,635,000

1,368,452

Redden

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.125

%

,

9/15/31

.............................

230,000

229,157

Redden

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.5

%

,

9/15/41

...............................

420,000

407,329

Westside

Preserve

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

9/15/32

..............................

625,000

624,452

Westside

Preserve

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.25

%

,

9/15/42

..............................

1,516,000

1,520,052

Westside

Preserve

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.375

%

,

9/15/52

.............................

2,509,000

2,529,518

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

9/15/32

...............................

309,000

310,330

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/15/42

................................

750,000

768,339

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.125

%

,

9/15/52

.............................

1,410,000

1,452,078

c

City

of

Mustang

Ridge

,

Durango

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6.125

%

,

9/01/43

.......................................

515,000

533,560

Durango

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6.375

%

,

9/01/53

.......................................

498,000

517,030

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)

Texas

(continued)

c

City

of

New

Braunfels

,

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.25

%

,

9/01/31

..............................

$

320,000

$

303,845

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.5

%

,

9/01/41

...............................

882,000

803,330

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.75

%

,

9/01/51

..............................

1,454,000

1,319,750

c

City

of

Oak

Point

,

Chaparral

Park

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.1

%

,

9/15/44

...............................

570,000

570,275

Oak

Point

720

Public

Improvement

District

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

4.7

%

,

9/15/31

..............................................

249,000

250,303

Oak

Point

720

Public

Improvement

District

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.35

%

,

9/15/44

.............................................

170,000

171,140

Oak

Point

720

Public

Improvement

District

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

9/15/54

............................................

160,000

161,082

Oak

Point

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

9/01/30

..................................................

300,000

279,234

Oak

Point

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

9/01/40

..................................................

1,170,000

1,035,338

Oak

Point

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/01/50

........................................................

1,060,000

908,976

Wildridge

Public

Improvement

District

No.

1

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2021

,

2.75

%

,

9/01/31

..............................

160,000

143,405

Wildridge

Public

Improvement

District

No.

1

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/01/41

.............................

628,000

500,378

Wildridge

Public

Improvement

District

No.

1

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/01/51

................................

959,000

820,057

c

City

of

Pilot

Point

,

Creekview

Public

Improvement

District

Zone

A

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.25

%

,

9/15/32

..............................

200,000

204,329

Creekview

Public

Improvement

District

Zone

A

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

9/15/42

...............................

800,000

814,292

Creekview

Public

Improvement

District

Zone

A

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.625

%

,

9/15/52

.............................

1,450,000

1,480,138

Creekview

Public

Improvement

District

Zone

A

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

5.75

%

,

9/15/32

........................................

200,000

208,530

Creekview

Public

Improvement

District

Zone

A

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

6.125

%

,

9/15/52

.......................................

2,078,000

2,159,903

Creekview

Public

Improvement

District

Zone

B

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.25

%

,

9/15/32

..............................

300,000

306,493

Creekview

Public

Improvement

District

Zone

B

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

9/15/42

...............................

750,000

763,399

Creekview

Public

Improvement

District

Zone

B

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.625

%

,

9/15/52

.............................

1,303,000

1,330,082

Mobberly

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.125

%

,

9/15/32

.......................................

500,000

509,795

Mobberly

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

9/15/48

.........................................

4,026,000

4,099,465

Mobberly

Public

Improvement

District

Improvement

Area

No.

1B

,

Special

Assessment

,

144A,

2023

,

5.625

%

,

9/15/48

.............................

926,000

949,559

Mobberly

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

5.625

%

,

9/15/32

.......................................

810,000

855,323

Mobberly

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/15/52

...........................................

4,001,000

4,153,018

Mobberly

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.5

%

,

9/15/52

.........................................

1,600,000

1,671,807

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)

Texas

(continued)

c

City

of

Plano

,

Collin

Creek

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4.375

%

,

9/15/51

.................................................

$

7,556,000

$

6,411,434

Collin

Creek

West

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/15/51

....................................................

2,192,000

1,853,928

Haggard

Farm

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

7.5

%

,

9/15/53

...............................

1,000,000

1,073,327

Haggard

Farm

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

8.25

%

,

9/15/43

..............................

1,250,000

1,336,729

Haggard

Farm

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

8.5

%

,

9/15/53

...............................

2,193,000

2,347,281

c

City

of

Princeton

,

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

2.875

%

,

9/01/25

.................................................

32,000

31,624

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.375

%

,

9/01/30

.................................................

180,000

168,988

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.875

%

,

9/01/40

.................................................

650,000

582,064

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4.125

%

,

9/01/50

.................................................

930,000

825,348

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.75

%

,

9/01/27

........................................................

157,000

155,255

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4

%

,

9/01/32

........................................................

280,000

273,961

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.375

%

,

9/01/52

.................................................

1,139,000

1,041,701

Brookside

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.5

%

,

9/01/26

........................................................

36,000

34,959

Brookside

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3

%

,

9/01/31

........................................................

126,000

116,442

Brookside

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/01/41

........................................................

325,000

270,615

Brookside

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/01/51

........................................................

431,000

369,693

Eastridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

9/01/32

........................................

382,000

387,232

Eastridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.125

%

,

9/01/42

.......................................

850,000

859,174

Eastridge

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

5.25

%

,

9/01/43

........................................

1,155,000

1,177,427

Eastridge

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/53

.........................................

1,220,000

1,248,633

Eastridge

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

4.25

%

,

9/01/31

........................................

302,000

301,740

Eastridge

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

5

%

,

9/01/44

...........................................

713,000

716,084

Eastridge

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

5.25

%

,

9/01/54

........................................

491,000

495,482

Sicily

Public

Improvement

District

Major

improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

7

%

,

9/01/43

................................

1,000,000

1,035,042

Sicily

Public

Improvement

District

Major

improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

7

%

,

9/01/53

................................

2,000,000

2,054,485

Sicily

Public

Improvement

District

Major

improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

7.875

%

,

9/01/53

.............................

1,000,000

1,036,311

Southbridge

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.25

%

,

9/01/44

..............................

500,000

508,448

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

c

City

of

Princeton,

(continued)

Southbridge

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/01/54

...............................

$

1,100,000

$

1,124,471

Southridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6.25

%

,

9/01/43

..............................

1,355,000

1,458,327

Southridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6.375

%

,

9/01/53

.............................

1,380,000

1,502,791

Whitewing

Trails

Public

Improvement

District

No.

2

Phase

2

,

Special

Assessment

,

144A,

2023

,

4.25

%

,

9/01/30

........................................

166,000

165,215

Whitewing

Trails

Public

Improvement

District

No.

2

Phase

2

,

Special

Assessment

,

144A,

2023

,

5.375

%

,

9/01/53

.......................................

2,041,000

2,069,509

Winchester

Crossing

Public

Improvement

District

No.

3

,

Special

Assessment

,

144A,

2024

,

5.125

%

,

9/01/44

............................................

875,000

881,273

Winchester

Crossing

Public

Improvement

District

No.

3

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

9/01/54

............................................

225,000

226,260

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

9/01/30

........................................................

200,000

187,353

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

9/01/40

........................................................

470,000

415,331

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/01/50

........................................................

675,000

582,342

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

9/01/31

........................................................

110,000

98,511

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.25

%

,

9/01/41

........................................................

518,000

409,644

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/01/51

........................................................

616,000

521,919

Winchester

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

9/01/32

..................................................

461,000

467,220

Winchester

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2022

,

5.125

%

,

9/01/42

.................................................

1,011,000

1,016,448

Winchester

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2022

,

5.25

%

,

9/01/52

..................................................

2,220,000

2,228,148

Windmore

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.125

%

,

9/01/44

.............................

411,000

414,472

Windmore

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/01/54

...............................

565,000

571,890

c

City

of

Red

Oak

,

Red

Oak

Public

Improvement

District

No.

1

Improvement

Area

1

,

Special

Assessment

,

144A,

2021

,

2.625

%

,

9/15/26

.............................

132,000

126,750

Red

Oak

Public

Improvement

District

No.

1

Improvement

Area

1

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/15/31

.............................

354,000

315,529

Red

Oak

Public

Improvement

District

No.

1

Improvement

Area

1

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/15/41

.............................

500,000

410,406

c

City

of

Rowlett

,

Trails

at

Cottonwood

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

9/15/31

........................

200,000

189,989

Trails

at

Cottonwood

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.125

%

,

9/15/41

.......................

600,000

544,450

Trails

at

Cottonwood

Creek

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/15/31

..............

175,000

167,009

Trails

at

Cottonwood

Creek

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

9/15/41

...............

820,000

729,106

c

City

of

Royse

City

,

Creekshaw

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.625

%

,

9/15/30

.............................

225,000

211,583

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

c

City

of

Royse

City,

(continued)

Creekshaw

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

4.125

%

,

9/15/40

.............................

$

590,000

$

542,471

Creekshaw

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

4.375

%

,

9/15/50

.............................

715,000

646,835

Creekshaw

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

5.875

%

,

9/15/42

.............................

589,000

605,915

Creekshaw

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/15/52

................................

1,267,000

1,315,140

Creekshaw

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

4.375

%

,

9/15/30

.............................

210,000

205,669

Creekshaw

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

4.875

%

,

9/15/40

.............................

375,000

365,849

Creekshaw

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

5.125

%

,

9/15/50

.............................

575,000

568,134

Creekside

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.375

%

,

9/15/30

.......................................

450,000

423,432

Creekside

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.875

%

,

9/15/40

.......................................

1,190,000

1,059,195

Creekside

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

4.125

%

,

9/15/50

.......................................

1,780,000

1,544,160

Liberty

Crossing

Public

Improvement

District

Improvement

Area

2

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

9/15/44

.............................

716,000

720,569

Liberty

Crossing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6.375

%

,

9/15/53

.............................

1,107,000

1,155,779

Waterscape

Public

Improvement

District

Area

No.

4

,

Special

Assessment

,

144A,

2024

,

5.875

%

,

9/15/54

............................................

1,000,000

1,028,145

Waterscape

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2019

,

4.75

%

,

9/15/49

..............................

1,495,000

1,444,378

c

City

of

Sachse

,

Sachse

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

7

%

,

9/15/52

........................................................

750,000

827,161

Sachse

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

9/15/30

..............................

405,000

376,728

Sachse

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

9/15/40

..............................

1,070,000

937,236

Sachse

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/15/50

................................

1,485,000

1,290,610

Sachse

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/15/50

................................

200,000

211,573

Sachse

Public

Improvement

District

No.

1

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

5.375

%

,

9/15/40

.............................

1,700,000

1,742,598

Sachse

Public

Improvement

District

No.

1

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

5.625

%

,

9/15/50

.............................

2,235,000

2,291,939

City

of

San

Marcos

,

c

Trace

Public

Improvement

District

,

Special

Assessment

,

144A,

2024

,

6

%

,

9/01/48

.

1,295,000

1,313,595

Whisper

Public

Improvement

District

,

Special

Assessment

,

2020

,

4.375

%

,

9/01/25

.

100,000

100,221

Whisper

Public

Improvement

District

,

Special

Assessment

,

2020

,

4.875

%

,

9/01/30

.

305,000

307,452

Whisper

Public

Improvement

District

,

Special

Assessment

,

2020

,

5.375

%

,

9/01/40

.

1,300,000

1,329,289

Whisper

Public

Improvement

District

,

Special

Assessment

,

2020

,

5.625

%

,

9/01/50

.

1,300,000

1,325,196

c

Whisper

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.75

%

,

9/01/27

..................................................

200,000

196,384

c

Whisper

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4

%

,

9/01/32

........................................................

425,000

412,836

c

Whisper

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.5

%

,

9/01/51

........................................................

1,621,000

1,471,794

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.

112

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

c

City

of

Santa

Fe

,

Mulberry

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.875

%

,

9/01/42

.................................................

$

508,000

$

499,708

Mulberry

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

5

%

,

9/01/52

........................................................

858,000

838,584

c

City

of

Sinton

,

Somerset

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

4.375

%

,

9/01/27

.................................................

280,000

276,214

Somerset

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

9/01/32

..................................................

660,000

645,738

Somerset

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

5.125

%

,

9/01/42

.................................................

1,000,000

997,688

Somerset

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

5.25

%

,

9/01/51

..................................................

1,250,000

1,241,665

c

City

of

Tomball

,

Raburn

Reserve

Public

Improvement

District

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/15/52

.............................................

1,000,000

1,026,174

Raburn

Reserve

Public

Improvement

District

Area

No.

3

,

Special

Assessment

,

144A,

2023

,

6

%

,

9/15/53

................................................

1,307,000

1,365,434

Raburn

Reserve

Public

Improvement

District

improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.375

%

,

9/15/30

.............................

235,000

220,555

c

City

of

Uhland

,

Anderson

Park

Public

Improvement

District

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.125

%

,

9/01/44

............................................

605,000

610,111

Anderson

Park

Public

Improvement

District

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/01/55

..............................................

950,000

961,265

Watermill

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

6.625

%

,

9/01/52

........................................................

3,000,000

3,184,296

c

City

of

Venus

,

Brahman

Ranch

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

6.25

%

,

9/15/42

..................................................

1,000,000

1,025,469

Brahman

Ranch

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

6.5

%

,

9/15/52

...................................................

1,009,000

1,041,522

Patriot

Estates

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.625

%

,

9/15/26

.................................................

117,000

113,065

Patriot

Estates

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/15/31

.................................................

171,000

156,370

Patriot

Estates

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/15/41

.................................................

1,005,000

842,845

Patriot

Estates

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/15/51

........................................................

1,832,000

1,578,339

c

City

of

Waxahachie

,

North

Grove

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

5.125

%

,

8/15/32

........................................................

302,000

309,087

North

Grove

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

8/15/52

........................................................

2,395,000

2,444,049

c

Club

Municipal

Management

District

No.

1

,

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

2.5

%

,

9/01/26

.......

105,000

101,175

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

3

%

,

9/01/31

........

271,000

245,576

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

3.25

%

,

9/01/41

......

1,006,000

810,685

h

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

4.375

%

,

9/01/31

.....

500,000

501,749

h

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

5.1

%

,

9/01/44

.......

500,000

502,777

h

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

9/01/55

.....

700,000

703,670

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

113

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

c

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel

,

Revenue,

Second

Lien

,

144A,

2021

B

,

3.5

%

,

10/01/31

....................................

$

450,000

$

375,290

c

County

of

Bastrop

,

Double

Eagle

Ranch

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.25

%

,

9/01/44

..............................

500,000

504,997

Double

Eagle

Ranch

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/01/54

...............................

775,000

781,512

h

County

of

Denton

,

Tabor

Ranch

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment,

Junior

Lien

,

2024

B

,

5.75

%

,

12/31/44

.......................

1,270,000

1,275,267

Tabor

Ranch

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment,

Junior

Lien

,

2024

B

,

6.125

%

,

12/31/54

......................

2,000,000

2,016,982

c

Tabor

Ranch

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

4.625

%

,

12/31/31

.................

605,000

608,784

c

Tabor

Ranch

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.25

%

,

12/31/44

..................

1,750,000

1,757,412

c

Tabor

Ranch

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.625

%

,

12/31/54

.................

3,100,000

3,126,858

c

County

of

Hays

,

La

Cima

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

9/15/30

........................................................

100,000

92,621

La

Cima

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

9/15/40

........................................................

800,000

705,586

La

Cima

Public

Improvement

District

Neighborhood

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2022

,

5.75

%

,

9/15/52

..............................

3,375,000

3,442,140

c

County

of

Medina

,

Haby

Farms

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.875

%

,

9/01/54

.............................

1,135,000

1,163,695

Woodlands

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.875

%

,

9/01/31

.............................

730,000

698,016

Woodlands

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.25

%

,

9/01/41

..............................

780,000

755,451

Woodlands

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.5

%

,

9/01/50

...............................

1,160,000

1,144,427

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/01/26

.........................

115,000

112,011

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.125

%

,

9/01/31

.......................

400,000

385,378

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.5

%

,

9/01/41

.........................

1,085,000

1,025,055

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2013

B

,

5.8

%

,

10/01/45

..........

10,000,000

10,894,922

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/48

...................

5,000,000

5,029,206

c

Joshua

Farms

Municipal

Management

District

No.

1

,

Special

Assessment

,

144A,

2023

,

4.375

%

,

9/01/30

.........................

373,000

375,809

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/53

..........................

3,393,000

3,451,317

Karis

Municipal

Management

District

of

Tarrant

County

,

Improvement

Area

No.

1

,

Special

Assessment

,

2024

,

5

%

,

12/01/44

............

746,000

756,258

Improvement

Area

No.

1

,

Special

Assessment

,

2024

,

5.25

%

,

12/01/53

..........

833,000

844,496

d

Mesquite

Health

Facilities

Development

Corp.

,

Christian

Care

Centers,

Inc.

Obligated

Group

,

Revenue

,

2014

,

Refunding

,

5

%

,

2/15/36

........................................................

1,000,000

3,384

Christian

Care

Centers,

Inc.

Obligated

Group

,

Revenue

,

2014

,

Refunding

,

5.125

%

,

2/15/42

........................................................

3,750,000

12,690

Christian

Care

Centers,

Inc.

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

2/15/35

........................................................

5,175,000

17,512

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.

114

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

d

Cardinal

Bay,

Inc.

,

Revenue

,

D

,

6

%

,

7/01/26

.............................

$

110,000

$

15,400

d

Cardinal

Bay,

Inc.

,

Revenue

,

D

,

7

%

,

7/01/51

.............................

5,110,000

715,400

CHF-Collegiate

Housing

College

Station

I

LLC

,

Revenue

,

2014

A

,

5

%

,

4/01/46

....

1,500,000

1,500,210

Longhorn

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

1/01/42

......

5,000,000

5,024,289

Longhorn

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

1/01/47

......

4,595,000

4,596,604

Morningside

Ministries

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

1/01/55

.........

4,100,000

3,375,215

NCCD-College

Station

Properties

LLC

,

Revenue

,

A

,

5

%

,

7/01/47

..............

25,500,000

25,500,000

Presbyterian

Village

North

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

10/01/39

.......................................................

2,750,000

2,679,568

Presbyterian

Village

North

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5.25

%

,

10/01/49

.......................................................

12,600,000

12,011,308

Presbyterian

Village

North

Obligated

Group

,

Revenue

,

2020

A

,

5.25

%

,

10/01/55

...

2,500,000

2,333,892

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue

,

2019

A-1

,

5

%

,

12/01/39

.......................................................

425,000

430,431

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue

,

2019

A-1

,

5

%

,

12/01/49

.......................................................

1,180,000

1,156,896

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue,

Second

Tier

,

2019

B

,

5.5

%

,

12/01/54

................................................

15,270,000

15,409,183

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue,

Third

Tier

,

2019

C

,

6

%

,

12/01/54

...................................................

6,185,000

6,185,292

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2014

,

5.5

%

,

1/01/43

............

3,225,000

3,082,592

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2014

,

5.5

%

,

1/01/49

............

1,015,000

936,197

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

1/01/50

.....

1,180,000

1,002,262

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

1/01/55

.....

4,400,000

3,647,686

c

North

Parkway

Municipal

Management

District

No.

1

,

Special

Assessment

,

144A,

2021

,

3.625

%

,

9/15/26

.........................

675,000

670,745

Special

Assessment

,

144A,

2021

,

4.75

%

,

9/15/41

.........................

5,000,000

5,024,867

City

of

Celina

Legacy

Hills

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.625

%

,

9/15/31

............................................

250,000

236,332

City

of

Celina

Legacy

Hills

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/15/41

................................................

1,000,000

921,207

North

Texas

Tollway

Authority

,

Special

Projects

System

,

Revenue

,

2011

B

,

Pre-Refunded

,

Zero

Cpn.,

9/01/37

....

7,500,000

3,855,450

Special

Projects

System

,

Revenue

,

2011

C

,

Pre-Refunded

,

7

%

,

9/01/43

.........

10,000,000

12,215,131

c

Northwood

Municipal

Utility

District

No.

1

,

GO

,

144A,

2020

,

Refunding

,

3.5

%

,

8/01/25

..............................

295,000

292,800

GO

,

144A,

2020

,

Refunding

,

4

%

,

8/01/31

................................

1,070,000

1,070,129

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

B

,

6

%

,

12/01/52

..............

5,075,000

4,329,804

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

South

Manvel

Development

Authority

,

City

of

Manvel

Tax

Increment

Reinvestment

Zone

No.

3

,

Tax

Allocation

,

2023

,

5

%

,

4/01/38

........................................................

500,000

505,124

City

of

Manvel

Tax

Increment

Reinvestment

Zone

No.

3

,

Tax

Allocation

,

2023

,

5

%

,

4/01/43

........................................................

1,385,000

1,385,273

City

of

Manvel

Tax

Increment

Reinvestment

Zone

No.

3

,

Tax

Allocation

,

2023

,

5.25

%

,

4/01/50

........................................................

1,395,000

1,404,532

Texas

Department

of

Housing

&

Community

Affairs

,

Revenue

,

2024

C

,

GNMA

Insured

,

5

%

,

1/01/49

......................................................

5,285,000

5,420,827

c

Town

of

Flower

Mound

,

River

Walk

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2021

,

Refunding

,

2.625

%

,

9/01/26

........................................

375,000

364,963

River

Walk

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.25

%

,

9/01/31

.........................................

750,000

708,165

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

115

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

c

Town

of

Flower

Mound,

(continued)

River

Walk

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.5

%

,

9/01/36

..........................................

$

800,000

$

723,960

River

Walk

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2021

,

Refunding

,

4

%

,

9/01/43

............................................

2,450,000

2,196,145

c

Town

of

Lakewood

Village

,

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

9/15/32

445,000

444,037

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

5.25

%

,

9/15/42

1,400,000

1,402,854

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

5.375

%

,

9/15/52

........................................................

2,400,000

2,415,054

c

Town

of

Little

Elm

,

Spiritas

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.25

%

,

9/01/27

........................................................

139,000

135,620

Spiritas

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.5

%

,

9/01/32

........................................................

205,000

191,299

Spiritas

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.75

%

,

9/01/42

........................................................

529,000

453,293

Valencia

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2022

,

6.125

%

,

9/01/32

.................................................

712,000

763,456

Valencia

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2022

,

6.875

%

,

9/01/52

.................................................

2,700,000

2,876,386

c

Town

of

Providence

Village

,

Foree

Ranch

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5

%

,

9/01/44

................................

270,000

270,651

Foree

Ranch

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.25

%

,

9/01/54

..............................

297,000

297,451

c

Travis

County

Development

Authority

,

Bella

Fortuna

Public

Improvement

District

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

9/01/44

........................................................

843,000

870,631

Bella

Fortuna

Public

Improvement

District

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

9/01/51

........................................................

750,000

774,570

County

of

Travis

Turner's

Crossing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

9/01/32

...................

302,000

306,440

County

of

Travis

Turner's

Crossing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.375

%

,

9/01/42

..................

868,000

896,825

County

of

Travis

Turner's

Crossing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

9/01/52

....................

1,244,000

1,275,919

Viridian

Municipal

Management

District

,

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

2.875

%

,

12/01/30

.

258,000

231,380

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

3.125

%

,

12/01/35

.

415,000

353,470

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

3.375

%

,

12/01/40

.

486,000

406,945

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

3.5

%

,

12/01/47

..

835,000

657,909

575,023,119

Utah

0.4%

Military

Installation

Development

Authority

,

Military

Recreation

Assessment

Area

,

Revenue

,

2021

A-1

,

4

%

,

6/01/52

.........

3,000,000

2,631,790

Military

Recreation

Assessment

Area

,

Revenue

,

2021

A-2

,

4

%

,

6/01/52

.........

18,495,000

15,946,905

c

Utah

Charter

School

Finance

Authority

,

Mountain

West

Montessori

Academy,

Inc.

,

Revenue

,

144A,

2020

A

,

5

%

,

6/15/39

..

475,000

467,285

Mountain

West

Montessori

Academy,

Inc.

,

Revenue

,

144A,

2020

A

,

5

%

,

6/15/49

..

825,000

765,605

19,811,585

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.

116

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

0.4%

Henrico

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

6/01/44

........................................................

$

3,550,000

$

3,601,110

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

6/01/49

........................................................

4,065,000

4,097,387

c

Virginia

Small

Business

Financing

Authority

,

P3

VB

Holdings

LLC

,

Revenue,

Senior

Lien

,

144A,

2023

A

,

8.5

%

,

12/01/52

....................................

11,000,000

11,123,171

18,821,668

Washington

1.4%

Jefferson

County

Public

Hospital

District

No.

2

,

Revenue

,

2023

A

,

Refunding

,

6.875

%

,

12/01/53

........................................................

10,000,000

10,631,417

Ocean

Shores

Local

Improvement

District

,

Special

Assessment

,

2011

,

7.25

%

,

2/01/31

385,000

413,605

g

Washington

Economic

Development

Finance

Authority

,

Propeller

Airports

Paine

Field

LLC

,

Revenue

,

A

,

Mandatory

Put

,

7.609

%

,

2/28/25

.........................

23,250,000

23,133,829

c

Washington

State

Housing

Finance

Commission

,

eliseo

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

1/01/51

........

15,070,000

11,697,578

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

2019

A

,

5

%

,

1/01/55

..............................................

4,700,000

4,330,190

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

A

,

Refunding

,

5

%

,

1/01/46

.........................................

2,250,000

2,151,068

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

A

,

Refunding

,

5

%

,

1/01/51

.........................................

1,700,000

1,585,142

Spokane

United

Methodist

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

5

%

,

1/01/55

........................................................

9,020,000

8,693,643

Spokane

United

Methodist

Homes

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

1/01/51

........................................................

6,000,000

5,846,180

68,482,652

West

Virginia

0.1%

c

County

of

Monongalia

,

Monongalia

County

Building

Commission

Development

District

No.

4

,

Tax

Allocation

,

144A,

2023

A

,

Refunding

,

5.75

%

,

6/01/43

..............................

1,000,000

1,083,506

Monongalia

County

Building

Commission

Development

District

No.

4

,

Tax

Allocation

,

144A,

2023

A

,

Refunding

,

6

%

,

6/01/53

................................

2,000,000

2,166,128

3,249,634

Wisconsin

2.6%

Public

Finance

Authority

,

A&T

Real

Estate

Foundation

LLC

,

Revenue

,

2019

B

,

5

%

,

6/01/49

.............

7,900,000

7,955,354

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2017

A

,

5

%

,

7/01/45

..........

1,805,000

1,822,719

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2017

A

,

5

%

,

7/01/53

..........

4,345,000

4,365,874

c

Coral

Academy

of

Science

Reno

,

Revenue

,

144A,

2022

A

,

6

%

,

6/01/62

.........

1,565,000

1,609,149

c

Dominium

Holdings

I

LLC

,

Revenue

,

144A,

2024-1

,

B-1

,

6.81

%

,

4/28/36

........

5,500,000

5,673,507

c

Eno

River

Academy

,

Revenue

,

144A,

2020

A

,

5

%

,

6/15/40

...................

815,000

827,178

c

Eno

River

Academy

,

Revenue

,

144A,

2020

A

,

5

%

,

6/15/54

...................

1,380,000

1,371,537

c

Estancia

Valley

Classical

Academy

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

7/01/41

1,000,000

798,912

c

Estancia

Valley

Classical

Academy

,

Revenue

,

144A,

2021

A

,

Refunding

,

4.25

%

,

7/01/51

........................................................

5,345,000

3,950,950

c

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

B

,

6.625

%

,

2/01/46

..............

11,095,000

10,315,088

c

Friends

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

9/01/39

..

1,230,000

1,247,539

c

Friends

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

9/01/49

..

7,600,000

7,472,252

c

Friends

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

9/01/54

..

1,920,000

1,847,986

c

Greystone

Housing

Impact

Investors

LP

,

Revenue

,

144A,

2023-1

,

B-1

,

7.125

%

,

7/25/34

........................................................

6,385,000

6,717,191

c

High

Desert

Montessori

Charter

School

,

Revenue

,

144A,

2021

A

,

5

%

,

6/01/36

....

300,000

282,464

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

117

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

c

High

Desert

Montessori

Charter

School

,

Revenue

,

144A,

2021

A

,

5

%

,

6/01/51

....

$

1,000,000

$

827,968

c

High

Desert

Montessori

Charter

School

,

Revenue

,

144A,

2021

A

,

5

%

,

6/01/61

....

1,275,000

1,024,075

c

Hope

Housing

Foundation

Obligated

Group

,

Revenue

,

144A,

2022

C

,

4.6

%

,

12/01/37

5,460,000

4,821,966

c

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

5

%

,

3/01/37

............................................

1,000,000

1,003,786

c

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

5

%

,

3/01/52

............................................

4,100,000

3,801,018

c

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5.25

%

,

3/01/55

..................................................

12,975,000

12,406,210

c

Ocean

Academy

Charter

School

,

Revenue

,

144A,

2021

,

4

%

,

10/15/31

..........

185,000

174,758

c

Ocean

Academy

Charter

School

,

Revenue

,

144A,

2021

,

5

%

,

10/15/41

..........

570,000

545,535

c

Ocean

Academy

Charter

School

,

Revenue

,

144A,

2021

,

5

%

,

10/15/51

..........

1,130,000

1,033,380

c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

B

,

Refunding

,

Zero

Cpn.,

12/01/35

..................................................

39,830,000

21,674,841

c

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

,

Zero

Cpn.,

12/01/45

...

11,680,000

8,322,002

c

Signature

Preparatory,

Inc.

,

Revenue

,

144A,

2021

A

,

5

%

,

6/15/31

.............

590,000

598,347

c

Signature

Preparatory,

Inc.

,

Revenue

,

144A,

2021

A

,

5

%

,

6/15/51

.............

2,250,000

2,129,875

c

Signature

Preparatory,

Inc.

,

Revenue

,

144A,

2021

A

,

5

%

,

6/15/56

.............

2,465,000

2,302,261

c

UHF

RISE

Student

Housing

LLC

,

Revenue

,

144A,

2021

A-2

,

5.35

%

,

7/01/40

.....

3,000,000

2,439,880

c

UHF

RISE

Student

Housing

LLC

,

Revenue

,

144A,

2021

B

,

5.25

%

,

7/01/61

.......

2,000,000

1,809,401

c

UMA

Education,

Inc.

,

Revenue

,

144A,

2019

A

,

Refunding

,

5

%

,

10/01/39

.........

2,000,000

2,024,669

Wisconsin

Health

&

Educational

Facilities

Authority

,

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

6

%

,

7/01/28

...................

140,000

133,880

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

6.5

%

,

7/01/33

..................

300,000

278,203

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

7

%

,

7/01/43

...................

1,000,000

884,710

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

7.5

%

,

7/01/53

..................

6,620,000

5,899,773

HOPE

Christian

Schools

Obligated

Group

,

Revenue

,

2021

,

4

%

,

12/01/41

........

850,000

694,820

PHW

Menomonee

Falls,

Inc.

,

Revenue

,

2024

,

6.125

%

,

10/01/59

..............

1,000,000

1,038,417

132,127,475

U.S.

Territories

7.5%

District

of

Columbia

0.9%

District

of

Columbia

,

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2006

A

,

Zero

Cpn.,

6/15/46

.....................................................

175,000,000

44,875,635

Pacific

Islands

0.1%

Northern

Mariana

Island

Ports

Authority

,

Revenue

,

1998

A

,

6.6

%

,

3/15/28

.........

5,625,000

5,499,096

Puerto

Rico

6.5%

Children's

Trust

Fund

,

Revenue

,

2002

,

5.625

%

,

5/15/43

......................

2,500,000

2,529,989

Commonwealth

of

Puerto

Rico

,

j

GO

,

FRN

,

Zero

Cpn.,

11/01/43

........................................

1

1

GO

,

2022

A-1

,

5.75

%

,

7/01/31

........................................

2,166,031

2,416,190

GO

,

2022

A-1

,

4

%

,

7/01/35

..........................................

13,786,998

13,645,822

GO

,

2022

A-1

,

4

%

,

7/01/37

..........................................

31,512,915

30,955,329

GO

,

2022

A-1

,

4

%

,

7/01/41

..........................................

18,434,144

17,761,703

GO

,

2022

A-1

,

4

%

,

7/01/46

..........................................

6,799,278

6,485,336

GO

,

2022

A-1

,

Zero

Cpn.,

7/01/33

.....................................

2,011,366

1,393,805

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5

%

,

8/20/40

...................

32,301,114

31,574,339

HTA

CL

6

Trust

,

Revenue

,

L-2028

,

5.25

%

,

7/01/38

..........................

1,239,120

1,239,403

HTA

TRRB

Custodial

Trust

,

Revenue

,

2007

N

,

5.25

%

,

7/01/36

..................

575,050

577,390

c

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

,

Revenue

,

144A,

2021

B

,

Refunding

,

4

%

,

7/01/42

..........................

2,500,000

2,415,381

Revenue,

Senior

Lien

,

144A,

2020

A

,

Refunding

,

5

%

,

7/01/47

................

26,750,000

27,591,965

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.

118

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

d

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

1

,

10

%

,

1/01/21

...........................................

$

6,000,000

$

2,745,000

Revenue

,

2

,

10

%

,

7/01/21

...........................................

6,000,000

2,745,000

Revenue

,

2013

A

,

10

%

,

7/01/19

.......................................

5,500,000

2,516,250

Revenue

,

2013

A

,

7.25

%

,

7/01/30

.....................................

25,000,000

11,500,000

Revenue

,

2013

A

,

6.75

%

,

7/01/36

.....................................

29,750,000

13,685,000

Revenue

,

2013

A

,

7

%

,

7/01/43

........................................

5,000,000

2,300,000

Revenue

,

2016

B-1

,

10

%

,

7/01/19

.....................................

5,500,000

2,516,250

Revenue

,

3

,

10

%

,

1/01/22

...........................................

1,989,500

910,196

Revenue

,

4

,

10

%

,

7/01/22

...........................................

1,989,499

910,693

Revenue

,

XX

,

5.25

%

,

7/01/40

........................................

3,395,000

1,561,700

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Revenue

,

2000

B

,

6.625

%

,

1/01/27

....................................

1,381,057

1,369,580

Revenue

,

2000

B

,

6.625

%

,

1/01/28

....................................

10,533,091

10,438,543

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

55,915,000

56,167,395

Sales

Tax

,

Revenue

,

A-1

,

Zero

Cpn.,

7/01/46

.............................

25,400,000

8,605,139

Sales

Tax

,

Revenue

,

A-1

,

Zero

Cpn.,

7/01/51

.............................

206,837,000

51,374,112

Sales

Tax

,

Revenue

,

A-2

,

4.329

%

,

7/01/40

...............................

12,000,000

12,000,103

Sales

Tax

,

Revenue

,

A-2

,

4.784

%

,

7/01/58

...............................

6,000,000

6,012,313

325,943,927

Total

U.S.

Territories

....................................................................

376,318,658

Total

Municipal

Bonds

(Cost

$

4,550,459,848

)

...................................

4,556,146,284

Shares

Escrows

and

Litigation

Trusts

0.1%

a

,b

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

6,159,207

4,927,366

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

4,927,366

Total

Long

Term

Investments

(Cost

$

4,846,194,376

)

.............................

4,840,537,060

a

a

a

a

a

Short

Term

Investments

2.7%

Principal

Amount

Municipal

Bonds

2.7%

California

0.5%

k

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2023

F-2

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.55

%

,

7/01/47

.

24,300,000

24,300,000

Colorado

0.1%

k

Colorado

Health

Facilities

Authority

,

Children's

Hospital

Colorado

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.25

%

,

12/01/52

........................................................

6,700,000

6,700,000

Maryland

0.2%

k

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.15

%

,

11/01/37

........................................................

8,000,000

8,000,000

Minnesota

0.0%

†

k

Midwest

Consortium

of

Municipal

Utilities

,

Revenue

,

2005

B

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.85

%

,

10/01/35

......................................

300,000

300,000

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

119

See

Abbreviations

on

page

203

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

New

York

0.7%

k

City

of

New

York

,

GO

,

2020

B-3

,

Daily

VRDN

and

Put

,

3.6

%

,

10/01/46

...........

$

6,800,000

$

6,800,000

k

New

York

City

,

Water

&

Sewer

System

,

Revenue

,

2007

CC-2

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

3.15

%

,

6/15/38

...........................

27,300,000

27,300,000

k

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2021

EE-1

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.7

%

,

6/15/45

.............

4,000,000

4,000,000

38,100,000

Ohio

0.2%

k

Ohio

Water

Development

Authority

,

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2024

C

,

Daily

VRDN

and

Put

,

3.15

%

,

12/01/54

................................

9,500,000

9,500,000

Oregon

0.1%

k

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.7

%

,

8/01/34

.............

4,825,000

4,825,000

k

State

of

Oregon

,

GO

,

2022

E

,

Daily

VRDN

and

Put

,

3.25

%

,

6/01/45

.............

