ThZeal - The Zeal

(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.27

$11.02

$11.82

$12.22

$12.39

$11.98

Income

from

investment

operations

Net

investment

income

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

0.16

0.30

0.26

0.23

0.26

0.27

Net

realized

and

unrealized

gains

(losses)

0.06

0.25

(0.82)

(0.40)

(0.17)

0.43

Total

from

investment

operations

........

0.22

0.55

(0.56)

(0.17)

0.09

0.70

Less

distributions

from:

Net

investment

income

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

(0.16)

(0.30)

(0.24)

(0.23)

(0.26)

(0.29)

Net

asset

value,

end

period

..........

$11.33

$11.27

$11.02

$11.82

$12.22

$12.39

Total

return

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

1.97%

5.05%

(4.70)%

(1.42)%

0.72%

5.92%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.80%

0.81%

0.83%

0.80%

0.81%

Expenses

net

waiver

and

payments

affiliates

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

0.70%

0.71%

0.70%

0.71%

Net

investment

income

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

2.82%

2.70%

2.31%

1.89%

2.09%

2.28%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$641,925

$667,503

$707,816

$754,463

$629,566

$407,125

Portfolio

turnover

rate

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

8.20%

16.21%

24.76%

22.05%

18.84%

14.78%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.26

$11.01

$11.81

$12.21

$12.38

$11.96

Income

from

investment

operations

Net

investment

income

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

0.17

0.32

0.27

0.25

0.28

0.30

Net

realized

and

unrealized

gains

(losses)

0.05

0.24

(0.81)

(0.40)

(0.17)

0.43

Total

from

investment

operations

........

0.22

0.56

(0.54)

(0.15)

0.11

0.73

Less

distributions

from:

Net

investment

income

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

(0.17)

(0.31)

(0.26)

(0.25)

(0.28)

(0.31)

Net

asset

value,

end

period

..........

$11.31

$11.26

$11.01

$11.81

$12.21

$12.38

Total

return

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

1.96%

5.22%

(4.56)%

(1.27)%

0.87%

6.17%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.66%

0.68%

0.65%

0.66%

Expenses

net

waiver

and

payments

affiliates

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

0.55%

0.56%

0.55%

0.56%

Net

investment

income

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

2.97%

2.85%

2.45%

2.05%

2.26%

2.43%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$675,334

$730,605

$864,508

$1,265,052

$1,403,417

$1,516,009

Portfolio

turnover

rate

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

8.20%

16.21%

24.76%

22.05%

18.84%

14.78%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.29

$11.05

$11.85

$12.24

$12.42

$12.00

Income

from

investment

operations

Net

investment

income

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

0.14

0.25

0.21

0.18

0.21

0.23

Net

realized

and

unrealized

gains

(losses)

0.06

0.24

(0.81)

(0.39)

(0.18)

0.43

Total

from

investment

operations

........

0.20

0.49

(0.60)

(0.21)

0.03

0.66

Less

distributions

from:

Net

investment

income

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

(0.14)

(0.25)

(0.20)

(0.18)

(0.21)

(0.24)

Net

asset

value,

end

period

..........

$11.35

$11.29

$11.05

$11.85

$12.24

$12.42

Total

return

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

1.76%

4.53%

(5.07)%

(1.73)%

0.24%

5.58%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.20%

1.21%

1.23%

1.20%

1.21%

Expenses

net

waiver

and

payments

affiliates

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

1.10%

1.11%

1.10%

1.11%

Net

investment

income

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

2.41%

2.29%

1.88%

1.50%

1.72%

1.88%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$24,181

$28,661

$42,983

$67,008

$121,312

$203,994

Portfolio

turnover

rate

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

8.20%

16.21%

24.76%

22.05%

18.84%

14.78%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.29

$11.04

$11.84

$12.24

$12.41

$11.99

Income

from

investment

operations

Net

investment

income

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

0.18

0.33

0.29

0.27

0.30

0.32

Net

realized

and

unrealized

gains

(losses)

0.05

0.25

(0.81)

(0.40)

(0.18)

0.43

Total

from

investment

operations

........

0.23

0.58

(0.52)

(0.13)

0.12

0.75

Less

distributions

from:

Net

investment

income

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

(0.18)

(0.33)

(0.28)

(0.27)

(0.29)

(0.33)

Net

asset

value,

end

period

..........

$11.34

$11.29

$11.04

$11.84

$12.24

$12.41

Total

return

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

2.04%

5.36%

(4.40)%

(1.12)%

1.03%

6.33%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.51%

0.53%

0.50%

Expenses

net

waiver

and

payments

affiliates

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

0.40%

Net

investment

income

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

3.12%

3.00%

2.60%

2.19%

2.41%

2.59%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$125,971

$127,665

$135,524

$257,641

$414,751

$410,541

Portfolio

turnover

rate

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

8.20%

16.21%

24.76%

22.05%

18.84%

14.78%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.28

$11.04

$11.84

$12.24

$12.41

$11.99

Income

from

investment

operations

Net

investment

income

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

0.17

0.33

0.28

0.26

0.29

0.31

Net

realized

and

unrealized

gains

(losses)

0.06

0.24

(0.81)

(0.40)

(0.17)

0.43

Total

from

investment

operations

........

0.23

0.57

(0.53)

(0.14)

0.12

0.74

Less

distributions

from:

Net

investment

income

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

(0.17)

(0.33)

(0.27)

(0.26)

(0.29)

(0.32)

Net

asset

value,

end

period

..........

$11.34

$11.28

$11.04

$11.84

$12.24

$12.41

Total

return

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

2.10%

5.21%

(4.45)%

(1.17)%

0.97%

6.27%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.55%

0.56%

0.58%

0.55%

0.56%

Expenses

net

waiver

and

payments

affiliates

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

0.45%

0.46%

0.45%

0.46%

Net

investment

income

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

3.07%

2.95%

2.53%

2.14%

2.36%

2.53%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$664,373

$644,787

$633,982

$1,126,152

$1,153,049

$1,277,185

Portfolio

turnover

rate

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

8.20%

16.21%

24.76%

22.05%

18.84%

14.78%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Value

Management

Investment

Companies

1.7%

Capital

Markets

1.7%

Franklin

Municipal

Green

Bond

ETF

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

1,515,000

36,511,500

Total

Management

Investment

Companies

(Cost

41,161,812

)

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

36,511,500

Principal

Amount

Municipal

Bonds

97.2%

Alabama

5.2%

Black

Belt

Energy

Gas

District

Revenue

2022

Mandatory

Put

6/01/28

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

7,000,000

7,319,164

Revenue

2022

Mandatory

Put

5.5

12/01/28

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

6,970,000

7,425,627

Revenue

2023

B-2

Mandatory

Put

5.25

12/01/30

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

14,000,000

15,182,803

Chatom

Industrial

Development

Board

PowerSouth

Energy

Cooperative

Revenue

2020

Refunding

AGMC

Insured

8/01/28

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

500,000

536,107

PowerSouth

Energy

Cooperative

Revenue

2020

Refunding

AGMC

Insured

8/01/29

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

485,000

527,117

PowerSouth

Energy

Cooperative

Revenue

2020

Refunding

AGMC

Insured

8/01/30

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

425,000

467,153

County

Jefferson

Sewer

Revenue

2024

Refunding

10/01/33

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

5,000,000

5,657,221

Energy

Southeast

Cooperative

District

Revenue

2023

A-1

Mandatory

Put

5.5

1/01/31

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

8,570,000

9,348,313

Revenue

2023

B-1

Mandatory

Put

5.75

11/01/31

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

6,000,000

6,688,147

Revenue

2024

Mandatory

Put

5.25

6/01/32

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

7,000,000

7,612,708

Health

Care

Authority

the

City

Huntsville

(The)

Health

Care

Authority

City

Huntsville

(The)

Obligated

Group

Revenue

2020

6/01/39

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

2,250,000

2,262,575

Infirmary

Health

System

Special

Care

Facilities

Financing

Authority

Mobile

Infirmary

Health

System

Obligated

Group

Revenue

2016

2/01/27

.......

4,920,000

5,033,780

Infirmary

Health

System

Obligated

Group

Revenue

2016

2/01/28

.......

5,000,000

5,115,585

Madison

City

Board

Education

Special

Tax

2019

2/01/33

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

2,855,000

2,963,356

Special

Tax

2019

2/01/34

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

2,970,000

3,064,344

Special

Tax

2019

2/01/35

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

3,095,000

3,173,111

Special

Tax

2019

2/01/37

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

3,350,000

3,400,172

Southeast

Alabama

Gas

Supply

District

(The)

Revenue

2024

Refunding

Mandatory

Put

4/01/32

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

4,000,000

4,315,414

Southeast

Energy

Authority

Cooperative

District

Revenue

2022

A-1

Mandatory

Put

5.5

12/01/29

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

4,585,000

4,967,794

Revenue

2022

B-2

Mandatory

Put

5.375

8/01/28

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

15,000,000

15,344,214

110,404,705

Alaska

0.1%

Alaska

Municipal

Bond

Bank

Authority

Revenue

2020

Refunding

12/01/35

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

1,710,000

1,752,023

Revenue

2020

Refunding

12/01/37

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

1,305,000

1,324,050

3,076,073

Arizona

3.3%

Arizona

Industrial

Development

Authority

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2019

11/01/29

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

1,100,000

1,186,173

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2019

11/01/30

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

600,000

645,034

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2019

11/01/31

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

630,000

675,742

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2019

11/01/32

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

1,000,000

1,071,542

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Arizona

(continued)

Arizona

Industrial

Development

Authority,

(continued)

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2019

11/01/35

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

1,115,000

1,186,747

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2019

11/01/36

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

1,250,000

1,324,756

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2019

11/01/37

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

1,050,000

1,109,260

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2020

11/01/37

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

1,105,000

1,123,770

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2020

11/01/38

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

600,000

607,710

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2022

11/01/41

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

6,000,000

6,032,342

KIPP

NYC

Public

Charter

Schools

Revenue

2021

7/01/27

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

55,000

57,557

KIPP

NYC

Public

Charter

Schools

Revenue

2021

7/01/28

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

60,000

63,598

KIPP

NYC

Public

Charter

Schools

Revenue

2021

7/01/29

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

60,000

64,431

KIPP

NYC

Public

Charter

Schools

Revenue

2021

7/01/30

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

65,000

70,412

KIPP

NYC

Public

Charter

Schools

Revenue

2021

7/01/31

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

70,000

76,298

KIPP

NYC

Public

Charter

Schools

Revenue

2021

7/01/27

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

160,000

164,882

KIPP

NYC

Public

Charter

Schools

Revenue

2021

7/01/28

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

170,000

175,329

KIPP

NYC

Public

Charter

Schools

Revenue

2021

7/01/29

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

160,000

164,980

KIPP

NYC

Public

Charter

Schools

Revenue

2021

7/01/30

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

185,000

190,488

KIPP

NYC

Public

Charter

Schools

Revenue

2021

7/01/31

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

195,000

200,454

Phoenix

Children's

Hospital

Obligated

Group

Revenue

2020

2/01/35

.....

500,000

545,547

Phoenix

Children's

Hospital

Obligated

Group

Revenue

2020

2/01/36

.....

750,000

814,678

Phoenix

Children's

Hospital

Obligated

Group

Revenue

2020

2/01/37

.....

600,000

649,118

Phoenix

Children's

Hospital

Obligated

Group

Revenue

2020

2/01/38

.....

1,000,000

1,078,365

Phoenix

Children's

Hospital

Obligated

Group

Revenue

2020

2/01/39

.....

1,200,000

1,075,027

City

Mesa

Utility

System

Revenue

2016

Refunding

7/01/29

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

2,500,000

2,605,450

City

Phoenix

Civic

Improvement

Corp.

Airport

Revenue,

Junior

Lien

2017

Refunding

7/01/30

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

10,000,000

10,568,190

Airport

Revenue,

Junior

Lien

2019

7/01/35

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

7,500,000

7,955,033

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

Revenue

2019

7/01/35

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

3,340,000

3,573,690

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

Revenue

2019

7/01/36

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

6,380,000

6,801,192

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

Revenue

2019

7/01/39

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

6,365,000

6,726,062

Glendale

Industrial

Development

Authority

Midwestern

University

Foundation

Revenue

2020

Refunding

5/15/30

......

525,000

583,035

Midwestern

University

Foundation

Revenue

2020

Refunding

5/15/31

......

425,000

470,705

Midwestern

University

Foundation

Revenue

2020

Refunding

5/15/32

......

525,000

579,255

Industrial

Development

Authority

the

County

Pima

(The)

Posada

Park

Centre,

Inc.

Obligated

Group

Revenue

144A,

2022

B-3

5.125

11/15/29

......

3,000,000

3,029,520

Maricopa

County

Industrial

Development

Authority

HonorHealth

Obligated

Group

Revenue

2019

Refunding

9/01/30

.......

850,000

908,798

HonorHealth

Obligated

Group

Revenue

2019

Refunding

9/01/31

.......

1,000,000

1,066,741

HonorHealth

Obligated

Group

Revenue

2019

Refunding

9/01/32

.......

1,000,000

1,064,846

HonorHealth

Obligated

Group

Revenue

2019

Refunding

9/01/33

.......

800,000

850,867

Scottsdale

Municipal

Property

Corp.

City

Scottsdale

Excise

Tax

Revenue

2015

Pre-Refunded

7/01/28

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

2,325,000

2,368,226

69,505,850

Arkansas

0.6%

Arkansas

Development

Finance

Authority

Baptist

Memorial

Health

Care

Obligated

Group

Revenue

2020

B-1

Refunding

9/01/35

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

4,630,000

4,820,378

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Arkansas

(continued)

Arkansas

Development

Finance

Authority,

(continued)

Baptist

Memorial

Health

Care

Obligated

Group

Revenue

2020

B-1

Refunding

9/01/36

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

3,625,000

3,758,336

Baptist

Memorial

Health

Care

Obligated

Group

Revenue

2020

B-1

Refunding

9/01/37

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

1,250,000

1,292,734

Baptist

Memorial

Health

Care

Obligated

Group

Revenue

2020

B-1

Refunding

9/01/38

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

1,000,000

1,030,713

Baptist

Memorial

Health

Care

Obligated

Group

Revenue

2020

B-1

Refunding

9/01/39

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

1,000,000

1,026,788

11,928,949

California

6.7%

Bay

Area

Toll

Authority

Revenue

2017

S-7

Refunding

4/01/31

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

7,000,000

7,156,619

Revenue

2017

S-7

Refunding

4/01/33

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

5,000,000

5,090,399

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

Revenue

2024

AGMC

Insured

7/01/54

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

4,900,000

4,772,182

California

Community

Choice

Financing

Authority

Revenue

2021

B-1

Mandatory

Put

8/01/31

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

5,000,000

5,086,356

Revenue

2023

Mandatory

Put

5.25

10/01/31

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

11,000,000

11,807,447

California

Community

Housing

Agency

Aster

Apartments

Revenue,

Junior

Lien

144A,

2021

A-2

2/01/43

..........

6,885,000

6,350,314

Fountains

Emerald

Park

Revenue,

Junior

Lien

144A,

2021

A-2

8/01/46

...

6,485,000

5,642,933

California

Statewide

Communities

Development

Authority

Emanate

Health

Obligated

Group

Revenue

2020

4/01/35

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

1,300,000

1,411,936

Emanate

Health

Obligated

Group

Revenue

2020

4/01/37

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

700,000

707,547

Emanate

Health

Obligated

Group

Revenue

2020

4/01/38

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

1,350,000

1,359,540

Southern

California

Edison

Co.

Revenue

2010

Refunding

1.75

9/01/29

....

5,000,000

4,518,322

City

Riverside

Sewer

Revenue

2015

Refunding

8/01/34

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

10,605,000

10,790,055

Sewer

Revenue

2015

Refunding

8/01/35

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

11,000,000

11,187,804

CMFA

Special

Finance

Agency

VII

Breakwater

Apartments

(The)

Revenue

144A,

2021

A-2

8/01/47

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

5,495,000

4,650,504

CMFA

Special

Finance

Agency

VIII

Elan

Huntington

Beach

Revenue,

Junior

Lien

144A,

2021

A-2

8/01/47

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

5,000,000

4,453,976

County

Riverside

Revenue

2020

2.667

2/15/25

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

8,000,000

7,918,798

CSCDA

Community

Improvement

Authority

Waterscape

Apartments

Revenue

144A,

2021

9/01/46

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

4,825,000

4,128,074

Golden

State

Tobacco

Securitization

Corp.

Revenue

2021

B-1

Refunding

3.85

6/01/50

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

3,710,000

3,500,835

Los

Angeles

Department

Water

Power

System

Revenue

2017

Refunding

7/01/31

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

8,220,000

8,627,140

Power

System

Revenue

2017

7/01/32

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

4,615,000

4,879,035

Power

System

Revenue

2017

7/01/33

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

3,960,000

4,177,133

Power

System

Revenue

2017

7/01/34

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

4,080,000

4,299,592

San

Diego

Public

Facilities

Financing

Authority

City

San

Diego

Water

Utility

Revenue

2020

8/01/37

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

1,250,000

1,298,013

San

Francisco

City

County

Airport

Comm-San

Francisco

International

Airport

Revenue,

Second

Series

2023

Refunding

5/01/33

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

15,000,000

16,742,367

Southern

California

Public

Power

Authority

Revenue

FRN

2007

5.161

(

3-month

TSOF

1.645

11/01/38

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

3,000,000

2,864,156

143,421,077

Colorado

3.6%

City

County

Denver

Airport

System

Revenue

2022

Refunding

5.75

11/15/41

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

5,325,000

6,069,870

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Colorado

(continued)

Colorado

Health

Facilities

Authority

Boulder

Community

Health

Obligated

Group

Revenue

2020

Refunding

10/01/29

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

650,000

708,010

Boulder

Community

Health

Obligated

Group

Revenue

2020

Refunding

10/01/30

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

700,000

770,751

Boulder

Community

Health

Obligated

Group

Revenue

2020

Refunding

10/01/32

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

750,000

812,413

Boulder

Community

Health

Obligated

Group

Revenue

2020

Refunding

10/01/33

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

1,000,000

1,082,471

Boulder

Community

Health

Obligated

Group

Revenue

2020

Refunding

10/01/34

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

1,100,000

1,185,261

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-1

Refunding

8/01/31

2,500,000

2,693,754

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-1

Refunding

8/01/37

2,250,000

2,268,978

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-1

Refunding

8/01/39

1,250,000

1,242,060

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-2

Refunding

8/01/32

2,000,000

2,151,143

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-2

Refunding

8/01/33

9,595,000

10,299,932

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-2

Refunding

8/01/36

11,635,000

12,373,135

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-2

Refunding

8/01/38

2,000,000

2,113,494

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-2

Refunding

8/01/39

5,500,000

5,797,974

CommonSpirit

Health

Obligated

Group

Revenue

2022

11/01/40

.........

3,000,000

3,297,741

Fiddlers

Business

Improvement

District

144A,

2022

Refunding

12/01/32

1,000,000

1,039,151

Fort

Carson

Family

Housing

LLC

Revenue

1999

NATL

Insured

7.86

11/15/29

11,790,000

12,533,595

Public

Authority

for

Colorado

Energy

Revenue

2008

6.5

11/15/38

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

4,200,000

5,226,668

Regional

Transportation

District

Denver

Transit

Partners

LLC

Revenue

2020

Refunding

7/15/33

........

1,000,000

1,037,484

Denver

Transit

Partners

LLC

Revenue

2020

Refunding

7/15/35

........

1,400,000

1,431,565

South

Maryland

Creek

Ranch

Metropolitan

District

2023

Refunding

AGMC

Insured

12/01/43

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

1,000,000

1,072,038

Sterling

Ranch

Community

Authority

Board

Sterling

Ranch

Colorado

Metropolitan

District

No.

Revenue

2020

Refunding

3.375

12/01/30

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

500,000

482,478

75,689,966

Connecticut

1.6%

City

Stamford

2019

6/01/35

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

3,025,000

2,950,408

2019

6/01/36

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

3,025,000

2,884,676

Connecticut

State

Health

Educational

Facilities

Authority

Hartford

HealthCare

Obligated

Group

Revenue

2021

7/01/38

..........

2,500,000

2,512,938

Nuvance

Health

Obligated

Group

Revenue

2019

Refunding

7/01/33

.....

5,000,000

5,192,180

Nuvance

Health

Obligated

Group

Revenue

2019

Refunding

7/01/35

.....

250,000

251,212

Nuvance

Health

Obligated

Group

Revenue

2019

Refunding

7/01/36

.....

4,750,000

4,763,454

Sacred

Heart

University,

Inc.

Revenue

7/01/32

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

700,000

766,381

Sacred

Heart

University,

Inc.

Revenue

7/01/33

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

625,000

681,594

Sacred

Heart

University,

Inc.

Revenue

7/01/34

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

725,000

789,594

Stamford

Hospital

Obligated

Group

(The)

Revenue

Refunding

7/01/26

...

200,000

205,899

Stamford

Hospital

Obligated

Group

(The)

Revenue

Refunding

7/01/27

...

250,000

264,186

State

Connecticut

2020

6/01/34

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

1,500,000

1,568,393

Special

Tax

2020

5/01/36

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

3,500,000

3,618,039

University

Connecticut

Revenue

2016

3/15/30

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

3,075,000

3,181,135

Revenue

2016

3/15/31

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

5,025,000

5,193,072

34,823,161

Florida

8.0%

Alachua

County

Health

Facilities

Authority

Shands

Teaching

Hospital

Clinics

Obligated

Group

Revenue

B-1

Refunding

12/01/35

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

2,350,000

2,518,386

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Beach

Community

Development

District

Assessments

Special

Assessment

2024

Refunding

AGMC

Insured

5.25

5/01/44

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

1,400,000

1,503,441

Capital

Projects

Finance

Authority

Provident

Group

Continuum

Properties

LLC

Revenue,

Senior

Lien

2023

A-1

11/01/48

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

2,500,000

2,526,386

Capital

Trust

Agency,

Inc.

Revenue

144A,

2021

A-1

3.65

12/01/36

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

5,345,000

4,725,889

Revenue

144A,

2021

A-2

5.1

12/01/31

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

1,725,000

1,550,417

SHI

Lake

Osborne

LLC

Revenue

144A,

2021

A-1

5.05

7/01/34

..........

855,000

740,269

Capital

Trust

Authority

Gulf

Coast

Portfolio

Obligated

Group

Revenue

144A,

2024

Refunding

Zero

Cpn.,

3/01/29

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

17,700,000

14,045,957

Celebration

Community

Development

District

Special

Assessment

2021

3.125

5/01/41

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

750,000

649,155

Centre

Lake

Community

Development

District

Special

Assessment

2021

2.75

5/01/30

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

255,000

238,248

City

Clearwater

Water

Sewer

Revenue

2017

Refunding

12/01/33

......

5,520,000

5,799,632

City

Gainesville

Utilities

System

Revenue

2017

10/01/30

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

1,500,000

1,588,422

City

Jacksonville

Genesis

Health,

Inc.

Obligated

Group

Revenue

2020

Refunding

11/01/39

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

1,650,000

1,605,890

City

Pompano

Beach

John

Knox

Village

Florida,

Inc.

Obligated

Group

Revenue

2020

Refunding

9/01/40

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

2,500,000

2,377,735

John

Knox

Village

Florida,

Inc.

Obligated

Group

Revenue

2021

B-1

1/01/29

2,245,000

2,242,958

City

Port

St.

Lucie

Utility

System

Revenue

2016

Refunding

9/01/30

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

1,500,000

1,517,105

Utility

System

Revenue

2016

Refunding

9/01/31

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

1,635,000

1,652,612

City

South

Miami

Health

Facilities

Authority,

Inc.

Baptist

Health

South

Florida

Obligated

Group

Revenue

2017

Refunding

8/15/33

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

6,000,000

6,075,634

City

Tampa

Lee

Moffitt

Cancer

Center

Research

Institute

Obligated

Group

Revenue

2020

7/01/38

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

700,000

705,631

Lee

Moffitt

Cancer

Center

Research

Institute

Obligated

Group

Revenue

2020

7/01/39

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

500,000

501,831

Lee

Moffitt

Cancer

Center

Research

Institute

Obligated

Group

Revenue

2020

7/01/40

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

1,000,000

1,065,840

Cordoba

Ranch

Community

Development

District

Assessments

Special

Assessment

2021

Refunding

5/01/37

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

1,000,000

871,377

Cross

Creek

North

Community

Development

District

Special

Assessment

2022

3.75

5/01/32

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

460,000

458,163

Everlands

Community

Development

District

Assessment

Area

Special

Assessment

2024

5.25

6/15/44

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

1,000,000

1,021,408

Florida

Development

Finance

Corp.

Brightline

Trains

Florida

LLC

Revenue

2024

Refunding

AGMC

Insured

7/01/44

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

20,000,000

21,048,328

Forest

Lake

Community

Development

District

Assessment

Area

Special

Assessment

144A,

2020

5/01/40

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

1,270,000

1,256,821

Greater

Orlando

Aviation

Authority

Revenue

2019

10/01/33

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

10,500,000

11,205,822

Revenue

2019

10/01/37

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

8,430,000

8,419,351

Herons

Glen

Recreation

District

Special

Assessment

2020

Refunding

BAM

Insured

5/01/32

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

185,000

178,936

Special

Assessment

2020

Refunding

BAM

Insured

5/01/33

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

300,000

287,380

Special

Assessment

2020

Refunding

BAM

Insured

5/01/34

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

245,000

230,600

Special

Assessment

2020

Refunding

BAM

Insured

5/01/35

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

255,000

237,796

Special

Assessment

2020

Refunding

BAM

Insured

5/01/36

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

260,000

238,595

Knightsbridge

Community

Development

District

Special

Assessment

144A,

2024

4.25

6/15/31

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

215,000

215,856

Lakewood

Ranch

Stewardship

District

Special

Assessment

2024

5.3

5/01/44

...

485,000

493,818

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Lee

Memorial

Health

System

Lee

Memorial

Health

System

Obligated

Group

Revenue

A-1

Refunding

4/01/37

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

5,000,000

5,042,939

Obligated

Group

Revenue

2019

A-1

Refunding

4/01/49

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

12,000,000

11,405,065

Leon

County

Housing

Finance

Authority

Revenue

144A,

2022

A-1

Zero

Cpn.,

5/01/57

6,965,000

6,268,500

Middleton

Community

Development

District

Phase

Special

Assessment

2022

5.45

5/01/32

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

1,000,000

1,060,260

Orange

County

Health

Facilities

Authority

Orlando

Health

Obligated

Group

Revenue

2016

Refunding

10/01/28

.....

1,000,000

1,042,585

Orlando

Health

Obligated

Group

Revenue

2016

Refunding

10/01/30

.....

2,875,000

2,990,331

Orlando

Utilities

Commission

Revenue

2018

10/01/33

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

1,755,000

1,863,147

Pine

Isle

Community

Development

District

Special

Assessment

144A,

2021

3.25

12/15/41

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

1,000,000

880,435

Poitras

East

Community

Development

District

Special

Assessment

2023

4.2

5/01/33

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

800,000

811,704

Special

Assessment

2023

5/01/43

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

2,000,000

2,039,497

River

Hall

Community

Development

District

Assessment

Area

Special

Assessment

2021

A-1

Refunding

5/01/31

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

500,000

463,493

State

Board

Administration

Finance

Corp.

Florida

Hurricane

Catastrophe

Fund

Revenue

2024

5.526

7/01/34

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

6,600,000

6,851,088

State

Florida

2015

Refunding

6/01/33

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

11,855,000

11,906,128

2017

Refunding

6/01/32

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

7,855,000

8,004,898

2017

Refunding

6/01/33

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

5,000,000

5,091,562

Summerstone

Community

Development

District

Assessment

Phase

Special

Assessment

144A,

2021

3.15

5/01/41

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

725,000

638,236

Tohopekaliga

Water

Authority

Revenue

2016

Refunding

10/01/32

..........

2,855,000

2,890,695

Village

Community

Development

District

No.

Phase

Special

Assessment

144A,

2023

4.85

5/01/38

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

1,000,000

1,031,192

Windward

Community

Development

District

Assessments

Special

Assessment

2020

A-2

4.4

11/01/35

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

300,000

298,844

170,376,288

Georgia

4.6%

City

Atlanta

Water

Wastewater

Revenue

2018

Refunding

11/01/33

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

6,750,000

7,163,542

Water

Wastewater

Revenue

2018

Refunding

11/01/34

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

3,000,000

3,180,126

Cobb

County

Kennestone

Hospital

Authority

WellStar

Health

System

Obligated

Group

Revenue

2020

Refunding

4/01/32

900,000

921,485

WellStar

Health

System

Obligated

Group

Revenue

2020

Refunding

4/01/33

565,000

577,807

WellStar

Health

System

Obligated

Group

Revenue

2020

Refunding

4/01/34

450,000

459,624

WellStar

Health

System

Obligated

Group

Revenue

2020

Refunding

4/01/35

865,000

882,131

WellStar

Health

System

Obligated

Group

Revenue

2020

Refunding

4/01/36

1,400,000

1,431,794

WellStar

Health

System

Obligated

Group

Revenue

2020

Refunding

4/01/32

250,000

255,968

WellStar

Health

System

Obligated

Group

Revenue

2020

Refunding

4/01/33

250,000

255,667

WellStar

Health

System

Obligated

Group

Revenue

2020

Refunding

4/01/34

275,000

280,881

WellStar

Health

System

Obligated

Group

Revenue

2020

Refunding

4/01/35

275,000

280,446

WellStar

Health

System

Obligated

Group

Revenue

2020

Refunding

4/01/36

275,000

279,433

Development

Authority

for

Fulton

County

Spelman

College

Revenue

2015

Refunding

6/01/28

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

3,785,000

3,841,517

Spelman

College

Revenue

2015

Refunding

6/01/29

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

4,385,000

4,449,175

Spelman

College

Revenue

2015

Refunding

6/01/30

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

4,805,000

4,874,966

Development

Authority

Monroe

County

(The)

Georgia

Power

Co.

Revenue,

First

Series

2009

Refunding

Mandatory

Put

8/21/26

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

2,375,000

2,216,700

Gainesville

Hall

County

Hospital

Authority

Northeast

Georgia

Health

System

Obligated

Group

Revenue

Refunding

2/15/27

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

1,750,000

1,836,024

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Georgia

(continued)

Gainesville

Hall

County

Hospital

Authority,

(continued)

Northeast

Georgia

Health

System

Obligated

Group

Revenue

Refunding

2/15/28

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

2,100,000

2,202,497

Northeast

Georgia

Health

System

Obligated

Group

Revenue

Refunding

2/15/29

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

2,000,000

2,096,829

Northeast

Georgia

Health

System

Obligated

Group

Revenue

Refunding

2/15/30

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

1,000,000

1,047,186

Main

Street

Natural

Gas,

Inc.

Revenue

2021

12/01/25

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

1,000,000

1,007,501

Revenue

2021

Mandatory

Put

12/01/28

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

5,000,000

5,061,349

Revenue

2022

Mandatory

Put

12/01/29

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

10,000,000

10,144,271

Revenue

2022

Mandatory

Put

6/01/29

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

10,200,000

10,745,754

b,c

Revenue

144A,

2022

Mandatory

Put

11/01/27

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

12,000,000

11,833,505

Revenue

2023

E-1

Mandatory

Put

6/01/31

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

11,495,000

12,383,142

Municipal

Electric

Authority

Georgia

Revenue

2019

1/01/30

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

1,000,000

1,068,966

Revenue

2019

1/01/31

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

600,000

639,607

Revenue

2019

1/01/32

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

500,000

531,738

Revenue

2019

1/01/33

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

1,000,000

1,061,489

Revenue

2019

1/01/29

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

500,000

527,572

Revenue

2019

1/01/30

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

480,000

505,999

Revenue

2019

1/01/31

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

700,000

736,137

Revenue

2019

1/01/32

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

750,000

787,120

Revenue

2019

1/01/33

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

1,045,000

1,095,058

Revenue

2019

1/01/34

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

700,000

732,661

97,395,667

Hawaii

1.2%

State

Hawaii

8/01/28

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

21,695,000

21,729,571

Airports

System

Revenue

2020

7/01/35

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

4,420,000

4,412,913

26,142,484

Illinois

7.0%

Chicago

Board

Education

Dedicated

Capital

Improvement

Tax

Revenue

2023

5.25

4/01/40

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

3,720,000

4,076,264

Chicago

O'Hare

International

Airport

Revenue,

Senior

Lien

2020

Refunding

1/01/35

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

4,000,000

4,105,629

Revenue,

Senior

Lien

2020

Refunding

1/01/35

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

1,560,000

1,601,196

Chicago

Park

District

2020

F-2

Refunding

1/01/32

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

1,500,000

1,628,719

2020

F-2

Refunding

1/01/33

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

3,000,000

3,250,772

2020

F-2

Refunding

1/01/34

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

1,100,000

1,123,228

2020

F-2

Refunding

1/01/35

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

2,375,000

2,570,398

Chicago

Transit

Authority

Capital

Grant

Receipts

Revenue

2021

Refunding

6/01/28

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

1,750,000

1,867,398

City

Berwyn

2022

Refunding

AGMC

Insured

12/01/41

...........

6,000,000

6,100,197

City

Chicago

1999

NATL

Insured

Zero

Cpn.,

1/01/31

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

4,000,000

3,167,002

2003

Refunding

1/01/26

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

1,795,000

1,801,587

2021

Refunding

1/01/33

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

9,500,000

10,285,544

2021

Refunding

1/01/34

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

6,655,000

7,200,406

2021

Refunding

1/01/35

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

4,295,000

4,317,284

2021

Refunding

1/01/38

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

5,150,000

5,091,662

2023

1/01/35

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

10,000,000

10,906,686

City

Galesburg

Knox

College

Revenue

2021

Refunding

10/01/36

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

1,125,000

1,084,117

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Illinois

(continued)

City

Galesburg,

(continued)

Knox

College

Revenue

2021

Refunding

10/01/41

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

1,475,000

1,367,490

Illinois

Finance

Authority

Carle

Foundation

Obligated

Group

(The)

Revenue

2021

Refunding

8/15/40

12,645,000

12,652,361

Christian

Homes,

Inc.

Obligated

Group

Revenue

2021

5/15/28

.........

1,065,000

426,000

Christian

Homes,

Inc.

Obligated

Group

Revenue

2021

5/15/29

.........

1,100,000

440,000

Christian

Homes,

Inc.

Obligated

Group

Revenue

2021

5/15/30

.........

1,310,000

524,000

Christian

Homes,

Inc.

Obligated

Group

Revenue

2021

5/15/31

.........

1,095,000

438,000

Lifespace

Communities,

Inc.

Obligated

Group

Revenue

2015

Refunding

5/15/35

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

500,000

501,328

Northwestern

University

Revenue

2015

12/01/28

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

1,675,000

1,832,095

Metropolitan

Pier

Exposition

Authority

Revenue

2002

BAM,

NATL

Insured

Zero

Cpn.,

12/15/37

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

13,045,000

7,791,378

State

Illinois

McCormick

Place

Expansion

Project

Fund

Revenue

2022

Refunding

6/15/25

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

1,000,000

997,255

Northern

Illinois

University

Revenue

2021

BAM

Insured

10/01/41

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

400,000

388,994

Revenue

2021

BAM

Insured

10/01/43

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

2,075,000

1,986,342

State

Illinois

2016

Refunding

2/01/26

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

1,000,000

1,027,804

2017

3.25

11/01/26

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

750,000

747,236

2019

11/01/38

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

4,680,000

4,631,869

2020

10/01/37

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

8,170,000

8,151,588

2021

3/01/46

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

2,000,000

2,112,922

2021

12/01/39

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

2,500,000

2,459,249

2022

3/01/29

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

6,385,000

6,942,456

2022

10/01/30

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

10,000,000

11,093,122

2022

5.5

10/01/40

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

3,700,000

4,173,558

Upper

Illinois

River

Valley

Development

Authority

2018

IAVF

Timber

Oaks

Prairie

View

Obligated

Group

Revenue

144A,

2020

Refunding

3.5

12/01/32

......

5,562,967

5,042,740

Village

Bellwood

Tax

Allocation

2024

12/01/50

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

2,750,000

2,817,641

148,723,517

Indiana

1.5%

Indiana

Finance

Authority

CHF

Tippecanoe

LLC

Revenue

2023

6/01/32

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

650,000

707,635

CHF

Tippecanoe

LLC

Revenue

2023

6/01/33

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

830,000

906,047

CHF

Tippecanoe

LLC

Revenue

2023

6/01/38

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

1,600,000

1,713,032

Greencroft

Goshen

Obligated

Group

Revenue

2023

Refunding

11/15/26

1,065,000

1,053,468

Greencroft

Goshen

Obligated

Group

Revenue

2023

Refunding

11/15/27

1,150,000

1,137,023

Greencroft

Goshen

Obligated

Group

Revenue

2023

Refunding

11/15/28

1,235,000

1,222,707

Greencroft

Goshen

Obligated

Group

Revenue

2023

Refunding

11/15/29

1,330,000

1,318,236

Greencroft

Goshen

Obligated

Group

Revenue

2023

Refunding

11/15/30

1,425,000

1,414,119

State

Revolving

Fund

Revenue

2018

2/01/35

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

6,795,000

7,204,977

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

2021

Refunding

AGMC

Insured

6/01/37

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

15,000,000

15,406,587

32,083,831

Iowa

1.1%

Iowa

Finance

Authority

Lifespace

Communities,

Inc.

Obligated

Group

Revenue

2016

5/15/32

....

680,000

685,570

Lifespace

Communities,

Inc.

Obligated

Group

Revenue

2016

5/15/36

....

650,000

653,422

Lifespace

Communities,

Inc.

Obligated

Group

Revenue

2016

5/15/41

....

350,000

350,031

Lifespace

Communities,

Inc.

Obligated

Group

Revenue

2021

Refunding

Mandatory

Put

4.295

5/15/26

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

3,250,000

3,072,046

Lifespace

Communities,

Inc.

Obligated

Group

Revenue

2023

Refunding

6.75

5/15/33

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

2,500,000

2,840,025

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Iowa

(continued)

Iowa

Higher

Education

Loan

Authority

Des

Moines

University

Osteopathic

Medical

Center

Revenue

2020

10/01/31

1,800,000

1,959,935

Des

Moines

University

Osteopathic

Medical

Center

Revenue

2020

10/01/32

1,920,000

2,079,870

Des

Moines

University

Osteopathic

Medical

Center

Revenue

2020

10/01/33

2,030,000

2,190,593

Des

Moines

University

Osteopathic

Medical

Center

Revenue

2020

10/01/34

2,135,000

2,293,242

Des

Moines

University

Osteopathic

Medical

Center

Revenue

2020

10/01/35

1,250,000

1,336,056

Des

Moines

University

Osteopathic

Medical

Center

Revenue

2020

10/01/36

2,470,000

2,629,355

Des

Moines

University

Osteopathic

Medical

Center

Revenue

2020

10/01/37

2,595,000

2,756,391

Iowa

Tobacco

Settlement

Authority

Revenue

2021

B-1

Refunding

6/01/49

155,000

155,539

23,002,075

Kansas

0.4%

State

Kansas

Department

Transportation

Revenue

2014

Refunding

9/01/28

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

8,000,000

Kentucky

1.6%

Eastern

Kentucky

University

Revenue

2021

Refunding

10/01/29

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

1,355,000

1,406,242

Revenue

2021

Refunding

10/01/30

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

1,410,000

1,467,177

Revenue

2021

Refunding

10/01/31

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

1,470,000

1,524,055

Kentucky

Economic

Development

Finance

Authority

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-1

Refunding

8/01/35

1,000,000

1,067,089

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-1

Refunding

8/01/36

1,000,000

1,063,441

Kentucky

Municipal

Power

Agency

Revenue

2016

Refunding

NATL

Insured

9/01/34

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

6,500,000

6,668,417

Revenue

2019

Refunding

9/01/31

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

1,500,000

1,581,110

Revenue

2019

Refunding

9/01/32

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

1,600,000

1,680,486

Revenue

2019

Refunding

9/01/33

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

1,000,000

1,047,927

Kentucky

State

Property

Building

Commission

Commonwealth

Kentucky

Revenue

BAM

Insured

5/01/32

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

2,000,000

2,133,399

Kentucky

Turnpike

Authority

Kentucky

Transportation

Cabinet

Revenue

Refunding

7/01/28

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

3,000,000

3,192,913

Paducah

Electric

Plant

Board

Revenue

2016

Refunding

AGMC

Insured

10/01/29

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

5,500,000

5,728,489

Revenue

2016

Refunding

AGMC

Insured

10/01/31

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

5,500,000

5,701,444

34,262,189

Louisiana

4.1%

East

Baton

Rouge

Sewerage

Commission

Revenue

2019

Refunding

2/01/35

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

1,310,000

1,340,113

Revenue

2019

Refunding

2/01/36

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

2,000,000

2,041,906

Jefferson

Sales

Tax

District

Revenue

2019

AGMC

Insured

12/01/36

.......

6,000,000

6,140,287

Lafayette

Consolidated

Government

Revenue

2015

Refunding

AGMC

Insured

11/01/25

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

2,400,000

2,460,903

Revenue

2015

Refunding

AGMC

Insured

11/01/27

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

3,500,000

3,582,674

Revenue

2015

Refunding

AGMC

Insured

11/01/29

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

4,685,000

4,789,721

Louisiana

Local

Government

Environmental

Facilities

Community

Development

Authority

City

New

Orleans

Revenue

144A,

2021

11/01/46

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

9,545,000

9,033,462

Invest

Americas

Veterans

Foundation

Louisiana,

Inc.

Revenue

144A,

2020

Refunding

3.5

12/01/32

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

1,960,000

1,813,587

Louisiana

Utilities

Restoration

Corp.

ELL

System

Restoration

Revenue

2022

3.615

2/01/29

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

7,242,570

7,127,842

Patriot

Services

Group

Obligated

Group

Revenue

144A,

2021

3.75

10/01/38

4,592,712

3,830,457

Patriot

Services

Group

Obligated

Group

Revenue

144A,

2021

5.25

10/01/32

5,350,000

4,792,125

Louisiana

Public

Facilities

Authority

Calcasieu

Bridge

Partners

LLC

Revenue,

Senior

Lien

2024

5.5

9/01/54

......

5,000,000

5,428,211

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Public

Facilities

Authority,

(continued)

Ochsner

Clinic

Foundation

Obligated

Group

Revenue

2016

5/15/29

.......

1,240,000

1,275,500

Ochsner

Clinic

Foundation

Obligated

Group

Revenue

2016

Pre-Refunded

5/15/29

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

10,000

10,365

Ochsner

Clinic

Foundation

Obligated

Group

Revenue

2016

5/15/30

.......

995,000

1,022,564

Ochsner

Clinic

Foundation

Obligated

Group

Revenue

2016

Pre-Refunded

5/15/30

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

5,000

5,183

Ochsner

Clinic

Foundation

Obligated

Group

Revenue

2016

5/15/32

.......

1,485,000

1,521,883

Ochsner

Clinic

Foundation

Obligated

Group

Revenue

2016

Pre-Refunded

5/15/32

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

15,000

15,549

Ochsner

Clinic

Foundation

Obligated

Group

Revenue

2017

Refunding

5/15/28

1,000,000

1,046,601

Ochsner

Clinic

Foundation

Obligated

Group

Revenue

2017

Refunding

5/15/29

2,000,000

2,091,512

Ochsner

Clinic

Foundation

Obligated

Group

Revenue

2017

Refunding

5/15/30

2,250,000

2,348,479

Ochsner

Clinic

Foundation

Obligated

Group

Revenue

2017

Refunding

5/15/31

1,745,000

1,816,985

Ochsner

Clinic

Foundation

Obligated

Group

Revenue

2017

Refunding

5/15/32

1,750,000

1,817,785

Ochsner

Clinic

Foundation

Obligated

Group

Revenue

2017

Refunding

5/15/33

2,000,000

2,074,833

Tulane

University

Revenue

2020

Refunding

4/01/36

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

4,750,000

5,169,435

Tulane

University

Revenue

2020

Refunding

4/01/37

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

2,000,000

2,166,590

Tulane

University

Revenue

2020

Refunding

4/01/38

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

3,120,000

3,369,017

Parish

St.

John

the

Baptist

Marathon

Oil

Corp.

Revenue

2017

B-2

Refunding

Mandatory

Put

2.375

7/01/26

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

2,500,000

2,450,129

Port

New

Orleans

Board

Commissioners

Revenue

2020

4/01/35

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

1,000,000

1,052,235

Revenue

2020

4/01/36

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

1,495,000

1,568,615

Revenue

2020

4/01/37

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

1,065,000

1,115,037

Revenue

2020

4/01/38

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

1,000,000

1,046,682

Revenue

2020

4/01/39

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

2,750,000

2,875,167

88,241,434

Maine

0.3%

Maine

Health

Higher

Educational

Facilities

Authority

MaineHealth

Obligated

Group

Revenue

2020

7/01/35

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

1,000,000

1,089,159

MaineHealth

Obligated

Group

Revenue

2020

7/01/36

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

1,000,000

1,020,427

MaineHealth

Obligated

Group

Revenue

2020

7/01/37

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

1,150,000

1,170,131

MaineHealth

Obligated

Group

Revenue

2020

7/01/38

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

2,690,000

2,722,859

6,002,576

Maryland

3.4%

City

Baltimore

Wastewater

Utility

Fund

Revenue

2017

7/01/29

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

1,000,000

1,049,663

Wastewater

Utility

Fund

Revenue

2017

7/01/30

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

2,940,000

3,076,439

Wastewater

Utility

Fund

Revenue

2017

7/01/31

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

2,085,000

2,178,670

Wastewater

Utility

Fund

Revenue

2017

7/01/32

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

3,240,000

3,381,737

Wastewater

Utility

Fund

Revenue

2017

Refunding

7/01/30

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

6,450,000

6,749,331

Wastewater

Utility

Fund

Revenue

2017

Refunding

7/01/32

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

5,905,000

6,163,321

Wastewater

Utility

Fund

Revenue,

Senior

Lien

Refunding

7/01/28

......

2,790,000

2,805,696

Wastewater

Utility

Fund

Revenue,

Senior

Lien

Refunding

7/01/29

......

5,835,000

5,867,008

Water

Utility

Fund

Revenue

2017

7/01/29

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

1,320,000

1,385,555

Water

Utility

Fund

Revenue

2017

7/01/30

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

1,785,000

1,867,838

Water

Utility

Fund

Revenue

2017

7/01/31

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

3,765,000

3,934,145

Water

Utility

Fund

Revenue

2017

7/01/32

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

4,000,000

4,174,984

Maryland

Community

Development

Administration

Residential

Revenue

2019

Refunding

9/01/34

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

5,000,000

4,676,629

Maryland

Health

Higher

Educational

Facilities

Authority

Frederick

Health,

Inc.

Obligated

Group

Revenue

2020

Refunding

3.25

7/01/39

500,000

415,098

Frederick

Health,

Inc.

Obligated

Group

Revenue

2020

Refunding

7/01/40

300,000

295,335

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Maryland

(continued)

Maryland

Health

Higher

Educational

Facilities

Authority,

(continued)

University

Maryland

Medical

System

Obligated

Group

Revenue

2017

Refunding

7/01/30

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

8,520,000

8,925,254

University

Maryland

Medical

System

Obligated

Group

Revenue

2017

Refunding

7/01/31

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

7,415,000

7,752,463

Town

Chestertown

Washington

College

Revenue

2021

Refunding

3/01/28

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

1,000,000

1,033,691

Washington

College

Revenue

2021

Refunding

3/01/29

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

1,340,000

1,394,674

Washington

College

Revenue

2021

Refunding

3/01/30

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

2,810,000

2,935,077

Washington

College

Revenue

2021

Refunding

3/01/31

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

1,480,000

1,546,263

Washington

College

Revenue

2021

Refunding

3/01/32

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

1,550,000

1,610,826

73,219,697

Massachusetts

2.1%

Commonwealth

Massachusetts

Refunding

7/01/28

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

7,500,000

7,635,181

Refunding

7/01/29

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

6,000,000

6,105,538

Massachusetts

Development

Finance

Agency

Tufts

Medicine

Obligated

Group

Revenue

2020

Refunding

AGMC

Insured

10/01/30

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

150,000

166,915

Tufts

Medicine

Obligated

Group

Revenue

2020

Refunding

AGMC

Insured

10/01/31

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

475,000

527,096

Tufts

Medicine

Obligated

Group

Revenue

2020

Refunding

AGMC

Insured

10/01/32

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

450,000

495,213

Tufts

Medicine

Obligated

Group

Revenue

2020

Refunding

AGMC

Insured

10/01/33

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

525,000

573,406

Tufts

Medicine

Obligated

Group

Revenue

2020

Refunding

AGMC

Insured

10/01/34

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

450,000

487,949

Massachusetts

Port

Authority

Revenue

2019

7/01/32

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

4,220,000

4,528,333

Revenue

2019

7/01/33

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

4,430,000

4,734,228

Massachusetts

Water

Resources

Authority

Revenue

Refunding

8/01/32

....

13,920,000

14,773,513

University

Massachusetts

Building

Authority

Revenue

2017-3

Refunding

11/01/32

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

5,000,000

5,325,285

45,352,657

Michigan

1.7%

Lansing

Board

Water

Light

Revenue

2019

7/01/36

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

4,645,000

5,069,856

Lansing

School

District

2016

5/01/30

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

1,860,000

1,930,886

2016

5/01/31

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

2,010,000

2,085,603

2016

5/01/32

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

2,310,000

2,390,016

Michigan

Finance

Authority

Trinity

Health

Corp.

Obligated

Group

Revenue

2016

Refunding

12/01/34

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

8,200,000

8,416,037

Michigan

State

Hospital

Finance

Authority

Ascension

Health

Credit

Group

Revenue

1999

B-3

11/15/33

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

5,100,000

5,217,047

Trinity

Health

Corp.

Obligated

Group

Revenue

2008

Refunding

12/01/31

2,700,000

2,851,186

Trinity

Health

Corp.

Obligated

Group

Revenue

2008

12/01/32

..........

1,115,000

1,177,169

Trinity

Health

Corp.

Obligated

Group

Revenue

2008

Pre-Refunded

12/01/32

135,000

145,107

Michigan

State

Housing

Development

Authority

Revenue

2019

A-1

10/01/39

3,500,000

3,037,076

Michigan

Strategic

Fund

Consumers

Energy

Co.

Revenue

2005

Mandatory

Put

0.875

10/08/26

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

5,000,000

4,562,963

36,882,946

Mississippi

0.5%

Mississippi

Development

Bank

County

Hancock

Revenue

144A,

2019

4.55

11/01/39

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

1,860,000

1,894,480

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Mississippi

(continued)

Mississippi

Home

Corp.

Patriot

Services

Group

Obligated

Group

Revenue

144A,

2021

A-5

6/01/46

8,143,623

6,343,004

Patriot

Services

Group

Pascagoula

Portfolio

Obligated

Group

Revenue

2021

D-8

3.65

6/01/33

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

101,412

89,590

Patriot

Services

Group

Pascagoula

Portfolio

Obligated

Group

Revenue

2021

D-8

4.15

6/01/46

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

400,000

318,968

Patriot

Services

Group

Pascagoula

Portfolio

Obligated

Group

Revenue

144A,

2021

E-8

5.5

6/01/36

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

2,540,000

2,058,516

10,704,558

Missouri

1.9%

Health

Educational

Facilities

Authority

the

State

Missouri

Lutheran

Senior

Services

Obligated

Group

Revenue

2024

Refunding

5.25

2/01/48

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

2,500,000

2,658,246

Mercy

Health

Revenue

2018

Refunding

6/01/31

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

12,500,000

13,400,746

Missouri

Joint

Municipal

Electric

Utility

Commission

Plum

Point

Project

Revenue

2014

Refunding

1/01/27

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

3,250,000

3,267,391

Plum

Point

Project

Revenue

2014

Refunding

1/01/28

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

4,500,000

4,521,862

Plum

Point

Project

Revenue

2014

Refunding

1/01/29

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

4,045,000

4,065,183

Southeast

Missouri

State

University

Revenue

2020

Refunding

4/01/33

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

2,745,000

2,801,645

Revenue

2020

Refunding

4/01/34

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

2,180,000

2,217,783

Revenue

2020

Refunding

4/01/35

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

1,575,000

1,598,229

Revenue

2020

Refunding

4/01/36

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

3,205,000

3,237,318

Revenue

2020

Refunding

4/01/37

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

2,000,000

2,009,561

39,777,964

Nebraska

0.2%

Central

Plains

Energy

Project

Revenue

2022-1

Mandatory

Put

10/01/29

.....

5,000,000

5,254,656

New

Hampshire

0.3%

New

Hampshire

Business

Finance

Authority

Revenue

FRN

2024-3

4.163

10/20/41

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

1,499,312

1,471,144

Roseville

Sustainable

Energy

Partner

LLC

Revenue

2024

6.129

7/01/38

...

4,080,000

4,185,979

5,657,123

New

Jersey

2.1%

New

Jersey

Economic

Development

Authority

State

New

Jersey

Revenue

2019

LLL

6/15/39

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

1,000,000

1,066,490

State

New

Jersey

Revenue

2022

11/01/39

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

16,000,000

17,704,003

State

New

Jersey

Revenue

AAA

Pre-Refunded

6/15/34

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

5,000,000

5,279,794

New

Jersey

Educational

Facilities

Authority

State

New

Jersey

Revenue

2016

9/01/36

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

5,000,000

5,127,673

New

Jersey

Health

Care

Facilities

Financing

Authority

Inspira

Health

Obligated

Group

Revenue

2017

7/01/30

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

900,000

943,306

Inspira

Health

Obligated

Group

Revenue

2017

7/01/31

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

1,080,000

1,130,640

New

Jersey

Higher

Education

Student

Assistance

Authority

Revenue,

Senior

Lien

2020

Refunding

3.5

12/01/39

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

2,655,000

2,511,833

Revenue,

Senior

Lien

2020

3.5

12/01/39

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

1,235,000

1,200,600

New

Jersey

Transportation

Trust

Fund

Authority

State

New

Jersey

Revenue

2021

Refunding

6/15/36

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

6,200,000

6,349,225

New

Jersey

Turnpike

Authority

Revenue

2021

1/01/42

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

1,800,000

1,812,422

Newark

Board

Education

2021

Refunding

BAM

Insured

7/15/26

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

275,000

285,825

2021

Refunding

BAM

Insured

7/15/27

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

330,000

350,484

2021

Refunding

BAM

Insured

7/15/28

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

325,000

351,919

2021

Refunding

BAM

Insured

7/15/29

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

320,000

352,878

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

New

Jersey

(continued)

Newark

Board

Education,

(continued)

2021

Refunding

BAM

Insured

7/15/31

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

400,000

453,051

2021

Refunding

BAM

Insured

7/15/32

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

430,000

485,326

45,405,469

New

Mexico

0.6%

Aspire

Public

Improvement

District

Special

Tax

2024

5.05

10/01/44

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

525,000

528,923

Special

Tax

2024

5.3

10/01/53

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

800,000

805,487

City

Farmington

Public

Service

Co.

New

Mexico

Revenue

2016

Refunding

2.15

4/01/33

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

13,500,000

11,156,328

12,490,738

New

York

5.8%

City

New

York

2015

Refunding

8/01/25

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

2,000,000

2,018,326

2015

Refunding

8/01/27

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

7,500,000

7,564,487

2019

Refunding

8/01/34

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

3,500,000

3,780,781

2021

8/01/37

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

5,000,000

5,096,784

2023

A-1

9/01/46

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

5,000,000

4,927,770

A-1

2017

8/01/29

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

10,000,000

10,353,372

Long

Island

Power

Authority

Revenue

2024

Refunding

AGMC

Insured

9/01/37

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

13,125,000

14,173,325

Metropolitan

Transportation

Authority

Revenue

2015

A-2

Mandatory

Put

5/15/30

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

7,000,000

7,647,829

Revenue

2016

Refunding

11/15/34

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

3,265,000

3,375,563

Revenue

2017

Refunding

11/15/26

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

2,140,000

2,242,575

Revenue

2017

C-1

Refunding

11/15/31

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

1,870,000

2,001,694

Revenue

2017

C-1

Refunding

11/15/37

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

2,500,000

2,524,422

New

York

City

Industrial

Development

Agency

Queens

Ballpark

Co.

LLC

Revenue

2021

Refunding

AGMC

Insured

1/01/27

1,000,000

1,048,278

Yankee

Stadium

LLC

Revenue

2020

Refunding

AGMC

Insured

3/01/36

2,500,000

2,337,083

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

2020

5/01/37

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

1,400,000

1,446,569

Future

Tax

Secured

Revenue

2024

F-2

4.67

2/01/33

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

7,000,000

7,099,621

New

York

Liberty

Development

Corp.

Revenue

2021

Refunding

0.95

11/15/27

2,340,000

2,124,253

New

York

State

Dormitory

Authority

Revenue

2009

AGMC

Insured

10/01/24

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

80,000

80,107

Northwell

Health

Obligated

Group

Revenue

2015

Refunding

5/01/29

....

10,000,000

10,109,840

State

New

York

Personal

Income

Tax

Revenue

2014

2/15/30

.........

4,980,000

5,026,494

State

New

York

Personal

Income

Tax

Revenue

2014

Pre-Refunded

2/15/30

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

20,000

20,196

State

New

York

Personal

Income

Tax

Revenue

2018

3/15/32

.........

9,995,000

10,822,903

State

New

York

Personal

Income

Tax

Revenue

2018

Pre-Refunded

3/15/32

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

5,000

5,483

New

York

Transportation

Development

Corp.

Delta

Air

Lines,

Inc.

Revenue

2023

4/01/35

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

4,275,000

4,809,126

Port

Authority

New

York

New

Jersey

Revenue

234

Refunding

5.25

8/01/42

2,500,000

2,711,483

Troy

Capital

Resource

Corp.

Rensselaer

Polytechnic

Institute

Revenue

2020

Refunding

9/01/28

......

1,300,000

1,400,368

Rensselaer

Polytechnic

Institute

Revenue

2020

Refunding

9/01/30

......

2,900,000

3,210,426

Rensselaer

Polytechnic

Institute

Revenue

2020

Refunding

9/01/34

......

4,425,000

4,854,980

122,814,138

North

Carolina

0.1%

North

Carolina

State

Education

Assistance

Authority

Revenue,

Senior

Lien

2020

6/01/25

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

125,000

126,539

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

North

Carolina

(continued)

North

Carolina

State

Education

Assistance

Authority,

(continued)

Revenue,

Senior

Lien

2020

6/01/26

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

300,000

308,840

Revenue,

Senior

Lien

2020

6/01/27

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

450,000

468,969

Revenue,

Senior

Lien

2020

6/01/28

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

500,000

529,726

Revenue,

Senior

Lien

2020

6/01/29

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

350,000

373,065

1,807,139

North

Dakota

0.5%

City

Grand

Forks

Altru

Health

System

Obligated

Group

Revenue

2021

Refunding

12/01/29

1,600,000

1,665,005

Altru

Health

System

Obligated

Group

Revenue

2021

Refunding

12/01/30

1,600,000

1,664,285

City

Horace

2023

Refunding

5.125

7/01/25

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

4,250,000

4,253,239

North

Dakota

Housing

Finance

Agency

Revenue

2024

7/01/42

...........

2,240,000

2,418,586

10,001,115

Ohio

1.9%

County

Franklin

Ohio

Living

Obligated

Group

Revenue

2023

Refunding

7/01/31

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

5,000,000

5,174,625

Ohio

Housing

Finance

Agency

Revenue

144A,

2023

2/01/26

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

4,100,000

4,119,245

Middletown

Phase

Two

Revenue

144A,

2023

6.25

3/01/26

...........

6,850,000

6,897,583

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Revenue

2017

12/01/31

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

10,000,000

10,572,256

Port

Greater

Cincinnati

Development

Authority

Revenue

2024

Refunding

AGMC

Insured

4.375

12/01/58

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

12,535,000

12,555,920

State

Ohio

Premier

Health

Partners

Obligated

Group

Revenue

2020

Refunding

11/15/36

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

905,000

873,099

40,192,728

Oregon

2.1%

Clackamas

County

School

District

No.

North

Clackamas

6/15/32

....

3,725,000

3,947,202

County

Yamhill

Linfield

University

Revenue

2020

Refunding

10/01/35

...

5,240,000

5,441,771

Hillsboro

School

District

No.

2020

6/15/36

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

2,605,000

2,691,245

2020

6/15/38

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

4,575,000

4,676,922

Medford

Hospital

Facilities

Authority

Asante

Health

System

Obligated

Group

Revenue

2020

Refunding

8/15/34

1,100,000

1,194,509

Asante

Health

System

Obligated

Group

Revenue

2020

Refunding

8/15/35

800,000

865,570

Asante

Health

System

Obligated

Group

Revenue

2020

Refunding

8/15/36

1,300,000

1,400,055

Oregon

State

Facilities

Authority

Samaritan

Health

Services,

Inc.

Obligated

Group

Revenue

2020

Refunding

10/01/25

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

425,000

431,421

Samaritan

Health

Services,

Inc.

Obligated

Group

Revenue

2020

Refunding

10/01/26

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

150,000

154,260

Samaritan

Health

Services,

Inc.

Obligated

Group

Revenue

2020

Refunding

10/01/28

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

325,000

341,630

Samaritan

Health

Services,

Inc.

Obligated

Group

Revenue

2020

Refunding

10/01/29

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

600,000

637,303

Samaritan

Health

Services,

Inc.

Obligated

Group

Revenue

2020

Refunding

10/01/35

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

275,000

291,018

Willamette

University

Revenue

2021

Refunding

10/01/51

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

2,000,000

1,733,463

Salem

Hospital

Facility

Authority

Salem

Health

Obligated

Group

Revenue

2019

Refunding

5/15/34

.......

3,780,000

4,050,905

Salem

Health

Obligated

Group

Revenue

2019

Refunding

5/15/35

.......

9,010,000

9,636,684

Salem-Keizer

School

District

No.

24J

2020

6/15/37

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

5,620,000

5,813,489

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Oregon

(continued)

State

Oregon

Housing

Community

Services

Department

Union

Pacific

Highway

Revenue

144A,

2022

II-1

5.5

12/01/39

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

2,405,000

2,490,163

45,797,610

Pennsylvania

3.1%

Allegheny

County

Airport

Authority

Revenue

2023

AGMC

Insured

5.5

1/01/41

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

1,000,000

1,120,213

Revenue

2023

AGMC

Insured

5.5

1/01/42

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

1,000,000

1,115,653

Allegheny

County

Hospital

Development

Authority

UPMC

Obligated

Group

Revenue

2019

Refunding

7/15/34

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

5,000,000

5,393,530

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

2022

Refunding

5/01/28

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

600,000

631,325

Revenue

2022

Refunding

5/01/29

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

600,000

637,849

Revenue

2022

Refunding

5/01/30

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

700,000

750,149

Revenue

2022

Refunding

5/01/31

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

675,000

726,954

City

Philadelphia

Water

Wastewater

Revenue

2017

Refunding

11/01/31

5,750,000

6,092,410

Pennsylvania

Economic

Development

Financing

Authority

UPMC

Obligated

Group

Revenue

2020

4/15/33

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

2,100,000

2,307,742

UPMC

Obligated

Group

Revenue

2020

4/15/34

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

1,750,000

1,919,766

UPMC

Obligated

Group

Revenue

2020

4/15/35

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

1,450,000

1,583,950

UPMC

Obligated

Group

Revenue

2023

Refunding

5/15/40

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

2,525,000

2,503,718

UPMC

Obligated

Group

Revenue

2023

Refunding

5/15/41

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

2,375,000

2,344,593

UPMC

Obligated

Group

Revenue

2023

Refunding

5/15/42

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

2,815,000

2,775,678

Waste

Management

Obligated

Group

Revenue

2009

Mandatory

Put

0.95

12/01/26

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

3,000,000

2,778,020

Waste

Management,

Inc.

Revenue

2021

Refunding

Mandatory

Put

1.1

11/02/26

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

6,750,000

6,347,987

Pennsylvania

Higher

Educational

Facilities

Authority

Drexel

University

Revenue

2020

Refunding

AGMC

Insured

5/01/39

.....

6,950,000

7,460,860

University

Pennsylvania

Health

System

Obligated

Group

(The)

Revenue

2017

8/15/34

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

5,895,000

5,973,202

Pennsylvania

State

University

(The)

Revenue

9/01/30

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

4,000,000

4,250,657

Philadelphia

Authority

for

Industrial

Development

MaST

Community

Charter

School

Revenue

2020

8/01/40

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

300,000

307,472

Philadelphia

Gas

Works

Co.

Revenue

15th

Refunding

8/01/30

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

2,000,000

2,093,337

Revenue

15th

Refunding

8/01/31

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

4,030,000

4,213,091

Redevelopment

Authority

the

City

Philadelphia

Revenue

2021

BAM

Insured

2.799

9/01/33

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

2,425,000

2,117,224

65,445,380

Rhode

Island

0.1%

State

Rhode

Island

2019

1/15/34

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

1,520,000

1,568,072

2019

1/15/35

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

600,000

617,191

2,185,263

South

Carolina

3.1%

County

Richland

Village

Sandhill

Improvement

District

Special

Assessment

144A,

2021

Refunding

3.625

11/01/31

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

1,000,000

883,763

Patriots

Energy

Group

Financing

Agency

Revenue

2023

A-1

Mandatory

Put

5.25

8/01/31

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

27,500,000

29,717,306

South

Carolina

Jobs-Economic

Development

Authority

Revenue

144A,

2021

A-1

3.65

12/01/36

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

6,400,000

5,604,820

Revenue

144A,

2021

A-2

5.3

12/01/29

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

1,805,000

1,674,883

AHPC

Vista

Towers

2021

LLC

Revenue

2021

A-1

3.65

12/01/36

...........

7,400,000

6,480,574

Columbia

Portfolio

Obligated

Group

Revenue

144A,

2022

A-1

Zero

Cpn.,

6/01/37

11,000,000

8,870,538

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

South

Carolina

(continued)

South

Carolina

Jobs-Economic

Development

Authority,

(continued)

Prisma

Health

Obligated

Group

Revenue

2018

Refunding

5/01/33

......

6,000,000

6,297,902

South

Carolina

Public

Service

Authority

Revenue

2020

Refunding

12/01/31

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

2,355,000

2,601,704

Revenue

2021

Refunding

12/01/25

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

1,000,000

1,023,638

South

Carolina

State

Housing

Finance

Development

Authority

Garden

Oaks

Revenue

144A,

2021

12/01/24

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

3,300,000

3,285,291

66,440,419

South

Dakota

0.0%

†

South

Dakota

Health

Educational

Facilities

Authority

Presbyterian

Retirement

Village

Rapid

City,

Inc.

Revenue

2021

Refunding

9/01/41

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

1,150,000

934,483

Tennessee

2.4%

Chattanooga

Health

Educational

Housing

Facility

Board

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-1

Refunding

8/01/31

1,500,000

1,616,252

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-1

Refunding

8/01/34

1,000,000

1,069,885

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-1

Refunding

8/01/35

2,550,000

2,721,078

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-1

Refunding

8/01/36

1,000,000

1,012,098

State

Tennessee

2023

5/01/31

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

5,565,000

6,396,882

Tennergy

Corp.

Revenue

2022

Mandatory

Put

5.5

12/01/30

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

21,895,000

23,785,244

Tennessee

Energy

Acquisition

Corp.

Revenue

2023

A-1

Refunding

Mandatory

Put

5/01/28

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

5,250,000

5,472,905

Tennessee

State

School

Bond

Authority

Revenue

2015

11/01/28

.........

8,180,000

8,405,411

50,479,755

Texas

5.7%

Central

Texas

Turnpike

System

Revenue,

Second

Tier

2024

Refunding

8/15/31

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

2,000,000

2,242,067

City

Austin

Water

Wastewater

System

Revenue

2012

Refunding

11/15/27

805,000

805,386

City

Dallas

Waterworks

Sewer

System

Revenue

2017

Refunding

10/01/30

........

1,500,000

1,587,968

Waterworks

Sewer

System

Revenue

2017

Refunding

10/01/31

........

2,500,000

2,641,331

Waterworks

Sewer

System

Revenue

2017

Refunding

10/01/32

........

1,000,000

1,055,998

City

Paso

2020

Refunding

8/15/35

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

1,000,000

1,021,952

2020

Refunding

8/15/36

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

1,000,000

1,016,939

City

Lubbock

2024

2/15/42

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

4,130,000

4,588,955

2024

2/15/43

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

4,350,000

4,809,531

2024

2/15/44

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

2,205,000

2,428,797

City

San

Antonio

Electric

Gas

Systems

Revenue

2015

Refunding

2/01/27

10,415,000

10,730,667

Clifton

Higher

Education

Finance

Corp.

Southwestern

University

Revenue

2022

8/15/42

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

10,535,000

10,193,712

Conroe

Local

Government

Corp.

Conroe

Convention

Center

Hotel

Revenue,

Third

Lien

2021

10/01/30

....

100,000

110,983

Conroe

Convention

Center

Hotel

Revenue,

Third

Lien

2021

10/01/31

....

60,000

67,191

County

Harris

Toll

Road

Revenue,

Senior

Lien

2018

Refunding

8/15/32

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

2,500,000

2,663,233

Toll

Road

Revenue,

Senior

Lien

2018

Refunding

8/15/33

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

2,500,000

2,658,759

Dallas

Convention

Center

Hotel

Development

Corp.

Revenue

2009

7.088

1/01/42

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

8,715,000

9,997,519

Ector

County

Hospital

District

2020

Refunding

9/15/29

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

800,000

840,452

2020

Refunding

9/15/30

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

745,000

786,368

2020

Refunding

9/15/31

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

450,000

471,976

2020

Refunding

9/15/32

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

600,000

628,046

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Texas

(continued)

Ector

County

Hospital

District,

(continued)

2020

Refunding

9/15/33

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

650,000

679,221

2020

Refunding

9/15/34

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

650,000

610,876

2020

Refunding

9/15/35

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

700,000

651,393

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

2021

9/01/28

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

155,000

139,684

2021

9/01/29

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

155,000

136,735

Lake

Houston

Redevelopment

Authority

City

Houston

Reinvestment

Zone

No.

Revenue

2021

Refunding

9/01/34

200,000

179,279

City

Houston

Reinvestment

Zone

No.

Revenue

2021

Refunding

9/01/35

225,000

218,818

City

Houston

Reinvestment

Zone

No.

Revenue

2021

Refunding

9/01/36

250,000

241,268

Lakeside

Place

PFC

Torrey

Chase

Apartments

Revenue

144A,

2021

3.48

12/15/39

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

3,926,319

3,114,690

North

Texas

Tollway

Authority

North

Texas

Tollway

System

Revenue,

First

Tier

Refunding

1/01/33

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

5,000,000

5,065,684

Pecan

Public

Facility

Corp.

Revenue

144A,

2022

A-1

4.5

12/01/37

...........

11,900,000

10,502,771

San

Antonio

Education

Facilities

Corp.

University

the

Incarnate

Word

Revenue

2021

Refunding

4/01/37

......

635,000

604,162

University

the

Incarnate

Word

Revenue

2021

Refunding

4/01/39

......

2,435,000

2,240,687

University

the

Incarnate

Word

Revenue

2021

Refunding

4/01/40

......

2,000,000

1,820,801

Texas

Municipal

Gas

Acquisition

Supply

Corp.

III

Revenue

2021

Refunding

12/15/27

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

1,000,000

1,046,460

Revenue

2021

Refunding

12/15/30

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

10,000,000

10,773,618

Texas

Municipal

Gas

Acquisition

Supply

Corp.

Revenue

2023

Mandatory

Put

5.5

1/01/30

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

19,500,000

21,070,832

Town

Little

Elm

Valencia

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

2.875

9/01/31

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

281,000

246,628

Westside

211

Special

Improvement

District

GO,

Sub.

Lien

2021

8/15/29

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

290,000

264,840

GO,

Sub.

Lien

2021

2.25

8/15/31

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

300,000

264,783

GO,

Sub.

Lien

2021

8/15/33

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

315,000

287,147

GO,

Sub.

Lien

2021

8/15/35

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

335,000

299,545

GO,

Sub.

Lien

2021

8/15/37

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

355,000

305,334

122,113,086

Utah

0.2%

City

Lehi

Franchise

Sales

Tax

Revenue

2021

AGMC

Insured

2/01/48

...

3,000,000

2,861,460

Utah

Infrastructure

Agency

Revenue

2021

10/15/35

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

400,000

399,398

3,260,858

Virginia

1.0%

Virginia

Public

Building

Authority

Commonwealth

Virginia

Revenue

8/01/29

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

9,605,000

9,825,978

Commonwealth

Virginia

Revenue

Pre-Refunded

8/01/29

...........

3,530,000

3,620,434

Virginia

Small

Business

Financing

Authority

Elizabeth

River

Crossings

OpCo

LLC

Revenue,

Senior

Lien

2022

Refunding

1/01/32

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

2,500,000

2,524,790

Elizabeth

River

Crossings

OpCo

LLC

Revenue,

Senior

Lien

2022

Refunding

7/01/32

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

2,000,000

2,016,704

National

Senior

Communities,

Inc.

Obligated

Group

Revenue

2020

Refunding

1/01/35

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

3,000,000

3,152,455

21,140,361

Washington

3.5%

City

Seattle

Drainage

Wastewater

Revenue

2014

Refunding

5/01/26

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

2,995,000

2,997,539

Municipal

Light

Power

Revenue

2017

Refunding

9/01/34

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

5,300,000

5,399,587

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Washington

(continued)

County

King

Sewer

Revenue

2014

Refunding

7/01/25

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

1,200,000

1,203,801

Sewer

Revenue

2014

Refunding

7/01/26

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

1,200,000

1,203,802

Sewer

Revenue

2014

Refunding

7/01/27

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

1,900,000

1,906,019

Energy

Northwest

Bonneville

Power

Administration

Revenue

2019

Refunding

7/01/35

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

7,000,000

7,651,620

Everett

Housing

Authority

Revenue

2022

Refunding

7/01/37

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

9,420,000

9,416,857

Port

Seattle

Revenue

2018

5/01/38

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

5,000,000

5,153,281

Seattle

Housing

Authority

Yesler

Block

7.3

LLLP

Revenue

2021

6/01/25

.....

7,225,000

7,059,463

Washington

Health

Care

Facilities

Authority

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-1

Refunding

8/01/36

1,200,000

1,276,129

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-2

Refunding

8/01/30

2,800,000

3,024,087

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-2

Refunding

8/01/32

1,500,000

1,613,358

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-2

Refunding

8/01/35

1,665,000

1,776,704

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-2

Refunding

8/01/36

3,250,000

3,456,183

Fred

Hutchinson

Cancer

Center

Obligated

Group

Revenue

2020

Refunding

9/01/38

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

1,000,000

1,073,139

Fred

Hutchinson

Cancer

Center

Obligated

Group

Revenue

2020

Refunding

9/01/39

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

1,000,000

1,070,119

Fred

Hutchinson

Cancer

Center

Obligated

Group

Revenue

2020

Refunding

9/01/40

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

1,000,000

1,064,638

Fred

Hutchinson

Cancer

Center

Obligated

Group

Revenue

144A,

2021

12/01/35

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

440,000

405,995

Overlake

Hospital

Medical

Center

Obligated

Group

Revenue

Refunding

7/01/30

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

1,000,000

1,028,571

Overlake

Hospital

Medical

Center

Obligated

Group

Revenue

Refunding

7/01/31

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

1,925,000

1,976,108

Virginia

Mason

Medical

Center

Obligated

Group

Revenue

2017

Refunding

8/15/31

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

2,250,000

2,315,530

Virginia

Mason

Medical

Center

Obligated

Group

Revenue

2017

Refunding

8/15/32

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

1,605,000

1,648,607

Virginia

Mason

Medical

Center

Obligated

Group

Revenue

2017

Refunding

8/15/35

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

2,400,000

2,453,081

Washington

State

Housing

Finance

Commission

Revenue

2021-1

3.5

12/20/35

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

6,659,518

6,326,709

Madison

Rivers

Edge

Apartments

LLC

Revenue

144A,

2021

5.3

1/01/30

940,000

883,135

Seattle

Academy

Arts

Sciences

Revenue

144A,

2023

Refunding

5.625

7/01/38

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

2,000,000

2,215,115

75,599,177

Wisconsin

3.0%

City

Milwaukee

Sewerage

System

Revenue

2021

S-2

Refunding

6/01/46

4,600,000

3,580,026

Public

Finance

Authority

2017

IAVF

Rubix

LLC

Revenue

2020

3.5

12/01/32

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

1,405,000

1,254,840

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

Revenue

2020

11/15/37

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

600,000

604,895

Coral

Academy

Science

Las

Vegas

Revenue

2021

7/01/29

..........

285,000

287,353

Coral

Academy

Science

Las

Vegas

Revenue

2021

7/01/30

..........

200,000

200,851

Coral

Academy

Science

Las

Vegas

Revenue

2021

7/01/31

..........

200,000

199,921

Dominium

Holdings

LLC

Revenue

144A,

2024-1

B-1

6.81

4/28/36

........

3,500,000

3,577,943

EMU

Campus

Living

LLC

Revenue

2022

A-1

BAM

Insured

5.375

7/01/47

....

7,000,000

7,602,792

Greystone

Housing

Impact

Investors

Revenue

144A,

2023-1

B-1

7.125

7/25/34

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

6,970,000

7,342,272

Hope

Housing

Foundation

Obligated

Group

Revenue

144A,

2022

3.8

12/01/37

5,600,000

4,909,781

Hope

Housing

Foundation

Obligated

Group

Revenue

144A,

2022

5.75

12/01/27

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

1,240,000

1,203,606

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

North

East

Carolina

Preparatory

School,

Inc.

Revenue

2024

Refunding

6/15/44

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

800,000

814,588

Renown

Regional

Medical

Center

Obligated

Group

Revenue

2020

Refunding

6/01/35

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

2,100,000

2,107,255

UNC

Health

Appalachian

Obligated

Group

Revenue

2021

7/01/46

.......

1,100,000

905,067

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

Revenue

2021

Refunding

10/01/27

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

195,000

197,079

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

Revenue

2021

Refunding

10/01/28

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

250,000

253,566

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

Revenue

2021

Refunding

10/01/29

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

320,000

325,438

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

Revenue

2021

Refunding

10/01/30

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

265,000

269,430

b,c

2020

Holdings

LLC

Obligated

Group

Revenue

144A,

2020

A-1

Mandatory

Put

3.5

12/01/35

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

9,700,000

8,283,209

Wisconsin

Health

Educational

Facilities

Authority

Marshfield

Clinic

Health

System

Obligated

Group

Revenue

2020

Refunding

AGMC

Insured

2/15/34

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

600,000

606,028

Marshfield

Clinic

Health

System

Obligated

Group

Revenue

2020

Refunding

AGMC

Insured

2/15/35

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

1,000,000

1,008,400

Marshfield

Clinic

Health

System

Obligated

Group

Revenue

2020

Refunding

AGMC

Insured

2/15/36

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

600,000

602,687

Marshfield

Clinic

Health

System

Obligated

Group

Revenue

2020

Refunding

AGMC

Insured

2/15/37

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

600,000

601,048

Marshfield

Clinic

Health

System

Obligated

Group

Revenue

2024

5.5

2/15/54

11,500,000

12,577,970

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

Revenue

2021

Refunding

1/01/28

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

375,000

367,206

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

Revenue

2021

Refunding

1/01/29

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

390,000

380,294

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

Revenue

2021

Refunding

1/01/30

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

405,000

393,426

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

Revenue

2021

Refunding

1/01/37

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

1,460,000

1,359,926

Wisconsin

Masonic

Home

Obligated

Group

Revenue

2021

8/15/41

......

1,650,000

1,519,670

Wisconsin

Masonic

Home

Obligated

Group

Revenue

2024

5.5

8/15/44

.....

1,000,000

1,079,474

64,416,041

U.S.

Territories

1.0%

District

Columbia

1.0%

Washington

Metropolitan

Area

Transit

Authority

Revenue

2017

A-1

Refunding

7/01/30

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

5,185,000

5,458,194

Dedicated

Revenue,

Second

Lien

2024

4.375

7/15/56

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

15,000,000

14,927,586

20,385,780

Puerto

Rico

0.0%

†

Puerto

Rico

Industrial

Tourist

Educational

Medical

Environmental

Control

Facilities

Financing

Authority

Hospital

Auxilio

Mutuo

Obligated

Group

Revenue

2021

Refunding

7/01/27

450,000

472,036

Hospital

Auxilio

Mutuo

Obligated

Group

Revenue

2021

Refunding

7/01/30

550,000

601,269

1,073,305

Total

U.S.

Territories

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

21,459,085

Total

Municipal

Bonds

(Cost

2,091,211,015

)

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

2,071,912,288

Total

Long

Term

Investments

(Cost

2,132,372,827

)

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

2,108,423,788

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

See

Abbreviations

page

152

Short

Term

Investments

0.2%

Principal

Amount

Value

Municipal

Bonds

0.2%

Michigan

0.0%

†

University

Michigan

Revenue

2012

D-1

Daily

VRDN

and

Put

3.75

12/01/24

200,000

New

York

0.2%

New

York

City

Municipal

Water

Finance

Authority

Water

Sewer

System

Revenue

2021

EE-1

SPA

Bank

Daily

VRDN

and

Put

3.6

6/15/45

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

3,500,000

Total

Municipal

Bonds

(Cost

3,700,000

)

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

3,700,000

Total

Short

Term

Investments

(Cost

3,700,000

)

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

3,700,000

Total

Investments

(Cost

2,136,072,827

)

99.1

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

$2,112,123,788

Other

Assets,

less

Liabilities

0.9

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

19,660,624

Net

Assets

100.0%

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

$2,131,784,412

†

Rounds

less

than

0.1%

net

assets.

See

Note

3(f)

regarding

investments

affiliated

management

investment

companies.

The

maturity

date

shown

represents

the

mandatory

put

date.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$183,801,351,

representing

8.6%

net

assets.

The

coupon

rate

shown

represents

the

rate

period

end.

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

floating

variable

interest

rate

adjustment

formula

and

unconditional

right

demand

receive

payment

the

principal

balance

plus

accrued

interest

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

determined

based

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.20

$10.03

$10.34

$10.56

$10.59

$10.35

Income

from

investment

operations

Net

investment

income

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

0.14

0.24

0.15

0.07

0.11

0.15

Net

realized

and

unrealized

gains

(losses)

0.10

0.17

(0.33)

(0.22)

(0.03)

0.25

Total

from

investment

operations

........

0.24

0.41

(0.18)

(0.15)

0.08

0.40

Less

distributions

from:

Net

investment

income

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

(0.14)

(0.24)

(0.13)

(0.07)

(0.11)

(0.16)

Net

asset

value,

end

period

..........

$10.30

$10.20

$10.03

$10.34

$10.56

$10.59

Total

return

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

2.44%

4.09%

(1.75)%

(1.39)%

0.75%

3.88%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.83%

0.82%

0.86%

0.80%

0.81%

Expenses

net

waiver

and

payments

affiliates

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

0.65%

0.64%

Net

investment

income

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

2.63%

2.34%

1.51%

0.70%

1.01%

1.42%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$318,867

$331,917

$385,372

$345,670

$294,622

$158,939

Portfolio

turnover

rate

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

9.06%

24.84%

29.88%

33.22%

19.85%

10.10%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.21

$10.04

$10.35

$10.57

$10.60

$10.36

Income

from

investment

operations

Net

investment

income

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

0.14

0.25

0.16

0.09

0.12

0.16

Net

realized

and

unrealized

gains

(losses)

0.10

0.17

(0.33)

(0.22)

(0.03)

0.25

Total

from

investment

operations

........

0.24

0.42

(0.17)

(0.13)

0.09

0.41

Less

distributions

from:

Net

investment

income

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

(0.14)

(0.25)

(0.14)

(0.09)

(0.12)

(0.17)

Net

asset

value,

end

period

..........

$10.31

$10.21

$10.04

$10.35

$10.57

$10.60

Total

return

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

2.49%

4.19%

(1.65)%

(1.29)%

0.85%

3.99%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.73%

0.72%

0.75%

0.70%

0.71%

Expenses

net

waiver

and

payments

affiliates

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

0.55%

0.54%

Net

investment

income

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

2.73%

2.44%

1.55%

0.81%

1.14%

1.52%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$233,722

$252,596

$305,208

$413,869

$468,057

$518,898

Portfolio

turnover

rate

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

9.06%

24.84%

29.88%

33.22%

19.85%

10.10%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.20

$10.03

$10.34

$10.56

$10.59

$10.35

Income

from

investment

operations

Net

investment

income

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

0.15

0.26

0.18

0.10

0.14

0.18

Net

realized

and

unrealized

gains

(losses)

0.11

0.17

(0.33)

(0.22)

(0.03)

0.25

Total

from

investment

operations

........

0.26

0.43

(0.15)

(0.12)

0.11

0.43

Less

distributions

from:

Net

investment

income

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

(0.15)

(0.26)

(0.16)

(0.10)

(0.14)

(0.19)

Net

asset

value,

end

period

..........

$10.31

$10.20

$10.03

$10.34

$10.56

$10.59

Total

return

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

2.58%

4.38%

(1.48)%

(1.12)%

1.03%

4.18%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.55%

0.54%

0.58%

0.53%

0.54%

Expenses

net

waiver

and

payments

affiliates

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

0.37%

0.36%

Net

investment

income

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

2.91%

2.62%

1.74%

0.98%

1.30%

1.70%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$57,446

$56,991

$68,248

$86,417

$70,227

$51,952

Portfolio

turnover

rate

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

9.06%

24.84%

29.88%

33.22%

19.85%

10.10%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.20

$10.03

$10.35

$10.57

$10.60

$10.35

Income

from

investment

operations

Net

investment

income

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

0.15

0.26

0.16

0.10

0.13

0.17

Net

realized

and

unrealized

gains

(losses)

0.11

0.17

(0.33)

(0.22)

(0.02)

0.27

Total

from

investment

operations

........

0.26

0.43

(0.17)

(0.12)

0.11

0.44

Less

distributions

from:

Net

investment

income

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

(0.15)

(0.26)

(0.15)

(0.10)

(0.14)

(0.19)

Net

asset

value,

end

period

..........

$10.31

$10.20

$10.03

$10.35

$10.57

$10.60

Total

return

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

2.57%

4.35%

(1.60)%

(1.05)%

1.00%

4.14%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.58%

0.57%

0.59%

0.55%

0.56%

Expenses

net

waiver

and

payments

affiliates

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

0.40%

0.39%

Net

investment

income

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

2.88%

2.60%

1.63%

0.95%

1.26%

1.67%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$269,277

$265,437

$220,088

$542,557

$517,221

$291,452

Portfolio

turnover

rate

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

9.06%

24.84%

29.88%

33.22%

19.85%

10.10%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Value

Management

Investment

Companies

4.3%

Capital

Markets

4.3%

Franklin

Municipal

Green

Bond

ETF

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

1,550,000

37,355,000

Total

Management

Investment

Companies

(Cost

39,888,825

)

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

37,355,000

Principal

Amount

Corporate

Bonds

0.4%

Electric

Utilities

0.4%

AES

Puerto

Rico

144A,

12.5

3/04/26

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

3,847,413

Total

Corporate

Bonds

(Cost

3,757,428

)

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

3,847,413

Senior

Floating

Rate

Interests

4.7%

Real

Estate

Management

Development

3.3%

Baytown

Leased

Housing

Associates

First

Lien,

Project

CME

Term

Loan

7.593

(

1-month

SOFR

2.251

8/01/40

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

25,110,000

25,620,147

TBG

Hillcrest

Senior

First

Lien,

Delayed

Draw

CME

Term

Loan,

6.89

(

1-month

SOFR

1.55

1/01/38

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

3,797,009

3,797,020

29,417,167

Residential

REITs

1.4%

Centennial

Gardens

First

Lien,

Delayed

Draw

CME

Term

Loan

7.352

(

3-month

SOFR

2.001

1/08/25

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

12,166,852

12,167,485

Total

Senior

Floating

Rate

Interests

(Cost

41,073,861

)

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

41,584,652

Municipal

Bonds

85.0%

Alabama

7.0%

Black

Belt

Energy

Gas

District

Revenue

2019

A-1

Mandatory

Put

12/01/25

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

5,000,000

5,024,347

Revenue

2021

Mandatory

Put

12/01/26

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

5,000,000

5,035,667

Revenue

2022

Mandatory

Put

6/01/28

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

4,000,000

4,182,379

Revenue

2023

B-2

Mandatory

Put

5.25

12/01/30

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

10,000,000

10,844,859

Revenue

2023

D-3

Refunding

Mandatory

Put

5.434

2/01/29

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

5,000,000

5,146,753

Revenue

2024

Mandatory

Put

5.25

9/01/32

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

2,000,000

2,195,646

County

Jefferson

Sewer

Revenue

2024

Refunding

10/01/33

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

2,500,000

2,828,610

Energy

Southeast

Cooperative

District

Revenue

2023

A-1

Mandatory

Put

5.5

1/01/31

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

4,285,000

4,674,157

Revenue

2023

B-1

Mandatory

Put

5.75

11/01/31

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

3,500,000

3,901,419

Industrial

Development

Board

the

City

Mobile

Alabama

Power

Co.

Revenue

2007

Mandatory

Put

6/26/25

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

4,000,000

3,920,244

Southeast

Alabama

Gas

Supply

District

(The)

Revenue

2024

Refunding

Mandatory

Put

4/01/32

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

10,000,000

10,788,536

Southeast

Energy

Authority

Cooperative

District

Revenue

2021

10/01/24

725,000

725,348

Special

Care

Facilities

Financing

Authority

the

City

Pell

City

Alabama

Noland

Obligated

Group

Revenue

2021

Refunding

12/01/24

...........

1,500,000

1,505,086

Noland

Obligated

Group

Revenue

2021

Refunding

12/01/26

...........

1,030,000

1,066,784

61,839,835

Alaska

1.2%

Borough

Matanuska-Susitna

State

Alaska

Revenue

2015

Refunding

5.25

9/01/29

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

10,000,000

10,232,556

Arizona

0.2%

Arizona

Industrial

Development

Authority

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2020

11/01/24

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

1,000,000

1,000,790

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Arizona

(continued)

Arizona

Industrial

Development

Authority,

(continued)

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2020

11/01/25

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

1,000,000

1,011,056

2,011,846

California

3.7%

California

Community

Choice

Financing

Authority

Revenue

2021

B-1

8/01/25

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

535,000

537,872

Revenue

2021

B-1

2/01/26

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

850,000

856,996

Revenue

2021

B-1

8/01/26

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

325,000

328,716

Revenue

2021

B-1

8/01/27

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

400,000

407,240

Revenue

2021

B-1

2/01/28

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

375,000

382,930

Revenue

2021

B-1

8/01/28

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

470,000

481,318

Revenue

2023

Mandatory

Put

5.25

10/01/31

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

4,245,000

4,556,601

California

Community

Housing

Agency

Aster

Apartments

Revenue,

Junior

Lien

144A,

2021

A-2

2/01/43

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

2,795,000

2,577,941

California

Health

Facilities

Financing

Authority

Providence

St.

Joseph

Health

Obligated

Group

Revenue

2016

B-3

Refunding

Mandatory

Put

10/01/25

...........

13,340,000

13,076,775

California

Housing

Finance

Agency

Found

Middle

Revenue

144A,

2024

5.2

12/01/27

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

1,000,000

1,011,128

California

Pollution

Control

Financing

Authority

Republic

Services,

Inc.

Revenue

144A,

2023

Refunding

Mandatory

Put

4.05

2/18/25

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

1,000,000

1,000,135

City

Pasadena

Revenue

2015

Pre-Refunded

3.865

5/01/27

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

500,000

496,535

CMFA

Special

Finance

Agency

VII

Breakwater

Apartments

(The)

Revenue

144A,

2021

A-2

8/01/47

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

900,000

761,684

County

Riverside

Revenue

2005

4.94

2/15/25

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

4,650,000

4,649,208

Long

Beach

Bond

Finance

Authority

Revenue

FRN

2007

5.054

(

3-month

TSOF

1.45

11/15/27

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

1,125,000

1,140,281

32,265,360

Colorado

0.8%

Colorado

Health

Facilities

Authority

CommonSpirit

Health

Obligated

Group

Revenue

2022

11/01/29

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

900,000

988,008

Fort

Carson

Family

Housing

LLC

Revenue

1999

NATL

Insured

7.86

11/15/29

5,065,000

5,384,449

Regional

Transportation

District

Denver

Transit

Partners

LLC

Revenue

2020

Refunding

1/15/25

........

325,000

326,704

Denver

Transit

Partners

LLC

Revenue

2020

Refunding

7/15/25

........

400,000

405,791

7,104,952

Connecticut

0.0%

†

Connecticut

State

Health

Educational

Facilities

Authority

Stamford

Hospital

Obligated

Group

(The)

Revenue

Refunding

7/01/25

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

170,000

171,834

Delaware

0.5%

Delaware

State

Economic

Development

Authority

NRG

Energy,

Inc.

Revenue

2020

Refunding

Mandatory

Put

1.25

10/01/25

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

5,000,000

4,840,707

Florida

4.6%

Babcock

Ranch

Community

Independent

Special

District

Assessment

Area

Special

Assessment

2020

5/01/30

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

515,000

494,963

Celebration

Community

Development

District

Special

Assessment

2021

2.75

5/01/31

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

240,000

226,059

County

Miami-Dade

Aviation

Revenue

2024

Refunding

10/01/27

.......

4,650,000

4,882,394

Crystal

Cay

Community

Development

District

Special

Assessment

2021

2.7

5/01/31

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

325,000

301,581

Eden

Hills

Community

Development

District

Assessment

Area

Special

Assessment

2020

3.25

5/01/30

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

110,000

107,748

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Entrada

Community

Development

District

Assessments

Special

Assessment

144A,

2021

2.625

5/01/31

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

370,000

345,655

Florida

Municipal

Power

Agency

All-Requirements

Power

Supply

Project

Revenue

2017

Refunding

10/01/25

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

1,000,000

1,023,326

Halifax

Hospital

Medical

Center

Obligated

Group

Revenue

2016

Refunding

6/01/27

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

2,890,000

2,984,425

Hillsborough

County

Aviation

Authority

Revenue

2024

10/01/32

..........

10,085,000

11,135,022

Jacksonville

Transportation

Authority

Revenue,

Senior

Lien

2020

8/01/25

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

1,800,000

1,836,087

Revenue,

Senior

Lien

2020

8/01/26

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

1,940,000

2,026,736

Kindred

Community

Development

District

Special

Assessment

2021

2.7

5/01/31

235,000

220,449

Kingman

Gate

Community

Development

District

Special

Assessment

2021

3.125

6/15/31

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

250,000

243,386

Lakes

the

Bay

South

Community

Development

District

Special

Assessment

2024

Refunding

5/01/26

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

710,000

722,594

Lakewood

Ranch

Stewardship

District

Special

Assessment

2024

4.625

5/01/31

210,000

211,954

Lee

County

Housing

Finance

Authority

Fort

Myers

Leased

Housing

Associates

LLLP

Revenue

144A,

2023

Mandatory

Put

5.5

7/01/26

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

4,000,000

3,999,600

Lee

County

Industrial

Development

Authority

Shell

Point

Obligated

Group

Revenue

2024

B-3

4.125

11/15/29

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

3,000,000

3,013,956

Leomas

Landing

Community

Development

District

Assessment

Area

Special

Assessment

2021

2.95

5/01/31

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

105,000

98,935

Leon

County

Housing

Finance

Authority

Revenue

144A,

2022

A-2

Mandatory

Put

6.5

5/01/25

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

2,400,000

2,365,586

Middleton

Community

Development

District

Phase

Special

Assessment

2022

5.2

5/01/27

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

400,000

405,666

Pine

Isle

Community

Development

District

Special

Assessment

144A,

2021

12/15/31

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

230,000

220,934

Poitras

East

Community

Development

District

Special

Assessment

2023

5/01/28

300,000

300,996

Preserve

South

Branch

Community

Development

District

Phase

Special

Assessment

2021

5/01/31

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

350,000

337,046

Rhodine

Road

North

Community

Development

District

Assessment

Area

Special

Assessment

2022

5/01/32

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

195,000

184,584

River

Hall

Community

Development

District

Assessment

Area

Special

Assessment

2021

A-1

Refunding

5/01/25

.......

180,000

178,720

Assessment

Area

Special

Assessment

2021

A-1

Refunding

5/01/26

.......

220,000

216,108

Shingle

Creek

Bronson

Community

Development

District

Special

Assessment

2021

3.1

6/15/31

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

500,000

482,422

South

Creek

Community

Development

District

Assessment

Area

Special

Assessment

2021

2.875

6/15/31

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

175,000

165,093

St.

Johns

County

Housing

Finance

Authority

Ponte

Vedra

Beach

Leased

Housing

Associates

LLLP

Revenue

144A,

2023

Mandatory

Put

5.5

12/01/26

......

1,000,000

998,595

Storey

Park

Community

Development

District

Assessment

Area

Special

Assessment

144A,

2021

2.875

6/15/31

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

170,000

162,354

Summerstone

Community

Development

District

Assessment

Phase

Special

Assessment

2020

3.25

5/01/30

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

165,000

162,310

Villamar

Community

Development

District

Special

Assessment

2020

3.2

5/01/30

240,000

233,914

40,289,198

Georgia

4.7%

City

Atlanta

Department

Aviation

Revenue

2020

Refunding

7/01/25

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

1,500,000

1,527,888

Department

Aviation

Revenue

2024

A-1

7/01/25

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

550,000

561,091

Department

Aviation

Revenue

2024

A-1

7/01/26

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

300,000

313,577

Department

Aviation

Revenue

2024

A-1

7/01/28

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

215,000

234,270

Development

Authority

Burke

County

(The)

Georgia

Power

Co.

Revenue

4th

1995

Mandatory

Put

3.8

5/21/26

.........

3,000,000

3,044,922

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Georgia

(continued)

Development

Authority

Burke

County

(The),

(continued)

Georgia

Power

Co.

Revenue

5th

1994

Mandatory

Put

3.7

6/13/28

.........

1,750,000

1,799,844

Development

Authority

Monroe

County

(The)

Georgia

Power

Co.

Revenue,

First

Series

2009

Refunding

Mandatory

Put

8/21/26

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

2,000,000

1,866,695

Georgia

Power

Co.

Revenue,

Second

Series

2006

Refunding

Mandatory

Put

3.875

3/06/26

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

3,500,000

3,550,520

Main

Street

Natural

Gas,

Inc.

Revenue

2021

Mandatory

Put

9/01/27

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

3,250,000

3,277,951

Revenue

2021

12/01/24

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

735,000

735,331

Revenue

2022

Mandatory

Put

12/01/29

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

4,500,000

4,564,922

c,f

Revenue

144A,

2022

Mandatory

Put

11/01/27

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

15,000,000

14,791,881

Revenue

2023

Mandatory

Put

12/01/30

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

4,000,000

4,249,911

Private

Colleges

Universities

Authority

Mercer

University

Revenue

2021

Refunding

10/01/24

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

400,000

400,460

Mercer

University

Revenue

2021

Refunding

10/01/25

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

425,000

433,866

41,353,129

Hawaii

1.9%

University

Hawaii

Revenue

2020

Refunding

10/01/24

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

3,440,000

3,444,827

Revenue

2020

Refunding

10/01/25

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

3,440,000

3,525,415

Revenue

2020

Refunding

10/01/26

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

2,865,000

3,003,838

Revenue

2020

Refunding

10/01/24

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

600,000

600,842

Revenue

2020

Refunding

10/01/25

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

1,725,000

1,767,832

Revenue

2020

Refunding

10/01/26

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

4,360,000

4,571,285

16,914,039

Illinois

7.2%

Chicago

Park

District

2020

F-2

Refunding

1/01/25

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

350,000

351,962

2020

F-2

Refunding

1/01/26

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

500,000

513,620

2020

F-2

Refunding

1/01/27

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

550,000

576,426

City

Chicago

2015

Refunding

1/01/25

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

1,900,000

1,910,321

2020

Refunding

1/01/28

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

3,100,000

3,269,546

City

Moline

2021

AGMC

Insured

1.151

12/01/24

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

580,000

574,691

2021

AGMC

Insured

1.439

12/01/25

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

925,000

887,597

County

Cook

Sales

Tax

Revenue

2021

Refunding

11/15/29

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

845,000

939,704

Sales

Tax

Revenue

2024

Refunding

11/15/27

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

500,000

536,304

Sales

Tax

Revenue

2024

Refunding

11/15/28

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

1,000,000

1,092,866

Sales

Tax

Revenue

2024

Refunding

11/15/29

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

1,000,000

1,112,075

Illinois

Finance

Authority

Chicago

School

California,

Inc.

(The)

Revenue

2024

4/01/25

...........

500,000

504,689

Chicago

School

California,

Inc.

(The)

Revenue

2024

4/01/26

...........

340,000

349,409

Chicago

School

California,

Inc.

(The)

Revenue

2024

4/01/27

...........

400,000

418,557

Chicago

School

California,

Inc.

(The)

Revenue

2024

4/01/28

...........

400,000

425,848

Christian

Homes,

Inc.

Obligated

Group

Revenue

2021

5/15/27

.........

2,810,000

1,124,000

Field

Museum

Natural

History

Revenue

2019

Refunding

Mandatory

Put

4.945

9/01/25

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

3,635,000

3,635,740

Lifespace

Communities,

Inc.

Obligated

Group

Revenue

2015

Refunding

5/15/27

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

590,000

592,335

OSF

Healthcare

System

Obligated

Group

Revenue

2020

B-1

Refunding

Mandatory

Put

11/15/24

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

1,250,000

1,250,677

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Illinois

(continued)

Sangamon

County

School

District

No.

186

Springfield

2020

AGMC

Insured

6/01/36

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

1,485,000

1,599,545

State

Illinois

2010-4

AGMC

Insured

6.875

7/01/25

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

250,000

253,543

2016

Refunding

2/01/25

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

10,000,000

10,075,862

2016

Refunding

2/01/29

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

750,000

785,852

2017

11/01/29

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

2,000,000

2,121,448

2017

11/01/27

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

5,025,000

5,341,584

2018

5/01/25

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

6,000,000

6,117,972

2018

Refunding

10/01/29

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

375,000

404,546

2018

Refunding

10/01/31

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

625,000

667,457

2019

11/01/30

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

375,000

410,108

Sales

Tax

Revenue

2021

6/15/27

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

1,500,000

1,538,518

Sales

Tax

Revenue,

Junior

Lien

2021

Refunding

6/15/25

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

2,000,000

2,031,211

University

Illinois

Auxiliary

Facilities

System

Revenue

2021

Refunding

4/01/25

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

11,660,000

11,657,387

63,071,400

Indiana

1.3%

Indiana

Finance

Authority

Greencroft

Goshen

Obligated

Group

Revenue

2023

Refunding

11/15/24

1,000,000

998,321

Greencroft

Goshen

Obligated

Group

Revenue

2023

Refunding

11/15/25

1,000,000

992,098

Indianapolis

Power

Light

Co.

Revenue

2021

Refunding

0.65

8/01/25

....

4,500,000

4,381,253

Southern

Indiana

Gas

Electric

Co.

Revenue

2013

Refunding

Mandatory

Put

3.55

8/01/28

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

5,000,000

5,042,212

11,413,884

Iowa

1.5%

Crawford

County

Memorial

Hospital,

Inc.

Revenue

2024

6/15/27

...........

2,000,000

2,026,731

Des

Moines

Independent

Community

School

District

Sales

Services

Use

Tax

Revenue

2018

AGMC

Insured

6/01/29

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

9,300,000

9,295,599

Iowa

Finance

Authority

Lifespace

Communities,

Inc.

Obligated

Group

Revenue

2021

Refunding

Mandatory

Put

4.295

5/15/26

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

1,500,000

1,417,867

Lifespace

Communities,

Inc.

Obligated

Group

Revenue

2023

Refunding

6.6

5/15/28

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

825,000

865,001

13,605,198

Kansas

0.2%

Reno

County

Unified

School

District

No.

308

Hutchinson

2019

Refunding

9/01/27

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

1,575,000

1,674,850

Kentucky

3.0%

County

Trimble

Louisville

Gas

and

Electric

Co.

Revenue

2001

Refunding

0.625

9/01/26

...

3,375,000

3,176,732

Louisville

Gas

and

Electric

Co.

Revenue

2023

Mandatory

Put

4.7

6/01/27

2,500,000

2,520,926

Eastern

Kentucky

University

Revenue

2021

Refunding

3.5

10/01/24

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

1,120,000

1,119,991

Revenue

2021

Refunding

3.5

10/01/25

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

1,155,000

1,157,089

Revenue

2021

Refunding

10/01/26

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

1,205,000

1,229,360

Revenue

2021

Refunding

10/01/27

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

1,255,000

1,293,151

Revenue

2021

Refunding

10/01/28

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

1,305,000

1,351,279

Kentucky

Public

Energy

Authority

Revenue

2022

A-2

Mandatory

Put

4.784

(

SOFR

1.2

8/01/30

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

14,125,000

14,126,346

Louisville/Jefferson

County

Metropolitan

Government

PSG

Vesta

Derby

Oaks

LLC

Revenue

144A,

2022

6.75

5/01/25

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

100,000

99,186

26,074,060

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Louisiana

3.0%

City

New

Orleans

Sewerage

Service

Revenue

2020

6/01/26

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

450,000

465,741

Sewerage

Service

Revenue

2020

6/01/27

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

600,000

633,035

Sewerage

Service

Revenue

2020

6/01/28

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

550,000

589,715

Lake

Charles

Harbor

Terminal

District

Big

Lake

Fuels

LLC

Revenue

2021

Mandatory

Put

12/01/24

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

10,000,000

9,930,130

Louisiana

Local

Government

Environmental

Facilities

Community

Development

Authority

2023

A-1

5.081

6/01/31

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

1,705,501

1,731,896

Invest

Americas

Veterans

Foundation

Louisiana,

Inc.

Revenue

144A,

2020

Refunding

2.75

12/01/25

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

324,000

319,793

Louisiana

Offshore

Terminal

Authority

Loop

LLC

Revenue

2007

Refunding

4.15

9/01/27

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

1,500,000

1,524,121

Louisiana

Public

Facilities

Authority

Loyola

University

New

Orleans

Revenue

2021

Refunding

10/01/25

.......

250,000

254,388

Ochsner

Clinic

Foundation

Obligated

Group

Revenue

2020

Refunding

Mandatory

Put

5/15/25

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

7,500,000

7,591,222

State

Louisiana

Gasoline

Fuels

Tax

Revenue,

Second

Lien

2022

Refunding

Mandatory

Put

4.245

(

SOFR

0.5

5/01/26

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

2,915,000

2,910,564

25,950,605

Maryland

2.1%

City

Cumberland

2021

Refunding

AGMC

Insured

6/01/25

..........

455,000

461,982

Maryland

Economic

Development

Corp.

Purple

Line

Transit

Partners

LLC

Revenue

2022

11/12/28

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

10,000,000

10,234,909

Maryland

Health

Higher

Educational

Facilities

Authority

University

Maryland

Medical

System

Obligated

Group

Revenue

2020

B-2

Refunding

Mandatory

Put

7/01/27

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

5,110,000

5,343,760

State

Maryland

2017

Refunding

8/01/26

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

30,000

31,444

Town

Chestertown

Washington

College

Revenue

2021

Refunding

3/01/26

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

1,035,000

1,050,755

Washington

College

Revenue

2021

Refunding

3/01/27

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

1,215,000

1,245,751

18,368,601

Massachusetts

1.3%

Massachusetts

Development

Finance

Agency

President

Trustees

Williams

College

Revenue

2011

Mandatory

Put

0.45

7/01/25

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

1,000,000

971,537

Massachusetts

Housing

Finance

Agency

Revenue

2022

C-3

FHA

Insured

6/01/26

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

10,000,000

10,088,112

11,059,649

Michigan

1.4%

Michigan

Finance

Authority

Henry

Ford

Health

System

Obligated

Group

Revenue

2016

Refunding

11/15/27

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

2,000,000

2,078,680

Michigan

Strategic

Fund

Consumers

Energy

Co.

Revenue

2005

Mandatory

Put

0.875

10/08/26

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

5,915,000

5,397,986

Wayne

County

Airport

Authority

Detroit

Metropolitan

Wayne

County

Airport

Revenue

144A,

2017

Refunding

12/01/26

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

5,000,000

5,070,266

12,546,932

Minnesota

1.7%

Minnesota

Higher

Education

Facilities

Authority

University

St.

Thomas

Revenue

2019

10/01/26

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

1,000,000

1,040,828

University

St.

Thomas

Revenue

2019

10/01/27

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

1,000,000

1,060,515

Minnesota

Municipal

Gas

Agency

Revenue

2022

Mandatory

Put

12/01/27

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

5,000,000

5,050,740

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Minnesota

(continued)

Minnesota

Municipal

Gas

Agency,

(continued)

Revenue

2022

Mandatory

Put

4.585

12/01/27

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

8,000,000

8,030,130

15,182,213

Mississippi

0.3%

Mississippi

Business

Finance

Corp.

Waste

Management,

Inc.

Revenue

2004

Mandatory

Put

0.7

9/01/26

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

2,500,000

2,321,152

Mississippi

Home

Corp.

Patriot

Services

Group

Obligated

Group

Revenue

144A,

2021

A-5

2.75

6/01/26

154,312

150,862

Patriot

Services

Group

Pascagoula

Portfolio

Obligated

Group

Revenue

2021

D-8

2.9

6/01/26

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

45,063

44,169

2,516,183

Missouri

0.8%

Citizens

Memorial

Hospital

District

Revenue

2024

Refunding

12/01/26

.....

5,000,000

5,037,408

Missouri

Development

Finance

Board

City

Independence

Revenue

2021

Refunding

3/01/25

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

500,000

502,162

City

Independence

Revenue

2021

Refunding

3/01/26

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

405,000

411,283

City

Independence

Revenue

2021

Refunding

3/01/27

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

660,000

677,494

6,628,347

Nevada

0.7%

County

Washoe

Sierra

Pacific

Power

Co.

Revenue

2016

Refunding

Mandatory

Put

4.125

10/01/29

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

3,575,000

3,617,062

Las

Vegas

Valley

Water

District

2020

Refunding

6/01/25

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

2,750,000

2,797,514

6,414,576

New

Hampshire

0.1%

New

Hampshire

Business

Finance

Authority

Revenue

FRN

2024-3

4.163

10/20/41

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

999,541

980,763

New

Jersey

7.8%

City

Newark

2020

Refunding

AGMC

Insured

10/01/24

...........

1,000,000

1,001,316

County

Atlantic

2020

0.375

6/01/25

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

1,800,000

1,754,879

County

Morris

2021

2/01/26

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

4,215,000

4,154,109

Garden

State

Preservation

Trust

Revenue

2005

AGMC

Insured

5.75

11/01/28

25,000,000

26,440,343

New

Jersey

Economic

Development

Authority

Revenue

144A,

2019

Refunding

5.25

9/01/27

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

6,000,000

6,439,420

New

Jersey-American

Water

Co.,

Inc.

Revenue

2019

Refunding

Mandatory

Put

2.05

12/03/29

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

7,500,000

6,720,620

State

New

Jersey

Revenue

2022

11/01/25

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

1,000,000

1,025,723

New

Jersey

Transportation

Trust

Fund

Authority

State

New

Jersey

Revenue

2006

AMBAC

Insured

Zero

Cpn.,

12/15/26

....

10,000,000

9,317,164

State

New

Jersey

Revenue

2006

BHAC

Insured

Zero

Cpn.,

12/15/27

.....

11,110,000

10,082,246

State

New

Jersey

6/01/25

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

2,000,000

2,000,010

68,935,830

New

Mexico

2.2%

City

Farmington

Public

Service

Co.

New

Mexico

Revenue

2010

Refunding

Mandatory

Put

0.875

10/01/26

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

4,250,000

4,001,563

Public

Service

Co.

New

Mexico

Revenue

2010

Refunding

Mandatory

Put

3.875

6/01/29

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

11,000,000

11,314,282

Public

Service

Co.

New

Mexico

Revenue

2010

Refunding

Mandatory

Put

3.9

6/01/28

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

4,000,000

4,103,932

19,419,777

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

New

York

4.6%

County

Suffolk

2018

AGMC

Insured

10/15/28

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

4,205,000

4,317,800

Metropolitan

Transportation

Authority

Revenue

2017

A-2

Refunding

11/15/25

3,980,000

4,085,262

New

York

City

Industrial

Development

Agency

Queens

Ballpark

Co.

LLC

Revenue

2021

Refunding

AGMC

Insured

1/01/25

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

1,000,000

1,006,200

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

2024

F-2

4.67

2/01/33

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

3,000,000

3,042,695

New

York

Liberty

Development

Corp.

Revenue

2021

Refunding

0.95

11/15/27

780,000

708,084

New

York

State

Energy

Research

Development

Authority

New

York

State

Electric

Gas

Corp.

Revenue

1994

Refunding

3.5

10/01/29

3,000,000

2,987,919

Rochester

Gas

and

Electric

Corp.

Revenue

1997

Refunding

Mandatory

Put

7/01/25

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

10,000,000

9,999,839

New

York

State

Housing

Finance

Agency

Revenue

2022

A-2

Mandatory

Put

2.5

5/01/27

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

3,000,000

2,944,847

New

York

Transportation

Development

Corp.

Delta

Air

Lines,

Inc.

Revenue

2018

1/01/36

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

7,195,000

7,398,669

JFK

International

Air

Terminal

LLC

Revenue

2020

Refunding

12/01/25

...

500,000

510,526

JFK

International

Air

Terminal

LLC

Revenue

2020

Refunding

12/01/25

...

2,200,000

2,253,091

State

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue

212

2.95

4/01/25

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

895,000

891,672

40,146,604

North

Carolina

0.9%

North

Carolina

Capital

Facilities

Finance

Agency

Campbell

University,

Inc.

Revenue

2021

Refunding

10/01/24

..........

1,200,000

1,201,008

Campbell

University,

Inc.

Revenue

2021

Refunding

10/01/25

..........

1,000,000

1,016,595

Campbell

University,

Inc.

Revenue

2021

Refunding

10/01/26

..........

850,000

874,827

North

Carolina

State

University

Raleigh

Revenue

2018

Refunding

10/01/26

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

3,000,000

3,150,359

Revenue

2018

Refunding

10/01/27

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

1,500,000

1,610,916

7,853,705

North

Dakota

1.2%

City

Grand

Forks

Altru

Health

System

Obligated

Group

Revenue

2021

Refunding

12/01/27

2,325,000

2,387,218

Altru

Health

System

Obligated

Group

Revenue

2021

Refunding

12/01/28

1,680,000

1,736,384

City

Horace

2023

Refunding

5.125

7/01/25

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

5,000,000

5,003,810

2024

Refunding

4.85

8/01/26

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

1,750,000

1,756,644

10,884,056

Ohio

2.0%

Columbus

Metropolitan

Housing

Authority

Revenue

2024

6/01/34

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

1,500,000

1,501,586

Cobblestone

Manor

LLC

Revenue

2024

8/01/27

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

2,000,000

2,062,735

Ohio

Air

Quality

Development

Authority

Duke

Energy

Corp.

Revenue

2022

Refunding

Mandatory

Put

4.25

6/01/27

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

7,500,000

7,614,814

Ohio

Housing

Finance

Agency

Revenue

144A,

2023

2/01/26

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

1,700,000

1,707,980

Middletown

Phase

Two

Revenue

144A,

2023

6.25

3/01/26

...........

3,000,000

3,020,839

Youngstown

State

University

Revenue

2021

Refunding

AGMC

Insured

12/15/24

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

645,000

646,710

Revenue

2021

Refunding

AGMC

Insured

12/15/25

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

580,000

589,771

Revenue

2021

Refunding

AGMC

Insured

12/15/26

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

850,000

871,401

18,015,836

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Oregon

1.9%

Deschutes

Jefferson

Counties

School

District

No.

Redmond

2021

6/15/25

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

850,000

850,421

Oregon

Local

Governments

2004

BAM,

AMBAC

Insured

6.095

6/01/28

....

8,172,672

8,439,361

Salem-Keizer

School

District

No.

24J

2018

6/15/25

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

2,000,000

2,035,616

State

Oregon

2015

Refunding

8/01/27

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

2,785,000

2,842,932

State

Oregon

Housing

Community

Services

Department

Union

Pacific

Highway

Revenue

144A,

2022

II-1

5.5

12/01/25

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

2,270,000

2,274,862

16,443,192

Pennsylvania

3.2%

Allegheny

County

Airport

Authority

Revenue

2023

AGMC

Insured

5.25

1/01/36

1,000,000

1,120,553

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

2022

Refunding

5/01/25

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

500,000

503,734

Revenue

2022

Refunding

5/01/26

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

500,000

513,274

Revenue

2022

Refunding

5/01/27

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

590,000

613,348

Bethlehem

Area

School

District

Authority

Revenue

2021

Refunding

Mandatory

Put

3.935

(

SOFR

0.35

11/01/25

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

1,985,000

1,976,938

Chester

County

Industrial

Development

Authority

Avon

Grove

Charter

School

Revenue

2024

3/01/27

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

3,250,000

3,334,609

Lehigh

County

Industrial

Development

Authority

PPL

Electric

Utilities

Corp.

Revenue

2016

Refunding

2.625

2/15/27

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

8,500,000

8,407,857

Montgomery

County

Industrial

Development

Authority

Constellation

Energy

Generation

LLC

Revenue

2023

Refunding

Mandatory

Put

4.1

4/03/28

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

5,000,000

5,123,817

Pennsylvania

Economic

Development

Financing

Authority

UPMC

Obligated

Group

Revenue

2017

Refunding

11/15/29

...........

1,230,000

1,307,779

Waste

Management,

Inc.

Revenue

2021

Refunding

Mandatory

Put

1.1

11/02/26

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

4,000,000

3,761,770

Philadelphia

Gas

Works

Co.

Revenue

16th

AGMC

Insured

8/01/25

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

500,000

509,752

Revenue

16th

AGMC

Insured

8/01/26

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

600,000

625,226

27,798,657

Rhode

Island

0.1%

City

Providence

2021

Refunding

1/15/25

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

500,000

503,079

2021

Refunding

1/15/26

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

500,000

513,149

1,016,228

South

Carolina

2.6%

Columbia

Housing

Authority

Columbia

Leased

Housing

Associates

LLLP

Revenue

2022

Mandatory

Put

2.25

10/01/25

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

9,000,000

8,857,088

County

Richland

Village

Sandhill

Improvement

District

Special

Assessment

144A,

2021

Refunding

11/01/26

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

520,000

498,214

Patriots

Energy

Group

Financing

Agency

Revenue

2023

A-1

Mandatory

Put

5.25

8/01/31

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

3,535,000

3,820,025

South

Carolina

Public

Service

Authority

Revenue

2021

12/01/24

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

1,750,000

1,756,408

Revenue

2024

12/01/26

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

675,000

707,615

Revenue

2024

12/01/27

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

525,000

561,261

Revenue

2024

12/01/28

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

500,000

543,540

Revenue

2024

12/01/29

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

550,000

607,509

Revenue

2024

12/01/30

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

675,000

752,169

Revenue

2024

5.5

12/01/54

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

3,000,000

3,334,178

South

Carolina

State

Housing

Finance

Development

Authority

Garden

Oaks

Revenue

144A,

2021

12/01/24

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

1,500,000

1,493,314

22,931,321

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

South

Dakota

0.0%

†

South

Dakota

Health

Educational

Facilities

Authority

Sanford

Obligated

Group

Revenue

2021

Refunding

1.225

11/01/24

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

450,000

447,251

Tennessee

3.7%

State

Tennessee

2023

5/01/31

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

6,670,000

7,667,063

Tennergy

Corp.

Revenue

2022

Mandatory

Put

5.5

12/01/30

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

8,010,000

8,701,521

Tennessee

Energy

Acquisition

Corp.

Revenue

2021

11/01/24

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

250,000

250,516

Revenue

2021

11/01/25

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

350,000

356,985

Revenue

2023

A-1

Refunding

Mandatory

Put

5/01/28

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

14,560,000

15,178,190

32,154,275

Texas

1.6%

Central

Texas

Turnpike

System

Revenue,

First

Tier

2002

BHAC,

AMBAC

Insured

Zero

Cpn.,

8/15/27

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

3,280,000

2,993,698

City

Houston

Combined

Utility

System

Revenue,

First

Lien

2018

Refunding

11/15/26

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

1,000,000

1,051,962

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

2021

9/01/24

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

140,000

2021

9/01/25

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

145,000

141,320

2021

9/01/26

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

150,000

142,314

2021

9/01/27

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

155,000

143,450

Texas

Municipal

Gas

Acquisition

Supply

Corp.

Revenue

2023

Mandatory

Put

5.5

1/01/30

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

5,000,000

5,402,777

THF

Public

Facility

Corp.

THF

Little

Elm

Leased

Housing

Associates

Revenue

2022

Mandatory

Put

3.25

9/01/25

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

3,500,000

3,499,953

Town

Little

Elm

Valencia

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

2.375

9/01/26

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

140,000

133,618

Westside

211

Special

Improvement

District

GO,

Sub.

Lien

2021

8/15/25

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

265,000

259,280

GO,

Sub.

Lien

2021

8/15/27

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

280,000

264,362

14,172,734

Virginia

0.5%

Virginia

Small

Business

Financing

Authority

Elizabeth

River

Crossings

OpCo

LLC

Revenue,

Senior

Lien

2022

Refunding

1/01/29

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

180,000

182,216

Elizabeth

River

Crossings

OpCo

LLC

Revenue,

Senior

Lien

2022

Refunding

7/01/29

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

1,750,000

1,773,703

LifeSpire

Virginia

Obligated

Group

Revenue

2021

Refunding

12/01/24

...

220,000

219,574

LifeSpire

Virginia

Obligated

Group

Revenue

2021

Refunding

12/01/25

...

230,000

228,134

LifeSpire

Virginia

Obligated

Group

Revenue

2021

Refunding

12/01/26

...

235,000

232,078

Pure

Salmon

Virginia

LLC

Revenue

2022

Mandatory

Put

11/15/24

........

1,500,000

1,500,552

4,136,257

Washington

1.1%

Auburn

School

District

No.

408

King

Pierce

Counties

2018

12/01/27

1,700,000

1,831,125

Spokane

County

School

District

No.

354

Mead

2018

12/01/32

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

1,150,000

1,176,712

2018

12/01/33

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

1,500,000

1,599,513

State

Washington

R-2015

Refunding

7/01/28

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

3,985,000

4,012,097

Washington

Health

Care

Facilities

Authority

Fred

Hutchinson

Cancer

Center

Obligated

Group

Revenue

144A,

2021

12/01/31

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

280,000

307,208

Washington

State

Housing

Finance

Commission

Seattle

Academy

Arts

Sciences

Revenue

144A,

2023

Refunding

7/01/28

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

410,000

430,381

9,357,036

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

West

Virginia

0.1%

West

Virginia

Economic

Development

Authority

Appalachian

Power

Co.

Revenue

2010

Refunding

Mandatory

Put

0.625

12/15/25

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

1,000,000

950,839

Wisconsin

1.4%

Public

Finance

Authority

2017

IAVF

Rubix

LLC

Revenue

2020

2.75

12/01/25

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

219,197

216,077

Coral

Academy

Science

Las

Vegas

Revenue

2021

7/01/26

..........

150,000

149,286

Greystone

Housing

Impact

Investors

Revenue

144A,

2023-1

B-1

7.125

7/25/34

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

2,975,000

3,133,897

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

Revenue

2021

Refunding

10/01/25

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

285,000

285,589

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

Revenue

2021

Refunding

10/01/26

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

300,000

301,717

2020

Holdings

LLC

Obligated

Group

Revenue

144A,

2020

4.25

6/01/25

1,135,000

1,117,253

Wisconsin

Health

Educational

Facilities

Authority

Marshfield

Clinic

Health

System

Obligated

Group

Revenue

2024

2/15/29

5,000,000

5,353,533

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

Revenue

2021

Refunding

1/01/26

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

345,000

341,428

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

Revenue

2021

Refunding

1/01/27

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

360,000

354,408

Wisconsin

Masonic

Home

Obligated

Group

Revenue

2024

B-2

4.2

8/15/28

...

840,000

841,803

12,094,991

Wyoming

0.1%

County

Laramie

Cheyenne

Regional

Medical

Center

Revenue

2021

Refunding

5/01/27

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

550,000

563,531

U.S.

Territories

0.8%

District

Columbia

0.7%

District

Columbia

Housing

Finance

Agency

Revenue

2024

A-2

Mandatory

Put

4.1

9/01/30

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

6,335,000

6,603,859

Puerto

Rico

0.1%

Puerto

Rico

Industrial

Tourist

Educational

Medical

Environmental

Control

Facilities

Financing

Authority

Hospital

Auxilio

Mutuo

Obligated

Group

Revenue

2021

Refunding

7/01/25

195,000

197,422

Hospital

Auxilio

Mutuo

Obligated

Group

Revenue

2021

Refunding

7/01/27

450,000

472,036

669,458

Total

U.S.

Territories

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

7,273,317

Total

Municipal

Bonds

(Cost

751,466,561

)

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

747,106,154

Total

Long

Term

Investments

(Cost

836,186,675

)

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

829,893,219

Short

Term

Investments

6.0%

Municipal

Bonds

6.0%

Colorado

0.1%

Colorado

Health

Facilities

Authority

Children's

Hospital

Colorado

Obligated

Group

Revenue

2020

Refunding

LOC

Bank

Daily

VRDN

and

Put

12/01/52

500,000

New

Mexico

0.4%

New

Mexico

Hospital

Equipment

Loan

Council

Presbyterian

Healthcare

Services

Obligated

Group

Revenue

2008

Refunding

SPA

JPMorgan

Chase

Bank

Daily

VRDN

and

Put

8/01/34

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

4,000,000

New

York

2.5%

City

New

York

2020

B-3

Daily

VRDN

and

Put

10/01/46

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

9,000,000

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

See

Abbreviations

page

152

Short

Term

Investments

(continued)

Principal

Amount

Value

Municipal

Bonds

(continued)

New

York

(continued)

Metropolitan

Transportation

Authority

Revenue

2005

D-2

LOC

Bank

Montreal

Daily

VRDN

and

Put

3.85

11/01/35

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

1,300,000

New

York

City

Municipal

Water

Finance

Authority

Water

Sewer

System

Revenue

2014

AA-1

SPA

JPMorgan

Chase

Bank

Daily

VRDN

and

Put

6/15/50

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

6,500,000

Water

Sewer

System

Revenue

2022

Refunding

Daily

VRDN

and

Put

6/15/33

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

5,500,000

22,300,000

Ohio

0.4%

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Revenue

2024

Daily

VRDN

and

Put

3.8

12/01/54

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

3,300,000

Oregon

1.9%

Oregon

State

Facilities

Authority

PeaceHealth

Obligated

Group

Revenue

2018

Refunding

LOC

Bank

Daily

VRDN

and

Put

3.8

8/01/34

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

16,855,000

Pennsylvania

0.2%

Allegheny

County

Higher

Education

Building

Authority

Carnegie

Mellon

University

Revenue

2008

Refunding

SPA

Bank

New

York

Mellon

(The)

Daily

VRDN

and

Put

3.8

12/01/37

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

1,500,000

Tennessee

0.1%

Shelby

County

Health

Educational

Housing

Facilities

Board

Methodist

Bonheur

Healthcare

Obligated

Group

Revenue

2008

AGMC

Insured

SPA

JPMorgan

Chase

Co.