2,000,000

2,000,000

6,825,000

Pennsylvania

0.3%

k

Delaware

County

Industrial

Development

Authority

,

United

Parcel

Service,

Inc.

,

Revenue

,

2015

,

Refunding

,

Daily

VRDN

and

Put

,

3.2

%

,

9/01/45

...............

9,935,000

9,935,000

k

General

Authority

of

Southcentral

Pennsylvania

,

WellSpan

Health

Obligated

Group

,

Revenue

,

2019

E

,

Refunding

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.8

%

,

6/01/35

2,835,000

2,835,000

12,770,000

Tennessee

0.3%

k

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group

,

Revenue

,

2008

A

,

AGMC

Insured

,

SPA

JPMorgan

Chase

&

Co.

,

Daily

VRDN

and

Put

,

3.25

%

,

6/01/42

........................

13,000,000

13,000,000

Wisconsin

0.3%

k

Wisconsin

Health

&

Educational

Facilities

Authority

,

Froedtert

ThedaCare

Health

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

Daily

VRDN

and

Put

,

2.8

%

,

4/01/35

14,130,000

14,130,000

Total

Municipal

Bonds

(Cost

$

133,625,000

)

.....................................

133,625,000

Total

Short

Term

Investments

(Cost

$

133,625,000

)

...............................

133,625,000

a

Total

Investments

(Cost

$

4,979,819,376

)

99.4

%

..................................

$4,974,162,060

Other

Assets,

less

Liabilities

0.6

%

.............................................

33,259,877

Net

Assets

100.0%

...........................................................

$5,007,421,937

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

b

Non-income

producing.

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

November

30,

2024,

the

aggregate

value

of

these

securities

was

$1,689,345,023,

representing

33.7%

of

net

assets.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

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.

120

g

The

maturity

date

shown

represents

the

mandatory

put

date.

h

Security

purchased

on

a

when-issued

basis.

i

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

j

The

coupon

rate

shown

represents

the

rate

at

period

end.

k

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),

November

30,

2024

Franklin

Louisiana

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

Municipal

Bonds

97.9%

Florida

0.9%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

$

500,000

$

362,370

a

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

2,400,000

1,927,144

2,289,514

Georgia

0.4%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

1,225,000

1,041,826

Louisiana

92.7%

Ascension

Parish

School

Board

,

GO

,

2020

,

4

%

,

3/01/40

......................

1,000,000

1,021,017

Caddo

Parish

Parishwide

School

District

,

GO

,

2021

,

AGMC

Insured

,

3

%

,

3/01/36

...

505,000

481,311

Calcasieu

Parish

School

District

No.

23

,

GO

,

2019

,

BAM

Insured

,

4

%

,

9/01/36

.....

670,000

687,029

Calcasieu

Parish

School

District

No.

31

,

GO

,

2019

,

BAM

Insured

,

4

%

,

3/01/37

.....

1,000,000

1,020,910

Central

Community

School

System

,

GO

,

2020

,

4

%

,

3/01/39

.............................................

1,125,000

1,145,803

GO

,

2020

,

4

%

,

3/01/40

.............................................

1,190,000

1,207,599

City

of

Lafayette

,

Sales

&

Use

Tax

,

Revenue

,

2019

A

,

5

%

,

5/01/44

..............

2,350,000

2,501,695

City

of

Lafayette

Sales

&

Use

Tax

,

Public

Improvement

1961

Sales

Tax

Trust

,

Revenue

,

2024

A

,

5

%

,

3/01/49

................................................

1,500,000

1,643,478

City

of

Natchitoches

,

Utilities

,

Revenue

,

2023

,

AGMC

Insured

,

5.5

%

,

6/01/53

.......

750,000

835,043

City

of

New

Orleans

,

GO

,

2021

A

,

5

%

,

12/01/39

...........................................

6,000,000

6,479,671

GO

,

2024

A

,

5

%

,

12/01/53

...........................................

2,500,000

2,691,621

Sewerage

Service

,

Revenue

,

2020

B

,

5

%

,

6/01/45

.........................

1,700,000

1,787,341

Sewerage

Service

,

Revenue

,

2020

B

,

4

%

,

6/01/50

.........................

1,300,000

1,255,828

City

of

Shreveport

,

b

GO

,

2024

,

AGMC

Insured

,

5

%

,

3/01/54

.................................

2,750,000

2,910,029

Water

&

Sewer

,

Revenue

,

2016

B

,

5

%

,

12/01/41

..........................

4,000,000

4,079,554

Water

&

Sewer

,

Revenue

,

2020

B

,

Refunding

,

3

%

,

12/01/50

..................

5,070,000

3,871,783

East

Baton

Rouge

Sewerage

Commission

,

Revenue

,

2014

B

,

Pre-Refunded

,

5

%

,

2/01/39

............................

3,000,000

3,009,117

Revenue

,

2019

A

,

Refunding

,

4

%

,

2/01/45

...............................

5,000,000

4,976,223

Greater

Ouachita

Water

Co.

,

Revenue

,

2024

,

BAM

Insured

,

4.5

%

,

9/01/53

........

1,000,000

1,012,691

Jefferson

Parish

Consolidated

Sewerage

District

No.

1

,

Revenue

,

2022

,

BAM

Insured

,

4

%

,

2/01/38

......................................................

1,000,000

1,017,997

Jefferson

Parish

Consolidated

Waterworks

District

No.

2

,

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

4

%

,

2/01/40

...........................................

5,000,000

5,076,335

Jefferson

Sales

Tax

District

,

Revenue

,

2017

B

,

AGMC

Insured

,

5

%

,

12/01/42

.......

2,250,000

2,326,614

Lafayette

Consolidated

Government

,

GO

,

2020

,

Refunding

,

3

%

,

3/01/34

.....................................

250,000

240,366

GO

,

2020

,

Refunding

,

3

%

,

3/01/35

.....................................

200,000

190,663

Lafayette

Parish

School

Board

,

Sales

Tax

,

Revenue

,

2023

,

4

%

,

4/01/53

..........

2,500,000

2,524,384

Louisiana

Correctional

Facilities

Corp.

,

State

of

Louisiana

,

Revenue

,

2021

,

4

%

,

10/01/37

..........................

875,000

887,772

State

of

Louisiana

,

Revenue

,

2021

,

4

%

,

10/01/39

..........................

1,490,000

1,497,777

Louisiana

Housing

Corp.

,

Revenue

,

2021

B

,

GNMA

Insured

,

2.05

%

,

6/01/36

.........................

615,000

501,549

Revenue

,

2021

B

,

GNMA

Insured

,

2.2

%

,

6/01/41

..........................

1,965,000

1,478,084

Revenue

,

2024

A

,

GNMA

Insured

,

4.4

%

,

12/01/44

.........................

1,000,000

1,022,701

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

a

City

of

New

Orleans

,

Revenue

,

144A,

2021

,

4

%

,

11/01/46

...................

1,800,000

1,713,966

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.

122

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority,

(continued)

City

of

Pineville

,

Revenue

,

2024

,

AGMC

Insured

,

5

%

,

9/01/39

................

$

2,505,000

$

2,837,319

Entergy

Louisiana

LLC

,

Revenue

,

2021

A

,

Refunding

,

2

%

,

6/01/30

.............

1,500,000

1,352,040

Entergy

Louisiana

LLC

,

Revenue

,

2021

B

,

Refunding

,

2.5

%

,

4/01/36

...........

3,000,000

2,526,280

a

Parish

of

Assumption

,

Revenue

,

144A,

2021

,

3.875

%

,

11/01/45

...............

900,000

842,830

a

Parish

of

St.

Bernard

,

Revenue

,

144A,

2021

,

4

%

,

11/01/45

...................

1,110,000

1,058,435

a

Parish

of

St.

Charles

,

Revenue

,

144A,

2022

,

4.5

%

,

11/01/47

.................

1,900,000

1,929,273

a

Parish

of

St.

Tammany

LA

GOMESA

,

Revenue

,

144A,

2020

,

3.875

%

,

11/01/45

....

2,610,000

2,444,207

a

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-1

,

Refunding

,

4.5

%

,

12/01/31

..................................................

1,250,000

1,259,479

a

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

Zero

Cpn.,

12/01/44

..................................................

6,500,000

4,124,914

University

of

Louisiana

at

Lafayette

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/39

.......................................................

1,000,000

1,028,577

University

of

Louisiana

at

Lafayette

,

Revenue

,

2018

,

AGMC

Insured

,

5

%

,

10/01/48

3,500,000

3,568,498

University

of

Louisiana

System

,

Revenue

,

2019

,

Refunding

,

AGMC

Insured

,

4

%

,

8/01/34

........................................................

1,000,000

1,018,476

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2021

,

Refunding

,

AGMC

Insured

,

4

%

,

10/01/39

.......................................

1,060,000

1,062,876

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2021

,

Refunding

,

AGMC

Insured

,

4

%

,

10/01/41

.......................................

500,000

501,181

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2021

,

Refunding

,

AGMC

Insured

,

4

%

,

10/01/43

.......................................

500,000

492,720

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/01/30

....................................................

1,020,000

1,047,704

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/01/31

....................................................

1,065,000

1,093,324

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/01/32

....................................................

1,100,000

1,114,914

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/01/33

....................................................

1,155,000

1,168,028

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2023

A

,

AGMC

Insured

,

5

%

,

10/01/43

.............................................

600,000

645,624

Woman's

Hospital

Foundation

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/41

......

5,230,000

5,387,438

Louisiana

Offshore

Terminal

Authority

,

Loop

LLC

,

Revenue

,

2007

A

,

Refunding

,

4.15

%

,

9/01/27

.........................................................

1,500,000

1,516,954

Louisiana

Public

Facilities

Authority

,

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.5

%

,

9/01/59

......

5,000,000

5,415,287

CHRISTUS

Health

Obligated

Group

,

Revenue

,

2018

E

,

5

%

,

7/01/48

...........

5,000,000

5,197,275

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

5

%

,

7/01/35

..............................................

4,965,000

4,998,616

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

Pre-Refunded

,

5

%

,

7/01/35

..................................

35,000

35,399

Louisiana

Children's

Medical

Center

Obligated

Group

,

Revenue

,

2015

A-1

,

5

%

,

6/01/45

........................................................

10,000,000

10,326,300

Louisiana

Children's

Medical

Center

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

6/01/50

5,000,000

4,922,296

Louisiana

Department

of

Public

Safety

&

Corrections

,

Revenue

,

2024

,

AGMC

Insured

,

5

%

,

8/01/44

..............................................

800,000

878,972

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary

,

Revenue

,

2016

A

,

5

%

,

7/01/46

..............................................

6,500,000

6,563,074

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary

,

Revenue

,

2017

,

5

%

,

7/01/52

................................................

2,310,000

2,344,626

Loyola

University

New

Orleans

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/37

.......

2,020,000

2,023,499

Loyola

University

New

Orleans

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/39

.......

3,460,000

3,433,175

Loyola

University

New

Orleans

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/41

.......

2,850,000

2,779,979

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

123

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

%

,

5/15/34

........................................................

$

30,000

$

30,842

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

5/15/47

........................................................

20,000

20,561

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/42

5,695,000

5,832,170

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/46

6,305,000

6,430,570

a

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

A-1

,

5.5

%

,

1/01/50

.

2,000,000

1,839,551

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

3,082,524

Tulane

University

,

Revenue

,

2017

A

,

Pre-Refunded

,

4

%

,

12/15/50

.............

60,000

62,085

Tulane

University

,

Revenue

,

2024

A

,

5

%

,

4/15/38

..........................

1,000,000

1,137,402

Louisiana

Stadium

&

Exposition

District

,

Revenue,

Senior

Lien

,

2023

A

,

Refunding

,

5.25

%

,

7/01/53

...................................................

1,750,000

1,902,224

Louisiana

State

University

&

Agricultural

&

Mechanical

College

,

Auxiliary

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

7/01/40

....................................

4,500,000

4,649,833

Natchitoches

Parish

School

District

No.

9

,

GO

,

2018

,

AGMC

Insured

,

5

%

,

3/01/38

...

1,440,000

1,541,416

New

Orleans

Aviation

Board

,

Revenue

,

2024

B

,

Refunding

,

5.25

%

,

1/01/45

.............................

2,500,000

2,698,224

Revenue

,

2024

C-1

,

5

%

,

1/01/54

......................................

1,000,000

1,066,079

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017

A

,

5

%

,

1/01/48

.

8,000,000

8,140,876

Parish

of

East

Baton

Rouge

Capital

Improvements

District

,

MovEBR

Sales

Tax

,

Revenue

,

2019

,

5

%

,

8/01/48

.........................................

500,000

523,968

Parish

of

Terrebonne

,

Sales

&

Use

Tax

,

Revenue

,

2020

A

,

4

%

,

3/01/41

...........

2,660,000

2,680,570

Port

New

Orleans

Board

of

Commissioners

,

Revenue

,

2018

A

,

AGMC

Insured

,

5

%

,

4/01/48

............................

2,750,000

2,819,747

Revenue

,

2020

D

,

5

%

,

4/01/50

........................................

6,000,000

6,273,169

Rapides

Parish

Consolidated

School

District

No.

62

,

GO

,

2022

,

AGMC

Insured

,

5

%

,

3/01/42

.........................................................

1,100,000

1,185,715

Rapides

Parish

School

District

No.

11

Rigolette

,

GO

,

2023

,

AGMC

Insured

,

4

%

,

3/01/41

.........................................................

1,000,000

1,004,678

St.

John

the

Baptist

,

Parish

School

District

No.

1

,

GO

,

2023

,

5.25

%

,

3/01/43

.......

3,300,000

3,515,371

St.

Tammany

Parish

Hospital

Service

District

No.

1

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/48

.........................................................

5,500,000

5,644,146

State

of

Louisiana

,

GO

,

2016

A

,

5

%

,

9/01/35

............................................

2,575,000

2,659,741

GO

,

2019

A

,

5

%

,

3/01/37

............................................

3,000,000

3,210,865

Gasoline

&

Fuels

Tax

,

Revenue,

First

Lien

,

2015

A

,

Pre-Refunded

,

5

%

,

5/01/41

...

3,000,000

3,023,090

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2024

A

,

Refunding

,

4

%

,

5/01/44

...

6,000,000

6,004,047

Tangipahoa

Parish

Hospital

Service

District

No.

1

,

Revenue

,

2021

,

Refunding

,

4

%

,

2/01/35

.................................

2,250,000

2,250,915

Revenue

,

2021

,

Refunding

,

4

%

,

2/01/38

.................................

2,000,000

1,964,241

Terrebonne

Levee

&

Conservation

District

,

Sales

Tax

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

6/01/41

......................................................

1,000,000

1,005,897

West

Feliciana

Parish

Parishwide

Consolidated

School

District

No.

1

,

GO

,

2020

,

4

%

,

3/01/50

.........................................................

3,000,000

2,922,142

236,345,699

South

Carolina

0.4%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

600,000

527,577

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

700,000

615,507

1,143,084

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.

124

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

0.6%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

$

450,000

$

447,329

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,250,000

1,047,505

1,494,834

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

615,640

Wisconsin

0.5%

a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

800,000

675,280

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

500,000

517,298

1,192,578

U.S.

Territories

2.2%

Puerto

Rico

2.2%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

500,000

499,700

c

Revenue

,

WW

,

5.25

%

,

7/01/33

........................................

655,000

301,300

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

................................

3,500,000

3,503,311

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

1,196,000

1,201,398

5,505,709

Total

U.S.

Territories

....................................................................

5,505,709

Total

Municipal

Bonds

(Cost

$

256,531,185

)

.....................................

249,628,884

Shares

Escrows

and

Litigation

Trusts

0.0%

†

d

,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

43,434

34,747

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

34,747

Total

Long

Term

Investments

(Cost

$

256,531,185

)

...............................

249,663,631

a

a

a

a

a

Short

Term

Investments

0.9%

Principal

Amount

Municipal

Bonds

0.9%

Louisiana

0.9%

f

State

of

Louisiana

,

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2023

A-1

,

Refunding

,

LOC

Toronto

Dominion

Bank

(The)

,

Daily

VRDN

and

Put

,

3.15

%

,

5/01/43

2,200,000

2,200,000

Total

Municipal

Bonds

(Cost

$

2,200,000

)

.......................................

2,200,000

Total

Short

Term

Investments

(Cost

$

2,200,000

)

.................................

2,200,000

a

Total

Investments

(Cost

$

258,731,185

)

98.8

%

...................................

$251,863,631

Other

Assets,

less

Liabilities

1.2

%

.............................................

3,197,871

Net

Assets

100.0%

...........................................................

$255,061,502

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

125

See

Abbreviations

on

page

203

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2024,

the

aggregate

value

of

these

securities

was

$21,927,295,

representing

8.6%

of

net

assets.

b

Security

purchased

on

a

when-issued

basis.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

Non-income

producing.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

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),

November

30,

2024

Franklin

Maryland

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

Municipal

Bonds

97.3%

Florida

0.7%

a

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

$

2,650,000

$

2,127,888

Georgia

0.4%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

1,325,000

1,126,872

Maryland

85.6%

City

of

Baltimore

,

Harbor

Point

Special

Taxing

District

,

Revenue

,

2016

,

Refunding

,

5.125

%

,

6/01/43

.

3,000,000

3,016,765

Wastewater

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/46

.....................

2,000,000

2,044,071

City

of

Gaithersburg

,

Asbury

Maryland

Obligated

Group

,

Revenue

,

2022

,

4.5

%

,

1/01/42

1,500,000

1,477,102

b

County

of

Anne

Arundel

,

Glenview

Housing

LP

,

Revenue

,

2009

,

Mandatory

Put

,

5

%

,

1/01/27

.........................................................

1,760,000

1,762,562

County

of

Baltimore

,

GO

,

2023

,

5

%

,

3/01/53

...............................

6,000,000

6,559,454

a

County

of

Frederick

,

Urbana

Community

Development

Authority

,

Special

Tax

,

144A,

2020

C

,

4

%

,

7/01/50

...............................................

3,940,000

3,644,957

County

of

Harford

,

Beechtree

Estates

Development

District

,

Tax

Allocation

,

2021

,

Refunding

,

4

%

,

7/01/31

........................................................

150,000

155,381

Beechtree

Estates

Development

District

,

Tax

Allocation

,

2021

,

Refunding

,

4

%

,

7/01/36

........................................................

750,000

761,838

Beechtree

Estates

Development

District

,

Tax

Allocation

,

2021

,

Refunding

,

4

%

,

7/01/40

........................................................

675,000

680,553

County

of

Howard

,

Annapolis

Junction

Town

Center

Development

District

,

Tax

Allocation

,

2024

,

Refunding

,

5

%

,

2/15/44

................................

665,000

714,397

Howard

County

Housing

Commission

,

Revenue

,

2013

,

5

%

,

10/01/28

........................................

9,990,000

10,003,975

Revenue

,

2016

,

4

%

,

6/01/46

.........................................

2,000,000

1,904,688

Revenue

,

2017

,

5

%

,

12/01/46

........................................

5,000,000

5,129,133

Maryland

Community

Development

Administration

,

Housing

,

Revenue

,

2019

D

,

3

%

,

7/01/39

................................

1,500,000

1,350,936

Housing

,

Revenue

,

2019

D

,

3.2

%

,

7/01/44

...............................

1,000,000

873,047

Maryland

Community

Development

Administration

Local

Government

Infrastructure

,

Revenue

,

2017

A-1

,

4

%

,

6/01/47

......................................

2,300,000

2,292,124

Revenue

,

2018

A-1

,

5

%

,

6/01/48

......................................

1,310,000

1,359,438

Revenue,

Senior

Lien

,

2019

B-1

,

4

%

,

6/01/49

.............................

3,000,000

2,997,773

Maryland

Economic

Development

Corp.

,

Annapolis

Parking

System

,

Revenue,

Senior

Lien

,

2022

A

,

5.25

%

,

12/31/47

......

5,000,000

5,313,123

Frostburg

State

University

Project

,

Revenue,

Senior

Lien

,

2013

,

Refunding

,

5

%

,

10/01/33

.......................................................

5,000,000

5,001,649

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2020

,

4

%

,

7/01/40

.

1,000,000

974,552

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2020

,

5

%

,

7/01/50

.

1,250,000

1,288,409

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2022

A

,

6

%

,

7/01/58

4,620,000

5,148,642

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

B

,

5.25

%

,

6/30/47

...........

5,000,000

5,283,291

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

B

,

5.25

%

,

6/30/55

...........

5,000,000

5,231,854

University

of

Maryland

College

Park

,

Revenue

,

2016

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/43

........................................................

3,305,000

3,349,206

University

of

Maryland

College

Park

,

Revenue

,

2024

,

AGMC

Insured

,

5

%

,

7/01/54

.

2,000,000

2,112,214

University

Park

Phase

I

&

II

at

Salisbury

University

,

Revenue

,

2013

,

Refunding

,

5

%

,

6/01/34

........................................................

2,040,000

2,040,655

University

Village

at

Sheppard

Pratt

,

Revenue

,

2012

,

Refunding

,

5

%

,

7/01/27

.....

1,150,000

1,150,816

University

Village

at

Sheppard

Pratt

,

Revenue

,

2012

,

Refunding

,

5

%

,

7/01/33

.....

2,495,000

2,496,049

West

Village

&

Millennium

Hall

Student

Housing

at

Towson

University

,

Revenue,

Senior

Lien

,

2012

,

5

%

,

7/01/27

......................................

720,000

720,756

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

127

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

$

9,914,920

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

1/01/38

...

865,000

852,547

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2021

B

,

BAM

Insured

,

4

%

,

1/01/51

2,000,000

1,958,455

Charlestown

Community,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/45

........

4,170,000

4,231,158

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/50

..

1,715,000

1,609,559

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.25

%

,

7/01/53

1,500,000

1,594,858

Goucher

College

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/44

.................

7,470,000

7,478,461

Johns

Hopkins

Medical

Institutions

Parking

System

,

Revenue

,

2001

,

AMBAC

Insured

,

5

%

,

7/01/27

..............................................

505,000

508,831

Johns

Hopkins

Medical

Institutions

Parking

System

,

Revenue

,

2004

,

AMBAC

Insured

,

5

%

,

7/01/34

..............................................

5,000,000

5,038,257

LifeBridge

Health

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/47

.....

4,000,000

4,060,429

LifeBridge

Health

Obligated

Group

,

Revenue

,

2024

,

5.25

%

,

7/01/54

............

1,000,000

1,099,394

Loyola

University

Maryland,

Inc.

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

10/01/49

.....

2,000,000

2,102,034

Maryland

Institute

College

of

Art

,

Revenue

,

2016

,

Refunding

,

4

%

,

6/01/42

.......

5,325,000

5,006,689

Maryland

Institute

College

of

Art

,

Revenue

,

2024

,

Refunding

,

5.5

%

,

6/01/47

......

1,250,000

1,335,453

MedStar

Health

Obligated

Group

,

Revenue

,

1997

,

AMBAC

Insured

,

ETM,

5

%

,

7/01/27

........................................................

4,560,000

4,674,694

MedStar

Health

Obligated

Group

,

Revenue

,

2013

A

,

5

%

,

8/15/38

..............

5,000,000

5,002,104

MedStar

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

8/15/38

.......

2,100,000

2,105,036

MedStar

Health

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

5/15/45

..............

5,000,000

5,128,624

Meritus

Medical

Center

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/40

.

8,535,000

8,565,865

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

6/01/28

..........

630,000

657,986

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

6/01/30

..........

1,225,000

1,301,200

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

6/01/32

..........

800,000

850,388

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/34

..........

350,000

347,246

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/36

..........

1,125,000

1,104,637

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/40

..........

1,850,000

1,768,626

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/46

..........

1,000,000

934,767

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/55

..........

3,250,000

2,976,856

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/39

............................................

10,000,000

10,372,130

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

D

,

4

%

,

7/01/48

........................................................

5,000,000

4,961,302

Maryland

Industrial

Development

Financing

Authority

,

McDonogh

School,

Inc.

,

Revenue

,

2019

,

Refunding

,

4

%

,

9/01/43

..............

1,100,000

1,102,505

McDonogh

School,

Inc.

,

Revenue

,

2019

,

Refunding

,

4

%

,

9/01/48

..............

610,000

607,509

Maryland

Stadium

Authority

,

Baltimore

City

Public

School

Construction

Financing

Fund

,

Revenue

,

2016

,

Pre-

Refunded

,

5

%

,

5/01/46

............................................

4,085,000

4,213,220

Baltimore

City

Public

School

Construction

Financing

Fund

,

Revenue

,

2020

A

,

5

%

,

5/01/50

........................................................

11,225,000

12,940,882

State

of

Maryland

Built

to

Learn

,

Revenue

,

2021

,

4

%

,

6/01/35

................

1,590,000

1,648,984

State

of

Maryland

Built

to

Learn

,

Revenue

,

2022

A

,

4

%

,

6/01/47

...............

5,000,000

5,015,027

State

of

Maryland

Built

to

Learn

,

Revenue

,

2024

,

4

%

,

6/01/49

................

2,445,000

2,439,397

Maryland

State

Transportation

Authority

,

Revenue

,

2020

,

4

%

,

7/01/45

.........................................

4,000,000

4,019,649

Revenue

,

2021

A

,

Refunding

,

5

%

,

7/01/46

...............................

2,000,000

2,146,268

Montgomery

County

Housing

Opportunities

Commission

,

Revenue

,

2023

C

,

5.125

%

,

1/01/53

.........................................................

915,000

1,002,215

State

of

Maryland

,

GO

,

2022

A

,

5

%

,

6/01/37

...............................

8,000,000

9,089,242

State

of

Maryland

Department

of

Transportation

,

Maryland

Aviation

Administration

,

Revenue

,

2021

B

,

5

%

,

8/01/46

..............

3,000,000

3,133,534

Maryland

Aviation

Administration

,

Revenue

,

2021

B

,

4

%

,

8/01/51

..............

3,500,000

3,349,897

Maryland

Aviation

Administration

,

Revenue

,

2024

A

,

AGMC

Insured

,

5

%

,

8/01/39

..

2,150,000

2,346,079

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.

128

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

3/01/34

...............

$

3,420,000

$

3,332,035

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

3/01/36

...............

2,700,000

2,595,944

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

3/01/37

...............

3,095,000

2,953,832

University

System

of

Maryland

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/51

........

5,260,000

5,235,292

Washington

Suburban

Sanitary

Commission

,

Revenue

,

2023

,

4

%

,

6/01/49

.........................................

9,500,000

9,599,151

Revenue,

Second

Series

,

2016

,

4

%

,

6/01/43

.............................

5,000,000

5,010,806

266,163,384

New

Jersey

0.8%

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2022

BB

,

4

%

,

6/15/39

...................................................

2,500,000

2,532,103

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

700,000

615,507

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

700,000

615,507

a

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-2

,

Zero

Cpn.,

6/01/52

1,350,000

1,043,547

2,274,561

Texas

0.5%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

550,000

546,736

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,300,000

1,089,405

1,636,141

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

615,639

Wisconsin

0.4%

a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

800,000

675,280

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

500,000

517,298

1,192,578

U.S.

Territories

8.0%

District

of

Columbia

4.6%

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated

,

Revenue

,

2020

A

,

5

%

,

7/15/45

...............................

2,500,000

2,664,448

Dedicated

,

Revenue

,

2021

A

,

5

%

,

7/15/46

...............................

3,000,000

3,218,089

Dedicated

,

Revenue

,

2023

A

,

5

%

,

7/15/43

...............................

2,500,000

2,753,399

Dedicated

,

Revenue

,

2023

A

,

4.125

%

,

7/15/47

............................

2,500,000

2,530,381

Dedicated

,

Revenue,

Second

Lien

,

2024

A

,

5

%

,

7/15/56

.....................

3,000,000

3,259,980

14,426,297

Puerto

Rico

3.4%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/33

................

347,342

343,314

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

2,094,826

2,034,239

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

2,000,000

1,998,799

c

Revenue

,

WW

,

5.5

%

,

7/01/38

.........................................

1,080,000

496,800

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

129

See

Abbreviations

on

page

203

.

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

$

3,603,406

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

1,900,000

1,908,576

10,385,134

Total

U.S.

Territories

....................................................................

24,811,431

Total

Municipal

Bonds

(Cost

$

307,412,732

)

.....................................

302,480,597

Shares

Escrows

and

Litigation

Trusts

0.0%

†

d

,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

100,330

80,264

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

80,264

Total

Long

Term

Investments

(Cost

$

307,412,732

)

...............................

302,560,861

a

a

a

a

a

Short

Term

Investments

0.9%

Principal

Amount

Municipal

Bonds

0.9%

Maryland

0.9%

f

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.15

%

,

11/01/37

........................................................

2,900,000

2,900,000

Total

Municipal

Bonds

(Cost

$

2,900,000

)

.......................................

2,900,000

Total

Short

Term

Investments

(Cost

$

2,900,000

)

.................................

2,900,000

a

Total

Investments

(Cost

$

310,312,732

)

98.2

%

...................................

$305,460,861

Other

Assets,

less

Liabilities

1.8

%

.............................................

5,611,744

Net

Assets

100.0%

...........................................................

$311,072,605

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2024,

the

aggregate

value

of

these

securities

was

$11,456,393,

representing

3.7%

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

Non-income

producing.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

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),

November

30,

2024

Franklin

Massachusetts

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

130

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

$

924,736

Total

Corporate

Bonds

(Cost

$

900,000

)

........................................

924,736

Senior

Floating

Rate

Interests

0.4%

Residential

REITs

0.4%

a

,b

Centennial

Gardens

LP,

First

Lien,

Delayed

Draw

CME

Term

Loan,

1

,

6.406

%

,

(

1-month

SOFR

+

1.55

%

),

2/01/25

.....................................

1,000,000

1,002,925

Total

Senior

Floating

Rate

Interests

(Cost

$

1,000,000

)

...........................

1,002,925

Municipal

Bonds

98.0%

California

0.4%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

1,200,000

1,055,882

Florida

1.7%

c

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

750,000

543,555

c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

2,800,000

2,248,334

c

,d

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Mandatory

Put

,

Zero

Cpn.,

5/01/52

.....................................................

2,000,000

1,796,000

4,587,889

Massachusetts

88.7%

City

of

Worcester

,

GO

,

2020

A

,

3

%

,

2/01/42

................................

1,685,000

1,485,935

Commonwealth

of

Massachusetts

,

GO

,

2017

F

,

5

%

,

11/01/46

...........................................

5,000,000

5,184,047

GO

,

2022

E

,

5

%

,

11/01/52

...........................................

3,000,000

3,242,296

GO

,

2024

B

,

5

%

,

5/01/54

............................................

3,500,000

3,826,815

GO

,

A

,

5.25

%

,

4/01/42

..............................................

5,000,000

5,214,796

Revenue

,

2005

,

Refunding

,

AGMC,

NATL

Insured

,

5.5

%

,

1/01/34

..............

11,900,000

13,793,846

Transportation

Fund

,

Revenue

,

2016

B

,

4

%

,

6/01/45

.......................

5,000,000

5,006,429

Transportation

Fund

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

6/01/43

...............

4,805,000

5,009,783

Transportation

Fund

,

Revenue

,

2018

A

,

5

%

,

6/01/48

.......................

5,000,000

5,205,307

Transportation

Fund

,

Revenue

,

2023

A

,

5

%

,

6/01/53

.......................

5,000,000

5,440,499

Massachusetts

Bay

Transportation

Authority

,

Sales

Tax

,

Revenue

,

A

,

5

%

,

7/01/40

....................................

5,000,000

5,039,587

Sales

Tax

,

Revenue

,

A-1

,

Refunding

,

5.25

%

,

7/01/30

.......................

4,000,000

4,567,304

Massachusetts

Development

Finance

Agency

,

Beth

Israel

Lahey

Health

Obligated

Group

,

Revenue

,

2015

F

,

Refunding

,

5

%

,

8/15/32

2,975,000

3,000,924

Beth

Israel

Lahey

Health

Obligated

Group

,

Revenue

,

2015

F

,

Refunding

,

5

%

,

8/15/34

5,000,000

5,038,964

Beth

Israel

Lahey

Health

Obligated

Group

,

Revenue

,

2023

M

,

5

%

,

7/01/34

.......

1,500,000

1,721,418

Boston

Medical

Center

Corp.

Obligated

Group

,

Revenue

,

2023

G

,

Refunding

,

5.25

%

,

7/01/52

........................................................

5,585,000

5,992,057

Brandeis

University

,

Revenue

,

2019

S-1

,

Refunding

,

5

%

,

10/01/39

.............

2,660,000

2,867,543

Broad

Institute,

Inc.

(The)

,

Revenue

,

2017

,

Refunding

,

4

%

,

4/01/41

............

5,000,000

5,004,875

Dana-Farber

Cancer

Institute

Obligated

Group

,

Revenue

,

2016

N

,

5

%

,

12/01/46

..

6,890,000

7,032,172

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

C

,

4

%

,

11/01/46

.......................................................

1,250,000

1,255,548

Loomis

Obligated

Group

,

Revenue

,

2021

,

4

%

,

1/01/41

......................

435,000

424,393

Loomis

Obligated

Group

,

Revenue

,

2021

,

4

%

,

1/01/51

......................

300,000

273,662

c

Loomis

Obligated

Group

,

Revenue

,

144A,

2022

,

Refunding

,

4

%

,

1/01/41

........

485,000

473,174

c

Loomis

Obligated

Group

,

Revenue

,

144A,

2022

,

Refunding

,

4

%

,

1/01/51

........

520,000

474,347

Mass

General

Brigham,

Inc.

,

Revenue

,

2017

S-1

,

Refunding

,

4

%

,

7/01/41

.......

4,000,000

4,012,359

Mass

General

Brigham,

Inc.

,

Revenue

,

2024

D

,

Refunding

,

5

%

,

7/01/54

.........

1,500,000

1,621,548

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

131

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Development

Finance

Agency,

(continued)

Merrimack

College

,

Revenue

,

2021

B

,

4

%

,

7/01/50

........................

$

3,650,000

$

3,362,387

Merrimack

College

,

Revenue

,

2022

,

5

%

,

7/01/52

..........................

1,000,000

1,028,035

c

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

144A,

2018

,

5

%

,

11/15/38

.......................................................

3,000,000

3,118,226

c

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

144A,

2018

,

5.125

%

,

11/15/46

.......................................................

5,000,000

5,162,020

Northeastern

University

,

Revenue

,

2022

,

Refunding

,

5

%

,

10/01/44

.............

2,375,000

2,624,865

President

&

Trustees

of

Williams

College

,

Revenue

,

2017

S

,

4

%

,

7/01/46

........

5,000,000

5,013,315

President

and

Fellows

of

Harvard

College

,

Revenue

,

2024

B

,

5

%

,

2/15/33

.......

3,000,000

3,530,392

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/39

.

750,000

746,654

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/41

.

500,000

488,034

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/48

.

1,750,000

1,623,042

Simmons

University

,

Revenue

,

2023

N

,

Refunding

,

5

%

,

10/01/43

..............

1,750,000

1,736,729

Southcoast

Health

System

Obligated

Group

,

Revenue

,

2021

G

,

Refunding

,

4

%

,

7/01/46

........................................................

3,000,000

2,859,713

Southcoast

Health

System

Obligated

Group

,

Revenue

,

2021

G

,

Refunding

,

5

%

,

7/01/50

........................................................

3,540,000

3,708,956

Springfield

College

,

Revenue

,

2021

B

,

Refunding

,

4

%

,

6/01/50

................

2,695,000

2,311,524

Suffolk

University

,

Revenue

,

2021

,

4

%

,

7/01/46

...........................

2,000,000

1,691,282

Suffolk

University

,

Revenue

,

2021

,

4

%

,

7/01/51

...........................

5,000,000

4,058,671

Trustees

of

Boston

College

,

Revenue

,

2017

T

,

Refunding

,

5

%

,

7/01/42

..........

3,750,000

3,904,336

Trustees

of

Boston

University

,

Revenue

,

BB-1

,

4

%

,

10/01/46

.................

5,000,000

5,011,169

Wellesley

College

,

Revenue

,

2018

L

,

Refunding

,

4

%

,

7/01/44

.................

6,160,000

6,223,715

Wheaton

College

,

Revenue

,

2021

I

,

5

%

,

1/01/53

..........................

3,000,000

3,064,796

Woods

Hole

Oceanographic

Institution

,

Revenue

,

2018

,

Refunding

,

5

%

,

6/01/35

..

1,200,000

1,271,145

Woods

Hole

Oceanographic

Institution

,

Revenue

,

2018

,

Refunding

,

5

%

,

6/01/36

..

1,000,000

1,057,747

Worcester

Polytechnic

Institute

,

Revenue

,

2017

,

Refunding

,

5

%

,

9/01/42

........

1,090,000

1,128,815

Massachusetts

Educational

Financing

Authority

,

Revenue

,

2017

B

,

Refunding

,

4.25

%

,

7/01/46

.............................