Daily

VRDN

and

Put

4.05

6/01/42

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

900,000

Virginia

0.4%

Albemarle

County

Economic

Development

Authority

Sentara

Healthcare

Obligated

Group

Revenue

2018

Refunding

SPA

Bank

Daily

VRDN

and

Put

3.8

10/01/48

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

3,600,000

Total

Municipal

Bonds

(Cost

52,955,000

)

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

52,955,000

Total

Short

Term

Investments

(Cost

52,955,000

)

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

52,955,000

Total

Investments

(Cost

889,141,675

)

100.4

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

$882,848,219

Other

Assets,

less

Liabilities

(

0.4

)

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

(3,536,501)

Net

Assets

100.0%

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

$879,311,718

†

Rounds

less

than

0.1%

net

assets.

See

Note

3(f)

regarding

investments

affiliated

management

investment

companies.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$58,279,999,

representing

6.6%

net

assets.

See

Note

1(c)

regarding

senior

floating

rate

interests.

The

coupon

rate

shown

represents

the

rate

inclusive

any

caps

floors,

applicable,

effect

period

end.

The

maturity

date

shown

represents

the

mandatory

put

date.

The

coupon

rate

shown

represents

the

rate

period

end.

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

floating

variable

interest

rate

adjustment

formula

and

unconditional

right

demand

receive

payment

the

principal

balance

plus

accrued

interest

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

determined

based

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

High

Yield

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$8.84

$8.68

$10.05

$10.29

$10.46

$9.93

Income

from

investment

operations

Net

investment

income

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

0.20

0.40

0.38

0.36

0.40

0.39

Net

realized

and

unrealized

gains

(losses)

0.20

0.15

(1.40)

(0.24)

(0.19)

0.56

Total

from

investment

operations

........

0.40

0.55

(1.02)

0.12

0.21

0.95

Less

distributions

from:

Net

investment

income

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

(0.20)

(0.39)

(0.35)

(0.36)

(0.38)

(0.42)

Net

asset

value,

end

period

..........

$9.04

$8.84

$8.68

$10.05

$10.29

$10.46

Total

return

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

4.56%

6.59%

(10.15)%

1.07%

2.15%

9.73%

Ratios

average

net

assets

Expenses

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

0.80%

0.83%

0.91%

0.80%

0.79%

Net

investment

income

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

4.50%

4.62%

4.20%

3.49%

3.97%

3.82%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$1,514,900

$1,452,358

$1,390,633

$1,559,216

$1,177,730

$900,342

Portfolio

turnover

rate

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

5.17%

14.74%

23.04%

18.70%

38.24%

11.98%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$8.84

$8.67

$10.04

$10.28

$10.45

$9.92

Income

from

investment

operations

Net

investment

income

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

0.21

0.41

0.39

0.38

0.42

0.40

Net

realized

and

unrealized

gains

(losses)

0.18

0.17

(1.39)

(0.24)

(0.20)

0.56

Total

from

investment

operations

........

0.39

0.58

(1.00)

0.14

0.22

0.96

Less

distributions

from:

Net

investment

income

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

(0.20)

(0.41)

(0.37)

(0.38)

(0.39)

(0.43)

Net

asset

value,

end

period

..........

$9.03

$8.84

$8.67

$10.04

$10.28

$10.45

Total

return

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

4.53%

6.88%

(10.02)%

1.22%

2.30%

9.90%

Ratios

average

net

assets

Expenses

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

0.65%

0.68%

0.75%

0.65%

0.64%

Net

investment

income

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

4.66%

4.77%

4.35%

3.65%

4.14%

3.97%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$2,297,737

$2,349,443

$2,577,670

$3,518,033

$3,756,501

$4,196,856

Portfolio

turnover

rate

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

5.17%

14.74%

23.04%

18.70%

38.24%

11.98%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$9.02

$8.84

$10.24

$10.49

$10.66

$10.12

Income

from

investment

operations

Net

investment

income

.............

0.18

0.36

0.34

0.32

0.36

Net

realized

and

unrealized

gains

(losses)

0.19

0.18

(1.42)

(0.25)

(0.19)

0.56

Total

from

investment

operations

........

0.37

0.54

(1.08)

0.07

0.17

0.92

Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.36)

(0.32)

(0.34)

(0.38)

Net

asset

value,

end

period

..........

$9.21

$9.02

$8.84

$10.24

$10.49

$10.66

Total

return

.......................

4.14%

6.15%

(10.52)%

0.54%

1.71%

9.27%

Ratios

average

net

assets

Expenses

.........................

1.19%

1.21%

1.29%

1.19%

Net

investment

income

...............

4.01%

4.12%

3.71%

3.03%

3.53%

3.42%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$127,847

$137,544

$175,131

$262,313

$359,050

$488,258

Portfolio

turnover

rate

................

5.17%

14.74%

23.04%

18.70%

38.24%

11.98%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$8.88

$8.71

$10.09

$10.33

$10.50

$9.97

Income

from

investment

operations

Net

investment

income

.............

0.21

0.42

0.40

0.43

0.42

Net

realized

and

unrealized

gains

(losses)

0.19

0.17

(1.40)

(0.25)

(0.19)

0.56

Total

from

investment

operations

........

0.40

0.59

(1.00)

0.15

0.24

0.98

Less

distributions

from:

Net

investment

income

..............

(0.21)

(0.42)

(0.38)

(0.39)

(0.41)

(0.45)

Net

asset

value,

end

period

..........

$9.07

$8.88

$8.71

$10.09

$10.33

$10.50

Total

return

.......................

4.58%

6.99%

(9.94)%

1.36%

2.43%

10.01%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.51%

0.53%

0.62%

0.51%

Expenses

net

waiver

and

payments

affiliates

..........................

0.51%

0.53%

0.61%

0.51%

0.50%

Net

investment

income

...............

4.78%

4.88%

4.48%

3.77%

4.25%

4.11%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$206,339

$174,493

$181,286

$228,725

$157,328

$127,806

Portfolio

turnover

rate

................

5.17%

14.74%

23.04%

18.70%

38.24%

11.98%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$8.88

$8.71

$10.08

$10.33

$10.50

$9.97

Income

from

investment

operations

Net

investment

income

.............

0.21

0.42

0.40

0.39

0.43

0.42

Net

realized

and

unrealized

gains

(losses)

0.19

0.16

(1.39)

(0.25)

(0.20)

0.55

Total

from

investment

operations

........

0.40

0.58

(0.99)

0.14

0.23

0.97

Less

distributions

from:

Net

investment

income

..............

(0.21)

(0.41)

(0.38)

(0.39)

(0.40)

(0.44)

Net

asset

value,

end

period

..........

$9.07

$8.88

$8.71

$10.08

$10.33

$10.50

Total

return

.......................

4.56%

6.95%

(9.89)%

1.22%

2.39%

9.97%

Ratios

average

net

assets

Expenses

.........................

0.55%

0.57%

0.65%

0.55%

0.54%

Net

investment

income

...............

4.74%

4.85%

4.42%

3.73%

4.22%

4.07%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$804,110

$780,675

$846,496

$1,284,270

$1,229,100

$1,166,057

Portfolio

turnover

rate

................

5.17%

14.74%

23.04%

18.70%

38.24%

11.98%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

High

Yield

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Common

Stocks

0.0%

Independent

Power

and

Renewable

Electricity

Producers

0.0%

a,b

AES

Guayama

Holdings

...........................................

231,664

—

Total

Common

Stocks

(Cost

–

)

...............................................

—

Management

Investment

Companies

2.1%

Capital

Markets

2.1%

Franklin

Dynamic

Municipal

Bond

ETF

...................................

805,000

19,947,900

Vanguard

Tax-Exempt

Bond

Index

ETF

...................................

1,650,000

83,589,000

103,536,900

Total

Management

Investment

Companies

(Cost

103,344,973

)

...................

103,536,900

Principal

Amount

Corporate

Bonds

2.5%

Commercial

Services

Supplies

0.4%

CalPlant

LLC

Senior

Secured

Note

144A,

7/01/25

...............................

5,795,000

e,f

Senior

Secured

Note

144A,

9.5

8/31/23

..........................

1,920,000

249,600

e,f

Senior

Secured

Note

144A,

9.5

8/31/23

..........................

7,205,000

936,650

e,f

Senior

Secured

Note

144A,

9.5

8/31/23

..........................

3,975,000

516,750

e,f

Senior

Secured

Note

144A,

9.5

8/31/23

..........................

345,000

44,850

e,f

Senior

Secured

Note

144A,

9.5

8/31/23

..........................

2,610,000

e,f

Senior

Secured

Note

144A,

9.5

8/31/23

..........................

3,910,000

e,f

Senior

Secured

Note

144A,

9.5

8/31/23

..........................

1,380,000

e,f

Senior

Secured

Note

144A,

9.5

8/31/23

..........................

1,225,000

e,f

Senior

Secured

Note

144A,

9.5

8/31/23

..........................

1,955,000

e,f

Senior

Secured

Note

144A,

9.5

8/31/23

..........................

1,700,000

e,f

Senior

Secured

Note

144A,

9.5

8/31/23

..........................

1,915,000

22,237,850

Diversified

Consumer

Services

1.8%

Grand

Canyon

University

Secured

Note

5.125

10/01/28

....................

93,710,000

86,805,847

Electric

Utilities

0.3%

Mission

Rock

Utilities,

Inc.

144A,

7/01/27

..............................

15,000,000

15,222,551

Total

Corporate

Bonds

(Cost

142,517,616

)

.....................................

124,266,248

Senior

Floating

Rate

Interests

0.0%

†

Oil,

Gas

Consumable

Fuels

0.0%

†

Rialto

Bioenergy

Facility

LLC

First

Lien,

CME

Term

Loan,

15.328

(

1-month

SOFR

4/01/31

.......

567,005

122,227

First

Lien,

Initial

Roll-Up

CME

Term

Loan,

15.32

(

12-month

SOFR

9/18/25

.........................................................

1,639,525

—

122,227

Total

Senior

Floating

Rate

Interests

(Cost

2,188,914

)

...........................

122,227

Municipal

Bonds

90.6%

Alabama

0.1%

Homewood

Educational

Building

Authority

CHF

Horizons

LLC

Revenue

2024

10/01/56

.....................................................

750,000

766,341

MidCity

Improvement

District

Assessment

Area

Special

Assessment

2022

3.875

11/01/27

..............

300,000

289,553

Assessment

Area

Special

Assessment

2022

4.25

11/01/32

...............

600,000

548,056

Assessment

Area

Special

Assessment

2022

4.5

11/01/42

................

2,090,000

1,778,631

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Alabama

(continued)

MidCity

Improvement

District,

(continued)

Assessment

Area

Special

Assessment

2022

4.75

11/01/49

...............

2,400,000

2,019,292

5,401,873

Arizona

1.9%

Arizona

Industrial

Development

Authority

Great

Lakes

Senior

Living

Communities

LLC

Revenue,

Second

Tier

2019

5.125

1/01/54

..........................

3,005,000

1,342,685

Industrial

Development

Authority

the

County

Pima

(The)

American

Leadership

Academy,

Inc.

Revenue

144A,

2019

Refunding

6/15/49

1,235,000

1,204,153

American

Leadership

Academy,

Inc.

Revenue

144A,

2022

Refunding

6/15/57

8,500,000

6,868,347

Posada

Park

Centre,

Inc.

Obligated

Group

Revenue

144A,

2022

11/15/57

.......................................................

5,000,000

5,445,397

Posada

Park

Centre,

Inc.

Obligated

Group

Revenue

144A,

2022

B-1

6.625

5/15/31

........................................................

4,000,000

4,066,011

Maricopa

County

Industrial

Development

Authority

Benjamin

Franklin

Charter

School

Obligated

Group

Revenue

144A,

2018

7/01/38

........................................................

5,000,000

5,267,847

Benjamin

Franklin

Charter

School

Obligated

Group

Revenue

144A,

2018

7/01/52

........................................................

10,000,000

10,319,065

Salt

Verde

Financial

Corp.

Revenue

2007-1

5.5

12/01/29

..................

11,105,000

12,138,327

Sierra

Vista

Industrial

Development

Authority

American

Leadership

Academy,

Inc.

Revenue

144A,

2023

5.75

6/15/58

......

5,000,000

5,127,869

Georgetown

Community

Development

Authority

Revenue

144A,

2021

Zero

Cpn.,

10/01/56

.......................................................

18,880,000

15,468,518

Georgetown

Community

Development

Authority

Revenue

144A,

2021

6.25

10/01/36

.......................................................

3,945,000

3,371,830

Georgetown

Community

Development

Authority

Revenue

144A,

2022

Zero

Cpn.,

10/01/56

.......................................................

2,327,000

2,263,181

Georgetown

Community

Development

Authority

Revenue

144A,

2022

10/01/37

.......................................................

250,000

245,942

Tempe

Industrial

Development

Authority

Mirabella

ASU,

Inc.

Revenue

144A,

2017

10/01/37

................

1,900,000

1,381,710

Mirabella

ASU,

Inc.

Revenue

144A,

2017

6.125

10/01/47

.............

4,850,000

3,069,337

Mirabella

ASU,

Inc.

Revenue

144A,

2017

6.125

10/01/52

.............

2,800,000

1,728,306

Tempe

Life

Care

Village

Obligated

Group

Revenue

2019

12/01/50

........

4,300,000

4,305,562

Tempe

Life

Care

Village

Obligated

Group

Revenue

2019

12/01/54

........

8,000,000

7,937,695

Tempe

Life

Care

Village

Obligated

Group

Revenue

2021

12/01/56

.......

2,130,000

1,769,799

93,321,581

Arkansas

0.6%

Arkansas

Development

Finance

Authority

Hybar

LLC

Revenue

144A,

2023

7.375

7/01/48

......................

12,500,000

13,851,809

United

States

Steel

Corp.

Revenue

2022

5.45

9/01/52

...................

8,500,000

8,942,917

United

States

Steel

Corp.

Revenue

2023

5.7

5/01/53

....................

4,575,000

4,881,760

27,676,486

California

20.3%

Alvord

Unified

School

District

2011

AGMC

Insured

Zero

Cpn.,

8/01/41

.....

30,750,000

14,513,883

California

Community

College

Financing

Authority

NCCD-Napa

Valley

Properties

LLC

Revenue

144A,

2022

4.25

7/01/32

.....

500,000

493,750

NCCD-Napa

Valley

Properties

LLC

Revenue

144A,

2022

5.75

7/01/60

.....

17,500,000

17,941,432

NCCD-Napa

Valley

Properties

LLC

Revenue

144A,

2022

6.75

7/01/60

.....

7,000,000

7,126,652

California

Community

Housing

Agency

Annadel

Apartments

Revenue

144A,

2019

4/01/49

..................

5,800,000

5,019,090

Arbors

Apartments

Revenue

144A,

2020

8/01/50

....................

12,970,000

12,784,061

Aster

Apartments

Revenue,

Junior

Lien

144A,

2021

A-2

2/01/43

..........

13,695,000

12,631,452

Brio

Apartments

Lex

Apartments

Revenue

144A,

2021

A-2

8/01/47

16,500,000

13,673,042

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

California

(continued)

California

Community

Housing

Agency,

(continued)

Fountains

Emerald

Park

Revenue,

Junior

Lien

144A,

2021

A-2

8/01/46

...

21,405,000

18,625,595

Street

Flats

Revenue

144A,

2021

A-2

8/01/50

......................

17,830,000

14,475,679

Mira

Vista

Hills

Apartments

Revenue

144A,

2021

2/01/56

.............

33,000,000

20,004,488

Twin

Creek

Apartments

Revenue,

Junior

Lien

144A,

2022

5.5

2/01/40

.....

4,400,000

4,023,381

Verdant

Green

Valley

Apartments

Revenue

144A,

2019

8/01/49

.......

20,000,000

19,240,058

California

Municipal

Finance

Authority

California

Baptist

University

Revenue

144A,

2015

5.5

11/01/45

...........

17,400,000

17,558,189

California

Baptist

University

Revenue

144A,

2016

11/01/46

............

5,000,000

5,008,789

Capital

Christian

Center

Revenue

144A,

2021

10/01/51

...............

8,425,000

7,499,133

California

Pollution

Control

Financing

Authority

CalPlant

LLC

Revenue

144A,

2017

7.5

7/01/32

.......................

24,500,000

330,750

CalPlant

LLC

Revenue

144A,

2017

7/01/39

........................

10,000,000

135,000

CalPlant

LLC

Revenue

144A,

2020

7.5

7/01/32

.......................

10,000,000

135,000

Rialto

Bioenergy

Facility

LLC

Revenue

144A,

2018

6.75

12/01/28

..........

1,320,136

251,054

Rialto

Bioenergy

Facility

LLC

Revenue

144A,

2018

7.5

12/01/40

...........

4,140,071

787,328

California

Public

Finance

Authority

Crossroads

Christian

Schools

Obligated

Group

Revenue

144A,

2020

1/01/56

....................................

4,015,000

3,584,979

California

Statewide

Communities

Development

Authority

Special

Tax

2023

C-1

9/02/43

....................................

4,060,000

4,093,100

Lancer

Educational

Housing

LLC

Revenue

144A,

2016

Refunding

6/01/36

5,000,000

5,080,604

NCCD-Hooper

Street

LLC

Revenue

144A,

2019

5.25

7/01/39

.............

1,275,000

1,311,541

NCCD-Hooper

Street

LLC

Revenue

144A,

2019

5.25

7/01/49

.............

3,725,000

3,786,586

City

County

San

Francisco

District

No.

2020-1

Development

Special

Tax

144A,

2021

5.25

9/01/49

.............................................

2,500,000

2,216,355

City

San

Francisco

5.25

9/01/49

....................................

10,000,000

8,865,419

CMFA

Special

Finance

Agency

Solana

Grand

Revenue,

Junior

Lien

144A,

2021

A-2

8/01/45

...........

34,725,000

29,488,800

Solana

Grand

Revenue,

Senior

Lien

144A,

2021

A-1

8/01/56

..........

1,700,000

1,540,695

CMFA

Special

Finance

Agency

Enclave

Revenue,

Junior

Lien

144A,

2022

A-2

4.5

8/01/51

.........................................................

38,000,000

30,433,668

CMFA

Special

Finance

Agency

VII

Breakwater

Apartments

(The)

Revenue

144A,

2021

A-2

8/01/47

..............................................

31,320,000

26,506,601

CMFA

Special

Finance

Agency

VIII

Elan

Huntington

Beach

Revenue,

Junior

Lien

144A,

2021

A-2

8/01/47

.........................................

11,900,000

10,600,463

CMFA

Special

Finance

Agency

XII

Allure

Apartments

Revenue

144A,

2022

A-2

4.375

8/01/49

...................................................

21,215,000

17,946,965

CSCDA

Community

Improvement

Authority

Cameo/Garrison

Apartments

Revenue

144A,

2021

3/01/57

............

15,000,000

11,610,714

Crescent

(The)

Revenue

144A,

2022

5.5

7/01/59

.....................

15,935,000

14,328,140

Dublin

Revenue

144A,

2021

2/01/57

.............................

7,500,000

5,844,138

Escondido

Portfolio

Revenue,

Senior

Lien

144A,

2021

A-1

6/01/48

........

10,000,000

7,282,552

Park

Crossing

Apartments

Revenue

144A,

2021

12/01/48

.............

14,235,000

10,936,110

Renaissance

City

Center

Revenue

144A,

2020

7/01/51

.............

22,325,000

22,063,369

Waterscape

Apartments

Revenue

144A,

2021

9/01/46

................

5,970,000

5,107,689

Wood

Creek

Apartments

Revenue,

Sub.

Lien

144A,

2021

12/01/59

......

19,800,000

13,280,194

M-S-R

Energy

Authority

Revenue

2009

6.125

11/01/29

...................................

25,155,000

26,945,078

Revenue

2009

11/01/34

.......................................

20,000,000

25,247,870

Revenue

2009

6.5

11/01/39

.....................................

20,000,000

25,947,708

Palmdale

Elementary

School

District

Community

Facilities

District

No.

90-1

Special

Tax

2012

AGMC

Insured

Zero

Cpn.,

8/01/28

...................................................

1,500,000

1,331,129

Community

Facilities

District

No.

90-1

Special

Tax

2012

AGMC

Insured

Zero

Cpn.,

8/01/30

...................................................

1,250,000

1,037,457

Community

Facilities

District

No.

90-1

Special

Tax

2012

AGMC

Insured

Zero

Cpn.,

8/01/31

...................................................

1,250,000

998,973

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

California

(continued)

Palmdale

Elementary

School

District,

(continued)

Community

Facilities

District

No.

90-1

Special

Tax

2012

AGMC

Insured

Zero

Cpn.,

8/01/34

...................................................

2,500,000

2,673,013

Riverside

County

Transportation

Commission

Revenue,

Senior

Lien

2013

Zero

Cpn.,

6/01/32

.........................

4,000,000

3,040,462

Revenue,

Senior

Lien

2013

Zero

Cpn.,

6/01/33

.........................

5,500,000

4,022,432

Revenue,

Senior

Lien

2013

Zero

Cpn.,

6/01/41

.........................

5,000,000

2,500,466

Revenue,

Senior

Lien

2013

Zero

Cpn.,

6/01/42

.........................

7,000,000

3,317,946

San

Diego

Unified

School

District

2012

Zero

Cpn.,

7/01/42

.......................................

44,565,000

37,688,946

2012

Zero

Cpn.,

7/01/47

.......................................

33,305,000

28,038,807

San

Joaquin

Hills

Transportation

Corridor

Agency

Revenue

1997

Refunding

1/15/45

...............................

35,834,000

48,734,817

Revenue

1997

Refunding

1/15/46

...............................

35,834,000

48,900,560

Revenue,

Junior

Lien

ETM,

Zero

Cpn.,

1/01/26

...........................

110,000,000

106,317,574

Revenue,

Junior

Lien

ETM,

Zero

Cpn.,

1/01/27

...........................

125,100,000

117,879,728

San

Mateo

Foster

City

School

District

Zero

Cpn.,

8/01/42

...............

40,000,000

43,338,608

San

Mateo

Union

High

School

District

2011

Zero

Cpn.,

9/01/41

...........

20,000,000

21,222,854

Silicon

Valley

Tobacco

Securitization

Authority

Revenue

2007

Zero

Cpn.,

6/01/36

...................................

15,000,000

7,898,262

Revenue

2007

Zero

Cpn.,

6/01/56

..................................

60,000,000

6,530,772

Tobacco

Securitization

Authority

Southern

California

San

Diego

County

Tobacco

Asset

Securitization

Corp.

Revenue

2006

Zero

Cpn.,

6/01/46

..............

50,000,000

10,921,570

1,002,701,520

Colorado

5.3%

3rd

and

Havana

Metropolitan

District

2020

5.25

12/01/49

.............

3,775,000

3,320,927

9th

Avenue

Metropolitan

District

No.

2018

12/01/48

................

7,414,000

7,032,351

Allison

Valley

Metropolitan

District

No.

2020

Refunding

12/01/47

......

5,250,000

5,028,760

Allison

Valley

Metropolitan

District

No.

2020

Refunding

4.7

12/01/47

.....

4,750,000

4,121,385

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

2018

5.375

12/01/48

........................................................

2,185,000

2,190,430

Baseline

Metropolitan

District

No.

2021

12/01/51

...........................................

1,500,000

1,480,446

2021

7.5

12/15/51

.........................................

2,190,000

2,110,784

Bent

Grass

Metropolitan

District

144A,

2020

Refunding

5.25

12/01/49

.....

1,685,000

1,659,845

Bradburn

Metropolitan

District

No.

2018

Refunding

12/01/38

..................................

600,000

603,088

2018

Refunding

12/01/47

..................................

2,400,000

2,371,423

Brighton

Crossing

Metropolitan

District

No.

2020

A-3

12/01/50

........

2,000,000

1,810,808

Broomfield

Village

Metropolitan

District

No.

144A,

2021

A-2

Refunding

12/01/49

........................................................

724,000

702,930

Clear

Creek

Transit

Metropolitan

District

No.

2021

12/01/41

...........................................

578,000

501,969

2021

12/01/50

...........................................

1,000,000

828,697

Colliers

Hill

Metropolitan

District

No.

2022

B-1

Refunding

5.75

12/15/47

2,850,000

2,824,373

Colorado

Health

Facilities

Authority

Aberdeen

Ridge,

Inc.

Obligated

Group

Revenue

2021

5/15/49

..........

2,235,000

1,561,062

Aberdeen

Ridge,

Inc.

Obligated

Group

Revenue

2021

5/15/58

..........

4,750,000

3,137,806

Frasier

Meadows

Manor,

Inc.

Obligated

Group

Revenue

2017

Refunding

5.25

5/15/47

........................................................

6,500,000

6,569,487

Conestoga

Metropolitan

District

No.

2021

A-3

Refunding

5.25

12/01/51

1,625,000

1,516,491

Copperleaf

Metropolitan

District

No.

2022

12/15/41

...............

1,225,000

1,224,611

Cornerstar

Metropolitan

District

Refunding

5.125

12/01/37

...................................

2,000,000

2,005,039

Refunding

5.25

12/01/47

....................................

5,200,000

5,202,821

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Colorado

(continued)

Denver

International

Business

Center

Metropolitan

District

No.

2019

12/01/48

........................................................

6,590,000

6,776,648

Eagle

Brook

Meadows

Metropolitan

District

No.

2021-3

12/01/51

......

1,600,000

1,457,023

First

Creek

Village

Metropolitan

District

2019

12/01/39

...........................................

595,000

605,282

2019

8/01/49

............................................

540,000

541,925

Greenways

Metropolitan

District

No.

2021

A-3

4.625

12/01/51

..........

1,580,000

1,157,074

Hidden

Creek

Metropolitan

District

144A,

2021

A-3

4.625

12/01/45

........

1,140,000

961,345

Horizon

Metropolitan

District

No.

144A,

2021

A-3

4.5

12/01/51

..........

1,675,000

1,245,349

Jay

Grove

Metropolitan

District

2021

4.25

12/01/51

...................

1,225,000

986,449

Jefferson

Center

Metropolitan

District

No.

Revenue

2020

A-2

4.125

12/01/40

..................................

575,000

536,210

Revenue

2020

A-2

4.375

12/01/47

..................................

1,125,000

1,051,310

Johnstown

Farms

East

Metropolitan

District

2021

12/01/51

............

1,500,000

1,331,955

Johnstown

Plaza

Metropolitan

District

2022

Refunding

4.25

12/01/46

.....

8,500,000

7,756,211

Karl's

Farm

Metropolitan

District

No.

144A,

2020

A-3

5.375

12/01/40

.................................

645,000

635,406

144A,

2020

A-3

5.625

12/01/50

.................................

1,900,000

1,858,176

Liberty

Ranch

Metropolitan

District

2021

Refunding

5.25

12/01/51

......

6,590,000

5,861,962

Morgan

Hill

Metropolitan

District

No.

2021

Refunding

6.375

12/15/51

...

1,465,000

1,414,394

Murphy

Creek

Metropolitan

District

No.

2021

12/01/51

..............

8,000,000

7,093,884

Nexus

North

DIA

Metropolitan

District

2021

12/01/51

...............

565,000

508,526

Platte

River

Metropolitan

District

GO,

Senior

Lien

144A,

2023

Refunding

6.5

8/01/53

.........................................................

1,888,000

1,966,888

Prairie

Center

Metropolitan

District

No.

2024

Refunding

5.875

12/15/46

750,000

810,268

Prairie

Center

Metropolitan

District

No.

2020

4.125

12/15/36

.........................................

500,000

460,975

2020

4.875

12/15/44

.........................................

725,000

657,675

2021

6.375

6/15/46

..........................................

1,330,000

1,267,368

Pronghorn

Valley

Metropolitan

District

2021

3.75

12/01/41

.........................................

515,000

425,383

2021

12/01/51

...........................................

650,000

517,887

Ptarmigan

West

Metropolitan

District

No.

2021-3

4.125

12/01/51

........

1,475,000

1,101,504

Public

Authority

for

Colorado

Energy

Revenue

2008

6.25

11/15/28

......................................

12,500,000

13,219,906

Revenue

2008

6.5

11/15/38

.......................................

60,100,000

74,791,133

Raindance

Metropolitan

District

No.

Non-Potable

Water

System

Revenue

2020

12/01/40

...................

625,000

626,279

Non-Potable

Water

System

Revenue

2020

5.25

12/01/50

................

4,250,000

4,261,109

Rampart

Range

Metropolitan

District

No.

Revenue

2021

12/01/41

........................................

2,730,000

2,464,682

Revenue

2021

12/01/51

........................................

6,670,000

5,494,918

Reunion

Metropolitan

District

Water

Activity

Enterprise

Revenue

2021

3.625

12/01/44

........................................................

6,002,392

4,530,696

Ritoro

Metropolitan

District

2019

12/01/49

.......................

2,000,000

1,955,534

RRC

Metropolitan

District

No.

2021

5.25

12/01/51

...................

5,625,000

5,003,571

South

Aurora

Regional

Improvement

Authority

Revenue

2018

6.25

12/01/57

....

2,815,000

2,814,984

Southglenn

Metropolitan

District

2016

Refunding

12/01/30

....................................

3,470,000

3,471,721

2016

Refunding

12/01/36

....................................

810,000

807,037

2016

Refunding

12/01/46

....................................

4,200,000

4,025,685

STC

Metropolitan

District

No.

2019

Refunding

12/01/38

..................................

2,000,000

1,999,370

2019

Refunding

12/01/49

..................................

1,000,000

964,097

Timberleaf

Metropolitan

District

2020

5.75

12/01/50

..................

1,730,000

1,739,159

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Colorado

(continued)

Trails

Crowfoot

Metropolitan

District

No.

2024

Refunding

6.875

12/15/52

..................................................

1,215,000

1,204,801

Village

Dry

Creek

Metropolitan

District

No.

(The)

2019

4.375

12/01/44

819,000

804,645

Village

Metropolitan

District

(The)

2020

Refunding

12/01/40

....................................

1,100,000

1,109,792

2020

Refunding

12/01/49

....................................

1,750,000

1,758,635

Villages

Castle

Rock

Metropolitan

District

No.

1989

11.12

6/01/31

.........

3,000,000

2,760,000

Waterfront

Foster

Lake

Metropolitan

District

No.

2022

A3-1

12/01/42

.........................................

3,705,000

3,486,616

2022

A3-1

12/01/51

.........................................

4,085,000

3,620,311

2022

A3-2

Zero

Cpn.,

12/01/51

...................................

5,130,000

3,603,391

Water

Tap

Fee

Revenue

2022

4.625

12/01/28

.........................

6,000,000

5,877,779

West

Meadow

Metropolitan

District

GO,

Senior

Lien

144A,

2023

Refunding

6.5

12/01/50

........................................................

2,750,000

2,889,025

Wild

Plum

Metropolitan

District

2019

Pre-Refunded

12/01/49

.........

595,000

615,468

262,692,954

Connecticut

0.6%

Connecticut

State

Health

Educational

Facilities

Authority

Church

Home

Hartford

Obligated

Group

Revenue

144A,

2016

9/01/46

1,000,000

984,268

Church

Home

Hartford

Obligated

Group

Revenue

144A,

9/01/53

......

7,850,000

7,503,136

Masonicare

Corp.

Obligated

Group

Revenue

Refunding

7/01/43

........

13,000,000

13,050,883

McLean

Affiliates

Obligated

Group

Revenue

144A,

2020

1/01/45

........

1,000,000

923,080

McLean

Affiliates

Obligated

Group

Revenue

144A,

2020

1/01/55

........

5,695,000

4,996,474

27,457,841

Florida

16.9%

Abbott

Square

Community

Development

District

Special

Assessment

2022

5.375

6/15/42

.............................

1,040,000

1,073,136

Special

Assessment

2022

5.5

6/15/52

...............................

1,500,000

1,543,821

Anabelle

Island

Community

Development

District

Special

Assessment

2022

2.7

5/01/27

...............................

405,000

390,968

Special

Assessment

2022

3.1

5/01/32

...............................

750,000

688,103

Special

Assessment

2022

3.5

5/01/42

...............................

1,945,000

1,627,579

Antillia

Community

Development

District

Special

Assessment

2024

5.6

5/01/44

645,000

659,652

Arbors

Community

Development

District

2023

Project

Area

Special

Assessment

2023

4.5

5/01/30

.................

630,000

640,004

2023

Project

Area

Special

Assessment

2023

5.4

5/01/43

.................

1,705,000

1,780,367

2023

Project

Area

Special

Assessment

2023

5.625

5/01/53

...............

2,235,000

2,336,052

Artisan

Lakes

East

Community

Development

District

Assessment

Area

Special

Assessment

2021-1

2.75

5/01/31

.............

250,000

229,105

Assessment

Area

Special

Assessment

2021-1

3.125

5/01/41

............

470,000

385,114

Assessment

Area

Special

Assessment

144A,

2021-2

2.75

5/01/31

........

275,000

252,015

Assessment

Area

Special

Assessment

144A,

2021-2

3.125

5/01/41

.......

515,000

422,509

Astonia

Community

Development

District

Area

Special

Assessment

144A,

2020

5/01/40

......................

540,000

521,053

Area

Special

Assessment

144A,

2020

5/01/51

......................

1,370,000

1,228,859

Assessment

Area

Special

Assessment

144A,

2021

2.5

5/01/26

...........

105,000

102,451

Assessment

Area

Special

Assessment

144A,

2021

5/01/31

............

500,000

467,522

Assessment

Area

Special

Assessment

144A,

2021

3.2

5/01/41

...........

750,000

622,066

Assessment

Area

Special

Assessment

2023

5.125

6/15/43

..............

410,000

419,724

Assessment

Area

Special

Assessment

2023

5.375

6/15/53

..............

680,000

695,952

North

Parcel

Assessment

Area

Special

Assessment

144A,

2021

2.5

5/01/26

100,000

97,572

North

Parcel

Assessment

Area

Special

Assessment

144A,

2021

5/01/31

....

320,000

299,214

North

Parcel

Assessment

Area

Special

Assessment

144A,

2021

3.2

5/01/41

750,000

622,066

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Avalon

Groves

Community

Development

District

Special

Assessment

2021

3.125

5/01/41

.............................

360,000

299,401

Special

Assessment

2021

5/01/51

.................................

500,000

446,239

Assessment

Area

Special

Assessment

2021

5/01/32

.................

200,000

185,468

Assessment

Area

Special

Assessment

2021

3.375

5/01/41

..............

495,000

414,700

Avalon

Park

West

Community

Development

District

2020

Project

Area

Special

Assessment

144A,

2020

Refunding

3.25

5/01/30

215,000

211,820

2020

Project

Area

Special

Assessment

144A,

2020

Refunding

3.75

5/01/40

580,000

565,201

2020

Project

Area

Special

Assessment

144A,

2020

Refunding

5/01/51

.....

880,000

799,316

2022

Project

Area

Special

Assessment

2022

5.5

5/01/42

.................

500,000

525,126

2022

Project

Area

Special

Assessment

2022

5.625

5/01/52

...............

875,000

911,127

Ave

Maria

Stewardship

Community

District

BAN

Assessment

Special

Assessment

144A,

2023

5.5

5/01/53

...........................................

2,790,000

2,858,741

Avenir

Community

Development

District

Assessment

Area

Special

Assessment

2021

A-1

2.75

5/01/31

............

2,980,000

2,722,870

Assessment

Area

Special

Assessment

2023

5.375

5/01/43

..............

3,030,000

3,099,884

Assessment

Area

Special

Assessment

2023

5.625

5/01/54

..............

5,115,000

5,267,597

Parcel

A-18

Special

Assessment

2024

4.875

5/01/31

..................

270,000

272,955

Parcel

A-18

Special

Assessment

2024

5.75

5/01/44

...................

1,005,000

1,025,888

Parcel

A-18

Special

Assessment

2024

5/01/55

.....................

1,625,000

1,655,845

Aviary

Rutland

Ranch

Community

Development

District

Assessment

Area

Special

Assessment

2021

3.1

11/01/31

...............

170,000

157,743

Assessment

Area

Special

Assessment

2021

3.4

11/01/41

...............

410,000

344,417

Babcock

Ranch

Community

Independent

Special

District

Assessment

Area

Special

Assessment

2021

2.875

5/01/31

..............

465,000

426,703

Assessment

Area

Special

Assessment

2020

5/01/30

................

250,000

241,550

Assessment

Area

Special

Assessment

2020

5/01/40

................

775,000

748,665

Assessment

Area

Special

Assessment

2020

5/01/51

................

1,550,000

1,389,010

Assessment

Area

Special

Assessment

2020

2.5

5/01/25

...............

20,000

19,812

Assessment

Area

Special

Assessment

2020

5/01/30

................

250,000

240,273

Assessment

Area

Special

Assessment

2020

5/01/40

................

385,000

371,917

Assessment

Area

Special

Assessment

2020

5/01/51

................

890,000

797,560

Balm

Grove

Community

Development

District

Special

Assessment

2022

3.25

11/01/27

..............................

850,000

831,709

Special

Assessment

2022

3.625

11/01/32

.............................

1,290,000

1,220,318

Bannon

Lakes

Community

Development

District

Phase

Special

Assessment

144A,

2021

3.5

5/01/41

...................

700,000

612,528

Phase

Special

Assessment

2022

3.3

5/01/32

........................

365,000

346,965

Phase

Special

Assessment

2022

5/01/42

..........................

1,370,000

1,250,006

Belmond

Reserve

Community

Development

District

2020

Project

Special

Assessment

2020

5/01/40

......................

1,750,000

1,710,262

2020

Project

Special

Assessment

2020

5/01/51

......................

2,000,000

1,766,624

Belmont

Community

Development

District

Special

Assessment

2020

3.125

12/15/30

.............................

325,000

313,461

Special

Assessment

2020

3.625

12/15/40

.............................

1,390,000

1,310,479

Berry

Bay

Community

Development

District

Assessment

Area

Special

Assessment

2021

2.625

5/01/26

..............

105,000

102,584

Assessment

Area

Special

Assessment

2021

3.125

5/01/31

..............

400,000

373,454

Assessment

Area

Special

Assessment

2021

3.625

5/01/41

..............

1,250,000

1,077,598

Assessment

Area

Special

Assessment

2023

5.5

5/01/43

................

985,000

1,026,235

Assessment

Area

Special

Assessment

2023

5.75

5/01/53

...............

1,675,000

1,750,332

Berry

Bay

Community

Development

District

Assessment

Area

Special

Assessment

144A,

2024

4.45

5/01/31

..........

140,000

140,110

Assessment

Area

Special

Assessment

144A,

2024

5.2

5/01/44

...........

145,000

145,190

Assessment

Area

Special

Assessment

144A,

2024

5.45

5/01/54

..........

115,000

114,937

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Black

Creek

Community

Development

District

Special

Assessment

2022

5.125

6/15/32

.............................

150,000

155,590

Special

Assessment

2022

5.625

6/15/52

.............................

2,000,000

2,068,536

Boggy

Branch

Community

Development

District

Special

Assessment

2021

2.5

5/01/26

...............................

190,000

184,788

Special

Assessment

2021

5/01/31

.................................

450,000

414,801

Special

Assessment

2021

3.5

5/01/41

...............................

1,165,000

977,823

Bradbury

Community

Development

District

Special

Assessment

2023

4.375

5/01/30

.............................

590,000

595,879

Special

Assessment

2023

5.5

5/01/53

...............................

2,245,000

2,293,482

Bridgewalk

Community

Development

District

Assessment

Area

Special

Assessment

2023

6.25

12/15/43

..............

760,000

813,477

Assessment

Area

Special

Assessment

2023

6.5

12/15/53

...............

700,000

748,708

Bridgewater

North

Community

Development

District

Assessments

Special

Assessment

2022

3.125

5/01/27

..................

125,000

122,368

Assessments

Special

Assessment

2022

3.5

5/01/32

....................

350,000

333,237

Brightwater

Community

Development

District

Assessment

Area

Special

Assessment

2021

2.85

5/01/31

...............

280,000

256,123

Assessment

Area

Special

Assessment

2021

3.15

5/01/41

...............

700,000

565,134

Brookstone

Community

Development

District

Assessment

Area

Special

Assessment

2022

4.75

5/01/32

...............

325,000

332,051

Assessment

Area

Special

Assessment

2022

5.5

5/01/42

................

1,000,000

1,035,996

Assessment

Area

Special

Assessment

2022

5.625

5/01/52

..............

1,750,000

1,803,727

Buckhead

Trails

Community

Development

District

Special

Assessment

2022

5.25

5/01/32

..............................

400,000

411,622

Special

Assessment

2022

5.625

5/01/42

.............................

1,000,000

1,042,879

Special

Assessment

2022

5.75

5/01/52

..............................

1,410,000

1,458,598

Special

Assessment

2024

4.7

5/01/31

...............................

560,000

563,730

Special

Assessment

2024

5.6

5/01/44

...............................

665,000

674,393

Special

Assessment

2024

5.875

5/01/54

.............................

1,500,000

1,520,921

Buena

Lago

Community

Development

District

Assessment

Area

Special

Assessment

2022

5.25

5/01/42

...............

665,000

691,483

Assessment

Area

Special

Assessment

2022

5.5

5/01/52

................

1,135,000

1,188,767

Caldera

Community

Development

District

Assessment

Area

Special

Assessment

2024

5/01/44

.................

725,000

728,503

Assessment

Area

Special

Assessment

2024

5.2

5/01/54

................

390,000

388,919

Cape

Coral

Health

Facilities

Authority

Gulf

Care,

Inc.

Obligated

Group

Revenue,

Senior

Lien

144A,

2015

Refunding

7/01/45

..........................

5,250,000

3,908,484

Capital

Trust

Agency,

Inc.

AcadeMir

Charter

School

West

Revenue

144A,

2021

7/01/31

..........

100,000

92,768

AcadeMir

Charter

School

West

Revenue

144A,

2021

7/01/41

..........

450,000

401,067

AcadeMir

Charter

School

West

Revenue

144A,

2021

7/01/51

..........

540,000

444,085

AcadeMir

Charter

School

West

Revenue

144A,

2021

7/01/56

..........

445,000

357,054

AcadeMir

Charter

School

West

Revenue

144A,

2021

A-2

7/01/41

.........

750,000

668,445

AcadeMir

Charter

School

West

Revenue

144A,

2021

A-2

7/01/51

.........

975,000

801,820

AcadeMir

Charter

School

West

Revenue

144A,

2021

A-2

7/01/56

.........

750,000

601,776

Educational

Growth

Fund

LLC

Revenue

144A,

2021

Zero

Cpn.,

7/01/31

......

8,925,000

5,882,390

Educational

Growth

Fund

LLC

Revenue,

Senior

Lien

144A,

2021

A-1

7/01/56

1,000,000

975,048

Sarasota-Manatee

Jewish

Housing

Council

Obligated

Group

Revenue

144A,

2017

Refunding

7/01/46

............................................

3,250,000

2,498,045

SHI

Lake

Osborne

LLC

Revenue

144A,

2021

A-2

4.43

1/01/57

...........

10,245,000

7,646,291

South

Tech

Schools

Obligated

Group

Revenue

144A,

2020

6/15/40

......

1,125,000

1,109,220

South

Tech

Schools

Obligated

Group

Revenue

144A,

2020

6/15/55

......

3,805,000

3,550,534

University

Bridge

LLC

Revenue

144A,

2018

5.25

12/01/43

..............

31,755,000

32,016,452

WFCS

Holdings

LLC

Revenue

144A,

2021

A-1

3.3

1/01/31

..............

715,000

681,837

WFCS

Holdings

LLC

Revenue

144A,

2021

A-1

1/01/56

...............

1,050,000

1,038,449

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Capital

Trust

Agency,

Inc.,

(continued)

WFCS

Holdings

LLC

Revenue

144A,

2020

A-1

1/01/55

.................

3,500,000

3,462,015

Capital

Trust

Authority

Gulf

Coast

Portfolio

Obligated

Group

Revenue

144A,

2024

Refunding

Zero

Cpn.,

3/01/29

........................................

17,400,000

13,807,890

Caymas

Community

Development

District

Assessment

Area

Special

Assessment

2024

5.3

5/01/44

................

800,000

809,592

Assessment

Area

Special

Assessment

2024

5.625

5/01/54

..............

690,000

698,403

Celebration

Community

Development

District

Special

Assessment

2021

2.25

5/01/26

..............................

100,000

97,546

Special

Assessment

2021

2.75

5/01/31

..............................

240,000

226,059

Special

Assessment

2021

3.125

5/01/41

.............................

590,000

510,669

Celebration

Pointe

Community

Development

District

No.

Special

Assessment

2021

3.375

5/01/41

...................................................

885,000

754,199

Center

Lake

Ranch

West

Community

Development

District

Assessment

Area

Special

Assessment

2023

5.75

5/01/43

...............

1,365,000

1,428,731

Assessment

Area

Special

Assessment

2023

5/01/54

.................

2,330,000

2,441,108

Central

Parc

Community

Development

District

Special

Assessment

2024

5.7

5/01/44

...............................

500,000

505,895

Special

Assessment

2024

5/01/54

.................................

750,000

761,517

CFM

Community

Development

District

Assessment

Area

Special

Assessment

2021

2.4

5/01/26

....................................................

145,000

141,073

Chaparral

Palm

Bay

Community

Development

District

Assessments

Special

Assessment

2020

A-1

5/01/40

...................

1,220,000

1,181,249

Assessments

Special

Assessment

2020

A-1

5/01/50

...................

1,985,000

1,789,970

Chapel

Creek

Community

Development

District

Assessment

Area

Special

Assessment

144A,

2021

5/01/31

..............

185,000

170,902

Assessment

Area

Special

Assessment

144A,

2021

3.375

5/01/41

..........

620,000

519,272

Assessment

Area

Special

Assessment

2024

5.5

5/01/44

.................

570,000

584,166

Assessment

Area

Special

Assessment

2024

5.75

5/01/54

................

1,055,000

1,076,852

Chapel

Crossings

Community

Development

District

Assessments

Special

Assessment

144A,

2020

2.625

5/01/25

.............

115,000

113,850

Assessments

Special

Assessment

144A,

2020

3.2

5/01/30

...............

645,000

609,554

Assessments

Special

Assessment

144A,

2020

3.7

5/01/40

...............

1,700,000

1,492,256

Charlotte

County

Industrial

Development

Authority

MSKP

Town

Country

Utility

LLC

Revenue

144A,

2021

10/01/36

..................................

2,500,000

2,279,345

Coddington

Community

Development

District

Assessments

Special

Assessment

2022

5.75

5/01/42

...................

615,000

649,133

Assessments

Special

Assessment

2022

5.75

5/01/52

...................

1,000,000

1,043,559

Connerton

East

Community

Development

District

Assessment

Area

Special

Assessment

2023

5.25

6/15/43

...............

1,395,000

1,451,628

Assessment

Area

Special

Assessment

2023

5.375

6/15/53

..............

2,250,000

2,326,989

Copes

Landing

Community

Development

District

2023

Project

Area

Special

Assessment

2023

5.75

5/01/43

................

210,000

221,783

2023

Project

Area

Special

Assessment

2023

5.875

5/01/53

...............

1,825,000

1,917,472

Coral

Bay

Lee

County

Community

Development

District

Assessment

Area

Special

Assessment

2022

5.5

5/01/42

.....................................

250,000

256,736

Coral

Creek

Community

Development

District

Special

Assessment

2024

5.45

5/01/44

..............................

2,160,000

2,213,805

Special

Assessment

2024

5.75

5/01/54

..............................

1,700,000

1,739,053

Coral

Lakes

Community

Development

District

Assessment

Area

Special

Assessment

2024

5.5

11/01/44

...............

780,000

808,899

Assessment

Area

Special

Assessment

2024

5.75

11/01/53

..............

1,000,000

1,032,537

Cordoba

Ranch

Community

Development

District

Assessments

Special

Assessment

2021

Refunding

5/01/31

.............

835,000

797,412

Assessments

Special

Assessment

2021

Refunding

5/01/37

.............

825,000

718,886

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Cordova

Palms

Community

Development

District

Special

Assessment

2021

2.4

5/01/26

...............................

100,000

97,352

Special

Assessment

2021

2.8

5/01/31

...............................

355,000

324,371

Special

Assessment

2021

5/01/41

.................................

1,020,000

813,025

Special

Assessment

2022-1

5.7

5/01/42

..............................

310,000

326,443

Special

Assessment

2022-1

5.8

5/01/53

..............................

505,000

528,524

Assessment

Area

Special

Assessment

2022-2

4.5

5/01/27

..............

115,000

115,720

Assessment

Area

Special

Assessment

2022-2

5.1

5/01/32

..............

340,000

351,118

Assessment

Area

Special

Assessment

2022-2

5.4

5/01/42

..............

1,020,000

1,052,836

Assessment

Area

Special

Assessment

2022-2

5.6

5/01/53

..............

2,005,000

2,071,942

Creekview

Community

Development

District

Phase

Special

Assessment

2022

4.25

5/01/32

.......................

655,000

659,690

Phase

Special

Assessment

2022

4.625

5/01/42

......................

1,995,000

1,985,278

Cresswind

DeLand

Community

Development

District

Assessment

Area

Special

Assessment

2024

5.375

5/01/44

..............

700,000

705,516

Assessment

Area

Special

Assessment

2024

5.75

5/01/54

...............

730,000

740,304

Crestview

Community

Development

District

Special

Assessment

144A,

2020

Refunding

5/01/31

...................

250,000

256,126

Special

Assessment

144A,

2020

Refunding

5/01/37

...................

475,000

472,645

Cross

Creek

North

Community

Development

District

Special

Assessment

2022

4.25

5/01/42

..............................

2,340,000

2,234,736

Special

Assessment

2023

5.125

5/01/43

.............................

995,000

1,017,626

Special

Assessment

2023

5.375

5/01/53

.............................

1,255,000

1,282,351

Crossings

Community

Development

District

Area

Special

Assessment

2024

5.35

5/01/44

........................

595,000

598,806

Area

Special

Assessment

2024

5.6

5/01/54

.........................

535,000

538,382

Crosswinds

East

Community

Development

District

Assessment

Area

Special

Assessment

2024

5.5

5/01/44

................

1,220,000

1,252,432

Assessment

Area

Special

Assessment

2024

5.75

5/01/54

...............

1,500,000

1,535,589

Assessment

Area

Special

Assessment

2024

4.5

5/01/31

................

195,000

195,178

Assessment

Area

Special

Assessment

2024

5.45

5/01/54

...............

300,000

300,278

Crystal

Cay

Community

Development

District

Special

Assessment

2021

2.7

5/01/31

...............................

200,000

185,588

Special

Assessment

2021

3.05

5/01/41

..............................

850,000

719,249

Special

Assessment

2021

5/01/51

.................................

1,000,000

894,174

Currents

Community

Development

District

Assessments

Special

Assessment

144A,

2020

5/01/40

................................................

3,100,000

2,848,440

Cypress

Bay

West

Community

Development

District

Assessment

Area

Special

Assessment

2023

5.25

5/01/43

...............

1,375,000

1,408,535

Assessment

Area

Special

Assessment

2023

5.5

5/01/53

................

1,205,000

1,236,618

Cypress

Bluff

Community

Development

District

Special

Assessment

144A,

2020

3.125

5/01/30

.......................

250,000

244,172

Special

Assessment

144A,

2020

3.625

5/01/40

.......................

800,000

762,611

Special

Assessment

144A,

2020

3.8

5/01/50

.........................

1,170,000

1,041,949

Cypress

Park

Estates

Community

Development

District

Assessment

Area

Special

Assessment

2022

4.375

5/01/27

...............

80,000

80,177

Assessment

Area

Special

Assessment

2022

4.75

5/01/32

................

350,000

356,147

Assessment

Area

Special

Assessment

144A,

2020

3.25

5/01/30

..........

295,000

280,518

Assessment

Area

Special

Assessment

144A,

2020

3.875

5/01/40

.........

1,170,000

1,059,549

Assessment

Area

Special

Assessment

144A,

2020

5/01/51

............

1,210,000

1,024,043

Cypress

Ridge

Community

Development

District

Assessment

Area

Special

Assessment

2023

5.625

5/01/43

..............

1,565,000

1,621,819

Assessment

Area

Special

Assessment

2023

5.875

5/01/53

..............

1,340,000

1,390,961

Darby

Community

Development

District

Assessments

Special

Assessment

2024

A-1

5.625

5/01/44

...............

1,290,000

1,334,095

Assessments

Special

Assessment

2024

A-1

5/01/54

...................

1,610,000

1,668,516

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Darby

Community

Development

District,

(continued)

Assessments

Special

Assessment

2024

A-2

5.875

5/01/35

...............

1,000,000

1,032,713

Deerbrook

Community

Development

District

Special

Assessment

2023

4.375

5/01/30

.............................

120,000

121,315

Special

Assessment

2023

5.25

5/01/43

..............................

680,000

697,553

Special

Assessment

2023

5.5

5/01/53

...............................

1,250,000

1,286,326

Del

Webb

Oak

Creek

Community

Development

District

Special

Assessment

2023

5/01/43

.................................

1,435,000

1,459,120

Special

Assessment

2023

5.25

5/01/53

..............................

2,000,000

2,043,122

Farms

Community

Development

District

Special

Assessment

2020

3.25

5/01/30

..............................

200,000

192,058

Special

Assessment

2020

3.75

5/01/40

..............................

255,000

230,002

Dowden

West

Community

Development

District

Special

Assessment

2024

5.25

5/01/44

..............................

495,000

502,107

Special

Assessment

2024

5.55

5/01/54

..............................

855,000

867,106

Bayview

Community

Development

District

Assessment

Area

Special

Assessment

144A,

2021

2.375

5/01/26

..........

165,000

161,180

Assessment

Area

Special

Assessment

144A,

2021

5/01/32

..............

430,000

410,343

Assessment

Area

Special

Assessment

144A,

2021

3.375

5/01/41

..........

1,160,000

1,031,970

Assessment

Area

Special

Assessment

2022

4.5

5/01/32

.................

185,000

190,133

Assessment

Area

Special

Assessment

2022

5.125

5/01/42

...............

1,115,000

1,148,535

East

547

Community

Development

District

Assessment

Area

Special

Assessment

2021

2.5

5/01/26

................

50,000

48,735

Assessment

Area

Special

Assessment

2021

5/01/31

.................

100,000

92,434

Assessment

Area

Special

Assessment

2021

3.3

5/01/41

................

420,000

346,162

Assessment

Area

Special

Assessment

2023

6.25

5/01/43

...............

405,000

433,445

Assessment

Area

Special

Assessment

2023

6.5

5/01/54

................

1,000,000

1,074,149

East

Bonita

Beach

Road

Community

Development

District

Assessment

Area

Special

Assessment

2021

5/01/32

.................

255,000

241,869

Assessment

Area

Special

Assessment

2021

3.25

5/01/41

...............

750,000

637,734

East

Nassau

Stewardship

District

Assessments

Special

Assessment

2021

2.4

5/01/26

....................

125,000

121,615

Assessments

Special

Assessment

2021

5/01/31

......................

500,000

461,076

Assessments

Special

Assessment

2021

3.5

5/01/41

....................

1,190,000

1,007,778

Wildlight

Village

Phase

Special

Assessment

2024

5.25

5/01/44

...........

1,500,000

1,504,536

Eden

Hills

Community

Development

District

Assessment

Area

Special

Assessment

2020

3.25

5/01/30

................

110,000

107,748

Assessment

Area

Special

Assessment

2020

5/01/40

...................

300,000

290,471

Assessment

Area

Special

Assessment

2022

3.25

5/01/27

................

280,000

277,309

Assessment

Area

Special

Assessment

2022

3.625

5/01/32

...............

610,000

595,611

Assessment

Area

Special

Assessment

2022

5/01/42

...................

1,640,000

1,510,085

Edgewater

East

Community

Development

District

Assessment

Area

Special

Assessment

2021

2.5

5/01/26

................

220,000

214,397

Assessment

Area

Special

Assessment

2021

3.1

5/01/31

................

700,000

653,699

Assessment

Area

Special

Assessment

2021

3.6

5/01/41

................

2,625,000

2,291,072

Assessment

Area

Special

Assessment

2022

3.375

5/01/32

..............

1,980,000

1,867,485

Assessment

Area

Special

Assessment

2022

5/01/42

.................

3,990,000

3,613,266

Enbrook

Community

Development

District

Special

Assessment

144A,

2020

5/01/40

............................

500,000

457,083

Special

Assessment

144A,

2020

5/01/51

............................

1,150,000

971,610

Entrada

Community

Development

District

Special

Assessment

2023

5.6

5/01/43

...............................

500,000

527,256

Assessments

Special

Assessment

144A,

2021

2.625

5/01/31

.............

370,000

345,655

Assessments

Special

Assessment

144A,

2021

3.125

5/01/41

.............

935,000

821,551

Assessments

Special

Assessment

2024

5/01/44

......................

300,000

298,541

Assessments

Special

Assessment

2024

5.3

5/01/55

....................

310,000

309,101

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Epperson

North

Community

Development

District

Assessment

Area

Special

Assessment

2021

2.5

5/01/26

................

90,000

87,609

Assessment

Area

Special

Assessment

2021

5/01/31

.................

235,000

216,944

Assessment

Area

Special

Assessment

2021

3.5

5/01/41

................

1,200,000

1,005,344

Assessment

Area

Special

Assessment

2021

2.45

11/01/26

............

130,000

125,723

Assessment

Area

Special

Assessment

2021

3.1

11/01/31

.............

400,000

369,719

Epperson

Ranch

Community

Development

District

Assessment

Area

Special

Assessment

2020

3.25

5/01/25

...............

90,000

89,545

Assessment

Area

Special

Assessment

2020

3.625

5/01/30

..............

505,000

487,082

Everlands

Community

Development

District

Special

Assessment

2024

5.2

6/15/44

...............................

500,000

502,778

Special

Assessment

2024

5.45

6/15/54

..............................

485,000

486,486

Fallschase

Community

Development

District

Special

Assessment

2021

3.375

5/01/41

.........................................................

1,000,000

836,759

Florida

Development

Finance

Corp.

AAF

Operations

Holdings

LLC

Revenue

144A,

2024

Refunding

Mandatory

Put

7/15/28

...................................................

15,000,000

16,012,576

Brightline

Florida

Holdings

LLC

Revenue

144A,

2024

Mandatory

Put

8.25

2/14/25

........................................................

5,925,000

5,981,882

Glenridge

Palmer

Ranch

Obligated

Group

Revenue

144A,

2021

Refunding

6/01/31

........................................................

450,000

469,046

Glenridge

Palmer

Ranch

Obligated

Group

Revenue

144A,

2021

Refunding

6/01/51

........................................................

5,500,000

5,427,675

Mayflower

Retirement

Center,

Inc.

Obligated

Group

Revenue

144A,

2020

5.25

6/01/50

........................................................

7,000,000

6,844,746

Mayflower

Retirement

Center,

Inc.

Obligated

Group

Revenue

144A,

2021

Refunding

6/01/55

............................................

3,900,000

2,929,554

Forest

Lake

Community

Development

District

Assessment

Area

Special

Assessment

144A,

2020

3.25

5/01/30

..........

350,000

340,092

Assessment

Area

Special

Assessment

144A,

2022

4.75

5/01/27

..........

30,000

30,293

Assessment

Area

Special

Assessment

144A,

2022

5/01/32

............

75,000

77,380

Assessment

Area

Special

Assessment

144A,

2022

5.375

5/01/42

.........

310,000

323,109

Assessment

Area

Special

Assessment

144A,

2022

5.5

5/01/52

...........

275,000

284,704

Gracewater

Sarasota

Community

Development

District

Assessments

Special

Assessment

2021

2.4

5/01/26

....................

125,000

121,420

Assessments

Special

Assessment

2021

2.95

5/01/31

...................

500,000

457,075

Grand

Oaks

Community

Development

District

Assessment

Area

Special

Assessment

2020

4.25

5/01/40

...............

1,095,000

1,032,622

Assessment

Area

Special

Assessment

2020

4.5

5/01/52

................

3,500,000

3,202,138

Assessment

Area

Special

Assessment

2021

3.2

11/01/31

...............

215,000

199,722

Assessment

Area

Special

Assessment

2021

3.5

11/01/41

...............

555,000

464,924

Assessment

Area

Special

Assessment

2021

11/01/51

................

1,205,000

1,017,379

Grande

Pines

Community

Development

District

Assessment

Area

Special

Assessment

2021

3.75

5/01/41

...............

710,000

616,341

Assessment

Area

Special

Assessment

2021

5/01/51

.................

750,000

633,431

Assessment

Area

Special

Assessment

2024

5.8

5/01/54

................

1,010,000

1,028,667

Grove

Resort

Community

Development

District

Special

Assessment

2022

3.3

5/01/32

...............................

170,000

157,917

Special

Assessment

2022

3.55

5/01/42

..............................

435,000

365,471

Hamilton

Bluff

Community

Development

District

Assessment

Area

Special

Assessment

2024

5.5

5/01/44

................

1,000,000

1,017,159

Assessment

Area

Special

Assessment

2024

5.8

5/01/54

................

1,250,000

1,269,284

Hammock

Oaks

Community

Development

District

Assessment

Area

Special

Assessment

2023

4.875

5/01/30

..............

180,000

183,100

Assessment

Area

Special

Assessment

2023

5.625

5/01/43

..............

645,000

670,968

Assessment

Area

Special

Assessment

2023

5.75

5/01/53

...............

1,000,000

1,030,187

Assessment

Area

Special

Assessment

2024

5.85

5/01/44

...............

750,000

767,882

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Hammock

Oaks

Community

Development

District,

(continued)

Assessment

Area

Special

Assessment

2024

6.15

5/01/54

...............

730,000

748,766

Hammock

Reserve

Community

Development

District

Assessment

Area

Special

Assessment

2020

5/01/40

.................

540,000

510,307

Assessment

Area

Special

Assessment

2020

5/01/51

.................

860,000

749,336

Assessment

Area

Special

Assessment

2021

5/01/31

.................

200,000

185,221

Assessment

Area

Special

Assessment

2021

3.375

5/01/41

..............

520,000

439,478

Assessment

Area

Special

Assessment

2022

4.4

5/01/32

................

445,000

449,945

Harmony

West

Community

Development

District

Assessment

Area

Special

Assessment

2023

5/01/43

.................

360,000

368,361

Assessment

Area

Special

Assessment

2023

5.3

5/01/53

................

305,000

313,940

Hawkstone

Community

Development

District

Assessment

Area

Special

Assessment

2021

2.6

5/01/26

................

80,000

78,051

Assessment

Area

Special

Assessment

2021

3.2

5/01/31

................

440,000

412,207

Assessment

Area

Special

Assessment

2021

3.45

5/01/41

...............

1,125,000

957,893

Assessment

Area

Special

Assessment

2023

4.375

5/01/30

..............

255,000

257,395

Hawthorne

Mill

North

Community

Development

District

Assessment

Area

Special

Assessment

2024

5.2

5/01/44

................

1,000,000

1,004,974

Assessment

Area

Special

Assessment

2024

5.5

5/01/54

................

1,400,000

1,409,019

Hickory

Tree

Community

Development

District

Assessment

Area

Special

Assessment

2024

5.15

5/01/44

...............

890,000

890,781

Assessment

Area

Special

Assessment

2024

5.45

5/01/55

...............

365,000

365,316

Highland

Trails

Community

Development

District

Assessments

Special

Assessment

2024

5.5

5/01/44

....................

780,000

794,569

Assessments

Special

Assessment

2024

5.85

5/01/54

...................

785,000

802,360

Hills

Minneola

Community

Development

District

North

Parcel

Assessment

Area

Special

Assessment

2024

5.55

5/01/44

.....

525,000

537,656

North

Parcel

Assessment

Area

Special

Assessment

2024

5.875

5/01/54

....

700,000

716,614

South

Parcel

Assessment

Area

Special

Assessment

144A,

2020

5/01/40

...

2,625,000

2,414,035

South

Parcel

Assessment

Area

Phase

Special

Assessment

2021

2.375

5/01/26

........................................................

50,000

48,650

South

Parcel

Assessment

Area

Phase

Special

Assessment

2021

2.8

5/01/31

250,000

228,534

South

Parcel

Assessment

Area

Phase

Special

Assessment

2021

3.2

5/01/41

500,000

408,139

Hilltop

Point

Community

Development

District

Assessment

Area

Special

Assessment

2022-1

5.375

5/01/52

............

700,000

710,679

Assessment

Area

Special

Assessment

2022-2

5.6

5/01/53

..............

745,000

762,631

Hobe-St.

Lucie

Conservancy

District

Unit

Development

No.

Special

Assessment

2024

5.875

5/01/55

...................................

3,000,000

3,109,810

Holly

Hill

Road

East

Community

Development

District

Assessment

Area

Special

Assessment

2020

4.5

11/01/31

...............

165,000

175,580

Assessment

Area

Special

Assessment

2020

11/01/41

................

350,000

374,621

Assessment

Area

Special

Assessment

2020

11/01/50

................

520,000

545,098

Hyde

Park

Community

Development

District

No.

Assessments

Special

Assessment

2022

5/01/42

......................

2,710,000

2,450,623

Assessments

Special

Assessment

2024

5.35

5/01/44

..................

420,000

422,268

Assessments

Special

Assessment

2024

5.625

5/01/55

.................

280,000

281,494

Indigo

Community

Development

District

Special

Assessment

1999

5/01/31

...............................

395,000

395,720

Special

Assessment

1999

5/01/30

...............................

4,123,752

2,577,345

Phase

Assessment

Area

Special

Assessment

2021

2.2

5/01/26

.........

125,000

121,269

Phase

Assessment

Area

Special

Assessment

2021

2.7

5/01/31

.........

240,000

221,519

Phase

Assessment

Area

Special

Assessment

2021

3.125

5/01/41

.......

855,000

693,613

Phase

Assessment

Area

Special

Assessment

2021

5/01/52

...........

1,375,000

1,188,899

Island

Lake

Estates

Community

Development

District

Special

Assessment

2023

5.75

12/15/43

.............................

1,240,000

1,312,067

Special

Assessment

2023

12/15/53

................................

1,430,000

1,504,911

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Kelly

Park

Community

Development

District

Assessment

Area

Special

Assessment

2023

11/01/43

................

915,000

960,326

Assessment

Area

Special

Assessment

2023

6.25

11/01/53

..............

1,220,000

1,276,112

Kindred

Community

Development

District

Special

Assessment

2020

3.5

5/01/40

...............................

395,000

362,390

Special

Assessment

2020

3.75

5/01/50

..............................

570,000

492,524

Special

Assessment

2021

2.7

5/01/31

...............................

235,000

220,449

Special

Assessment

2021

3.125

5/01/41

.............................

500,000

439,332

Special

Assessment

2023

5.875

5/01/54

.............................

1,100,000

1,152,465

Kingman

Gate

Community

Development

District

Special

Assessment

2020

3.125

6/15/30

.............................

375,000

367,490

Special

Assessment

2020

6/15/40

.................................

775,000

769,582

Special

Assessment

2020

6/15/50

.................................

2,270,000

2,091,214

Special

Assessment

2021

2.5

6/15/26

...............................

40,000

39,216

Special

Assessment

2021

3.125

6/15/31

.............................

250,000

243,386

Special

Assessment

2021

3.6

6/15/41

...............................

750,000

702,183

Lake

Ashton

Community

Development

District

Special

Assessment

2015

A-1

Refunding

5/01/32

.............................................

1,995,000

2,006,178

Lake

Deer

Community

Development

District

Assessment

Area

Special

Assessment

2022

5/01/32

...................

255,000

257,524

Assessment

Area

Special

Assessment

2022

5.5

5/01/42

.................

870,000

894,736

Assessment

Area

Special

Assessment

2022

5.625

5/01/53

...............

1,560,000

1,596,561

Lake

Emma

Community

Development

District

Assessment

Area

Special

Assessment

144A,

2023

5.25

5/01/43

..........

1,235,000

1,267,751

Assessment

Area

Special

Assessment

144A,

2023

5.5

5/01/53

...........

810,000

829,534

Lake

Harris

Community

Development

District

Special

Assessment

2023

5.375

5/01/43

.............................

595,000

617,263

Special

Assessment

2023

5.625

5/01/53

.............................

585,000

607,695

Lake

Hideaway

Community

Development

District

Assessment

Area

Special

Assessment

2024

4.75

5/01/31

...............

595,000

598,328

Assessment

Area

Special

Assessment

2024

5.65

5/01/44

...............

1,450,000

1,467,181

Assessment

Area

Special

Assessment

2024

5.9

5/01/54

................

2,555,000

2,575,340

Lake

Mattie

Preserve

Community

Development

District

Special

Assessment

2024

5.5

5/01/44

...............................

2,065,000

2,083,316

Special

Assessment

2024

5.85

5/01/54

..............................

1,750,000

1,771,731

Lakes

Bella

Lago

Community

Development

District

Assessment

Area

Special

Assessment

2023-1

5.75

5/01/43

.............

810,000

842,977

Assessment

Area

Special

Assessment

2023-1

5/01/53

................

1,905,000

1,983,078

Assessment

Area

Special

Assessment

2023-2

5.75

5/01/43

.............

1,000,000

1,040,713

Assessment

Area

Special

Assessment

2023-2

5/01/54

................

2,395,000

2,493,162

Lakes

Sarasota

Community

Development

District

Assessment

Area

Special

Assessment

2021

A-1

3.4

5/01/31

.............

135,000

128,852

Assessment

Area

Special

Assessment

2021

A-1

3.9

5/01/41

.............

285,000

258,208

Assessment

Area

Special

Assessment

2021

A-2

3.875

5/01/31

...........

200,000

197,974

Assessment

Area

Special

Assessment

2021

B-1

3.625

5/01/31

...........

125,000

121,799

Assessment

Area

Special

Assessment

2021

B-1

4.125

5/01/41

...........

200,000

186,221

Assessments

Special

Assessment

2024

5.6

5/01/55

...................

280,000

281,469

Lakeside

Preserve

Community

Development

District

Special

Assessment

2023

5/01/43

.................................

735,000

778,007

Special

Assessment

2023

6.375

5/01/54

.............................

1,250,000

1,330,609

Lakewood

Park

Community

Development

District

Assessment

Area

Special

Assessment

2021

3.2

5/01/31

................

125,000

117,602

Assessment

Area

Special

Assessment

2021

3.625

5/01/41

..............

325,000

279,504

Assessment

Area

Special

Assessment

2023

5.75

5/01/53

...............

910,000

950,927

Lakewood

Ranch

Stewardship

District

Assessment

Azario

Special

Assessment

2020

3.75

5/01/40

.............

525,000

474,904

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Lakewood

Ranch

Stewardship

District,

(continued)

Assessment

Azario

Special

Assessment

2020

3.9

5/01/50

..............

770,000

672,992

Assessment

Lorraine

Lakes

Special

Assessment

144A,

2020

3.125

5/01/30

250,000

237,376

Assessment

Lorraine

Lakes

Special

Assessment

144A,

2020

3.625

5/01/40

1,075,000

962,570

Assessment

Northeast

Sector

Project

Phase

Special

Assessment

144A,

2020

Refunding

3.2

5/01/30

..........................................

440,000

417,159

Assessment

Northeast

Sector

Project

Phase

Special

Assessment

144A,

2020

Refunding

3.75

5/01/40

.........................................

2,100,000

1,889,851

Assessment

Northeast

Sector

Project

Phase

Special

Assessment

2020

5/01/30

........................................................

470,000

440,568

Assessment

Northeast

Sector

Project

Phase

Special

Assessment

2020

3.5

5/01/40

........................................................

750,000

647,829

Assessment

Star

Farms

Phase

1/2

Special

Assessment

2021

2.3

5/01/26

....

95,000

92,325

Assessment

Star

Farms

Phase

1/2

Special

Assessment

2021

2.7

5/01/31

....

105,000

95,060

Assessment

Star

Farms

Phase

1/2

Special

Assessment

2021

5/01/41

.....

430,000

345,412

Assessments

Special

Assessment

2023

6.125

5/01/43

..................

1,500,000

1,605,901

Assessments

Special

Assessment

2023

6.3

5/01/54

....................

5,000,000

5,311,322

Laurel

Road

Community

Development

District

Assessments

Special

Assessment

2021

A-1

2.6

5/01/26

.................

195,000

189,399

Assessments

Special

Assessment

2021

A-1

5/01/31

...................

350,000

316,106

Assessments

Special

Assessment

2021

A-1

3.25

5/01/41

................

1,195,000

947,793

Assessments

Special

Assessment

2021

A-1

5/01/52

...................

1,450,000

1,167,276

Assessments

Special

Assessment

2021

A-2

3.125

5/01/31

...............

1,630,000

1,482,810

Lawson

Dunes

Community

Development

District

Assessment

Area

Special

Assessment

2022

4.375

5/01/27

...............

125,000

125,473

Assessment

Area

Special

Assessment

2022

4.75

5/01/32

................

510,000

520,080

Lee

County

Industrial

Development

Authority

Shell

Point

Obligated

Group

Revenue

2024

B-1

4.75

11/15/29

...........................................

2,000,000

2,008,988

Leomas

Landing

Community

Development

District

Assessment

Area

Special

Assessment

2021

2.4

5/01/26

................

110,000

107,159

Assessment

Area

Special

Assessment

2021

2.95

5/01/31

...............

410,000

386,317

Assessment

Area

Special

Assessment

2021

3.35

5/01/41

...............

1,060,000

912,282

Assessment

Area

Special

Assessment

2021

5/01/52

.................

530,000

442,668

Leon

County

Housing

Finance

Authority

Revenue

144A,

2022

Zero

Cpn.,

5/01/57

8,000,000

7,110,000

Live

Oak

Lake

Community

Development

District

Assessments

Special

Assessment

2020

4.4

5/01/40

................................................

1,600,000

1,469,873

Longleaf

Community

Development

District

Neighborhood

Assessment

Area

Special

Assessment

144A,

2024

5.4

5/01/44

........................................................

850,000

876,396

Neighborhood

Assessment

Area

Special

Assessment

144A,

2024

5.75

5/01/54

........................................................

1,160,000

1,198,094

Ranch

Community

Development

District

Phase

Assessment

Area

Special

Assessment

2022-1

5.3

5/01/32

.........

120,000

124,954

Phase

Assessment

Area

Special

Assessment

2022-1

5.75

5/01/42

........

380,000

399,241

Phase

Assessment

Area

Special

Assessment

2022-1

5.9

5/01/53

.........

500,000

521,203

Phase

IIA

Assessment

Area

Special

Assessment

2022-2

5/01/32

.........

1,245,000

1,292,192

Phase

IIA

Assessment

Area

Special

Assessment

2022-2

5.5

5/01/42

........

2,500,000

2,586,606

Phase

IIA

Assessment

Area

Special

Assessment

2022-2

5.7

5/01/53

........

5,790,000

6,003,879

LTC

Ranch

West

Residential

Community

Development

District

Assessment

Area

Special

Assessment

2021

3.25

5/01/31

...............

1,935,000

1,808,934

Assessment

Area

Special

Assessment

2021

3.125

5/01/31

............

700,000

649,389

Assessment

Area

Special

Assessment

2021

3.45

5/01/41

.............

1,250,000

1,044,866

Assessment

Area

Special

Assessment

2024

AA-2

5.7

5/01/44

...........

300,000

306,022

Assessment

Area

Special

Assessment

2024

AA-2

5/01/54

.............

305,000

309,991

Assessment

Area

Special

Assessment

2024

AA-3

5.75

5/01/44

...........

1,250,000

1,275,891

Assessment

Area

Special

Assessment

2024

AA-3

6.05

5/01/54

...........

1,375,000

1,405,153

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Magnolia

Park

Community

Development

District

Special

Assessment

144A,

2020

Refunding

5/01/31

...................

250,000

256,108

Special

Assessment

144A,

2020

Refunding

5/01/39

...................

688,000

673,019

Malabar

Springs

Community

Development

District

Assessment

Area

Special

Assessment

2024

4.5

5/01/31

................

440,000

439,869

Assessment

Area

Special

Assessment

2024

5.2

5/01/44

................

455,000

454,482

Assessment

Area

Special

Assessment

2024

5.5

5/01/54

................

925,000

923,766

Mandarin

Grove

Community

Development

District

Special

Assessment

144A,

2022

6.625

5/01/53

...................................................

1,590,000

1,755,268

Mangrove

Point

Mangrove

Manor

Community

Development

District

Special

Assessment

2022

5/01/32

.......

345,000

342,634

Community

Development

District

Special

Assessment

2022

4.25

5/01/42

.....

1,130,000

1,058,273

Marion

Ranch

Community

Development

District

Special

Assessment

2024

5.7

5/01/44

.........................................................

695,000

710,278

Marshall

Creek

Community

Development

District

Special

Assessment

2015

Refunding

5/01/32

.............................................

1,475,000

1,482,098

Meadow

View

Twin

Creeks

Community

Development

District

Phase

Special

Assessment

2021

2.4

5/01/26

.......................

115,000

111,904

Phase

Special

Assessment

2021

5/01/31

........................

205,000

189,153

Phase

Special

Assessment

2021

3.25

5/01/41

......................

790,000

643,481

Phase

Special

Assessment

2021

3.75

5/01/52

......................

625,000

504,591

Phase

Special

Assessment

2021

5/01/31

..........................

225,000

207,608

Phase

Special

Assessment

2021

3.25

5/01/41

.......................

1,155,000

940,786

Merrick

Square

Community

Development

District

Special

Assessment

2023

4.5

5/01/30

...............................

205,000

207,990

Special

Assessment

2023

5.4

5/01/43

...............................

725,000

753,397

Special

Assessment

2023

5.625

5/01/53

.............................

1,000,000

1,040,217

Middleton

Community

Development

District

Phase

Special

Assessment

2022

6.2

5/01/53

....................................................

3,230,000

3,405,099

Mirada

Community

Development

District

Assessment

Area

Special

Assessment

2021

3.25

5/01/32

...............................................

1,200,000

1,115,971

Mirada

Community

Development

District

2021

Project

Area

Special

Assessment

2021

2.5

5/01/26

.................

205,000

199,354

2021

Project

Area

Special

Assessment

2021

3.125

5/01/31

...............

645,000

586,756

2021

Project

Area

Special

Assessment

2021

3.5

5/01/41

.................

2,080,000

1,755,977

2022

Project

Area

Special

Assessment

2022

5.125

5/01/32

...............

260,000

269,733

2022

Project

Area

Special

Assessment

2022

5.6

5/01/42

.................

795,000

828,072

2022

Project

Area

Special

Assessment

2022

5.75

5/01/53

................

1,450,000

1,504,560

New

Port

Tampa

Bay

Community

Development

District

Special

Assessment

2021

2.875

5/01/26

.............................

180,000

176,216

Special

Assessment

2021

3.5

5/01/31

...............................

500,000

475,351

Special

Assessment

2021

3.875

5/01/41

.............................

1,250,000

1,105,042

Normandy

Community

Development

District

Assessment

Area

Special

Assessment

144A,

2024

4.625

5/01/31

.........

555,000

554,858

Assessment

Area

Special

Assessment

144A,

2024

5.3

5/01/44

...........

1,000,000

997,769

Assessment

Area

Special

Assessment

144A,

2024

5.55

5/01/54

..........

1,380,000

1,370,198

North

AR-1

Pasco

Community

Development

District

Assessment

Area

Special

Assessment

2021

2.625

5/01/26

..............

70,000

68,366

Assessment

Area

Special

Assessment

2021

3.125

5/01/31

..............

275,000

256,317

Assessment

Area

Special

Assessment

2021

2.625

5/01/26

............

115,000

112,315

Assessment

Area

Special

Assessment

2021

3.25

5/01/31

.............

170,000

159,669

Assessment

Area

Special

Assessment

2021

3.55

5/01/41

.............

515,000

439,588

Assessment

Area

Special

Assessment

2023

5.75

5/01/43

...............

790,000

819,995

Assessment

Area

Special

Assessment

2023

5/01/54

.................

1,160,000

1,202,779

Assessment

Area

Special

Assessment

2024

4.625

5/01/31

..............

260,000

262,268

Assessment

Area

Special

Assessment

2024

5.45

5/01/44

...............

1,005,000

1,022,373

Assessment

Area

Special

Assessment

2024

5.75

5/01/54

...............

1,065,000

1,081,719

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

North

AR-1

Pasco

Community

Development

District,

(continued)

Assessment

Area

Special

Assessment

2024

4.875

5/01/31

............

585,000

591,210

Assessment

Area

Special

Assessment

2024

5.75

5/01/44

.............

1,500,000

1,533,432

Assessment

Area

Special

Assessment

2024

5/01/54

................

1,605,000

1,643,845

North

Loop

Community

Development

District

Special

Assessment

2023

6.375

5/01/43

.............................

525,000

569,678

Special

Assessment

2023

6.625

5/01/54

.............................

1,000,000

1,087,256

North

Park

Isle

Community

Development

District

Assessment

Area

Special

Assessment

2021

2.45

11/01/26

..............

160,000

154,675

Assessment

Area

Special

Assessment

2021

11/01/31

................

500,000

462,878

North

Powerline

Road

Community

Development

District

Special

Assessment

2020

3.125

5/01/30

.............................

490,000

460,906

Special

Assessment

2020

3.625

5/01/40

.............................

1,000,000

870,619

Special

Assessment

144A,

2022

5.25

5/01/32

.........................

200,000

204,167

Special

Assessment

144A,

2022

5.625

5/01/52

.........................

1,395,000

1,426,216

North

River

Ranch

Community

Development

District

Assessments

Special

Assessment

2020

A-1

5/01/25

...................

155,000

154,007

Assessments

Special

Assessment

2020

A-1

3.5

5/01/30

.................

855,000

820,265

Assessments

Special

Assessment

2020

A-1

5/01/40

...................

1,150,000

1,056,649

Assessments

Special

Assessment

2020

A-2

4.2

5/01/35

.................

660,000

644,437

North

River

Ranch

Improvement

Stewardship

District

Assessments

Special

Assessment

2023

6.7

5/01/55

...................

1,500,000

1,621,772

Assessments

Special

Assessment

2023

A-1

5/01/54

...................

4,955,000

5,095,960

Orange

Blossom

Groves

Community

Development

District

Special

Assessment

2023

4.25

6/15/30

..............................

425,000

431,700

Special

Assessment

2023

5.25

6/15/43

..............................

1,100,000

1,144,653

Special

Assessment

2023

5.375

6/15/53

.............................

1,375,000

1,422,049

Osceola

Village

Center

Community

Development

District

Special

Assessment

144A,

2021

2.875

5/01/31

.........................

180,000

164,949

Special

Assessment

144A,

2021

3.3

5/01/41

..........................

370,000

304,581

Palermo

Community

Development

District

Special

Assessment

2023

6/15/43

.................................

1,945,000

1,985,053

Special

Assessment

2023

5.25

6/15/53

..............................

1,500,000

1,535,917

Palm

Beach

County

Health

Facilities

Authority

Lifespace

Communities,

Inc.

Obligated

Group

Revenue

2023

Refunding

7.5

5/15/53

........................................................

2,035,000

2,303,257

Lifespace

Communities,

Inc.

Obligated

Group

Revenue

2023

Refunding

7.625

5/15/58

.................................................

1,500,000

1,702,870

Palm

Coast

Park

Community

Development

District

Special

Assessment

2023

5.6

5/01/53

...............................

1,000,000

1,032,546

Sawmill

Branch

Phase

Special

Assessment

2024

5/01/44

............

1,000,000

993,997

Sawmill

Branch

Phase

Special

Assessment

2024

5.3

5/01/55

...........

670,000

667,129

Spring

Lake

Tracts

Special

Assessment

2021

2.8

5/01/31

...........

350,000

318,058

Spring

Lake

Tracts

Special

Assessment

2021

3.125

5/01/41

.........

730,000

585,013

Park

East

Community

Development

District

Special

Assessment

2021

3.15

11/01/41

........................................................

595,000

473,951

Parker

Pointe

Community

Development

District

Special

Assessment

2024

5.5

5/01/44

.........................................................

555,000

563,008

Parkland

Community

Development

District

Phase

Special

Assessment

2023

A-1

6.45

5/01/54

...................................................

2,445,000

2,542,710

Parkview

Long

Lake

Ranch

Community

Development

District

Special

Assessment

2020

3.75

5/01/40

...............................................

955,000

841,279

Parrish

Lakes

Community

Development

District

Assessment

Area

Special

Assessment

2023

5.4

5/01/53

................

1,605,000

1,624,803

Assessment

Area

Special

Assessment

2023

5.375

5/01/43

............

1,080,000

1,103,543

Assessment

Area

Special

Assessment

2023

5.625

5/01/53

............

1,535,000

1,573,052

Assessment

Area

Special

Assessment

2024

5.5

5/01/44

................

1,650,000

1,662,939

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Parrish

Lakes

Community

Development

District,

(continued)

Assessment

Area

Special

Assessment

2024

5.8

5/01/54

................

720,000

725,567

Parrish

Plantation

Community

Development

District

Assessment

Area

Special

Assessment

2021

2.5

5/01/26

................

135,000

131,608

Assessment

Area

Special

Assessment

2021

3.125

5/01/31

..............

235,000

219,302

Assessment

Area

Special

Assessment

2021

3.5

5/01/41

................

790,000

667,416

Assessment

Area

Special

Assessment

2022

4.75

5/01/32

...............

130,000

132,470

Assessment

Area

Special

Assessment

2022

5.375

5/01/42

..............

485,000

496,423

Assessment

Area

Special

Assessment

2022

5.5

5/01/52

................

770,000

787,026

Assessment

Area

Special

Assessment

2024

4.875

5/01/31

..............

300,000

303,375

Assessment

Area

Special

Assessment

2024

5.8

5/01/44

................

500,000

515,620

Assessment

Area

Special

Assessment

2024

6.05

5/01/54

...............

1,330,000

1,374,072

Assessment

Area

Special

Assessment

2024

5.625

5/01/44

..............

250,000

256,174

Assessment

Area

Special

Assessment

2024

5.875

5/01/54

..............

375,000

385,115

Peace

Creek

Community

Development

District

Assessment

Area

Special

Assessment

2023

5.125

6/15/43

..............

1,450,000

1,498,042

Assessment

Area

Special

Assessment

2023

5.375

6/15/53

..............

1,615,000

1,672,594

Peace

Creek

Village

Community

Development

District

Special

Assessment

2024

5.5

5/01/44

...............................

1,115,000

1,141,861

Special

Assessment

2024

5.75

5/01/54

..............................

910,000

926,796

Pine

Isle

Community

Development

District

Special

Assessment

144A,

2021

2.375

12/15/26

........................

65,000

63,178

Special

Assessment

144A,

2021

12/15/31

...........................

225,000

216,131

Special

Assessment

144A,

2021

3.25

12/15/41

.........................

1,000,000

880,435

Special

Assessment

144A,

2021

12/15/51

...........................

1,200,000

1,097,384

Pine

Ridge

Plantation

Community

Development

District

Special

Assessment

2020

A-2

Refunding

3.75

5/01/37

.......................................

700,000

673,916

Preserve

Savannah

Lakes

Community

Development

District

Assessment

Area

Special

Assessment

2024

5.45

5/01/44

...............

135,000

138,363

Assessment

Area

Special

Assessment

2024

5.75

5/01/54

...............

1,000,000

1,022,969

Preserve

South

Branch

Community

Development

District

Phase

Special

Assessment

2021

5/01/31

..........................

150,000

144,448

Phase

Special

Assessment

2021

3.5

5/01/41

........................

750,000

691,754

Prosperity

Lakes

Community

Development

District

Assessment

Area

Special

Assessment

2023

5.875

12/15/43

.............

360,000

381,489

Assessment

Area

Special

Assessment

2023

6.125

12/15/53

.............

1,000,000

1,059,025

Quail

Roost

Community

Development

District

Expansion

Area

Special

Assessment

2021

2.2

12/15/26

.................

120,000

115,785

Expansion

Area

Special

Assessment

2021

2.7

12/15/31

.................

200,000

183,945

Expansion

Area

Special

Assessment

2021

3.125

12/15/41

................

990,000

804,744

Expansion

Area

Special

Assessment

2021

12/15/51

...................

2,360,000

2,067,847

Ranches

Lake

Mcleod

Community

Development

District

Assessment

Area

Special

Assessment

2023

5.5

6/15/53

...............................

730,000

754,057

Reserve

Van

Oaks

Community

Development

District

Special

Assessment

2023

5.125

5/01/43

.............................

285,000

293,723

Special

Assessment

2023

5.375

5/01/53

.............................

965,000

994,222

Reunion

East

Community

Development

District

Special

Assessment

2021

2.4

5/01/26

...............................

210,000

204,403

Special

Assessment

2021

2.85

5/01/31

..............................

400,000

364,958

Special

Assessment

2021

3.15

5/01/41

..............................

1,455,000

1,199,943

Rhodine

Road

North

Community

Development

District

Assessment

Area

Special

Assessment

2022

2.6

5/01/27

.................

80,000

77,846

Assessment

Area

Special

Assessment

2022

5/01/32

...................

190,000

179,852

Assessment

Area

Special

Assessment

2022

3.3

5/01/42

.................

490,000

414,584

Ridge

Apopka

Community

Development

District

Special

Assessment

2022

5.5

5/01/52

...............................

2,150,000

2,173,922

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Ridge

Apopka

Community

Development

District,

(continued)

Parcel

Special

Assessment

2023

5.5

5/01/43

........................

310,000

319,447

Parcel

Special

Assessment

2023

5.75

5/01/53

.......................

545,000

559,529

River

Glen

Community

Development

District

Assessment

Area

Special

Assessment

2021

5/01/31

.................

350,000

324,621

Assessment

Area

Special

Assessment

2021

3.375

5/01/41

..............

1,000,000

849,086

River

Hall

Community

Development

District

Assessment

Area

Special

Assessment

2021

A-2

Refunding

5/01/31

.......

920,000

852,827

Assessment

Area

Special

Assessment

2021

A-2

Refunding

5/01/36

.......

920,000

791,269

Assessment

Area

Special

Assessment

2020

3.625

5/01/40

............

1,030,000

894,678

Assessment

Area

Special

Assessment

2023

6.25

5/01/43

.............

500,000

535,947

Assessment

Area

Special

Assessment

2023

6.5

5/01/54

..............

1,300,000

1,391,340

River

Landing

Community

Development

District

Assessments

Special

Assessment

2020

5/01/25

....................

100,000

99,340

Assessments

Special

Assessment

2020

3.6

5/01/30

...................

475,000

457,366

Assessments

Special

Assessment

2020

4.125

5/01/40

.................

850,000

789,951

Assessments

Special

Assessment

2020

4.35

5/01/51

..................

1,100,000

984,821

Assessments

Special

Assessment

2020

4.25

11/01/35

.................

195,000

187,272

Assessments

Special

Assessment

2023

5.5

5/01/43

...................

750,000

781,397

Assessments

Special

Assessment

2023

5.75

5/01/53

..................

1,000,000

1,043,552

River

Place

the

St.

Lucie

Community

Development

District

Special

Assessment

2001

7.625

5/01/30

............................

810,000

808,146

Special

Assessment

2001

7.25

5/01/10

.............................

35,000

1,750

Rivers

Edge

Community

Development

District

Assessments

Special

Assessment

2021

5/01/31

.................................................

200,000

184,941

Rivers

Edge

III

Community

Development

District

Assessments

Special

Assessment

144A,

2021

5/01/31

.................

300,000

277,353

Assessments

Special

Assessment

144A,

2021

3.5

5/01/41

...............

775,000

653,482

Assessments

Special

Assessment

2024

5.95

5/01/55

...................

1,920,000

1,965,484

Rivington

Community

Development

District

Special

Assessment

2020

3.75

5/01/40

..............................

1,685,000

1,491,684

Special

Assessment

2022

3.625

5/01/32

.............................

430,000

408,530

Rolling

Hills

Community

Development

District

Assessment

Area

Special

Assessment

2022

A-1

5/01/52

...............

945,000

794,760

Assessment

Area

Special

Assessment

2022

A-2

Refunding

3.65

5/01/32

....

900,000

854,774

Rolling

Oaks

Community

Development

District

Assessment

Area

Special

Assessment

144A,

2022

6.5

5/01/53

...........................................

1,500,000

1,593,622

Rustic

Oaks

Community

Development

District

Assessments

Special

Assessment

2022

3.2

5/01/32

................................................

1,000,000

923,918

Rye

Ranch

Community

Development

District

Pod

Assessment

Area

Special

Assessment

2023

6.5

5/01/43

...........

1,000,000

1,092,978

Pod

Assessment

Area

Special

Assessment

2023

6.625

5/01/54

.........

1,600,000

1,733,349

Pod

Assessment

Area

Special

Assessment

144A,

2023

5.75

11/01/43

....

710,000

737,252

Pod

Assessment

Area

Special

Assessment

144A,

2023

11/01/53

......

215,000

224,050

Saddle

Creek

Preserve

Polk

County

Community

Development

District

Assessment

Area

Special

Assessment

2020

6/15/30

.................

250,000

240,117

Assessment

Area

Special

Assessment

2020

6/15/40

.................

610,000

588,476

Assessment

Area

Special

Assessment

2022

3.1

12/15/32

...............

300,000

282,635

Assessment

Area

Special

Assessment

2022

3.35

12/15/41

..............

485,000

414,052

Saltleaf

Community

Development

District

Assessments

Special

Assessment

2024

4.75

5/01/31

...................

450,000

452,762

Assessments

Special

Assessment

2024

5.625

5/01/44

..................

1,565,000

1,587,579

Assessments

Special

Assessment

2024

5/01/56

......................

3,000,000

3,066,103

Sanctuary

Cove

Community

Development

District

Assessment

Area

Special

Assessment

2021

2.625

5/01/31

...............

190,000

176,010

Assessment

Area

Special

Assessment

2021

3.125

5/01/41

...............

400,000

333,081

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Sanctuary

Cove

Community

Development

District,

(continued)

Assessment

Area

Special

Assessment

2021

5/01/52

...................

770,000

691,403

Sandmine

Road

Community

Development

District

Assessment

Area

Special

Assessment

144A,

2020

3.125

5/01/30

.........

300,000

293,655

Assessment

Area

Special

Assessment

144A,

2020

3.625

5/01/40

.........

1,040,000

996,066

Assessment

Area

Special

Assessment

144A,

2020

3.75

5/01/50

..........

2,020,000

1,781,140

Assessment

Area

Special

Assessment

2021

2.3

11/01/26

...............

155,000

150,728

Assessment

Area

Special

Assessment

2021

11/01/31

................

450,000

432,800

Assessment

Area

Special

Assessment

2021

3.3

11/01/41

...............

1,180,000

1,045,684

Sandridge

Community

Development

District

Special

Assessment

2021

A-1

2.875

5/01/26

..........................

165,000

162,913

Special

Assessment

2021

A-1

3.4

5/01/31

............................

750,000

741,719

Special

Assessment

2021

A-1

3.875

5/01/41

..........................

730,000

687,959

Special

Assessment

2021

A-1

5/01/51

..............................

735,000

663,426

Special

Assessment

2024

5.8

5/01/54

...............................

1,000,000

1,026,464

Sarasota

National

Community

Development

District

Assessments

Special

Assessment

2020

Refunding

3.5

5/01/31

...........

1,490,000

1,491,702

Assessments

Special

Assessment

2020

Refunding

5/01/39

.............

2,210,000

2,218,804

Savanna

Lakes

Community

Development

District

Assessment

Area

Special

Assessment

144A,

2023

5.125

6/15/43

.........

395,000

403,828

Assessment

Area

Special

Assessment

144A,

2023

5.375

6/15/53

.........

1,065,000

1,088,466

Assessment

Area

Special

Assessment

2024

5.25

6/15/44

...............

480,000

483,038

Sawgrass

Village

Community

Development

District

Assessment

Area

Special

Assessment

2023

4.875

5/01/30

..............

515,000

522,837

Assessment

Area

Special

Assessment

2023

5.5

5/01/43

................

1,500,000

1,542,524

Assessment

Area

Special

Assessment

2023

5.75

5/01/53

...............

1,595,000

1,638,629

Assessment

Area

Special

Assessment

2023

6.125

11/01/43

.............

1,000,000

1,063,365

Assessment

Area

Special

Assessment

2023

6.375

11/01/53

.............

1,000,000

1,061,912

Assessment

Area

Special

Assessment

144A,

2024

4.7

5/01/31

...........

260,000

262,242

Assessment

Area

Special

Assessment

144A,

2024

5.55

5/01/44

..........

700,000

712,661

Assessment

Area

Special

Assessment

144A,

2024

5.875

5/01/54

.........

1,180,000

1,203,415

Sawyers

Landing

Community

Development

District

Special

Assessment

2021

3.75

5/01/31

..............................

1,400,000

1,329,235

Special

Assessment

2021

4.125

5/01/41

.............................

3,055,000

2,673,161

Scenic

Highway

Community

Development

District

Special

Assessment

2020

3.25

5/01/30

..............................

470,000

456,971

Special

Assessment

2020

3.75

5/01/40

..............................

1,230,000

1,131,926

Scenic

Terrace

North

Community

Development

District

2023

Assessment

Area

Special

Assessment

2023

5.875

5/01/43

...........

2,155,000

2,239,996

2023

Assessment

Area

Special

Assessment

2023

6.125

5/01/54

...........

1,875,000

1,956,032

Scenic

Terrace

South

Community

Development

District

Special

Assessment

2022

3.75

5/01/27

..............................

295,000

292,551

Special

Assessment

2022

4.125

5/01/32

.............................

585,000

579,686

Seagrove

Community

Development

District

Special

Assessment

2024

5.2

6/15/54

390,000

390,338

Seaton

Creek

Reserve

Community

Development

District

Assessment

Area

Special

Assessment

144A,

2023

5.5

6/15/53

................................

980,000

1,012,295

Sedona

Point

Community

Development

District

Special

Assessment

2023

4.125

6/15/30

.............................

65,000

65,593

Special

Assessment

2023

6/15/43

.................................

705,000

723,647

Seminole

County

Industrial

Development

Authority

Galileo

School

Foundation,

Inc.

(The)

Revenue

144A,

2021

6/15/36

.....

310,000

297,573

Galileo

School

Foundation,

Inc.

(The)

Revenue

144A,

2021

6/15/41

.....

425,000

385,181

Galileo

School

Foundation,

Inc.

(The)

Revenue

144A,

2021

6/15/51

.....

830,000

703,834

Galileo

School

Foundation,

Inc.

(The)

Revenue

144A,

2021

6/15/56

.....

705,000

584,540

Seminole

Palms

Community

Development

District

Special

Assessment

2023

4.75

5/01/30

..............................

290,000

293,929

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Seminole

Palms

Community

Development

District,

(continued)

Special

Assessment

2023

5.5

5/01/43

...............................

990,000

1,026,494

Special

Assessment

2023

5.7

5/01/53

...............................

1,000,000

1,034,429

Sherwood

Manor

Community

Development

District

Assessment

Area

Special

Assessment

2023

5.5

5/01/43

................

1,695,000

1,765,958

Assessment

Area

Special

Assessment

2023

5.625

5/01/53

..............

1,570,000

1,627,010

Shingle

Creek

Bronson

Community

Development

District

Special

Assessment

2021

3.1

6/15/31

...............................

375,000

361,816

Special

Assessment

2021

3.5

6/15/41

...............................

1,000,000

908,311

Silver

Oaks

Community

Development

District

Special

Assessment

2024

5.55

5/01/44

..............................

1,000,000

1,024,039

Special

Assessment

2024

5.85

5/01/54

..............................

1,490,000

1,525,333

Silver

Palms

West

Community

Development

District

Special

Assessment

2022

2.6

6/15/27

...............................

250,000

240,159

Special

Assessment

2022

6/15/32

.................................

765,000

706,000

Special

Assessment

2022

3.25

6/15/42

..............................

1,750,000

1,514,678

Silverlake

Community

Development

District

Assessment

Area

Special

Assessment

2023

5.375

5/01/43

..............

245,000

253,732

Assessment

Area

Special

Assessment

2023

5.5

5/01/53

................

985,000

1,013,301

Six

Mile

Creek

Community

Development

District

Assessment

Area

Special

Assessment

2020

Refunding

3.125

11/01/25

....

150,000

148,902

Assessment

Area

Special

Assessment

2020

Refunding

3.625

11/01/31

....

495,000

491,641

Assessment

Area

Special

Assessment

2020

Refunding

4.125

11/01/40

....

1,370,000

1,336,478

Assessment

Area

Special

Assessment

2020

Refunding

4.25

11/01/50

.....

2,285,000

2,124,059

Assessment

Area

Special

Assessment

2021

Refunding

2.5

5/01/26

.......

120,000

117,188

Assessment

Area

Special

Assessment

2021

Refunding

3.1

5/01/31

.......

250,000

233,202

Assessment

Area

Special

Assessment

2021

Refunding

3.4

5/01/41

.......

750,000

628,937

Assessment

Area

Special

Assessment

2021

2.5

5/01/26

................

145,000

141,723

Assessment

Area

Special

Assessment

2021

5/01/31

.................

520,000

482,645

Assessment

Area

Special

Assessment

2021

3.4

5/01/41

................

805,000

675,059

Assessment

Area

Special

Assessment

2021

3.5

5/01/41

................

1,585,000

1,346,089

Assessments

Special

Assessment

2023

Refunding

4.75

5/01/30

...........

495,000

502,359

Assessments

Special

Assessment

2023

Refunding

5.5

5/01/43

...........

1,200,000

1,247,660

Assessments

Special

Assessment

2023

Refunding

5.7

5/01/54

...........

1,500,000

1,555,885

Solaeris

Community

Development

District

Assessment

Area

Special

Assessment

2024

5.2

5/01/31

................

175,000

177,312

Assessment

Area

Special

Assessment

2024

5/01/44

.................

1,000,000

1,038,488

Assessment

Area

Special

Assessment

2024

6.25

5/01/55

...............

2,535,000

2,613,469

Somerset

Bay

Community

Development

District

Assessment

Area

Special

Assessment

144A,

2024

5.625

5/01/44

.........

920,000

933,072

Assessment

Area

Special

Assessment

144A,

2024

5.9

5/01/54

...........

1,075,000

1,090,064

Somerset

Community

Development

District

Assessments

Special

Assessment

2022

Refunding

5/01/32

.............

750,000

733,017

Assessments

Special

Assessment

2022

Refunding

4.2

5/01/37

...........

1,000,000

957,248

Sorrento

Pines

Community

Development

District

Assessment

Area

Revenue

2023

5.25

5/01/43

.......................

445,000

458,389

Assessment

Area

Revenue

2023

5.5

5/01/53

........................

500,000

515,590

South

Creek

Community

Development

District

Assessment

Area

Special

Assessment

2021

2.875

6/15/31

..............

175,000

165,093

Assessment

Area

Special

Assessment

2021

3.25

6/15/41

...............

500,000

418,519

Southern

Groves

Community

Development

District

No.

Assessment

Area

Special

Assessment

2021

2.4

5/01/26

.................

215,000

209,952

Assessment

Area

Special

Assessment

2021

2.8

5/01/31

.................

400,000

376,931

Assessment

Area

Special

Assessment

2021

3.125

5/01/41

...............

1,100,000

960,480

Assessment

Area

Special

Assessment

2022-1

5/01/49

.................

1,210,000

1,289,629

Assessment

Area

Special

Assessment

2024

5.45

5/01/44

................

1,000,000

1,021,070

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Southern

Groves

Community

Development

District

No.

(continued)

Assessment

Area

Special

Assessment

2024

5.7

5/01/50

.................

1,035,000

1,056,541

Stellar

North

Community

Development

District

Special

Assessment

2021

2.45

5/01/26

..............................

75,000

72,947

Special

Assessment

2021

5/01/31

.................................

235,000

216,706

Special

Assessment

2021

3.2

5/01/41

...............................

820,000

661,912

Stillwater

Community

Development

District

Special

Assessment

144A,

2021

2.375

6/15/26

.........................

155,000

150,422

Special

Assessment

144A,

2021

6/15/31

............................

325,000

299,831

Special

Assessment

144A,

2021

3.5

6/15/41

..........................

1,290,000

1,092,555

Stonegate

Preserve

Community

Development

District

Special

Assessment

2023

5.875

12/15/43

.............................

700,000

740,718

Special

Assessment

2023

6.125

12/15/53

.............................

1,250,000

1,320,033

Stonewater

Community

Development

District

Assessments

Special

Assessment

144A,

2021

11/01/32

................

250,000

226,690

Assessments

Special

Assessment

144A,

2021

3.3

11/01/41

..............

635,000

524,459

Stoneybrook

North

Community

Development

District

Assessment

Area

Special

Assessment

2022

Refunding

6.375

11/01/52

..........................

1,640,000

1,814,370

Stoneybrook

South

Championsgate

Community

Development

District

Assessment

Area

Special

Assessment

2023

4.5

6/15/30

.................

95,000

97,642

Assessment

Area

Special

Assessment

2023

5.375

6/15/43

...............

395,000

419,518

Assessment

Area

Special

Assessment

2023

5.5

6/15/53

.................

390,000

412,556

Fox

South

Assessment

Area

Special

Assessment

144A,

2020

12/15/30

....

500,000

483,692

Fox

South

Assessment

Area

Special

Assessment

144A,

2020

3.5

12/15/40

...

1,000,000

925,811

Fox

South

Assessment

Area

Special

Assessment

144A,

2020

3.75

12/15/50

1,500,000

1,304,141

Storey

Creek

Community

Development

District

Assessment

Area

Special

Assessment

2022

6/15/32

.................

240,000

251,160

Assessment

Area

Special

Assessment

2022

5.2

6/15/42

................

625,000

638,587

Assessment

Area

Special

Assessment

2022

5.375

6/15/52

..............

1,000,000

1,019,977

Assessment

Area

Special

Assessment

2024

4.45

6/15/31

...............

265,000

269,332

Assessment

Area

Special

Assessment

2024

5.25

6/15/44

...............

655,000

675,682

Assessment

Area

Special

Assessment

2024

5.5

6/15/54

................

815,000

836,005

Storey

Drive

Community

Development

District

Special

Assessment

2022

2.55

6/15/27

..............................

125,000

119,948

Special

Assessment

2022

6/15/32

.................................

375,000

340,816

Special

Assessment

2022

3.25

6/15/42

..............................

900,000

726,881

Storey

Park

Community

Development

District

Assessment

Area

Special

Assessment

144A,

2021

2.875

6/15/31

.........

230,000

219,656

Assessment

Area

Special

Assessment

144A,

2021

3.3

6/15/41

...........

620,000

558,115

Summer

Woods

Community

Development

District

Assessment

Area

Special

Assessment

2021

5/01/31

.................

150,000

142,625

Assessment

Area

Special

Assessment

2021

3.4

5/01/41

................

395,000

341,144

Assessment

Area

Special

Assessment

2021

2.5

5/01/26

................

100,000

97,420

Assessment

Area

Special

Assessment

2021

3.15

5/01/31

...............

200,000

185,913

Assessment

Area

Special

Assessment

2021

3.45

5/01/41

...............

725,000

606,400

Summerstone

Community

Development

District

Assessment

Phase

Special

Assessment

2020

3.25

5/01/30

.............

165,000

162,310

Assessment

Phase

Special

Assessment

2020

3.75

5/01/40

.............

700,000

662,109

Assessment

Phase

Special

Assessment

2020

5/01/51

................

910,000

831,790

Assessment

Phase

Special

Assessment

144A,

2021

2.75

5/01/31

........

175,000

166,582

Assessment

Phase

Special

Assessment

144A,

2021

3.15

5/01/41

........

700,000

616,228

Assessment

Phase

Special

Assessment

144A,

2021

5/01/51

...........

1,750,000

1,599,596

Summit

View

Community

Development

District

Assessment

Area

Special

Assessment

2024

5.625

5/01/44

..............

1,025,000

1,040,240

Assessment

Area

Special

Assessment

2024

5/01/54

.................

1,300,000

1,321,885

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Sunbridge

Stewardship

District

Assessment

Del

Webb

Phase

1/2

Assessment

Area

Special

Assessment

2022

5/01/32

........................................................

350,000

362,192

Assessment

Del

Webb

Phase

1/2

Assessment

Area

Special

Assessment

2022

5.4

5/01/42

...................................................

920,000

951,399

Assessment

Del

Webb

Phase

1/2

Assessment

Area

Special

Assessment

2022

5.5

5/01/52

...................................................

1,725,000

1,772,552

Assessment

Weslyn

Park

Assessment

Area

Special

Assessment

2022

4.2

5/01/27

........................................................

245,000

245,225

Assessment

Weslyn

Park

Assessment

Area

Special

Assessment

2022

4.6

5/01/32

........................................................

460,000

465,302

Assessment

Weslyn

Park

Assessment

Area

Special

Assessment

2022

5.2

5/01/42

........................................................

1,000,000

1,018,718

Tamarindo

Community

Development

District

Special

Assessment

2021

5/01/31

.................................

185,000

170,876

Special

Assessment

2021

3.375

5/01/41

.............................

820,000

687,031

Tern

Bay

Community

Development

District

Special

Assessment

2022

3.4

6/15/32

...............................

1,650,000

1,556,633

Special

Assessment

2022

6/15/42

.................................

2,000,000

1,819,179

Three

Rivers

Community

Development

District

Assessment

Area

Special

Assessment

2023

Refunding

5.75

5/01/53

......................................

3,700,000

3,812,611

Timber

Creek

Southwest

Community

Development

District

Assessment

Area

Special

Assessment

2021

2.35

12/15/26

..............

245,000

236,251

Assessment

Area

Special

Assessment

2021

12/15/31

................

750,000

689,495

Tohoqua

Community

Development

District

Phase

Special

Assessment

2021

2.875

5/01/31

......................

215,000

203,387

Phase

Special

Assessment

2021

3.375

5/01/41

......................

810,000

698,782

Tolomato

Community

Development

District

Assessment

Area

Special

Assessment

2022

Refunding

5/01/32

........

1,500,000

1,387,494

Assessment

Area

Special

Assessment

2022

Refunding

3.2

5/01/32

.......

1,500,000

1,403,568

Assessment

Area

Special

Assessment

2022-1

3.3

5/01/32

..............

515,000

485,237

Assessment

Area

Special

Assessment

2022-2

3.3

5/01/32

..............

195,000

183,730

Towne

Park

Community

Development

District

Assessment

Area

Special

Assessment

144A,

2020

3.125

5/01/30

........

410,000

393,380

Assessment

Area

Special

Assessment

144A,

2020

3.625

5/01/40

........

1,075,000

971,169

Assessment

Area

Special

Assessment

144A,

2020

5/01/51

...........

1,000,000

889,992

Towns

Woodsdale

Community

Development

District

Assessments

Special

Assessment

144A,

2023

6.125

11/01/43

.............

325,000

346,175

Assessments

Special

Assessment

144A,

2023

6.375

11/01/53

.............

1,325,000

1,414,317

Tradition

Community

Development

District

No.

Assessments

Special

Assessment

2021

2.3

5/01/26

....................

200,000

194,426

Assessments

Special

Assessment

2021

2.7

5/01/31

....................

445,000

402,439

Trevesta

Community

Development

District

Assessment

Area

Special

Assessment

144A,

2020

3.25

5/01/30

..........

235,000

228,822

Assessment

Area

Special

Assessment

144A,

2020

3.75

5/01/40

..........

880,000

814,490

Triple

Creek

Community

Development

District

Assessment

Area

Special

Assessment

2021

11/01/31

..................

250,000

229,145

Assessment

Area

Special

Assessment

2021

3.5

11/01/41

................

740,000

625,377

Villages

Assessment

Area

Special

Assessment

144A,

2021

2.375

11/01/26

.......................................................

110,000

106,006

Villages

Assessment

Area

Special

Assessment

144A,

2021

2.875

11/01/31

.......................................................

450,000

409,882

Villages

Assessment

Area

Special

Assessment

144A,

2021

3.125

11/01/41

.......................................................

1,190,000

957,662

Tuckers

Pointe

Community

Development

District

Master

Infrastructure

Project

Special

Assessment

2022

3.625

5/01/32

.......

4,500,000

4,272,253

Phase

Project

Special

Assessment

2022

5/01/27

....................

195,000

189,446

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Tuckers

Pointe

Community

Development

District,

(continued)

Phase

Project

Special

Assessment

2022

3.375

5/01/32

................

565,000

528,740

Phase

Project

Special

Assessment

2022

5/01/42

....................

1,505,000

1,362,623

Twisted

Oaks

Pointe

Community

Development

District

Assessment

Area

Special

Assessment

2023

5.375

5/01/43

..............

740,000

758,215

Assessment

Area

Special

Assessment

2023

5.625

5/01/53

..............

500,000

513,226

Assessment

Area

Special

Assessment

2023

5.875

5/01/43

..............

500,000

522,399

Assessment

Area

Special

Assessment

2023

6.125

5/01/54

..............

500,000

522,518

Assessment

Area

Special

Assessment

2024

4.8

5/01/31

................

345,000

348,444

Assessment

Area

Special

Assessment

2024

5.625

5/01/44

..............

1,000,000

1,020,078

Assessment

Area

Special

Assessment

2024

5/01/55

.................

1,400,000

1,430,744

Two

Rivers

East

Community

Development

District

Assessment

Area

Special

Assessment

2023

4.875

5/01/30

..............

180,000

182,759

Assessment

Area

Special

Assessment

2023

5.75

5/01/43

...............

2,000,000

2,080,013

Assessment

Area

Special

Assessment

2023

5.875

5/01/53

..............

3,465,000

3,579,791

Two

Rivers

North

Community

Development

District

Special

Assessment

2022

4.625

5/01/27

.............................

60,000

60,268

Special

Assessment

2022

4.875

5/01/32

.............................

380,000

387,843

Two

Rivers

West

Community

Development

District

Special

Assessment

2022

5/01/43

.................................

1,055,000

1,110,163

Special

Assessment

2022

6.25

5/01/53

..............................

1,465,000

1,540,591

Special

Assessment

2023

11/01/43

................................

1,555,000

1,634,325

Special

Assessment

2023

6.125

11/01/53

.............................

2,145,000

2,240,270

Special

Assessment

144A,

2024

5.625

5/01/44

.........................

405,000

410,427

Union

Park

East

Community

Development

District

Assessment

Area

Special

Assessment

144A,

2021

2.95

5/01/31

..........

60,000

55,152

Assessment

Area

Special

Assessment

144A,

2021

3.35

5/01/41

..........

160,000

131,974

Varrea

South

Community

Development

District

Assessment

Area

Special

Assessment

2023

5.125

5/01/43

...............

1,075,000

1,106,360

Assessment

Area

Special

Assessment

2023

5.4

5/01/53

.................

1,320,000

1,363,213

V-Dana

Community

Development

District

Assessment

Area

Special

Assessment

144A,

2020

3.5

5/01/31

...........

375,000

357,936

Assessment

Area

Special

Assessment

144A,

2020

5/01/40

............

1,775,000

1,634,142

Assessment

Area

Special

Assessment

2021

3.125

5/01/31

..............

400,000

373,916

Assessment

Area

Special

Assessment

2021

3.625

5/01/41

..............

1,250,000

1,087,691

Assessment

Area

Special

Assessment

2023

4.3

5/01/30

................

900,000

910,966

Assessment

Area

Special

Assessment

2023

5.25

5/01/43

...............

1,900,000

1,959,880

Assessment

Area

Special

Assessment

2023

5.5

5/01/54

................

2,505,000

2,577,796

Veranda

Community

Development

District

Assessment

Area

Special

Assessment

2024

Refunding

5.125

5/01/44

.....

1,685,000

1,726,865

Assessment

Area

Special

Assessment

2024

Refunding

5.375

5/01/54

.....

3,485,000

3,552,278

Assessment

Area

Special

Assessment

144A,

2021

Refunding

2.5

5/01/26

95,000

92,563

Assessment

Area

Special

Assessment

144A,

2021

Refunding

3.1

5/01/31

275,000

255,388

Assessment

Area

Special

Assessment

144A,

2021

Refunding

3.6

5/01/41

560,000

482,333

Assessment

Area

Special

Assessment

144A,

2021

Refunding

2.5

5/01/26

50,000

48,718

Assessment

Area

Special

Assessment

144A,

2021

Refunding

3.1

5/01/31

65,000

60,365

Assessment

Area

Special

Assessment

144A,

2021

Refunding

3.6

5/01/41

275,000

236,860

Assessment

Area

Phase

Special

Assessment

2024

Refunding

5.375

5/01/44

........................................................

1,145,000

1,177,154

Assessment

Area

Phase

Special

Assessment

2024

Refunding

5.625

5/01/54

........................................................

500,000

510,984

Verano

No.

Community

Development

District

Pod

Special

Assessment

2024

5.5

5/01/44

..........................

1,630,000

1,663,076

Pod

Special

Assessment

2024

5.8

5/01/54

..........................

1,910,000

1,948,035

Verano

No.

Community

Development

District

Phase

Assessment

Area

Special

Assessment

2021

3.375

5/01/41

.........

750,000

628,632

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Verano

No.

Community

Development

District,

(continued)

Phase

Assessment

Area

Special

Assessment

2022

6.45

11/01/42

.........

1,000,000

1,076,675

Phase

Assessment

Area

Special

Assessment

2022

6.625

11/01/52

........

1,475,000

1,587,311

Verano

No.

Community

Development

District

Astor

Creek

Phase

Assessment

Area

Special

Assessment

2023

5.375

5/01/43

1,020,000

1,059,628

Astor

Creek

Phase

Assessment

Area

Special

Assessment

2023

5.625

5/01/53

250,000

260,410

Viera

Stewardship

District

Assessments

Special

Assessment

2021

2.3

5/01/26

....................

400,000

388,408

Assessments

Special

Assessment

2021

2.8

5/01/31

....................

800,000

726,327

Assessments

Special

Assessment

2021

3.125

5/01/41

..................

1,750,000

1,412,835

Assessments

Special

Assessment

2023

5.5

5/01/54

....................

2,500,000

2,572,962

Village

Community

Development

District

No.

Phase

III

Special

Assessment

2021

2.85

5/01/36

.......................

1,645,000

1,443,655

Phase

III

Special

Assessment

2021

5/01/41

.........................

2,440,000

2,034,234

Phase

III

Special

Assessment

2021

3.25

5/01/52

.......................

5,200,000

4,045,752

Village

Community

Development

District

No.

Phase

Special

Assessment

2022

5.5

5/01/53

....................................................

11,700,000

12,224,360

Villages

Glen

Creek

Community

Development

District

Assessment

Area

Special

Assessment

2022

Refunding

3.15

5/01/32

......

200,000

184,868

Assessment

Area

Special

Assessment

2022

Refunding

3.45

5/01/42

......

550,000

455,294

Assessment

Area

Special

Assessment

2022

Refunding

5/01/52

........

1,170,000

990,135

Assessment

Area

Special

Assessment

2022

4.625

5/01/27

............

100,000

100,543

Assessment

Area

Special

Assessment

2022

4.875

5/01/32

............

250,000

256,278

Assessment

Area

Special

Assessment

2022

5.125

5/01/42

............

710,000

722,816

Villamar

Community

Development

District

Special

Assessment

2020

3.2

5/01/30

...............................

240,000

233,914

Special

Assessment

2020

3.75

5/01/40

..............................

655,000

611,382

Assessment

Area

Special

Assessment

2023

5.625

5/01/43

..............

430,000

449,162

Assessment

Area

Special

Assessment

2023

5.75

5/01/53

...............

1,295,000

1,337,674

Assessment

Area

Special

Assessment

2024

5.5

5/01/44

................

670,000

692,835

Assessment

Area

Special

Assessment

2024

5.75

5/01/54

...............

495,000

509,369

Phase

Project

Special

Assessment

2022

3.25

5/01/27

.................

110,000

107,760

Phase

Project

Special

Assessment

2022

3.625

5/01/32

................

250,000

237,113

Phase

Project

Special

Assessment

2022

5/01/42

....................

670,000

600,998

Waterford

Community

Development

District

Assessment

Area

Special

Assessment

2023

5.375

5/01/43

..............

325,000

335,089

Assessment

Area

Special

Assessment

2023

5.6

5/01/53

................

620,000

639,687

Waterset

South

Community

Development

District

Assessments

Special

Assessment

2022

6.1

5/01/53

....................

665,000

701,327

Assessments

Special

Assessment

2024

5.65

5/01/54

...................

1,680,000

1,736,869

Wellness

Ridge

Community

Development

District

Assessment

Area

Special

Assessment

2023

5.125

6/15/43

..............

1,410,000

1,454,665

Assessment

Area

Special

Assessment

2023

5.375

6/15/53

..............

1,340,000

1,385,851

West

Hillcrest

Community

Development

District

Special

Assessment

2023

5.25

6/15/43

.........................................................

825,000

855,481

West

Port

Community

Development

District

Assessment

Area

2021

Project

Area

Special

Assessment

2021

2.4

5/01/26

100,000

97,292

Assessment

Area

2021

Project

Area

Special

Assessment

2021

5/01/31

...

570,000

526,563

Assessment

Area

2021

Project

Area

Special

Assessment

2021

3.4

5/01/41

1,470,000

1,223,774

Assessment

Area

Special

Assessment

144A,

2020

3.25

5/01/31

..........

410,000

383,810

Assessment

Area

Special

Assessment

144A,

2020

3.625

5/01/41

.........

1,085,000

929,218

West

Villages

Improvement

District

Unit

Development

No.

Assessment

Area

Special

Assessment

2024

4.5

5/01/31

........................................................

585,000

588,666

Unit

Development

No.

Assessment

Area

Special

Assessment

2024

5.375

5/01/44

........................................................

950,000

963,871

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

West

Villages

Improvement

District,

(continued)

Unit

Development

No.

Assessment

Area

Special

Assessment

2024

5.625

5/01/54

........................................................

1,000,000

1,010,682

Unit

Development

No.

Special

Assessment

2021

2.5

5/01/26

..........

105,000

102,182

Unit

Development

No.

Special

Assessment

2021

3.125

5/01/31

........

200,000

185,423

Unit

Development

No.

Special

Assessment

2021

3.5

5/01/41

..........

800,000

673,157

Unit

Development

No.

Special

Assessment

2023

5/01/43

............

245,000

262,022

Unit

Development

No.

Special

Assessment

2023

6.25

5/01/54

.........

585,000

625,714

Unit

Development

No.

Special

Assessment

2021

2.5

5/01/26

..........

80,000

77,853

Unit

Development

No.

Special

Assessment

2021

3.125

5/01/31

........

525,000

485,301

Unit

Development

No.

Special

Assessment

2022

5.5

5/01/53

..........

1,905,000

1,964,719

Unit

Development

No.

Special

Assessment

2023

4.625

5/01/30

........

240,000

243,676

Unit

Development

No.

Special

Assessment

2023

5.375

5/01/43

........

1,500,000

1,559,354

Unit

Development

No.

Special

Assessment

2023

5.625

5/01/53

........

2,005,000

2,085,259

Westside

Haines

City

Community

Development

District

Assessment

Area

Special

Assessment

2021

2.5

5/01/26

................

130,000

126,677

Assessment

Area

Special

Assessment

2021

5/01/31

.................

350,000

322,544

Assessment

Area

Special

Assessment

2021

3.25

5/01/41

...............

1,000,000

817,267

Assessment

Area

Special

Assessment

2024

4.875

5/01/31

..............

565,000

571,223

Assessment

Area

Special

Assessment

2024

5.75

5/01/44

...............

1,920,000

1,964,299

Assessment

Area

Special

Assessment

2024

5/01/54

.................

2,685,000

2,752,072

Westview

North

Community

Development

District

Special

Assessment

2022

5.75

6/15/42

..............................

1,000,000

1,047,782

Special

Assessment

2022

6/15/52

.................................

1,250,000

1,308,341

Westview

South

Community

Development

District

Assessment

Area

Special

Assessment

2023

4.875

5/01/28

..............

475,000

479,568

Assessment

Area

Special

Assessment

2023

5.375

5/01/43

..............

2,025,000

2,077,755

Assessment

Area

Special

Assessment

2023

5.6

5/01/53

................

3,515,000

3,608,167

Assessment

Area

Special

Assessment

2023

4.75

5/01/28

...............

185,000

186,500

Assessment

Area

Special

Assessment

2023

5.375

5/01/43

..............

1,250,000

1,282,536

Assessment

Area

Special

Assessment

2023

5.625

5/01/53

..............

1,000,000

1,032,073

Westwood

Pasco

Community

Development

District

Assessments

Special

Assessment

2023

5.4

5/01/43

....................

500,000

516,369

Assessments

Special

Assessment

2023

5.625

5/01/53

..................

145,000

149,650

Whispering

Pines

Community

Development

District

Special

Assessment

2023

5.375

5/01/43

.............................

500,000

520,863

Special

Assessment

2023

5.5

5/01/53

...............................

930,000

961,636

Willowbrook

Community

Development

District

Assessment

Area

Special

Assessment

2024

5.625

5/01/44

..............

630,000

639,260

Assessment

Area

Special

Assessment

2024

5.9

5/01/55

................

820,000

831,593

Willows

Community

Development

District

Assessment

Area

Special

Assessment

2022

4.7

5/01/29

................

285,000

289,731

Assessment

Area

Special

Assessment

2022

5.625

5/01/42

..............

1,440,000

1,510,131

Assessment

Area

Special

Assessment

2022

5.75

5/01/52

...............

1,200,000

1,253,483

Wind

Meadows

South

Community

Development

District

Assessment

Area

Special

Assessment

2021

2.4

5/01/26

................

115,000

111,886

Assessment

Area

Special

Assessment

2021

2.95

5/01/31

...............

250,000

229,762

Assessment

Area

Special

Assessment

2021

3.35

5/01/41

...............

940,000

780,073

Assessment

Area

Special

Assessment

2023

5.375

5/01/43

..............

920,000

951,134

Assessment

Area

Special

Assessment

2023

5.625

5/01/53

..............

980,000

1,014,545

Windsor

Cay

Community

Development

District

Assessment

Area

Special

Assessment

2024

5.45

5/01/44

...............

1,000,000

1,018,787

Assessment

Area

Special

Assessment

2024

5.75

5/01/54

...............

765,000

780,270

Windward

Community

Development

District

Special

Assessment

2020

A-1

3.65

5/01/30

.........................................................

130,000

125,624

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Wiregrass

Community

Development

District

Assessment

Area

Special

Assessment

2020

3.125

5/01/30

..............

645,000

606,548

Assessment

Area

Special

Assessment

2020

3.7

5/01/40

................