2,500,000

2,379,143

Revenue

,

2021

C

,

3

%

,

7/01/51

........................................

3,000,000

2,174,334

Revenue

,

2023

C

,

5

%

,

7/01/53

........................................

4,375,000

4,452,650

Massachusetts

Health

&

Educational

Facilities

Authority

,

Trustees

of

Boston

College

,

Revenue

,

M-2

,

5.5

%

,

6/01/35

.........................................

8,600,000

10,252,115

Massachusetts

Housing

Finance

Agency

,

Revenue

,

2009

C

,

5.125

%

,

12/01/39

...................................

75,000

75,053

Revenue

,

2009

C

,

5.35

%

,

12/01/49

....................................

210,000

210,070

Revenue

,

2012

F

,

3.15

%

,

12/01/32

.....................................

105,000

103,494

Revenue

,

2012

F

,

3.45

%

,

12/01/37

.....................................

45,000

42,122

Revenue

,

2024

A-1

,

4.95

%

,

12/01/64

...................................

1,000,000

1,026,519

Revenue

,

214

,

GNMA

Insured

,

2.55

%

,

12/01/34

...........................

1,000,000

872,841

Revenue

,

214

,

GNMA

Insured

,

2.8

%

,

12/01/39

............................

2,860,000

2,472,997

Revenue

,

A

,

3.25

%

,

12/01/27

.........................................

4,000,000

4,000,132

Revenue

,

A

,

3.5

%

,

12/01/31

..........................................

5,805,000

5,804,955

Massachusetts

Port

Authority

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

7/01/39

.........

1,175,000

1,258,516

Massachusetts

School

Building

Authority

,

Revenue,

Senior

Lien

,

2016

C

,

Refunding

,

5

%

,

11/15/34

.....................................................

5,000,000

5,189,103

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System

,

Revenue

,

2019

B-1

,

Refunding

,

5

%

,

1/01/37

.....................................

1,015,000

1,090,446

Massachusetts

Water

Resources

Authority

,

Revenue

,

2016

C

,

Pre-Refunded

,

5

%

,

8/01/40

............................

5,000,000

5,176,258

Revenue

,

2018

B

,

5

%

,

8/01/43

........................................

2,525,000

2,662,066

Revenue

,

2024

B

,

5

%

,

8/01/49

........................................

4,000,000

4,441,472

Revenue

,

B

,

Refunding

,

AGMC

Insured

,

5.25

%

,

8/01/28

.....................

5,490,000

6,027,710

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.

132

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Town

of

Plymouth

,

GO

,

2017

,

4

%

,

5/01/47

.................................

$

5,000,000

$

5,013,189

University

of

Massachusetts

Building

Authority

,

Revenue

,

2022-1

,

4

%

,

11/01/46

.......................................

4,000,000

4,026,853

Revenue,

Senior

Lien

,

2017-1

,

5.25

%

,

11/01/42

...........................

5,000,000

5,278,263

240,965,497

New

Jersey

0.4%

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/15/32

..........................................

1,000,000

1,071,007

New

York

1.0%

Metropolitan

Transportation

Authority

,

Revenue

,

2020

A-1

,

4

%

,

11/15/40

.....................................

750,000

753,847

Revenue

,

2020

A-1

,

4

%

,

11/15/53

.....................................

1,900,000

1,846,525

2,600,372

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

800,000

703,437

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

800,000

703,436

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

850,121

2,256,994

Texas

0.4%

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,400,000

1,173,206

Washington

0.3%

c

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

800,000

703,588

Wisconsin

0.9%

c

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

800,000

675,280

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

Zero

Cpn.,

12/01/44

..................................................

1,200,000

761,522

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

1,000,000

1,034,597

2,471,399

U.S.

Territories

3.4%

Guam

0.2%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

5.25

%

,

10/01/39

600,000

650,794

Puerto

Rico

3.2%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

205,375

199,433

Revenue

,

2007

N

,

5.25

%

,

7/01/34

.....................................

4,107,501

4,120,552

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

479,004

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/39

..

200,000

190,008

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

133

See

Abbreviations

on

page

203

.

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

.....

$

3,660,000

$

3,676,521

8,665,518

Total

U.S.

Territories

....................................................................

9,316,312

Total

Municipal

Bonds

(Cost

$

271,400,772

)

.....................................

266,202,146

Total

Long

Term

Investments

(Cost

$

273,300,772

)

...............................

268,129,807

a

a

a

a

a

Short

Term

Investments

0.1%

Municipal

Bonds

0.1%

Massachusetts

0.1%

e

Massachusetts

Development

Finance

Agency

,

Children's

Hospital

Corp.

Obligated

Group

(The)

,

Revenue

,

2024

U-1

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.1

%

,

3/01/48

.................................................

300,000

300,000

Total

Municipal

Bonds

(Cost

$

300,000

)

.........................................

300,000

Total

Short

Term

Investments

(Cost

$

300,000

)

..................................

300,000

a

Total

Investments

(Cost

$

273,600,772

)

98.8

%

...................................

$268,429,807

Other

Assets,

less

Liabilities

1.2

%

.............................................

3,258,025

Net

Assets

100.0%

...........................................................

$271,687,832

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

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

November

30,

2024,

the

aggregate

value

of

these

securities

was

$19,717,407,

representing

7.3%

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),

November

30,

2024

Franklin

Michigan

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

Corporate

Bonds

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25%,

12/31/53

....................................

$

1,800,000

$

1,849,472

Total

Corporate

Bonds

(Cost

$

1,800,000

)

.......................................

1,849,472

Municipal

Bonds

97.8%

California

0.3%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

2,650,000

2,331,740

Florida

2.0%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

5,256,000

4,712,569

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

900,000

652,266

b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

6,025,000

4,837,933

b

,c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Mandatory

Put

,

Zero

Cpn.,

5/01/52

.....................................................

4,100,000

3,681,800

13,884,568

Illinois

0.6%

Metropolitan

Pier

&

Exposition

Authority

,

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/52

....................

2,500,000

2,353,483

State

of

Illinois

,

GO

,

2021

B

,

4

%

,

12/01/39

................................

1,860,000

1,849,050

4,202,533

Michigan

86.2%

Bangor

Township

School

District

,

GO

,

2023

,

5

%

,

5/01/53

......................

2,000,000

2,138,948

Battle

Creek

School

District

,

GO

,

2022

,

4

%

,

5/01/45

.........................

3,000,000

3,003,871

Belding

Area

Schools

,

GO

,

2022

,

4.25

%

,

5/01/52

...........................

7,330,000

7,399,698

Byron

Center

Public

Schools

,

GO

,

2017

I

,

5

%

,

5/01/34

.............................................

1,000,000

1,048,183

GO

,

2017

I

,

5

%

,

5/01/35

.............................................

1,920,000

2,009,210

GO

,

2017

I

,

5

%

,

5/01/36

.............................................

650,000

679,478

GO

,

2017

I

,

5

%

,

5/01/37

.............................................

1,480,000

1,541,980

GO

,

2017

I

,

5

%

,

5/01/38

.............................................

1,330,000

1,386,732

GO

,

2017

I

,

5

%

,

5/01/47

.............................................

6,730,000

6,925,107

Caledonia

Community

Schools

,

GO

,

2023

I

,

5

%

,

5/01/53

......................

2,000,000

2,159,698

Central

Michigan

University

,

Revenue

,

2021

,

Refunding

,

3

%

,

10/01/46

...........

1,325,000

1,074,495

Charter

Township

of

Bloomfield

,

GO

,

2016

,

Refunding

,

5

%

,

5/01/32

..............

1,000,000

1,029,722

City

of

Battle

Creek

,

Water

&

Wastewater

System

,

Revenue

,

2016

A

,

5

%

,

6/01/36

...

1,300,000

1,337,695

City

of

Detroit

,

Great

Lakes

Water

Authority

Water

Supply

System

,

Revenue,

Second

Lien

,

2003

B

,

NATL

Insured

,

5

%

,

7/01/34

.........................................

25,000

25,038

Great

Lakes

Water

Authority

Water

Supply

System

,

Revenue,

Senior

Lien

,

06

A

,

AGMC

Insured

,

5

%

,

7/01/34

........................................

30,000

30,046

City

of

Grand

Rapids

,

d

GO

,

2024

,

5

%

,

10/01/44

.............................................

1,645,000

1,822,156

d

GO

,

2024

,

5

%

,

10/01/49

.............................................

2,025,000

2,205,854

d

GO

,

2024

,

5

%

,

10/01/54

.............................................

1,700,000

1,842,436

Sanitary

Sewer

System

,

Revenue

,

2018

,

5

%

,

1/01/37

.......................

1,040,000

1,096,433

Sanitary

Sewer

System

,

Revenue

,

2018

,

5

%

,

1/01/43

.......................

1,000,000

1,042,147

Sanitary

Sewer

System

,

Revenue

,

2020

,

Refunding

,

5

%

,

1/01/45

..............

2,000,000

2,133,158

Water

Supply

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/41

...............

2,190,000

2,222,336

Water

Supply

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/46

...............

2,525,000

2,555,854

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

135

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

City

of

Grand

Rapids,

(continued)

Water

Supply

System

,

Revenue

,

2018

,

Refunding

,

5

%

,

1/01/43

...............

$

1,500,000

$

1,563,221

Water

Supply

System

,

Revenue

,

2018

,

Refunding

,

5

%

,

1/01/48

...............

2,000,000

2,073,435

Water

Supply

System

,

Revenue

,

2020

,

5

%

,

1/01/40

........................

2,400,000

2,591,036

Water

Supply

System

,

Revenue

,

2020

,

5

%

,

1/01/50

........................

3,000,000

3,172,433

City

of

Lansing

,

GO

,

2023

,

AGMC

Insured

,

4.25

%

,

6/01/53

...............................

2,225,000

2,216,584

GO

,

2023

B

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/48

.......................

9,980,000

10,680,675

Comstock

Public

Schools

,

GO

,

2022

I

,

4

%

,

5/01/52

..........................

3,000,000

2,951,043

e

County

of

Genesee

,

Water

Supply

System

,

GO

,

2024

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/37

......

835,000

950,003

Water

Supply

System

,

GO

,

2024

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/38

......

700,000

795,745

Water

Supply

System

,

GO

,

2024

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/39

......

1,150,000

1,305,164

County

of

Kent

,

GO

,

2016

,

5

%

,

6/01/32

.............................................

1,305,000

1,345,936

GO

,

2016

,

5

%

,

6/01/33

.............................................

1,275,000

1,313,670

County

of

Muskegon

,

GO

,

2015

,

Refunding

,

5

%

,

11/01/33

....................................

1,360,000

1,381,860

GO

,

2015

,

Refunding

,

5

%

,

11/01/36

....................................

1,735,000

1,761,161

Detroit

City

School

District

,

GO

,

2001

A

,

AGMC

Insured

,

6

%

,

5/01/29

............

7,525,000

8,030,897

DeWitt

Public

Schools

,

GO

,

2017

,

5

%

,

5/01/30

.............................................

500,000

526,138

GO

,

2017

,

5

%

,

5/01/33

.............................................

815,000

853,056

GO

,

2017

,

5

%

,

5/01/34

.............................................

1,000,000

1,044,139

GO

,

2017

,

5

%

,

5/01/35

.............................................

1,000,000

1,044,088

GO

,

2017

,

5

%

,

5/01/36

.............................................

1,000,000

1,042,978

Downriver

Utility

Wastewater

Authority

,

Revenue

,

2018

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/34

....................

510,000

539,033

Revenue

,

2018

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/36

....................

1,600,000

1,685,971

Revenue

,

2018

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/38

....................

1,500,000

1,578,009

Revenue

,

2018

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/43

....................

3,000,000

3,126,889

East

Grand

Rapids

Public

School

District

,

GO

,

2024

I

,

5

%

,

5/01/53

..............

700,000

747,744

East

Lansing

School

District

,

GO

,

2017

I

,

5

%

,

5/01/35

.............................................

1,500,000

1,568,625

GO

,

2017

I

,

5

%

,

5/01/37

.............................................

1,100,000

1,145,546

GO

,

2017

I

,

5

%

,

5/01/42

.............................................

3,500,000

3,626,069

Farmington

Public

School

District

,

GO

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/27

.........................

1,000,000

1,007,469

GO

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/28

.........................

2,000,000

2,014,608

GO

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/32

.........................

4,035,000

4,065,472

GO

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/33

.........................

2,900,000

2,918,189

GO

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/34

.........................

3,000,000

3,022,904

GO

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/35

.........................

1,000,000

1,007,511

GO

,

2018

,

BAM

Insured

,

4.5

%

,

5/01/38

.................................

7,225,000

7,457,162

Flat

Rock

Community

School

District

,

GO

,

2022

I

,

4.5

%

,

5/01/52

................

2,100,000

2,147,842

Gerald

R

Ford

International

Airport

Authority

,

Revenue

,

2021

,

5

%

,

1/01/46

.........

2,000,000

2,130,375

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

7/01/44

...........

1,110,000

1,159,146

Munson

Healthcare

Obligated

Group

,

Revenue

,

2019

B

,

5

%

,

7/01/39

...........

1,625,000

1,719,301

Munson

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

7/01/51

....

10,000,000

8,023,860

Grand

Valley

State

University

,

Revenue

,

2018

,

5

%

,

12/01/38

........................................

900,000

943,836

Revenue

,

2018

,

5

%

,

12/01/43

........................................

1,800,000

1,864,528

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.

136

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Grandville

Public

Schools

,

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/29

....................................

$

750,000

$

756,036

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/30

....................................

1,000,000

1,007,635

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/31

....................................

1,150,000

1,158,780

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/32

....................................

1,165,000

1,173,846

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/34

....................................

1,315,000

1,325,094

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/35

....................................

1,225,000

1,234,099

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/37

....................................

2,915,000

2,933,163

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/40

....................................

6,215,000

6,248,091

Great

Lakes

Water

Authority

,

Sewage

Disposal

System

,

Revenue,

Second

Lien

,

2022

B

,

5.5

%

,

7/01/52

.......

1,500,000

1,657,100

Water

Supply

System

,

Revenue,

Second

Lien

,

2022

B

,

5.5

%

,

7/01/52

..........

5,000,000

5,523,667

Gull

Lake

Community

School

District

,

GO

,

2018

I

,

5

%

,

5/01/45

.............................................

4,000,000

4,181,937

GO

,

2018

I

,

5

%

,

5/01/48

.............................................

1,000,000

1,039,761

Hemlock

Public

School

District

,

GO

,

2024

III

,

5

%

,

5/01/53

.....................

1,100,000

1,184,816

Hudsonville

Public

Schools

,

GO

,

2017

,

Refunding

,

5

%

,

5/01/41

.................

2,500,000

2,600,133

Jenison

Public

Schools

,

GO

,

2024

I

,

5

%

,

5/01/49

...........................

550,000

589,439

Kent

Hospital

Finance

Authority

,

Mary

Free

Bed

Rehabilitation

Hospital

Obligated

Group

,

Revenue

,

2021

A

,

3

%

,

4/01/51

..................................

6,010,000

4,669,636

Kentwood

Economic

Development

Corp.

,

Holland

Home

Obligated

Group

,

Revenue

,

2021

,

4

%

,

11/15/45

................

1,655,000

1,439,628

Holland

Home

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

11/15/31

.......

1,845,000

1,812,006

Holland

Home

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

11/15/43

.......

8,820,000

7,817,051

Kentwood

Public

Schools

,

GO

,

2016

,

5

%

,

5/01/44

...........................

2,920,000

2,968,090

Lansing

Board

of

Water

&

Light

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

7/01/54

........

9,500,000

10,360,288

Lansing

School

District

,

GO

,

2016

I

,

5

%

,

5/01/39

.............................................

2,125,000

2,167,642

GO

,

2016

I

,

5

%

,

5/01/40

.............................................

2,200,000

2,243,842

Lowell

Area

Schools

,

GO

,

2024

I

,

4.125

%

,

5/01/54

..........................

2,155,000

2,148,332

Ludington

Area

School

District

,

GO

,

2022

II

,

BAM

Insured

,

4

%

,

5/01/51

...........

7,820,000

7,718,798

Macomb

Interceptor

Drain

Drainage

District

,

Special

Assessment

,

2017

A

,

Refunding

,

5

%

,

5/01/42

......................................................

4,000,000

4,149,724

Mattawan

Consolidated

School

District

,

GO

,

2024

I

,

5

%

,

5/01/54

................

1,700,000

1,834,997

Melvindale

Northern

Allen

Park

Public

Schools

,

GO

,

2022

,

AGMC

Insured

,

4.375

%

,

5/01/47

..............................

1,500,000

1,524,436

GO

,

2024

,

AGMC

Insured

,

5

%

,

5/01/45

.................................

1,300,000

1,425,765

Meridian

Public

School

District

,

GO

,

2015

,

Refunding

,

5

%

,

5/01/31

..............

1,130,000

1,138,160

Michigan

Finance

Authority

,

Albion

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

12/01/36

....................

1,925,000

1,435,555

Albion

College

,

Revenue

,

2022

,

Refunding

,

4

%

,

12/01/46

....................

4,800,000

3,255,360

Albion

College

,

Revenue

,

2022

,

Refunding

,

4

%

,

12/01/51

....................

3,050,000

2,006,111

Bronson

Health

Care

Group

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/15/54

........................................................

11,000,000

11,148,316

Calvin

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/50

......

895,000

674,491

Calvin

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/50

......

2,600,000

2,463,293

d

City

of

Inkster

,

Revenue

,

2024

B

,

Refunding

,

5

%

,

11/01/42

...................

1,420,000

1,579,447

d

City

of

Inkster

,

Revenue

,

2024

B

,

Refunding

,

5

%

,

11/01/45

...................

1,660,000

1,817,001

d

City

of

Inkster

,

Revenue

,

2024

B

,

Refunding

,

5

%

,

11/01/49

...................

2,635,000

2,847,243

d

City

of

Inkster

,

Revenue

,

2024

B

,

Refunding

,

5

%

,

11/01/54

...................

3,820,000

4,097,011

Clean

Water

Revolving

Fund

,

Revenue

,

2016

B

,

Refunding

,

4

%

,

10/01/30

.......

2,750,000

2,790,301

Clean

Water

Revolving

Fund

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

10/01/38

.......

8,055,000

8,576,352

Corewell

Health

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

11/01/44

.............

12,000,000

12,109,600

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

137

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

Finance

Authority,

(continued)

County

of

Wayne

,

Revenue,

Second

Lien

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

11/01/55

.......................................................

$

4,000,000

$

3,855,476

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/41

.......................................................

7,000,000

7,130,984

Kalamazoo

College

,

Revenue

,

2018

,

Refunding

,

4

%

,

12/01/47

................

2,610,000

2,528,498

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/35

.................

400,000

386,393

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/36

.................

565,000

542,403

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/37

.................

640,000

609,179

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/38

.................

675,000

637,282

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/39

.................

645,000

603,196

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/45

.................

2,780,000

2,449,630

Lawrence

Technological

University

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

2/01/42

........................................................

745,000

658,446

Michigan

Finance

Authority

Clean

Water

Revolving

Fund

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

10/01/39

...........................................

6,000,000

6,381,767

Provident

Group

-

HFH

Energy

LLC

,

Revenue

,

2024

,

5.5

%

,

2/28/49

............

1,500,000

1,674,261

Provident

Group

-

HFH

Energy

LLC

,

Revenue

,

2024

,

4.375

%

,

2/28/54

..........

1,895,000

1,892,972

Provident

Group

-

HFH

Energy

LLC

,

Revenue

,

2024

,

5.5

%

,

2/28/57

............

1,750,000

1,933,910

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A-2

,

Refunding

,

5

%

,

6/01/40

....

1,000,000

1,047,422

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A

,

1

,

Refunding

,

4

%

,

6/01/49

...

7,170,000

6,483,037

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

B-1

,

2

,

Refunding

,

5

%

,

6/01/49

..

1,010,000

1,032,025

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2016

MI

,

5

%

,

12/01/45

.........

7,710,000

7,796,273

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2016

MI

,

Pre-Refunded

,

5

%

,

12/01/45

.......................................................

290,000

299,313

University

of

Detroit

Mercy

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.5

%

,

11/01/48

.......................................................

2,000,000

2,098,027

University

of

Detroit

Mercy

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.625

%

,

11/01/52

.......................................................

2,280,000

2,398,482

Michigan

State

Building

Authority

,

State

of

Michigan

,

Revenue

,

2016

I

,

Refunding

,

5

%

,

4/15/41

.................

12,000,000

12,330,187

State

of

Michigan

,

Revenue

,

2016

I

,

Refunding

,

5

%

,

10/15/46

................

9,910,000

10,148,755

State

of

Michigan

,

Revenue

,

2016

I

,

Refunding

,

5

%

,

10/15/51

................

1,000,000

1,020,715

State

of

Michigan

,

Revenue

,

2019

I

,

Refunding

,

4

%

,

4/15/54

.................

2,000,000

1,953,774

State

of

Michigan

,

Revenue

,

2022

I

,

4

%

,

10/15/52

.........................

4,250,000

4,174,777

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group

,

Revenue

,

1999

B-3

,

4

%

,

11/15/33

.............

5,370,000

5,499,312

Ascension

Health

Credit

Group

,

Revenue

,

2010

F-7

,

Refunding

,

5

%

,

11/15/47

....

10,000,000

10,172,250

Ascension

Health

Credit

Group

,

Revenue

,

2010

F-8

,

Refunding

,

5

%

,

11/15/46

....

5,000,000

5,088,717

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

B

,

3.1

%

,

12/01/44

.....................................

15,000,000

12,760,189

Revenue

,

2020

A

,

2.8

%

,

12/01/45

.....................................

4,350,000

3,331,931

Revenue

,

2020

A

,

2.85

%

,

6/01/50

.....................................

5,150,000

3,909,546

Revenue

,

2021

A

,

2.5

%

,

6/01/52

......................................

3,000,000

2,053,518

Revenue

,

2021

A

,

2.7

%

,

10/01/56

.....................................

5,000,000

3,518,575

Revenue

,

2021

A

,

2.73

%

,

10/01/59

....................................

5,000,000

3,300,666

Revenue

,

2022

A

,

4.1

%

,

6/01/43

......................................

5,000,000

4,984,667

Michigan

State

University

,

Revenue

,

2015

A

,

5

%

,

8/15/40

.....................

8,500,000

8,576,195

Michigan

Strategic

Fund

,

State

of

Michigan

Department

of

Transportation

,

Revenue

,

2018

,

5

%

,

6/30/33

....

2,200,000

2,291,656

State

of

Michigan

Department

of

Transportation

,

Revenue

,

2018

,

5

%

,

6/30/48

....

7,000,000

7,153,350

Michigan

Technological

University

,

Revenue

,

2015

A

,

5

%

,

10/01/45

.......................................

2,400,000

2,425,051

Revenue

,

2023

A

,

AGMC

Insured

,

5

%

,

10/01/47

...........................

3,000,000

3,163,733

Revenue

,

2023

A

,

AGMC

Insured

,

5.25

%

,

10/01/52

........................

1,675,000

1,778,901

Revenue

,

2023

C

,

AGMC

Insured

,

5.25

%

,

10/01/53

........................

2,000,000

2,207,049

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.

138

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Oakland

University

,

Revenue

,

2016

,

5

%

,

3/01/41

.........................................

$

5,000,000

$

5,070,374

Revenue

,

2019

,

5

%

,

3/01/50

.........................................

2,230,000

2,318,884

Okemos

Public

Schools

,

GO

,

2024

II

,

5

%

,

5/01/54

...........................

2,335,000

2,541,466

Plainwell

Community

Schools

,

GO

,

2022

II

,

4

%

,

5/01/52

......................

7,000,000

6,908,487

Rochester

Community

School

District

,

GO

,

2016

I

,

5

%

,

5/01/36

.................

2,800,000

2,870,998

Roseville

Community

Schools

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

5/01/30

..................................

1,620,000

1,633,407

GO

,

2014

,

Pre-Refunded

,

5

%

,

5/01/31

..................................

1,585,000

1,598,118

Saginaw

Valley

State

University

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/31

...............................

2,170,000

2,225,485

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/33

...............................

1,240,000

1,269,341

Saline

Area

Schools

,

GO

,

2016

,

5

%

,

5/01/36

...............................

2,950,000

3,017,807

South

Haven

Public

Schools

,

GO

,

2015

B

,

AGMC

Insured

,

5

%

,

5/01/33

................................

350,000

352,643

GO

,

2015

B

,

AGMC

Insured

,

5

%

,

5/01/35

................................

1,575,000

1,586,829

d

South

Redford

School

District

,

GO

,

2024

,

5

%

,

5/01/48

.............................................

500,000

538,453

GO

,

2024

,

5

%

,

5/01/51

.............................................

300,000

321,276

Sparta

Area

Schools

,

GO

,

2019

II

,

5

%

,

5/01/48

.............................

5,750,000

6,046,415

State

of

Michigan

,

Trunk

Line

,

Revenue

,

2023

,

5.25

%

,

11/15/49

................

2,000,000

2,249,835

Trenton

Public

Schools

School

District

,

GO

,

2018

,

5

%

,

5/01/42

.............................................

4,920,000

5,168,154

GO

,

2018

,

5

%

,

5/01/45

.............................................

11,480,000

11,987,134

Universal

Academy

,

Revenue

,

2021

,

Refunding

,

2

%

,

12/01/26

................................

305,000

293,855

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/31

................................

1,035,000

1,031,243

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/40

................................

1,100,000

1,047,436

University

of

Michigan

,

Revenue

,

2015

,

Pre-Refunded

,

5

%

,

4/01/46

..............................

2,000,000

2,056,319

Revenue

,

2017

A

,

Pre-Refunded

,

5

%

,

4/01/37

............................

2,700,000

2,840,208

Revenue

,

2017

A

,

Pre-Refunded

,

5

%

,

4/01/42

............................

5,635,000

5,927,619

Revenue

,

2017

A

,

Pre-Refunded

,

5

%

,

4/01/47

............................

5,000,000

5,259,644

Walled

Lake

Consolidated

School

District

,

GO

,

2020

,

5

%

,

5/01/45

.............................................

2,500,000

2,646,483

GO

,

2022

,

5

%

,

5/01/49

.............................................

1,500,000

1,611,446

GO

,

2024

,

5

%

,

5/01/54

.............................................

1,800,000

1,941,471

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2018

A

,

5

%

,

12/01/43

......

7,750,000

8,106,510

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2021

A

,

5

%

,

12/01/40

......

3,330,000

3,641,014

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2021

A

,

5

%

,

12/01/46

......

4,670,000

5,033,616

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2021

B

,

5

%

,

12/01/39

......

1,675,000

1,777,430

Wayne

State

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/31

..............................

1,860,000

1,860,088

Revenue

,

2018

A

,

5

%

,

11/15/43

.......................................

4,500,000

4,718,662

Revenue

,

2018

A

,

4

%

,

11/15/48

.......................................

10,000,000

9,764,484

Wayne-Westland

Community

Schools

,

GO

,

2022

,

3

%

,

11/01/44

.............................................

2,830,000

2,378,502

GO

,

2022

,

3

%

,

11/01/46

.............................................

1,475,000

1,203,068

Western

Michigan

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/30

..............................

2,500,000

2,522,164

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/40

..............................

1,560,000

1,569,894

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/45

..............................

2,000,000

2,009,813

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

139

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Western

Michigan

University,

(continued)

Revenue

,

2019

A

,

Refunding

,

5

%

,

11/15/44

..............................

$

2,315,000

$

2,453,333

Revenue

,

2021

A

,

AGMC

Insured

,

5

%

,

11/15/51

...........................

2,785,000

2,950,077

Western

School

District

,

GO

,

2022

,

5.25

%

,

5/01/52

..........................

2,000,000

2,198,257

Williamston

Community

Schools

School

District

,

GO

,

2024

,

5

%

,

5/01/54

..........

2,000,000

2,149,064

Zeeland

Public

Schools

,

GO

,

2015

A

,

AGMC

Insured

,

5

%

,

5/01/31

................................

1,530,000

1,540,606

GO

,

2015

A

,

AGMC

Insured

,

5

%

,

5/01/33

................................

2,000,000

2,013,287

GO

,

2015

A

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

5/01/35

....................

2,000,000

2,015,807

594,234,695

New

Jersey

0.2%

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2019

BB

,

4

%

,

6/15/50

......................

500,000

492,189

State

of

New

Jersey

,

Revenue

,

2020

AA

,

3

%

,

6/15/50

......................

600,000

490,398

982,587

New

York

1.3%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/48

..........

9,300,000

9,121,857

South

Carolina

1.3%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

1,800,000

1,582,732

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,800,000

1,582,732

b

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-2

,

Zero

Cpn.,

6/01/52

6,200,000

4,792,586

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

850,121

8,808,171

Texas

0.5%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/39

325,000

264,572

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/40

300,000

239,806

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,500,000

2,933,014

3,437,392

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

1,583,073

Wisconsin

1.3%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,800,000

1,519,379

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

Zero

Cpn.,

12/01/44

..................................................

12,000,000

7,615,225

9,134,604

U.S.

Territories

3.9%

Guam

0.5%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

........................................

1,750,000

1,821,351

Guam

Waterworks

Authority

Water

And

Wastewater

System

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

1/01/46

............................................

1,770,000

1,894,294

3,715,645

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.

140

See

Abbreviations

on

page

203

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

3.4%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/32

....................................

$

404,110

$

400,657

Revenue

,

2007

CC

,

5.25

%

,

7/01/36

....................................

291,537

292,723

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

3,203,851

3,111,175

Revenue

,

2007

N

,

5.25

%

,

7/01/34

.....................................

6,095,532

6,114,899

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

410,750

412,421

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

12,900,000

12,958,229

23,290,104

Total

U.S.

Territories

....................................................................

27,005,749

Total

Municipal

Bonds

(Cost

$

693,124,618

)

.....................................

674,726,969

Total

Long

Term

Investments

(Cost

$

694,924,618

)

...............................

676,576,441

a

a

a

a

a

Short

Term

Investments

1.4%

Municipal

Bonds

1.4%

Michigan

1.4%

f

Green

Lake

Township

Economic

Development

Corp.

,

Interlochen

Center

for

the

Arts

,

Revenue

,

2004

,

Refunding

,

LOC

PNC

Bank

NA

,

Daily

VRDN

and

Put

,

3.25

%

,

6/01/34

.........................................................

3,200,000

3,200,000

f

University

of

Michigan

,

Revenue

,

2012

D-1

,

Daily

VRDN

and

Put

,

3.1

%

,

12/01/24

...

6,200,000

6,200,000

9,400,000

Total

Municipal

Bonds

(Cost

$

9,400,000

)

.......................................

9,400,000

Total

Short

Term

Investments

(Cost

$

9,400,000

)

.................................

9,400,000

a

Total

Investments

(Cost

$

704,324,618

)

99.5

%

...................................

$685,976,441

Other

Assets,

less

Liabilities

0.5

%

.............................................

3,633,599

Net

Assets

100.0%

...........................................................

$689,610,040

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

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

November

30,

2024,

the

aggregate

value

of

these

securities

was

$30,048,129,

representing

4.4%

of

net

assets.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Security

purchased

on

a

when-issued

basis.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

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),

November

30,

2024

Franklin

Minnesota

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

99.4%

Florida

1.0%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

$

6,192,000

$

5,551,793

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

2,100,000

1,521,954

7,073,747

Minnesota

96.3%

Alexandria

Independent

School

District

No.

206

,

GO

,

2017

A

,

Refunding

,

3

%

,

2/01/37

29,905,000

29,104,820

Anoka-Hennepin

Independent

School

District

No.

11

,

GO

,

2018

A

,

3.25

%

,

2/01/37

..........................................

5,355,000

5,257,201

GO

,

2018

A

,

4

%

,

2/01/39

............................................

8,905,000

9,061,729

GO

,

2018

A

,

3.375

%

,

2/01/43

.........................................

4,020,000

3,753,714

Becker

Independent

School

District

No.

726

,

GO

,

2022

A

,

Zero

Cpn.,

2/01/41

......

1,000,000

493,697

Blooming

Prairie

Independent

School

District

No.

756

,

GO

,

2022

A

,

Refunding

,

2.25

%

,

2/01/45

.........................................................

1,500,000

1,036,928

Brainerd

Independent

School

District

No.

181

,

GO

,

2018

A

,

4

%

,

2/01/32

............................................

3,065,000

3,143,756

GO

,

2018

A

,

4

%

,

2/01/43

............................................

1,900,000

1,907,175

Centennial

Independent

School

District

No.

12

,

GO

,

2015

A

,

Refunding

,

Zero

Cpn.,

2/01/32

..............................

1,450,000

1,105,378

GO

,

2015

A

,

Refunding

,

Zero

Cpn.,

2/01/34

..............................

1,600,000

1,117,484

GO

,

2015

A

,

Refunding

,

Zero

Cpn.,

2/01/35

..............................

350,000

234,107

City

of

Center

City

,

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2019

,

Refunding

,

4

%

,

11/01/41

........................................................

1,000,000

949,163

City

of

Cold

Spring

,

GO

,

2024

A

,

BAM

Insured

,

4

%

,

2/01/54

...................

1,050,000

1,044,852

City

of

Coon

Rapids

,

Mississippi

View

Housing

Partners

LP

,

Revenue

,

2023

,

FNMA

Insured

,

5.6

%

,

12/01/39

.............................................

3,735,369

4,014,562

City

of

Corcoran

,

GO

,

2023

A

,

BAM

Insured

,

4

%

,

2/01/53

.....................

3,605,000

3,606,867

City

of

Fridley

,

GO

,

2022

A

,

4

%

,

2/01/36

............................................

350,000

360,798

GO

,

2022

A

,

4

%

,

2/01/37

............................................

735,000

756,090

GO

,

2022

A

,

4

%

,

2/01/38

............................................

800,000

823,723

Fridley

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2018

,

FNMA

Insured

,

3.75

%

,

11/01/34

.......................................................

9,257,687

9,206,888

a

Roers

Fridley

Apartments

Owner

II

LLC

,

Revenue

,

144A,

2023

A

,

5.75

%

,

6/01/41

..

16,000,000

16,312,088

City

of

Minneapolis

,

GO

,

2018

,

4

%

,

12/01/46

.............................................

3,500,000

3,527,702

GO

,

2019

,

3

%

,

12/01/40

.............................................

2,000,000

1,817,967

14th

and

Central

LLLP

,

Revenue

,

2020

,

FNMA

Insured

,

2.35

%

,

2/01/38

.........

7,347,589

5,853,645

Allina

Health

Obligated

Group

,

Revenue

,

2021

,

4

%

,

11/15/40

.................

6,750,000

6,814,425

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

11/15/44

.............................................

10,000,000

10,081,197

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/44

.......................................................

1,325,000

1,329,719

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

AGMC

Insured

,

5

%

,

11/15/49

.............................................

6,000,000

6,172,287

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

11/15/49

.......................................................

4,535,000

4,602,266

City

of

Rochester

,

Electric

Utility

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/42

...................

1,395,000

1,431,929

Electric

Utility

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/47

...................

9,815,000

10,034,888

Mayo

Clinic

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/33

....................

9,425,000

10,953,361

Mayo

Clinic

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/34

....................

5,235,000

6,139,472

Mayo

Clinic

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/36

....................

8,400,000

9,982,340

Mayo

Clinic

,

Revenue

,

2018

,

4

%

,

11/15/48

...............................

6,000,000

6,004,487

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.

142

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

City

of

Rochester,

(continued)

Mayo

Clinic

,

Revenue

,

2022

,

Refunding

,

3.25

%

,

11/15/41

...................

$

4,000,000

$

3,852,097

Mayo

Clinic

,

Revenue

,

2022

,

Refunding

,

5

%

,

11/15/57

......................

2,000,000

2,153,419

City

of

St.

Cloud

,

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

5/01/37

........................................................

7,310,000

7,266,602

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

5/01/46

........................................................

2,650,000

2,690,530

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

5/01/48

........................................................

10,000,000

10,451,114

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

5

%

,

5/01/54

........................................................

1,000,000

1,075,549

City

of

St.

Paul

,

Water

,

Revenue

,

2023

A

,

4

%

,

12/01/46

.......................

13,340,000

13,711,843

City

of

Virginia

,

GO

,

2024

A

,

4.375

%

,

2/01/34

.........................................

1,000,000

1,003,427

GO

,

2024

A

,

4.5

%

,

2/01/37

...........................................

1,605,000

1,608,359

GO

,

2024

A

,

5

%

,

2/01/41

............................................

825,000

845,074

City

of

Wadena

,

Astera

Health

,

Revenue

,

2024

A

,

5

%

,

12/01/45

.................

1,900,000

2,059,720

Cloquet

Independent

School

District

No.

94

,

GO

,

2015

B

,

5

%

,

2/01/32

............

3,615,000

3,625,724

County

of

Norman

,

GO

,

2022

A

,

3.25

%

,

2/01/52

............................

3,115,000

2,695,331

County

of

Rice

,

GO

,

2022

A

,

4

%

,

2/01/48

.................................

5,200,000

5,209,741

Dakota

County

Community

Development

Agency

,

Revenue

,

2011

A

,

GNMA

Insured

,

4.875

%

,

12/01/33

.......................

340,000

340,087

Roers

Burnsville

Affordable

Apartments

Owner

LLC

,

Revenue

,

2024

,

FNMA

Insured

,

4.2

%

,

5/01/43

...................................................

1,000,000

1,006,487

Dawson-Boyd

Independent

School

District

No.

378

,

GO

,

2019

A

,

3.125

%

,

2/01/40

...

2,965,000

2,784,393

Duluth

Economic

Development

Authority

,

Essentia

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

2/15/53

.....

15,830,000

16,175,189

Essentia

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

2/15/53

...

13,105,000

13,487,847

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/15/38

........................................................

150,000

154,205

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/15/39

........................................................

155,000

158,674

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

6/15/44

........................................................

850,000

729,169

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/15/29

........................................................

400,000

431,677

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/15/30

........................................................

425,000

464,904

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/15/31

........................................................

450,000

498,025

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/15/32

........................................................

500,000

558,231

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/15/33

........................................................

600,000

669,242

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/34

........................................................

520,000

545,395

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/35

........................................................

425,000

442,444

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/36

........................................................

400,000

414,527

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/37

........................................................

375,000

387,065

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/38

........................................................

400,000

411,622

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

143

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

A

,

Refunding

,

4

%

,

6/15/39

........................................................

$

250,000

$

255,504

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

B

,

5.25

%

,

6/15/52

..

8,000,000

8,731,909

Duluth

Independent

School

District

No.

709

,

GO

,

2015

B

,

Refunding

,

2.5

%

,

2/01/26

..................................

2,840,000

2,812,136

GO

,

2021

C

,

Zero

Cpn.,

2/01/29

.......................................

1,870,000

1,567,898

GO

,

2021

C

,

Zero

Cpn.,

2/01/30

.......................................

1,275,000

1,021,043

GO

,

2021

C

,

Zero

Cpn.,

2/01/31

.......................................

1,325,000

1,011,374

GO

,

2021

C

,

Zero

Cpn.,

2/01/32

.......................................

1,080,000

783,622

GO

,

2021

C

,

Zero

Cpn.,

2/01/33

.......................................

1,075,000

740,318

Forest

Lake

Independent

School

District

No.

831

,

GO

,

2023

A

,

4

%

,

2/01/37

........

2,000,000

2,081,071

Fridley

Independent

School

District

No.

14

,

GO

,

2016

A

,

4

%

,

2/01/29

............

2,220,000

2,249,239

Gibbon

Independent

School

District

No.

2365

,

GO

,

2023

A

,

5

%

,

2/01/48

............................................

1,850,000

1,994,170

GO

,

2023

A

,

4.125

%

,

2/01/52

.........................................

2,250,000

2,266,118

Hastings

Independent

School

District

No.

200

,

GO

,

2018

A

,

Zero

Cpn.,

2/01/38

.......................................

4,685,000

2,743,231

GO

,

2018

A

,

Zero

Cpn.,

2/01/39

.......................................

4,685,000

2,589,638

GO

,

2018

A

,

Zero

Cpn.,

2/01/40

.......................................

4,685,000

2,448,843

Hennepin

County

Regional

Railroad

Authority

,

County

of

Hennepin

,

GO

,

2019

A

,

5

%

,

12/01/37

...........................

1,000,000

1,071,330

County

of

Hennepin

,

GO

,

2019

A

,

5

%

,

12/01/38

...........................

3,965,000

4,240,234

Hopkins

Independent

School

District

No.

270

,

GO

,

2019

A

,

3

%

,

2/01/33

............................................

5,640,000

5,572,718

GO

,

2019

A

,

3

%

,

2/01/34

............................................

2,450,000

2,410,671

Jordan

Independent

School

District

No.

717

,

GO

,

2023

A

,

4

%

,

2/01/42

...........

1,300,000

1,321,715

Mankato

Independent

School

District

No.

77

,

COP

,

2022

A

,

3

%

,

2/01/42

..........

2,730,000

2,319,294

Metropolitan

Council

,

GO

,

2020

B

,

2.125

%

,

3/01/36

.........................................

3,500,000

2,860,842

GO

,

2020

B

,

2.125

%

,

3/01/37

.........................................

4,000,000

3,210,976

GO

,

2020

B

,

2.125

%

,

3/01/38

.........................................

4,000,000

3,149,964

GO

,

2022

C

,

4

%

,

3/01/40

............................................

3,275,000

3,382,831

GO

,

2022

C

,

4

%

,

3/01/41

............................................

3,410,000

3,509,397

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

,

Revenue

,

2022

A

,

Refunding

,

4.25

%

,

1/01/52

.............................

2,990,000

3,019,460

Revenue,

Senior

Lien

,

2016

C

,

5

%

,

1/01/34

..............................

2,870,000

2,979,999

Revenue,

Senior

Lien

,

2016

C

,

5

%

,

1/01/35

..............................

4,025,000

4,175,597

Revenue,

Senior

Lien

,

2016

C

,

5

%

,

1/01/41

..............................

20,730,000

21,346,145

Revenue,

Senior

Lien

,

2016

C

,

5

%

,

1/01/46

..............................

14,475,000

14,823,075

Minnesota

Agricultural

&

Economic

Development

Board

,

HealthPartners

Obligated

Group

,

Revenue

,

2024

,

5.25

%

,

1/01/54

.................................

5,000,000

5,491,737

Minnesota

Higher

Education

Facilities

Authority

,

Macalester

College

,

Revenue

,

2017

,

Refunding

,

3

%

,

3/01/33

.................

1,510,000

1,450,047

Macalester

College

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/36

.................

125,000

129,998

Macalester

College

,

Revenue

,

2021

,

Refunding

,

3

%

,

3/01/40

.................

365,000

335,771

St.

Catherine

University

,

Revenue

,

2023

,

5

%

,

10/01/43

.....................

600,000

608,516

St.

Catherine

University

,

Revenue

,

2023

,

5.125

%

,

10/01/48

..................

750,000

757,292

St.

Catherine

University

,

Revenue

,

2023

,

5

%

,

10/01/52

.....................

3,000,000

2,969,598

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/32

...............

255,000

262,857

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/33

...............

240,000

246,732

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/34

...............

355,000

364,204

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

3

%

,

10/01/37

...............

250,000

228,334

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

3

%

,

10/01/38

...............

250,000

225,718

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.

144

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Minnesota

Higher

Education

Facilities

Authority,

(continued)

St.

Olaf

College

,

Revenue

,

2021

,

3

%

,

10/01/41

...........................

$

1,600,000

$

1,421,326

St.

Olaf

College

,

Revenue

,

8

N

,

Refunding

,

4

%

,

10/01/35

....................

500,000

503,998

University

of

St.

Thomas

,

Revenue

,

2017

A

,

Refunding

,

4

%

,

10/01/36

..........

750,000

757,924

University

of

St.

Thomas

,

Revenue

,

2017

A

,

Refunding

,

4

%

,

10/01/37

..........

750,000

756,228

University

of

St.

Thomas

,

Revenue

,

2022

A

,

5

%

,

10/01/52

...................

10,000,000

10,491,027

University

of

St.

Thomas

,

Revenue

,

2024

A

,

5

%

,

10/01/49

...................

4,000,000

4,293,728

Minnesota

Housing

Finance

Agency

,

Revenue

,

2020

B

,

GNMA

Insured

,

2.8

%

,

1/01/44

..........................

2,870,000

2,262,047

Revenue

,

2020

E

,

GNMA

Insured

,

2.5

%

,

7/01/40

..........................

1,840,000

1,492,131

Revenue

,

2021

B

,

GNMA

Insured

,

2.1

%

,

7/01/36

..........................

950,000

779,299

Revenue

,

2021

B

,

GNMA

Insured

,

2.3

%

,

7/01/41

..........................

3,345,000

2,563,609

Revenue

,

2021

B

,

GNMA

Insured

,

2.45

%

,

7/01/46

.........................

3,320,000

2,440,002

Revenue

,

2021

H

,

GNMA

Insured

,

2.55

%

,

1/01/46

.........................

3,950,000

2,933,164

Revenue

,

2022

A

,

GNMA

Insured

,

2.75

%

,

7/01/42

.........................

2,660,000

2,166,325

Revenue

,

2023

D

,

GNMA

Insured

,

4.5

%

,

7/01/43

..........................

1,000,000

1,017,437

Revenue

,

2023

D

,

GNMA

Insured

,

4.6

%

,

7/01/45

..........................

1,000,000

1,019,682

State

of

Minnesota

,

Revenue

,

2009

,

4

%

,

8/01/29

..........................

1,675,000

1,675,022

State

of

Minnesota

,

Revenue

,

2011

,

5

%

,

8/01/31

..........................

2,225,000

2,228,371

State

of

Minnesota

,

Revenue

,

2020

D

,

4

%

,

8/01/42

........................

1,815,000

1,821,622

b

Minnesota

Municipal

Gas

Agency

,

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/27

..

13,550,000

13,749,722

Minnesota

Municipal

Power

Agency

,

Revenue

,

2014

A

,

Refunding

,

4

%

,

10/01/32

....

1,200,000

1,200,645

Minnesota

Office

of

Higher

Education

,

Revenue,

Senior

Lien

,

2023

,

Refunding

,

4

%

,

11/01/42

........................................................

2,250,000

2,208,376

Moorhead

Independent

School

District

No.

152

,

GO

,

2020

A

,

2.5

%

,

2/01/37

.......

7,795,000

6,761,141

Nashwauk

Keewatin

Independent

School

District

No.

319

,

GO

,

2022

A

,

Refunding

,

4

%

,

2/01/48

.........................................................

9,020,000

9,034,766

North

St.

Paul-Maplewood-Oakdale

Independent

School

District

No.

622

,

GO

,

2019

A

,

3

%

,

2/01/42

............................................

4,975,000

4,446,001

GO

,

2019

A

,

3

%

,

2/01/46

............................................

22,965,000

19,823,294

Northern

Municipal

Power

Agency

,

Revenue

,

2017

,

Refunding

,

5

%

,

1/01/41

.......

800,000

819,200

Norwood

Young

America

Independent

School

District

No.

108

,

GO

,

2022

A

,

2.25

%

,

2/01/45

.........................................................

1,700,000

1,185,571

Prior

Lake-Savage

Independent

School

District

No.

719

,

GO

,

2018

B

,

Zero

Cpn.,

2/01/27

.......................................

10,545,000

9,795,440

GO

,

2018

B

,

Zero

Cpn.,

2/01/28

.......................................

13,055,000

11,733,884

GO

,

2018

B

,

Zero

Cpn.,

2/01/30

.......................................

9,010,000

7,485,865

GO

,

2018

B

,

Zero

Cpn.,

2/01/31

.......................................

5,310,000

4,232,077

Red

Rock

Central

Independent

School

District

No.

2884

,

GO

,

2022

A

,

2.375

%

,

2/01/47

3,000,000

2,062,642

c

Redwood

Area

Schools

Independent

School

District

No.

2897

,

GO

,

2024

A

,

4

%

,

2/01/44

.........................................................

2,000,000

2,006,682

c

Robbinsdale

Independent

School

District

No.

281

,

GO

,

2024

A

,

4

%

,

2/01/43

............................................

500,000

495,521

GO

,

2024

A

,

4

%

,

2/01/44

............................................

450,000

444,584

GO

,

2024

A

,

4

%

,

2/01/45

............................................

415,000

408,733

Rosemount-Apple

Valley-Eagan

Independent

School

District

No.

196

,

GO

,

2023

A

,

4

%

,

2/01/44

.........................................................

2,000,000

2,005,227

Roseville

Independent

School

District

No.

623

,

GO

,

2018

A

,

4

%

,

2/01/35

............................................

4,900,000

5,016,936

GO

,

2018

A

,

4

%

,

2/01/37

............................................

5,000,000

5,095,798

Sartell-St.

Stephen

Independent

School

District

No.

748

,

GO

,

2016

B

,

Zero

Cpn.,

2/01/36

.......................................

3,000,000

1,846,578

GO

,

2016

B

,

Zero

Cpn.,

2/01/37

.......................................

2,820,000

1,652,386

GO

,

2016

B

,

Zero

Cpn.,

2/01/38

.......................................

5,220,000

2,906,675

GO

,

2016

B

,

Zero

Cpn.,

2/01/39

.......................................

3,020,000

1,588,069

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

145

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Sauk

Centre

Public

Utilities

Commission

,

Electric

,

Revenue

,

2024

A

,

AGMC

Insured

,

4.25

%

,

12/01/44

..................

$

395,000

$

403,034

Electric

,

Revenue

,

2024

A

,

AGMC

Insured

,

4.5

%

,

12/01/53

...................

335,000

341,812

a

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue,

Senior

Lien

,

144A,

2022

A

,

5.25

%

,

8/01/37

...............................

8,000,000

8,181,689

Southern

Minnesota

Municipal

Power

Agency

,

Revenue

,

1994

A

,

NATL

Insured

,

Zero

Cpn.,

1/01/26

.......................

5,395,000

5,187,559

Revenue

,

1994

A

,

NATL

Insured

,

Zero

Cpn.,

1/01/27

.......................

6,600,000

6,129,212

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/41

...............................

2,085,000

2,117,057

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/46

...............................

7,260,000

7,350,044

Revenue

,

2017

A

,

5

%

,

1/01/47

........................................

1,315,000

1,371,742

St.

Cloud

Independent

School

District

No.

742

,

COP

,

2017

A

,

4

%

,

2/01/38

...........................................

1,000,000

1,000,360

GO

,

2017

B

,

Refunding

,

4

%

,

2/01/30

...................................

4,060,000

4,103,345

GO

,

2017

B

,

Refunding

,

4

%

,

2/01/36

...................................

2,500,000

2,526,690

GO

,

2017

B

,

Refunding

,

4

%

,

2/01/37

...................................

2,250,000

2,274,021

St.

Francis

Independent

School

District

No.

15

,

GO

,

2018

A

,

3.5

%

,

2/01/41

........

3,350,000

3,227,461

St.

Paul

Port

Authority

,

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2021-1

,

Refunding

,

3

%

,

10/01/34

300,000

277,965

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2023-3

,

4.75

%

,

10/01/43

.....

1,000,000

1,040,066

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2023-4

,

5.25

%

,

10/01/42

.....

1,000,000

1,057,295

State

of

Minnesota

,

GO

,

2023

B

,

4

%

,

8/01/43

..............................

4,745,000

4,890,024

Stearns

County

Housing

&

Redevelopment

Authority

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

2/01/61

......................................................

1,105,000

816,195

University

of

Minnesota

,

Revenue

,

2017

A

,

5

%

,

9/01/40

........................................

1,240,000

1,293,921

Revenue

,

2017

A

,

5

%

,

9/01/41

........................................

3,000,000

3,125,530

Revenue

,

2017

B

,

Refunding

,

5

%

,

12/01/30

..............................

3,000,000

3,177,632

Revenue

,

2019

A

,

5

%

,

4/01/39

........................................

3,055,000

3,282,546

Revenue

,

2019

A

,

5

%

,

4/01/40

........................................

2,110,000

2,261,333

Revenue

,

2019

A

,

5

%

,

4/01/41

........................................

6,045,000

6,460,090

Revenue

,

2019

A

,

5

%

,

4/01/44

........................................

2,000,000

2,124,671

Revenue

,

2020

A

,

5

%

,

11/01/39

.......................................

2,000,000

2,196,477

Revenue

,

2020

A

,

5

%

,

11/01/42

.......................................

1,230,000

1,339,249

Watertown-Mayer

Independent

School

District

No.

111

,

GO

,

2020

A

,

Zero

Cpn.,

2/01/33

.......................................

2,470,000

1,764,679

GO

,

2020

A

,

Zero

Cpn.,

2/01/34

.......................................

2,470,000

1,688,181

GO

,

2020

A

,

Zero

Cpn.,

2/01/36

.......................................

1,470,000

914,764

GO

,

2020

A

,

Zero

Cpn.,

2/01/37

.......................................

2,470,000

1,464,632

West

St.

Paul-Mendota

Heights-Eagan

Independent

School

District

No.

197

,

GO

,

2018

A

,

4

%

,

2/01/34

....................................................

2,655,000

2,719,690

Western

Minnesota

Municipal

Power

Agency

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/35

...............................

3,000,000

3,058,375

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/36

...............................

2,035,000

2,071,334

Revenue

,

2018

A

,

5

%

,

1/01/49

........................................

5,000,000

5,202,348

Zumbro

Education

District

,

COP

,

2021

A

,

4

%

,

2/01/32

...........................................

200,000

197,072

COP

,

2021

A

,

4

%

,

2/01/33

...........................................

150,000

147,110

COP

,

2021

A

,

4

%

,

2/01/34

...........................................

125,000

122,027

COP

,

2021

A

,

2.125

%

,

2/01/35

........................................

325,000

257,484

COP

,

2021

A

,

4

%

,

2/01/38

...........................................

390,000

369,746

COP

,

2021

A

,

4

%

,

2/01/41

...........................................

635,000

581,330

658,450,131

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.

146

See

Abbreviations

on

page

203

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

1.0%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

$

2,100,000

$

1,846,521

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

2,100,000

1,846,521

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,500,000

2,975,423

6,668,465

Texas

0.5%

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

4,000,000

3,352,016

Washington

0.3%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

2,100,000

1,846,918

Wisconsin

0.3%

a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

..............

2,100,000

1,772,609

Total

Municipal

Bonds

(Cost

$

696,935,379

)

.....................................

679,163,886

a

a

a

a

Short

Term

Investments

0.1%

Municipal

Bonds

0.1%

Minnesota

0.1%

d

City

of

Minneapolis

,

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

C

,

Refunding

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

3.25

%

,

11/15/48

.....

1,000,000

1,000,000

Total

Municipal

Bonds

(Cost

$

1,000,000

)

.......................................

1,000,000

Total

Short

Term

Investments

(Cost

$

1,000,000

)

.................................

1,000,000

a

Total

Investments

(Cost

$

697,935,379

)

99.5

%

...................................

$680,163,886

Other

Assets,

less

Liabilities

0.5

%

.............................................

3,416,069

Net

Assets

100.0%

...........................................................

$683,579,955

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

November

30,

2024,

the

aggregate

value

of

these

securities

was

$37,809,218,

representing

5.5%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

purchased

on

a

when-issued

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),

November

30,

2024

Franklin

Missouri

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

Municipal

Bonds

98.7%

California

0.1%

Santa

Barbara

Secondary

High

School

District

,

GO

,

2011

A

,

Zero

Cpn.,

8/01/40

....

$

1,790,000

$

987,193

Florida

1.6%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

5,544,000

4,970,791

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

850,000

616,029

a

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

6,300,000

5,058,752

10,645,572

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

2,764,027

Missouri

89.9%

Affton

School

District

No.

101

,

GO

,

2017

A

,

Refunding

,

5

%

,

3/01/33

...................................

1,595,000

1,662,896

GO

,

2017

A

,

Refunding

,

5

%

,

3/01/34

...................................

1,700,000

1,771,396

GO

,

2017

A

,

Refunding

,

5

%

,

3/01/35

...................................

1,810,000

1,884,062

GO

,

2017

A

,

5

%

,

3/01/36

............................................

300,000

312,013

GO

,

2017

A

,

Pre-Refunded

,

5

%

,

3/01/36

................................

1,620,000

1,697,412

Cape

Girardeau

County

Industrial

Development

Authority

,

Mercy

Health

,

Revenue

,

2021

,

4

%

,

3/01/41

..............................

3,010,000

2,956,946

Mercy

Health

,

Revenue

,

2021

,

3

%

,

3/01/46

..............................

3,000,000

2,411,589

Mercy

Health

,

Revenue

,

2021

,

4

%

,

3/01/46

..............................

3,500,000

3,420,398

Procter

&

Gamble

Co.

(The)

,

Revenue

,

1998

,

5.3

%

,

5/15/28

..................

6,875,000

6,887,763

St.

Francis

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

6/01/39

..........

7,110,000

7,205,191

City

of

Bridgeton

,

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

2

%

,

12/01/32

......................

500,000

422,301

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

2.125

%

,

12/01/33

..................

1,170,000

982,495

City

of

Harrisonville

,

COP

,

2023

A

,

Refunding

,

4.375

%

,

3/01/43

...............................

1,000,000

1,004,511

COP

,

2023

A

,

Refunding

,

4.5

%

,

3/01/48

.................................

2,000,000

2,009,074

COP

,

2023

A

,

Refunding

,

4.625

%

,

3/01/53

...............................

2,000,000

2,012,121

City

of

Kansas

City

,

GO

,

2024

A

,

4

%

,

2/01/44

............................................

1,700,000

1,713,307

Sanitary

Sewer

System

,

Revenue

,

2018

A

,

4

%

,

1/01/35

.....................

1,500,000

1,533,181

Sanitary

Sewer

System

,

Revenue

,

2023

A

,

4

%

,

1/01/48

.....................

5,000,000

5,022,062

Sanitary

Sewer

System

,

Revenue

,

2024

A

,

4

%

,

1/01/49

.....................

3,500,000

3,510,985

Water

,

Revenue

,

2017

A

,

4

%

,

12/01/41

.................................

4,970,000

4,991,311

Water

,

Revenue

,

2023

A

,

4

%

,

12/01/47

.................................

2,120,000

2,129,013

City

of

Kirkwood

,

COP

,

2024

A

,

4.25

%

,

4/01/50

.........................................

535,000

538,086

COP

,

2024

A

,

4.25

%

,

4/01/54

.........................................

1,700,000

1,703,537

City

of

Marshfield

,

Waterworks

&

Sewer

System

,

Revenue

,

2020

B

,

AGMC

Insured

,

5

%

,

2/01/47

......................................................

1,775,000

1,842,024

City

of

Republic

,

Revenue

,

2022

,

3

%

,

5/01/47

.........................................

5,000,000

4,095,293

Revenue

,

2023

,

4.5

%

,

5/01/41

........................................

1,000,000

1,019,509

Revenue

,

2023

,

4.5

%

,

5/01/44

........................................

1,000,000

1,014,174

City

of

Springfield

,

Revenue

,

2023

,

4.375

%

,

11/01/42

........................

500,000

519,517

City

of

St.

Charles

,

COP

,

2020

B

,

Refunding

,

3

%

,

2/01/39

.....................

1,500,000

1,387,629

City

of

St.

Louis

,

Airport

,

Revenue

,

2005

,

Refunding

,

NATL

Insured

,

5.5

%

,

7/01/29

..............

13,070,000

14,556,067

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.

148

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

City

of

St.

Louis,

(continued)

Airport

,

Revenue

,

2017

A

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/25

.............

$

5,000,000

$

5,055,833

Airport

,

Revenue

,

2017

D

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/35

.............

1,000,000

1,030,091

Airport

,

Revenue

,

2017

D

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/36

.............

2,125,000

2,186,315

Airport

,

Revenue

,

2019

C

,

Refunding

,

5

%

,

7/01/27

.........................

1,705,000

1,795,937

Airport

,

Revenue

,

2024

A

,

AGMC

Insured

,

5.25

%

,

7/01/54

...................

6,345,000

6,992,166

City

of

University

City

,

COP

,

2024

,

5

%

,

4/01/49

.............................

1,205,000

1,297,539

Clay

County

Reorganized

School

District

No.

R-1

,

GO

,

2017

,

3

%

,

3/01/36

.............................................

1,540,000

1,481,250

GO

,

2017

,

3.125

%

,

3/01/37

..........................................

1,855,000

1,786,110

Community

College

District

of

Central

Southwest

Missouri

,

COP

,

2021

,

3

%

,

3/01/40

.............................................

575,000

529,955

COP

,

2021

,

3

%

,

3/01/41

.............................................

400,000

363,795

County

of

Jackson

,

Revenue

,

2023

A

,

4.25

%

,

12/01/53

....................................

2,660,000

2,674,190

Revenue

,

2023

A

,

5.25

%

,

12/01/58

....................................

2,500,000

2,712,573

Curators

of

the

University

of

Missouri

(The)

,

Revenue

,

2024

,

Refunding

,

5

%

,

11/01/34

7,500,000

8,834,969

Ferguson

Reorganized

School

District

No.

R-2

,

GO

,

2018

,

4

%

,

5/01/32

.............................................

1,000,000

1,014,643

GO

,

2018

,

5

%

,

5/01/38

.............................................

2,250,000

2,328,999

Hannibal

Board

of

Public

Works

,

COP

,

2022

,

3.625

%

,

4/01/44

.........................................

1,000,000

916,318

COP

,

2022

,

3.75

%

,

4/01/47

..........................................

1,000,000

917,588

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Bethesda

Health

Group,

Inc.

Obligated

Group

,

Revenue

,

2015

,

5

%

,

8/01/40

......

1,650,000

1,650,361

Bethesda

Health

Group,

Inc.

Obligated

Group

,

Revenue

,

2015

,

5

%

,

8/01/45

......

1,300,000

1,300,079

BJC

Healthcare

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/34

......

4,030,000

4,118,250

BJC

Healthcare

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

11/15/43

....

2,000,000

2,071,193

BJC

Healthcare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

7/01/51

.....

13,000,000

10,420,544

CoxHealth

Obligated

Group

,

Revenue

,

2013

A

,

5

%

,

11/15/44

.................

2,760,000

2,761,236

CoxHealth

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/33

........

3,200,000

3,236,529

CoxHealth

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

11/15/44

.................

5,000,000

5,009,917

Kansas

City

University

,

Revenue

,

2017

A

,

5

%

,

6/01/42

......................

2,800,000

2,883,959

Kansas

City

University

,

Revenue

,

2017

A

,

5

%

,

6/01/47

......................

4,875,000

4,988,057

Lake

Regional

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

2/15/40

........................................................

2,060,000

1,648,234

Lake

Regional

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

2/15/41

........................................................

2,120,000

1,666,556

Lake

Regional

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

2/15/46

........................................................

5,590,000

4,074,647

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

2/01/46

.......

4,000,000

4,019,484

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

2/01/46

........................................................

11,575,000

11,631,381

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

2/01/34

.......

2,000,000

2,067,192

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

2/01/42

.......

1,750,000

1,781,628

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

C

,

Refunding

,

4

%

,

2/01/33

........................................................

1,730,000

1,738,500

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2021

,

4

%

,

2/01/30

........

2,035,000

2,067,207

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2021

,

4

%

,

2/01/42

........

9,900,000

9,391,559

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

2/01/44

........................................................

1,050,000

1,122,368

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

2/01/54

........................................................

1,750,000

1,834,164

Maryville

University

of

St.

Louis

,

Revenue

,

2015

,

5

%

,

6/15/44

.................

5,000,000

5,009,564

Maryville

University

of

St.

Louis

,

Revenue

,

2019

A

,

5

%

,

6/15/45

...............

4,000,000

4,047,874

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

149

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)

Maryville

University

of

St.

Louis

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/15/34

......

$

4,345,000

$

4,299,891

Maryville

University

of

St.

Louis

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/15/38

......

4,885,000

4,693,996

Maryville

University

of

St.

Louis

,

Revenue

,

2022

A

,

Refunding

,

3.125

%

,

6/15/38

...

2,300,000

2,006,275

Maryville

University

of

St.

Louis

,

Revenue

,

2022

A

,

Refunding

,

3.375

%

,

6/15/45

...

1,000,000

818,535

Mercy

Health

,

Revenue

,

2012

,

4

%

,

11/15/42

.............................

8,000,000

7,931,916

Mercy

Health

,

Revenue

,

2017

C

,

Refunding

,

5

%

,

11/15/42

...................

9,720,000

10,027,559

Mercy

Health

,

Revenue

,

2017

C

,

Refunding

,

4

%

,

11/15/47

...................

10,000,000

9,965,563

Mercy

Health

,

Revenue

,

2020

,

4

%

,

6/01/53

..............................

2,000,000

1,939,370

Mercy

Health

,

Revenue

,

2023

,

5

%

,

12/01/52

.............................

18,000,000

19,169,701

Mosaic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

2/15/54

4,000,000

3,899,753

SSM

Health

Care

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

6/01/48

............

13,500,000

13,900,938

b

SSM

Health

Care

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

6/01/52

............

5,000,000

5,705,108

St.

Louis

University

,

Revenue

,

2017

A

,

5

%

,

10/01/42

.......................

9,200,000

9,479,385

St.

Louis

University

,

Revenue

,

2017

A

,

5

%

,

10/01/47

.......................

11,490,000

11,779,389

Howard

Bend

Levee

District

,

Special

Tax

,

2021

,

2.75

%

,

3/01/31

.....................................

400,000

360,756

Special

Tax

,

2021

,

3

%

,

3/01/36

.......................................

500,000

417,772

Special

Tax

,

2021

,

3.125

%

,

3/01/41

....................................

1,000,000

806,723

Special

Tax

,

2022

,

3.375

%

,

3/01/32

....................................

75,000

69,604

Special

Tax

,

2022

,

3.5

%

,

3/01/37

......................................

175,000

152,818

Special

Tax

,

2022

,

3.625

%

,

3/01/42

....................................

200,000

170,119

Jefferson

City

School

District

,

GO

,

2018

,

5

%

,

3/01/38

........................

2,070,000

2,149,999

Jefferson

County

School

District

No.

R-VI

,

Festus

,

COP

,

2021

B

,

3

%

,

4/01/42

.....................................

500,000

431,433

Festus

,

COP

,

2021

B

,

3

%

,

4/01/44

.....................................

1,500,000

1,253,239

Festus

,

COP

,

2021

B

,

2.375

%

,

4/01/46

..................................

2,000,000

1,403,627

Joplin

Industrial

Development

Authority

,

Freeman

Health

System

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

4

%

,

2/15/43

510,000

500,909

Freeman

Health

System

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

4

%

,

2/15/44

380,000

371,455

Kansas

City

Industrial

Development

Authority

,

Revenue

,

2011

A

,

Refunding

,

5.5

%

,

9/01/29

..............................

5,000,000

5,009,253

Revenue

,

2011

A

,

Refunding

,

5.5

%

,

9/01/30

..............................

12,000,000

12,022,780

Revenue

,

2011

A

,

Refunding

,

5

%

,

9/01/32

...............................

3,000,000

3,004,831

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

5

%

,

3/01/46

...................

30,680,000

31,520,841

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

AGMC

Insured

,

5

%

,

3/01/49

.......

8,000,000

8,203,895

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

5

%

,

3/01/54

...................

5,090,000

5,198,911

City

of

Kansas

City

Airport

,

Revenue

,

2020

A

,

AGMC

Insured

,

4

%

,

3/01/57

.......

5,000,000

4,706,226

City

of

Kansas

City

Airport

,

Revenue

,

2020

A

,

AGMC

Insured

,

5

%

,

3/01/57

.......

100,000

102,872

Lebanon

Reorganized

School

District

No.

R-3

,

GO

,

2024

,

4

%

,

3/01/44

...........

4,000,000

4,024,284

Metropolitan

St.

Louis

Sewer

District

,

Revenue

,

2016

C

,

Refunding

,

5

%

,

5/01/46

...............................

24,700,000

25,374,678

Revenue

,

2017

A

,

Refunding

,

5

%

,

5/01/47

...............................

15,000,000

15,476,868

Missouri

Development

Finance

Board

,

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

5

%

,

3/01/30

...............

930,000

968,188

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

3

%

,

3/01/46

...............

2,640,000

1,942,755

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/51

...............

9,445,000

8,170,588

Procter

&

Gamble

Co.

(The)

,

Revenue

,

1999

,

5.2

%

,

3/15/29

..................

3,000,000

3,219,823

Zoological

Subdistrict

of

the

Metropolitan

Zoo

Park

&

Museum

District

of

St.

Louis

,

Revenue

,

2022

,

5.25

%

,

5/01/55

.....................................

2,500,000

2,655,856

Missouri

Housing

Development

Commission

,

Revenue

,

2018

B

,

GNMA

Insured

,

4

%

,

11/01/38

...........................

785,000

788,530

Revenue

,

2019

C

,

GNMA

Insured

,

3

%

,

11/01/44

...........................

2,970,000

2,447,155

Revenue

,

2020

C

,

GNMA

Insured

,

2.4

%

,

11/01/45

.........................

2,010,000

1,485,932

Revenue

,

2020

D

,

GNMA

Insured

,

2.55

%

,

11/01/50

........................

2,715,000

1,911,685

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.

150

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

$

4,793,616

Revenue

,

2022

A

,

GNMA

Insured

,

3.125

%

,

11/01/42

.......................

3,425,000

3,071,307

Revenue

,

2022

C

,

GNMA

Insured

,

4.3

%

,

11/01/47

.........................

1,940,000

1,945,914

Revenue

,

2022

C

,

GNMA

Insured

,

4.35

%

,

11/01/52

........................

2,420,000

2,405,172

Revenue

,

2024

G

,

GNMA

Insured

,

4.5

%

,

11/01/54

.........................

3,750,000

3,783,919

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Revenue

,

2024

,

Refunding

,

5

%

,

1/01/34

.................................

2,425,000

2,770,117

MoPEP

1

Pool

Fund

,

Revenue

,

2018

,

5

%

,

12/01/43

........................

2,000,000

2,049,464

Prairie

State

Project

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

12/01/40

..............

22,950,000

23,360,523

Move

Rolla

Transportation

Development

District

,

Revenue

,

2017

,

4.75

%

,

6/01/47

...

5,050,000

5,062,767

Normandy

Schools

Collaborative

,

GO

,

2021

B

,

2

%

,

3/01/40

............................................

2,050,000

1,485,693

GO

,

2021

B

,

2

%

,

3/01/41

............................................

1,700,000

1,206,735

Poplar

Bluff

Regional

Transportation

Development

District

,

Sales

Tax

,

Revenue

,

2023

B

,

Refunding

,

3.375

%

,

12/01/31

..................

2,000,000

1,942,085

Sales

Tax

,

Revenue

,

2023

B

,

Refunding

,

4

%

,

12/01/37

......................

2,600,000

2,576,769

Republic

School

District

No.

R-3

,

GO

,

2023

,

4

%

,

3/01/43

......................

1,470,000

1,487,394

Riverside-Quindaro

Bend

Levee

District

of

Platte

County

,

Special

Assessment

,

2017

,

Refunding

,

5

%

,

3/01/29

.............................................

2,585,000

2,630,305

Springfield

School

District

No.

R-12

,

GO

,

2023

,

4

%

,

3/01/43

...................

2,000,000

2,038,940

St.

Charles

County

Public

Water

Supply

District

No.

2

,

COP

,

2022

,

4

%

,

12/01/44

....

5,000,000

5,020,902

St.

Charles

County

School

District

No.

R-IV

Wentzville

,

GO

,

2018

,

Refunding

,

4

%

,

3/01/38

.........................................................

15,400,000

15,601,219

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

St.

Louis

Obligated

Group

,

Revenue

,

2013

A

,

5.875

%

,

9/01/43

..

7,000,000

7,000,238

Friendship

Village

St.

Louis

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

9/01/48

........................................................

7,095,000

7,084,663

St.

Louis

Land

Clearance

for

Redevelopment

Authority

,

Revenue

,

2021

,

2.25

%

,

7/15/41

.......................................

3,845,000

2,839,896

Revenue

,

2021

A

,

Refunding

,

2.125

%

,

4/01/39

............................

6,075,000

4,299,022

City

of

St.

Louis

,

Revenue

,

2022

C

,

5

%

,

6/01/36

...........................

2,025,000

2,102,769

City

of

St.

Louis

,

Revenue

,

2022

C

,

5

%

,

6/01/41

...........................

2,000,000

2,050,693

City

of

St.

Louis

,

Revenue

,

2022

C

,

5.125

%

,

6/01/46

.......................

2,600,000

2,648,495

St.

Louis

Municipal

Finance

Corp.

,

City

of

St.

Louis

,

Revenue

,

2020

,

AGMC

Insured

,

5

%

,

10/01/45

...............

5,685,000

5,961,869

City

of

St.

Louis

,

Revenue

,

2020

,

AGMC

Insured

,

5

%

,

10/01/49

...............

2,175,000

2,261,727

St.

Louis

Municipal

Library

District

,

COP

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

3/15/48

2,800,000

2,780,054

St.

Louis

School

District

,

GO

,

2023

,

AGMC

Insured

,

4

%

,

4/01/43

................

7,000,000

7,104,216

Strafford

Reorganized

School

District

No.

R-VI

,

GO

,

2023

,

4

%

,

3/01/43

...........