1,680,000

1,477,727

Zephyr

Lakes

Community

Development

District

Assessment

Area

Special

Assessment

2021

2.5

5/01/26

................

90,000

87,692

Assessment

Area

Special

Assessment

2021

5/01/31

.................

150,000

138,241

Assessment

Area

Special

Assessment

2021

3.375

5/01/41

..............

660,000

546,918

Assessment

Area

Special

Assessment

2021

5/01/51

.................

935,000

787,078

837,803,553

Georgia

0.9%

Development

Authority

Cobb

County

(The)

Presbyterian

Village

Austell,

Inc.

Revenue

144A,

2019

Refunding

12/01/39

1,825,000

1,602,662

Presbyterian

Village

Austell,

Inc.

Revenue

144A,

2019

Refunding

12/01/49

10,760,000

8,634,465

Development

Authority

Rockdale

County

AHPC

Terraces

Fieldstone

LLC

Revenue

144A,

2021

4.5

12/01/36

................................

10,835,000

9,681,661

Forsyth

County

Hospital

Authority

Georgia

Baptist

Healthcare

System

Obligated

Group

Revenue

1998

ETM,

6.375

10/01/28

...........................

4,610,000

4,973,400

George

Smith

Congress

Center

Authority

Signia

Hotel

Management

LLC

Revenue,

Second

Tier

144A,

2021

1/01/36

2,500,000

2,530,448

Signia

Hotel

Management

LLC

Revenue,

Second

Tier

144A,

2021

1/01/54

7,500,000

7,131,115

Main

Street

Natural

Gas,

Inc.

Revenue

2007

5.5

9/15/27

......................................

4,000,000

4,250,939

Revenue

2007

5.5

9/15/28

......................................

5,000,000

5,375,487

44,180,177

Idaho

0.3%

Idaho

Housing

Finance

Association

Revenue

2010

2/01/36

............

13,305,000

13,330,375

Illinois

1.4%

Illinois

Finance

Authority

DePaul

College

Prep

Revenue

144A,

2023

Refunding

5.5

8/01/43

........

500,000

540,086

DePaul

College

Prep

Revenue

144A,

2023

Refunding

5.625

8/01/53

......

2,055,000

2,185,386

McKinley

Foundation

University

Illinois

(The)

Revenue

144A,

2021

Refunding

5.125

11/01/55

.......................................

13,560,000

11,932,679

McKinley

Foundation

University

Illinois

(The)

Revenue

144A,

2021

11/01/37

.......................................................

3,685,000

3,684,916

Plymouth

Place

Obligated

Group

Revenue

2022

6.75

5/15/58

...........

3,000,000

3,228,065

Westminster

Village,

Inc.

Obligated

Group

Revenue

2018

Refunding

5.25

5/01/48

........................................................

10,000,000

9,505,689

Westminster

Village,

Inc.

Obligated

Group

Revenue

2018

Refunding

5.5

5/01/53

........................................................

10,810,000

10,446,365

Metropolitan

Pier

Exposition

Authority

Revenue

1996

ETM,

7/01/26

.....................................

2,080,000

2,183,020

State

Illinois

McCormick

Place

Expansion

Project

Fund

Revenue

2010

B-1

Refunding

AGMC

Insured

Zero

Cpn.,

6/15/45

..........................

18,100,000

7,221,158

State

Illinois

2022

5.5

10/01/44

...............................

4,645,000

5,158,267

Upper

Illinois

River

Valley

Development

Authority

2018

IAVF

Timber

Oaks

Prairie

View

Obligated

Group

Revenue

144A,

2020

Refunding

12/01/50

.......

10,750,000

9,204,082

Village

Lincolnwood

North

Lincoln

Redevelopment

Project

Area

COP

144A,

2021

4.82

1/01/41

.................................................

1,535,000

1,502,573

Village

Villa

Park

Garden

Station

Redevelopment

Area

Tax

Allocation

2021

Zero

Cpn.,

12/31/38

....................................................

1,815,000

1,506,726

68,299,012

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Indiana

0.4%

City

Anderson

Sweet

Galilee

the

Wigwam

LLC

Revenue

144A,

2020

5.375

1/01/40

.........................................................

2,740,000

2,316,084

City

Goshen

Green

Oaks

Goshen

LLC

Revenue

144A,

2021

8/01/41

4,065,000

3,467,002

City

Jeffersonville

Vivera

Senior

Living

Columbus

LLC

Revenue

144A,

2020

5.25

11/01/40

...................................................

4,500,000

3,775,274

City

Valparaiso

Green

Oaks

Valparaiso

LLC

Revenue

144A,

2021

5.375

12/01/41

........................................................

3,650,000

2,994,474

Indiana

Finance

Authority

SFP-PUFW

LLC

Revenue

2024

5.75

7/01/64

.......................

1,730,000

1,697,259

University

Evansville

Revenue

2022

9/01/32

.....................

4,000,000

3,894,911

Indiana

Housing

Community

Development

Authority

Vita

Marion

LLC

Revenue

144A,

2021

5.25

4/01/41

........................................

4,750,000

3,995,181

22,140,185

Iowa

0.2%

Iowa

Finance

Authority

Lifespace

Communities,

Inc.

Obligated

Group

Revenue

2018

5/15/48

....

2,090,000

2,047,208

Lifespace

Communities,

Inc.

Obligated

Group

Revenue

2023

Refunding

6.75

5/15/33

........................................................

1,000,000

1,136,010

Lifespace

Communities,

Inc.

Obligated

Group

Revenue

2023

Refunding

7.25

5/15/38

........................................................

1,500,000

1,722,077

Northcrest

Obligated

Group

Revenue

2018

3/01/48

..................

7,500,000

6,999,364

11,904,659

Kansas

0.0%

†

Wyandotte

County-Kansas

City

Unified

Government

Revenue

2018

4.5

6/01/40

1,335,000

1,335,413

Kentucky

0.7%

Kentucky

Public

Transportation

Infrastructure

Authority

Revenue,

First

Tier

2013

6.6

7/01/39

...............................

10,000,000

11,790,089

Revenue,

First

Tier

2013

6.75

7/01/43

..............................

5,000,000

5,861,740

Louisville/Jefferson

County

Metropolitan

Government

PSG

Vesta

Derby

Oaks

LLC

Revenue

144A,

2022

Zero

Cpn.,

5/01/52

..............................

19,650,000

15,698,747

33,350,576

Louisiana

1.5%

Juban

Trails

Community

Development

District

Special

Assessment

2022

3.375

6/01/27

.............................

15,000

14,638

Special

Assessment

2022

4.25

6/01/51

..............................

1,235,000

1,079,631

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

2021

2.375

6/01/26

.............................

190,000

184,395

Special

Assessment

2021

2.875

6/01/31

.............................

695,000

625,160

Special

Assessment

2021

3.2

6/01/41

...............................

2,730,000

2,255,353

Special

Assessment

2021

6/01/51

.................................

2,035,000

1,705,323

Special

Assessment

2022

5.375

6/01/42

.............................

730,000

746,542

Special

Assessment

2022

5.5

6/01/52

...............................

1,425,000

1,457,423

Louisiana

Local

Government

Environmental

Facilities

Community

Development

Authority

GOMESA

Revenue

144A,

2018

5.375

11/01/38

........................

1,825,000

1,932,408

Invest

Americas

Veterans

Foundation

Louisiana,

Inc.

Revenue

144A,

2020

Refunding

12/01/40

...........................................

2,970,000

2,612,683

Invest

Americas

Veterans

Foundation

Louisiana,

Inc.

Revenue

144A,

2020

Refunding

4.25

12/01/50

........................................

5,665,000

4,801,392

Parish

Jefferson

Revenue

144A,

2019

11/01/44

....................

2,550,000

2,421,006

Parish

Lafourche

Revenue

144A,

2019

3.95

11/01/43

.................

4,032,776

3,834,421

Parish

St.

John

the

Baptist

Revenue

144A,

2019

3.9

11/01/44

...........

2,105,000

1,970,523

Parish

St.

Martin

Revenue

144A,

2019

4.4

11/01/44

...................

5,510,000

5,545,121

Parish

Vermilion

Revenue

144A,

2019

4.625

11/01/38

.................

1,640,000

1,689,634

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Local

Government

Environmental

Facilities

Community

Development

Authority,

(continued)

Patriot

Services

Group

Obligated

Group

Revenue

144A,

2021

5.5

10/01/61

6,300,000

5,303,706

Terrebonne

Parish

Consolidated

Government

Revenue

144A,

2018

5.5

11/01/39

1,490,000

1,578,909

Louisiana

Public

Facilities

Authority

Provident

Group

HSC

Properties,

Inc.

Revenue

144A,

2020

A-1

5.375

1/01/40

5,000,000

4,825,048

Provident

Group

HSC

Properties,

Inc.

Revenue

144A,

2020

A-1

5.5

1/01/50

4,500,000

4,186,396

Provident

Group

HSC

Properties,

Inc.

Revenue

144A,

2020

A-2

1/01/57

...

10,000,000

9,091,808

Parish

Beauregard

OfficeMax,

Inc.

Revenue

2002

Refunding

6.8

2/01/27

...

13,990,000

14,018,508

St.

Tammany

Parish

Finance

Authority

Christwood

Obligated

Group

Revenue

2014

Refunding

5.25

11/15/29

.......

1,200,000

1,200,552

Christwood

Obligated

Group

Revenue

2014

Refunding

5.25

11/15/37

.......

1,650,000

1,629,775

74,710,355

Maryland

0.2%

County

Frederick

Oakdale-Lake

Linganore

Development

District

Special

Tax

2019

Refunding

3.25

7/01/29

........................................................

750,000

725,015

Oakdale-Lake

Linganore

Development

District

Special

Tax

2019

Refunding

3.75

7/01/39

........................................................

1,410,000

1,290,088

Urbana

Community

Development

Authority

Special

Tax

2020

Refunding

7/01/40

........................................................

315,000

297,979

Town

Plata

Heritage

Green

Special

Taxing

District

Special

Tax

144A,

2023

6.5

2/15/53

....................................................

8,500,000

8,714,706

11,027,788

Massachusetts

0.0%

†

Massachusetts

Development

Finance

Agency

CHF

Merrimack,

Inc.

Revenue

144A,

2024

7/01/54

..................

1,200,000

1,232,754

CHF

Merrimack,

Inc.

Revenue

144A,

2024

7/01/60

..................

1,100,000

1,121,324

2,354,078

Michigan

0.4%

City

Detroit

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue,

Second

Lien

2006

NATL

Insured

7/01/36

..........................

15,000

15,022

City

Ecorse

2011

6.5

11/01/35

.................................

1,115,000

1,117,172

Kalamazoo

Economic

Development

Corp.

Friendship

Village

Kalamazoo

Obligated

Group

Revenue

144A,

2021

Refunding

8/15/31

....................................................

700,000

681,562

Friendship

Village

Kalamazoo

Obligated

Group

Revenue

144A,

2021

Refunding

8/15/51

....................................................

3,015,000

2,516,469

Heritage

Community

Kalamazoo

Obligated

Group

Revenue

2020

5/15/43

1,120,000

1,076,498

Heritage

Community

Kalamazoo

Obligated

Group

Revenue

2020

5/15/55

8,860,000

8,012,323

Michigan

Finance

Authority

Revenue

144A,

2014

6.75

7/01/44

..............

1,695,000

1,665,560

Michigan

Strategic

Fund

Friendship

Village

Kalamazoo

Obligated

Group

Revenue

144A,

2021

Refunding

8/15/31

....................................................

570,000

554,986

Friendship

Village

Kalamazoo

Obligated

Group

Revenue

144A,

2021

Refunding

8/15/41

....................................................

895,000

807,623

Friendship

Village

Kalamazoo

Obligated

Group

Revenue

144A,

2021

Refunding

8/15/51

....................................................

1,380,000

1,151,817

Michigan

Tobacco

Settlement

Finance

Authority

Michigan

Finance

Authority

Tobacco

Settlement

Revenue

2007

Zero

Cpn.,

6/01/52

.........................

26,990,000

3,585,052

21,184,084

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Minnesota

0.1%

City

Minneapolis

Ecumen

Mill

City

Quarter

LLC

Revenue

2015

5.25

11/01/45

..............

2,800,000

2,642,733

Ecumen

Mill

City

Quarter

LLC

Revenue

2015

5.375

11/01/50

..............

1,000,000

950,796

Scott

County

Community

Development

Agency

Spero

Senior

LLC

Revenue

144A,

2022

6.25

8/01/37

.............................................

1,300,000

1,298,466

4,891,995

Mississippi

0.5%

Mississippi

Development

Bank

Magnolia

Regional

Health

Center

Revenue

144A,

2021

Refunding

10/01/34

900,000

833,226

Magnolia

Regional

Health

Center

Revenue

144A,

2021

Refunding

10/01/35

800,000

738,269

Magnolia

Regional

Health

Center

Revenue

144A,

2021

Refunding

10/01/36

850,000

777,448

Magnolia

Regional

Health

Center

Revenue

144A,

2021

Refunding

10/01/41

3,000,000

2,536,635

Mississippi

Home

Corp.

Revenue

144A,

2023

A-2

12/01/33

...............................

875,000

859,479

Revenue

144A,

2023

B-2

12/01/38

................................

4,390,000

4,218,663

Patriot

Services

Group

Obligated

Group

Revenue

144A,

2021

A-5

4.5

6/01/62

7,000,000

5,441,321

Patriot

Services

Group

Obligated

Group

Revenue

144A,

2021

C-5

5.1

6/01/62

8,000,000

6,342,584

Patriot

Services

Group

Pascagoula

Portfolio

Obligated

Group

Revenue

2021

D-8

4.65

6/01/62

..................................................

5,515,000

4,410,609

26,158,234

Missouri

0.3%

Cape

Girardeau

County

Industrial

Development

Authority

Mercy

Health

Revenue

2016

Refunding

3/01/33

.......................................

3,580,000

3,656,281

City

Maryland

Heights

Westport

Plaza

Redevelopment

Area

Tax

Allocation

2020

4.125

11/01/38

..................................................

2,500,000

2,459,046

Kirkwood

Industrial

Development

Authority

Ashfield

Active

Living

Wellness

Communities,

Inc.

Obligated

Group

Revenue

2017

Refunding

5.25

5/15/42

...................................

1,000,000

920,854

Ashfield

Active

Living

Wellness

Communities,

Inc.

Obligated

Group

Revenue

2017

Refunding

5.25

5/15/50

...................................

3,500,000

3,042,777

Stoddard

County

Industrial

Development

Authority

Mercy

Health

Revenue

2016

Refunding

3/01/37

.............................................

3,450,000

3,525,807

13,604,765

Nevada

1.0%

City

Henderson

Local

Improvement

District

No.

T-16

Special

Assessment

2005

5.125

3/01/25

300,000

299,187

Local

Improvement

District

No.

T-18

Special

Assessment

2016

Refunding

9/01/32

........................................................

1,700,000

1,651,730

City

Las

Vegas

Special

Improvement

District

No.

610

Special

Assessment

2018

6/01/48

....

7,280,000

7,359,677

Special

Improvement

District

No.

611

Special

Assessment

2020

6/01/33

....

180,000

170,853

Special

Improvement

District

No.

611

Special

Assessment

2020

6/01/34

....

185,000

174,080

Special

Improvement

District

No.

611

Special

Assessment

2020

6/01/35

....

185,000

172,254

Special

Improvement

District

No.

611

Special

Assessment

2020

6/01/40

....

440,000

398,111

Special

Improvement

District

No.

612

Skye

Hills

Special

Assessment

2020

3.5

6/01/35

........................................................

200,000

181,049

Special

Improvement

District

No.

612

Skye

Hills

Special

Assessment

2020

6/01/50

........................................................

965,000

805,447

Special

Improvement

District

No.

812

Special

Assessment

2015

12/01/30

...

1,495,000

1,506,110

Special

Improvement

District

No.

812

Special

Assessment

2015

12/01/35

...

945,000

949,576

Special

Improvement

District

No.

814

Special

Assessment

2019

6/01/39

....

425,000

392,114

Special

Improvement

District

No.

814

Special

Assessment

2019

6/01/44

....

690,000

598,207

Special

Improvement

District

No.

815

Special

Assessment

2020

4.75

12/01/40

965,000

958,034

Special

Improvement

District

No.

816

Special

Assessment

2021

2.75

6/01/33

520,000

441,397

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Nevada

(continued)

City

Las

Vegas,

(continued)

Special

Improvement

District

No.

816

Special

Assessment

2021

2.75

6/01/36

820,000

650,966

Special

Improvement

District

No.

816

Special

Assessment

2021

6/01/41

....

635,000

494,977

Special

Improvement

District

No.

816

Special

Assessment

2021

3.125

6/01/51

1,410,000

1,022,603

City

North

Las

Vegas

Special

Improvement

District

No.

Special

Assessment

144A,

2022

5.75

6/01/47

........................................................

1,585,000

1,608,698

Special

Improvement

District

No.

Special

Assessment

144A,

2022

6/01/52

1,785,000

1,833,835

City

Reno

Sales

Tax

Revenue

144A,

2018

Refunding

Zero

Cpn.,

7/01/58

....

12,500,000

1,789,970

County

Clark

Special

Improvement

District

No.

128

Special

Assessment

2001-2007

2/01/26

535,000

537,962

Special

Improvement

District

No.

128

Special

Assessment

2001-2007

5.05

2/01/31

........................................................

980,000

983,539

Special

Improvement

District

No.

159

Special

Assessment

2015

8/01/35

....

1,975,000

1,987,138

Henderson

Local

Improvement

Districts

City

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch

Special

Assessment

2022

9/01/36

...............................

315,000

270,724

City

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch

Special

Assessment

2022

3.5

9/01/45

..............................

750,000

609,576

City

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch

Special

Assessment

2022

9/01/51

...............................

500,000

438,915

Local

Improvement

District

No.

T-22

Special

Assessment

2023

3/01/38

.....

775,000

792,291

Local

Improvement

District

No.

T-22

Special

Assessment

2023

3/01/43

.....

1,000,000

998,855

Local

Improvement

District

No.

T-22

Special

Assessment

2023

5.25

3/01/48

1,000,000

1,004,989

Local

Improvement

District

No.

T-22

Special

Assessment

2023

5.25

3/01/53

300,000

300,125

State

Nevada

Department

Business

Industry

DesertXpress

Enterprises

LLC

Revenue

2020

A-4

Mandatory

Put

8.125

8/15/25

13,150,000

13,275,889

d,f

Fulcrum

Sierra

Biofuels

LLC

Revenue

144A,

2017

5.875

12/15/27

..........

7,864,041

1,258,247

d,f

Fulcrum

Sierra

Biofuels

LLC

Revenue

144A,

2017

6.25

12/15/37

...........

8,654,121

1,384,659

47,301,784

New

Hampshire

0.2%

New

Hampshire

Business

Finance

Authority

Caritas

Acquisitions

VII

LLC

Revenue

2020

3.75

8/15/30

...............

100,000

96,475

Caritas

Acquisitions

VII

LLC

Revenue

2020

4.125

8/15/40

..............

2,545,000

2,309,995

Caritas

Acquisitions

VII

LLC

Revenue

2020

4.25

8/15/46

...............

2,860,000

2,513,568

Caritas

Acquisitions

VII

LLC

Revenue

2020

4.5

8/15/55

................

5,940,000

5,253,674

10,173,712

New

Jersey

1.3%

New

Jersey

Economic

Development

Authority

Provident

Group-Kean

Properties

LLC

Revenue

2017

7/01/47

..........

2,200,000

2,201,282

United

Airlines,

Inc.

Revenue

2003

5.5

6/01/33

........................

8,480,000

8,535,641

d,f

White

Horse

HMT

Urban

Renewal

LLC

Revenue

144A,

2020

1/01/40

......

3,000,000

2,079,440

New

Jersey

Transportation

Trust

Fund

Authority

State

New

Jersey

Revenue

2008

Zero

Cpn.,

12/15/38

..............................................

46,750,000

26,541,882

Tobacco

Settlement

Financing

Corp.

Revenue

2018

Refunding

5.25

6/01/46

.............................

7,000,000

7,256,664

Revenue

2018

Refunding

6/01/46

...............................

17,000,000

17,160,398

63,775,307

New

Mexico

0.0%

†

Lower

Petroglyphs

Public

Improvement

District

Special

Tax

2018

Refunding

10/01/33

..............................

500,000

500,655

Special

Tax

2018

Refunding

10/01/38

..............................

450,000

450,003

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

New

Mexico

(continued)

Lower

Petroglyphs

Public

Improvement

District,

(continued)

Special

Tax

2018

Refunding

10/01/48

..............................

1,205,000

1,200,371

2,151,029

New

York

3.1%

Metropolitan

Transportation

Authority

Revenue

2016

A-1

5.25

11/15/56

...................................

4,765,000

4,834,591

Revenue

2020

C-1

4.75

11/15/45

...................................

13,220,000

13,560,250

Revenue

2020

C-1

11/15/50

.....................................

10,000,000

10,442,289

Revenue

2020

C-1

5.25

11/15/55

...................................

29,500,000

31,023,262

Revenue

2020

11/15/50

.......................................

11,500,000

11,012,955

New

York

Liberty

Development

Corp.

World

Trade

Center

LLC

Revenue

144A,

2014

Refunding

5.375

11/15/40

7,500,000

7,513,140

Goldman

Sachs

Headquarters

LLC

Revenue

2005

Refunding

5.25

10/01/35

23,000,000

26,892,184

New

York

Transportation

Development

Corp.

American

Airlines,

Inc.

Revenue

2020

Refunding

5.375

8/01/36

...........

5,000,000

5,335,145

Laguardia

Gateway

Partners

LLC

Revenue

2016

7/01/46

.............

13,505,000

13,504,474

Rockland

Tobacco

Asset

Securitization

Corp.

Revenue

144A,

2005

Zero

Cpn.,

8/15/45

.........................................................

56,000,000

16,650,816

Suffolk

Regional

Off-Track

Betting

Co.

Revenue

2024

5.75

12/01/44

......................................

5,000,000

5,234,329

Revenue

2024

12/01/53

........................................

7,175,000

7,540,921

153,544,356

North

Dakota

0.1%

County

Burleigh

University

Mary

Revenue

2016

5.1

4/15/36

.........................

3,550,000

3,569,476

University

Mary

Revenue

2016

5.2

4/15/46

.........................

3,130,000

3,109,725

County

Grand

Forks

Red

River

Biorefinery

LLC

Revenue

144A,

2021

6.625

12/15/31

..........

2,875,000

Red

River

Biorefinery

LLC

Revenue

144A,

2021

12/15/43

.............

14,000,000

140

6,679,370

Ohio

3.0%

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue,

Senior

Lien

2020

B-2

Refunding

6/01/55

.............................................

22,060,000

20,308,584

City

Centerville

Graceworks

Lutheran

Services

Obligated

Group

Revenue

2017

Refunding

5.25

11/01/50

..........................................

5,000,000

4,721,509

Cleveland-Cuyahoga

County

Port

Authority

Flats

East

Bank

TIF

District

Tax

Allocation

144A,

2021

Refunding

4.5

12/01/55

1,500,000

1,323,234

Flats

East

Bank

TIF

District

Tax

Allocation,

Senior

Lien

144A,

2021

Refunding

12/01/55

...................................................

1,150,000

973,405

Playhouse

Square

Foundation

Revenue

2018

Refunding

5.25

12/01/38

.....

700,000

722,759

Playhouse

Square

Foundation

Revenue

2018

Refunding

5.5

12/01/43

......

700,000

719,803

County

Fairfield

Medical

Center

Obligated

Group

Revenue

2013

Refunding

6/15/43

.............................................

10,000,000

9,094,368

County

Franklin

Wesley

Communities

Obligated

Group

Revenue

2020

Refunding

5.25

11/15/40

2,910,000

2,969,908

Wesley

Communities

Obligated

Group

Revenue

2020

Refunding

5.25

11/15/55

8,800,000

8,614,177

County

Washington

Marietta

Area

Health

Care,

Inc.

Obligated

Group

Revenue

2022

Refunding

6.625

12/01/42

................................................

10,000,000

11,027,813

Marietta

Area

Health

Care,

Inc.

Obligated

Group

Revenue

2022

Refunding

6.75

12/01/52

.......................................................

17,000,000

18,622,769

Ohio

Higher

Educational

Facility

Commission

Judson

Obligated

Group

Revenue

2020

Refunding

12/01/42

...........

1,360,000

1,364,235

Judson

Obligated

Group

Revenue

2020

Refunding

12/01/45

...........

1,205,000

1,194,004

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Ohio

(continued)

Ohio

Higher

Educational

Facility

Commission,

(continued)

Judson

Obligated

Group

Revenue

2020

Refunding

12/01/50

...........

2,570,000

2,489,224

Ohio

Housing

Finance

Agency

Revenue

2023

8/01/34

........................................

1,000,000

1,039,705

Middletown

Phase

Two

Revenue

144A,

2023

9/01/39

..............

1,400,000

1,492,631

Ohio

Turnpike

Infrastructure

Commission

Revenue,

Junior

Lien

2013

A-4

5.75

2/15/35

.........................................................

35,000,000

40,831,532

Southeastern

Ohio

Port

Authority

Marietta

Area

Health

Care,

Inc.

Obligated

Group

Revenue

2015

Refunding

12/01/35

.......................................................

1,000,000

968,433

Marietta

Area

Health

Care,

Inc.

Obligated

Group

Revenue

2015

Refunding

12/01/43

.......................................................

1,000,000

932,360

State

Ohio

Aultman

Health

Foundation

Obligated

Group

Revenue

144A,

2018

Refunding

12/01/38

.......................................................

5,000,000

4,924,640

Aultman

Health

Foundation

Obligated

Group

Revenue

144A,

2018

Refunding

12/01/48

.......................................................

15,195,000

14,328,470

148,663,563

Oklahoma

0.2%

Tulsa

County

Industrial

Authority

Montereau

Obligated

Group

Revenue

2017

Refunding

5.25

11/15/37

.......

1,000,000

1,019,662

Montereau

Obligated

Group

Revenue

2017

Refunding

5.25

11/15/45

.......

6,500,000

6,569,967

7,589,629

Oregon

0.3%

Clackamas

County

Hospital

Facility

Authority

Rose

Villa,

Inc.

Obligated

Group

Revenue

2020

Refunding

5.125

11/15/40

500,000

505,766

Rose

Villa,

Inc.

Obligated

Group

Revenue

2020

Refunding

5.25

11/15/50

1,250,000

1,252,814

Rose

Villa,

Inc.

Obligated

Group

Revenue

2020

Refunding

5.375

11/15/55

1,500,000

1,504,457

Polk

County

Hospital

Facility

Authority

Dallas

Mennonite

Retirement

Community

Obligated

Group

Revenue

2020

5.125

7/01/55

.......................

3,500,000

3,391,716

Yamhill

County

Hospital

Authority

Friendsview

Manor

Obligated

Group

Revenue

2016

Refunding

11/15/51

4,325,000

3,582,696

Friendsview

Manor

Obligated

Group

Revenue

2021

Refunding

11/15/56

6,115,000

4,945,684

15,183,133

Pennsylvania

2.1%

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Center

City

Investment

Corp.

Revenue

144A,

2018

5.375

5/01/42

..........

5,000,000

5,043,043

Center

City

Investment

Corp.

Revenue

144A,

2022

5.25

5/01/42

...........

6,070,000

6,118,308

Berks

County

Industrial

Development

Authority

Tower

Health

Obligated

Group

Revenue

2017

Refunding

11/01/29

........

460,000

333,730

Tower

Health

Obligated

Group

Revenue

2017

Refunding

11/01/31

........

5,000,000

3,627,500

Tower

Health

Obligated

Group

Revenue

2017

Refunding

11/01/32

........

2,845,000

2,064,047

Tower

Health

Obligated

Group

Revenue

2017

Refunding

11/01/34

........

1,735,000

1,258,742

Tower

Health

Obligated

Group

Revenue

2017

Refunding

11/01/39

........

455,000

330,103

Tower

Health

Obligated

Group

Revenue

2017

Refunding

11/01/47

........

4,725,000

3,427,987

Tower

Health

Obligated

Group

Revenue

2017

Refunding

11/01/50

........

1,135,000

823,443

Tower

Health

Obligated

Group

Revenue

2017

Refunding

11/01/50

........

1,000,000

725,500

Berks

County

Municipal

Authority

(The)

Tower

Health

Obligated

Group

Revenue

2012

11/01/40

...............

1,300,000

943,150

Tower

Health

Obligated

Group

Revenue

2012

4.25

11/01/41

.............

235,000

170,493

Tower

Health

Obligated

Group

Revenue

2012

11/01/44

...............

1,100,000

798,050

Chester

County

Industrial

Development

Authority

Borough

Phoenixville

Steelpointe

Neighborhood

Improvement

District

Special

Assessment

144A,

2020

4.75

3/01/50

..............................

4,220,000

3,693,141

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Chester

County

Industrial

Development

Authority,

(continued)

Woodlands

Greystone

Neighborhood

Improvement

District

Special

Assessment

144A,

2018

3/01/38

...........................................

325,000

325,735

Woodlands

Greystone

Neighborhood

Improvement

District

Special

Assessment

144A,

2018

5.125

3/01/48

.......................................

900,000

875,839

Dallas

Area

Municipal

Authority

Misericordia

University

Revenue

2019

Refunding

5/01/48

......................................................

4,000,000

3,650,497

Erie

County

Industrial

Development

Authority

CFC

Erie

LLC

Revenue

144A,

2024

7.25

3/01/50

.................................................

4,495,000

4,232,498

Franklin

County

Industrial

Development

Authority

Menno-Haven,

Inc.

Obligated

Group

Revenue

2018

Refunding

12/01/38

...

1,000,000

1,004,476

Menno-Haven,

Inc.

Obligated

Group

Revenue

2018

Refunding

12/01/43

...

1,200,000

1,170,935

Menno-Haven,

Inc.

Obligated

Group

Revenue

2018

Refunding

12/01/48

...

4,600,000

4,346,564

Menno-Haven,

Inc.

Obligated

Group

Revenue

2018

Refunding

12/01/53

...

3,050,000

2,816,723

Menno-Haven,

Inc.

Obligated

Group

Revenue

2019

12/01/54

............

1,000,000

919,739

Lancaster

County

Hospital

Authority

Brethren

Village

Obligated

Group

Revenue

2017

Refunding

5.125

7/01/37

...

1,000,000

1,005,018

Brethren

Village

Obligated

Group

Revenue

2017

Refunding

5.25

7/01/41

....

3,500,000

3,507,015

Lehigh

County

Industrial

Development

Authority

Seven

Generations

Charter

School

Revenue

2021

5/01/31

............

665,000

636,770

Seven

Generations

Charter

School

Revenue

2021

5/01/51

............

2,385,000

1,859,713

Pennsylvania

Turnpike

Commission

Revenue

B-2

Zero

Cpn.,

12/01/37

....................................

20,000,000

19,822,474

Revenue

B-2

Zero

Cpn.,

12/01/40

....................................

25,075,000

24,233,679

Philadelphia

Authority

for

Industrial

Development

Evangelical

Services

for

the

Aging

Obligated

Group

Revenue

Refunding

7/01/49

......................

3,000,000

2,650,157

102,415,069

South

Carolina

1.4%

County

Dorchester

Summers

Corner

Improvement

District

Special

Assessment

2023

5.5

10/01/51

...............................................

2,110,000

2,116,642

Greenville

Housing

Authority

Revenue

144A,

2023

8.375

5/01/47

..........

10,600,000

10,685,409

South

Carolina

Jobs-Economic

Development

Authority

Columbia

Portfolio

Obligated

Group

Revenue

144A,

2022

A-1

Zero

Cpn.,

6/01/37

14,400,000

11,612,340

Columbia

Portfolio

Obligated

Group

Revenue

144A,

2022

A-2

Zero

Cpn.,

6/01/52

25,550,000

19,465,876

FAH

Pelham

LLC

Revenue

144A,

2023

7.5

8/01/47

.................

9,565,000

9,471,188

South

Carolina

Episcopal

Home

Still

Hopes

Obligated

Group

Revenue

2017

4/01/52

........................................................

1,750,000

1,719,085

South

Carolina

Episcopal

Home

Still

Hopes

Obligated

Group

Revenue

2018

Refunding

4/01/48

............................................

3,500,000

3,461,627

South

Carolina

Episcopal

Home

Still

Hopes

Obligated

Group

Revenue

2018

Refunding

5.25

4/01/53

.........................................

11,000,000

11,028,385

69,560,552

South

Dakota

0.2%

City

Sioux

Falls

Dow

Rummel

Village

Revenue

2016

Refunding

11/01/46

...............

7,110,000

6,580,184

Dow

Rummel

Village

Revenue

2017

11/01/42

........................

2,000,000

1,907,996

8,488,180

Tennessee

1.4%

Cleveland

Housing

Authority

Cleveland

Forward

Phase

One

LLC

Revenue

144A,

2022

6.25

4/01/41

....

1,000,000

1,018,589

Cleveland

Forward

Phase

Two

LLC

Revenue

144A,

2022

6.25

4/01/41

....

1,000,000

1,018,589

Johnson

City

Health

Educational

Facilities

Board

Ballad

Health

Obligated

Group

Revenue

2000

Refunding

NATL

Insured

Zero

Cpn.,

7/01/27

...................................................

19,365,000

17,528,840

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Tennessee

(continued)

Johnson

City

Health

Educational

Facilities

Board,

(continued)

Ballad

Health

Obligated

Group

Revenue

2000

Refunding

NATL

Insured

Zero

Cpn.,

7/01/28

...................................................

19,400,000

16,924,954

Ballad

Health

Obligated

Group

Revenue

2000

Refunding

NATL

Insured

Zero

Cpn.,

7/01/29

...................................................

19,365,000

16,262,022

Ballad

Health

Obligated

Group

Revenue

2000

Refunding

NATL

Insured

Zero

Cpn.,

7/01/30

...................................................

19,370,000

15,588,807

68,341,801

Texas

10.9%

Arlington

Higher

Education

Finance

Corp.

BASIS

Texas

Charter

Schools,

Inc.

Revenue

144A,

2024

4.875

6/15/59

.................................

1,000,000

999,095

Cedar

Bayou

Navigation

District

Special

Assessment

2020

9/15/51

.........

7,500,000

6,403,680

Central

Texas

Regional

Mobility

Authority

Revenue

2010

Zero

Cpn.,

1/01/35

....................................

3,000,000

2,033,186

Revenue

2010

Zero

Cpn.,

1/01/37

....................................

2,500,000

1,519,457

Revenue

2010

Zero

Cpn.,

1/01/38

....................................

2,405,000

1,390,923

Revenue

2010

Zero

Cpn.,

1/01/39

....................................

2,545,000

1,382,397

City

Anna

Hurricane

Creek

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

5.75

9/01/42

..............................

972,000

997,525

Hurricane

Creek

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

9/01/52

................................

1,907,000

1,956,359

Meadow

Vista

Public

Improvement

District

Improvement

Area

Special

Assessment

144A,

2024

5.5

9/15/44

.........................................

850,000

855,559

Sherley

Tract

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2021

3.75

9/15/31

..............................

300,000

279,439

Sherley

Tract

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2021

9/15/41

................................

867,000

781,816

Sherley

Tract

Public

Improvement

District

No.

Major

Improvement

Area

Special

Assessment

144A,

2021

4.5

9/15/31

...............................

157,000

150,956

Sherley

Tract

Public

Improvement

District

No.

Major

Improvement

Area

Special

Assessment

144A,

2021

9/15/51

................................

503,000

483,947

Woods

Lindsey

Place

(The)

Public

Improvement

District

Area

Special

Assessment

144A,

2023

5.625

9/15/43

.............................

751,000

768,737

Woods

Lindsey

Place

(The)

Public

Improvement

District

Area

Special

Assessment

144A,

2023

5.875

9/15/53

.............................

1,075,000

1,104,245

City

Aubrey

Public

Improvement

District

No.

Special

Assessment

144A,

2023

5.875

9/01/43

........................................................

1,075,000

1,102,715

Aubrey

Public

Improvement

District

No.

Special

Assessment

144A,

2023

9/01/53

........................................................

1,600,000

1,639,059

Jackson

Ridge

Public

Improvement

District

Phase

No.

Special

Assessment

144A,

2022

5.25

9/01/32

........................................

852,000

873,292

Jackson

Ridge

Public

Improvement

District

Phase

No.

Special

Assessment

144A,

2022

9/01/45

...........................................

1,803,000

1,872,403

City

Boyd

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2024

5.125

9/15/43

.......................................

690,000

697,122

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2024

5.5

9/15/53

.........................................

1,408,000

1,423,955

City

Celina

Special

Assessment

144A,

2024

5.5

9/01/44

..........................

470,000

481,088

Special

Assessment

144A,

2024

5.75

9/01/54

.........................

1,300,000

1,333,202

Chalk

Hill

Public

Improvement

District

No.

Special

Assessment

144A,

2023

5.75

9/01/43

..................................................

767,000

779,472

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Texas

(continued)

City

Celina,

(continued)

Chalk

Hill

Public

Improvement

District

No.

Special

Assessment

144A,

2023

9/01/53

........................................................

1,764,000

1,795,830

Creeks

Legacy

Public

Improvement

District

Phase

No.

Special

Assessment

144A,

2020

4.25

9/01/40

........................................

230,000

213,202

Cross

Creek

Meadows

Public

Improvement

District

Area

No.

Special

Assessment

144A,

2023

4.5

9/01/30

.........................................

586,000

590,222

Cross

Creek

Meadows

Public

Improvement

District

Area

No.

Special

Assessment

144A,

2023

5.375

9/01/43

.......................................

1,624,000

1,656,239

Cross

Creek

Meadows

Public

Improvement

District

Area

No.

Special

Assessment

144A,

2023

5.5

9/01/53

.........................................

1,741,000

1,767,682

Cross

Creek

Meadows

Public

Improvement

District

Major

Improvement

Area

Project

Special

Assessment

144A,

2023

9/01/30

..........................

431,000

434,312

Cross

Creek

Meadows

Public

Improvement

District

Major

Improvement

Area

Project

Special

Assessment

144A,

2023

6.125

9/01/53

.......................

1,549,000

1,588,943

Edgewood

Creek

Public

Improvement

District

Special

Assessment

144A,

2021

4.75

9/01/31

..................................................

195,000

193,553

Edgewood

Creek

Public

Improvement

District

Special

Assessment

144A,

2021

5.25

9/01/41

..................................................

370,000

372,327

Edgewood

Creek

Public

Improvement

District

Special

Assessment

144A,

2021

5.5

9/01/50

...................................................

500,000

505,680

Edgewood

Creek

Public

Improvement

District

Phase

No.

Special

Assessment

144A,

2021

4.25

9/01/41

........................................

500,000

460,540

Hillside

Village

Public

Improvement

District

Special

Assessment

144A,

2022

2.75

9/01/27

........................................................

245,000

229,284

Hillside

Village

Public

Improvement

District

Special

Assessment

144A,

2022

3.125

9/01/32

.................................................

231,000

200,336

Hillside

Village

Public

Improvement

District

Special

Assessment

144A,

2022

3.375

9/01/42

.................................................

866,000

680,055

Mosaic

Public

Improvement

District

Phase

Special

Assessment

144A,

2023

4.375

9/01/30

.................................................

405,000

407,293

Mosaic

Public

Improvement

District

Phase

Special

Assessment

144A,

2023

5.125

9/01/43

.................................................

1,225,000

1,225,692

Mosaic

Public

Improvement

District

Phase

Special

Assessment

144A,

2023

5.5

9/01/53

...................................................

1,851,000

1,872,762

North

Sky

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

2023

4.375

9/01/30

............................................

440,000

443,219

North

Sky

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

2023

5.375

9/01/43

............................................

812,000

827,533

North

Sky

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

2023

5.625

9/01/52

............................................

1,005,000

1,027,118

North

Sky

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2023

4.875

9/01/30

.......................................

228,000

229,976

North

Sky

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2023

6.125

9/01/52

.......................................

999,000

1,019,121

Parks

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area

Special

Assessment

144A,

2021

3.5

9/01/26

..........

245,000

241,699

Parks

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area

Special

Assessment

144A,

2021

9/01/31

...........

473,000

458,764

Parks

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area

Special

Assessment

144A,

2021

4.25

9/01/41

.........

2,015,000

1,882,387

Parks

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

Special

Assessment

144A,

2021

2.75

9/01/26

..............................

145,000

140,718

Parks

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

Special

Assessment

144A,

2021

3.25

9/01/31

..............................

150,000

139,227

Parks

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

Special

Assessment

144A,

2021

3.5

9/01/41

...............................

1,205,000

1,027,947

Pravin

Public

Improvement

District

Special

Assessment

144A,

2023

6.5

9/01/43

1,500,000

1,532,006

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Texas

(continued)

City

Celina,

(continued)

Pravin

Public

Improvement

District

Special

Assessment

144A,

2023

6.75

9/01/53

2,000,000

2,045,425

Sutton

Fields

East

Public

Improvement

District

Phase

No.

Special

Assessment

144A,

2022

3.25

9/01/27

........................................

227,000

216,289

Sutton

Fields

East

Public

Improvement

District

Phase

No.

Special

Assessment

144A,

2022

3.625

9/01/32

.......................................

336,000

305,029

Sutton

Fields

East

Public

Improvement

District

Phase

No.

Special

Assessment

144A,

2022

4.125

9/01/51

.......................................

1,033,000

865,860

Sutton

Fields

Public

Improvement

District

Neighborhood

Improvement

Area

No.

Special

Assessment

144A,

2020

4.125

9/01/50

.......................

1,791,000

1,533,379

Sutton

Fields

Public

Improvement

District

Neighborhood

Improvement

Area

No.

Special

Assessment

144A,

2022

2.875

9/01/27

.......................

92,000

87,234

Sutton

Fields

Public

Improvement

District

Neighborhood

Improvement

Area

No.

Special

Assessment

144A,

2022

3.25

9/01/32

........................

250,000

222,958

Sutton

Fields

Public

Improvement

District

Neighborhood

Improvement

Area

No.

Special

Assessment

144A,

2022

3.5

9/01/42

.........................

1,175,000

948,763

Ten

Mile

Creek

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

4.75

9/01/30

..............................

491,000

497,448

Ten

Mile

Creek

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

5.5

9/01/42

...............................

1,169,000

1,198,830

Ten

Mile

Creek

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

5.75

9/01/52

..............................

1,494,000

1,534,723

Ten

Mile

Creek

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2023

5.5

9/01/30

...............................

234,000

237,029

Ten

Mile

Creek

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2023

6.25

9/01/42

..............................

801,000

820,795

Ten

Mile

Creek

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2023

6.5

9/01/52

...............................

1,300,000

1,334,322

Wells

North

Public

Improvement

District

Special

Assessment

144A,

2020

3.75

9/01/40

........................................................

425,000

369,187

Wells

North

Public

Improvement

District

Special

Assessment

144A,

2020

9/01/50

........................................................

498,000

427,709

Wells

South

Public

Improvement

District

Special

Assessment

144A,

2020

3.125

9/01/30

........................................................

150,000

140,293

Wells

South

Public

Improvement

District

Special

Assessment

144A,

2020

9/01/40

........................................................

350,000

317,718

Wells

South

Public

Improvement

District

Special

Assessment

144A,

2020

9/01/50

........................................................

965,000

815,105

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

Special

Assessment

144A,

2021

9/01/31

..........................

158,000

142,264

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

Special

Assessment

144A,

2021

3.375

9/01/41

.......................

379,000

315,108

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

Special

Assessment

144A,

2022

5.5

9/01/42

.........................

490,000

501,701

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

Special

Assessment

144A,

2022

5.625

9/01/52

.......................

1,314,000

1,338,622

City

Crandall

Cartwright

Ranch

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

9/15/31

................................

409,000

398,965

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

4.75

9/15/31

..............................

161,000

162,381

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

9/15/41

................................

1,144,000

1,134,368

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

5.25

9/15/51

..............................

750,000

747,395

River

Ridge

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

5.5

9/15/32

...............................

528,000

554,359

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Texas

(continued)

City

Crandall,

(continued)

River

Ridge

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

6.125

9/15/52

.............................

5,000,000

5,258,638

River

Ridge

Public

Improvement

District

Single-Family

Major

Improvement

Area

Special

Assessment

144A,

2022

6.125

9/15/32

.......................

256,000

263,080

River

Ridge

Public

Improvement

District

Single-Family

Major

Improvement

Area

Special

Assessment

144A,

2022

6.75

9/15/52

........................

1,750,000

1,865,357

City

Dallas

DHFC

Briscoe

Apartments

LLC

(The)

Revenue

144A,

2022

Zero

Cpn.,

12/01/62

....................................................

173,330,000

12,280,136

City

Dayton

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

Special

Assessment,

Junior

Lien

144A,

2022

5.75

9/01/52

...................

1,444,000

1,411,790

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

Special

Assessment,

Senior

Lien

144A,

2022

4.875

9/01/32

..................

269,000

275,665

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

Special

Assessment,

Senior

Lien

144A,

2022

5.125

9/01/42

..................

764,000

774,649

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

Special

Assessment,

Junior

Lien

144A,

2024

6.25

9/01/54

...................

1,225,000

1,232,405

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

Special

Assessment,

Senior

Lien

144A,

2024

5.375

9/01/44

..................

608,000

606,419

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

Special

Assessment,

Senior

Lien

144A,

2024

5.75

9/01/54

...................

866,000

871,027

City

Decatur

Vista

Park

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2023

6.875

9/15/54

.........................

2,160,000

2,236,522

City

DeSoto

Danieldale

Homestead

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

5.5

9/15/50

.....................

1,430,000

1,435,099

City

Dripping

Springs

Heritage

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

4.5

9/01/30

.........................................

395,000

397,922

Heritage

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

5.5

9/01/53

.........................................

1,219,000

1,225,760

City

Elmendorf

Hickory

Ridge

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

3.375

9/01/31

.............................

398,000

365,010

Hickory

Ridge

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

3.75

9/01/41

..............................

1,205,000

1,001,964

Hickory

Ridge

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

9/01/51

................................

1,172,000

952,650

City

Fate

Monterra

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

2.75

8/15/26

........................................

200,000

193,697

Monterra

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

3.375

8/15/31

.......................................

711,000

658,287

Monterra

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

3.75

8/15/41

........................................

1,871,000

1,609,929

Monterra

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2024

5.375

8/15/44

.......................................

800,000

803,692

Monterra

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2024

5.75

8/15/54

........................................

1,350,000

1,365,010

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2020

3.375

8/15/30

.............................

125,000

115,158

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2020

3.875

8/15/40

.............................

691,000

594,920

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2020

4.125

8/15/50

.............................

994,000

853,779

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

5.875

8/15/42

.............................

1,617,000

1,647,293

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Texas

(continued)

City

Fate,

(continued)

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

8/15/52

................................

2,500,000

2,580,662

Williamsburg

East

Public

Improvement

District

Major

Improvement

Area

Revenue

144A,

2020

4.125

8/15/30

.......................................

515,000

492,851

Williamsburg

East

Public

Improvement

District

Major

Improvement

Area

Revenue

144A,

2020

4.625

8/15/40

.......................................

1,163,000

1,087,383

Williamsburg

East

Public

Improvement

District

Major

Improvement

Area

Revenue

144A,

2020

4.875

8/15/50

.......................................

1,772,000

1,651,650

Williamsburg

Public

Improvement

District

No.

Special

Assessment

144A,

2022

4.25

8/15/42

..................................................

1,204,000

1,114,030

Williamsburg

Public

Improvement

District

No.

Special

Assessment

144A,

2022

4.375

8/15/52

.................................................

1,100,000

972,463

Williamsburg

Public

Improvement

District

No.

Phase

Special

Assessment

144A,

2023

4.25

8/15/30

........................................

275,000

277,000

Williamsburg

Public

Improvement

District

No.

Phase

Special

Assessment

144A,

2023

5.125

8/15/43

.......................................

357,000

359,902

Williamsburg

Public

Improvement

District

No.

Phase

Special

Assessment

144A,

2023

5.375

8/15/53

.......................................

1,287,000

1,301,241

City

Ferris

Woodstone

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2022

3.375

9/01/32

.............................

845,000

768,343

Woodstone

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2022

3.75

9/01/42

..............................

1,259,000

1,024,439

City

Fort

Worth

Public

Improvement

District

No.

Major

Improvement

Special

Assessment

144A,

2017

9/01/27

................................................

1,150,000

1,157,965

Public

Improvement

District

No.

Major

Improvement

Special

Assessment

144A,

2017

9/01/32

................................................

1,270,000

1,273,650

Public

Improvement

District

No.

Major

Improvement

Special

Assessment

144A,

2017

5.125

9/01/37

............................................

1,650,000

1,646,740

Public

Improvement

District

No.

Roadway

Improvement

Special

Assessment

144A,

2018

9/01/27

...........................................

965,000

968,850

Public

Improvement

District

No.

Roadway

Improvement

Special

Assessment

144A,

2018

9/01/32

...........................................

1,530,000

1,532,709

Public

Improvement

District

No.

Roadway

Improvement

Special

Assessment

144A,

2018

9/01/37

...........................................

1,975,000

1,942,406

City

Georgetown

Parks

Westhaven

Public

Improvement

District

Special

Assessment

144A,

2022

3.875

9/15/32

.................................................

409,000

389,609

Parks

Westhaven

Public

Improvement

District

Special

Assessment

144A,

2022

4.125

9/15/42

.................................................

1,060,000

965,406

Parks

Westhaven

Public

Improvement

District

Special

Assessment

144A,

2022

4.25

9/15/47

..................................................

716,000

642,152

City

Haslet

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2021

2.625

9/01/26

.......................................

191,000

183,683

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2021

3.25

9/01/31

........................................

150,000

134,281

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2021

3.625

9/01/41

.......................................

1,271,000

1,041,241

City

Horseshoe

Bay

Escondido

Public

Improvement

District

Special

Assessment

2020

Refunding

10/01/30

.......................................................

500,000

455,737

Escondido

Public

Improvement

District

Special

Assessment

2020

Refunding

3.25

10/01/33

.................................................

435,000

385,779

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Texas

(continued)

City

Hutto

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

2.5

9/01/26

...............................

138,000

133,285

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

3.125

9/01/31

.............................

260,000

241,464

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

3.5

9/01/41

...............................

1,038,000

875,852

Durango

Farms

Public

Improvement

District

Special

Assessment

144A,

2021

2.75

9/01/26

..................................................

171,000

165,892

Durango

Farms

Public

Improvement

District

Special

Assessment

144A,

2021

3.5

9/01/31

........................................................

392,000

366,447

Durango

Farms

Public

Improvement

District

Special

Assessment

144A,

2021

3.875

9/01/41

.................................................

1,000,000

883,331

Durango

Farms

Public

Improvement

District

Special

Assessment

144A,

2021

9/01/56

........................................................

3,479,000

2,925,015

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

3.25

9/01/31

..............................

206,000

189,979

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

3.625

9/01/41

.............................

519,000

440,879

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

9/01/56

................................

1,146,000

944,569

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

5.25

9/01/43

..............................

859,000

879,836

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

5.625

9/01/58

.............................

2,000,000

2,052,479

City

Justin

Timberbrook

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2021

9/01/31

................................

475,000

438,135

Timberbrook

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2021

3.375

9/01/41

.............................

2,709,000

2,288,742

Timberbrook

Public

Improvement

District

No.

Area

No.

Special

Assessment

144A,

2024

4.5

9/01/31

.........................................

200,000

203,662

Timberbrook

Public

Improvement

District

No.

Area

No.

Special

Assessment

144A,

2024

5.5

9/01/44

.........................................

580,000

595,411

Timberbrook

Public

Improvement

District

No.

Area

No.

Special

Assessment

144A,

2024

5.75

9/01/53

........................................

755,000

773,229

City

Kaufman

Public

Improvement

District

No.

Special

Assessment

144A,

2021

3.125

9/15/31

........................................................

230,000

204,802

Public

Improvement

District

No.

Special

Assessment

144A,

2021

3.625

9/15/41

........................................................

570,000

466,306

Public

Improvement

District

No.

Special

Assessment

144A,

2022

9/15/52

93,000

96,813

City

Kyle

Creeks

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2020

3.5

9/01/44

.........................................

1,380,000

1,106,925

Creeks

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2020

3.125

9/01/30

.......................................

400,000

373,812

Creeks

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2020

3.625

9/01/40

.......................................

1,310,000

1,140,445

Creeks

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

2.75

9/01/26

........................................

125,000

122,710

Creeks

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

3.375

9/01/31

.......................................

530,000

501,994

Creeks

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

3.75

9/01/41

........................................

1,428,000

1,271,696

Creeks

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

5.25

9/01/43

........................................

2,250,000

2,308,859

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Texas

(continued)

City

Kyle,

(continued)

Creeks

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

5.5

9/01/47

.........................................

1,396,000

1,440,136

Kyle

Public

Improvement

District

Special

Assessment

2022

4.75

9/01/32

400,000

406,930

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

4.75

9/01/33

..............................

176,000

178,301

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

5.5

9/01/43

...............................

678,000

690,170

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

5.75

9/01/53

..............................

1,250,000

1,274,273

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2024

5.75

9/01/53

..............................

1,113,000

1,131,452

Plum

Creek

North

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

3.875

9/01/32

.............................

500,000

480,354

Plum

Creek

North

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

4.125

9/01/41

.............................

1,185,000

1,093,851

Plum

Creek

North

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2022

4.625

9/01/41

.............................

1,092,000

1,057,418

Porter

Country

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

5.75

9/01/43

..............................

1,229,000

1,248,211

Porter

Country

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

9/01/53

................................

3,000,000

3,051,312

Southwest

Kyle

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2023

6.75

9/01/48

..............................

1,400,000

1,489,658

City

Lago

Vista

Tessera

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

2020

Refunding

3.125

9/01/30

.........................

300,000

279,682

Tessera

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

2020

Refunding

3.75

9/01/42

..........................

1,045,000

882,116

Tessera

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2024

5.625

9/01/43

.............................

563,000

570,642

Tessera

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2024

9/01/54

................................

2,113,000

2,163,525

Tessera

Lake

Travis

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2020

Refunding

5.125

9/01/35

...................

2,070,000

1,782,239

Tessera

Lake

Travis

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2020

Refunding

5.5

9/01/40

.....................

2,715,000

2,291,401

City

Lavon

Elevon

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

3.5

9/15/27

.........................................

500,000

496,274

Elevon

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

3.875

9/15/32

.......................................

1,000,000

972,644

Elevon

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

9/15/42

...........................................

2,259,000

2,046,507

Elevon

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

4.125

9/15/52

.......................................

2,500,000

2,140,228

Elevon

Public

Improvement

District

Zone

Remainder

Area

Special

Assessment

144A,

2022

3.75

9/15/27

........................................

305,000

298,034

Elevon

Public

Improvement

District

Zone

Remainder

Area

Special

Assessment

144A,

2022

4.125

9/15/32

.......................................

455,000

436,839

Elevon

Public

Improvement

District

Zone

Remainder

Area

Special

Assessment

144A,

2022

4.375

9/15/42

.......................................

1,000,000

933,693

Lakepointe

Public

Improvement

District

Special

Assessment

144A,

2022

6.125

9/15/52

........................................................

1,500,000

1,540,130

City

Leander

Oak

Creek

Public

Improvement

District

Special

Assessment

2020

Refunding

3.25

9/01/32

...........................................

530,000

486,291

City

Lewisville

Lakeside

Crossing

Public

Improvement

District

Special

Assessment

144A,

2023

9/01/53

............................................

1,625,000

1,718,379

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Texas

(continued)

City

Liberty

Hill

Butler

Farms

Public

Improvement

District

Special

Assessment

144A,

2022

2.625

9/01/27

........................................................

361,000

347,033

Butler

Farms

Public

Improvement

District

Special

Assessment

144A,

2022

3.125

9/01/32

........................................................

750,000

692,085

Butler

Farms

Public

Improvement

District

Special

Assessment

144A,

2022

3.375

9/01/42

........................................................

1,771,000

1,444,561

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2022

3.5

9/01/27

...............................

225,000

216,876

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2022

3.875

9/01/32

.............................

275,000

254,379

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2022

4.125

9/01/42

.............................

1,097,000

963,523

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2022

4.375

9/01/52

.............................

1,705,000

1,470,900

Summerlyn

West

Public

Improvement

District

Special

Assessment

144A,

2020

3.125

9/01/30

.................................................

250,000

235,377

Summerlyn

West

Public

Improvement

District

Special

Assessment

144A,

2020

9/01/40

........................................................

845,000

783,988

City

Manor

Heights

Public

Improvement

District

Area

No.

Special

Assessment

144A,

2023

4.5

9/15/30

..............................................

250,000

251,734

Manor

Heights

Public

Improvement

District

Area

No.

Special

Assessment

144A,

2023

5.25

9/15/43

.............................................

328,000

330,118

Manor

Heights

Public

Improvement

District

Area

No.

Special

Assessment

144A,

2024

5.375

9/15/44

............................................

298,000

301,612

Manor

Heights

Public

Improvement

District

Area

No.

Special

Assessment

144A,

2024

5.625

9/15/54

............................................

584,000

589,692

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

3.125

9/15/26

.............................

135,000

128,790

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

3.125

9/15/31

.............................

250,000

224,095

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

3.75

9/15/31

..............................

310,000

279,579

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

3.5

9/15/41

...............................

700,000

565,354

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

4.125

9/15/41

.............................

830,000

736,498

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

9/15/51

................................

1,000,000

818,788

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

4.375

9/15/51

.............................

1,225,000

1,037,667

City

Marble

Falls

Thunder

Rock

Public

Improvement

District

Improvement

Area

Special

Assessment

144A,

2024

6.625

9/01/54

.............................

1,200,000

1,198,694

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

3.875

9/01/31

.............................

350,000

325,695

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

4.125

9/01/41

.............................

1,000,000

895,126

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

4.375

9/01/51

.............................

1,470,000

1,277,227

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

4.625

9/01/31

.............................

150,000

144,430

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

4.875

9/01/41

.............................

450,000

412,139

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

5.125

9/01/51

.............................

620,000

583,909

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Texas

(continued)

City

Marble

Falls,

(continued)

Thunder

Rock

Public

Improvement

District

Remainder

Area

Special

Assessment

144A,

2024

7.375

9/01/44

.......................................

1,000,000

998,783

Thunder

Rock

Public

Improvement

District

Remainder

Area

Special

Assessment

144A,

2024

7.625

9/01/54

.......................................

1,750,000

1,748,091

City

Mclendon-Chisholm

Sonoma

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

2.625

9/15/26

.......................................

105,000

100,695

Sonoma

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

3.625

9/15/41

.......................................

620,000

506,893

Sonoma

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

9/15/51

...........................................

865,000

712,576

Sonoma

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

5.375

9/15/32

.......................................

250,000

255,714

Sonoma

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

5.75

9/15/52

........................................

3,125,000

3,145,925

City

Mesquite

Solterra

Public

Improvement

District

Improvement

Area

No.

A-1

Special

Assessment

144A,

2023

4.75

9/01/30

........................................

647,000

651,855

Solterra

Public

Improvement

District

Improvement

Area

No.

A-1

Special

Assessment

144A,

2023

5.5

9/01/43

.........................................

3,021,000

3,062,255

Solterra

Public

Improvement

District

Improvement

Area

No.

A-1

Special

Assessment

144A,

2023

5.75

9/01/53

........................................

4,965,000

5,057,883

Solterra

Public

Improvement

District

Improvement

Area

No.

C-1

Special

Assessment

144A,

2023

5.375

9/01/43

.............................

750,000

762,724

Solterra

Public

Improvement

District

Improvement

Area

No.

C-1

Special

Assessment

144A,

2023

5.625

9/01/53

.............................

1,210,000

1,232,325

Solterra

Public

Improvement

District

Improvement

Area

No.

C-2

Special

Assessment

144A,

2023

5.625

9/01/53

.............................

1,017,000

1,032,864

City

Midlothian

Redden

Farms

Public

Improvement

District

Special

Assessment

144A,

2021

3.5

9/15/31

........................................................

410,000

378,977

Redden

Farms

Public

Improvement

District

Special

Assessment

144A,

2021

3.875

9/15/41

.................................................

1,105,000

947,702

Redden

Farms

Public

Improvement

District

Special

Assessment

144A,

2021

4.125

9/15/51

.................................................

1,635,000

1,347,580

Redden

Farms

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

4.125

9/15/31

.............................

230,000

229,242

Redden

Farms

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

4.5

9/15/41

...............................

420,000

403,354

Westside

Preserve

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

4.75

9/15/32

..............................

625,000

624,669

Westside

Preserve

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

5.25

9/15/42

..............................

1,516,000

1,508,222

Westside

Preserve

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

5.375

9/15/52

.............................

2,509,000

2,513,844

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2022

5.5

9/15/32

...............................

309,000

310,450

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2022

9/15/42

................................

750,000

764,597

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2022

6.125

9/15/52

.............................

1,410,000

1,444,075

City

Mustang

Ridge

Durango

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

6.125

9/01/43

.......................................

515,000

531,459

Durango

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

6.375

9/01/53

.......................................

498,000

514,742

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Texas

(continued)

City

New

Braunfels

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

3.625

9/01/26

.............................

141,000

136,840

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

4.25

9/01/31

..............................

320,000

303,507

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

4.5

9/01/41

...............................

882,000

795,185

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2021

4.75

9/01/51

..............................

1,454,000

1,300,946

City

Oak

Point

Oak

Point

720

Public

Improvement

District

Area

No.

Special

Assessment

144A,

2024

4.7

9/15/31

..............................................

249,000

250,438

Oak

Point

720

Public

Improvement

District

Area

No.

Special

Assessment

144A,

2024

5.35

9/15/44

.............................................

170,000

170,125

Oak

Point

720

Public

Improvement

District

Area

No.

Special

Assessment

144A,

2024

5.625

9/15/54

............................................

160,000

160,118

Oak

Point

Public

Improvement

District

No.

Special

Assessment

144A,

2020

3.25

9/01/30

..................................................

300,000

278,942

Oak

Point

Public

Improvement

District

No.

Special

Assessment

144A,

2020

3.75

9/01/40

..................................................

1,170,000

1,024,826

Oak

Point

Public

Improvement

District

No.

Special

Assessment

144A,

2020

9/01/50

........................................................

1,060,000

895,349

Wildridge

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2021

2.75

9/01/31

..............................

160,000

143,035

Wildridge

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2021

3.125

9/01/41

.............................

643,000

505,228

Wildridge

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2021

9/01/51

................................

987,000

830,918

City

Pilot

Point

Creekview

Public

Improvement

District

Zone

Improvement

Area

No.

Special

Assessment

144A,

2022

5.25

9/15/32

..............................

200,000

204,537

Creekview

Public

Improvement

District

Zone

Improvement

Area

No.

Special

Assessment

144A,

2022

5.5

9/15/42

...............................

800,000

810,114

Creekview

Public

Improvement

District

Zone

Improvement

Area

No.

Special

Assessment

144A,

2022

5.625

9/15/52

.............................

1,450,000

1,471,496

Creekview

Public

Improvement

District

Zone

Remainder

Area

Special

Assessment

144A,

2022

5.75

9/15/32

........................................

200,000

203,365

Creekview

Public

Improvement

District

Zone

Remainder

Area

Special

Assessment

144A,

2022

6.125

9/15/52

.......................................

2,078,000

2,148,460

Creekview

Public

Improvement

District

Zone

Improvement

Area

No.

Special

Assessment

144A,

2022

5.25

9/15/32

..............................

300,000

306,803

Creekview

Public

Improvement

District

Zone

Improvement

Area

No.

Special

Assessment

144A,

2022

5.5

9/15/42

...............................

750,000

759,482

Creekview

Public

Improvement

District

Zone

Improvement

Area

No.

Special

Assessment

144A,

2022

5.625

9/15/52

.............................

1,303,000

1,322,317

Mobberly

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

5.125

9/15/32

.......................................

500,000

510,312

Mobberly

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

5.5

9/15/48

.........................................

4,026,000

4,080,242

Mobberly

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

5.625

9/15/48

.............................

926,000

945,357

Mobberly

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

5.625

9/15/32

.......................................

810,000

835,253

Mobberly

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

9/15/52

...........................................

4,001,000

4,130,769

Mobberly

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2022

6.5

9/15/52

.........................................

1,600,000

1,663,289

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Texas

(continued)

City

Plano

Collin

Creek

East

Public

Improvement

District

Special

Assessment

144A,

2021

4.375

9/15/51

.................................................

7,750,000

6,478,727

Collin

Creek

West

Public

Improvement

District

Special

Assessment

144A,

2021

9/15/51

....................................................

2,277,000

1,895,924

Haggard

Farm

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

7.5

9/15/53

...............................

1,000,000

1,067,871

Haggard

Farm

Public

Improvement

District

Major

Improvement

Area

Project

Special

Assessment

144A,

2023

8.25

9/15/43

..............................

1,250,000

1,330,120

Haggard

Farm

Public

Improvement

District

Major

Improvement

Area

Project

Special

Assessment

144A,

2023

8.5

9/15/53

...............................

2,193,000

2,335,751

City

Princeton

Arcadia

Farms

Public

Improvement

District

Special

Assessment

144A,

2020

2.875

9/01/25

.................................................

54,000

53,372

Arcadia

Farms

Public

Improvement

District

Special

Assessment

144A,

2020

3.375

9/01/30

.................................................

180,000

168,864

Arcadia

Farms

Public

Improvement

District

Special

Assessment

144A,

2020

3.875

9/01/40

.................................................

650,000

567,646

Arcadia

Farms

Public

Improvement

District

Special

Assessment

144A,

2020

4.125

9/01/50

.................................................

930,000

798,612

Arcadia

Farms

Public

Improvement

District

Special

Assessment

144A,

2022

3.75

9/01/27

........................................................

180,000

178,709

Arcadia

Farms

Public

Improvement

District

Special

Assessment

144A,

2022

9/01/32

........................................................

280,000

272,970

Arcadia

Farms

Public

Improvement

District

Special

Assessment

144A,

2022

4.375

9/01/52

.................................................

1,139,000

996,078

Brookside

Public

Improvement

District

Special

Assessment

144A,

2021

2.5

9/01/26

........................................................

60,000

58,281

Brookside

Public

Improvement

District

Special

Assessment

144A,

2021

9/01/31

........................................................

126,000

116,054

Brookside

Public

Improvement

District

Special

Assessment

144A,

2021

3.375

9/01/41

........................................................

325,000

264,691

Brookside

Public

Improvement

District

Special

Assessment

144A,

2021

9/01/51

........................................................

431,000

361,176

Eastridge

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

4.75

9/01/32

........................................

382,000

387,518

Eastridge

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

5.125

9/01/42

.......................................

850,000

849,300

Eastridge

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

5.25

9/01/43

........................................

1,155,000

1,167,989

Eastridge

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

5.5

9/01/53

.........................................

1,220,000

1,232,422

Eastridge

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

2024

4.25

9/01/31

.............................................

302,000

301,877

Eastridge

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

2024

9/01/44

................................................

713,000

713,606

Eastridge

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

2024

5.25

9/01/54

.............................................

491,000

488,554

Sicily

Public

Improvement

District

Major

improvement

Area

No.

Special

Assessment

144A,

2023

9/01/43

................................

1,000,000

1,029,736

Sicily

Public

Improvement

District

Major

improvement

Area

No.

Special

Assessment

144A,

2023

9/01/53

................................

2,000,000

2,042,243

Sicily

Public

Improvement

District

Major

improvement

Area

No.

Special

Assessment

144A,

2023

7.875

9/01/53

.............................

1,000,000

1,030,548

Southridge

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

6.25

9/01/43

..............................

1,355,000

1,415,178

Southridge

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

6.375

9/01/53

.............................

1,380,000

1,436,848

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Texas

(continued)

City

Princeton,

(continued)

Whitewing

Trails

Public

Improvement

District

No.

Phase

Special

Assessment

144A,

2023

4.25

9/01/30

........................................

250,000

249,037

Whitewing

Trails

Public

Improvement

District

No.

Phase

Special

Assessment

144A,

2023

5.375

9/01/53

.......................................

2,041,000

2,055,653

d,k

Winchester

Crossing

Public

Improvement

District

No.

Special

Assessment

144A,

2024

5.125

9/01/44

............................................

875,000

876,021

d,k

Winchester

Crossing

Public

Improvement

District

No.

Special

Assessment

144A,

2024

5.375

9/01/54

............................................

225,000

224,723

Winchester

Public

Improvement

District

Special

Assessment

144A,

2020

3.25

9/01/30

........................................................

200,000

185,825

Winchester

Public

Improvement

District

Special

Assessment

144A,

2020

3.75

9/01/40

........................................................

470,000

402,695

Winchester

Public

Improvement

District

Special

Assessment

144A,

2020

9/01/50

........................................................

675,000

565,872

Winchester

Public

Improvement

District

Special

Assessment

144A,

2021

2.875

9/01/31

........................................................

110,000

98,258

Winchester

Public

Improvement

District

Special

Assessment

144A,

2021

3.25

9/01/41

........................................................

518,000

404,064

Winchester

Public

Improvement

District

Special

Assessment

144A,

2021

9/01/51

........................................................

616,000

513,838

Winchester

Public

Improvement

District

No.

Special

Assessment

144A,

2022

4.75

9/01/32

..................................................

461,000

467,587

Winchester

Public

Improvement

District

No.

Special

Assessment

144A,

2022

5.125

9/01/42

.................................................

1,011,000

1,011,666

Winchester

Public

Improvement

District

No.

Special

Assessment

144A,

2022

5.25

9/01/52

..................................................

2,220,000

2,212,254

City

Red

Oak

Red

Oak

Public

Improvement

District

No.

Improvement

Area

Special

Assessment

144A,

2021

2.625

9/15/26

.............................

145,000

139,056

Red

Oak

Public

Improvement

District

No.

Improvement

Area

Special

Assessment

144A,

2021

3.125

9/15/31

.............................

354,000

314,694

Red

Oak

Public

Improvement

District

No.

Improvement

Area

Special

Assessment

144A,

2021

3.375

9/15/41

.............................

500,000

404,911

City

Rowlett

Trails

Cottonwood

Creek

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

3.75

9/15/31

........................

300,000

283,795

Trails

Cottonwood

Creek

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

4.125

9/15/41

.......................

600,000

535,553

Trails

Cottonwood

Creek

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

4.25

9/15/51

........................

1,000,000

841,940

Trails

Cottonwood

Creek

Public

Improvement

District

Neighborhood

Improvement

Area

No.

Special

Assessment

144A,

2021

3.125

9/15/31

..............

200,000

191,623

Trails

Cottonwood

Creek

Public

Improvement

District

Neighborhood

Improvement

Area

No.

Special

Assessment

144A,

2021

3.75

9/15/41

...............

820,000

728,107

City

Royse

City

Creekshaw

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2020

3.625

9/15/30

.............................

225,000

211,442

Creekshaw

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2020

4.125

9/15/40

.............................

590,000

537,907

Creekshaw

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2020

4.375

9/15/50

.............................

715,000

637,506

Creekshaw

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

5.875

9/15/42

.............................

589,000

603,008

Creekshaw

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

9/15/52

................................

1,267,000

1,308,094

Creekshaw

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2020

4.375

9/15/30

.............................

210,000

205,724

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Texas

(continued)

City

Royse

City,

(continued)

Creekshaw

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2020

4.875

9/15/40

.............................

375,000

363,119

Creekshaw

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2020

5.125

9/15/50

.............................

575,000

560,529

Creekside

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2020

3.375

9/15/30

.......................................

450,000

422,891

Creekside

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2020

3.875

9/15/40

.......................................

1,190,000

1,049,802

Creekside

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2020

4.125

9/15/50

.......................................

1,780,000

1,521,289

Liberty

Crossing

Public

Improvement

District

Improvement

Area

Special

Assessment

144A,

2024

5.375

9/15/44

.............................

716,000

716,297

Liberty

Crossing

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2023

6.375

9/15/53

.............................

1,107,000

1,150,780

Waterscape

Public

Improvement

District

Area

No.

Special

Assessment

144A,

2024

5.875

9/15/54

............................................

1,000,000

1,022,562

Waterscape

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2019

4.75

9/15/49

..............................

1,495,000

1,424,781

City

Sachse

Public

Improvement

District

No.

Special

Assessment

144A,

2022

9/15/52

........................................................

750,000

782,928

Sachse

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2020

3.25

9/15/30

..............................

405,000

376,326

Sachse

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2020

3.75

9/15/40

..............................

1,070,000

927,593

Sachse

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2020

9/15/50

................................

1,485,000

1,271,196

Sachse

Public

Improvement

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2022

9/15/50

................................

200,000

206,494

Sachse

Public

Improvement

District

No.

Major

Improvement

Area

Special

Assessment

144A,

2020

5.375

9/15/40

.............................

1,800,000

1,811,665

Sachse

Public

Improvement

District

No.

Major

Improvement

Area

Special

Assessment

144A,

2020

5.625

9/15/50

.............................

2,235,000

2,214,064

City

San

Marcos

Trace

Public

Improvement

District

Special

Assessment

144A,

2024

9/01/48

1,295,000

1,307,116

Whisper

Public

Improvement

District

Special

Assessment

2020

4.375

9/01/25

160,000

160,451

Whisper

Public

Improvement

District

Special

Assessment

2020

4.875

9/01/30

305,000

307,818

Whisper

Public

Improvement

District

Special

Assessment

2020

5.375

9/01/40

1,300,000

1,326,013

Whisper

Public

Improvement

District

Special

Assessment

2020

5.625

9/01/50

1,300,000

1,319,891

Whisper

South

Public

Improvement

District

Special

Assessment

144A,

2022

3.75

9/01/27

..................................................

300,000

294,839

Whisper

South

Public

Improvement

District

Special

Assessment

144A,

2022

9/01/32

........................................................

425,000

412,654

Whisper

South

Public

Improvement

District

Special

Assessment

144A,

2022

4.5

9/01/51

........................................................

1,621,000

1,445,894

City

Santa

Mulberry

Farms

Public

Improvement

District

Special

Assessment

144A,

2022

4.875

9/01/42

.................................................

508,000

493,941

Mulberry

Farms

Public

Improvement

District

Special

Assessment

144A,

2022

9/01/52

........................................................

858,000

826,234

City

Sinton

Somerset

Public

Improvement

District

No.

Special

Assessment

144A,

2022

4.375

9/01/27

.................................................

381,000

376,334

Somerset

Public

Improvement

District

No.

Special

Assessment

144A,

2022

4.75

9/01/32

..................................................

660,000

645,598

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Texas

(continued)

City

Sinton,

(continued)

Somerset

Public

Improvement

District

No.

Special

Assessment

144A,

2022

5.125

9/01/42

.................................................

1,000,000

986,469

Somerset

Public

Improvement

District

No.

Special

Assessment

144A,

2022

5.25

9/01/51

..................................................

1,250,000

1,224,688

City

Tomball

Raburn

Reserve

Public

Improvement

District

Area

No.

Special

Assessment

144A,

2023

5.75

9/15/52

.............................................

1,000,000

1,021,126

Raburn

Reserve

Public

Improvement

District

Area

No.

Special

Assessment

144A,

2023

9/15/53

................................................

1,307,000

1,357,292

Raburn

Reserve

Public

Improvement

District

improvement

Area

No.

Special

Assessment

144A,

2020

3.375

9/15/30

.............................

285,000

267,113

City

Uhland

Watermill

Public

Improvement

District

Special

Assessment

144A,

2022

6.625

9/01/52

..............................................

3,000,000

3,169,498

City

Venus

Brahman

Ranch

Public

Improvement

District

No.

Special

Assessment

144A,

2022

6.25

9/15/42

..................................................

1,000,000

1,020,552

Brahman

Ranch

Public

Improvement

District

No.

Special

Assessment

144A,

2022

6.5

9/15/52

...................................................

1,009,000

1,035,926

Patriot

Estates

Public

Improvement

District

Special

Assessment

144A,

2021

2.625

9/15/26

.................................................

120,000

115,913

Patriot

Estates

Public

Improvement

District

Special

Assessment

144A,

2021

3.125

9/15/31

.................................................

171,000

156,067

Patriot

Estates

Public

Improvement

District

Special

Assessment

144A,

2021

3.375

9/15/41

.................................................

1,005,000

831,597

Patriot

Estates

Public

Improvement

District

Special

Assessment

144A,

2021

9/15/51

........................................................

1,832,000

1,553,784

City

Waxahachie

North

Grove

Public

Improvement

District

Special

Assessment

144A,

2022

5.125

8/15/32

........................................................

302,000

309,438

North

Grove

Public

Improvement

District

Special

Assessment

144A,

2022

5.5

8/15/52

........................................................

2,395,000

2,429,848

Club

Municipal

Management

District

No.

Improvement

Area

No.

Special

Assessment

144A,

2021

2.5

9/01/26

.......

129,000

124,239

Improvement

Area

No.

Special

Assessment

144A,

2021

9/01/31

........

271,000

244,419

Improvement

Area

No.

Special

Assessment

144A,

2021

3.25

9/01/41

......

1,006,000

807,874

Conroe

Local

Government

Corp.

Conroe

Convention

Center

Hotel

Revenue,

Second

Lien

144A,

2021

3.5

10/01/31

....................................

450,000

374,802

County

Hays

Cima

Public

Improvement

District

Special

Assessment

144A,

2020

3.25

9/15/30

........................................................

100,000

91,559

Cima

Public

Improvement

District

Special

Assessment

144A,

2020

3.75

9/15/40

........................................................

800,000

679,371

Cima

Public

Improvement

District

Neighborhood

Improvement

Area

No.

Special

Assessment

144A,

2022

5.75

9/15/52

..............................

3,375,000

3,444,321

County

Medina

Haby

Farms

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2024

5.875

9/01/54

.............................

1,135,000

1,155,765

Woodlands

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

4.875

9/01/31

.............................

815,000

778,625

Woodlands

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

5.25

9/01/41

..............................

780,000

748,523

Woodlands

Public

Improvement

District

Major

Improvement

Area

Special

Assessment

144A,

2021

5.5

9/01/50

...............................

1,160,000

1,129,744

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

Special

Assessment

144A,

2021

3.5

9/01/26

.........................

125,000

121,834

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Texas

(continued)

County

Medina,

(continued)

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

Special

Assessment

144A,

2021

4.125

9/01/31

.......................

400,000

385,119

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

Special

Assessment

144A,

2021

4.5

9/01/41

.........................

1,085,000

1,014,902

Grand

Parkway

Transportation

Corp.

Revenue

2013

5.8

10/01/45

..........

10,000,000

10,818,365

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Brazos

Presbyterian

Homes

Obligated

Group

Revenue

2016

Refunding

1/01/48

...................

5,000,000

4,717,137

Joshua

Farms

Municipal

Management

District

No.

Special

Assessment

144A,

2023

4.375

9/01/30

.........................

395,000

398,024

Special

Assessment

144A,

2023

5.5

9/01/53

..........................

3,393,000

3,433,469

Mesquite

Health

Facilities

Development

Corp.

Christian

Care

Centers,

Inc.

Obligated

Group

Revenue

2014

Refunding

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

2/15/35

........................................................

5,175,000

17,512

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Cardinal

Bay,

Inc.

Revenue

7/01/26

.............................

110,000

15,400

Cardinal

Bay,

Inc.

Revenue

7/01/51

.............................

5,110,000

715,400

CHF-Collegiate

Housing

College

Station

LLC

Revenue

2014

4/01/46

....

1,500,000

1,500,187

Longhorn

Village

Obligated

Group

Revenue

2017

Refunding

1/01/42

......

5,000,000

5,014,894

Longhorn

Village

Obligated

Group

Revenue

2017

Refunding

1/01/47

......

4,595,000

4,539,877

Morningside

Ministries

Obligated

Group

Revenue

2020

1/01/55

.........

4,100,000

3,321,576

NCCD-College

Station

Properties

LLC

Revenue

7/01/47

..............

30,000,000

29,362,500

Presbyterian

Village

North

Obligated

Group

Revenue

2018

Refunding

10/01/39

.......................................................

2,750,000

2,648,376

Presbyterian

Village

North

Obligated

Group

Revenue

2018

Refunding

5.25

10/01/49

.......................................................

12,600,000

11,831,680

Presbyterian

Village

North

Obligated

Group

Revenue

2020

5.25

10/01/55

...

2,500,000

2,296,201

Quality

Senior

Housing

Foundation

East

Texas,

Inc.

Revenue

2019

A-1

12/01/39

.......................................................

425,000

428,476

Quality

Senior

Housing

Foundation

East

Texas,

Inc.

Revenue

2019

A-1

12/01/49

.......................................................

1,180,000

1,138,902

Quality

Senior

Housing

Foundation

East

Texas,

Inc.

Revenue,

Second

Tier

2019

5.5

12/01/54

................................................

15,270,000

15,337,542

Quality

Senior

Housing

Foundation

East

Texas,

Inc.

Revenue,

Third

Tier

2019

12/01/54

...................................................

6,185,000

6,184,944

Wesleyan

Homes

Obligated

Group

Revenue

2014

5.5

1/01/43

............

3,225,000

2,969,561

Wesleyan

Homes

Obligated

Group

Revenue

2014

5.5

1/01/49

............

1,015,000

896,184

Wesleyan

Homes

Obligated

Group

Revenue

2019

Refunding

1/01/50

.....

1,180,000

957,722

Wesleyan

Homes

Obligated

Group

Revenue

2019

Refunding

1/01/55

.....

4,400,000

3,467,483

North

Parkway

Municipal

Management

District

No.

Special

Assessment

144A,

2021

3.625

9/15/26

.........................

1,000,000

998,277

Special

Assessment

144A,

2021

4.75

9/15/41

.........................

5,000,000

4,957,125

Special

Assessment

144A,

2021

9/15/51

............................

4,250,000

4,216,220

City

Celina

Legacy

Hills

Public

Improvement

District

Special

Assessment

144A,

2021

3.625

9/15/31

............................................

250,000

236,113

City

Celina

Legacy

Hills

Public

Improvement

District

Special

Assessment

144A,

2021

9/15/41

................................................

1,000,000

915,887

North

Texas

Tollway

Authority

Special

Projects

System

Revenue

2011

Pre-Refunded

Zero

Cpn.,

9/01/37

....

7,500,000

3,846,125

Special

Projects

System

Revenue

2011

Pre-Refunded

9/01/43

.........

10,000,000

12,381,281

Northwood

Municipal

Utility

District

No.

144A,

2020

Refunding

3.5

8/01/25

..............................

295,000

293,238

144A,

2020

Refunding

8/01/31

................................

1,070,000

1,071,003

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Texas

(continued)

Pecan

Public

Facility

Corp.

Revenue

144A,

2022

12/01/52

..............

5,075,000

4,253,082

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

Manvel

Tax

Increment

Reinvestment

Zone

No.

Tax

Allocation

2023

4/01/38

........................................................

500,000

505,122

City

Manvel

Tax

Increment

Reinvestment

Zone

No.

Tax

Allocation

2023

4/01/43

........................................................

1,355,000

1,339,740

City

Manvel

Tax

Increment

Reinvestment

Zone

No.

Tax

Allocation

2023

5.25

4/01/50

........................................................

1,395,000

1,397,641

Texas

Department

Housing

Community

Affairs

Revenue

2024

GNMA

Insured

1/01/49

......................................................

5,285,000

5,439,610

Town

Flower

Mound

River

Walk

Public

Improvement

District

No.

Special

Assessment

144A,

2021

Refunding

2.625

9/01/26

........................................

525,000

510,364

River

Walk

Public

Improvement

District

No.

Special

Assessment

144A,

2021

Refunding

3.25

9/01/31

.........................................

750,000

703,319

River

Walk

Public

Improvement

District

No.

Special

Assessment

144A,

2021

Refunding

3.5

9/01/36

..........................................

800,000

717,099

River

Walk

Public

Improvement

District

No.

Special

Assessment

144A,

2021

Refunding

9/01/43

............................................

2,450,000

2,128,087

Town

Lakewood

Village

Public

Improvement

District

No.

Special

Assessment

144A,

2022

4.75

9/15/32

445,000

444,177

Public

Improvement

District

No.

Special

Assessment

144A,

2022

5.25

9/15/42

1,400,000

1,391,210

Public

Improvement

District

No.

Special

Assessment

144A,

2022

5.375

9/15/52

........................................................

2,400,000

2,399,980

Town

Little

Elm

Spiritas

East

Public

Improvement

District

Special

Assessment

144A,

2022

3.25

9/01/27

........................................................

139,000

135,832

Spiritas

East

Public

Improvement

District

Special

Assessment

144A,

2022

3.5

9/01/32

........................................................

205,000

191,065

Spiritas

East

Public

Improvement

District

Special

Assessment

144A,

2022

3.75

9/01/42

........................................................

529,000

446,399

Valencia

Public

Improvement

District

No.

Special

Assessment

144A,

2022

6.125

9/01/32

.................................................

712,000

749,295

Valencia

Public

Improvement

District

No.

Special

Assessment

144A,

2022

6.875

9/01/52

.................................................

2,700,000

2,863,401

Town

Providence

Village

Foree

Ranch

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2024

9/01/44

................................

270,000

268,097

Foree

Ranch

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2024

5.25

9/01/54

..............................

187,000

184,964

Travis

County

Development

Authority

Bella

Fortuna

Public

Improvement

District

Special

Assessment

144A,

2024

5.375

9/01/44

........................................................

843,000

852,196

Bella

Fortuna

Public

Improvement

District

Special

Assessment

144A,

2024

5.625

9/01/51

........................................................

750,000

759,223

County

Travis

Turner's

Crossing

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

4.75

9/01/32

...................

302,000

305,718

County

Travis

Turner's

Crossing

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

5.375

9/01/42

..................

868,000

878,847

County

Travis

Turner's

Crossing

Public

Improvement

District

Improvement

Area

No.

Special

Assessment

144A,

2022

5.5

9/01/52

....................

1,244,000

1,236,264

Viridian

Municipal

Management

District

Viridian

Public

Improvement

District

Special

Assessment

2020

2.875

12/01/30

258,000

231,011

Viridian

Public

Improvement

District

Special

Assessment

2020

3.125

12/01/35

415,000

349,200

Viridian

Public

Improvement

District

Special

Assessment

2020

3.375

12/01/40

486,000

394,368

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Texas

(continued)

Viridian

Municipal

Management

District,

(continued)

Viridian

Public

Improvement

District

Special

Assessment

2020

3.5

12/01/47

835,000

647,053

542,226,606

Utah

0.5%

Military

Installation

Development

Authority

Military

Recreation

Assessment

Area

Revenue

2021

A-1

6/01/52

.........

3,000,000

2,528,930

Military

Recreation

Assessment

Area

Revenue

2021

A-2

6/01/36

.........

2,250,000

2,086,869

Military

Recreation

Assessment

Area

Revenue

2021

A-2

6/01/41

.........

5,000,000

4,498,912

Military

Recreation

Assessment

Area

Revenue

2021

A-2

6/01/52

.........

18,495,000

15,590,854

Utah

Charter

School

Finance

Authority

Mountain

West

Montessori

Academy,

Inc.

Revenue

144A,

2020

6/15/39

475,000

463,811

Mountain

West

Montessori

Academy,

Inc.

Revenue

144A,

2020

6/15/49

825,000

757,992

25,927,368

Virginia

0.4%

Henrico

County

Economic

Development

Authority

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group

Revenue

2019

6/01/44

........................................................

3,550,000

3,590,780

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group

Revenue

2019

6/01/49

........................................................

4,065,000

4,083,966

Virginia

Small

Business

Financing

Authority

Holdings

LLC

Revenue,

Senior

Lien

144A,

2023

8.5

12/01/52

....................................

11,000,000

11,077,371

18,752,117

Washington

1.3%

Jefferson

County

Public

Hospital

District

No.

Revenue

2023

Refunding

6.875

12/01/53

........................................................

10,000,000

10,156,531

Ocean

Shores

Local

Improvement

District

Special

Assessment

2011

7.25

2/01/31

385,000

417,069

Washington

Economic

Development

Finance

Authority

Propeller

Airports

Paine

Field

LLC

Revenue

Mandatory

Put

7.609

3/01/27

.........................

23,250,000

23,288,539

Washington

State

Housing

Finance

Commission

eliseo

Obligated

Group

Revenue

144A,

2021

Refunding

1/01/51

........

15,070,000

11,413,602

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

Revenue

144A,

2019

1/01/55

..............................................

4,700,000

4,147,608

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

Revenue

144A,

Refunding

1/01/46

.........................................

2,250,000

2,064,635

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

Revenue

144A,

Refunding

1/01/51

.........................................

1,700,000

1,515,327

Spokane

United

Methodist

Homes

Obligated

Group

Revenue

144A,

2019

1/01/55

........................................................

9,020,000

8,089,168

Spokane

United

Methodist

Homes

Obligated

Group

Revenue

144A,

2020

1/01/51

........................................................

6,000,000

5,506,855

66,599,334

West

Virginia

0.1%

County

Monongalia

County

Building

Commission

Development

District

No.

Tax

Allocation

144A,

2023

Refunding

5.75

6/01/43

..............................

1,000,000

1,078,716

Monongalia

County

Building

Commission

Development

District

No.

Tax

Allocation

144A,

2023

Refunding

6/01/53

................................

2,000,000

2,154,958

3,233,674

Wisconsin

2.8%

Public

Finance

Authority

2017

IAVF

Rubix

LLC

Revenue

2020

12/01/40

.....................

1,070,000

911,342

2017

IAVF

Rubix

LLC

Revenue

2020

4.25

12/01/50

...................

7,225,000

5,928,355

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

A&T

Real

Estate

Foundation

LLC

Revenue

2019

6/01/49

.............

7,900,000

7,961,512

Coral

Academy

Science

Las

Vegas

Revenue

2017

7/01/45

..........

1,805,000

1,813,820

Coral

Academy

Science

Las

Vegas

Revenue

2017

7/01/53

..........

4,345,000

4,322,598

Coral

Academy

Science

Reno

Revenue

144A,

2022

6/01/62

.........

1,565,000

1,606,036

Dominium

Holdings

LLC

Revenue

144A,

2024-1

B-1

6.81

4/28/36

........

5,500,000

5,622,482

Eno

River

Academy

Revenue

144A,

2020

6/15/40

...................

815,000

824,729

Eno

River

Academy

Revenue

144A,

2020

6/15/54

...................

1,380,000

1,358,873

Estancia

Valley

Classical

Academy

Revenue

144A,

2021

Refunding

7/01/41

1,000,000

816,582

Estancia

Valley

Classical

Academy

Revenue

144A,

2021

Refunding

4.25

7/01/51

........................................................

5,345,000

4,146,102

FAH

Tree

House

LLC

Revenue

144A,

2023

6.625

2/01/46

..............

11,095,000

10,300,424

Friends

Homes

Obligated

Group

Revenue

144A,

2019

Refunding

9/01/39

1,230,000

1,242,437

Friends

Homes

Obligated

Group

Revenue

144A,

2019

Refunding

9/01/49

7,600,000

7,357,713

Friends

Homes

Obligated

Group

Revenue

144A,

2019

Refunding

9/01/54

1,920,000

1,817,426

Greystone

Housing

Impact

Investors

Revenue

144A,

2023-1

B-1

7.125

7/25/34

........................................................

7,450,000

7,847,909

High

Desert

Montessori

Charter

School

Revenue

144A,

2021

6/01/36

....

300,000

280,222

High

Desert

Montessori

Charter

School

Revenue

144A,

2021

6/01/51

....

1,000,000

820,626

High

Desert

Montessori

Charter

School

Revenue

144A,

2021

6/01/61

....

1,275,000

1,014,580

Hope

Housing

Foundation

Obligated

Group

Revenue

144A,

2022

4.6

12/01/37

5,460,000

4,818,050

Masonic

Eastern

Star

Home

NC,

Inc.

Obligated

Group

Revenue

144A,

2017

Refunding

3/01/37

............................................

1,000,000

1,002,219

Masonic

Eastern

Star

Home

NC,

Inc.

Obligated

Group

Revenue

144A,

2017

Refunding

3/01/52

............................................

4,100,000

3,709,108

Masonic

Eastern

Star

Home

NC,

Inc.

Obligated

Group

Revenue

144A,

2020

5.25

3/01/55

..................................................

12,975,000

12,135,158

Ocean

Academy

Charter

School

Revenue

144A,

2021

10/15/31

..........

185,000

173,710

Ocean

Academy

Charter

School

Revenue

144A,

2021

10/15/41

..........

570,000

541,042

Ocean

Academy

Charter

School

Revenue

144A,

2021

10/15/51

..........

1,130,000

1,024,272

Pine

Forest

2022

Obligated

Group

Revenue

144A,

2022

Zero

Cpn.,

12/01/45

...

11,680,000

8,171,442

Signature

Preparatory,

Inc.

Revenue

144A,

2021

6/15/31

.............

590,000

592,445

Signature

Preparatory,

Inc.

Revenue

144A,

2021

6/15/51

.............

2,250,000

2,090,123

Signature

Preparatory,

Inc.

Revenue

144A,

2021

6/15/56

.............

2,465,000

2,243,113

UHF

RISE

Student

Housing

LLC

Revenue

144A,

2021

A-2

5.35

7/01/40

.....

3,000,000

2,498,289

UHF

RISE

Student

Housing

LLC

Revenue

144A,

2021

5.25

7/01/61

.......

2,000,000

1,822,029

UMA

Education,

Inc.

Revenue

144A,

2019

Refunding

10/01/39

.........

2,000,000

2,036,694

WFCS

Holdings

LLC

Revenue

144A,

2021

A-1

1/01/56

...............

1,865,000

1,844,484

d,i

2020

Holdings

LLC

Obligated

Group

Revenue

144A,

2020

A-1

Mandatory

Put

3.5

12/01/35

..................................................

2,000,000

1,707,878

d,i

2020

Holdings

LLC

Obligated

Group

Revenue

144A,

2020

A-2

Mandatory

Put

12/01/35

...................................................

18,000,000

15,851,428

Wisconsin

Health

Educational

Facilities

Authority

Chiara

Communities,

Inc.

Revenue

2018

7/01/28

...................

140,000

131,603

Chiara

Communities,

Inc.

Revenue

2018

6.5

7/01/33

..................

300,000

271,851

Chiara

Communities,

Inc.

Revenue

2018

7/01/43

...................

1,000,000

853,550

Chiara

Communities,

Inc.

Revenue

2018

7.5

7/01/53

..................

6,620,000

5,656,055

HOPE

Christian

Schools

Obligated

Group

Revenue

2021

12/01/41

........

850,000

674,282

PHW

Menomonee

Falls,

Inc.

Revenue

2024

6.125

10/01/59

..............

1,000,000

1,033,736

136,876,329

U.S.

Territories

7.7%

District

Columbia

0.8%

District

Columbia

Tobacco

Settlement

Financing

Corp.

Revenue

2006

Zero

Cpn.,

6/15/46

.....................................................

175,000,000

39,659,480

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

100

Principal

Amount

Value

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Pacific

Islands

0.1%

Northern

Mariana

Island

Ports

Authority

Revenue

1998

6.6

3/15/28

.........

5,625,000

5,477,889

Puerto

Rico

6.8%

Children's

Trust

Fund

Revenue

2002

5.625

5/15/43

......................

2,500,000

2,529,030

Commonwealth

Puerto

Rico

FRN

Zero

Cpn.,

11/01/43

........................................

2022

A-1

5.75

7/01/31

........................................

2,166,031

2,399,971

2022

A-1

7/01/35

..........................................

15,191,884

14,994,041

2022

A-1

7/01/37

..........................................

31,512,915

30,830,074

2022

A-1

7/01/41

..........................................

18,434,144

17,520,927

2022

A-1

7/01/46

..........................................

6,799,278

6,313,363

2022

A-1

Zero

Cpn.,

7/01/33

.....................................

2,011,366

1,355,616

GDB

Debt

Recovery

Authority

Puerto

Rico

7.5

8/20/40

...................

32,301,114

31,493,586

HTA

Trust

Revenue

L-2028

5.25

7/01/38

..........................

1,239,120

1,239,440

HTA

TRRB

Custodial

Trust

Revenue

2007

5.25

7/01/36

..................

575,050

577,328

Puerto

Rico

Commonwealth

Aqueduct

Sewer

Authority

Revenue

144A,

2021

Refunding

7/01/42

..........................

2,500,000

2,374,246

Revenue,

Senior

Lien

144A,

2020

Refunding

7/01/47

................

26,750,000

27,262,466

Puerto

Rico

Electric

Power

Authority

Revenue

1/01/21

...........................................

6,000,000

2,520,000

Revenue

7/01/21

...........................................

6,000,000

2,520,000

Revenue

2013

7/01/19

.......................................

5,500,000

2,310,000

Revenue

2013

7.25

7/01/30

.....................................

25,000,000

10,562,500

Revenue

2013

6.75

7/01/36

.....................................

29,750,000

12,569,375

Revenue

2013

7/01/43

........................................

5,000,000

2,112,500

Revenue

2016

B-1

7/01/19

.....................................

5,500,000

2,310,000

Revenue

1/01/22

...........................................

1,989,500

835,590

Revenue

7/01/22

...........................................

1,989,499

995,247

Revenue

5.75

7/01/36

........................................

23,620,000

9,979,450

Revenue

5.25

7/01/40

........................................

10,895,000

4,603,137

Puerto

Rico

Industrial

Tourist

Educational

Medical

Environmental

Control

Facilities

Financing

Authority

Revenue

2000

6.625

1/01/27

....................................

1,381,057

1,368,554

Revenue

2000

6.625

1/01/28

....................................

10,533,091

10,434,372

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

A-1

7/01/58

..................................

55,915,000

56,162,284

Sales

Tax

Revenue

A-1

Zero

Cpn.,

7/01/46

.............................

25,400,000

8,564,715

Sales

Tax

Revenue

A-1

Zero

Cpn.,

7/01/51

.............................

206,837,000

50,760,344

Sales

Tax

Revenue

A-2

4.329

7/01/40

...............................

12,000,000

11,867,896

Sales

Tax

Revenue

A-2

4.784

7/01/58

...............................

6,000,000

5,937,058

335,303,111

Total

U.S.

Territories

....................................................................

380,440,480

Total

Municipal

Bonds

(Cost

4,540,737,460

)

...................................

4,483,450,897

Escrows

and

Litigation

Trusts

0.1%

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

4,788,788,963

)

.............................

4,716,303,638

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

101

Short

Term

Investments

3.9%

Principal

Amount

Value

Municipal

Bonds

3.9%

Colorado

0.3%

Colorado

Health

Facilities

Authority

Children's

Hospital

Colorado

Obligated

Group

Revenue

2020

Refunding

LOC

Bank

Daily

VRDN

and

Put

12/01/52

12,300,000

Connecticut

0.0%

†

Connecticut

State

Health

Educational

Facilities

Authority

Yale

University

Revenue

2001

V-2

Daily

VRDN

and

Put

3.75

7/01/36

...........................

400,000

Massachusetts

0.0%

†

Massachusetts

Health

Educational

Facilities

Authority

Baystate

Total

Home

Care,

Inc.

Revenue

2009

K-1

LOC

Bank

Daily

VRDN

and

Put

3.8

7/01/39

1,295,000

Michigan

0.0%

†

University

Michigan

Revenue

2012

D-1

Daily

VRDN

and

Put

3.75

12/01/24

600,000

Minnesota

0.3%

City

Minneapolis

Fairview

Health

Services

Obligated

Group

Revenue

2018

Refunding

LOC

Wells

Fargo

Bank

Daily

VRDN

and

Put

3.8

11/15/48

.....

13,400,000

Midwest

Consortium

Municipal

Utilities

Revenue

2005

LOC

Bank

Daily

VRDN

and

Put

2.95

10/01/35

......................................

300,000

13,700,000

New

York

1.5%

City

New

York

2020

B-3

Daily

VRDN

and

Put

10/01/46

.............

11,400,000

Metropolitan

Transportation

Authority

Revenue

2005

D-2

LOC

Bank

Montreal

Daily

VRDN

and

Put

3.85

11/01/35

......................................

18,800,000

Nassau

County

Industrial

Development

Agency

Cold

Spring

Harbor

Laboratory

Revenue

1999

Refunding

SPA

Bank

Daily

VRDN

and

Put

1/01/34

3,600,000

New

York

City

Water

Sewer

System

Revenue

2007

CC-2

SPA

State

Street

Bank

Trust

Co.

Daily

VRDN

and

Put

3.9

6/15/38

............................

27,300,000

New

York

City

Municipal

Water

Finance

Authority

Water

Sewer

System

Revenue

2014

AA-1

SPA

JPMorgan

Chase

Bank

Daily

VRDN

and

Put

6/15/50

........................................

5,500,000

Water

Sewer

System

Revenue

2021

EE-1

SPA

Bank

Daily

VRDN

and

Put

3.6

6/15/45

...............................................

3,800,000

70,400,000

North

Carolina

0.7%

Charlotte-Mecklenburg

Hospital

Authority

(The)

Atrium

Health

Obligated

Group

Revenue

2007

Refunding

SPA

JPMorgan

Chase

Bank

Daily

VRDN

and

Put

3.95

1/15/37

..........................

12,200,000

Atrium

Health

Obligated

Group

Revenue

2018

SPA

JPMorgan

Chase

Bank

Daily

VRDN

and

Put

3.95

1/15/48

.................................

23,750,000

35,950,000

Ohio

0.2%

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Revenue

2024

Daily

VRDN

and

Put

3.8

12/01/54

.................................

11,100,000

Oregon

0.2%

Oregon

State

Facilities

Authority

PeaceHealth

Obligated

Group

Revenue

2018

Refunding

LOC

Bank

Daily

VRDN

and

Put

3.55

8/01/34

.................................

4,625,000

PeaceHealth

Obligated

Group

Revenue

2018

Refunding

LOC

Bank

Daily

VRDN

and

Put

3.8

8/01/34

..................................

5,400,000

10,025,000

Pennsylvania

0.3%

Delaware

County

Industrial

Development

Authority

United

Parcel

Service,

Inc.

Revenue

2015

Refunding

Daily

VRDN

and

Put

3.9

9/01/45

...............

10,135,000

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

102

Short

Term

Investments

(continued)

Principal

Amount

Value

Municipal

Bonds

(continued)

Pennsylvania

(continued)

General

Authority

Southcentral

Pennsylvania

WellSpan

Health

Obligated

Group

Revenue

2019

Refunding

SPA

Bank

Daily

VRDN

and

Put

3.6

6/01/35

4,200,000

14,335,000

Tennessee

0.4%

Shelby

County

Health

Educational

Housing

Facilities

Board

Methodist

Bonheur

Healthcare

Obligated

Group

Revenue

2008

AGMC

Insured

SPA

JPMorgan

Chase

Co.

Daily

VRDN

and

Put

4.05

6/01/42

........................

19,400,000

Virginia

0.0%

†

Albemarle

County

Economic

Development

Authority

Sentara

Healthcare

Obligated

Group

Revenue

2018

Refunding

SPA

Bank

Daily

VRDN

and

Put

3.8

10/01/48

........................................................

100,000

Winchester

Economic

Development

Authority

Valley

Health

Obligated

Group

Revenue

2024

B-1

Refunding

LOC

Truist

Bank

Daily

VRDN

and

Put

3.75

1/01/54

.........................................................

1,400,000

1,500,000

Total

Municipal

Bonds

(Cost

191,005,000

)

.....................................

191,005,000

Total

Short

Term

Investments

(Cost

191,005,000

)

...............................

191,005,000

Total

Investments

(Cost

4,979,793,963

)

99.2

..................................

$4,907,308,638

Other

Assets,

less

Liabilities

0.8

.............................................

43,624,450

Net

Assets

100.0%

...........................................................

$4,950,933,088

See

Abbreviations

page

152

†

Rounds

less

than

0.1%

net

assets.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Non-income

producing.

See

Note

3(f)

regarding

investments

affiliated

management

investment

companies.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$1,612,485,054,

representing

32.6%

net

assets.

See

Note

regarding

restricted

securities.

Defaulted

security

for

which

income

has

been

deemed

uncollectible.

See

Note

See

Note

1(c)

regarding

senior

floating

rate

interests.

The

coupon

rate

shown

represents

the

rate

inclusive

any

caps

floors,

applicable,

effect

period

end.

The

maturity

date

shown

represents

the

mandatory

put

date.

portion

all

the

security

purchased

delayed

delivery

basis.

See

Note

1(b).

Security

purchased

when-issued

basis.

See

Note

1(b).

The

coupon

rate

shown

represents

the

rate

period

end.

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

floating

variable

interest

rate

adjustment

formula

and

unconditional

right

demand

receive

payment

the

principal

balance

plus

accrued

interest

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

determined

based

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Massachusetts

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

103

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.64

$10.41

$11.48

$11.84

$12.20

$11.47

Income

from

investment

operations

Net

investment

income

.............

0.15

0.27

0.23

0.22

0.28

0.31

Net

realized

and

unrealized

gains

(losses)

0.05

0.23

(1.07)

(0.36)

(0.37)

0.74

Total

from

investment

operations

........

0.20

0.50

(0.84)

(0.14)

(0.09)

1.05

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.27)

(0.23)

(0.22)

(0.27)

(0.32)

Net

asset

value,

end

period

..........

$10.69

$10.64

$10.41

$11.48

$11.84

$12.20

Total

return

.......................

1.89%

4.88%

(7.32)%

(1.24)%

(0.71)%

9.29%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.91%

0.89%

0.88%

0.86%

0.87%

Expenses

net

waiver

and

payments

affiliates

..........................

0.90%

0.89%

0.88%

0.86%

0.87%

Net

investment

income

...............

2.75%

2.60%

2.20%

1.83%

2.31%

2.64%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$47,297

$49,501

$54,360

$64,555

$58,926

$44,347

Portfolio

turnover

rate

................

5.59%

10.76%

11.16%

21.84%

18.21%

12.59%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

104

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.63

$10.41

$11.47

$11.83

$12.20

$11.46

Income

from

investment

operations

Net

investment

income

.............

0.16

0.29

0.25

0.24

0.30

0.33

Net

realized

and

unrealized

gains

(losses)

0.05

0.22

(1.06)

(0.36)

(0.38)

0.75

Total

from

investment

operations

........

0.21

0.51

(0.81)

(0.12)

(0.08)

1.08

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.29)

(0.25)

(0.24)

(0.29)

(0.34)

Net

asset

value,

end

period

..........

$10.68

$10.63

$10.41

$11.47

$11.83

$12.20

Total

return

.......................

1.97%

4.94%

(7.10)%

(1.09)%

(0.64)%

9.55%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.76%

0.74%

0.73%

0.72%

Expenses

net

waiver

and

payments

affiliates

..........................

0.75%

0.74%

0.73%

0.72%

Net

investment

income

...............

2.91%

2.74%

2.35%

2.00%

2.48%

2.79%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$140,904

$146,609

$166,958

$218,895

$245,351

$307,452

Portfolio

turnover

rate

................

5.59%

10.76%

11.16%

21.84%

18.21%

12.59%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

105

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.76

$10.53

$11.62

$11.98

$12.35

$11.60

Income

from

investment

operations

Net

investment

income

.............

0.13

0.23

0.19

0.17

0.23

0.27

Net

realized

and

unrealized

gains

(losses)

0.05

0.23

(1.09)

(0.36)

(0.38)

0.76

Total

from

investment

operations

........

0.18

0.46

(0.90)

(0.19)

(0.15)

1.03

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.23)

(0.19)

(0.17)

(0.22)

(0.28)

Net

asset

value,

end

period

..........

$10.81

$10.76

$10.53

$11.62

$11.98

$12.35

Total

return

.......................

1.66%

4.41%

(7.78)%

(1.54)%

(1.26)%

8.95%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

1.31%

1.28%

1.27%

1.26%

1.27%

Expenses

net

waiver

and

payments

affiliates

..........................

1.29%

1.28%

1.27%

1.26%

1.27%

Net

investment

income

...............

2.32%

2.14%

1.76%

1.44%

1.90%

2.24%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$6,661

$7,725

$11,612

$17,988

$27,111

$31,713

Portfolio

turnover

rate

................

5.59%

10.76%

11.16%

21.84%

18.21%

12.59%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

106

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.64

$10.42

$11.48

$11.84

$12.20

$11.46

Income

from

investment

operations

Net

investment

income

.............

0.16

0.30

0.26

0.25

0.31

0.34

Net

realized

and

unrealized

gains

(losses)

0.05

0.22

(1.06)

(0.35)

(0.36)

0.76

Total

from

investment

operations

........

0.21

0.52

(0.80)

(0.10)

(0.05)

1.10

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.26)

(0.31)

(0.36)

Net

asset

value,

end

period

..........

$10.69

$10.64

$10.42

$11.48

$11.84

$12.20

Total

return

.......................

2.04%

5.09%

(6.96)%

(0.86)%

(0.50)%

9.69%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.62%

0.59%

0.61%

0.59%

0.58%

0.60%

Expenses

net

waiver

and

payments

affiliates

..........................

0.62%

0.59%

0.60%

0.58%

0.57%

0.58%

Net

investment

income

...............

3.03%

2.87%

2.49%

2.13%

2.60%

2.93%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$15,276

$18,635

$23,528

$20,888

$16,909

$12,458

Portfolio

turnover

rate

................

5.59%

10.76%

11.16%

21.84%

18.21%

12.59%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

107

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.63

$10.41

$11.47

$11.83

$12.20

$11.46

Income

from

investment

operations

Net

investment

income

.............

0.16

0.30

0.26

0.25

0.30

0.34

Net

realized

and

unrealized

gains

(losses)

0.05

0.22

(1.06)

(0.36)

(0.37)

0.75

Total

from

investment

operations

........

0.21

0.52

(0.80)

(0.11)

(0.07)

1.09

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.26)

(0.25)

(0.30)

(0.35)

Net

asset

value,

end

period

..........

$10.68

$10.63

$10.41

$11.47

$11.83

$12.20

Total

return

.......................

2.02%

5.05%

(7.01)%

(0.99)%

(0.54)%

9.65%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.66%

0.64%

0.63%

0.61%

0.62%

Expenses

net

waiver

and

payments

affiliates

..........................

0.65%

0.64%

0.63%

0.61%

0.62%

Net

investment

income

...............

3.00%

2.84%

2.45%

2.10%

2.55%

2.89%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$72,520

$84,294

$107,830

$109,947

$106,533

$60,927

Portfolio

turnover

rate

................

5.59%

10.76%

11.16%

21.84%

18.21%

12.59%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

Massachusetts

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

108

Principal

Amount

Value

Corporate

Bonds

0.3%

Software

0.3%

Haven

Elgin

LLC

5.25

12/31/53

....................................

900,000

925,173

Total

Corporate

Bonds

(Cost

900,000

)

........................................

925,173

Senior

Floating

Rate

Interests

0.4%

Residential

REITs

0.4%

Centennial

Gardens

First

Lien,

Delayed

Draw

CME

Term

Loan,

6.886

(

1-month

SOFR

1.55

2/01/25

.....................................

1,000,000

1,000,052

Total

Senior

Floating

Rate

Interests

(Cost

1,000,000

)

...........................

1,000,052

Municipal

Bonds

97.1%

California

0.4%

California

Municipal

Finance

Authority

Integrity

Housing

Obligated

Group

Revenue

2022

A-1

4.25

12/01/37

...........................................

1,200,000

1,063,235

Florida

1.6%

Capital

Trust

Agency,

Inc.

SHI

Lake

Osborne

LLC

Revenue

144A,

2021

A-1

3.68

1/01/57

.........................................................

750,000

542,956

Capital

Trust

Authority

Gulf

Coast

Portfolio

Obligated

Group

Revenue

144A,

2024

Refunding

Zero

Cpn.,

3/01/29

........................................

2,800,000

2,221,959

Leon

County

Housing

Finance

Authority

Revenue

144A,

2022

Zero

Cpn.,

5/01/57

2,000,000

1,777,500

4,542,415

Illinois

0.4%

State

Illinois

2020

10/01/29

................................

1,000,000

1,096,730

Massachusetts

88.3%

City

Worcester

2020

2/01/42

................................

1,685,000

1,450,452

Commonwealth

Massachusetts

2017

11/01/46

...........................................

5,000,000

5,176,836

2022

11/01/52

...........................................

3,000,000

3,243,014

2024

5/01/54

............................................

3,500,000

3,821,096

5.25

4/01/42

..............................................

5,000,000

5,218,533

Revenue

2005

Refunding

AGMC,

NATL

Insured

5.5

1/01/34

..............

11,900,000

13,922,451

Transportation

Fund

Revenue

2016

6/01/45

.......................

5,000,000

4,875,337

Transportation

Fund

Revenue

2017

Refunding

6/01/43

...............

4,805,000

5,006,465

Transportation

Fund

Revenue

2018

6/01/48

.......................

5,000,000

5,202,859

Transportation

Fund

Revenue

2023

6/01/53

.......................

5,000,000

5,452,821

Massachusetts

Bay

Transportation

Authority

Sales

Tax

Revenue

7/01/40

....................................

5,000,000

5,054,931

Sales

Tax

Revenue

A-1

Refunding

5.25

7/01/30

.......................

4,000,000

4,594,964

Massachusetts

Development

Finance

Agency

Beth

Israel

Lahey

Health

Obligated

Group

Revenue

2015

Refunding

8/15/32

2,975,000

3,016,792

Beth

Israel

Lahey

Health

Obligated

Group

Revenue

2015

Refunding

8/15/34

5,000,000

5,066,443

Beth

Israel

Lahey

Health

Obligated

Group

Revenue

2023

7/01/34

.......

1,500,000

1,736,402

Boston

Medical

Center

Corp.

Obligated

Group

Revenue

2023

Refunding

5.25

7/01/52

........................................................

3,535,000

3,856,908

Brandeis

University

Revenue

2019

S-1

Refunding

10/01/39

.............

2,660,000

2,858,547

Broad

Institute,

Inc.

(The)

Revenue

2017

Refunding

4/01/41

............

5,000,000

4,940,355

Dana-Farber

Cancer

Institute

Obligated

Group

Revenue

2016

12/01/46

6,890,000

7,011,283

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2021

11/01/46

.......................................................

1,250,000

1,237,195

Loomis

Obligated

Group

Revenue

2021

1/01/41

......................

435,000

424,774

Loomis

Obligated

Group

Revenue

2021

1/01/51

......................

300,000

272,671

Loomis

Obligated

Group

Revenue

144A,

2022

Refunding

1/01/41

........

485,000

473,598

Loomis

Obligated

Group

Revenue

144A,

2022

Refunding

1/01/51

........

520,000

472,630

Mass

General

Brigham,

Inc.

Revenue

2017

S-1

Refunding

7/01/41

.......

7,500,000

7,428,096

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

109

Principal

Amount

Value

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Development

Finance

Agency,

(continued)

Mass

General

Brigham,

Inc.

Revenue

2024

Refunding

7/01/54

.........

1,500,000

1,610,539

Merrimack

College

Revenue

2021

7/01/50

........................

3,650,000

3,308,821

Merrimack

College

Revenue

2022

7/01/52

..........................

1,000,000

1,021,766

National

Senior

Communities,

Inc.

Obligated

Group

Revenue

144A,

2018

11/15/38

.......................................................

3,000,000

3,127,091

National

Senior

Communities,

Inc.

Obligated

Group

Revenue

144A,

2018

5.125

11/15/46

.......................................................

5,000,000

5,170,177

Northeastern

University

Revenue

2022

Refunding

10/01/44

.............

2,375,000

2,632,674

President

Trustees

Williams

College

Revenue

2017

7/01/46

........

5,000,000

5,001,491

President

and

Fellows

Harvard

College

Revenue

2024

2/15/33

.......

3,000,000

3,550,360

Seven

Hills

Foundation

Obligated

Group

Revenue

2021

Refunding

9/01/39

750,000

753,182

Seven

Hills

Foundation

Obligated

Group

Revenue

2021

Refunding

9/01/41

500,000

494,526

Seven

Hills

Foundation

Obligated

Group

Revenue

2021

Refunding

9/01/48

1,750,000

1,644,422

Simmons

University

Revenue

2023

Refunding

10/01/43

..............

1,750,000

1,777,130

Southcoast

Health

System

Obligated

Group

Revenue

2021

Refunding

7/01/46

........................................................

3,000,000

2,812,438

Southcoast

Health

System

Obligated

Group

Revenue

2021

Refunding

7/01/50

........................................................

5,590,000

5,814,586

Springfield

College

Revenue

2021

Refunding

6/01/50

................

2,695,000

2,319,796

Suffolk

University

Revenue

2021

7/01/46

...........................

2,000,000

1,794,854

Suffolk

University

Revenue

2021

7/01/51

...........................

5,000,000

4,370,342

Trustees

Boston

College

Revenue

2017

Refunding

7/01/42

..........

3,750,000

3,887,856

Trustees

Boston

University

Revenue

BB-1

10/01/46

.................

5,000,000

4,918,635

Wellesley

College

Revenue

2018

Refunding

7/01/44

.................

6,160,000

6,209,845

Wheaton

College

Revenue

2021

1/01/53

..........................

3,000,000

3,054,554

Woods

Hole

Oceanographic

Institution

Revenue

2018

Refunding

6/01/35

1,200,000

1,278,492

Woods

Hole

Oceanographic

Institution

Revenue

2018

Refunding

6/01/36

1,000,000

1,062,459

Worcester

Polytechnic

Institute

Revenue

2017

Refunding

9/01/42

........

1,090,000

1,126,939

Massachusetts

Educational

Financing

Authority

Revenue

2017

Refunding

4.25

7/01/46

.............................

2,500,000

2,380,036

Revenue

2021

7/01/51

........................................

3,000,000

2,162,530

Revenue

2023

7/01/53

........................................

4,375,000

4,451,964

Massachusetts

Health

Educational

Facilities

Authority

Trustees

Boston

College

Revenue

M-2

5.5

6/01/35

.........................................

8,600,000

10,357,252

Massachusetts

Housing

Finance

Agency

Revenue

2009

5.125

12/01/39

...................................

75,000

75,050

Revenue

2009

5.35

12/01/49

....................................

210,000

210,063

Revenue

2012

3.15

12/01/32

.....................................

105,000

99,086

Revenue

2012

3.45

12/01/37

.....................................

45,000

42,363

Revenue

2024

A-1

4.95

12/01/64

...................................

1,000,000

1,025,399

Revenue

214

GNMA

Insured

2.55

12/01/34

...........................

1,000,000

879,175

Revenue

214

GNMA

Insured

2.8

12/01/39

............................

2,860,000

2,481,799

Revenue

3.25

12/01/27

.........................................

4,000,000

4,000,047

Revenue

3.5

12/01/31

..........................................

5,805,000

5,804,908

Massachusetts

Port

Authority

Revenue

2021

Refunding

7/01/39

.........

1,175,000

1,261,570

Massachusetts

School

Building

Authority

Revenue,

Senior

Lien

2016

Refunding

11/15/34

.....................................................

5,000,000

5,193,173

Massachusetts

Transportation

Trust

Fund

Metropolitan

Highway

System

Revenue

2019

B-1

Refunding

1/01/37

.....................................

1,015,000

1,097,193

Massachusetts

Water

Resources

Authority

Revenue

2016

Pre-Refunded

8/01/40

............................

5,000,000

5,237,872

Revenue

2018

8/01/43

........................................

2,525,000

2,656,873

Revenue

2024

8/01/49

........................................

4,000,000

4,441,119

Revenue

Refunding

AGMC

Insured

5.25

8/01/28

.....................

5,490,000

6,075,543

Town

Natick

2018

7/15/35

...................................

4,970,000

5,109,546

Town

Plymouth

2017

5/01/47

.................................

5,000,000

4,898,950

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

110

Principal

Amount

Value

Municipal

Bonds

(continued)

Massachusetts

(continued)

University

Massachusetts

Building

Authority

Revenue

2022-1

11/01/46

.......................................

4,000,000

3,962,086

Revenue,

Senior

Lien

2017-1

5.25

11/01/42

...........................

5,000,000

5,248,568

249,710,593

New

Jersey

0.4%

New

Jersey

Transportation

Trust

Fund

Authority

State

New

Jersey

Revenue

2018

Refunding

12/15/32

..........................................

1,000,000

1,071,377

New

York

0.9%

Metropolitan

Transportation

Authority

Revenue

2020

A-1

11/15/40

.....................................

750,000

751,393

Revenue

2020

A-1

11/15/53

.....................................

1,900,000

1,805,208

2,556,601

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

Revenue

144A,

2021

A-1

3.65

12/01/36

..............................

800,000

700,602

AHPC

Vista

Towers

2021

LLC

Revenue

2021

A-1

3.65

12/01/36

...........

800,000

700,603

South

Carolina

State

Housing

Finance

Development

Authority

Garden

Oaks

Revenue

144A,

2021

4.2

12/01/39

................................

1,000,000

847,577

2,248,782

Texas

0.4%

Pecan

Public

Facility

Corp.

Revenue

144A,

2022

A-2

12/01/52

............

1,400,000

1,149,994

Washington

0.2%

Washington

State

Housing

Finance

Commission

Madison

Rivers

Edge

Apartments

LLC

Revenue

144A,

2021

3.65

1/01/37

............................

800,000

700,789

Wisconsin

0.6%

Public

Finance

Authority

Revenue

144A,

2022

B-1

12/28/44

................................

800,000

673,527

Pine

Forest

2022

Obligated

Group

Revenue

144A,

2022

6.5

12/01/52

.....

1,000,000

1,035,313

1,708,840

U.S.

Territories

3.1%

Puerto

Rico

3.1%

HTA

TRRB

Custodial

Trust

Revenue

2005

5.25

7/01/41

.....................................

205,375

201,029

Revenue

2007

5.25

7/01/34

.....................................

4,107,501

4,120,239

Puerto

Rico

Industrial

Tourist

Educational

Medical

Environmental

Control

Facilities

Financing

Authority

Hospital

Auxilio

Mutuo

Obligated

Group

Revenue

2021

Refunding

7/01/31

440,000

484,076

Hospital

Auxilio

Mutuo

Obligated

Group

Revenue

2021

Refunding

7/01/39

200,000

190,813

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

A-1

7/01/58

.....

3,660,000

3,676,186

8,672,343

Total

U.S.

Territories

....................................................................

8,672,343

Total

Municipal

Bonds

(Cost

280,501,302

)

.....................................

274,521,699

Total

Long

Term

Investments

(Cost

282,401,302

)

...............................

276,446,924

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

111

See

Abbreviations

page

152

Short

Term

Investments

1.5%

Principal

Amount

Value

Municipal

Bonds

1.5%

Massachusetts

1.5%

Massachusetts

Development

Finance

Agency

Children's

Hospital

Corp.

Obligated

Group

(The)

Revenue

2024

U-1

Refunding

LOC

Bank

Daily

VRDN

and

Put

3.8

3/01/48

.................................................

4,300,000

Total

Municipal

Bonds

(Cost

4,300,000

)

.......................................

4,300,000

Total

Short

Term

Investments

(Cost

4,300,000

)

.................................

4,300,000

Total

Investments

(Cost

286,701,302

)

99.3

...................................

$280,746,924

Other

Assets,

less

Liabilities

0.7

.............................................

1,911,870

Net

Assets

100.0%

...........................................................

$282,658,794

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

See

Note

1(c)

regarding

senior

floating

rate

interests.

The

coupon

rate

shown

represents

the

rate

inclusive

any

caps

floors,

applicable,

effect

period

end.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$18,893,713,

representing

6.7%

net

assets.

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

floating

variable

interest

rate

adjustment

formula

and

unconditional

right

demand

receive

payment

the

principal

balance

plus

accrued

interest

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

determined

based

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

New

Jersey

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

112

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.36

$10.11

$11.18

$11.46

$11.77

$11.14

Income

from

investment

operations

Net

investment

income

.............

0.15

0.30

0.28

0.27

0.29

0.30

Net

realized

and

unrealized

gains

(losses)

0.06

0.25

(1.08)

(0.28)

(0.32)

0.65

Total

from

investment

operations

........

0.21

0.55

(0.80)

(0.01)

(0.03)

0.95

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.27)

(0.28)

(0.32)

Net

asset

value,

end

period

..........

$10.41

$10.36

$10.11

$11.18

$11.46

$11.77

Total

return

.......................

2.01%

5.55%

(7.13)%

(0.18)%

8.61%

Ratios

average

net

assets

Expenses

.........................

0.83%

0.82%

Net

investment

income

...............

2.97%

2.68%

2.30%

2.50%

2.67%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$139,404

$131,477

$120,101

$141,419

$118,815

$109,130

Portfolio

turnover

rate

................

7.64%

10.78%

12.46%

7.69%

15.41%

17.99%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

113

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.35

$10.10

$11.16

$11.45

$11.76

$11.13

Income

from

investment

operations

Net

investment

income

.............

0.16

0.32

0.29

0.28

0.30

0.32

Net

realized

and

unrealized

gains

(losses)

0.05

0.25

(1.06)

(0.29)

(0.31)

0.64

Total

from

investment

operations

........

0.21

0.57

(0.77)

(0.01)

0.96

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.32)

(0.29)

(0.28)

(0.30)

(0.33)

Net

asset

value,

end

period

..........

$10.40

$10.35

$10.10

$11.16

$11.45

$11.76

Total

return

.......................

2.09%

5.71%

(6.91)%

(0.11)%

(0.03)%

8.78%

Ratios

average

net

assets

Expenses

.........................

0.68%

0.67%

Net

investment

income

...............

3.13%

3.12%

2.83%

2.45%

2.67%

2.82%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$320,646

$340,681

$372,268

$464,256

$516,756

$584,519

Portfolio

turnover

rate

................

7.64%

10.78%

12.46%

7.69%

15.41%

17.99%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

114

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.49

$10.23

$11.31

$11.60

$11.92

$11.28

Income

from

investment

operations

Net

investment

income

.............

0.13

0.26

0.23

0.22

0.24

0.26

Net

realized

and

unrealized

gains

(losses)

0.05

0.26

(1.08)

(0.29)

(0.32)

0.65

Total

from

investment

operations

........

0.18

0.52

(0.85)

(0.07)

(0.08)

0.91

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.26)

(0.23)

(0.22)

(0.24)

(0.27)

Net

asset

value,

end

period

..........

$10.54

$10.49

$10.23

$11.31

$11.60

$11.92

Total

return

.......................

1.78%

5.15%

(7.51)%

(0.66)%

8.19%

Ratios

average

net

assets

Expenses

.........................

1.22%

1.23%

1.22%

Net

investment

income

...............

2.53%

2.52%

2.23%

1.87%

2.10%

2.27%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$25,629

$30,725

$40,433

$58,632

$87,934

$117,600

Portfolio

turnover

rate

................

7.64%

10.78%

12.46%

7.69%

15.41%

17.99%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

115

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.36

$10.11

$11.17

$11.46

$11.77

$11.14

Income

from

investment

operations

Net

investment

income

.............

0.17

0.33

0.31

0.30

0.32

0.34

Net

realized

and

unrealized

gains

(losses)

0.05

0.25

(1.07)

(0.29)

(0.31)

0.64

Total

from

investment

operations

........

0.22

0.58

(0.76)

0.01

0.98

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.33)

(0.30)

(0.32)

(0.35)

Net

asset

value,

end

period

..........

$10.41

$10.36

$10.11

$11.17

$11.46

$11.77

Total

return

.......................

2.17%

5.86%

(6.77)%

0.03%

0.11%

8.92%

Ratios

average

net

assets

Expenses

.........................

0.53%

0.54%

0.53%

Net

investment

income

...............

3.27%

2.98%

2.59%

2.80%

2.96%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$50,582

$41,529

$37,543

$35,920

$32,012

$33,376

Portfolio

turnover

rate

................

7.64%

10.78%

12.46%

7.69%

15.41%

17.99%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

116

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.36

$10.11

$11.17

$11.46

$11.77

$11.14

Income

from

investment

operations

Net

investment

income

.............

0.17

0.33

0.30

0.31

0.33

Net

realized

and

unrealized

gains

(losses)

0.05

0.25

(1.06)

(0.29)

(0.31)

0.64

Total

from

investment

operations

........

0.22

0.58

(0.76)

0.01

—

0.97

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.33)

(0.30)

(0.31)

(0.34)

Net

asset

value,

end

period

..........

$10.41

$10.36

$10.11

$11.17

$11.46

$11.77

Total

return

.......................

2.14%

5.81%

(6.81)%

(0.01)%

0.07%

8.88%

Ratios

average

net

assets

Expenses

.........................

0.58%

0.59%

0.57%

Net

investment

income

...............

3.22%

2.97%

2.55%

2.76%

2.92%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$192,832

$195,406

$191,534

$103,449

$94,236

$81,747

Portfolio

turnover

rate

................

7.64%

10.78%

12.46%

7.69%

15.41%

17.99%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

New

Jersey

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

117

Principal

Amount

Value

Corporate

Bonds

0.2%

Software

0.2%

Haven

Elgin

LLC

5.25

12/31/53

....................................

1,600,000

1,644,751

Total

Corporate

Bonds

(Cost

1,600,000

)

.......................................

1,644,751

Municipal

Bonds

96.3%

California

0.2%

California

Municipal

Finance

Authority

Integrity

Housing

Obligated

Group

Revenue

2022

A-1

4.25

12/01/37

...........................................

1,300,000

1,151,837

Delaware

2.1%

Delaware

River

Bay

Authority

Revenue

2019

Refunding

1/01/44

.................................

12,500,000

12,524,025

Revenue

2021

1/01/46

.........................................

1,750,000

1,741,508

Revenue

2024

1/01/49

........................................

1,000,000

1,098,598

15,364,131

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

4,051,939

SHI

Lake

Osborne

LLC

Revenue

144A,

2021

A-1

3.68

1/01/57

...........

850,000

615,349

Capital

Trust

Authority

Gulf

Coast

Portfolio

Obligated

Group

Revenue

144A,

2024

Refunding

Zero

Cpn.,

3/01/29

........................................

5,450,000

4,324,885

Leon

County

Housing

Finance

Authority

Revenue

144A,

2022

Zero

Cpn.,

5/01/57

3,650,000

3,243,938

12,236,111

Georgia

0.3%

Development

Authority

Rockdale

County

AHPC

Terraces

Fieldstone

LLC

Revenue

144A,

2021

A-1

3.5

12/01/36

...............................

2,650,000

2,243,421

New

Jersey

78.3%

Atlantic

County

Improvement

Authority

(The)

Stockton

University

Revenue

2021

AGMC

Insured

7/01/47

..........................................

1,000,000

978,908

Camden

County

Improvement

Authority

(The)

Camden

Prep,

Inc.

Revenue

144A,

2022

7/15/32

.....................

250,000

263,089

Camden

Prep,

Inc.

Revenue

144A,

2022

7/15/52

.....................

3,000,000

3,012,848

KIPP

Cooper

Norcross

Obligated

Group

Revenue

2022

6/15/47

..........

1,700,000

1,850,887

KIPP

Cooper

Norcross

Obligated

Group

Revenue

2022

6/15/52

..........

2,100,000

2,271,303

Casino

Reinvestment

Development

Authority,

Inc.

Revenue

2024

Refunding

AGMC

Insured

11/01/44

..................

1,100,000

1,088,497

Revenue

2024

AGMC

Insured

11/01/42

...........................

1,200,000

1,323,324

Revenue

2024

AGMC

Insured

11/01/43

...........................

825,000

905,766

Revenue

2024

AGMC

Insured

11/01/44

...........................

950,000

1,038,872

City

Newark

Mass

Transit

Access

Tax

Revenue

2022

AGMC

Insured

11/15/42

.........

1,000,000

1,117,262

Mass

Transit

Access

Tax

Revenue

2022

AGMC

Insured

5.375

11/15/52

.....

1,500,000

1,682,548

Mass

Transit

Access

Tax

Revenue

2022

AGMC

Insured

11/15/62

.........

1,000,000

1,161,869

Cumberland

County

Improvement

Authority

(The)

County

Cumberland

Revenue

2014

Pre-Refunded

AGMC

Insured

9/01/39

2,000,000

County

Cumberland

Revenue

2019

BAM

Insured

1/15/36

............

955,000

1,011,279

County

Cumberland

Revenue

2019

BAM

Insured

1/15/37

............

1,000,000

1,056,348

County

Cumberland

Revenue

2019

BAM

Insured

1/15/38

............

1,020,000

1,075,396

County

Cumberland

Revenue

2019

BAM

Insured

1/15/39

............

1,070,000

1,123,757

County

Cumberland

Revenue

2019

BAM

Insured

1/15/44

............

5,725,000

5,951,780

Essex

County

Improvement

Authority

Friends

TEAM

Academy

Charter

School

Obligated

Group

Revenue

2021

6/15/38

........................................................

1,645,000

1,631,907

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

118

Principal

Amount

Value

Municipal

Bonds

(continued)

New

Jersey

(continued)

Essex

County

Improvement

Authority,

(continued)

Friends

TEAM

Academy

Charter

School

Obligated

Group

Revenue

2021

6/15/51

........................................................

2,700,000

2,470,043

Friends

TEAM

Academy

Charter

School

Obligated

Group

Revenue

2021

6/15/56

........................................................

4,925,000

4,423,815

Gloucester

County

Improvement

Authority

(The)

Rowan

University

Revenue

2015

AGMC

Insured

7/01/42

.............

2,500,000

2,496,613

Rowan

University

Revenue

2015

7/01/44

.........................

3,500,000

3,525,425

Rowan

University

Revenue

2019

7/01/37

...........................

750,000

773,128

Rowan

University

Revenue

2019

7/01/38

...........................

700,000

718,095

Rowan

University

Revenue

2019

7/01/39

...........................

600,000

612,976

Rowan

University

Revenue

2019

7/01/44

...........................

4,925,000

5,205,854

Rowan

University

Revenue

2019

7/01/48

...........................

5,250,000

5,256,117

Rowan

University

Revenue

2024

BAM

Insured

7/01/54

................

5,000,000

5,356,202

Hudson

County

Improvement

Authority

Revenue

2019

Refunding

1/01/40

.................................

1,000,000

1,007,660

County

Hudson

Revenue

2016

5.25

5/01/51

........................

6,000,000

6,131,335

Jersey

City

Municipal

Utilities

Authority

Water

Fund

Revenue

2024

AGMC

Insured

5.25

10/15/54

...................................................

1,500,000

1,674,119

Monmouth

County

Improvement

Authority

(The)

Revenue

2019

8/01/35

........................................

525,000

551,028

Revenue

2019

8/01/36

........................................

500,000

521,810

Revenue

2019

8/01/37

........................................

275,000

286,058

Revenue

2019

8/01/38

........................................

225,000

232,993

Revenue

2019

8/01/39

........................................

400,000

412,463

New

Brunswick

Parking

Authority

Revenue

2016

Refunding

BAM

Insured

9/01/39

.........................................................

5,000,000

5,132,046

New

Jersey

Economic

Development

Authority

Middlesex

Water

Co.

Revenue

2019

8/01/59

........................

6,200,000

5,725,192

Middlesex

Water

Co.

Revenue

2019

8/01/59

........................

7,245,000

7,453,194

Port

Newark

Container

Terminal

LLC

Revenue

2017

Refunding

10/01/47

...

13,625,000

13,861,368

Provident

Group-Kean

Properties

LLC

Revenue

2017

7/01/32

..........

640,000

649,360

Provident

Group-Kean

Properties

LLC

Revenue

2017

7/01/37

..........

600,000

604,149

Provident

Group-Kean

Properties

LLC

Revenue

2017

7/01/47

..........

1,500,000

1,500,874

Provident

Group-Montclair

Properties

LLC

Revenue

2017

Refunding

AGMC

Insured

6/01/42

..............................................

6,000,000

6,152,258

Provident

Group-Rowan

Properties

LLC

Revenue

1/01/48

.............

7,000,000

6,747,427

State

New

Jersey

Revenue

2005

N-1

Refunding

NATL

Insured

5.5

9/01/27

8,660,000

9,358,713

State

New

Jersey

Revenue

2015

Pre-Refunded

6/15/37

..........

4,760,000

4,851,359

State

New

Jersey

Revenue

2021

QQQ

6/15/39

.....................

2,500,000

2,519,882

State

New

Jersey

Revenue

2021

QQQ

6/15/46

.....................

1,250,000

1,220,065

State

New

Jersey

Revenue

2021

QQQ

6/15/50

.....................

1,250,000

1,202,762

State

New

Jersey

Revenue

2022

11/01/52

.......................

5,000,000

5,309,059

New

Jersey

Educational

Facilities

Authority

Kean

University

Revenue

2015

Refunding

AGMC

Insured

7/01/34

......

2,205,000

2,245,870

Kean

University

Revenue

2015

Refunding

AGMC

Insured

7/01/35

......

5,000,000

5,089,695

Kean

University

Revenue

2017

Refunding

BAM

Insured

9/01/38

.......

1,150,000

1,155,759

Montclair

State

University,

Inc.

Revenue

2015

Refunding

7/01/35

.......

2,245,000

2,274,406

Montclair

State

University,

Inc.

Revenue

2015

Refunding

7/01/36

.......

1,210,000

1,224,616

Montclair

State

University,

Inc.

Revenue

2016

Refunding

7/01/34

.......

1,325,000

1,364,677

Montclair

State

University,

Inc.

Revenue

2024

Refunding

AGMC

Insured

7/01/40

........................................................

1,000,000

1,143,325

Montclair

State

University,

Inc.

Revenue

2024

Refunding

AGMC

Insured

7/01/44

........................................................

1,000,000

1,123,059

Ramapo

College

New

Jersey

Revenue

2017

Refunding

AGMC

Insured

7/01/35

........................................................

3,955,000

4,164,694

Seton

Hall

University

Revenue

2015

Refunding

7/01/34

..............

400,000

404,314

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

119

Principal

Amount

Value

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Educational

Facilities

Authority,

(continued)

Seton

Hall

University

Revenue

2015

Refunding

7/01/37

..............

1,300,000

1,312,214

Seton

Hall

University

Revenue

2017

Refunding

7/01/42

..............

3,945,000

4,024,734

Seton

Hall

University

Revenue

2020

AGMC

Insured

3.25

7/01/49

........

1,150,000

971,663

Seton

Hall

University

Revenue

2020

AGMC

Insured

7/01/50

...........

1,850,000

1,837,641

State

New

Jersey

Revenue

2023

4.625

9/01/48

....................

2,000,000

2,062,361

State

New

Jersey

Revenue

2023

5.25

9/01/53

.....................

2,000,000

2,191,565

Stevens

Institute

Technology

International,

Inc.

Revenue

1998-1

ETM,

7/01/28

........................................................

330,000

346,258

Stevens

Institute

Technology

International,

Inc.

Revenue

2017

Refunding

7/01/36

........................................................

1,600,000

1,658,152

Stevens

Institute

Technology

International,

Inc.

Revenue

2017

Refunding

7/01/42

........................................................

9,310,000

9,518,099

Stevens

Institute

Technology

International,

Inc.

Revenue

2017

Refunding

7/01/47

........................................................

4,085,000

4,151,647

Stevens

Institute

Technology

International,

Inc.

Revenue

2020

7/01/45

4,000,000

4,142,636

Stevens

Institute

Technology

International,

Inc.

Revenue

2020

7/01/50

11,640,000

10,817,423

Trustees

Princeton

University

(The)

Revenue

2024

3/01/53

..........

5,000,000

4,984,133

Trustees

Princeton

University

(The)

Revenue

2024

5.25

3/01/54

........

8,500,000

9,595,324

New

Jersey

Health

Care

Facilities

Financing

Authority

AHS

Hospital

Corp.

Revenue

2008

7/01/27

........................

135,000

135,123

AHS

Hospital

Corp.

Revenue

2016

Refunding

7/01/41

.................

10,000,000

10,007,161

AtlantiCare

Health

System

Obligated

Group

Revenue

2021

7/01/37

.......

750,000

772,513

AtlantiCare

Health

System

Obligated

Group

Revenue

2021

7/01/46

.......

1,000,000

806,605

Hackensack

Meridian

Health

Obligated

Group

Revenue

2017

Refunding

7/01/39

........................................................

11,000,000

11,404,031

Inspira

Health

Obligated

Group

Revenue

2016

Refunding

7/01/46

......

18,500,000

18,767,430

Inspira

Health

Obligated

Group

Revenue

2017

7/01/42

...............

7,000,000

7,197,546

Inspira

Health

Obligated

Group

Revenue

2017

7/01/47

...............

8,700,000

8,464,301

Inspira

Health

Obligated

Group

Revenue

2024

Refunding

5.25

7/01/54

....

6,000,000

6,635,092

RWJ

Barnabas

Health

Obligated

Group

Revenue

2016

Refunding

7/01/43

10,000,000

10,208,330

RWJ

Barnabas

Health

Obligated

Group

Revenue

2024

Refunding

5.25

7/01/54

........................................................

5,115,000

5,678,433

St.

Joseph's

Healthcare

System

Obligated

Group

Revenue

2016

Refunding

7/01/41

........................................................

5,850,000

5,884,945

State

New

Jersey

Revenue

2024

Refunding

9/15/27

................

2,000,000

2,129,555

Valley

Health

System

Obligated

Group

Revenue

2019

7/01/35

...........

1,000,000

1,031,884

Valley

Health

System

Obligated

Group

Revenue

2019

7/01/37

...........

3,950,000

4,038,128

Valley

Health

System

Obligated

Group

Revenue

2019

7/01/38

...........

2,200,000

2,241,153

Valley

Health

System

Obligated

Group

Revenue

2019

7/01/44

...........

12,000,000

11,678,944

New

Jersey

Higher

Education

Student

Assistance

Authority

Revenue

2019

Refunding

3.25

12/01/39

............................

4,305,000

4,092,621

Revenue

2020

Refunding

4.25

12/01/50

...........................

1,750,000

1,613,648

Revenue

2021

Refunding

12/01/29

..............................

2,830,000

3,027,558

Revenue

2023

12/01/53

.......................................

3,125,000

3,169,251

Revenue

2024

5.25

12/01/54

....................................

2,000,000

2,056,014

Revenue,

Senior

Lien

2020

Refunding

3.5

12/01/39

...................

4,330,000

4,096,512

New

Jersey

Housing

Mortgage

Finance

Agency

Revenue

2018

Refunding

3.95

11/01/43

............................

1,100,000

1,064,667

Revenue

2019

Refunding

11/01/44

..............................

510,000

407,031

Revenue

2019

Refunding

3.95

10/01/44

...........................

3,955,000

3,859,252

Revenue

2020

Refunding

2.05

10/01/35

............................

4,005,000

3,250,692

Revenue

2020

Refunding

2.25

10/01/40

............................

8,020,000

6,006,435

Revenue

2020

Refunding

2.4

10/01/45

.............................

3,205,000

2,282,560

Revenue

2020

Refunding

2.45

10/01/50

............................

2,400,000

1,657,972

New

Jersey

Infrastructure

Bank

Revenue

2024

A-W1

9/01/49

.............

2,000,000

2,245,303

New

Jersey

Institute

Technology

Revenue

2015

7/01/45

..............

6,000,000

6,063,631

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

120

Principal

Amount

Value

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Transportation

Trust

Fund

Authority

State

New

Jersey

Revenue

2006

AGMC

Insured

Zero

Cpn.,

12/15/33

.....

10,000,000

7,293,338

State

New

Jersey

Revenue

2009

Zero

Cpn.,

12/15/32

.................

10,000,000

7,505,111

State

New

Jersey

Revenue

2009

Zero

Cpn.,

12/15/36

.................

500,000

313,807

State

New

Jersey

Revenue

2009

BAM

Insured

Zero

Cpn.,

12/15/39

.......

10,000,000

5,495,772

State

New

Jersey

Revenue

2010

Zero

Cpn.,

12/15/29

.................

5,000,000

4,214,303

State

New

Jersey

Revenue

2010

Zero

Cpn.,

12/15/40

.................

4,750,000

2,427,832

State

New

Jersey

Revenue

2019

6/15/44

......................

6,000,000

5,860,381

State

New

Jersey

Revenue

2020

6/15/45

......................

1,500,000

1,587,785

State

New

Jersey

Revenue

2020

6/15/50

......................

3,670,000

3,531,311

State

New

Jersey

Revenue

2022

6/15/41

........................

2,000,000

1,994,897

State

New

Jersey

Revenue

2022

6/15/42

......................

2,400,000

2,371,924

State

New

Jersey

Revenue

2022

6/15/46

......................

7,325,000

7,078,257

State

New

Jersey

Revenue

2022

5.5

6/15/50

.....................

1,250,000

1,379,893

State

New

Jersey

Revenue

2023

Refunding

6/15/38

...............

4,000,000

4,492,132

State

New

Jersey

Revenue

2023

Refunding

5.25

6/15/41

............

2,500,000

2,814,009

State

New

Jersey

Revenue

2023

5.25

6/15/50

....................

2,000,000

2,190,186

New

Jersey

Turnpike

Authority

Revenue

2017

1/01/34

........................................

10,005,000

10,419,786

Revenue

2017

Refunding

1/01/40

...............................

15,245,000

15,939,509

Revenue

2017

Refunding

1/01/43

...............................

5,000,000

5,004,874

Revenue

2019

1/01/48

........................................

15,500,000

16,251,609

Revenue

2021

1/01/51

........................................

3,000,000

2,925,064

Revenue

2022

4.5

1/01/48

......................................

5,000,000

5,170,430

Revenue

2024

4.125

1/01/54

....................................

1,500,000

1,486,861

Revenue

2024

5.25

1/01/54

.....................................

2,000,000

2,237,509

Newark

Board

Education

2021

Refunding

BAM

Insured

7/15/39

..........................

700,000

608,456

2021

Refunding

BAM

Insured

7/15/40

..........................

750,000

637,435

2021

Refunding

BAM

Insured

7/15/41

..........................

750,000

626,007

2021

Refunding

BAM

Insured

7/15/42

..........................

700,000

577,542

Newark

Housing

Authority

Port

Authority

New

York

New

Jersey

Revenue

2017

Refunding

1/01/37

.............................................

20,745,000

20,902,208

Passaic

County

Improvement

Authority

(The)

Paterson

Arts

Science

Charter

School

Revenue

2023

4.25

7/01/33

........

190,000

193,990

Paterson

Arts

Science

Charter

School

Revenue

2023

5.25

7/01/43

........

670,000

699,740

Paterson

Arts

Science

Charter

School

Revenue

2023

5.375

7/01/53

.......

1,000,000

1,033,443

Paterson

Arts

Science

Charter

School

Revenue

2023

5.5

7/01/58

.........

1,000,000

1,037,734

Salem

County

Pollution

Control

Financing

Authority

Constellation

Energy

Generation

LLC

Revenue

1993

Refunding

4.45

3/01/25

.........................

1,825,000

1,829,772

South

Jersey

Transportation

Authority

Revenue

2020

11/01/45

.......................................

5,750,000

6,022,375

Revenue

2022

4.625

11/01/47

....................................

5,000,000

5,118,201

Revenue

2022

5.25

11/01/52

.....................................

5,540,000

5,952,392

State

New

Jersey

2020

6/01/31

............................................

4,500,000

4,835,161

2020

6/01/32

............................................

3,400,000

3,352,835

Tobacco

Settlement

Financing

Corp.

Revenue

2018

Refunding

5.25

6/01/46

17,000,000

17,623,325

Union

County

Improvement

Authority

Revenue

2024

4.125

4/15/54

...........

5,500,000

5,506,490

570,811,354

New

York

2.0%

Port

Authority

New

York

New

Jersey

Revenue

240

Refunding

7/15/53

.................................

2,500,000

2,725,178

Revenue

242

Refunding

12/01/53

.................................

6,250,000

6,583,539

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

121

Principal

Amount

Value

Municipal

Bonds

(continued)

New

York

(continued)

Port

Authority

New

York

New

Jersey,

(continued)

Revenue

244

Refunding

7/15/54

.................................

5,000,000

5,488,310

14,797,027

Oregon

0.3%

State

Oregon

Housing

Community

Services

Department

Union

Pacific

Highway

Revenue

144A,

2022

II-1

5.5

12/01/39

............................

2,000,000

2,070,821

Pennsylvania

7.3%

Delaware

River

Joint

Toll

Bridge

Commission

Revenue

2017

7/01/42

.........................................

19,500,000

20,230,191

Revenue

2019

7/01/37

........................................

150,000

163,036

Revenue

2019

7/01/38

........................................

150,000

162,562

Revenue

2019

7/01/39

........................................

150,000

161,185

Revenue

2019

7/01/44

........................................

760,000

800,535

Delaware

River

Port

Authority

Revenue

2013

1/01/37

.........................................

10,000,000

10,024,830

Revenue

2018

1/01/37

........................................

3,285,000

3,533,039

Revenue

2018

1/01/38

........................................

5,050,000

5,432,534

Revenue

2018

1/01/39

........................................

2,300,000

2,471,500

Revenue

2018

1/01/40

........................................

9,565,000

10,282,524

53,261,936

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

Revenue

144A,

2021

A-1

3.65

12/01/36

..............................

1,500,000

1,313,629

AHPC

Vista

Towers

2021

LLC

Revenue

2021

A-1

3.65

12/01/36

...........

1,500,000

1,313,630

South

Carolina

State

Housing

Finance

Development

Authority

Garden

Oaks

Revenue

144A,

2021

4.2

12/01/39

................................

1,000,000

847,577

3,474,836

Texas

0.6%

City

Dallas

DHFC

Briscoe

Apartments

LLC

(The)

Revenue,

Senior

Lien

2022

12/01/62

.....................................................

2,000,000

1,987,892

Pecan

Public

Facility

Corp.

Revenue

144A,

2022

A-2

12/01/52

............

2,700,000

2,217,846

4,205,738

Washington

0.2%

Washington

State

Housing

Finance

Commission

Madison

Rivers

Edge

Apartments

LLC

Revenue

144A,

2021

3.65

1/01/37

............................

1,500,000

1,313,980

Wisconsin

0.4%

Public

Finance

Authority

Revenue

144A,

2022

B-1

12/28/44

................................

1,500,000

1,262,864

Pine

Forest

2022

Obligated

Group

Revenue

144A,

2022

6.5

12/01/52

.....

2,000,000

2,070,626

3,333,490

U.S.

Territories

2.4%

Guam

0.2%

Guam

Government

Waterworks

Authority

Revenue

2020

1/01/50

.........

850,000

878,857

Guam

Power

Authority

Revenue

2024

Refunding

10/01/39

..............

500,000

553,571

1,432,428

Puerto

Rico

2.2%

HTA

TRRB

Custodial

Trust

Revenue

2005

5.25

7/01/41

.....................................

2,218,051

2,171,134

Revenue

2007

5.25

7/01/36

.....................................

246,450

247,426

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

122

Principal

Amount

Value

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Electric

Power

Authority

Revenue

Refunding

NATL

Insured

5.25

7/01/32

....................

1,200,000

1,186,149

Revenue

5.5

7/01/38

.........................................

3,950,000

1,668,875

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

A-1

7/01/58

.....

10,850,000

10,897,984

16,171,568

Total

U.S.

Territories

....................................................................

17,603,996

Total

Municipal

Bonds

(Cost

713,082,260

)

.....................................

701,868,678

Escrows

and

Litigation

Trusts

0.0%

†

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

200,660

160,528

Total

Escrows

and

Litigation

Trusts

(Cost

–

)

...................................

160,528

Total

Long

Term

Investments

(Cost

714,682,260

)

...............................

703,673,957

Short

Term

Investments

3.3%

Principal

Amount

Municipal

Bonds

3.3%

New

Jersey

3.3%

New

Jersey

Health

Care

Facilities

Financing

Authority

Virtua

Health

Obligated

Group

Revenue

2009

LOC

JPMorgan

Chase

Bank

Daily

VRDN

and

Put

3.3

7/01/43

..................................

3,200,000

Virtua

Health

Obligated

Group

Revenue

2009

LOC

JPMorgan

Chase

Bank

Daily

VRDN

and

Put

3.4

7/01/43

..................................

21,200,000

24,400,000

Total

Municipal

Bonds

(Cost

24,400,000

)

......................................

24,400,000

Total

Short

Term

Investments

(Cost

24,400,000

)

................................

24,400,000

Total

Investments

(Cost

739,082,260

)

99.8

...................................

$728,073,957

Other

Assets,

less

Liabilities

0.2

.............................................

1,020,594

Net

Assets

100.0%

...........................................................

$729,094,551

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

123

See

Abbreviations

page

152

†

Rounds

less

than

0.1%

net

assets.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$24,800,873,

representing

3.4%

net

assets.

portion

all

the

security

purchased

delayed

delivery

basis.

See

Note

1(b).

Defaulted

security

for

which

income

has

been

deemed

uncollectible.

See

Note

Non-income

producing.

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

floating

variable

interest

rate

adjustment

formula

and

unconditional

right

demand

receive

payment

the

principal

balance

plus

accrued

interest

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

determined

based

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

period

end.

Franklin

Tax-Free

Trust

Financial

Statements

Assets

and

Liabilities

August

31,

2024

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

124

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Assets:

Investments

securities:

Cost

Unaffiliated

issuers

.................................

$2,094,911,015

$849,252,850

$4,959,501,350

Cost

Controlled

affiliates

(Note

)

..........................

41,161,812

39,888,825

—

Cost

Non-controlled

affiliates

(Note

)

......................

—

20,292,613

Value

Unaffiliated

issuers

................................

$2,075,612,288

$845,493,219

$4,887,360,738

Value

Controlled

affiliates

(Note

)

.........................

36,511,500

37,355,000

—

Value

Non-controlled

affiliates

(Note

)

......................

—

19,947,900

Cash

..................................................

11,566

—

58,948

Receivables:

Investment

securities

sold

.................................

1,208,466

—

1,236,471

Capital

sold

......................................

627,055

301,190

3,899,807

Interest

...............................................

22,070,285

8,431,305

62,620,364

Unrealized

appreciation

unfunded

commitments

(Note

)

........

—

3,305,474

Total

assets

........................................

2,136,041,160

891,580,714

4,978,429,702

Liabilities:

Payables:

Investment

securities

purchased

............................

—

8,770,579

Capital

redeemed

.................................

2,400,721

693,726

13,080,721

Management

fees

.......................................

610,639

208,974

1,869,245

Distribution

fees

........................................

207,343

97,958

586,083

Transfer

agent

fees

......................................

328,505

105,891

709,114

Trustees'

fees

and

expenses

...............................

3,530

1,851

8,751

Distributions

shareholders

...............................

462,860

414,330

819,100

Funds

advanced

custodian

...............................

—

10,600,414

—

Accrued

expenses

and

other

liabilities

.........................

243,150

145,852

1,653,021

Total

liabilities

.......................................

4,256,748

12,268,996

27,496,614

Net

assets,

value

...............................

$2,131,784,412

$879,311,718

$4,950,933,088

Net

assets

consist

of:

Paid-in

capital

...........................................

$2,312,099,157

$904,813,351

$5,966,474,344

Total

distributable

earnings

(losses)

...........................

(180,314,745)

(25,501,633)

(1,015,541,256)

Net

assets,

value

...............................

$2,131,784,412

$879,311,718

$4,950,933,088

Franklin

Tax-Free

Trust

Financial

Statements

Assets

and

Liabilities

(continued)

August

31,

2024

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

125

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Class

Net

assets,

value

.....................................

$641,924,848

$318,867,158

$1,514,900,118

outstanding

......................................

56,674,887

30,943,932

167,634,316

Net

asset

value

per

................................

$11.33

$10.30

$9.04

Maximum

offering

price

per

(net

asset

value

per

.75

and

.25

respectively)

..........................

$11.59

$10.54

$9.39

Class

A1:

Net

assets,

value

.....................................

$675,333,734

$233,721,741

$2,297,737,484

outstanding

......................................

59,703,430

22,659,484

254,466,877

Net

asset

value

per

................................

$11.31

$10.31

$9.03

Maximum

offering

price

per

(net

asset

value

per

.75

and

.25

respectively)

..........................

$11.57

$10.55

$9.38

Class

Net

assets,

value

.....................................

$24,181,388

$—

$127,846,544

outstanding

......................................

2,130,897

—

13,875,478

Net

asset

value

and

maximum

offering

price

per

..........

$11.35

$—

$9.21

Class

R6:

Net

assets,

value

.....................................

$125,970,985

$57,446,242

$206,338,723

outstanding

......................................

11,107,391

5,574,140

22,740,315

Net

asset

value

and

maximum

offering

price

per

...........

$11.34

$10.31

$9.07

Advisor

Class:

Net

assets,

value

.....................................

$664,373,457

$269,276,577

$804,110,219

outstanding

......................................

58,585,926

26,118,176

88,652,659

Net

asset

value

and

maximum

offering

price

per

...........

$11.34

$10.31

$9.07

Redemption

price

equal

net

asset

value

less

contingent

deferred

sales

charges,

applicable.

Net

asset

value

per

may

not

recalculate

due

rounding.

Franklin

Tax-Free

Trust

Financial

Statements

Assets

and

Liabilities

(continued)

August

31,

2024

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

126

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Assets:

Investments

securities:

Cost

Unaffiliated

issuers

..................................................

$286,701,302

$739,082,260

Value

Unaffiliated

issuers

.................................................

$280,746,924

$728,073,957

Cash

...................................................................

109,154

132,389

Receivables:

Capital

sold

.......................................................

115,805

244,733

Interest

................................................................

2,765,493

6,636,897

Unrealized

appreciation

unfunded

commitments

(Note

)

.........................

—

106,096

Total

assets

.........................................................

283,737,376

735,194,072

Liabilities:

Payables:

Investment

securities

purchased

.............................................

—

4,365,291

Capital

redeemed

..................................................

773,875

1,139,165

Management

fees

........................................................

117,112

296,948

Distribution

fees

.........................................................

25,875

72,095

Transfer

agent

fees

.......................................................

49,606

95,590

Trustees'

fees

and

expenses

................................................

649

1,143

Distributions

shareholders

................................................

82,070

73,955

Accrued

expenses

and

other

liabilities

..........................................

29,395

55,334

Total

liabilities

........................................................

1,078,582

6,099,521

Net

assets,

value

................................................

$282,658,794

$729,094,551

Net

assets

consist

of:

Paid-in

capital

............................................................

$321,316,728

$846,157,922

Total

distributable

earnings

(losses)

............................................

(38,657,934)

(117,063,371)

Net

assets,

value

................................................

$282,658,794

$729,094,551

Franklin

Tax-Free

Trust

Financial

Statements

Assets

and

Liabilities

(continued)

August

31,

2024

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

127

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Class

Net

assets,

value

......................................................

$47,296,970

$139,404,418

outstanding

.......................................................

4,424,631

13,388,595

Net

asset

value

per

.................................................

$10.69

$10.41

Maximum

offering

price

per

(net

asset

value

per

.25

)

...............

$11.11

$10.82

Class

A1:

Net

assets,

value

......................................................

$140,904,410

$320,646,073

outstanding

.......................................................

13,189,801

30,836,670

Net

asset

value

per

.................................................

$10.68

$10.40

Maximum

offering

price

per

(net

asset

value

per

.25

)

...............

$11.10

$10.81

Class

Net

assets,

value

......................................................

$6,661,404

$25,629,469

outstanding

.......................................................

616,029

2,431,636

Net

asset

value

and

maximum

offering

price

per

...........................

$10.81

$10.54

Class

R6:

Net

assets,

value

......................................................

$15,275,849

$50,582,099

outstanding

.......................................................

1,428,834

4,858,922

Net

asset

value

and

maximum

offering

price

per

............................

$10.69

$10.41

Advisor

Class:

Net

assets,

value

......................................................

$72,520,161

$192,832,492

outstanding

.......................................................

6,787,964

18,526,724

Net

asset

value

and

maximum

offering

price

per

............................

$10.68

$10.41

Redemption

price

equal

net

asset

value

less

contingent

deferred

sales

charges,

applicable.

Net

asset

value

per

may

not

recalculate

due

rounding.

Franklin

Tax-Free

Trust

Financial

Statements

Operations

for

the

six

months

ended

August

31,

2024

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

128

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Investment

income:

Dividends:

Unaffiliated

issuers

......................................

$—

$881,163

Controlled

affiliates

(Note

)

...............................

871,735

694,338

—

Non-controlled

affiliates

(Note

)

...........................

—

798,192

Interest:

Unaffiliated

issuers

......................................

37,339,485

14,036,093

128,674,611

Total

investment

income

.................................

38,211,220

14,730,431

130,353,966

Expenses:

Management

fees

(Note

)

.................................

4,940,515

2,146,217

11,084,501

Distribution

fees:

(Note

)

Class

..............................................

814,063

407,437

1,854,277

Class

.............................................

351,950

183,085

1,165,571

Class

..............................................

85,642

—

429,234

Transfer

agent

fees:

(Note

)

Class

..............................................

226,741

91,184

471,371

Class

.............................................

245,088

68,285

740,750

Class

..............................................

9,176

—

41,968

Class

.............................................

15,345

7,904

21,407

Advisor

Class

..........................................

230,509

75,765

250,655

Custodian

fees

(Note

)

....................................

6,828

2,673

14,781

Reports

shareholders

fees

................................

43,778

22,373

81,540

Registration

and

filing

fees

..................................

89,504

63,965

92,576

Professional

fees

.........................................

35,345

33,833

411,048

Trustees'

fees

and

expenses

................................

13,725

5,701

29,341

Other

..................................................

138,217

67,130

271,467

Total

expenses

.......................................

7,246,426

3,175,552

16,960,487

Expense

reductions

(Note

)

.............................

(8,262)

(4,670)

(18,501)

Expenses

waived/paid

affiliates

(Note

and

)

............

(1,137,296)

(800,793)

(56,524)

Net

expenses

.......................................

6,100,868

2,370,089

16,885,462

Net

investment

income

..............................

32,110,352

12,360,342

113,468,504

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

....................................

(7,884,869)

(601,319)

(20,300,450)

Controlled

affiliates

(Note

)

.............................

(2,176,897)

—

Non-controlled

affiliates

(Note

)

..........................

—

(1,775,012)

Net

realized

gain

(loss)

................................

(10,061,766)

(601,319)

(22,075,462)

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

17,884,427

9,530,086

122,827,315

Controlled

affiliates

(Note

)

.............................

2,087,251

77,500

—

Non-controlled

affiliates

(Note

)

..........................

—

2,278,774

Net

change

unrealized

appreciation

(depreciation)

..........

19,971,678

9,607,586

125,106,089

Net

realized

and

unrealized

gain

(loss)

..........................

9,909,912

9,006,267

103,030,627

Net

increase

(decrease)

net

assets

resulting

from

operations

........

$42,020,264

$21,366,609

$216,499,131

Franklin

Tax-Free

Trust

Financial

Statements

Operations

(continued)

for

the

six

months

ended

August

31,

2024

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

129

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

.......................................................

$5,354,310

$14,113,371

Expenses:

Management

fees

(Note

)

..................................................

771,232

1,778,630

Distribution

fees:

(Note

)

Class

...............................................................

60,336

173,684

Class

..............................................................

71,832

166,420

Class

...............................................................

23,667

91,094

Transfer

agent

fees:

(Note

)

Class

...............................................................

16,606

43,617

Class

..............................................................

49,413

104,474

Class

...............................................................

2,508

8,797

Class

..............................................................

2,146

4,083

Advisor

Class

...........................................................

26,652

61,773

Custodian

fees

(Note

)

.....................................................

1,039

2,254

Reports

shareholders

fees

.................................................

7,586

13,298

Registration

and

filing

fees

...................................................

33,094

32,886

Professional

fees

..........................................................

29,827

42,661

Trustees'

fees

and

expenses

.................................................

2,123

4,581

Other

...................................................................

25,554

37,282

Total

expenses

........................................................

1,123,615

2,565,534

Expense

reductions

(Note

)

..............................................

(1,799)

(3,017)

Expenses

waived/paid

affiliates

(Note

)

..................................

(16,207)

—

Net

expenses

........................................................

1,105,609

2,562,517

Net

investment

income

...............................................

4,248,701

11,550,854

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

.....................................................

(947,215)

(395,928)

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

.....................................................

2,131,190

3,786,503

Net

realized

and

unrealized

gain

(loss)

...........................................

1,183,975

3,390,575

Net

increase

(decrease)

net

assets

resulting

from

operations

.........................

$5,432,676

$14,941,429

Franklin

Tax-Free

Trust

Financial

Statements

Changes

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

130

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$32,110,352

$64,846,645

$12,360,342

$23,427,963

Net

realized

gain

(loss)

............

(10,061,766)

(26,719,297)

(601,319)

(3,472,826)

Net

change

unrealized

appreciation

(depreciation)

.................

19,971,678

73,908,148

9,607,586

18,527,002

Net

increase

(decrease)

net

assets

resulting

from

operations

42,020,264

112,035,496

21,366,609

38,482,139

Distributions

shareholders:

Class

........................

(9,089,687)

(18,203,765)

(4,268,847)

(8,254,640)

Class

.......................

(10,362,306)

(22,675,827)

(3,315,285)

(6,716,994)

Class

........................

(313,881)

(793,989)

—

Class

.......................

(1,967,128)

(3,933,219)

(825,916)

(1,599,898)

Advisor

Class

...................

(10,061,064)

(18,932,968)

(3,883,748)

(6,688,784)

Total

distributions

shareholders

.....

(31,794,066)

(64,539,768)

(12,293,796)

(23,260,316)

Capital

transactions:

(Note

)

Class

........................

(28,610,026)

(54,937,149)

(16,329,373)

(59,373,016)

Class

.......................

(58,378,627)

(150,109,598)

(21,289,608)

(57,224,544)

Class

........................

(4,590,392)

(14,963,414)

—

Class

.......................

(2,317,673)

(10,781,184)

(134,651)

(12,263,933)

Advisor

Class

...................

16,234,077

(2,296,419)

1,050,617

41,665,148

Total

capital

transactions

.......

(77,662,641)

(233,087,764)

(36,703,015)

(87,196,345)

Net

increase

(decrease)

net

assets

.....................

(67,436,443)

(185,592,036)

(27,630,202)

(71,974,522)

Net

assets:

Beginning

period

................

2,199,220,855

2,384,812,891

906,941,920

978,916,442

End

period

.....................

$2,131,784,412

$2,199,220,855

$879,311,718

$906,941,920

Franklin

Tax-Free

Trust

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

131

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$113,468,504

$235,589,411

$4,248,701

$9,450,691

Net

realized

gain

(loss)

............

(22,075,462)

(51,770,607)

(947,215)

(9,941,158)

Net

change

unrealized

appreciation

(depreciation)

.................

125,106,089

133,373,479

2,131,190

14,462,736

Net

increase

(decrease)

net

assets

resulting

from

operations

216,499,131

317,192,283

5,432,676

13,972,269

Distributions

shareholders:

Class

........................

(32,377,244)

(63,957,963)

(663,860)

(1,358,678)

Class

.......................

(52,670,645)

(114,756,788)

(2,083,970)

(4,266,601)

Class

........................

(2,558,603)

(6,257,972)

(84,247)

(216,598)

Class

.......................

(4,334,493)

(8,638,619)

(249,597)

(607,009)

Advisor

Class

...................

(18,139,331)

(39,343,627)

(1,159,715)

(2,964,128)

Total

distributions

shareholders

.....

(110,080,316)

(232,954,969)

(4,241,389)

(9,413,014)

Capital

transactions:

(Note

)

Class

........................

30,175,153

34,926,813

(2,403,693)

(5,842,398)

Class

.......................

(101,758,438)

(269,234,289)

(6,340,342)

(23,383,711)

Class

........................

(12,531,322)

(39,864,473)

(1,090,915)

(4,036,152)

Class

.......................

27,753,236

(9,523,208)

(3,417,537)

(5,119,246)

Advisor

Class

...................

6,362,628

(77,246,112)

(12,043,953)

(23,701,697)

Total

capital

transactions

.......

(49,998,743)

(360,941,269)

(25,296,440)

(62,083,204)

Net

increase

(decrease)

net

assets

.....................

56,420,072

(276,703,955)

(24,105,153)

(57,523,949)

Net

assets:

Beginning

period

................

4,894,513,016

5,171,216,971

306,763,947

364,287,896

End

period

.....................

$4,950,933,088

$4,894,513,016

$282,658,794

$306,763,947

Franklin

Tax-Free

Trust

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

132

Franklin

New

Jersey

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

.................................................

$11,550,854

$23,140,281

Net

realized

gain

(loss)

.................................................

(395,928)

(5,258,785)

Net

change

unrealized

appreciation

(depreciation)

...........................

3,786,503

22,314,956

Net

increase

(decrease)

net

assets

resulting

from

operations

................

14,941,429

40,196,452

Distributions

shareholders:

Class

.............................................................

(2,061,809)

(3,656,234)

Class

............................................................

(5,194,730)

(11,065,209)

Class

.............................................................

(353,985)

(893,785)

Class

............................................................

(752,527)

(1,232,514)

Advisor

Class

........................................................

(3,167,036)

(6,237,591)

Total

distributions

shareholders

..........................................

(11,530,087)

(23,085,333)

Capital

transactions:

(Note

)

Class

.............................................................

7,216,036

8,320,384

Class

............................................................

(21,463,561)

(40,116,538)

Class

.............................................................

(5,199,200)

(10,407,625)

Class

............................................................

8,754,123

3,072,129

Advisor

Class

........................................................

(3,443,049)

(39,874)

Total

capital

transactions

............................................

(14,135,651)

(39,171,524)

Net

increase

(decrease)

net

assets

...................................

(10,724,309)

(22,060,405)

Net

assets:

Beginning

period

.....................................................

739,818,860

761,879,265

End

period

..........................................................

$729,094,551

$739,818,860

Franklin

Tax-Free

Trust

133

franklintempleton.com

Semiannual

Report

Notes

Financial

Statements

(unaudited)

Organization

and

Significant

Accounting

Policies

Franklin

Tax-Free

Trust (Trust)

registered

under

the

Investment

Company

Act

1940

(1940

Act)

open-

end

management

investment

company,

consisting

twenty separate

funds,

five

which

are

included

this

report

(Funds).

The

Funds follow

the

accounting

and

reporting

guidance

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and apply

the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

classes

offered

within

each

the

Funds

are

indicated

below.

Class

automatically

convert

Class

monthly

basis,

after

they

have

been

held

for

years.

Each

class

may

differ

its initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

matters

affecting

single

class,

its

exchange

privilege

and

fees

due

differing

arrangements

for

distribution

and

transfer

agent

fees.

Class

A1,

Class

Advisor

Class

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Class

A1,

Class

Advisor

Class

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

The

following

summarizes

the Funds'

significant

accounting

policies.

Financial

Instrument

Valuation

The Funds'

investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

each

business

day

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier. Under

compliance

policies

and

procedures

approved

the

Trust’s

Board

Trustees

(the

Board),

the

Board

has

designated

the

Funds’

investment

manager

the

valuation

designee

and

has

responsibility

for

oversight

valuation.

The

investment

manager

assisted

the

Funds'

administrator

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

determine

fair

value.

Equity

securities

and

exchange

traded

funds listed

exchange

the

NASDAQ

National

Market

System

are

valued

the

last

quoted

sale

price

the

official

closing

price of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

multiple

markets

multiple

exchanges

are

valued

according

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

relationships

similar

securities.

Debt

securities

generally

trade

the

OTC

market rather

than

securities

exchange.

The

Funds'

pricing

services

use

multiple

valuation

techniques

determine

fair

value.

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

market-based

approach

through

which

quotes

from

market

makers

are

used

determine

fair

value.

instances

where

sufficient

market

activity

may

not

exist

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

principal

repayments,

underlying

collateral,

and

other

unique

security

features

order

estimate

the

relevant

cash

flows,

which

are

then

discounted

calculate

the

fair

value.

The

Funds

have

procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

134

franklintempleton.com

Semiannual

Report

Securities

Purchased

When-Issued,

Forward

Commitment or

Delayed

Delivery

Basis

Certain

all

Funds

may

purchase

securities

when-

issued,

forward

commitment or

delayed

delivery

basis,

with

payment

and

delivery

scheduled

for

future

date.

These

transactions

are

subject

market

fluctuations

and

are

subject

the

risk

that

the

value

delivery

may

less

than

the

trade

date

purchase

price.

Although

the

Funds

will

generally

purchase

these

securities

with

the

intention

holding

the

securities, they

may

sell

the

securities

before

the

settlement

date.

These

types

securities

may

considered

unfunded

and

the

Fund

may

obligated

perform

such

agreements

future

date.

Unfunded

commitments

are

marked

market

daily

and

any

unrealized

appreciation

depreciation

included

the

Statement

Assets

and

Liabilities

and

the

Statement

Operations.

August

31,

2024,

unfunded

commitments

were

follows:

Senior

Floating

Rate

Interests

Certain

all

Funds

invest

senior

secured

corporate

loans

that

pay

interest

rates

which

are

periodically

reset

reference

base

lending

rate

plus

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

designated

U.S.

bank

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

principal

from

excess

cash

flows

the

discretion

the

borrower.

result,

actual

maturity

may

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

which

the

Funds

invest

are

generally

readily

marketable,

but

may

subject

certain

restrictions

resale.

Income

Taxes

is each

Fund's

policy

qualify

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

distribute

shareholders

substantially

all

its

income

and

net

realized

gains

relieve

from

federal

income

and excise

taxes.

result,

provision

for

U.S.

federal

income

taxes

required.

The

federal

and

state

income

taxes

the

Statements

Operations

represents

taxes

taxable

income

earned

the

Funds

not

distributed

shareholders,

and

therefore

are

paid

their

behalf

the

Funds.

Each

Fund

may

recognize

income

tax

liability

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

less

than

50%

probability

that

will

sustained

upon

examination

the

tax

authorities

based

its

technical

merits.

August

31,

2024, each

Fund

has

determined

that

tax

liability

required

its

financial

statements

uncertain

tax

positions

for

any

open

tax

years

(or

expected

taken

future

tax

years).

Open

tax

years

are

those

that

remain

subject

examination

and

are

based

the

statute

limitations

each

jurisdiction

which

the

Fund

invests.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

trade

date.

Realized

gains

and

losses

security

transactions

are

determined

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

any)

and

estimated

expenses

are

accrued

daily.

Amortization

premium

and

accretion

discount

debt

securities

are

included

interest

income.

Paydown

gains

and

losses

are

recorded

adjustment

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

reinvested

paid

monthly

shareholders.

Distributions

from

realized

capital

gains

and

other

distributions,

any,

are

recorded

the

ex-dividend

date.

Distributable

earnings

are

determined

according

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

accordance

with

U.S.

GAAP.

These

differences

may

permanent

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

reflect

their

tax

character.

These

reclassifications

have

impact

net

assets

the

results

operations.

Temporary

differences

are

not

reclassified,

they

may

reverse

subsequent

periods.

Borrower

Unfunded

Commitment

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

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

Organization

and

Significant

Accounting

Policies

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

135

franklintempleton.com

Semiannual

Report

Common

expenses

incurred

the

Trust

are

allocated

among

the

Funds

based

the

ratio

net

assets

each

Fund

the

combined

net

assets

the

Trust

based

the

ratio

number

shareholders

each

Fund

the

combined

number

shareholders

the

Trust.

Fund

specific

expenses

are

charged

directly

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

each

class

based

upon

the

relative

proportion

net

assets

each

class.

Differences

per

distributions

class

are

generally

due

differences

class

specific

expenses.

Insurance

The

scheduled

payments

interest

and

principal

for

each

insured

municipal

security

the Trust are

insured

either

new

issue

insurance

policy

secondary

insurance

policy.

Some

municipal

securities

the Funds

are

secured

collateral

guaranteed

agency

the

U.S.

government.

Depending

the

type

coverage,

premiums

for

insurance

are

either

added

the

cost

basis

the

security

paid

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

very

high

quality,

with

the

majority

underlying

municipal

bonds

rated

better.

However,

event

involving

insurer

could

have

adverse

effect

the

value

the

securities

insured

that

insurance

company.

There

can

assurance

the

insurer

will

able

fulfill

its

obligations

under

the

terms

the

policy.

Accounting

Estimates

The

preparation

financial

statements

accordance

with

U.S.

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

date

the

financial

statements

and

the

amounts

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Guarantees

and

Indemnifications

Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

the Trust against

certain

liabilities

arising

out

the

performance

their

duties

the

Trust.

Additionally,

the

normal

course

business,

the Trust,

behalf

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

loss

remote.

Organization

and

Significant

Accounting

Policies

(continued)

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

136

franklintempleton.com

Semiannual

Report

Beneficial

Interest

August

31,

2024,

there

were

unlimited

number

authorized

(without

par value).

Transactions

the

Funds'

were

follows:

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

3,285,090

$36,905,640

2,298,479

$23,468,017

issued

reinvestment

distributions

..........

780,688

8,754,389

406,335

4,147,331

redeemed

...............................

(6,616,768)

(74,270,055)

(4,304,053)

(43,944,721)

Net

increase

(decrease)

..........................

(2,550,990)

$(28,610,026)

(1,599,239)

$(16,329,373)

Year

ended

February

29,

2024

sold

...................................

12,963,972

$143,118,053

8,871,893

$89,408,171

issued

reinvestment

distributions

..........

1,564,811

17,319,861

786,049

7,931,174

redeemed

...............................

(19,506,979)

(215,375,063)

(15,543,757)

(156,712,361)

Net

increase

(decrease)

..........................

(4,978,196)

$(54,937,149)

(5,885,815)

$(59,373,016)

Class

Six

Months

ended

August

31,

2024

sold

...................................

524,710

$5,885,993

142,706

$1,460,885

issued

reinvestment

distributions

..........

872,529

9,771,613

303,387

3,099,420

redeemed

...............................

(6,604,432)

(74,036,233)

(2,529,209)

(25,849,913)

Net

increase

(decrease)

..........................

(5,207,193)

$(58,378,627)

(2,083,116)

$(21,289,608)

Year

ended

February

29,

2024

sold

...................................

2,019,367

$22,324,650

581,611

$5,881,467

issued

reinvestment

distributions

..........

1,919,121

21,207,520

618,552

6,246,170

redeemed

...............................

(17,548,153)

(193,641,768)

(6,864,066)

(69,352,181)

Net

increase

(decrease)

..........................

(13,609,665)

$(150,109,598)

(5,663,903)

$(57,224,544)

Class

Six

Months

ended

August

31,

2024

sold

...................................

58,844

$659,658

—

$—

issued

reinvestment

distributions

..........

27,311

306,812

—

redeemed

..............................

(493,441)

(5,556,862)

—

Net

increase

(decrease)

..........................

(407,286)

$(4,590,392)

—

$—

Year

ended

February

29,

2024

sold

...................................

375,625

$4,156,308

—

$—

issued

reinvestment

distributions

..........

68,626

760,791

—

redeemed

..............................

(1,797,599)

(19,880,513)

—

Net

increase

(decrease)

..........................

(1,353,348)

$(14,963,414)

—

$—

Class

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

137

franklintempleton.com

Semiannual

Report

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

1,097,314

$12,328,138

644,482

$6,578,862

issued

reinvestment

distributions

..........

134,393

1,509,210

78,778

804,382

redeemed

...............................

(1,437,053)

(16,155,021)

(736,293)

(7,517,895)

Net

increase

(decrease)

..........................

(205,346)

$(2,317,673)

(13,033)

$(134,651)

Year

ended

February

29,

2024

sold

...................................

3,549,580

$39,157,666

1,414,688

$14,271,480

issued

reinvestment

distributions

..........

284,782

3,155,252

151,695

1,530,565

redeemed

...............................

(4,798,681)

(53,094,102)

(2,784,106)

(28,065,978)

Net

increase

(decrease)

..........................

(964,319)

$(10,781,184)

(1,217,723)

$(12,263,933)

Advisor

Class

Advisor

Class

Six

Months

ended

August

31,

2024

sold

...................................

7,477,978

$84,046,125

2,390,807

$24,371,509

issued

reinvestment

distributions

..........

658,006

7,388,071

132,507

1,353,153

redeemed

...............................

(6,691,756)

(75,200,119)

(2,417,214)

(24,674,045)

Net

increase

(decrease)

..........................

1,444,228

$16,234,077

106,100

$1,050,617

Year

ended

February

29,

2024

sold

...................................

19,756,206

$219,333,429

11,505,712

$116,517,715

issued

reinvestment

distributions

..........

1,275,037

14,127,419

252,353

2,547,506

redeemed

...............................

(21,326,567)

(235,757,267)

(7,681,886)

(77,400,073)

Net

increase

(decrease)

..........................

(295,324)

$(2,296,419)

4,076,179

$41,665,148

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

138

franklintempleton.com

Semiannual

Report

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

17,054,045

$151,888,749

190,132

$2,017,050

issued

reinvestment

distributions

..........

3,422,072

30,404,795

57,775

610,536

redeemed

...............................

(17,090,855)

(152,118,391)

(475,591)

(5,031,279)

Net

increase

(decrease)

..........................

3,385,262

$30,175,153

(227,684)

$(2,403,693)

Year

ended

February

29,

2024

sold

...................................

38,472,244

$331,347,490

564,799

$5,899,517

issued

reinvestment

distributions

..........

6,903,695

59,481,964

116,353

1,214,599

redeemed

...............................

(41,428,176)

(355,902,641)

(1,248,473)

(12,956,514)

Net

increase

(decrease)

..........................

3,947,763

$34,926,813

(567,321)

$(5,842,398)

Class

Six

Months

ended

August

31,

2024

sold

...................................

2,617,115

$23,288,888

72,172

$759,954

issued

reinvestment

distributions

..........

5,344,271

47,422,810

162,257

1,713,789

redeemed

...............................

(19,411,024)

(172,470,136)

(832,432)

(8,814,085)

Net

increase

(decrease)

..........................

(11,449,638)

$(101,758,438)

(598,003)

$(6,340,342)

Year

ended

February

29,

2024

sold

...................................

6,783,297

$58,386,773

152,652

$1,586,147

issued

reinvestment

distributions

..........

11,901,332

102,468,162

325,181

3,393,344

redeemed

...............................

(50,144,524)

(430,089,224)

(2,732,053)

(28,363,202)

Net

increase

(decrease)

..........................

(31,459,895)

$(269,234,289)

(2,254,220)

$(23,383,711)

Class

Six

Months

ended

August

31,

2024

sold

...................................

879,842

$7,981,254

51,781

$555,518

issued

reinvestment

distributions

..........

274,542

2,485,721

6,896

73,710

redeemed

..............................

(2,535,018)

(22,998,297)

(160,366)

(1,720,143)

Net

increase

(decrease)

..........................

(1,380,634)

$(12,531,322)

(101,689)

$(1,090,915)

Year

ended

February

29,

2024

sold

...................................

1,816,471

$16,009,952

37,546

$398,635

issued

reinvestment

distributions

..........

679,592

5,971,101

18,000

189,927

redeemed

..............................

(7,040,078)

(61,845,526)

(440,059)

(4,624,714)

Net

increase

(decrease)

..........................

(4,544,015)

$(39,864,473)

(384,513)

$(4,036,152)

Class

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

139

franklintempleton.com

Semiannual

Report

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

5,228,450

$46,897,962

184,086

$1,950,679

issued

reinvestment

distributions

..........

406,951

3,631,379

3,899

41,197

redeemed

...............................

(2,548,367)

(22,776,105)

(510,304)

(5,409,413)

Net

increase

(decrease)

..........................

3,087,034

$27,753,236

(322,319)

$(3,417,537)

Year

ended

February

29,

2024

sold

...................................

7,421,961

$64,250,430

816,835

$8,432,299

issued

reinvestment

distributions

..........

786,786

6,807,327

8,162

85,188

redeemed

...............................

(9,367,551)

(80,580,965)

(1,332,867)

(13,636,733)

Net

increase

(decrease)

..........................

(1,158,804)

$(9,523,208)

(507,870)

$(5,119,246)

Advisor

Class

Advisor

Class

Six

Months

ended

August

31,

2024

sold

...................................

12,266,211

$109,482,180

316,521

$3,347,676

issued

reinvestment

distributions

..........

1,815,989

16,191,040

104,850

1,107,295

redeemed

...............................

(13,391,520)

(119,310,592)

(1,560,247)

(16,498,924)

Net

increase

(decrease)

..........................

690,680

$6,362,628

(1,138,876)

$(12,043,953)

Year

ended

February

29,

2024

sold

...................................

36,780,674

$318,461,216

6,672,056

$68,369,435

issued

reinvestment

distributions

..........

3,971,608

34,353,160

275,969

2,873,437

redeemed

...............................

(50,001,390)

(430,060,488)

(9,381,233)

(94,944,569)

Net

increase

(decrease)

..........................

(9,249,108)

$(77,246,112)

(2,433,208)

$(23,701,697)

Franklin

New

Jersey

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

1,838,403

$18,988,160

issued

reinvestment

distributions

..........

188,311

1,941,527

redeemed

...............................

(1,324,147)

(13,713,651)

Net

increase

(decrease)

..........................

702,567

$7,216,036

Year

ended

February

29,

2024

sold

...................................

2,887,089

$29,427,457

issued

reinvestment

distributions

..........

326,693

3,314,745

redeemed

...............................

(2,406,908)

(24,421,818)

Net

increase

(decrease)

..........................

806,874

$8,320,384

Class

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

140

franklintempleton.com

Semiannual

Report

Franklin

New

Jersey

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

105,805

$1,091,449

issued

reinvestment

distributions

..........

428,105

4,406,896

redeemed

...............................

(2,612,745)

(26,961,906)

Net

increase

(decrease)

..........................

(2,078,835)

$(21,463,561)

Year

ended

February

29,

2024

sold

...................................

382,824

$3,832,353

issued

reinvestment

distributions

..........

906,198

9,182,591

redeemed

...............................

(5,244,088)

(53,131,482)

Net

increase

(decrease)

..........................

(3,955,066)

$(40,116,538)

Class

Six

Months

ended

August

31,

2024

sold

...................................

93,125

$975,229

issued

reinvestment

distributions

..........

30,652

319,828

redeemed

..............................

(620,771)

(6,494,257)

Net

increase

(decrease)

..........................

(496,994)

$(5,199,200)

Year

ended

February

29,

2024

sold

...................................

172,674

$1,769,549

issued

reinvestment

distributions

..........

79,113

812,265

redeemed

..............................

(1,273,927)

(12,989,439)

Net

increase

(decrease)

..........................

(1,022,140)

$(10,407,625)

Class

Six

Months

ended

August

31,

2024

sold

...................................

1,022,016

$10,521,666

issued

reinvestment

distributions

..........

73,357

756,378

redeemed

...............................

(244,313)

(2,523,921)

Net

increase

(decrease)

..........................

851,060

$8,754,123

Year

ended

February

29,

2024

sold

...................................

1,140,638

$11,578,814

issued

reinvestment

distributions

..........

121,496

1,232,523

redeemed

...............................

(968,646)

(9,739,208)

Net

increase

(decrease)

..........................

293,488

$3,072,129

Advisor

Class

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

141

franklintempleton.com

Semiannual

Report

Transactions

with

Affiliates

Franklin

Resources,

Inc.

the

holding

company

for

various

subsidiaries

that

together

are

referred

Franklin

Templeton.

Certain

officers

and

trustees

the Trust are

also

officers

and/or

directors

the

following

subsidiaries:

Management

Fees

The

Funds,

except

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund,

pay

investment

management

fee,

calculated

daily

and

paid

monthly,

Advisers

based

the

month-end

net

assets

each

the

Funds

and

Franklin

Federal

Limited-Term

Tax-

Free

Income

Fund

pays

investment

management

fee,

calculated

daily

and

paid

monthly,

Advisers

based

the

average

daily

net

assets

the

Fund

follows:

Franklin

New

Jersey

Tax-Free

Income

Fund

Amount

Advisor

Class

Six

Months

ended

August

31,

2024

sold

...................................

2,127,017

$21,973,389

issued

reinvestment

distributions

..........

298,704

3,077,919

redeemed

...............................

(2,759,886)

(28,494,357)

Net

increase

(decrease)

..........................

(334,165)

$(3,443,049)

Year

ended

February

29,

2024

sold

...................................

10,242,545

$101,831,764

issued

reinvestment

distributions

..........

594,579

6,029,587

redeemed

...............................

(10,928,216)

(107,901,225)

Net

increase

(decrease)

..........................

(91,092)

$(39,874)

May

include

portion

Class

that

were

automatically

converted

Class

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Annualized

Fee

Rate

Net

Assets

0.625%

and

including

$100

million

0.500%

Over

$100

million,

and

including

$250

million

0.450%

Over

$250

million,

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

and

including

$10

billion

0.430%

Over

$10

billion,

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

and

including

$15

billion

0.400%

Over

$15

billion,

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

and

including

$20

billion

0.360%

excess

$20

billion

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

142

franklintempleton.com

Semiannual

Report

For

the

period

ended

August

31,

2024,

each

Fund's

annualized

gross

effective

investment

management

fee

rate

based

average

daily

net

assets

was

follows:

Administrative

Fees

Under

agreement

with

Advisers,

Services

provides

administrative

services

the

Funds.

The

fee

paid

Advisers

based

each

of the

Funds'

average

daily

net

assets,

and

not

additional

expense

the

Funds.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

class,

with

the

exception

Class

and

Advisor

Class

shares,

pursuant

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

and

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

connection

with

the

servicing,

sale

and

distribution

of each

Funds'

the

maximum

annual

plan

rate

for

each

class.

Under

the

Class

and

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

reimbursed

subsequent

periods.

addition,

under

the

Funds' Class

compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

connection

with

the

servicing,

sale

and

distribution

the

Funds'

the

maximum

annual

plan

rate.

The

plan

year,

for

purposes

monitoring

compliance

with

the

maximum

annual

plan

rates,

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

the

average

daily

net

assets,

for

each

class,

are

follows:

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.455%

0.478%

0.450%

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.526%

0.479%

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Class

...............................

0.25%

Class

..............................

0.10%

0.15%

0.10%

Class

...............................

0.65%

—%

0.65%

Franklin

New

Jersey

Tax-Free

Income

Fund

Class

...............................

0.25%

Class

..............................

0.10%

Class

...............................

0.65%

Transactions

with

Affiliates

(continued)

Management

Fees

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

143

franklintempleton.com

Semiannual

Report

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

not

represent

expenses

the

Funds.

These

charges

are

deducted

from

the

proceeds

sales

fund

prior

investment

from

redemption

proceeds

prior

remittance,

applicable.

Distributors

has

advised

the

Funds

the

following

commission

transactions

the

sales

and

redemptions

the

Funds'

for

the

period:

Transfer

Agent

Fees

Each

class

shares pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

shareholder

servicing

obligations. The

fees

are based

fixed

margin

earned

Investor

Services

and

are allocated

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

third

parties.

These

fees

paid

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

such

classes'

aggregate

net

assets.

Class

pays

Investor

Services

transfer

agent

fees

allocated

specifically

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

August

31,

2024,

the Funds

paid

transfer

agent

fees

noted

the

Statements of

Operations

which

the

following

amounts

were

retained

Investor

Services:

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

..................

$9,502

$6,758

$21,893

$724

CDSC

retained

...........................

$12,400

$22,874

$41,363

$94

Franklin

New

Jersey

Tax-Free

Income

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

..................

$2,589

CDSC

retained

...........................

$3,823

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Transfer

agent

fees

........................

$189,859

$76,184

$463,537

$31,578

Franklin

New

Jersey

Tax-Free

Income

Fund

Transfer

agent

fees

........................

$77,815

Transactions

with

Affiliates

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

144

franklintempleton.com

Semiannual

Report

Investments

Affiliated

Management

Investment

Companies

Certain

all

Funds

invest

one

affiliated

management

investment

companies.

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

affiliated

fund’s

outstanding

has

the

power

exercise

control

over

management

policies

such

fund.

The

Funds

not

invest

for

purposes

exercising

controlling

influence

over

the

management

policies.

Management

fees

paid

the

Funds

are

waived

assets

invested

the

affiliated

management

investment

companies,

noted

the

Statements

Operations,

amount

not

exceed

the

management

and

administrative

fees

paid

directly

indirectly

each

affiliate.

During

the

period

ended

August

31,

2024,

investments

affiliated

management

investment

companies

were

follows:

Waiver

and

Expense

Reimbursements

Advisers

has

contractually

agreed

advance

waive

limit

its

fees

and

assume

its

own

expense

certain

expenses

otherwise

payable

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

costs,

including

those

relating

litigation,

indemnification,

reorganizations,

and

liquidations)

for

Class

A1,

Class

and

Advisor

Class

the

Fund

not

exceed

0.46%,

and

for

Class

does

not

exceed

0.40%,

based

the

average

net

assets

each

class

until

June

30,

2025.

Total

expenses

waived

paid

are

not

subject

recapture

subsequent

the

Fund's

fiscal

year

end.

Advisers

has

contractually

agreed

advance

waive

limit

its

fees

and

assume

its

own

expense

certain

expenses

otherwise

payable

Franklin

Limited-Term

Tax-Free

Income

Fund

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

costs,

including

those

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Municipal

Green

Bond

ETF

...................

$50,865,750

$—

$(14,264,604)

$(2,176,897)

$2,087,251

$36,511,500

1,515,000

$871,735

Total

Affiliated

Securities

...

$50,865,750

$—

$(14,264,604)

$(2,176,897)

$2,087,251

$36,511,500

$871,735

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Municipal

Green

Bond

ETF

...................

$37,277,500

$—

$77,500

$37,355,000

1,550,000

$694,338

Total

Affiliated

Securities

...

$37,277,500

$—

$77,500

$37,355,000

$694,338

Franklin

High

Yield

Tax-Free

Income

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Dynamic

Municipal

Bond

ETF

...................

$42,734,250

$—

$(23,290,112)

$(1,775,012)

$2,278,774

$19,947,900

805,000

$798,192

Total

Affiliated

Securities

...

$42,734,250

$—

$(23,290,112)

$(1,775,012)

$2,278,774

$19,947,900

$798,192

Transactions

with

Affiliates

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

145

franklintempleton.com

Semiannual

Report

relating

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

the

Fund

not

exceed

0.40%,

based

the

average

net

assets

each

class

until

June

30,

2025.

Total

expenses

waived

paid

are

not

subject

recapture

subsequent

the

Fund’s

fiscal

year

end.

Advisers

has

contractually

agreed

advance

waive

limit

its

fees

and

assume

its

own

expense

certain

expenses

otherwise

payable

Franklin

Massachusetts

Tax-Free

Income

Fund

and

Franklin

New

Jersey

Tax-Free

Income

Fund

that

the

operating

expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

costs,

including

those

relating

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

the

Funds

not

exceed

0.65%,

based

the

average

net

assets

each

class

until

June

30,

2025.

Total

expenses

waived

paid

are

not

subject

recapture

subsequent

the

Funds’

fiscal

year

end.

For

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund,

Investor

Services

has

contractually

agreed

advance

waive

limit

its

fees

that

the

Class

transfer

agent

fees

not

exceed

0.02%

based

the

average

net

assets

the

class

until

June

30,

2024.

For

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund,

Franklin

High

Yield

Tax-Free

Income

Fund,

Franklin

Massachusetts

Tax-Free

Income

Fund

and

Franklin

New

Jersey

Tax-Free

Income

Fund,

Investor

Services

has

contractually

agreed

advance

waive

limit

its

fees

that

the

Class

transfer

agent

fees

not

exceed

0.03%

based

the

average

net

assets

the

class

until

June

30,

2025.

Interfund

Transactions

Certain

all

Funds

engaged

purchases

and

sales

investments

with

funds

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

officers.

These

purchases,

sales

and

the

net

realized

gains

(losses),

any,

for

the

period

ended

August

31,

2024,

were

follows:

Expense

Offset

Arrangement

The

Funds

have

entered

into

arrangement

with

their

custodian

whereby

credits

realized

result

uninvested

cash

balances

are

used

reduce

portion

the

Funds'

custodian

expenses.

During

the

period

ended

August

31,

2024,

the

custodian

fees

were

reduced

noted

the

Statements

Operations.

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Purchases

..............................

$64,272,399

$68,960,000

$140,715,000

$7,875,000

Sales

..................................

$94,145,943

$49,810,000

$180,247,399

$7,550,000

Net

Realized

Gains

(Losses)

.................

$(719,587)

—

$(76,154)

—

Franklin

New

Jersey

Tax-Free

Income

Fund

Purchases

..............................

$41,985,706

Sales

..................................

$26,960,000

Net

Realized

Gains

(Losses)

.................

—

Transactions

with

Affiliates

(continued)

Waiver

and

Expense

Reimbursements

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

146

franklintempleton.com

Semiannual

Report

Income

Taxes

For

tax

purposes,

capital

losses

may

carried

over

offset

future

capital

gains.

February

29,

2024,

the

capital

loss

carryforwards

were

follows:

August

31,

2024,

the

cost

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

follows:

Differences

between

income

and/or

capital

gains

determined

book

basis

and

tax

basis

are

primarily

due

differing

treatments

defaulted

securities,

bond

discounts

and

premiums

and

non-deductible

expenses.

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Capital

loss

carryforwards

not

subject

expiration:

Short

term

.............................

81,964,284

7,156,417

235,584,795

13,158,899

Long

term

.............................

65,577,099

13,226,521

717,915,699

18,624,698

Total

capital

loss

carryforwards

............

$147,541,383

$20,382,938

$953,500,494

$31,783,597

Franklin

New

Jersey

Tax-Free

Income

Fund

Capital

loss

carryforwards

not

subject

expiration:

Short

term

.............................

16,209,334

Long

term

.............................

90,211,989

Total

capital

loss

carryforwards

............

$106,421,323

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Cost

investments

.......................

$2,135,650,304

$888,784,922

$4,987,710,785

$286,684,662

Unrealized

appreciation

.....................

$35,190,836

$9,723,869

$295,727,188

$3,733,976

Unrealized

depreciation

.....................

(58,717,352)

(15,660,572)

(376,129,335)

(9,671,714)

Net

unrealized

appreciation

(depreciation)

.......

$(23,526,516)

$(5,936,703)

$(80,402,147)

$(5,937,738)

Franklin

New

Jersey

Tax-Free

Income

Fund

Cost

investments

.......................

$739,208,264

Unrealized

appreciation

.....................

$11,973,455

Unrealized

depreciation

.....................

(23,107,762)

Net

unrealized

appreciation

(depreciation)

.......

$(11,134,307)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

147

franklintempleton.com

Semiannual

Report

Investment

Transactions

Purchases

and

sales

investments

(excluding

short

term

securities)

for

the

period

ended

August

31,

2024,

were

follows:

Credit

Risk

and

Defaulted

Securities

August

31,

2024, Franklin

High

Yield

Tax-Free

Income

Fund

had

49.9% of

its

portfolio

invested

high

yield

rated

below

investment

grade

determined

Nationally

Recognized

Statistical

Credit

Ratings

Organizations

and/or

internally,

investment

management.

These

securities

may

sensitive

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

greater

risk

loss

due

default

than

higher

rated

securities.

Certain

all

Funds

held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

August

31,

2024,the

aggregate

value

these

securities for

Franklin

High

Yield

Tax-Free

Income

Fund

and

Franklin

New

Jersey

Tax-Free

Income

Fund

was

$82,953,344

and

$1,668,875,

representing 1.7%

and

0.2%, respectively,

each

Fund's

net

assets.

The

Funds

discontinue

accruing

income

securities

for

which

income

has

been

deemed

uncollectible

and

provides

estimate

for

losses

interest

receivable.

The securities have

been

identified

the

accompanying

Schedules

Investments.

Concentration

Risk

Certain

all

Funds

invest

large

percentage

their

total

assets

obligations

issuers

within

their

respective

state

and

U.S.

territories.

Such

concentration

may

subject

the

Funds

risks

associated

with

industrial

regional

matters,

and

economic,

political

legal

developments

occurring

within

those

states

and

U.S.

territories. Investments

these

securities

are

sensitive

interest

rate

changes

and

credit

risk

the

issuer

and

may

subject

the

Funds

increased

market

volatility.

The

market

for

these

investments

may

limited,

which

may

make

them

difficult

buy

sell.

Restricted

Securities

Certain

all

Funds

invest

securities

that

are

restricted

under

the

Securities

Act

1933

(1933

Act).

Restricted

securities

are

often

purchased

private

placement

transactions,

and

cannot

sold

without

prior

registration

unless

the

sale

pursuant

exemption

under

the

1933

Act.

Disposal

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

acceptable

price

may

difficult.

The

Funds

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

Franklin

Federal

Intermediate-

Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Purchases

..............................

$174,901,140

$77,507,177

$244,269,661

$15,928,767

Sales

..................................

$235,993,363

$157,963,894

$350,839,711

$41,434,510

Franklin

New

Jersey

Tax-Free

Income

Fund

Purchases

..............................

$54,939,519

Sales

..................................

$78,355,195

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

148

franklintempleton.com

Semiannual

Report

August

31,

2024,

investments

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

follows:

10.

Credit

Facility

The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

Franklin

Templeton,

are

borrowers

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

January

31,

2025.

This

Global

Credit

Facility

provides

source

funds

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

meet

future

unanticipated

unusually

large

redemption

requests.

Under

the

terms

the

Global

Credit

Facility,

the

Funds

shall,

addition

interest

charged

any

borrowings

made

the

Funds

and

other

costs

incurred

the

Funds,

pay

their

fees

and

expenses

incurred

connection

with

the

implementation

and

maintenance

the

Global

Credit

Facility,

based

upon

their

relative

the

aggregate

net

assets

all

the

Borrowers,

including

annual

commitment

fee

0.15%

based

upon

the

unused

portion

the

Global

Credit

Facility.

These

fees

are

reflected

other

expenses

the

Statements

Operations.

During

the

period ended

August

31,

2024,

the

Funds

did

not

use

the

Global

Credit

Facility.

Principal

Amount

Issuer

Acquisition

Date

Cost

Value

Franklin

High

Yield

Tax-Free

Income

Fund

1,920,000

CalPlant

LLC,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..................................

10/13/21

1,920,000

249,600

7,205,000

CalPlant

LLC,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..................................

11/01/21

7,205,000

936,650

3,975,000

CalPlant

LLC,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..................................

4/05/22

3,975,000

516,750

345,000

CalPlant

LLC,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..................................

9/28/22

345,000

44,850

2,610,000

CalPlant

LLC,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..................................

10/11/22

2,610,000

3,910,000

CalPlant

LLC,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..................................

11/09/22

3,910,000

1,380,000

CalPlant

LLC,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..................................

1/11/23

1,380,000

1,225,000

CalPlant

LLC,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..................................

2/09/23

1,225,000

1,955,000

CalPlant

LLC,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..................................

3/02/23

1,955,000

1,700,000

CalPlant

LLC,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..................................

5/04/23

1,700,000

1,915,000

CalPlant

LLC,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..................................

6/01/23

1,915,000

Total

Restricted

Securities

(Value

0.3%

Net

Assets)

..............

$28,140,000

$16,442,850

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$5,795,000

August

31,

2024.

Restricted

Securities

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

149

franklintempleton.com

Semiannual

Report

11.

Fair

Value

Measurements

The Funds

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

determining

the

value

the Funds' financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

Level

–

quoted

prices

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

determining

the

fair

value

financial

instruments)

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

summary

inputs

used

August

31,

2024,

valuing

the

Funds'

assets carried

fair

value,

follows:

Level

Total

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Management

Investment

Companies

.........

36,511,500

—

36,511,500

Municipal

Bonds

.........................

—

2,071,912,288

—

2,071,912,288

Short

Term

Investments

...................

—

3,700,000

—

3,700,000

Total

Investments

Securities

...........

$36,511,500

$2,075,612,288

$—

$2,112,123,788

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Management

Investment

Companies

.........

37,355,000

—

37,355,000

Corporate

Bonds

........................

—

3,847,413

Senior

Floating

Rate

Interests

...............

—

25,620,147

15,964,505

41,584,652

Municipal

Bonds

.........................

—

747,106,154

—

747,106,154

Short

Term

Investments

...................

—

52,955,000

—

52,955,000

Total

Investments

Securities

...........

$37,355,000

$825,681,301

$19,811,918

$882,848,219

Franklin

High

Yield

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Common

Stocks

.........................

—

Management

Investment

Companies

.........

103,536,900

—

103,536,900

Corporate

Bonds

Commercial

Services

Supplies

...........

—

22,237,850

Diversified

Consumer

Services

............

—

86,805,847

—

86,805,847

Electric

Utilities

........................

—

15,222,551

—

15,222,551

Senior

Floating

Rate

Interests

...............

—

122,227

Municipal

Bonds

Alabama

.............................

—

5,401,873

—

5,401,873

Arizona

..............................

—

93,321,581

—

93,321,581

Arkansas

.............................

—

27,676,486

—

27,676,486

California

.............................

—

1,001,663,138

1,038,382

1,002,701,520

Colorado

.............................

—

262,692,954

—

262,692,954

Connecticut

...........................

—

27,457,841

—

27,457,841

Florida

...............................

—

837,803,553

—

837,803,553

Georgia

..............................

—

44,180,177

—

44,180,177

Idaho

................................

—

13,330,375

—

13,330,375

Illinois

...............................

—

68,299,012

—

68,299,012

Indiana

..............................

—

22,140,185

—

22,140,185

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

150

franklintempleton.com

Semiannual

Report

Level

Total

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Assets:

(continued)

Municipal

Bonds:

Iowa

................................

—

11,904,659

—

11,904,659

Kansas

..............................

—

1,335,413

—

1,335,413

Kentucky

.............................

—

33,350,576

—

33,350,576

Louisiana

.............................

—

74,710,355

—

74,710,355

Maryland

.............................

—

11,027,788

—

11,027,788

Massachusetts

........................

—

2,354,078

—

2,354,078

Michigan

.............................

—

21,184,084

—

21,184,084

Minnesota

............................

—

4,891,995

—

4,891,995

Mississippi

............................

—

26,158,234

—

26,158,234

Missouri

..............................

—

13,604,765

—

13,604,765

Nevada

..............................

—

47,301,784

—

47,301,784

New

Hampshire

........................

—

10,173,712

—

10,173,712

New

Jersey

...........................

—

63,775,307

—

63,775,307

New

Mexico

...........................

—

2,151,029

—

2,151,029

New

York

.............................

—

153,544,356

—

153,544,356

North

Dakota

..........................

—

6,679,370

—

6,679,370

Ohio

................................

—

148,663,563

—

148,663,563

Oklahoma

............................

—

7,589,629

—

7,589,629

Oregon

..............................

—

15,183,133

—

15,183,133

Pennsylvania

..........................

—

102,415,069

—

102,415,069

South

Carolina

.........................

—

69,560,552

—

69,560,552

South

Dakota

..........................

—

8,488,180

—

8,488,180

Tennessee

............................

—

68,341,801

—

68,341,801

Texas

...............................

—

542,226,606

—

542,226,606

Utah

................................

—

25,927,368

—

25,927,368

Virginia

..............................

—

18,752,117

—

18,752,117

Washington

...........................

—

66,599,334

—

66,599,334

West

Virginia

..........................

—

3,233,674

—

3,233,674

Wisconsin

............................

—

136,876,329

—

136,876,329

U.S.

Territories

..........................

District

Columbia

.....................

—

39,659,480

—

39,659,480

Pacific

Islands

.........................

—

5,477,889

—

5,477,889

Puerto

Rico

...........................

—

335,303,111

—

335,303,111

Escrows

and

Litigation

Trusts

...............

—

4,927,366

Short

Term

Investments

...................

—

191,005,000

—

191,005,000

Total

Investments

Securities

...........

$103,536,900

$4,775,445,913

$28,325,825

$4,907,308,638

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$3,305,474

Total

Other

Financial

Instruments

.........

$—

$3,305,474

Franklin

Massachusetts

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Corporate

Bonds

........................

—

925,173

Senior

Floating

Rate

Interests

...............

—

1,000,052

Municipal

Bonds

.........................

—

274,521,699

—

274,521,699

Short

Term

Investments

...................

—

4,300,000

—

4,300,000

Total

Investments

Securities

...........

$—

$278,821,699

$1,925,225

$280,746,924

Franklin

New

Jersey

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Corporate

Bonds

........................

—

1,644,751

Municipal

Bonds

.........................

—

701,868,678

—

701,868,678

Escrows

and

Litigation

Trusts

...............

—

160,528

11.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

151

franklintempleton.com

Semiannual

Report

reconciliation

which

Level

inputs

are

used

determining

fair

value

presented

when

there

are

significant

Level

assets

and/or

liabilities

the

beginning

and/or

end

the period.

Level

financial

instruments,

for

the

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund, include

fair

value

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

May

also

include

values

derived

using

recent

transactions,

private

transaction

prices

non-public

third-party

pricing

information

which

unobservable.

Level

Total

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

Assets:

(continued)

Investments

Securities:

Short

Term

Investments

...................

—

24,400,000

—

24,400,000

Total

Investments

Securities

...........

$—

$726,268,678

$1,805,279

$728,073,957

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$106,096

Total

Other

Financial

Instruments

.........

$—

$106,096

Includes

financial

instruments

determined

have

value.

Balance

Beginning

Period

Purchases

Sales

Transfer

Into

Level

Transfer

Out

Level

Net

Accretion

(

Amortiza

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciation

(Depreciation)

Balance

End

Period

Net

Change

Unrealized

Appreciation

(Depreciation)

Assets

Held

Period

End

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Corporate

Bonds:

United

States

—

3,731,991

—

25,437

—

89,985

3,847,413

89,985

Senior

Floating

Rate

Interests:

United

States

16,059,282

—

(94,777)

15,964,505

(94,777)

Total

Investments

Securities

.......

$16,059,282

$3,731,991

$—

$25,437

$—

$(4,792)

$19,811,918

$(4,792)

Purchases

include

all

purchases

securities

and

securities

received

corporate

actions.

11.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

153

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Semiannual

Report

FRANKLIN

TAX-FREE

TRUST

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

(each

Fund)

in-person

meeting

held

April

16,

2024

(Meeting),

the

Board

Trustees

(Board)

Franklin

Tax-Free

Trust

(Trust),

including

majority

the

trustees

who

are

not

“interested

persons”

defined

the

Investment

Company

Act

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

behalf

each

Fund

(each

Management

Agreement)

for

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

considering

whether

approve

the

continuation

each

Management

Agreement.

Although

the

Management

Agreements

for

the

Funds

were

considered

the

same

Board

meeting,

the

Board

considered

the

information

provided

about

the

Funds

together

and

with

respect

each

Fund

separately

the

Board

deemed

appropriate.

considering

the

continuation

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

the

Manager

the

Meeting

and

throughout

the

year

meetings

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

response

detailed

set

requests

for

information

submitted

the

Manager

Independent

Trustee

counsel

behalf

the

Independent

Trustees

connection

with

the

annual

contract

renewal

process.

addition,

prior

the

Meeting,

the

Independent

Trustees

held

virtual

contract

renewal

meeting

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

request

additional

information

that

the

Independent

Trustees

reviewed

and

considered

prior

and

the

Meeting.

The

Board

reviewed

and

considered

all

the

factors

deemed

relevant

approving

the

continuance

Changes

and

Disagreements

with

Accountants

For

the

period

covered

this

report

Not

applicable.

Results

Meeting(s)

Shareholders

For

the

period

covered

this

report

Not

applicable.

Remuneration

Paid

Directors,

Officers

and

Others

For

the

period

covered

this

report

Refer

the

financial

statements

included

herein.

Board

Approval

Management

and

Subadvisory

Agreements

For

the

period

covered

this

report

Franklin

Tax-Free

Trust

154

franklintempleton.com

Semiannual

Report

each

Management

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

the

services

provided

the

Manager;

(ii)

the

investment

performance

each

Fund;

(iii)

the

costs

the

services

provided

and

profits

realized

the

Manager

and

its

affiliates

from

the

relationship

with

each

Fund;

(iv)

the

extent

which

economies

scale

are

realized

each

Fund

grows;

and

(v)

whether

fee

levels

reflect

these

economies

scale

for

the

benefit

Fund

investors.

approving

the

continuance

each

Management

Agreement,

the

Board,

including

majority

the

Independent

Trustees,

determined,

through

the

exercise

its

business

judgment,

that

the

terms

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

the

Management

Agreement

the

best

interests

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

the

Board’s

determination.

Nature,

Extent

and

Quality

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

investment

management

services

provided

the

Manager

and

its

affiliates

the

Funds

and

their

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

the

senior

management

and

investment

personnel

the

Manager,

well

information

succession

planning

where

appropriate;

the

structure

investment

personnel

compensation;

oversight

third-

party

service

providers;

investment

performance

reports

and

financial

information

for

each

Fund;

reports

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

the

Manager

and

its

affiliates;

and

management

fees

charged

the

Manager

and

its

affiliates

funds

and

other

accounts,

including

management’s

explanation

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

annual

report

payments

made

Franklin

Templeton

(FT)

the

Funds

financial

intermediaries,

well

memorandum

relating

third-party

servicing

arrangements.

The

Board

acknowledged

the

ongoing

integration

the

Putnam

family

funds

into

the

family

funds

and

management’s

continued

development

strategies

address

areas

heightened

concern

the

mutual

fund

industry,

including

various

regulatory

initiatives

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

Fund

shareholders

investing

fund

that

part

the

family

funds.

The

Board

noted

the

financial

position

Franklin

Resources,

Inc.

(FRI),

the

Manager’s

parent,

and

its

commitment

the

mutual

fund

business

evidenced

its

continued

reassessment

the

fund

offerings

response

acquisitions

and

the

market

environment,

well

project

initiatives

and

capital

investments

relating

the

services

provided

the

Funds

the

organization.

The

Board

specifically

noted

FT’s

commitment

technological

innovation

and

advancement,

including

its

initiative

create

new

enterprise-wide

artificial

intelligence

platform.

Following

consideration

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

services

provided

the

Manager

and

its

affiliates

the

Funds

and

their

shareholders.

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

each

Fund

over

various

time

periods

ended

December

31,

2023.

The

Board

considered

the

performance

returns

for

each

Fund

comparison

the

performance

returns

mutual

funds

deemed

comparable

the

Fund

included

universe

(Performance

Universe)

selected

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

independent

provider

investment

company

data.

The

Board

received

description

the

methodology

used

Broadridge

select

the

mutual

funds

included

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

Board

meetings

throughout

the

year.

summary

each

Fund’s

performance

results

below.

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

intermediate

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

three-,

five-

and

10-year

periods

was

above

the

median

its

Performance

Universe,

and

for

the

one-year

period

was

equal

the

median

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-year

period

was

above

the

median

its

Performance

Universe,

but

for

the

three-,

five-

and

10-year

periods

was

below

the

median

Franklin

Tax-Free

Trust

155

franklintempleton.com

Semiannual

Report

its

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

the

Fund

(e.g.,

fund’s

investment

objective)

set

forth

the

Fund’s

registration

statement

and

that

the

evaluation

the

Fund’s

performance

relative

its

peers

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

short

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

three-,

five-

and

10-year

periods

was

above

the

median

its

Performance

Universe,

but

for

the

one-year

period

was

below

the

median

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

five-

and

10-

year

periods

was

above

the

median

its

Performance

Universe,

but

for

the

three-year

period

was

below

the

median

its

Performance

Universe.

The

Board

also

noted

management’s

view

regarding

the

income-related

attributes

the

Fund

(e.g.,

fund’s

investment

objective)

set

forth

the

Fund’s

registration

statement

and

that

the

evaluation

the

Fund’s

performance

relative

its

peers

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

High

Yield

Tax-Free

Income

Fund

and

Franklin

New

Jersey

Tax-Free

Income

Fund

The

Performance

Universe

for

the

High

Yield

Tax-Free

Income

Fund

included

the

Fund

and

all

retail

and

institutional

high

yield

municipal

debt

funds.

The

Performance

Universe

for

the

Franklin

New

Jersey

Tax-Free

Income

Fund

included

the

Fund

and

all

retail

and

institutional

New

Jersey

municipal

debt

funds.

The

Board

noted

that

each

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

its

respective

Performance

Universe,

and

the

first

quintile

(best)

for

the

Franklin

High

Yield

Tax-Free

Income

Fund.

The

Board

also

noted

that

each

Fund’s

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

below

the

median

its

respective

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

each

Fund

(e.g.,

fund’s

investment

objective)

set

forth

each

Fund’s

registration

statement

and

that

the

evaluation

each

Fund’s

performance

relative

its

peers

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

each

Fund’s

performance

was

satisfactory.

Franklin

Massachusetts

Tax-Free

Income

Fund

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

Massachusetts

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

10-year

period

was

above

the

median

its

Performance

Universe,

and

for

the

three-

and

five-year

periods

was

equal

the

median

its

Performance

Universe,

but

for

the

one-year

period

was

basis

points

below

the

median

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

10-year

period

was

equal

the

median

its

Performance

Universe,

but

for

the

one-,

three-

and

five-year

periods

was

below

the

median

its

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

the

Fund

(e.g.,

fund’s

investment

objective)

set

forth

the

Fund’s

registration

statement

and

that

the

evaluation

the

Fund’s

performance

relative

its

peers

income

return

basis

was

appropriate

given

these

attributes.

The

Board

also

noted

that

the

Fund’s

annualized

income

return

was

positive

for

each

the

reporting

periods.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

each

Fund’s

actual

total

expense

ratio

and

its

various

components,

including,

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

receives

all

marketing

support

payments

made

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

fee

waivers,

any

(Management

Rate)

each

Fund

comparison

the

median

expense

ratio

and

median

Management

Rate,

respectively,

other

mutual

funds

deemed

comparable

and

with

similar

expense

structure

the

Fund

selected

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

based

upon

information

taken

from

each

fund’s

most

recent

annual

semi-annual

report,

which

reflects

historical

asset

levels

that

may

quite

different

from

those

currently

existing,

particularly

period

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

assets

decline

and

decrease

assets

grow,

the

Board

believed

the

independent

analysis

conducted

Broadridge

Franklin

Tax-Free

Trust

156

franklintempleton.com

Semiannual

Report

appropriate

measure

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

for

each

Fund,

and

for

Class

for

each

other

fund

the

applicable

Expense

Group.

The

Board

received

description

the

methodology

used

Broadridge

select

the

mutual

funds

included

Expense

Group.

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund,

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

and

Franklin

Massachusetts

Tax-Free

Income

Fund

The

Expense

Group

for

the

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

included

the

Fund

and

other

intermediate

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Federal

Limited-

Term

Tax-Free

Income

Fund

included

the

Fund

and

nine

other

short

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Massachusetts

Tax-Free

Income

Fund

included

the

Fund

and

six

other

Massachusetts

municipal

debt

funds.

The

Board

noted

that

the

Management

Rates

for

the

Funds

were

above

the

medians

their

respective

Expense

Groups,

but

their

actual

total

expense

ratios

were

below

the

medians

and

the

first

(least

expensive)

second

quintile

their

respective

Expense

Groups.

The

Board

also

noted

that

each

Fund’s

actual

total

expense

ratio

reflected

expense

cap

operating

expenses.

The

Board

also

noted

that

the

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund’s

and

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund’s

actual

total

expense

ratios

reflected

fee

waivers

from

management.

The

Board

concluded

that

the

Management

Rates

charged

the

Funds

are

reasonable.

Franklin

High

Yield

Tax-Free

Income

Fund

and

Franklin

New

Jersey

Tax-Free

Income

Fund

The

Expense

Group

for

the

Franklin

High

Yield

Tax-Free

Income

Fund

included

the

Fund

and

other

high

yield

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

New

Jersey

Tax-Free

Income

Fund

included

the

Fund

and

seven

other

New

Jersey

municipal

debt

funds.

The

Board

noted

that

the

Management

Rates

and

actual

total

expense

ratios

for

the

Funds

were

below

the

medians

their

respective

Expense

Groups.

The

Board

also

noted

that

the

Franklin

New

Jersey

Tax-Free

Income

Fund’s

actual

total

expense

ratio

reflected

expense

cap

operating

expenses.

The

Board

concluded

that

the

Management

Rates

charged

the

Funds

are

reasonable.

Profitability

The

Board

reviewed

and

considered

information

regarding

the

profits

realized

the

Manager

and

its

affiliates

connection

with

the

operation

each

Fund.

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

the

Manager

that

addresses

the

overall

profitability

FT’s

fund

business,

well

its

profits

providing

investment

management

and

other

services

each

the

individual

funds

during

the

12-month

period

ended

September

30,

2023,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

its

methodologies

used

calculating

profitability

response

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

the

Funds’

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

independent

registered

public

accounting

firm

has

been

engaged

the

Manager

periodically

review

and

assess

the

allocation

methodologies

used

solely

the

Funds’

Board

with

respect

the

profitability

analysis.

The

Board

noted

management’s

belief

that

costs

incurred

establishing

the

infrastructure

necessary

for

the

type

mutual

fund

operations

conducted

the

Manager

and

its

affiliates

may

not

fully

reflected

the

expenses

allocated

each

Fund

determining

its

profitability,

well

the

fact

that

the

level

profits,

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

management.

part

this

evaluation,

the

Board

considered

management’s

outsourcing

certain

operations,

which

effort

has

required

considerable

front

expenditures

the

Manager

but,

over

the

long

run

expected

result

greater

efficiencies.

The

Board

also

noted

management’s

expenditures

improving

shareholder

services

provided

the

Funds,

well

the

need

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

fund

growth,

well

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

all

these

factors,

the

Board

concluded

that

the

level

profits

realized

the

Manager

and

its

affiliates

from

providing

services

each

Fund

was

not

excessive

view

the

nature,

extent

and

quality

services

provided

each

Fund.

Franklin

Tax-Free

Trust

157

franklintempleton.com

Semiannual

Report

Economies

Scale

The

Board

reviewed

and

considered

the

extent

which

the

Manager

may

realize

economies

scale,

any,

each

Fund

grows

larger

and

whether

each

Fund’s

management

fee

structure

reflects

any

economies

scale

for

the

benefit

shareholders.

With

respect

possible

economies

scale,

the

Board

noted

the

existence

management

fee

breakpoints,

which

operate

generally

any

economies

scale

with

Fund’s

shareholders

reducing

the

Fund’s

effective

management

fees

the

Fund

grows

size.

The

Board

considered

the

Manager’s

view

that

any

analyses

potential

economies

scale

managing

particular

fund

are

inherently

limited

light

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

family

funds

whole.

The

Board

noted

that

each

Fund

had

experienced

significant

decrease

assets

and

would

not

expected

demonstrate

additional

economies

scale

the

near

term.

The

Board

concluded

that

the

extent

economies

scale

may

realized

the

Manager

and

its

affiliates,

each

Fund’s

management

fee

structure

provided

sharing

benefits

with

the

Fund

and

its

shareholders

the

Fund

grows.

Conclusion

Based

its

review,

consideration

and

evaluation

all

factors

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

each

Management

Agreement

for

additional

one-year

period.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Alabama

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.20

$9.92

$10.97

$11.18

$11.40

$10.85

Income

from

investment

operations

Net

investment

income

.............

0.13

0.25

0.24

0.22

0.28

0.30

Net

realized

and

unrealized

gains

(losses)

0.07

0.28

(1.06)

(0.21)

(0.23)

0.57

Total

from

investment

operations

........

0.20

0.53

(0.82)

0.01

0.05

0.87

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.25)

(0.23)

(0.22)

(0.27)

(0.32)

Net

asset

value,

end

period

..........

$10.27

$10.20

$9.92

$10.97

$11.18

$11.40

Total

return

.......................

2.01%

5.43%

(7.45)%

0.02%

0.49%

8.08%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.93%

0.91%

Expenses

net

waiver

and

payments

affiliates

..........................

0.89%

0.90%

0.91%

Net

investment

income

...............

2.56%

2.50%

2.34%

1.91%

2.46%

2.70%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$48,996

$48,532

$42,244

$46,633

$30,415

$16,423

Portfolio

turnover

rate

................

6.91%

7.51%

19.06%

20.50%

24.03%

4.87%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.19

$9.91

$10.95

$11.16

$11.38

$10.84

Income

from

investment

operations

Net

investment

income

.............

0.14

0.26

0.25

0.23

0.30

0.32

Net

realized

and

unrealized

gains

(losses)

0.07

0.28

(1.04)

(0.20)

(0.23)

0.55

Total

from

investment

operations

........

0.21

0.54

(0.79)

0.03

0.07

0.87

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.26)

(0.25)

(0.24)

(0.29)

(0.33)

Net

asset

value,

end

period

..........

$10.26

$10.19

$9.91

$10.95

$11.16

$11.38

Total

return

.......................

2.09%

5.59%

(7.24)%

0.17%

0.64%

8.16%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.78%

0.76%

0.77%

0.76%

Expenses

net

waiver

and

payments

affiliates

..........................

0.75%

0.76%

0.77%

0.76%

Net

investment

income

...............

2.72%

2.66%

2.49%

2.07%

2.66%

2.85%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$112,376

$118,538

$125,644

$163,571

$174,802

$186,486

Portfolio

turnover

rate

................

6.91%

7.51%

19.06%

20.50%

24.03%

4.87%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.32

$10.05

$11.10

$11.32

$11.54

$10.98

Income

from

investment

operations

Net

investment

income

.............

0.11

0.21

0.19

0.17

0.24

0.26

Net

realized

and

unrealized

gains

(losses)

0.08

0.27

(1.05)

(0.22)

(0.23)

0.57

Total

from

investment

operations

........

0.19

0.48

(0.86)

(0.05)

0.01

0.83

Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.21)

(0.19)

(0.17)

(0.23)

(0.27)

Net

asset

value,

end

period

..........

$10.40

$10.32

$10.05

$11.10

$11.32

$11.54

Total

return

.......................

1.87%

4.83%

(7.74)%

(0.38)%

(0.01)%

7.68%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

1.32%

1.30%

1.31%

Expenses

net

waiver

and

payments

affiliates

..........................

1.29%

1.30%

1.31%

Net

investment

income

...............

2.12%

2.06%

1.89%

1.51%

2.10%

2.30%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$4,988

$6,046

$8,264

$13,416

$23,374

$31,175

Portfolio

turnover

rate

................

6.91%

7.51%

19.06%

20.50%

24.03%

4.87%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.19

$9.91

$10.95

$11.17

$11.39

$10.84

Income

from

investment

operations

Net

investment

income

.............

0.15

0.28

0.26

0.25

0.31

0.33

Net

realized

and

unrealized

gains

(losses)

0.07

0.28

(1.04)

(0.22)

0.57

Total

from

investment

operations

........

0.22

0.56

(0.78)

0.03

0.09

0.90

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.28)

(0.26)

(0.25)

(0.31)

(0.35)

Net

asset

value,

end

period

..........

$10.26

$10.19

$9.91

$10.95

$11.17

$11.39

Total

return

.......................

2.15%

5.73%

(7.11)%

0.22%

0.77%

8.39%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.67%

0.66%

0.65%

Expenses

net

waiver

and

payments

affiliates

..........................

0.62%

0.61%

0.62%

0.63%

Net

investment

income

...............

2.85%

2.78%

2.62%

2.19%

2.78%

2.98%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$1,401

$1,279

$1,786

$2,308

$1,756

$1,664

Portfolio

turnover

rate

................

6.91%

7.51%

19.06%

20.50%

24.03%

4.87%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.19

$9.91

$10.95

$11.17

$11.39

$10.84

Income

from

investment

operations

Net

investment

income

.............

0.14

0.27

0.26

0.25

0.31

0.33

Net

realized

and

unrealized

gains

(losses)

0.08

0.28

(1.04)

(0.22)

(0.23)

0.56

Total

from

investment

operations

........

0.22

0.55

(0.78)

0.03

0.08

0.89

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.27)

(0.26)

(0.25)

(0.30)

(0.34)

Net

asset

value,

end

period

..........

$10.26

$10.19

$9.91

$10.95

$11.17

$11.39

Total

return

.......................

2.14%

5.70%

(7.14)%

0.18%

0.74%

8.36%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.68%

0.66%

0.67%

0.66%

Expenses

net

waiver

and

payments

affiliates

..........................

0.65%

0.66%

0.67%

0.66%

Net

investment

income

...............

2.82%

2.76%

2.59%

2.16%

2.74%

2.95%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$21,086

$19,911

$18,309

$19,796

$15,036

$11,709

Portfolio

turnover

rate

................

6.91%

7.51%

19.06%

20.50%

24.03%

4.87%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

Alabama

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Corporate

Bonds

0.3%

Software

0.3%

Haven

Elgin

LLC

5.25

12/31/53

....................................

500,000

513,985

Total

Corporate

Bonds

(Cost

500,000

)

........................................

513,985

Municipal

Bonds

97.8%

Alabama

89.3%

Alabama

Community

College

System

Bishop

State

Community

College

Revenue

2019

BAM

Insured

1/01/49

....

2,000,000

1,906,751

Shelton

State

Community

College

Revenue

2024

AGMC

Insured

8/01/49

1,000,000

1,081,801

Alabama

Housing

Finance

Authority

Revenue

2024

GNMA

Insured

4.7

10/01/54

1,000,000

1,005,363

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

Ascension

Health

Credit

Group

Revenue

2016

Refunding

11/15/46

...................

3,000,000

3,044,300

Alabama

State

University

Revenue

2022

Refunding

BAM

Insured

9/01/36

......................

1,500,000

1,643,320

Revenue

2022

Refunding

BAM

Insured

9/01/40

......................

1,500,000

1,604,858

Alabaster

Board

Education

Special

Tax

2022

BAM

Insured

9/01/47

.............................

1,500,000

1,598,811

Special

Tax

2022

BAM

Insured

9/01/52

.............................

1,500,000

1,582,450

Alexander

City

Board

Education

Special

Tax

2022

BAM

Insured

2/01/52

...

3,000,000

2,900,915

Bessemer

Governmental

Utility

Services

Corp.

Water

Revenue

2017

Refunding

BAM

Insured

6/01/39

...........................................

6,000,000

6,207,227

Birmingham

Airport

Authority

Revenue

2020

Refunding

BAM

Insured

7/01/38

......................

400,000

406,040

Revenue

2020

Refunding

BAM

Insured

7/01/40

......................

705,000

709,548

Birmingham-Jefferson

Civic

Center

Authority

Special

Tax

2018

7/01/33

.....

1,605,000

1,703,312

Black

Belt

Energy

Gas

District

Revenue

2022

Mandatory

Put

12/01/29

...........................

1,000,000

997,426

Revenue

2023

B-2

Mandatory

Put

5.25

12/01/30

.......................

3,000,000

3,253,458

Revenue

2024

Mandatory

Put

5.25

9/01/32

.........................

2,000,000

2,195,645

City

Bessemer

Water

Revenue

2017

Refunding

AGMC

Insured

1/01/47

...

2,590,000

2,630,288

City

Birmingham

2021

6/01/50

..............................

1,000,000

969,677

City

Boaz

Water

Sewer

Revenue

2021

AGMC

Insured

9/01/46

.................

1,000,000

971,424

Water

Sewer

Revenue

2021

AGMC

Insured

9/01/50

.................

1,500,000

1,454,344

City

Decatur

Water

Sewer

Revenue

2021

8/15/50

.................

2,000,000

1,945,323

City

Huntsville

2018

5/01/38

................................

4,775,000

5,008,347

City

Lincoln

2020

BAM

Insured

6/01/50

........................

2,500,000

2,521,516

City

Trussville

2018

8/01/41

................................

3,000,000

2,999,297

City

Tuscaloosa

2020

10/01/50

..............................

4,580,000

4,447,314

Columbia

Industrial

Development

Board

Alabama

Power

Co.

Revenue

2014

Refunding

Mandatory

Put

3.81

6/01/28

...............................

2,000,000

2,039,981

County

Jefferson

Sewer

Revenue

2024

Refunding

5.25

10/01/49

.........

4,500,000

4,863,057

County

Mobile

Revenue

144A,

2020

11/01/45

.......................

2,300,000

2,174,043

DCH

Healthcare

Authority

Revenue

2015

Refunding

6/01/36

.................................

2,000,000

2,013,601

Revenue

2021

6/01/46

........................................

2,310,000

2,165,841

East

Alabama

Health

Care

Authority

(The)

Revenue

2018

9/01/41

........

3,000,000

3,087,884

Energy

Southeast

Cooperative

District

Revenue

2023

A-1

Mandatory

Put

5.5

1/01/31

.........................

1,000,000

1,090,818

Revenue

2024

Mandatory

Put

5.25

6/01/32

.........................

2,000,000

2,175,060

Florence

City

Board

Education

Special

Tax

2022

3/01/46

...............

3,000,000

2,948,855

Health

Care

Authority

for

Baptist

Health

(The)

Revenue

2023

Refunding

11/15/36

..............................

1,000,000

1,074,664

Revenue

2023

Refunding

11/15/37

..............................

875,000

937,399

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Alabama

(continued)

Health

Care

Authority

the

City

Huntsville

(The)

Health

Care

Authority

City

Huntsville

(The)

Obligated

Group

Revenue

2020

6/01/45

..............

4,500,000

4,295,133

Homewood

Educational

Building

Authority

CHF

Horizons

LLC

Revenue

2024

5.5

10/01/54

...................

1,000,000

1,071,916

Samford

University

Revenue

2019

Refunding

12/01/49

...............

2,500,000

2,290,095

Samford

University

Revenue

2021

12/01/51

.......................

1,470,000

1,332,968

Infirmary

Health

System

Special

Care

Facilities

Financing

Authority

Mobile

Infirmary

Health

System

Obligated

Group

Revenue

2016

2/01/41

.......

3,000,000

3,031,683

Infirmary

Health

System

Obligated

Group

Revenue

2021

Refunding

2/01/46

3,000,000

2,701,582

Jacksonville

State

University

Revenue

2017

Refunding

AGMC

Insured

12/01/36

...................

5,000,000

5,307,999

Revenue

2020

Refunding

12/01/50

................................

5,000,000

4,630,091

Jefferson

County

Board

Education

Special

Tax

2024

2/01/46

............

1,000,000

1,089,188

Limestone

County

Water

Sewer

Authority

Revenue

2015

Pre-Refunded

BAM

Insured

12/01/43

..............................................

5,920,000

5,931,172

Madison

City

Board

Education

Special

Tax

2019

2/01/44

...............

3,000,000

2,906,750

Madison

Water

Wastewater

Board

Revenue

2017

Refunding

12/01/41

.....

4,610,000

4,712,559

Mobile

County

Board

School

Commissioners

Special

Tax

2022

BAM

Insured

4.25

3/01/52

...................................................

2,000,000

2,010,983

Mobile

County

Industrial

Development

Authority

AM/NS

Calvert

LLC

Revenue

2024

6/01/54

....................................................

1,000,000

1,040,806

Opelika

Utilities

Board

Revenue

2017

Refunding

6/01/41

................

2,000,000

1,987,449

Oxford

City

Board

Education

Special

Tax

2020

Refunding

5/01/50

......

2,500,000

2,432,014

Prattville

Waterworks

Board

Revenue

2023

5.125

8/01/53

.................

1,000,000

1,074,008

Southeast

Alabama

Gas

Supply

District

(The)

Revenue

2024

Refunding

Mandatory

Put

5/01/32

..........................................

1,000,000

1,073,239

Southeast

Energy

Authority

Cooperative

District

Revenue

2021

Mandatory

Put

10/01/28

...........................

5,000,000

5,053,683

Revenue

2022

A-1

Mandatory

Put

5.5

12/01/29

........................

2,000,000

2,166,977

Revenue

2023

Mandatory

Put

6/01/30

............................

1,000,000

1,065,104

Special

Care

Facilities

Financing

Authority

the

City

Pell

City

Alabama

Noland

Obligated

Group

Revenue

2021

Refunding

12/01/39

.................

4,000,000

4,026,794

Talladega

County

Board

Education

Special

Tax

2017

Refunding

BAM

Insured

11/01/39

........................................................

2,000,000

2,058,294

Troy

Public

Educational

Building

Authority

Troy

City

Board

Education

Revenue

2011

AGMC

Insured

5.25

12/01/40

..................................

295,000

295,278

Tuscaloosa

City

Board

Education

Revenue

2016

Pre-Refunded

8/01/41

...

4,000,000

4,187,238

UAB

Medicine

Finance

Authority

UAB

Medicine

Obligated

Group

Revenue

2016

Refunding

9/01/29

.............................................

5,000,000

5,186,181

University

Alabama

(The)

Revenue

2018

B-2

9/01/48

..................

5,000,000

5,228,894

University

Montevallo

Revenue

2017

Refunding

BAM

Insured

5/01/42

....

2,500,000

2,602,435

University

South

Alabama

Revenue

2019

BAM

Insured

4/01/49

.............................

2,000,000

2,069,696

Revenue

2024

Refunding

BAM

Insured

5.25

4/01/54

..................

1,000,000

1,094,865

Water

Works

Board

the

City

Birmingham

(The)

Revenue

2016

Pre-Refunded

1/01/43

......................................................

5,000,000

5,280,761

168,595,793

California

0.3%

California

Municipal

Finance

Authority

Integrity

Housing

Obligated

Group

Revenue

2022

A-1

4.25

12/01/37

...........................................

700,000

620,220

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

1.5%

Capital

Trust

Agency,

Inc.

SHI

Lake

Osborne

LLC

Revenue

144A,

2021

A-1

3.68

1/01/57

.........................................................

500,000

361,970

Capital

Trust

Authority

Gulf

Coast

Portfolio

Obligated

Group

Revenue

144A,

2024

Refunding

Zero

Cpn.,

3/01/29

........................................

1,725,000

1,368,886

Leon

County

Housing

Finance

Authority

Revenue

144A,

2022

Zero

Cpn.,

5/01/57

1,150,000

1,022,062

2,752,918

Kentucky

0.6%

Louisville/Jefferson

County

Metropolitan

Government

PSG

Vesta

Derby

Oaks

LLC

Revenue

144A,

2022

Zero

Cpn.,

5/01/52

..............................

1,500,000

1,198,378

New

York

1.6%

Metropolitan

Transportation

Authority

Revenue

2021

A-1

11/15/46

.....................................

275,000

266,884

Revenue

2021

A-2

11/15/42

.....................................

2,700,000

2,676,042

2,942,926

South

Carolina

1.4%

South

Carolina

Jobs-Economic

Development

Authority

Revenue

144A,

2021

A-1

3.65

12/01/36

..............................

500,000

437,877

AHPC

Vista

Towers

2021

LLC

Revenue

2021

A-1

3.65

12/01/36

...........

500,000

437,877

Columbia

Portfolio

Obligated

Group

Revenue

144A,

2022

A-1

Zero

Cpn.,

6/01/37

1,485,000

1,197,522

South

Carolina

State

Housing

Finance

Development

Authority

Garden

Oaks

Revenue

144A,

2021

4.2

12/01/39

................................

750,000

635,682

2,708,958

Texas

0.4%

Pecan

Public

Facility

Corp.

Revenue

144A,

2022

A-2

12/01/52

............

800,000

657,139

Washington

0.2%

Washington

State

Housing

Finance

Commission

Madison

Rivers

Edge

Apartments

LLC

Revenue

144A,

2021

3.65

1/01/37

............................

500,000

437,993

Wisconsin

0.2%

Public

Finance

Authority

Revenue

144A,

2022

B-1

12/28/44

..............

500,000

420,955

U.S.

Territories

2.3%

Guam

1.1%

Guam

Government

Waterworks

Authority

Revenue

2020

1/01/50

........................................

1,000,000

1,033,949

Guam

Waterworks

Authority

Water

And

Wastewater

System

Revenue

2024

Refunding

7/01/45

............................................

1,000,000

1,075,451

2,109,400

Puerto

Rico

1.2%

Puerto

Rico

Electric

Power

Authority

Revenue

Refunding

NATL

Insured

5.25

7/01/32

....................

500,000

494,229

Revenue

Refunding

NATL

Insured

5.25

7/01/34

....................

1,000,000

988,597

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

A-1

7/01/58

.....

750,000

753,317

2,236,143

Total

U.S.

Territories

....................................................................

4,345,543

Total

Municipal

Bonds

(Cost

190,490,636

)

.....................................

184,680,823

Total

Long

Term

Investments

(Cost

190,990,636

)

...............................

185,194,808

Total

Investments

(Cost

190,990,636

)

98.1

...................................

$185,194,808

Other

Assets,

less

Liabilities

1.9

.............................................

3,652,128

Net

Assets

100.0%

...........................................................

$188,846,936

See

Abbreviations

page

101

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

The

maturity

date

shown

represents

the

mandatory

put

date.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$9,912,507,

representing

5.2%

net

assets.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Georgia

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.68

$10.40

$11.57

$11.91

$12.19

$11.59

Income

from

investment

operations

Net

investment

income

.............

0.15

0.29

0.28

0.26

0.30

0.32

Net

realized

and

unrealized

gains

(losses)

0.07

0.28

(1.17)

(0.34)

(0.29)

0.63

Total

from

investment

operations

........

0.22

0.57

(0.89)

(0.08)

0.01

0.95

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.29)

(0.28)

(0.26)

(0.29)

(0.35)

Net

asset

value,

end

period

..........

$10.75

$10.68

$10.40

$11.57

$11.91

$12.19

Total

return

.......................

2.17%

5.55%

(7.71)%

(0.71)%

0.14%

8.27%

Ratios

average

net

assets

Expenses

.........................

0.89%

0.88%

0.86%

0.85%

0.86%

Net

investment

income

...............

2.74%

2.76%

2.65%

2.20%

2.48%

2.76%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$76,843

$76,014

$76,312

$92,129

$77,256

$54,945

Portfolio

turnover

rate

................

7.49%

9.84%

15.85%

22.60%

16.89%

13.23%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.68

$10.40

$11.57

$11.91

$12.19

$11.59

Income

from

investment

operations

Net

investment

income

.............

0.15

0.30

0.28

0.32

0.35

Net

realized

and

unrealized

gains

(losses)

0.08

0.28

(1.18)

(0.34)

(0.29)

0.61

Total

from

investment

operations

........

0.23

0.58

(0.88)

(0.06)

0.03

0.96

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.29)

(0.28)

(0.31)

(0.36)

Net

asset

value,

end

period

..........

$10.75

$10.68

$10.40

$11.57

$11.91

$12.19

Total

return

.......................

2.15%

5.71%

(7.57)%

(0.56)%

0.29%

8.44%

Ratios

average

net

assets

Expenses

.........................

0.74%

0.73%

0.71%

Net

investment

income

...............

2.88%

2.91%

2.79%

2.36%

2.66%

2.91%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$166,109

$172,564

$189,496

$249,763

$274,232

$309,436

Portfolio

turnover

rate

................

7.49%

9.84%

15.85%

22.60%

16.89%

13.23%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.85

$10.56

$11.75

$12.09

$12.38

$11.77

Income

from

investment

operations

Net

investment

income

.............

0.12

0.24

0.22

0.25

0.29

Net

realized

and

unrealized

gains

(losses)

0.08

0.29

(1.20)

(0.35)

(0.29)

0.62

Total

from

investment

operations

........

0.20

0.53

(0.96)

(0.13)

(0.04)

0.91

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.24)

(0.23)

(0.21)

(0.25)

(0.30)

Net

asset

value,

end

period

..........

$10.92

$10.85

$10.56

$11.75

$12.09

$12.38

Total

return

.......................

1.83%

5.14%

(8.14)%

(1.10)%

(0.34)%

7.84%

Ratios

average

net

assets

Expenses

.........................

1.28%

1.27%

1.25%

1.26%

Net

investment

income

...............

2.29%

2.30%

2.19%

1.79%

2.08%

2.36%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$11,805

$14,486

$19,610

$28,904

$45,512

$62,426

Portfolio

turnover

rate

................

7.49%

9.84%

15.85%

22.60%

16.89%

13.23%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.69

$10.40

$11.57

$11.91

$12.20

$11.59

Income

from

investment

operations

Net

investment

income

.............

0.16

0.32

0.31

0.30

0.33

0.36

Net

realized

and

unrealized

gains

(losses)

0.07

0.29

(1.17)

(0.34)

(0.29)

0.63

Total

from

investment

operations

........

0.23

0.61

(0.86)

(0.04)

0.04

0.99

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.32)

(0.31)

(0.30)

(0.33)

(0.38)

Net

asset

value,

end

period

..........

$10.76

$10.69

$10.40

$11.57

$11.91

$12.20

Total

return

.......................

2.22%

5.95%

(7.44)%

(0.42)%

0.35%

8.67%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.60%

0.61%

0.59%

0.57%

0.58%

0.59%

Expenses

net

waiver

and

payments

affiliates

..........................

0.60%

0.61%

0.59%

0.57%

0.56%

0.57%

Net

investment

income

...............

3.02%

3.04%

2.92%

2.49%

2.73%

3.05%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$10,848

$11,082

$10,366

$17,047

$13,813

$4,981

Portfolio

turnover

rate

................

7.49%

9.84%

15.85%

22.60%

16.89%

13.23%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.69

$10.40

$11.57

$11.92

$12.20

$11.59

Income

from

investment

operations

Net

investment

income

.............

0.16

0.31

0.29

0.33

0.36

Net

realized

and

unrealized

gains

(losses)

0.07

0.29

(1.18)

(0.35)

(0.29)

0.63

Total

from

investment

operations

........

0.23

0.60

(0.87)

(0.06)

0.04

0.99

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.31)

(0.30)

(0.29)

(0.32)

(0.38)

Net

asset

value,

end

period

..........

$10.76

$10.69

$10.40

$11.57

$11.92

$12.20

Total

return

.......................

2.20%

5.91%

(7.48)%

(0.46)%

0.31%

8.63%

Ratios

average

net

assets

Expenses

.........................

0.64%

0.63%

0.61%

Net

investment

income

...............

2.98%

3.01%

2.88%

2.46%

2.74%

3.01%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$42,831

$46,388

$48,473

$72,069

$68,009

$53,789

Portfolio

turnover

rate

................

7.49%

9.84%

15.85%

22.60%

16.89%

13.23%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

Georgia

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Corporate

Bonds

0.3%

Software

0.3%

Haven

Elgin

LLC

5.25

12/31/53

....................................

900,000

925,172

Total

Corporate

Bonds

(Cost

900,000

)

........................................

925,172

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

1,151,837

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

2,315,394

SHI

Lake

Osborne

LLC

Revenue

144A,

2021

A-1

3.68

1/01/57

...........

750,000

542,955

Capital

Trust

Authority

Gulf

Coast

Portfolio

Obligated

Group

Revenue

144A,

2024

Refunding

Zero

Cpn.,

3/01/29

........................................

3,050,000

2,420,349

Leon

County

Housing

Finance

Authority

Revenue

144A,

2022

Zero

Cpn.,

5/01/57

2,030,000

1,804,162

7,082,860

Georgia

90.4%

Athens

Housing

Authority

UGAREF

East

Campus

Housing

Phase

LLC

Revenue

2017

Refunding

6/15/40

........................................................

5,000,000

5,004,401

UGAREF

Lumpkin

Street

Housing

Phase

LLC

Revenue

2024

6/15/49

.....

2,000,000

1,954,017

UGAREF

Lumpkin

Street

Housing

Phase

LLC

Revenue

2024

4.125

6/15/56

3,500,000

3,434,074

Atlanta

Development

Authority

(The)

City

Atlanta

Hotel

Motel

Tax

Revenue

2015

A-1

5.25

7/01/40

............

7,750,000

7,850,783

City

Atlanta

Hotel

Motel

Tax

Revenue

2015

A-1

5.25

7/01/44

............

3,000,000

3,033,331

Tuff

Yamacraw

LLC

Revenue

2005

Refunding

AMBAC

Insured

1/01/26

2,555,000

2,605,481

Auburn

Urban

Redevelopment

Agency

City

Auburn

Revenue

2020

BAM

Insured

10/01/50

.....................................................

1,000,000

969,484

Augusta

Water

Sewer

Revenue

2024

Refunding

BAM

Insured

10/01/50

...

1,500,000

1,477,637

Bainbridge

Public

Facilities

Authority

County

Decatur

Revenue

2018

AGMC

Insured

3/01/43

...............................................

3,000,000

2,970,231

Bleckley

County

School

District

2020

10/01/42

.....................

2,055,000

2,231,546

Brookhaven

Development

Authority

Children's

Healthcare

Atlanta

Obligated

Group

Revenue

2019

7/01/49

........................................

3,000,000

2,953,493

Carroll

City-County

Hospital

Authority

Tanner

Medical

Center

Obligated

Group

Revenue

2015

7/01/41

..........

2,000,000

2,016,331

Tanner

Medical

Center

Obligated

Group

Revenue

2020

Refunding

7/01/50

1,450,000

1,410,814

City

Atlanta

Airport

Passenger

Facility

Charge

Revenue

2023

5.25

7/01/43

...........

3,000,000

3,272,492

Airport

Passenger

Facility

Charge

Revenue,

Sub.

Lien

2019

7/01/36

.....

4,500,000

4,518,645

BeltLine

Tax

Allocation

District

Tax

Allocation

2016

Refunding

1/01/31

....

1,780,000

1,849,438

Department

Aviation

Revenue

2021

Refunding

7/01/37

.............

1,500,000

1,612,934

Department

Aviation

Revenue

2024

5.25

7/01/54

...................

7,000,000

7,520,439

Water

Wastewater

Revenue

2001

AGMC,

NATL

Insured

5.5

11/01/27

4,085,000

4,281,379

Water

Wastewater

Revenue

2018

Refunding

11/01/47

..............

5,000,000

5,183,223

City

Baldwin

Water

Sewerage

Revenue

2021

Refunding

BAM

Insured

6/01/46

.........................................................

1,835,000

1,488,777

City

Buford

2017

Pre-Refunded

1/01/43

......................

5,000,000

5,162,676

City

Cartersville

Water

Sewer

Revenue

2018

Refunding

6/01/48

.......

4,000,000

4,148,146

City

Dalton

2018

2/01/48

....................................

3,000,000

3,126,250

City

Monroe

Combined

Utility

Revenue

2020

AGMC

Insured

12/01/50

....

1,500,000

1,454,027

Clayton

County

Development

Authority

USG

Real

Estate

Foundation

XIII

LLC

Revenue

2022

6/15/32

..........

1,295,000

1,476,886

USG

Real

Estate

Foundation

XIII

LLC

Revenue

2022

6/15/33

..........

1,210,000

1,393,431

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Georgia

(continued)

Columbia

County

Hospital

Authority

WellStar

Health

System

Obligated

Group

Revenue

2023

5.125

4/01/48

....................................

3,000,000

3,242,062

County

Columbia

Water

Sewerage

Revenue

2024

6/01/49

............

500,000

553,923

County

DeKalb

Water

Sewerage

Revenue

2006

Refunding

AGMC

Insured

10/01/35

.....................................................

4,000,000

4,135,104

County

Fulton

Water

Sewerage

Revenue

2020

1/01/45

.............

5,000,000

4,123,279

Coweta

County

Water

Sewage

Authority

Revenue

2021

6/01/43

........................................

820,000

697,131

Revenue

2021

6/01/46

........................................

1,000,000

818,859

Revenue

2024

6/01/54

.........................................

2,000,000

2,183,077

Dalton

Whitfield

County

Joint

Development

Authority

Hamilton

Health

Care

System

Obligated

Group

Revenue

2017

8/15/41

.....

3,000,000

2,974,978

Hamilton

Health

Care

System

Obligated

Group

Revenue

2024

Refunding

8/15/37

........................................................

3,075,000

3,464,130

DeKalb

County

Development

Authority

GLOBE

Academy,

Inc.

(The)

Revenue

2024

6/01/45

.................

350,000

355,874

GLOBE

Academy,

Inc.

(The)

Revenue

2024

6/01/50

.................

550,000

555,428

DeKalb

Newton

Gwinnett

Counties

Joint

Development

Authority

GGCF

Athletic

Fields

LLC

Revenue

2012

AGMC

Insured

7/01/39

..................

2,500,000

2,502,006

Development

Authority

for

Fulton

County

Georgia

Tech

Facilities,

Inc.

Revenue

2018

3/01/43

...................

2,000,000

1,987,864

Georgia

Tech

Facilities,

Inc.

Revenue

2024

6/15/49

...................

1,750,000

1,900,369

Georgia

Tech

Facilities,

Inc.

Revenue

2024

6/15/56

...................

2,000,000

2,149,916

Piedmont

Healthcare,

Inc.

Obligated

Group

Revenue

2016

Refunding

7/01/46

........................................................

5,840,000

5,916,709

Piedmont

Healthcare,

Inc.

Obligated

Group

Revenue

2019

7/01/49

......

5,000,000

4,787,103

Tuff/Atlanta

Housing

LLC

Revenue

2022

Refunding

9/01/32

.............

1,350,000

1,522,700

WellStar

Health

System

Obligated

Group

Revenue

2020

4/01/50

........

3,000,000

2,873,200

Development

Authority

Burke

County

(The)

Oglethorpe

Power

Corp.

Revenue

2017

Refunding

4.125

11/01/45

..................................

6,000,000

5,741,666

Development

Authority

Cobb

County

(The)

KSU

2020

Housing

Real

Estate

Foundation

LLC

Revenue

2020

7/15/52

....

5,720,000

5,430,241

University

System

Georgia

Revenue

2020

7/15/52

................

2,000,000

1,898,686

Development

Authority

Rockdale

County

AHPC

Terraces

Fieldstone

LLC

Revenue

144A,

2021

A-1

3.5

12/01/36

...............................

4,825,000

4,084,720

Etowah

Water

Sewer

Authority

Revenue

2019

Refunding

BAM

Insured

3/01/44

.........................................................

1,250,000

1,017,103

Floyd

County

Hospital

Authority

Floyd

Obligated

Group

Revenue

2016

Pre-

Refunded

7/01/43

.............................................

3,000,000

3,073,280

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

Lenbrook

Square

Foundation

Obligated

Group

Revenue

2016

Refunding

7/01/42

..........

6,000,000

6,030,784

Gainesville

Hall

County

Hospital

Authority

Northeast

Georgia

Health

System

Obligated

Group

Revenue

2017

Refunding

2/15/42

....................................................

7,000,000

7,157,585

Northeast

Georgia

Health

System

Obligated

Group

Revenue

2021

2/15/51

5,000,000

4,709,032

Georgia

Housing

Finance

Authority

Revenue

2013

3.8

12/01/37

.....................................