4,000,000

4,009,088

599,991,972

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

1,449,408

South

Carolina

0.9%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

1,900,000

1,670,661

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,900,000

1,670,662

a

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-2

,

Zero

Cpn.,

6/01/52

3,200,000

2,473,593

5,814,916

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

151

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

0.8%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

$

2,000,000

$

1,988,131

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

2.5

%

,

9/01/41

...............................

525,000

380,935

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,200,000

2,681,613

5,050,679

Washington

0.3%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,900,000

1,671,021

Wisconsin

1.2%

a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,900,000

1,603,789

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5

%

,

8/01/53

................

1,500,000

1,511,713

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

Zero

Cpn.,

12/01/44

..................................................

4,825,000

3,061,955

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

1,500,000

1,551,896

7,729,353

U.S.

Territories

3.3%

Guam

0.9%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

5,790,000

6,026,070

Puerto

Rico

2.4%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/33

....................................

192,434

190,202

Revenue

,

2007

CC

,

5.25

%

,

7/01/36

....................................

1,193,087

1,197,942

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

4,275,909

4,152,247

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

410,750

412,421

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,750,000

1,748,949

c

Revenue

,

WW

,

5.5

%

,

7/01/38

.........................................

2,390,000

1,099,400

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

................................

1,404,000

1,405,328

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

6,000,000

6,027,084

16,233,573

Total

U.S.

Territories

....................................................................

22,259,643

Total

Municipal

Bonds

(Cost

$

673,266,507

)

.....................................

658,363,784

Shares

Escrows

and

Litigation

Trusts

0.0%

†

d

,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

238,252

190,602

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

190,602

Total

Long

Term

Investments

(Cost

$

673,266,507

)

...............................

658,554,386

a

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.

152

See

Abbreviations

on

page

203

.

Short

Term

Investments

0.3%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.3%

Missouri

0.3%

f

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

St.

Louis

University

,

Revenue

,

2008

B

,

LOC

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

3.2

%

,

10/01/35

..............................................

$

100,000

$

100,000

Washington

University

(The)

,

Revenue

,

2000

C

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.7

%

,

3/01/40

...............................................

1,400,000

1,400,000

Washington

University

(The)

,

Revenue

,

2003

B

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.7

%

,

2/15/33

...............................................

500,000

500,000

2,000,000

Total

Municipal

Bonds

(Cost

$

2,000,000

)

.......................................

2,000,000

Total

Short

Term

Investments

(Cost

$

2,000,000

)

.................................

2,000,000

a

Total

Investments

(Cost

$

675,266,507

)

99.0

%

...................................

$660,554,386

Other

Assets,

less

Liabilities

1.0

%

.............................................

6,577,153

Net

Assets

100.0%

...........................................................

$667,131,539

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2024,

the

aggregate

value

of

these

securities

was

$26,114,457,

representing

3.9%

of

net

assets.

b

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

Non-income

producing.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

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),

November

30,

2024

Franklin

New

Jersey

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

153

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

$

1,643,975

Total

Corporate

Bonds

(Cost

$

1,600,000

)

.......................................

1,643,975

Municipal

Bonds

96.9%

California

0.2%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

1,300,000

1,143,873

Delaware

2.1%

Delaware

River

&

Bay

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

1/01/44

.................................

12,500,000

12,564,711

Revenue

,

2021

,

4

%

,

1/01/46

.........................................

1,750,000

1,767,051

Revenue

,

2024

A

,

5

%

,

1/01/49

........................................

1,000,000

1,102,781

15,434,543

Florida

1.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

4,536,000

4,067,011

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

850,000

616,029

b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

5,450,000

4,376,222

b

,c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Mandatory

Put

,

Zero

Cpn.,

5/01/52

.....................................................

3,650,000

3,277,700

12,336,962

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

2,253,745

New

Jersey

78.6%

Atlantic

County

Improvement

Authority

(The)

,

Stockton

University

,

Revenue

,

2021

A

,

AGMC

Insured

,

4

%

,

7/01/47

..........................................

1,000,000

1,000,438

Camden

County

Improvement

Authority

(The)

,

b

Camden

Prep,

Inc.

,

Revenue

,

144A,

2022

,

5

%

,

7/15/32

.....................

250,000

264,795

b

Camden

Prep,

Inc.

,

Revenue

,

144A,

2022

,

5

%

,

7/15/52

.....................

3,000,000

3,050,082

KIPP

Cooper

Norcross

Obligated

Group

,

Revenue

,

2022

,

6

%

,

6/15/47

..........

1,700,000

1,847,167

KIPP

Cooper

Norcross

Obligated

Group

,

Revenue

,

2022

,

6

%

,

6/15/52

..........

2,100,000

2,268,546

Casino

Reinvestment

Development

Authority,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

AGMC

Insured

,

4

%

,

11/01/44

..................

1,100,000

1,084,952

Revenue

,

2024

B

,

AGMC

Insured

,

5

%

,

11/01/42

...........................

1,200,000

1,326,647

Revenue

,

2024

B

,

AGMC

Insured

,

5

%

,

11/01/43

...........................

825,000

907,551

Revenue

,

2024

B

,

AGMC

Insured

,

5

%

,

11/01/44

...........................

950,000

1,040,861

City

of

Newark

,

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AGMC

Insured

,

5

%

,

11/15/42

.........

1,000,000

1,113,818

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AGMC

Insured

,

5.375

%

,

11/15/52

.....

1,500,000

1,692,872

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AGMC

Insured

,

6

%

,

11/15/62

.........

1,000,000

1,162,433

Cumberland

County

Improvement

Authority

(The)

,

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/36

............

955,000

1,005,254

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/37

............

1,000,000

1,051,504

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/38

............

1,020,000

1,071,106

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/39

............

1,070,000

1,120,714

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/44

............

5,725,000

5,959,863

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.

154

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

Essex

County

Improvement

Authority

,

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2021

,

4

%

,

6/15/38

........................................................

$

1,645,000

$

1,650,056

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2021

,

4

%

,

6/15/51

........................................................

2,700,000

2,572,224

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2021

,

4

%

,

6/15/56

........................................................

4,925,000

4,630,764

b

North

Star

Academy

Charter

School

of

Newark,

Inc.

,

Revenue

,

144A,

2024

A

,

Refunding

,

5

%

,

7/15/40

............................................

375,000

396,015

b

North

Star

Academy

Charter

School

of

Newark,

Inc.

,

Revenue

,

144A,

2024

A

,

Refunding

,

5

%

,

7/15/54

............................................

500,000

516,281

Gloucester

County

Improvement

Authority

(The)

,

Rowan

University

,

Revenue

,

2015

C

,

AGMC

Insured

,

4

%

,

7/01/42

.............

2,500,000

2,502,273

Rowan

University

,

Revenue

,

2015

C

,

5

%

,

7/01/44

.........................

3,500,000

3,521,929

Rowan

University

,

Revenue

,

2019

,

4

%

,

7/01/37

...........................

750,000

775,884

Rowan

University

,

Revenue

,

2019

,

4

%

,

7/01/38

...........................

700,000

721,389

Rowan

University

,

Revenue

,

2019

,

4

%

,

7/01/39

...........................

600,000

616,004

Rowan

University

,

Revenue

,

2019

,

5

%

,

7/01/44

...........................

4,925,000

5,235,014

Rowan

University

,

Revenue

,

2019

,

4

%

,

7/01/48

...........................

5,250,000

5,280,216

Rowan

University

,

Revenue

,

2024

,

BAM

Insured

,

5

%

,

7/01/54

................

5,000,000

5,375,389

Hudson

County

Improvement

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

1/01/40

.................................

1,000,000

1,013,549

County

of

Hudson

,

Revenue

,

2016

,

5.25

%

,

5/01/51

........................

6,000,000

6,118,431

Jersey

City

Municipal

Utilities

Authority

,

Water

Fund

,

Revenue

,

2024

C

,

AGMC

Insured

,

5.25

%

,

10/15/54

...................................................

1,500,000

1,680,182

New

Brunswick

Parking

Authority

,

Revenue

,

2016

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/39

.........................................................

5,000,000

5,119,396

New

Jersey

Economic

Development

Authority

,

Middlesex

Water

Co.

,

Revenue

,

2019

,

4

%

,

8/01/59

........................

6,200,000

5,813,222

Middlesex

Water

Co.

,

Revenue

,

2019

,

5

%

,

8/01/59

........................

7,245,000

7,456,881

Port

Newark

Container

Terminal

LLC

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/47

...

13,625,000

13,806,939

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

5

%

,

7/01/32

..........

640,000

648,421

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

5

%

,

7/01/37

..........

600,000

603,741

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

5

%

,

7/01/47

..........

1,500,000

1,500,523

Provident

Group-Montclair

Properties

LLC

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/42

..............................................

6,000,000

6,138,793

Provident

Group-Rowan

Properties

LLC

,

Revenue

,

A

,

5

%

,

1/01/48

.............

7,000,000

6,730,942

State

of

New

Jersey

,

Revenue

,

2005

N-1

,

Refunding

,

NATL

Insured

,

5.5

%

,

9/01/27

8,660,000

9,266,327

State

of

New

Jersey

,

Revenue

,

2015

WW

,

Pre-Refunded

,

5

%

,

6/15/37

..........

4,760,000

4,810,797

State

of

New

Jersey

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/39

.....................

2,500,000

2,536,130

State

of

New

Jersey

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/46

.....................

1,250,000

1,257,230

State

of

New

Jersey

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/50

.....................

1,250,000

1,252,700

State

of

New

Jersey

,

Revenue

,

2022

A

,

5

%

,

11/01/52

.......................

5,000,000

5,351,713

New

Jersey

Educational

Facilities

Authority

,

Kean

University

,

Revenue

,

2015

H

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/34

......

2,205,000

2,227,609

Kean

University

,

Revenue

,

2015

H

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/35

......

5,000,000

5,050,530

Kean

University

,

Revenue

,

2017

D

,

Refunding

,

BAM

Insured

,

4

%

,

9/01/38

.......

1,150,000

1,159,514

Montclair

State

University,

Inc.

,

Revenue

,

2015

D

,

Refunding

,

5

%

,

7/01/35

.......

2,245,000

2,264,972

Montclair

State

University,

Inc.

,

Revenue

,

2015

D

,

Refunding

,

5

%

,

7/01/36

.......

1,210,000

1,220,319

Montclair

State

University,

Inc.

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

7/01/34

.......

1,325,000

1,357,311

Montclair

State

University,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/40

........................................................

1,000,000

1,145,386

Montclair

State

University,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/44

........................................................

1,000,000

1,125,153

Ramapo

College

of

New

Jersey

,

Revenue

,

2017

A

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/35

........................................................

3,955,000

4,121,898

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

155

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Educational

Facilities

Authority,

(continued)

Seton

Hall

University

,

Revenue

,

2015

C

,

Refunding

,

5

%

,

7/01/34

..............

$

400,000

$

402,845

Seton

Hall

University

,

Revenue

,

2015

C

,

Refunding

,

5

%

,

7/01/37

..............

1,300,000

1,308,117

Seton

Hall

University

,

Revenue

,

2017

D

,

Refunding

,

5

%

,

7/01/42

..............

3,945,000

4,017,700

Seton

Hall

University

,

Revenue

,

2020

C

,

AGMC

Insured

,

3.25

%

,

7/01/49

........

1,150,000

1,018,729

Seton

Hall

University

,

Revenue

,

2020

C

,

AGMC

Insured

,

4

%

,

7/01/50

...........

1,850,000

1,857,896

State

of

New

Jersey

,

Revenue

,

2023

A

,

4.625

%

,

9/01/48

....................

2,000,000

2,092,567

State

of

New

Jersey

,

Revenue

,

2023

A

,

5.25

%

,

9/01/53

.....................

2,000,000

2,179,423

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

1998-1

,

ETM,

5

%

,

7/01/28

........................................................

330,000

343,613

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/36

........................................................

1,600,000

1,652,529

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/42

........................................................

9,310,000

9,508,973

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/47

........................................................

4,085,000

4,151,675

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2020

A

,

5

%

,

7/01/45

.

4,000,000

4,147,382

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2020

A

,

4

%

,

7/01/50

.

11,640,000

10,941,381

Trustees

of

Princeton

University

(The)

,

Revenue

,

2024

B

,

4

%

,

3/01/53

..........

5,000,000

5,083,748

Trustees

of

Princeton

University

(The)

,

Revenue

,

2024

B

,

5.25

%

,

3/01/54

........

8,500,000

9,658,911

New

Jersey

Health

Care

Facilities

Financing

Authority

,

AHS

Hospital

Corp.

,

Revenue

,

2008

A

,

5

%

,

7/01/27

........................

135,000

135,113

AHS

Hospital

Corp.

,

Revenue

,

2016

,

Refunding

,

4

%

,

7/01/41

.................

10,000,000

10,039,410

AtlantiCare

Health

System

Obligated

Group

,

Revenue

,

2021

,

4

%

,

7/01/37

.......

750,000

772,130

AtlantiCare

Health

System

Obligated

Group

,

Revenue

,

2021

,

3

%

,

7/01/46

.......

1,000,000

832,391

Hackensack

Meridian

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/39

........................................................

11,000,000

11,398,330

Inspira

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/46

......

18,500,000

18,788,180

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/42

...............

7,000,000

7,198,233

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

4

%

,

7/01/47

...............

8,700,000

8,597,550

Inspira

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

7/01/54

....

6,000,000

6,651,821

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/43

10,000,000

10,183,264

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

7/01/54

........................................................

5,115,000

5,696,666

St.

Joseph's

Healthcare

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/41

........................................................

5,850,000

5,920,221

State

of

New

Jersey

,

Revenue

,

2024

,

Refunding

,

5

%

,

9/15/27

................

2,000,000

2,113,832

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

4

%

,

7/01/35

...........

1,000,000

1,027,970

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

4

%

,

7/01/37

...........

3,950,000

4,033,179

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

4

%

,

7/01/38

...........

2,200,000

2,237,371

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

4

%

,

7/01/44

...........

12,000,000

12,001,441

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue

,

2019

B

,

Refunding

,

3.25

%

,

12/01/39

............................

4,305,000

4,078,149

Revenue

,

2020

C

,

Refunding

,

4.25

%

,

12/01/50

...........................

1,750,000

1,631,836

Revenue

,

2021

B

,

Refunding

,

5

%

,

12/01/29

..............................

2,830,000

3,011,964

Revenue

,

2023

C

,

5

%

,

12/01/53

.......................................

3,125,000

3,154,524

Revenue

,

2024

C

,

5.25

%

,

12/01/54

....................................

2,000,000

2,038,536

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

3.5

%

,

12/01/39

...................

4,330,000

4,084,499

New

Jersey

Housing

&

Mortgage

Finance

Agency

,

Revenue

,

2018

A

,

Refunding

,

3.95

%

,

11/01/43

............................

1,100,000

1,097,548

Revenue

,

2019

A

,

Refunding

,

3

%

,

11/01/44

..............................

510,000

425,930

Revenue

,

2019

C

,

Refunding

,

3.95

%

,

10/01/44

...........................

3,955,000

3,946,206

Revenue

,

2020

E

,

Refunding

,

2.05

%

,

10/01/35

............................

4,005,000

3,309,412

Revenue

,

2020

E

,

Refunding

,

2.25

%

,

10/01/40

............................

8,020,000

6,195,924

Revenue

,

2020

E

,

Refunding

,

2.4

%

,

10/01/45

.............................

3,205,000

2,370,977

Revenue

,

2020

E

,

Refunding

,

2.45

%

,

10/01/50

............................

2,400,000

1,667,553

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.

156

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Infrastructure

Bank

,

Revenue

,

2024

A-W1

,

5

%

,

9/01/49

.............

$

2,000,000

$

2,243,253

New

Jersey

Institute

of

Technology

,

Revenue

,

2015

A

,

5

%

,

7/01/45

..............

6,000,000

6,037,737

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2006

C

,

AGMC

Insured

,

Zero

Cpn.,

12/15/33

.....

10,000,000

7,366,774

State

of

New

Jersey

,

Revenue

,

2009

A

,

Zero

Cpn.,

12/15/32

.................

10,000,000

7,586,265

State

of

New

Jersey

,

Revenue

,

2009

A

,

Zero

Cpn.,

12/15/36

.................

500,000

321,767

State

of

New

Jersey

,

Revenue

,

2009

A

,

BAM

Insured

,

Zero

Cpn.,

12/15/39

.......

10,000,000

5,720,126

State

of

New

Jersey

,

Revenue

,

2010

A

,

Zero

Cpn.,

12/15/29

.................

5,000,000

4,230,857

State

of

New

Jersey

,

Revenue

,

2010

A

,

Zero

Cpn.,

12/15/40

.................

4,750,000

2,539,029

State

of

New

Jersey

,

Revenue

,

2019

BB

,

4

%

,

6/15/44

......................

6,000,000

6,009,826

State

of

New

Jersey

,

Revenue

,

2020

AA

,

5

%

,

6/15/45

......................

1,500,000

1,599,712

State

of

New

Jersey

,

Revenue

,

2020

AA

,

4

%

,

6/15/50

......................

3,670,000

3,624,125

State

of

New

Jersey

,

Revenue

,

2022

A

,

4

%

,

6/15/41

........................

2,000,000

2,017,086

State

of

New

Jersey

,

Revenue

,

2022

BB

,

4

%

,

6/15/42

......................

2,400,000

2,412,030

State

of

New

Jersey

,

Revenue

,

2022

BB

,

4

%

,

6/15/46

......................

7,325,000

7,281,652

State

of

New

Jersey

,

Revenue

,

2022

CC

,

Pre-Refunded

,

5.5

%

,

6/15/50

.........

1,250,000

1,490,763

State

of

New

Jersey

,

Revenue

,

2023

A

,

Refunding

,

5

%

,

6/15/38

...............

4,000,000

4,493,033

State

of

New

Jersey

,

Revenue

,

2023

A

,

Refunding

,

5.25

%

,

6/15/41

............

2,500,000

2,822,750

State

of

New

Jersey

,

Revenue

,

2023

BB

,

5.25

%

,

6/15/50

....................

2,000,000

2,208,877

New

Jersey

Turnpike

Authority

,

Revenue

,

2017

A

,

5

%

,

1/01/34

........................................

10,005,000

10,372,259

Revenue

,

2017

B

,

Refunding

,

5

%

,

1/01/40

...............................

15,245,000

15,917,995

Revenue

,

2017

G

,

Refunding

,

4

%

,

1/01/43

...............................

5,000,000

5,023,959

Revenue

,

2019

A

,

5

%

,

1/01/48

........................................

15,500,000

16,330,547

Revenue

,

2021

A

,

4

%

,

1/01/51

........................................

3,000,000

3,008,869

Revenue

,

2022

B

,

4.5

%

,

1/01/48

......................................

5,000,000

5,221,831

Revenue

,

2024

B

,

4.125

%

,

1/01/54

....................................

1,500,000

1,521,061

Revenue

,

2024

B

,

5.25

%

,

1/01/54

.....................................

2,000,000

2,237,164

Newark

Board

of

Education

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

7/15/39

..........................

700,000

623,340

GO

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

7/15/40

..........................

750,000

659,949

GO

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

7/15/41

..........................

750,000

650,992

GO

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

7/15/42

..........................

700,000

601,463

Newark

Housing

Authority

,

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

2017

,

Refunding

,

4

%

,

1/01/37

.............................................

20,745,000

20,956,972

Passaic

County

Improvement

Authority

(The)

,

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

4.25

%

,

7/01/33

........

190,000

194,299

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.25

%

,

7/01/43

........

670,000

706,907

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.375

%

,

7/01/53

.......

1,000,000

1,045,372

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.5

%

,

7/01/58

.........

1,000,000

1,049,412

Salem

County

Pollution

Control

Financing

Authority

,

Constellation

Energy

Generation

LLC

,

Revenue

,

1993

A

,

Refunding

,

4.45

%

,

3/01/25

.........................

1,825,000

1,828,393

South

Jersey

Transportation

Authority

,

Revenue

,

2020

A

,

5

%

,

11/01/45

.......................................

5,750,000

6,015,849

Revenue

,

2022

A

,

4.625

%

,

11/01/47

....................................

5,000,000

5,120,241

Revenue

,

2022

A

,

5.25

%

,

11/01/52

.....................................

5,540,000

5,990,836

State

of

New

Jersey

,

GO

,

2020

A

,

4

%

,

6/01/31

............................................

4,500,000

4,814,177

GO

,

2020

A

,

3

%

,

6/01/32

............................................

3,400,000

3,365,410

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

6/01/46

..

17,000,000

17,513,640

Union

County

Improvement

Authority

,

Revenue

,

2024

,

4.125

%

,

4/15/54

...........

5,500,000

5,602,010

570,924,908

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

157

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

2.0%

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

240

,

Refunding

,

5

%

,

7/15/53

.................................

$

2,500,000

$

2,724,751

Revenue

,

242

,

Refunding

,

5

%

,

12/01/53

.................................

6,250,000

6,646,382

Revenue

,

244

,

Refunding

,

5

%

,

7/15/54

.................................

5,000,000

5,483,738

14,854,871

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

2,070,583

Pennsylvania

7.2%

Delaware

River

Joint

Toll

Bridge

Commission

,

Revenue

,

2017

,

5

%

,

7/01/42

........

19,500,000

20,251,543

Delaware

River

Port

Authority

,

Revenue

,

2013

,

5

%

,

1/01/37

.........................................

10,000,000

10,025,288

Revenue

,

2018

A

,

5

%

,

1/01/37

........................................

3,285,000

3,533,097

Revenue

,

2018

A

,

5

%

,

1/01/38

........................................

5,050,000

5,428,536

Revenue

,

2018

A

,

5

%

,

1/01/39

........................................

2,300,000

2,475,121

Revenue

,

2018

A

,

5

%

,

1/01/40

........................................

9,565,000

10,288,454

52,002,039

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

1,500,000

1,318,944

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,500,000

1,318,943

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

850,121

3,488,008

Texas

0.6%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

2,000,000

1,988,131

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,700,000

2,262,611

4,250,742

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

1,319,227

Wisconsin

0.7%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,500,000

1,266,149

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

Zero

Cpn.,

12/01/44

..................................................

3,225,000

2,046,592

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

2,000,000

2,069,194

5,381,935

U.S.

Territories

2.5%

Guam

0.3%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

5.25

%

,

10/01/43

1,000,000

1,070,480

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

850,000

884,656

Guam

Power

Authority

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

10/01/39

..............

500,000

550,116

2,505,252

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.

158

See

Abbreviations

on

page

203

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

2.2%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

$

2,218,051

$

2,153,899

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

246,450

247,453

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,200,000

1,199,279

d

Revenue

,

WW

,

5.5

%

,

7/01/38

.........................................

2,400,000

1,104,000

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

10,850,000

10,898,976

15,603,607

Total

U.S.

Territories

....................................................................

18,108,859

Total

Municipal

Bonds

(Cost

$

709,219,894

)

.....................................

703,570,295

Shares

Escrows

and

Litigation

Trusts

0.0%

†

a

,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

200,660

160,528

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

160,528

Total

Long

Term

Investments

(Cost

$

710,819,894

)

...............................

705,374,798

a

a

a

a

a

Short

Term

Investments

1.5%

Principal

Amount

Municipal

Bonds

1.5%

New

Jersey

1.5%

f

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group

,

Revenue

,

2009

B

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.6

%

,

7/01/43

..................................

1,000,000

1,000,000

Virtua

Health

Obligated

Group

,

Revenue

,

2009

C

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.6

%

,

7/01/43

..................................

9,600,000

9,600,000

10,600,000

Total

Municipal

Bonds

(Cost

$

10,600,000

)

......................................

10,600,000

Total

Short

Term

Investments

(Cost

$

10,600,000

)

................................

10,600,000

a

Total

Investments

(Cost

$

721,419,894

)

98.6

%

...................................

$715,974,798

Other

Assets,

less

Liabilities

1.4

%

.............................................

10,355,511

Net

Assets

100.0%

...........................................................

$726,330,309

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

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

November

30,

2024,

the

aggregate

value

of

these

securities

was

$27,954,290,

representing

3.8%

of

net

assets.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

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

159

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Non-income

producing.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2024

Franklin

North

Carolina

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

160

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

$

1,643,975

Total

Corporate

Bonds

(Cost

$

1,600,000

)

.......................................

1,643,975

Municipal

Bonds

97.5%

California

0.3%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

2,300,000

2,023,775

Florida

2.2%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

4,680,000

4,196,123

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

1,500,000

1,087,110

b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

5,400,000

4,336,073

b

,c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Mandatory

Put

,

Zero

Cpn.,

5/01/52

.....................................................

3,750,000

3,367,500

12,986,806

Illinois

0.7%

Metropolitan

Pier

&

Exposition

Authority

,

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

....................

500,000

518,375

State

of

Illinois

,

GO

,

2016

,

5

%

,

11/01/34

.............................................

1,100,000

1,127,718

GO

,

2021

A

,

5

%

,

3/01/33

............................................

2,000,000

2,187,315

3,833,408

New

Jersey

1.2%

New

Jersey

Economic

Development

Authority

,

State

of

New

Jersey

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/41

.................................................

1,000,000

1,010,791

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2019

BB

,

5

%

,

6/15/44

......................

2,900,000

3,028,449

State

of

New

Jersey

,

Revenue

,

2020

AA

,

3

%

,

6/15/50

......................

500,000

408,665

State

of

New

Jersey

,

Revenue

,

2020

AA

,

5

%

,

6/15/50

......................

1,010,000

1,067,959

State

of

New

Jersey

,

Revenue

,

2020

AA

,

Pre-Refunded

,

5

%

,

6/15/50

...........

280,000

315,442

State

of

New

Jersey

,

Revenue

,

2022

BB

,

4

%

,

6/15/46

......................

1,000,000

994,082

6,825,388

New

York

1.7%

Metropolitan

Transportation

Authority

,

Revenue

,

2020

E

,

Refunding

,

4

%

,

11/15/45

..............................

1,595,000

1,576,967

Revenue

,

2021

A-1

,

4

%

,

11/15/48

.....................................

5,325,000

5,222,999

Revenue

,

2021

A-2

,

4

%

,

11/15/41

.....................................

3,000,000

3,007,615

9,807,581

North

Carolina

84.2%

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/15/40

.......

14,000,000

14,215,785

Atrium

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/15/36

.......

5,000,000

5,328,203

Atrium

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

1/15/43

.......

2,000,000

2,015,485

City

of

Charlotte

,

COP

,

2019

A

,

Refunding

,

5

%

,

6/01/44

..................................

8,250,000

8,753,421

GO

,

2023

B

,

Refunding

,

5

%

,

7/01/42

...................................

2,925,000

3,301,538

GO

,

2023

B

,

Refunding

,

5

%

,

7/01/43

...................................

2,300,000

2,577,279

Airport

,

Revenue

,

2019

B

,

4

%

,

7/01/44

..................................

5,515,000

5,469,731

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

161

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

.........................

$

6,000,000

$

6,135,925

Airport

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/40

.........................

9,030,000

9,200,292

Airport

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/41

.........................

2,410,000

2,435,705

Airport

,

Revenue

,

2023

A

,

5

%

,

7/01/48

..................................

4,500,000

4,907,061

Airport

,

Revenue

,

2023

A

,

5

%

,

7/01/53

..................................

6,155,000

6,664,047

Water

&

Sewer

System

,

Revenue

,

2018

,

Refunding

,

4

%

,

7/01/38

..............

4,150,000

4,232,059

Water

&

Sewer

System

,

Revenue

,

2020

,

Refunding

,

2

%

,

7/01/41

..............

500,000

378,562

City

of

Durham

,

Water

&

Sewer

Utility

System

,

Revenue

,

2024

,

4

%

,

8/01/49

..................

3,960,000

3,999,489

Water

&

Sewer

Utility

System

,

Revenue

,

2024

,

4

%

,

8/01/53

..................

3,400,000

3,424,782

City

of

Fayetteville

,

Public

Works

Commission

,

Revenue

,

2018

,

Refunding

,

4

%

,

3/01/41

4,015,000

4,040,987

City

of

Greensboro

,

Combined

Water

&

Sewer

System

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/45

....

4,500,000

4,546,346

Combined

Water

&

Sewer

System

,

Revenue

,

2024

B

,

5

%

,

6/01/49

.............

1,500,000

1,669,602

Combined

Water

&

Sewer

System

,

Revenue

,

2024

B

,

5

%

,

6/01/54

.............

3,500,000

3,858,665

City

of

Raleigh

,

GO

,

2023

A

,

Refunding

,

5

%

,

4/01/41

...................................

1,775,000

2,002,134

Combined

Enterprise

System

,

Revenue

,

2023

,

Refunding

,

4

%

,

9/01/53

.........

9,305,000

9,367,338

City

of

Winston-Salem

,

Water

&

Sewer

System

,

Revenue

,

2017

,

4

%

,

6/01/47

......

10,000,000

10,032,243

County

of

Brunswick

,

GO

,

2022

,

4

%

,

8/01/39

..............................

1,550,000

1,623,987

County

of

Catawba

,

Revenue

,

2023

,

4

%

,

4/01/43

...........................

400,000

405,079

County

of

Dare

,

Revenue

,

2021

A

,

3

%

,

6/01/38

........................................

375,000

343,862

Revenue

,

2021

A

,

3

%

,

6/01/39

........................................

585,000

528,340

Revenue

,

2021

A

,

3

%

,

6/01/40

........................................

250,000

222,608

Revenue

,

2021

A

,

3

%

,

6/01/41

........................................

450,000

395,120

County

of

Durham

,

GO

,

2019

,

4

%

,

6/01/36

.............................................

500,000

516,417

GO

,

2019

,

4

%

,

6/01/37

.............................................

450,000

462,847

GO

,

2019

,

4

%

,

6/01/39

.............................................

700,000

715,040

County

of

Forsyth

,

GO

,

2023

A

,

4

%

,

6/01/42

...............................

1,000,000

1,027,794

County

of

Guilford

,

GO

,

2017

B

,

4

%

,

5/01/33

............................................

5,000,000

5,093,301

GO

,

2024

,

4

%

,

3/01/43

.............................................

5,000,000

5,128,174

County

of

Johnston

,

Water

&

Sewer

System

,

Revenue

,

2023

,

4

%

,

4/01/53

.........

1,150,000

1,157,397

County

of

Lincoln

,

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

3

%

,

8/01/38

..................

400,000

366,089

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

3

%

,

8/01/41

..................

480,000

421,104

County

of

New

Hanover

,

Revenue

,

2021

,

Refunding

,

5

%

,

8/01/30

.................................

3,375,000

3,779,568

New

Hanover

Regional

Medical

Center

,

Revenue

,

2017

,

Pre-Refunded

,

5

%

,

10/01/42

.......................................................

5,000,000

5,317,231

New

Hanover

Regional

Medical

Center

,

Revenue

,

2017

,

Pre-Refunded

,

5

%

,

10/01/47

.......................................................

13,565,000

14,425,648

County

of

Wake

,

GO

,

2019

A

,

5

%

,

3/01/32

............................................

7,870,000

8,590,724

Revenue

,

2021

,

3

%

,

3/01/35

.........................................

5,535,000

5,362,931

Revenue

,

2021

,

3

%

,

3/01/36

.........................................

6,000,000

5,729,269

Greater

Asheville

Regional

Airport

Authority

,

Revenue

,

2023

,

AGMC

Insured

,

5.25

%

,

7/01/53

.........................................................

2,500,000

2,685,873

North

Carolina

Agricultural

&

Technical

State

University

,

Revenue

,

2023

,

5

%

,

10/01/43

1,000,000

1,094,755

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.

162

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

$

1,717,404

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/27

..........

400,000

414,410

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/28

..........

500,000

523,339

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/29

..........

550,000

580,591

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/30

..........

1,860,000

1,975,918

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/31

..........

1,855,000

1,978,203

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/32

..........

1,000,000

1,061,750

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/33

..........

1,670,000

1,764,419

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/34

..........

740,000

727,832

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/35

..........

360,000

352,001

Duke

University

,

Revenue

,

2015

B

,

Pre-Refunded

,

5

%

,

10/01/41

..............

13,585,000

13,813,496

Duke

University

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

10/01/40

.................

2,500,000

2,584,994

Duke

University

,

Revenue

,

2016

B

,

Refunding

,

4

%

,

10/01/44

.................

5,085,000

5,103,110

Duke

University

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

10/01/44

.................

13,000,000

13,390,416

High

Point

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

5/01/32

................

2,000,000

2,043,143

High

Point

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

5/01/33

................

3,210,000

3,266,345

High

Point

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

5/01/34

................

2,270,000

2,299,802

Wake

Forest

University

,

Revenue

,

2016

,

Refunding

,

4

%

,

1/01/38

..............

5,500,000

5,552,338

Wake

Forest

University

,

Revenue

,

2016

,

Refunding

,

4

%

,

1/01/39

..............

2,500,000

2,521,124

Wake

Forest

University

,

Revenue

,

2018

,

4

%

,

1/01/48

.......................

10,000,000

10,009,949

Wake

Forest

University

,

Revenue

,

2018

,

5

%

,

1/01/48

.......................

13,500,000

14,031,579

North

Carolina

Central

University

,

Revenue

,

2019

,

AGMC

Insured

,

5

%

,

4/01/44

.............................

1,575,000

1,659,557

Revenue

,

2019

,

4

%

,

4/01/49

.........................................

1,000,000

966,792

North

Carolina

Housing

Finance

Agency

,

Revenue

,

41

,

GNMA

Insured

,

3.55

%

,

7/01/44

.............................

4,175,000

3,893,015

Revenue

,

41

,

GNMA

Insured

,

3.625

%

,

7/01/49

............................

6,395,000

5,994,072

Revenue

,

42

,

GNMA

Insured

,

2.45

%

,

7/01/34

.............................

750,000

638,047

Revenue

,

42

,

GNMA

Insured

,

2.625

%

,

7/01/39

............................

3,035,000

2,556,888

Revenue

,

42

,

GNMA

Insured

,

2.85

%

,

1/01/43

.............................

2,660,000

2,198,903

Revenue

,

43

,

GNMA

Insured

,

2.8

%

,

1/01/40

..............................

4,715,000

3,982,598

Revenue

,

43

,

GNMA

Insured

,

2.95

%

,

7/01/43

.............................

2,170,000

1,778,302

Revenue

,

44

,

3

%

,

7/01/46

...........................................

2,740,000

2,194,815

Revenue

,

45

,

Refunding

,

GNMA

Insured

,

2.2

%

,

7/01/40

.....................

1,805,000

1,385,283

Revenue

,

46

A

,

GNMA

Insured

,

1.55

%

,

1/01/30

...........................

2,100,000

1,865,870

Revenue

,

46

A

,

GNMA

Insured

,

1.75

%

,

1/01/31

...........................

975,000

851,269

North

Carolina

Medical

Care

Commission

,

Atrium

Health

Wake

Forest

Baptist

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

12/01/33

1,000,000

1,064,368

Carolina

Meadows,

Inc.

Obligated

Group

,

Revenue

,

2024

,

4

%

,

12/01/39

........

10,765,000

10,826,791

Caromont

Health

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

2/01/36

.............

1,675,000

1,715,440

Duke

University

Health

System,

Inc.

,

Revenue

,

2016

D

,

Refunding

,

4

%

,

6/01/42

...

7,000,000

7,022,082

EveryAge

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

9/01/47

..........

2,935,000

2,630,705

EveryAge

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

9/01/51

..........

960,000

841,000

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

4

%

,

9/01/33

............

180,000

179,596

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

4

%

,

9/01/34

............

185,000

184,105

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

4

%

,

9/01/41

............

920,000

866,242

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

4

%

,

9/01/46

............

1,665,000

1,498,811

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

4

%

,

9/01/51

............

1,670,000

1,449,436

Friends

Homes

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

9/01/50

..............

3,000,000

2,525,896

Novant

Health

Obligated

Group

,

Revenue

,

2013

A

,

Refunding

,

5

%

,

11/01/46

.....

20,000,000

20,010,466

Novant

Health

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

11/01/49

..............

2,115,000

2,090,797

Novant

Health

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

11/01/52

..............

6,640,000

6,587,572

Pines

at

Davidson,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

1/01/34

........

2,050,000

2,134,079

Pines

at

Davidson,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

1/01/49

........

5,000,000

5,095,466

Plantation

Village,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

1/01/41

1,020,000

953,160

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

163

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

$

2,964,588

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2016

C

,

Refunding

,

5

%

,

10/01/31

5,000,000

5,104,088

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

10/01/40

.........

1,800,000

1,891,734

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

10/01/45

.........

1,000,000

934,095

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

10/01/45

.........

2,420,000

2,507,664

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

10/01/50

.........

1,350,000

1,216,902

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

10/01/50

.........

1,400,000

1,438,354

Rex

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

7/01/49

............

4,000,000

4,000,388

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2024

A

,

5

%

,

10/01/44

...................................................

750,000

787,083

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2024

A

,

5

%

,

10/01/49

...................................................