1,655,000

1,654,956

Revenue

2018

3.85

12/01/38

....................................

1,170,000

1,170,254

Revenue

2018

3.95

12/01/43

....................................

1,210,000

1,183,276

Revenue

2019

Refunding

3.7

6/01/49

..............................

4,490,000

4,248,423

Georgia

Ports

Authority

Revenue

2021

7/01/51

.........................................

1,145,000

1,114,924

Revenue

2022

7/01/47

.........................................

2,500,000

2,721,132

Revenue

2022

5.25

7/01/52

.......................................

2,000,000

2,199,791

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Georgia

(continued)

Glynn-Brunswick

Memorial

Hospital

Authority

Southeast

Georgia

Health

System

Obligated

Group

Revenue

2017

8/01/47

............................

5,000,000

5,000,044

Henry

County

School

District

2016

Pre-Refunded

8/01/33

.............

5,000,000

5,132,804

Main

Street

Natural

Gas,

Inc.

Revenue

2007

5.5

9/15/25

......................................

2,500,000

2,551,849

Revenue

2007

5.5

9/15/27

......................................

5,000,000

5,313,674

Revenue

2019

5/15/37

........................................

1,975,000

2,140,399

Revenue

2019

5/15/38

........................................

1,000,000

1,080,551

b,d

Revenue

144A,

2022

Mandatory

Put

11/01/27

......................

8,000,000

7,889,003

Revenue

2023

Mandatory

Put

6/01/30

............................

5,000,000

5,317,392

Revenue

2023

Mandatory

Put

12/01/30

...........................

2,000,000

2,124,956

Revenue

2023

E-1

Mandatory

Put

6/01/31

..........................

2,000,000

2,154,527

Monroe

County

Public

Facilities

Authority

County

Monroe

Revenue

2020

6/01/42

.........................................................

1,000,000

992,179

Moultrie-Colquitt

Counties

Development

Authority

Philadelphia

College

Osteopathic

Medicine

Obligated

Group

Revenue

2018

12/01/43

...................

4,815,000

5,026,410

Municipal

Electric

Authority

Georgia

Revenue

2019

AGMC

Insured

1/01/44

............................

5,000,000

4,955,720

Revenue

2020

Refunding

1/01/50

...............................

3,500,000

3,669,162

Revenue

2021

Refunding

1/01/46

...............................

330,000

314,465

Revenue

2021

Refunding

1/01/51

...............................

425,000

389,569

Revenue

2021

Refunding

1/01/56

...............................

750,000

763,168

Revenue

2023

5.5

7/01/64

......................................

2,000,000

2,129,912

Private

Colleges

Universities

Authority

Emory

University

Revenue

2013

10/01/43

.........................

5,000,000

5,009,203

Mercer

University

Revenue

2021

Refunding

10/01/50

.................

5,400,000

5,235,225

Mercer

University

Revenue

2022

Refunding

5.25

10/01/51

...............

4,500,000

4,880,029

Richmond

County

Hospital

Authority

Piedmont

Healthcare,

Inc.

Obligated

Group

Revenue

2016

Refunding

1/01/35

.................................

5,000,000

5,028,490

Savannah

Hospital

Authority

St.

Joseph's/Candler

Health

System

Obligated

Group

Revenue

2019

Refunding

7/01/43

...............................

10,000,000

9,781,996

Sinclair

Water

Authority

Revenue

2019

Refunding

AGMC

Insured

4/01/48

...

2,000,000

2,089,225

Worth

County

School

District

2017

12/01/42

.......................

5,000,000

5,186,152

278,736,035

Illinois

1.0%

State

Illinois

2021

3/01/32

............................................

250,000

276,970

2021

12/01/38

...........................................

3,000,000

2,967,380

3,244,350

New

Jersey

0.4%

New

Jersey

Transportation

Trust

Fund

Authority

State

New

Jersey

Revenue

2018

Refunding

12/15/35

..........................................

1,200,000

1,273,828

New

York

1.0%

Metropolitan

Transportation

Authority

Revenue

2020

A-1

11/15/53

.....................................

100,000

95,011

Revenue

2020

11/15/47

.......................................

600,000

580,275

Revenue

2021

A-2

11/15/42

.....................................

2,300,000

2,279,591

2,954,877

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

Revenue

144A,

2021

A-1

3.65

12/01/36

..............................

900,000

788,178

AHPC

Vista

Towers

2021

LLC

Revenue

2021

A-1

3.65

12/01/36

...........

900,000

788,178

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

South

Carolina

(continued)

South

Carolina

State

Housing

Finance

Development

Authority

Garden

Oaks

Revenue

144A,

2021

4.2

12/01/39

................................

500,000

423,788

2,000,144

Texas

0.4%

Pecan

Public

Facility

Corp.

Revenue

144A,

2022

A-2

12/01/52

............

1,500,000

1,232,137

Washington

0.2%

Washington

State

Housing

Finance

Commission

Madison

Rivers

Edge

Apartments

LLC

Revenue

144A,

2021

3.65

1/01/37

............................

900,000

788,388

Wisconsin

0.7%

Public

Finance

Authority

Revenue

144A,

2022

B-1

12/28/44

................................

900,000

757,718

AL-FL

Portfolio

Obligated

Group

Revenue

144A,

2021

3.4

12/01/36

.......

1,500,000

1,292,075

2,049,793

U.S.

Territories

1.9%

Puerto

Rico

1.9%

HTA

HRRB

Custodial

Trust

Revenue

2007

5.25

7/01/32

................

923,681

919,118

HTA

TRRB

Custodial

Trust

Revenue

2005

5.25

7/01/41

..................

903,650

884,528

Puerto

Rico

Electric

Power

Authority

Revenue

Refunding

NATL

Insured

5.25

7/01/32

....................

560,000

553,536

Revenue

5.25

7/01/40

........................................

2,270,000

959,075

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

A-1

7/01/58

.....

2,480,000

2,490,968

5,807,225

Total

U.S.

Territories

....................................................................

5,807,225

Total

Municipal

Bonds

(Cost

317,475,450

)

.....................................

306,321,474

Escrows

and

Litigation

Trusts

0.0%

†

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

115,316

92,253

Total

Escrows

and

Litigation

Trusts

(Cost

–

)

...................................

92,253

Total

Long

Term

Investments

(Cost

318,375,450

)

...............................

307,338,899

Total

Investments

(Cost

318,375,450

)

99.6

...................................

$307,338,899

Other

Assets,

less

Liabilities

0.4

.............................................

1,095,982

Net

Assets

100.0%

...........................................................

$308,434,881

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

See

Abbreviations

page

101

†

Rounds

less

than

0.1%

net

assets.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$22,023,473,

representing

7.1%

net

assets.

portion

all

the

security

purchased

delayed

delivery

basis.

See

Note

1(b).

The

maturity

date

shown

represents

the

mandatory

put

date.

Defaulted

security

for

which

income

has

been

deemed

uncollectible.

See

Note

Non-income

producing.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Louisiana

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.21

$9.96

$11.03

$11.28

$11.55

$10.93

Income

from

investment

operations

Net

investment

income

.............

0.14

0.27

0.25

0.24

0.28

0.30

Net

realized

and

unrealized

gains

(losses)

0.05

0.25

(1.08)

(0.25)

(0.27)

0.64

Total

from

investment

operations

........

0.19

0.52

(0.83)

(0.01)

0.01

0.94

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.27)

(0.24)

(0.28)

(0.32)

Net

asset

value,

end

period

..........

$10.26

$10.21

$9.96

$11.03

$11.28

$11.55

Total

return

.......................

1.91%

5.34%

(7.49)%

(0.17)%

0.09%

8.68%

Ratios

average

net

assets

Expenses

.........................

0.91%

0.90%

0.89%

0.87%

0.86%

Net

investment

income

...............

2.75%

2.42%

2.07%

2.49%

2.70%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$60,421

$62,108

$60,153

$69,773

$56,810

$48,032

Portfolio

turnover

rate

................

7.13%

8.52%

11.69%

16.61%

22.66%

4.83%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.20

$9.95

$11.03

$11.28

$11.55

$10.92

Income

from

investment

operations

Net

investment

income

.............

0.15

0.29

0.26

0.25

0.30

0.32

Net

realized

and

unrealized

gains

(losses)

0.06

0.25

(1.08)

(0.25)

(0.28)

0.64

Total

from

investment

operations

........

0.21

0.54

(0.82)

—

0.02

0.96

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.29)

(0.26)

(0.25)

(0.29)

(0.33)

Net

asset

value,

end

period

..........

$10.26

$10.20

$9.95

$11.03

$11.28

$11.55

Total

return

.......................

2.09%

5.50%

(7.45)%

(0.02)%

0.24%

8.94%

Ratios

average

net

assets

Expenses

.........................

0.76%

0.75%

0.74%

0.72%

0.71%

Net

investment

income

...............

2.90%

2.57%

2.22%

2.66%

2.85%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$149,102

$158,862

$175,906

$234,499

$250,576

$289,744

Portfolio

turnover

rate

................

7.13%

8.52%

11.69%

16.61%

22.66%

4.83%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.37

$10.12

$11.21

$11.46

$11.74

$11.10

Income

from

investment

operations

Net

investment

income

.............

0.12

0.23

0.20

0.19

0.24

0.26

Net

realized

and

unrealized

gains

(losses)

0.06

0.25

(1.09)

(0.25)

(0.29)

0.65

Total

from

investment

operations

........

0.18

0.48

(0.89)

(0.06)

(0.05)

0.91

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.23)

(0.20)

(0.19)

(0.23)

(0.27)

Net

asset

value,

end

period

..........

$10.43

$10.37

$10.12

$11.21

$11.46

$11.74

Total

return

.......................

1.76%

4.83%

(7.92)%

(0.57)%

(0.39)%

8.34%

Ratios

average

net

assets

Expenses

.........................

1.30%

1.29%

1.28%

1.26%

Net

investment

income

...............

2.30%

2.29%

1.97%

1.64%

2.08%

2.30%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$7,943

$8,767

$12,724

$19,991

$29,441

$38,066

Portfolio

turnover

rate

................

7.13%

8.52%

11.69%

16.61%

22.66%

4.83%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.20

$9.96

$11.03

$11.28

$11.55

$10.93

Income

from

investment

operations

Net

investment

income

.............

0.16

0.30

0.28

0.27

0.31

0.33

Net

realized

and

unrealized

gains

(losses)

0.06

0.24

(1.08)

(0.25)

(0.27)

0.64

Total

from

investment

operations

........

0.22

0.54

(0.80)

0.02

0.04

0.97

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.27)

(0.31)

(0.35)

Net

asset

value,

end

period

..........

$10.26

$10.20

$9.96

$11.03

$11.28

$11.55

Total

return

.......................

2.16%

5.54%

(7.22)%

0.12%

0.38%

8.99%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.61%

0.62%

0.61%

0.59%

0.60%

Expenses

net

waiver

and

payments

affiliates

..........................

0.61%

0.62%

0.60%

0.58%

Net

investment

income

...............

3.04%

2.72%

2.36%

2.78%

2.98%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$7,888

$7,967

$6,306

$8,031

$6,076

$5,383

Portfolio

turnover

rate

................

7.13%

8.52%

11.69%

16.61%

22.66%

4.83%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.21

$9.96

$11.03

$11.28

$11.55

$10.93

Income

from

investment

operations

Net

investment

income

.............

0.15

0.30

0.27

0.26

0.31

0.33

Net

realized

and

unrealized

gains

(losses)

0.06

0.25

(1.07)

(0.24)

(0.28)

0.63

Total

from

investment

operations

........

0.21

0.55

(0.80)

0.02

0.03

0.96

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.27)

(0.30)

(0.34)

Net

asset

value,

end

period

..........

$10.26

$10.21

$9.96

$11.03

$11.28

$11.55

Total

return

.......................

2.14%

5.60%

(7.26)%

0.08%

0.34%

8.95%

Ratios

average

net

assets

Expenses

.........................

0.66%

0.65%

0.62%

0.61%

Net

investment

income

...............

3.00%

2.67%

2.32%

2.73%

2.95%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$32,244

$31,551

$36,351

$42,264

$37,329

$27,945

Portfolio

turnover

rate

................

7.13%

8.52%

11.69%

16.61%

22.66%

4.83%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

Louisiana

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

98.6%

Florida

0.9%

Capital

Trust

Agency,

Inc.

SHI

Lake

Osborne

LLC

Revenue

144A,

2021

A-1

3.68

1/01/57

.........................................................

500,000

361,970

Capital

Trust

Authority

Gulf

Coast

Portfolio

Obligated

Group

Revenue

144A,

2024

Refunding

Zero

Cpn.,

3/01/29

........................................

2,400,000

1,904,537

2,266,507

Georgia

0.4%

Development

Authority

Rockdale

County

AHPC

Terraces

Fieldstone

LLC

Revenue

144A,

2021

A-1

3.5

12/01/36

...............................

1,225,000

1,037,053

Louisiana

93.1%

Ascension

Parish

School

Board

2020

3/01/40

......................

1,000,000

1,014,784

Caddo

Parish

Parishwide

School

District

2021

AGMC

Insured

3/01/36

...

505,000

475,053

Calcasieu

Parish

School

District

No.

2019

BAM

Insured

9/01/36

.....

670,000

683,764

Calcasieu

Parish

School

District

No.

2019

BAM

Insured

3/01/37

.....

1,000,000

1,016,596

Central

Community

School

System

2020

3/01/39

.............................................

1,125,000

1,138,095

2020

3/01/40

.............................................

1,190,000

1,199,928

City

Lafayette

Sales

Use

Tax

Revenue

2019

5/01/44

..............

2,350,000

2,490,947

City

Lafayette

Sales

Use

Tax

Public

Improvement

1961

Sales

Tax

Trust

Revenue

2024

3/01/49

................................................

1,500,000

1,624,590

City

Natchitoches

Utilities

Revenue

2023

AGMC

Insured

5.5

6/01/53

.......

750,000

835,578

City

New

Orleans

2021

12/01/39

...........................................

6,000,000

6,565,622

2024

12/01/53

...........................................

2,500,000

2,682,742

Sewerage

Service

Revenue

2020

6/01/45

.........................

1,700,000

1,779,084

Sewerage

Service

Revenue

2020

6/01/50

.........................

1,300,000

1,223,498

City

Shreveport

Water

Sewer

Revenue

2016

12/01/41

..........................

4,000,000

4,093,390

Water

Sewer

Revenue

2020

Refunding

12/01/50

..................

5,070,000

3,866,671

East

Baton

Rouge

Sewerage

Commission

Revenue

2014

Pre-Refunded

2/01/39

............................

5,000,000

5,043,377

Revenue

2019

Refunding

2/01/45

...............................

5,000,000

4,981,569

Greater

New

Orleans

Expressway

Commission

Revenue

2017

AGMC

Insured

11/01/47

........................................................

2,000,000

2,025,480

Greater

Ouachita

Water

Co.

Revenue

2024

BAM

Insured

4.5

9/01/53

........

1,000,000

1,010,949

Jefferson

Parish

Consolidated

Sewerage

District

No.

Revenue

2022

BAM

Insured

2/01/38

......................................................

1,000,000

1,017,048

Jefferson

Parish

Consolidated

Waterworks

District

No.

Revenue

2022

Refunding

BAM

Insured

2/01/40

...........................................

5,000,000

5,050,685

Jefferson

Sales

Tax

District

Revenue

2017

AGMC

Insured

12/01/42

.......

2,250,000

2,321,438

Lafayette

Consolidated

Government

2020

Refunding

3/01/34

.....................................

250,000

238,891

2020

Refunding

3/01/35

.....................................

200,000

188,790

Lafayette

Parish

School

Board

Sales

Tax

Revenue

2023

4/01/53

..........

2,500,000

2,407,609

Louisiana

Correctional

Facilities

Corp.

State

Louisiana

Revenue

2021

10/01/37

..........................

875,000

883,653

State

Louisiana

Revenue

2021

10/01/40

..........................

1,305,000

1,288,034

Louisiana

Housing

Corp.

Revenue

2021

GNMA

Insured

2.05

6/01/36

.........................

615,000

490,954

Revenue

2021

GNMA

Insured

2.2

6/01/41

..........................

1,965,000

1,430,073

Revenue

2024

GNMA

Insured

4.4

12/01/44

.........................

1,000,000

1,001,017

Louisiana

Local

Government

Environmental

Facilities

Community

Development

Authority

City

New

Orleans

Revenue

144A,

2021

11/01/46

...................

1,900,000

1,798,175

City

Pineville

Revenue

2024

AGMC

Insured

9/01/39

................

2,505,000

2,815,469

Entergy

Louisiana

LLC

Revenue

2021

Refunding

6/01/30

.............

1,500,000

1,354,162

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Local

Government

Environmental

Facilities

Community

Development

Authority,

(continued)

Entergy

Louisiana

LLC

Revenue

2021

Refunding

2.5

4/01/36

...........

3,000,000

2,535,190

Invest

Americas

Veterans

Foundation

Louisiana,

Inc.

Revenue

144A,

2020

Refunding

4.25

12/01/50

........................................

8,000,000

6,780,430

Parish

Assumption

Revenue

144A,

2021

3.875

11/01/45

...............

1,000,000

930,750

Parish

St.

Bernard

Revenue

144A,

2021

11/01/45

...................

1,225,000

1,161,151

Parish

St.

Charles

Revenue

144A,

2022

4.5

11/01/47

.................

2,000,000

2,026,789

Parish

St.

Tammany

GOMESA

Revenue

144A,

2020

3.875

11/01/45

....

2,775,000

2,582,831

Patriot

Services

Group

Obligated

Group

Revenue

144A,

2021

10/01/43

...

250,000

201,140

Patriot

Services

Group

Obligated

Group

Revenue

144A,

2021

4.25

10/01/48

221,200

173,855

Patriot

Services

Group

Obligated

Group

Revenue

144A,

2021

4.5

10/01/53

309,471

243,897

Patriot

Services

Group

Obligated

Group

Revenue

144A,

2021

10/01/61

...

249,529

207,668

Ragin

Cajun

Facilities,

Inc.

Revenue

2017

Refunding

AGMC

Insured

10/01/39

.......................................................

1,000,000

1,028,278

University

Louisiana

Lafayette

Revenue

2018

AGMC

Insured

10/01/48

3,500,000

3,558,198

University

Louisiana

System

Revenue

2019

Refunding

AGMC

Insured

8/01/34

........................................................

1,000,000

1,016,885

University

Louisiana

System

Board

Supervisors

Revenue

2021

Refunding

AGMC

Insured

10/01/39

.......................................

1,060,000

1,057,031

University

Louisiana

System

Board

Supervisors

Revenue

2021

Refunding

AGMC

Insured

10/01/41

.......................................

500,000

495,246

University

Louisiana

System

Board

Supervisors

Revenue

2021

Refunding

AGMC

Insured

10/01/43

.......................................

500,000

483,686

University

Louisiana

System

Board

Supervisors

Revenue

2022

Refunding

5/01/30

....................................................

1,020,000

1,054,994

University

Louisiana

System

Board

Supervisors

Revenue

2022

Refunding

5/01/31

....................................................

1,065,000

1,099,846

University

Louisiana

System

Board

Supervisors

Revenue

2022

Refunding

5/01/32

....................................................

1,100,000

1,119,336

University

Louisiana

System

Board

Supervisors

Revenue

2022

Refunding

5/01/33

....................................................

1,155,000

1,172,699

University

Louisiana

System

Board

Supervisors

Revenue

2023

AGMC

Insured

10/01/43

.............................................

600,000

636,975

Woman's

Hospital

Foundation

Revenue

2017

Refunding

10/01/41

......

5,230,000

5,347,037

Louisiana

Offshore

Terminal

Authority

Loop

LLC

Revenue

2007

Refunding

4.15

9/01/27

.........................................................

1,500,000

1,524,122

Louisiana

Public

Facilities

Authority

Calcasieu

Bridge

Partners

LLC

Revenue,

Senior

Lien

2024

5.5

9/01/59

......

5,000,000

5,403,081

CHRISTUS

Health

Obligated

Group

Revenue

2018

7/01/48

...........

5,000,000

5,152,392

Franciscan

Missionaries

Our

Lady

Health

System

Obligated

Group

Revenue

2015

7/01/35

..............................................

4,965,000

5,014,610

Franciscan

Missionaries

Our

Lady

Health

System

Obligated

Group

Revenue

2015

Pre-Refunded

7/01/35

..................................

35,000

35,651

Louisiana

Children's

Medical

Center

Obligated

Group

Revenue

2015

A-1

6/01/45

........................................................

10,000,000

10,290,625

Louisiana

Children's

Medical

Center

Obligated

Group

Revenue

2020

6/01/50

5,000,000

4,720,515

Louisiana

Department

Public

Safety

Corrections

Revenue

2024

AGMC

Insured

8/01/44

..............................................

800,000

880,251

Louisiana

State

University

Agricultural

Mechanical

College

Auxiliary

Revenue

2016

7/01/46

..............................................

6,500,000

6,570,762

Louisiana

State

University

Agricultural

Mechanical

College

Auxiliary

Revenue

2017

7/01/52

................................................

2,310,000

2,346,096

Loyola

University

New

Orleans

Revenue

2021

Refunding

10/01/37

.......

2,020,000

2,023,377

Loyola

University

New

Orleans

Revenue

2021

Refunding

10/01/39

.......

3,460,000

3,419,239

Loyola

University

New

Orleans

Revenue

2021

Refunding

10/01/41

.......

2,850,000

2,760,128

Ochsner

Clinic

Foundation

Obligated

Group

Revenue

2016

Pre-Refunded

5/15/34

........................................................

30,000

31,097

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Public

Facilities

Authority,

(continued)

Ochsner

Clinic

Foundation

Obligated

Group

Revenue

2016

Pre-Refunded

5/15/47

........................................................

20,000

20,731

Ochsner

Clinic

Foundation

Obligated

Group

Revenue

2017

Refunding

5/15/42

5,695,000

5,814,574

Ochsner

Clinic

Foundation

Obligated

Group

Revenue

2017

Refunding

5/15/46

6,305,000

6,393,696

Provident

Group

HSC

Properties,

Inc.

Revenue

144A,

2020

A-1

5.5

1/01/50

2,000,000

1,860,621

Roman

Catholic

Church

the

Archdiocese

New

Orleans

Revenue

2017

Refunding

7/01/37

............................................

3,750,000

3,000,000

Tulane

University

Revenue

2016

Refunding

12/15/41

................

3,000,000

3,065,566

Tulane

University

Revenue

2017

Pre-Refunded

12/15/50

.............

60,000

62,474

Tulane

University

Revenue

2024

4/15/38

..........................

1,000,000

1,141,791

Louisiana

Stadium

Exposition

District

Revenue,

Senior

Lien

2023

Refunding

5.25

7/01/53

...................................................

1,750,000

1,923,493

Louisiana

State

University

Agricultural

Mechanical

College

Auxiliary

Revenue

2016

Pre-Refunded

7/01/40

....................................

4,500,000

4,689,688

Natchitoches

Parish

School

District

No.

2018

AGMC

Insured

3/01/38

...

1,440,000

1,545,603

New

Orleans

Aviation

Board

Louis

Armstrong

New

Orleans

International

Airport

Revenue

2017

1/01/48

........................................

8,000,000

8,153,397

Parish

East

Baton

Rouge

Capital

Improvements

District

MovEBR

Sales

Tax

Revenue

2019

8/01/48

.........................................

500,000

520,863

Parish

Terrebonne

Sales

Use

Tax

Revenue

2020

3/01/41

...........

2,660,000

2,663,480

Port

New

Orleans

Board

Commissioners

Revenue

2018

AGMC

Insured

4/01/48

............................

2,750,000

2,816,965

Revenue

2020

4/01/50

........................................

6,000,000

6,242,651

Rapides

Parish

Consolidated

School

District

No.

2022

AGMC

Insured

3/01/42

.........................................................

1,100,000

1,182,644

Rapides

Parish

School

District

No.

Rigolette

2023

AGMC

Insured

3/01/41

.........................................................

1,000,000

1,000,479

St.

John

the

Baptist

Parish

School

District

No.

2023

5.25

3/01/43

.......

3,300,000

3,501,929

St.

Tammany

Parish

Hospital

Service

District

No.

Revenue

2018

Refunding

7/01/48

.........................................................

5,500,000

5,624,367

State

Louisiana

2016

9/01/35

............................................

2,575,000

2,686,122

2019

3/01/37

............................................

3,000,000

3,223,514

Gasoline

Fuels

Tax

Revenue,

First

Lien

2015

Pre-Refunded

5/01/41

...

3,000,000

3,044,065

Gasoline

Fuels

Tax

Revenue,

Second

Lien

2017

Refunding

5/01/45

...

10,000,000

10,332,914

Tangipahoa

Parish

Hospital

Service

District

No.

Revenue

2021

Refunding

2/01/35

.................................

2,250,000

2,261,756

Revenue

2021

Refunding

2/01/38

.................................

2,000,000

1,975,940

Terrebonne

Levee

Conservation

District

Sales

Tax

Revenue

2020

Refunding

6/01/41

......................................................

1,000,000

996,021

West

Feliciana

Parish

Parishwide

Consolidated

School

District

No.

2020

3/01/50

.........................................................

3,000,000

2,842,274

239,711,191

South

Carolina

0.4%

South

Carolina

Jobs-Economic

Development

Authority

Revenue

144A,

2021

A-1

3.65

12/01/36

..............................

600,000

525,452

AHPC

Vista

Towers

2021

LLC

Revenue

2021

A-1

3.65

12/01/36

...........

700,000

613,027

1,138,479

Texas

0.6%

City

Dallas

DHFC

Briscoe

Apartments

LLC

(The)

Revenue,

Senior

Lien

2022

12/01/62

.....................................................

450,000

447,276

Pecan

Public

Facility

Corp.

Revenue

144A,

2022

A-2

12/01/52

............

1,250,000

1,026,780

1,474,056

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Washington

0.2%

Washington

State

Housing

Finance

Commission

Madison

Rivers

Edge

Apartments

LLC

Revenue

144A,

2021

3.65

1/01/37

............................

700,000

613,191

Wisconsin

0.9%

Public

Finance

Authority

Revenue

144A,

2022

B-1

12/28/44

................................

800,000

673,527

AL-FL

Portfolio

Obligated

Group

Revenue

144A,

2021

3.4

12/01/36

.......

1,225,000

1,055,195

Pine

Forest

2022

Obligated

Group

Revenue

144A,

2022

6.5

12/01/52

.....

500,000

517,656

2,246,378

U.S.

Territories

2.1%

Puerto

Rico

2.1%

Puerto

Rico

Electric

Power

Authority

Revenue

Refunding

NATL

Insured

5.25

7/01/32

....................

500,000

494,229

Revenue

5.25

7/01/33

........................................

855,000

361,237

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

A-1

4.75

7/01/53

................................

3,500,000

3,473,748

Sales

Tax

Revenue

A-1

7/01/58

..................................

1,196,000

1,201,290

5,530,504

Total

U.S.

Territories

....................................................................

5,530,504

Total

Municipal

Bonds

(Cost

264,764,518

)

.....................................

254,017,359

Escrows

and

Litigation

Trusts

0.0%

†

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

43,434

34,747

Total

Escrows

and

Litigation

Trusts

(Cost

–

)

...................................

34,747

Total

Long

Term

Investments

(Cost

264,764,518

)

...............................

254,052,106

Short

Term

Investments

1.6%

Principal

Amount

Municipal

Bonds

1.6%

Louisiana

1.6%

State

Louisiana

Gasoline

Fuels

Tax

Revenue,

Second

Lien

2023

A-1

Refunding

LOC

Toronto

Dominion

Bank

(The)

Daily

VRDN

and

Put

3.8

5/01/43

4,200,000

Total

Municipal

Bonds

(Cost

4,200,000

)

.......................................

4,200,000

Total

Short

Term

Investments

(Cost

4,200,000

)

.................................

4,200,000

Total

Investments

(Cost

268,964,518

)

100.2

..................................

$258,252,106

Other

Assets,

less

Liabilities

(

0.2

)

...........................................

(654,104)

Net

Assets

100.0%

...........................................................

$257,598,002

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

See

Abbreviations

page

101

†

Rounds

less

than

0.1%

net

assets.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$25,682,668,

representing

10.0%

net

assets.

Security

purchased

when-issued

basis.

See

Note

1(b).

portion

all

the

security

purchased

delayed

delivery

basis.

See

Note

1(b).

Defaulted

security

for

which

income

has

been

deemed

uncollectible.

See

Note

Non-income

producing.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

floating

variable

interest

rate

adjustment

formula

and

unconditional

right

demand

receive

payment

the

principal

balance

plus

accrued

interest

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

determined

based

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Maryland

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$9.91

$9.75

$10.71

$10.97

$11.35

$10.80

Income

from

investment

operations

Net

investment

income

.............

0.16

0.31

0.26

0.23

0.28

0.29

Net

realized

and

unrealized

gains

(losses)

0.06

0.16

(0.96)

(0.26)

(0.38)

0.57

Total

from

investment

operations

........

0.22

0.47

(0.70)

(0.03)

(0.10)

0.86

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.31)

(0.26)

(0.23)

(0.28)

(0.31)

Net

asset

value,

end

period

..........

$9.97

$9.91

$9.75

$10.71

$10.97

$11.35

Total

return

.......................

2.23%

4.89%

(6.56)%

(0.30)%

(0.84)%

8.11%

Ratios

average

net

assets

Expenses

.........................

0.89%

0.90%

0.89%

0.87%

0.88%

Net

investment

income

...............

3.16%

3.17%

2.62%

2.10%

2.55%

2.65%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$92,974

$87,309

$80,313

$90,950

$78,374

$60,104

Portfolio

turnover

rate

................

3.62%

12.33%

37.44%

15.00%

28.27%

7.50%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$9.91

$9.75

$10.71

$10.97

$11.36

$10.80

Income

from

investment

operations

Net

investment

income

.............

0.17

0.32

0.27

0.25

0.30

0.31

Net

realized

and

unrealized

gains

(losses)

0.06

0.16

(0.96)

(0.26)

(0.39)

0.58

Total

from

investment

operations

........

0.23

0.48

(0.69)

(0.01)

(0.09)

0.89

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.32)

(0.27)

(0.25)

(0.30)

(0.33)

Net

asset

value,

end

period

..........

$9.97

$9.91

$9.75

$10.71

$10.97

$11.36

Total

return

.......................

2.31%

5.05%

(6.42)%

(0.15)%

(0.69)%

8.27%

Ratios

average

net

assets

Expenses

.........................

0.74%

0.75%

0.74%

0.72%

0.73%

Net

investment

income

...............

3.31%

3.30%

2.76%

2.25%

2.72%

2.80%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$145,011

$147,337

$162,447

$214,264

$240,637

$270,309

Portfolio

turnover

rate

................

3.62%

12.33%

37.44%

15.00%

28.27%

7.50%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.12

$9.95

$10.94

$11.20

$11.59

$11.02

Income

from

investment

operations

Net

investment

income

.............

0.14

0.27

0.22

0.19

0.24

0.25

Net

realized

and

unrealized

gains

(losses)

0.06

0.17

(0.99)

(0.26)

(0.39)

0.59

Total

from

investment

operations

........

0.20

0.44

(0.77)

(0.07)

(0.15)

0.84

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.27)

(0.22)

(0.19)

(0.24)

(0.27)

Net

asset

value,

end

period

..........

$10.18

$10.12

$9.95

$10.94

$11.20

$11.59

Total

return

.......................

1.97%

4.47%

(7.08)%

(0.70)%

(1.30)%

7.75%

Ratios

average

net

assets

Expenses

.........................

1.28%

1.29%

1.28%

1.26%

1.28%

Net

investment

income

...............

2.69%

2.67%

2.15%

1.65%

2.13%

2.25%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$11,403

$13,708

$17,531

$24,227

$34,896

$45,502

Portfolio

turnover

rate

................

3.62%

12.33%

37.44%

15.00%

28.27%

7.50%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$9.93

$9.77

$10.73

$10.99

$11.37

$10.82

Income

from

investment

operations

Net

investment

income

.............

0.17

0.34

0.29

0.26

0.31

0.32

Net

realized

and

unrealized

gains

(losses)

0.06

0.16

(0.96)

(0.25)

(0.37)

0.58

Total

from

investment

operations

........

0.23

0.50

(0.67)

0.01

(0.06)

0.90

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.34)

(0.29)

(0.27)

(0.32)

(0.35)

Net

asset

value,

end

period

..........

$9.99

$9.93

$9.77

$10.73

$10.99

$11.37

Total

return

.......................

2.38%

5.19%

(6.27)%

(—)%

(0.55)%

8.41%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.60%

0.57%

0.59%

0.60%

Expenses

net

waiver

and

payments

affiliates

..........................

0.60%

0.57%

0.58%

Net

investment

income

...............

3.45%

3.46%

2.91%

2.39%

2.81%

2.95%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$12,609

$10,818

$11,709

$13,771

$8,033

$3,642

Portfolio

turnover

rate

................

3.62%

12.33%

37.44%

15.00%

28.27%

7.50%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Rounds

less

than

0.01%.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$9.92

$9.76

$10.73

$10.98

$11.37

$10.81

Income

from

investment

operations

Net

investment

income

.............

0.17

0.33

0.28

0.26

0.31

0.32

Net

realized

and

unrealized

gains

(losses)

0.07

0.16

(0.97)

(0.25)

(0.39)

0.58

Total

from

investment

operations

........

0.24

0.49

(0.69)

0.01

(0.08)

0.90

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.33)

(0.28)

(0.26)

(0.31)

(0.34)

Net

asset

value,

end

period

..........

$9.99

$9.92

$9.76

$10.73

$10.98

$11.37

Total

return

.......................

2.46%

5.14%

(6.41)%

0.04%

(0.68)%

8.47%

Ratios

average

net

assets

Expenses

.........................

0.64%

0.65%

0.64%

0.62%

0.63%

Net

investment

income

...............

3.41%

3.40%

2.87%

2.35%

2.81%

2.90%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$48,470

$48,094

$45,667

$55,284

$57,854

$54,079

Portfolio

turnover

rate

................

3.62%

12.33%

37.44%

15.00%

28.27%

7.50%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

Maryland

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

97.3%

Florida

0.7%

Capital

Trust

Authority

Gulf

Coast

Portfolio

Obligated

Group

Revenue

144A,

2024

Refunding

Zero

Cpn.,

3/01/29

........................................

2,650,000

2,102,926

Georgia

0.4%

Development

Authority

Rockdale

County

AHPC

Terraces

Fieldstone

LLC

Revenue

144A,

2021

A-1

3.5

12/01/36

...............................

1,325,000

1,121,710

Maryland

85.5%

City

Baltimore

Harbor

Point

Special

Taxing

District

Revenue

2016

Refunding

5.125

6/01/43

3,000,000

3,014,742

Wastewater

Utility

Fund

Revenue

2017

7/01/46

.....................

2,000,000

2,047,039

City

Gaithersburg

Asbury

Maryland

Obligated

Group

Revenue

2022

4.5

1/01/42

1,500,000

1,457,689

County

Anne

Arundel

Glenview

Housing

Revenue

2009

Mandatory

Put

1/01/27

.........................................................

1,760,000

1,762,633

County

Baltimore

2023

3/01/53

...............................

6,000,000

6,571,606

County

Frederick

Urbana

Community

Development

Authority

Special

Tax

144A,

2020

7/01/50

...............................................

3,940,000

3,618,161

County

Harford

Beechtree

Estates

Development

District

Tax

Allocation

2021

Refunding

7/01/31

........................................................

150,000

156,281

Beechtree

Estates

Development

District

Tax

Allocation

2021

Refunding

7/01/36

........................................................

750,000

764,665

Beechtree

Estates

Development

District

Tax

Allocation

2021

Refunding

7/01/40

........................................................

675,000

679,705

County

Howard

Annapolis

Junction

Town

Center

Development

District

Tax

Allocation

2024

Refunding

2/15/44

................................

665,000

715,418

Howard

County

Housing

Commission

Revenue

2013

10/01/28

........................................

10,000,000

10,014,507

Revenue

2016

6/01/46

.........................................

2,000,000

1,850,564

Revenue

2017

12/01/46

........................................

5,000,000

5,116,804

Maryland

Community

Development

Administration

Housing

Revenue

2019

7/01/39

................................

1,500,000

1,319,779

Housing

Revenue

2019

3.2

7/01/44

...............................

1,000,000

835,407

Maryland

Community

Development

Administration

Local

Government

Infrastructure

Revenue

2017

A-1

6/01/47

......................................

2,300,000

2,270,099

Revenue

2018

A-1

6/01/48

......................................

1,310,000

1,361,758

Revenue,

Senior

Lien

2019

B-1

6/01/49

.............................

3,000,000

2,920,366

Maryland

Economic

Development

Corp.

Annapolis

Parking

System

Revenue,

Senior

Lien

2022

5.25

12/31/47

......

5,000,000

5,316,584

Frostburg

State

University

Project

Revenue,

Senior

Lien

2013

Refunding

10/01/33

.......................................................

5,000,000

5,001,588

Morgan

View

Thurgood

Marshall

Student

Housing

Revenue

2020

7/01/40

1,000,000

976,496

Morgan

View

Thurgood

Marshall

Student

Housing

Revenue

2020

7/01/50

1,250,000

1,288,540

Morgan

View

Thurgood

Marshall

Student

Housing

Revenue

2022

7/01/58

4,620,000

5,129,553

Purple

Line

Transit

Partners

LLC

Revenue

2022

5.25

6/30/47

...........

5,000,000

5,255,493

Purple

Line

Transit

Partners

LLC

Revenue

2022

5.25

6/30/55

...........

5,000,000

5,206,867

University

Maryland

College

Park

Revenue

2016

Refunding

AGMC

Insured

6/01/35

........................................................

4,225,000

4,329,414

University

Maryland

College

Park

Revenue

2016

Refunding

AGMC

Insured

6/01/43

........................................................

3,305,000

3,356,222

University

Maryland

College

Park

Revenue

2024

AGMC

Insured

7/01/54

2,000,000

2,097,108

University

Park

Phase

Salisbury

University

Revenue

2013

Refunding

6/01/34

........................................................

2,040,000

2,040,763

University

Village

Sheppard

Pratt

Revenue

2012

Refunding

7/01/27

.....

1,150,000

1,150,906

University

Village

Sheppard

Pratt

Revenue

2012

Refunding

7/01/33

.....

2,495,000

2,496,168

West

Village

Millennium

Hall

Student

Housing

Towson

University

Revenue,

Senior

Lien

2012

7/01/27

......................................

720,000

720,804

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Maryland

(continued)

Maryland

Health

Higher

Educational

Facilities

Authority

Adventist

Healthcare

Obligated

Group

Revenue

2016

5.5

1/01/46

.........

9,750,000

9,915,035

Adventist

Healthcare

Obligated

Group

Revenue

2020

Refunding

1/01/38

...

865,000

851,686

Adventist

Healthcare

Obligated

Group

Revenue

2021

BAM

Insured

1/01/51

2,000,000

1,923,227

Charlestown

Community,

Inc.

Revenue

2016

Refunding

1/01/45

........

4,170,000

4,240,317

Frederick

Health,

Inc.

Obligated

Group

Revenue

2020

Refunding

7/01/50

1,715,000

1,631,703

Frederick

Health,

Inc.

Obligated

Group

Revenue

2023

Refunding

5.25

7/01/53

1,500,000

1,586,313

Goucher

College

Revenue

2017

Refunding

7/01/44

.................

7,470,000

7,478,008

Johns

Hopkins

Medical

Institutions

Parking

System

Revenue

2001

AMBAC

Insured

7/01/27

..............................................

505,000

508,675

Johns

Hopkins

Medical

Institutions

Parking

System

Revenue

2004

AMBAC

Insured

7/01/34

..............................................

5,000,000

5,036,694

LifeBridge

Health

Obligated

Group

Revenue

2016

Refunding

7/01/47

.....

4,000,000

4,055,966

Loyola

University

Maryland,

Inc.

Revenue

2014

Refunding

10/01/45

......

2,250,000

2,250,150

Loyola

University

Maryland,

Inc.

Revenue

2019

Refunding

10/01/49

.....

2,000,000

2,093,490

Maryland

Institute

College

Art

Revenue

2016

Refunding

6/01/42

.......

5,325,000

4,975,736

Maryland

Institute

College

Art

Revenue

2024

Refunding

5.5

6/01/47

......

1,250,000

1,340,707

MedStar

Health

Obligated

Group

Revenue

1997

AMBAC

Insured

ETM,

7/01/27

........................................................

4,560,000

4,708,748

MedStar

Health

Obligated

Group

Revenue

2013

8/15/38

..............

5,000,000

5,002,153

MedStar

Health

Obligated

Group

Revenue

2015

Refunding

8/15/38

.......

2,100,000

2,111,833

MedStar

Health

Obligated

Group

Revenue

2017

5/15/45

..............

5,000,000

5,122,533

Meritus

Medical

Center

Obligated

Group

Revenue

2015

Refunding

7/01/40

8,535,000

8,603,241

Stevenson

University,

Inc.

Revenue

2021

Refunding

6/01/28

..........

630,000

661,107

Stevenson

University,

Inc.

Revenue

2021

Refunding

6/01/30

..........

1,225,000

1,306,967

Stevenson

University,

Inc.

Revenue

2021

Refunding

6/01/32

..........

800,000

852,518

Stevenson

University,

Inc.

Revenue

2021

Refunding

6/01/34

..........

350,000

347,306

Stevenson

University,

Inc.

Revenue

2021

Refunding

6/01/36

..........

1,125,000

1,102,486

Stevenson

University,

Inc.

Revenue

2021

Refunding

6/01/40

..........

1,850,000

1,747,463

Stevenson

University,

Inc.

Revenue

2021

Refunding

6/01/46

..........

1,000,000

902,675

Stevenson

University,

Inc.

Revenue

2021

Refunding

6/01/55

..........

3,250,000

2,875,518

University

Maryland

Medical

System

Obligated

Group

Revenue

2017

Refunding

7/01/39

............................................

10,000,000

10,306,216

University

Maryland

Medical

System

Obligated

Group

Revenue

2017

7/01/48

........................................................

5,000,000

4,812,008

Maryland

Industrial

Development

Financing

Authority

McDonogh

School,

Inc.

Revenue

2019

Refunding

9/01/43

..............

1,100,000

1,100,585

McDonogh

School,

Inc.

Revenue

2019

Refunding

9/01/48

..............

610,000

592,114

Maryland

Stadium

Authority

Baltimore

City

Public

School

Construction

Financing

Fund

Revenue

2016

Pre-

Refunded

5/01/46

............................................

4,085,000

4,250,635

Baltimore

City

Public

School

Construction

Financing

Fund

Revenue

2020

5/01/50

........................................................

11,225,000

12,831,631

State

Maryland

Built

Learn

Revenue

2021

6/01/35

................

1,590,000

1,659,323

State

Maryland

Built

Learn

Revenue

2022

6/01/47

...............

5,000,000

4,934,999

Maryland

State

Transportation

Authority

Revenue

2020

7/01/45

.........................................

4,000,000

3,965,995

Revenue

2021

Refunding

7/01/46

...............................

2,000,000

2,149,226

Montgomery

County

Housing

Opportunities

Commission

Revenue

2023

5.125

1/01/53

.........................................................

915,000

1,001,854

State

Maryland

2022

6/01/37

...............................

8,000,000

9,153,755

State

Maryland

Department

Transportation

Maryland

Aviation

Administration

Revenue

2021

8/01/46

..............

3,000,000

3,116,967

Maryland

Aviation

Administration

Revenue

2021

8/01/51

..............

3,500,000

3,262,976

Town

Chestertown

Washington

College

Revenue

2021

Refunding

3/01/34

...............

3,420,000

3,287,324

Washington

College

Revenue

2021

Refunding

3/01/36

...............

2,700,000

2,552,689

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Maryland

(continued)

Town

Chestertown,

(continued)

Washington

College

Revenue

2021

Refunding

3/01/37

...............

3,095,000

2,898,522

University

System

Maryland

Revenue

2021

Refunding

4/01/51

........

5,260,000

5,125,999

Washington

Suburban

Sanitary

Commission

Revenue

2023

6/01/49

.........................................

9,500,000

9,495,511

Revenue,

Second

Series

2016

6/01/43

.............................

5,000,000

5,001,682

265,575,995

New

Jersey

0.8%

New

Jersey

Transportation

Trust

Fund

Authority

State

New

Jersey

Revenue

2022

6/15/39

...................................................

2,500,000

2,522,645

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

Revenue

144A,

2021

A-1

3.65

12/01/36

..............................

700,000

613,027

AHPC

Vista

Towers

2021

LLC

Revenue

2021

A-1

3.65

12/01/36

...........

700,000

613,027

Columbia

Portfolio

Obligated

Group

Revenue

144A,

2022

A-2

Zero

Cpn.,

6/01/52

1,350,000

1,028,530

2,254,584

Texas

0.5%

City

Dallas

DHFC

Briscoe

Apartments

LLC

(The)

Revenue,

Senior

Lien

2022

12/01/62

.....................................................

550,000

546,670

Pecan

Public

Facility

Corp.

Revenue

144A,

2022

A-2

12/01/52

............

1,300,000

1,067,852

1,614,522

Washington

0.2%

Washington

State

Housing

Finance

Commission

Madison

Rivers

Edge

Apartments

LLC

Revenue

144A,

2021

3.65

1/01/37

............................

700,000

613,191

Wisconsin

0.4%

Public

Finance

Authority

Revenue

144A,

2022

B-1

12/28/44

................................

800,000

673,527

Pine

Forest

2022

Obligated

Group

Revenue

144A,

2022

6.5

12/01/52

.....

500,000

517,657

1,191,184

U.S.

Territories

8.1%

District

Columbia

4.6%

Washington

Metropolitan

Area

Transit

Authority

Dedicated

Revenue

2020

7/15/45

...............................

2,500,000

2,662,236

Dedicated

Revenue

2021

7/15/46

...............................

3,000,000

3,214,644

Dedicated

Revenue

2023

7/15/43

...............................

2,500,000

2,760,185

Dedicated

Revenue

2023

4.125

7/15/47

............................

2,500,000

2,456,868

Dedicated

Revenue,

Second

Lien

2024

7/15/56

.....................

3,000,000

3,229,001

14,322,934

Puerto

Rico

3.5%

HTA

HRRB

Custodial

Trust

Revenue

2007

5.25

7/01/33

................

347,342

344,716

HTA

TRRB

Custodial

Trust

Revenue

2005

5.25

7/01/41

.....................................

2,094,826

2,050,516

Puerto

Rico

Electric

Power

Authority

Revenue

Refunding

NATL

Insured

5.25

7/01/32

....................

2,000,000

1,976,914

Revenue

5.5

7/01/38

.........................................

1,975,000

834,438

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

A-1

4.75

7/01/53

................................

3,600,000

3,572,998

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.,

(continued)

Sales

Tax

Revenue

A-1

7/01/58

..................................

1,900,000

1,908,403

10,687,985

Total

U.S.

Territories

....................................................................

25,010,919

Total

Municipal

Bonds

(Cost

309,511,385

)

.....................................

302,007,676

Escrows

and

Litigation

Trusts

0.0%

†

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

100,330

80,264

Total

Escrows

and

Litigation

Trusts

(Cost

–

)

...................................

80,264

Total

Long

Term

Investments

(Cost

309,511,385

)

...............................

302,087,940

Short

Term

Investments

1.7%

Principal

Amount

Municipal

Bonds

1.7%

Maryland

1.7%

County

Montgomery

2017

SPA

Bank

Daily

VRDN

and

Put

3.9

11/01/37

........................................................

5,200,000

Total

Municipal

Bonds

(Cost

5,200,000

)

.......................................

5,200,000

Total

Short

Term

Investments

(Cost

5,200,000

)

.................................

5,200,000

Total

Investments

(Cost

314,711,385

)

99.0

...................................

$307,287,940

Other

Assets,

less

Liabilities

1.0

.............................................

3,179,354

Net

Assets

100.0%

...........................................................

$310,467,294

See

Abbreviations

page

101

†

Rounds

less

than

0.1%

net

assets.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$11,356,581,

representing

3.7%

net

assets.

The

maturity

date

shown

represents

the

mandatory

put

date.

Defaulted

security

for

which

income

has

been

deemed

uncollectible.

See

Note

Non-income

producing.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

floating

variable

interest

rate

adjustment

formula

and

unconditional

right

demand

receive

payment

the

principal

balance

plus

accrued

interest

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

determined

based

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Missouri

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.47

$10.27

$11.48

$11.85

$12.09

$11.47

Income

from

investment

operations

Net

investment

income

.............

0.17

0.34

0.31

0.28

0.29

0.31

Net

realized

and

unrealized

gains

(losses)

0.06

0.20

(1.22)

(0.37)

(0.24)

0.63

Total

from

investment

operations

........

0.23

0.54

(0.91)

(0.09)

0.05

0.94

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.34)

(0.30)

(0.28)

(0.29)

(0.32)

Net

asset

value,

end

period

..........

$10.53

$10.47

$10.27

$11.48

$11.85

$12.09

Total

return

.......................

2.27%

5.34%

(7.92)%

(0.84)%

0.41%

8.32%

Ratios

average

net

assets

Expenses

.........................

0.82%

0.83%

0.82%

0.81%

Net

investment

income

...............

3.30%

2.90%

2.33%

2.42%

2.62%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$181,577

$180,411

$166,355

$208,059

$169,677

$122,845

Portfolio

turnover

rate

................

3.36%

15.60%

26.78%

21.64%

18.20%

14.83%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.46

$10.27

$11.48

$11.84

$12.09

$11.46

Income

from

investment

operations

Net

investment

income

.............

0.18

0.35

0.32

0.30

0.31

0.33

Net

realized

and

unrealized

gains

(losses)

0.06

0.19

(1.21)

(0.36)

(0.26)

0.64

Total

from

investment

operations

........

0.24

0.54

(0.89)

(0.06)

0.05

0.97

Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.35)

(0.32)

(0.30)

(0.34)

Net

asset

value,

end

period

..........

$10.52

$10.46

$10.27

$11.48

$11.84

$12.09

Total

return

.......................

2.35%

5.40%

(7.78)%

(0.60)%

0.48%

8.58%

Ratios

average

net

assets

Expenses

.........................

0.67%

0.68%

0.67%

0.66%

Net

investment

income

...............

3.45%

3.44%

3.05%

2.49%

2.58%

2.77%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$379,992

$399,059

$439,718

$588,698

$647,517

$708,399

Portfolio

turnover

rate

................

3.36%

15.60%

26.78%

21.64%

18.20%

14.83%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.57

$10.37

$11.60

$11.97

$12.21

$11.58

Income

from

investment

operations

Net

investment

income

.............

0.15

0.29

0.26

0.23

0.24

0.26

Net

realized

and

unrealized

gains

(losses)

0.06

0.20

(1.23)

(0.37)

(0.24)

0.65

Total

from

investment

operations

........

0.21

0.49

(0.97)

(0.14)

—

0.91

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.29)

(0.26)

(0.23)

(0.24)

(0.28)

Net

asset

value,

end

period

..........

$10.63

$10.57

$10.37

$11.60

$11.97

$12.21

Total

return

.......................

2.04%

4.87%

(8.38)%

(1.23)%

0.01%

7.92%

Ratios

average

net

assets

Expenses

.........................

1.22%

1.23%

1.22%

1.20%

1.21%

Net

investment

income

...............

2.86%

2.83%

2.45%

1.91%

2.01%

2.22%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$19,097

$23,851

$33,334

$52,654

$74,779

$104,721

Portfolio

turnover

rate

................

3.36%

15.60%

26.78%

21.64%

18.20%

14.83%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.47

$10.28

$11.49

$11.85

$12.10

$11.47

Income

from

investment

operations

Net

investment

income

.............

0.19

0.37

0.34

0.31

0.32

0.34

Net

realized

and

unrealized

gains

(losses)

0.06

0.19

(1.22)

(0.36)

(0.25)

0.65

Total

from

investment

operations

........

0.25

0.56

(0.88)

(0.05)

0.07

0.99

Less

distributions

from:

Net

investment

income

..............

(0.19)

(0.37)

(0.33)

(0.31)

(0.32)

(0.36)

Net

asset

value,

end

period

..........

$10.53

$10.47

$10.28

$11.49

$11.85

$12.10

Total

return

.......................

2.41%

5.53%

(7.65)%

(0.47)%

0.61%

8.71%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.54%

0.55%

0.54%

0.53%

0.54%

Expenses

net

waiver

and

payments

affiliates

..........................

0.54%

0.55%

0.54%

0.52%

0.53%

Net

investment

income

...............

3.58%

3.57%

3.17%

2.61%

2.70%

2.90%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$25,119

$22,474

$20,620

$33,747

$30,329

$23,700

Portfolio

turnover

rate

................

3.36%

15.60%

26.78%

21.64%

18.20%

14.83%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.47

$10.27

$11.49

$11.85

$12.09

$11.47

Income

from

investment

operations

Net

investment

income

.............

0.19

0.36

0.33

0.31

0.32

0.34

Net

realized

and

unrealized

gains

(losses)

0.06

0.20

(1.22)

(0.36)

(0.24)

0.63

Total

from

investment

operations

........

0.25

0.56

(0.89)

(0.05)

0.08

0.97

Less

distributions

from:

Net

investment

income

..............

(0.19)

(0.36)

(0.33)

(0.31)

(0.32)

(0.35)

Net

asset

value,

end

period

..........

$10.53

$10.47

$10.27

$11.49

$11.85

$12.09

Total

return

.......................

2.40%

5.61%

(7.77)%

(0.50)%

0.66%

8.59%

Ratios

average

net

assets

Expenses

.........................

0.57%

0.58%

0.57%

0.56%

Net

investment

income

...............

3.55%

3.54%

3.15%

2.59%

2.68%

2.87%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$69,507

$67,832

$70,684

$86,643

$85,456

$82,970

Portfolio

turnover

rate

................

3.36%

15.60%

26.78%

21.64%

18.20%

14.83%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

Missouri

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

97.8%

California

0.1%

Santa

Barbara

Secondary

High

School

District

2011

Zero

Cpn.,

8/01/40

....

1,790,000

963,677

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

4,952,370

SHI

Lake

Osborne

LLC

Revenue

144A,

2021

A-1

3.68

1/01/57

...........

850,000

615,349

Capital

Trust

Authority

Gulf

Coast

Portfolio

Obligated

Group

Revenue

144A,

2024

Refunding

Zero

Cpn.,

3/01/29

........................................

6,400,000

5,078,764

10,646,483

Georgia

0.4%

Development

Authority

Rockdale

County

AHPC

Terraces

Fieldstone

LLC

Revenue

144A,

2021

A-1

3.5

12/01/36

...............................

3,250,000

2,751,365

Missouri

89.1%

Affton

School

District

No.

101

2017

Refunding

3/01/33

...................................

1,595,000

1,662,259

2017

Refunding

3/01/34

...................................

1,700,000

1,770,655

2017

Refunding

3/01/35

...................................

1,810,000

1,883,502

2017

3/01/36

............................................

300,000

312,028

2017

Pre-Refunded

3/01/36

................................

1,620,000

1,711,512

Cape

Girardeau

County

Industrial

Development

Authority

Mercy

Health

Revenue

2021

3/01/41

..............................

3,010,000

2,990,861

Mercy

Health

Revenue

2021

3/01/46

..............................

3,000,000

2,375,200

Mercy

Health

Revenue

2021

3/01/46

..............................

8,730,000

8,405,989

Procter

Gamble

Co.

(The)

Revenue

1998

5.3

5/15/28

..................

6,875,000

6,887,668

St.

Francis

Obligated

Group

Revenue

2016

Refunding

6/01/39

..........

7,110,000

7,212,701

City

Bridgeton

Sales

Tax

Revenue

2021

Refunding

12/01/32

......................

500,000

423,950

Sales

Tax

Revenue

2021

Refunding

2.125

12/01/33

..................

1,170,000

987,450

City

Harrisonville

COP

2023

Refunding

4.375

3/01/43

...............................

1,000,000

996,913

COP

2023

Refunding

4.5

3/01/48

.................................

2,000,000

1,986,639

COP

2023

Refunding

4.625

3/01/53

...............................

2,000,000

2,001,030

City

Kansas

City

2024

2/01/44

............................................

1,700,000

1,702,360

Sanitary

Sewer

System

Revenue

2018

1/01/35

.....................

1,500,000

1,541,089

Sanitary

Sewer

System

Revenue

2023

1/01/48

.....................

5,000,000

4,907,655

Sanitary

Sewer

System

Revenue

2024

1/01/49

.....................

3,500,000

3,419,401

Water

Revenue

2017

12/01/41

.................................

4,970,000

4,972,997

Water

Revenue

2023

12/01/47

.................................

2,120,000

2,078,250

City

Kirkwood

COP

2024

4.25

4/01/50

.........................................

535,000

524,431

COP

2024

4.25

4/01/54

.........................................

1,700,000

1,650,006

City

Marshfield

Waterworks

Sewer

System

Revenue

2020

AGMC

Insured

2/01/47

......................................................

1,775,000

1,840,407

City

Republic

Revenue

2022

5/01/47

.........................................

5,000,000

4,049,763

Revenue

2023

4.5

5/01/41

........................................

1,000,000

1,006,466

Revenue

2023

4.5

5/01/44

........................................

1,000,000

1,001,090

City

Springfield

Revenue

2023

4.375

11/01/42

........................

500,000

516,520

City

St.

Charles

COP

2020

Refunding

2/01/39

.....................

1,500,000

1,338,793

City

St.

Louis

Airport

Revenue

2005

Refunding

NATL

Insured

5.5

7/01/29

..............

13,070,000

14,715,418

Airport

Revenue

2017

Refunding

AGMC

Insured

7/01/25

.............

5,000,000

5,091,306

Airport

Revenue

2017

Refunding

AGMC

Insured

7/01/35

.............

1,000,000

1,032,163

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Missouri

(continued)

City

St.

Louis,

(continued)

Airport

Revenue

2017

Refunding

AGMC

Insured

7/01/36

.............

2,125,000

2,188,967

Airport

Revenue

2019

Refunding

7/01/27

.........................

1,705,000

1,810,815

Airport

Revenue

2024

AGMC

Insured

5.25

7/01/54

...................

6,345,000

6,993,122

City

University

City

COP

2024

4/01/49

.............................

1,205,000

1,282,027

Clay

County

Reorganized

School

District

No.

R-1

2017

3/01/36

.............................................

1,540,000

1,447,528

2017

3.125

3/01/37

..........................................

1,855,000

1,733,814

Community

College

District

Central

Southwest

Missouri

COP

2021

3/01/40

.............................................

575,000

509,653

COP

2021

3/01/41

.............................................

400,000

349,679

County

Jackson

Revenue

2023

4.25

12/01/53

....................................

2,660,000

2,600,555

Revenue

2023

5.25

12/01/58

....................................

2,500,000

2,712,581

Ferguson

Reorganized

School

District

No.

R-2

2018

5/01/32

.............................................

1,000,000

1,014,191

2018

5/01/38

.............................................

2,250,000

2,335,549

Hannibal

Board

Public

Works

COP

2022

3.625

4/01/44

.........................................

1,000,000

907,319

COP

2022

3.75

4/01/47

..........................................

1,000,000

911,638

Health

Educational

Facilities

Authority

the

State

Missouri

Bethesda

Health

Group,

Inc.

Obligated

Group

Revenue

2015

8/01/40

......

1,650,000

1,650,020

Bethesda

Health

Group,

Inc.

Obligated

Group

Revenue

2015

8/01/45

......

1,300,000

1,278,419

BJC

Healthcare

Obligated

Group

Revenue

2016

Refunding

11/15/34

......

4,030,000

4,139,603

BJC

Healthcare

Obligated

Group

Revenue

2018

Refunding

11/15/43

....

2,000,000

2,064,747

BJC

Healthcare

Obligated

Group

Revenue

2021

Refunding

7/01/51

.....

13,000,000

10,044,473

CoxHealth

Obligated

Group

Revenue

2013

11/15/44

.................

2,760,000

2,761,179

CoxHealth

Obligated

Group

Revenue

2015

Refunding

11/15/33

........

3,200,000

3,241,439

CoxHealth

Obligated

Group

Revenue

2015

Refunding

11/15/39

........

4,190,000

4,228,471

CoxHealth

Obligated

Group

Revenue

2019

11/15/44

.................

5,000,000

4,791,184

Kansas

City

University

Revenue

2017

6/01/42

......................

2,800,000

2,879,303

Kansas

City

University

Revenue

2017

6/01/47

......................

4,875,000

4,980,033

Lake

Regional

Health

System

Obligated

Group

Revenue

2021

Refunding

2/15/40

........................................................

2,060,000

1,565,633

Lake

Regional

Health

System

Obligated

Group

Revenue

2021

Refunding

2/15/41

........................................................

2,120,000

1,581,435

Lake

Regional

Health

System

Obligated

Group

Revenue

2021

Refunding

2/15/46

........................................................

5,590,000

3,827,468

Lutheran

Senior

Services

Obligated

Group

Revenue

2016

2/01/46

.......

4,000,000

4,026,345

Lutheran

Senior

Services

Obligated

Group

Revenue

2016

Refunding

2/01/46

........................................................

11,575,000

11,651,236

Lutheran

Senior

Services

Obligated

Group

Revenue

2019

2/01/34

.......

2,000,000

2,081,097

Lutheran

Senior

Services

Obligated

Group

Revenue

2019

2/01/42

.......

1,750,000

1,794,557

Lutheran

Senior

Services

Obligated

Group

Revenue

2019

Refunding

2/01/33

........................................................

1,730,000

1,759,362

Lutheran

Senior

Services

Obligated

Group

Revenue

2021

2/01/30

........

2,035,000

2,079,672

Lutheran

Senior

Services

Obligated

Group

Revenue

2021

2/01/42

........

9,900,000

9,375,316

Lutheran

Senior

Services

Obligated

Group

Revenue

2024

Refunding

5.25

2/01/44

........................................................

1,050,000

1,129,021

Lutheran

Senior

Services

Obligated

Group

Revenue

2024

Refunding

5.25

2/01/54

........................................................

1,750,000

1,848,309

Maryville

University

St.

Louis

Revenue

2015

6/15/44

.................

5,000,000

5,013,483

Maryville

University

St.

Louis

Revenue

2019

6/15/45

...............

4,000,000

4,048,795

Maryville

University

St.

Louis

Revenue

2020

Refunding

6/15/34

......

4,345,000

4,328,245

Maryville

University

St.

Louis

Revenue

2020

Refunding

6/15/38

......

4,885,000

4,715,982

Maryville

University

St.

Louis

Revenue

2022

Refunding

3.125

6/15/38

...

2,300,000

2,013,265

Maryville

University

St.

Louis

Revenue

2022

Refunding

3.375

6/15/45

...

1,000,000

816,078

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Missouri

(continued)

Health

Educational

Facilities

Authority

the

State

Missouri,

(continued)

Mercy

Health

Revenue

2012

11/15/42

.............................

8,000,000

7,785,631

Mercy

Health

Revenue

2015

Refunding

2/01/45

....................

4,370,000

4,401,295

Mercy

Health

Revenue

2017

Refunding

11/15/42

...................

9,720,000

9,972,380

Mercy

Health

Revenue

2017

Refunding

11/15/47

...................

10,000,000

9,461,156

Mercy

Health

Revenue

2020

6/01/53

..............................

2,000,000

1,879,051

Mercy

Health

Revenue

2023

12/01/52

.............................

18,000,000

19,437,912

Mosaic

Health

System

Obligated

Group

Revenue

2019

Refunding

2/15/54

4,000,000

3,773,374

SSM

Health

Care

Obligated

Group

Revenue

2018

6/01/48

............

13,500,000

13,818,832

St.

Louis

University

Revenue

2017

10/01/42

.......................

9,200,000

9,480,565

St.

Louis

University

Revenue

2017

10/01/47

.......................

11,490,000

11,788,403

Howard

Bend

Levee

District

Special

Tax

2021

2.75

3/01/31

.....................................

400,000

360,268

Special

Tax

2021

3/01/36

.......................................

500,000

416,400

Special

Tax

2021

3.125

3/01/41

....................................

1,000,000

796,627

Special

Tax

2022

3.375

3/01/32

....................................

75,000

69,571

Special

Tax

2022

3.5

3/01/37

......................................

175,000

152,529

Special

Tax

2022

3.625

3/01/42

....................................

200,000

167,617

Jefferson

City

School

District

2018

3/01/38

........................

2,070,000

2,156,945

Jefferson

County

School

District

No.

R-VI

Festus

COP

2021

4/01/42

.....................................

500,000

424,816

Festus

COP

2021

4/01/44

.....................................

1,500,000

1,239,611

Festus

COP

2021

2.375

4/01/46

..................................

2,000,000

1,396,651

Joplin

Industrial

Development

Authority

Freeman

Health

System

Obligated

Group

Revenue

2024

Refunding

2/15/43

510,000

501,042

Freeman

Health

System

Obligated

Group

Revenue

2024

Refunding

2/15/44

380,000

371,133

Kansas

City

Industrial

Development

Authority

Revenue

2011

Refunding

5.5

9/01/29

..............................

5,000,000

5,009,262

Revenue

2011

Refunding

5.5

9/01/30

..............................

12,000,000

12,022,781

Revenue

2011

Refunding

9/01/32

...............................

3,000,000

3,004,862

City

Kansas

City

Airport

Revenue

2019

3/01/46

...................

30,680,000

31,422,830

City

Kansas

City

Airport

Revenue

2019

AGMC

Insured

3/01/49

.......

8,000,000

8,170,015

City

Kansas

City

Airport

Revenue

2019

3/01/54

...................

5,090,000

5,187,726

City

Kansas

City

Airport

Revenue

2020

AGMC

Insured

3/01/57

.......

5,000,000

4,661,626

City

Kansas

City

Airport

Revenue

2020

AGMC

Insured

3/01/57

.......

100,000

102,885

Lebanon

Reorganized

School

District

No.

R-3

2024

3/01/44

...........

4,000,000

3,996,364

Liberty

Public

School

District

No.

2018

3/01/37

...................

4,500,000

4,519,002

Metropolitan

St.

Louis

Sewer

District

Revenue

2016

Refunding

5/01/46

...............................

24,700,000

25,582,842

Revenue

2017

Refunding

5/01/47

...............................

15,000,000

15,381,075

Missouri

Development

Finance

Board

City

Independence

Revenue

2021

Refunding

3/01/30

...............

930,000

973,259

City

Independence

Revenue

2021

Refunding

3/01/46

...............

2,640,000

1,918,753

City

Independence

Revenue

2021

Refunding

3/01/51

...............

9,445,000

8,074,878

Procter

Gamble

Co.

(The)

Revenue

1999

5.2

3/15/29

..................

3,000,000

3,250,077

Zoological

Subdistrict

the

Metropolitan

Zoo

Park

Museum

District

St.

Louis

Revenue

2022

5.25

5/01/55

.....................................

2,500,000

2,651,290

Missouri

Housing

Development

Commission

Revenue

2018

GNMA

Insured

11/01/38

...........................

785,000

788,588

Revenue

2019

GNMA

Insured

11/01/44

...........................

3,030,000

2,471,534

Revenue

2020

GNMA

Insured

2.4

11/01/45

.........................

2,010,000

1,430,379

Revenue

2020

GNMA

Insured

2.55

11/01/50

........................

2,715,000

1,900,918

Revenue

2021

GNMA

Insured

2.3

11/01/51

.........................

7,220,000

4,762,907

Revenue

2022

GNMA

Insured

3.125

11/01/42

.......................

3,425,000

2,950,773

Revenue

2022

GNMA

Insured

4.3

11/01/47

.........................

1,980,000

1,945,425

Revenue

2022

GNMA

Insured

4.35

11/01/52

........................

2,470,000

2,360,206

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Missouri

(continued)

Missouri

Joint

Municipal

Electric

Utility

Commission

MoPEP

Pool

Fund

Revenue

2018

12/01/43

........................

2,000,000

2,047,357

Prairie

State

Project

Revenue

2016

Refunding

12/01/40

..............

27,950,000

28,552,641

Monarch-Chesterfield

Levee

District

Special

Tax

2015

Refunding

3/01/40

....

2,395,000

2,397,654

Move

Rolla

Transportation

Development

District

Revenue

2017

4.75

6/01/47

...

5,050,000

5,063,227

Normandy

Schools

Collaborative

2021

3/01/40

............................................

2,050,000

1,484,981

2021

3/01/41

............................................

1,700,000

1,205,087

Poplar

Bluff

Regional

Transportation

Development

District

Sales

Tax

Revenue

2023

Refunding

3.375

12/01/31

..................

2,000,000

1,966,605

Sales

Tax

Revenue

2023

Refunding

12/01/37

......................

2,600,000

2,593,302

Republic

School

District

No.

R-3

2023

3/01/43

......................

1,470,000

1,478,472

Riverside-Quindaro

Bend

Levee

District

Platte

County

Special

Assessment

2017

Refunding

3/01/29

.............................................

2,585,000

2,639,097

Springfield

School

District

No.

R-12

2023

3/01/43

...................

2,000,000

2,021,371

St.

Charles

County

Public

Water

Supply

District

No.

COP

2022

12/01/44

....

5,000,000

4,950,159

St.

Charles

County

School

District

No.

R-IV

Wentzville

2018

Refunding

3/01/38

.........................................................

15,400,000

15,575,503

St.

Louis

County

Industrial

Development

Authority

Friendship

Village

St.

Louis

Obligated

Group

Revenue

2013

5.875

9/01/43

7,000,000

7,005,963

Friendship

Village

St.

Louis

Obligated

Group

Revenue

2017

Refunding

9/01/48

........................................................

7,095,000

6,968,506

St.

Louis

Land

Clearance

for

Redevelopment

Authority

Revenue

2021

2.25

7/15/41

.......................................

3,845,000

2,683,978

Revenue

2021

Refunding

2.125

4/01/39

............................

6,075,000

4,302,855

City

St.

Louis

Revenue

2022

6/01/36

...........................

2,025,000

2,104,987

City

St.

Louis

Revenue

2022

6/01/41

...........................

2,000,000

2,028,593

City

St.

Louis

Revenue

2022

5.125

6/01/46

.......................

2,600,000

2,632,637

St.

Louis

Municipal

Finance

Corp.

City

St.

Louis

Revenue

2020

AGMC

Insured

10/01/45

...............

5,685,000

5,947,033

City

St.

Louis

Revenue

2020

AGMC

Insured

10/01/49

...............

2,175,000

2,253,893

St.

Louis

Municipal

Library

District

COP

2020

Refunding

BAM

Insured

3/15/48

2,800,000

2,734,276

St.

Louis

School

District

2023

AGMC

Insured

4/01/43

................

7,000,000

7,045,370

Strafford

Reorganized

School

District

No.

R-VI

2023

3/01/43

...........

4,000,000

3,987,286

Washington

Industrial

Development

Authority

Revenue

2021

Refunding

2.5

11/01/29

........................................................

100,000

94,761

601,665,740

Oregon

0.2%

State

Oregon

Housing

Community

Services

Department

Union

Pacific

Highway

Revenue

144A,

2022

II-1

5.5

12/01/39

............................

1,400,000

1,449,575

South

Carolina

0.9%

South

Carolina

Jobs-Economic

Development

Authority

Revenue

144A,

2021

A-1

3.65

12/01/36

..............................

1,900,000

1,663,931

AHPC

Vista

Towers

2021

LLC

Revenue

2021

A-1

3.65

12/01/36

...........

1,900,000

1,663,931

Columbia

Portfolio

Obligated

Group

Revenue

144A,

2022

A-2

Zero

Cpn.,

6/01/52

3,200,000

2,437,996

5,765,858

Texas

0.7%

City

Dallas

DHFC

Briscoe

Apartments

LLC

(The)

Revenue,

Senior

Lien

2022

12/01/62

.....................................................

2,000,000

1,987,892

Lake

Houston

Redevelopment

Authority

City

Houston

Reinvestment

Zone

No.

Revenue

2021

Refunding

2.5

9/01/41

...............................

525,000

380,729

Pecan

Public

Facility

Corp.

Revenue

144A,

2022

A-2

12/01/52

............

3,200,000

2,628,558

4,997,179

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Washington

0.3%

Washington

State

Housing

Finance

Commission

Madison

Rivers

Edge

Apartments

LLC

Revenue

144A,

2021

3.65

1/01/37

............................

1,900,000

1,664,375

Wisconsin

1.1%

Public

Finance

Authority

Revenue

144A,

2022

B-1

12/28/44

................................

1,900,000

1,599,627

AL-FL

Portfolio

Obligated

Group

Revenue

144A,

2021

3.4

12/01/36

.......

3,250,000

2,799,496

FAH

Tree

House

LLC

Revenue

144A,

2023

6.5

8/01/53

................

1,500,000

1,511,913

Pine

Forest

2022

Obligated

Group

Revenue

144A,

2022

6.5

12/01/52

.....

1,500,000

1,552,970

7,464,006

U.S.

Territories

3.4%

Guam

0.9%

Guam

Government

Waterworks

Authority

Revenue

2020

1/01/50

.........

5,790,000

5,986,564

Puerto

Rico

2.5%

HTA

HRRB

Custodial

Trust

Revenue

2007

5.25

7/01/33

....................................

192,434

190,979

Revenue

2007

5.25

7/01/36

....................................

1,193,087

1,197,813

HTA

TRRB

Custodial

Trust

Revenue

2005

5.25

7/01/41

.....................................

4,275,909

4,185,472

Revenue

2007

5.25

7/01/36

.....................................

410,750

412,377

Puerto

Rico

Electric

Power

Authority

Revenue

Refunding

NATL

Insured

5.25

7/01/32

....................

1,750,000

1,729,800

Revenue

5.5

7/01/38

.........................................

4,690,000

1,981,525

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

A-1

4.75

7/01/53

................................

1,404,000

1,393,470

Sales

Tax

Revenue

A-1

7/01/58

..................................

6,000,000

6,026,535

17,117,971

Total

U.S.

Territories

....................................................................

23,104,535

Total

Municipal

Bonds

(Cost

681,977,144

)

.....................................

660,472,793

Escrows

and

Litigation

Trusts

0.0%

†

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

238,252

190,602

Total

Escrows

and

Litigation

Trusts

(Cost

–

)

...................................

190,602

Total

Long

Term

Investments

(Cost

681,977,144

)

...............................

660,663,395

Short

Term

Investments

1.0%

Principal

Amount

Municipal

Bonds

1.0%

Missouri

1.0%

Health

Educational

Facilities

Authority

the

State

Missouri

St.

Louis

University

Revenue

2008

LOC

Wells

Fargo

Bank

Daily

VRDN

and

Put

3.9

10/01/35

..............................................

1,965,000

Washington

University

(The)

Revenue

2000

SPA

Bank

Daily

VRDN

and

Put

3.55

3/01/40

..............................................

1,400,000

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Short

Term

Investments

(continued)

Principal

Amount

Value

Municipal

Bonds

(continued)

Missouri

(continued)

Health

Educational

Facilities

Authority

the

State

Missouri,

(continued)

Washington

University

(The)

Revenue

2003

SPA

Bank

Daily

VRDN

and

Put

3.55

2/15/33

..............................................

3,300,000

6,665,000

Total

Municipal

Bonds

(Cost

6,665,000

)

.......................................

6,665,000

Total

Short

Term

Investments

(Cost

6,665,000

)

.................................

6,665,000

Total

Investments

(Cost

688,642,144

)

98.8

...................................

$667,328,395

Other

Assets,

less

Liabilities

1.2

.............................................

7,962,781

Net

Assets

100.0%

...........................................................

$675,291,176

See

Abbreviations

page

101

†

Rounds

less

than

0.1%

net

assets.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$25,753,919,

representing

3.8%

net

assets.

Defaulted

security

for

which

income

has

been

deemed

uncollectible.

See

Note

Non-income

producing.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

floating

variable

interest

rate

adjustment

formula

and

unconditional

right

demand

receive

payment

the

principal

balance

plus

accrued

interest

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

determined

based

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

North

Carolina

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.51

$10.25

$11.31

$11.62

$11.84

$11.30

Income

from

investment

operations

Net

investment

income

.............

0.14

0.27

0.24

0.21

0.27

0.28

Net

realized

and

unrealized

gains

(losses)

0.07

0.25

(1.07)

(0.31)

(0.23)

0.56

Total

from

investment

operations

........

0.21

0.52

(0.83)

(0.10)

0.04

0.84

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.26)

(0.23)

(0.21)

(0.26)

(0.30)

Net

asset

value,

end

period

..........

$10.58

$10.51

$10.25

$11.31

$11.62

$11.84

Total

return

.......................

2.04%

5.21%

(7.31)%

(0.89)%

0.38%

7.50%

Ratios

average

net

assets

Expenses

.........................

0.84%

0.85%

0.84%

0.82%

0.81%

0.82%

Net

investment

income

...............

2.66%

2.61%

2.26%

1.81%

2.27%

2.48%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$133,251

$134,364

$133,789

$167,474

$145,847

$101,981

Portfolio

turnover

rate

................

6.06%

14.73%

16.87%

23.40%

15.09%

15.22%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.50

$10.25

$11.31

$11.62

$11.84

$11.30

Income

from

investment

operations

Net

investment

income

.............

0.15

0.28

0.25

0.23

0.29

0.30

Net

realized

and

unrealized

gains

(losses)

0.08

0.25

(1.06)

(0.31)

(0.23)

0.56

Total

from

investment

operations

........

0.23

0.53

(0.81)

(0.08)

0.06

0.86

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.28)

(0.25)

(0.23)

(0.28)

(0.32)

Net

asset

value,

end

period

..........

$10.58

$10.50

$10.25

$11.31

$11.62

$11.84

Total

return

.......................

2.21%

5.27%

(7.17)%

(0.65)%

0.44%

7.66%

Ratios

average

net

assets

Expenses

.........................

0.69%

0.70%

0.69%

0.67%

Net

investment

income

...............

2.81%

2.75%

2.41%

1.97%

2.44%

2.63%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$277,857

$293,654

$339,756

$462,916

$521,406

$567,825

Portfolio

turnover

rate

................

6.06%

14.73%

16.87%

23.40%

15.09%

15.22%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.68

$10.42

$11.49

$11.81

$12.04

$11.49

Income

from

investment

operations

Net

investment

income

.............

0.12

0.22

0.19

0.17

0.22

0.24

Net

realized

and

unrealized

gains

(losses)

0.07

0.26

(1.07)

(0.33)

(0.23)

0.56

Total

from

investment

operations

........

0.19

0.48

(0.88)

(0.16)

(0.01)

0.80

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.22)

(0.19)

(0.16)

(0.22)

(0.25)

Net

asset

value,

end

period

..........

$10.75

$10.68

$10.42

$11.49

$11.81

$12.04

Total

return

.......................

1.89%

4.70%

(7.66)%

(1.36)%

(0.11)%

7.07%

Ratios

average

net

assets

Expenses

.........................

1.23%

1.24%

1.23%

1.21%

1.22%

Net

investment

income

...............

2.21%

2.15%

1.81%

1.40%

1.87%

2.08%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$17,877

$21,453

$27,303

$42,794

$63,485

$90,244

Portfolio

turnover

rate

................

6.06%

14.73%

16.87%

23.40%

15.09%

15.22%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.50

$10.24

$11.30

$11.61

$11.84

$11.29

Income

from

investment

operations

Net

investment

income

.............

0.16

0.30

0.27

0.25

0.30

0.32

Net

realized

and

unrealized

gains

(losses)

0.08

0.25

(1.07)

(0.31)

(0.23)

0.56

Total

from

investment

operations

........

0.24

0.55

(0.80)

(0.06)

0.07

0.88

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.29)

(0.26)

(0.25)

(0.30)

(0.33)

Net

asset

value,

end

period

..........

$10.58

$10.50

$10.24

$11.30

$11.61

$11.84

Total

return

.......................

2.29%

5.52%

(7.05)%

(0.60)%

0.57%

7.90%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.55%

0.56%

0.54%

0.55%

Expenses

net

waiver

and

payments

affiliates

..........................

0.55%

0.56%

0.55%

0.53%

0.54%

Net

investment

income

...............

2.96%

2.89%

2.56%

2.10%

2.56%

2.76%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$30,821

$28,442

$20,233

$23,000

$17,426

$10,948

Portfolio

turnover

rate

................

6.06%

14.73%

16.87%

23.40%

15.09%

15.22%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.50

$10.25

$11.31

$11.62

$11.84

$11.30

Income

from

investment

operations

Net

investment

income

.............

0.15

0.29

0.26

0.24

0.30

0.31

Net

realized

and

unrealized

gains

(losses)

0.08

0.25

(1.06)

(0.31)

(0.23)

0.56

Total

from

investment

operations

........

0.23

0.54

(0.80)

(0.07)

0.07

0.87

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.29)

(0.26)

(0.24)

(0.29)

(0.33)

Net

asset

value,

end

period

..........

$10.58

$10.50

$10.25

$11.31

$11.62

$11.84

Total

return

.......................

2.26%

5.37%

(7.08)%

(0.64)%

0.63%

7.77%

Ratios

average

net

assets

Expenses

.........................

0.59%

0.60%

0.59%

0.57%

Net

investment

income

...............

2.92%

2.86%

2.52%

2.06%

2.53%

2.73%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$119,744

$112,197

$115,439

$132,919

$121,041

$105,851

Portfolio

turnover

rate

................

6.06%

14.73%

16.87%

23.40%

15.09%

15.22%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

North

Carolina

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Corporate

Bonds

0.3%

Software

0.3%

Haven

Elgin

LLC

5.25

12/31/53

....................................

1,600,000

1,644,751

Total

Corporate

Bonds

(Cost

1,600,000

)

.......................................

1,644,751

Municipal

Bonds

97.5%

California

0.4%

California

Municipal

Finance

Authority

Integrity

Housing

Obligated

Group

Revenue

2022

A-1

4.25

12/01/37

...........................................

2,300,000

2,037,866

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

4,180,572

SHI

Lake

Osborne

LLC

Revenue

144A,

2021

A-1

3.68

1/01/57

...........

1,500,000

1,085,911

Capital

Trust

Authority

Gulf

Coast

Portfolio

Obligated

Group

Revenue

144A,

2024

Refunding

Zero

Cpn.,

3/01/29

........................................

5,500,000

4,364,563

Leon

County

Housing

Finance

Authority

Revenue

144A,

2022

Zero

Cpn.,

5/01/57

3,750,000

3,332,812

12,963,858

Illinois

0.7%

Metropolitan

Pier

Exposition

Authority

State

Illinois

McCormick

Place

Expansion

Project

Fund

Revenue

2020

Refunding

6/15/50

....................

500,000

518,185

State

Illinois

2016

11/01/34

.............................................

1,100,000

1,128,852

2021

3/01/33

............................................

2,000,000

2,208,838

3,855,875

Kentucky

0.8%

Louisville/Jefferson

County

Metropolitan

Government

PSG

Vesta

Derby

Oaks

LLC

Revenue

144A,

2022

Zero

Cpn.,

5/01/52

..............................

5,600,000

4,473,943

New

Jersey

1.2%

New

Jersey

Economic

Development

Authority

State

New

Jersey

Revenue

2021

QQQ

6/15/41

.................................................

1,000,000

998,660

New

Jersey

Transportation

Trust

Fund

Authority

State

New

Jersey

Revenue

2019

6/15/44

......................

2,900,000

3,006,755

State

New

Jersey

Revenue

2020

6/15/50

......................

500,000

391,894

State

New

Jersey

Revenue

2020

6/15/50

......................

1,290,000

1,356,331

State

New

Jersey

Revenue

2022

6/15/46

......................

1,000,000

966,315

6,719,955

New

York

1.7%

Metropolitan

Transportation

Authority

Revenue

2020

Refunding

11/15/45

..............................

1,595,000

1,553,058

Revenue

2021

A-1

11/15/48

.....................................

5,325,000

5,131,902

Revenue

2021

A-2

11/15/41

.....................................

3,000,000

2,992,831

9,677,791

North

Carolina

84.4%

Cape

Fear

Public

Utility

Authority

Revenue

2019

Refunding

8/01/44

.......

3,070,000

3,074,493

Charlotte-Mecklenburg

Hospital

Authority

(The)

Atrium

Health

Obligated

Group

Revenue

2016

Refunding

1/15/40

.......

14,000,000

14,253,333

Atrium

Health

Obligated

Group

Revenue

2018

Refunding

1/15/36

.......

5,000,000

5,357,444

Atrium

Health

Obligated

Group

Revenue

2022

Refunding

1/15/43

.......

2,000,000

1,995,701

City

Charlotte

COP

2019

Refunding

6/01/44

..................................

8,250,000

8,776,470

2023

Refunding

7/01/42

...................................

2,925,000

3,312,117

2023

Refunding

7/01/43

...................................

2,300,000

2,592,172

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

North

Carolina

(continued)

City

Charlotte,

(continued)

Airport

Revenue

2019

7/01/44

..................................

5,515,000

5,312,425

Airport

Revenue

2021

Refunding

7/01/39

.........................

6,000,000

6,141,952

Airport

Revenue

2021

Refunding

7/01/40

.........................

9,030,000

9,200,266

Airport

Revenue

2021

Refunding

7/01/41

.........................

2,410,000

2,445,669

Airport

Revenue

2023

7/01/48

..................................

4,500,000

4,913,887

Airport

Revenue

2023

7/01/53

..................................

6,155,000

6,644,962

Water

Sewer

System

Revenue

2018

Refunding

7/01/38

..............

4,150,000

4,244,693

Water

Sewer

System

Revenue

2020

Refunding

7/01/41

..............

500,000

361,056

City

Durham

Water

Sewer

Utility

System

Revenue

2024

8/01/49

..................

3,960,000

3,958,204

Water

Sewer

Utility

System

Revenue

2024

8/01/53

..................

3,400,000

3,397,804

City

Fayetteville

Public

Works

Commission

Revenue

2018

Refunding

3/01/41

4,015,000

4,014,238

City

Greensboro

Combined

Water

Sewer

System

Revenue

2020

Refunding

6/01/45

....

4,500,000

4,493,135

Combined

Water

Sewer

System

Revenue

2024

6/01/49

.............

1,500,000

1,670,873

Combined

Water

Sewer

System

Revenue

2024

6/01/54

.............

3,500,000

3,859,255

City

Raleigh

2023

Refunding

4/01/41

...................................

1,775,000

2,009,899

Combined

Enterprise

System

Revenue

2023

Refunding

9/01/53

.........

9,305,000

9,299,226

City

Salisbury

Combined

Enterprise

System

Revenue

2020

Refunding

2/01/45

.........................................................

1,000,000

1,065,181

City

Winston-Salem

Water

Sewer

System

Revenue

2017

6/01/47

......

10,000,000

9,987,655

County

Brunswick

2022

8/01/39

..............................

1,550,000

1,629,898

County

Catawba

Revenue

2023

4/01/43

...........................

400,000

402,972

County

Dare

Revenue

2021

6/01/38

........................................

375,000

341,157

Revenue

2021

6/01/39

........................................

585,000

522,705

Revenue

2021

6/01/40

........................................

250,000

219,668

Revenue

2021

6/01/41

........................................

450,000

389,329

County

Durham

2019

6/01/36

.............................................

500,000

518,636

2019

6/01/37

.............................................

450,000

464,786

2019

6/01/39

.............................................

700,000

716,831

County

Forsyth

2023

6/01/42

...............................

1,000,000

1,028,836

County

Guilford

2017

5/01/33

............................................

5,000,000

5,102,719

2024

3/01/43

.............................................

5,000,000

5,132,514

County

Johnston

Water

Sewer

System

Revenue

2023

4/01/53

.........

1,150,000

1,135,751

County

Lincoln

Enterprise

System

Revenue

2020

Refunding

8/01/38

..................

400,000

362,989

Enterprise

System

Revenue

2020

Refunding

8/01/41

..................

480,000

414,930

County

New

Hanover

Revenue

2021

Refunding

8/01/30

.................................

3,375,000

3,816,592

New

Hanover

Regional

Medical

Center

Revenue

2017

Pre-Refunded

10/01/42

.......................................................

5,000,000

5,355,903

New

Hanover

Regional

Medical

Center

Revenue

2017

Pre-Refunded

10/01/47

.......................................................

13,565,000

14,530,563

County

Wake

2019

3/01/32

............................................

7,870,000

8,658,950

Revenue

2021

3/01/35

.........................................

5,535,000

5,333,602

Revenue

2021

3/01/36

.........................................

6,000,000

5,719,110

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

North

Carolina

(continued)

Greater

Asheville

Regional

Airport

Authority

Revenue

2023

AGMC

Insured

5.25

7/01/53

.........................................................

2,500,000

2,656,987

North

Carolina

Agricultural

Technical

State

University

Revenue

2023

10/01/43

1,000,000

1,097,260

North

Carolina

Capital

Facilities

Finance

Agency

Campbell

University,

Inc.

Revenue

2021

Refunding

10/01/25

..........

1,700,000

1,728,212

Campbell

University,

Inc.

Revenue

2021

Refunding

10/01/27

..........

400,000

417,130

Campbell

University,

Inc.

Revenue

2021

Refunding

10/01/28

..........

500,000

527,331

Campbell

University,

Inc.

Revenue

2021

Refunding

10/01/29

..........

550,000

585,769

Campbell

University,

Inc.

Revenue

2021

Refunding

10/01/30

..........

1,860,000

1,990,610

Campbell

University,

Inc.

Revenue

2021

Refunding

10/01/31

..........

1,855,000

1,991,897

Campbell

University,

Inc.

Revenue

2021

Refunding

10/01/32

..........

1,000,000

1,068,823

Campbell

University,

Inc.

Revenue

2021

Refunding

10/01/33

..........

1,670,000

1,776,102

Campbell

University,

Inc.

Revenue

2021

Refunding

10/01/34

..........

740,000

732,745

Campbell

University,

Inc.

Revenue

2021

Refunding

10/01/35

..........

360,000

354,503

Duke

University

Revenue

2015

Pre-Refunded

10/01/41

..............

13,585,000

13,948,658

Duke

University

Revenue

2016

Refunding

10/01/40

.................

2,500,000

2,600,265

Duke

University

Revenue

2016

Refunding

10/01/44

.................

5,085,000

5,090,059

Duke

University

Revenue

2016

Refunding

10/01/44

.................

13,000,000

13,462,872

High

Point

University

Revenue

2021

Refunding

5/01/32

................

2,000,000

2,054,194

High

Point

University

Revenue

2021

Refunding

5/01/33

................

3,210,000

3,283,927

High

Point

University

Revenue

2021

Refunding

5/01/34

................

2,270,000

2,312,089

Wake

Forest

University

Revenue

2016

Refunding

1/01/38

..............

5,500,000

5,542,772

Wake

Forest

University

Revenue

2016

Refunding

1/01/39

..............

2,500,000

2,514,822

Wake

Forest

University

Revenue

2018

1/01/48

.......................

10,000,000

9,889,230

Wake

Forest

University

Revenue

2018

1/01/48

.......................

13,500,000

14,029,620

North

Carolina

Central

University

Revenue

2019

AGMC

Insured

4/01/44

.............................

1,575,000

1,651,938

Revenue

2019

4/01/49

.........................................

1,000,000

940,322

North

Carolina

Housing

Finance

Agency

Revenue

GNMA

Insured

3.55

7/01/44

.............................

4,175,000

3,802,678

Revenue

GNMA

Insured

3.625

7/01/49

............................

6,395,000

5,710,027

Revenue

GNMA

Insured

2.45

7/01/34

.............................

750,000

642,118

Revenue

GNMA

Insured

2.625

7/01/39

............................

3,035,000

2,564,969

Revenue

GNMA

Insured

2.85

1/01/43

.............................

2,660,000

2,196,599

Revenue

GNMA

Insured

2.8

1/01/40

..............................

4,715,000

3,987,221

Revenue

GNMA

Insured

2.95

7/01/43

.............................

2,170,000

1,776,473

Revenue

7/01/46

...........................................

2,740,000

2,175,124

Revenue

Refunding

GNMA

Insured

2.2

7/01/40

.....................

1,805,000

1,342,912

Revenue

GNMA

Insured

1.55

1/01/30

...........................

2,100,000

1,833,937

Revenue

GNMA

Insured

1.75

1/01/31

...........................

975,000

836,286

North

Carolina

Medical

Care

Commission

Atrium

Health

Wake

Forest

Baptist

Obligated

Group

Revenue

2019

12/01/33

1,000,000

1,069,631

Carolina

Meadows,

Inc.

Obligated

Group

Revenue

2024

12/01/39

........

10,765,000

10,715,806

Caromont

Health

Obligated

Group

Revenue

2021

2/01/36

.............

1,675,000

1,717,564

Duke

University

Health

System,

Inc.

Revenue

2016

Refunding

6/01/42

...

7,000,000

7,004,976

EveryAge

Obligated

Group

Revenue

2021

Refunding

9/01/47

..........

2,935,000

2,500,796

EveryAge

Obligated

Group

Revenue

2021

Refunding

9/01/51

..........

960,000

798,736

Forest

Duke,

Inc.

Obligated

Group

Revenue

2021

9/01/33

............

180,000

178,123

Forest

Duke,

Inc.

Obligated

Group

Revenue

2021

9/01/34

............

185,000

182,451

Forest

Duke,

Inc.

Obligated

Group

Revenue

2021

9/01/41

............

920,000

854,372

Forest

Duke,

Inc.

Obligated

Group

Revenue

2021

9/01/46

............

1,665,000

1,474,897

Forest

Duke,

Inc.

Obligated

Group

Revenue

2021

9/01/51

............

1,670,000

1,424,055

Friends

Homes

Obligated

Group

Revenue

2020

9/01/50

..............

3,000,000

2,482,526

Novant

Health

Obligated

Group

Revenue

2013

Refunding

11/01/46

.....

20,000,000

20,009,554

Novant

Health

Obligated

Group

Revenue

2019

11/01/49

..............

2,115,000

2,060,971

Novant

Health

Obligated

Group

Revenue

2019

11/01/52

..............

6,640,000

6,396,233

Pines

Davidson,

Inc.

Obligated

Group

Revenue

2019

1/01/34

........

2,050,000

2,133,825

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

North

Carolina

(continued)

North

Carolina

Medical

Care

Commission,

(continued)

Pines

Davidson,

Inc.

Obligated

Group

Revenue

2019

1/01/49

........

5,000,000

5,085,432

Plantation

Village,

Inc.

Obligated

Group

Revenue

2021

Refunding

1/01/41

1,020,000

940,278

Plantation

Village,

Inc.

Obligated

Group

Revenue

2021

Refunding

1/01/52

3,510,000

2,912,348

Presbyterian

Homes

Obligated

Group

Revenue

2016

Refunding

10/01/31

5,000,000

5,104,047

Presbyterian

Homes

Obligated

Group

Revenue

2020

10/01/40

.........

1,800,000

1,894,226

Presbyterian

Homes

Obligated

Group

Revenue

2020

10/01/45

.........

1,000,000

932,350

Presbyterian

Homes

Obligated

Group

Revenue

2020

10/01/45

.........

2,420,000

2,509,677

Presbyterian

Homes

Obligated

Group

Revenue

2020

10/01/50

.........

1,350,000

1,214,389

Presbyterian

Homes

Obligated

Group

Revenue

2020

10/01/50

.........

1,400,000

1,439,060

Rex

Hospital,

Inc.

Obligated

Group

Revenue

2020

7/01/49

............

4,000,000

3,895,388

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

Revenue

2024

10/01/44

...................................................

750,000

790,139

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

Revenue

2024

10/01/49

...................................................

750,000

780,326

Vidant

Health

Obligated

Group

Revenue

2015

Refunding

6/01/40

........

5,000,000

5,039,126

North

Carolina

Municipal

Power

Agency

No.

Revenue

2015

Refunding

1/01/32

.........................................................

4,200,000

4,290,020

North

Carolina

State

Education

Assistance

Authority

Revenue,

Senior

Lien

2020

6/01/25

..............................

125,000

126,539

Revenue,

Senior

Lien

2020

6/01/26

..............................

300,000

308,840

Revenue,

Senior

Lien

2020

6/01/27

..............................

450,000

468,969

Revenue,

Senior

Lien

2020

6/01/28

..............................

500,000

529,726

Revenue,

Senior

Lien

2020

6/01/29

..............................

350,000

373,065

North

Carolina

Turnpike

Authority

Revenue

2016

Refunding

7/01/54

...............................

2,560,000

2,590,888

Revenue,

Senior

Lien

2017

Refunding

AGMC

Insured

1/01/31

...........

1,000,000

1,041,522

Revenue,

Senior

Lien

2019

AGMC

Insured

1/01/49

...................

2,000,000

2,089,858

Revenue,

Senior

Lien

2019

1/01/55

................................

5,000,000

4,624,826

Revenue,

Senior

Lien

2024

AGMC

Insured

1/01/58

..................

3,000,000

3,194,668

State

North

Carolina

Revenue

2021

Refunding

7/01/35

..............

1,300,000

1,474,162

State

North

Carolina

Revenue

2021

Refunding

7/01/36

..............

1,750,000

1,973,317

State

North

Carolina

Revenue

2021

Refunding

7/01/37

..............

1,770,000

1,990,570

State

North

Carolina

Revenue

2021

Refunding

7/01/38

..............

1,250,000

1,400,090

State

North

Carolina

Revenue

2021

Refunding

7/01/39

..............

1,500,000

1,668,704

State

North

Carolina

Revenue

2021

Refunding

7/01/40

..............

1,270,000

1,406,330

State

North

Carolina

Revenue

2021

Refunding

7/01/41

..............

2,000,000

2,202,189

State

North

Carolina

Highway

Trust

Fund

Revenue

2018

Refunding

1/01/33

........................................................

4,625,000

4,729,535

State

North

Carolina

Highway

Trust

Fund

Revenue

2018

Refunding

1/01/39

........................................................

9,815,000

9,858,529

Raleigh

Durham

Airport

Authority

Revenue

2015

Refunding

5/01/30

...............................

550,000

556,332

Revenue

2020

Refunding

5/01/36

...............................

2,580,000

2,752,416

Town

Cary

Combined

Utility

Systems

Revenue

2017

Refunding

12/01/42

8,000,000

8,045,146

Town

Holly

Springs

Enterprise

System

Revenue

2024

11/01/49

..........

2,500,000

2,436,825

University

North

Carolina

Chapel

Hill

Revenue

2021

Refunding

12/01/37

..............................

2,180,000

2,479,806

Hospitals

Chapel

Hill

Revenue

2019

2/01/49

.......................

6,920,000

8,059,991

University

North

Carolina

Charlotte

(The)

Revenue

2017

10/01/47

........................................

5,000,000

5,184,434

Revenue

2017

Refunding

10/01/40

..............................

2,250,000

2,255,044

Revenue

2020

Refunding

10/01/40

..............................

290,000

293,035

University

North

Carolina

Greensboro

Revenue

2017

Refunding

4/01/35

.................................

1,205,000

1,222,290

Revenue

2017

Refunding

4/01/36

.................................

1,000,000

1,013,583

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

North

Carolina

(continued)

University

North

Carolina

Wilmington

Revenue

2015

Refunding

6/01/37

3,000,000

3,027,188

University

North

Carolina

System

Appalachian

State

University

Revenue

2008

AGMC

Insured

10/01/33

.........................................

160,000

157,911

Water

and

Sewer

Authority

Cabarrus

County

Revenue

2024

6/01/49

......

2,685,000

2,617,777

Western

Carolina

University

Revenue

2020

4/01/36

........................................

1,000,000

930,685

Revenue

2020

4/01/50

........................................

5,000,000

4,914,126

489,127,270

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

Revenue

144A,

2021

A-1

3.65

12/01/36

..............................

1,600,000

1,401,205

AHPC

Vista

Towers

2021

LLC

Revenue

2021

A-1

3.65

12/01/36

...........

1,600,000

1,401,205

South

Carolina

State

Housing

Finance

Development

Authority

Garden

Oaks

Revenue

144A,

2021

4.2

12/01/39

................................

2,500,000

2,118,942

4,921,352

Texas

0.5%

Lake

Houston

Redevelopment

Authority

City

Houston

Reinvestment

Zone

No.

Revenue

2021

Refunding

9/01/32

200,000

197,101

City

Houston

Reinvestment

Zone

No.

Revenue

2021

Refunding

9/01/33

200,000

195,881

Pecan

Public

Facility

Corp.

Revenue

144A,

2022

A-2

12/01/52

............

2,800,000

2,299,988

2,692,970

Washington

0.2%

Washington

State

Housing

Finance

Commission

Madison

Rivers

Edge

Apartments

LLC

Revenue

144A,

2021

3.65

1/01/37

............................

1,600,000

1,401,579

Wisconsin

0.2%

Public

Finance

Authority

Revenue

144A,

2022

B-1

12/28/44

..............

1,600,000

1,347,054

U.S.

Territories

4.4%

Guam

0.8%

Antonio

Won

Pat

International

Airport

Authority

Revenue

2023

Refunding

5.25

10/01/30

............................

750,000

782,074

Revenue

2023

Refunding

5.125

10/01/34

...........................

390,000

401,552

Revenue

2023

Refunding

5.25

10/01/35

............................

265,000

274,011

Guam

Government

Waterworks

Authority

Revenue

2020

1/01/50

.........

3,205,000

3,313,806

4,771,443

Puerto

Rico

3.6%

Commonwealth

Puerto

Rico

FRN

Zero

Cpn.,

11/01/43

........................................

103,304

65,468

2022

A-1

5.625

7/01/27

.......................................

25,850

26,926

2022

A-1

5.625

7/01/29

.......................................

25,431

27,358

2022

A-1

5.75

7/01/31

........................................

24,701

27,369

2022

A-1

7/01/33

..........................................

23,423

23,250

2022

A-1

7/01/35

..........................................

21,054

20,780

2022

A-1

7/01/37

..........................................

18,070

17,678

2022

A-1

7/01/41

..........................................

24,568

23,351

2022

A-1

7/01/46

..........................................

25,551

23,725

2022

A-1

Zero

Cpn.,

7/01/33

.....................................

30,143

20,316

HTA

TRRB

Custodial

Trust

Revenue

2005

5.25

7/01/41

.....................................

1,643,000

1,608,252

Revenue

2007

5.25

7/01/36

.....................................

246,450

247,426

Puerto

Rico

Electric

Power

Authority

Revenue

Refunding

NATL

Insured

5.25

7/01/32

....................

1,500,000

1,482,686

Revenue

5.25

7/01/40

........................................

4,120,000

1,740,700

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Industrial

Tourist

Educational

Medical

Environmental

Control

Facilities

Financing

Authority

Hospital

Auxilio

Mutuo

Obligated

Group

Revenue

2021

Refunding

7/01/33

440,000

475,791

Hospital

Auxilio

Mutuo

Obligated

Group

Revenue

2021

Refunding

7/01/41

220,000

205,830

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

A-1

7/01/58

..................................

12,890,000

12,947,006

Sales

Tax

Revenue

A-2

4.329

7/01/40

...............................

2,000,000

1,977,983

20,961,895

Total

U.S.

Territories

....................................................................

25,733,338

Total

Municipal

Bonds

(Cost

581,425,108

)

.....................................

564,952,851

Escrows

and

Litigation

Trusts

0.0%

†

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

209,296

167,437

Total

Escrows

and

Litigation

Trusts

(Cost

–

)

...................................

167,437

Total

Long

Term

Investments

(Cost

583,025,108

)

...............................

566,765,039

Short

Term

Investments

1.3%

Principal

Amount

Municipal

Bonds

1.3%

North

Carolina

1.3%

Charlotte-Mecklenburg

Hospital

Authority

(The)

Atrium

Health

Obligated

Group

Revenue

2007

Refunding

SPA

JPMorgan

Chase

Bank

Daily

VRDN

and

Put

3.95

1/15/38

..........................

1,100,000

Atrium

Health

Obligated

Group

Revenue

2018

SPA

JPMorgan

Chase

Bank

Daily

VRDN

and

Put

3.95

1/15/48

.................................

6,200,000

7,300,000

Total

Municipal

Bonds

(Cost

7,300,000

)

.......................................

7,300,000

Total

Short

Term

Investments

(Cost

7,300,000

)

.................................

7,300,000

Total

Investments

(Cost

590,325,108

)

99.1

...................................

$574,065,039

Other

Assets,

less

Liabilities

0.9

.............................................

5,485,269

Net

Assets

100.0%

...........................................................

$579,550,308

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

See

Abbreviations

page

101

†

Rounds

less

than

0.1%

net

assets.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$21,825,997,

representing

3.8%

net

assets.

The

coupon

rate

shown

represents

the

rate

period

end.

Defaulted

security

for

which

income

has

been

deemed

uncollectible.

See

Note

Non-income

producing.

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

floating

variable

interest

rate

adjustment

formula

and

unconditional

right

demand

receive

payment

the

principal

balance

plus

accrued

interest

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

determined

based

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Virginia

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$9.99

$9.72

$10.79

$11.13

$11.42

$10.92

Income

from

investment

operations

Net

investment

income

.............

0.14

0.26

0.23

0.19

0.22

0.28

Net

realized

and

unrealized

gains

(losses)

0.09

0.27

(1.08)

(0.34)

(0.29)

0.52

Total

from

investment

operations

........

0.23

0.53

(0.85)

(0.15)

(0.07)

0.80

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.26)

(0.22)

(0.19)

(0.22)

(0.30)

Net

asset

value,

end

period

..........

$10.08

$9.99

$9.72

$10.79

$11.13

$11.42

Total

return

.......................

2.20%

5.66%

(7.85)%

(1.38)%

(0.58)%

7.40%

Ratios

average

net

assets

Expenses

.........................

0.87%

0.88%

0.86%

0.84%

Net

investment

income

...............

2.72%

2.65%

2.28%

1.71%

1.97%

2.54%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$86,724

$84,618

$87,137

$108,135

$107,395

$77,058

Portfolio

turnover

rate

................

7.21%

13.99%

22.24%

34.49%

31.54%

14.44%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$9.99

$9.72

$10.79

$11.12

$11.42

$10.91

Income

from

investment

operations

Net

investment

income

.............

0.14

0.27

0.24

0.21

0.24

0.30

Net

realized

and

unrealized

gains

(losses)

0.09

0.27

(1.07)

(0.33)

(0.30)

0.52

Total

from

investment

operations

........

0.23

0.54

(0.83)

(0.12)

(0.06)

0.82

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.27)

(0.24)

(0.21)

(0.24)

(0.31)

Net

asset

value,

end

period

..........

$10.07

$9.99

$9.72

$10.79

$11.12

$11.42

Total

return

.......................

2.28%

5.71%

(7.71)%

(1.15)%

(0.52)%

7.66%

Ratios

average

net

assets

Expenses

.........................

0.72%

0.73%

0.71%

0.69%

Net

investment

income

...............

2.87%

2.80%

2.42%

1.86%

2.15%

2.69%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$201,279

$211,988

$235,354

$316,275

$353,874

$398,547

Portfolio

turnover

rate

................

7.21%

13.99%

22.24%

34.49%

31.54%

14.44%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.17

$9.89

$10.98

$11.32

$11.62

$11.10

Income

from

investment

operations

Net

investment

income

.............

0.12

0.22

0.18

0.15

0.18

0.24

Net

realized

and

unrealized

gains

(losses)

0.08

0.28

(1.09)

(0.34)

(0.30)

0.54

Total

from

investment

operations

........

0.20

0.50

(0.91)

(0.19)

(0.12)

0.78

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.22)

(0.18)

(0.15)

(0.18)

(0.26)

Net

asset

value,

end

period

..........

$10.25

$10.17

$9.89

$10.98

$11.32

$11.62

Total

return

.......................

1.95%

5.13%

(8.27)%

(1.76)%

(1.05)%

7.07%

Ratios

average

net

assets

Expenses

.........................

1.26%

1.27%

1.25%

1.23%

1.24%

Net

investment

income

...............

2.26%

2.19%

1.80%

1.27%

1.58%

2.14%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$7,755

$9,264

$12,400

$20,687

$38,151

$52,357

Portfolio

turnover

rate

................

7.21%

13.99%

22.24%

34.49%

31.54%

14.44%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.00

$9.72

$10.80

$11.13

$11.43

$10.92

Income

from

investment

operations

Net

investment

income

.............

0.15

0.29

0.26

0.22

0.25

0.32

Net

realized

and

unrealized

gains

(losses)

0.08

0.28

(1.09)

(0.32)

(0.29)

0.52

Total

from

investment

operations

........

0.23

0.57

(0.83)

(0.10)

(0.04)

0.84

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.29)

(0.25)

(0.23)

(0.26)

(0.33)

Net

asset

value,

end

period

..........

$10.08

$10.00

$9.72

$10.80

$11.13

$11.43

Total

return

.......................

2.36%

5.97%

(7.66)%

(1.00)%

(0.38)%

7.80%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.58%

0.56%

0.57%

0.56%

Expenses

net

waiver

and

payments

affiliates

..........................

0.58%

0.56%

0.55%

Net

investment

income

...............

3.02%

2.95%

2.61%

2.00%

2.27%

2.83%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$11,134

$8,667

$6,243

$7,778

$6,812

$5,829

Portfolio

turnover

rate

................

7.21%

13.99%

22.24%

34.49%

31.54%

14.44%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.00

$9.73

$10.80

$11.13

$11.43

$10.92

Income

from

investment

operations

Net

investment

income

.............

0.15

0.28

0.25

0.22

0.25

0.31

Net

realized

and

unrealized

gains

(losses)

0.08

0.27

(1.07)

(0.33)

(0.30)

0.53

Total

from

investment

operations

........

0.23

0.55

(0.82)

(0.11)

(0.05)

0.84

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.28)

(0.25)

(0.22)

(0.25)

(0.33)

Net

asset

value,

end

period

..........

$10.08

$10.00

$9.73

$10.80

$11.13

$11.43

Total

return

.......................

2.33%

5.81%

(7.61)%

(1.05)%

(0.42)%

7.76%

Ratios

average

net

assets

Expenses

.........................

0.62%

0.63%

0.61%

0.59%

Net

investment

income

...............

2.97%

2.90%

2.54%

1.96%

2.23%

2.79%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$107,465

$103,453

$111,733

$138,033

$128,837

$109,844

Portfolio

turnover

rate

................

7.21%

13.99%

22.24%

34.49%

31.54%

14.44%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

Virginia

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

98.2%

California

0.2%

California

Municipal

Finance

Authority

Integrity

Housing

Obligated

Group

Revenue

2022

A-1

4.25

12/01/37

...........................................

1,000,000

886,029

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

3,087,191

SHI

Lake

Osborne

LLC

Revenue

144A,

2021

A-1

3.68

1/01/57

...........

1,100,000

796,335

Capital

Trust

Authority

Gulf

Coast

Portfolio

Obligated

Group

Revenue

144A,

2024

Refunding

Zero

Cpn.,

3/01/29

........................................

4,025,000

3,194,067

7,077,593

Illinois

0.6%

Metropolitan

Pier

Exposition

Authority

State

Illinois

McCormick

Place

Expansion

Project

Fund

Revenue

2020

Refunding

6/15/50

....................

1,500,000

1,554,555

State

Illinois

2017

11/01/26

................................

1,000,000

1,043,089

2,597,644

New

Jersey

1.1%

New

Jersey

Transportation

Trust

Fund

Authority

State

New

Jersey

Revenue

2018

Refunding

12/15/32

..............

3,460,000

3,706,962

State

New

Jersey

Revenue

2022

6/15/41

........................

1,000,000

997,449

4,704,411

New

York

0.3%

Metropolitan

Transportation

Authority

Revenue

2021

A-1

11/15/46

..........

1,350,000

1,310,157

South

Carolina

0.9%

South

Carolina

Jobs-Economic

Development

Authority

Revenue

144A,

2021

A-1

3.65

12/01/36

..............................

1,200,000

1,050,904

AHPC

Vista

Towers

2021

LLC

Revenue

2021

A-1

3.65

12/01/36

...........

1,200,000

1,050,904

South

Carolina

State

Housing

Finance

Development

Authority

Garden

Oaks

Revenue

144A,

2021

4.2

12/01/39

................................

2,000,000

1,695,153

3,796,961

Texas

0.6%

Lake

Houston

Redevelopment

Authority

City

Houston

Reinvestment

Zone

No.

Revenue

2021

Refunding

9/01/28

225,000

234,941

City

Houston

Reinvestment

Zone

No.

Revenue

2021

Refunding

9/01/29

250,000

263,171

Pecan

Public

Facility

Corp.

Revenue

144A,

2022

A-2

12/01/52

............

2,100,000

1,724,991

2,223,103

Virginia

81.1%

Albemarle

County

Economic

Development

Authority

Westminster

Canterbury

the

Blue

Ridge

Obligated

Group

Revenue

2022

Refunding

6/01/30

............................................

1,120,000

1,151,804

Westminster

Canterbury

the

Blue

Ridge

Obligated

Group

Revenue

2022

Refunding

6/01/31

............................................

1,165,000

1,202,505

Westminster

Canterbury

the

Blue

Ridge

Obligated

Group

Revenue

2022

Refunding

6/01/32

............................................

1,105,000

1,144,427

Westminster

Canterbury

the

Blue

Ridge

Obligated

Group

Revenue

2022

Refunding

6/01/33

............................................

1,260,000

1,304,091

Westminster

Canterbury

the

Blue

Ridge

Obligated

Group

Revenue

2022

Refunding

6/01/42

............................................

2,725,000

2,704,328

Westminster

Canterbury

the

Blue

Ridge

Obligated

Group

Revenue

2022

Refunding

6/01/49

............................................

2,800,000

2,648,174

Westminster

Canterbury

the

Blue

Ridge

Obligated

Group

Revenue

2022

Refunding

6/01/54

............................................

5,215,000

4,805,545

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Virginia

(continued)

Alexandria

Industrial

Development

Authority

Goodwin

House,

Inc.

Obligated

Group

Revenue

2015

Pre-Refunded

10/01/45

975,000

999,524

Protestant

Episcopal

High

School

Virginia

Revenue

2021

Refunding

1/01/46

........................................................

2,450,000

2,363,264

Alexandria

Sanitation

Authority

Revenue

2024

7/15/49

.........................................

2,830,000

3,155,791

Revenue

2024

7/15/54

.........................................

1,100,000

1,218,887

Arlington

County

Industrial

Development

Authority

Virginia

Hospital

Center

Arlington

Health

System

Obligated

Group

Revenue

2020

Refunding

7/01/45

.......

2,000,000

1,948,383

Chesapeake

Hospital

Authority

Chesapeake

Hospital

Authority

Obligated

Group

Revenue

2019

Refunding

7/01/39

........................................................

1,000,000

996,825

Chesapeake

Hospital

Authority

Obligated

Group

Revenue

2019

Refunding

7/01/43

........................................................

4,000,000

3,822,156

City

Alexandria

2023

12/15/43

................................

5,500,000

5,627,052

City

Chesapeake

Expressway

Toll

Road

Revenue,

Senior

Lien

2024

Refunding

AGMC

Insured

7/15/47

.................................

2,500,000

2,422,103

City

Hopewell

Sewer

System

Revenue

2011

Refunding

7/15/42

.......

4,850,000

4,849,904

City

Norfolk

Water

Revenue

2018

11/01/43

...................................

6,920,000

7,220,319

Water

Revenue

2018

11/01/47

...................................

6,925,000

7,203,312

City

Richmond

Public

Utility

Revenue

2016

Pre-Refunded

1/15/33

......

10,000,000

10,340,258

Commonwealth

Virginia

2020

6/01/31

............................................

2,710,000

2,901,689

2022

6/01/52

............................................

2,445,000

2,679,827

2024

6/01/42

............................................

3,180,000

3,346,557

County

Fairfax

Sewer

Revenue

2024

7/15/49

..................................

3,070,000

3,399,217

Sewer

Revenue

2024

7/15/54

..................................

4,500,000

4,958,946

Fairfax

County

Economic

Development

Authority

Revenue

2017

4/01/42

.........................................

5,085,000

5,242,343

Goodwin

House,

Inc.

Obligated

Group

Revenue

2016

Pre-Refunded

10/01/36

.......................................................

4,865,000

4,968,811

Fairfax

County

Water

Authority

Revenue

2017

Refunding

4/01/43

.................................

3,510,000

3,632,106

Revenue

2017

Refunding

4/01/47

.................................

5,000,000

5,143,601

Farmville

Industrial

Development

Authority

Elwood

Place

LLC

Revenue

2021

AGMC

Insured

5.375

7/01/53

...........

5,000,000

5,341,926

Longwood

Housing

Foundation

LLC

Revenue

2018

Refunding

1/01/48

...

5,000,000

4,989,398

Hampton

Roads

Sanitation

District

Revenue

2016

Pre-Refunded

8/01/43

...

5,000,000

5,234,047

Hampton

Roads

Transportation

Accountability

Commission

Revenue,

Senior

Lien

2018

Pre-Refunded

7/01/48

...................

5,505,000

5,945,613

Transportation

Fund

Revenue,

Senior

Lien

2020

7/01/60

..............

4,885,000

5,164,260

Henrico

County

Economic

Development

Authority

Westminster-Canterbury

Corp.

Obligated

Group

Revenue

2020

Refunding

10/01/40

.......................................................

500,000

497,379

Westminster-Canterbury

Corp.

Obligated

Group

Revenue

2020

Refunding

10/01/45

.......................................................

725,000

692,072

Westminster-Canterbury

Corp.

Obligated

Group

Revenue

2020

Refunding

10/01/50

.......................................................

1,500,000

1,378,302

Westminster-Canterbury

Corp.

Obligated

Group

Revenue

2022

10/01/42

1,125,000

1,201,818

Westminster-Canterbury

Corp.

Obligated

Group

Revenue

2022

10/01/52

5,000,000

5,221,311

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Virginia

(continued)

Isle

Wight

County

Economic

Development

Authority

Riverside

Healthcare

Association

Obligated

Group

Revenue

2023

AGMC

Insured

5.25

7/01/48

....

2,260,000

2,482,250

Lexington

Industrial

Development

Authority

Lexington

Retirement

Community

Obligated

Group

Revenue

2022

Refunding

1/01/38

........................................................

675,000

673,587

Lexington

Retirement

Community

Obligated

Group

Revenue

2022

Refunding

1/01/42

........................................................

1,120,000

1,081,851

Lexington

Retirement

Community

Obligated

Group

Revenue

2022

Refunding

1/01/48

........................................................

2,315,000

2,126,771

Washington

Lee

University

(The)

Revenue

2018

Refunding

1/01/35

....

1,105,000

1,173,287

Washington

Lee

University

(The)

Revenue

2018

Refunding

1/01/48

....

1,500,000

1,552,668

Lynchburg

Economic

Development

Authority

Centra

Health

Obligated

Group

Revenue

2017

Refunding

1/01/47

......

4,500,000

4,548,128

Centra

Health

Obligated

Group

Revenue

2021

Refunding

1/01/47

........

2,350,000

2,269,660

Centra

Health

Obligated

Group

Revenue

2021

Refunding

1/01/51

........

2,000,000

1,549,359

Centra

Health

Obligated

Group

Revenue

2021

Refunding

1/01/55

........

6,305,000

5,841,793

Montgomery

County

Economic

Development

Authority

Virginia

Tech

Foundation,

Inc.

Revenue

2019

6/01/39

........................................

1,750,000

1,774,130

Norfolk

Airport

Authority

Revenue

2019

7/01/39

.........................................

800,000

845,724

Revenue

2019

7/01/43

.........................................

5,600,000

5,864,150

Northern

Virginia

Transportation

Commission

Commuter

Rail

Operating

Capital

Fund

Revenue

2022

6/01/47

.........

1,750,000

1,906,037

Commuter

Rail

Operating

Capital

Fund

Revenue

2022

6/01/52

.........

7,090,000

7,667,473

Prince

Edward

County

Industrial

Development

Authority

President

and

Trustees

Hampden-Sydney

College

Revenue

2018

9/01/48

....................

2,050,000

2,107,826

Richmond

Economic

Development

Authority

City

Richmond

Revenue

2024

6/01/54

.........................................................

2,080,000

2,002,521

Riverside

Regional

Jail

Authority

Revenue

2015

Refunding

7/01/31

.........

6,215,000

6,324,787

Roanoke

Economic

Development

Authority

Carilion

Clinic

Obligated

Group

Revenue

2020

Refunding

7/01/51

.......................................

4,000,000

3,889,639

Salem

Economic

Development

Authority

Roanoke

College

Revenue

2020

Refunding

4/01/49

......................................................

925,000

933,801

Stafford

County

Staunton

Industrial

Development

Authority

Revenue

2007

AGMC

Insured

8/01/37

...............................................

960,000

960,572

Virginia

Beach

Development

Authority

Westminster-Canterbury

Chesapeake

Bay

Obligated

Group

Revenue

2018

Refunding

9/01/40

............................................

1,750,000

1,782,301

Westminster-Canterbury

Chesapeake

Bay

Obligated

Group

Revenue

2018

Refunding

9/01/44

............................................

2,215,000

2,238,136

Virginia

College

Building

Authority

Revenue

2016

9/01/27

........................................

3,925,000

4,098,268

Revenue

2016

Pre-Refunded

9/01/27

............................

75,000

78,460

Commonwealth

Virginia

Revenue

2016

Refunding

2/01/30

..........

7,000,000

7,047,954

Commonwealth

Virginia

Revenue

2023

Refunding

2/01/32

..........

6,000,000

6,918,167

Randolph-Macon

College

Revenue

2021

Refunding

1/15/39

...........

795,000

705,506

Randolph-Macon

College

Revenue

2021

Refunding

2.25

1/15/40

........

450,000

340,893

Randolph-Macon

College

Revenue

2021

Refunding

1/15/41

...........

500,000

430,036

Randolph-Macon

College

Revenue

2021

Refunding

1/15/46

...........

1,100,000

865,571

Randolph-Macon

College

Revenue

2021

Refunding

1/15/51

...........

1,750,000

1,309,358

Regent

University

Revenue

2021

Refunding

6/01/36

..................

2,750,000

2,694,966

Regent

University

Revenue

2021

Refunding

6/01/41

..................

4,800,000

3,803,011

Regent

University

Revenue

2021

Refunding

6/01/46

..................

3,725,000

3,288,356

Virginia

Commonwealth

Transportation

Board

Revenue

2016

9/15/30

.........................................

2,260,000

2,358,848

Revenue

2016

9/15/31

.........................................

4,000,000

4,170,918

Commonwealth

Virginia

Revenue

2022

Refunding

5/15/36

............

5,000,000

5,283,116

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Virginia

(continued)

Virginia

Commonwealth

Transportation

Board,

(continued)

Commonwealth

Virginia

Revenue

2023

5/15/45

....................

2,000,000

2,014,882

Virginia

Housing

Development

Authority

Revenue

2024

4.45

9/01/44

........

3,000,000

3,011,836

Virginia

Public

Building

Authority

Commonwealth

Virginia

Revenue

2019

8/01/35

.........................................................

1,250,000

1,287,686

Virginia

Public

School

Authority

Revenue

2018

8/01/30

........................................

5,280,000

5,736,620

County

Prince

William

Revenue

2018

3/01/33

......................

5,795,000

6,012,832

Virginia

Resources

Authority

Revenue

Pre-Refunded

11/01/38

..................................

3,195,000

3,279,777

Revenue

2018

Refunding

11/01/48

..............................

7,655,000

8,005,182

Virginia

Small

Business

Financing

Authority

Express

Lanes

LLC

Revenue,

Senior

Lien

2022

Refunding

1/01/48

.....

7,000,000

6,444,993

Bon

Secours

Mercy

Health,

Inc.

Revenue

2020

Refunding

12/01/49

.....

5,000,000

4,835,283

Capital

Beltway

Express

LLC

Revenue,

Senior

Lien

2022

Refunding

12/31/57

6,000,000

6,221,667

Elizabeth

River

Crossings

OpCo

LLC

Revenue,

Senior

Lien

2022

Refunding

1/01/40

........................................................

7,500,000

7,196,483

I-66

Express

Mobility

Partners

LLC

Revenue,

Senior

Lien

2017

12/31/47

...

5,000,000

5,091,875

I-66

Express

Mobility

Partners

LLC

Revenue,

Senior

Lien

2017

12/31/52

...

4,600,000

4,667,403

LifeSpire

Virginia

Obligated

Group

Revenue

2021

Refunding

12/01/36

...

1,000,000

1,001,359

LifeSpire

Virginia

Obligated

Group

Revenue

2021

Refunding

12/01/41

...

2,500,000

2,406,245

LifeSpire

Virginia

Obligated

Group

Revenue

2021

Refunding

12/01/51

...

7,500,000

6,718,825

National

Senior

Communities,

Inc.

Obligated

Group

Revenue

2020

Refunding

1/01/37

....................................................

2,750,000

2,718,169

National

Senior

Communities,

Inc.

Obligated

Group

Revenue

2020

Refunding

1/01/51

....................................................

2,250,000

2,037,638

Sentara

Healthcare

Obligated

Group

Revenue

2020

Refunding

11/01/37

...

4,000,000

4,108,080

Sentara

Healthcare

Obligated

Group

Revenue

2020

Refunding

11/01/38

...

2,000,000

2,047,841

Williamsburg

Economic

Development

Authority

Provident

Group

Williamsburg

Properties

LLC

Revenue

2023

AGMC

Insured

4.125

7/01/58

............

2,000,000

1,971,856

Winchester

Economic

Development

Authority

Valley

Health

Obligated

Group

Revenue

2015

Refunding

1/01/44

.................................

5,000,000

5,038,185

335,912,471

Washington

0.3%

Washington

State

Housing

Finance

Commission

Madison

Rivers

Edge

Apartments

LLC

Revenue

144A,

2021

3.65

1/01/37

............................

1,200,000

1,051,184

Wisconsin

0.5%

Public

Finance

Authority

Revenue

144A,

2022

B-1

12/28/44

................................

1,200,000

1,010,291

Pine

Forest

2022

Obligated

Group

Revenue

144A,

2022

6.5

12/01/52

.....

1,000,000

1,035,313

2,045,604

U.S.

Territories

10.9%

District

Columbia

8.1%

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

2021

Refunding

10/01/46

.......................

5,000,000

5,229,998

Aviation

Revenue

2023

Refunding

5.25

10/01/48

.....................

4,000,000

4,280,811

Aviation

Revenue

2024

Refunding

5.25

10/01/49

.....................

2,000,000

2,156,655

Aviation

Revenue

2024

Refunding

5.5

10/01/54

......................

1,000,000

1,097,005

Washington

Metropolitan

Area

Transit

Authority

Dedicated

Revenue

2020

7/15/45

...............................

3,145,000

3,349,092

Dedicated

Revenue

2021

7/15/41

...............................

7,530,000

8,203,259

Dedicated

Revenue

2021

7/15/46

...............................

2,000,000

2,143,096

Dedicated

Revenue

2023

7/15/43

...............................

2,500,000

2,760,185

Dedicated

Revenue

2023

4.125

7/15/47

............................

1,975,000

1,940,925

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

District

Columbia

(continued)

Washington

Metropolitan

Area

Transit

Authority,

(continued)

Dedicated

Revenue,

Second

Lien

2024

7/15/56

.....................

2,000,000

2,152,668

33,313,694

Puerto

Rico

2.8%

HTA

TRRB

Custodial

Trust

Revenue

2005

5.25

7/01/41

..................

1,314,400

1,286,587

Puerto

Rico

Electric

Power

Authority

Revenue

Refunding

NATL

Insured

5.25

7/01/32

....................

1,700,000

1,680,377

Revenue

5.5

7/01/38

.........................................

1,040,000

439,400

Revenue

5.25

7/01/40

........................................

1,900,000

802,750

Puerto

Rico

Industrial

Tourist

Educational

Medical

Environmental

Control

Facilities

Financing

Authority

Hospital

Auxilio

Mutuo

Obligated

Group

Revenue

2021

Refunding

7/01/29

425,000

459,540

Hospital

Auxilio

Mutuo

Obligated

Group

Revenue

2021

Refunding

7/01/37

200,000

192,412

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

A-1

4.75

7/01/53

................................

6,400,000

6,351,997

Sales

Tax

Revenue

A-1

7/01/58

..................................

500,000

502,211

11,715,274

Total

U.S.

Territories

....................................................................

45,028,968

Total

Municipal

Bonds

(Cost

421,020,625

)

.....................................

406,634,125

Escrows

and

Litigation

Trusts

0.0%

†

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

149,352

119,482

Total

Escrows

and

Litigation

Trusts

(Cost

–

)

...................................

119,482

Total

Long

Term

Investments

(Cost

421,020,625

)

...............................

406,753,607

Short

Term

Investments

0.9%

Principal

Amount

Municipal

Bonds

0.9%

Virginia

0.9%

Albemarle

County

Economic

Development

Authority

Sentara

Healthcare

Obligated

Group

Revenue

2018

Refunding

SPA

Bank

Daily

VRDN

and

Put

3.8

10/01/48

........................................................

3,400,000

Winchester

Economic

Development

Authority

Valley

Health

Obligated

Group

Revenue

2024

B-1

Refunding

LOC

Truist

Bank

Daily

VRDN

and

Put

3.75

1/01/54

.........................................................

300,000

3,700,000

Total

Municipal

Bonds

(Cost

3,700,000

)

.......................................

3,700,000

Total

Short

Term

Investments

(Cost

3,700,000

)

.................................

3,700,000

Total

Investments

(Cost

424,720,625

)

99.1

...................................

$410,453,607

Other

Assets,

less

Liabilities

0.9

.............................................

3,903,042

Net

Assets

100.0%

...........................................................

$414,356,649

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

See

Abbreviations

page

101

†

Rounds

less

than

0.1%

net

assets.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$11,558,238,

representing

2.8%

net

assets.

Defaulted

security

for

which

income

has

been

deemed

uncollectible.

See

Note

Non-income

producing.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

floating

variable

interest

rate

adjustment

formula

and

unconditional

right

demand

receive

payment

the

principal

balance

plus

accrued

interest

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

determined

based

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

period

end.

Franklin

Tax-Free

Trust

Financial

Statements

Assets

and

Liabilities

August

31,

2024

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Assets:

Investments

securities:

Cost

Unaffiliated

issuers

................

$190,990,636

$318,375,450

$268,964,518

$314,711,385

Value

Unaffiliated

issuers

...............

$185,194,808

$307,338,899

$258,252,106

$307,287,940

Cash

.................................

1,369,659

4,065,986

384,096

59,832

Receivables:

Capital

sold

.....................

229,504

39,557

7,091

502,691

Interest

..............................

2,377,914

2,996,991

3,101,537

3,217,431

Unrealized

appreciation

unfunded

commitments

(Note

1b)

...................

—

60,898

22,938

53,049

Total

assets

.......................

189,171,885

314,502,331

261,767,768

311,120,943

Liabilities:

Payables:

Investment

securities

purchased

...........

—

5,332,855

3,700,277

—

Capital

redeemed

................

166,021

434,045

262,135

366,961

Management

fees

......................

78,176

137,153

112,342

136,993

Distribution

fees

.......................

22,867

37,260

29,764

38,364

Transfer

agent

fees

.....................

25,535

47,917

39,589

46,559

Trustees'

fees

and

expenses

..............

223

415

447

468

Distributions

shareholders

..............

10,763

37,216

—

31,022

Accrued

expenses

and

other

liabilities

........

21,364

40,589

25,212

33,282

Total

liabilities

......................

324,949

6,067,450

4,169,766

653,649

Net

assets,

value

..............

$188,846,936

$308,434,881

$257,598,002

$310,467,294

Net

assets

consist

of:

Paid-in

capital

..........................

$213,111,064

$358,430,292

$300,364,456

$373,099,828

Total

distributable

earnings

(losses)

..........

(24,264,128)

(49,995,411)

(42,766,454)

(62,632,534)

Net

assets,

value

..............

$188,846,936

$308,434,881

$257,598,002

$310,467,294

Franklin

Tax-Free

Trust

Financial

Statements

Assets

and

Liabilities

(continued)

August

31,

2024

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Class

Net

assets,

value

....................

$48,996,011

$76,842,540

$60,420,919

$92,973,923

outstanding

.....................

4,770,622

7,144,881

5,886,518

9,323,375

Net

asset

value

per

a,b

...............

$10.27

$10.75

$10.26

$9.97

Maximum

offering

price

per

(net

asset

value

per

96.25%)

...............

$10.67

$11.17

$10.66

$10.36

Class

A1:

Net

assets,

value

....................

$112,375,839

$166,108,589

$149,102,036

$145,011,317

outstanding

.....................

10,954,800

15,445,866

14,533,676

14,538,046

Net

asset

value

per

a,b

...............

$10.26

$10.75

$10.26

$9.97

Maximum

offering

price

per

(net

asset

value

per

96.25%)

...............

$10.66

$11.17

$10.66

$10.36

Class

Net

assets,

value

....................

$4,987,834

$11,805,465

$7,942,921

$11,402,824

outstanding

.....................

479,747

1,081,260

761,620

1,119,948

Net

asset

value

and

maximum

offering

price

per

a,b

..............................

$10.40

$10.92

$10.43

$10.18

Class

R6:

Net

assets,

value

....................

$1,400,932

$10,847,767

$7,888,270

$12,609,322

outstanding

.....................

136,533

1,008,547

768,735

1,262,078

Net

asset

value

and

maximum

offering

price

per

...............................

$10.26

$10.76

$10.26

$9.99

Advisor

Class:

Net

assets,

value

....................

$21,086,320

$42,830,520

$32,243,856

$48,469,908

outstanding

.....................

2,055,257

3,980,769

3,141,197

4,853,580

Net

asset

value

and

maximum

offering

price

per

...............................

$10.26

$10.76

$10.26

$9.99

Redemption

price

equal

net

asset

value

less

contingent

deferred

sales

charges,

applicable.

Net

asset

value

per

may

not

recalculate

due

rounding.

Franklin

Tax-Free

Trust

Financial

Statements

Assets

and

Liabilities

(continued)

August

31,

2024

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Assets:

Investments

securities:

Cost

Unaffiliated

issuers

.................................

$688,642,144

$590,325,108

$424,720,625

Value

Unaffiliated

issuers

................................

$667,328,395

$574,065,039

$410,453,607

Cash

..................................................

61,897

260,253

123,426

Receivables:

Capital

sold

......................................

65,637

26,434

208,072

Interest

...............................................

9,423,219

6,483,068

4,341,716

Unrealized

appreciation

unfunded

commitments

(Note

1b)

........

125,974

110,529

78,906

Total

assets

........................................

677,005,122

580,945,323

415,205,727

Liabilities:

Payables:

Capital

redeemed

.................................

1,169,118

913,096

457,508

Management

fees

.......................................

274,253

238,179

177,118

Distribution

fees

........................................

81,701

62,073

40,003

Transfer

agent

fees

......................................

83,018

79,309

62,835

Trustees'

fees

and

expenses

...............................

1,206

997

714

Distributions

shareholders

...............................

28,120

33,057

64,999

Accrued

expenses

and

other

liabilities

.........................

76,530

68,304

45,901

Total

liabilities

.......................................

1,713,946

1,395,015

849,078

Net

assets,

value

...............................

$675,291,176

$579,550,308

$414,356,649

Net

assets

consist

of:

Paid-in

capital

...........................................

$814,751,189

$716,279,161

$504,601,212

Total

distributable

earnings

(losses)

...........................

(139,460,013)

(136,728,853)

(90,244,563)

Net

assets,

value

...............................

$675,291,176

$579,550,308

$414,356,649

Franklin

Tax-Free

Trust

Financial

Statements

Assets

and

Liabilities

(continued)

August

31,

2024

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Class

Net

assets,

value

.....................................

$181,576,759

$133,250,841

$86,723,506

outstanding

......................................

17,251,719

12,591,021

8,606,884

Net

asset

value

per

a,b

................................

$10.53

$10.58

$10.08

Maximum

offering

price

per

(net

asset

value

per

96.25%)

..............................................

$10.94

$10.99

$10.47

Class

A1:

Net

assets,

value

.....................................

$379,991,735

$277,857,102

$201,278,750

outstanding

......................................

36,127,697

26,262,516

19,980,279

Net

asset

value

per

a,b

................................

$10.52

$10.58

$10.07

Maximum

offering

price

per

(net

asset

value

per

96.25%)

..............................................

$10.93

$10.99

$10.46

Class

Net

assets,

value

.....................................

$19,096,877

$17,877,109

$7,754,722

outstanding

......................................

1,796,818

1,662,239

756,513

Net

asset

value

and

maximum

offering

price

per

a,b

..........

$10.63

$10.75

$10.25

Class

R6:

Net

assets,

value

.....................................

$25,118,963

$30,821,414

$11,134,264

outstanding

......................................

2,385,800

2,914,270

1,104,656

Net

asset

value

and

maximum

offering

price

per

...........

$10.53

$10.58

$10.08

Advisor

Class:

Net

assets,

value

.....................................

$69,506,842

$119,743,842

$107,465,407

outstanding

......................................

6,603,495

11,316,908

10,657,785

Net

asset

value

and

maximum

offering

price

per

...........

$10.53

$10.58

$10.08

Redemption

price

equal

net

asset

value

less

contingent

deferred

sales

charges,

applicable.

Net

asset

value

per

may

not

recalculate

due

rounding.

Franklin

Tax-Free

Trust

Financial

Statements

Operations

for

the

six

months

ended

August

31,

2024

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

.....................

$3,320,455

$5,705,935

$4,798,561

$6,253,545

Expenses:

Management

fees

(Note

)

................

536,554

823,390

707,792

812,679

Distribution

fees:

(Note

)

Class

.............................

61,632

95,986

75,313

112,559

Class

............................

57,813

85,043

77,374

73,220

Class

.............................

17,909

42,925

27,019

41,322

Transfer

agent

fees:

(Note

)

Class

.............................

13,502

24,768

20,735

29,524

Class

............................

31,658

54,867

53,254

48,021

Class

.............................

1,508

4,262

2,861

4,170

Class

............................

279

1,539

1,037

1,451

Advisor

Class

.........................

5,548

14,196

10,751

15,831

Custodian

fees

(Note

)

...................

549

996

855

939

Reports

shareholders

fees

...............

6,296

8,365

7,659

7,489

Registration

and

filing

fees

.................

10,967

10,498

7,506

12,951

Professional

fees

........................

28,333

36,988

31,145

35,464

Trustees'

fees

and

expenses

...............

1,254

2,098

1,758

1,994

Other

.................................

19,520

25,487

24,232

20,897

Total

expenses

......................

793,322

1,231,408

1,049,291

1,218,511

Expense

reductions

(Note

)

............

(9,889)

(1,373)

(6,474)

(2,981)

Expenses

waived/paid

affiliates

(Note

3f)

(27,244)

—

(10,359)

(45)

Net

expenses

......................

756,189

1,230,035

1,032,458

1,215,485

Net

investment

income

.............

2,564,266

4,475,900

3,766,103

5,038,060

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

(1,232,988)

(2,762,400)

(1,043,540)

(534,940)

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

2,533,888

4,758,460

2,460,820

2,446,298

Net

realized

and

unrealized

gain

(loss)

.........

1,300,900

1,996,060

1,417,280

1,911,358

Net

increase

(decrease)

net

assets

resulting

from

operations

...............................

$3,865,166

$6,471,960

$5,183,383

$6,949,418

Franklin

Tax-Free

Trust

Financial

Statements

Operations

(continued)

for

the

six

months

ended

August

31,

2024

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

......................................

$14,085,180

$10,260,473

$7,511,482

Expenses:

Management

fees

(Note

)

.................................

1,642,221

1,426,270

1,057,342

Distribution

fees:

(Note

)

Class

..............................................

225,967

167,583

108,254

Class

.............................................

195,080

143,093

104,095

Class

..............................................

70,652

64,026

27,905

Transfer

agent

fees:

(Note

)

Class

..............................................

52,555

45,092

31,668

Class

.............................................

113,404

96,249

76,125

Class

..............................................

6,313

6,624

3,139

Class

.............................................

3,302

3,003

1,317

Advisor

Class

..........................................

19,884

39,189

38,748

Custodian

fees

(Note

)

....................................

2,084

1,884

1,294

Reports

shareholders

fees

................................

14,941

11,958

9,023

Registration

and

filing

fees

..................................

10,006

12,534

14,065

Professional

fees

.........................................

47,054

42,402

38,785

Trustees'

fees

and

expenses

................................

4,284

3,634

2,667

Other

..................................................

41,737

41,100

30,056

Total

expenses

.......................................

2,449,484

2,104,641

1,544,483

Expense

reductions

(Note

)

.............................

(9,764)

(2,768)

(12,851)

Net

expenses

.......................................

2,439,720

2,101,873

1,531,632

Net

investment

income

..............................

11,645,460

8,158,600

5,979,850

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

....................................

(2,716,840)

(1,805,342)

(3,298,623)

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

6,347,276

5,910,636

6,701,938

Net

realized

and

unrealized

gain

(loss)

..........................

3,630,436

4,105,294

3,403,315

Net

increase

(decrease)

net

assets

resulting

from

operations

........

$15,275,896

$12,263,894

$9,383,165

Franklin

Tax-Free

Trust

Financial

Statements

Changes

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Alabama

Tax-Free

Income

Fund

Franklin

Georgia

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$2,564,266

$5,015,541

$4,475,900

$9,465,515

Net

realized

gain

(loss)

............

(1,232,988)

(2,024,966)

(2,762,400)

(4,001,278)

Net

change

unrealized

appreciation

(depreciation)

.................

2,533,888

7,015,967

4,758,460

12,571,174

Net

increase

(decrease)

net

assets

resulting

from

operations

3,865,166

10,006,542

6,471,960

18,035,411

Distributions

shareholders:

Class

........................

(630,272)

(1,075,335)

(1,050,338)

(2,054,639)

Class

.......................

(1,566,195)

(3,212,748)

(2,453,967)

(5,231,108)

Class

........................

(58,323)

(140,105)

(151,046)

(382,369)

Class

.......................

(18,560)

(44,276)

(165,766)

(325,565)

Advisor

Class

...................

(284,777)

(540,377)

(656,242)

(1,429,418)

Total

distributions

shareholders

.....

(2,558,127)

(5,012,841)

(4,477,359)

(9,423,099)

Capital

transactions:

(Note

)

Class

........................

110,434

5,233,322

305,027

(2,273,436)

Class

.......................

(6,929,971)

(10,338,785)

(7,539,683)

(21,628,755)

Class

........................

(1,087,578)

(2,391,146)

(2,750,622)

(5,537,344)

Class

.......................

110,925

(526,870)

(302,911)

401,788

Advisor

Class

...................

1,029,740

1,089,614

(3,805,319)

(3,297,249)

Total

capital

transactions

.......

(6,766,450)

(6,933,865)

(14,093,508)

(32,334,996)

Net

increase

(decrease)

net

assets

.....................

(5,459,411)

(1,940,164)

(12,098,907)

(23,722,684)

Net

assets:

Beginning

period

................

194,306,347

196,246,511

320,533,788

344,256,472

End

period

.....................

$188,846,936

$194,306,347

$308,434,881

$320,533,788

Franklin

Tax-Free

Trust

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Franklin

Louisiana

Tax-Free

Income

Fund

Franklin

Maryland

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$3,766,103

$7,948,291

$5,038,060

$10,190,174

Net

realized

gain

(loss)

............

(1,043,540)

(3,206,369)

(534,940)

(5,547,815)

Net

change

unrealized

appreciation

(depreciation)

.................

2,460,820

9,485,255

2,446,298

10,275,845

Net

increase

(decrease)

net

assets

resulting

from

operations

5,183,383

14,227,177

6,949,418

14,918,204

Distributions

shareholders:

Class

........................

(826,990)

(1,651,634)

(1,416,365)

(2,640,012)

Class

.......................

(2,241,426)

(4,744,726)

(2,412,379)

(5,109,295)

Class

........................

(95,479)

(242,913)

(169,903)

(414,527)

Class

.......................

(125,818)

(188,714)

(193,186)

(429,659)

Advisor

Class

...................

(468,118)

(1,050,581)

(818,624)

(1,561,046)

Total

distributions

shareholders

.....

(3,757,831)

(7,878,568)

(5,010,457)

(10,154,539)

Capital

transactions:

(Note

)

Class

........................

(1,994,635)

459,155

5,102,547

5,862,440

Class

.......................

(10,582,611)

(20,900,132)

(3,230,623)

(17,498,765)

Class

........................

(866,390)

(4,148,210)

(2,380,206)

(4,040,981)

Class

.......................

(127,298)

1,514,443

1,715,510

(1,033,994)

Advisor

Class

...................

489,019

(5,459,468)

55,399

1,546,638

Total

capital

transactions

.......

(13,081,915)

(28,534,212)

1,262,627

(15,164,662)

Net

increase

(decrease)

net

assets

.....................

(11,656,363)

(22,185,603)

3,201,588

(10,400,997)

Net

assets:

Beginning

period

................

269,254,365

291,439,968

307,265,706

317,666,703

End

period

.....................

$257,598,002

$269,254,365

$310,467,294

$307,265,706

Franklin

Tax-Free

Trust

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Missouri

Tax-Free

Income

Fund

Franklin

North

Carolina

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$11,645,460

$23,997,508

$8,158,600

$16,423,794

Net

realized

gain

(loss)

............

(2,716,840)

(12,379,707)

(1,805,342)

(10,154,504)

Net

change

unrealized

appreciation

(depreciation)

.................

6,347,276

24,436,478

5,910,636

23,488,320

Net

increase

(decrease)

net

assets

resulting

from

operations

15,275,896

36,054,279

12,263,894

29,757,610

Distributions

shareholders:

Class

........................

(2,961,234)

(5,616,499)

(1,776,029)

(3,430,760)

Class

.......................

(6,685,819)

(14,283,512)

(4,005,588)

(8,580,472)

Class

........................

(308,343)

(800,796)

(216,543)

(511,336)

Class

.......................

(408,394)

(772,308)

(428,057)

(592,488)

Advisor

Class

...................

(1,205,593)

(2,433,793)

(1,690,426)

(3,129,619)

Total

distributions

shareholders

.....

(11,569,383)

(23,906,908)

(8,116,643)

(16,244,675)

Capital

transactions:

(Note

)

Class

........................

170,442

11,028,803

(2,066,179)

(2,540,106)

Class

.......................

(21,135,464)

(47,845,085)

(17,750,699)

(53,205,230)

Class

........................

(4,856,104)

(9,921,227)

(3,707,343)

(6,411,452)

Class

.......................

2,512,571

1,545,960

2,170,253

7,942,383

Advisor

Class

...................

1,265,974

(4,040,876)

6,646,894

(5,708,972)

Total

capital

transactions

.......

(22,042,581)

(49,232,425)

(14,707,074)

(59,923,377)

Net

increase

(decrease)

net

assets

.....................

(18,336,068)

(37,085,054)

(10,559,823)

(46,410,442)

Net

assets:

Beginning

period

................

693,627,244

730,712,298

590,110,131

636,520,573

End

period

.....................

$675,291,176

$693,627,244

$579,550,308

$590,110,131

Franklin

Tax-Free

Trust

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Franklin

Virginia

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

.................................................

$5,979,850

$12,075,748

Net

realized

gain

(loss)

.................................................

(3,298,623)

(6,627,550)

Net

change

unrealized

appreciation

(depreciation)

...........................

6,701,938

17,722,825

Net

increase

(decrease)

net

assets

resulting

from

operations

................

9,383,165

23,171,023

Distributions

shareholders:

Class

.............................................................

(1,173,126)

(2,245,661)

Class

............................................................

(2,975,479)

(6,255,295)

Class

.............................................................

(96,772)

(235,671)

Class

............................................................

(145,442)

(262,424)

Advisor

Class

........................................................

(1,566,978)

(3,145,156)

Total

distributions

shareholders

..........................................

(5,957,797)

(12,144,207)

Capital

transactions:

(Note

)

Class

.............................................................

1,390,162

(4,812,684)

Class

............................................................

(12,368,266)

(29,112,662)

Class

.............................................................

(1,573,758)

(3,384,280)

Class

............................................................

2,366,527

2,225,283

Advisor

Class

........................................................

3,126,330

(10,819,074)

Total

capital

transactions

............................................

(7,059,005)

(45,903,417)

Net

increase

(decrease)

net

assets

...................................

(3,633,637)

(34,876,601)

Net

assets:

Beginning

period

.....................................................

417,990,286

452,866,887

End

period

..........................................................

$414,356,649

$417,990,286

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(Unaudited)

franklintempleton.com

Semiannual

Report

Organization

and

Significant

Accounting

Policies

Franklin

Tax-Free

Trust (Trust)

registered

under

the

Investment

Company

Act

1940

(1940

Act)

open-

end

management

investment

company,

consisting

twenty separate

funds,

seven

which

are

included

this

report

(Funds).

The

Funds follow

the

accounting

and

reporting

guidance

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and apply

the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

Funds

offer five

classes

of shares: Class

Class

A1,

Class

and

Advisor

Class.

Class

automatically

convert

Class

monthly

basis,

after

they

have

been

held

for

years.

Each

class

may

differ

its initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

matters

affecting

single

class,

its

exchange

privilege

and

fees

due

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

following

summarizes

the Funds'

significant

accounting

policies.

Financial

Instrument

Valuation

The Funds'

investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

each

business

day

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier. Under

compliance

policies

and

procedures

approved

the

Trust’s

Board

Trustees

(the

Board),

the

Board

has

designated

the

Funds’

investment

manager

the

valuation

designee

and

has

responsibility

for

oversight

valuation.

The

investment

manager

assisted

the

Funds'

administrator

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

determine

fair

value.

Debt

securities

generally

trade

the over-the-counter

(OTC)

market

rather

than

securities

exchange.

The

Funds'

pricing

services

use

multiple

valuation

techniques

determine

fair

value.

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

market-based

approach

through

which

quotes

from

market

makers

are

used

determine

fair

value.

instances

where

sufficient

market

activity

may

not

exist

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

principal

repayments,

underlying

collateral,

and

other

unique

security

features

order

estimate

the

relevant

cash

flows,

which

are

then

discounted

calculate

the

fair

value.

The

Funds

have

procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Securities

Purchased

When-Issued,

Forward

Commitment or

Delayed

Delivery

Basis

Certain

all

Funds

may

purchase

securities

when-

issued,

forward

commitment or

delayed

delivery

basis,

with

payment

and

delivery

scheduled

for

future

date.

These

transactions

are

subject

market

fluctuations

and

are

subject

the

risk

that

the

value

delivery

may

less

than

the

trade

date

purchase

price.

Although

the

Funds

will

generally

purchase

these

securities

with

the

intention

holding

the

securities, they

may

sell

the

securities

before

the

settlement

date.

These

types

securities

may

considered

unfunded

and

the

Fund

may

obligated

perform

such

agreements

future

date.

Unfunded

commitments

are

marked

market

daily

and

any

unrealized

appreciation

depreciation

included

the

Statement

Assets

and

Liabilities

and

the

Statement

Operations.

August

31,

2024,

unfunded

commitments

were

follows:

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(Unaudited)

franklintempleton.com

Semiannual

Report

Income

Taxes

is each

Fund's

policy

qualify

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

distribute

shareholders

substantially

all

its

income

and

net

realized

gains

relieve

from

federal

income

and excise

taxes.

result,

provision

for

U.S.

federal

income

taxes

required.

Each

Fund

may

recognize

income

tax

liability

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

less

than

50%

probability

that

will

sustained

upon

examination

the

tax

authorities

based

its

technical

merits.

August

31,

2024, each

Fund

has

determined

that

tax

liability

required

its

financial

statements

uncertain

tax

positions

for

any

open

tax

years

(or

expected

taken

future

tax

years).

Open

tax

years

are

those

that

remain

subject

examination

and

are

based

the

statute

limitations

each

jurisdiction

which

the

Fund

invests.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

trade

date.

Realized

gains

and

losses

security

transactions

are

determined

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

any)

and

estimated

expenses

are

accrued

daily.

Amortization

premium

and

accretion

discount

debt

securities

are

included

interest

income.

Paydown

gains

and

losses

are

recorded

adjustment

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

reinvested

paid

monthly

shareholders.

Distributions

from

realized

capital

gains

and

other

distributions,

any,

are

recorded

the

ex-dividend

date.

Distributable

earnings

are

determined

according

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

accordance

with

U.S.

GAAP.

These

differences

may

permanent

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

reflect

their

tax

character.

These

reclassifications

have

impact

net

assets

the

results

operations.

Temporary

differences

are

not

reclassified,

they

may

reverse

subsequent

periods.

Common

expenses

incurred

the

Trust

are

allocated

among

the

Funds

based

the

ratio

net

assets

each

Fund

the

combined

net

assets

the

Trust

based

the

ratio

number

shareholders

each

Fund

the

combined

number

shareholders

the

Trust.

Fund

specific

expenses

are

charged

directly

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

each

class

based

upon

the

relative

proportion

net

assets

each

class.

Differences

per

distributions

class

are

generally

due

differences

class

specific

expenses.

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

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

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

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

Organization

and

Significant

Accounting

Policies

(continued)

Securities

Purchased

When-Issued,

Forward

Commitment or

Delayed

Delivery

Basis

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(Unaudited)

franklintempleton.com

Semiannual

Report

Insurance

The

scheduled

payments

interest

and

principal

for

each

insured

municipal

security

the Trust are

insured

either

new

issue

insurance

policy

secondary

insurance

policy.

Some

municipal

securities

the Funds

are

secured

collateral

guaranteed

agency

the

U.S.

government.

Depending

the

type

coverage,

premiums

for

insurance

are

either

added

the

cost

basis

the

security

paid

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

very

high

quality,

with

the

majority

underlying

municipal

bonds

rated

better.

However,

event

involving

insurer

could

have

adverse

effect

the

value

the

securities

insured

that

insurance

company.

There

can

assurance

the

insurer

will

able

fulfill

its

obligations

under

the

terms

the

policy.

Accounting

Estimates

The

preparation

financial

statements

accordance

with

U.S.

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

date

the

financial

statements

and

the

amounts

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Guarantees

and

Indemnifications

Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

the Trust against

certain

liabilities

arising

out

the

performance

their

duties

the

Trust.

Additionally,

the

normal

course

business,

the Trust,

behalf

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

loss

remote.

Beneficial

Interest

August

31,

2024,

there

were

unlimited

number

authorized

(without

par value).

Transactions

the

Funds'

were

follows:

Franklin

Alabama

Tax-Free

Income

Fund

Franklin

Georgia

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

319,197

$3,246,572

539,394

$5,733,292

issued

reinvestment

distributions

..........

60,151

610,505

91,319

970,763

redeemed

...............................

(367,661)

(3,746,643)

(600,241)

(6,399,028)

Net

increase

(decrease)

..........................

11,687

$110,434

30,472

$305,027

Year

ended

February

29,

2024

sold

...................................

1,338,090

$13,494,319

1,302,263

$13,569,597

issued

reinvestment

distributions

..........

102,450

1,020,836

179,768

1,874,809

redeemed

...............................

(938,308)

(9,281,833)

(1,705,485)

(17,717,842)

Net

increase

(decrease)

..........................

502,232

$5,233,322

(223,454)

$(2,273,436)

Class

Organization

and

Significant

Accounting

Policies

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(Unaudited)

franklintempleton.com

Semiannual

Report

Franklin

Alabama

Tax-Free

Income

Fund

Franklin

Georgia

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

39,898

$405,539

64,836

$690,084

issued

reinvestment

distributions

..........

140,795

1,427,224

206,663

2,195,973

redeemed

...............................

(863,348)

(8,762,734)

(977,402)

(10,425,740)

Net

increase

(decrease)

..........................

(682,655)

$(6,929,971)

(705,903)

$(7,539,683)

Year

ended

February

29,

2024

sold

...................................

416,397

$4,142,694

229,001

$2,400,520

issued

reinvestment

distributions

..........

290,127

2,887,542

443,413

4,624,141

redeemed

...............................

(1,744,630)

(17,369,021)

(2,742,757)

(28,653,416)

Net

increase

(decrease)

..........................

(1,038,106)

$(10,338,785)

(2,070,343)

$(21,628,755)

Class

Six

Months

ended

August

31,

2024

sold

...................................

2,326

$23,989

52,082

$562,061

issued

reinvestment

distributions

..........

5,191

53,328

13,741

148,198

redeemed

..............................

(113,414)

(1,164,895)

(320,118)

(3,460,881)

Net

increase

(decrease)

..........................

(105,897)

$(1,087,578)

(254,295)

$(2,750,622)

Year

ended

February

29,

2024

sold

...................................

60,044

$606,458

109,638

$1,152,676

issued

reinvestment

distributions

..........

12,707

128,129

34,706

367,460

redeemed

..............................

(309,667)

(3,125,733)

(666,303)

(7,057,480)

Net

increase

(decrease)

..........................

(236,916)

$(2,391,146)

(521,959)

$(5,537,344)

Class

Six

Months

ended

August

31,

2024

sold

...................................

30,557

$310,392

99,316

$1,059,567

issued

reinvestment

distributions

..........

1,822

18,476

8,351

88,771

redeemed

...............................

(21,355)

(217,943)

(136,224)

(1,451,249)

Net

increase

(decrease)

..........................

11,024

$110,925

(28,557)

$(302,911)

Year

ended

February

29,

2024

sold

...................................

30,124

$303,644

352,145

$3,681,149

issued

reinvestment

distributions

..........

4,385

43,596

15,405

160,609

redeemed

...............................

(89,107)

(874,110)

(327,117)

(3,439,970)

Net

increase

(decrease)

..........................

(54,598)

$(526,870)

40,433

$401,788

Advisor

Class

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(Unaudited)

franklintempleton.com

Semiannual

Report

Franklin

Alabama

Tax-Free

Income

Fund

Franklin

Georgia

Tax-Free

Income

Fund

Amount

Advisor

Class

Six

Months

ended

August

31,

2024

sold

...................................

192,226

$1,959,505

291,366

$3,108,553

issued

reinvestment

distributions

..........

25,314

256,643

58,899

626,472

redeemed

...............................

(116,773)

(1,186,408)

(709,301)

(7,540,344)

Net

increase

(decrease)

..........................

100,767

$1,029,740

(359,036)

$(3,805,319)

Year

ended

February

29,

2024

sold

...................................

440,358

$4,409,758

900,353

$9,396,069

issued

reinvestment

distributions

..........

49,211

489,562

127,737

1,332,065

redeemed

...............................

(381,889)

(3,809,706)

(1,347,279)

(14,025,383)

Net

increase

(decrease)

..........................

107,680

$1,089,614

(319,189)

$(3,297,249)

Franklin

Louisiana

Tax-Free

Income

Fund

Franklin

Maryland

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

372,973

$3,812,117

1,143,898

$11,347,702

issued

reinvestment

distributions

..........

76,079

772,903

134,902

1,331,235

redeemed

...............................

(648,121)

(6,579,655)

(766,812)

(7,576,390)

Net

increase

(decrease)

..........................

(199,069)

$(1,994,635)

511,988

$5,102,547

Year

ended

February

29,

2024

sold

...................................

1,145,651

$11,526,499

1,790,306

$17,600,707

issued

reinvestment

distributions

..........

153,264

1,528,379

250,103

2,441,176

redeemed

...............................

(1,253,631)

(12,595,723)

(1,466,839)

(14,179,443)

Net

increase

(decrease)

..........................

45,284

$459,155

573,570

$5,862,440

Class

Six

Months

ended

August

31,

2024

sold

...................................

97,639

$996,786

159,369

$1,581,575

issued

reinvestment

distributions

..........

213,769

2,170,143

217,099

2,142,353

redeemed

...............................

(1,351,480)

(13,749,540)

(704,054)

(6,954,551)

Net

increase

(decrease)

..........................

(1,040,072)

$(10,582,611)

(327,586)

$(3,230,623)

Year

ended

February

29,

2024

sold

...................................

188,891

$1,883,031

228,603

$2,210,696

issued

reinvestment

distributions

..........

456,359

4,549,579

458,011

4,472,466

redeemed

...............................

(2,744,651)

(27,332,742)

(2,479,180)

(24,181,927)

Net

increase

(decrease)

..........................

(2,099,401)

$(20,900,132)

(1,792,566)

$(17,498,765)

Class

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(Unaudited)

franklintempleton.com

Semiannual

Report

Franklin

Louisiana

Tax-Free

Income

Fund

Franklin

Maryland

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

53,916

$558,545

59,348

$597,548

issued

reinvestment

distributions

..........

9,188

94,828

16,554

166,701

redeemed

..............................

(146,962)

(1,519,763)

(310,971)

(3,144,455)

Net

increase

(decrease)

..........................

(83,858)

$(866,390)

(235,069)

$(2,380,206)

Year

ended

February

29,

2024

sold

...................................

88,248

$904,712

74,216

$743,194

issued

reinvestment

distributions

..........

23,452

237,567

39,868

397,515

redeemed

..............................

(523,736)

(5,290,489)

(520,297)

(5,181,690)

Net

increase

(decrease)

..........................

(412,036)

$(4,148,210)

(406,213)

$(4,040,981)

Class

Six

Months

ended

August

31,

2024

sold

...................................

103,835

$1,056,676

205,762

$2,046,964

issued

reinvestment

distributions

..........

12,521

127,143

16,120

159,397

redeemed

...............................

(128,452)

(1,311,117)

(49,508)

(490,851)

Net

increase

(decrease)

..........................

(12,096)

$(127,298)

172,374

$1,715,510

Year

ended

February

29,

2024

sold

...................................

295,525

$2,997,859

345,951

$3,379,331

issued

reinvestment

distributions

..........

18,833

187,914

28,819

281,794

redeemed

...............................

(166,964)

(1,671,330)

(483,786)

(4,695,119)

Net

increase

(decrease)

..........................

147,394

$1,514,443

(109,016)

$(1,033,994)

Advisor

Class

Advisor

Class

Six

Months

ended

August

31,

2024

sold

...................................

691,868

$7,029,855

419,935

$4,151,615

issued

reinvestment

distributions

..........

45,317

460,415

77,655

767,408

redeemed

...............................

(687,426)

(7,001,251)

(490,762)

(4,863,624)

Net

increase

(decrease)

..........................

49,759

$489,019

6,828

$55,399

Year

ended

February

29,

2024

sold

...................................

759,737

$7,568,906

2,043,637

$19,580,472

issued

reinvestment

distributions

..........

101,346

1,010,575

148,283

1,450,125

redeemed

...............................

(1,419,965)

(14,038,949)

(2,022,613)

(19,483,959)

Net

increase

(decrease)

..........................

(558,882)

$(5,459,468)

169,307

$1,546,638

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(Unaudited)

franklintempleton.com

Semiannual

Report

Franklin

Missouri

Tax-Free

Income

Fund

Franklin

North

Carolina

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

1,468,383

$15,353,207

765,632

$8,024,550

issued

reinvestment

distributions

..........

280,374

2,920,224

164,022

1,716,301

redeemed

...............................

(1,733,762)

(18,102,989)

(1,127,134)

(11,807,030)

Net

increase

(decrease)

..........................

14,995

$170,442

(197,480)

$(2,066,179)

Year

ended

February

29,

2024

sold

...................................

4,159,046

$42,768,065

2,818,585

$29,017,466

issued

reinvestment

distributions

..........

531,375

5,453,991

315,400

3,243,559

redeemed

...............................

(3,646,441)

(37,193,253)

(3,396,641)

(34,801,131)

Net

increase

(decrease)

..........................

1,043,980

$11,028,803

(262,656)

$(2,540,106)

Class

Six

Months

ended

August

31,

2024

sold

...................................

373,650

$3,897,947

255,457

$2,689,413

issued

reinvestment

distributions

..........

600,917

6,255,414

360,428

3,769,472

redeemed

...............................

(2,999,741)

(31,288,825)

(2,310,976)

(24,209,584)

Net

increase

(decrease)

..........................

(2,025,174)

$(21,135,464)

(1,695,091)

$(17,750,699)

Year

ended

February

29,

2024

sold

...................................

979,544

$10,079,660

641,786

$6,611,905

issued

reinvestment

distributions

..........

1,287,119

13,200,475

768,222

7,897,674

redeemed

...............................

(6,944,203)

(71,125,220)

(6,605,595)

(67,714,809)

Net

increase

(decrease)

..........................

(4,677,540)

$(47,845,085)

(5,195,587)

$(53,205,230)

Class

Six

Months

ended

August

31,

2024

sold

...................................

49,685

$523,054

37,688

$401,841

issued

reinvestment

distributions

..........

28,610

300,735

19,732

209,790

redeemed

..............................

(538,211)

(5,679,893)

(404,384)

(4,318,974)

Net

increase

(decrease)

..........................

(459,916)

$(4,856,104)

(346,964)

$(3,707,343)

Year

ended

February

29,

2024

sold

...................................

150,373

$1,560,299

170,997

$1,803,539

issued

reinvestment

distributions

..........

75,169

778,999

46,471

485,700

redeemed

..............................

(1,182,040)

(12,260,525)

(829,069)

(8,700,691)

Net

increase

(decrease)

..........................

(956,498)

$(9,921,227)

(611,601)

$(6,411,452)

Class

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(Unaudited)

franklintempleton.com

Semiannual

Report

Franklin

Missouri

Tax-Free

Income

Fund

Franklin

North

Carolina

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

517,003

$5,412,197

450,743

$4,736,972

issued

reinvestment

distributions

..........

36,916

384,744

16,207

169,446

redeemed

...............................

(314,685)

(3,284,370)

(261,510)

(2,736,165)

Net

increase

(decrease)

..........................

239,234

$2,512,571

205,440

$2,170,253

Year

ended

February

29,

2024

sold

...................................

832,995

$8,646,444

2,101,547

$21,788,281

issued

reinvestment

distributions

..........

70,206

720,567

33,922

348,159

redeemed

...............................

(763,127)

(7,821,051)

(1,401,813)

(14,194,057)

Net

increase

(decrease)

..........................

140,074

$1,545,960

733,656

$7,942,383

Advisor

Class

Advisor

Class

Six

Months

ended

August

31,

2024

sold

...................................

797,615

$8,295,354

1,504,862

$15,751,558

issued

reinvestment

distributions

..........

95,468

994,354

158,350

1,656,918

redeemed

...............................

(770,069)

(8,023,734)

(1,027,093)

(10,761,582)

Net

increase

(decrease)

..........................

123,014

$1,265,974

636,119

$6,646,894

Year

ended

February

29,

2024

sold

...................................

1,770,007

$18,247,223

3,442,355

$35,274,735

issued

reinvestment

distributions

..........

203,752

2,091,053

294,165

3,024,604

redeemed

...............................

(2,373,418)

(24,379,152)

(4,318,914)

(44,008,311)

Net

increase

(decrease)

..........................

(399,659)

$(4,040,876)

(582,394)

$(5,708,972)

Franklin

Virginia

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

749,446

$7,481,022

issued

reinvestment

distributions

..........

100,873

1,005,210

redeemed

...............................

(710,490)

(7,096,070)

Net

increase

(decrease)

..........................

139,829

$1,390,162

Year

ended

February

29,

2024

sold

...................................

1,052,351

$10,319,019

issued

reinvestment

distributions

..........

195,901

1,912,573

redeemed

...............................

(1,745,500)

(17,044,276)

Net

increase

(decrease)

..........................

(497,248)

$(4,812,684)

Class

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(Unaudited)

franklintempleton.com

Semiannual

Report

Franklin

Virginia

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

103,712

$1,032,152

issued

reinvestment

distributions

..........

270,984

2,699,357

redeemed

...............................

(1,611,319)

(16,099,775)

Net

increase

(decrease)

..........................

(1,236,623)

$(12,368,266)

Year

ended

February

29,

2024

sold

...................................

506,244

$4,962,378

issued

reinvestment

distributions

..........

575,142

5,612,495

redeemed

...............................

(4,081,908)

(39,687,535)

Net

increase

(decrease)

..........................

(3,000,522)

$(29,112,662)

Class

Six

Months

ended

August

31,

2024

sold

...................................

33,083

$337,092

issued

reinvestment

distributions

..........

9,360

94,850

redeemed

..............................

(197,122)

(2,005,700)

Net

increase

(decrease)

..........................

(154,679)

$(1,573,758)

Year

ended

February

29,

2024

sold

...................................

71,429

$712,272

issued

reinvestment

distributions

..........

22,841

226,818

redeemed

..............................

(437,012)

(4,323,370)

Net

increase

(decrease)

..........................

(342,742)

$(3,384,280)

Class

Six

Months

ended

August

31,

2024

sold

...................................

292,461

$2,913,488

issued

reinvestment

distributions

..........

9,030

90,010

redeemed

...............................

(63,834)

(636,971)

Net

increase

(decrease)

..........................

237,657

$2,366,527

Year

ended

February

29,

2024

sold

...................................

634,321

$6,216,526

issued

reinvestment

distributions

..........

18,450

180,037

redeemed

...............................

(427,769)

(4,171,280)

Net

increase

(decrease)

..........................

225,002

$2,225,283

Advisor

Class

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(Unaudited)

franklintempleton.com

Semiannual

Report

Transactions

with

Affiliates

Franklin

Resources,

Inc.

the

holding

company

for

various

subsidiaries

that

together

are

referred

Franklin

Templeton.

Certain

officers

and

trustees

the Trust are

also

officers

and/or

directors

the

following

subsidiaries:

Management

Fees

The

Funds

pay

investment

management

fee,

calculated

daily

and

paid

monthly,

Advisers

based

the

month-end

net

assets

each

the

Funds

follows:

For

the

period

ended

August

31,

2024,

each

Fund's

annualized

gross

effective

investment

management

fee

rate

based

average

daily

net

assets

was

follows:

Franklin

Virginia

Tax-Free

Income

Fund

Amount

Advisor

Class

Six

Months

ended

August

31,

2024

sold

...................................

981,495

$9,799,059

issued

reinvestment

distributions

..........

141,195

1,408,165

redeemed

...............................

(809,411)

(8,080,894)

Net

increase

(decrease)

..........................

313,279

$3,126,330

Year

ended

February

29,

2024

sold

...................................

1,949,152

$19,044,520

issued

reinvestment

distributions

..........

284,133

2,774,790

redeemed

...............................

(3,375,212)

(32,638,384)

Net

increase

(decrease)

..........................

(1,141,927)

$(10,819,074)

May

include

portion

Class

that

were

automatically

converted

Class

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Annualized

Fee

Rate

Net

Assets

0.625%

and

including

$100

million

0.500%

Over

$100

million,

and

including

$250

million

0.450%

Over

$250

million,

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

and

including

$10

billion

0.430%

Over

$10

billion,

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

and

including

$15

billion

0.400%

Over

$15

billion,

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

and

including

$20

billion

0.360%

excess

$20

billion

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(Unaudited)

franklintempleton.com

Semiannual

Report

Administrative

Fees

Under

agreement

with

Advisers,

Services

provides

administrative

services

the

Funds.

The

fee

paid

Advisers

based

each

of the

Funds'

average

daily

net

assets,

and

not

additional

expense

the

Funds.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

class,

with

the

exception

Class

and

Advisor

Class

shares,

pursuant

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

and

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

connection

with

the

servicing,

sale

and

distribution

of each

Funds'

the

maximum

annual

plan

rate

for

each

class.

Under

the

Class

and

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

reimbursed

subsequent

periods.

addition,

under

the

Funds' Class

compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

connection

with

the

servicing,

sale

and

distribution

the

Funds'

the

maximum

annual

plan

rate.

The

plan

year,

for

purposes

monitoring

compliance

with

the

maximum

annual

plan

rates,

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

the

average

daily

net

assets,

for

each

class,

are

follows:

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.559%

0.523%

0.539%

Franklin

Maryland

Tax-

Free

Income

Fund

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.526%

0.480%

0.487%

Franklin

Virginia

Tax-

Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.505%

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Class

...............................

0.25%

Class

..............................

0.10%

Class

...............................

0.65%

Transactions

with

Affiliates

(continued)

Management

Fees

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(Unaudited)

franklintempleton.com

Semiannual

Report

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

not

represent

expenses

the

Funds.

These

charges

are

deducted

from

the

proceeds

sales

fund

prior

investment

from

redemption

proceeds

prior

remittance,

applicable.

Distributors

has

advised

the

Funds

the

following

commission

transactions

the

sales

and

redemptions

the

Funds'

for

the

period:

Transfer

Agent

Fees

Each

class

shares pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

shareholder

servicing

obligations. The

fees

are based

fixed

margin

earned

Investor

Services

and

are allocated

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

third

parties.

These

fees

paid

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

such

classes'

aggregate

net

assets.

Class

pays

Investor

Services

transfer

agent

fees

allocated

specifically

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

August

31,

2024,

the Funds

paid

transfer

agent

fees

noted

the

Statements of

Operations

which

the

following

amounts

were

retained

Investor

Services:

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Class

...............................

0.25%

Class

..............................

0.10%

Class

...............................

0.65%

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

..................

$1,463

$1,199

$1,734

$1,982

CDSC

retained

...........................

$1,360

$3,194

$385

$762

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

..................

$7,157

$2,268

$2,696

CDSC

retained

...........................

$15,567

$6,421

$345

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Transfer

agent

fees

........................

$18,768

$32,456

$24,597

$33,707

Transactions

with

Affiliates

(continued)

Distribution

Fees

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(Unaudited)

franklintempleton.com

Semiannual

Report

Waiver

and

Expense

Reimbursements

Advisers

has contractually

agreed

advance

waive

limit

its fees

and

assume

its

own

expense

certain

expenses

otherwise

payable

the

Funds

that

the

operating expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

costs,

including

those

relating

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

the

Funds

not

exceed 0.65%

based

the

average

net

assets

each

class

until

June

30,

2025.

Total

expenses

waived

paid

are

not

subject

recapture

subsequent

the

Funds'

fiscal

year

end.

Transfer

agent

fees

Class

the

Funds have

been

capped

that

transfer

agent

fees

for

that

class

not

exceed

0.03%

based

the

average

net

assets

the

class

until

June

30,

2025.

Interfund

Transactions

Certain

all

Funds

engaged

purchases

and

sales

investments

with

funds

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

officers.

These

purchases,

sales

and

the

net

realized

gains

(losses),

any,

for

the

period

ended

August

31,

2024,

were

follows:

Expense

Offset

Arrangement

The

Funds

have

entered

into

arrangement

with

their

custodian

whereby

credits

realized

result

uninvested

cash

balances

are

used

reduce

portion

the

Funds'

custodian

expenses.

During

the

period

ended

August

31,

2024,

the

custodian

fees

were

reduced

noted

the

Statements

Operations.

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Transfer

agent

fees

........................

$65,328

$55,001

$43,208

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Franklin

Missouri

Tax-

Free

Income

Fund

Purchases

..............................

$2,475,000

$8,735,000

$2,500,000

$11,500,000

Sales

..................................

$5,975,000

$1,935,000

$2,000,000

$8,700,000

Net

Realized

Gains

(Losses)

.................

—

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Purchases

..............................

$20,215,000

$6,800,000

Sales

..................................

$18,920,000

$17,400,000

Net

Realized

Gains

(Losses)

.................

—

Transactions

with

Affiliates

(continued)

Transfer

Agent

Fees

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(Unaudited)

franklintempleton.com

Semiannual

Report

Income

Taxes

For

tax

purposes,

capital

losses

may

carried

over

offset

future

capital

gains.

February

29,

2024,

the

capital

loss

carryforwards

were

follows:

August

31,

2024,

the

cost

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

follows:

Differences

between

income

and/or

capital

gains

determined

book

basis

and

tax

basis

are

primarily

due

differing

treatments

wash

sales.

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Capital

loss

carryforwards

not

subject

expiration:

Short

term

.............................

4,941,296

8,542,927

12,705,581

16,496,338

Long

term

.............................

12,341,279

28,121,294

18,636,107

38,692,662

Total

capital

loss

carryforwards

............

$17,282,575

$36,664,221

$31,341,688

$55,189,000

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Capital

loss

carryforwards

not

subject

expiration:

Short

term

.............................

20,331,836

32,392,070

24,409,566

Long

term

.............................

96,397,613

87,930,575

48,840,493

Total

capital

loss

carryforwards

............

$116,729,449

$120,322,645

$73,250,059

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Cost

investments

.......................

$190,969,709

$318,354,672

$268,967,433

$314,708,364

Unrealized

appreciation

.....................

$1,973,747

$3,005,008

$2,024,090

$5,064,112

Unrealized

depreciation

.....................

(7,748,648)

(14,020,781)

(12,739,417)

(12,484,536)

Net

unrealized

appreciation

(depreciation)

.......

$(5,774,901)

$(11,015,773)

$(10,715,327)

$(7,420,424)

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Cost

investments

.......................

$689,105,320

$590,300,317

$424,719,094

Unrealized

appreciation

.....................

$11,124,015

$6,648,670

$4,499,298

Unrealized

depreciation

.....................

(32,900,940)

(22,883,948)

(18,764,785)

Net

unrealized

appreciation

(depreciation)

.......

$(21,776,925)

$(16,235,278)

$(14,265,487)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(Unaudited)

franklintempleton.com

Semiannual

Report

Investment

Transactions

Purchases

and

sales

investments

(excluding

short

term

securities)

for

the

period

ended

August

31,

2024,

were

follows:

Defaulted

Securities

Certain

all

Funds held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

The

Funds

discontinue

accruing

income

securities

for

which

income

has

been

deemed

uncollectible

and

provide

estimate

for

losses

interest

receivable.

The

securities

have

been

identified

the

accompanying

Schedules

Investments.

August

31,

2024,

the

aggregate

value

these

securities

was

follows:

Concentration

Risk

Certain

all

Funds

invest

large

percentage

their

total

assets

obligations

issuers

within

their

respective

state,

U.S.

territories,

and

the

District

Columbia.

Such

concentration

may

subject

the

Funds

risks

associated

with

industrial

regional

matters,

and

economic,

political

legal

developments

occurring

within

those

states,

U.S.

territories,

and

the

District

Columbia. Investments

these

securities

are

sensitive

interest

rate

changes

and

credit

risk

the

issuer

and

may

subject

the

Funds

increased

market

volatility.

The

market

for

these

investments

may

limited,

which

may

make

them

difficult

buy

sell.

Credit

Facility

The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

Franklin

Templeton,

are

borrowers

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

January

31,

2025.

This

Global

Credit

Facility

provides

source

funds

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

meet

future

unanticipated

unusually

large

redemption

requests.

Franklin

Alabama

Tax-

Free

Income

Fund

Franklin

Georgia

Tax-

Free

Income

Fund

Franklin

Louisiana

Tax-

Free

Income

Fund

Franklin

Maryland

Tax-

Free

Income

Fund

Purchases

..............................

$12,917,360

$23,101,034

$18,237,169

$11,273,324

Sales

..................................

$17,808,965

$31,294,438

$25,665,434

$10,869,220

Franklin

Missouri

Tax-

Free

Income

Fund

Franklin

North

Carolina

Tax-

Free

Income

Fund

Franklin

Virginia

Tax-

Free

Income

Fund

Purchases

..............................

$22,539,544

$34,557,043

$29,513,272

Sales

..................................

$43,139,257

$45,787,365

$34,380,725

Value

Percentage

Net

Assets

Franklin

Georgia

Tax-Free

Income

Fund

..........................................

959,075

0.3%

Franklin

Louisiana

Tax-Free

Income

Fund

.........................................

361,237

0.1%

Franklin

Maryland

Tax-Free

Income

Fund

.........................................

834,438

0.3%

Franklin

Missouri

Tax-Free

Income

Fund

..........................................

1,981,525

0.3%

Franklin

North

Carolina

Tax-Free

Income

Fund

.....................................

1,740,700

0.3%

Franklin

Virginia

Tax-Free

Income

Fund

...........................................

1,242,150

0.3%

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(Unaudited)

franklintempleton.com

Semiannual

Report

Under

the

terms

the

Global

Credit

Facility,

the

Funds

shall,

addition

interest

charged

any

borrowings

made

the

Funds

and

other

costs

incurred

the

Funds,

pay

their

fees

and

expenses

incurred

connection

with

the

implementation

and

maintenance

the

Global

Credit

Facility,

based

upon

their

relative

the

aggregate

net

assets

all

the

Borrowers,

including

annual

commitment

fee

0.15%

based

upon

the

unused

portion

the

Global

Credit

Facility.

These

fees

are

reflected

other

expenses

the

Statements

Operations.

During

the

period ended

August

31,

2024,

the

Funds

did

not

use

the

Global

Credit

Facility.

10.

Fair

Value

Measurements

The Funds

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

determining

the

value

the Funds' financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

Level

–

quoted

prices

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

determining

the

fair

value

financial

instruments)

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

summary

inputs

used

August

31,

2024,

valuing

the

Funds'

assets carried

fair

value,

follows:

Level

Total

Franklin

Alabama

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Corporate

Bonds

........................

—

513,985

Municipal

Bonds

.........................

—

184,680,823

—

184,680,823

Total

Investments

Securities

...........

$—

$184,680,823

$513,985

$185,194,808

Franklin

Georgia

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Corporate

Bonds

........................

—

925,172

Municipal

Bonds

.........................

—

306,321,474

—

306,321,474

Escrows

and

Litigation

Trusts

...............

—

92,253

Total

Investments

Securities

...........

$—

$306,321,474

$1,017,425

$307,338,899

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$60,898

Total

Other

Financial

Instruments

.........

$—

$60,898

Franklin

Louisiana

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Municipal

Bonds

.........................

—

254,017,359

—

254,017,359

Escrows

and

Litigation

Trusts

...............

—

34,747

Short

Term

Investments

...................

—

4,200,000

—

4,200,000

Total

Investments

Securities

...........

$—

$258,217,359

$34,747

$258,252,106

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$22,938

Total

Other

Financial

Instruments

.........

$—

$22,938

Credit

Facility

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(Unaudited)

100

franklintempleton.com

Semiannual

Report

reconciliation

which

Level

inputs

are

used

determining

fair

value

presented

when

there

are

significant

Level

assets

and/or

liabilities

the

beginning

and/or

end

the

period

Level

Total

Franklin

Maryland

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Municipal

Bonds

.........................

—

302,007,676

—

302,007,676

Escrows

and

Litigation

Trusts

...............

—

80,264

Short

Term

Investments

...................

—

5,200,000

—

5,200,000

Total

Investments

Securities

...........

$—

$307,207,676

$80,264

$307,287,940

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$53,049

Total

Other

Financial

Instruments

.........

$—

$53,049

Franklin

Missouri

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Municipal

Bonds

.........................

—

660,472,793

—

660,472,793

Escrows

and

Litigation

Trusts

...............

—

190,602

Short

Term

Investments

...................

—

6,665,000

—

6,665,000

Total

Investments

Securities

...........

$—

$667,137,793

$190,602

$667,328,395

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$125,974

Total

Other

Financial

Instruments

.........

$—

$125,974

Franklin

North

Carolina

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Corporate

Bonds

........................

—

1,644,751

Municipal

Bonds

.........................

—

564,952,851

—

564,952,851

Escrows

and

Litigation

Trusts

...............

—

167,437

Short

Term

Investments

...................

—

7,300,000

—

7,300,000

Total

Investments

Securities

...........

$—

$572,252,851

$1,812,188

$574,065,039

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$110,529

Total

Other

Financial

Instruments

.........

$—

$110,529

Franklin

Virginia

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Municipal

Bonds

.........................

—

406,634,125

—

406,634,125

Escrows

and

Litigation

Trusts

...............

—

119,482

Short

Term

Investments

...................

—

3,700,000

—

3,700,000

Total

Investments

Securities

...........

$—

$410,334,125

$119,482

$410,453,607

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$78,906

Total

Other

Financial

Instruments

.........

$—

$78,906

For

detailed

categories,

see

the

accompanying

Schedule

Investments.

10.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

102

franklintempleton.com

Semiannual

Report

FRANKLIN

TAX-FREE

TRUST

Franklin

Alabama

Tax-Free

Income

Fund

Franklin

Georgia

Tax-Free

Income

Fund

Franklin

Louisiana

Tax-Free

Income

Fund

Franklin

Maryland

Tax-Free

Income

Fund

Franklin

Missouri

Tax-Free

Income

Fund

Franklin

North

Carolina

Tax-Free

Income

Fund

Franklin

Virginia

Tax-Free

Income

Fund

(each

Fund)

in-person

meeting

held

April

16,

2024

(Meeting),

the

Board

Trustees

(Board)

Franklin

Tax-Free

Trust

(Trust),

including

majority

the

trustees

who

are

not

“interested

persons”

defined

the

Investment

Company

Act

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

behalf

each

Fund

(each

Management

Agreement)

for

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

considering

whether

approve

the

continuation

each

Management

Agreement.

Although

the

Management

Agreements

for

the

Funds

were

considered

the

same

Board

meeting,

the

Board

considered

the

information

provided

about

the

Funds

together

and

with

respect

each

Fund

separately

the

Board

deemed

appropriate.

considering

the

continuation

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

the

Manager

the

Meeting

and

throughout

the

year

meetings

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

response

detailed

set

requests

for

information

submitted

the

Manager

Independent

Trustee

counsel

behalf

the

Independent

Trustees

connection

with

the

annual

contract

renewal

process.

addition,

prior

the

Meeting,

the

Independent

Trustees

held

virtual

contract

renewal

meeting

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

request

additional

information

that

the

Independent

Trustees

reviewed

and

considered

prior

and

the

Meeting.

The

Board

reviewed

and

considered

all

the

factors

deemed

relevant

approving

the

continuance

Changes

and

Disagreements

with

Accountants

For

the

period

covered

this

report

Not

applicable.

Results

Meeting(s)

Shareholders

For

the

period

covered

this

report

Not

applicable.

Remuneration

Paid

Directors,

Officers

and

Others

For

the

period

covered

this

report

Refer

the

financial

statements

included

herein.

Board

Approval

Management

and

Subadvisory

Agreements

For

the

period

covered

this

report

Franklin

Tax-Free

Trust

103

franklintempleton.com

Semiannual

Report

each

Management

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

the

services

provided

the

Manager;

(ii)

the

investment

performance

each

Fund;

(iii)

the

costs

the

services

provided

and

profits

realized

the

Manager

and

its

affiliates

from

the

relationship

with

each

Fund;

(iv)

the

extent

which

economies

scale

are

realized

each

Fund

grows;

and

(v)

whether

fee

levels

reflect

these

economies

scale

for

the

benefit

Fund

investors.

approving

the

continuance

each

Management

Agreement,

the

Board,

including

majority

the

Independent

Trustees,

determined,

through

the

exercise

its

business

judgment,

that

the

terms

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

the

Management

Agreement

the

best

interests

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

the

Board’s

determination.

Nature,

Extent

and

Quality

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

investment

management

services

provided

the

Manager

and

its

affiliates

the

Funds

and

their

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

the

senior

management

and

investment

personnel

the

Manager,

well

information

succession

planning

where

appropriate;

the

structure

investment

personnel

compensation;

oversight

third-

party

service

providers;

investment

performance

reports

and

financial

information

for

each

Fund;

reports

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

the

Manager

and

its

affiliates;

and

management

fees

charged

the

Manager

and

its

affiliates

funds

and

other

accounts,

including

management’s

explanation

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

annual

report

payments

made

Franklin

Templeton

(FT)

the

Funds

financial

intermediaries,

well

memorandum

relating

third-party

servicing

arrangements.

The

Board

acknowledged

the

on-going

integration

the

Putnam

family

funds

into

the

family

funds

and

management’s

continued

development

strategies

address

areas

heightened

concern

the

mutual

fund

industry,

including

various

regulatory

initiatives

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

Fund

shareholders

investing

fund

that

part

the

family

funds.

The

Board

noted

the

financial

position

Franklin

Resources,

Inc.

(FRI),

the

Manager’s

parent,

and

its

commitment

the

mutual

fund

business

evidenced

its

continued

reassessment

the

fund

offerings

response

acquisitions

and

the

market

environment,

well

project

initiatives

and

capital

investments

relating

the

services

provided

the

Funds

the

organization.

The

Board

specifically

noted

FT’s

commitment

technological

innovation

and

advancement,

including

its

initiative

create

new

enterprise-wide

artificial

intelligence

platform.

Following

consideration

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

services

provided

the

Manager

and

its

affiliates

the

Funds

and

their

shareholders.

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

each

Fund

over

various

time

periods

ended

December

31,

2023.

The

Board

considered

the

performance

returns

for

each

Fund

comparison

the

performance

returns

mutual

funds

deemed

comparable

the

Fund

included

universe

(Performance

Universe)

selected

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

independent

provider

investment

company

data.

The

Board

received

description

the

methodology

used

Broadridge

select

the

mutual

funds

included

Performance

Universe.

The

Board

also

considered

the

performance

returns

for

certain

Funds

comparison

the

performance

returns

customized

peer

group

for

each

applicable

Fund

(Performance

Customized

Peer

Group)

selected

the

Manager.

The

Board

further

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

Board

meetings

throughout

the

year.

summary

each

Fund’s

performance

results

below.

Franklin

Alabama

Tax-Free

Income

Fund

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

“other

states”

municipal

debt

funds.

The

Performance

Customized

Peer

Group

for

the

Fund

consisted

only

Alabama

tax-free

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

three-,

five-

and

10-year

periods

was

above

the

medians

its

Performance

Universe

and

Performance

Customized

Peer

Group,

but

for

the

one-year

period

was

below

the

median

its

Performance

Universe,

and

equal

the

median

its

Performance

Customized

Peer

Group.

Franklin

Tax-Free

Trust

104

franklintempleton.com

Semiannual

Report

The

Board

further

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-

and

five-year

periods

was

equal

the

median

its

Performance

Customized

Peer

Group,

but

for

the

10-year

period

was

below

the

median

its

Performance

Customized

Peer

Group.

The

Board

further

noted

the

small

size

the

Fund’s

Performance

Customized

Peer

Group

for

each

period

and

that

therefore

quintile

information

was

provided

for

the

Fund

for

those

periods.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

the

Fund

(e.g.,

fund’s

investment

objective)

set

forth

the

Fund’s

registration

statement

and

that

the

evaluation

the

Fund’s

performance

relative

the

Fund’s

peers

income

return

basis

was

appropriate

given

its

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Georgia

Tax-Free

Income

Fund

and

Franklin

Missouri

Tax-Free

Income

Fund

The

Performance

Universe

for

each

the

Franklin

Georgia

Tax-Free

Income

Fund

and

Franklin

Missouri

Tax-Free

Income

Fund

included

the

Fund

and

all

retail

and

institutional

“other

states”

municipal

debt

funds.

The

Performance

Customized

Peer

Group

for

the

Franklin

Georgia

Tax-Free

Income

Fund

consisted

only

Georgia

tax-free

funds.

The

Performance

Customized

Peer

Group

for

the

Franklin

Missouri

Tax-Free

Income

Fund

consists

only

Missouri

tax-free

funds.

The

Board

noted

that

the

Funds’

annualized

income

returns

for

the

one-,

three-,

five-

and

10-year

periods

were

above

the

medians

their

respective

Performance

Universes

and

Performance

Customized

Peer

Groups.

The

Board

also

noted

that

the

Funds’

annualized

total

returns

for

the

one-year

period

were

above

the

medians

their

respective

Performance

Universes

and

Performance

Customized

Peer

Groups,

but

for

the

three-,

five-

and

10-year

periods

were

below

the

medians

their

respective

Performance

Universes

and

Performance

Customized

Peer

Groups.

The

Board

further

noted

the

small

size

each

Fund’s

Performance

Customized

Peer

Group

for

each

period

and

that

therefore

quintile

information

was

provided

for

the

Fund

for

those

periods.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

each

Fund

(e.g.,

fund

investment

objective)

set

forth

each

Fund’s

registration

statement

and

that

the

evaluation

each

Fund’s

performance

relative

the

Fund’s

peers

income

return

basis

was

appropriate

given

its

attributes.

The

Board

concluded

that

the

Funds’

performance

was

satisfactory.

Franklin

Louisiana

Tax-Free

Income

Fund

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

“other

states”

municipal

debt

funds.

The

Performance

Customized

Peer

Group

for

the

Fund

consisted

only

Louisiana

tax-free

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

and

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

were

above

the

medians

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

income

return

for

the

one-

and

three-year

periods

was

equal

the

median

its

Performance

Customized

Peer

Group,

but

for

the

five-

and

10-year

periods

was

below

its

Performance

Customized

Peer

Group.

The

Board

further

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

below

the

median

its

Performance

Customized

Peer

Group.

The

Board

also

noted

the

small

size

the

Fund’s

Performance

Customized

Peer

Group

for

each

period

and

that

therefore

quintile

information

was

provided

for

the

Fund

for

those

periods.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

the

Fund

(e.g.,

fund’s

investment

objective)

set

forth

the

Fund’s

registration

statement

and

that

the

evaluation

the

Fund’s

performance

relative

the

Fund’s

peers

income

return

basis

was

appropriate

given

its

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Maryland

Tax-Free

Income

Fund

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

Maryland

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

below

the

median

its

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

the

Fund

(e.g.,

fund’s

investment

objective)

set

forth

the

Fund’s

registration

statement

and

that

the

evaluation

the

Fund’s

performance

relative

the

Fund’s

peers

income

return

basis

was

appropriate

given

its

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

North

Carolina

Tax-Free

Income

Fund

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

“other

states”

municipal

debt

funds.

The

Performance

Customized

Peer

Group

for

the

Fund

consisted

only

North

Carolina

tax-free

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

three-,

five-

and

10-year

periods

was

above

the

medians

its

Performance

Universe

and

Performance

Customized

Peer

Group

and

for

the

one-year

period

Franklin

Tax-Free

Trust

105

franklintempleton.com

Semiannual

Report

was

above

the

median

its

Performance

Customized

Peer

Group,

but

also

for

the

one-year

period

was

two

basis

points

below

the

median

its

Performance

Universe.

The

Board

further

noted

that

the

Fund’s

annualized

total

return

for

the

one-year

period

was

above

the

medians

its

Performance

Universe

and

Performance

Customized

Peer

Group,

but

for

the

three-,

five-

and

10-year

periods

was

below

the

medians

its

Performance

Universe

and

Performance

Customized

Peer

Group.

The

Board

also

noted

management’s

view

regarding

the

income-related

attributes

the

Fund

(e.g.,

fund’s

investment

objective)

set

forth

the

Fund’s

registration

statement

and

that

the

evaluation

the

Fund’s

performance

relative

the

Fund’s

peers

income

return

basis

was

appropriate

given

its

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Virginia

Tax-Free

Income

Fund

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

Virginia

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

10-year

period

was

above

the

median

its

Performance

Universe,

but

for

the

one-,

three-

and

five-year

periods

was

below

the

median

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-year

period

was

above

the

median

its

Performance

Universe,

but

for

the

three-,

five-

and

10-year

periods

was

below

the

median

its

Performance

Universe.

The

Board

discussed

the

Fund’s

underperformance

with

management

and

management

explained

that,

income

return

basis,

the

Fund

maintained

larger

position

higher

quality

securities

comparison

its

Performance

Universe

peers

which

caused

lower

relative

level

income

and

detracted

from

the

Fund’s

performance.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

the

Fund

(e.g.,

fund’s

investment

objective)

set

forth

the

Fund’s

registration

statement

and

that

the

evaluation

the

Fund’s

performance

relative

the

Fund’s

peers

income

return

basis

was

appropriate

given

these

attributes.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

effort

improve

the

overall

performance

the

Fund,

including

adjustments

the

Fund’s

credit

risk

exposure

and

duration

relative

peers.

The

Board

also

noted

that

the

Fund’s

annualized

income

return

was

positive

for

all

periods.

The

Board

concluded

that

the

Fund’s

Management

Agreement

should

continued

for

additional

one-year

period,

while

management’s

efforts

continue

closely

monitored.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

each

Fund’s

actual

total

expense

ratio

and

its

various

components,

including,

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

receives

all

marketing

support

payments

made

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

fee

waivers,

any

(Management

Rate)

each

Fund

comparison

the

median

expense

ratio

and

median

Management

Rate,

respectively,

other

mutual

funds

deemed

comparable

and

with

similar

expense

structure

the

Fund

selected

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

based

upon

information

taken

from

each

fund’s

most

recent

annual

semi-annual

report,

which

reflects

historical

asset

levels

that

may

quite

different

from

those

currently

existing,

particularly

period

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

assets

decline

and

decrease

assets

grow,

the

Board

believed

the

independent

analysis

conducted

Broadridge

appropriate

measure

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

for

each

Fund

and

for

Class

for

each

other

fund

the

applicable

Expense

Group.

The

Board

received

description

the

methodology

used

Broadridge

select

the

mutual

funds

included

Expense

Group.

Franklin

Alabama

Tax-Free

Income

Fund,

Franklin

Georgia

Tax-Free

Income

Fund,

Franklin

Louisiana

Tax-Free

Income

Fund,

Franklin

Maryland

Tax-Free

Income

Fund

and

Franklin

Virginia

Tax-Free

Income

Fund

The

Expense

Group

for

the

Franklin

Alabama

Tax-Free

Income

Fund

included

the

Fund

and

nine

other

“other

states”

municipal

debt

funds.

The

Expense

Group

for

each

the

Franklin

Georgia

Tax-Free

Income

Fund

and

the

Franklin

Louisiana

Tax-Free

Income

Fund

included

the

Fund

and

nine

other

“other

states”

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Maryland

Tax-Free

Income

Fund

included

the

Fund,

two

“other

states”

municipal

debt

funds,

one

Minnesota

municipal

debt

fund,

four

New

Jersey

municipal

debt

funds,

five

New

York

municipal

debt

funds,

one

Virginia

municipal

debt

fund,

three

California

municipal

debt

funds,

one

Pennsylvania

municipal

debt

fund

and

one

Massachusetts

municipal

debt

fund.

The

Expense

Group

for

the

Franklin

Virginia

Franklin

Tax-Free

Trust

106

franklintempleton.com

Semiannual

Report

Tax-Free

Income

Fund

included

the

Fund,

one

other

Virginia

municipal

debt

fund,

two

“other

states”

municipal

debt

funds,

three

Minnesota

municipal

debt

funds,

three

New

York

municipal

debt

funds,

seven

California

municipal

debt

funds

and

one

Pennsylvania

municipal

debt

fund.

The

Board

noted

that

the

Management

Rates

for

the

Funds

were

approximately

four

basis

points

(or

less)

above

the

medians

their

respective

Expense

Groups.

The

Board

also

noted

that

the

actual

total

expense

ratios

for

the

Funds

were

below

the

medians

their

respective

Expense

Groups.

The

Board

also

noted

that

each

Fund’s

actual

total

expense

ratio

reflected

expense

cap

operating

expenses.

The

Board

concluded

that

the

Management

Rates

charged

the

Funds

are

reasonable.

Franklin

Missouri

Tax-Free

Income

Fund

The

Expense

Group

for

the

Fund

included

the

Fund

and

nine

other

“other

states”

municipal

debt

funds.

The

Board

noted

that

the

Management

Rate

for

the

Fund

was

equal

the

median

its

Expense

Group,

and

its

actual

total

expense

ratio

was

below

the

median

and

the

first

quintile

(least

expensive)

its

Expense

Group.

The

Board

also

noted

that

the

Fund’s

actual

total

expense

ratio

reflected

expense

cap

operating

expenses.

The

Board

concluded

that

the

Management

Rate

charged

the

Fund

reasonable.

Franklin

North

Carolina

Tax-Free

Income

Fund

The

Expense

Group

for

the

Fund

included

the

Fund

and

nine

other

“other

states”

municipal

debt

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

below

the

medians

its

Expense

Group.

The

Board

also

noted

that

the

Fund’s

actual

total

expense

ratio

reflected

expense

cap

operating

expenses.

The

Board

concluded

that

the

Management

Rate

charged

the

Fund

reasonable.

Profitability

The

Board

reviewed

and

considered

information

regarding

the

profits

realized

the

Manager

and

its

affiliates

connection

with

the

operation

each

Fund.

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

the

Manager

that

addresses

the

overall

profitability

FT’s

fund

business,

well

its

profits

providing

investment

management

and

other

services

each

the

individual

funds

during

the

12-month

period

ended

September

30,

2023,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

its

methodologies

used

calculating

profitability

response

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

the

Funds’

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

independent

registered

public

accounting

firm

has

been

engaged

the

Manager

periodically

review

and

assess

the

allocation

methodologies

used

solely

the

Funds’

Board

with

respect

the

profitability

analysis.

The

Board

noted

management’s

belief

that

costs

incurred

establishing

the

infrastructure

necessary

for

the

type

mutual

fund

operations

conducted

the

Manager

and

its

affiliates

may

not

fully

reflected

the

expenses

allocated

each

Fund

determining

its

profitability,

well

the

fact

that

the

level

profits,

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

management.

part

this

evaluation,

the

Board

considered

management’s

outsourcing

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

the

Manager

but,

over

the

long

run

expected

result

greater

efficiencies.

The

Board

also

noted

management’s

expenditures

improving

shareholder

services

provided

the

Funds,

well

the

need

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

fund

growth,

well

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

all

these

factors,

the

Board

concluded

that

the

level

profits

realized

the

Manager

and

its

affiliates

from

providing

services

each

Fund

was

not

excessive

view

the

nature,

extent

and

quality

services

provided

each

Fund.

Franklin

Tax-Free

Trust

107

franklintempleton.com

Semiannual

Report

Economies

Scale

The

Board

reviewed

and

considered

the

extent

which

the

Manager

may

realize

economies

scale,

any,

each

Fund

grows

larger

and

whether

each

Fund’s

management

fee

structure

reflects

any

economies

scale

for

the

benefit

shareholders.

With

respect

possible

economies

scale,

the

Board

noted

the

existence

management

fee

breakpoints,

which

operate

generally

any

economies

scale

with

Fund’s

shareholders

reducing

the

Fund’s

effective

management

fees

the

Fund

grows

size.

The

Board

considered

the

Manager’s

view

that

any

analyses

potential

economies

scale

managing

particular

fund

are

inherently

limited

light

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

family

funds

whole.

The

Board

noted

that

each

Fund,

except

the

Franklin

Alabama

Tax-Free

Income

Fund,

had

experienced

significant

decrease

assets

and

would

not

expected

demonstrate

additional

economies

scale

the

near

term.

The

Board

recognized

that

the

Franklin

Alabama

Tax-Free

Income

Fund

does

not

currently

have

asset

size

that

would

likely

enable

the

Fund

achieve

economies

scale.

The

Board

concluded

that

the

extent

economies

scale

may

realized

the

Manager

and

its

affiliates,

each

Fund’s

management

fee

structure

provided

sharing

benefits

with

the

Fund

and

its

shareholders

the

Fund

grows.

Conclusion

Based

its

review,

consideration

and

evaluation

all

factors

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

each

Management

Agreement

for

additional

one-year

period.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Arizona

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$9.81

$9.60

$10.64

$10.92

$11.24

$10.58

Income

from

investment

operations

Net

investment

income

.............

0.15

0.30

0.27

0.25

0.27

0.29

Net

realized

and

unrealized

gains

(losses)

0.08

0.21

(1.04)

(0.28)

(0.32)

0.67

Total

from

investment

operations

........

0.23

0.51

(0.77)

(0.03)

(0.05)

0.96

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.30)

(0.27)

(0.25)

(0.27)

(0.30)

Net

asset

value,

end

period

..........

$9.89

$9.81

$9.60

$10.64

$10.92

$11.24

Total

return

.......................

2.41%

5.39%

(7.24)%

(0.37)%

(0.43)%

9.24%

Ratios

average

net

assets

Expenses

.........................

0.82%

0.83%

0.81%

Net

investment

income

...............

3.11%

3.15%

2.79%

2.23%

2.46%

2.72%

Supplemental

data

Net

assets

end

period

(000’s)

........

$228,304

$220,872

$212,662

$210,355

$173,930

$132,026

Portfolio

turnover

rate

................

5.85%

7.72%

27.77%

17.24%

13.66%

11.37%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$9.80

$9.59

$10.62

$10.90

$11.22

$10.56

Income

from

investment

operations

Net

investment

income

.............

0.16

0.32

0.29

0.26

0.29

0.31

Net

realized

and

unrealized

gains

(losses)

0.07

0.20

(1.04)

(0.28)

(0.32)

0.67

Total

from

investment

operations

........

0.23

0.52

(0.75)

(0.02)

(0.03)

0.98

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.31)

(0.28)

(0.26)

(0.29)

(0.32)

Net

asset

value,

end

period

..........

$9.87

$9.80

$9.59

$10.62

$10.90

$11.22

Total

return

.......................

2.39%

5.55%

(7.02)%

(0.22)%

(0.28)%

9.42%

Ratios

average

net

assets

Expenses

.........................

0.67%

0.68%

0.66%

Net

investment

income

...............

3.26%

3.30%

2.94%

2.39%

2.64%

2.87%

Supplemental

data

Net

assets

end

period

(000’s)

........

$334,036

$349,407

$396,929

$526,131

$582,701

$672,061

Portfolio

turnover

rate

................

5.85%

7.72%

27.77%

17.24%

13.66%

11.37%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$9.97

$9.75

$10.81

$11.09

$11.42

$10.75

Income

from

investment

operations

Net

investment

income

.............

0.13

0.26

0.23

0.20

0.23

0.26

Net

realized

and

unrealized

gains

(losses)

0.07

0.22

(1.06)

(0.28)

(0.33)

0.67

Total

from

investment

operations

........

0.20

0.48

(0.83)

(0.08)

(0.10)

0.93

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.26)

(0.23)

(0.20)

(0.23)

(0.26)

Net

asset

value,

end

period

..........

$10.04

$9.97

$9.75

$10.81

$11.09

$11.42

Total

return

.......................

2.06%

4.98%

(7.69)%

(0.76)%

(0.81)%

8.70%

Ratios

average

net

assets

Expenses

.........................

1.21%

1.22%

1.20%

1.21%

Net

investment

income

...............

2.66%

2.68%

2.33%

1.80%

2.05%

2.32%

Supplemental

data

Net

assets

end

period

(000’s)

........

$20,534

$24,653

$32,466

$48,833

$67,713

$80,562

Portfolio

turnover

rate

................

5.85%

7.72%

27.77%

17.24%

13.66%

11.37%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$9.83

$9.62

$10.66

$10.94

$11.26

$10.60

Income

from

investment

operations

Net

investment

income

.............

0.17

0.33

0.30

0.28

0.30

0.33

Net

realized

and

unrealized

gains

(losses)

0.07

0.20

(1.04)

(0.28)

(0.32)

0.67

Total

from

investment

operations

........

0.24

0.53

(0.74)

—

(0.02)

1.00

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.32)

(0.30)

(0.28)

(0.30)

(0.34)

Net

asset

value,

end

period

..........

$9.90

$9.83

$9.62

$10.66

$10.94

$11.26

Total

return

.......................

2.44%

5.67%

(6.96)%

(0.08)%

(0.15)%

9.53%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.54%

0.55%

0.53%

0.54%

Expenses

net

waiver

and

payments

affiliates

..........................

0.54%

0.52%

0.53%

Net

investment

income

...............

3.38%

3.43%

3.06%

2.51%

2.75%

3.00%

Supplemental

data

Net

assets

end

period

(000’s)

........

$25,528

$25,018

$19,946

$28,123

$21,450

$16,971

Portfolio

turnover

rate

................

5.85%

7.72%

27.77%

17.24%

13.66%

11.37%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$9.83

$9.62

$10.65

$10.94

$11.26

$10.60

Income

from

investment

operations

Net

investment

income

.............

0.17

0.33

0.30

0.27

0.30

0.32

Net

realized

and

unrealized

gains

(losses)

0.07

0.20

(1.04)

(0.29)

(0.32)

0.67

Total

from

investment

operations

........

0.24

0.53

(0.74)

(0.02)

0.99

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.32)

(0.29)

(0.27)

(0.30)

(0.33)

Net

asset

value,

end

period

..........

$9.90

$9.83

$9.62

$10.65

$10.94

$11.26

Total

return

.......................

2.43%

5.64%

(6.91)%

(0.21)%

(0.18)%

9.50%

Ratios

average

net

assets

Expenses

.........................

0.57%

0.56%

0.57%

0.56%

Net

investment

income

...............

3.35%

3.40%

3.02%

2.48%

2.71%

2.97%

Supplemental

data

Net

assets

end

period

(000’s)

........

$108,373

$103,552

$114,323

$178,256

$174,264

$124,881

Portfolio

turnover

rate

................

5.85%

7.72%

27.77%

17.24%

13.66%

11.37%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

Arizona

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

96.4%

Arizona

89.7%

Arizona

Board

Regents

Revenue

2015

Refunding

7/01/41

...............................

14,070,000

14,243,368

Revenue

2016

7/01/46

........................................

10,000,000

10,230,864

Revenue

2017

Refunding

7/01/43

...............................

4,005,000

4,137,071

Arizona

State

University

Revenue

2023

7/01/53

.....................

5,000,000

4,830,533

Arizona

State

University

Revenue

2024

Refunding

8/01/46

.............

2,115,000

2,344,977

Arizona

State

University

Revenue

2024

Refunding

8/01/54

.............

7,000,000

7,607,881

Arizona

Health

Facilities

Authority

HonorHealth

Obligated

Group

Revenue

2014

Refunding

12/01/42

............................................

3,000,000

3,013,500

Arizona

Industrial

Development

Authority

Academies

Math

Science

Obligated

Group

Revenue

2017

Refunding

7/01/42

........................................................

2,045,000

2,071,096

Academies

Math

Science

Obligated

Group

Revenue

2017

Refunding

7/01/51

........................................................

1,080,000

1,084,353

Arizona

Agribusiness

and

Equine

Center,

Inc.

Revenue

2017

3/01/48

....

1,555,000

1,586,369

Ball

Charter

Schools

Obligated

Group

Revenue

2022

Refunding

2.65

7/01/26

380,000

372,074

Ball

Charter

Schools

Obligated

Group

Revenue

2022

Refunding

7/01/31

...

550,000

554,130

Ball

Charter

Schools

Obligated

Group

Revenue

2022

Refunding

7/01/41

...

2,000,000

1,864,483

Ball

Charter

Schools

Obligated

Group

Revenue

2022

Refunding

7/01/51

...

2,340,000

2,013,853

BASIS

Schools,

Inc.

Obligated

Group

Revenue

2017

Refunding

7/01/47

3,350,000

3,406,438

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2019

11/01/33

.......................................................

1,000,000

1,069,389

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2019

11/01/36

.......................................................

1,235,000

1,308,859

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2019

11/01/39

.......................................................

1,000,000

1,050,240

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2020

11/01/45

.......................................................

2,200,000

2,159,642

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2020

11/01/50

.......................................................

7,055,000

6,752,659

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2021

11/01/51

.......................................................

1,400,000

1,332,329

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2022

11/01/42

.......................................................

1,650,000

1,651,995

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2022

11/01/47

.......................................................

7,900,000

8,406,559

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2022

4.25

11/01/52

.......................................................

3,500,000

3,457,935

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Revenue

2023

5.25

11/01/53

.......................................................

3,250,000

3,480,381

Great

Lakes

Senior

Living

Communities

LLC

Revenue

2019

1/01/38

.....

1,175,000

838,890

Great

Lakes

Senior

Living

Communities

LLC

Revenue

2019

1/01/54

.....

1,250,000

772,524

Great

Lakes

Senior

Living

Communities

LLC

Revenue,

Second

Tier

2019

1/01/36

........................................................

1,105,000

606,946

Great

Lakes

Senior

Living

Communities

LLC

Revenue,

Second

Tier

2019

1/01/49

........................................................

3,500,000

1,603,220

Great

Lakes

Senior

Living

Communities

LLC

Revenue,

Second

Tier

2019

5.125

1/01/54

.................................................

2,000,000

893,634

GreatHearts

Arizona

Obligated

Group

Revenue

2021

7/01/31

..........

255,000

253,244

GreatHearts

Arizona

Obligated

Group

Revenue

2021

7/01/41

..........

405,000

369,107

GreatHearts

Arizona

Obligated

Group

Revenue

2021

7/01/52

..........

840,000

705,155

KIPP

Nashville

Obligated

Group

Revenue

2022

7/01/47

..............

1,400,000

1,434,871

KIPP

Nashville

Obligated

Group

Revenue

2022

7/01/62

..............

2,400,000

2,433,361

KIPP

NYC

Public

Charter

Schools

Revenue

2021

7/01/32

.............

660,000

715,571

KIPP

NYC

Public

Charter

Schools

Revenue

2021

7/01/34

.............

660,000

666,694

KIPP

NYC

Public

Charter

Schools

Revenue

2021

7/01/36

.............

315,000

315,846

KIPP

NYC

Public

Charter

Schools

Revenue

2021

7/01/41

.............

2,800,000

2,712,536

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Arizona

(continued)

Arizona

Industrial

Development

Authority,

(continued)

KIPP

NYC

Public

Charter

Schools

Revenue

2021

7/01/51

.............

8,000,000

7,376,346

KIPP

NYC

Public

Charter

Schools

Revenue

2021

7/01/61

.............

15,580,000

13,919,987

KIPP

NYC

Public

Charter

Schools

Revenue

2021

3.25

7/01/31

..........

1,550,000

1,402,468

Leman

Academy

Excellence

Obligated

Group

Revenue

2022

Refunding

4.5

7/01/54

........................................................

3,000,000

2,719,893

Phoenix

Children's

Hospital

Obligated

Group

Revenue

2020

2/01/50

.....

2,540,000

2,433,067

Phoenix

Children's

Hospital

Obligated

Group

Revenue

2021

Refunding

2/01/41

........................................................

885,000

760,257

Provident

Group-NCCU

Properties

LLC

Revenue

2019

BAM

Insured

6/01/58

........................................................

6,250,000

6,380,924

Arizona

State

University

Revenue

2019

7/01/40

......................

1,000,000

1,069,727

City

Bullhead

Excise

Tax

Revenue

2022

7/01/52

................................

2,885,000

2,772,135

Excise

Taxes

Revenue

2022

7/01/47

..............................

2,065,000

2,036,456

City

Glendale

Water

Sewer

Revenue,

Senior

Lien

2024

7/01/41

...................

1,000,000

1,132,535

Water

Sewer

Revenue,

Senior

Lien

2024

7/01/43

...................

1,000,000

1,122,287

City

Goodyear

Water

Sewer

Revenue,

Sub.

Lien,

Second

Series

2020

AGMC

Insured

7/01/45

...............................................

3,500,000

3,472,181

City

Lake

Havasu

City

Wastewater

System

Revenue

2015

Refunding

AGMC

Insured

7/01/40

...............................................

10,000,000

10,098,710

City

Mesa

Utility

System

Revenue

2018

7/01/38

..............................

1,425,000

1,447,002

Utility

System

Revenue

2018

7/01/39

..............................

6,135,000

6,213,390

Utility

System

Revenue

2018

7/01/42

..............................

2,200,000

2,306,803

Utility

System

Revenue,

Junior

Lien

2022

Refunding

7/01/36

..........

5,000,000

5,937,744

City

Phoenix

Civic

Improvement

Corp.

Airport

Revenue

2017

7/01/42

..................................

2,155,000

2,205,480

Airport

Revenue

2017

7/01/47

..................................

12,935,000

13,159,809

Airport

Revenue,

Junior

Lien

2017

Refunding

7/01/40

...............

16,570,000

16,445,503

Airport

Revenue,

Junior

Lien

2019

7/01/44

........................

4,000,000

3,905,382

Airport

Revenue,

Junior

Lien

2019

7/01/44

........................

8,500,000

9,020,204

Airport

Revenue,

Senior

Lien

2018

7/01/48

..........................

5,000,000

5,119,361

Excise

Tax

Revenue

2022

7/01/46

................................

8,300,000

9,089,819

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

Revenue

2019

7/01/34

..................................................

2,500,000

2,680,537

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

Revenue

2019

7/01/37

..................................................

1,500,000

1,592,265

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

Revenue

2019

7/01/38

..................................................

4,420,000

4,678,288

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

Revenue

2019

7/01/39

..................................................

4,090,000

4,322,010

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

Revenue

2019

7/01/45

..................................................

7,500,000

7,195,528

Wastewater

Revenue,

Junior

Lien

2018

7/01/39

.....................

5,000,000

5,085,367

Water

System

Revenue,

Junior

Lien

2016

Refunding

7/01/38

............

5,000,000

5,157,627

Water

System

Revenue,

Junior

Lien

2020

7/01/44

...................

8,030,000

8,569,508

City

Scottsdale

2023

7/01/39

.................................

1,500,000

1,570,991

County

Yuma

Pledged

Revenue

2022

BAM

Insured

4.25

7/15/42

.........

3,250,000

3,299,153

Gilbert

Water

Resource

Municipal

Property

Corp.

Town

Gilbert

Waterworks

Sewer

System

Revenue,

Senior

Lien

2022

7/15/39

........................................................

10,000,000

10,472,411

Town

Gilbert

Waterworks

Sewer

System

Revenue,

Senior

Lien

2022

7/15/42

........................................................

4,700,000

4,798,698

Town

Gilbert

Waterworks

Sewer

System

Revenue,

Senior

Lien

2022

7/15/47

........................................................

9,030,000

8,971,618

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Arizona

(continued)

Glendale

Industrial

Development

Authority

People

Faith,

Inc.

Obligated

Group

Revenue

2020

5/15/31

...........

400,000

391,008

People

Faith,

Inc.

Obligated

Group

Revenue

2020

5/15/41

...........

1,000,000

1,007,837

People

Faith,

Inc.

Obligated

Group

Revenue

2020

5/15/56

...........

4,500,000

4,306,748

Industrial

Development

Authority

the

City

Phoenix

Arizona

(The)

Downtown

Phoenix

Student

Housing

LLC

Revenue

2019

7/01/44

......

2,000,000

2,044,033

Downtown

Phoenix

Student

Housing

LLC

Revenue

2019

7/01/49

......

3,120,000

3,163,478

Downtown

Phoenix

Student

Housing

LLC

Revenue

2019

7/01/54

......

2,665,000

2,690,629

Downtown

Phoenix

Student

Housing

LLC

Revenue

2019

7/01/59

......

2,000,000

2,014,947

Downtown

Phoenix

Student

Housing

LLC

Revenue

2018

Refunding

7/01/25

1,015,000

1,026,446

Downtown

Phoenix

Student

Housing

LLC

Revenue

2018

Refunding

7/01/27

425,000

442,070

Downtown

Phoenix

Student

Housing

LLC

Revenue

2018

Refunding

7/01/30

700,000

733,403

Downtown

Phoenix

Student

Housing

LLC

Revenue

2018

Refunding

7/01/32

250,000

260,424

Downtown

Phoenix

Student

Housing

LLC

Revenue

2018

Refunding

7/01/33

600,000

623,599

Downtown

Phoenix

Student

Housing

LLC

Revenue

2018

Refunding

7/01/37

2,950,000

3,040,954

Downtown

Phoenix

Student

Housing

LLC

Revenue

2018

Refunding

7/01/42

11,550,000

11,798,385

GreatHearts

Arizona

Obligated

Group

Revenue

2016

Refunding

7/01/36

4,065,000

4,087,195

GreatHearts

Arizona

Obligated

Group

Revenue

2016

Refunding

7/01/41

1,225,000

1,228,150

GreatHearts

Arizona

Obligated

Group

Revenue

2016

Refunding

7/01/46

1,335,000

1,335,761

Vista

College

Preparatory

Obligated

Group

Revenue

2018

7/01/48

......

1,000,000

1,024,936

Industrial

Development

Authority

the

County

Pima

(The)

Posada

Park

Centre,

Inc.

Obligated

Group

Revenue

144A,

2022

B-3

5.125

11/15/29

.......................................................

3,000,000

3,029,520

TMC

HealthCare

Obligated

Group

Revenue

2021

Refunding

4/01/40

....

1,040,000

1,018,499

TMC

HealthCare

Obligated

Group

Revenue

2021

Refunding

4/01/41

....

1,360,000

1,324,599

TMC

HealthCare

Obligated

Group

Revenue

2021

Refunding

4/01/51

....

12,000,000

8,946,892

Industrial

Development

Authority

the

County

Yavapai

(The)

Yavapai

Community

Hospital

Association

Obligated

Group

Revenue

2016

Refunding

8/01/34

............................................

4,250,000

4,357,181

Yavapai

Community

Hospital

Association

Obligated

Group

Revenue

2016

Refunding

8/01/36

............................................

1,310,000

1,341,609

Yavapai

Community

Hospital

Association

Obligated

Group

Revenue

2019

Refunding

8/01/38

............................................

1,510,000

1,507,947

Yavapai

Community

Hospital

Association

Obligated

Group

Revenue

2019

Refunding

8/01/43

............................................

3,000,000

2,875,788

Paz

County

Industrial

Development

Authority

Harmony

Public

Schools

Revenue

2018

2/15/38

....................

1,000,000

1,018,325

Harmony

Public

Schools

Revenue

2018

2/15/48

....................

1,000,000

1,002,954

Harmony

Public

Schools

Revenue

2021

2/15/25

....................

90,000

90,227

Harmony

Public

Schools

Revenue

2021

2/15/26

....................

95,000

96,279

Harmony

Public

Schools

Revenue

2021

2/15/27

....................

75,000

76,968

Harmony

Public

Schools

Revenue

2021

2/15/28

....................

80,000

82,844

Harmony

Public

Schools

Revenue

2021

2/15/29

....................

110,000

114,856

Harmony

Public

Schools

Revenue

2021

2/15/30

....................

100,000

104,979

Harmony

Public

Schools

Revenue

2021

2/15/41

....................

430,000

392,012

Harmony

Public

Schools

Revenue

2021

2/15/46

....................

345,000

302,795

Harmony

Public

Schools

Revenue

2021

2/15/51

....................

580,000

488,413

Maricopa

County

High

School

District

No.

214

Tolleson

Union

High

School

2018

7/01/37

....................................................

1,000,000

1,051,641

Maricopa

County

Industrial

Development

Authority

Banner

Health

Obligated

Group

Revenue

2019

1/01/49

...............

5,000,000

3,985,727

Banner

Health

Obligated

Group

Revenue

1/01/41

...................

9,630,000

9,560,669

Banner

Health

Obligated

Group

Revenue

1/01/41

...................

37,590,000

38,767,571

Creighton

University

Revenue

2020

7/01/47

.........................

2,500,000

2,612,432

Creighton

University

Revenue

2020

7/01/50

.........................

8,450,000

8,039,725

GreatHearts

Arizona

Obligated

Group

Revenue

2017

Refunding

7/01/52

1,000,000

1,010,855

Highland

Prep

Obligated

Group

Revenue

2019

1/01/43

................

2,275,000

2,348,127

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Arizona

(continued)

Maricopa

County

Industrial

Development

Authority,

(continued)

HonorHealth

Obligated

Group

Revenue

2019

Refunding

9/01/36

.......

2,100,000

2,215,080

HonorHealth

Obligated

Group

Revenue

2019

Refunding

9/01/37

.......

3,175,000

3,344,317

HonorHealth

Obligated

Group

Revenue

2019

Refunding

9/01/42

.......

2,750,000

2,857,583

HonorHealth

Obligated

Group

Revenue

2021

9/01/51

................

5,600,000

4,366,100

Reid

Traditional

Schools

Obligated

Group

Revenue

2016

7/01/36

.........

1,120,000

1,134,675

Reid

Traditional

Schools

Obligated

Group

Revenue

2016

7/01/47

.........

3,325,000

3,336,976

Maricopa

County

Pollution

Control

Corp.

Paso

Electric

Co.

Revenue

2009

Refunding

3.6

4/01/40

.............

13,500,000

12,457,278

Paso

Electric

Co.

Revenue

2012

Refunding

4.5

8/01/42

.............

10,000,000

9,999,952

Public

Service

Co.

New

Mexico

Revenue

2010

Refunding

Mandatory

Put

0.875

10/01/26

................................................

4,500,000

4,236,948

Public

Service

Co.

New

Mexico

Revenue

2010

Refunding

Mandatory

Put

0.875

10/01/26

................................................

2,150,000

2,024,320

Southern

California

Edison

Co.

Revenue

2000

Refunding

2.4

6/01/35

.....

10,000,000

8,539,285

Maricopa

County

Unified

School

District

No.

Higley

COP

2023

Refunding

AGMC

Insured

6/01/53

...............................................

3,000,000

3,169,018

McAllister

Academic

Village

LLC

Arizona

State

University

Revenue

2016

Refunding

7/01/37

............

2,095,000

2,148,220

Arizona

State

University

Revenue

2016

Refunding

7/01/39

............

1,000,000

1,021,027

Mohave

County

Union

High

School

District

No.

Colorado

River

2017

7/01/35

.........................................................

1,000,000

1,054,880

Pima

County

Unified

School

District

No.

Sahuarita

2017

BAM

Insured

7/01/33

...................................

2,665,000

2,822,668

2017

BAM

Insured

7/01/34

...................................

2,800,000

2,960,960

Salt

River

Project

Agricultural

Improvement

Power

District

Revenue

2016

Refunding

1/01/38

...............................

9,745,000

10,146,080

Revenue

2017

Refunding

1/01/37

...............................

10,000,000

10,567,730

Revenue

2017

Refunding

1/01/38

...............................

5,435,000

5,739,889

Revenue

2017

Refunding

1/01/39

...............................

2,105,000

2,217,983

Revenue

2019

1/01/47

........................................

2,000,000

2,124,285

Revenue

2023

1/01/50

........................................

10,265,000

11,167,618

Revenue

2023

5.25

1/01/53

.....................................

9,780,000

10,889,668

Salt

Verde

Financial

Corp.

Revenue

2007-1

12/01/32

.......................................

10,000,000

10,905,792

Revenue

2007-1

12/01/37

.......................................

5,000,000

5,545,381

State

Arizona

Distribution

Revenue

2005

NATL

Insured

5.5

7/01/27

.................

3,945,000

4,262,197

Distribution

Revenue

2005

NATL

Insured

5.5

7/01/28

.................

2,000,000

2,211,669

Distribution

Revenue

2005

NATL

Insured

5.5

7/01/29

.................

2,000,000

2,258,551

Distribution

Revenue

2005

NATL

Insured

5.5

7/01/36

.................

5,000,000

6,150,294

Distribution

Revenue

2005

NATL

Insured

5.5

7/01/37

.................

7,000,000

8,683,138

Student

Academic

Services

LLC

Northern

Arizona

Capital

Facilities

Finance

Corp.

Revenue

2024

Refunding

BAM

Insured

6/01/43

......................

1,025,000

1,128,428

Town

Gilbert

Pledged

Revenue,

Sub.

Lien

2015

7/01/45

...............

10,000,000

10,123,218

Town

Marana

Pledged

Excise

Revenue

2024

7/01/44

.................

2,250,000

2,255,802

Town

Queen

Creek

Excise

Tax

Revenue

2018

8/01/42

...............................

2,500,000

2,634,444

Excise

Tax

Revenue

2018

8/01/47

...............................

5,000,000

5,235,442

University

Arizona

(The)

Revenue

2014

8/01/39

.........................................

10,000,000

10,009,050

Revenue

2016

Refunding

6/01/39

.................................

2,750,000

2,833,739

Revenue

2016

Refunding

6/01/42

...............................

2,000,000

2,049,598

Revenue

2018

6/01/43

........................................

4,500,000

4,700,421

642,593,189

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

0.8%

Capital

Trust

Agency,

Inc.

SHI

Lake

Osborne

LLC

Revenue

144A,

2021

A-1

3.68

1/01/57

.........................................................

800,000

579,153

Capital

Trust

Authority

Gulf

Coast

Portfolio

Obligated

Group

Revenue

144A,

2024

Refunding

Zero

Cpn.,

3/01/29

........................................

6,650,000

5,277,153

5,856,306

Georgia

0.4%

Development

Authority

Rockdale

County

AHPC

Terraces

Fieldstone

LLC

Revenue

144A,

2021

A-1

3.5

12/01/36

...............................

3,290,000

2,785,228

Oregon

0.2%

State

Oregon

Housing

Community

Services

Department

Union

Pacific

Highway

Revenue

144A,

2022

II-1

5.5

12/01/39

............................

1,400,000

1,449,575

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

Revenue

144A,

2021

A-1

3.65

12/01/36

..............................

1,900,000

1,663,931

AHPC

Vista

Towers

2021

LLC

Revenue

2021

A-1

3.65

12/01/36

...........

1,900,000

1,663,931

Columbia

Portfolio

Obligated

Group

Revenue

144A,

2022

A-2

Zero

Cpn.,

6/01/52

3,275,000

2,495,137

5,822,999

Texas

0.7%

City

Dallas

DHFC

Briscoe

Apartments

LLC

(The)

Revenue,

Senior

Lien

2022

12/01/62

.....................................................

2,000,000

1,987,893

Pecan

Public

Facility

Corp.

Revenue

144A,

2022

A-2

12/01/52

............

3,300,000

2,710,700

4,698,593

Washington

0.2%

Washington

State

Housing

Finance

Commission

Madison

Rivers

Edge

Apartments

LLC

Revenue

144A,

2021

3.65

1/01/37

............................

1,900,000

1,664,374

Wisconsin

1.0%

Public

Finance

Authority

Revenue

144A,

2022

B-1

12/28/44

................................

1,900,000

1,599,627

AL-FL

Portfolio

Obligated

Group

Revenue

144A,

2021

3.4

12/01/36

.......

3,300,000

2,842,566

FAH

Tree

House

LLC

Revenue

144A,

2023

6.5

8/01/53

................

1,500,000

1,511,913

Pine

Forest

2022

Obligated

Group

Revenue

144A,

2022

6.5

12/01/52

.....

1,500,000

1,552,969

7,507,075

U.S.

Territories

2.6%

Guam

0.8%

Guam

Power

Authority

Revenue

2014

Refunding

AGMC

Insured

10/01/44

..................

5,325,000

5,338,998

Revenue

2024

Refunding

10/01/44

..............................

450,000

485,217

5,824,215

Puerto

Rico

1.8%

HTA

HRRB

Custodial

Trust

Revenue

2007

5.25

7/01/32

................

379,094

377,221

HTA

TRRB

Custodial

Trust

Revenue

2005

5.25

7/01/41

.....................................

1,881,235

1,841,427

Revenue

2007

5.25

7/01/36

.....................................

616,125

618,566

Puerto

Rico

Electric

Power

Authority

Revenue

Refunding

NATL

Insured

5.25

7/01/32

.........................................................

3,700,000

3,657,292

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

A-1

4.75

7/01/53

................................

1,550,000

1,538,374

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

See

Abbreviations

page

117

Principal

Amount

Value

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.,

(continued)

Sales

Tax

Revenue

A-1

7/01/58

..................................

4,906,000

4,927,697

12,960,577

Total

U.S.

Territories

....................................................................

18,784,792

Total

Municipal

Bonds

(Cost

705,211,323

)

.....................................

691,162,131

Short

Term

Investments

0.2%

Municipal

Bonds

0.2%

Arizona

0.2%

Arizona

Health

Facilities

Authority

Banner

Health

Obligated

Group

Revenue

2015

LOC

Bank

America

Daily

VRDN

and

Put

1/01/46

.................

1,700,000

Total

Municipal

Bonds

(Cost

1,700,000

)

.......................................

1,700,000

Total

Short

Term

Investments

(Cost

1,700,000

)

.................................

1,700,000

Total

Investments

(Cost

706,911,323

)

96.6

...................................

$692,862,131

Other

Assets,

less

Liabilities

3.4

.............................................

23,914,121

Net

Assets

100.0%

...........................................................

$716,776,252

Defaulted

security

for

which

income

has

been

deemed

uncollectible.

See

Note

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$29,161,846,

representing

4.1%

net

assets.

The

maturity

date

shown

represents

the

mandatory

put

date.

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

floating

variable

interest

rate

adjustment

formula

and

unconditional

right

demand

receive

payment

the

principal

balance

plus

accrued

interest

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

determined

based

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Colorado

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.54

$10.26

$11.40

$11.69

$11.96

$11.32

Income

from

investment

operations

Net

investment

income

.............

0.16

0.30

0.28

0.25

0.28

0.31

Net

realized

and

unrealized

gains

(losses)

0.09

0.28

(1.15)

(0.29)

(0.27)

0.66

Total

from

investment

operations

........

0.25

0.58

(0.87)

(0.04)

0.01

0.97

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.27)

(0.25)

(0.28)

(0.33)

Net

asset

value,

end

period

..........

$10.63

$10.54

$10.26

$11.40

$11.69

$11.96

Total

return

.......................

2.50%

5.74%

(7.63)%

(0.43)%

0.07%

8.69%

Ratios

average

net

assets

Expenses

.........................

0.85%

0.83%

0.84%

Net

investment

income

...............

3.00%

2.90%

2.62%

2.08%

2.40%

2.72%

Supplemental

data

Net

assets

end

period

(000’s)

........

$121,340

$121,792

$117,511

$142,935

$119,598

$87,684

Portfolio

turnover

rate

................

5.64%

15.33%

13.39%

14.21%

19.32%

15.00%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.54

$10.26

$11.40

$11.68

$11.96

$11.31

Income

from

investment

operations

Net

investment

income

.............

0.17

0.31

0.29

0.26

0.30

0.33

Net

realized

and

unrealized

gains

(losses)

0.09

0.28

(1.14)

(0.28)

(0.29)

0.67

Total

from

investment

operations

........

0.26

0.59

(0.85)

(0.02)

0.01

1.00

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.31)

(0.29)

(0.26)

(0.29)

(0.35)

Net

asset

value,

end

period

..........

$10.63

$10.54

$10.26

$11.40

$11.68

$11.96

Total

return

.......................

2.48%

5.90%

(7.49)%

(0.19)%

0.13%

8.95%

Ratios

average

net

assets

Expenses

.........................

0.70%

0.68%

0.69%

Net

investment

income

...............

3.15%

3.05%

2.77%

2.24%

2.57%

2.87%

Supplemental

data

Net

assets

end

period

(000’s)

........

$242,441

$255,227

$287,013

$386,962

$422,411

$477,155

Portfolio

turnover

rate

................

5.64%

15.33%

13.39%

14.21%

19.32%

15.00%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.67

$10.39

$11.54

$11.83

$12.11

$11.45

Income

from

investment

operations

Net

investment

income

.............

0.14

0.26

0.23

0.20

0.24

0.27

Net

realized

and

unrealized

gains

(losses)

0.09

0.28

(1.15)

(0.29)

0.68

Total

from

investment

operations

........

0.23

0.54

(0.92)

(0.09)

(0.05)

0.95

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.26)

(0.23)

(0.20)

(0.23)

(0.29)

Net

asset

value,

end

period

..........

$10.76

$10.67

$10.39

$11.54

$11.83

$12.11

Total

return

.......................

2.17%

5.24%

(8.00)%

(0.83)%

(0.41)%

8.36%

Ratios

average

net

assets

Expenses

.........................

1.24%

1.23%

1.22%

1.24%

Net

investment

income

...............

2.55%

2.44%

2.18%

1.66%

2.01%

2.32%

Supplemental

data

Net

assets

end

period

(000’s)

........

$14,164

$16,388

$23,346

$36,062

$50,968

$66,329

Portfolio

turnover

rate

................

5.64%

15.33%

13.39%

14.21%

19.32%

15.00%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.55

$10.27

$11.41

$11.69

$11.97

$11.32

Income

from

investment

operations

Net

investment

income

.............

0.17

0.33

0.31

0.28

0.32

0.35

Net

realized

and

unrealized

gains

(losses)

0.10

0.28

(1.15)

(0.28)

(0.29)

0.66

Total

from

investment

operations

........

0.27

0.61

(0.84)

—

0.03

1.01

Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.33)

(0.30)

(0.28)

(0.31)

(0.36)

Net

asset

value,

end

period

..........

$10.64

$10.55

$10.27

$11.41

$11.69

$11.97

Total

return

.......................

2.55%

6.03%

(7.35)%

(0.05)%

0.27%

9.09%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.56%

0.55%

0.56%

Expenses

net

waiver

and

payments

affiliates

..........................

0.56%

0.55%

0.54%

0.55%

Net

investment

income

...............

3.28%

3.18%

2.91%

2.38%

2.68%

3.01%

Supplemental

data

Net

assets

end

period

(000’s)

........

$15,307

$15,928

$15,147

$23,615

$19,296

$14,297

Portfolio

turnover

rate

................

5.64%

15.33%

13.39%

14.21%

19.32%

15.00%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.54

$10.26

$11.40

$11.68

$11.96

$11.31

Income

from

investment

operations

Net

investment

income

.............

0.17

0.32

0.30

0.28

0.31

0.35

Net

realized

and

unrealized

gains

(losses)

0.09

0.28

(1.14)

(0.28)

0.66

Total

from

investment

operations

........

0.26

0.60

(0.84)

—

0.03

1.01

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.32)

(0.30)

(0.28)

(0.31)

(0.36)

Net

asset

value,

end

period

..........

$10.63

$10.54

$10.26

$11.40

$11.68

$11.96

Total

return

.......................

2.54%

6.00%

(7.40)%

(0.10)%

0.23%

9.06%

Ratios

average

net

assets

Expenses

.........................

0.60%

0.58%

0.59%

Net

investment

income

...............

3.25%

3.15%

2.87%

2.33%

2.66%

2.97%

Supplemental

data

Net

assets

end

period

(000’s)

........

$104,904

$97,040

$97,723

$137,797

$132,696

$115,924

Portfolio

turnover

rate

................

5.64%

15.33%

13.39%

14.21%

19.32%

15.00%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

Colorado

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Corporate

Bonds

0.3%

Software

0.3%

Haven

Elgin

LLC

5.25

12/31/53

....................................

1,400,000

1,439,157

Total

Corporate

Bonds

(Cost

1,400,000

)

.......................................

1,439,157

Municipal

Bonds

97.1%

California

0.4%

California

Municipal

Finance

Authority

Integrity

Housing

Obligated

Group

Revenue

2022

A-1

4.25

12/01/37

...........................................

2,000,000

1,772,057

Colorado

89.7%

Access

Metropolitan

District

No.

144A,

2023

6.75

12/01/53

..........

3,000,000

3,177,451

Adams

State

University

Revenue

2012

5/15/37

.........................................

630,000

625,593

Revenue

2019

Refunding

5/15/42

...............................

1,515,000

1,532,133

Anthem

West

Metropolitan

District

2015

Refunding

BAM

Insured

12/01/35

3,000,000

3,067,672

Arapahoe

County

School

District

No.

Englewood

2017

12/01/42

.......

7,000,000

7,259,962

Arapahoe

County

Water

Wastewater

Authority

Revenue

2019

Refunding

12/01/37

........................................................

1,000,000

1,020,242

Aurora

Crossroads

Metropolitan

District

No.

GO,

Senior

Lien

2020

12/01/40

.................................

1,500,000

1,489,350

GO,

Senior

Lien

2020

12/01/50

.................................

1,500,000

1,416,532

Board

Governors

Colorado

State

University

System

Revenue

2013

Refunding

3/01/43

...............................

5,000,000

5,783,097

Revenue

2017

Refunding

3/01/43

...............................

4,500,000

4,500,788

Revenue

2024

Refunding

3/01/47

...............................

5,000,000

4,927,524

Revenue

Refunding

3/01/40

...................................

5,000,000

5,029,432

Board

Water

Commissioners

City

County

Denver

(The)

Revenue

2017

9/15/47

.........................................................

10,000,000

10,442,759

Brighton

Crossing

Metropolitan

District

No.

2017

12/01/37

..........

525,000

526,295

Broadway

Park

North

Metropolitan

District

No.

144A,

2020

Refunding

12/01/40

........................................................

1,325,000

1,301,206

Bromley

Park

Metropolitan

District

No.

2023

Refunding

BAM

Insured

5.375

12/01/53

........................................................

2,500,000

2,746,351

Broomfield

Village

Metropolitan

District

No.

144A,

2021

A-1

Refunding

12/01/49

........................................................

4,282,000

4,157,384

Castle

Oaks

Metropolitan

District

No.

2020

Refunding

AGMC

Insured

12/01/45

........................................................

1,140,000

1,099,076

Centennial

Water

Sanitation

District

Revenue

2019

12/01/43

........................................

3,000,000

3,173,244

Revenue

2019

5.25

12/01/48

......................................

4,000,000

4,237,685

Cherokee

Metropolitan

District

Revenue

2020

BAM

Insured

8/01/45

..............................

2,250,000

2,215,871

Revenue

2020

BAM

Insured

8/01/50

..............................

1,400,000

1,349,029

City

County

Denver

Airport

System

Revenue

2018

Refunding

5.25

12/01/48

...............

5,000,000

5,179,206

Airport

System

Revenue

2018

Refunding

12/01/48

..................

4,440,000

4,617,631

Airport

System

Revenue

2022

11/15/37

...........................

4,250,000

4,618,163

Airport

System

Revenue

2022

Refunding

11/15/53

..................

5,000,000

5,196,076

Airport

System

Revenue

2023

Refunding

5.5

11/15/42

................

1,000,000

1,125,771

Airport

System

Revenue

2023

Refunding

5.5

11/15/43

................

1,000,000

1,121,243

Pledged

Excise

Tax

Revenue

2016

Refunding

8/01/46

...............

3,500,000

3,396,011

Pledged

Excise

Tax

Revenue

2018

A-1

8/01/48

......................

5,000,000

5,145,707

City

Colorado

Springs

Utilities

System

Revenue

2015

Refunding

11/15/45

.................

2,665,000

2,704,740

Utilities

System

Revenue

2018

A-4

11/15/48

.........................

5,000,000

5,222,966

Utilities

System

Revenue

2024

11/15/49

..........................

1,500,000

1,651,919

Utilities

System

Revenue

2024

5.25

11/15/54

........................

5,000,000

5,588,707

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Colorado

(continued)

City

Fort

Collins

Electric

Utility

Enterprise

Revenue

2018

12/01/42

......

13,500,000

14,104,874

City

Grand

Junction

COP

2021

12/01/45

............................................

2,005,000

1,988,429

Sales

Use

Tax

Revenue

2020

3/01/49

..........................

3,775,000

3,732,008

Colorado

Bridge

Tunnel

Enterprise

Revenue

2024

AGMC

Insured

5.5

12/01/54

........................................................

1,000,000

1,133,722

Colorado

Educational

Cultural

Facilities

Authority

Alexander

Dawson

School

LLC

(The)

Revenue

2010

2/15/40

............

5,280,000

5,284,518

Aspen

View

Academy,

Inc.

Revenue

2021

5/01/36

....................

425,000

422,221

Aspen

View

Academy,

Inc.

Revenue

2021

5/01/41

....................

150,000

142,593

Aspen

View

Academy,

Inc.

Revenue

2021

5/01/51

....................

370,000

330,679

Aspen

View

Academy,

Inc.

Revenue

2021

5/01/61

....................

550,000

473,310

Denver

School

Science

Technology,

Inc.

Revenue

2021

8/01/41

......

1,460,000

1,163,548

Denver

School

Science

Technology,

Inc.

Revenue

2021

8/01/51

......

3,635,000

2,522,806

Eagle

Ridge

Academy

Revenue

2022

Refunding

11/01/37

............

1,000,000

1,069,818

Golden

View

Classical

Academy

Revenue

2022

Refunding

1/01/26

.......

135,000

134,251

Golden

View

Classical

Academy

Revenue

2022

Refunding

1/01/32

.......

280,000

276,612

Golden

View

Classical

Academy

Revenue

2022

Refunding

1/01/52

.......

1,355,000

1,141,061

Golden

View

Classical

Academy

Revenue

2022

Refunding

1/01/62

.......

1,600,000

1,291,006

James

Irwin

Educational

Foundation

Obligated

Group

Revenue

2022

9/01/52

750,000

762,653

James

Irwin

Educational

Foundation

Obligated

Group

Revenue

2022

9/01/57

1,765,000

1,792,531

Lighthouse

Building

Corp.

Revenue

2021

10/01/46

....................

335,000

291,713

Lighthouse

Building

Corp.

Revenue

2021

10/01/56

....................

1,000,000

825,378

Lighthouse

Building

Corp.

Revenue

2021

10/01/61

....................

2,210,000

1,787,296

Pinnacle

Charter

School,

Inc.

Revenue

2021

Refunding

12/01/50

.......

5,820,000

5,222,423

Union

Colony

Schools

Revenue

2018

Refunding

4/01/48

...............

715,000

724,427

University

Denver

Revenue

2017

3/01/47

.......................

3,950,000

4,043,897

West

Ridge

Academy

Charter

School

Revenue

2019

Refunding

6/01/49

400,000

400,080

Westgate

Community

School

Revenue

2021

Refunding

7/01/41

........

2,370,000

2,276,675

Windsor

Charter

Academy

Obligated

Group

Revenue

2020

Refunding

9/01/50

2,400,000

2,161,593

Colorado

Health

Facilities

Authority

AdventHealth

Obligated

Group

Revenue

2016

Refunding

11/15/41

......

3,000,000

3,008,356

AdventHealth

Obligated

Group

Revenue

2019

Refunding

11/15/39

......

5,005,000

5,352,918

Boulder

Community

Health

Obligated

Group

Revenue

2020

Refunding

10/01/35

.......................................................

1,575,000

1,586,236

Boulder

Community

Health

Obligated

Group

Revenue

2020

Refunding

10/01/37

.......................................................

850,000

852,451

Boulder

Community

Health

Obligated

Group

Revenue

2020

Refunding

10/01/38

.......................................................

705,000

699,794

Boulder

Community

Health

Obligated

Group

Revenue

2020

Refunding

10/01/39

.......................................................

835,000

820,846

Boulder

Community

Health

Obligated

Group

Revenue

2020

Refunding

10/01/40

.......................................................

725,000

703,933

BSLC

Obligated

Group

Revenue

2018

A-1

Refunding

9/15/48

...........

3,000,000

2,906,157

BSLC

Obligated

Group

Revenue

2018

A-1

Refunding

4.75

9/15/53

.........

1,500,000

1,349,760

Children's

Hospital

Colorado

Obligated

Group

Revenue

2016

12/01/41

...

5,195,000

5,258,261

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-2

Refunding

8/01/38

3,000,000

3,170,241

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-2

Refunding

8/01/39

2,000,000

2,108,354

CommonSpirit

Health

Obligated

Group

Revenue

2019

A-2

Refunding

8/01/49

9,990,000

9,313,967

CommonSpirit

Health

Obligated

Group

Revenue

2022

5.25

11/01/52

......

3,000,000

3,252,832

CommonSpirit

Health

Obligated

Group

Revenue

2024

Refunding

5.25

12/01/54

.......................................................

4,000,000

4,402,325

Covenant

Living

Communities

and

Services

Obligated

Group

Revenue

2015

Refunding

12/01/35

...........................................

7,150,000

7,175,039

Covenant

Living

Communities

and

Services

Obligated

Group

Revenue

2018

12/01/48

.......................................................

5,000,000

5,073,078

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Colorado

(continued)

Colorado

Health

Facilities

Authority,

(continued)

Covenant

Living

Communities

and

Services

Obligated

Group

Revenue

2020

Refunding

12/01/50

...........................................

5,700,000

5,130,666

Craig

Hospital

Obligated

Group

Revenue

2022

12/01/52

..............

3,535,000

3,758,272

Evangelical

Lutheran

Good

Samaritan

Obligated

Group

Revenue

2015

Pre-

Refunded

6/01/40

............................................

4,000,000

4,061,082

Evangelical

Lutheran

Good

Samaritan

Obligated

Group

Revenue

2015

Pre-

Refunded

6/01/45

............................................

2,750,000

2,791,994

Intermountain

Healthcare

Obligated

Group

Revenue

2019

Refunding

1/01/38

........................................................

3,660,000

3,691,129

Intermountain

Healthcare

Obligated

Group

Revenue

2024

Refunding

5/15/54

........................................................

1,100,000

1,163,755

Sanford

Obligated

Group

Revenue

2019

Refunding

11/01/44

..........

3,495,000

3,670,964

Sanford

Obligated

Group

Revenue

2019

Refunding

11/01/49

..........

8,050,000

8,366,598

University

Colorado

Health

Obligated

Group

Revenue

2016

Pre-Refunded

9/01/46

........................................................

5,000,000

5,235,639

University

Colorado

Health

Obligated

Group

Revenue

2020

Pre-Refunded

9/01/50

....................................................

6,275,000

6,740,409

Valley

View

Hospital

Association

Revenue

2015

5/15/40

................

2,000,000

2,010,367

Valley

View

Hospital

Association

Revenue

2015

5/15/45

................

1,000,000

1,004,689

Colorado

High

Performance

Transportation

Enterprise

C-470

Express

Lanes

System

Revenue

2017

12/31/47

........................................

2,555,000

2,557,973

Colorado

Housing

and

Finance

Authority

Revenue

2019

B-1

3.15

10/01/44

.................................

1,000,000

826,137

Revenue

2019

B-1

3.25

10/01/49

.................................

1,000,000

812,770

Colorado

School

Mines

Revenue

2017

12/01/42

.......................................

2,450,000

2,536,852

Revenue

2023

5.25

12/01/53

....................................

3,000,000

3,309,540

Colorado

Science

and

Technology

Park

Metropolitan

District

No.

Revenue

2024

Refunding

AGMC

Insured

12/01/54

................................

750,000

799,308

Colorado

Springs

School

District

No.

Facilities

Corp.

COP

2024

BAM

Insured

5.25

12/15/48

...................................................

1,000,000

1,106,930

Cottonwood

Highlands

Metropolitan

District

No.

2019

12/01/49

......

899,000

901,719

Crystal

Valley

Metropolitan

District

No.

2020

Refunding

AGMC

Insured

12/01/49

........................................................

3,000,000

2,367,109

Denver

City

County

School

District

No.

2017

12/01/41

.............

5,000,000

5,180,195

Denver

Convention

Center

Hotel

Authority

Revenue,

Senior

Lien

2016

Refunding

12/01/40

.....................................................

9,775,000

9,912,072

Denver

Health

Hospital

Authority

COP

2018

12/01/48

............................................

5,255,000

5,156,833

Revenue

2014

5.25

12/01/45

....................................

9,250,000

9,254,346

Revenue

2019

Refunding

12/01/30

..............................

1,000,000

1,048,311

Revenue

2019

Refunding

12/01/32

..............................

1,330,000

1,388,846

Revenue

2019

Refunding

12/01/33

..............................

3,300,000

3,434,331

Denver

International

Business

Center

Metropolitan

District

No.

2019

12/01/48

........................................................

350,000

294,817

Eagle

River

Water

Sanitation

District

2016

12/01/45

................

1,360,000

1,407,521

East

Cherry

Creek

Valley

Water

and

Sanitation

District

Revenue

2019

11/15/39

1,200,000

1,217,168

Erie

Farm

Metropolitan

District

2021

Refunding

AGMC

Insured

12/01/51

1,200,000

1,122,648

Evan's

Place

Metropolitan

District

2020

A-3

12/01/40

.................

550,000

543,098

Fiddlers

Business

Improvement

District

144A,

2022

Refunding

5.55

12/01/47

3,500,000

3,615,630

Gunnison

Watershed

School

District

No.

2023

12/01/47

..........

3,250,000

3,533,869

Lakes

Centerra

Metropolitan

District

No.

2024

Refunding

AGMC

Insured

4.5

12/01/54

...................................................

2,500,000

2,551,130

Larimer

County

School

District

No.

R-1

Poudre

2018

12/15/39

.............................................

2,660,000

2,843,349

2018

12/15/40

.............................................

2,340,000

2,495,646

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Colorado

(continued)

Meridian

Metropolitan

District

2023

AGMC

Insured

4.375

12/01/53

.......

2,000,000

2,007,284

North

Pine

Vistas

Metropolitan

District

No.

2022

Refunding

AGMC

Insured

12/01/52

.....................................................

1,125,000

1,184,185

Park

Metropolitan

District

2016

Refunding

12/01/36

....................................

1,000,000

1,016,322

2016

Refunding

12/01/46

....................................

1,500,000

1,506,825

Park

Creek

Metropolitan

District

Westerly

Creek

District

Service

Area

Revenue,

Senior

Lien

2015

Refunding

12/01/45

.......................................................

9,500,000

9,610,894

Westerly

Creek

District

Service

Area

Revenue,

Senior

Lien

2018

12/01/46

2,875,000

2,972,439

Westerly

Creek

District

Service

Area

Revenue,

Senior

Lien

2024

AGMC

Insured

4.25

12/01/47

.................................................

1,000,000

1,007,703

Westerly

Creek

District

Service

Area

Revenue,

Senior

Lien

2024

AGMC

Insured

4.5

12/01/51

..................................................

1,500,000

1,521,259

Parker

Water

Sanitation

District

Revenue

2018

11/01/42

................

6,475,000

6,766,524

Patriot

Park

Metropolitan

District

No.

2021

4.3

12/01/50

...............

537,000

478,870

Prairie

Center

Metropolitan

District

No.

2024

5.875

12/15/46

.........

1,000,000

1,080,357

Public

Authority

for

Colorado

Energy

Revenue

2008

6.5

11/15/38

............

9,900,000

12,320,004

Regional

Transportation

District

Denver

Transit

Partners

LLC

Revenue

2020

Refunding

1/15/33

........

550,000

565,944

Denver

Transit

Partners

LLC

Revenue

2020

Refunding

7/15/35

........

1,000,000

1,022,546

Denver

Transit

Partners

LLC

Revenue

2020

Refunding

7/15/36

........

750,000

764,456

Denver

Transit

Partners

LLC

Revenue

2020

Refunding

7/15/38

........

700,000

707,362

Sales

Tax

Revenue

2016

11/01/41

...............................

10,000,000

10,320,915

Sales

Tax

Revenue

2016

11/01/46

...............................

11,000,000

11,313,663

Silver

Peaks

Metropolitan

District

No.

GO,

Senior

Lien

2020

12/01/50

....

1,000,000

920,699

South

Timnath

Metropolitan

District

No.

2016

Refunding

12/01/42

.....

5,690,000

5,730,143

State

Colorado

COP

2020

Refunding

6/15/40

....................................

1,315,000

1,330,790

COP

2020

12/15/38

..........................................

3,555,000

3,636,691

COP

2020

3/15/45

...........................................