750,000

777,599

Vidant

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/40

........

5,000,000

5,029,457

North

Carolina

Municipal

Power

Agency

No.

1

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/32

.........................................................

4,200,000

4,273,965

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/25

..............................

125,000

125,869

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/26

..............................

300,000

306,751

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/27

..............................

450,000

466,819

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/28

..............................

500,000

522,044

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/29

..............................

350,000

370,576

North

Carolina

Turnpike

Authority

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/54

...............................

2,560,000

2,577,286

Revenue,

Senior

Lien

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/31

...........

1,000,000

1,035,388

Revenue,

Senior

Lien

,

2019

,

AGMC

Insured

,

5

%

,

1/01/49

...................

2,000,000

2,087,814

Revenue,

Senior

Lien

,

2019

,

4

%

,

1/01/55

................................

5,000,000

4,644,527

Revenue,

Senior

Lien

,

2024

A

,

AGMC

Insured

,

5

%

,

1/01/58

..................

3,000,000

3,233,590

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/35

..............

1,300,000

1,458,794

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/36

..............

1,750,000

1,954,902

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/37

..............

1,770,000

1,971,420

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/38

..............

1,250,000

1,388,166

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/39

..............

1,500,000

1,659,059

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/40

..............

1,270,000

1,397,184

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/41

..............

2,000,000

2,192,800

State

of

North

Carolina

Highway

Trust

Fund

,

Revenue

,

2018

A

,

Refunding

,

4

%

,

1/01/33

........................................................

4,625,000

4,731,439

State

of

North

Carolina

Highway

Trust

Fund

,

Revenue

,

2018

A

,

Refunding

,

4

%

,

1/01/39

........................................................

9,815,000

9,891,279

Raleigh

Durham

Airport

Authority

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/01/30

...............................

550,000

554,820

Revenue

,

2020

A

,

Refunding

,

5

%

,

5/01/36

...............................

2,580,000

2,748,818

Town

of

Cary

,

Combined

Utility

Systems

,

Revenue

,

2017

B

,

Refunding

,

4

%

,

12/01/42

8,000,000

8,059,102

Town

of

Fuquay-Varina

,

Combined

Utilities

,

Revenue

,

2024

C

,

5

%

,

6/01/41

........

2,320,000

2,630,259

Town

of

Holly

Springs

,

Enterprise

System

,

Revenue

,

2024

,

4

%

,

11/01/49

..........

2,500,000

2,525,500

University

of

North

Carolina

at

Chapel

Hill

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

12/01/37

..............................

2,180,000

2,462,262

Hospitals

at

Chapel

Hill

,

Revenue

,

2019

,

5

%

,

2/01/49

.......................

6,920,000

8,074,273

University

of

North

Carolina

at

Charlotte

(The)

,

Revenue

,

2017

,

5

%

,

10/01/47

........................................

5,000,000

5,184,189

Revenue

,

2017

A

,

Refunding

,

4

%

,

10/01/40

..............................

2,250,000

2,263,227

Revenue

,

2020

A

,

Refunding

,

4

%

,

10/01/40

..............................

290,000

294,736

University

of

North

Carolina

at

Greensboro

,

Revenue

,

2017

,

Refunding

,

4

%

,

4/01/35

.................................

1,205,000

1,223,836

Revenue

,

2017

,

Refunding

,

4

%

,

4/01/36

.................................

1,000,000

1,016,105

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.

164

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

University

of

North

Carolina

at

Wilmington

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/37

.

$

3,000,000

$

3,017,391

University

of

North

Carolina

System

,

Appalachian

State

University

,

Revenue

,

2008

A

,

AGMC

Insured

,

5

%

,

10/01/33

.........................................

160,000

157,041

Water

and

Sewer

Authority

of

Cabarrus

County

,

Revenue

,

2024

,

4

%

,

6/01/49

......

2,685,000

2,711,501

Western

Carolina

University

,

Revenue

,

2020

B

,

3

%

,

4/01/36

........................................

1,000,000

952,410

Revenue

,

2020

B

,

4

%

,

4/01/50

........................................

5,000,000

4,996,540

489,117,057

South

Carolina

0.9%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

1,600,000

1,406,873

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,600,000

1,406,873

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

2,500,000

2,125,302

4,939,048

Texas

0.5%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/32

200,000

196,011

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/33

200,000

194,647

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,800,000

2,346,411

2,737,069

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

1,407,176

Wisconsin

1.1%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,600,000

1,350,559

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

Zero

Cpn.,

12/01/44

..................................................

7,965,000

5,054,606

6,405,165

U.S.

Territories

4.5%

Guam

1.0%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2023

A

,

Refunding

,

5.25

%

,

10/01/30

............................

750,000

802,819

Revenue

,

2023

A

,

Refunding

,

5.125

%

,

10/01/34

...........................

390,000

418,288

Revenue

,

2023

A

,

Refunding

,

5.25

%

,

10/01/35

............................

265,000

285,993

Revenue

,

2024

A

,

5.25

%

,

10/01/35

....................................

625,000

679,070

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

3,205,000

3,335,674

5,521,844

Puerto

Rico

3.5%

Commonwealth

of

Puerto

Rico

,

d

GO

,

FRN

,

Zero

Cpn.,

11/01/43

........................................

96,418

59,659

GO

,

2022

A-1

,

5.625

%

,

7/01/27

.......................................

25,850

27,055

GO

,

2022

A-1

,

5.625

%

,

7/01/29

.......................................

25,431

27,453

GO

,

2022

A-1

,

5.75

%

,

7/01/31

........................................

24,701

27,554

GO

,

2022

A-1

,

4

%

,

7/01/33

..........................................

23,423

23,353

GO

,

2022

A-1

,

4

%

,

7/01/35

..........................................

21,054

20,839

GO

,

2022

A-1

,

4

%

,

7/01/37

..........................................

18,070

17,750

GO

,

2022

A-1

,

4

%

,

7/01/41

..........................................

24,568

23,672

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

165

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

,

4

%

,

7/01/46

..........................................

$

25,551

$

24,371

GO

,

2022

A-1

,

Zero

Cpn.,

7/01/33

.....................................

30,143

20,888

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

1,643,000

1,595,485

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

246,450

247,453

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,500,000

1,499,099

e

Revenue

,

XX

,

5.25

%

,

7/01/40

........................................

1,995,000

917,700

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

474,052

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/41

..

220,000

205,410

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

12,890,000

12,948,184

Sales

Tax

,

Revenue

,

A-2

,

4.329

%

,

7/01/40

...............................

2,000,000

2,000,017

20,159,994

Total

U.S.

Territories

....................................................................

25,681,838

Total

Municipal

Bonds

(Cost

$

578,466,660

)

.....................................

565,764,311

Shares

Escrows

and

Litigation

Trusts

0.0%

†

a

,f

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

209,296

167,437

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

167,437

Total

Long

Term

Investments

(Cost

$

580,066,660

)

...............................

567,575,723

a

a

a

a

a

Short

Term

Investments

1.1%

Principal

Amount

Municipal

Bonds

1.1%

North

Carolina

1.1%

g

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2007

B

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

3.2

%

,

1/15/38

...........................

1,475,000

1,475,000

Atrium

Health

Obligated

Group

,

Revenue

,

2018

G

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

3.2

%

,

1/15/48

..................................

3,900,000

3,900,000

Atrium

Health

Obligated

Group

,

Revenue

,

2018

H

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

3.2

%

,

1/15/48

..................................

800,000

800,000

6,175,000

Total

Municipal

Bonds

(Cost

$

6,175,000

)

.......................................

6,175,000

Total

Short

Term

Investments

(Cost

$

6,175,000

)

.................................

6,175,000

a

Total

Investments

(Cost

$

586,241,660

)

98.9

%

...................................

$573,750,723

Other

Assets,

less

Liabilities

1.1

%

.............................................

6,813,441

Net

Assets

100.0%

...........................................................

$580,564,164

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.

166

See

Abbreviations

on

page

203

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

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

November

30,

2024,

the

aggregate

value

of

these

securities

was

$22,481,610,

representing

3.9%

of

net

assets.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

Non-income

producing.

g

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2024

Franklin

Ohio

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

167

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

$

3,287,949

Total

Corporate

Bonds

(Cost

$

3,200,000

)

.......................................

3,287,949

Municipal

Bonds

97.5%

California

0.2%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

2,800,000

2,463,726

Florida

1.8%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

9,144,000

8,198,578

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

2,200,000

1,594,428

b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

10,800,000

8,672,146

18,465,152

New

Jersey

0.2%

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2022

A

,

4

%

,

6/15/38

....................................................

2,000,000

2,035,289

New

York

0.1%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/48

..........

750,000

735,634

Ohio

90.3%

Akron

City

School

District

,

COP

,

2023

,

AGMC

Insured

,

5

%

,

8/01/53

..............

3,000,000

3,195,952

American

Municipal

Power,

Inc.

,

Combined

Hydroelectric

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

2/15/35

............

1,000,000

1,004,149

Combined

Hydroelectric

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

2/15/46

............

4,500,000

4,555,521

Combined

Hydroelectric

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

2/15/48

............

1,325,000

1,440,947

Greenup

Hydroelectric

,

Revenue

,

2016

A

,

5

%

,

2/15/41

......................

5,000,000

5,074,643

Prairie

State

Energy

Campus

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/15/37

........

3,700,000

3,890,040

Prairie

State

Energy

Campus

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/15/38

........

3,500,000

3,675,186

Solar

Electricity

Prepayment

,

Revenue

,

2019

A

,

5

%

,

2/15/44

.................

3,345,000

3,503,793

Anthony

Wayne

Local

School

District

,

GO

,

2017

A

,

4

%

,

12/01/39

................

3,000,000

3,006,394

Apollo

Joint

Vocational

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

12/01/39

........

6,530,000

6,609,080

Beachwood

City

School

District

,

GO

,

2023

,

4

%

,

12/01/53

.....................

7,575,000

7,551,379

Bethel

Local

School

District

,

COP

,

2020

,

BAM

Insured

,

2.75

%

,

12/01/49

..........

4,000,000

2,798,875

Big

Walnut

Local

School

District

,

GO

,

2019

,

5

%

,

12/01/53

.....................

9,155,000

9,512,117

Bloom-Carroll

Local

School

District

,

GO

,

2018

A

,

5

%

,

11/01/55

.................

7,025,000

7,336,503

Bowling

Green

State

University

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

6/01/42

........

1,045,000

1,077,090

Brooklyn

City

School

District

,

GO

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/38

........................

1,905,000

1,980,137

GO

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/49

........................

9,000,000

9,257,021

Butler

County

Port

Authority

,

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/34

........................................................

185,000

184,420

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/35

........................................................

195,000

193,516

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/36

........................................................

205,000

202,032

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/37

........................................................

210,000

206,156

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)

Ohio

(continued)

Butler

County

Port

Authority,

(continued)

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/38

........................................................

$

220,000

$

214,405

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/39

........................................................

225,000

217,315

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/40

........................................................

240,000

229,313

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/41

........................................................

245,000

231,956

Canal

Winchester

Local

School

District

,

GO

,

2005

,

NATL

Insured

,

Zero

Cpn.,

12/01/32

............................

3,955,000

2,997,620

GO

,

2005

,

NATL

Insured

,

Zero

Cpn.,

12/01/33

............................

2,000,000

1,453,508

Chillicothe

City

School

District

,

GO

,

2006

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

12/01/24

........................................................

1,905,000

1,905,000

Cincinnati

City

School

District

,

GO

,

2006

,

Refunding

,

NATL

Insured

,

5.25

%

,

12/01/27

......................

14,900,000

16,032,301

GO

,

2006

,

Refunding

,

NATL

Insured

,

5.25

%

,

12/01/28

......................

8,180,000

8,947,973

City

of

Chillicothe

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/37

.

2,890,000

2,986,603

Adena

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/47

.

2,110,000

2,146,759

City

of

Cincinnati

,

GO

,

2015

A

,

Pre-Refunded

,

5.25

%

,

12/01/40

.................

6,500,000

6,572,396

City

of

Cleveland

,

GO

,

2012

,

5

%

,

12/01/30

.............................................

35,000

35,046

GO

,

2020

A

,

2

%

,

12/01/36

...........................................

1,215,000

967,359

Water

Pollution

Control

,

Revenue

,

2016

,

5

%

,

11/15/41

......................

2,000,000

2,020,946

Water

Pollution

Control

,

Revenue

,

2024

,

5

%

,

11/15/54

......................

1,350,000

1,445,499

City

of

Columbus

,

GO

,

2018

A

,

5

%

,

4/01/34

............................................

7,000,000

7,528,100

GO

,

2019

A

,

5

%

,

4/01/40

............................................

3,000,000

3,213,911

GO

,

2021

A

,

5

%

,

4/01/40

............................................

1,900,000

2,080,340

Sewerage

,

Revenue

,

2014

,

Refunding

,

4

%

,

6/01/31

........................

15,000,000

15,008,489

Sewerage

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/30

........................

5,000,000

5,144,979

City

of

Marysville

,

Wastewater

Treatment

System

,

Revenue

,

2015

,

Refunding

,

BAM

Insured

,

4

%

,

12/01/40

.......................................................

3,015,000

3,015,639

Wastewater

Treatment

System

,

Revenue

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/47

.......................................................

5,035,000

5,038,861

Wastewater

Treatment

System

,

Revenue

,

2016

,

Refunding

,

BAM

Insured

,

4

%

,

12/01/46

.......................................................

9,370,000

9,373,091

City

of

St.

Bernard

,

Income

Tax

,

Revenue

,

2013

,

AGMC

Insured

,

5

%

,

12/01/43

.....

3,760,000

3,687,702

City

of

Westerville

,

Revenue

,

2014

,

5

%

,

12/01/30

...........................

2,765,000

2,768,269

Cleveland

Department

of

Public

Utilities

Division

of

Public

Power

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

11/15/38

..................

600,000

612,555

Revenue

,

B-2

,

NATL

Insured

,

Zero

Cpn.,

11/15/38

.........................

10,000,000

5,400,617

Cleveland-Cuyahoga

County

Port

Authority

,

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/38

.......

100,000

102,030

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/39

.......

700,000

710,498

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/40

.......

100,000

101,049

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/46

.......

500,000

487,719

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/51

.......

2,000,000

1,912,341

Euclid

Avenue

Development

Corp.

,

Revenue

,

2022

A

,

5.5

%

,

8/01/52

...........

9,000,000

9,693,458

c

Port

of

Cleveland

Bond

Fund

,

Revenue

,

2024

C

,

5

%

,

11/15/54

................

1,175,000

1,188,031

Columbus-Franklin

County

Finance

Authority

,

Revenue

,

2021

C

,

2.5

%

,

11/15/41

.....................................

900,000

683,597

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Columbus-Franklin

County

Finance

Authority,

(continued)

Revenue

,

2021

C

,

3

%

,

5/15/51

........................................

$

2,180,000

$

1,592,430

c

Central

Ohio

Regional

Bond

Fund

,

Revenue

,

2024

A

,

5

%

,

11/15/54

............

980,000

993,451

ECG

Westerville

LP

,

Revenue

,

2024

A

,

FNMA

Insured

,

4.375

%

,

6/01/43

.........

5,000,000

5,029,092

County

of

Butler

,

UC

Health

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/45

..........

5,020,000

5,033,680

UC

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

11/15/36

..........

2,140,000

2,045,374

County

of

Cuyahoga

,

GO

,

2020

A

,

Refunding

,

4

%

,

12/01/34

...................

750,000

785,314

County

of

Franklin

,

Nationwide

Children's

Hospital,

Inc.

,

Revenue

,

2016

C

,

Refunding

,

4

%

,

11/01/40

..

5,000,000

5,004,855

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

4

%

,

7/01/33

.......

5,000

5,346

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

4

%

,

7/01/34

...................

2,230,000

2,179,567

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

4

%

,

7/01/34

.......

10,000

10,693

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

4

%

,

7/01/35

...................

2,890,000

2,802,481

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

4

%

,

7/01/35

.......

10,000

10,693

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

4

%

,

7/01/36

.......

15,000

16,039

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

4

%

,

7/01/40

.......

5,000

5,346

Ohio

Living

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.25

%

,

7/01/41

........

5,000,000

5,267,941

OhioHealth

Obligated

Group

,

Revenue

,

2015

,

5

%

,

5/15/33

...................

3,290,000

3,316,453

Sales

Tax

,

Revenue

,

2018

,

5

%

,

6/01/43

.................................

6,000,000

6,310,204

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2017

,

5

%

,

12/01/46

............

3,515,000

3,596,419

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2017

A-OH

,

5

%

,

12/01/47

.......

11,800,000

12,108,897

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

12/01/49

..........

6,030,000

5,876,570

County

of

Hamilton

,

TriHealth

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

8/15/42

.....

5,000,000

5,140,533

County

of

Lucas

,

GO

,

2022

,

4.75

%

,

12/01/52

..............................

3,000,000

3,071,021

County

of

Mahoning

,

Sewer

System

,

Revenue

,

2022

,

Refunding

,

5

%

,

12/01/46

....................

3,000,000

3,180,423

Western

Reserve

Care

System

,

Revenue

,

1995

,

NATL

Insured

,

ETM,

5.5

%

,

10/15/25

600,000

612,337

County

of

Miami

,

Kettering

Health

Network

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

8/01/45

.............................................

5,000,000

5,150,060

County

of

Montgomery

,

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

11/15/39

............................................

5,000,000

4,868,165

County

of

Perry

,

GO

,

2023

,

5

%

,

12/01/61

.................................

1,500,000

1,510,819

County

of

Ross

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/39

.

3,805,000

3,991,598

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/44

.

1,300,000

1,343,411

County

of

Union

,

GO

,

2018

,

5

%

,

12/01/47

.................................

5,000,000

5,142,789

County

of

Warren

,

Otterbein

Homes

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

5

%

,

7/01/54

.........................................................

2,000,000

2,088,164

Cuyahoga

Falls

City

School

District

,

GO

,

2021

,

BAM

Insured

,

4

%

,

12/01/51

.......

1,485,000

1,458,334

Dayton

City

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

11/01/30

................

5,000,000

5,592,751

Dayton-Montgomery

County

Port

Authority

,

Southwest

Ohio

Regional

Bond

Fund

,

Revenue

,

2021

C

,

2

%

,

11/15/31

..........

370,000

321,922

Southwest

Ohio

Regional

Bond

Fund

,

Revenue

,

2021

C

,

2.5

%

,

11/15/41

........

1,615,000

1,234,448

Deer

Park

Community

City

School

District

,

GO

,

2017

A

,

5.25

%

,

12/01/53

.........

3,000,000

3,018,448

Dublin

City

School

District

,

GO

,

2019

A

,

4

%

,

12/01/44

...........................................

10,000,000

10,017,893

c

GO

,

2024

B

,

4

%

,

12/01/48

...........................................

1,250,000

1,254,039

c

GO

,

2024

B

,

5

%

,

12/01/53

...........................................

2,100,000

2,296,985

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.

170

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Elyria

City

School

District

,

GO

,

2017

A

,

5

%

,

12/01/43

........................

$

5,500,000

$

5,664,869

Fremont

City

School

District

,

GO

,

2017

A

,

5

%

,

1/15/49

.......................

13,970,000

14,140,996

Grandview

Heights

City

School

District

,

GO

,

2019

,

5

%

,

12/01/53

................

2,150,000

2,246,845

Green

Local

School

District

,

COP

,

2022

,

AGMC

Insured

,

5

%

,

11/01/52

...........

2,000,000

2,092,912

Hilliard

School

District

,

GO

,

2017

,

4

%

,

12/01/46

............................

10,000,000

9,991,534

Hudson

City

School

District

,

GO

,

2018

,

4

%

,

12/01/45

........................

18,870,000

18,915,996

Indian

Creek

Local

School

District

,

GO

,

2018

A

,

5

%

,

11/01/55

...........................................

3,000,000

3,112,007

GO

,

2018

B

,

BAM

Insured

,

5

%

,

11/01/55

................................

3,910,000

4,066,050

Lakota

Local

School

District

,

GO

,

2005

,

Refunding

,

NATL

Insured

,

5.25

%

,

12/01/26

.

2,000,000

2,098,379

d

Lancaster

Port

Authority

,

Revenue

,

2024

A

,

Refunding

,

Mandatory

Put

,

5

%

,

8/01/30

.

3,000,000

3,218,112

Licking

Heights

Local

School

District

,

GO

,

2022

,

4.5

%

,

10/01/51

................

1,800,000

1,839,433

Little

Miami

Local

School

District

,

GO

,

2018

A

,

5

%

,

11/01/43

...........................................

1,000,000

1,010,752

GO

,

2018

A

,

5

%

,

11/01/48

...........................................

2,460,000

2,482,477

Madeira

City

School

District

,

GO

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/32

.....

9,605,000

10,799,815

Miami

University

,

Revenue

,

2017

,

Refunding

,

5

%

,

9/01/41

.................................

5,000,000

5,097,772

Revenue

,

2022

A

,

Refunding

,

5

%

,

9/01/34

...............................

1,000,000

1,119,889

Miami

Valley

Career

Technology

Center

,

GO

,

2018

,

5

%

,

12/01/44

...............

20,000,000

20,911,544

Northeast

Ohio

Medical

University

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/25

..............................

125,000

126,384

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/27

..............................

100,000

104,210

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/29

..............................

110,000

116,814

Revenue

,

2021

A

,

Refunding

,

3

%

,

12/01/40

..............................

500,000

416,925

Revenue

,

2022

,

BAM

Insured

,

5

%

,

12/01/43

.............................

1,000,000

1,057,346

Northeastern

Local

School

District

,

GO

,

2018

,

AGMC

Insured

,

5.25

%

,

12/01/45

..............................

5,420,000

5,743,777

GO

,

2018

,

AGMC

Insured

,

4

%

,

12/01/55

................................

5,000,000

4,895,610

Norwood

City

School

District

,

GO

,

2017

A

,

Pre-Refunded

,

5

%

,

11/01/46

...............................

5,000,000

5,147,094

GO

,

2017

A

,

Pre-Refunded

,

5.25

%

,

11/01/51

.............................

7,645,000

7,896,198

d

Ohio

Air

Quality

Development

Authority

,

Ohio

Valley

Electric

Corp.

,

Revenue

,

2009

C

,

Mandatory

Put

,

1.5

%

,

11/04/25

.......................................

2,000,000

1,935,115

Ohio

Higher

Educational

Facility

Commission

,

Ashtabula

County

Medical

Center

Obligated

Group

,

Revenue

,

2022

,

5.25

%

,

1/01/52

4,895,000

5,134,107

Baldwin

Wallace

University

,

Revenue

,

2022

,

6

%

,

12/01/52

...................

5,970,000

6,280,097

Capital

University

,

Revenue

,

2022

,

Refunding

,

6

%

,

9/01/42

..................

4,900,000

5,139,932

Capital

University

,

Revenue

,

2022

,

Refunding

,

6

%

,

9/01/47

..................

2,000,000

2,087,168

Capital

University

,

Revenue

,

2022

,

Refunding

,

6

%

,

9/01/52

..................

5,100,000

5,292,836

Case

Western

Reserve

University

,

Revenue

,

2016

,

Refunding

,

5

%

,

12/01/40

.....

6,000,000

6,199,798

Cleveland

Institute

of

Music

(The)

,

Revenue

,

2022

,

5

%

,

12/01/32

..............

300,000

317,317

Cleveland

Institute

of

Music

(The)

,

Revenue

,

2022

,

5.125

%

,

12/01/42

...........

3,390,000

3,559,520

Cleveland

Institute

of

Music

(The)

,

Revenue

,

2022

,

5.375

%

,

12/01/52

...........

3,100,000

3,238,602

John

Carroll

University

,

Revenue

,

2020

,

4

%

,

10/01/45

......................

1,100,000

1,017,575

John

Carroll

University

,

Revenue

,

2022

,

Refunding

,

4

%

,

10/01/47

..............

5,360,000

4,884,587

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/42

...........

1,040,000

1,048,032

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/45

...........

1,360,000

1,360,695

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/50

...........

2,900,000

2,842,120

Kenyon

College

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/42

...................

5,320,000

5,418,197

Kenyon

College

,

Revenue

,

2016

,

Refunding

,

4

%

,

7/01/44

...................

4,180,000

4,167,312

Kenyon

College

,

Revenue

,

2017

,

5

%

,

7/01/42

............................

1,250,000

1,289,744

Kenyon

College

,

Revenue

,

2017

,

4

%

,

7/01/47

............................

3,000,000

2,951,614

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

171

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Ohio

Higher

Educational

Facility

Commission,

(continued)

Otterbein

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/30

......

$

1,095,000

$

1,137,145

University

of

Dayton

,

Revenue

,

2018

A

,

4

%

,

12/01/43

.......................

11,885,000

11,892,656

Xavier

University

,

Revenue

,

2024

,

Refunding

,

5.25

%

,

5/01/49

................

2,000,000

2,157,831

Xavier

University

,

Revenue

,

2024

,

Refunding

,

5.25

%

,

5/01/54

................

4,750,000

5,099,993

Ohio

Housing

Finance

Agency

,

Revenue

,

2020

B

,

GNMA

Insured

,

2.1

%

,

9/01/35

..........................

485,000

404,279

b

Revenue

,

144A,

2023

A

,

5.625

%

,

8/01/41

...............................

17,000,000

17,564,447

Revenue

,

2024

B

,

GNMA

Insured

,

4.7

%

,

9/01/54

..........................

10,000,000

10,241,102

Revenue

,

2024

C

,

GNMA

Insured

,

4.7

%

,

9/01/54

..........................

7,500,000

7,672,060

b

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

A

,

6

%

,

9/01/41

..............

11,000,000

11,732,861

Ohio

State

University

(The)

,

Revenue

,

2021

A

,

4

%

,

12/01/48

...................

10,020,000

10,046,317

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue

,

2018

A

,

5

%

,

2/15/43

........................................

19,600,000

20,500,154

Revenue

,

2018

A

,

5

%

,

2/15/46

........................................

13,750,000

14,301,165

Revenue,

Junior

Lien

,

2013

A-2

,

BAM

Insured

,

Zero

Cpn.,

2/15/38

.............

3,665,000

2,282,338

Revenue,

Junior

Lien

,

2013

A-2

,

Zero

Cpn.,

2/15/43

........................

10,485,000

5,008,719

Ohio

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/45

...................

7,000,000

7,235,336

Ohio

Water

Development

Authority

,

Revenue

,

2019

,

5

%

,

12/01/39

........................................

5,000,000

5,414,970

Revenue

,

2019

,

5

%

,

6/01/44

.........................................

1,330,000

1,426,677

Revenue

,

2021

,

5

%

,

6/01/46

.........................................

10,555,000

11,510,708

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2019

B

,

Refunding

,

5

%

,

12/01/44

...

10,000,000

10,724,290

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2020

A

,

5

%

,

12/01/50

............

6,820,000

7,273,839

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2023

B

,

5

%

,

12/01/36

............

5,675,000

6,528,275

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2024

D

,

5

%

,

12/01/43

...........

4,200,000

4,784,618

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2024

D

,

5

%

,

12/01/44

...........

6,575,000

7,453,756

Olentangy

Local

School

District

,

GO

,

2016

,

4

%

,

12/01/46

.....................

7,660,000

7,667,079

Port

of

Greater

Cincinnati

Development

Authority

,

Revenue

,

2024

B

,

Refunding

,

5

%

,

12/01/53

..............................

1,500,000

1,601,872

Revenue

,

2024

B

,

Refunding

,

5

%

,

12/01/63

..............................

2,000,000

2,116,233

Revenue

,

2024

C

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/53

...............

1,000,000

1,090,675

Revenue

,

2024

C

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/58

...............

1,000,000

1,088,083

Revenue

,

2024

C

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/63

...............

1,000,000

1,088,083

Princeton

City

School

District

,

GO

,

2014

,

Refunding

,

Zero

Cpn.,

12/01/40

...............................

6,000,000

3,083,771

GO

,

2014

,

Refunding

,

Zero

Cpn.,

12/01/41

...............................

6,000,000

2,928,501

Russia

Local

School

District

,

GO

,

2023

,

5

%

,

12/01/52

........................

1,670,000

1,770,683

Springboro

Community

City

School

District

,

GO

,

2007

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/27

.....................

5,175,000

5,514,331

GO

,

2007

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/28

.....................

2,000,000

2,167,262

State

of

Ohio

,

GO

,

2019

A

,

5

%

,

6/15/38

............................................

6,500,000

7,008,520

GO

,

2020

C

,

5

%

,

3/01/38

............................................

2,300,000

2,546,489

GO

,

V

,

5

%

,

5/01/34

................................................

4,000,000

4,259,366

Cleveland

Clinic

Health

System

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

1/01/29

........................................................

4,850,000

5,273,251

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/15/37

1,000,000

986,351

University

Hospitals

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

1/15/46

............................................

5,795,000

5,769,159

Summit

County

Development

Finance

Authority

,

City

of

Akron

,

Revenue

,

2022

,

4

%

,

5/15/46

...............................

3,585,000

3,418,000

UAkronPark,

Inc.

,

Revenue

,

2023

,

5.625

%

,

12/01/48

.......................

4,700,000

5,098,529

UAkronPark,

Inc.

,

Revenue

,

2023

,

5.75

%

,

12/01/53

........................

5,000,000

5,427,423

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.

172

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/45

.............

$

6,000,000

$

6,009,595

Sylvania

City

School

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/36

....

9,700,000

9,776,908

Three

Rivers

Local

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

12/01/39

...........

5,885,000

5,885,000

Toledo

City

School

District

,

COP

,

2024

,

BAM

Insured

,

5

%

,

12/01/48

..............

1,250,000

1,365,866

Toledo-Lucas

County

Port

Authority

,

Revenue

,

2021

A

,

2

%

,

11/15/31

.......................................

370,000

323,338

c

Northwest

Ohio

Bond

Fund

,

Revenue

,

2024

C

,

5

%

,

11/15/54

.................

2,155,000

2,200,290

ParkUToledo,

Inc.

,

Revenue

,

2021

,

4

%

,

1/01/46

...........................

1,625,000

1,555,645

ParkUToledo,

Inc.

,

Revenue

,

2021

,

4

%

,

1/01/51

...........................

2,840,000

2,656,341

ParkUToledo,

Inc.

,

Revenue

,

2021

,

4

%

,

1/01/57

...........................

5,000,000

4,577,559

Triway

Local

School

District

,

COP

,

2021

,

BAM

Insured

,

4

%

,

12/01/39

............

2,200,000

2,225,103

University

of

Akron

(The)

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/31

...............................

4,365,000

4,370,690

Revenue

,

2016

A

,

Refunding

,

BAM

Insured

,

5

%

,

1/01/34

....................

6,000,000

6,122,248

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/36

...............................

10,065,000

10,251,808

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/38

...............................

8,000,000

8,137,403

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/01/42

...............................

5,725,000

5,962,636

University

of

Cincinnati

,

Revenue

,

2017

A

,

5

%

,

6/01/45

........................................

2,205,000

2,266,089

Revenue

,

2018

A

,

Refunding

,

4

%

,

6/01/48

...............................

10,000,000

9,894,762

Revenue

,

2024

A

,

5.25

%

,

6/01/54

.....................................

8,000,000

8,762,137

Upper

Arlington

City

School

District

,

GO

,

2018

A

,

Pre-Refunded

,

5

%

,

12/01/48

.....

13,000,000

13,918,076

Village

of

Bluffton

,

Blanchard

Valley

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

12/01/33

.......................................................

1,655,000

1,673,688

Blanchard

Valley

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

12/01/34

.......................................................

1,900,000

1,920,720

Warren

County

Port

Authority

,

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

C

,

4

%

,

12/01/41

..........

2,075,000

1,925,866

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

C

,

4

%

,

12/01/55

..........

3,500,000

2,917,866

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

H

,

4

%

,

12/01/53

..........

1,375,000

1,154,923

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2022

A

,

5.5

%

,

12/01/50

.........

3,210,000

3,365,862

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2022

B

,

4.75

%

,

12/01/34

........

1,000,000

1,031,422

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2020

D-1

,

Refunding

,

4

%

,

12/01/40

.......................................

1,390,000

1,306,145

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2020

D-1

,

Refunding

,

4

%

,

12/01/52

.......................................

1,930,000

1,628,580

Westerville

City

School

District

,

GO

,

2006

,

Refunding

,

XLCA

Insured

,

5

%

,

12/01/27

..

3,820,000

4,022,589

Westlake

City

School

District

,

GO

,

2021

A

,

Refunding

,

4

%

,

12/01/49

.............

3,965,000

3,924,890

Willoughby-Eastlake

City

School

District

,

GO

,

2016

,

Pre-Refunded

,

5

%

,

12/01/46

...

10,000,000

10,206,223

Winton

Woods

City

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

11/01/43

...........

7,000,000

7,031,349

924,842,133

South

Carolina

1.2%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

3,200,000

2,813,746

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

3,200,000

2,813,746

b

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

5,250,000

4,297,602

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,200,000

2,720,387

12,645,481

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

173

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

0.5%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/38

.................................

$

300,000

$

248,873

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

6,000,000

5,028,024

5,276,897

Washington

0.3%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

3,200,000

2,814,352

Wisconsin

1.9%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

3,100,000

2,616,708

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5

%

,

8/01/53

................

2,800,000

2,821,864

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

Zero

Cpn.,

12/01/44

..................................................

21,750,000

13,802,596

19,241,168

U.S.

Territories

1.0%

Puerto

Rico

1.0%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/32

....................................

556,133

551,379

Revenue

,

2007

CC

,

5.25

%

,

7/01/34

....................................

153,947

154,436

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

3,709,073

3,601,803

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

1,293,863

1,299,128

Revenue

,

2007

N

,

5.25

%

,

7/01/39

.....................................

288,720

290,256

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,000,000

999,399

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

....................

1,000,000

999,182

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

474,052

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/35

..

235,000

251,076

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

1,100,000

1,104,965

9,725,676

Total

U.S.

Territories

....................................................................

9,725,676

Total

Municipal

Bonds

(Cost

$

996,891,544

)

.....................................

998,245,508

Total

Long

Term

Investments

(Cost

$

1,000,091,544

)

.............................

1,001,533,457

a

a

a

a

a

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.

174

See

Abbreviations

on

page

203

.

Short

Term

Investments

1.4%

a

a

Principal

Amount

a

Value

Municipal

Bonds

1.4%

Ohio

1.4%

e

County

of

Hamilton

,

TriHealth

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

3.3

%

,

8/15/51

...........

$

5,500,000

$

5,500,000

e

Ohio

Water

Development

Authority

,

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2024

C

,

Daily

VRDN

and

Put

,

3.15

%

,

12/01/54

................................

200,000

200,000

e

State

of

Ohio

,

Cleveland

Clinic

Health

System

Obligated

Group

,

Revenue

,

2019

F

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.7

%

,

1/01/52

.........................

8,850,000

8,850,000

14,550,000

Total

Municipal

Bonds

(Cost

$

14,550,000

)

......................................

14,550,000

Total

Short

Term

Investments

(Cost

$

14,550,000

)

................................

14,550,000

a

Total

Investments

(Cost

$

1,014,641,544

)

99.2

%

..................................

$1,016,083,457

Other

Assets,

less

Liabilities

0.8

%

.............................................

7,755,321

Net

Assets

100.0%

...........................................................

$1,023,838,778

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

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

November

30,

2024,

the

aggregate

value

of

these

securities

was

$76,479,161,

representing

7.5%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

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),

November

30,

2024

Franklin

Oregon

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

175

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

$

2,568,711

Total

Corporate

Bonds

(Cost

$

2,500,000

)

.......................................

2,568,711

Municipal

Bonds

98.1%

California

0.3%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

3,500,000

3,079,657

Florida

1.5%

b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

1,500,000

1,087,110

b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

8,400,000

6,745,003

b

,c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Mandatory

Put

,

Zero

Cpn.,

5/01/52

.....................................................

5,600,000

5,028,800

12,860,913

Illinois

0.4%

Metropolitan

Pier

&

Exposition

Authority

,

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2022

A

,

Refunding

,

BAM

Insured

,

4

%

,

12/15/42

................................

2,520,000

2,528,084

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2022

A

,

Refunding

,

BAM

Insured

,

4

%

,

6/15/52

.................................

1,000,000

956,844

3,484,928

New

Jersey

0.7%

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2019

BB

,

5

%

,

6/15/44

......................

2,250,000

2,349,659

State

of

New

Jersey

,

Revenue

,

2022

A

,

4

%

,

6/15/38

........................

2,165,000

2,203,201

State

of

New

Jersey

,

Revenue

,

2022

BB

,

4

%

,

6/15/46

......................

2,000,000

1,988,164

6,541,024

New

York

0.6%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/47

..........

5,500,000

5,407,936

Oregon

87.4%

Astoria

Hospital

Facilities

Authority

,

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2016

,

5

%

,

8/01/41

......