5,000,000

4,979,503

Sterling

Hills

West

Metropolitan

District

2017

Refunding

12/01/39

.......

1,125,000

1,170,125

Sterling

Ranch

Community

Authority

Board

Sterling

Ranch

Colorado

Metropolitan

District

No.

Revenue

2020

Refunding

3.75

12/01/40

.................................................

500,000

455,255

Sterling

Ranch

Colorado

Metropolitan

District

No.

Revenue

2020

Refunding

4.25

12/01/50

.................................................

1,250,000

1,155,245

Thompson

Crossing

Metropolitan

District

No.

2016

Refunding

AGMC

Insured

12/01/46

..............................................

4,500,000

4,651,323

Town

Monument

COP

2020

AGMC

Insured

12/01/45

..................

2,000,000

1,945,265

Trails

Crowfoot

Metropolitan

District

No.

2024

Refunding

AGMC

Insured

4.25

12/01/54

............................................

2,000,000

1,975,359

Upper

Eagle

Regional

Water

Authority

Revenue

2024

BAM

Insured

4.25

12/01/53

2,000,000

1,984,648

Whispering

Pines

Metropolitan

District

No.

2023

Refunding

AGMC

Insured

12/01/52

.....................................................

900,000

948,787

Wildwing

Metropolitan

District

No.

2024

Refunding

AGMC

Insured

4.5

12/01/53

........................................................

750,000

768,867

Windsor

Highlands

Metropolitan

District

No.

2024

Refunding

BAM

Insured

4.5

12/01/53

...................................................

2,000,000

2,022,742

446,868,192

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

3,666,040

SHI

Lake

Osborne

LLC

Revenue

144A,

2021

A-1

3.68

1/01/57

...........

800,000

579,153

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Florida

(continued)

Capital

Trust

Authority

Gulf

Coast

Portfolio

Obligated

Group

Revenue

144A,

2024

Refunding

Zero

Cpn.,

3/01/29

........................................

4,925,000

3,908,268

Leon

County

Housing

Finance

Authority

Revenue

144A,

2022

Zero

Cpn.,

5/01/57

3,215,000

2,857,331

11,010,792

Georgia

0.4%

Development

Authority

Rockdale

County

AHPC

Terraces

Fieldstone

LLC

Revenue

144A,

2021

A-1

3.5

12/01/36

...............................

2,400,000

2,031,778

Illinois

0.8%

State

Illinois

2003

5.1

6/01/33

............................................

2,823,529

2,842,296

2021

3/01/33

............................................

500,000

552,209

2021

3/01/37

............................................

250,000

272,560

2021

3/01/38

............................................

400,000

397,891

4,064,956

New

York

0.2%

Metropolitan

Transportation

Authority

Revenue

2020

11/15/47

...........

900,000

870,413

South

Carolina

1.0%

South

Carolina

Jobs-Economic

Development

Authority

Revenue

144A,

2021

A-1

3.65

12/01/36

..............................

1,400,000

1,226,055

AHPC

Vista

Towers

2021

LLC

Revenue

2021

A-1

3.65

12/01/36

...........

1,400,000

1,226,054

Columbia

Portfolio

Obligated

Group

Revenue

144A,

2022

A-1

Zero

Cpn.,

6/01/37

2,100,000

1,693,466

South

Carolina

State

Housing

Finance

Development

Authority

Garden

Oaks

Revenue

144A,

2021

4.2

12/01/39

................................

750,000

635,683

4,781,258

Texas

0.4%

Pecan

Public

Facility

Corp.

Revenue

144A,

2022

A-2

12/01/52

............

2,400,000

1,971,418

Washington

0.2%

Washington

State

Housing

Finance

Commission

Madison

Rivers

Edge

Apartments

LLC

Revenue

144A,

2021

3.65

1/01/37

............................

1,400,000

1,226,381

Wisconsin

0.7%

Public

Finance

Authority

Revenue

144A,

2022

B-1

12/28/44

................................

1,400,000

1,178,673

AL-FL

Portfolio

Obligated

Group

Revenue

144A,

2021

3.4

12/01/36

.......

2,400,000

2,067,320

3,245,993

U.S.

Territories

1.1%

Guam

0.3%

Guam

Government

Waterworks

Authority

Revenue

2020

1/01/50

.........

1,500,000

1,550,923

Puerto

Rico

0.8%

HTA

TRRB

Custodial

Trust

Revenue

2005

5.25

7/01/41

..................

1,219,928

1,194,113

Puerto

Rico

Electric

Power

Authority

Revenue

Refunding

NATL

Insured

5.25

7/01/32

....................

1,200,000

1,186,149

Revenue

Refunding

NATL

Insured

5.25

7/01/34

....................

1,000,000

988,597

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

A-1

7/01/58

.....

750,000

753,317

4,122,176

Total

U.S.

Territories

....................................................................

5,673,099

Total

Municipal

Bonds

(Cost

493,370,811

)

.....................................

483,516,337

Total

Long

Term

Investments

(Cost

494,770,811

)

...............................

484,955,494

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

See

Abbreviations

page

117

Short

Term

Investments

1.5%

Principal

Amount

Value

Municipal

Bonds

1.5%

Colorado

1.5%

Colorado

Health

Facilities

Authority

Children's

Hospital

Colorado

Obligated

Group

Revenue

2020

Refunding

LOC

Bank

Daily

VRDN

and

Put

12/01/52

...........................

2,900,000

Intermountain

Healthcare

Obligated

Group

Revenue

2024

SPA

Bank

Daily

VRDN

and

Put

3.8

5/15/64

..................................

4,605,000

7,505,000

Total

Municipal

Bonds

(Cost

7,505,000

)

.......................................

7,505,000

Total

Short

Term

Investments

(Cost

7,505,000

)

.................................

7,505,000

Total

Investments

(Cost

502,275,811

)

98.9

...................................

$492,460,494

Other

Assets,

less

Liabilities

1.1

.............................................

5,696,049

Net

Assets

100.0%

...........................................................

$498,156,543

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$31,627,197,

representing

6.3%

net

assets.

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

floating

variable

interest

rate

adjustment

formula

and

unconditional

right

demand

receive

payment

the

principal

balance

plus

accrued

interest

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

determined

based

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Connecticut

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$9.12

$8.86

$9.85

$10.17

$10.39

$10.05

Income

from

investment

operations

Net

investment

income

.............

0.12

0.24

0.22

0.20

0.26

0.29

Net

realized

and

unrealized

gains

(losses)

0.04

0.26

(0.99)

(0.32)

(0.22)

0.36

Total

from

investment

operations

........

0.16

0.50

(0.77)

(0.12)

0.04

0.65

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.24)

(0.22)

(0.20)

(0.26)

(0.31)

Net

asset

value,

end

period

..........

$9.16

$9.12

$8.86

$9.85

$10.17

$10.39

Total

return

.......................

1.82%

5.78%

(7.84)%

(1.23)%

0.42%

6.54%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.99%

0.98%

0.97%

0.98%

0.94%

0.93%

Expenses

net

waiver

and

payments

affiliates

..........................

0.90%

0.91%

0.98%

0.94%

0.93%

Net

investment

income

...............

2.68%

2.74%

2.44%

1.95%

2.58%

2.83%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$30,511

$29,938

$27,698

$34,084

$28,498

$21,670

Portfolio

turnover

rate

................

5.39%

13.95%

14.70%

23.52%

20.73%

11.63%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Connecticut

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$9.11

$8.85

$9.84

$10.16

$10.38

$10.04

Income

from

investment

operations

Net

investment

income

.............

0.13

0.26

0.23

0.22

0.28

0.30

Net

realized

and

unrealized

gains

(losses)

0.04

0.26

(0.99)

(0.32)

(0.22)

0.36

Total

from

investment

operations

........

0.17

0.52

(0.76)

(0.10)

0.06

0.66

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.26)

(0.23)

(0.22)

(0.28)

(0.32)

Net

asset

value,

end

period

..........

$9.15

$9.11

$8.85

$9.84

$10.16

$10.38

Total

return

.......................

1.90%

5.94%

(7.71)%

(1.08)%

0.57%

6.70%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.84%

0.83%

0.79%

0.78%

Expenses

net

waiver

and

payments

affiliates

..........................

0.75%

0.76%

0.83%

0.79%

0.78%

Net

investment

income

...............

2.84%

2.89%

2.59%

2.12%

2.76%

2.98%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$84,821

$89,034

$93,653

$119,599

$135,916

$150,081

Portfolio

turnover

rate

................

5.39%

13.95%

14.70%

23.52%

20.73%

11.63%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Connecticut

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$9.18

$8.92

$9.92

$10.24

$10.46

$10.13

Income

from

investment

operations

Net

investment

income

.............

0.10

0.21

0.18

0.16

0.23

0.25

Net

realized

and

unrealized

gains

(losses)

0.05

0.26

(1.00)

(0.32)

(0.23)

0.35

Total

from

investment

operations

........

0.15

0.47

(0.82)

(0.16)

—

0.60

Less

distributions

from:

Net

investment

income

..............

(0.10)

(0.21)

(0.18)

(0.16)

(0.22)

(0.27)

Net

asset

value,

end

period

..........

$9.23

$9.18

$8.92

$9.92

$10.24

$10.46

Total

return

.......................

1.71%

5.31%

(8.26)%

(1.62)%

0.02%

5.98%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

1.38%

1.37%

1.38%

1.34%

1.33%

Expenses

net

waiver

and

payments

affiliates

..........................

1.29%

1.31%

1.38%

1.34%

1.33%

Net

investment

income

...............

2.26%

2.31%

2.01%

1.58%

2.21%

2.43%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$3,417

$4,067

$4,828

$7,281

$13,302

$20,421

Portfolio

turnover

rate

................

5.39%

13.95%

14.70%

23.52%

20.73%

11.63%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Connecticut

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$9.11

$8.85

$9.84

$10.16

$10.38

$10.04

Income

from

investment

operations

Net

investment

income

.............

0.14

0.27

0.25

0.23

0.29

0.32

Net

realized

and

unrealized

gains

(losses)

0.04

0.26

(1.00)

(0.32)

(0.22)

0.36

Total

from

investment

operations

........

0.18

0.53

(0.75)

(0.09)

0.07

0.68

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.27)

(0.24)

(0.23)

(0.29)

(0.34)

Net

asset

value,

end

period

..........

$9.15

$9.11

$8.85

$9.84

$10.16

$10.38

Total

return

.......................

1.96%

6.08%

(7.58)%

(0.91)%

0.71%

6.85%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.70%

0.69%

0.68%

0.70%

Expenses

net

waiver

and

payments

affiliates

..........................

0.62%

0.63%

0.67%

0.66%

0.64%

Net

investment

income

...............

2.97%

3.03%

2.75%

2.27%

2.79%

3.12%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$7,129

$6,947

$2,952

$1,815

$1,385

$299

Portfolio

turnover

rate

................

5.39%

13.95%

14.70%

23.52%

20.73%

11.63%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Connecticut

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$9.10

$8.84

$9.83

$10.15

$10.37

$10.04

Income

from

investment

operations

Net

investment

income

.............

0.13

0.27

0.24

0.23

0.29

0.31

Net

realized

and

unrealized

gains

(losses)

0.06

0.25

(0.99)

(0.32)

(0.22)

0.35

Total

from

investment

operations

........

0.19

0.52

(0.75)

(0.09)

0.07

0.66

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.26)

(0.24)

(0.23)

(0.29)

(0.33)

Net

asset

value,

end

period

..........

$9.15

$9.10

$8.84

$9.83

$10.15

$10.37

Total

return

.......................

2.06%

6.05%

(7.63)%

(0.98)%

0.67%

6.71%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.74%

0.73%

0.69%

0.68%

Expenses

net

waiver

and

payments

affiliates

..........................

0.65%

0.66%

0.73%

0.69%

0.68%

Net

investment

income

...............

2.94%

3.01%

2.69%

2.22%

2.85%

3.08%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$17,705

$15,886

$14,477

$20,378

$20,968

$20,024

Portfolio

turnover

rate

................

5.39%

13.95%

14.70%

23.52%

20.73%

11.63%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

Connecticut

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

98.4%

Connecticut

93.1%

City

Ansonia

2021

AGMC

Insured

2/15/37

.....................

500,000

465,209

City

Bridgeport

2021

8/01/40

............................................

765,000

766,901

2021

8/01/46

............................................

375,000

361,733

2021

8/01/51

............................................

575,000

534,570

City

New

Britain

2017

AGMC

Insured

3/01/36

..................

1,000,000

1,042,287

City

New

Haven

2021

Refunding

8/01/41

......................

2,000,000

1,936,460

City

Stamford

Water

Pollution

Control

System

Facility

Revenue

2013

5.25

8/15/43

.........................................................

1,000,000

1,000,932

City

West

Haven

2021

9/15/41

...............................

565,000

552,402

Connecticut

Housing

Finance

Authority

Revenue

2019

E-E1

3.05

11/15/44

..................................

5,000,000

4,098,748

Revenue

2019

E-E1

3.1

11/15/49

...................................

2,000,000

1,604,227

Revenue

2020

C-1

Refunding

2.05

5/15/37

...........................

1,000,000

798,822

Revenue

2020

C-2

Refunding

2.2

11/15/34

...........................

960,000

800,446

Connecticut

State

Health

Educational

Facilities

Authority

Avon

Old

Farms

School

Obligated

Group

Revenue

D-1

Refunding

7/01/46

1,000,000

932,608

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

Revenue

Refunding

7/01/38

315,000

319,342

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

Revenue

Refunding

7/01/39

380,000

383,562

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

Revenue

Refunding

7/01/42

860,000

862,537

Connecticut

Children's

Medical

Center

Obligated

Group

Revenue

5.25

7/15/48

1,560,000

1,698,387

Connecticut

College

Revenue

L-1

Refunding

7/01/46

..................

5,000,000

4,858,675

Covenant

Living

Communities

and

Services

Obligated

Group

Revenue

2018

12/01/40

.......................................................

4,000,000

4,044,720

Fairfield

University

Revenue

Q-1

7/01/46

...........................

9,000,000

9,107,957

Hartford

HealthCare

Obligated

Group

Revenue

2021

7/01/46

..........

6,000,000

5,594,350

Jerome

Home

Revenue

2021

Refunding

7/01/41

...................

735,000

665,231

Jerome

Home

Revenue

2021

Refunding

7/01/51

...................

1,250,000

1,029,535

Nuvance

Health

Obligated

Group

Revenue

2019

Refunding

7/01/38

.....

1,000,000

1,000,447

Nuvance

Health

Obligated

Group

Revenue

2019

Refunding

7/01/41

.....

6,310,000

6,083,475

Quinnipiac

University

Revenue

Refunding

7/01/45

..................

8,250,000

8,302,225

Sacred

Heart

University,

Inc.

Revenue

I-1

Refunding

7/01/42

............

4,375,000

4,435,263

Sacred

Heart

University,

Inc.

Revenue

7/01/35

.....................

550,000

596,912

Sacred

Heart

University,

Inc.

Revenue

7/01/45

.....................

1,200,000

1,165,777

Stamford

Hospital

Obligated

Group

(The)

Revenue

Refunding

7/01/37

...

2,550,000

2,584,238

Taft

School

Corp.

(The)

Revenue

Refunding

7/01/46

.................

2,210,000

1,791,502

Trinity

Health

Corp.

Obligated

Group

Revenue

2016

12/01/45

.........

5,000,000

5,063,503

Trustees

Trinity

College

(The)

Revenue

Refunding

6/01/45

..........

2,500,000

2,426,180

Trustees

Trinity

College

(The)

Revenue

Refunding

6/01/51

..........

4,000,000

3,683,970

University

Hartford

(The)

Revenue

2022

5.375

7/01/52

...............

2,000,000

1,939,496

Yale

University

Revenue

2015

Refunding

7/01/35

...................

2,435,000

2,963,334

Yale

University

Revenue

X-2

7/01/37

..............................

3,000,000

3,549,506

Yale-New

Haven

Health

Obligated

Group

Revenue

2024

Refunding

7/01/44

520,000

574,063

Yale-New

Haven

Health

Obligated

Group

Revenue

2024

Refunding

7/01/45

500,000

550,069

Yale-New

Haven

Health

Obligated

Group

Revenue

2024

Refunding

7/01/46

500,000

548,787

Yale-New

Haven

Health

Obligated

Group

Revenue

2024

Refunding

7/01/47

420,000

459,621

Yale-New

Haven

Health

Obligated

Group

Revenue

2024

Refunding

7/01/48

500,000

546,011

Yale-New

Haven

Health

Obligated

Group

Revenue

Refunding

7/01/48

...

1,500,000

1,501,883

Connecticut

State

Higher

Education

Supplement

Loan

Authority

Revenue

2020

3.25

11/15/36

....................................

1,525,000

1,408,054

Revenue

2020

Pre-Refunded

11/15/35

...........................

1,145,000

1,155,057

Revenue

2021

2.25

11/15/37

....................................

2,500,000

2,016,127

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Connecticut

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Connecticut

(continued)

Hartford

County

Metropolitan

District

Clean

Water

Project

Revenue

2014

Pre-

Refunded

11/01/42

.............................................

2,500,000

2,507,609

South

Central

Connecticut

Regional

Water

Authority

Revenue,

Second

Series

32nd

Refunding

8/01/38

.............................................

1,720,000

1,777,312

State

Connecticut

2020

1/15/38

............................................

7,250,000

7,431,397

2020

6/01/39

............................................

600,000

611,849

2024

5/01/44

............................................

1,000,000

1,118,861

Special

Tax

2016

9/01/33

......................................

1,000,000

1,031,806

Special

Tax

2018

1/01/36

......................................

1,000,000

1,059,047

Special

Tax

2020

5/01/35

......................................

4,500,000

4,972,765

Special

Tax

2020

5/01/40

......................................

2,000,000

2,170,470

Special

Tax

2021

5/01/41

......................................

1,500,000

1,638,543

Special

Tax

2021

11/01/40

.....................................

2,075,000

2,101,904

Bradley

International

Airport

CFC

Revenue

2019

7/01/49

..............

1,400,000

1,427,995

Clean

Water

Fund

State

Revolving

Fund

Revenue

2015

3/01/34

.......

3,000,000

3,029,647

Clean

Water

Fund

State

Revolving

Fund

Revenue

2017

5/01/37

.......

1,000,000

1,044,406

Town

Hamden

2021

Refunding

BAM

Insured

8/15/41

..............

500,000

503,082

Town

Stafford

2021

Refunding

2/01/36

.....................................

250,000

230,363

2021

Refunding

2/01/38

.....................................

310,000

279,097

2021

Refunding

2/01/41

.....................................

300,000

262,622

Town

Stratford

2017

AGMC

Insured

7/01/33

.................................

1,000,000

1,015,056

2020

Refunding

BAM

Insured

7/01/38

........................

300,000

305,869

2020

Refunding

BAM

Insured

7/01/40

........................

300,000

302,475

University

Connecticut

Revenue

2017

1/15/37

.....................

1,000,000

1,039,475

133,666,791

Florida

1.0%

Capital

Trust

Agency,

Inc.

SHI

Lake

Osborne

LLC

Revenue

144A,

2021

A-1

3.68

1/01/57

.........................................................

500,000

361,970

Capital

Trust

Authority

Gulf

Coast

Portfolio

Obligated

Group

Revenue

144A,

2024

Refunding

Zero

Cpn.,

3/01/29

........................................

1,325,000

1,051,463

1,413,433

Georgia

0.4%

Development

Authority

Rockdale

County

AHPC

Terraces

Fieldstone

LLC

Revenue

144A,

2021

A-1

3.5

12/01/36

...............................

625,000

529,109

Illinois

0.7%

State

Illinois

2020

10/01/42

................................

1,000,000

970,353

South

Carolina

1.0%

South

Carolina

Jobs-Economic

Development

Authority

Revenue

144A,

2021

A-1

3.65

12/01/36

..............................

500,000

437,877

AHPC

Vista

Towers

2021

LLC

Revenue

2021

A-1

3.65

12/01/36

...........

500,000

437,877

Columbia

Portfolio

Obligated

Group

Revenue

144A,

2022

A-1

Zero

Cpn.,

6/01/37

750,000

604,809

1,480,563

Texas

0.4%

Pecan

Public

Facility

Corp.

Revenue

144A,

2022

A-2

12/01/52

............

615,000

505,176

Washington

0.3%

Washington

State

Housing

Finance

Commission

Madison

Rivers

Edge

Apartments

LLC

Revenue

144A,

2021

3.65

1/01/37

............................

500,000

437,993

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Connecticut

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Wisconsin

0.2%

Public

Finance

Authority

Revenue

144A,

2022

B-1

12/28/44

..............

400,000

336,764

U.S.

Territories

1.3%

Puerto

Rico

1.3%

HTA

HRRB

Custodial

Trust

Revenue

2007

5.25

7/01/34

................

386,791

387,991

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

A-1

7/01/58

.....

1,500,000

1,506,633

1,894,624

Total

U.S.

Territories

....................................................................

1,894,624

Total

Municipal

Bonds

(Cost

148,180,702

)

.....................................

141,234,806

Short

Term

Investments

1.0%

Municipal

Bonds

1.0%

Connecticut

1.0%

Connecticut

State

Health

Educational

Facilities

Authority

Yale

University

Revenue

2001

V-2

Daily

VRDN

and

Put

3.75

7/01/36

...........................

1,500,000

Total

Municipal

Bonds

(Cost

1,500,000

)

.......................................

1,500,000

Total

Short

Term

Investments

(Cost

1,500,000

)

.................................

1,500,000

Total

Investments

(Cost

149,680,702

)

99.4

...................................

$142,734,806

Other

Assets,

less

Liabilities

0.6

.............................................

848,102

Net

Assets

100.0%

...........................................................

$143,582,908

See

bbreviations

page

117

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$4,265,161,

representing

3.0%

net

assets.

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

floating

variable

interest

rate

adjustment

formula

and

unconditional

right

demand

receive

payment

the

principal

balance

plus

accrued

interest

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

determined

based

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Michigan

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.53

$10.30

$11.43

$11.84

$12.03

$11.31

Income

from

investment

operations

Net

investment

income

.............

0.16

0.31

0.29

0.26

0.28

0.29

Net

realized

and

unrealized

gains

(losses)

0.03

0.23

(1.14)

(0.41)

(0.19)

0.74

Total

from

investment

operations

........

0.19

0.54

(0.85)

(0.15)

0.09

1.03

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.31)

(0.28)

(0.26)

(0.28)

(0.31)

Net

asset

value,

end

period

..........

$10.56

$10.53

$10.30

$11.43

$11.84

$12.03

Total

return

.......................

1.82%

5.35%

(7.43)%

(1.35)%

0.75%

9.19%

Ratios

average

net

assets

Expenses

.........................

0.83%

0.82%

Net

investment

income

...............

2.99%

3.05%

2.71%

2.16%

2.34%

2.51%

Supplemental

data

Net

assets

end

period

(000’s)

........

$126,575

$125,673

$120,384

$134,390

$107,468

$74,740

Portfolio

turnover

rate

................

4.77%

8.99%

27.70%

22.05%

10.86%

4.08%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.52

$10.29

$11.42

$11.82

$12.02

$11.30

Income

from

investment

operations

Net

investment

income

.............

0.17

0.33

0.30

0.28

0.30

0.31

Net

realized

and

unrealized

gains

(losses)

0.02

0.23

(1.13)

(0.40)

(0.20)

0.73

Total

from

investment

operations

........

0.19

0.56

(0.83)

(0.12)

0.10

1.04

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.33)

(0.30)

(0.28)

(0.30)

(0.32)

Net

asset

value,

end

period

..........

$10.54

$10.52

$10.29

$11.42

$11.82

$12.02

Total

return

.......................

1.81%

5.52%

(7.29)%

(1.12)%

0.82%

9.36%

Ratios

average

net

assets

Expenses

.........................

0.68%

0.67%

Net

investment

income

...............

3.15%

3.19%

2.85%

2.32%

2.51%

2.66%

Supplemental

data

Net

assets

end

period

(000’s)

........

$445,975

$461,520

$497,643

$628,769

$688,038

$731,568

Portfolio

turnover

rate

................

4.77%

8.99%

27.70%

22.05%

10.86%

4.08%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.69

$10.46

$11.61

$12.02

$12.21

$11.48

Income

from

investment

operations

Net

investment

income

.............

0.14

0.27

0.24

0.21

0.23

0.25

Net

realized

and

unrealized

gains

(losses)

0.03

0.23

(1.15)

(0.41)

(0.19)

0.74

Total

from

investment

operations

........

0.17

0.50

(0.91)

(0.20)

0.04

0.99

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.27)

(0.24)

(0.21)

(0.23)

(0.26)

Net

asset

value,

end

period

..........

$10.72

$10.69

$10.46

$11.61

$12.02

$12.21

Total

return

.......................

1.59%

4.85%

(7.86)%

(1.73)%

0.35%

8.74%

Ratios

average

net

assets

Expenses

.........................

1.22%

Net

investment

income

...............

2.54%

2.56%

2.25%

1.73%

1.93%

2.11%

Supplemental

data

Net

assets

end

period

(000’s)

........

$17,619

$21,272

$30,730

$43,148

$60,847

$78,321

Portfolio

turnover

rate

................

4.77%

8.99%

27.70%

22.05%

10.86%

4.08%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.56

$10.33

$11.46

$11.87

$12.07

$11.35

Income

from

investment

operations

Net

investment

income

.............

0.17

0.34

0.32

0.29

0.31

0.33

Net

realized

and

unrealized

gains

(losses)

0.03

0.23

(1.14)

(0.41)

(0.20)

0.73

Total

from

investment

operations

........

0.20

0.57

(0.82)

(0.12)

0.11

1.06

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.34)

(0.31)

(0.29)

(0.31)

(0.34)

Net

asset

value,

end

period

..........

$10.59

$10.56

$10.33

$11.46

$11.87

$12.07

Total

return

.......................

1.96%

5.64%

(7.14)%

(1.06)%

0.96%

9.48%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.55%

Expenses

net

waiver

and

payments

affiliates

..........................

0.55%

0.54%

0.53%

Net

investment

income

...............

3.27%

3.33%

2.99%

2.44%

2.62%

2.80%

Supplemental

data

Net

assets

end

period

(000’s)

........

$11,685

$14,947

$9,690

$11,255

$6,228

$4,153

Portfolio

turnover

rate

................

4.77%

8.99%

27.70%

22.05%

10.86%

4.08%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.55

$10.32

$11.46

$11.86

$12.06

$11.34

Income

from

investment

operations

Net

investment

income

.............

0.17

0.34

0.31

0.29

0.31

0.32

Net

realized

and

unrealized

gains

(losses)

0.03

0.23

(1.14)

(0.40)

(0.20)

0.74

Total

from

investment

operations

........

0.20

0.57

(0.83)

(0.11)

0.11

1.06

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.34)

(0.31)

(0.29)

(0.31)

(0.34)

Net

asset

value,

end

period

..........

$10.58

$10.55

$10.32

$11.46

$11.86

$12.06

Total

return

.......................

1.95%

5.61%

(7.26)%

(1.01)%

0.92%

9.44%

Ratios

average

net

assets

Expenses

.........................

0.58%

0.57%

Net

investment

income

...............

3.24%

3.27%

2.95%

2.41%

2.59%

2.76%

Supplemental

data

Net

assets

end

period

(000’s)

........

$69,045

$67,780

$80,068

$107,625

$102,001

$79,717

Portfolio

turnover

rate

................

4.77%

8.99%

27.70%

22.05%

10.86%

4.08%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

Michigan

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Corporate

Bonds

0.3%

Software

0.3%

Haven

Elgin

LLC

5.25

12/31/53

....................................

1,800,000

1,850,345

Total

Corporate

Bonds

(Cost

1,800,000

)

.......................................

1,850,345

Municipal

Bonds

98.0%

California

0.3%

California

Municipal

Finance

Authority

Integrity

Housing

Obligated

Group

Revenue

2022

A-1

4.25

12/01/37

...........................................

2,650,000

2,347,976

Florida

2.1%

Capital

Trust

Agency,

Inc.

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

Revenue

2021

A-1

3.75

12/01/36

.............................................

5,256,000

4,695,104

SHI

Lake

Osborne

LLC

Revenue

144A,

2021

A-1

3.68

1/01/57

...........

900,000

651,547

Capital

Trust

Authority

Gulf

Coast

Portfolio

Obligated

Group

Revenue

144A,

2024

Refunding

Zero

Cpn.,

3/01/29

........................................

6,025,000

4,781,180

Leon

County

Housing

Finance

Authority

Revenue

144A,

2022

Zero

Cpn.,

5/01/57

4,100,000

3,643,875

13,771,706

Illinois

0.6%

Metropolitan

Pier

Exposition

Authority

State

Illinois

McCormick

Place

Expansion

Project

Fund

Revenue

2022

Refunding

6/15/52

....................

2,500,000

2,327,554

State

Illinois

2021

12/01/39

................................

1,860,000

1,829,681

4,157,235

Kentucky

1.0%

Louisville/Jefferson

County

Metropolitan

Government

PSG

Vesta

Derby

Oaks

LLC

Revenue

144A,

2022

Zero

Cpn.,

5/01/52

..............................

8,625,000

6,890,671

Michigan

86.3%

Bangor

Township

School

District

2023

5/01/53

......................

2,000,000

2,138,490

Battle

Creek

School

District

2022

5/01/45

.........................

3,000,000

2,924,611

Belding

Area

Schools

2022

4.25

5/01/52

...........................

7,330,000

7,274,128

Byron

Center

Public

Schools

2017

5/01/34

.............................................

1,000,000

1,054,959

2017

5/01/35

.............................................

1,920,000

2,020,487

2017

5/01/36

.............................................

650,000

682,863

2017

5/01/37

.............................................

1,480,000

1,548,672

2017

5/01/38

.............................................

1,330,000

1,386,418

2017

5/01/47

.............................................

6,730,000

6,905,544

Caledonia

Community

Schools

2023

5/01/53

......................

2,000,000

2,159,731

Central

Michigan

University

Revenue

2014

Refunding

10/01/34

................................

1,600,000

1,602,220

Revenue

2014

Refunding

10/01/39

................................

2,000,000

2,002,775

Revenue

2021

Refunding

10/01/46

................................

1,325,000

1,065,913

Charter

Township

Bloomfield

2016

Refunding

5/01/32

..............

1,000,000

1,037,337

City

Battle

Creek

Water

Wastewater

System

Revenue

2016

6/01/36

...

1,300,000

1,346,986

City

Detroit

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Second

Lien

2003

NATL

Insured

7/01/34

.........................................

25,000

25,038

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Senior

Lien

AGMC

Insured

7/01/34

........................................

30,000

30,047

City

Grand

Rapids

Sanitary

Sewer

System

Revenue

2018

1/01/37

.......................

1,040,000

1,101,068

Sanitary

Sewer

System

Revenue

2018

1/01/43

.......................

1,000,000

1,040,291

Sanitary

Sewer

System

Revenue

2020

Refunding

1/01/45

..............

2,000,000

2,124,800

Water

Supply

System

Revenue

2016

Refunding

1/01/41

...............

2,190,000

2,233,740

Water

Supply

System

Revenue

2016

Refunding

1/01/46

...............

2,525,000

2,567,203

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Michigan

(continued)

City

Grand

Rapids,

(continued)

Water

Supply

System

Revenue

2018

Refunding

1/01/43

...............

1,500,000

1,560,436

Water

Supply

System

Revenue

2018

Refunding

1/01/48

...............

2,000,000

2,072,755

Water

Supply

System

Revenue

2020

1/01/40

........................

2,400,000

2,597,094

Water

Supply

System

Revenue

2020

1/01/50

........................

3,000,000

3,179,476

City

Lansing

2023

AGMC

Insured

4.25

6/01/53

...............................

2,225,000

2,141,320

2023

Refunding

AGMC

Insured

6/01/48

.......................

9,980,000

10,683,083

Comstock

Public

Schools

2022

5/01/52

..........................

3,000,000

2,856,449

County

Kent

2016

6/01/32

.............................................

1,305,000

1,355,617

2016

6/01/33

.............................................

1,275,000

1,322,905

County

Muskegon

2015

Refunding

11/01/33

....................................

1,360,000

1,391,654

2015

Refunding

11/01/36

....................................

1,735,000

1,773,182

Detroit

City

School

District

2001

AGMC

Insured

5/01/29

............

7,525,000

8,105,523

DeWitt

Public

Schools

2017

5/01/30

.............................................

500,000

529,108

2017

5/01/33

.............................................

815,000

857,556

2017

5/01/34

.............................................

1,000,000

1,049,450

2017

5/01/35

.............................................

1,000,000

1,046,323

2017

5/01/36

.............................................

1,000,000

1,044,558

Downriver

Utility

Wastewater

Authority

Revenue

2018

Refunding

AGMC

Insured

4/01/34

....................

510,000

538,743

Revenue

2018

Refunding

AGMC

Insured

4/01/36

....................

1,600,000

1,678,929

Revenue

2018

Refunding

AGMC

Insured

4/01/38

....................

1,500,000

1,561,596

Revenue

2018

Refunding

AGMC

Insured

4/01/43

....................

3,000,000

3,092,518

East

Grand

Rapids

Public

School

District

2024

5/01/53

..............

700,000

747,290

East

Lansing

School

District

2017

5/01/35

.............................................

1,500,000

1,577,325

2017

5/01/37

.............................................

1,100,000

1,150,467

2017

5/01/42

.............................................

3,500,000

3,624,439

Farmington

Public

School

District

2015

Refunding

AGMC

Insured

5/01/27

.........................

1,000,000

1,013,607

2015

Refunding

AGMC

Insured

5/01/28

.........................

2,000,000

2,026,686

2015

Refunding

AGMC

Insured

5/01/32

.........................

4,035,000

4,090,435

2015

Refunding

AGMC

Insured

5/01/33

.........................

2,900,000

2,939,651

2015

Refunding

AGMC

Insured

5/01/34

.........................

3,000,000

3,041,611

2015

Refunding

AGMC

Insured

5/01/35

.........................

1,000,000

1,013,673

2018

BAM

Insured

4.5

5/01/38

.................................

7,225,000

7,436,802

Flat

Rock

Community

School

District

2022

4.5

5/01/52

................

2,100,000

2,036,169

Gerald

Ford

International

Airport

Authority

Revenue

2021

1/01/46

.........

2,000,000

2,134,963

Grand

Traverse

County

Hospital

Finance

Authority

Munson

Healthcare

Obligated

Group

Revenue

2019

7/01/44

...........

1,110,000

1,157,388

Munson

Healthcare

Obligated

Group

Revenue

2019

7/01/39

...........

1,625,000

1,715,426

Munson

Healthcare

Obligated

Group

Revenue

2021

Refunding

7/01/51

....

10,000,000

8,019,564

Grand

Valley

State

University

Revenue

2018

12/01/38

........................................

900,000

940,934

Revenue

2018

12/01/43

........................................

1,800,000

1,859,092

Grandville

Public

Schools

AGMC

Insured

5/01/29

....................................

750,000

760,898

AGMC

Insured

5/01/30

....................................

1,000,000

1,013,870

AGMC

Insured

5/01/31

....................................

1,150,000

1,165,951

AGMC

Insured

5/01/32

....................................

1,165,000

1,181,082

AGMC

Insured

5/01/34

....................................

1,315,000

1,333,327

AGMC

Insured

5/01/35

....................................

1,225,000

1,241,587

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Michigan

(continued)

Grandville

Public

Schools,

(continued)

AGMC

Insured

5/01/37

....................................

2,915,000

2,948,908

AGMC

Insured

5/01/40

....................................

6,215,000

6,278,322

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue,

Second

Lien

2022

5.5

7/01/52

.......

1,500,000

1,673,450

Water

Supply

System

Revenue,

Second

Lien

2022

5.5

7/01/52

..........

5,000,000

5,556,690

Gull

Lake

Community

School

District

2018

5/01/45

.............................................

4,000,000

4,150,052

2018

5/01/48

.............................................

1,000,000

1,035,780

Hemlock

Public

School

District

2024

III

5/01/53

.....................

1,100,000

1,172,508

Hudsonville

Public

Schools

2017

Refunding

5/01/41

.................

2,500,000

2,604,543

Jenison

Public

Schools

2024

5/01/49

...........................

550,000

589,461

Kent

Hospital

Finance

Authority

Mary

Free

Bed

Rehabilitation

Hospital

Obligated

Group

Revenue

2021

4/01/51

..................................

6,010,000

4,495,851

Kentwood

Economic

Development

Corp.

Holland

Home

Obligated

Group

Revenue

2021

11/15/45

................

1,655,000

1,395,947

Holland

Home

Obligated

Group

Revenue

2022

Refunding

11/15/31

.......

1,940,000

1,863,481

Holland

Home

Obligated

Group

Revenue

2022

Refunding

11/15/43

.......

8,820,000

7,591,880

Kentwood

Public

Schools

2016

5/01/44

...........................

2,920,000

2,983,887

Lansing

Board

Water

Light

Revenue

2024

Refunding

7/01/54

........

9,500,000

10,294,915

Lansing

School

District

2016

5/01/39

.............................................

2,125,000

2,177,019

2016

5/01/40

.............................................

2,200,000

2,253,497

Lowell

Area

Schools

2024

4.125

5/01/54

..........................

2,155,000

2,074,555

Ludington

Area

School

District

2022

BAM

Insured

5/01/51

...........

7,820,000

7,473,531

Macomb

Interceptor

Drain

Drainage

District

Special

Assessment

2017

Refunding

5/01/42

......................................................

4,000,000

4,130,916

Mattawan

Consolidated

School

District

2024

5/01/54

................

1,700,000

1,834,568

Melvindale

Northern

Allen

Park

Public

Schools

2022

AGMC

Insured

4.375

5/01/47

..............................

1,500,000

1,508,288

2024

AGMC

Insured

5/01/45

.................................

1,300,000

1,417,493

Meridian

Public

School

District

2015

Refunding

5/01/31

..............

1,130,000

1,144,929

Michigan

Finance

Authority

Albion

College

Revenue

2022

Refunding

12/01/36

....................

2,925,000

1,972,445

Albion

College

Revenue

2022

Refunding

12/01/46

....................

4,800,000

2,998,712

Albion

College

Revenue

2022

Refunding

12/01/51

....................

3,050,000

1,871,423

Bronson

Health

Care

Group

Obligated

Group

Revenue

2019

Refunding

5/15/54

........................................................

11,000,000

11,140,918

Calvin

University

Obligated

Group

Revenue

2021

Refunding

9/01/50

......

895,000

650,435

Calvin

University

Obligated

Group

Revenue

2021

Refunding

9/01/50

......

2,600,000

2,311,232

Clean

Water

Revolving

Fund

Revenue

2016

Refunding

10/01/30

.......

2,750,000

2,801,432

Clean

Water

Revolving

Fund

Revenue

2018

Refunding

10/01/38

.......

8,055,000

8,586,455

Corewell

Health

Obligated

Group

Revenue

2016

11/01/44

.............

12,000,000

12,098,136

County

Wayne

Revenue,

Second

Lien

2020

Refunding

BAM

Insured

11/01/55

.......................................................

4,000,000

3,727,897

Henry

Ford

Health

System

Obligated

Group

Revenue

2016

Refunding

11/15/41

.......................................................

7,000,000

7,137,890

Kalamazoo

College

Revenue

2018

Refunding

12/01/47

................

2,610,000

2,454,406

Kettering

University

Revenue

2020

Refunding

9/01/35

.................

400,000

402,027

Kettering

University

Revenue

2020

Refunding

9/01/36

.................

565,000

565,068

Kettering

University

Revenue

2020

Refunding

9/01/37

.................

640,000

633,852

Kettering

University

Revenue

2020

Refunding

9/01/38

.................

675,000

662,129

Kettering

University

Revenue

2020

Refunding

9/01/39

.................

645,000

624,776

Kettering

University

Revenue

2020

Refunding

9/01/45

.................

3,780,000

3,440,048

Kettering

University

Revenue

2020

Refunding

9/01/50

.................

3,000,000

2,675,966

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

Finance

Authority,

(continued)

Lawrence

Technological

University

Obligated

Group

Revenue

2022

Refunding

2/01/42

........................................................

745,000

638,636

Michigan

Finance

Authority

Clean

Water

Revolving

Fund

Revenue

2018

Refunding

10/01/39

...........................................

6,000,000

6,378,257

Provident

Group

HFH

Energy

LLC

Revenue

2024

5.5

2/28/49

............

1,500,000

1,691,451

Provident

Group

HFH

Energy

LLC

Revenue

2024

4.375

2/28/54

..........

1,895,000

1,887,712

Provident

Group

HFH

Energy

LLC

Revenue

2024

5.5

2/28/57

............

1,750,000

1,952,146

Tobacco

Settlement

Revenue,

Senior

Lien

2020

A-2

Refunding

6/01/40

....

1,000,000

1,061,524

Tobacco

Settlement

Revenue,

Senior

Lien

2020

Refunding

6/01/49

...

7,170,000

6,620,481

Tobacco

Settlement

Revenue,

Senior

Lien

2020

B-1

Refunding

6/01/49

1,010,000

1,038,264

Trinity

Health

Corp.

Obligated

Group

Revenue

2016

12/01/45

.........

7,710,000

7,807,922

Trinity

Health

Corp.

Obligated

Group

Revenue

2016

Pre-Refunded

12/01/45

.......................................................

290,000

301,905

University

Detroit

Mercy

Obligated

Group

Revenue

2023

Refunding

5.5

11/01/48

.......................................................

2,000,000

2,057,082

University

Detroit

Mercy

Obligated

Group

Revenue

2023

Refunding

5.625

11/01/52

.......................................................

2,280,000

2,350,754

Michigan

State

Building

Authority

State

Michigan

Revenue

2016

Refunding

4/15/41

.................

12,000,000

12,325,018

State

Michigan

Revenue

2016

Refunding

10/15/46

................

9,910,000

10,138,095

State

Michigan

Revenue

2016

Refunding

10/15/51

................

1,000,000

1,019,381

State

Michigan

Revenue

2019

Refunding

4/15/54

.................

2,000,000

1,922,806

State

Michigan

Revenue

2021

10/15/51

.........................

1,500,000

1,176,372

State

Michigan

Revenue

2022

10/15/52

.........................

4,250,000

4,094,130

Michigan

State

Hospital

Finance

Authority

Ascension

Health

Credit

Group

Revenue

1999

B-3

11/15/33

.............

5,370,000

5,493,244

Ascension

Health

Credit

Group

Revenue

2010

F-7

Refunding

11/15/47

....

10,000,000

10,172,580

Ascension

Health

Credit

Group

Revenue

2010

F-8

Refunding

11/15/46

....

5,000,000

5,094,685

Michigan

State

Housing

Development

Authority

Revenue

2019

3.1

12/01/44

.....................................

15,000,000

12,466,151

Revenue

2020

2.8

12/01/45

.....................................

4,350,000

3,408,418

Revenue

2020

2.85

6/01/50

.....................................

5,150,000

3,889,191

Revenue

2021

2.5

6/01/52

......................................

3,000,000

2,072,315

Revenue

2021

2.7

10/01/56

.....................................

5,000,000

3,355,987

Revenue

2021

2.73

10/01/59

....................................

5,000,000

3,250,163

Revenue

2022

4.1

6/01/43

......................................

5,000,000

4,902,963

Michigan

State

University

Revenue

2015

8/15/40

.....................

8,500,000

8,623,443

Michigan

Strategic

Fund

State

Michigan

Department

Transportation

Revenue

2018

6/30/33

....

2,200,000

2,301,398

State

Michigan

Department

Transportation

Revenue

2018

6/30/48

....

7,000,000

7,153,758

Michigan

Technological

University

Revenue

2015

10/01/45

.......................................

2,400,000

2,427,214

Revenue

2023

AGMC

Insured

10/01/47

...........................

3,000,000

3,152,812

Revenue

2023

AGMC

Insured

5.25

10/01/52

........................

1,675,000

1,770,661

Revenue

2023

AGMC

Insured

5.25

10/01/53

........................

2,000,000

2,207,051

Oakland

University

Revenue

2016

3/01/41

.........................................

5,000,000

5,096,114

Revenue

2019

3/01/50

.........................................

2,230,000

2,310,867

Plainwell

Community

Schools

2022

5/01/52

......................

7,000,000

6,686,878

Rochester

Community

School

District

2016

5/01/36

.................

2,800,000

2,890,533

Roseville

Community

Schools

2014

Pre-Refunded

5/01/30

..................................

1,620,000

1,643,260

2014

Pre-Refunded

5/01/31

..................................

1,585,000

1,607,758

Saginaw

Valley

State

University

Revenue

2016

Refunding

7/01/31

...............................

2,170,000

2,237,242

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Michigan

(continued)

Saginaw

Valley

State

University,

(continued)

Revenue

2016

Refunding

7/01/33

...............................

1,240,000

1,276,382

Saline

Area

Schools

2016

5/01/34

.............................................

2,750,000

2,846,165

2016

5/01/36

.............................................

2,950,000

3,050,726

South

Haven

Public

Schools

2015

AGMC

Insured

5/01/33

................................

350,000

354,809

2015

AGMC

Insured

5/01/35

................................

1,575,000

1,596,534

Sparta

Area

Schools

2019

5/01/48

.............................

5,750,000

6,055,957

State

Michigan

Trunk

Line

Revenue

2023

5.25

11/15/49

................

2,000,000

2,239,307

Trenton

Public

Schools

School

District

2018

5/01/42

.............................................

4,920,000

5,129,116

2018

5/01/45

.............................................

11,480,000

11,894,783

Universal

Academy

Revenue

2021

Refunding

12/01/26

................................

305,000

291,643

Revenue

2021

Refunding

12/01/31

................................

1,035,000

1,004,497

Revenue

2021

Refunding

12/01/40

................................

1,100,000

1,007,267

University

Michigan

Revenue

2015

Pre-Refunded

4/01/46

..............................

2,000,000

2,074,133

Revenue

2017

Pre-Refunded

4/01/37

............................

2,700,000

2,864,514

Revenue

2017

Pre-Refunded

4/01/42

............................

5,635,000

5,978,346

Revenue

2017

Pre-Refunded

4/01/47

............................

5,000,000

5,304,655

Walled

Lake

Consolidated

School

District

2020

5/01/45

.............................................

2,500,000

2,622,916

2022

5/01/49

.............................................

1,500,000

1,604,849

2024

5/01/54

.............................................

1,800,000

1,941,019

Wayne

County

Airport

Authority

Detroit

Metropolitan

Wayne

County

Airport

Revenue

2018

12/01/43

......

7,750,000

8,121,186

Detroit

Metropolitan

Wayne

County

Airport

Revenue

2021

12/01/40

......

3,330,000

3,661,679

Detroit

Metropolitan

Wayne

County

Airport

Revenue

2021

12/01/46

......

4,670,000

5,043,117

Detroit

Metropolitan

Wayne

County

Airport

Revenue

2021

12/01/39

......

1,675,000

1,784,188

Wayne

State

University

Revenue

2015

Refunding

11/15/31

..............................

1,860,000

1,868,797

Revenue

2018

11/15/43

.......................................

4,500,000

4,662,036

Revenue

2018

11/15/48

.......................................

10,000,000

9,596,451

Wayne-Westland

Community

Schools

2022

11/01/44

.............................................

2,830,000

2,287,431

2022

11/01/46

.............................................

1,475,000

1,163,885

Western

Michigan

University

Revenue

2015

Refunding

11/15/30

..............................

2,500,000

2,538,614

Revenue

2015

Refunding

11/15/40

..............................

1,560,000

1,578,006

Revenue

2015

Refunding

11/15/45

..............................

2,000,000

2,018,648

Revenue

2019

Refunding

11/15/44

..............................

2,315,000

2,439,975

Revenue

2021

AGMC

Insured

11/15/51

...........................

2,785,000

2,938,785

Western

School

District

2022

5.25

5/01/52

..........................

2,000,000

2,189,174

Zeeland

Public

Schools

2015

AGMC

Insured

5/01/31

................................

1,530,000

1,550,516

2015

AGMC

Insured

5/01/33

................................

2,000,000

2,026,159

2015

Pre-Refunded

AGMC

Insured

5/01/35

....................

2,000,000

2,028,716

578,651,154

New

Jersey

0.1%

New

Jersey

Transportation

Trust

Fund

Authority

State

New

Jersey

Revenue

2019

6/15/50

......................

500,000

481,105

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Transportation

Trust

Fund

Authority,

(continued)

State

New

Jersey

Revenue

2020

6/15/50

......................

600,000

470,273

951,378

New

York

1.3%

Metropolitan

Transportation

Authority

Revenue

2021

A-1

11/15/48

..........

9,300,000

8,962,758

South

Carolina

1.3%

South

Carolina

Jobs-Economic

Development

Authority

Revenue

144A,

2021

A-1

3.65

12/01/36

..............................

1,800,000

1,576,356

AHPC

Vista

Towers

2021

LLC

Revenue

2021

A-1

3.65

12/01/36

...........

1,800,000

1,576,356

Columbia

Portfolio

Obligated

Group

Revenue

144A,

2022

A-2

Zero

Cpn.,

6/01/52

6,200,000

4,723,617

South

Carolina

State

Housing

Finance

Development

Authority

Garden

Oaks

Revenue

144A,

2021

4.2

12/01/39

................................

1,000,000

847,577

8,723,906

Texas

0.5%

Lake

Houston

Redevelopment

Authority

City

Houston

Reinvestment

Zone

No.

Revenue

2021

Refunding

9/01/39

325,000

266,472

City

Houston

Reinvestment

Zone

No.

Revenue

2021

Refunding

9/01/40

300,000

241,216

Pecan

Public

Facility

Corp.

Revenue

144A,

2022

A-2

12/01/52

............

3,500,000

2,874,985

3,382,673

Washington

0.2%

Washington

State

Housing

Finance

Commission

Madison

Rivers

Edge

Apartments

LLC

Revenue

144A,

2021

3.65

1/01/37

............................

1,800,000

1,576,776

Wisconsin

0.2%

Public

Finance

Authority

Revenue

144A,

2022

B-1

12/28/44

..............

1,800,000

1,515,436

U.S.

Territories

4.1%

Guam

0.6%

Guam

Government

Waterworks

Authority

Revenue

2020

1/01/50

........................................

1,750,000

1,809,411

Guam

Waterworks

Authority

Water

And

Wastewater

System

Revenue

2024

Refunding

1/01/46

............................................

1,770,000

1,894,692

3,704,103

Puerto

Rico

3.5%

HTA

HRRB

Custodial

Trust

Revenue

2007

5.25

7/01/32

....................................

404,110

402,114

Revenue

2007

5.25

7/01/36

....................................

291,537

292,692

HTA

TRRB

Custodial

Trust

Revenue

2005

5.25

7/01/41

.....................................

3,203,851

3,136,070

Revenue

2007

5.25

7/01/34

.....................................

6,095,532

6,114,435

Revenue

2007

5.25

7/01/36

.....................................

410,750

412,377

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

A-1

7/01/58

.....

12,900,000

12,957,050

23,314,738

Total

U.S.

Territories

....................................................................

27,018,841

Total

Municipal

Bonds

(Cost

681,533,936

)

.....................................

657,950,510

Total

Long

Term

Investments

(Cost

683,333,936

)

...............................

659,800,855

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Short

Term

Investments

0.7%

Principal

Amount

Value

Municipal

Bonds

0.7%

Michigan

0.7%

Green

Lake

Township

Economic

Development

Corp.

Interlochen

Center

for

the

Arts

Revenue

2004

Refunding

LOC

PNC

Bank

Daily

VRDN

and

Put

6/01/34

4,000,000

University

Michigan

Revenue

2012

D-1

Daily

VRDN

and

Put

3.75

12/01/24

600,000

4,600,000

Total

Municipal

Bonds

(Cost

4,600,000

)

.......................................

4,600,000

Total

Short

Term

Investments

(Cost

4,600,000

)

.................................

4,600,000

Total

Investments

(Cost

687,933,936

)

99.0

...................................

$664,400,855

Other

Assets,

less

Liabilities

1.0

.............................................

6,497,834

Net

Assets

100.0%

...........................................................

$670,898,689

See

Abbreviations

page

117

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$29,082,020,

representing

4.3%

net

assets.

Security

purchased

when-issued

basis.

See

Note

1(b).

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

floating

variable

interest

rate

adjustment

formula

and

unconditional

right

demand

receive

payment

the

principal

balance

plus

accrued

interest

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

determined

based

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Minnesota

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.24

$11.03

$12.20

$12.62

$12.82

$12.10

Income

from

investment

operations

Net

investment

income

.............

0.17

0.32

0.28

0.23

0.25

0.30

Net

realized

and

unrealized

gains

(losses)

0.03

0.20

(1.18)

(0.42)

(0.20)

0.72

Total

from

investment

operations

........

0.20

0.52

(0.90)

(0.19)

0.05

1.02

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.31)

(0.27)

(0.23)

(0.25)

(0.30)

Net

asset

value,

end

period

..........

$11.27

$11.24

$11.03

$12.20

$12.62

$12.82

Total

return

.......................

1.79%

4.81%

(7.35)%

(1.59)%

0.38%

8.56%

Ratios

average

net

assets

Expenses

.........................

0.84%

0.83%

Net

investment

income

...............

2.99%

2.88%

2.48%

1.79%

1.96%

2.42%

Supplemental

data

Net

assets

end

period

(000’s)

........

$175,232

$174,047

$173,008

$193,021

$160,623

$96,802

Portfolio

turnover

rate

................

1.54%

20.83%

19.82%

19.81%

9.45%

16.45%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.24

$11.02

$12.19

$12.61

$12.82

$12.09

Income

from

investment

operations

Net

investment

income

.............

0.18

0.33

0.29

0.25

0.27

0.32

Net

realized

and

unrealized

gains

(losses)

0.03

0.22

(1.17)

(0.42)

(0.21)

0.73

Total

from

investment

operations

........

0.21

0.55

(0.88)

(0.17)

0.06

1.05

Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.33)

(0.29)

(0.25)

(0.27)

(0.32)

Net

asset

value,

end

period

..........

$11.27

$11.24

$11.02

$12.19

$12.61

$12.82

Total

return

.......................

1.87%

5.06%

(7.21)%

(1.44)%

0.45%

8.82%

Ratios

average

net

assets

Expenses

.........................

0.69%

0.68%

Net

investment

income

...............

3.14%

3.03%

2.62%

1.94%

2.13%

2.57%

Supplemental

data

Net

assets

end

period

(000’s)

........

$315,916

$328,953

$376,659

$506,601

$583,105

$606,559

Portfolio

turnover

rate

................

1.54%

20.83%

19.82%

19.81%

9.45%

16.45%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.37

$11.15

$12.33

$12.76

$12.97

$12.23

Income

from

investment

operations

Net

investment

income

.............

0.15

0.27

0.23

0.17

0.20

0.25

Net

realized

and

unrealized

gains

(losses)

0.02

0.21

(1.18)

(0.43)

(0.21)

0.75

Total

from

investment

operations

........

0.17

0.48

(0.95)

(0.26)

(0.01)

1.00

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.26)

(0.23)

(0.17)

(0.20)

(0.26)

Net

asset

value,

end

period

..........

$11.40

$11.37

$11.15

$12.33

$12.76

$12.97

Total

return

.......................

1.56%

4.42%

(7.73)%

(2.05)%

(0.10)%

8.23%

Ratios

average

net

assets

Expenses

.........................

1.24%

1.23%

Net

investment

income

...............

2.55%

2.43%

2.03%

1.36%

1.57%

2.02%

Supplemental

data

Net

assets

end

period

(000’s)

........

$32,095

$38,418

$52,613

$81,058

$109,387

$138,417

Portfolio

turnover

rate

................

1.54%

20.83%

19.82%

19.81%

9.45%

16.45%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.26

$11.04

$12.21

$12.64

$12.84

$12.11

Income

from

investment

operations

Net

investment

income

.............

0.18

0.35

0.31

0.27

0.29

0.34

Net

realized

and

unrealized

gains

(losses)

0.02

0.21

(1.17)

(0.43)

(0.20)

0.73

Total

from

investment

operations

........

0.20

0.56

(0.86)

(0.16)

0.09

1.07

Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.34)

(0.31)

(0.27)

(0.29)

(0.34)

Net

asset

value,

end

period

..........

$11.28

$11.26

$11.04

$12.21

$12.64

$12.84

Total

return

.......................

1.85%

5.20%

(7.06)%

(1.28)%

0.60%

8.97%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.55%

0.54%

0.55%

Expenses

net

waiver

and

payments

affiliates

..........................

0.55%

0.54%

0.53%

Net

investment

income

...............

3.28%

3.18%

2.77%

2.10%

2.26%

2.72%

Supplemental

data

Net

assets

end

period

(000’s)

........

$18,673

$18,009

$11,973

$16,571

$13,889

$9,693

Portfolio

turnover

rate

................

1.54%

20.83%

19.82%

19.81%

9.45%

16.45%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.25

$11.04

$12.21

$12.63

$12.83

$12.11

Income

from

investment

operations

Net

investment

income

.............

0.18

0.34

0.31

0.26

0.28

0.33

Net

realized

and

unrealized

gains

(losses)

0.03

0.21

(1.18)

(0.42)

(0.20)

0.73

Total

from

investment

operations

........

0.21

0.55

(0.87)

(0.16)

0.08

1.06

Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.34)

(0.30)

(0.26)

(0.28)

(0.34)

Net

asset

value,

end

period

..........

$11.28

$11.25

$11.04

$12.21

$12.63

$12.83

Total

return

.......................

1.92%

5.07%

(7.11)%

(1.34)%

0.63%

8.83%

Ratios

average

net

assets

Expenses

.........................

0.59%

0.58%

Net

investment

income

...............

3.24%

3.12%

2.71%

2.04%

2.22%

2.67%

Supplemental

data

Net

assets

end

period

(000’s)

........

$148,096

$148,704

$197,029

$266,255

$244,156

$203,230

Portfolio

turnover

rate

................

1.54%

20.83%

19.82%

19.81%

9.45%

16.45%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

Minnesota

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

97.6%

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

5,531,218

SHI

Lake

Osborne

LLC

Revenue

144A,

2021

A-1

3.68

1/01/57

...........

2,100,000

1,520,275

7,051,493

Minnesota

94.6%

Alexandria

Independent

School

District

No.

206

2017

Refunding

2/01/37

29,905,000

28,041,389

Anoka-Hennepin

Independent

School

District

No.

2018

3.25

2/01/37

..........................................

5,355,000

5,193,808

2018

2/01/39

............................................

8,905,000

9,053,011

2018

3.375

2/01/43

.........................................

4,020,000

3,651,645

Becker

Independent

School

District

No.

726

2022

Zero

Cpn.,

2/01/41

......

1,000,000

489,431

Blooming

Prairie

Independent

School

District

No.

756

2022

Refunding

2.25

2/01/45

.........................................................

1,500,000

1,032,335

Brainerd

Independent

School

District

No.

181

2018

2/01/32

............................................

3,065,000

3,146,246

2018

2/01/43

............................................

1,900,000

1,882,643

Centennial

Independent

School

District

No.

2015

Refunding

Zero

Cpn.,

2/01/32

..............................

1,450,000

1,097,956

2015

Refunding

Zero

Cpn.,

2/01/34

..............................

1,600,000

1,109,980

2015

Refunding

Zero

Cpn.,

2/01/35

..............................

350,000

232,535

City

Center

City

Hazelden

Betty

Ford

Foundation

Revenue

2019

Refunding

11/01/41

........................................................

1,000,000

956,771

City

Coon

Rapids

Mississippi

View

Housing

Partners

Revenue

2023

FNMA

Insured

5.6

12/01/39

.............................................

3,740,245

4,037,239

City

Corcoran

2023

BAM

Insured

2/01/53

.....................

3,605,000

3,489,539

City

Elk

River

Electric

Revenue

2021

2.25

8/01/47

...................

1,475,000

971,320

City

Fridley

2022

2/01/36

............................................

350,000

361,328

2022

2/01/37

............................................

735,000

756,588

2022

2/01/38

............................................

800,000

823,509

Fridley

Leased

Housing

Associates

LLLP

Revenue

2018

FNMA

Insured

3.75

11/01/34

.......................................................

9,303,185

9,245,777

Roers

Fridley

Apartments

Owner

LLC

Revenue

144A,

2023

5.75

6/01/41

16,000,000

16,306,547

City

Minneapolis

2018

12/01/46

.............................................

3,500,000

3,450,425

2019

12/01/40

.............................................

2,000,000

1,748,322

14th

and

Central

LLLP

Revenue

2020

FNMA

Insured

2.35

2/01/38

.........

7,382,033

5,917,522

Allina

Health

Obligated

Group

Revenue

2021

11/15/40

.................

6,750,000

6,693,451

Fairview

Health

Services

Obligated

Group

Revenue

2015

Refunding

AGMC

Insured

11/15/44

.............................................

10,000,000

10,094,653

Fairview

Health

Services

Obligated

Group

Revenue

2015

Refunding

11/15/44

.......................................................

1,325,000

1,326,181

Fairview

Health

Services

Obligated

Group

Revenue

2018

Refunding

AGMC

Insured

11/15/49

.............................................

6,000,000

6,167,087

Fairview

Health

Services

Obligated

Group

Revenue

2018

Refunding

11/15/49

.......................................................

4,535,000

4,580,365

City

Mounds

View

Sherman

Forbes

Housing

Partners

Revenue

2023

Mandatory

Put

4.05

11/01/24

.......................................

1,000,000

999,814

City

Rochester

Electric

Utility

Revenue

2017

Refunding

12/01/42

...................

1,395,000

1,436,122

Electric

Utility

Revenue

2017

Refunding

12/01/47

...................

9,815,000

10,059,559

Mayo

Clinic

Revenue

2016

Refunding

11/15/33

....................

9,425,000

11,082,783

Mayo

Clinic

Revenue

2016

Refunding

11/15/34

....................

5,235,000

6,211,727

Mayo

Clinic

Revenue

2016

Refunding

11/15/36

....................

8,400,000

10,071,749

Mayo

Clinic

Revenue

2018

11/15/48

...............................

6,000,000

5,900,252

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Minnesota

(continued)

City

Rochester,

(continued)

Mayo

Clinic

Revenue

2022

Refunding

3.25

11/15/41

...................

4,000,000

3,691,176

Mayo

Clinic

Revenue

2022

Refunding

11/15/57

......................

2,000,000

2,149,669

City

St.

Cloud

CentraCare

Health

System

Obligated

Group

Revenue

2016

Refunding

5/01/37

........................................................

7,310,000

7,310,099

CentraCare

Health

System

Obligated

Group

Revenue

2016

Refunding

5/01/46

........................................................

4,650,000

4,696,638

CentraCare

Health

System

Obligated

Group

Revenue

2019

Refunding

5/01/48

........................................................

10,000,000

10,388,077

City

St.

Paul

Water

Revenue

2023

12/01/46

.......................

13,340,000

13,295,766

City

Virginia

2024

4.375

2/01/34

.........................................

1,000,000

1,002,868

2024

4.5

2/01/37

...........................................

1,605,000

1,596,491

2024

2/01/41

............................................

825,000

840,687

City

Wadena

Astera

Health

Revenue

2024

12/01/45

.................

1,900,000

2,045,916

Cloquet

Independent

School

District

No.

2015

2/01/32

............

3,615,000

3,646,082

County

Norman

2022

3.25

2/01/52

............................

3,115,000

2,617,671

County

Rice

2022

2/01/48

.................................

5,200,000

5,050,700

Dakota

County

Community

Development

Agency

Revenue

2011

GNMA

Insured

4.875

12/01/33

..................................................

340,000

340,082

Dawson-Boyd

Independent

School

District

No.

378

2019

3.125

2/01/40

...

2,965,000

2,707,249

Duluth

Economic

Development

Authority

Essentia

Health

Obligated

Group

Revenue

2018

Refunding

2/15/53

.....

15,830,000

16,100,973

Essentia

Health

Obligated

Group

Revenue

2018

Refunding

5.25

2/15/53

...

13,105,000

13,466,750

St.

Luke's

Hospital

Duluth

Obligated

Group

Revenue

2021

Refunding

6/15/38

........................................................

150,000

154,071

St.

Luke's

Hospital

Duluth

Obligated

Group

Revenue

2021

Refunding

6/15/39

........................................................

155,000

158,084

St.

Luke's

Hospital

Duluth

Obligated

Group

Revenue

2021

Refunding

6/15/44

........................................................

850,000

728,637

St.

Luke's

Hospital

Duluth

Obligated

Group

Revenue

2022

Refunding

6/15/29

........................................................

400,000

435,382

St.

Luke's

Hospital

Duluth

Obligated

Group

Revenue

2022

Refunding

6/15/30

........................................................

425,000

468,418

St.

Luke's

Hospital

Duluth

Obligated

Group

Revenue

2022

Refunding

6/15/31

........................................................

450,000

501,536

St.

Luke's

Hospital

Duluth

Obligated

Group

Revenue

2022

Refunding

6/15/32

........................................................

500,000

562,457

St.

Luke's

Hospital

Duluth

Obligated

Group

Revenue

2022

Refunding

6/15/33

........................................................

600,000

674,330

St.

Luke's

Hospital

Duluth

Obligated

Group

Revenue

2022

Refunding

6/15/34

........................................................

520,000

548,392

St.

Luke's

Hospital

Duluth

Obligated

Group

Revenue

2022

Refunding

6/15/35

........................................................

425,000

446,102

St.

Luke's

Hospital

Duluth

Obligated

Group

Revenue

2022

Refunding

6/15/36

........................................................

400,000

417,543

St.

Luke's

Hospital

Duluth

Obligated

Group

Revenue

2022

Refunding

6/15/37

........................................................

375,000

390,061

St.

Luke's

Hospital

Duluth

Obligated

Group

Revenue

2022

Refunding

6/15/38

........................................................

400,000

412,753

St.

Luke's

Hospital

Duluth

Obligated

Group

Revenue

2022

Refunding

6/15/39

........................................................

250,000

256,045

St.

Luke's

Hospital

Duluth

Obligated

Group

Revenue

2022

5.25

6/15/52

8,000,000

8,652,899

Duluth

Independent

School

District

No.

709

2015

Refunding

2.5

2/01/26

..................................

2,840,000

2,824,525

2021

Zero

Cpn.,

2/01/29

.......................................

1,870,000

1,560,858

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Minnesota

(continued)

Duluth

Independent

School

District

No.

709,

(continued)

2021

Zero

Cpn.,

2/01/30

.......................................

1,275,000

1,017,053

2021

Zero

Cpn.,

2/01/31

.......................................

1,325,000

1,006,183

2021

Zero

Cpn.,

2/01/32

.......................................

1,080,000

779,587

2021

Zero

Cpn.,

2/01/33

.......................................

1,075,000

736,975

Forest

Lake

Independent

School

District

No.

831

2023

2/01/37

........

2,000,000

2,082,724

Fridley

Independent

School

District

No.

2016

2/01/29

............

2,220,000

2,256,004

Gibbon

Independent

School

District

No.

2365

2023

2/01/48

............................................

1,850,000

1,984,614

2023

4.125

2/01/52

.........................................

2,250,000

2,218,324

Hastings

Independent

School

District

No.

200

2018

Zero

Cpn.,

2/01/38

.......................................

4,685,000

2,694,525

2018

Zero

Cpn.,

2/01/39

.......................................

4,685,000

2,521,520

2018

Zero

Cpn.,

2/01/40

.......................................

4,685,000

2,393,984

Hennepin

County

Regional

Railroad

Authority

County

Hennepin

2019

12/01/37

...........................

1,000,000

1,073,848

County

Hennepin

2019

12/01/38

...........................

3,965,000

4,243,954

Hopkins

Independent

School

District

No.

270

2019

2/01/33

............................................

5,640,000

5,538,533

2019

2/01/34

............................................

2,450,000

2,391,956

Jordan

Independent

School

District

No.

717

2023

2/01/42

...........

1,300,000

1,313,081

Lakeville

Independent

School

District

No.

194

2021

2.125

2/01/42

.......

2,085,000

1,456,896

Mankato

Independent

School

District

No.

COP

2022

2/01/42

..........

2,730,000

2,289,637

Metropolitan

Council

2020

2.125

3/01/36

.........................................

3,500,000

2,877,639

2020

2.125

3/01/37

.........................................

4,000,000

3,227,204

2020

2.125

3/01/38

.........................................

4,000,000

3,166,079

2022

3/01/40

............................................

3,275,000

3,398,494

2022

3/01/41

............................................

3,410,000

3,519,652

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

Revenue

2022

Refunding

4.25

1/01/52

.............................

2,990,000

2,990,986

Revenue,

Senior

Lien

2016

1/01/34

..............................

2,870,000

2,996,656

Revenue,

Senior

Lien

2016

1/01/35

..............................

4,025,000

4,198,774

Revenue,

Senior

Lien

2016

1/01/41

..............................

20,730,000

21,380,095

Revenue,

Senior

Lien

2016

1/01/46

..............................

14,475,000

14,834,898

Minnesota

Agricultural

Economic

Development

Board

HealthPartners

Obligated

Group

Revenue

2024

5.25

1/01/54

.................................

5,000,000

5,465,962

Minnesota

Higher

Education

Facilities

Authority

Macalester

College

Revenue

2017

Refunding

3/01/33

.................

1,510,000

1,439,714

Macalester

College

Revenue

2021

Refunding

3/01/36

.................

125,000

130,210

Macalester

College

Revenue

2021

Refunding

3/01/40

.................

365,000

324,485

St.

Catherine

University

Revenue

2023

10/01/43

.....................

600,000

614,630

St.

Catherine

University

Revenue

2023

5.125

10/01/48

..................

750,000

763,591

St.

Catherine

University

Revenue

2023

10/01/52

.....................

3,000,000

3,007,715

St.

John's

University

Revenue

2021

Refunding

10/01/32

...............

255,000

263,284

St.

John's

University

Revenue

2021

Refunding

10/01/33

...............

240,000

246,958

St.

John's

University

Revenue

2021

Refunding

10/01/34

...............

355,000

363,989

St.

John's

University

Revenue

2021

Refunding

10/01/37

...............

250,000

226,824

St.

John's

University

Revenue

2021

Refunding

10/01/38

...............

250,000

223,382

St.

Olaf

College

Revenue

2021

10/01/41

...........................

1,600,000

1,400,112

St.

Olaf

College

Revenue

Refunding

10/01/35

....................

500,000

504,091

University

St.

Thomas

Revenue

2017

Refunding

10/01/36

..........

750,000

757,471

University

St.

Thomas

Revenue

2017

Refunding

10/01/37

..........

750,000

755,713

University

St.

Thomas

Revenue

2022

10/01/52

...................

10,000,000

10,537,403

University

St.

Thomas

Revenue

2024

10/01/49

...................

4,000,000

4,284,299

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Minnesota

(continued)

Minnesota

Housing

Finance

Agency

Revenue

2020

GNMA

Insured

2.8

1/01/44

..........................

2,870,000

2,313,440

Revenue

2020

GNMA

Insured

2.5

7/01/40

..........................

1,840,000

1,481,932

Revenue

2021

GNMA

Insured

2.1

7/01/36

..........................

950,000

762,641

Revenue

2021

GNMA

Insured

2.3

7/01/41

..........................

3,345,000

2,501,162

Revenue

2021

GNMA

Insured

2.45

7/01/46

.........................

3,320,000

2,337,928

Revenue

2021

GNMA

Insured

2.55

1/01/46

.........................

3,950,000

2,899,042

Revenue

2022

GNMA

Insured

2.75

7/01/42

.........................

2,660,000

2,164,354

Revenue

2023

GNMA

Insured

4.5

7/01/43

..........................

1,000,000

1,008,733

Revenue

2023

GNMA

Insured

4.6

7/01/45

..........................

1,000,000

1,005,392

State

Minnesota

Revenue

2009

8/01/29

..........................

1,675,000

1,675,207

State

Minnesota

Revenue

2011

8/01/31

..........................

2,225,000

2,228,402

State

Minnesota

Revenue

2020

8/01/42

........................

1,815,000

1,811,029

Minnesota

Municipal

Gas

Agency

Revenue

2022

Mandatory

Put

12/01/27

13,550,000

13,687,507

Minnesota

Municipal

Power

Agency

Revenue

2014

Refunding

10/01/32

....

1,200,000

1,200,609

Minnesota

Office

Higher

Education

Revenue,

Senior

Lien

2023

Refunding

11/01/42

........................................................

2,250,000

2,173,156

Moorhead

Independent

School

District

No.

152

2020

2.5

2/01/37

.......

7,795,000

6,621,587

Nashwauk

Keewatin

Independent

School

District

No.

319

2022

Refunding

2/01/48

.........................................................

9,020,000

8,761,021

North

St.

Paul-Maplewood-Oakdale

Independent

School

District

No.

622

2019

2/01/42

............................................

4,975,000

4,281,954

2019

2/01/46

............................................

22,965,000

18,893,065

Northern

Municipal

Power

Agency

Revenue

2017

Refunding

1/01/41

.......

800,000

818,935

Norwood

Young

America

Independent

School

District

No.

108

2022

2.25

2/01/45

.........................................................

1,700,000

1,159,713

Prior

Lake-Savage

Independent

School

District

No.

719

2018

Zero

Cpn.,

2/01/27

.......................................

10,545,000

9,764,211

2018

Zero

Cpn.,

2/01/28

.......................................

13,055,000

11,707,434

2018

Zero

Cpn.,

2/01/30

.......................................

9,010,000

7,491,876

2018

Zero

Cpn.,

2/01/31

.......................................

5,310,000

4,227,886

Red

Rock

Central

Independent

School

District

No.

2884

2022

2.375

2/01/47

3,000,000

2,052,347

Rosemount-Apple

Valley-Eagan

Independent

School

District

No.

196

2023

2/01/44

.........................................................

2,000,000

1,973,979

Roseville

Independent

School

District

No.

623

2018

2/01/35

............................................

4,900,000

5,023,194

2018

2/01/37

............................................

5,000,000

5,088,667

Sartell-St.

Stephen

Independent

School

District

No.

748

2016

Zero

Cpn.,

2/01/36

.......................................

3,000,000

1,842,038

2016

Zero

Cpn.,

2/01/37

.......................................

2,820,000

1,646,384

2016

Zero

Cpn.,

2/01/38

.......................................

5,220,000

2,897,667

2016

Zero

Cpn.,

2/01/39

.......................................

3,020,000

1,577,984

Sauk

Centre

Public

Utilities

Commission

Electric

Revenue

2024

AGMC

Insured

4.25

12/01/44

..................

395,000

399,648

Electric

Revenue

2024

AGMC

Insured

4.5

12/01/53

...................

335,000

336,181

Scott

County

Community

Development

Agency

Spero

Senior

LLC

Revenue,

Senior

Lien

144A,

2022

5.25

8/01/37

...............................

8,000,000

8,113,329

Southern

Minnesota

Municipal

Power

Agency

Revenue

1994

NATL

Insured

Zero

Cpn.,

1/01/26

.......................

5,395,000

5,152,699

Revenue

1994

NATL

Insured

Zero

Cpn.,

1/01/27

.......................

6,600,000

6,089,252

Revenue

2015

Refunding

1/01/41

...............................

2,085,000

2,129,003

Revenue

2015

Refunding

1/01/46

...............................

7,260,000

7,389,523

Revenue

2017

1/01/47

........................................

1,315,000

1,369,966

St.

Cloud

Independent

School

District

No.

742

COP

2017

2/01/38

...........................................

1,000,000

1,000,854

2017

Refunding

2/01/30

...................................

4,060,000

4,127,098

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Minnesota

(continued)

St.

Cloud

Independent

School

District

No.

742,

(continued)

2017

Refunding

2/01/36

...................................

2,500,000

2,541,316

2017

Refunding

2/01/37

...................................

2,250,000

2,287,185

St.

Francis

Independent

School

District

No.

2018

3.5

2/01/41

........

3,350,000

3,191,916

St.

Paul

Port

Authority

District

Energy

St.

Paul

Obligated

Group

Revenue

2021-1

Refunding

10/01/34

300,000

277,686

District

Energy

St.

Paul

Obligated

Group

Revenue

2023-3

4.75

10/01/43

.....

1,000,000

1,034,927

District

Energy

St.

Paul

Obligated

Group

Revenue

2023-4

5.25

10/01/42

.....

1,000,000

1,034,499

State

Minnesota

2023

8/01/43

..............................

4,745,000

4,921,756

Stearns

County

Housing

Redevelopment

Authority

Revenue

2021

Refunding

2/01/61

......................................................

1,105,000

782,245

University

Minnesota

Revenue

2017

9/01/40

........................................

1,240,000

1,283,704

Revenue

2017

9/01/41

........................................

3,000,000

3,098,254

Revenue

2017

Refunding

12/01/30

..............................

3,000,000

3,182,677

Revenue

2019

4/01/39

........................................

3,055,000

3,285,162

Revenue

2019

4/01/40

........................................

2,110,000

2,259,568

Revenue

2019

4/01/41

........................................

6,045,000

6,450,217

Revenue

2019

4/01/44

........................................

2,000,000

2,115,777

Revenue

2020

11/01/39

.......................................

2,000,000

2,196,404

Revenue

2020

11/01/42

.......................................

1,230,000

1,336,166

Watertown-Mayer

Independent

School

District

No.

111

2020

Zero

Cpn.,

2/01/33

.......................................

2,470,000

1,758,693

2020

Zero

Cpn.,

2/01/34

.......................................

2,470,000

1,683,722

2020

Zero

Cpn.,

2/01/36

.......................................

1,470,000

912,740

2020

Zero

Cpn.,

2/01/37

.......................................

2,470,000

1,459,671

West

St.

Paul-Mendota

Heights-Eagan

Independent

School

District

No.

197

2018

2/01/34

....................................................

2,655,000

2,722,357

Western

Minnesota

Municipal

Power

Agency

Revenue

2015

Refunding

1/01/35

...............................

3,000,000

3,076,835

Revenue

2015

Refunding

1/01/36

...............................

2,035,000

2,083,107

Revenue

2018

1/01/49

........................................

5,000,000

5,164,624

Zumbro

Education

District

COP

2021

2/01/32

...........................................

200,000

198,011

COP

2021

2/01/33

...........................................

150,000

147,897

COP

2021

2/01/34

...........................................

125,000

122,749

COP

2021

2.125

2/01/35

........................................

325,000

258,186

COP

2021

2/01/38

...........................................

390,000

371,747

COP

2021

2/01/41

...........................................

635,000

581,692

652,667,823

South

Carolina

1.0%

South

Carolina

Jobs-Economic

Development

Authority

Revenue

144A,

2021

A-1

3.65

12/01/36

..............................

2,100,000

1,839,081

AHPC

Vista

Towers

2021

LLC

Revenue

2021

A-1

3.65

12/01/36

...........

2,100,000

1,839,082

South

Carolina

State

Housing

Finance

Development

Authority

Garden

Oaks

Revenue

144A,

2021

4.2

12/01/39

................................

3,500,000

2,966,519

6,644,682

Texas

0.5%

Pecan

Public

Facility

Corp.

Revenue

144A,

2022

A-2

12/01/52

............

4,000,000

3,285,697

Washington

0.3%

Washington

State

Housing

Finance

Commission

Madison

Rivers

Edge

Apartments

LLC

Revenue

144A,

2021

3.65

1/01/37

............................

2,100,000

1,839,572

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Wisconsin

0.2%

Public

Finance

Authority

Revenue

144A,

2022

B-1

12/28/44

..............

2,100,000

1,768,009

Total

Municipal

Bonds

(Cost

697,102,303

)

.....................................

673,257,276

Short

Term

Investments

1.8%

Municipal

Bonds

1.8%

Minnesota

1.8%

City

Minneapolis

Fairview

Health

Services

Obligated

Group

Revenue

2018

Refunding

LOC

Wells

Fargo

Bank

Daily

VRDN

and

Put

3.8

11/15/48

.....

12,700,000

Total

Municipal

Bonds

(Cost

12,700,000

)

......................................

12,700,000

Total

Short

Term

Investments

(Cost

12,700,000

)

................................

12,700,000

Total

Investments

(Cost

709,802,303

)

99.4

...................................

$685,957,276

Other

Assets,

less

Liabilities

0.6

.............................................

4,054,422

Net

Assets

100.0%

...........................................................

$690,011,698

See

Abbreviations

page

117

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$37,639,029,

representing

5.5%

net

assets.

The

maturity

date

shown

represents

the

mandatory

put

date.

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

floating

variable

interest

rate

adjustment

formula

and

unconditional

right

demand

receive

payment

the

principal

balance

plus

accrued

interest

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

determined

based

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Ohio

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.50

$11.29

$12.54

$12.90

$13.20

$12.49

Income

from

investment

operations

Net

investment

income

.............

0.18

0.34

0.31

0.25

0.30

0.35

Net

realized

and

unrealized

gains

(losses)

0.06

0.21

(1.26)

(0.36)

(0.30)

0.71

Total

from

investment

operations

........

0.24

0.55

(0.95)

(0.11)

—

1.06

Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.34)

(0.30)

(0.25)

(0.30)

(0.35)

Net

asset

value,

end

period

..........

$11.56

$11.50

$11.29

$12.54

$12.90

$13.20

Total

return

.......................

2.11%

4.96%

(7.57)%

(0.90)%

0.02%

8.60%

Ratios

average

net

assets

Expenses

.........................

0.81%

0.80%

0.81%

Net

investment

income

...............

3.08%

3.01%

2.66%

1.94%

2.31%

2.69%

Supplemental

data

Net

assets

end

period

(000’s)

........

$262,952

$261,839

$269,364

$315,516

$261,661

$160,174

Portfolio

turnover

rate

................

3.75%

9.53%

26.92%

24.59%

20.64%

4.56%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.49

$11.28

$12.54

$12.90

$13.20

$12.49

Income

from

investment

operations

Net

investment

income

.............

0.19

0.36

0.32

0.27

0.33

0.37

Net

realized

and

unrealized

gains

(losses)

0.06

0.21

(1.26)

(0.36)

(0.31)

0.71

Total

from

investment

operations

........

0.25

0.57

(0.94)

(0.09)

0.02

1.08

Less

distributions

from:

Net

investment

income

..............

(0.19)

(0.36)

(0.32)

(0.27)

(0.32)

(0.37)

Net

asset

value,

end

period

..........

$11.55

$11.49

$11.28

$12.54

$12.90

$13.20

Total

return

.......................

2.19%

5.12%

(7.51)%

(0.75)%

0.17%

8.76%

Ratios

average

net

assets

Expenses

.........................

0.66%

0.65%

0.66%

Net

investment

income

...............

3.23%

3.16%

2.80%

2.10%

2.49%

2.84%

Supplemental

data

Net

assets

end

period

(000’s)

........

$531,072

$559,066

$628,747

$850,932

$929,798

$996,280

Portfolio

turnover

rate

................

3.75%

9.53%

26.92%

24.59%

20.64%

4.56%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.65

$11.44

$12.71

$13.08

$13.38

$12.66

Income

from

investment

operations

Net

investment

income

.............

0.15

0.29

0.26

0.20

0.25

0.30

Net

realized

and

unrealized

gains

(losses)

0.08

0.21

(1.28)

(0.37)

(0.30)

0.72

Total

from

investment

operations

........

0.23

0.50

(1.02)

(0.17)

(0.05)

1.02

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.29)

(0.25)

(0.20)

(0.25)

(0.30)

Net

asset

value,

end

period

..........

$11.72

$11.65

$11.44

$12.71

$13.08

$13.38

Total

return

.......................

1.96%

4.47%

(8.00)%

(1.36)%

(0.37)%

8.16%

Ratios

average

net

assets

Expenses

.........................

1.20%

1.21%

Net

investment

income

...............

2.63%

2.55%

2.20%

1.52%

1.92%

2.29%

Supplemental

data

Net

assets

end

period

(000’s)

........

$43,438

$54,356

$78,486

$125,479

$169,258

$203,367

Portfolio

turnover

rate

................

3.75%

9.53%

26.92%

24.59%

20.64%

4.56%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.51

$11.30

$12.55

$12.91

$13.22

$12.50

Income

from

investment

operations

Net

investment

income

.............

0.19

0.37

0.34

0.29

0.34

0.38

Net

realized

and

unrealized

gains

(losses)

0.07

0.21

(1.25)

(0.36)

(0.31)

0.73

Total

from

investment

operations

........

0.26

0.58

(0.91)

(0.07)

0.03

1.11

Less

distributions

from:

Net

investment

income

..............

(0.20)

(0.37)

(0.34)

(0.29)

(0.34)

(0.39)

Net

asset

value,

end

period

..........

$11.57

$11.51

$11.30

$12.55

$12.91

$13.22

Total

return

.......................

2.25%

5.26%

(7.29)%

(0.61)%

0.31%

8.90%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.53%

0.54%

0.53%

0.54%

0.53%

Expenses

net

waiver

and

payments

affiliates

..........................

0.53%

0.52%

0.51%

0.52%

Net

investment

income

...............

3.36%

3.31%

2.94%

2.23%

2.59%

2.98%

Supplemental

data

Net

assets

end

period

(000’s)

........

$20,465

$20,781

$14,734

$21,433

$16,977

$10,638

Portfolio

turnover

rate

................

3.75%

9.53%

26.92%

24.59%

20.64%

4.56%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.50

$11.30

$12.55

$12.91

$13.21

$12.50

Income

from

investment

operations

Net

investment

income

.............

0.19

0.37

0.33

0.29

0.34

0.38

Net

realized

and

unrealized

gains

(losses)

0.07

0.20

(1.25)

(0.37)

(0.30)

0.71

Total

from

investment

operations

........

0.26

0.57

(0.92)

(0.08)

0.04

1.09

Less

distributions

from:

Net

investment

income

..............

(0.19)

(0.37)

(0.33)

(0.28)

(0.34)

(0.38)

Net

asset

value,

end

period

..........

$11.57

$11.50

$11.30

$12.55

$12.91

$13.21

Total

return

.......................

2.24%

5.22%

(7.33)%

(0.65)%

0.27%

8.86%

Ratios

average

net

assets

Expenses

.........................

0.56%

0.55%

0.56%

Net

investment

income

...............

3.32%

3.25%

2.89%

2.20%

2.58%

2.94%

Supplemental

data

Net

assets

end

period

(000’s)

........

$175,425

$182,390

$209,487

$299,002

$295,666

$243,913

Portfolio

turnover

rate

................

3.75%

9.53%

26.92%

24.59%

20.64%

4.56%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

Ohio

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Corporate

Bonds

0.3%

Software

0.3%

Haven

Elgin

LLC

5.25

12/31/53

....................................

3,200,000

3,289,502

Total

Corporate

Bonds

(Cost

3,200,000

)

.......................................

3,289,502

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

2,480,880

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

8,168,195

SHI

Lake

Osborne

LLC

Revenue

144A,

2021

A-1

3.68

1/01/57

...........

2,200,000

1,592,669

Capital

Trust

Authority

Gulf

Coast

Portfolio

Obligated

Group

Revenue

144A,

2024

Refunding

Zero

Cpn.,

3/01/29

........................................

10,900,000

8,649,770

18,410,634

Kentucky

1.2%

Louisville/Jefferson

County

Metropolitan

Government

PSG

Vesta

Derby

Oaks

LLC

Revenue

144A,

2022

Zero

Cpn.,

5/01/52

..............................

15,210,000

12,151,549

New

Jersey

0.2%

New

Jersey

Transportation

Trust

Fund

Authority

State

New

Jersey

Revenue

2022

6/15/38

....................................................

2,000,000

2,032,120

New

York

0.1%

Metropolitan

Transportation

Authority

Revenue

2021

A-1

11/15/48

..........

750,000

722,803

Ohio

90.6%

Akron

City

School

District

COP

2023

AGMC

Insured

8/01/53

..............

3,000,000

3,209,719

American

Municipal

Power,

Inc.

Combined

Hydroelectric

Revenue

2016

Refunding

2/15/35

............

1,000,000

1,004,844

Combined

Hydroelectric

Revenue

2016

Refunding

2/15/46

............

4,500,000

4,584,678

Combined

Hydroelectric

Revenue

2024

Refunding

2/15/48

............

1,325,000

1,437,022

Greenup

Hydroelectric

Revenue

2016

2/15/41

......................

5,000,000

5,104,739

Prairie

State

Energy

Campus

Revenue

2017

Refunding

2/15/37

........

3,700,000

3,886,794

Prairie

State

Energy

Campus

Revenue

2017

Refunding

2/15/38

........

3,500,000

3,669,700

Solar

Electricity

Prepayment

Revenue

2019

2/15/44

.................

3,345,000

3,494,598

Anthony

Wayne

Local

School

District

2017

12/01/39

................

3,000,000

3,003,726

Apollo

Joint

Vocational

School

District

2017

Refunding

12/01/39

........

6,530,000

6,575,586

Beachwood

City

School

District

2023

12/01/53

.....................

7,575,000

7,388,191

Bethel

Local

School

District

COP

2020

BAM

Insured

2.75

12/01/49

..........

4,000,000

2,784,782

Big

Walnut

Local

School

District

2019

12/01/53

.....................

9,155,000

9,526,113

Bloom-Carroll

Local

School

District

2018

11/01/55

.................

7,025,000

7,331,692

Bowling

Green

State

University

Revenue

2017

Refunding

6/01/42

........

1,045,000

1,075,420

Brooklyn

City

School

District

2017

Refunding

AGMC

Insured

12/01/38

........................

1,905,000

1,988,861

2017

Refunding

AGMC

Insured

12/01/49

........................

9,000,000

9,288,650

Butler

County

Port

Authority

Community

First

Solutions

Obligated

Group

Revenue

2021

Refunding

5/15/33

........................................................

135,000

135,478

Community

First

Solutions

Obligated

Group

Revenue

2021

Refunding

5/15/34

........................................................

185,000

185,268

Community

First

Solutions

Obligated

Group

Revenue

2021

Refunding

5/15/35

........................................................

195,000

194,294

Community

First

Solutions

Obligated

Group

Revenue

2021

Refunding

5/15/36

........................................................

205,000

203,029

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Ohio

(continued)

Butler

County

Port

Authority,

(continued)

Community

First

Solutions

Obligated

Group

Revenue

2021

Refunding

5/15/37

........................................................

210,000

206,811

Community

First

Solutions

Obligated

Group

Revenue

2021

Refunding

5/15/38

........................................................

220,000

215,010

Community

First

Solutions

Obligated

Group

Revenue

2021

Refunding

5/15/39

........................................................

225,000

217,563

Community

First

Solutions

Obligated

Group

Revenue

2021

Refunding

5/15/40

........................................................

240,000

229,595

Community

First

Solutions

Obligated

Group

Revenue

2021

Refunding

5/15/41

........................................................

245,000

232,048

Canal

Winchester

Local

School

District

2005

NATL

Insured

Zero

Cpn.,

12/01/32

............................

3,955,000

2,991,927

2005

NATL

Insured

Zero

Cpn.,

12/01/33

............................

2,000,000

1,451,533

Chillicothe

City

School

District

2006

Refunding

NATL

Insured

Zero

Cpn.,

12/01/24

........................................................

1,905,000

1,888,586

Cincinnati

City

School

District

2006

Refunding

NATL

Insured

5.25

12/01/27

......................

14,900,000

16,179,174

2006

Refunding

NATL

Insured

5.25

12/01/28

......................

8,180,000

9,039,146

City

Chillicothe

Adena

Health

System

Obligated

Group

Revenue

2017

Refunding

12/01/37

2,890,000

2,983,401

Adena

Health

System

Obligated

Group

Revenue

2017

Refunding

12/01/47

2,110,000

2,139,158

City

Cincinnati

2015

Pre-Refunded

5.25

12/01/40

.................

6,500,000

6,620,801

City

Cleveland

2012

12/01/30

.............................................

35,000

35,047

2020

12/01/36

...........................................

1,215,000

964,745

Water

Pollution

Control

Revenue

2016

11/15/41

......................

2,000,000

2,032,180

Water

Pollution

Control

Revenue

2024

11/15/54

......................

1,350,000

1,444,899

City

Columbus

2018

4/01/34

............................................

7,000,000

7,570,973

2019

4/01/40

............................................

3,000,000

3,220,567

2021

4/01/40

............................................

1,900,000

2,089,507

Sewerage

Revenue

2014

Refunding

6/01/31

........................

15,000,000

15,023,283

Sewerage

Revenue

2015

Refunding

6/01/30

........................

5,000,000

5,180,715

City

Marysville

Wastewater

Treatment

System

Revenue

2015

Refunding

BAM

Insured

12/01/40

.......................................................

3,015,000

3,015,854

Wastewater

Treatment

System

Revenue

2015

Refunding

BAM

Insured

12/01/47

.......................................................

5,035,000

5,050,638

Wastewater

Treatment

System

Revenue

2016

Refunding

BAM

Insured

12/01/46

.......................................................

9,370,000

9,264,264

City

Mount

Vernon

Mount

Vernon

Nazarene

University

Revenue

2022

Refunding

2/01/37

......................................................

995,000

949,563

City

St.

Bernard

Income

Tax

Revenue

2013

AGMC

Insured

12/01/43

.....

3,760,000

3,760,058

City

Westerville

Revenue

2014

12/01/30

...........................

2,765,000

2,768,338

Cleveland

Department

Public

Utilities

Division

Public

Power

Revenue

2020

Refunding

AGMC

Insured

11/15/38

..................

600,000

608,898

Revenue

B-2

NATL

Insured

Zero

Cpn.,

11/15/38

.........................

10,000,000

5,369,834

Cleveland-Cuyahoga

County

Port

Authority

Cleveland

Museum

Natural

History

(The)

Revenue

2021

7/01/37

.......

700,000

713,618

Cleveland

Museum

Natural

History

(The)

Revenue

2021

7/01/38

.......

100,000

101,176

Cleveland

Museum

Natural

History

(The)

Revenue

2021

7/01/39

.......

700,000

703,718

Cleveland

Museum

Natural

History

(The)

Revenue

2021

7/01/40

.......

100,000

100,046

Cleveland

Museum

Natural

History

(The)

Revenue

2021

7/01/46

.......

500,000

458,782

Cleveland

Museum

Natural

History

(The)

Revenue

2021

7/01/51

.......

2,000,000

1,803,266

Euclid

Avenue

Development

Corp.

Revenue

2022

5.5

8/01/52

...........

9,000,000

9,652,591

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Ohio

(continued)

Columbus-Franklin

County

Finance

Authority

Revenue

2021

2.5

11/15/41

.....................................

900,000

683,280

Revenue

2021

5/15/51

........................................

2,180,000

1,571,000

County

Butler

Health

Obligated

Group

Revenue

2016

Refunding

11/15/45

..........

5,020,000

5,027,855

Health

Obligated

Group

Revenue

2017

Refunding

11/15/36

..........

2,140,000

2,021,899

County

Cuyahoga

2020

Refunding

12/01/34

...................

750,000

784,108

County

Franklin

Nationwide

Children's

Hospital,

Inc.

Revenue

2016

Refunding

11/01/40

5,000,000

5,003,850

Ohio

Living

Obligated

Group

Revenue

2022

Pre-Refunded

7/01/33

.......

5,000

5,384

Ohio

Living

Obligated

Group

Revenue

2022

7/01/34

...................

2,230,000

2,098,079

Ohio

Living

Obligated

Group

Revenue

2022

Pre-Refunded

7/01/34

.......

10,000

10,768

Ohio

Living

Obligated

Group

Revenue

2022

7/01/35

...................

2,890,000

2,701,025

Ohio

Living

Obligated

Group

Revenue

2022

Pre-Refunded

7/01/35

.......

10,000

10,768

Ohio

Living

Obligated

Group

Revenue

2022

Pre-Refunded

7/01/36

.......

15,000

16,152

Ohio

Living

Obligated

Group

Revenue

2022

Pre-Refunded

7/01/40

.......

5,000

5,384

Ohio

Living

Obligated

Group

Revenue

2023

Refunding

5.25

7/01/41

........

5,000,000

5,141,891

OhioHealth

Obligated

Group

Revenue

2015

5/15/33

...................

3,290,000

3,328,688

Sales

Tax

Revenue

2018

6/01/43

.................................

6,000,000

6,295,058

Trinity

Health

Corp.

Obligated

Group

Revenue

2017

12/01/46

............

3,515,000

3,592,457

Trinity

Health

Corp.

Obligated

Group

Revenue

2017

A-OH

12/01/47

.......

11,800,000

12,089,161

Trinity

Health

Corp.

Obligated

Group

Revenue

2019

12/01/49

..........

6,030,000

5,730,045

County

Hamilton

TriHealth

Obligated

Group

Revenue

2017

8/15/42

.....

5,000,000

5,129,343

County

Lucas

2022

4.75

12/01/52

..............................

3,000,000

3,055,552

County

Mahoning

Sewer

System

Revenue

2022

Refunding

12/01/46

....................

3,000,000

3,169,036

Western

Reserve

Care

System

Revenue

1995

NATL

Insured

ETM,

5.5

10/15/25

1,165,000

1,181,553

County

Miami

Kettering

Health

Network

Obligated

Group

Revenue

2019

Refunding

8/01/45

.............................................

5,000,000

5,119,552

County

Montgomery

Premier

Health

Partners

Obligated

Group

Revenue

2019

Refunding

11/15/39

............................................

5,000,000

4,830,734

County

Perry

2023

12/01/61

.................................

1,500,000

1,509,231

County

Ross

Adena

Health

System

Obligated

Group

Revenue

2019

Refunding

12/01/39

3,805,000

3,967,569

Adena

Health

System

Obligated

Group

Revenue

2019

Refunding

12/01/44

1,300,000

1,337,627

County

Union

2018

12/01/47

.................................

5,000,000

5,170,922

Cuyahoga

Falls

City

School

District

2021

BAM

Insured

12/01/51

.......

1,485,000

1,425,710

Dayton

City

School

District

2014

Refunding

11/01/30

................

5,000,000

5,644,298

Dayton-Montgomery

County

Port

Authority

Southwest

Ohio

Regional

Bond

Fund

Revenue

2021

11/15/31

..........

390,000

340,418

Southwest

Ohio

Regional

Bond

Fund

Revenue

2021

2.5

11/15/41

........

1,615,000

1,233,950

Deer

Park

Community

City

School

District

2017

5.25

12/01/53

.........

3,000,000

3,035,399

Dublin

City

School

District

2019

12/01/44

........................

10,000,000

10,016,964

Elyria

City

School

District

2017

12/01/43

........................

5,500,000

5,695,799

Franklin

County

Convention

Facilities

Authority

Revenue

2014

Pre-Refunded

12/01/35

........................................................

17,000,000

17,072,304

Fremont

City

School

District

2017

1/15/49

.......................

13,970,000

14,213,001

Grandview

Heights

City

School

District

2019

12/01/53

................

2,150,000

2,244,211

Green

Local

School

District

COP

2022

AGMC

Insured

11/01/52

...........

2,000,000

2,084,238

Hilliard

School

District

2017

12/01/46

............................

10,000,000

9,730,112

Hudson

City

School

District

2018

12/01/45

........................

18,870,000

18,879,929

Indian

Creek

Local

School

District

2018

11/01/55

...........................................

3,000,000

3,108,779

2018

BAM

Insured

11/01/55

................................

3,910,000

4,062,403

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Ohio

(continued)

Lakota

Local

School

District

2005

Refunding

NATL

Insured

5.25

12/01/26

2,000,000

2,116,858

Licking

Heights

Local

School

District

2022

4.5

10/01/51

................

1,800,000

1,820,071

Little

Miami

Local

School

District

2018

11/01/43

...........................................

1,000,000

1,016,501

2018

11/01/48

...........................................

2,460,000

2,495,539

Madeira

City

School

District

Refunding

AGMC

Insured

5.25

12/01/32

.....

9,605,000

10,892,579

Miami

University

Revenue

2014

Refunding

9/01/31

.................................

2,320,000

Revenue

2014

Refunding

9/01/34

.................................

3,500,000

Revenue

2017

Refunding

9/01/41

.................................

5,000,000

5,121,809

Revenue

2022

Refunding

9/01/34

...............................

1,000,000

1,127,005

Miami

Valley

Career

Technology

Center

2018

12/01/44

...............

20,000,000

20,783,180

Northeast

Ohio

Medical

University

Revenue

2021

Refunding

12/01/25

..............................

125,000

127,141

Revenue

2021

Refunding

12/01/27

..............................

100,000

104,594

Revenue

2021

Refunding

12/01/29

..............................

110,000

117,299

Revenue

2021

Refunding

12/01/40

..............................

500,000

411,945

Revenue

2021

Refunding

12/01/45

..............................

450,000

412,439

Revenue

2022

BAM

Insured

12/01/43

.............................

1,000,000

1,051,859

Northeast

Ohio

Regional

Sewer

District

Revenue

2019

Refunding

11/15/35

3,500,000

3,299,330

Northeastern

Local

School

District

2018

AGMC

Insured

5.25

12/01/45

..............................

5,420,000

5,730,387

2018

AGMC

Insured

12/01/55

................................

5,000,000

4,798,825

Norwood

City

School

District

2017

Pre-Refunded

11/01/46

...............................

5,000,000

5,191,120

2017

Pre-Refunded

5.25

11/01/51

.............................

7,645,000

7,968,075

Ohio

Air

Quality

Development

Authority

Ohio

Valley

Electric

Corp.

Revenue

2009

Mandatory

Put

1.375

11/01/24

...

1,875,000

1,866,345

Ohio

Valley

Electric

Corp.

Revenue

2009

Mandatory

Put

1.5

11/04/25

.....

2,000,000

1,924,665

Ohio

Higher

Educational

Facility

Commission

Ashtabula

County

Medical

Center

Obligated

Group

Revenue

2022

5.25

1/01/52

4,895,000

5,108,060

Baldwin

Wallace

University

Revenue

2022

12/01/52

...................

5,970,000

6,276,595

Capital

University

Revenue

2022

Refunding

9/01/42

..................

4,900,000

5,104,297

Capital

University

Revenue

2022

Refunding

9/01/47

..................

2,000,000

2,060,959

Capital

University

Revenue

2022

Refunding

9/01/52

..................

5,100,000

5,222,461

Case

Western

Reserve

University

Revenue

2016

Refunding

12/01/40

.....

6,000,000

6,230,746

Cleveland

Institute

Music

(The)

Revenue

2022

12/01/32

..............

300,000

312,869

Cleveland

Institute

Music

(The)

Revenue

2022

5.125

12/01/42

...........

3,390,000

3,472,876

Cleveland

Institute

Music

(The)

Revenue

2022

5.375

12/01/52

...........

3,100,000

3,153,632

John

Carroll

University

Revenue

2020

10/01/45

......................

1,100,000

1,032,644

John

Carroll

University

Revenue

2020

10/01/50

......................

2,500,000

2,293,587

John

Carroll

University

Revenue

2022

Refunding

10/01/47

..............

6,360,000

5,882,087

Judson

Obligated

Group

Revenue

2020

Refunding

12/01/42

...........

1,540,000

1,544,796

Judson

Obligated

Group

Revenue

2020

Refunding

12/01/45

...........

1,360,000

1,347,589

Judson

Obligated

Group

Revenue

2020

Refunding

12/01/50

...........

2,900,000

2,808,852

Kenyon

College

Revenue

2016

Refunding

7/01/42

...................

5,320,000

5,419,764

Kenyon

College

Revenue

2016

Refunding

7/01/44

...................

4,180,000

4,051,734

Kenyon

College

Revenue

2017

7/01/42

............................

1,250,000

1,286,964

Kenyon

College

Revenue

2017

7/01/47

............................

4,000,000

3,733,514

Otterbein

Homes

Obligated

Group

Revenue

2021

Refunding

7/01/30

......

1,095,000

1,135,800

University

Dayton

Revenue

2018

12/01/43

.......................

11,885,000

11,623,682

University

Dayton

Revenue

2020

Refunding

2/01/32

................

340,000

371,069

University

Dayton

Revenue

2020

Refunding

2/01/33

................

130,000

141,555

University

Dayton

Revenue

2020

Refunding

2/01/34

................

500,000

543,290

University

Dayton

Revenue

2020

Refunding

2/01/36

................

900,000

916,778

University

Dayton

Revenue

2020

Refunding

2/01/39

................

480,000

483,595

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Ohio

(continued)

Ohio

Housing

Finance

Agency

Revenue

2020

GNMA

Insured

2.1

9/01/35

..........................

485,000

397,323

Revenue

144A,

2023

5.625

8/01/41

...............................

17,000,000

17,554,941

Revenue

2024

GNMA

Insured

4.7

9/01/54

..........................

10,000,000

10,048,760

Middletown

Phase

Two

Revenue

144A,

2023

9/01/41

..............

11,000,000

11,731,625

Ohio

State

University

(The)

Revenue

2021

12/01/48

...................

10,020,000

9,791,878

Ohio

Turnpike

Infrastructure

Commission

Revenue

2018

2/15/43

........................................

2,575,000

2,680,117

Revenue

2018

2/15/43

........................................

17,025,000

17,714,402

Revenue

2018

2/15/46

........................................

13,750,000

14,233,667

Revenue,

Junior

Lien

2013

A-2

BAM

Insured

Zero

Cpn.,

2/15/38

.............

3,665,000

2,200,029

Revenue,

Junior

Lien

2013

A-2

Zero

Cpn.,

2/15/43

........................

10,485,000

4,699,734

Ohio

University

Revenue

2017

Refunding

12/01/45

...................

7,000,000

7,263,393

Ohio

Water

Development

Authority

Revenue

2019

12/01/39

........................................

5,000,000

5,414,070

Revenue

2019

6/01/44

.........................................

1,330,000

1,418,089

Revenue

2021

6/01/46

.........................................

10,555,000

11,467,997

Water

Pollution

Control

Loan

Fund

Revenue

2019

Refunding

12/01/44

...

10,000,000

10,659,437

Water

Pollution

Control

Loan

Fund

Revenue

2020

12/01/50

............

6,820,000

7,225,453

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Revenue

2023

12/01/36

...................................................

5,675,000

6,576,582

Olentangy

Local

School

District

2016

12/01/46

.....................

7,660,000

7,518,568

Port

Greater

Cincinnati

Development

Authority

Revenue

2024

Refunding

12/01/53

..............................

1,500,000

1,597,710

Revenue

2024

Refunding

12/01/63

..............................

2,000,000

2,126,241

Revenue

2024

Refunding

AGMC

Insured

5.25

12/01/53

...............

1,000,000

1,089,998

Revenue

2024

Refunding

AGMC

Insured

5.25

12/01/58

...............

1,000,000

1,087,108

Revenue

2024

Refunding

AGMC

Insured

5.25

12/01/63

...............

1,000,000

1,087,108

Princeton

City

School

District

2014

Pre-Refunded

12/01/39

.................................

12,000,000

12,053,999

2014

Refunding

Zero

Cpn.,

12/01/40

...............................

6,000,000

3,061,895

2014

Refunding

Zero

Cpn.,

12/01/41

...............................

6,000,000

2,904,567

Russia

Local

School

District

2023

12/01/52

........................

1,670,000

1,770,077

Springboro

Community

City

School

District

2007

Refunding

AGMC

Insured

5.25

12/01/27

.....................

5,175,000

5,560,643

2007

Refunding

AGMC

Insured

5.25

12/01/28

.....................

2,000,000

2,188,162

State

Ohio

2019

6/15/38

............................................

6,500,000

7,032,351

2020

3/01/38

............................................

2,300,000

2,562,634

5/01/34

................................................

4,000,000

4,285,372

Cleveland

Clinic

Health

System

Obligated

Group

Revenue

2021

Refunding

1/01/29

........................................................

4,850,000

5,317,429

Premier

Health

Partners

Obligated

Group

Revenue

2020

Refunding

11/15/37

1,000,000

958,123

Premier

Health

Partners

Obligated

Group

Revenue

2020

Refunding

11/15/39

875,000

826,671

University

Hospitals

Health

System,

Inc.

Obligated

Group

Revenue

2021

Refunding

1/15/46

............................................

5,795,000

5,565,726

Summit

County

Development

Finance

Authority

City

Akron

Revenue

2022

5/15/46

...............................

3,585,000

3,323,906

UAkronPark,

Inc.

Revenue

2023

5.625

12/01/48

.......................

4,700,000

5,088,532

UAkronPark,

Inc.

Revenue

2023

5.75

12/01/53

........................

5,000,000

5,416,882

Sycamore

Community

City

School

District

2020

12/01/45

.............

6,000,000

5,965,187

Sylvania

City

School

District

2015

Refunding

BAM

Insured

12/01/36

....

9,700,000

9,832,620

Three

Rivers

Local

School

District

2014

Refunding

12/01/39

...........

5,885,000

5,901,830

Toledo

City

School

District

COP

2024

BAM

Insured

12/01/48

..............

1,250,000

1,359,773

Toledo-Lucas

County

Port

Authority

Revenue

2021

11/15/31

.......................................

390,000

341,964

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Ohio

(continued)

Toledo-Lucas

County

Port

Authority,

(continued)

ParkUToledo,

Inc.

Revenue

2021

1/01/46

...........................

1,625,000

1,531,284

ParkUToledo,

Inc.

Revenue

2021

1/01/51

...........................

2,840,000

2,613,852

ParkUToledo,

Inc.

Revenue

2021

1/01/57

...........................

6,000,000

5,425,001

Triway

Local

School

District

COP

2021

BAM

Insured

12/01/39

............

2,200,000

2,213,746

University

Akron

(The)

Revenue

2015

Refunding

1/01/31

...............................

4,365,000

4,391,517

Revenue

2016

Refunding

BAM

Insured

1/01/34

....................

6,000,000

6,179,271

Revenue

2016

Refunding

1/01/36

...............................

11,065,000

11,383,014

Revenue

2016

Refunding

1/01/38

...............................

8,000,000

8,204,164

Revenue

2018

Refunding

1/01/42

...............................

5,725,000

5,940,738

University

Cincinnati

Revenue

2017

6/01/45

........................................

2,205,000

2,262,097

Revenue

2018

Refunding

6/01/48

...............................

10,000,000

9,847,437

Revenue

2024

5.25

6/01/54

.....................................

8,000,000

8,725,214

Upper

Arlington

City

School

District

2018

Pre-Refunded

12/01/48

.....

13,000,000

14,040,690

Village

Bluffton

Blanchard

Valley

Health

System

Obligated

Group

Revenue

2017

Refunding

12/01/33

.......................................................

1,655,000

1,670,095

Blanchard

Valley

Health

System

Obligated

Group

Revenue

2017

Refunding

12/01/34

.......................................................

1,900,000

1,922,371

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund

Revenue

2021

12/01/41

..........

2,075,000

1,834,418

Ohio

Communities

Accelerator

Fund

Revenue

2021

12/01/55

..........

3,500,000

2,780,448

Ohio

Communities

Accelerator

Fund

Revenue

2021

12/01/53

..........

1,375,000

1,097,973

Ohio

Communities

Accelerator

Fund

Revenue

2022

5.5

12/01/50

.........

3,210,000

3,213,203

Ohio

Communities

Accelerator

Fund

Revenue

2022

4.75

12/01/34

........

1,000,000

1,014,590

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund

Revenue

2020

D-1

Refunding

12/01/40

.......................................

1,390,000

1,244,496

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund

Revenue

2020

D-1

Refunding

12/01/52

.......................................

1,930,000

1,546,785

Westerville

City

School

District

2006

Refunding

XLCA

Insured

12/01/27

3,820,000

4,054,133

Westlake

City

School

District

2021

Refunding

12/01/49

.............

3,965,000

3,831,352

Willoughby-Eastlake

City

School

District

2016

Pre-Refunded

12/01/46

...

10,000,000

10,290,882

Winton

Woods

City

School

District

2017

Refunding

11/01/43

...........

7,000,000

7,025,801

Xenia

Community

School

District

2014

Pre-Refunded

12/01/40

.........

7,285,000

7,319,580

935,990,069

South

Carolina

1.2%

South

Carolina

Jobs-Economic

Development

Authority

Revenue

144A,

2021

A-1

3.65

12/01/36

..............................

3,200,000

2,802,410

AHPC

Vista

Towers

2021

LLC

Revenue

2021

A-1

3.65

12/01/36

...........

3,200,000

2,802,410

Columbia

Portfolio

Obligated

Group

Revenue

144A,

2022

A-1

Zero

Cpn.,

6/01/37

5,250,000

4,233,666

South

Carolina

State

Housing

Finance

Development

Authority

Garden

Oaks

Revenue

144A,

2021

4.2

12/01/39

................................

3,200,000

2,712,246

12,550,732

Texas

0.5%

Lake

Houston

Redevelopment

Authority

City

Houston

Reinvestment

Zone

No.

Revenue

2021

Refunding

9/01/38

.................................

300,000

250,834

Pecan

Public

Facility

Corp.

Revenue

144A,

2022

A-2

12/01/52

............

6,000,000

4,928,546

5,179,380

Washington

0.3%

Washington

State

Housing

Finance

Commission

Madison

Rivers

Edge

Apartments

LLC

Revenue

144A,

2021

3.65

1/01/37

............................

3,200,000

2,803,157

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Wisconsin

0.5%

Public

Finance

Authority

Revenue

144A,

2022

B-1

12/28/44

................................

3,100,000

2,609,918

FAH

Tree

House

LLC

Revenue

144A,

2023

6.5

8/01/53

................

2,800,000

2,822,237

5,432,155

U.S.

Territories

0.9%

Puerto

Rico

0.9%

HTA

HRRB

Custodial

Trust

Revenue

2007

5.25

7/01/32

....................................

556,133

553,386

Revenue

2007

5.25

7/01/34

....................................

153,947

154,424

HTA

TRRB

Custodial

Trust

Revenue

2005

5.25

7/01/41

.....................................

3,709,073

3,630,624

Revenue

2007

5.25

7/01/36

.....................................

1,293,863

1,298,988

Revenue

2007

5.25

7/01/39

.....................................

288,720

290,211

Puerto

Rico

Electric

Power

Authority

Revenue

Refunding

NATL

Insured

5.25

7/01/32

....................

1,000,000

988,457

Revenue

Refunding

NATL

Insured

5.25

7/01/34

....................

1,000,000

988,598

Puerto

Rico

Industrial

Tourist

Educational

Medical

Environmental

Control

Facilities

Financing

Authority

Hospital

Auxilio

Mutuo

Obligated

Group

Revenue

2021

Refunding

7/01/33

440,000

475,791

Hospital

Auxilio

Mutuo

Obligated

Group

Revenue

2021

Refunding

7/01/35

235,000

252,862

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

A-1

7/01/58

.....

1,100,000

1,104,865

9,738,206

Total

U.S.

Territories

....................................................................

9,738,206

Total

Municipal

Bonds

(Cost

1,011,397,129

)

...................................

1,007,491,685

Total

Long

Term

Investments

(Cost

1,014,597,129

)

.............................

1,010,781,187

Short

Term

Investments

1.3%

Municipal

Bonds

1.3%

Ohio

1.3%

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Revenue

2024

Daily

VRDN

and

Put

3.8

12/01/54

.................................

5,000,000

State

Ohio

Cleveland

Clinic

Health

System

Obligated

Group

Revenue

2019

SPA

Bank

Daily

VRDN

and

Put

3.5

1/01/52

.........................

8,850,000

13,850,000

Total

Municipal

Bonds

(Cost

13,850,000

)

......................................

13,850,000

Total

Short

Term

Investments

(Cost

13,850,000

)

................................

13,850,000

Total

Investments

(Cost

1,028,447,129

)

99.1

..................................

$1,024,631,187

Other

Assets,

less

Liabilities

0.9

.............................................

8,721,100

Net

Assets

100.0%

...........................................................

$1,033,352,287

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

See

Abbreviations

page

117

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$74,592,734,

representing

7.2%

net

assets.

The

maturity

date

shown

represents

the

mandatory

put

date.

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

floating

variable

interest

rate

adjustment

formula

and

unconditional

right

demand

receive

payment

the

principal

balance

plus

accrued

interest

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

determined

based

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Oregon

Tax

Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.53

$10.35

$11.45

$11.73

$12.00

$11.37

Income

from

investment

operations

Net

investment

income

.............

0.16

0.31

0.27

0.23

0.26

0.30

Net

realized

and

unrealized

gains

(losses)

0.06

0.18

(1.10)

(0.28)

(0.27)

0.64

Total

from

investment

operations

........

0.22

0.49

(0.83)

(0.05)

(0.01)

0.94

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.31)

(0.27)

(0.23)

(0.26)

(0.31)

Net

asset

value,

end

period

..........

$10.59

$10.53

$10.35

$11.45

$11.73

$12.00

Total

return

.......................

2.14%

4.80%

(7.27)%

(0.48)%

(0.07)%

8.39%

Ratios

average

net

assets

Expenses

.........................

0.81%

0.82%

0.81%

0.80%

Net

investment

income

...............

3.04%

3.03%

2.56%

1.93%

2.20%

2.58%

Supplemental

data

Net

assets

end

period

(000’s)

........

$208,369

$202,385

$208,460

$251,006

$218,010

$162,664

Portfolio

turnover

rate

................

6.00%

15.03%

32.94%

19.83%

18.23%

15.49%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Oregon

Tax

Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.52

$10.34

$11.44

$11.72

$11.99

$11.36

Income

from

investment

operations

Net

investment

income

.............

0.17

0.33

0.29

0.25

0.28

0.32

Net

realized

and

unrealized

gains

(losses)

0.06

0.17

(1.11)

(0.28)

(0.27)

0.64

Total

from

investment

operations

........

0.23

0.50

(0.82)

(0.03)

0.01

0.96

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.32)

(0.28)

(0.25)

(0.28)

(0.33)

Net

asset

value,

end

period

..........

$10.58

$10.52

$10.34

$11.44

$11.72

$11.99

Total

return

.......................

2.12%

5.06%

(7.14)%

(0.33)%

0.08%

8.56%

Ratios

average

net

assets

Expenses

.........................

0.66%

0.67%

0.66%

0.65%

Net

investment

income

...............

3.19%

2.71%

2.08%

2.37%

2.73%

Supplemental

data

Net

assets

end

period

(000’s)

........

$485,851

$513,161

$562,620

$731,732

$805,688

$866,593

Portfolio

turnover

rate

................

6.00%

15.03%

32.94%

19.83%

18.23%

15.49%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Oregon

Tax

Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.69

$10.50

$11.63

$11.91

$12.19

$11.54

Income

from

investment

operations

Net

investment

income

.............

0.14

0.27

0.23

0.18

0.22

0.26

Net

realized

and

unrealized

gains

(losses)

0.06

0.18

(1.14)

(0.28)

(0.29)

0.66

Total

from

investment

operations

........

0.20

0.45

(0.91)

(0.10)

(0.07)

0.92

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.26)

(0.22)

(0.18)

(0.21)

(0.27)

Net

asset

value,

end

period

..........

$10.75

$10.69

$10.50

$11.63

$11.91

$12.19

Total

return

.......................

1.89%

4.40%

(7.79)%

(0.79)%

(0.63)%

8.05%

Ratios

average

net

assets

Expenses

.........................

1.20%

1.21%

1.20%

1.19%

1.20%

Net

investment

income

...............

2.59%

2.58%

2.10%

1.50%

1.80%

2.18%

Supplemental

data

Net

assets

end

period

(000’s)

........

$22,364

$27,772

$43,030

$72,237

$98,075

$127,898

Portfolio

turnover

rate

................

6.00%

15.03%

32.94%

19.83%

18.23%

15.49%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Oregon

Tax

Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.53

$10.35

$11.45

$11.73

$12.00

$11.37

Income

from

investment

operations

Net

investment

income

.............

0.18

0.34

0.30

0.26

0.29

0.33

Net

realized

and

unrealized

gains

(losses)

0.06

0.18

(1.10)

(0.28)

(0.27)

0.64

Total

from

investment

operations

........

0.24

0.52

(0.80)

(0.02)

0.02

0.97

Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.34)

(0.30)

(0.26)

(0.29)

(0.34)

Net

asset

value,

end

period

..........

$10.59

$10.53

$10.35

$11.45

$11.73

$12.00

Total

return

.......................

2.28%

5.09%

(7.01)%

(0.12)%

0.12%

8.69%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.53%

0.54%

0.53%

0.52%

0.53%

Expenses

net

waiver

and

payments

affiliates

..........................

0.53%

0.54%

0.52%

Net

investment

income

...............

3.33%

3.32%

2.85%

2.21%

2.49%

2.86%

Supplemental

data

Net

assets

end

period

(000’s)

........

$26,601

$23,591

$21,344

$26,269

$22,928

$19,823

Portfolio

turnover

rate

................

6.00%

15.03%

32.94%

19.83%

18.23%

15.49%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Oregon

Tax

Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.54

$10.35

$11.46

$11.73

$12.01

$11.37

Income

from

investment

operations

Net

investment

income

.............

0.17

0.34

0.30

0.26

0.29

0.33

Net

realized

and

unrealized

gains

(losses)

0.06

0.18

(1.12)

(0.27)

(0.28)

0.65

Total

from

investment

operations

........

0.23

0.52

(0.82)

(0.01)

0.01

0.98

Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.33)

(0.29)

(0.26)

(0.29)

(0.34)

Net

asset

value,

end

period

..........

$10.59

$10.54

$10.35

$11.46

$11.73

$12.01

Total

return

.......................

2.17%

5.16%

(7.12)%

(0.15)%

0.09%

8.75%

Ratios

average

net

assets

Expenses

.........................

0.56%

0.57%

0.56%

0.55%

Net

investment

income

...............

3.29%

3.28%

2.80%

2.18%

2.45%

2.83%

Supplemental

data

Net

assets

end

period

(000’s)

........

$141,171

$134,601

$134,222

$181,163

$171,322

$145,073

Portfolio

turnover

rate

................

6.00%

15.03%

32.94%

19.83%

18.23%

15.49%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

Oregon

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Corporate

Bonds

0.3%

Software

0.3%

Haven

Elgin

LLC

5.25

12/31/53

....................................

2,500,000

2,569,924

Total

Corporate

Bonds

(Cost

2,500,000

)

.......................................

2,569,924

Municipal

Bonds

98.9%

California

0.4%

California

Municipal

Finance

Authority

Integrity

Housing

Obligated

Group

Revenue

2022

A-1

4.25

12/01/37

...........................................

3,500,000

3,101,100

Florida

1.4%

Capital

Trust

Agency,

Inc.

SHI

Lake

Osborne

LLC

Revenue

144A,

2021

A-1

3.68

1/01/57

.........................................................

1,500,000

1,085,911

Capital

Trust

Authority

Gulf

Coast

Portfolio

Obligated

Group

Revenue

144A,

2024

Refunding

Zero

Cpn.,

3/01/29

........................................

8,400,000

6,665,878

Leon

County

Housing

Finance

Authority

Revenue

144A,

2022

Zero

Cpn.,

5/01/57

5,600,000

4,977,000

12,728,789

Illinois

0.4%

Metropolitan

Pier

Exposition

Authority

State

Illinois

McCormick

Place

Expansion

Project

Fund

Revenue

2022

Refunding

BAM

Insured

12/15/42

................................

2,520,000

2,521,160

State

Illinois

McCormick

Place

Expansion

Project

Fund

Revenue

2022

Refunding

BAM

Insured

6/15/52

.................................

1,000,000

944,767

3,465,927

Kentucky

0.7%

Louisville/Jefferson

County

Metropolitan

Government

PSG

Vesta

Derby

Oaks

LLC

Revenue

144A,

2022

Zero

Cpn.,

5/01/52

..............................

8,300,000

6,631,023

New

Jersey

0.7%

New

Jersey

Transportation

Trust

Fund

Authority

State

New

Jersey

Revenue

2019

6/15/44

......................

2,250,000

2,332,827

State

New

Jersey

Revenue

2022

6/15/38

........................

2,165,000

2,199,769

State

New

Jersey

Revenue

2022

6/15/46

......................

2,000,000

1,932,630

6,465,226

New

York

0.6%

Metropolitan

Transportation

Authority

Revenue

2021

A-1

11/15/47

..........

5,500,000

5,319,187

Oregon

88.3%

Astoria

Hospital

Facilities

Authority

Columbia

Lutheran

Charities

Obligated

Group

Revenue

2016

8/01/41

......

4,250,000

4,304,877

Columbia

Lutheran

Charities

Obligated

Group

Revenue

2016

8/01/46

......

1,750,000

1,561,988

Columbia

Lutheran

Charities

Obligated

Group

Revenue

2024

5.25

8/01/49

...

5,000,000

5,355,185

Columbia

Lutheran

Charities

Obligated

Group

Revenue

2024

5.25

8/01/54

...

5,500,000

5,855,528

Benton

Polk

School

District

No.

17J

2010

Zero

Cpn.,

6/15/31

...........

1,000,000

798,053

Central

Lincoln

People's

Utility

District

JATC,

Inc.

Revenue

2016

12/01/45

....

2,900,000

2,952,947

City

Beaverton

Water

Revenue

2020

4/01/32

....................................

1,000,000

1,118,058

Water

Revenue

2020

4/01/38

....................................

1,940,000

2,124,137

Water

Revenue

2020

4/01/39

....................................

2,040,000

2,223,305

Water

Revenue

2020

4/01/40

....................................

2,140,000

2,320,776

City

Eugene

Electric

Utility

System

Revenue

2017

8/01/47

.............

3,580,000

3,726,466

City

Forest

Grove

Pacific

University

Revenue

2015

Refunding

5/01/36

.................

6,575,000

6,608,978

Pacific

University

Revenue

2017

Refunding

3/01/37

...................

3,500,000

3,271,508

Pacific

University

Revenue

2022

Refunding

5/01/26

.................

335,000

340,849

Pacific

University

Revenue

2022

Refunding

5/01/27

.................

1,195,000

1,233,984

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Oregon

(continued)

City

Forest

Grove,

(continued)

Pacific

University

Revenue

2022

Refunding

5/01/29

.................

1,315,000

1,384,078

Pacific

University

Revenue

2022

Refunding

5/01/30

.................

1,385,000

1,466,026

Pacific

University

Revenue

2022

Refunding

5/01/33

.................

1,600,000

1,684,320

Pacific

University

Revenue

2022

Refunding

5/01/35

.................

490,000

477,128

Pacific

University

Revenue

2022

Refunding

5/01/37

.................

1,905,000

1,825,632

Pacific

University

Revenue

2022

Refunding

5/01/38

.................

3,960,000

3,760,865

Pacific

University

Revenue

2022

Refunding

5/01/39

.................

1,750,000

1,639,664

City

Keizer

Special

Assessment

2008

5.2

6/01/31

......................

1,015,000

1,018,729

City

Molalla

2024

BAM

Insured

6/01/49

.......................

3,115,000

3,072,263

City

Tigard

Water

Revenue

2015

8/01/45

..........................

23,545,000

23,864,385

Clackamas

Community

College

District

2017

6/15/39

...............

2,250,000

2,355,259

Clackamas

County

School

District

No.

North

Clackamas

2017

Zero

Cpn.,

6/15/40

.......................................

10,000,000

4,999,907

2017

Zero

Cpn.,

6/15/41

.......................................

17,030,000

8,101,123

2017

Zero

Cpn.,

6/15/42

.......................................