4,250,000

4,308,528

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2016

,

4

%

,

8/01/46

......

1,750,000

1,596,228

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2024

,

5.25

%

,

8/01/49

...

5,000,000

5,393,755

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2024

,

5.25

%

,

8/01/54

...

6,500,000

6,963,299

Benton

&

Polk

School

District

No.

17J

,

GO

,

2010

B

,

Zero

Cpn.,

6/15/31

...........

1,000,000

800,243

Central

Lincoln

People's

Utility

District

JATC,

Inc.

,

Revenue

,

2016

,

5

%

,

12/01/45

....

2,900,000

2,933,819

City

of

Beaverton

,

Water

,

Revenue

,

2020

,

5

%

,

4/01/32

.......................

1,000,000

1,108,938

City

of

Eugene

,

Electric

Utility

System

,

Revenue

,

2017

,

5

%

,

8/01/47

.............

3,580,000

3,703,020

City

of

Forest

Grove

,

Pacific

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/01/36

.................

6,575,000

6,591,708

Pacific

University

,

Revenue

,

2017

,

Refunding

,

4

%

,

3/01/37

...................

3,500,000

3,255,817

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/26

.................

335,000

338,950

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/30

.................

1,385,000

1,450,039

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/33

.................

1,600,000

1,673,118

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

5/01/35

.................

490,000

473,943

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

5/01/37

.................

1,905,000

1,813,903

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

5/01/38

.................

3,960,000

3,739,247

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.

176

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

City

of

Forest

Grove,

(continued)

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

5/01/39

.................

$

1,750,000

$

1,633,222

City

of

Keizer

,

Special

Assessment

,

2008

,

5.2

%

,

6/01/31

......................

1,015,000

1,020,505

City

of

Medford

,

Sewer

,

Revenue

,

2024

,

BAM

Insured

,

4

%

,

6/01/47

.........................

2,330,000

2,336,484

Sewer

,

Revenue

,

2024

,

BAM

Insured

,

4

%

,

6/01/49

.........................

1,715,000

1,716,913

City

of

Molalla

,

GO

,

2024

A

,

BAM

Insured

,

4

%

,

6/01/49

.......................

3,115,000

3,140,541

City

of

Tigard

,

Water

,

Revenue

,

2015

,

5

%

,

8/01/45

..........................

23,545,000

23,682,905

Clackamas

Community

College

District

,

GO

,

2017

A

,

5

%

,

6/15/39

...............

2,250,000

2,344,601

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO

,

2017

A

,

Zero

Cpn.,

6/15/40

.......................................

10,000,000

5,001,643

GO

,

2017

A

,

Zero

Cpn.,

6/15/41

.......................................

17,030,000

8,118,613

GO

,

2017

A

,

Zero

Cpn.,

6/15/42

.......................................

16,625,000

7,558,262

GO

,

2017

B

,

5

%

,

6/15/34

............................................

11,000,000

11,539,127

GO

,

2017

B

,

5

%

,

6/15/37

............................................

7,000,000

7,313,424

GO

,

2018

,

5

%

,

6/15/42

.............................................

1,750,000

1,844,983

Clackamas

County

School

District

No.

35

Molalla

River

,

GO

,

2024

,

4

%

,

6/15/49

....

3,000,000

3,014,980

Clackamas

County

School

District

No.

46

Oregon

Trail

,

GO

,

Zero

Cpn.,

6/15/37

.............................................

12,130,000

7,600,634

GO

,

Zero

Cpn.,

6/15/38

.............................................

12,495,000

7,460,910

Clackamas

County

School

District

No.

7J

Lake

Oswego

,

GO

,

2005

,

Refunding

,

AGMC

Insured

,

5.25

%

,

6/01/25

.............................................

3,075,000

3,109,249

Clackamas

County

School

District

No.

86

Canby

,

GO

,

2020

A

,

Refunding

,

4

%

,

6/15/40

3,470,000

3,537,847

Columbia

County

School

District

No.

502

,

GO

,

2017

,

5

%

,

6/15/39

...............

1,000,000

1,042,789

Coos

County

School

District

No.

9

Coos

Bay

,

GO

,

2018

,

5

%

,

6/15/43

............

5,005,000

5,274,490

County

of

Benton

,

GO

,

2023

,

4.125

%

,

6/01/53

.............................

2,035,000

2,061,509

County

of

Yamhill

,

George

Fox

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/36

..............

2,585,000

2,622,269

George

Fox

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/46

..............

2,330,000

2,284,612

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/40

................

7,010,000

7,096,338

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/45

................

9,285,000

9,311,981

Deschutes

County

Hospital

Facilities

Authority

,

St.

Charles

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/48

.........................

13,890,000

13,988,726

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Terwilliger

Plaza,

Inc.

Obligated

Group

,

Revenue

,

2012

,

Refunding

,

5

%

,

12/01/29

..................

3,235,000

3,235,363

Jackson

County

School

District

No.

5

Ashland

,

GO

,

2019

,

5

%

,

6/15/34

...........

1,000,000

1,083,660

Jackson

County

School

District

No.

6

Central

Point

,

GO

,

2019

A

,

5

%

,

6/15/31

............................................

2,665,000

2,926,375

GO

,

2019

B

,

Zero

Cpn.,

6/15/40

.......................................

705,000

360,481

GO

,

2019

B

,

Zero

Cpn.,

6/15/41

.......................................

710,000

344,316

GO

,

2019

B

,

Zero

Cpn.,

6/15/42

.......................................

610,000

280,621

GO

,

2019

B

,

Zero

Cpn.,

6/15/43

.......................................

820,000

357,447

GO

,

2019

B

,

Zero

Cpn.,

6/15/44

.......................................

1,115,000

461,126

GO

,

2019

B

,

Zero

Cpn.,

6/15/45

.......................................

985,000

386,271

Klamath

Falls

Intercommunity

Hospital

Authority

,

Sky

Lakes

Medical

Center,

Inc.

,

Revenue

,

2016

,

Refunding

,

5

%

,

9/01/46

.................................

1,000,000

1,013,496

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

8/15/45

..............................................

5,620,000

5,545,672

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/45

8,245,000

8,708,902

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

8/15/50

11,235,000

10,882,455

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/50

4,500,000

4,713,709

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

177

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Metro

,

County

of

Multnomah

Transient

Lodging

Tax

,

Revenue

,

2017

,

5

%

,

6/15/42

.......

$

7,500,000

$

7,757,987

County

of

Multnomah

Transient

Lodging

Tax

,

Revenue

,

2017

,

5

%

,

6/15/47

.......

10,950,000

11,270,373

Multnomah

&

Clackamas

Counties

School

District

No.

10JT

Gresham-Barlow

,

GO

,

2017

A

,

5

%

,

6/15/37

................................................

7,885,000

8,245,896

Multnomah

County

School

District

No.

40

,

GO

,

2012

B

,

Zero

Cpn.,

6/15/26

.......................................

2,585,000

2,468,780

GO

,

2012

B

,

Zero

Cpn.,

6/15/27

.......................................

2,655,000

2,461,685

GO

,

2012

B

,

Zero

Cpn.,

6/15/28

.......................................

2,495,000

2,244,362

GO

,

2012

B

,

Zero

Cpn.,

6/15/29

.......................................

2,595,000

2,260,639

GO

,

2012

B

,

Zero

Cpn.,

6/15/30

.......................................

1,885,000

1,588,190

GO

,

2012

B

,

Zero

Cpn.,

6/15/31

.......................................

2,030,000

1,650,816

GO

,

2012

B

,

Zero

Cpn.,

6/15/32

.......................................

2,000,000

1,566,835

GO

,

2023

A

,

Zero

Cpn.,

6/15/30

.......................................

425,000

358,080

Multnomah-Clackamas

Counties

Centennial

School

District

No.

28JT

,

GO

,

2020

,

Refunding

,

5

%

,

6/15/45

.....................................

3,000,000

3,209,356

GO

,

2020

,

Refunding

,

5

%

,

6/15/50

.....................................

24,655,000

26,176,625

Oregon

City

School

District

No.

62

,

GO

,

2018

B

,

Refunding

,

5

%

,

6/15/49

..........

2,345,000

2,448,507

Oregon

Health

&

Science

University

,

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/44

.................

12,645,000

12,672,432

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/51

.................

16,580,000

16,330,319

Oregon

Health

&

Science

University

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/42

10,000,000

10,306,543

Oregon

State

Facilities

Authority

,

b

CHNW

Clifton

House

LLC

,

Revenue

,

144A,

A

,

4

%

,

10/01/26

.................

665,000

657,808

b

CHNW

Clifton

House

LLC

,

Revenue

,

144A,

A

,

5

%

,

10/01/36

.................

1,670,000

1,640,642

b

CHNW

Clifton

House

LLC

,

Revenue

,

144A,

A

,

5

%

,

10/01/48

.................

4,000,000

3,843,614

Legacy

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

6/01/46

......

25,945,000

26,255,032

Legacy

Health

Obligated

Group

,

Revenue

,

2022

A

,

4.125

%

,

6/01/52

...........

3,000,000

2,971,092

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2015

C

,

5

%

,

10/01/45

..

4,000,000

4,028,034

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

10/01/41

.......................................................

7,800,000

7,872,128

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

10/01/46

.

3,280,000

3,291,969

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

10/01/46

...................................................

220,000

228,236

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/40

.......................................................

11,025,000

11,502,766

Willamette

University

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

10/01/40

.............

1,950,000

1,963,954

Willamette

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/51

.............

47,505,000

41,345,331

Oregon

State

University

,

Revenue

,

2024

A

,

Refunding

,

4.25

%

,

4/01/52

...........

3,610,000

3,684,303

Port

of

Portland

,

Airport

,

Revenue

,

24

A

,

5

%

,

7/01/47

....................................

4,700,000

4,804,732

Airport

,

Revenue

,

24

B

,

5

%

,

7/01/42

....................................

7,645,000

7,771,905

Airport

,

Revenue

,

25

B

,

5

%

,

7/01/44

....................................

4,830,000

4,989,127

Airport

,

Revenue

,

25

B

,

5

%

,

7/01/49

....................................

6,300,000

6,511,853

Airport

,

Revenue

,

27

A

,

5

%

,

7/01/30

....................................

1,585,000

1,710,361

Airport

,

Revenue

,

27

A

,

5

%

,

7/01/37

....................................

5,000,000

5,269,150

Airport

,

Revenue

,

27

A

,

5

%

,

7/01/45

....................................

10,670,000

11,100,776

Airport

,

Revenue

,

28

,

4

%

,

7/01/38

.....................................

2,500,000

2,500,255

Airport

,

Revenue

,

30

A

,

5.25

%

,

7/01/54

.................................

13,500,000

14,553,034

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

5

%

,

5/15/33

.............

545,000

557,460

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

5

%

,

5/15/38

.............

500,000

509,181

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

5

%

,

5/15/43

.............

2,250,000

2,271,228

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

5

%

,

5/15/48

.............

3,700,000

3,709,199

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/15/25

....

130,000

130,369

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.

178

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Salem

Hospital

Facility

Authority,

(continued)

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/15/26

....

$

135,000

$

136,276

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/15/27

....

260,000

264,309

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/15/28

....

310,000

317,187

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/29

....

515,000

509,817

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/30

....

385,000

380,721

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/31

....

400,000

394,623

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/32

....

370,000

363,905

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/40

....

1,540,000

1,435,338

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/57

....

2,750,000

2,235,270

Salem

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

5/15/46

.......

17,105,000

17,332,437

Salem-Keizer

School

District

No.

24J

,

GO

,

2009

B

,

Zero

Cpn.,

6/15/30

.......................................

8,500,000

7,107,172

GO

,

2020

C

,

4

%

,

6/15/38

............................................

6,000,000

6,207,063

Seaside

School

District

No.

10

,

GO

,

2017

B

,

5

%

,

6/15/35

............................................

2,000,000

2,089,053

GO

,

2017

B

,

5

%

,

6/15/36

............................................

2,500,000

2,607,591

State

of

Oregon

,

GO

,

2007

A

,

4.7

%

,

8/01/42

...........................................

3,050,000

3,050,172

GO

,

2017

A

,

5

%

,

5/01/42

............................................

2,500,000

2,590,443

GO

,

2017

H

,

5

%

,

8/01/42

............................................

15,000,000

15,596,708

GO

,

2019

G

,

5

%

,

8/01/33

............................................

3,000,000

3,278,616

GO

,

2019

G

,

5

%

,

8/01/34

............................................

1,900,000

2,072,108

GO

,

L

,

Refunding

,

5

%

,

8/01/42

........................................

3,270,000

3,400,082

Department

of

Transportation

,

Revenue,

Sub.

Lien

,

2019

A

,

Refunding

,

5

%

,

11/15/37

12,500,000

13,602,015

Department

of

Transportation

,

Revenue,

Sub.

Lien

,

2019

A

,

Refunding

,

5

%

,

11/15/39

23,175,000

25,128,845

Department

of

Transportation

,

Revenue,

Sub.

Lien

,

2019

A

,

Refunding

,

4

%

,

11/15/42

3,300,000

3,343,650

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

20,705,832

Tillamook

&

Yamhill

Counties

School

District

No.

101

Nestucca

Valley

,

GO

,

2018

B

,

5

%

,

6/15/36

............................................

2,850,000

3,049,536

GO

,

2018

B

,

5

%

,

6/15/37

............................................

2,520,000

2,692,383

Tri-County

Metropolitan

Transportation

District

of

Oregon

,

Revenue

,

2018

A

,

5

%

,

10/01/31

.......................................

5,025,000

5,322,353

Revenue

,

2018

A

,

5

%

,

10/01/32

.......................................

1,865,000

1,973,294

Umatilla

Hospital

District

No.

1

,

GO

,

2023

,

5

%

,

6/01/53

.......................

750,000

763,511

Union

County

Hospital

Facility

Authority

,

Grande

Ronde

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2022

,

5

%

,

7/01/47

......

2,250,000

2,260,721

Grande

Ronde

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2022

,

5

%

,

7/01/52

......

3,680,000

3,659,203

University

of

Oregon

,

Revenue

,

2016

A

,

5

%

,

4/01/46

........................................

6,690,000

6,805,436

Revenue

,

2018

A

,

5

%

,

4/01/48

........................................

10,000,000

10,370,136

b

Warm

Springs

Reservation

Confederated

Tribe

,

Revenue

,

144A,

2019

B

,

Refunding

,

5

%

,

11/01/33

.........................

250,000

270,239

Revenue

,

144A,

2019

B

,

Refunding

,

5

%

,

11/01/34

.........................

300,000

323,864

Revenue

,

144A,

2019

B

,

Refunding

,

5

%

,

11/01/39

.........................

2,200,000

2,358,396

Washington

&

Clackamas

Counties

School

District

No.

23J

Tigard-Tualatin

,

GO

,

2017

,

5

%

,

6/15/36

.............................................

9,400,000

9,823,222

GO

,

2017

,

5

%

,

6/15/37

.............................................

5,040,000

5,258,839

GO

,

2017

,

Pre-Refunded

,

5

%

,

6/15/37

..................................

960,000

1,011,938

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO

,

2017

D

,

5

%

,

6/15/35

............................................

15,050,000

15,746,330

GO

,

2017

D

,

5

%

,

6/15/36

............................................

5,000,000

5,223,875

GO

,

2022

B

,

5

%

,

6/15/52

............................................

19,145,000

20,703,045

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

179

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Washington

Clackamas

&

Yamhill

Counties

School

District

No.

88J

,

GO

,

2018

A

,

Zero

Cpn.,

6/15/38

.......................................

$

2,350,000

$

1,330,684

GO

,

2018

A

,

Zero

Cpn.,

6/15/39

.......................................

3,275,000

1,754,591

Washington

County

School

District

No.

15

Forest

Grove

,

GO

,

2012

B

,

Zero

Cpn.,

6/15/29

.......................................

2,545,000

2,191,494

GO

,

2012

B

,

Zero

Cpn.,

6/15/30

.......................................

2,490,000

2,071,803

GO

,

2012

B

,

Zero

Cpn.,

6/15/31

.......................................

3,140,000

2,512,762

Yachats

Rural

Fire

Protection

District

,

GO

,

2017

,

AGMC

Insured

,

5

%

,

6/15/47

......

1,600,000

1,643,124

Yamhill

County

School

District

No.

8

Dayton

,

GO

,

2019

,

Refunding

,

5

%

,

6/15/32

.....................................

1,045,000

1,141,106

GO

,

2019

,

Refunding

,

5

%

,

6/15/33

.....................................

1,080,000

1,179,396

766,383,484

South

Carolina

1.5%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

2,500,000

2,198,239

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

2,500,000

2,198,239

b

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

7,650,000

6,262,220

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,000,000

2,550,363

13,209,061

Texas

0.5%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

5

%

,

9/01/30

250,000

262,381

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

5

%

,

9/01/31

250,000

263,300

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

4,200,000

3,519,617

4,045,298

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

2,500,000

2,198,712

Wisconsin

1.1%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

2,400,000

2,025,839

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

Zero

Cpn.,

12/01/44

..................................................

11,650,000

7,393,114

9,418,953

U.S.

Territories

3.9%

Puerto

Rico

3.9%

Children's

Trust

Fund

,

Revenue

,

2002

,

5.625

%

,

5/15/43

......................

6,000,000

6,071,972

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

328,600

319,093

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

903,650

907,328

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,300,000

1,299,219

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

....................

1,000,000

999,182

d

Revenue

,

WW

,

5.25

%

,

7/01/33

........................................

3,040,000

1,398,400

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

19,745,000

19,834,127

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.

180

See

Abbreviations

on

page

203

.

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

,

4.329

%

,

7/01/40

...............................

$

3,000,000

$

3,000,026

33,829,347

Total

U.S.

Territories

....................................................................

33,829,347

Total

Municipal

Bonds

(Cost

$

862,974,886

)

.....................................

860,459,313

Shares

Escrows

and

Litigation

Trusts

0.0%

†

a

,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

357,633

286,106

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

286,106

Total

Long

Term

Investments

(Cost

$

865,474,886

)

...............................

863,314,130

a

a

a

a

a

Short

Term

Investments

0.4%

Principal

Amount

Municipal

Bonds

0.4%

Oregon

0.4%

f

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.7

%

,

8/01/34

..................................

2,500,000

2,500,000

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.15

%

,

8/01/34

.................................

700,000

700,000

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

$

868,674,886

)

98.8

%

...................................

$866,514,130

Other

Assets,

less

Liabilities

1.2

%

.............................................

10,572,643

Net

Assets

100.0%

...........................................................

$877,086,773

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

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

November

30,

2024,

the

aggregate

value

of

these

securities

was

$68,809,412,

representing

7.8%

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

Non-income

producing.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2024

Franklin

Pennsylvania

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

181

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

$

2,054,969

Total

Corporate

Bonds

(Cost

$

2,000,000

)

.......................................

2,054,969

Municipal

Bonds

97.6%

Florida

1.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

5,688,000

5,099,903

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

1,000,000

724,740

b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

6,800,000

5,460,240

11,284,883

New

York

1.9%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/44

.....................................

6,700,000

6,644,392

Revenue

,

2021

A-1

,

4

%

,

11/15/46

.....................................

6,050,000

5,966,659

12,611,051

Pennsylvania

91.1%

Allegheny

County

Airport

Authority

,

Revenue

,

2021

A

,

5

%

,

1/01/32

........................................

4,345,000

4,658,575

Revenue

,

2021

A

,

5

%

,

1/01/34

........................................

8,155,000

8,707,765

Revenue

,

2021

A

,

5

%

,

1/01/51

........................................

3,500,000

3,614,489

Revenue

,

2023

A

,

AGMC

Insured

,

5.5

%

,

1/01/53

..........................

5,000,000

5,463,456

Allegheny

County

Higher

Education

Building

Authority

,

Chatham

University

,

Revenue

,

2022

,

Refunding

,

5.25

%

,

9/01/33

..............

700,000

711,034

Chatham

University

,

Revenue

,

2022

,

Refunding

,

5.25

%

,

9/01/34

..............

1,090,000

1,103,381

Duquesne

University

of

the

Holy

Spirit

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

3/01/40

.

2,115,000

2,134,064

Duquesne

University

of

the

Holy

Spirit

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

3/01/41

.

3,000,000

3,019,313

Robert

Morris

University

,

Revenue

,

2017

,

5

%

,

10/15/37

.....................

1,000,000

966,774

Robert

Morris

University

,

Revenue

,

2017

,

5

%

,

10/15/47

.....................

1,300,000

1,160,045

Allentown

Commercial

and

Industrial

Development

Authority

,

Executive

Education

Academy

Charter

School

,

Revenue

,

2024

,

Refunding

,

5

%

,

7/01/50

........................................................

2,000,000

2,017,461

Lincoln

Leadership

Academy

Charter

School

,

Revenue

,

2023

,

5.5

%

,

6/15/38

.....

600,000

641,836

Lincoln

Leadership

Academy

Charter

School

,

Revenue

,

2023

,

5.75

%

,

6/15/43

....

600,000

643,103

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/32

.................................

1,560,000

1,703,281

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/33

.................................

1,800,000

1,960,942

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/34

.................................

1,550,000

1,683,600

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/35

.................................

1,400,000

1,516,137

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/42

.................................

8,875,000

9,330,573

Berks

County

Industrial

Development

Authority

,

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

5/15/42

........................................................

1,000,000

1,009,385

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

5/15/47

........................................................

600,000

602,456

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2017

C

,

5

%

,

5/15/37

......

1,245,000

1,268,248

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2018

,

Pre-Refunded

,

5

%

,

5/15/38

........................................................

1,030,000

1,058,294

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2018

,

Pre-Refunded

,

5

%

,

5/15/48

........................................................

1,000,000

1,027,470

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Bethlehem

Redevelopment

Authority

,

Moravian

University

Obligated

Group

,

Revenue

,

2024

,

5.25

%

,

10/01/49

.........

$

750,000

$

785,948

Moravian

University

Obligated

Group

,

Revenue

,

2024

,

5.5

%

,

10/01/54

..........

1,050,000

1,108,846

Bristol

Township

School

District

,

GO

,

2021

C

,

BAM

Insured

,

3

%

,

6/01/37

..........

1,250,000

1,177,037

Bucks

County

Industrial

Development

Authority

,

Delaware

Valley

University

,

Revenue

,

2022

B

,

Refunding

,

5

%

,

11/01/37

.........

1,000,000

1,010,776

Delaware

Valley

University

,

Revenue

,

2022

B

,

Refunding

,

5

%

,

11/01/42

.........

1,080,000

1,065,231

Delaware

Valley

University

,

Revenue

,

2022

B

,

Refunding

,

5

%

,

11/01/52

.........

2,500,000

2,378,013

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2019

,

4

%

,

8/15/44

.............

1,500,000

1,450,643

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2021

,

3

%

,

8/15/53

.............

12,000,000

9,070,009

Butler

County

Hospital

Authority

,

Butler

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

7/01/35

.......................................

1,885,000

1,885,838

Central

Bradford

Progress

Authority

,

Guthrie

Clinic

(The)

,

Revenue

,

2021

B

,

4

%

,

12/01/51

........................................................

5,000,000

4,823,187

Centre

County

Hospital

Authority

,

Mount

Nittany

Medical

Center

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

11/15/42

.......................................................

1,215,000

1,257,219

Mount

Nittany

Medical

Center

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

4

%

,

11/15/47

.......................................................

1,840,000

1,793,246

Cheltenham

Township

Industrial

Development

Authority

,

Arcadia

University

,

Revenue

,

2024

,

Refunding

,

5

%

,

4/01/44

..................

2,250,000

2,264,698

Arcadia

University

,

Revenue

,

2024

,

Refunding

,

5.75

%

,

4/01/54

...............

1,000,000

1,023,107

Chester

County

Industrial

Development

Authority

,

University

Student

Housing

LLC

,

Revenue

,

2013

A

,

5

%

,

8/01/35

...............

500,000

500,078

University

Student

Housing

LLC

,

Revenue

,

2013

A

,

5

%

,

8/01/45

...............

1,500,000

1,469,614

City

of

Erie

Higher

Education

Building

Authority

,

Gannon

University

,

Revenue

,

2021

TT-1

,

4

%

,

5/01/36

......................

400,000

389,740

Gannon

University

,

Revenue

,

2021

TT-1

,

4

%

,

5/01/41

......................

1,000,000

927,572

Gannon

University

,

Revenue

,

2021

TT-1

,

5

%

,

5/01/47

......................

2,430,000

2,457,356

City

of

Philadelphia

,

GO

,

2019

B

,

5

%

,

2/01/37

............................................

2,000,000

2,148,196

GO

,

2019

B

,

5

%

,

2/01/38

............................................

1,555,000

1,666,546

GO

,

2019

B

,

5

%

,

2/01/39

............................................

6,050,000

6,462,053

GO

,

2021

A

,

4

%

,

5/01/37

............................................

6,435,000

6,644,021

Airport

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/47

.........................

10,000,000

10,151,015

Airport

,

Revenue

,

2020

C

,

Refunding

,

4

%

,

7/01/45

.........................

5,225,000

5,137,941

Airport

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/51

...........................

5,000,000

5,192,574

Water

&

Wastewater

,

Revenue

,

2019

B

,

5

%

,

11/01/49

......................

5,000,000

5,270,293

Water

&

Wastewater

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

11/01/45

..............

6,300,000

6,749,103

Water

&

Wastewater

,

Revenue

,

2022

C

,

5.5

%

,

6/01/47

......................

5,000,000

5,593,362

Water

&

Wastewater

,

Revenue

,

2024

C

,

AGMC

Insured

,

5.25

%

,

9/01/54

.........

5,000,000

5,575,070

Colonial

School

District

,

GO

,

2021

A

,

3

%

,

2/15/40

...........................

1,650,000

1,512,643

Commonwealth

Financing

Authority

,

Commonwealth

of

Pennsylvania

,

Revenue

,

2015

A

,

5

%

,

6/01/34

....................................................

10,000,000

10,067,962

County

of

Allegheny

,

GO

,

C-77

,

5

%

,

11/01/43

.............................................

5,030,000

5,310,164

GO

,

C-80

,

5

%

,

12/01/54

.............................................

3,000,000

3,231,286

County

of

Jefferson

,

GO

,

2021

,

Refunding

,

AGMC

Insured

,

3

%

,

12/15/37

........................

770,000

735,214

GO

,

2021

,

Refunding

,

AGMC

Insured

,

3

%

,

12/15/39

........................

520,000

489,604

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

5/01/37

......................................................

2,500,000

2,486,905

Delaware

County

Authority

,

Elwyn

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

6/01/27

..............

1,560,000

1,573,463

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Delaware

County

Authority,

(continued)

Elwyn

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

6/01/32

..............

$

1,620,000

$

1,626,404

Haverford

College

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/46

...............

5,865,000

6,011,247

Delaware

County

Regional

Water

Quality

Control

Authority

,

Revenue

,

2016

,

4

%

,

11/01/36

........................................................

2,005,000

2,030,447

DuBois

Hospital

Authority

,

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

7/15/43

........................................................

3,410,000

3,426,379

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2020

,

4

%

,

7/15/50

......

3,500,000

3,035,576

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/15/41

........................................................

1,000,000

964,324

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/15/51

........................................................

4,000,000

3,449,492

East

Hempfield

Township

Industrial

Development

Authority

,

Student

Services,

Inc.

,

Revenue

,

2015

,

Pre-Refunded

,

5

%

,

7/01/47

..............................

3,750,000

3,787,328

Erie

City

Water

Authority

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

12/01/43

...........

6,000,000

6,266,162

b

Erie

County

Industrial

Development

Authority

,

CFC

-

Erie

I

LLC

,

Revenue

,

144A,

2024

A

,

6.75

%

,

9/01/61

.................................................

5,000,000

5,061,796

Fairview

School

District

,

GO

,

2021

,

BAM

Insured

,

3

%

,

9/15/37

...................................

1,195,000

1,115,818

GO

,

2021

,

BAM

Insured

,

3

%

,

9/15/38

...................................

1,000,000

916,011

GO

,

2021

,

BAM

Insured

,

3

%

,

9/15/39

...................................

1,000,000

914,768

Geisinger

Authority

,

Kaiser

Obligated

Group

,

Revenue

,

2017

A-1

,

Refunding

,

5

%

,

2/15/45

...........

5,555,000

5,665,117

Kaiser

Obligated

Group

,

Revenue

,

2017

A-2

,

Refunding

,

5

%

,

2/15/39

...........

13,155,000

13,540,531

Governor

Mifflin

School

District

,

GO

,

2021

,

3

%

,

4/01/36

.............................................

625,000

600,834

GO

,

2021

,

3

%

,

4/01/37

.............................................

1,000,000

951,402

GO

,

2021

,

3

%

,

4/01/38

.............................................

1,000,000

940,429

GO

,

2021

,

3

%

,

4/01/39

.............................................

1,015,000

943,349

Huntingdon

County

General

Authority

,

Juniata

College

,

Revenue

,

2021

TT-3

,

Refunding

,

5

%

,

10/01/51

............................................

2,520,000

2,490,220

Lancaster

County

Hospital

Authority

,

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

8/15/46

.............

4,165,000

4,233,451

Lancaster

Higher

Education

Authority

,

Elizabethtown

College

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

10/01/46

............

5,000,000

4,976,233

Elizabethtown

College

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

10/01/51

............

5,000,000

4,912,157

Lancaster

Industrial

Development

Authority

,

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/51

........

2,780,000

2,501,906

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/56

........

520,000

455,752

Willow

Valley

Communities

Obligated

Group

,

Revenue

,

2019

,

5

%

,

12/01/44

......

1,850,000

1,889,534

Willow

Valley

Communities

Obligated

Group

,

Revenue

,

2019

,

5

%

,

12/01/49

......

2,300,000

2,335,356

Lancaster

Municipal

Authority

,

Garden

Spot

Village

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

5/01/44

..

1,200,000

1,272,054

Garden

Spot

Village

Obligated

Group

,

Revenue

,

2024

B

,

5

%

,

5/01/59

..........

530,000

548,899

Latrobe

Industrial

Development

Authority

,

Seton

Hill

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/46

................

750,000

652,871

Seton

Hill

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/51

................

800,000

669,279

Lehigh

County

Authority

,

Revenue

,

2024

,

Refunding

,

BAM

Insured

,

4

%

,

12/01/45

...

6,500,000

6,525,139

Lehigh

County

General

Purpose

Authority

,

Good

Shepherd

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

11/01/41

4,345,000

4,240,376

Lehigh

Valley

Academy

Regional

Charter

School

,

Revenue

,

2022

,

4

%

,

6/01/42

....

14,390,000

13,364,697

Lehigh

Valley

Academy

Regional

Charter

School

,

Revenue

,

2022

,

4

%

,

6/01/57

....

5,000,000

4,337,766

Muhlenberg

College

,

Revenue

,

2024

,

Refunding

,

5.25

%

,

2/01/54

..............

1,600,000

1,685,517

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.

184

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Lycoming

County

Authority

,

Lycoming

College

,

Revenue

,

2013

MM-1

,

5.25

%

,

11/01/38

...................

$

1,400,000

$

1,402,145

Lycoming

College

,

Revenue

,

2013

MM-1

,

5.25

%

,

11/01/43

...................

1,495,000

1,497,349

Montgomery

County

Higher

Education

and

Health

Authority

,

Gwynedd

Mercy

University

,

Revenue

,

2022

UU-2

,

Refunding

,

5.25

%

,

5/01/37

....

2,665,000

2,821,247

Gwynedd

Mercy

University

,

Revenue

,

2022

UU-2

,

Refunding

,

5

%

,

5/01/42

.......

3,700,000

3,790,274

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

4

%

,

9/01/43

........................................................

3,740,000

3,636,595

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

9/01/48

........................................................

8,250,000

8,476,569

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

4

%

,

5/01/52

........................................................

4,000,000

3,793,104

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

5

%

,

5/01/57

........................................................

5,000,000

5,207,149

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

C

,

4

%

,

11/15/43

.......................................................

600,000

582,885

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

C

,

5

%

,

11/15/45

.......................................................

1,985,000

2,055,143

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

A

,

5.25

%

,

11/15/53

.......................................................

1,500,000

1,560,526

Gwynedd

Mercy

University

,

Revenue

,

2023

VV-1

,

5.75

%

,

5/01/48

..............

2,000,000

2,112,595

Meadowood

Corp.

Obligated

Group

(The)

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/01/38

.......................................................

2,500,000

2,550,128

Public

School

of

Germantown

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/51

..

2,450,000

2,132,324

Waverly

Heights

Ltd.

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/49

..

2,000,000

2,024,917

Muhlenberg

School

District

,

GO

,

2024

,

5

%

,

5/15/54

..........................

2,000,000

2,124,019

New

Kensington

Municipal

Sanitary

Authority

,

Revenue

,

2021

A

,

AGMC

Insured

,

3

%

,

12/01/38

........................................................

500,000

473,139

Northampton

County

General

Purpose

Authority

,

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

8/15/48

...

2,500,000

2,564,581

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2024

A-1

,

Refunding

,

AGMC

Insured

,

5.25

%

,

8/15/53

..................................................

5,000,000

5,591,075

Northeastern

Pennsylvania

Hospital

and

Education

Authority

,

King's

College

,

Revenue

,

2019

,

5

%

,

5/01/44

.................................................

1,000,000

975,574

Northeastern

School

District

,

GO

,

2021

A

,

BAM

Insured

,

3

%

,

3/01/38

.................................

850,000

785,017

GO

,

2021

A

,

BAM

Insured

,

3

%

,

3/01/41

.................................

775,000

695,062

Northern

Lebanon

School

District

,

GO

,

2021

,

BAM

Insured

,

3

%

,

9/01/36

..........

1,895,000

1,778,039

Pennsylvania

Economic

Development

Financing

Authority

,

Commonwealth

of

Pennsylvania

Motor

License

Fund

,

Revenue

,

2022

,

5.5

%

,

6/30/43

2,000,000

2,166,551

Commonwealth

of

Pennsylvania

Motor

License

Fund

,

Revenue

,

2022

,

5.25

%

,

6/30/53

........................................................

8,500,000

8,863,203

Parking

System

,

Revenue,

Senior

Lien

,

2024

A

,

Refunding

,

AGMC

Insured

,

4

%

,

1/01/41

........................................................

1,015,000

1,019,914

Philadelphia

Water

Department

,

Revenue

,

2020

,

Refunding

,

4

%

,

1/01/29

........

500,000

507,228

Philadelphia

Water

Department

,

Revenue

,

2020

,

Refunding

,

4

%

,

1/01/32

........

1,300,000

1,321,260

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2023

B-2

,

Refunding

,

5

%

,

7/01/42

2,365,000

2,491,378

UPMC

Obligated

Group

,

Revenue

,

2014

A

,

5

%

,

2/01/45

.....................

5,000,000

5,002,575

UPMC

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

4

%

,

11/15/42

...........

5,000,000

4,902,200

UPMC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

4/15/45

.....................

5,000,000

4,847,373

UPMC

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/15/39

...........

1,325,000

1,332,781

UPMC

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/15/40

...........

1,200,000

1,210,981

UPMC

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/15/41

...........

1,300,000

1,300,922

Villanova

University

,

Revenue

,

2024

,

4

%

,

8/01/54

..........................

5,000,000

5,017,294

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

185

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Pennsylvania

Higher

Educational

Facilities

Authority

,

Bryn

Mawr

College

,

Revenue

,

2014

,

Refunding

,

5

%

,

12/01/44

................

$

6,365,000

$

6,369,377

St.

Joseph's

University

,

Revenue

,

2012

,

5

%

,

11/01/42

......................

5,000,000

4,999,919

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5.25

%

,

9/01/50

........................................................

6,465,000

6,494,320

Trustees

of

the

University

of

Pennsylvania

(The)

,

Revenue

,

2017

A

,

5

%

,

8/15/46

..

7,000,000

7,190,659

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2015

,

Refunding

,

5

%

,

8/15/40

............................................

6,475,000

6,539,578

Widener

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/15/51

................

11,030,000

9,415,008

Pennsylvania

Housing

Finance

Agency

,

Revenue

,

2019-129

,

3.4

%

,

10/01/49

...................................

6,000,000

5,226,607

Revenue

,

2020-132

A

,

2.55

%

,

10/01/41

.................................

11,280,000

9,046,757

Pennsylvania

State

University

(The)

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

9/01/40

...............................

10,490,000

10,585,272

Revenue

,

2016

A

,

Refunding

,

5

%

,

9/01/41

...............................

10,000,000

10,248,347

Revenue

,

2023

,

5.25

%

,

9/01/53

.......................................

3,000,000

3,312,006

Revenue

,

2024

,

5.25

%

,

9/01/54

.......................................

5,000,000

5,568,479

Pennsylvania

Turnpike

Commission

,

Revenue

,

2021

B

,

4

%

,

12/01/37

.......................................