16,625,000

7,510,467

2017

6/15/34

............................................

11,000,000

11,625,868

2017

6/15/37

............................................

7,000,000

7,373,306

2018

6/15/42

.............................................

1,750,000

1,841,197

Clackamas

County

School

District

No.

Molalla

River

2024

6/15/49

....

3,000,000

2,958,471

Clackamas

County

School

District

No.

Oregon

Trail

Zero

Cpn.,

6/15/37

.............................................

12,130,000

7,593,477

Zero

Cpn.,

6/15/38

.............................................

12,495,000

7,441,511

Clackamas

County

School

District

No.

Lake

Oswego

2005

Refunding

AGMC

Insured

5.25

6/01/25

.............................................

3,075,000

3,132,148

Clackamas

County

School

District

No.

Canby

2020

Refunding

6/15/40

3,470,000

3,513,467

Columbia

County

School

District

No.

502

2017

6/15/39

...............

1,000,000

1,047,597

Coos

County

School

District

No.

Coos

Bay

2018

6/15/43

............

5,005,000

5,262,159

County

Benton

2023

4.125

6/01/53

.............................

2,035,000

2,041,024

County

Yamhill

George

Fox

University

Revenue

2021

Refunding

12/01/36

..............

2,585,000

2,608,440

George

Fox

University

Revenue

2021

Refunding

12/01/46

..............

2,330,000

2,203,321

Linfield

University

Revenue

2020

Refunding

10/01/40

................

7,010,000

7,107,060

Linfield

University

Revenue

2020

Refunding

10/01/45

................

9,285,000

9,308,474

Deschutes

County

Hospital

Facilities

Authority

St.

Charles

Health

System

Obligated

Group

Revenue

2016

Refunding

1/01/48

.........................

13,890,000

13,979,981

Hospital

Facilities

Authority

Multnomah

County

Oregon

Terwilliger

Plaza,

Inc.

Obligated

Group

Revenue

2012

Refunding

12/01/29

..................

3,235,000

3,235,170

Jackson

County

School

District

No.

Ashland

2019

6/15/34

...........

1,000,000

1,089,600

Jackson

County

School

District

No.

Central

Point

2019

6/15/31

............................................

2,665,000

2,954,734

2019

Zero

Cpn.,

6/15/40

.......................................

705,000

357,753

2019

Zero

Cpn.,

6/15/41

.......................................

710,000

341,349

2019

Zero

Cpn.,

6/15/42

.......................................

610,000

277,819

2019

Zero

Cpn.,

6/15/43

.......................................

820,000

353,711

2019

Zero

Cpn.,

6/15/44

.......................................

1,115,000

455,536

2019

Zero

Cpn.,

6/15/45

.......................................

985,000

381,177

Klamath

Falls

Intercommunity

Hospital

Authority

Sky

Lakes

Medical

Center,

Inc.

Revenue

2016

Refunding

9/01/46

.................................

1,000,000

1,011,708

Marion

Linn

Counties

School

District

No.

14J

Jefferson

2017

6/15/41

1,360,000

1,414,785

Medford

Hospital

Facilities

Authority

Asante

Health

System

Obligated

Group

Revenue

2020

Refunding

AGMC

Insured

8/15/45

..............................................

5,620,000

5,472,287

Asante

Health

System

Obligated

Group

Revenue

2020

Refunding

8/15/45

8,245,000

8,629,034

Asante

Health

System

Obligated

Group

Revenue

2020

Refunding

8/15/50

11,235,000

10,604,415

Asante

Health

System

Obligated

Group

Revenue

2020

Refunding

8/15/50

4,500,000

4,689,395

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Oregon

(continued)

Metro

County

Multnomah

Transient

Lodging

Tax

Revenue

2017

6/15/42

.......

7,500,000

7,802,125

County

Multnomah

Transient

Lodging

Tax

Revenue

2017

6/15/47

.......

10,950,000

11,329,283

Multnomah

Clackamas

Counties

School

District

No.

10JT

Gresham-Barlow

2017

6/15/37

................................................

7,885,000

8,286,095

Multnomah

County

School

District

No.

2012

Zero

Cpn.,

6/15/26

.......................................

2,585,000

2,452,456

2012

Zero

Cpn.,

6/15/27

.......................................

2,655,000

2,441,451

2012

Zero

Cpn.,

6/15/28

.......................................

2,495,000

2,222,733

2012

Zero

Cpn.,

6/15/29

.......................................

2,595,000

2,236,752

2012

Zero

Cpn.,

6/15/30

.......................................

1,885,000

1,565,398

2012

Zero

Cpn.,

6/15/31

.......................................

2,030,000

1,620,047

2012

Zero

Cpn.,

6/15/32

.......................................

2,000,000

1,534,243

2023

Zero

Cpn.,

6/15/30

.......................................

425,000

352,941

Multnomah-Clackamas

Counties

Centennial

School

District

No.

28JT

2020

Refunding

6/15/45

.....................................

3,000,000

3,195,830

2020

Refunding

6/15/50

.....................................

24,655,000

26,125,370

Oregon

City

School

District

No.

2018

Refunding

6/15/49

..........

2,345,000

2,449,970

Oregon

Health

Science

University

Obligated

Group

Revenue

2021

Refunding

7/01/44

.................

12,645,000

12,493,948

Oregon

Health

Science

University

Obligated

Group

Revenue

2017

7/01/42

10,000,000

10,291,637

Oregon

State

Facilities

Authority

CHNW

Clifton

House

LLC

Revenue

144A,

10/01/26

.................

925,000

916,437

CHNW

Clifton

House

LLC

Revenue

144A,

10/01/36

.................

1,670,000

1,640,251

CHNW

Clifton

House

LLC

Revenue

144A,

10/01/48

.................

4,000,000

3,848,189

Legacy

Health

Obligated

Group

Revenue

2016

Refunding

6/01/46

......

25,945,000

26,182,189

Legacy

Health

Obligated

Group

Revenue

2022

4.125

6/01/52

...........

3,000,000

2,881,744

Providence

St.

Joseph

Health

Obligated

Group

Revenue

2015

10/01/45

4,000,000

4,027,691

Samaritan

Health

Services,

Inc.

Obligated

Group

Revenue

2016

Refunding

10/01/41

.......................................................

7,800,000

7,891,443

Samaritan

Health

Services,

Inc.

Obligated

Group

Revenue

2016

10/01/46

3,280,000

3,302,991

Samaritan

Health

Services,

Inc.

Obligated

Group

Revenue

2016

Pre-Refunded

10/01/46

...................................................

220,000

230,115

Samaritan

Health

Services,

Inc.

Obligated

Group

Revenue

2020

Refunding

10/01/40

.......................................................

11,025,000

11,484,758

Willamette

University

Revenue

2016

Refunding

10/01/40

.............

1,950,000

1,966,584

Willamette

University

Revenue

2021

Refunding

10/01/51

.............

47,505,000

41,174,075

Oregon

State

University

Revenue

2024

Refunding

4.25

4/01/52

...........

3,610,000

3,628,161

Port

Portland

Airport

Revenue

7/01/47

....................................

4,700,000

4,811,838

Airport

Revenue

7/01/42

....................................

7,645,000

7,776,826

Airport

Revenue

7/01/44

....................................

4,830,000

4,984,998

Airport

Revenue

7/01/49

....................................

6,300,000

6,461,676

Airport

Revenue

7/01/30

....................................

1,585,000

1,720,469

Airport

Revenue

7/01/37

....................................

5,000,000

5,313,591

Airport

Revenue

7/01/45

....................................

10,670,000

11,061,617

Airport

Revenue

7/01/38

.....................................

2,500,000

2,481,850

Airport

Revenue

5.25

7/01/54

.................................

13,500,000

14,548,580

Salem

Hospital

Facility

Authority

Capital

Manor,

Inc.

Obligated

Group

Revenue

2018

5/15/33

.............

545,000

555,273

Capital

Manor,

Inc.

Obligated

Group

Revenue

2018

5/15/38

.............

500,000

507,039

Capital

Manor,

Inc.

Obligated

Group

Revenue

2018

5/15/43

.............

2,250,000

2,260,389

Capital

Manor,

Inc.

Obligated

Group

Revenue

2018

5/15/48

.............

3,700,000

3,659,199

Capital

Manor,

Inc.

Obligated

Group

Revenue

2022

Refunding

5/15/25

....

130,000

130,426

Capital

Manor,

Inc.

Obligated

Group

Revenue

2022

Refunding

5/15/26

....

135,000

136,128

Capital

Manor,

Inc.

Obligated

Group

Revenue

2022

Refunding

5/15/27

....

260,000

263,649

Capital

Manor,

Inc.

Obligated

Group

Revenue

2022

Refunding

5/15/28

....

310,000

315,949

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Oregon

(continued)

Salem

Hospital

Facility

Authority,

(continued)

Capital

Manor,

Inc.

Obligated

Group

Revenue

2022

Refunding

5/15/29

....

515,000

506,098

Capital

Manor,

Inc.

Obligated

Group

Revenue

2022

Refunding

5/15/30

....

385,000

377,480

Capital

Manor,

Inc.

Obligated

Group

Revenue

2022

Refunding

5/15/31

....

400,000

390,782

Capital

Manor,

Inc.

Obligated

Group

Revenue

2022

Refunding

5/15/32

....

370,000

359,931

Capital

Manor,

Inc.

Obligated

Group

Revenue

2022

Refunding

5/15/40

....

1,540,000

1,408,317

Capital

Manor,

Inc.

Obligated

Group

Revenue

2022

Refunding

5/15/57

....

2,750,000

2,193,640

Salem

Health

Obligated

Group

Revenue

2016

Refunding

5/15/46

.......

17,105,000

17,310,910

Salem-Keizer

School

District

No.

24J

2009

Zero

Cpn.,

6/15/30

.......................................

8,500,000

7,095,077

2020

6/15/38

............................................

6,000,000

6,171,617

Seaside

School

District

No.

2017

6/15/35

............................................

2,000,000

2,104,470

2017

6/15/36

............................................

2,500,000

2,625,805

State

Oregon

2007

4.7

8/01/42

...........................................

3,050,000

3,050,177

2017

5/01/42

............................................

2,500,000

2,609,506

2017

8/01/42

............................................

15,000,000

15,711,105

2019

8/01/33

............................................

3,000,000

3,297,232

2019

8/01/34

............................................

1,900,000

2,083,983

Refunding

8/01/42

........................................

3,270,000

3,423,167

Department

Transportation

Revenue,

Sub.

Lien

2019

Refunding

11/15/37

12,500,000

13,703,757

Department

Transportation

Revenue,

Sub.

Lien

2019

Refunding

11/15/39

23,175,000

25,210,771

Department

Transportation

Revenue,

Sub.

Lien

2019

Refunding

11/15/42

3,300,000

3,339,844

State

Oregon

Housing

Community

Services

Department

Union

Pacific

Highway

Revenue

144A,

2022

II-1

5.5

12/01/39

............................

20,000,000

20,708,214

Tillamook

Yamhill

Counties

School

District

No.

101

Nestucca

Valley

2018

6/15/36

............................................

2,850,000

3,071,507

2018

6/15/37

............................................

2,520,000

2,705,064

Tri-County

Metropolitan

Transportation

District

Oregon

Revenue

2018

10/01/31

.......................................

5,025,000

5,345,316

Revenue

2018

10/01/32

.......................................

1,865,000

1,980,837

Umatilla

Hospital

District

No.

2023

6/01/53

.......................

750,000

761,158

Union

County

Hospital

Facility

Authority

Grande

Ronde

Hospital,

Inc.

Obligated

Group

Revenue

2022

7/01/47

......

2,250,000

2,238,325

Grande

Ronde

Hospital,

Inc.

Obligated

Group

Revenue

2022

7/01/52

......

3,680,000

3,661,168

University

Oregon

Revenue

2015

4/01/45

........................................

20,000,000

20,139,704

Revenue

2016

4/01/46

........................................

11,690,000

11,904,852

Revenue

2018

4/01/48

........................................

10,000,000

10,388,111

Warm

Springs

Reservation

Confederated

Tribe

Revenue

144A,

2019

Refunding

11/01/33

.........................

250,000

271,161

Revenue

144A,

2019

Refunding

11/01/34

.........................

300,000

326,354

Revenue

144A,

2019

Refunding

11/01/39

.........................

2,200,000

2,351,554

Washington

Clackamas

Counties

School

District

No.

23J

Tigard-Tualatin

2017

6/15/36

.............................................

9,400,000

9,909,023

2017

6/15/37

.............................................

5,040,000

5,309,026

2017

Pre-Refunded

6/15/37

..................................

960,000

1,020,461

Washington

Multnomah

Counties

School

District

No.

48J

Beaverton

2017

6/15/35

............................................

15,050,000

15,910,440

2017

6/15/36

............................................

5,000,000

5,263,909

2022

6/15/52

............................................

19,145,000

20,589,054

Washington

Clackamas

Yamhill

Counties

School

District

No.

88J

2018

Zero

Cpn.,

6/15/38

.......................................

2,350,000

1,325,921

2018

Zero

Cpn.,

6/15/39

.......................................

3,275,000

1,742,208

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Oregon

(continued)

Washington

County

School

District

No.

Forest

Grove

2012

Zero

Cpn.,

6/15/29

.......................................

2,545,000

2,188,496

2012

Zero

Cpn.,

6/15/30

.......................................

2,490,000

2,067,819

2012

Zero

Cpn.,

6/15/31

.......................................

3,140,000

2,505,886

Yachats

Rural

Fire

Protection

District

2017

AGMC

Insured

6/15/47

......

1,600,000

1,646,415

Yamhill

County

School

District

No.

Dayton

2019

Refunding

6/15/32

.....................................

1,045,000

1,147,933

2019

Refunding

6/15/33

.....................................

1,080,000

1,186,176

780,466,624

South

Carolina

1.5%

South

Carolina

Jobs-Economic

Development

Authority

Revenue

144A,

2021

A-1

3.65

12/01/36

..............................

2,500,000

2,189,383

AHPC

Vista

Towers

2021

LLC

Revenue

2021

A-1

3.65

12/01/36

...........

2,500,000

2,189,383

Columbia

Portfolio

Obligated

Group

Revenue

144A,

2022

A-1

Zero

Cpn.,

6/01/37

7,650,000

6,169,056

South

Carolina

State

Housing

Finance

Development

Authority

Garden

Oaks

Revenue

144A,

2021

4.2

12/01/39

................................

3,000,000

2,542,730

13,090,552

Texas

0.5%

Lake

Houston

Redevelopment

Authority

City

Houston

Reinvestment

Zone

No.

Revenue

2021

Refunding

9/01/30

250,000

264,251

City

Houston

Reinvestment

Zone

No.

Revenue

2021

Refunding

9/01/31

250,000

265,022

Pecan

Public

Facility

Corp.

Revenue

144A,

2022

A-2

12/01/52

............

4,200,000

3,449,982

3,979,255

Washington

0.2%

Washington

State

Housing

Finance

Commission

Madison

Rivers

Edge

Apartments

LLC

Revenue

144A,

2021

3.65

1/01/37

............................

2,500,000

2,189,967

Wisconsin

0.2%

Public

Finance

Authority

Revenue

144A,

2022

B-1

12/28/44

..............

2,400,000

2,020,582

U.S.

Territories

4.0%

Puerto

Rico

4.0%

Children's

Trust

Fund

Revenue

2002

5.625

5/15/43

......................

6,000,000

6,069,672

HTA

TRRB

Custodial

Trust

Revenue

2005

5.25

7/01/41

.....................................

328,600

321,647

Revenue

2007

5.25

7/01/36

.....................................

903,650

907,230

Puerto

Rico

Electric

Power

Authority

Revenue

Refunding

NATL

Insured

5.25

7/01/32

....................

1,300,000

1,284,994

Revenue

Refunding

NATL

Insured

5.25

7/01/34

....................

1,000,000

988,598

Revenue

5.25

7/01/33

........................................

7,040,000

2,974,400

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

A-1

7/01/58

..................................

19,745,000

19,832,322

Sales

Tax

Revenue

A-2

4.329

7/01/40

...............................

3,000,000

2,966,974

35,345,837

Total

U.S.

Territories

....................................................................

35,345,837

Total

Municipal

Bonds

(Cost

881,231,781

)

.....................................

874,804,069

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

See

Abbreviations

page

117

Value

Escrows

and

Litigation

Trusts

0.0%

†

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

357,633

286,106

Total

Escrows

and

Litigation

Trusts

(Cost

–

)

...................................

286,106

Total

Long

Term

Investments

(Cost

883,731,781

)

...............................

877,660,099

Short

Term

Investments

0.3%

Principal

Amount

Municipal

Bonds

0.3%

Oregon

0.3%

State

Oregon

2022

Daily

VRDN

and

Put

6/01/45

................

2,250,000

Total

Municipal

Bonds

(Cost

2,250,000

)

.......................................

2,250,000

Total

Short

Term

Investments

(Cost

2,250,000

)

.................................

2,250,000

Total

Investments

(Cost

885,981,781

)

99.5

...................................

$879,910,099

Other

Assets,

less

Liabilities

0.5

.............................................

4,446,626

Net

Assets

100.0%

...........................................................

$884,356,725

†

Rounds

less

than

0.1%

net

assets.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$67,983,672,

representing

7.7%

net

assets.

portion

all

the

security

purchased

delayed

delivery

basis.

See

Note

1(b).

Defaulted

security

for

which

income

has

been

deemed

uncollectible.

See

Note

Non-income

producing.

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

floating

variable

interest

rate

adjustment

formula

and

unconditional

right

demand

receive

payment

the

principal

balance

plus

accrued

interest

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

determined

based

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Pennsylvania

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$8.85

$8.64

$9.64

$9.89

$10.11

$9.73

Income

from

investment

operations

Net

investment

income

.............

0.13

0.26

0.22

0.20

0.26

0.29

Net

realized

and

unrealized

gains

(losses)

0.07

0.21

(1.00)

(0.25)

(0.23)

0.39

Total

from

investment

operations

........

0.20

0.47

(0.78)

(0.05)

0.03

0.68

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.26)

(0.22)

(0.20)

(0.25)

(0.30)

Net

asset

value,

end

period

..........

$8.91

$8.85

$8.64

$9.64

$9.89

$10.11

Total

return

.......................

2.25%

5.51%

(8.13)%

(0.56)%

0.32%

7.14%

Ratios

average

net

assets

Expenses

.........................

0.83%

0.84%

0.82%

0.81%

0.82%

Net

investment

income

...............

3.02%

2.98%

2.48%

2.00%

2.59%

2.98%

Supplemental

data

Net

assets

end

period

(000’s)

........

$152,034

$153,588

$150,381

$175,896

$146,124

$105,032

Portfolio

turnover

rate

................

7.14%

11.97%

30.73%

36.04%

28.44%

13.61%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$8.85

$8.64

$9.64

$9.89

$10.11

$9.73

Income

from

investment

operations

Net

investment

income

.............

0.14

0.27

0.23

0.22

0.27

0.31

Net

realized

and

unrealized

gains

(losses)

0.06

0.21

(1.00)

(0.25)

(0.23)

0.39

Total

from

investment

operations

........

0.20

0.48

(0.77)

(0.03)

0.04

0.70

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.27)

(0.23)

(0.22)

(0.26)

(0.32)

Net

asset

value,

end

period

..........

$8.91

$8.85

$8.64

$9.64

$9.89

$10.11

Total

return

.......................

2.33%

5.67%

(7.99)%

(0.41)%

0.47%

7.29%

Ratios

average

net

assets

Expenses

.........................

0.68%

0.69%

0.67%

0.66%

0.67%

Net

investment

income

...............

3.17%

3.12%

2.63%

2.16%

2.77%

3.13%

Supplemental

data

Net

assets

end

period

(000’s)

........

$426,498

$446,528

$494,179

$644,308

$709,450

$772,506

Portfolio

turnover

rate

................

7.14%

11.97%

30.73%

36.04%

28.44%

13.61%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$8.97

$8.76

$9.77

$10.02

$10.24

$9.86

Income

from

investment

operations

Net

investment

income

.............

0.12

0.22

0.18

0.16

0.22

0.26

Net

realized

and

unrealized

gains

(losses)

0.06

0.21

(1.01)

(0.25)

(0.23)

0.39

Total

from

investment

operations

........

0.18

0.43

(0.83)

(0.09)

(0.01)

0.65

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.22)

(0.18)

(0.16)

(0.21)

(0.27)

Net

asset

value,

end

period

..........

$9.03

$8.97

$8.76

$9.77

$10.02

$10.24

Total

return

.......................

2.01%

5.01%

(8.49)%

(0.95)%

(0.08)%

6.64%

Ratios

average

net

assets

Expenses

.........................

1.22%

1.23%

1.22%

1.21%

1.22%

Net

investment

income

...............

2.57%

2.52%

2.03%

1.60%

2.21%

2.58%

Supplemental

data

Net

assets

end

period

(000’s)

........

$25,431

$29,997

$41,736

$63,426

$104,823

$146,042

Portfolio

turnover

rate

................

7.14%

11.97%

30.73%

36.04%

28.44%

13.61%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$8.86

$8.65

$9.66

$9.90

$10.12

$9.75

Income

from

investment

operations

Net

investment

income

.............

0.15

0.28

0.25

0.23

0.28

0.32

Net

realized

and

unrealized

gains

(losses)

0.06

0.21

(1.02)

(0.24)

(0.22)

0.38

Total

from

investment

operations

........

0.21

0.49

(0.77)

(0.01)

0.06

0.70

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.28)

(0.24)

(0.23)

(0.28)

(0.33)

Net

asset

value,

end

period

..........

$8.92

$8.86

$8.65

$9.66

$9.90

$10.12

Total

return

.......................

2.40%

5.80%

(7.95)%

(0.17)%

0.61%

7.32%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

0.54%

0.55%

0.56%

0.55%

Expenses

net

waiver

and

payments

affiliates

..........................

0.54%

0.55%

0.54%

0.52%

0.53%

Net

investment

income

...............

3.29%

3.26%

2.84%

2.29%

2.86%

3.27%

Supplemental

data

Net

assets

end

period

(000’s)

........

$8,729

$9,516

$8,556

$5,802

$4,300

$2,905

Portfolio

turnover

rate

................

7.14%

11.97%

30.73%

36.04%

28.44%

13.61%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

28,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$8.86

$8.65

$9.66

$9.90

$10.12

$9.75

Income

from

investment

operations

Net

investment

income

.............

0.15

0.28

0.24

0.23

0.28

0.32

Net

realized

and

unrealized

gains

(losses)

0.06

0.21

(1.01)

(0.24)

(0.23)

0.38

Total

from

investment

operations

........

0.21

0.49

(0.77)

(0.01)

0.05

0.70

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.28)

(0.24)

(0.23)

(0.27)

(0.33)

Net

asset

value,

end

period

..........

$8.92

$8.86

$8.65

$9.66

$9.90

$10.12

Total

return

.......................

2.38%

5.76%

(7.99)%

(0.21)%

0.57%

7.28%

Ratios

average

net

assets

Expenses

.........................

0.58%

0.59%

0.57%

0.56%

0.57%

Net

investment

income

...............

3.26%

3.22%

2.71%

2.26%

2.85%

3.23%

Supplemental

data

Net

assets

end

period

(000’s)

........

$68,163

$67,187

$71,451

$106,979

$105,603

$98,190

Portfolio

turnover

rate

................

7.14%

11.97%

30.73%

36.04%

28.44%

13.61%

For

the

year

ended

February

29.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited),

August

31,

2024

Franklin

Pennsylvania

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Corporate

Bonds

0.3%

Software

0.3%

Haven

Elgin

LLC

5.25

12/31/53

....................................

2,000,000

2,055,939

Total

Corporate

Bonds

(Cost

2,000,000

)

.......................................

2,055,939

Municipal

Bonds

98.4%

Florida

1.6%

Capital

Trust

Agency,

Inc.

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

Revenue

2021

A-1

3.75

12/01/36

.............................................

5,688,000

5,081,003

SHI

Lake

Osborne

LLC

Revenue

144A,

2021

A-1

3.68

1/01/57

...........

1,000,000

723,940

Capital

Trust

Authority

Gulf

Coast

Portfolio

Obligated

Group

Revenue

144A,

2024

Refunding

Zero

Cpn.,

3/01/29

........................................

6,800,000

5,396,187

11,201,130

New

York

1.8%

Metropolitan

Transportation

Authority

Revenue

2021

A-1

11/15/44

.....................................

6,700,000

6,561,403

Revenue

2021

A-1

11/15/46

.....................................

6,050,000

5,871,444

12,432,847

Pennsylvania

92.0%

Allegheny

County

Airport

Authority

Revenue

2021

1/01/32

........................................

4,345,000

4,690,675

Revenue

2021

1/01/34

........................................

8,155,000

8,766,605

Revenue

2021

1/01/51

........................................

3,500,000

3,606,261

Revenue

2023

AGMC

Insured

5.5

1/01/53

..........................

5,000,000

5,440,176

Allegheny

County

Higher

Education

Building

Authority

Chatham

University

Revenue

2022

Refunding

5.25

9/01/33

..............

700,000

696,619

Chatham

University

Revenue

2022

Refunding

5.25

9/01/34

..............

1,090,000

1,080,374

Duquesne

University

the

Holy

Spirit

Revenue

2021

Refunding

3/01/40

2,115,000

2,099,280

Duquesne

University

the

Holy

Spirit

Revenue

2021

Refunding

3/01/41

3,000,000

2,949,018

Robert

Morris

University

Revenue

2017

10/15/37

.....................

1,000,000

976,454

Robert

Morris

University

Revenue

2017

10/15/47

.....................

1,300,000

1,180,712

Allentown

Commercial

and

Industrial

Development

Authority

Lincoln

Leadership

Academy

Charter

School

Revenue

2023

5.5

6/15/38

.....

600,000

635,935

Lincoln

Leadership

Academy

Charter

School

Revenue

2023

5.75

6/15/43

....

600,000

632,021

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

2022

Refunding

5/01/32

.................................

1,560,000

1,688,821

Revenue

2022

Refunding

5/01/33

.................................

1,800,000

1,942,650

Revenue

2022

Refunding

5/01/34

.................................

1,550,000

1,666,907

Revenue

2022

Refunding

5/01/35

.................................

1,400,000

1,499,216

Revenue

2022

Refunding

5/01/42

.................................

8,875,000

9,210,675

Berks

County

Industrial

Development

Authority

Highlands

Wyomissing

Obligated

Group

Revenue

2017

Refunding

5/15/42

........................................................

1,000,000

1,006,699

Highlands

Wyomissing

Obligated

Group

Revenue

2017

Refunding

5/15/47

........................................................

600,000

601,306

Highlands

Wyomissing

Obligated

Group

Revenue

2017

5/15/37

......

1,245,000

1,265,327

Highlands

Wyomissing

Obligated

Group

Revenue

2018

Pre-Refunded

5/15/38

........................................................

1,030,000

1,064,387

Highlands

Wyomissing

Obligated

Group

Revenue

2018

Pre-Refunded

5/15/48

........................................................

1,000,000

1,033,386

Bethlehem

Redevelopment

Authority

Moravian

University

Obligated

Group

Revenue

2024

5.25

10/01/49

.........

750,000

786,110

Moravian

University

Obligated

Group

Revenue

2024

5.5

10/01/54

..........

1,050,000

1,108,947

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Bristol

Township

School

District

2021

BAM

Insured

6/01/37

..........

1,250,000

1,140,452

Bucks

County

Industrial

Development

Authority

Delaware

Valley

University

Revenue

2022

Refunding

11/01/37

.........

1,000,000

1,008,895

Delaware

Valley

University

Revenue

2022

Refunding

11/01/42

.........

1,080,000

1,059,478

Delaware

Valley

University

Revenue

2022

Refunding

11/01/52

.........

2,500,000

2,344,294

St.

Luke's

Hospital

Obligated

Group

Revenue

2019

8/15/44

.............

1,500,000

1,395,410

St.

Luke's

Hospital

Obligated

Group

Revenue

2021

8/15/53

.............

12,000,000

8,909,124

Butler

County

Hospital

Authority

Butler

Health

System

Obligated

Group

Revenue

2015

Refunding

7/01/35

.......................................

1,885,000

1,887,475

Central

Bradford

Progress

Authority

Guthrie

Clinic

(The)

Revenue

2021

12/01/51

........................................................

5,000,000

4,664,568

Centre

County

Hospital

Authority

Mount

Nittany

Medical

Center

Obligated

Group

Revenue

2018

Refunding

11/15/42

.......................................................

1,215,000

1,245,815

Mount

Nittany

Medical

Center

Obligated

Group

Revenue

2018

Refunding

11/15/47

.......................................................

1,840,000

1,764,184

Cheltenham

Township

Industrial

Development

Authority

Arcadia

University

Revenue

2024

Refunding

4/01/44

..................

2,250,000

2,264,166

Arcadia

University

Revenue

2024

Refunding

5.75

4/01/54

...............

1,000,000

1,021,877

Chester

County

Industrial

Development

Authority

University

Student

Housing

LLC

Revenue

2013

8/01/35

...............

500,000

500,075

University

Student

Housing

LLC

Revenue

2013

8/01/45

...............

1,500,000

1,471,328

City

Erie

Higher

Education

Building

Authority

Gannon

University

Revenue

2021

TT-1

5/01/36

......................

400,000

374,019

Gannon

University

Revenue

2021

TT-1

5/01/41

......................

1,000,000

874,232

Gannon

University

Revenue

2021

TT-1

5/01/47

......................

2,430,000

2,331,845

City

Philadelphia

2019

2/01/36

............................................

3,300,000

3,526,295

2019

2/01/38

............................................

4,055,000

4,313,681

2019

2/01/39

............................................

6,050,000

6,420,138

2021

5/01/37

............................................

6,435,000

6,634,838

Airport

Revenue

2017

Refunding

7/01/47

.........................

10,000,000

10,120,693

Airport

Revenue

2020

Refunding

7/01/45

.........................

5,225,000

4,968,643

Airport

Revenue

2021

Refunding

7/01/51

...........................

8,100,000

8,362,625

Water

Wastewater

Revenue

2019

11/01/49

......................

5,000,000

5,265,484

Water

Wastewater

Revenue

2020

Refunding

11/01/45

..............

6,300,000

6,741,638

Water

Wastewater

Revenue

2022

5.5

6/01/47

......................

5,000,000

5,607,671

Colonial

School

District

2021

2/15/40

...........................

1,650,000

1,473,434

Commonwealth

Financing

Authority

Commonwealth

Pennsylvania

Revenue

2015

6/01/34

....................................................

10,000,000

10,127,847

Commonwealth

Pennsylvania

2022

10/01/40

.....................

5,000,000

5,590,359

County

Allegheny

C-77

11/01/43

.............................................

5,030,000

5,294,621

C-80

12/01/54

.............................................

3,000,000

3,231,970

County

Jefferson

2021

Refunding

AGMC

Insured

12/15/35

........................

650,000

609,155

2021

Refunding

AGMC

Insured

12/15/37

........................

770,000

704,495

2021

Refunding

AGMC

Insured

12/15/39

........................

520,000

460,050

Dallas

Area

Municipal

Authority

Misericordia

University

Revenue

2014

Refunding

5/01/37

......................................................

2,500,000

2,476,018

Delaware

County

Authority

Elwyn

Obligated

Group

Revenue

2017

Refunding

6/01/27

..............

1,560,000

1,570,210

Elwyn

Obligated

Group

Revenue

2017

Refunding

6/01/32

..............

1,620,000

1,622,343

Haverford

College

Revenue

2017

Refunding

10/01/46

...............

5,865,000

5,993,619

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Delaware

County

Regional

Water

Quality

Control

Authority

Revenue

2016

11/01/36

........................................................

2,005,000

2,027,536

DuBois

Hospital

Authority

Penn

Highlands

Healthcare

Obligated

Group

Revenue

2018

Refunding

7/15/43

........................................................

3,410,000

3,440,253

Penn

Highlands

Healthcare

Obligated

Group

Revenue

2020

7/15/50

......

3,500,000

3,054,303

Penn

Highlands

Healthcare

Obligated

Group

Revenue

2021

Refunding

7/15/41

........................................................

1,000,000

953,593

Penn

Highlands

Healthcare

Obligated

Group

Revenue

2021

Refunding

7/15/51

........................................................

4,000,000

3,470,206

East

Hempfield

Township

Industrial

Development

Authority

Student

Services,

Inc.

Revenue

2015

Pre-Refunded

7/01/47

..............................

3,750,000

3,813,527

Erie

City

Water

Authority

Revenue

2016

Pre-Refunded

12/01/43

...........

6,000,000

6,318,067

Erie

County

Industrial

Development

Authority

CFC

Erie

LLC

Revenue

144A,

2024

6.75

9/01/61

.................................................

5,000,000

5,073,914

Fairview

School

District

2021

BAM

Insured

9/15/37

...................................

1,195,000

1,080,875

2021

BAM

Insured

9/15/38

...................................

1,000,000

884,212

2021

BAM

Insured

9/15/39

...................................

1,000,000

880,136

Geisinger

Authority

Kaiser

Obligated

Group

Revenue

2017

A-1

Refunding

2/15/45

...........

5,555,000

5,666,205

Kaiser

Obligated

Group

Revenue

2017

A-2

Refunding

2/15/39

...........

13,155,000

13,551,514

Governor

Mifflin

School

District

2021

4/01/35

.............................................

810,000

757,302

2021

4/01/36

.............................................

625,000

579,616

2021

4/01/37

.............................................

1,000,000

911,106

2021

4/01/38

.............................................

1,000,000

902,319

2021

4/01/39

.............................................

1,015,000

908,101

Huntingdon

County

General

Authority

Juniata

College

Revenue

2021

TT-3

Refunding

10/01/51

............................................

2,520,000

2,463,872

Lancaster

County

Hospital

Authority

University

Pennsylvania

Health

System

Obligated

Group

(The)

Revenue

2016

Refunding

8/15/46

.............

4,165,000

4,228,360

Lancaster

Higher

Education

Authority

Elizabethtown

College

Revenue

2022

Refunding

10/01/46

............

5,000,000

4,869,200

Elizabethtown

College

Revenue

2022

Refunding

10/01/51

............

5,000,000

4,790,137

Lancaster

Industrial

Development

Authority

Landis

Homes

Obligated

Group

Revenue

2021

Refunding

7/01/51

........

2,780,000

2,465,487

Landis

Homes

Obligated

Group

Revenue

2021

Refunding

7/01/56

........

520,000

448,666

Willow

Valley

Communities

Obligated

Group

Revenue

2019

12/01/44

......

1,850,000

1,897,016

Willow

Valley

Communities

Obligated

Group

Revenue

2019

12/01/49

......

2,300,000

2,341,805

Lancaster

Municipal

Authority

Garden

Spot

Village

Obligated

Group

Revenue

2024

Refunding

5/01/44

1,200,000

1,269,661

Garden

Spot

Village

Obligated

Group

Revenue

2024

5/01/59

..........

530,000

544,260

Latrobe

Industrial

Development

Authority

Seton

Hill

University

Revenue

2021

Refunding

3/01/46

................

750,000

636,902

Seton

Hill

University

Revenue

2021

Refunding

3/01/51

................

800,000

651,554

Lehigh

County

Authority

Revenue

2024

Refunding

BAM

Insured

12/01/45

...

6,500,000

6,389,414

Lehigh

County

General

Purpose

Authority

Good

Shepherd

Obligated

Group

(The)

Revenue

2021

Refunding

11/01/41

4,345,000

4,197,060

Lehigh

Valley

Academy

Regional

Charter

School

Revenue

2022

6/01/42

....

14,390,000

13,280,763

Lehigh

Valley

Academy

Regional

Charter

School

Revenue

2022

6/01/57

....

5,000,000

4,274,544

Muhlenberg

College

Revenue

2024

Refunding

5.25

2/01/54

..............

1,600,000

1,701,607

Lycoming

County

Authority

Lycoming

College

Revenue

2013

MM-1

5.25

11/01/38

...................

1,400,000

1,402,163

Lycoming

College

Revenue

2013

MM-1

5.25

11/01/43

...................

1,495,000

1,497,367

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Montgomery

County

Higher

Education

and

Health

Authority

Gwynedd

Mercy

University

Revenue

2022

UU-2

Refunding

5.25

5/01/37

....

2,665,000

2,837,008

Gwynedd

Mercy

University

Revenue

2022

UU-2

Refunding

5/01/42

.......

3,700,000

3,793,974

Thomas

Jefferson

University

Obligated

Group

Revenue

2018

Refunding

9/01/43

........................................................

3,740,000

3,610,909

Thomas

Jefferson

University

Obligated

Group

Revenue

2018

Refunding

9/01/48

........................................................

8,250,000

8,449,208

Thomas

Jefferson

University

Obligated

Group

Revenue

2022

Refunding

5/01/52

........................................................

4,000,000

3,738,978

Thomas

Jefferson

University

Obligated

Group

Revenue

2022

Refunding

5/01/57

........................................................

5,000,000

5,221,776

Montgomery

County

Industrial

Development

Authority

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

Revenue

2020

11/15/43

.......................................................

600,000

580,417

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

Revenue

2020

11/15/45

.......................................................

1,985,000

2,054,332

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

Revenue

2023

5.25

11/15/53

.......................................................

1,500,000

1,556,887

Gwynedd

Mercy

University

Revenue

2023

VV-1

5.75

5/01/48

..............

2,000,000

2,113,235

Meadowood

Corp.

Obligated

Group

(The)

Revenue

2018

Refunding

12/01/38

.......................................................

2,500,000

2,536,417

Public

School

Germantown

(The)

Revenue

2021

Refunding

10/01/51

2,450,000

2,123,492

Waverly

Heights

Ltd.

Obligated

Group

Revenue

2019

Refunding

12/01/49

2,000,000

2,025,563

Muhlenberg

School

District

2024

5/15/54

..........................

2,000,000

2,117,272

New

Kensington

Municipal

Sanitary

Authority

Revenue

2021

AGMC

Insured

12/01/38

........................................................

500,000

456,127

Northampton

County

General

Purpose

Authority

St.

Luke's

Hospital

Obligated

Group

Revenue

2018

Refunding

8/15/48

...

2,500,000

2,564,364

St.

Luke's

Hospital

Obligated

Group

Revenue

2024

A-1

Refunding

AGMC

Insured

5.25

8/15/53

..................................................

5,000,000

5,590,283

Northeastern

Pennsylvania

Hospital

and

Education

Authority

King's

College

Revenue

2019

5/01/44

.................................................

1,000,000

984,405

Northeastern

School

District

2021

BAM

Insured

3/01/38

.................................

850,000

758,815

2021

BAM

Insured

3/01/41

.................................

775,000

668,174

Northern

Lebanon

School

District

2021

BAM

Insured

9/01/36

..........

1,895,000

1,722,098

Pennsylvania

Economic

Development

Financing

Authority

Commonwealth

Pennsylvania

Motor

License

Fund

Revenue

2022

5.25

6/30/53

........................................................

8,500,000

8,926,102

Parking

System

Revenue,

Senior

Lien

2024

Refunding

AGMC

Insured

1/01/41

........................................................

1,015,000

1,012,893

Philadelphia

Water

Department

Revenue

2020

Refunding

1/01/29

........

500,000

501,388

Philadelphia

Water

Department

Revenue

2020

Refunding

1/01/32

........

1,300,000

1,294,000

Presbyterian

Homes

Obligated

Group

Revenue

2023

B-2

Refunding

7/01/42

2,365,000

2,507,789

UPMC

Obligated

Group

Revenue

2014

2/01/45

.....................

5,000,000

5,001,678

UPMC

Obligated

Group

Revenue

2017

Refunding

11/15/42

...........

5,000,000

4,896,158

UPMC

Obligated

Group

Revenue

2020

4/15/45

.....................

8,835,000

8,567,007

UPMC

Obligated

Group

Revenue

2021

Refunding

10/15/39

...........

1,325,000

1,326,147

UPMC

Obligated

Group

Revenue

2021

Refunding

10/15/40

...........

1,200,000

1,189,512

UPMC

Obligated

Group

Revenue

2021

Refunding

10/15/41

...........

1,300,000

1,284,401

Villanova

University

Revenue

2024

8/01/54

..........................

5,000,000

4,870,105

Pennsylvania

Higher

Educational

Facilities

Authority

Bryn

Mawr

College

Revenue

2014

Refunding

12/01/44

................

6,365,000

6,383,203

St.

Joseph's

University

Revenue

2012

11/01/42

......................

5,000,000

4,999,939

Thomas

Jefferson

University

Obligated

Group

Revenue

2015

Refunding

5.25

9/01/50

........................................................

6,465,000

6,487,048

Trustees

the

University

Pennsylvania

(The)

Revenue

2017

8/15/46

14,000,000

14,399,685

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Principal

Amount

Value

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Pennsylvania

Higher

Educational

Facilities

Authority,

(continued)

University

Pennsylvania

Health

System

Obligated

Group

(The)

Revenue

2015

Refunding

8/15/40

............................................

6,475,000

6,565,941

Widener

University

Revenue

2021

Refunding

7/15/51

................

11,030,000

9,375,222

Pennsylvania

Housing

Finance

Agency

Revenue

2019-129

3.4

10/01/49

...................................

6,000,000

4,996,066

Revenue

2020-132

2.55

10/01/41

.................................

11,280,000

8,693,278

Pennsylvania

State

University

(The)

Revenue

2015

Refunding

9/01/40

...............................

10,490,000

10,650,563

Revenue

2016

Refunding

9/01/41

...............................

10,000,000

10,323,342

Revenue

2023

5.25

9/01/53

.......................................

3,000,000

3,327,910

Revenue

2024

5.25

9/01/54

.......................................

5,000,000

5,600,271

Pennsylvania

Turnpike

Commission

Revenue

2021

12/01/37

.......................................

1,500,000

1,526,875

Revenue

2021

12/01/46

.......................................

10,950,000

10,520,278

Revenue

2024

5.25

12/01/54

....................................

4,500,000

4,987,455

Philadelphia

Authority

for

Industrial

Development

Beech

International

LLC

Revenue

2010

5.625

6/15/42

.................

4,000,000

3,400,000

MaST

Community

Charter

School

Revenue

2020

8/01/30

............

245,000

254,390

MaST

Community

Charter

School

Revenue

2020

8/01/40

............

300,000

307,472

MaST

Community

Charter

School

Revenue

2020

8/01/50

............

2,515,000

2,559,497

St.

Joseph's

University

Revenue

2022

5.5

11/01/60

.....................

8,410,000

9,120,182

Temple

University-of

The

Commonwealth

System

Higher

Education

Revenue,

First

Series

2015

Refunding

4/01/40

.............................

5,000,000

5,033,500

Thomas

Jefferson

University

Obligated

Group

Revenue

2017

Refunding

9/01/42

........................................................

3,500,000

3,561,332

Thomas

Jefferson

University

Obligated

Group

Revenue

2017

Refunding

9/01/47

........................................................

2,400,000

2,427,555

University

Plaza

Associates

Revenue

144A,

2017

III

5.5

12/01/58

..........

10,000,000

9,772,949

Philadelphia

Gas

Works

Co.

Revenue

14th

Refunding

10/01/32

................................

1,000,000

1,037,835

Revenue

15th

Refunding

8/01/47

.................................

11,000,000

11,227,804

Pittsburgh

Water

Sewer

Authority

Revenue,

First

Lien

2022

5.25

9/01/39

.............................

1,490,000

1,704,459

Revenue,

First

Lien

2022

5.25

9/01/40

.............................

1,365,000

1,538,982

Revenue,

First

Lien

2022

5.25

9/01/41

.............................

1,650,000

1,864,359

Revenue,

First

Lien

2022

5.25

9/01/42

.............................

1,685,000

1,892,574

Revenue,

First

Lien

2022

9/01/52

................................

2,640,000

2,825,838

Pocono

Mountains

Industrial

Park

Authority

St.

Luke's

Hospital

Obligated

Group

Revenue

2015

8/15/40

........................................

5,000,000

5,019,852

Radnor

Township

School

District

2021

8/15/35

.....................

1,400,000

1,337,354

School

District

Philadelphia

(The)

2021

9/01/36

.................

3,845,000

3,942,347

Scranton

School

District

2020

12/01/40

...........................

1,535,000

1,523,336

Scranton-Lackawanna

Health

and

Welfare

Authority

University

Scranton

Revenue

2016

Refunding

11/01/37

.......................................

4,000,000

4,081,524

Southeastern

Pennsylvania

Transportation

Authority

Revenue

2022

5.25

6/01/52

5,000,000

5,441,460

State

College

Area

School

District

2015

3/15/40

.............................................

10,000,000

10,074,161

2018

5/15/37

.............................................

1,075,000

1,147,043

2018

5/15/44

.............................................

3,500,000

3,655,562

State

Public

School

Building

Authority

School

District

Philadelphia

(The)

Revenue

2016

Refunding

AGMC

Insured

6/01/32

....................................................

7,095,000

7,341,357

School

District

Philadelphia

(The)

Revenue

2016

Refunding

AGMC

Insured

6/01/33

....................................................

3,000,000

3,102,195

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Principal

Amount

Value

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Township

Northampton

2021

5/15/39

...........................

1,495,000

1,510,577

Upper

Merion

Area

School

District

2021

1/15/39

............................................

1,000,000

909,775

2021

1/15/40

............................................

1,500,000

1,337,518

2021

1/15/41

............................................

1,275,000

1,120,396

Westmoreland

County

Industrial

Development

Authority

Excela

Health

Obligated

Group

Revenue

2020

Refunding

7/01/29

......

725,000

758,441

Excela

Health

Obligated

Group

Revenue

2020

Refunding

7/01/30

......

1,370,000

1,433,162

Excela

Health

Obligated

Group

Revenue

2020

Refunding

7/01/37

......

1,400,000

1,298,718

Wilkes-Barre

Finance

Authority

Wilkes

University

Revenue

2021

Refunding

3/01/42

.........................................................

2,500,000

2,126,777

626,032,521

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

Revenue

144A,

2021

A-1

3.65

12/01/36

..............................

1,900,000

1,663,931

AHPC

Vista

Towers

2021

LLC

Revenue

2021

A-1

3.65

12/01/36

...........

2,000,000

1,751,506

South

Carolina

State

Housing

Finance

Development

Authority

Garden

Oaks

Revenue

144A,

2021

4.2

12/01/39

................................

1,000,000

847,577

4,263,014

Texas

0.4%

Pecan

Public

Facility

Corp.

Revenue

144A,

2022

A-2

12/01/52

............

3,300,000

2,710,700

Washington

0.3%

Washington

State

Housing

Finance

Commission

Madison

Rivers

Edge

Apartments

LLC

Revenue

144A,

2021

3.65

1/01/37

............................

2,000,000

1,751,973

Wisconsin

0.2%

Public

Finance

Authority

Revenue

144A,

2022

B-1

12/28/44

..............

1,900,000

1,599,627

U.S.

Territories

1.5%

Puerto

Rico

1.5%

HTA

TRRB

Custodial

Trust

Revenue

2005

5.25

7/01/41

.....................................

1,059,735

1,037,310

Revenue

2007

5.25

7/01/36

.....................................

780,425

783,517

Puerto

Rico

Electric

Power

Authority

Revenue

Refunding

NATL

Insured

5.25

7/01/32

....................

1,100,000

1,087,303

Revenue

Refunding

NATL

Insured

5.25

7/01/34

....................

1,000,000

988,597

Revenue

5.25

7/01/40

........................................

5,175,000

2,186,438

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

A-1

7/01/58

.....

4,000,000

4,017,690

10,100,855

Total

U.S.

Territories

....................................................................

10,100,855

Total

Municipal

Bonds

(Cost

699,410,810

)

.....................................

670,092,667

Escrows

and

Litigation

Trusts

0.1%

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

262,891

210,312

Total

Escrows

and

Litigation

Trusts

(Cost

–

)

...................................

210,312

Total

Long

Term

Investments

(Cost

701,410,810

)

...............................

672,358,918

Franklin

Tax-Free

Trust

Schedule

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Short

Term

Investments

1.5%

Principal

Amount

Value

Municipal

Bonds

1.5%

Pennsylvania

1.5%

Allegheny

County

Higher

Education

Building

Authority

Carnegie

Mellon

University

Revenue

2008

Refunding

SPA

Bank

New

York

Mellon

(The)

Daily

VRDN

and

Put

3.8

12/01/37

................................................

4,300,000

Delaware

County

Industrial

Development

Authority

United

Parcel

Service,

Inc.

Revenue

2015

Refunding

Daily

VRDN

and

Put

3.9

9/01/45

...............

4,400,000

General

Authority

Southcentral

Pennsylvania

WellSpan

Health

Obligated

Group

Revenue

2019

Refunding

SPA

Bank

Daily

VRDN

and

Put

3.6

6/01/35

1,600,000

10,300,000

Total

Municipal

Bonds

(Cost

10,300,000

)

......................................

10,300,000

Total

Short

Term

Investments

(Cost

10,300,000

)

................................

10,300,000

Total

Investments

(Cost

711,710,810

)

100.3

..................................

$682,658,918

Other

Assets,

less

Liabilities

(

0.3

)

...........................................

(1,803,412)

Net

Assets

100.0%

...........................................................

$680,855,506

See

Abbreviations

page

117

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2024,

the

aggregate

value

these

securities

was

$29,540,798,

representing

4.3%

net

assets.

Defaulted

security

for

which

income

has

been

deemed

uncollectible.

See

Note

Non-income

producing.

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

floating

variable

interest

rate

adjustment

formula

and

unconditional

right

demand

receive

payment

the

principal

balance

plus

accrued

interest

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

determined

based

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

period

end.

Franklin

Tax-Free

Trust

Financial

Statements

Assets

and

Liabilities

August

31,

2024

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-

Free

Income

Fund

Assets:

Investments

securities:

Cost

Unaffiliated

issuers

................

$706,911,323

$502,275,811

$149,680,702

$687,933,936

Value

Unaffiliated

issuers

...............

$692,862,131

$492,460,494

$142,734,806

$664,400,855

Cash

.................................

18,983,890

157,641

92,409

195,125

Receivables:

Capital

sold

.....................

617,116

250,220

61,106

500,485

Interest

..............................

6,081,686

6,205,169

1,316,906

8,844,788

Total

assets

.......................

718,544,823

499,073,524

144,205,227

673,941,253

Liabilities:

Payables:

Investment

securities

purchased

...........

—

1,839,247

Capital

redeemed

................

1,151,721

544,721

454,816

626,371

Management

fees

......................

289,522

208,016

54,437

273,442

Distribution

fees

.......................

88,143

54,259

15,667

74,901

Transfer

agent

fees

.....................

87,238

68,410

20,991

90,950

Trustees'

fees

and

expenses

..............

1,264

658

131

954

Distributions

shareholders

..............

83,257

—

46,931

70,997

Accrued

expenses

and

other

liabilities

........

67,426

40,917

29,346

65,702

Total

liabilities

......................

1,768,571

916,981

622,319

3,042,564

Net

assets,

value

..............

$716,776,252

$498,156,543

$143,582,908

$670,898,689

Net

assets

consist

of:

Paid-in

capital

..........................

$816,787,323

$572,992,924

$188,664,500

$777,488,098

Total

distributable

earnings

(losses)

..........

(100,011,071)

(74,836,381)

(45,081,592)

(106,589,409)

Net

assets,

value

..............

$716,776,252

$498,156,543

$143,582,908

$670,898,689

Franklin

Tax-Free

Trust

Financial

Statements

Assets

and

Liabilities

(continued)

August

31,

2024

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-

Free

Income

Fund

Class

Net

assets,

value

....................

$228,304,338

$121,339,528

$30,511,291

$126,575,015

outstanding

.....................

23,089,321

11,409,555

3,330,183

11,990,464

Net

asset

value

per

...............

$9.89

$10.63

$9.16

$10.56

Maximum

offering

price

per

(net

asset

value

per

.25

)

...............

$10.28

$11.04

$9.52

$10.97

Class

A1:

Net

assets,

value

....................

$334,036,405

$242,441,366

$84,820,767

$445,975,298

outstanding

.....................

33,842,934

22,808,761

9,267,906

42,301,355

Net

asset

value

per

...............

$9.87

$10.63

$9.15

$10.54

Maximum

offering

price

per

(net

asset

value

per

.25

)

...............

$10.25

$11.04

$9.51

$10.95

Class

Net

assets,

value

....................

$20,533,950

$14,164,340

$3,417,367

$17,618,547

outstanding

.....................

2,044,709

1,316,222

370,340

1,643,977

Net

asset

value

and

maximum

offering

price

per

..............................

$10.04

$10.76

$9.23

$10.72

Class

R6:

Net

assets,

value

....................

$25,528,184

$15,307,073

$7,128,536

$11,685,026

outstanding

.....................

2,578,169

1,439,209

778,743

1,103,772

Net

asset

value

and

maximum

offering

price

per

...............................

$9.90

$10.64

$9.15

$10.59

Advisor

Class:

Net

assets,

value

....................

$108,373,375

$104,904,236

$17,704,947

$69,044,803

outstanding

.....................

10,946,967

9,869,262

1,935,624

6,527,365

Net

asset

value

and

maximum

offering

price

per

...............................

$9.90

$10.63

$9.15

$10.58

Redemption

price

equal

net

asset

value

less

contingent

deferred

sales

charges,

applicable.

Net

asset

value

per

may

not

recalculate

due

rounding.

Franklin

Tax-Free

Trust

Financial

Statements

Assets

and

Liabilities

(continued)

August

31,

2024

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Assets:

Investments

securities:

Cost

Unaffiliated

issuers

................

$709,802,303

$1,028,447,129

$885,981,781

$711,710,810

Value

Unaffiliated

issuers

...............

$685,957,276

$1,024,631,187

$879,910,099

$682,658,918

Cash

.................................

36,906

29,972

219,785

100,445

Receivables:

Investment

securities

sold

................

—

1,774,815

—

Capital

sold

.....................

192,963

530,259

741,151

139,981

Interest

..............................

5,144,914

10,675,570

9,053,982

8,112,091

Unrealized

appreciation

unfunded

commitments

(Note

)

...................

—

188,866

138,832

Total

assets

.......................

691,332,059

1,035,866,988

891,888,698

691,150,267

Liabilities:

Payables:

Investment

securities

purchased

...........

—

5,431,010

8,794,830

Capital

redeemed

................

760,210

1,684,440

1,438,938

853,797

Management

fees

......................

279,647

409,732

352,030

277,494

Distribution

fees

.......................

82,248

125,485

97,974

83,160

Transfer

agent

fees

.....................

125,388

152,123

101,307

101,053

Trustees'

fees

and

expenses

..............

1,213

1,767

1,642

1,331

Distributions

shareholders

..............

—

11,875

—

98,689

Accrued

expenses

and

other

liabilities

........

71,655

129,279

109,072

84,407

Total

liabilities

......................

1,320,361

2,514,701

7,531,973

10,294,761

Net

assets,

value

..............

$690,011,698

$1,033,352,287

$884,356,725

$680,855,506

Net

assets

consist

of:

Paid-in

capital

..........................

$761,952,066

$1,152,067,075

$1,016,383,802

$832,716,648

Total

distributable

earnings

(losses)

..........

(71,940,368)

(118,714,788)

(132,027,077)

(151,861,142)

Net

assets,

value

..............

$690,011,698

$1,033,352,287

$884,356,725

$680,855,506

Franklin

Tax-Free

Trust

Financial

Statements

Assets

and

Liabilities

(continued)

August

31,

2024

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Class

Net

assets,

value

....................

$175,232,252

$262,951,715

$208,368,760

$152,033,989

outstanding

.....................

15,552,239

22,743,677

19,680,931

17,059,967

Net

asset

value

per

...............

$11.27

$11.56

$10.59

$8.91

Maximum

offering

price

per

(net

asset

value

per

.25

)

...............

$11.71

$12.01

$11.00

$9.26

Class

A1:

Net

assets,

value

....................

$315,915,538

$531,072,462

$485,851,246

$426,497,843

outstanding

.....................

28,042,795

45,962,497

45,930,547

47,874,057

Net

asset

value

per

...............

$11.27

$11.55

$10.58

$8.91

Maximum

offering

price

per

(net

asset

value

per

.25

)

...............

$11.71

$12.00

$10.99

$9.26

Class

Net

assets,

value

....................

$32,095,332

$43,438,021

$22,364,436

$25,431,291

outstanding

.....................

2,816,601

3,707,533

2,080,822

2,817,017

Net

asset

value

and

maximum

offering

price

per

..............................

$11.40

$11.72

$10.75

$9.03

Class

R6:

Net

assets,

value

....................

$18,672,724

$20,464,686

$26,601,144

$8,729,320

outstanding

.....................

1,654,761

1,768,843

2,512,740

978,603

Net

asset

value

and

maximum

offering

price

per

...............................

$11.28

$11.57

$10.59

$8.92

Advisor

Class:

Net

assets,

value

....................

$148,095,852

$175,425,403

$141,171,139

$68,163,063

outstanding

.....................

13,130,629

15,165,405

13,326,554

7,640,408

Net

asset

value

and

maximum

offering

price

per

...............................

$11.28

$11.57

$10.59

$8.92

Redemption

price

equal

net

asset

value

less

contingent

deferred

sales

charges,

applicable.

Net

asset

value

per

may

not

recalculate

due

rounding.

Franklin

Tax-Free

Trust

Financial

Statements

Operations

for

the

six

months

ended

August

31,

2024

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-

Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

.....................

$14,148,731

$9,683,316

$2,596,106

$13,053,367

Expenses:

Management

fees

(Note

)

................

1,727,914

1,244,878

420,229

1,641,760

Distribution

fees:

(Note

)

Class

.............................

280,593

151,347

38,158

158,584

Class

............................

171,070

124,364

43,425

227,066

Class

.............................

74,438

50,065

11,977

62,751

Transfer

agent

fees:

(Note

)

Class

.............................

61,363

39,855

9,504

37,944

Class

............................

93,521

81,862

27,046

135,847

Class

.............................

6,260

5,068

1,148

5,779

Class

............................

3,182

2,216

732

1,829

Advisor

Class

.........................

28,980

33,623

5,221

20,656

Custodian

fees

(Note

)

...................

2,290

1,566

428

2,107

Reports

shareholders

fees

...............

10,574

9,546

5,303

13,139

Registration

and

filing

fees

.................

38,912

20,951

15,092

39,458

Professional

fees

........................

31,424

29,882

28,862

35,765

Trustees'

fees

and

expenses

...............

4,494

3,211

974

4,335

Other

.................................

41,078

37,342

17,282

46,997

Total

expenses

......................

2,576,093

1,835,776

625,381

2,434,017

Expense

reductions

(Note

)

............

(5,330)

(3,437)

(1,440)

(5,216)

Expenses

waived/paid

affiliates

(Note

)

—

(61,076)

—

Net

expenses

......................

2,570,763

1,832,339

562,865

2,428,801

Net

investment

income

.............

11,577,968

7,850,977

2,033,241

10,624,566

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

(1,476,168)

(2,677,609)

(613,696)

(1,748,514)

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

6,700,961

6,913,652

1,295,528

3,354,250

Net

realized

and

unrealized

gain

(loss)

.........

5,224,793

4,236,043

681,832

1,605,736

Net

increase

(decrease)

net

assets

resulting

from

operations

...............................

$16,802,761

$12,087,020

$2,715,073

$12,230,302

Franklin

Tax-Free

Trust

Financial

Statements

Operations

(continued)

for

the

six

months

ended

August

31,

2024

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

.....................

$13,372,781

$20,538,212

$17,162,913

$13,348,471

Expenses:

Management

fees

(Note

)

................

1,673,338

2,469,518

2,104,683

1,666,846

Distribution

fees:

(Note

)

Class

.............................

218,410

326,200

254,606

191,619

Class

............................

161,963

273,370

249,912

218,762

Class

.............................

114,174

160,302

81,689

90,813

Transfer

agent

fees:

(Note

)

Class

.............................

65,682

83,992

58,351

47,371

Class

............................

121,845

175,968

143,120

135,201

Class

.............................

13,239

15,873

7,191

8,634

Class

............................

2,486

3,447

3,100

1,326

Advisor

Class

.........................

55,078

57,761

39,395

20,753

Custodian

fees

(Note

)

...................

2,332

3,408

2,766

2,191

Reports

shareholders

fees

...............

15,201

20,832

13,933

15,669

Registration

and

filing

fees

.................

33,329

35,681

11,896

14,794

Professional

fees

........................

31,844

32,102

52,049

47,178

Trustees'

fees

and

expenses

...............

4,587

6,822

5,558

4,438

Other

.................................

49,262

62,933

48,555

46,679

Total

expenses

......................

2,562,770

3,728,209

3,076,804

2,512,274

Expense

reductions

(Note

)

............

(3,230)

(4,725)

(4,316)

(7,416)

Expenses

waived/paid

affiliates

(Note

)

—

(346)

—

Net

expenses

......................

2,559,540

3,723,138

3,072,488

2,504,858

Net

investment

income

.............

10,813,241

16,815,074

14,090,425

10,843,613

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

(2,413,438)

(6,547,338)

(5,182,010)

(2,771,297)

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

3,896,242

11,977,458

9,372,674

7,516,730

Net

realized

and

unrealized

gain

(loss)

.........

1,482,804

5,430,120

4,190,664

4,745,433

Net

increase

(decrease)

net

assets

resulting

from

operations

...............................

$12,296,045

$22,245,194

$18,281,089

$15,589,046

Franklin

Tax-Free

Trust

Financial

Statements

Changes

Net

Assets

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Franklin

Arizona

Tax-Free

Income

Fund

Franklin

Colorado

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$11,577,968

$24,165,200

$7,850,977

$15,646,416

Net

realized

gain

(loss)

............

(1,476,168)

(6,889,976)

(2,677,609)

(6,140,128)

Net

change

unrealized

appreciation

(depreciation)

.................

6,700,961

21,403,470

6,913,652

19,394,642

Net

increase

(decrease)

net

assets

resulting

from

operations

16,802,761

38,678,694

12,087,020

28,900,930

Distributions

shareholders:

Class

........................

(3,448,907)

(6,550,484)

(1,813,440)

(3,393,744)

Class

.......................

(5,523,913)

(12,048,453)

(3,912,390)

(8,153,723)

Class

........................

(300,260)

(733,504)

(196,666)

(478,012)

Class

.......................

(417,130)

(793,202)

(267,370)

(517,295)

Advisor

Class

...................

(1,758,799)

(3,567,537)

(1,658,603)

(3,046,092)

Total

distributions

shareholders

.....

(11,449,009)

(23,693,180)

(7,848,469)

(15,588,866)

Capital

transactions:

(Note

)

Class

........................

5,717,807

3,753,777

(1,452,662)

1,080,199

Class

.......................

(17,828,390)

(55,055,526)

(14,808,158)

(38,580,597)

Class

........................

(4,271,434)

(8,307,002)

(2,343,744)

(7,389,500)

Class

.......................

319,836

4,570,027

(774,808)

406,917

Advisor

Class

...................

3,982,547

(12,771,219)

6,922,199

(3,194,076)

Total

capital

transactions

.......

(12,079,634)

(67,809,943)

(12,457,173)

(47,677,057)

Net

increase

(decrease)

net

assets

.....................

(6,725,882)

(52,824,429)

(8,218,622)

(34,364,993)

Net

assets:

Beginning

period

................

723,502,134

776,326,563

506,375,165

540,740,158

End

period

.....................

$716,776,252

$723,502,134

$498,156,543

$506,375,165

Franklin

Tax-Free

Trust

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$2,033,241

$4,087,497

$10,624,566

$22,300,953

Net

realized

gain

(loss)

............

(613,696)

(1,206,992)

(1,748,514)

(6,991,882)

Net

change

unrealized

appreciation

(depreciation)

.................

1,295,528

5,264,645

3,354,250

21,367,556

Net

increase

(decrease)

net

assets

resulting

from

operations

2,715,073

8,145,150

12,230,302

36,676,627

Distributions

shareholders:

Class

........................

(407,488)

(743,786)

(1,894,919)

(3,662,716)

Class

.......................

(1,225,456)

(2,614,637)

(7,131,449)

(15,058,109)

Class

........................

(41,395)

(104,242)

(244,675)

(638,497)

Class

.......................

(102,790)

(138,632)

(216,701)

(430,429)

Advisor

Class

...................

(245,412)

(464,880)

(1,115,738)

(2,328,111)

Total

distributions

shareholders

.....

(2,022,541)

(4,066,177)

(10,603,482)

(22,117,862)

Capital

transactions:

(Note

)

Class

........................

420,585

1,545,242

565,451

2,814,416

Class

.......................

(4,611,996)

(7,161,438)

(16,626,035)

(46,058,931)

Class

........................

(664,054)

(881,791)

(3,681,583)

(9,908,225)

Class

.......................

149,204

3,739,623

(3,252,793)

4,973,795

Advisor

Class

...................

1,724,788

943,142

1,075,774

(13,704,882)

Total

capital

transactions

.......

(2,981,473)

(1,815,222)

(21,919,186)

(61,883,827)

Net

increase

(decrease)

net

assets

.....................

(2,288,941)

2,263,751

(20,292,366)

(47,325,062)

Net

assets:

Beginning

period

................

145,871,849

143,608,098

691,191,055

738,516,117

End

period

.....................

$143,582,908

$145,871,849

$670,898,689

$691,191,055

Franklin

Tax-Free

Trust

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Franklin

Minnesota

Tax-Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$10,813,241

$22,741,511

$16,815,074

$35,146,386

Net

realized

gain

(loss)

............

(2,413,438)

(11,220,579)

(6,547,338)

(24,657,598)

Net

change

unrealized

appreciation

(depreciation)

.................

3,896,242

23,329,645

11,977,458

43,132,230

Net

increase

(decrease)

net

assets

resulting

from

operations

12,296,045

34,850,577

22,245,194

53,621,018

Distributions

shareholders:

Class

........................

(2,576,108)

(4,856,966)

(4,005,338)

(7,837,852)

Class

.......................

(5,018,766)

(10,390,207)

(8,804,335)

(18,621,774)

Class

........................

(440,630)

(1,056,834)

(646,318)

(1,680,167)

Class

.......................

(291,839)

(532,244)

(346,265)

(618,035)

Advisor

Class

...................

(2,340,287)

(5,374,895)

(2,976,402)

(6,333,409)

Total

distributions

shareholders

.....

(10,667,630)

(22,211,146)

(16,778,658)

(35,091,237)

Capital

transactions:

(Note

)

Class

........................

721,252

(1,977,465)

(283,819)

(12,157,976)

Class

.......................

(13,757,350)

(53,697,276)

(30,796,347)

(79,588,950)

Class

........................

(6,355,945)

(14,890,577)

(11,132,500)

(24,964,191)

Class

.......................

610,336

5,767,347

(428,348)

5,700,459

Advisor

Class

...................

(965,499)

(50,992,042)

(7,905,739)

(29,905,286)

Total

capital

transactions

.......

(19,747,206)

(115,790,013)

(50,546,753)

(140,915,944)

Net

increase

(decrease)

net

assets

.....................

(18,118,791)

(103,150,582)

(45,080,217)

(122,386,163)

Net

assets:

Beginning

period

................

708,130,489

811,281,071

1,078,432,504

1,200,818,667

End

period

.....................

$690,011,698

$708,130,489

$1,033,352,287

$1,078,432,504

Franklin

Tax-Free

Trust

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

100

Franklin

Oregon

Tax-Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Six

Months

Ended

August

31,

2024

(unaudited)

Year

Ended

February

29,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$14,090,425

$29,179,642

$10,843,613

$22,569,239

Net

realized

gain

(loss)

............

(5,182,010)

(9,930,677)

(2,771,297)

(11,230,059)

Net

change

unrealized

appreciation

(depreciation)

.................

9,372,674

24,189,445

7,516,730

27,289,735

Net

increase

(decrease)

net

assets

resulting

from

operations

18,281,089

43,438,410

15,589,046

38,628,915

Distributions

shareholders:

Class

........................

(3,085,384)

(5,972,738)

(2,331,877)

(4,458,011)

Class

.......................

(7,951,074)

(16,653,564)

(6,984,364)

(14,583,037)

Class

........................

(323,924)

(872,150)

(362,716)

(876,598)

Class

.......................

(419,453)

(741,421)

(153,929)

(302,272)

Advisor

Class

...................

(2,254,762)

(4,257,087)

(1,104,258)

(2,243,308)

Total

distributions

shareholders

.....

(14,034,597)

(28,496,960)

(10,937,144)

(22,463,226)

Capital

transactions:

(Note

)

Class

........................

4,932,552

(9,234,304)

(2,602,323)

(142,487)

Class

.......................

(29,572,562)

(58,185,314)

(22,945,676)

(58,051,837)

Class

........................

(5,496,778)

(15,700,966)

(4,736,785)

(12,420,391)

Class

.......................

2,854,229

1,874,864

(841,370)

770,309

Advisor

Class

...................

5,883,457

(1,861,246)

514,667

(5,809,772)

Total

capital

transactions

.......

(21,399,102)

(83,106,966)

(30,611,487)

(75,654,178)

Net

increase

(decrease)

net

assets

.....................

(17,152,610)

(68,165,516)

(25,959,585)

(59,488,489)

Net

assets:

Beginning

period

................

901,509,335

969,674,851

706,815,091

766,303,580

End

period

.....................

$884,356,725

$901,509,335

$680,855,506

$706,815,091

Franklin

Tax-Free

Trust

101

franklintempleton.com

Semiannual

Report

Notes

Financial

Statements

(unaudited)

Organization

and

Significant

Accounting

Policies

Franklin

Tax-Free

Trust (Trust)

registered

under

the

Investment

Company

Act

1940

(1940

Act)

open-

end

management

investment

company,

consisting

twenty separate

funds,

eight

which

are

included

this

report

(Funds).

The

Funds follow

the

accounting

and

reporting

guidance

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and apply

the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

Funds

offer five

classes

of shares: Class

Class

A1,

Class

and

Advisor

Class.

Class

automatically

convert

Class

monthly

basis,

after

they

have

been

held

for

years.

Each

class

may

differ

its initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

matters

affecting

single

class,

its

exchange

privilege

and

fees

due

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

following

summarizes

the Funds'

significant

accounting

policies.

Financial

Instrument

Valuation

The Funds'

investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

each

business

day

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier. Under

compliance

policies

and

procedures

approved

the

Trust’s

Board

Trustees

(the

Board),

the

Board

has

designated

the

Funds’

investment

manager

the

valuation

designee

and

has

responsibility

for

oversight

valuation.

The

investment

manager

assisted

the

Funds'

administrator

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

determine

fair

value.

Debt

securities

generally

trade

the over-the-counter

(OTC)

market

rather

than

securities

exchange.

The

Funds'

pricing

services

use

multiple

valuation

techniques

determine

fair

value.

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

market-based

approach

through

which

quotes

from

market

makers

are

used

determine

fair

value.

instances

where

sufficient

market

activity

may

not

exist

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

principal

repayments,

underlying

collateral,

and

other

unique

security

features

order

estimate

the

relevant

cash

flows,

which

are

then

discounted

calculate

the

fair

value.

The

Funds

have

procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Securities

Purchased

When-Issued,

Forward

Commitment or

Delayed

Delivery

Basis

Certain

all

Funds

may

purchase

securities

when-

issued,

forward

commitment or

delayed

delivery

basis,

with

payment

and

delivery

scheduled

for

future

date.

These

transactions

are

subject

market

fluctuations

and

are

subject

the

risk

that

the

value

delivery

may

less

than

the

trade

date

purchase

price.

Although

the

Funds

will

generally

purchase

these

securities

with

the

intention

holding

the

securities, they

may

sell

the

securities

before

the

settlement

date.

These

types

securities

may

considered

unfunded

and

the

Fund

may

obligated

perform

such

agreements

future

date.

Unfunded

commitments

are

marked

market

daily

and

any

unrealized

appreciation

depreciation

included

the

Statement

Assets

and

Liabilities

and

the

Statement

Operations.

August

31,

2024,

unfunded

commitments

were

follows:

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

102

franklintempleton.com

Semiannual

Report

Income

Taxes

is each

Fund's

policy

qualify

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

distribute

shareholders

substantially

all

its

income

and

net

realized

gains

relieve

from

federal

income

and excise

taxes.

result,

provision

for

U.S.

federal

income

taxes

required.

Each

Fund

may

recognize

income

tax

liability

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

less

than

50%

probability

that

will

sustained

upon

examination

the

tax

authorities

based

its

technical

merits.

August

31,

2024, each

Fund

has

determined

that

tax

liability

required

its

financial

statements

uncertain

tax

positions

for

any

open

tax

years

(or

expected

taken

future

tax

years).

Open

tax

years

are

those

that

remain

subject

examination

and

are

based

the

statute

limitations

each

jurisdiction

which

the

Fund

invests.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

trade

date.

Realized

gains

and

losses

security

transactions

are

determined

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

any)

and

estimated

expenses

are

accrued

daily.

Amortization

premium

and

accretion

discount

debt

securities

are

included

interest

income.

Paydown

gains

and

losses

are

recorded

adjustment

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

reinvested

paid

monthly

shareholders.

Distributions

from

realized

capital

gains

and

other

distributions,

any,

are

recorded

the

ex-dividend

date.

Distributable

earnings

are

determined

according

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

accordance

with

U.S.

GAAP.

These

differences

may

permanent

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

reflect

their

tax

character.

These

reclassifications

have

impact

net

assets

the

results

operations.

Temporary

differences

are

not

reclassified,

they

may

reverse

subsequent

periods.

Common

expenses

incurred

the

Trust

are

allocated

among

the

Funds

based

the

ratio

net

assets

each

Fund

the

combined

net

assets

the

Trust

based

the

ratio

number

shareholders

each

Fund

the

combined

number

shareholders

the

Trust.

Fund

specific

expenses

are

charged

directly

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

each

class

based

upon

the

relative

proportion

net

assets

each

class.

Differences

per

distributions

class

are

generally

due

differences

class

specific

expenses.

Insurance

The

scheduled

payments

interest

and

principal

for

each

insured

municipal

security

the Trust are

insured

either

new

issue

insurance

policy

secondary

insurance

policy.

Some

municipal

securities

the Funds

are

secured

collateral

guaranteed

agency

the

U.S.

government.

Depending

the

type

coverage,

premiums

for

insurance

are

either

added

the

cost

basis

the

security

paid

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

very

high

quality,

with

the

majority

underlying

municipal

bonds

rated

better.

However,

event

involving

insurer

could

have

adverse

effect

the

value

the

securities

insured

that

insurance

company.

There

can

assurance

the

insurer

will

able

fulfill

its

obligations

under

the

terms

the

policy.

Borrower

Unfunded

Commitment

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

Organization

and

Significant

Accounting

Policies

(continued)

Securities

Purchased

When-Issued,

Forward

Commitment or

Delayed

Delivery

Basis

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

103

franklintempleton.com

Semiannual

Report

Accounting

Estimates

The

preparation

financial

statements

accordance

with

U.S.

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

date

the

financial

statements

and

the

amounts

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Guarantees

and

Indemnifications

Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

the Trust against

certain

liabilities

arising

out

the

performance

their

duties

the

Trust.

Additionally,

the

normal

course

business,

the Trust,

behalf

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

loss

remote.

Beneficial

Interest

August

31,

2024,

there

were

unlimited

number

authorized

(without

par value).

Transactions

the

Funds'

were

follows:

Franklin

Arizona

Tax-Free

Income

Fund

Franklin

Colorado

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

2,965,145

$29,129,176

837,096

$8,814,913

issued

reinvestment

distributions

..........

324,905

3,176,467

170,839

1,794,223

redeemed

...............................

(2,706,151)

(26,587,836)

(1,148,695)

(12,061,798)

Net

increase

(decrease)

..........................

583,899

$5,717,807

(140,760)

$(1,452,662)

Year

ended

February

29,

2024

sold

...................................

5,281,480

$50,983,044

2,953,102

$30,428,114

issued

reinvestment

distributions

..........

613,405

5,902,047

320,041

3,297,933

redeemed

...............................

(5,531,301)

(53,131,314)

(3,172,844)

(32,645,848)

Net

increase

(decrease)

..........................

363,584

$3,753,777

100,299

$1,080,199

Class

Six

Months

ended

August

31,

2024

sold

...................................

580,055

$5,709,504

256,186

$2,687,310

issued

reinvestment

distributions

..........

498,469

4,862,626

350,947

3,682,639

redeemed

...............................

(2,901,677)

(28,400,520)

(2,015,937)

(21,178,107)

Net

increase

(decrease)

..........................

(1,823,153)

$(17,828,390)

(1,408,804)

$(14,808,158)

Year

ended

February

29,

2024

sold

...................................

529,354

$5,127,836

720,015

$7,502,773

issued

reinvestment

distributions

..........

1,089,353

10,461,542

737,867

7,598,032

redeemed

...............................

(7,353,079)

(70,644,904)

(5,220,517)

(53,681,402)

Net

increase

(decrease)

..........................

(5,734,372)

$(55,055,526)

(3,762,635)

$(38,580,597)

Class

Organization

and

Significant

Accounting

Policies

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

104

franklintempleton.com

Semiannual

Report

Franklin

Arizona

Tax-Free

Income

Fund

Franklin

Colorado

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

83,498

$829,511

84,796

$910,363

issued

reinvestment

distributions

..........

29,853

296,285

18,161

192,847

redeemed

..............................

(541,892)

(5,397,230)

(322,651)

(3,446,954)

Net

increase

(decrease)

..........................

(428,541)

$(4,271,434)

(219,694)

$(2,343,744)

Year

ended

February

29,

2024

sold

...................................

194,063

$1,893,878

95,606

$1,000,502

issued

reinvestment

distributions

..........

72,977

713,130

44,511

464,140

redeemed

..............................

(1,121,931)

(10,914,010)

(852,049)

(8,854,142)

Net

increase

(decrease)

..........................

(854,891)

$(8,307,002)

(711,932)

$(7,389,500)

Class

Six

Months

ended

August

31,

2024

sold

...................................

428,891

$4,208,640

233,724

$2,445,169

issued

reinvestment

distributions

..........

42,826

419,381

25,701

269,898

redeemed

...............................

(439,085)

(4,308,185)

(330,619)

(3,489,875)

Net

increase

(decrease)

..........................

32,632

$319,836

(71,194)

$(774,808)

Year

ended

February

29,

2024

sold

...................................

1,247,971

$11,981,424

805,362

$8,345,124

issued

reinvestment

distributions

..........

81,748

787,913

50,009

515,138

redeemed

...............................

(857,933)

(8,199,310)

(820,482)

(8,453,345)

Net

increase

(decrease)

..........................

471,786

$4,570,027

34,889

$406,917

Advisor

Class

Advisor

Class

Six

Months

ended

August

31,

2024

sold

...................................

1,716,929

$16,824,823

1,432,206

$15,018,583

issued

reinvestment

distributions

..........

165,207

1,617,011

153,285

1,608,813

redeemed

...............................

(1,473,596)

(14,459,287)

(923,836)

(9,705,197)

Net

increase

(decrease)

..........................

408,540

$3,982,547

661,655

$6,922,199

Year

ended

February

29,

2024

sold

...................................

2,541,454

$24,553,591

3,373,179

$34,658,025

issued

reinvestment

distributions

..........

333,195

3,209,120

286,638

2,951,136

redeemed

...............................

(4,224,644)

(40,533,930)

(3,978,682)

(40,803,237)

Net

increase

(decrease)

..........................

(1,349,995)

$(12,771,219)

(318,865)

$(3,194,076)

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

105

franklintempleton.com

Semiannual

Report

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

344,048

$3,127,793

1,128,669

$11,840,096

issued

reinvestment

distributions

..........

40,830

369,844

169,049

1,766,944

redeemed

...............................

(338,466)

(3,077,052)

(1,243,442)

(13,041,589)

Net

increase

(decrease)

..........................

46,412

$420,585

54,276

$565,451

Year

ended

February

29,

2024

sold

...................................

875,610

$7,893,122

2,260,898

$23,472,430

issued

reinvestment

distributions

..........

75,501

671,741

325,349

3,360,802

redeemed

...............................

(793,733)

(7,019,621)

(2,335,997)

(24,018,816)

Net

increase

(decrease)

..........................

157,378

$1,545,242

250,250

$2,814,416

Class

Six

Months

ended

August

31,

2024

sold

...................................

32,933

$297,815

195,201

$2,047,634

issued

reinvestment

distributions

..........

112,738

1,020,022

614,991

6,418,706

redeemed

...............................

(654,099)

(5,929,833)

(2,399,814)

(25,092,375)

Net

increase

(decrease)

..........................

(508,428)

$(4,611,996)

(1,589,622)

$(16,626,035)

Year

ended

February

29,

2024

sold

...................................

281,567

$2,516,852

924,563

$9,499,614

issued

reinvestment

distributions

..........

240,848

2,139,471

1,288,576

13,291,097

redeemed

...............................

(1,329,176)

(11,817,761)

(6,691,341)

(68,849,642)

Net

increase

(decrease)

..........................

(806,761)

$(7,161,438)

(4,478,202)

$(46,058,931)

Class

Six

Months

ended

August

31,

2024

sold

...................................

6,758

$62,352

47,149

$502,145

issued

reinvestment

distributions

..........

4,241

38,674

22,355

237,154

redeemed

..............................

(83,538)

(765,080)

(415,589)

(4,420,882)

Net

increase

(decrease)

..........................

(72,539)

$(664,054)

(346,085)

$(3,681,583)

Year

ended

February

29,

2024

sold

...................................

72,328

$645,497

120,319

$1,262,178

issued

reinvestment

distributions

..........

10,693

95,735

58,399

612,311

redeemed

..............................

(181,300)

(1,623,023)

(1,127,001)

(11,782,714)

Net

increase

(decrease)

..........................

(98,279)

$(881,791)

(948,283)

$(9,908,225)

Class

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

106

franklintempleton.com

Semiannual

Report

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

52,390

$478,362

100,997

$1,061,396

issued

reinvestment

distributions

..........

1,256

11,361

19,669

206,025

redeemed

...............................

(37,508)

(340,519)

(432,593)

(4,520,214)

Net

increase

(decrease)

..........................

16,138

$149,204

(311,927)

$(3,252,793)

Year

ended

February

29,

2024

sold

...................................

539,858

$4,712,198

655,415

$6,805,533

issued

reinvestment

distributions

..........

3,099

27,474

39,168

405,391

redeemed

...............................

(113,819)

(1,000,049)

(216,928)

(2,237,129)

Net

increase

(decrease)

..........................

429,138

$3,739,623

477,655

$4,973,795

Advisor

Class

Advisor

Class

Six

Months

ended

August

31,

2024

sold

...................................

345,779

$3,135,661

746,103

$7,833,846

issued

reinvestment

distributions

..........

22,540

203,874

99,347

1,040,600

redeemed

...............................

(178,111)

(1,614,747)

(742,819)

(7,798,672)

Net

increase

(decrease)

..........................

190,208

$1,724,788

102,631

$1,075,774

Year

ended

February

29,

2024

sold

...................................

608,134

$5,389,846

1,699,482

$17,501,194

issued

reinvestment

distributions

..........

41,892

371,796

209,966

2,173,343

redeemed

...............................

(541,579)

(4,818,500)

(3,241,463)

(33,379,419)

Net

increase

(decrease)

..........................

108,447

$943,142

(1,332,015)

$(13,704,882)

Franklin

Minnesota

Tax-Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

1,124,280

$12,572,043

1,459,142

$16,755,659

issued

reinvestment

distributions

..........

227,654

2,531,939

334,851

3,829,948

redeemed

...............................

(1,286,582)

(14,382,730)

(1,821,321)

(20,869,426)

Net

increase

(decrease)

..........................

65,352

$721,252

(27,328)

$(283,819)

Year

ended

February

29,

2024

sold

...................................

3,276,444

$36,276,873

4,319,048

$48,705,350

issued

reinvestment

distributions

..........

426,668

4,698,533

654,803

7,389,755

redeemed

...............................

(3,908,501)

(42,952,871)

(6,059,855)

(68,253,081)

Net

increase

(decrease)

..........................

(205,389)

$(1,977,465)

(1,086,004)

$(12,157,976)

Class

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

107

franklintempleton.com

Semiannual

Report

Franklin

Minnesota

Tax-Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

345,492

$3,856,498

194,556

$2,230,385

issued

reinvestment

distributions

..........

425,407

4,730,894

717,471

8,200,889

redeemed

...............................

(2,003,600)

(22,344,742)

(3,598,897)

(41,227,621)

Net

increase

(decrease)

..........................

(1,232,701)

$(13,757,350)

(2,686,870)

$(30,796,347)

Year

ended

February

29,

2024

sold

...................................

964,665

$10,570,880

964,665

$10,960,315

issued

reinvestment

distributions

..........

880,449

9,693,292

1,513,026

17,064,901

redeemed

...............................

(6,739,088)

(73,961,448)

(9,550,600)

(107,614,166)

Net

increase

(decrease)

..........................

(4,893,974)

$(53,697,276)

(7,072,909)

$(79,588,950)

Class

Six

Months

ended

August

31,

2024

sold

...................................

113,373

$1,284,663

49,391

$571,466

issued

reinvestment

distributions

..........

39,081

439,468

54,315

629,530

redeemed

..............................

(715,986)

(8,080,076)

(1,060,945)

(12,333,496)

Net

increase

(decrease)

..........................

(563,532)

$(6,355,945)

(957,239)

$(11,132,500)

Year

ended

February

29,

2024

sold

...................................

224,826

$2,510,228

227,057

$2,599,454

issued

reinvestment

distributions

..........

93,646

1,043,188

142,038

1,624,240

redeemed

..............................

(1,656,778)

(18,443,993)

(2,564,161)

(29,187,885)

Net

increase

(decrease)

..........................

(1,338,306)

$(14,890,577)

(2,195,066)

$(24,964,191)

Class

Six

Months

ended

August

31,

2024

sold

...................................

196,610

$2,194,726

272,868

$3,133,547

issued

reinvestment

distributions

..........

25,039

278,939

30,038

343,808

redeemed

...............................

(166,894)

(1,863,329)

(340,046)

(3,905,703)

Net

increase

(decrease)

..........................

54,755

$610,336

(37,140)

$(428,348)

Year

ended

February

29,

2024

sold

...................................

1,004,139

$11,128,598

1,019,229

$11,501,977

issued

reinvestment

distributions

..........

45,588

502,678

53,566

604,415

redeemed

...............................

(534,051)

(5,863,929)

(570,845)

(6,405,933)

Net

increase

(decrease)

..........................

515,676

$5,767,347

501,950

$5,700,459

Advisor

Class

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

108

franklintempleton.com

Semiannual

Report

Franklin

Minnesota

Tax-Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Amount

Advisor

Class

Six

Months

ended

August

31,

2024

sold

...................................

1,623,955

$18,136,869

1,041,489

$11,943,692

issued

reinvestment

distributions

..........

208,512

2,321,399

248,027

2,838,825

redeemed

...............................

(1,920,405)

(21,423,767)

(1,977,625)

(22,688,256)

Net

increase

(decrease)

..........................

(87,938)

$(965,499)

(688,109)

$(7,905,739)

Year

ended

February

29,

2024

sold

...................................

4,779,229

$52,231,039

5,135,424

$57,193,024

issued

reinvestment

distributions

..........

480,568

5,292,705

532,332

6,010,698

redeemed

...............................

(9,894,091)

(108,515,786)

(8,358,608)

(93,109,008)

Net

increase

(decrease)

..........................

(4,634,294)

$(50,992,042)

(2,690,852)

$(29,905,286)

Franklin

Oregon

Tax-Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

2,443,123

$25,631,812

1,085,306

$9,575,426

issued

reinvestment

distributions

..........

283,134

2,964,456

243,663

2,145,421

redeemed

...............................

(2,257,368)

(23,663,716)

(1,623,606)

(14,323,170)

Net

increase

(decrease)

..........................

468,889

$4,932,552

(294,637)

$(2,602,323)

Year

ended

February

29,

2024

sold

...................................

3,904,466

$40,445,149

2,652,134

$23,154,675

issued

reinvestment

distributions

..........

549,907

5,681,489

473,925

4,105,890

redeemed

...............................

(5,390,541)

(55,360,942)

(3,166,809)

(27,403,052)

Net

increase

(decrease)

..........................

(936,168)

$(9,234,304)

(40,750)

$(142,487)

Class

Six

Months

ended

August

31,

2024

sold

...................................

580,529

$6,091,762

425,577

$3,761,421

issued

reinvestment

distributions

..........

718,758

7,518,169

701,282

6,174,568

redeemed

...............................

(4,125,438)

(43,182,493)

(3,725,443)

(32,881,665)

Net

increase

(decrease)

..........................

(2,826,151)

$(29,572,562)

(2,598,584)

$(22,945,676)

Year

ended

February

29,

2024

sold

...................................

1,449,154

$15,058,172

984,390

$8,575,185

issued

reinvestment

distributions

..........

1,500,576

15,492,522

1,470,242

12,734,877

redeemed

...............................

(8,619,988)

(88,736,008)

(9,164,947)

(79,361,899)

Net

increase

(decrease)

..........................

(5,670,258)

$(58,185,314)

(6,710,315)

$(58,051,837)

Class

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

109

franklintempleton.com

Semiannual

Report

Franklin

Oregon

Tax-Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Amount

Class

Six

Months

ended

August

31,

2024

sold

...................................

40,674

$433,817

83,181

$743,405

issued

reinvestment

distributions

..........

30,152

320,314

39,465

351,980

redeemed

..............................

(586,848)

(6,250,909)

(651,544)

(5,832,170)

Net

increase

(decrease)

..........................

(516,022)

$(5,496,778)

(528,898)

$(4,736,785)

Year

ended

February

29,

2024

sold

...................................

106,790

$1,118,056

200,993

$1,776,819

issued

reinvestment

distributions

..........

81,471

854,512

96,227

844,696

redeemed

..............................

(1,688,088)

(17,673,534)

(1,717,250)

(15,041,906)

Net

increase

(decrease)

..........................

(1,499,827)

$(15,700,966)

(1,420,030)

$(12,420,391)

Class

Six

Months

ended

August

31,

2024

sold

...................................

470,643

$4,923,885

69,207

$614,358

issued

reinvestment

distributions

..........

40,422

423,174

17,645

155,510

redeemed

...............................

(238,011)

(2,492,830)

(182,455)

(1,611,238)

Net

increase

(decrease)

..........................

273,054

$2,854,229

(95,603)

$(841,370)

Year

ended

February

29,

2024

sold

...................................

909,094

$9,418,615

308,554

$2,691,066

issued

reinvestment

distributions

..........

71,633

739,765

34,865

302,263

redeemed

...............................

(804,168)

(8,283,516)

(257,963)

(2,223,020)

Net

increase

(decrease)

..........................

176,559

$1,874,864

85,456

$770,309

Advisor

Class

Advisor

Class

Six

Months

ended

August

31,

2024

sold

...................................

2,086,830

$21,922,008

887,176

$7,853,637

issued

reinvestment

distributions

..........

211,024

2,210,727

110,449

973,704

redeemed

...............................

(1,741,608)

(18,249,278)

(940,789)

(8,312,674)

Net

increase

(decrease)

..........................

556,246

$5,883,457

56,836

$514,667

Year

ended

February

29,

2024

sold

...................................

3,703,505

$38,311,348

1,849,532

$16,059,816

issued

reinvestment

distributions

..........

394,548

4,078,459

229,431

1,989,649

redeemed

...............................

(4,293,431)

(44,251,053)

(2,751,358)

(23,859,237)

Net

increase

(decrease)

..........................

(195,378)

$(1,861,246)

(672,395)

$(5,809,772)

May

include

portion

Class

that

were

automatically

converted

Class

Beneficial

Interest

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

110

franklintempleton.com

Semiannual

Report

Transactions

with

Affiliates

Franklin

Resources,

Inc.

the

holding

company

for

various

subsidiaries

that

together

are

referred

Franklin

Templeton.

Certain

officers

and

trustees

the Trust are

also

officers

and/or

directors

the

following

subsidiaries:

Management

Fees

The

Funds pay

investment

management

fee,

calculated

daily

and

paid

monthly,

Advisers

based

the

month-end

net

assets

each

of the

Funds

follows:

For

the

period

ended

August

31,

2024,

each

Fund's

annualized

gross

effective

investment

management

fee

rate

based

average

daily

net

assets

was

follows:

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Annualized

Fee

Rate

Net

Assets

0.625%

and

including

$100

million

0.500%

Over

$100

million,

and

including

$250

million

0.450%

Over

$250

million,

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

and

including

$10

billion

0.430%

Over

$10

billion,

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

and

including

$15

billion

0.400%

Over

$15

billion,

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

and

including

$20

billion

0.360%

excess

$20

billion

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.480%

0.494%

0.580%

Franklin

Michigan

Tax-

Free

Income

Fund

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.481%

0.479%

0.467%

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Gross

effective

investment

management

fee

rate

........

0.472%

0.480%

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

111

franklintempleton.com

Semiannual

Report

Administrative

Fees

Under

agreement

with

Advisers,

Services

provides

administrative

services

the

Funds.

The

fee

paid

Advisers

based

each

of the

Funds'

average

daily

net

assets,

and

not

additional

expense

the

Funds.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

class,

with

the

exception

Class

and

Advisor

Class

shares,

pursuant

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

and

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

connection

with

the

servicing,

sale

and

distribution

of each

Funds'

the

maximum

annual

plan

rate

for

each

class.

Under

the

Class

and

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

reimbursed

subsequent

periods.

addition,

under

the

Funds' Class

compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

connection

with

the

servicing,

sale

and

distribution

the

Funds'

the

maximum

annual

plan

rate.

The

plan

year,

for

purposes

monitoring

compliance

with

the

maximum

annual

plan

rates,

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

the

average

daily

net

assets,

for

each

class,

are

follows:

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

not

represent

expenses

the

Funds.

These

charges

are

deducted

from

the

proceeds

sales

fund

prior

investment

from

redemption

proceeds

prior

remittance,

applicable.

Distributors

has

advised

the

Funds

the

following

commission

transactions

the

sales

and

redemptions

the

Funds'

for

the

period:

Transfer

Agent

Fees

Each

class

shares pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

shareholder

servicing

obligations. The

fees

are based

fixed

margin

earned

Investor

Services

and

are allocated

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

third

parties.

These

fees

Class

....................................................................................

0.25%

Class

...................................................................................

0.10%

Class

....................................................................................

0.65%

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-

Free

Income

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

..................

$3,007

$2,237

$422

$3,007

CDSC

retained

...........................

$10,720

$5,863

$86

$1,741

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

..................

$5,064

$6,645

$4,575

$3,233

CDSC

retained

...........................

$(447)

$1,592

$5,922

$2,534

Transactions

with

Affiliates

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

112

franklintempleton.com

Semiannual

Report

paid

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

such

classes'

aggregate

net

assets.

Class

pays

Investor

Services

transfer

agent

fees

allocated

specifically

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

August

31,

2024,

the Funds

paid

transfer

agent

fees

noted

the

Statements of

Operations

which

the

following

amounts

were

retained

Investor

Services:

Waiver

and

Expense

Reimbursements

Advisers

has contractually

agreed

advance

waive

limit

its fees

and

assume

its

own

expense

certain

expenses

otherwise

payable

the

Funds

that

the

operating expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

costs,

including

those

relating

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

the

Funds

not

exceed 0.65%

based

the

average

net

assets

each

class

until

June

30,

2025.

Total

expenses

waived

paid

are

not

subject

recapture

subsequent

the

Funds'

fiscal

year

end.

Transfer

agent

fees

Class

the

Funds have

been

capped

that

transfer

agent

fees

for

that

class

not

exceed

0.03%

based

the

average

net

assets

the

class

until

June

30,

2025.

Interfund

Transactions

Certain

all

Funds

engaged

purchases

and

sales

investments

with

funds

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

officers.

These

purchases,

sales

and

the

net

realized

gains

(losses),

any,

for

the

period

ended

August

31,

2024,

were

follows:

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-

Free

Income

Fund

Transfer

agent

fees

........................

$64,276

$49,691

$17,877

$82,497

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Transfer

agent

fees

........................

$75,762

$105,948

$80,311

$84,444

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-

Free

Income

Fund

Purchases

..............................

$14,835,000

$7,100,000

$1,700,000

$3,200,000

Sales

..................................

$9,435,000

$9,800,000

$3,300,000

$7,825,000

Net

Realized

Gains

(Losses)

.................

—

Transactions

with

Affiliates

(continued)

Transfer

Agent

Fees

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

113

franklintempleton.com

Semiannual

Report

Expense

Offset

Arrangement

The

Funds

have

entered

into

arrangement

with

their

custodian

whereby

credits

realized

result

uninvested

cash

balances

are

used

reduce

portion

the

Funds'

custodian

expenses.

During

the

period

ended

August

31,

2024,

the

custodian

fees

were

reduced

noted

the

Statements

Operations.

Income

Taxes

For

tax

purposes,

capital

losses

may

carried

over

offset

future

capital

gains.

February

29,

2024,

the

capital

loss

carryforwards

were

follows:

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Purchases

..............................

$35,490,000

$22,510,000

$24,575,000

$28,770,000

Sales

..................................

$25,250,000

$20,510,000

$24,330,000

$22,770,000

Net

Realized

Gains

(Losses)

.................

—

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-

Free

Income

Fund

Capital

loss

carryforwards

not

subject

expiration:

Short

term

.............................

24,529,200

22,368,499

8,540,242

21,015,231

Long

term

.............................

60,140,660

40,485,431

29,063,306

59,894,254

Total

capital

loss

carryforwards

............

$84,669,860

$62,853,930

$37,603,548

$80,909,485

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Capital

loss

carryforwards

not

subject

expiration:

Short

term

.............................

14,366,357

39,649,361

37,305,281

25,414,952

Long

term

.............................

32,457,722

68,960,225

83,696,827

95,886,370

Total

capital

loss

carryforwards

............

$46,824,079

$108,609,586

$121,002,108

$121,301,322

Transactions

with

Affiliates

(continued)

Interfund

Transactions

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

114

franklintempleton.com

Semiannual

Report

August

31,

2024,

the

cost

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

follows:

Differences

between

income

and/or

capital

gains

determined

book

basis

and

tax

basis

are

primarily

due

differing

treatments

wash

sales

and

bond

discounts

and

premiums.

Investment

Transactions

Purchases

and

sales

investments

(excluding

short

term

securities)

for

the

period

ended

August

31,

2024,

were

follows:

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-

Free

Income

Fund

Cost

investments

.......................

$707,005,038

$502,174,584

$149,644,265

$688,453,565

Unrealized

appreciation

.....................

$9,837,102

$8,223,366

$1,214,895

$8,518,409

Unrealized

depreciation

.....................

(23,980,009)

(17,937,456)

(8,124,354)

(32,571,119)

Net

unrealized

appreciation

(depreciation)

.......

$(14,142,907)

$(9,714,090)

$(6,909,459)

$(24,052,710)

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Cost

investments

.......................

$708,803,092

$1,028,044,979

$886,372,505

$711,702,189

Unrealized

appreciation

.....................

$9,620,614

$17,711,337

$17,066,708

$8,394,840

Unrealized

depreciation

.....................

(32,466,430)

(21,125,129)

(23,529,114)

(37,438,111)

Net

unrealized

appreciation

(depreciation)

.......

$(22,845,816)

$(3,413,792)

$(6,462,406)

$(29,043,271)

Franklin

Arizona

Tax-

Free

Income

Fund

Franklin

Colorado

Tax-

Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-

Free

Income

Fund

Purchases

..............................

$41,020,797

$27,567,008

$7,622,090

$31,610,675

Sales

..................................

$66,476,866

$42,275,747

$7,560,606

$51,985,419

Franklin

Minnesota

Tax-

Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-

Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Purchases

..............................

$10,455,086

$38,107,878

$52,670,709

$48,580,376

Sales

..................................

$40,928,010

$69,773,850

$69,971,116

$71,635,930

Income

Taxes

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

115

franklintempleton.com

Semiannual

Report

Defaulted

Securities

Certain

all

Funds

held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

The

Funds

discontinue

accruing

income

securities

for

which

income

has

been

deemed

uncollectible

and

provide

estimate

for

losses

interest

receivable.

The

securities

have

been

identified

the

accompanying

Schedules

Investments.

August

31,

2024,

the

aggregate

value

these

securities

was

follows:

Concentration

Risk

Certain

all

Funds

invest

large

percentage

their

total

assets

obligations

issuers

within

their

respective

state

and

U.S.

territories.

Such

concentration

may

subject

the

Funds

risks

associated

with

industrial

regional

matters,

and

economic,

political

legal

developments

occurring

within

those

states

and

U.S.

territories. Investments

these

securities

are

sensitive

interest

rate

changes

and

credit

risk

the

issuer

and

may

subject

the

Funds

increased

market

volatility.

The

market

for

these

investments

may

limited,

which

may

make

them

difficult

buy

sell.

Credit

Facility

The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

Franklin

Templeton,

are

borrowers

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

January

31,

2025.

This

Global

Credit

Facility

provides

source

funds

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

meet

future

unanticipated

unusually

large

redemption

requests.

Under

the

terms

the

Global

Credit

Facility,

the

Funds

shall,

addition

interest

charged

any

borrowings

made

the

Funds

and

other

costs

incurred

the

Funds,

pay

their

fees

and

expenses

incurred

connection

with

the

implementation

and

maintenance

the

Global

Credit

Facility,

based

upon

their

relative

the

aggregate

net

assets

all

the

Borrowers,

including

annual

commitment

fee

0.15%

based

upon

the

unused

portion

the

Global

Credit

Facility.

These

fees

are

reflected

other

expenses

the

Statements

Operations.

During

the

period ended

August

31,

2024,

the

Funds

did

not

use

the

Global

Credit

Facility.

10.

Fair

Value

Measurements

The Funds

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

determining

the

value

the Funds' financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

Level

–

quoted

prices

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

determining

the

fair

value

financial

instruments)

Value

Percentage

Net

Assets

Franklin

Arizona

Tax-Free

Income

Fund

...........................................

2,496,854

0.3%

Franklin

Oregon

Tax-Free

Income

Fund

...........................................

2,974,400

0.3%

Franklin

Pennsylvania

Tax-Free

Income

Fund

......................................

5,586,438

0.8%

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

116

franklintempleton.com

Semiannual

Report

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

summary

inputs

used

August

31,

2024,

valuing

the

Funds'

assets carried

fair

value,

follows:

Level

Total

Franklin

Arizona

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Municipal

Bonds

.........................

—

691,162,131

—

691,162,131

Short

Term

Investments

...................

—

1,700,000

—

1,700,000

Total

Investments

Securities

...........

$—

$692,862,131

$—

$692,862,131

Franklin

Colorado

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Corporate

Bonds

........................

—

1,439,157

Municipal

Bonds

.........................

—

483,516,337

—

483,516,337

Short

Term

Investments

...................

—

7,505,000

—

7,505,000

Total

Investments

Securities

...........

$—

$491,021,337

$1,439,157

$492,460,494

Franklin

Connecticut

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Municipal

Bonds

.........................

—

141,234,806

—

141,234,806

Short

Term

Investments

...................

—

1,500,000

—

1,500,000

Total

Investments

Securities

...........

$—

$142,734,806

$—

$142,734,806

Franklin

Michigan

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Corporate

Bonds

........................

—

1,850,345

Municipal

Bonds

.........................

—

657,950,510

—

657,950,510

Short

Term

Investments

...................

—

4,600,000

—

4,600,000

Total

Investments

Securities

...........

$—

$662,550,510

$1,850,345

$664,400,855

Franklin

Minnesota

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Municipal

Bonds

.........................

—

673,257,276

—

673,257,276

Short

Term

Investments

...................

—

12,700,000

—

12,700,000

Total

Investments

Securities

...........

$—

$685,957,276

$—

$685,957,276

Franklin

Ohio

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Corporate

Bonds

........................

—

3,289,502

Municipal

Bonds

.........................

—

1,007,491,685

—

1,007,491,685

Short

Term

Investments

...................

—

13,850,000

—

13,850,000

Total

Investments

Securities

...........

$—

$1,021,341,685

$3,289,502

$1,024,631,187

10.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

Financial

Statements

(unaudited)

117

franklintempleton.com

Semiannual

Report

reconciliation

which

Level

inputs

are

used

determining

fair

value

presented

when

there

are

significant

Level

assets

and/or

liabilities

the

beginning

and/or

end

the period.

11.

Subsequent

Events

The

Funds

have

evaluated

subsequent

events

through

the

issuance

the

financial

statements

and

determined

that

events

have

occurred

that

require

disclosure.

Abbreviations

Level

Total

Franklin

Oregon

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Corporate

Bonds

........................

—

2,569,924

Municipal

Bonds

.........................

—

874,804,069

—

874,804,069

Escrows

and

Litigation

Trusts

...............

—

286,106

Short

Term

Investments

...................

—

2,250,000

—

2,250,000

Total

Investments

Securities

...........

$—

$877,054,069

$2,856,030

$879,910,099

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$188,866

Total

Other

Financial

Instruments

.........

$—

$188,866

Franklin

Pennsylvania

Tax-Free

Income

Fund

Assets:

Investments

Securities:

Corporate

Bonds

........................

—

2,055,939

Municipal

Bonds

.........................

—

670,092,667

—

670,092,667

Escrows

and

Litigation

Trusts

...............

—

210,312

Short

Term

Investments

...................

—

10,300,000

—

10,300,000

Total

Investments

Securities

...........

$—

$680,392,667

$2,266,251

$682,658,918

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$138,832

Total

Other

Financial

Instruments

.........

$—

$138,832

Selected

Portfolio

AGMC

Assured

Guaranty

Municipal

Corp.

BAM

Build

America

Mutual

Assurance

Co.

COP

Certificate

Participation

ETM

Escrowed

Maturity

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

General

Obligation

LOC

Letter

Credit

NATL

National

Reinsurance

Corp.

SPA

Standby

Purchase

Agreement

XLCA

Capital

Assurance,

Inc.

10.

Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

118

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FRANKLIN

TAX-FREE

TRUST

Franklin

Arizona

Tax-Free

Income

Fund

Franklin

Colorado

Tax-Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Michigan

Tax-Free

Income

Fund

Franklin

Minnesota

Tax-Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

(each

Fund)

in-person

meeting

held

April

16,

2024

(Meeting),

the

Board

Trustees

(Board)

Franklin

Tax-Free

Trust

(Trust),

including

majority

the

trustees

who

are

not

“interested

persons”

defined

the

Investment

Company

Act

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

behalf

each

Fund

(each

Management

Agreement),

for

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

considering

whether

approve

the

continuation

each

Management

Agreement.

Although

the

Management

Agreements

for

the

Funds

were

considered

the

same

Board

meeting,

the

Board

considered

the

information

provided

about

the

Funds

together

and

with

respect

each

Fund

separately

the

Board

deemed

appropriate.

considering

the

continuation

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

the

Manager

the

Meeting

and

throughout

the

year

meetings

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

response

detailed

set

requests

for

information

submitted

the

Manager

Independent

Trustee

counsel

behalf

the

Independent

Trustees

connection

with

the

annual

contract

renewal

process.

addition,

prior

the

Meeting,

the

Independent

Trustees

held

virtual

contract

renewal

meeting

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

request

additional

information

that

the

Independent

Trustees

reviewed

and

considered

prior

and

the

Meeting.

The

Board

reviewed

and

considered

all

the

factors

deemed

relevant

approving

the

continuance

Changes

and

Disagreements

with

Accountants

For

the

period

covered

this

report

Not

applicable.

Results

Meeting(s)

Shareholders

For

the

period

covered

this

report

Not

applicable.

Remuneration

Paid

Directors,

Officers

and

Others

For

the

period

covered

this

report

Refer

the

financial

statements

included

herein.

Board

Approval

Management

and

Subadvisory

Agreements

For

the

period

covered

this

report

Franklin

Tax-Free

Trust

119

franklintempleton.com

Semiannual

Report

each

Management

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

the

services

provided

the

Manager;

(ii)

the

investment

performance

each

Fund;

(iii)

the

costs

the

services

provided

and

profits

realized

the

Manager

and

its

affiliates

from

the

relationship

with

each

Fund;

(iv)

the

extent

which

economies

scale

are

realized

each

Fund

grows;

and

(v)

whether

fee

levels

reflect

these

economies

scale

for

the

benefit

Fund

investors.

approving

the

continuance

each

Management

Agreement,

the

Board,

including

majority

the

Independent

Trustees,

determined,

through

the

exercise

its

business

judgment,

that

the

terms

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

the

Management

Agreement

the

best

interests

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

the

Board’s

determination.

Nature,

Extent

and

Quality

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

investment

management

services

provided

the

Manager

and

its

affiliates

the

Funds

and

their

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

the

senior

management

and

investment

personnel

the

Manager,

well

information

succession

planning

where

appropriate;

the

structure

investment

personnel

compensation;

oversight

third-

party

service

providers;

investment

performance

reports

and

financial

information

for

each

Fund;

reports

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

the

Manager

and

its

affiliates;

and

management

fees

charged

the

Manager

and

its

affiliates

funds

and

other

accounts,

including

management’s

explanation

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

annual

report

payments

made

Franklin

Templeton

(FT)

the

Funds

financial

intermediaries,

well

memorandum

relating

third-party

servicing

arrangements.

The

Board

acknowledged

the

on-going

integration

the

Putnam

family

funds

into

the

family

funds

and

management’s

continued

development

strategies

address

areas

heightened

concern

the

mutual

fund

industry,

including

various

regulatory

initiatives

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

Fund

shareholders

investing

fund

that

part

the

family

funds.

The

Board

noted

the

financial

position

Franklin

Resources,

Inc.

(FRI),

the

Manager’s

parent,

and

its

commitment

the

mutual

fund

business

evidenced

its

continued

reassessment

the

fund

offerings

response

acquisitions

and

the

market

environment,

well

project

initiatives

and

capital

investments

relating

the

services

provided

the

Funds

the

organization.

The

Board

specifically

noted

FT’s

commitment

technological

innovation

and

advancement,

including

its

initiative

create

new

enterprise-wide

artificial

intelligence

platform.

Following

consideration

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

services

provided

the

Manager

and

its

affiliates

the

Funds

and

their

shareholders.

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

each

Fund

over

various

time

periods

ended

December

31,

2023.

The

Board

considered

the

performance

returns

for

each

Fund

comparison

the

performance

returns

mutual

funds

deemed

comparable

the

Fund

included

universe

(Performance

Universe)

selected

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

independent

provider

investment

company

data.

The

Board

received

description

the

methodology

used

Broadridge

select

the

mutual

funds

included

Performance

Universe.

The

Board

also

considered

the

performance

returns

for

certain

Funds

comparison

the

performance

returns

customized

peer

group

for

each

applicable

Fund

(Performance

Customized

Peer

Group)

selected

the

Manager.

The

Board

further

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

Board

meetings

throughout

the

year.

summary

each

Fund’s

performance

results

below.

Franklin

Arizona

Tax-Free

Income

Fund

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

“other

states”

municipal

debt

funds.

The

Performance

Customized

Peer

Group

for

the

Fund

consisted

only

Arizona

tax-free

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

and

the

first

quintile

(best)

its

Performance

Universe

and

Performance

Customized

Peer

Group,

except

that

was

the

second

quintile

its

Performance

Customized

Peer

Group

for

the

one-year

period.

The

Board

Franklin

Tax-Free

Trust

120

franklintempleton.com

Semiannual

Report

further

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-year

period

was

above

the

median

its

Performance

Customized

Peer

Group,

but

for

the

three-,

five-

and

10-year

periods

was

below

the

median

its

Performance

Customized

Peer

Group.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

the

Fund

(e.g.,

fund’s

investment

objective)

set

forth

the

Fund’s

registration

statement

and

that

the

evaluation

the

Fund’s

performance

relative

its

peers

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Colorado

Tax-Free

Income

Fund

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

“other

states”

municipal

debt

funds.

The

Performance

Customized

Peer

Group

for

the

Fund

consisted

only

Colorado

tax-free

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

income

return

for

the

10-year

period

was

above

the

median

its

Performance

Customized

Peer

Group,

but

for

the

one-,

three-

and

five-year

periods

was

below

the

median

its

Performance

Customized

Peer

Group.

The

Board

further

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

five-

and

10-year

periods

was

above

the

median

its

Performance

Universe,

but

for

the

three-year

period

was

below

the

median

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-year

period

was

above

the

median

its

Performance

Customized

Peer

Group,

but

for

the

three-,

five-

and

10-year

periods

was

below

the

median

its

Performance

Customized

Peer

Group.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

the

Fund

(e.g.,

fund’s

investment

objective)

set

forth

the

Fund’s

registration

statement

and

that

the

evaluation

the

Fund’s

performance

relative

its

peers

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Connecticut

Tax-Free

Income

Fund

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

“other

states”

municipal

debt

funds.

The

Performance

Customized

Peer

Group

for

the

Fund

consisted

only

Connecticut

tax-free

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

medians

its

Performance

Universe

and

Performance

Customized

Peer

Group.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-year

period

was

above

the

medians

its

Performance

Universe

and

Performance

Customized

Peer

Group,

but

for

the

three-,

five-

and

10-year

periods

was

below

the

medians

its

Performance

Universe

and

Performance

Customized

Peer

Group.

The

Board

further

noted

the

small

size

the

Fund’s

Performance

Customized

Peer

Group

for

each

period

and

that

therefore

quintile

information

was

provided

for

the

Fund

for

those

periods.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

the

Fund

(e.g.,

fund’s

investment

objective)

set

forth

the

Fund’s

registration

statement

and

that

the

evaluation

the

Fund’s

performance

relative

its

peers

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Michigan

Tax-Free

Income

Fund

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

“other

states”

municipal

debt

funds.

The

Performance

Customized

Peer

Group

for

the

Fund

consisted

only

Michigan

tax-free

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

medians

its

Performance

Universe

and

Performance

Customized

Peer

Group.

The

Board

further

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

five-

and

10-year

periods

was

above

the

median

its

Performance

Universe,

but

for

the

three-year

period

was

below

the

median

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-

and

five-year

periods

was

above

the

median

its

Performance

Customized

Peer

Group,

but

for

the

three-

and

10-year

periods

was

below

the

median

its

Performance

Customized

Peer

Group.

The

Board

further

noted

the

small

size

the

Fund’s

Performance

Customized

Peer

Group

for

each

period

and

that

therefore

quintile

information

was

provided

for

the

Fund

for

those

periods.

The

Board

further

noted

management’s

view

regarding

the

income-

attributes

the

Fund

(e.g.,

fund’s

investment

objective)

set

forth

the

Fund’s

registration

statement

and

that

the

evaluation

the

Fund’s

performance

relative

its

peers

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Tax-Free

Trust

121

franklintempleton.com

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Report

Franklin

Minnesota

Tax-Free

Income

Fund

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

Minnesota

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-

and

five-year

periods

was

above

the

median

its

Performance

Universe,

but

for

the

three-

and

10-year

periods

was

below

the

median

its

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

the

Fund

(e.g.,

fund’s

investment

objective)

set

forth

the

Fund’s

registration

statement

and

that

the

evaluation

the

Fund’s

performance

relative

its

peers

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Ohio

Tax-Free

Income

Fund

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

Ohio

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-year

period

was

above

the

median

its

Performance

Universe,

but

for

the

three-,

five-

and

10-year

periods

was

below

the

median

its

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

the

Fund

(e.g.,

fund’s

investment

objective)

set

forth

the

Fund’s

registration

statement

and

that

the

evaluation

the

Fund’s

performance

relative

its

peers

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Oregon

Tax-Free

Income

Fund

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

“other

states”

municipal

debt

funds.

The

Performance

Customized

Peer

Group

for

the

Fund

consisted

only

Oregon

tax-free

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

medians

its

Performance

Universe

and

Performance

Customized

Peer

Group.

The

Board

further

noted

that

the

Fund’s

annualized

total

return

for

the

one-year

period

was

above

the

median

its

Performance

Universe,

but

for

the

three-,

five-

and

10-year

periods

was

below

the

median

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-

and

10-year

periods

was

above

the

median

its

Performance

Customized

Peer

Group,

but

for

the

three-

and

five-year

periods

was

below

the

median

its

Performance

Customized

Peer

Group.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

the

Fund

(e.g.,

fund’s

investment

objective)

set

forth

the

Fund’s

registration

statement

and

that

the

evaluation

the

Fund’s

performance

relative

its

peers

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Pennsylvania

Tax-Free

Income

Fund

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

Pennsylvania

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

five-

and

10-year

periods

was

above

the

median

its

Performance

Universe,

but

for

the

one-

and

three-year

periods

was

below

the

median

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-year

period

was

above

the

median

and

the

first

quintile

(best)

its

Performance

Universe,

but

for

the

three-,

five-

and

10-year

periods

was

below

the

median

its

Performance

Universe.

The

Board

discussed

the

Fund’s

underperformance

with

management

and

management

explained

that,

relative

its

Performance

Universe,

the

Fund

was

underweight

credit

risk

relative

the

Performance

Universe

until

2021

and

sold

pre-refunded

bonds

which

have

higher

distribution

yield

and

adversely

impacted

the

Fund’s

one-,

three-

and

five-year

annualized

income

return.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

the

Fund

(e.g.,

fund’s

investment

objective)

set

forth

the

Fund’s

registration

statement

and

that

the

evaluation

the

Fund’s

performance

relative

its

peers

income

return

basis

was

appropriate

given

these

attributes.

Management

explained

the

steps

that

was

taking

address

the

sources

the

underperformance,

which

included

adjustments

the

Fund’s

credit

risk

exposure

and

duration

relative

peers.

The

Board

concluded

that

the

Fund’s

Management

Agreement

should

continued

for

additional

one-year

period,

while

management’s

efforts

continue

closely

monitored.

Franklin

Tax-Free

Trust

122

franklintempleton.com

Semiannual

Report

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

each

Fund’s

actual

total

expense

ratio

and

its

various

components,

including,

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

receives

all

marketing

support

payments

made

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

fee

waivers,

any

(Management

Rate)

each

Fund

comparison

the

median

expense

ratio

and

median

Management

Rate,

respectively,

other

mutual

funds

deemed

comparable

and

with

similar

expense

structure

the

Fund

selected

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

based

upon

information

taken

from

each

fund’s

most

recent

annual

semi-annual

report,

which

reflects

historical

asset

levels

that

may

quite

different

from

those

currently

existing,

particularly

period

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

assets

decline

and

decrease

assets

grow,

the

Board

believed

the

independent

analysis

conducted

Broadridge

appropriate

measure

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

for

each

Fund

and

for

Class

for

other

funds

the

applicable

Expense

Group

with

multiple

classes

shares.

The

Board

received

description

the

methodology

used

Broadridge

select

the

mutual

funds

included

Expense

Group.

Franklin

Arizona

Tax-Free

Income

Fund

and

Franklin

Oregon

Tax-Free

Income

Fund

The

Expense

Group

for

the

Franklin

Arizona

Tax-Free

Income

Fund

included

the

Fund

and

other

“other

states”

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Oregon

Tax-Free

Income

Fund

included

the

Fund

and

eight

other

“other

states”

municipal

debt

funds.

The

Board

noted

that

the

Management

Rates

and

actual

total

expense

ratios

for

the

Funds

were

below

the

medians

their

respective

Expense

Groups.

The

Board

also

noted

that

each

Fund’s

actual

total

expense

ratio

reflected

expense

cap

operating

expenses.

The

Board

concluded

that

the

Management

Rates

charged

the

Funds

are

reasonable.

Franklin

Colorado

Tax-Free

Income

Fund,

Franklin

Michigan

Tax-Free

Income

Fund,

Franklin

Minnesota

Tax-Free

Income

Fund,

Franklin

Ohio

Tax-Free

Income

Fund

and

Franklin

Pennsylvania

Tax-Free

Income

Fund

The

Expense

Group

for

each

the

Franklin

Colorado

Tax-Free

Income

Fund

and

the

Franklin

Michigan

Tax-Free

Income

Fund

included

the

Fund

and

nine

other

“other

states”

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Minnesota

Tax-Free

Income

Fund

included

the

Fund

and

seven

other

Minnesota

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Ohio

Tax-Free

Income

Fund

included

the

Fund

and

five

other

Ohio

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Pennsylvania

Tax-Free

Income

Fund

included

the

Fund

and

nine

other

Pennsylvania

municipal

debt

funds.

The

Board

noted

that

the

Management

Rates

for

the

Funds

were

equal

the

medians

their

respective

Expense

Groups,

and

the

actual

total

expense

ratios

for

the

Funds

were

below

the

medians

their

respective

Expense

Groups.

The

Board

also

noted

that

each

Fund’s

actual

total

expense

ratio

reflected

expense

cap

operating

expenses.

The

Board

further

noted

the

small

size

the

Franklin

Ohio

Tax-Free

Income

Fund’s

Management

Rate

Expense

Group

and

that

therefore

quintile

information

was

provided

for

the

Fund.

The

Board

concluded

that

the

Management

Rates

charged

the

Funds

are

reasonable.

Franklin

Connecticut

Tax-Free

Income

Fund

The

Expense

Group

for

the

Fund

included

the

Fund

and

nine

other

“other

states”

municipal

debt

funds.

The

Board

noted

that

the

Management

Rate

for

the

Fund

was

approximately

three

basis

points

above

the

median

its

Expense

Group,

but

the

actual

total

expense

ratio

for

the

Fund

was

below

the

median

its

Expense

Group.

The

Board

also

noted

that

the

Fund’s

actual

total

expense

ratio

reflected

expense

cap

operating

expenses.

The

Board

concluded

that

the

Management

Rate

charged

the

Fund

reasonable.

Profitability

The

Board

reviewed

and

considered

information

regarding

the

profits

realized

the

Manager

and

its

affiliates

connection

with

the

operation

each

Fund.

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

the

Manager

that

addresses

the

overall

profitability

FT’s

fund

business,

well

its

profits

providing

investment

management

and

other

services

each

the

individual

funds

during

the

12-month

period

ended

September

30,

2023,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

its

methodologies

Franklin

Tax-Free

Trust

123

franklintempleton.com

Semiannual

Report

used

calculating

profitability

response

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

the

Funds’

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

independent

registered

public

accounting

firm

has

been

engaged

the

Manager

periodically

review

and

assess

the

allocation

methodologies

used

solely

the

Funds’

Board

with

respect

the

profitability

analysis.

The

Board

noted

management’s

belief

that

costs

incurred

establishing

the

infrastructure

necessary

for

the

type

mutual

fund

operations

conducted

the

Manager

and

its

affiliates

may

not

fully

reflected

the

expenses

allocated

each

Fund

determining

its

profitability,

well

the

fact

that

the

level

profits,

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

management.

part

this

evaluation,

the

Board

considered

management’s

outsourcing

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

the

Manager

but,

over

the

long

run

expected

result

greater

efficiencies.

The

Board

also

noted

management’s

expenditures

improving

shareholder

services

provided

the

Funds,

well

the

need

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

fund

growth,

well

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

all

these

factors,

the

Board

concluded

that

the

level

profits

realized

the

Manager

and

its

affiliates

from

providing

services

each

Fund

was

not

excessive

view

the

nature,

extent

and

quality

services

provided

each

Fund.

Economies

Scale

The

Board

reviewed

and

considered

the

extent

which

the

Manager

may

realize

economies

scale,

any,

each

Fund

grows

larger

and

whether

each

Fund’s

management

fee

structure

reflects

any

economies

scale

for

the

benefit

shareholders.

With

respect

possible

economies

scale,

the

Board

noted

the

existence

management

fee

breakpoints,

which

operate

generally

any

economies

scale

with

Fund’s

shareholders

reducing

the

Fund’s

effective

management

fees

the

Fund

grows

size.

The

Board

considered

the

Manager’s

view

that

any

analyses

potential

economies

scale

managing

particular

fund

are

inherently

limited

light

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

family

funds

whole.

The

Board

noted

that

each

Fund,

except

the

Franklin

Connecticut

Tax-Free

Income

Fund,

had

experienced

significant

decrease

assets

and

would

not

expected

demonstrate

additional

economies

scale

the

near

term.

The

Board

recognized

that

the

Franklin

Connecticut

Tax-

Free

Income

Fund

does

not

currently

have

asset

size

that

would

likely

enable

the

Fund

achieve

economies

scale.

The

Board

concluded

that

the

extent

economies

scale

may

realized

the

Manager

and

its

affiliates,

each

Fund’s

management

fee

structure

provided

sharing

benefits

with

the

Fund

and

its

shareholders

the

Fund

grows.

Conclusion

Based

its

review,

consideration

and

evaluation

all

factors

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

each

Management

Agreement

for

additional

one-year

period.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. N/A

Item 13. Portfolio Managers of Closed-End Management Investment Companies. N/A

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. N/A

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

(a) Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSRS, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b) Changes in Internal Controls. There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected or is reasonably likely to materially affect the internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Company N/A

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Franklin Federal Intermediate-Term Tax-Free Income Fund
Class A [FKQTX]
Semi-Annual Shareholder Report \| August 31, 2024


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class A	$36	0.70%


Total Net Assets	$2,131,784,412
Total Number of Portfolio Holdings^*	635
Portfolio Turnover Rate	8.20%


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Franklin Federal Intermediate-Term Tax-Free Income Fund
Class A1 [FKITX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin Federal Intermediate-Term Tax-Free Income Fund
Class C [FCITX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin Federal Intermediate-Term Tax-Free Income Fund
Class R6 [FITQX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin Federal Intermediate-Term Tax-Free Income Fund
Advisor Class [FITZX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin Federal Limited-Term Tax-Free Income Fund
Class A [FFLQX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin Federal Limited-Term Tax-Free Income Fund
Class A1 [FFTFX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin Federal Limited-Term Tax-Free Income Fund
Class R6 [FFTRX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin Federal Limited-Term Tax-Free Income Fund
Advisor Class [FTFZX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin High Yield Tax-Free Income Fund
Class A [FHYQX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin High Yield Tax-Free Income Fund
Class A1 [FRHIX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin High Yield Tax-Free Income Fund
Class C [FHYIX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin High Yield Tax-Free Income Fund
Class R6 [FHYRX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin High Yield Tax-Free Income Fund
Advisor Class [FHYVX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin Massachusetts Tax-Free Income Fund
Class A [FMAQX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin Massachusetts Tax-Free Income Fund
Class A1 [FMISX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin Massachusetts Tax-Free Income Fund
Class C [FMAIX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin Massachusetts Tax-Free Income Fund
Class R6 [FKTMX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin Massachusetts Tax-Free Income Fund
Advisor Class [FMAHX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin New Jersey Tax-Free Income Fund
Class A [FNJQX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin New Jersey Tax-Free Income Fund
Class A1 [FRNJX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin New Jersey Tax-Free Income Fund
Class C [FNIIX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin New Jersey Tax-Free Income Fund
Class R6 [FNJRX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin New Jersey Tax-Free Income Fund
Advisor Class [FNJZX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin Alabama Tax-Free Income Fund
Class A [FALQX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin Alabama Tax-Free Income Fund
Class A1 [FRALX]
Semi-Annual Shareholder Report \| August 31, 2024


Franklin Alabama Tax-Free Income Fund
Class C [FALEX]
Semi-Annual Shareholder Report \| August 31, 2024