1,500,000

1,543,428

Revenue

,

2021

B

,

4

%

,

12/01/46

.......................................

10,950,000

10,959,463

Revenue

,

2024

C

,

5.25

%

,

12/01/54

....................................

4,500,000

5,014,788

Philadelphia

Authority

for

Industrial

Development

,

c

Beech

International

LLC

,

Revenue

,

2010

A

,

5.625

%

,

6/15/42

.................

4,000,000

3,400,000

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

5

%

,

8/01/30

............

245,000

252,961

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

5

%

,

8/01/40

............

300,000

306,891

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

5

%

,

8/01/50

............

2,515,000

2,560,393

St.

Joseph's

University

,

Revenue

,

2022

,

5.5

%

,

11/01/60

.....................

8,410,000

9,216,492

Temple

University-of

The

Commonwealth

System

of

Higher

Education

,

Revenue,

First

Series

,

2015

,

Refunding

,

5

%

,

4/01/40

.............................

5,000,000

5,018,928

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

9/01/42

........................................................

3,500,000

3,575,480

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

9/01/47

........................................................

2,400,000

2,440,401

b

University

Plaza

Associates

,

Revenue

,

144A,

2017

,

III

,

5.5

%

,

12/01/58

..........

10,000,000

9,774,431

Philadelphia

Gas

Works

Co.

,

Revenue

,

14th

,

Refunding

,

5

%

,

10/01/32

................................

1,000,000

1,032,099

Revenue

,

15th

,

Refunding

,

5

%

,

8/01/47

.................................

11,000,000

11,339,054

Revenue

,

17th

A

,

AGMC

Insured

,

5.25

%

,

8/01/54

..........................

2,000,000

2,228,723

Pittsburgh

Water

&

Sewer

Authority

,

Revenue,

First

Lien

,

2022

A

,

5.25

%

,

9/01/39

.............................

1,490,000

1,704,956

Revenue,

First

Lien

,

2022

A

,

5.25

%

,

9/01/40

.............................

1,365,000

1,543,735

Revenue,

First

Lien

,

2022

A

,

5.25

%

,

9/01/41

.............................

1,650,000

1,869,791

Revenue,

First

Lien

,

2022

A

,

5.25

%

,

9/01/42

.............................

1,685,000

1,896,650

Revenue,

First

Lien

,

2022

A

,

5

%

,

9/01/52

................................

2,640,000

2,829,917

Pocono

Mountains

Industrial

Park

Authority

,

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2015

A

,

5

%

,

8/15/40

........................................

5,000,000

5,009,853

School

District

of

Philadelphia

(The)

,

GO

,

2021

A

,

4

%

,

9/01/36

.................

3,845,000

3,923,064

Scranton

School

District

,

GO

,

2020

,

4

%

,

12/01/40

...........................

1,535,000

1,536,416

Scranton-Lackawanna

Health

and

Welfare

Authority

,

University

of

Scranton

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/37

.......................................

4,000,000

4,068,860

Southeastern

Pennsylvania

Transportation

Authority

,

Revenue

,

2022

,

5.25

%

,

6/01/52

5,000,000

5,465,939

State

College

Area

School

District

,

GO

,

2015

,

5

%

,

3/15/40

.............................................

10,000,000

10,031,719

GO

,

2018

,

5

%

,

5/15/44

.............................................

3,500,000

3,666,554

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.

186

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

State

Public

School

Building

Authority

,

School

District

of

Philadelphia

(The)

,

Revenue

,

2016

A

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/32

....................................................

$

7,095,000

$

7,328,482

School

District

of

Philadelphia

(The)

,

Revenue

,

2016

A

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/33

....................................................

3,000,000

3,096,375

Township

of

Northampton

,

GO

,

2021

,

4

%

,

5/15/39

...........................

1,495,000

1,515,892

Upper

Merion

Area

School

District

,

GO

,

2021

A

,

3

%

,

1/15/39

............................................

1,000,000

928,530

GO

,

2021

A

,

3

%

,

1/15/40

............................................

1,500,000

1,372,958

GO

,

2021

A

,

3

%

,

1/15/41

............................................

1,275,000

1,154,570

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/29

......

725,000

760,462

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/30

......

1,370,000

1,444,873

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/01/37

......

1,400,000

1,350,744

Wilkes-Barre

Finance

Authority

,

Wilkes

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/42

.........................................................

2,500,000

2,208,642

614,157,835

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

1,900,000

1,670,662

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

2,000,000

1,758,591

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

850,121

4,279,374

Texas

0.4%

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,300,000

2,765,413

Washington

0.3%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

2,000,000

1,758,970

Wisconsin

0.3%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

..............

1,900,000

1,603,789

U.S.

Territories

1.3%

Puerto

Rico

1.3%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

1,059,735

1,029,076

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

780,425

783,601

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,100,000

1,099,339

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

....................

1,000,000

999,182

c

Revenue

,

XX

,

5.25

%

,

7/01/40

........................................

2,275,000

1,046,500

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

4,000,000

4,018,056

8,975,754

Total

U.S.

Territories

....................................................................

8,975,754

Total

Municipal

Bonds

(Cost

$

678,513,735

)

.....................................

657,437,069

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

187

See

Abbreviations

on

page

203

.

a

a

Shares

a

Value

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

†

a

,d

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

262,891

$

210,312

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

210,312

Total

Long

Term

Investments

(Cost

$

680,513,735

)

...............................

659,702,350

a

a

a

a

a

Short

Term

Investments

1.0%

Principal

Amount

Municipal

Bonds

1.0%

Pennsylvania

1.0%

e

Delaware

County

Industrial

Development

Authority

,

United

Parcel

Service,

Inc.

,

Revenue

,

2015

,

Refunding

,

Daily

VRDN

and

Put

,

3.2

%

,

9/01/45

...............

$

1,000,000

1,000,000

e

General

Authority

of

Southcentral

Pennsylvania

,

WellSpan

Health

Obligated

Group

,

Revenue

,

2019

E

,

Refunding

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.8

%

,

6/01/35

5,500,000

5,500,000

6,500,000

Total

Municipal

Bonds

(Cost

$

6,500,000

)

.......................................

6,500,000

Total

Short

Term

Investments

(Cost

$

6,500,000

)

.................................

6,500,000

a

Total

Investments

(Cost

$

687,013,735

)

98.9

%

...................................

$666,202,350

Other

Assets,

less

Liabilities

1.1

%

.............................................

7,709,344

Net

Assets

100.0%

...........................................................

$673,911,694

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

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

November

30,

2024,

the

aggregate

value

of

these

securities

was

$29,670,162,

representing

4.4%

of

net

assets.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

Non-income

producing.

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),

November

30,

2024

Franklin

Virginia

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

188

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.5%

California

0.2%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

$

1,000,000

$

879,902

Florida

1.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

3,456,000

3,098,675

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

1,100,000

797,214

a

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

........................................

4,025,000

3,231,981

7,127,870

Illinois

0.6%

Metropolitan

Pier

&

Exposition

Authority

,

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

....................

1,500,000

1,555,125

State

of

Illinois

,

GO

,

2017

D

,

5

%

,

11/01/26

................................

1,000,000

1,035,779

2,590,904

New

Jersey

1.1%

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/15/32

..............

3,460,000

3,705,683

State

of

New

Jersey

,

Revenue

,

2022

A

,

4

%

,

6/15/41

........................

1,000,000

1,008,543

4,714,226

New

York

0.3%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/46

..........

1,350,000

1,331,403

South

Carolina

0.9%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

1,200,000

1,055,154

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,200,000

1,055,155

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

2,000,000

1,700,242

3,810,551

Texas

0.6%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

5

%

,

9/01/28

225,000

233,303

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

5

%

,

9/01/29

250,000

260,936

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,100,000

1,759,808

2,254,047

Virginia

80.5%

Albemarle

County

Economic

Development

Authority

,

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/01/30

............................................

1,120,000

1,156,842

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/01/31

............................................

1,165,000

1,208,885

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/01/32

............................................

1,105,000

1,151,526

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/01/33

............................................

1,260,000

1,312,203

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/01/42

............................................

2,725,000

2,733,764

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/01/49

............................................

2,800,000

2,694,079

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

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Albemarle

County

Economic

Development

Authority,

(continued)

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

4

%

,

6/01/54

............................................

$

5,215,000

$

4,896,812

Alexandria

Industrial

Development

Authority

,

Goodwin

House,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Pre-Refunded

,

5

%

,

10/01/45

975,000

990,593

Protestant

Episcopal

High

School

in

Virginia

,

Revenue

,

2021

C

,

Refunding

,

4

%

,

1/01/46

........................................................

2,450,000

2,449,531

Alexandria

Sanitation

Authority

,

Revenue

,

2024

,

5

%

,

7/15/49

.........................................

2,830,000

3,153,325

Revenue

,

2024

,

5

%

,

7/15/54

.........................................

1,100,000

1,218,582

Arlington

County

Industrial

Development

Authority

,

Virginia

Hospital

Center

Arlington

Health

System

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/45

.......

2,000,000

2,002,260

Chesapeake

Hospital

Authority

,

Chesapeake

Hospital

Authority

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

4

%

,

7/01/39

........................................................

1,000,000

1,002,281

Chesapeake

Hospital

Authority

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

4

%

,

7/01/43

........................................................

4,000,000

3,937,692

City

of

Alexandria

,

GO

,

2023

,

4

%

,

12/15/43

................................

5,500,000

5,659,186

City

of

Chesapeake

,

Chesapeake

Expressway

Toll

Road

,

Revenue,

Senior

Lien

,

2024

,

Refunding

,

AGMC

Insured

,

4

%

,

7/15/47

.................................

2,500,000

2,508,498

City

of

Hopewell

,

Sewer

System

,

Revenue

,

2011

A

,

Refunding

,

5

%

,

7/15/42

.......

4,850,000

4,849,883

City

of

Norfolk

,

Water

,

Revenue

,

2018

,

5

%

,

11/01/43

...................................

6,920,000

7,229,365

Water

,

Revenue

,

2018

,

5

%

,

11/01/47

...................................

6,925,000

7,202,316

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

1/15/33

......

10,000,000

10,238,063

Commonwealth

of

Virginia

,

GO

,

2020

A

,

4

%

,

6/01/31

............................................

2,710,000

2,888,612

GO

,

2022

A

,

5

%

,

6/01/52

............................................

2,445,000

2,678,365

GO

,

2024

A

,

4

%

,

6/01/42

............................................

3,180,000

3,337,370

County

of

Fairfax

,

Sewer

,

Revenue

,

2024

A

,

5

%

,

7/15/49

..................................

3,070,000

3,404,921

Sewer

,

Revenue

,

2024

A

,

5

%

,

7/15/54

..................................

4,500,000

4,946,791

Fairfax

County

Economic

Development

Authority

,

Revenue

,

2017

,

5

%

,

4/01/42

.....

5,085,000

5,233,818

Fairfax

County

Water

Authority

,

Revenue

,

2017

,

Refunding

,

5

%

,

4/01/43

.................................

3,510,000

3,633,978

Revenue

,

2017

,

Refunding

,

5

%

,

4/01/47

.................................

5,000,000

5,148,307

Farmville

Industrial

Development

Authority

,

b

Elwood

Place

LLC

,

Revenue

,

2021

,

AGMC

Insured

,

Mandatory

Put

,

5.375

%

,

7/01/43

5,000,000

5,334,938

Longwood

Housing

Foundation

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/01/48

...

5,000,000

5,000,422

Hampton

Roads

Sanitation

District

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

8/01/43

...

5,000,000

5,180,393

Hampton

Roads

Transportation

Accountability

Commission

,

Hampton

Roads

Transportation

Fund

,

Revenue,

Senior

Lien

,

2018

A

,

Pre-Refunded

,

5

%

,

7/01/48

....................................................

5,505,000

5,893,695

Transportation

Fund

,

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

7/01/60

..............

4,885,000

5,167,093

Henrico

County

Economic

Development

Authority

,

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/40

.......................................................

500,000

502,065

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/45

.......................................................

1,425,000

1,395,190

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/50

.......................................................

1,500,000

1,431,782

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

10/01/42

..

1,125,000

1,206,066

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

10/01/52

..

5,000,000

5,251,406

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.

190

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Isle

of

Wight

County

Economic

Development

Authority

,

Riverside

Healthcare

Association

Obligated

Group

,

Revenue

,

2023

,

AGMC

Insured

,

5.25

%

,

7/01/48

....

$

2,260,000

$

2,493,982

Lexington

Industrial

Development

Authority

,

Lexington

Retirement

Community

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/38

........................................................

675,000

674,979

Lexington

Retirement

Community

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/42

........................................................

1,120,000

1,087,534

Lexington

Retirement

Community

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/48

........................................................

2,315,000

2,156,103

Washington

&

Lee

University

(The)

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/01/35

....

1,105,000

1,168,603

Washington

&

Lee

University

(The)

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/01/48

....

1,500,000

1,563,955

Lynchburg

Economic

Development

Authority

,

Centra

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

1/01/47

......

4,500,000

4,552,667

Centra

Health

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/47

........

2,350,000

2,321,643

Centra

Health

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

1/01/51

........

2,000,000

1,562,696

Centra

Health

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/55

........

6,305,000

5,977,201

Montgomery

County

Economic

Development

Authority

,

Virginia

Tech

Foundation,

Inc.

,

Revenue

,

2019

A

,

4

%

,

6/01/39

........................................

1,750,000

1,783,966

Norfolk

Airport

Authority

,

Revenue

,

2019

,

5

%

,

7/01/39

.........................................

800,000

852,460

Revenue

,

2019

,

5

%

,

7/01/43

.........................................

2,675,000

2,816,753

Northern

Virginia

Transportation

Commission

,

Commuter

Rail

Operating

&

Capital

Fund

,

Revenue

,

2022

,

5

%

,

6/01/47

.........

1,750,000

1,912,170

Commuter

Rail

Operating

&

Capital

Fund

,

Revenue

,

2022

,

5

%

,

6/01/52

.........

7,090,000

7,703,472

Prince

Edward

County

Industrial

Development

Authority

,

President

and

Trustees

of

Hampden-Sydney

College

,

Revenue

,

2018

,

5

%

,

9/01/48

....................

2,050,000

2,114,909

Richmond

Economic

Development

Authority

,

City

of

Richmond

,

Revenue

,

2024

,

4

%

,

6/01/54

.........................................................

2,080,000

2,074,957

Riverside

Regional

Jail

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/31

.........

6,215,000

6,284,844

Roanoke

Economic

Development

Authority

,

Carilion

Clinic

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/01/51

.......................................

4,000,000

4,010,336

Salem

Economic

Development

Authority

,

Roanoke

College

,

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/49

......................................................

925,000

938,554

Stafford

County

&

Staunton

Industrial

Development

Authority

,

Revenue

,

2007

E

,

AGMC

Insured

,

5

%

,

8/01/37

...............................................

960,000

960,526

Virginia

Beach

Development

Authority

,

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

9/01/40

............................................

1,750,000

1,783,975

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

9/01/44

............................................

2,215,000

2,241,222

Virginia

College

Building

Authority

,

Revenue

,

2016

A

,

5

%

,

9/01/27

........................................

3,925,000

4,071,840

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

9/01/27

............................

75,000

77,793

Commonwealth

of

Virginia

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

2/01/30

..........

7,000,000

7,046,607

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

1/15/39

...........

795,000

713,116

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

2.25

%

,

1/15/40

........

450,000

340,909

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

1/15/41

...........

500,000

437,060

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

1/15/46

...........

1,100,000

874,124

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

1/15/51

...........

1,750,000

1,310,854

Regent

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

6/01/36

..................

2,750,000

2,702,685

Regent

University

,

Revenue

,

2021

,

Refunding

,

3

%

,

6/01/41

..................

4,800,000

3,950,747

Regent

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

6/01/46

..................

3,725,000

3,381,330

Virginia

Commonwealth

Transportation

Board

,

Revenue

,

2016

,

5

%

,

9/15/30

.........................................

2,260,000

2,337,893

Revenue

,

2016

,

5

%

,

9/15/31

.........................................

4,000,000

4,130,100

Commonwealth

of

Virginia

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/36

............

5,000,000

5,262,637

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

191

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Virginia

Commonwealth

Transportation

Board,

(continued)

Commonwealth

of

Virginia

,

Revenue

,

2023

,

4

%

,

5/15/45

....................

$

2,000,000

$

2,032,318

Virginia

Housing

Development

Authority

,

Revenue

,

2024

A

,

4.45

%

,

9/01/44

........

3,000,000

3,049,650

Virginia

Public

Building

Authority

,

Commonwealth

of

Virginia

,

Revenue

,

2019

A

,

4

%

,

8/01/35

.........................................................

1,250,000

1,290,110

Virginia

Public

School

Authority

,

Revenue

,

2018

B

,

5

%

,

8/01/30

........................................

5,280,000

5,702,057

County

of

Prince

William

,

Revenue

,

2018

,

4

%

,

3/01/33

......................

5,795,000

5,992,932

County

of

Prince

William

,

Revenue

,

2024

,

4

%

,

10/01/41

.....................

5,595,000

5,787,039

Virginia

Resources

Authority

,

Revenue

,

Pre-Refunded

,

5

%

,

11/01/38

..................................

3,195,000

3,253,302

Revenue

,

2018

C

,

Refunding

,

5

%

,

11/01/48

..............................

7,655,000

8,015,990

Virginia

Small

Business

Financing

Authority

,

95

Express

Lanes

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

1/01/48

.....

7,000,000

6,513,293

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

12/01/49

.....

5,000,000

4,918,553

Capital

Beltway

Express

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

5

%

,

12/31/57

6,000,000

6,254,858

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

1/01/38

........................................................

3,820,000

3,807,026

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

1/01/40

........................................................

3,680,000

3,600,563

I-66

Express

Mobility

Partners

LLC

,

Revenue,

Senior

Lien

,

2017

,

5

%

,

12/31/47

...

5,000,000

5,062,456

I-66

Express

Mobility

Partners

LLC

,

Revenue,

Senior

Lien

,

2017

,

5

%

,

12/31/52

...

4,600,000

4,642,964

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/36

...

1,000,000

1,001,347

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/41

...

2,500,000

2,407,289

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/51

...

7,500,000

6,797,527

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.5

%

,

12/01/54

4,000,000

4,256,706

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

1/01/37

....................................................

2,750,000

2,755,622

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

1/01/51

....................................................

2,250,000

2,084,551

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/01/37

...

4,000,000

4,116,375

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/01/38

...

2,000,000

2,054,559

Williamsburg

Economic

Development

Authority

,

Provident

Group

-

Williamsburg

Properties

LLC

,

Revenue

,

2023

A

,

AGMC

Insured

,

4.125

%

,

7/01/58

............

2,000,000

2,003,548

Winchester

Economic

Development

Authority

,

Valley

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

1/01/44

.................................

5,000,000

5,040,502

333,347,237

Washington

0.3%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,200,000

1,055,382

Wisconsin

0.5%

a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,200,000

1,012,920

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

1,000,000

1,034,597

2,047,517

U.S.

Territories

10.8%

District

of

Columbia

8.1%

Metropolitan

Washington

Airports

Authority

,

Aviation

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/46

.......................

5,000,000

5,248,551

Aviation

,

Revenue

,

2023

A

,

Refunding

,

5.25

%

,

10/01/48

.....................

4,000,000

4,311,735

Aviation

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

10/01/49

.....................

2,000,000

2,168,110

Aviation

,

Revenue

,

2024

A

,

Refunding

,

5.5

%

,

10/01/54

......................

1,000,000

1,100,462

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.

192

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

,

Dedicated

,

Revenue

,

2020

A

,

5

%

,

7/15/45

...............................

$

3,145,000

$

3,351,876

Dedicated

,

Revenue

,

2021

A

,

5

%

,

7/15/41

...............................

7,530,000

8,215,810

Dedicated

,

Revenue

,

2021

A

,

5

%

,

7/15/46

...............................

2,000,000

2,145,392

Dedicated

,

Revenue

,

2023

A

,

5

%

,

7/15/43

...............................

2,500,000

2,753,399

Dedicated

,

Revenue

,

2023

A

,

4.125

%

,

7/15/47

............................

1,975,000

1,999,001

Dedicated

,

Revenue,

Second

Lien

,

2024

A

,

5

%

,

7/15/56

.....................

2,000,000

2,173,320

33,467,656

Puerto

Rico

2.7%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

..................

1,314,400

1,276,373

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,700,000

1,698,979

c

Revenue

,

WW

,

5.5

%

,

7/01/38

.........................................

1,040,000

478,400

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

452,773

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/37

..

200,000

191,095

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

................................

6,400,000

6,406,054

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

500,000

502,257

11,005,931

Total

U.S.

Territories

....................................................................

44,473,587

Total

Municipal

Bonds

(Cost

$

413,472,781

)

.....................................

403,632,626

Shares

Escrows

and

Litigation

Trusts

0.0%

†

d

,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

149,352

119,482

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

119,482

Total

Long

Term

Investments

(Cost

$

413,472,781

)

...............................

403,752,108

a

a

a

a

a

Short

Term

Investments

0.2%

Principal

Amount

Municipal

Bonds

0.2%

Virginia

0.2%

f

Winchester

Economic

Development

Authority

,

Valley

Health

Obligated

Group

,

Revenue

,

2024

B-1

,

Refunding

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

3.2

%

,

1/01/54

.........................................................

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

$

414,272,781

)

97.7

%

...................................

$404,552,108

Other

Assets,

less

Liabilities

2.3

%

.............................................

9,427,356

Net

Assets

100.0%

...........................................................

$413,979,464

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

193

See

Abbreviations

on

page

203

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2024,

the

aggregate

value

of

these

securities

was

$11,647,298,

representing

2.8%

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

Non-income

producing.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

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

Notes

to

Schedules

of

Investments

(unaudited)

194

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. Securities

Purchased

on

a Forward

Commitment

Basis

Certain

or

all

Funds may

purchase

securities

on

a

forward

commitment

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Funds

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, they

may

sell

the

securities

before

the

settlement

date. These

types

of

securities

may

be

considered

unfunded

and

the

Fund

may

be

obligated

to

perform

on

such

agreements

at

a

future

date.

At

November

30,

2024,

unfunded

commitments

were

as

follows:

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

195

Quarterly

Schedules

of

Investments

4.

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

Borrower

Unfunded

Commitment

Franklin

Georgia

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

$

255,064

B-2,

7.125%,

7/01/59

1,238,735

$1,493,799

Franklin

High

Yield

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

13,844,543

B-2,

7.125%,

7/01/59

67,236,779

$81,081,322

Franklin

Louisiana

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

96,071

B-2,

7.125%,

7/01/59

466,572

$562,643

Franklin

Maryland

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

222,188

B-2,

7.125%,

7/01/59

1,079,067

$1,301,255

Franklin

Missouri

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

527,626

B-2,

7.125%,

7/01/59

2,562,442

$3,090,068

Franklin

New

Jersey

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

444,374

B-2,

7.125%,

7/01/59

2,158,134

$2,602,508

Franklin

North

Carolina

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

462,937

B-2,

7.125%,

7/01/59

2,248,276

$2,711,213

Franklin

Oregon

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

791,038

B-2,

7.125%,

7/01/59

3,841,715

$4,632,753

Franklin

Pennsylvania

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

581,479

B-2,

7.125%,

7/01/59

2,823,988

$3,405,467

Franklin

Virginia

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

330,490

B-2,

7.125%,

7/01/59

1,605,043

$1,935,533

3. Securities

Purchased

on

a Forward

Commitment

Basis

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

196

Quarterly

Schedules

of

Investments

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

November

30,

2024,

investments

in

affiliated

management

investment

companies

were

as

follows: 

5. 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)

    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

...................

$50,865,750

$—

$(18,523,490)

$(2,709,823)

$3,008,623

$32,641,060

1,340,000

$1,189,603

Total

Affiliated

Securities

...

$50,865,750

$—

$(18,523,490)

$(2,709,823)

$3,008,623

$32,641,060

$1,189,603

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Municipal

Green

Bond

ETF

...................

$37,277,500

$—

$—

$—

$478,950

$37,756,450

1,550,000

$1,047,552

Total

Affiliated

Securities

...

$37,277,500

$—

$—

$—

$478,950

$37,756,450

$1,047,552

Franklin

High

Yield

Tax-Free

Income

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Dynamic

Municipal

Bond

ETF

...................

$42,734,250

$—

$(43,291,007)

$(2,066,731)

$2,623,488

$—

—

$890,795

Total

Affiliated

Securities

...

$42,734,250

$—

$(43,291,007)

$(2,066,731)

$2,623,488

$—

$890,795

4.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

197

Quarterly

Schedules

of

Investments

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

November

30,

2024,

in

valuing

the

Funds'

assets

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Alabama

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

$

—

$

—

$

513,742

$

513,742

Municipal

Bonds

.........................

—

181,733,681

—

181,733,681

Total

Investments

in

Securities

...........

$—

$181,733,681

$513,742

$182,247,423

Franklin

Arizona

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

—

693,552,768

—

693,552,768

Short

Term

Investments

...................

—

4,300,000

—

4,300,000

Total

Investments

in

Securities

...........

$—

$697,852,768

$—

$697,852,768

Franklin

Colorado

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

1,438,478

1,438,478

Municipal

Bonds

.........................

—

484,280,035

—

484,280,035

Short

Term

Investments

...................

—

3,600,000

—

3,600,000

Total

Investments

in

Securities

...........

$—

$487,880,035

$1,438,478

$489,318,513

Franklin

Connecticut

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

—

140,254,737

—

140,254,737

Short

Term

Investments

...................

—

1,100,000

—

1,100,000

Total

Investments

in

Securities

...........

$—

$141,354,737

$—

$141,354,737

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Management

Investment

Companies

.........

32,641,060

—

—

32,641,060

Municipal

Bonds

.........................

—

2,063,243,311

—

2,063,243,311

Short

Term

Investments

...................

—

23,490,000

—

23,490,000

Total

Investments

in

Securities

...........

$32,641,060

$2,086,733,311

$—

$2,119,374,371

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Management

Investment

Companies

.........

37,756,450

—

—

37,756,450

Corporate

Bonds

........................

—

—

3,847,413

3,847,413

Senior

Floating

Rate

Interests

...............

—

25,353,632

12,105,950

37,459,582

Municipal

Bonds

.........................

—

754,804,729

—

754,804,729

Short

Term

Investments

...................

—

50,320,000

—

50,320,000

Total

Investments

in

Securities

...........

$37,756,450

$830,478,361

$15,953,363

$884,188,174

Franklin

Georgia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

924,736

924,736

Municipal

Bonds

.........................

—

301,893,080

—

301,893,080

Escrows

and

Litigation

Trusts

...............

—

—

92,253

92,253

Total

Investments

in

Securities

...........

$—

$301,893,080

$1,016,989

$302,910,069

5. Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

198

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

Assets:

(continued)

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$60,898

$60,898

Total

Other

Financial

Instruments

.........

$—

$—

$60,898

$60,898

Franklin

High

Yield

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks

.........................

$

—

$

—

$

—

b

$

—

Management

Investment

Companies

.........

153,150,000

—

—

153,150,000

Corporate

Bonds

:

Commercial

Services

&

Supplies

...........

—

—

22,237,850

22,237,850

Diversified

Consumer

Services

............

—

88,840,510

—

88,840,510

Electric

Utilities

........................

—

15,039,186

—

15,039,186

Senior

Floating

Rate

Interests

...............

—

—

195,864

b

195,864

Municipal

Bonds

:

Alabama

.............................

—

6,379,824

—

6,379,824

Arizona

..............................

—

94,075,466

—

94,075,466

Arkansas

.............................

—

27,730,962

—

27,730,962

California

.............................

—

1,000,212,507

702,561

1,000,915,068

Colorado

.............................

—

255,360,813

—

255,360,813

Connecticut

...........................

—

27,653,287

—

27,653,287

Florida

...............................

—

878,103,934

—

878,103,934

Georgia

..............................

—

43,683,381

—

43,683,381

Idaho

................................

—

13,330,532

—

13,330,532

Illinois

...............................

—

105,872,635

—

105,872,635

Indiana

..............................

—

23,803,014

—

23,803,014

Iowa

................................

—

12,381,493

—

12,381,493

Kansas

..............................

—

1,337,211

—

1,337,211

Kentucky

.............................

—

17,638,131

—

17,638,131

Louisiana

.............................

—

66,029,936

—

66,029,936

Maryland

.............................

—

11,097,665

—

11,097,665

Massachusetts

........................

—

2,340,633

—

2,340,633

Michigan

.............................

—

21,435,354

—

21,435,354

Minnesota

............................

—

4,236,361

—

4,236,361

Mississippi

............................

—

17,785,196

—

17,785,196

Missouri

..............................

—

13,725,410

—

13,725,410

Nevada

..............................

—

49,999,208

—

49,999,208

New

Hampshire

........................

—

10,373,422

—

10,373,422

New

Jersey

...........................

—

63,603,972

—

63,603,972

New

Mexico

...........................

—

2,157,897

—

2,157,897

New

York

.............................

—

153,969,603

—

153,969,603

North

Dakota

..........................

—

6,681,300

—

6,681,300

Ohio

................................

—

146,106,382

—

146,106,382

Oklahoma

............................

—

7,606,150

—

7,606,150

Oregon

..............................

—

15,821,121

—

15,821,121

Pennsylvania

..........................

—

111,253,847

—

111,253,847

South

Carolina

.........................

—

72,613,430

—

72,613,430

South

Dakota

..........................

—

8,610,644

—

8,610,644

Tennessee

............................

—

68,598,211

—

68,598,211

Texas

...............................

—

575,023,119

—

575,023,119

Utah

................................

—

19,811,585

—

19,811,585

Virginia

..............................

—

18,821,668

—

18,821,668

Washington

...........................

—

68,482,652

—

68,482,652

West

Virginia

..........................

—

3,249,634

—

3,249,634

Wisconsin

............................

—

132,127,475

—

132,127,475

5. Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

199

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Assets:

(continued)

U.S.

Territories

..........................

District

of

Columbia

.....................

$

—

$

44,875,635

$

—

$

44,875,635

Pacific

Islands

.........................

—

5,499,096

—

5,499,096

Puerto

Rico

...........................

—

325,943,927

—

325,943,927

Escrows

and

Litigation

Trusts

...............

—

—

4,927,366

4,927,366

Short

Term

Investments

...................

—

133,625,000

—

133,625,000

Total

Investments

in

Securities

...........

$153,150,000

$4,792,948,419

$28,063,641

$4,974,162,060

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$3,305,474

$3,305,474

Total

Other

Financial

Instruments

.........

$—

$—

$3,305,474

$3,305,474

Franklin

Louisiana

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

—

249,628,884

—

249,628,884

Escrows

and

Litigation

Trusts

...............

—

—

34,747

34,747

Short

Term

Investments

...................

—

2,200,000

—

2,200,000

Total

Investments

in

Securities

...........

$—

$251,828,884

$34,747

$251,863,631

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$22,938

$22,938

Total

Other

Financial

Instruments

.........

$—

$—

$22,938

$22,938

Franklin

Maryland

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

—

302,480,597

—

302,480,597

Escrows

and

Litigation

Trusts

...............

—

—

80,264

80,264

Short

Term

Investments

...................

—

2,900,000

—

2,900,000

Total

Investments

in

Securities

...........

$—

$305,380,597

$80,264

$305,460,861

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$53,049

$53,049

Total

Other

Financial

Instruments

.........

$—

$—

$53,049

$53,049

Franklin

Massachusetts

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

924,736

924,736

Senior

Floating

Rate

Interests

...............

—

—

1,002,925

1,002,925

Municipal

Bonds

.........................

—

266,202,146

—

266,202,146

Short

Term

Investments

...................

—

300,000

—

300,000

Total

Investments

in

Securities

...........

$—

$266,502,146

$1,927,661

$268,429,807

Franklin

Michigan

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

1,849,472

1,849,472

Municipal

Bonds

.........................

—

674,726,969

—

674,726,969

Short

Term

Investments

...................

—

9,400,000

—

9,400,000

Total

Investments

in

Securities

...........

$—

$684,126,969

$1,849,472

$685,976,441

Franklin

Minnesota

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

—

679,163,886

—

679,163,886

Short

Term

Investments

...................

—

1,000,000

—

1,000,000

Total

Investments

in

Securities

...........

$—

$680,163,886

$—

$680,163,886

5. Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

200

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Missouri

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

$

—

$

658,363,784

$

—

$

658,363,784

Escrows

and

Litigation

Trusts

...............

—

—

190,602

190,602

Short

Term

Investments

...................

—

2,000,000

—

2,000,000

Total

Investments

in

Securities

...........

$—

$660,363,784

$190,602

$660,554,386

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$125,974

$125,974

Total

Other

Financial

Instruments

.........

$—

$—

$125,974

$125,974

Franklin

New

Jersey

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

1,643,975

1,643,975

Municipal

Bonds

.........................

—

703,570,295

—

703,570,295

Escrows

and

Litigation

Trusts

...............

—

—

160,528

160,528

Short

Term

Investments

...................

—

10,600,000

—

10,600,000

Total

Investments

in

Securities

...........

$—

$714,170,295

$1,804,503

$715,974,798

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$106,096

$106,096

Total

Other

Financial

Instruments

.........

$—

$—

$106,096

$106,096

Franklin

North

Carolina

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

1,643,975

1,643,975

Municipal

Bonds

.........................

—

565,764,311

—

565,764,311

Escrows

and

Litigation

Trusts

...............

—

—

167,437

167,437

Short

Term

Investments

...................

—

6,175,000

—

6,175,000

Total

Investments

in

Securities

...........

$—

$571,939,311

$1,811,412

$573,750,723

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$110,529

$110,529

Total

Other

Financial

Instruments

.........

$—

$—

$110,529

$110,529

Franklin

Ohio

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

3,287,949

3,287,949

Municipal

Bonds

.........................

—

998,245,508

—

998,245,508

Short

Term

Investments

...................

—

14,550,000

—

14,550,000

Total

Investments

in

Securities

...........

$—

$1,012,795,508

$3,287,949

$1,016,083,457

Franklin

Oregon

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

2,568,711

2,568,711

Municipal

Bonds

.........................

—

860,459,313

—

860,459,313

Escrows

and

Litigation

Trusts

...............

—

—

286,106

286,106

Short

Term

Investments

...................

—

3,200,000

—

3,200,000

Total

Investments

in

Securities

...........

$—

$863,659,313

$2,854,817

$866,514,130

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$188,866

$188,866

Total

Other

Financial

Instruments

.........

$—

$—

$188,866

$188,866

5. Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

201

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

November

30,

2024,

the

reconciliation

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Pennsylvania

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

$

—

$

—

$

2,054,969

$

2,054,969

Municipal

Bonds

.........................

—

657,437,069

—

657,437,069

Escrows

and

Litigation

Trusts

...............

—

—

210,312

210,312

Short

Term

Investments

...................

—

6,500,000

—

6,500,000

Total

Investments

in

Securities

...........

$—

$663,937,069

$2,265,281

$666,202,350

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$138,832

$138,832

Total

Other

Financial

Instruments

.........

$—

$—

$138,832

$138,832

Franklin

Virginia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

—

403,632,626

—

403,632,626

Escrows

and

Litigation

Trusts

...............

—

—

119,482

119,482

Short

Term

Investments

...................

—

800,000

—

800,000

Total

Investments

in

Securities

...........

$—

$404,432,626

$119,482

$404,552,108

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$78,906

$78,906

Total

Other

Financial

Instruments

.........

$—

$—

$78,906

$78,906

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

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:

Corporate

Bonds

:

United

States

.

$

—

$

3,731,991

$

—

$

—

$

—

$

39,059

$

—

$

76,363

$

3,847,413

$

76,363

Senior

Floating

Rate

Interests

:

United

States

.

16,059,282

—

(3,893,222)

—

—

—

—

(60,110)

12,105,950

(59,355)

Total

Investments

in

Securities

.......

$16,059,282

$3,731,991

$(3,893,222)

$—

$—

$39,059

$—

$16,253

$15,953,363

$17,008

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

5. Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

202

Quarterly

Schedules

of

Investments

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

November

30,

2024,

are

as

follows:

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.

b

Includes

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

May

also

include

values

derived

using

recent

transactions,

private

transaction

prices

or

non-public

third-party

pricing

information

which

is

unobservable.

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:

Residential

REITs

...............

$12,105,950

Discounted

cash

flow

Yield

5.3%

Decrease

All

Other

Investments

.............

 3,847,413

b

Total

..........................

$15,953,363

5. Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

203

Quarterly

Schedules

of

Investments

Abbreviations

Selected

Portfolio

AGMC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

BHAC

Berkshire

Hathaway

Assurance

Corp.

CME

Chicago

Mercantile

Exchange

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

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

PIK

Payment-In-Kind

PSF

Permanent

School

Fund

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

SPA

Standby

Purchase

Agreement

TSOF

Term

SOFR

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.